EVV Eaton Vance Limited Duration Income Fund

Annual Report March 31, 2023

Eaton Vance

Limited Duration Income Fund

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
The Fund's Investment Objectives, Principal Strategies and Principal Risks	5
Endnotes and Additional Disclosures	9
Financial Statements	10
Report of Independent Registered Public Accounting Firm	70
Federal Tax Information	71
Annual Meeting of Shareholders	72
Dividend Reinvestment Plan	73
Management and Organization	75
Privacy Notice	78
Potential Conflicts of Interest	80
Important Notices	86

Eaton Vance

Limited Duration Income Fund

March 31, 2023

Management’s Discussion of Fund Performance^†

Economic and Market Conditions

As the 12-month period began on April 1, 2022, interest rates were rising and bond prices were falling, as investors became increasingly concerned about the twin threats of inflation and U.S. Federal Reserve (Fed) interest rate hikes.

After a short respite of positive performance in July 2022, bond returns turned negative again from August through November, as investors reacted to statements by Fed officials that the central bank was not done with rate hikes and fighting inflation remained its top priority. After the Fed’s third straight 0.75% federal funds rate hike, the Bloomberg U.S. Aggregate Bond Index, a broad measure of the U.S. bond market, fell 4.32% in September -- its worst one-month performance since February 1980.

In November 2022, however, fixed-income performance rebounded. Despite the Fed’s fourth 0.75% rate hike that month, the Bloomberg U.S. Aggregate Bond Index rose 3.68% -- its best monthly performance during the period. Drivers of the rally included Fed signals that future rate hikes might be smaller, a better-than-expected U.S. inflation report, and growing investor demand for bonds amid lower supplies of new issues.

In December 2022, the Fed did deliver a smaller 0.50% rate hike, but raised expectations for how high rates might go in 2023. In response, bond prices declined during the month. As the new year began, bond returns continued their roller-coaster ride, turning positive on evidence of moderating inflation and hope that the Fed would temper its rate hikes in response. In February 2023, however, the bond rally stalled as robust economic reports -- including unexpectedly strong job creation in January -- led investors to fear the Fed might keep rates higher for longer than previously expected.

As the period closed, bond returns turned positive once again. The second- and third-largest bank failures in U.S. history triggered a “flight to quality” that drove U.S. Treasurys and other high-quality bonds to strong March 2023 performance, despite the Fed announcing its ninth consecutive rate hike that month.

For the period as a whole, fixed-income returns were generally negative. The Bloomberg U.S. Aggregate Bond Index returned -4.78%, the Bloomberg U.S. Treasury Index returned -4.51%, and the ICE BofA U.S. Mortgage-Backed Securities Index returned -4.92%.

In the below-investment-grade category, the ICE BofA U.S. High Yield Index returned -3.56%. The Morningstar® LSTA®  U.S. Leveraged Loan Index^SM, a broad measure of corporate floating-rate loans, was a performance outlier with a positive 2.54% return, as the asset class benefited from near-zero duration in the period’s rising rate environment.

Fund Performance

For the 12-month period ended March 31, 2023, Eaton Vance Limited Duration Income Fund (the Fund) returned -3.98% at net asset value of its common shares (NAV), outperforming its primary benchmark, the Bloomberg U.S. Aggregate Bond Index (the Index), which returned -4.78%. In contrast, the Fund underperformed its secondary benchmark -- 33.33% Morningstar® LSTA® US Leveraged Loan Index^SM, 33.34% ICE BofA U.S. Mortgage-Backed Securities Index^SM, and 33.33% ICE BofA Single-B U.S. High Yield Index (the Blended Index) -- which returned -1.99% during the period.

The Fund’s out-of-Blended Index allocations to investment-grade corporate bonds, commercial mortgage-backed securities (MBS), and emerging-market debt detracted from Fund performance relative to the Blended Index, as these segments underperformed the Blended Index during the period.

