Edgar Filing: EATON VANCE LIMITED DURATION INCOME FUND

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Crown Castle International Corp., (PIK)

Total Convertible Preferred Stocks
(identified cost, $541,118)

560,736

	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549



	FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number			811-21323
Eaton Vance Limited Duration Income Fund
(Exact name of registrant as specified in charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts				02109
(Address of principal executive offices)				(Zip code)

Alan R. Dynner, Esq. Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code:			(617) 482-8260

Date of fiscal year end:	April 30

Date of reporting period:		January 31, 2005

Item 1. Schedule of Investments

Eaton Vance Limited Duration Income Fund		as of January 31, 2005
PORTFOLIO OF INVESTMENTS (Unaudited)

Senior, Floating Rate Interests — 50.5%(1)

Principal Amount		Borrower/Tranche Description	Value
Aerospace and Defense — 1.0%
		Alliant Techsystems, Inc.
$	2,880,245	Term Loan, 4.36%, Maturing March 31, 2011	$	2,921,648
		Caci International, Inc.
1,364,688		Term Loan, 3.95%, Maturing May 3, 2011	1,382,599
		K&F Industries, Inc.
3,023,475		Term Loan, 5.08%, Maturing November 18, 2012	3,075,757
		Standard Aero Holdings, Inc.
714,936		Term Loan, 4.99%, Maturing August 24, 2012	726,331
		Transdigm, Inc.
5,260,250		Term Loan, 4.67%, Maturing July 22, 2010	5,337,513
		United Defense Industries, Inc.
5,125,468		Term Loan, 4.57%, Maturing June 30, 2009	5,191,674
		Vought Aircraft
1,330,000		Term Loan, 5.08%, Maturing December 17, 2011	1,351,612
			$	19,987,134

Air Transport — 0.1%
		United Airlines, Inc.
1,000,000		DIP Loan, 8.00%, Maturing June 30, 2005	1,009,375
			$	1,009,375

Automotive — 2.6%
		Affina Group, Inc.
1,209,000		Term Loan, 5.44%, Maturing November 30, 2011	1,229,553
		Collins & Aikman Products, Co.
2,960,420		Revolving Loan, 6.34%, Maturing August 31, 2009	2,970,906
		CSA Acquisition Corp.
258,750		Term Loan, 4.75%, Maturing December 23, 2011	261,553

$	416,250	Term Loan, 4.75%, Maturing December 23, 2011	$	420,759
		Dayco Products, LLC
2,985,000		Term Loan, 5.37%, Maturing June 23, 2011	3,033,506
		Exide Technologies
1,275,000		Term Loan, 6.02%, Maturing May 5, 2010	1,243,125
1,275,000		Term Loan, 6.02%, Maturing May 5, 2010	1,243,125
		Federal-Mogul Corp.
5,626,706		Term Loan, 6.33%, Maturing February 24, 2005	5,661,873
		HLI Operating Co., Inc.
5,696,667		Term Loan, 6.24%, Maturing June 3, 2009	5,803,479
		Key Automotive Group
1,167,781		Term Loan, 5.55%, Maturing June 29, 2010	1,188,217
		Meridian Automotive Systems
297,750		Term Loan, 6.83%, Maturing April 27, 2010	282,956
		Metaldyne Corp.
2,636,370		Term Loan, 7.06%, Maturing December 31, 2009	2,641,862
		Plastech Engineered Products
872,069		Term Loan, 5.31%, Maturing March 31, 2010	878,064
		R.J. Tower Corp.
1,745,625		Term Loan, 9.56%, Maturing January 29, 2010	1,779,993
		Tenneco Automotive, Inc.
2,089,012		Term Loan, 5.35%, Maturing December 12, 2009	2,129,922
949,552		Term Loan, 5.40%, Maturing December 12, 2010	968,147
		The Goodyear Tire & Rubber Co.
8,000,000		Term Loan, 6.56%, Maturing March 31, 2006	8,147,504
2,500,000		Term Loan, 7.03%, Maturing March 31, 2006	2,540,625
		TI Automotive Limited
1,375,000		Term Loan, 6.03%, Maturing June 30, 2011	1,367,266
		Trimas Corp.
4,719,134		Term Loan, 6.19%, Maturing December 31, 2009	4,786,235
		TRW Automotive, Inc.
2,000,000		Term Loan, 3.88%, Maturing October 31, 2010	2,009,376
2,325,737		Term Loan, 4.38%, Maturing February 27, 2011	2,333,005
		United Components, Inc.
1,546,667		Term Loan, 4.78%, Maturing June 30, 2010	1,569,384
			$	54,490,435

Beverage and Tobacco — 0.6%
		Constellation Brands, Inc.
$	5,620,000	Term Loan, 4.40%, Maturing December 22, 2011	$	5,697,275
		Culligan International Co.
1,200,000		Term Loan, 4.92%, Maturing September 30, 2011	1,218,250
		DS Waters, L.P.
448,893		Term Loan, 6.85%, Maturing November 7, 2009	421,258
		Southern Wine & Spirits of America
4,352,115		Term Loan, 4.81%, Maturing June 28, 2008	4,416,718
		Sunny Delight Beverages Co.
720,000		Term Loan, 6.78%, Maturing August 20, 2010	703,800
			$	12,457,301

Building and Development — 2.7%
		BRE/Homestead, LLC
4,000,000		Term Loan, 6.45%, Maturing January 11, 2006	3,992,500
		DMB/CHII, LLC
1,025,664		Term Loan, 4.85%, Maturing March 3, 2009	1,028,228
		Formica Corp.
78,427		Term Loan, 7.73%, Maturing June 10, 2010	78,819
97,195		Term Loan, 7.73%, Maturing June 10, 2010	97,681
190,054		Term Loan, 7.73%, Maturing June 10, 2010	191,004
279,759		Term Loan, 7.73%, Maturing June 10, 2010	281,157
		FT-FIN Acquistion, LLC
1,454,151		Term Loan, 6.94%, Maturing November 17, 2007	1,457,786
		General Growth Properties, Inc.
10,005,000		Term Loan, 4.64%, Maturing November 12, 2008	10,085,250
		Landsource Communities, LLC
1,002,000		Term Loan, 5.06%, Maturing March 31, 2010	1,017,953
		Maax Corp.
925,350		Term Loan, 5.15%, Maturing June 4, 2011	935,760
		Mueller Group, Inc.
2,362,385		Term Loan, 5.97%, Maturing April 23, 2011	2,390,439

		NCI Building Systems, Inc.
$	850,938	Term Loan, 4.39%, Maturing June 18, 2010	$	862,638
		Newkirk Master, L.P.
408,381		Term Loan, 7.02%, Maturing November 24, 2006	414,506
		Newkirk Tender Holdings, LLC
1,798,216		Term Loan, 7.06%, Maturing May 25, 2006	1,816,198
3,833,333		Term Loan, 8.48%, Maturing May 25, 2006	3,871,667
		Nortek, Inc.
2,044,875		Term Loan, 4.75%, Maturing August 27, 2011	2,081,086
		Panolam Industries Holdings
1,143,534		Term Loan, 5.68%, Maturing June 3, 2011	1,159,258
1,357,809		Term Loan, 9.94%, Maturing December 3, 2011	1,390,057
		Ply Gem Industries, Inc.
800,000		Term Loan, 4.59%, Maturing February 12, 2011	810,000
315,881		Term Loan, 5.28%, Maturing February 12, 2011	319,830
2,151,244		Term Loan, 5.28%, Maturing February 12, 2011	2,178,134
		South Edge, LLC
612,500		Term Loan, 4.44%, Maturing October 31, 2007	615,754
2,287,500		Term Loan, 4.69%, Maturing October 31, 2009	2,306,802
		St. Marys Cement, Inc.
1,984,975		Term Loan, 4.56%, Maturing December 4, 2010	2,008,546
		Sugarloaf Mills, LLC
2,000,000		Term Loan, 5.40%, Maturing April 7, 2008	2,000,000
		The Woodlands Community Property Co.
1,174,000		Term Loan, 5.00%, Maturing November 30, 2007	1,184,272
367,000		Term Loan, 7.13%, Maturing November 30, 2007	372,505
		Tousa/Kolter, LLC
2,019,333		Term Loan, 4.19%, Maturing January 7, 2008	2,029,430
		Tower Financing, LLC
2,750,000		Term Loan, 6.02%, Maturing July 9, 2008	2,753,437
		WFP Tower A Co., L.P.
4,500,000		Term Loan, 4.76%, Maturing June 12, 2006	4,504,221
		Whitehall Street Real Estate, L.P.
3,638,693		Term Loan, 6.33%, Maturing September 11, 2006(2)	3,703,461
			$	57,938,379

Business Equipment and Services — 0.9%
		Allied Security Holdings, LLC
$	833,810	Term Loan, 6.81%, Maturing June 30, 2010	$	847,359
		Baker & Taylor, Inc.
2,850,000		Term Loan, 9.35%, Maturing May 6, 2011	2,874,937
		Global Imaging Systems, Inc.
2,417,685		Term Loan, 4.66%, Maturing May 10, 2010	2,447,906
		Infousa, Inc.
761,250		Term Loan, 5.25%, Maturing June 9, 2010	770,766
		Iron Mountain, Inc.
2,676,096		Term Loan, 4.19%, Maturing April 2, 2011	2,695,833
2,000,000		Term Loan, 4.22%, Maturing April 2, 2011	2,017,916
		Language Line, Inc.
3,115,789		Term Loan, 6.77%, Maturing June 11, 2011	3,159,931
		Mitchell International, Inc.
458,325		Term Loan, 5.55%, Maturing August 13, 2011	465,630
995,000		Term Loan, 8.80%, Maturing August 13, 2012	1,003,706
		Quintiles Transnational Corp.
2,468,750		Term Loan, 6.82%, Maturing September 25, 2009	2,511,953
		United Online, Inc.
480,000		Term Loan, 5.90%, Maturing December 13, 2008	486,600
		Worldspan, L.P.
384,566		Term Loan, 6.43%, Maturing June 30, 2007	387,931
			$	19,670,468

Cable and Satellite Television — 3.0%
		Adelphia Communications Corp.
1,974,534		DIP Loan, 4.81%, Maturing March 31, 2005	1,987,285
		Atlantic Broadband Finance, LLC
1,935,000		Term Loan, 5.69%, Maturing February 10, 2011	1,974,102
		Bragg Communication, Inc.
2,182,038		Term Loan, 4.90%, Maturing August 31, 2011	2,212,041
		Bresnan Communications, LLC
6,500,000		Term Loan, 6.04%, Maturing September 30, 2010	6,602,576

		Canadien Cable Acquisition
$	497,500	Term Loan, 5.56%, Maturing July 30, 2011	$	503,253
		Cebridge Connections, Inc.
1,588,000		Term Loan, 8.23%, Maturing February 23, 2010	1,599,910
		Charter Communications Operating, LLC
13,208,625		Term Loan, 5.98%, Maturing April 27, 2011	13,185,034
		Insight Midwest Holdings, LLC
1,485,000		Term Loan, 5.44%, Maturing December 31, 2009	1,510,059
9,900,000		Term Loan, 5.44%, Maturing December 31, 2009	10,068,607
		MCC Iowa, LLC
3,920,000		Term Loan, 4.11%, Maturing March 31, 2010	3,888,150
		Mediacom Broadband
2,482,513		Term Loan, 5.00%, Maturing September 30, 2010	2,516,183
		Mediacom Illinois, LLC
4,900,000		Term Loan, 4.88%, Maturing March 31, 2013	4,921,874
		NTL, Inc.
2,600,000		Term Loan, 5.20%, Maturing April 13, 2012	2,626,000
		Panamsat Corp.
5,714,914		Term Loan, 5.25%, Maturing August 20, 2011	5,765,743
		UGS Corp.
3,810,850		Term Loan, 4.83%, Maturing May 27, 2011	3,870,395
			$	63,231,212

Chemicals and Plastics — 2.2%
		Brenntag, AG
2,475,000		Term Loan, 4.73%, Maturing December 9, 2011	2,499,502
		Hercules, Inc.
833,700		Term Loan, 3.99%, Maturing October 8, 2010	843,470
		Huntsman International, LLC
8,626,617		Term Loan, 5.00%, Maturing December 31, 2010	8,762,486
		Huntsman, LLC
2,250,000		Term Loan, 6.05%, Maturing March 31, 2010	2,289,937
		Innophos, Inc.
443,888		Term Loan, 3.87%, Maturing August 13, 2010	449,991
		Invista B.V.
4,441,024		Term Loan, 5.31%, Maturing April 29, 2011	4,524,293
2,003,683		Term Loan, 5.31%, Maturing April 29, 2011	2,037,496

		ISP Chemco, Inc.
$	1,488,750	Term Loan, 4.40%, Maturing March 27, 2011	$	1,507,050
		Kraton Polymer
2,690,283		Term Loan, 5.33%, Maturing December 5, 2008	2,714,945
		Nalco Co.
5,058,307		Term Loan, 4.64%, Maturing November 4, 2010	5,134,531
		Rockwood Specialties Group, Inc.
3,815,000		Term Loan, 4.95%, Maturing July 30, 2012	3,862,348
		Solo Cup Co.
3,440,168		Term Loan, 4.99%, Maturing February 27, 2011	3,505,748
		United Industries Corp.
5,020,011		Term Loan, 6.75%, Maturing April 29, 2011	5,032,561
995,000		Term Loan, 8.75%, Maturing October 31, 2011	997,487
		Wellman, Inc.
750,000		Term Loan, 6.16%, Maturing February 10, 2009	763,438
		Westlake Chemical Corp.
1,000,000		Term Loan, 3.49%, Maturing July 31, 2010	1,013,125
			$	45,938,408

Clothing/Textiles — 0.2%
		Propex Fabrics, Inc.
400,000		Term Loan, 4.70%, Maturing December 1, 2011	401,500
		SI Corp.
1,820,668		Term Loan, 6.61%, Maturing December 9, 2009	1,851,391
		St. John Knits International
2,164,081		Term Loan, 6.06%, Maturing July 31, 2007	2,187,074
			$	4,439,965

Conglomerates — 1.1%
		Amsted Industries, Inc.
6,604,382		Term Loan, 5.43%, Maturing October 15, 2010	6,726,154
		Blount, Inc.
1,105,803		Term Loan, 5.08%, Maturing August 9, 2010	1,124,693
		Goodman Global Holdings, Inc.
1,350,000		Term Loan, 4.81%, Maturing December 23, 2011	1,371,937
		Johnson Diversey, Inc.
2,443,879		Term Loan, 4.43%, Maturing November 30, 2009	2,487,793

		Polymer Group, Inc.
$	2,345,833	Term Loan, 5.78%, Maturing April 27, 2010	$	2,373,690
2,500,000		Term Loan, 8.78%, Maturing April 27, 2011	2,528,125
		PP Acquisition Corp.
4,844,391		Term Loan, 4.83%, Maturing November 12, 2011	4,917,057
		Rexnord Corp.
2,226,696		Term Loan, 5.46%, Maturing November 30, 2009	2,248,963
			$	23,778,412

Containers and Glass Products — 2.4%
		Berry Plastics Corp.
4,276,457		Term Loan, 4.22%, Maturing July 22, 2010	4,342,387
		Bway Corp.
2,408,700		Term Loan, 4.75%, Maturing June 30, 2011	2,449,848
		Celanese AG
2,244,375		Term Loan, 4.81%, Maturing April 6, 2011	2,252,791
		Consolidated Container Holding
1,243,750		Term Loan, 5.13%, Maturing December 15, 2008	1,260,074
		Dr. Pepper/Seven Up Bottling
3,641,703		Term Loan, 4.47%, Maturing December 19, 2010	3,703,612
		Graham Packaging Holdings Co.
4,500,000		Term Loan, 5.09%, Maturing October 7, 2011	4,567,099
2,000,000		Term Loan, 6.81%, Maturing October 7, 2012	2,056,750
		Graphic Packaging International, Inc.
11,268,591		Term Loan, 5.14%, Maturing August 8, 2009	11,472,835
		IPG (US), Inc.
1,271,813		Term Loan, 4.79%, Maturing July 28, 2011	1,288,505
		Owens-Illinois, Inc.
3,783,663		Term Loan, 4.95%, Maturing April 1, 2007	3,852,431
		Printpack Holdings, Inc.
2,499,769		Term Loan, 4.38%, Maturing April 30, 2009	2,526,329
		Silgan Holdings, Inc.
2,052,642		Term Loan, 4.33%, Maturing December 31, 2008	2,082,149
		Smurfit-Stone Container Corp.
608,367		Term Loan, 2.10%, Maturing November 1, 2011	618,253
1,545,389		Term Loan, 4.44%, Maturing November 1, 2011	1,570,260