Among the Fund’s Blended Index allocations, exposure to floating-rate corporate loans had a positive return and outperformed the Blended Index during the period. The loan allocation’s top individual contributors included rebounding positions in a movie theater operator and a glass container maker. In contrast, the largest individual detractors in the floating-rate loan allocation included a struggling health care company and a mattress maker. Additionally, the Fund’s out-of-Blended Index allocation to European floating-rate loans benefited Fund performance relative to the Blended Index.

The Fund’s MBS allocation also contributed to performance versus the Blended Index during the period. The period was particularly challenging for the agency MBS market, as decreased demand from the U.S. Federal Reserve -- which began reducing its agency MBS holdings during the period -- pushed spreads  nearly 50 basis points wider. The Fund’s preference for higher coupon fixed-rate agency MBS, and maintaining a shorter duration  than the Blended Index, contributed to relative returns as mortgage rates and U.S. Treasury yields surged during the period.

The Fund’s allocation to high yield corporate bonds outperformed the Blended Index during the period as well. Within the high yield allocation, credit selections in B-rated bonds and out-of-Blended Index exposure to BB-rated bonds contributed to relative performance, while out-of-Blended Index exposure to CCC-rated bonds detracted from relative returns. Credit selections and an underweight position in bonds with durations of 3-5 years aided relative returns, while an overweight position in bonds with durations of  less than one year had a negative impact on relative performance during the period.

On a sector basis, the best-performing sectors within the Fund’s high yield allocation during the period were health care and cable & satellite TV. Within health care, the Fund’s lack of exposure to a poor-performing specialty pharmaceutical company was the main driver of relative outperformance. Within cable & satellite TV, a lack of exposure to the distressed unsecured bonds of a satellite TV provider further aided relative returns.

In contrast, the worst-performing sectors in the Fund’s high yield allocation were diversified media and banking & thrifts. Within diversified media, an overweight position in an American in-theater cinema advertising company detracted from relative performance. In the banking & thrifts sector, an out-of-Blended-Index position in a California-based commercial bank that failed in March was the primary detractor during the period.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Limited Duration Income Fund

March 31, 2023

Fund Profile

Asset Allocation (% of total investments)1

Footnotes:

1	Including the Fund’s use of leverage, Asset Allocation as a percentage of the Fund's net assets amounted to 160.2%.

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Eaton Vance

Limited Duration Income Fund

March 31, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡

Investment Objectives. The Fund’s investment objective is to provide a high level of current income. The Fund may, as a secondary objective, also seek capital appreciation to the extent consistent with its primary goal of high current income. Under normal market conditions, the Fund expects to maintain an average duration of no more than five years (including the effect of anticipated leverage).

Principal Strategies. In pursuing its investment objectives, the Fund normally invests at least 25% of its total assets in each of: (1) investments rated investment grade, including, but not limited to, U.S. Government securities (which may include U.S. Treasuries and mortgage-backed securities (MBS) and other securities issued, backed, or otherwise guaranteed by the U.S. Government, or its agencies or instrumentalities), commercial MBS and corporate debt obligations; and (2) investments rated below investment-grade, including, but not limited to, senior loans, high-yield debt securities and collateralized loan obligations. Investment-grade investments are those rated BBB- or higher by S&P Global Ratings or Fitch Ratings, Baa3 or higher as determined by Moody’s Investor Service, Inc. or, if not rated, determined to be of comparable credit quality by the Fund’s portfolio managers.

Under normal market conditions, the Fund structures and seeks to maintain its portfolio of high-quality investments (such as MBS) and lower quality non-investment grade instruments and securities in such a manner that the Fund has an average dollar-weighted portfolio credit quality of investment grade. Within the foregoing guideline, the Fund may invest in individual investments of any credit quality.

The Fund may invest without limit in foreign investments denominated in U.S. dollars and may invest up to 15% of its net assets in foreign investments denominated in authorized foreign currencies, which include euros, British pounds, Swiss francs, Canadian dollars and Australian dollars. The Fund seeks to hedge against foreign currency fluctuations through the use of currency exchange contracts and other permitted hedging strategies. The Fund may enter into forward commitments to buy or sell agency MBS (to-be-announced transactions, or “TBAs”). The Fund may also invest in other types of investments that are not part of its principal strategy from time to time.