$	4,861,953		Term Loan, 4.57%, Maturing November 1, 2011	$	4,939,136
			U.S. Can Corp.
1,488,750			Term Loan, 6.40%, Maturing January 10, 2010	1,485,959
				$		50,468,418

Cosmetics/Toiletries — 0.5%
			American Safety Razor Co.
		488,724	Term Loan, 5.70%, Maturing April 29, 2011			491,167
333,333			Term Loan, 9.11%, Maturing October 29, 2011	338,333
			Church & Dwight Co., Inc.
4,722,643			Revolving Loan, 4.31%, Maturing May 30, 2011	4,788,562
			Prestige Brands, Inc.
1,761,688			Term Loan, 5.29%, Maturing April 7, 2011	1,780,405
2,000,000			Term Loan, 9.00%, Maturing April 7, 2011	2,052,084
			Revlon Consumer Products Corp.
1,670,000			Term Loan, 8.51%, Maturing July 9, 2010	1,738,191
				$		11,188,742

Drugs — 0.2%
			Herbalife International, Inc.
645,000			Term Loan, 5.16%, Maturing December 21, 2010	656,086
			Warner Chilcott Corp.
1,128,473			Term Loan, 5.23%, Maturing January 18, 2012	1,138,206
521,323			Term Loan, 5.23%, Maturing January 18, 2012	525,819
2,800,520			Term Loan, 5.23%, Maturing January 18, 2012	2,824,674
				$		5,144,785

Ecological Services and Equipment — 1.0%
			Alderwoods Group, Inc.
859,550			Term Loan, 4.63%, Maturing September 29, 2009(3)	872,980
			Allied Waste Industries, Inc.
6,985,011			Term Loan, 3.90%, Maturing January 15, 2009	7,084,331
664,665			Term Loan, 5.13%, Maturing January 15, 2010	675,287
981,531			Term Loan, 5.26%, Maturing January 15, 2010	997,277
			Environmental Systems, Inc.
698,440			Term Loan, 6.12%, Maturing December 12, 2008	707,171

$	1,000,000	Term Loan, 12.49%, Maturing December 12, 2010	$	1,033,750
		IESI Corp.
1,764,706		Term Loan, 4.65%, Maturing January 20, 2012	1,767,465
		Ionics, Inc.
2,236,766		Term Loan, 5.31%, Maturing February 13, 2011	2,244,456
		National Waterworks, Inc.
3,857,143		Term Loan, 5.06%, Maturing November 22, 2009	3,924,643
		Sensus Metering Systems, Inc.
129,773		Term Loan, 4.92%, Maturing December 17, 2010	130,611
865,151		Term Loan, 5.16%, Maturing December 17, 2010	870,738
			$	20,308,709

Electronics/Electrical — 1.5%
		AMI Semiconductor
1,493,706		Term Loan, 5.08%, Maturing September 30, 2008	1,512,377
		Amphenol Corp.
3,789,474		Term Loan, 3.79%, Maturing May 6, 2010	3,835,065
		Communications & Power, Inc.
1,903,821		Term Loan, 4.93%, Maturing July 23, 2010	1,931,485
		Enersys Capital, Inc.
1,567,125		Term Loan, 4.27%, Maturing March 17, 2011	1,592,591
		Fairchild Semiconductor Corp.
7,633,750		Term Loan, 4.69%, Maturing June 19, 2008	7,719,630
1,395,000		Term Loan, 4.69%, Maturing December 31, 2010	1,410,694
		Invensys International Holding
4,053,172		Term Loan, 6.09%, Maturing September 5, 2009	4,124,103
		Memec Group, Ltd.
2,125,000		Term Loan, 10.50%, Maturing June 15, 2010	2,134,562
		Rayovac Corp.
4,029,361		Term Loan, 5.46%, Maturing September 30, 2009	4,075,529
		Security Co., Inc.
995,000		Term Loan, 6.44%, Maturing June 28, 2010	1,004,950
500,000		Term Loan, 10.31%, Maturing June 28, 2011	501,250
		Vertafore, Inc.
1,560,000		Term Loan, 5.27%, Maturing December 22, 2010	1,571,700
500,000		Term Loan, 8.52%, Maturing December 22, 2011	508,750
			$	31,922,686

Equipment Leasing — 0.2%
		Ashtead Group, PLC
$	1,000,000	Term Loan, 4.81%, Maturing November 12, 2009	$	1,015,625
		United Rentals, Inc.
565,000		Term Loan, 3.36%, Maturing February 14, 2011	573,652
2,803,813		Term Loan, 4.81%, Maturing February 14, 2011	2,847,185
			$	4,436,462

Farming/Agriculture — 0.2%
		IMC Global, Inc.
4,721,155		Term Loan, 7.02%, Maturing November 17, 2006	4,739,450
		The Scotts Co.
392,763		Term Loan, 4.06%, Maturing September 30, 2010	396,971
			$	5,136,421

Financial Intermediaries — 0.6%
		AIMCO Properties, L.P.
4,500,000		Term Loan, 4.18%, Maturing November 2, 2009	4,587,187
		Coinstar, Inc.
660,972		Term Loan, 4.84%, Maturing July 7, 2011	672,539
		Corrections Corp. of America
2,455,777		Term Loan, 4.86%, Maturing March 31, 2008	2,497,218
		Refco Group Ltd., LLC
3,118,500		Term Loan, 5.27%, Maturing August 5, 2011	3,156,312
		Wackenhut Corrections Corp.
1,514,513		Term Loan, 5.13%, Maturing July 9, 2009	1,541,017
			$	12,454,273

Food Products — 1.7%
		Acosta Sales Co., Inc.
1,596,000		Term Loan, 4.62%, Maturing August 13, 2010	1,621,437
		American Seafoods Holdings, LLC
2,354,246		Term Loan, 5.81%, Maturing March 31, 2009	2,388,826
		Atkins Nutritional, Inc.
1,860,000		Term Loan, 8.18%, Maturing November 26, 2009	1,683,300
		Del Monte Corp.
2,407,019		Term Loan, 4.96%, Maturing December 20, 2010	2,422,063

		Doane Pet Care Co.
$	2,628,413	Term Loan, 6.43%, Maturing November 5, 2009	$	2,674,410
		Interstate Brands Corp.
625,000		Term Loan, 6.05%, Maturing July 19, 2006	610,677
3,884,640		Term Loan, 5.97%, Maturing July 19, 2007	3,789,952
		Merisant Co.
5,481,954		Term Loan, 5.48%, Maturing January 31, 2010	5,505,938
		Michael Foods, Inc.
1,154,891		Term Loan, 5.07%, Maturing November 20, 2010	1,175,101
3,000,000		Term Loan, 6.59%, Maturing November 20, 2011	3,086,250
		Pinnacle Foods Holdings Corp.
3,869,839		Term Loan, 5.81%, Maturing November 25, 2010	3,877,095
1,092,661		Term Loan, 5.81%, Maturing November 25, 2010	1,093,571
		Reddy Ice Group, Inc.
4,345,000		Term Loan, 5.08%, Maturing July 31, 2009	4,401,124
		Seminis Vegetable Seeds, Inc.
870,867		Term Loan, 4.46%, Maturing September 30, 2009	875,403
			$	35,205,147

Food Service — 0.9%
		AFC Enterprises, Inc.
1,956,657		Term Loan, 5.78%, Maturing May 23, 2009	1,975,001
		Buffets, Inc.
418,182		Term Loan, 5.70%, Maturing June 28, 2009	420,273
2,305,594		Term Loan, 6.27%, Maturing June 28, 2009	2,317,122
		Carrols Corp.
625,000		Term Loan, 5.06%, Maturing May 31, 2010	635,937
		CKE Restaurants, Inc.
1,748,205		Term Loan, 4.94%, Maturing May 1, 2010	1,774,428
		Denny’s, Inc.
535,000		Term Loan, 5.73%, Maturing September 21, 2009	547,539
		Domino’s, Inc.
7,163,304		Term Loan, 4.31%, Maturing June 25, 2010	7,264,786
		Gate Gourmet Borrower, LLC
1,000,000		Term Loan, 10.50%, Maturing December 31, 2008	963,750