The Fund employs leverage to seek opportunities for additional income. Leverage may amplify the effect on the Fund’s NAV of any increase or decrease in the value of investments held. There can be no assurance that the use of borrowings will be successful. The Fund has issued preferred shares and borrowed to establish leverage. The Fund also may establish leverage through derivatives and reverse repurchase agreements. The Fund may purchase or sell derivative instruments for risk management purposes, such as hedging against fluctuations in securities prices or interest rates; diversification purposes; or changing the duration of the Fund.  The Fund is permitted to invest up to 10% of its gross assets in credit default swaps (“CDS”) on below-investment-grade corporate securities, senior floating-rate bank loans and/or indices related to such investments to gain exposure to such underlying credits or indices. In addition, the Fund may invest in CDS for risk management purposes, including diversification.

Principal Risks

Market Risk. The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

Loans Risk. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. See also “Market Risk” above. It also may take longer than seven days for transactions in loans to settle. The types of covenants included in loan agreements generally vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral securing the loan and possibly other factors. Loans with fewer covenants that restrict activities of the borrower may provide the borrower with more flexibility to take actions that may be detrimental to the loan holders and provide fewer investor protections in the event of such actions or if covenants are breached. The Fund may experience relatively greater realized or unrealized losses or delays and expense in enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. may have substantially different lender protections and covenants as compared to loans to U.S. entities and may involve greater risks. The Fund may have difficulties and incur expenses enforcing its rights with respect to non-U.S. loans and such loans could be subject to bankruptcy laws that are materially different than in the U.S. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments, including credit risk and risks of lower rated investments.

Lower Rated Investments Risk. Investments rated below investment-grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.

See Endnotes and Additional Disclosures in this report.

5

Eaton Vance

Limited Duration Income Fund

March 31, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain types of mortgage- and asset-backed securities. Although certain mortgage- and asset-backed securities are guaranteed as to timely payment of interest and principal by a government entity, the market price for such securities is not guaranteed and will fluctuate. The purchase of mortgage- and asset-backed securities issued by non-government entities may entail greater risk than such securities that are issued or guaranteed by a government entity. Mortgage and asset-backed securities issued by non-government entities may offer higher yields than those issued by government entities, but may also be subject to greater volatility than government issues and can also be subject to greater credit risk and the risk of default on the underlying mortgages or other assets. Investments in mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. Asset-backed securities represent interests in a pool of assets, such as home equity loans, commercial mortgage-backed securities (“CMBS”), automobile receivables or credit card receivables, and include collateralized loan obligations (“CLOs”) and stripped securities. Interests in collateralized loan obligations (“CLOs”) are split into two or more portions, called tranches, which vary in risk, maturity, payment priority and yield. Each CLO tranche is entitled to scheduled debt payments from the underlying loans and assumes the risk of a default by the underlying loans. The Fund will indirectly bear any management fees and expenses incurred by a CLO.

U.S. Government Securities Risk. Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity.

Credit Risk. Investments in fixed income and other debt obligations, including loans (referred to below as “debt instruments”), are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value.

Interest Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. In a rising interest rate environment, the duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.

LIBOR Risk. The London Interbank Offered Rate or LIBOR historically has been used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021.The Fund has exposure to LIBOR-based instruments. Although the transition process away from LIBOR has become increasingly well defined, the impact on certain debt securities, derivatives and other financial instruments that utilize LIBOR remains uncertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that continue to urrently rely on LIBOR, such as floating-rate debt obligations. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates, as well as other unforeseen effects, could result in losses to the Fund, and such effects may occur prior to the anticipated discontinuation of the remaining LIBOR settings in 2023. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an alternative reference rate is not completed in a timely manner.

Foreign Investment Risk. Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country against a particular country or countries, organizations, entities and/or individuals. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States, and as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country.