		Jack in the Box, Inc.
$	1,485,000	Term Loan, 4.75%, Maturing January 8, 2011	$	1,505,884
		Maine Beverage Co., LLC
937,500		Term Loan, 5.89%, Maturing June 30, 2010	942,187
		Weight Watchers International
947,625		Term Loan, 4.16%, Maturing March 31, 2010	958,681
			$	19,305,588

Food/Drug Retailers — 0.7%
		Cumberland Farms, Inc.
1,957,101		Term Loan, 4.63%, Maturing September 8, 2008	1,957,101
4,222,524		Term Loan, 5.10%, Maturing September 8, 2008	4,256,832
		General Nutrition Centers, Inc.
1,023,486		Term Loan, 5.55%, Maturing December 5, 2009	1,029,243
		Rite Aid Corp.
1,970,063		Term Loan, 4.24%, Maturing September 22, 2009	1,986,686
		The Jean Coutu Group (PJC), Inc.
2,992,500		Term Loan, 5.00%, Maturing July 30, 2011	3,040,194
		The Pantry, Inc.
2,120,853		Term Loan, 4.83%, Maturing March 12, 2011	2,156,642
			$	14,426,698

Forest Products — 1.0%
		Appleton Papers, Inc.
2,472,575		Term Loan, 4.56%, Maturing June 11, 2010	2,501,937
		Boise Cascade Holdings, LLC
8,009,041		Term Loan, 4.84%, Maturing September 29, 2010	8,123,755
4,410,959		Term Loan, 4.84%, Maturing October 28, 2010	4,421,483
		Koch Cellulose, LLC
551,114		Term Loan, 4.39%, Maturing May 7, 2011	558,520
2,190,998		Term Loan, 4.80%, Maturing May 7, 2011	2,220,441
		RLC Industries Co.
2,582,832		Term Loan, 4.08%, Maturing February 24, 2010	2,590,903
			$	20,417,039

Healthcare — 3.4%
		Accredo Health, Inc.
	3,465,717	Term Loan, 4.48%, Maturing April 30, 2011		3,494,961

		Alliance Imaging, Inc.
$	2,304,688	Term Loan, 4.92%, Maturing June 10, 2008	$	2,327,015
		Ardent Health Services, Inc.
2,194,500		Term Loan, 4.80%, Maturing July 12, 2011	2,213,017
		Colgate Medical, Ltd.
881,811		Term Loan, 4.55%, Maturing December 30, 2008	892,833
		Community Health Systems, Inc.
11,823,384		Term Loan, 4.15%, Maturing August 19, 2011	11,930,539
		Concentra Operating Corp.
4,925,250		Term Loan, 5.05%, Maturing June 30, 2009	4,988,869
		Conmed Corp.
1,727,252		Term Loan, 4.95%, Maturing December 31, 2007	1,748,033
		Corss Country Healthcare, Inc.
1,009,825		Term Loan, 5.64%, Maturing June 5, 2009	1,019,292
		Dade Behring Holdings, Inc.
1,608,742		Term Loan, 4.31%, Maturing October 3, 2008	1,620,807
		Davita, Inc.
10,236,431		Term Loan, 4.52%, Maturing March 31, 2009	10,274,817
		DJ Orthopedics, Inc.
950,000		Term Loan, 4.83%, Maturing May 15, 2009	965,437
		Encore Medical IHC, Inc.
1,650,000		Term Loan, 5.42%, Maturing October 4, 2010	1,677,844
		Envision Worldwide, Inc.
1,296,389		Term Loan, 7.39%, Maturing September 30, 2010	1,299,630
		FHC Health Systems, Inc.
1,857,143		Term Loan, 8.40%, Maturing December 18, 2009	1,885,000
1,300,000		Term Loan, 10.40%, Maturing December 18, 2009	1,319,500
		Hanger Orthopedic Group, Inc.
496,231		Term Loan, 6.06%, Maturing September 30, 2009	500,573
		Kinetic Concepts, Inc.
3,041,500		Term Loan, 4.31%, Maturing October 3, 2009	3,066,845
		Knowledge Learning Corp.
3,320,000		Term Loan, 5.05%, Maturing January 7, 2012	3,351,125
		Leiner Health Products, Inc.
1,119,375		Term Loan, 5.56%, Maturing May 27, 2011	1,136,166

		Magellan Health Services, Inc.
$	277,778	Term Loan, 4.68%, Maturing August 15, 2008	$	281,771
472,222		Term Loan, 4.74%, Maturing August 15, 2008	479,010
		Medcath Holdings Corp.
497,500		Term Loan, 5.12%, Maturing July 2, 2011	502,786
		National Mentor, Inc.
847,875		Term Loan, 5.48%, Maturing September 30, 2011	863,508
		SFBC International, Inc.
465,000		Term Loan, 5.61%, Maturing December 21, 2011	473,137
		Sunrise Medical Holdings, Inc.
2,064,650		Term Loan, 5.81%, Maturing May 13, 2010	2,087,877
		Team Health, Inc.
2,233,125		Term Loan, 5.81%, Maturing March 23, 2011	2,240,104
		Triad Hospitals Holdings
4,777,209		Term Loan, 4.83%, Maturing March 31, 2008	4,858,155
		Vanguard Health Holding Co., LLC
1,271,813		Term Loan, 5.79%, Maturing September 23, 2011	1,296,057
		Vicar Operating, Inc.
797,990		Term Loan, 4.38%, Maturing September 30, 2008	808,962
		VWR International, Inc.
1,189,933		Term Loan, 5.17%, Maturing April 7, 2011	1,211,650
			$	70,815,320

Home Furnishings — 1.3%
		General Binding Corp.
2,417,655		Term Loan, 6.85%, Maturing January 15, 2008	2,426,721
		Interline Brands, Inc.
3,423,913		Term Loan, 4.81%, Maturing December 31, 2010	3,466,712
		Jarden Corp.
2,970,000		Term Loan, 6.25%, Maturing January 24, 2012	3,000,760
		Juno Lighting, Inc.
844,145		Term Loan, 5.07%, Maturing November 21, 2010	858,918
		Knoll, Inc.
3,159,059		Term Loan, 5.40%, Maturing September 30, 2011	3,198,547
		Sealy Mattress Co.
3,871,834		Term Loan, 4.54%, Maturing April 6, 2012	3,929,912

			Simmons Co.
$	4,979,259		Term Loan, 5.67%, Maturing December 19, 2011	$	5,051,872
			Termpur-Pedic, Inc.
4,925,000			Term Loan, 4.81%, Maturing June 30, 2009	4,971,172
				$		26,904,614

Industrial Equipment — 0.7%
			Bucyrus International, Inc.
		1,056,579	Term Loan, 4.58%, Maturing July 28, 2010			1,075,069
			Chart Industries, Inc.
1,418,403			Term Loan, 5.63%, Maturing September 15, 2009	1,427,268
			Colfax Corp.
2,307,108			Term Loan, 4.81%, Maturing November 30, 2011	2,334,025
			Flowserve Corp.
1,994,185			Term Loan, 5.36%, Maturing June 30, 2009	2,031,576
			Gleason Corp.
550,000			Term Loan, 5.21%, Maturing July 27, 2011	556,875
1,250,000			Term Loan, 8.10%, Maturing January 31, 2012	1,275,000
			Itron, Inc.
1,521,547			Term Loan, 4.83%, Maturing December 17, 2010	1,538,029
			MTD Products
995,000			Term Loan, 4.63%, Maturing June 1, 2010	1,007,437
			SPX Corp.
260,615			Term Loan, 4.58%, Maturing September 30, 2008	262,162
3,379,380			Term Loan, 4.63%, Maturing September 30, 2009	3,402,613
				$		14,910,054

Insurance — 0.8%
			Alliant Resources Group, Inc.
1,592,000			Term Loan, 5.67%, Maturing August 31, 2011	1,593,990
			CCC Information Services Group
1,098,898			Term Loan, 5.56%, Maturing August 20, 2010	1,112,634
			Conseco, Inc.
5,857,203			Term Loan, 6.08%, Maturing June 22, 2010	5,981,669
			Hilb, Rogal and Hobbs Co.
1,974,747			Term Loan, 4.81%, Maturing December 15, 2011	2,004,987
			U.S.I. Holdings Corp.
5,910,000			Term Loan, 5.23%, Maturing August 11, 2007	5,941,400
				$		16,634,680

Leisure Goods/Activities/Movies — 2.3%
		Alliance Atlantis Comm., Inc.
$	718,000	Term Loan, 4.29%, Maturing December 31, 2011	$	726,975
		AMF Bowling Worldwide, Inc.
1,786,474		Term Loan, 5.52%, Maturing August 27, 2009	1,805,456
		Bombardier Recreational Products, Inc.
509,429		Term Loan, 4.97%, Maturing December 18, 2010	517,548
		Cinemark, Inc.
1,985,000		Term Loan, 4.35%, Maturing March 31, 2011	2,018,497
		Hollywood Entertainment Corp.
2,462,121		Term Loan, 6.08%, Maturing March 31, 2008	2,475,971
		Loews Cineplex Entertainment
4,359,075		Term Loan, 4.64%, Maturing July 30, 2011	4,423,441
		Metro-Goldwyn-Mayer Studios, Inc.
8,728,125		Term Loan, 5.06%, Maturing April 30, 2011	8,751,036
		Regal Cinemas Corp.
9,111,766		Term Loan, 4.56%, Maturing November 10, 2010	9,229,463
		Six Flags Theme Parks, Inc.
8,296,409		Term Loan, 4.90%, Maturing June 30, 2009	8,441,596
		Universal City Development Partners, Ltd.
2,140,000		Term Loan, 4.58%, Maturing June 9, 2011	2,174,775
		WMG Acquisition Corp.
6,600,125		Term Loan, 5.21%, Maturing February 28, 2011	6,690,190
		Yankees Holdings & YankeeNets, LLC
455,714		Term Loan, 4.77%, Maturing June 25, 2007	463,689
994,286		Term Loan, 5.01%, Maturing June 25, 2007	1,011,686
			$	48,730,323

Lodging and Casinos — 1.7%
		Alliance Gaming Corp.
5,926,183		Term Loan, 4.90%, Maturing September 5, 2009	5,966,925
		Ameristar Casinos, Inc.
625,000		Term Loan, 4.63%, Maturing December 31, 2006	634,636

$	2,772,680	Term Loan, 4.63%, Maturing December 31, 2006	$	2,815,427
		Argosy Gaming Co.
2,394,000		Term Loan, 4.31%, Maturing June 30, 2011	2,411,208
		Boyd Gaming Corp.
4,960,075		Term Loan, 4.23%, Maturing June 30, 2011	5,029,829
		CNL Hospitality Partners, L.P.
1,143,534		Term Loan, 4.90%, Maturing October 13, 2006	1,162,116
		CNL Resort Hotel, L.P.
1,790,000		Term Loan, 5.59%, Maturing August 18, 2006	1,790,000
		Globalcash Access, LLC
1,105,224		Term Loan, 5.33%, Maturing March 10, 2010	1,123,875
		Isle of Capri Casinos, Inc.
1,998,987		Term Loan, 4.61%, Maturing April 25, 2008	2,008,233
		Marina District Finance Co., Inc.
2,850,000		Term Loan, 3.93%, Maturing October 14, 2011	2,879,093
		Mohegan Tribal Gaming Authority
659,090		Term Loan, 6.25%, Maturing March 31, 2008	660,738
		Penn National Gaming, Inc.
1,808,279		Term Loan, 5.07%, Maturing July 31, 2006	1,816,642
		Pinnacle Entertainment, Inc.
1,565,000		Term Loan, 5.58%, Maturing August 27, 2010	1,588,475
		Seminole Tribe of Florida
650,000		Term Loan, 4.88%, Maturing September 30, 2011	656,500
		Venetian Casino Resort, LLC
1,843,864		Term Loan, 4.90%, Maturing June 15, 2011	1,876,515
		Wyndham International, Inc.
2,122,347		Term Loan, 8.19%, Maturing December 31, 2004	2,134,020
		Wynn Las Vegas, LLC
197,026		Term Loan, 4.66%, Maturing December 14, 2011	199,797
			$	34,754,029

Nonferrous Metals/Minerals — 0.7%
		Compass Minerals Group, Inc.
1,460,282		Term Loan, 4.80%, Maturing November 28, 2009	1,482,003
		Consol Energy, Inc.
1,560,000		Term Loan, 4.89%, Maturing June 30, 2010	1,565,850

		Foundation Coal Corp.
$	1,638,298	Term Loan, 4.73%, Maturing July 30, 2011	$	1,663,487
		ICG, LLC
1,496,250		Term Loan, 5.36%, Maturing November 5, 2010	1,520,564
		International Mill Service, Inc.
2,000,000		Term Loan, 8.33%, Maturing October 26, 2011	2,035,000
		Magnequench, Inc.
908,862		Term Loan, 9.92%, Maturing September 30, 2009	915,679
1,600,000		Term Loan, 13.42%, Maturing December 31, 2009	1,616,000
		Novelis, Inc.
1,455,000		Term Loan, 4.13%, Maturing January 6, 2012	1,468,540
2,530,000		Term Loan, 4.13%, Maturing January 6, 2012	2,552,841
			$		14,819,964

Oil and Gas — 1.9%
		Dresser Rand Group, Inc.
1,845,597		Term Loan, 4.56%, Maturing October 29, 2011	1,874,896
		Dresser, Inc.
1,631,252		Term Loan, 4.97%, Maturing April 10, 2009	1,651,642
		Dynegy Holdings, Inc.
4,427,750		Term Loan, 6.39%, Maturing May 28, 2010	4,510,770
		El Paso Corp.
3,767,993		Term Loan, 5.19%, Maturing November 23, 2009	3,811,166
2,269,875		Term Loan, 5.27%, Maturing November 23, 2009	2,291,686
		Getty Petroleum Marketing, Inc.
3,238,333		Term Loan, 5.80%, Maturing May 19, 2010	3,301,076
		Lyondell-Citgo Refining, L.P.
2,977,544		Term Loan, 4.59%, Maturing May 21, 2007	3,011,041
		Magellan Midstream Holdings, L.P.
1,860,124		Term Loan, 5.09%, Maturing December 10, 2011	1,885,701
		Mainline, L.P.
800,000		Term Loan, 4.90%, Maturing December 17, 2011	807,000
		Semgroup, L.P.
1,231,913		Term Loan, 5.74%, Maturing August 27, 2010	1,245,772
		Sprague Energy Corp.
4,164,286		Revolving Loan, 4.54%, Maturing August 10, 2007	4,153,875

			Williams Production RMT Co.
$	12,253,576		Term Loan, 4.99%, Maturing May 30, 2007	$	12,457,806
				$		41,002,431


Publishing — 3.4%
			Advanstar Communications
		359,177	Term Loan, 7.08%, Maturing November 17, 2007			361,797
			Advertising Directory Solution
2,725,000			Term Loan, 6.23%, Maturing May 9, 2010	2,790,855
2,900,000			Term Loan, 4.48%, Maturing November 9, 2011	2,929,000
			American Media Operations, Inc.
2,288,918			Term Loan, 5.31%, Maturing April 1, 2007	2,323,968
			CBD Media, LLC
1,696,854			Term Loan, 5.09%, Maturing December 31, 2009	1,722,307
			Dex Media East, LLC
738,643			Term Loan, 4.28%, Maturing November 8, 2008	747,414
4,723,242			Term Loan, 4.14%, Maturing May 8, 2009	4,785,533
			Dex Media West, LLC
1,368,885			Term Loan, 4.60%, Maturing September 9, 2009	1,386,139
8,449,027			Term Loan, 4.45%, Maturing March 9, 2010	8,565,201
			Freedom Communications
4,750,000			Term Loan, 4.40%, Maturing May 18, 2012	4,824,813
			Herald Media, Inc.
308,450			Term Loan, 5.03%, Maturing July 22, 2011	313,270
625,000			Term Loan, 8.03%, Maturing January 22, 2012	635,352
			Lamar Media Corp.
1,500,000			Term Loan, 4.06%, Maturing June 30, 2010	1,518,750
			Liberty Group Operating
4,203,996			Term Loan, 6.01%, Maturing April 30, 2007	4,230,271
			Merrill Communications, LLC
1,492,641			Term Loan, 5.08%, Maturing February 9, 2009	1,513,632
			Morris Publishing Group, LLC
3,000,000			Term Loan, 4.06%, Maturing September 30, 2010	3,025,314
4,500,000			Term Loan, 4.31%, Maturing March 31, 2011	4,557,659
			Nebraska Book Co., Inc.
952,800			Term Loan, 4.67%, Maturing March 4, 2011	966,497