Emerging Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers

See Endnotes and Additional Disclosures in this report.

6

Eaton Vance

Limited Duration Income Fund

March 31, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

in more developed capital markets. The Fund may invest in Sukuk, which are foreign or emerging market securities based on Islamic principles. Sukuk are securities with cash flows similar to conventional bonds, issued by an issuer, which is usually a special purpose vehicle incorporated by the sovereign or corporate entity seeking financing, to obtain an upfront payment in exchange for an income stream and a future promise to return capital. Such income stream may or may not be linked to a tangible asset. For Sukuk that are not linked to a tangible asset, the Sukuk represents a contractual payment obligation of the issuer or issuing vehicle to pay income or periodic payments or distributions to the investor, and such contractual payment obligation is linked to the issuer or issuing vehicle and not from interest on the investor’s money for Sukuk. For Sukuk linked to a tangible asset, the Fund will not have a direct interest in, or recourse to, the underlying asset or pool of assets. Sukuk involve many of the same risks that conventional bonds incur, such as credit risk and interest rate risk, as well as the risks associated with foreign or emerging market securities. In addition to these risks, there are certain risks specific to Sukuk, such as those relating to their structures. The unique characteristics of Sukuk may lead to uncertainties regarding their tax treatment within the Fund. In light of tax requirements applicable to the Fund, it may be necessary or advisable for the Fund to sell one or more Sukuk (or another investment), including at a disadvantageous time or price. As a result, the Fund may incur losses or costs associated with such transaction.

Currency Risk. Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks.

Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.

When-Issued and Forward Commitment Risk. Securities purchased on a when-issued or forward commitment basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price.

Risks of Repurchase Agreements and Reverse Repurchase Agreements. In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities sold by the Fund, may be delayed. In a repurchase agreement, such insolvency may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount equal to the repurchase price. In a reverse repurchase agreement, the counterparty’s insolvency may result in a loss equal to the amount by which the value of the securities sold by the Fund exceeds the repurchase price payable by the Fund; if the value of the purchased securities increases during such a delay, that loss may also be increased. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities sold to the counterparty or the securities which the Fund purchases with its proceeds from the agreement would affect the value of the Fund’s assets. As a result, such agreements may increase fluctuations in the net asset value of the Fund’s shares. Because reverse repurchase agreements may be considered to be a form of borrowing by the Fund (and a loan from the counterparty), they constitute create leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s yield.

Leverage Risk. Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying reference instrument. Leverage can also result from borrowings, issuance of preferred shares or participation in residual interest bond transactions. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s NAV to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment.

Liquidity Risk. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance. These effects may be exacerbated during times of financial or political stress.

See Endnotes and Additional Disclosures in this report.

7

Eaton Vance

Limited Duration Income Fund

March 31, 2023

The Fund's Investment Objectives, Principal Strategies and Principal Risks^‡ — continued

Research Process. The Fund’s portfolio management utilizes information provided by, and the expertise of, the research staff of the investment adviser and/or certain of its affiliates in making investment decisions. As part of the research process, portfolio management may consider financially material environmental, social and governance (“ESG”) factors. Such factors, alongside other relevant factors, may be taken into account in the Fund’s securities selection process.

Cash and Money Market Instruments; Temporary Defensive Positions. The Fund may invest in cash or money market instruments, including high quality short-term instruments or an affiliated investment company that invests in such instruments. During unusual market conditions, including for temporary defensive purposes, the Fund may invest up to 100% of its assets in cash or money market instruments, which may be inconsistent with its investment objective(s) and other policies, and as such, the Fund may not achieve its investment objective(s) during this period. Money market instruments may be adversely affected by market and economic events, such as a sharp rise in prevailing short-term interest rates; adverse developments in the banking industry, which issues or guarantees many money market instruments; adverse economic, political or other developments affecting issuers of money market instruments; changes in the credit quality of issuers; and default by a counterparty.

Market Discount Risk. As with any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The shares of closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.

Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no guarantee that such decisions will produce the desired results or expected returns.

Recent Market Conditions. The outbreak of COVID-19 and efforts to contain its spread have resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, and the effects of the infectious illness outbreaks, epidemics or pandemics, may be short term or continue for an extended period of time. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. For example, a global pandemic or other widespread health crisis could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private sector responses thereto have led to large portions of the populations of many countries working from home for indefinite periods of time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain goods. The impact of such responses could adversely affect the information technology and operational systems upon which the Fund and the Fund’s service providers rely, and could otherwise disrupt the ability of the employees of the Fund’s service providers to perform critical tasks relating to the Fund. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.

Cybersecurity Risk. With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in financial losses to the Fund, impede Fund trading, interfere with the Fund’s ability to calculate its net asset value, interfere with Fund shareholders’ ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs or additional compliance costs.

General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Important Notice to Shareholders

The following information in this annual report is a summary of certain changes since March 31, 2022. This information may not reflect all of the changes that have occurred since you purchased this Fund.

Prior to June 1, 2023, the Fund’s portfolio management team includes Kelley Gerrity, Catherine McDermott, Andrew Szczurowski, CFA and Eric Stein, CFA. Effective June 1, 2023, the Fund’s portfolio management team will include Kelley Gerrity, Tara O'Brien, Catherine McDermott, Andrew Szczurowski, CFA and Eric Stein, CFA.  Ms. O'Brien is a Vice President of Eaton Vance Management and has been employed by the Eaton Vance organization for more than five years.

On January 26, 2023, the Fund’s Board of Trustees voted to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed “Control Share Acquisitions” under the Fund’s By-Laws from the Control Share Provisions of the Fund’s By-Laws.

See Endnotes and Additional Disclosures in this report.

8

Eaton Vance

Limited Duration Income Fund

March 31, 2023

Endnotes and Additional Disclosures

9

Eaton Vance

Limited Duration Income Fund

March 31, 2023

Portfolio of Investments  — continued

Closed-End Funds — 1.5%

Security	Shares		Value
BlackRock Corporate High Yield Fund, Inc.		2,188,579	$    19,084,409
Total Closed-End Funds (identified cost $26,062,179)			$   19,084,409

Collateralized Mortgage Obligations — 6.9%

Security	Principal Amount (000's omitted)		Value
Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54(1)(3)	$	2,911	$    2,591,461
Federal Home Loan Mortgage Corp.:
Series 24, Class J, 6.25%, 11/25/23		8	7,907
Series 1497, Class K, 7.00%, 4/15/23		0 (4)	249
Series 1529, Class Z, 7.00%, 6/15/23		4	4,013
Series 1620, Class Z, 6.00%, 11/15/23		6	6,261
Series 1677, Class Z, 7.50%, 7/15/23		3	2,744
Series 1702, Class PZ, 6.50%, 3/15/24		157	157,191
Series 2113, Class QG, 6.00%, 1/15/29		160	161,747
Series 2122, Class K, 6.00%, 2/15/29		32	31,937
Series 2130, Class K, 6.00%, 3/15/29		21	21,798
Series 2167, Class BZ, 7.00%, 6/15/29		25	25,365
Series 2182, Class ZB, 8.00%, 9/15/29		246	254,646
Series 2198, Class ZA, 8.50%, 11/15/29		241	249,085
Series 2458, Class ZB, 7.00%, 6/15/32		358	374,887
Series 3762, Class SH, 0.676%, (10.00% - 1 mo. USD LIBOR x 2.00), 11/15/40(5)		381	355,285
Series 4273, Class PU, 4.00%, 11/15/43		2,263	2,107,983
Series 4273, Class SP, 0.35%, (12.00% - 1 mo. USD LIBOR x 2.67), 11/15/43(5)		503	445,781
Series 4678, Class PC, 3.00%, 1/15/46		2,725	2,624,282
Series 5028, Class TZ, 2.00%, 10/25/50		2,618	1,609,002
Series 5035, Class AZ, 2.00%, 11/25/50		8,024	4,586,676
Series 5083, Class SK, 0.00%, (3.87% - 30-day average SOFR x 1.33), 3/25/51(5)		2,047	1,424,982