		Newspaper Holdings, Inc.
$	2,300,000	Term Loan, 4.31%, Maturing August 24, 2011	$	2,299,282
		R.H. Donnelley Corp.
1,733,975		Term Loan, 4.24%, Maturing December 31, 2009	1,746,586
4,968,704		Term Loan, 4.28%, Maturing June 30, 2010	5,025,118
		Source Media, Inc.
2,043,000		Term Loan, 4.69%, Maturing November 8, 2011	2,067,261
250,000		Term Loan, 7.94%, Maturing August 30, 2012	255,313
		Sun Media Corp.
2,577,814		Term Loan, 4.73%, Maturing February 7, 2009	2,599,566
		The Reader’s Digest Association, Inc.
2,482,243		Term Loan, 4.55%, Maturing May 20, 2008	2,518,312
		Transwestern Publishing Co., LLC
828,800		Term Loan, 4.20%, Maturing February 25, 2011	840,455
1,588,002		Term Loan, 5.79%, Maturing February 25, 2011	1,616,537
395,600		Term Loan, 4.56%, Maturing August 24, 2012	401,163
		Weekly Reader Corp.
980,000		Term Loan, 6.76%, Maturing March 18, 2009	977,550
		Xerox Corp.
4,500,000		Term Loan, 4.33%, Maturing September 30, 2008	4,548,164
			$	72,093,079

Radio and Television — 2.3%
		Adams Outdoor Advertising, L.P.
2,636,750		Term Loan, 4.92%, Maturing October 15, 2011	2,674,653
350,000		Term Loan, 6.17%, Maturing April 15, 2012	356,563
		Block Communications, Inc.
744,028		Term Loan, 5.31%, Maturing November 30, 2009	751,004
		Canwest Media, Inc.
3,496,749		Term Loan, 4.75%, Maturing August 15, 2009	3,547,015
		Cumulus Media, Inc.
2,493,750		Term Loan, 4.06%, Maturing March 28, 2010	2,505,179
995,000		Term Loan, 4.25%, Maturing March 28, 2010	1,011,169

		DirecTV Holdings, LLC
$	8,866,531	Term Loan, 4.47%, Maturing March 6, 2010	$	9,000,637
		Emmis Operating Co.
5,575,000		Term Loan, 4.17%, Maturing November 10, 2011	5,640,428
		Entravision Communications Co.
1,160,000		Term Loan, 4.31%, Maturing February 27, 2012	1,172,809
		Gray Television, Inc.
6,284,250		Term Loan, 4.31%, Maturing December 31, 2010	6,370,658
		NEP Supershooters, L.P.
1,562,271		Term Loan, 10.56%, Maturing August 3, 2011	1,550,554
		Nexstar Broadcasting, Inc.
1,606,525		Term Loan, 4.31%, Maturing December 31, 2010	1,613,553
877,247		Term Loan, 4.31%, Maturing December 31, 2010	884,375
		Rainbow National Services, LLC
3,128,663		Term Loan, 5.19%, Maturing March 31, 2012	3,177,548
		Raycom National, LLC
2,350,000		Term Loan, 4.56%, Maturing February 24, 2012	2,379,375
		Sinclair Television Group, Inc.
1,835,000		Term Loan, 4.33%, Maturing June 30, 2009	1,843,602
2,985,000		Term Loan, 4.33%, Maturing December 31, 2009	3,012,984
		Susquehanna Media Co.
2,000,000		Term Loan, 4.17%, Maturing March 31, 2012	2,030,626
			$	49,522,732

Rail Industries — 0.3%
		Kansas City Southern Industries, Inc.
770,000		Term Loan, 4.30%, Maturing March 30, 2008	780,973
		Railamerica, Inc.
4,419,770		Term Loan, 4.38%, Maturing September 29, 2011	4,499,878
522,465		Term Loan, 4.38%, Maturing September 29, 2011	531,717
			$	5,812,568

Retailers (Except Food and Drug) — 1.5%
		American Achievement Corp.
694,750		Term Loan, 6.75%, Maturing March 25, 2011	706,040
		Amscan Holdings, Inc.
985,050		Term Loan, 5.60%, Maturing April 30, 2012	991,207

		CKS Auto, Inc.
$	3,960,000	Term Loan, 4.85%, Maturing June 20, 2009	$	4,004,550
		Coinmach Laundry Corp.
4,618,388		Term Loan, 5.47%, Maturing July 25, 2009	4,674,677
		FTD, Inc.
992,500		Term Loan, 4.65%, Maturing February 28, 2011	1,007,388
		Harbor Freight Tools USA, Inc.
2,344,125		Term Loan, 4.75%, Maturing July 15, 2010	2,352,622
		Home Interiors & Gifts, Inc.
1,126,922		Term Loan, 7.17%, Maturing March 31, 2011	1,092,551
		Josten’s Corp.
2,725,000		Term Loan, 4.81%, Maturing December 6, 2011	2,755,899
		Oriental Trading Co., Inc.
5,259,712		Term Loan, 5.38%, Maturing August 4, 2010	5,288,203
		Rent-A-Center, Inc.
2,577,740		Term Loan, 4.46%, Maturing June 30, 2010	2,613,183
		Riddell Bell Holdings, Inc.
498,750		Term Loan, 4.76%, Maturing September 30, 2011	507,582
		Savers, Inc.
839,640		Term Loan, 6.77%, Maturing August 4, 2009	846,462
1,000,000		Term Loan, 10.48%, Maturing August 4, 2010	1,012,500
		Travelcenters of Ameria, Inc.
4,247,000		Term Loan, 4.32%, Maturing October 1, 2008	4,297,433
			$	32,150,297

Surface Transport — 0.6%
		Horizon Lines, LLC
980,075		Term Loan, 5.39%, Maturing July 7, 2011	992,326
		Laidlaw International, Inc.
6,333,240		Term Loan, 6.33%, Maturing June 19, 2009	6,363,918
		NFIL Holding Corp.
523,810		Term Loan, 4.50%, Maturing February 27, 2010	531,667
1,529,589		Term Loan, 4.61%, Maturing February 27, 2010	1,550,621
		Sirva Worldwide, Inc.
2,441,176		Term Loan, 4.58%, Maturing December 31, 2010	2,416,765
			$	11,855,297

Telecommunications — 3.3%
		American Tower, L.P.
$	6,343,125	Term Loan, 4.23%, Maturing August 31, 2011	$	6,422,414
		Centennial Cellular Operating
3,826,112		Term Loan, 4.95%, Maturing February 9, 2011	3,860,486
		Cincinnati Bell, Inc.
8,905,101		Term Loan, 5.00%, Maturing June 30, 2008	8,995,541
		Consolidated Communications, Inc.
1,228,962		Term Loan, 4.67%, Maturing October 14, 2010	1,232,034
2,110,835		Term Loan, 4.95%, Maturing October 14, 2011	2,146,456
		Iowa Telecommunications Service
2,458,000		Term Loan, 4.59%, Maturing November 23, 2005	2,485,653
		Nextel Partners Operation Corp.
4,800,000		Term Loan, 4.94%, Maturing May 31, 2011	4,870,714
		Ntelos, Inc.
2,987,280		Term Loan, 6.33%, Maturing July 25, 2008	2,991,014
		Qwest Corp.
12,500,000		Term Loan, 7.39%, Maturing June 4, 2007	13,052,450
		SBA Senior Finance, Inc.
2,782,893		Term Loan, 4.91%, Maturing October 31, 2008	2,822,897
		Spectrasite Communications, Inc.
3,597,000		Term Loan, 4.03%, Maturing May 23, 2012	3,627,726
		Stratos Global Corp.
1,646,000		Term Loan, 4.75%, Maturing December 3, 2010	1,664,518
		Triton PCS, Inc.
2,765,000		Term Loan, 5.75%, Maturing November 18, 2009	2,805,612
		USA Mobility, Inc.
470,286		Term Loan, 4.83%, Maturing November 16, 2006	473,813
		Valor Telecommunications Enterprises, LLC
3,491,250		Term Loan, 6.03%, Maturing November 10, 2011	3,510,525
1,100,000		Term Loan, 10.23%, Maturing November 10, 2011	1,134,238
		Viasystems, Inc.
750,000		Term Loan, 6.49%, Maturing September 30, 2009	757,656

		Westcom Corp.
$	1,000,000	Term Loan, 5.41%, Maturing December 17, 2010	$	1,016,875
1,000,000		Term Loan, 9.66%, Maturing May 17, 2011	1,040,000
		Western Wireless Corp.
5,373,000		Term Loan, 5.52%, Maturing May 28, 2011	5,417,773
			$	70,328,395

Utilities — 1.0%
		Allegheny Energy Supply Co., LLC
3,674,681		Term Loan, 4.80%, Maturing October 28, 2011	3,747,715
		Cogentrix Delaware Holdings, Inc.
1,736,875		Term Loan, 4.83%, Maturing February 26, 2009	1,749,902
		Coleto Creek WLE, L.P.
945,250		Term Loan, 4.83%, Maturing June 30, 2011	962,579
		NRG Energy, Inc.
2,091,996		Term Loan, 2.45%, Maturing December 20, 2011	2,099,841
2,660,754		Term Loan, 4.52%, Maturing December 20, 2011	2,678,049
		Pike Electric, Inc.
1,365,946		Term Loan, 4.69%, Maturing July 1, 2012	1,390,278
1,043,000		Term Loan, 4.75%, Maturing July 1, 2012	1,059,297
		Plains Resources, Inc.
1,414,286		Term Loan, 4.39%, Maturing July 23, 2010	1,434,175
		Reliant Energy, Inc.
2,645,000		Term Loan, 5.05%, Maturing December 22, 2010	2,666,017
		Texas Genco, LLC
3,856,954		Term Loan, 4.48%, Maturing December 14, 2011	3,909,987
			$	21,697,840

Total Senior, Floating Rate Interests (identified cost $1,055,086,720)			$	1,065,387,680

Mortgage Pass-Throughs — 47.7%

Principal Amount (000’s omitted)		Security	Value

		Federal Home Loan Mortgage Corp.:
$	2,352	3.181%, with maturity at 2025(4)	$	2,410,069
1,489		6.00%, with maturity at 2026	1,538,663

$	55,312	6.50%, with various maturities to 2025	$	57,912,445
27,042		7.00%, with various maturities to 2027	28,677,533
1,643		7.13%, with maturity at 2023	1,757,747
55,909		7.50%, with various maturities to 2028(5)	60,062,033
2,089		7.65%, with maturity at 2022	2,262,257
573		7.70%, with maturity at 2022	621,567
39,050		8.00%, with various maturities to 2030	42,566,355
27,216		8.50%, with various maturities to 2030	29,948,501
341		8.75%, with maturity at 2010	362,028
10,430		9.00%, with various maturities to 2023	11,537,846
10,414		9.50%, with various maturities to 2025	11,754,312
4,973		10.00%, with various maturities to 2022	5,670,145
3,309		10.50%, with various maturities to 2021	3,786,955
190		11.00%, with maturity at 2015	214,480
369		11.50%, with various maturities to 2020	423,771
3,086		12.00%, with various maturities to 2020	3,576,010
1,256		12.50%, with various maturities to 2015	1,475,149
521		13.00%, with maturity at 2015	623,250
44		13.50%, with maturity at 2014	51,201
199		14.00%, with maturity at 2014	245,487
			$	267,477,804
		Federal National Mortgage Assn.:
1,212		6.00%, with maturity at 2023	1,254,623
88,906		6.50%, with various maturities to 2029(5)	93,050,197
1,146		6.75%, with maturity at 2023	1,212,166
82,922		7.00%, with various maturities to 2028(5)	87,883,696
24,043		7.50%, with various maturities to 2028	25,811,289
28,914		8.00%, with various maturities to 2028	31,462,469
161		8.25%, with maturity at 2018	175,847
7,119		8.425%, with maturity at 2027	7,880,270
15,570		8.50%, with various maturities to 2027	17,147,355
2,399		8.616%, with maturity at 2029	2,670,924
3,730		8.638%, with maturity at 2028(4)	4,128,624
3,525		8.818%, with maturity at 2027	3,920,595
27,669		9.00%, with various maturities to 2026	30,844,570

$	1,560	9.28%, with maturity at 2024	$	1,735,412
11,506		9.50%, with various maturities to 2030	12,976,164
4,971		10.00%, with various maturities to 2021	5,676,792
4,131		10.259%, with maturity at 2025	4,725,341
4,461		10.278%, with maturity at 2019	5,050,256
6,103		10.50%, with various maturities to 2025	7,027,282
2,022		11.00%, with various maturities to 2020	2,333,730
218		11.25%, with maturity at 2016	251,466
4,947		11.50%, with various maturities to 2021	5,739,639
15		11.75%, with maturity at 2014	17,581
717		12.00%, with various maturities to 2016	842,969
642		12.50%, with various maturities to 2015	753,740
686		13.00%, with various maturities to 2015	817,554
251		13.50%, with various maturities to 2017	306,284
86		14.50%, with maturity at 2014	104,835
			$	355,801,670
		Government National Mortgage Assn.:
9,162		6.00%, with maturity at 2024(5)	9,474,351
78,643		6.50%, with various maturities to 2024(5)	82,363,239
14,742		7.00%, with various maturities to 2024	15,638,900
46,854		8.00%, with various maturities to 2025(5)	50,937,331
4,288		8.50%, with various maturities to 2022	4,751,467
20,364		9.00%, with various maturities to 2026	22,741,991
28,248		9.50%, with various maturities to 2026(5)	31,975,620
1,900		10.00%, with maturity at 2019	2,187,886
			$	220,070,785
		Collateralized Mortgage Obligations:
1,137		Federal Home Loan Mortgage Corp., Series 1289, Class PV, 7.50%, 6/15/22	1,201,506
6,233		Federal Home Loan Mortgage Corp., Series 1497, Class K, 7.00%, 4/15/23	6,577,829
9,951		Federal Home Loan Mortgage Corp., Series 1529, Class Z, 7.00%, 6/15/23	10,531,436

$	6,438	Federal Home Loan Mortgage Corp., Series 1620, Class Z, 6.00%, 11/15/23	$	6,712,353
3,907		Federal Home Loan Mortgage Corp., Series 1650, Class K, 6.50%, 1/15/24	4,163,901
1,829		Federal Home Loan Mortgage Corp., Series 1720, Class PJ, 7.25%, 1/15/24	1,902,886
14,343		Federal Home Loan Mortgage Corp., Series 1730, Class Z, 7.00%, 5/15/24	15,193,907
3,005		Federal Home Loan Mortgage Corp., Series 2198, Class ZA, 8.50%, 11/15/29	3,658,434
4,300		Federal Home Loan Mortgage Corp., Series 24, Class J, 6.25%, 11/25/23	4,507,273
5,152		Federal Home Loan Mortgage Corp., Series 40, Class K, 6.50%, 8/17/24	5,474,402
1,217		Federal National Mortgage Assn., Series 1988-14, Class I, 9.20%, 6/25/18	1,345,190
1,125		Federal National Mortgage Assn., Series 1989-1, Class D, 10.30%, 1/25/19	1,265,443
2,266		Federal National Mortgage Assn., Series 1989-34, Class Y, 9.85%, 7/25/19	2,547,461
523		Federal National Mortgage Assn., Series 1990-29, Class J, 9.00%, 3/25/20	579,843
2,597		Federal National Mortgage Assn., Series 1990-43, Class Z, 9.50%, 4/25/20	2,927,079
946		Federal National Mortgage Assn., Series 1991-98, Class J, 8.00%, 8/25/21	1,023,340
500		Federal National Mortgage Assn., Series 1992-103, Class Z, 7.50%, 6/25/22	535,709
968		Federal National Mortgage Assn., Series 1992-113, Class Z, 7.50%, 7/25/22	1,037,571
1,901		Federal National Mortgage Assn., Series 1992-185, Class ZB, 7.00%, 10/25/22	2,014,953
7,436		Federal National Mortgage Assn., Series 1992-77, Class ZA, 8.00%, 5/25/22	8,100,896
3,898		Federal National Mortgage Assn., Series 1993-16, Class Z, 7.50%, 2/25/23	4,176,800
3,701		Federal National Mortgage Assn., Series 1993-22, Class PM, 7.40%, 2/25/23	3,956,415