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Portfolio of Investments  — continued

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Commercial Mortgage-Backed Securities — 6.3%

Security	Principal Amount (000's omitted)		Value
BAMLL Commercial Mortgage Securities Trust:
Series 2019-BPR, Class ENM, 3.719%, 11/5/32(1)(8)	$	910	$      650,407
Series 2019-BPR, Class FNM, 3.719%, 11/5/32(1)(8)		3,505	2,331,740
BBCMS Mortgage Trust, Series 2017-C1, Class D, 3.544%, 2/15/50(1)(8)		2,200	1,525,612
BX Commercial Mortgage Trust, Series 2021-VOLT, Class C, 5.784%, (1 mo. USD LIBOR + 1.10%), 9/15/36(1)(2)		2,000	1,888,882
BX Trust, Series 2018-EXCL, Class C, 6.66%, (1 mo. USD LIBOR + 1.975%), 9/15/37(1)(2)		318	313,060
CFCRE Commercial Mortgage Trust:
Series 2016-C3, Class C, 4.753%, 1/10/48(8)		1,300	1,106,215
Series 2016-C3, Class D, 3.052%, 1/10/48(1)(8)		3,500	2,578,033
Series 2016-C7, Class D, 4.385%, 12/10/54(1)(8)		1,675	1,175,231

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Limited Duration Income Fund

March 31, 2023

Portfolio of Investments  — continued

Common Stocks — 0.3%

Security	Shares		Value
Aerospace and Defense — 0.0%(10)
IAP Global Services, LLC(11)(12)(13)		30	$       136,445
			$      136,445
Containers and Glass Products — 0.2%
LG Newco Holdco, Inc., Class A(12)(13)		166,175	$     1,730,995
			$    1,730,995
Electronics/Electrical — 0.0%(10)
Riverbed Technology, Inc.(12)(13)		21,990	$        11,050
Skillsoft Corp.(12)(13)		143,062	286,124
			$      297,174
Health Care — 0.0%
Akorn Holding Company, LLC, Class A(11)(12)(13)		42,374	$             0
			$            0
Investment Companies — 0.0%(10)
Aegletes B.V.(13)		11,215	$       190,655
Jubilee Topco, Ltd., Class A(11)(12)(13)		807,124	0
			$      190,655
Nonferrous Metals/Minerals — 0.0%(10)
ACNR Holdings, Inc., Class A(12)(13)		3,818	$       367,483
			$      367,483
Oil and Gas — 0.0%(10)
AFG Holdings, Inc.(11)(12)(13)		29,751	$        88,063
McDermott International, Ltd.(12)(13)		93,940	38,158
			$      126,221
Radio and Television — 0.1%
Clear Channel Outdoor Holdings, Inc.(12)(13)		74,443	$        89,332

Convertible Bonds — 0.1%

Security	Principal Amount (000's omitted)		Value
Transportation — 0.1%
CryoPort, Inc., 0.75%, 12/1/26(1)	$	1,990	$     1,555,730
Total Convertible Bonds (identified cost $1,602,212)			$    1,555,730

Convertible Preferred Stocks — 0.0%(10)

Security	Shares		Value
Electronics/Electrical — 0.0%(10)
Riverbed Technology, Inc., Series A, 6.50%, (1.50% cash, 5.00% PIK)(13)		7,179	$         1,831
Total Convertible Preferred Stocks (identified cost $215,385)			$        1,831

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Limited Duration Income Fund

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Portfolio of Investments  — continued

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Limited Duration Income Fund

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Limited Duration Income Fund

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Limited Duration Income Fund

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Limited Duration Income Fund

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Limited Duration Income Fund

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Eaton Vance

Limited Duration Income Fund

March 31, 2023

Portfolio of Investments  — continued