$	5,086	Federal National Mortgage Assn., Series 1993-25, Class J, 7.50%, 3/25/23	$	5,450,777
11,364		Federal National Mortgage Assn., Series 1993-30, Class PZ, 7.50%, 3/25/23	12,171,333
8,248		Federal National Mortgage Assn., Series 1994-89, Class ZQ, 8.00%, 7/25/24	8,934,418
9,084		Federal National Mortgage Assn., Series 1996-57, Class Z, 7.00%, 12/25/26	9,624,471
5,198		Federal National Mortgage Assn., Series 1997-77, Class Z, 7.00%, 11/18/27	5,604,630
7,630		Federal National Mortgage Assn., Series 2001-37, Class GA, 8.00%, 7/25/16	8,276,492
1,662		Federal National Mortgage Assn., Series G92-44, Class Z, 8.00%, 7/25/22	1,797,961
2,705		Federal National Mortgage Assn., Series G92-44, Class ZQ, 8.00%, 7/25/22	2,917,540
6,026		Federal National Mortgage Assn., Series G93-29, Class Z, 7.00%, 8/25/23	6,382,673
9,000		Government National Mortgage Assn., Series 2002-45, Class PG, 6.00%, 3/17/32	9,366,327
3,340		Merrill Lynch Trust, Series 45, Class Z, 9.10%, 9/20/20	3,507,874
			$	163,469,123

Total Mortgage Pass-Throughs (identified cost $1,018,384,754)			$	1,006,819,382

Corporate Bonds & Notes — 49.6%

Principal Amount (000’s omitted)		Security	Value

Aerospace and Defense — 0.6%
		Argo Tech Corp., Sr. Notes
$	1,815	9.25%, 6/1/11(3)	$	1,996,500
		Armor Holdings, Inc., Sr. Sub. Notes
1,895		8.25%, 8/15/13	2,117,662
		BE Aerospace, Sr. Sub. Notes, Series B
660		8.00%, 3/1/08	656,700
		Crown Castle International Corp., (PIK)
11		6.25%, 1/0/00	560,736

		Sequa Corp.
$	5,350	8.875%, 4/1/08	$	5,778,000
		Standard Aero Holdings, Inc., Sr. Sub. Notes
760		8.25%, 9/1/14(3)	820,800
		Vought Aircraft Industries, Inc., Sr. Notes
1,000		8.00%, 7/15/11	1,000,000
			$	12,369,662

Air Transport — 0.3%
		American Airlines
3,615		7.80%, 10/1/06	3,183,266
525		8.608%, 4/1/11	463,507
		Continental Airlines
475		8.00%, 12/15/05	469,062
		Delta Air Lines
199		7.779%, 11/18/05	170,462
2,426		9.50%, 11/18/08(3)	2,147,010
		Northwest Airlines, Inc.
445		8.875%, 6/1/06	404,950
			$	6,838,257

Automotive — 1.6%
		Accuride Corp., Sr. Sub Notes
650		8.50%, 2/1/15(3)	672,750
		Affinia Group, Inc.
1,070		9.00%, 11/30/14(3)	1,107,450
		Altra Industrial Motion
665		9.00%, 12/1/11(3)	671,650
		Cooper-Standard Automotive, Inc.
325		7.00%, 12/15/12(3)	320,937
		Keystone Automotive Operations, Inc., Sr. Sub. Notes
1,020		9.75%, 11/1/13	1,093,950
		Metaldyne Corp.
2,855		11.00%, 6/15/12(3)	2,383,925
		Metaldyne, Inc., Sr. Notes
2,640		10.00%, 11/1/13(3)	2,481,600
		Sonic Automotive, Inc., Sr. Sub. Notes
1,600		8.625%, 8/15/13	1,712,000
		Tenneco Automotive, Global Shares, Series B
10,855		10.25%, 7/15/13	12,808,900
		Tenneco Automotive, Inc., Sr. Sub. Notes
2,680		8.625%, 11/15/14(3)	2,800,600
		TRW Automotive, Inc., Sr. Notes
2,230		9.375%, 2/15/13	2,519,900

		TRW Automotive, Inc., Sr. Sub. Notes
$	3,900	11.00%, 2/15/13	$	4,582,500
		United Components, Inc., Sr. Sub. Notes
990		9.375%, 6/15/13	1,044,450
			$	34,200,612

Broadcasting — 0.2%
		Fisher Communications, Inc., Sr. Notes
995		8.625%, 9/15/14(3)	1,075,844
		XM Satellite Radio, Inc.
2,625		1.75%, 12/1/09(3)	2,503,594
			$	3,579,438

Building and Development — 1.2%
		Coleman Cable, Inc., Sr. Notes
1,060		9.875%, 10/1/12(3)	1,118,300
		Dayton Superior Corp., Sr. Notes
7,170		10.75%, 9/15/08	7,743,600
		MAAX Corp., Sr. Sub. Notes
1,150		9.75%, 6/15/12	1,221,875
		Owens Corning
195		7.70%, 5/1/08(6)	138,450
		Ply Gem Industries, Inc., Sr. Sub. Notes
1,740		9.00%, 2/15/12(3)	1,740,000
2,625		9.00%, 2/15/12(3)	2,625,000
		RMCC Acquisition Co., Sr. Sub. Notes
3,495		9.50%, 11/1/12(3)	3,460,050
		Shaw Group, Inc., Sr. Notes
1,550		10.75%, 3/15/10	1,724,375
		WCI Communities, Inc., Sr. Sub. Notes
6,000		7.875%, 10/1/13	6,435,000
			$	26,206,650

Business Equipment and Services — 1.9%
		Affinity Group, Inc., Sr. Sub. Notes
3,450		9.00%, 2/15/12	3,708,750
		Allied Security Escrow, Sr. Sub. Notes
450		11.375%, 7/15/11(3)	473,625
		Amerco, Inc.
1,560		9.00%, 3/15/09	1,657,500
		Coinmach Corp., Sr. Notes
476		9.00%, 2/1/10	492,660

		*ETrade Financial Corp., Sr. Notes**
$	2,420	8.00%, 6/15/11(3)	$	2,613,600
		Mobile Mini, Inc.
2,090		9.50%, 7/1/13	2,404,754
		Norcross Safety Products LLC/Norcross Capital Corp., Sr. Sub. Notes, Series B
4,660		9.875%, 8/15/11	5,195,900
		NSP Holdings LLC/NSP Holdings Capital Corp., Sr. Notes, (PIK)
3,270		11.75%, 1/1/12(3)	3,417,150
		Quintiles Transnational Corp., Sr. Sub. Notes
9,690		10.00%, 10/1/13	10,998,150
		Williams Scotsman, Inc., Sr. Notes
1,515		10.00%, 8/15/08	1,658,925
		Xerox Corp.
3,000		9.75%, 1/15/09	3,480,000
		Xerox Corp., Sr. Notes
1,855		7.125%, 6/15/10	2,008,037
1,485		7.625%, 6/15/13	1,607,512
			$	39,716,563

Cable and Satellite Television — 0.9%
		Charter Communications Holdings, LLC, Sr. Notes
2,520		10.25%, 1/15/10	2,116,800
		Insight Communications, Sr. Disc. Notes
13,650		12.25%, 2/15/11	13,445,250
		UGS Corp., Sr. Sub. Notes
2,485		10.00%, 6/1/12(3)	2,783,200
			$	18,345,250

Chemicals and Plastics — 4.2%
		Acetex Corp., Sr. Notes
3,000		10.875%, 8/1/09	3,262,500
		Avecia Investments Ltd.
562		11.00%, 7/1/09	595,720
		BCP Caylux Holdings, Sr. Sub. Notes
4,880		9.625%, 6/15/14(3)	5,441,200
		Borden U.S. Finance/Nova Scotia Finance, Sr. Notes
1,765		9.00%, 7/15/14(3)	1,950,325
		Crystal US Holdings/US Holdings 3, LLC, Sr. Disc. Notes
5,165		10.50%, 10/1/14(3)	3,531,569
		Equistar Chemical, Sr. Notes
7,000		10.625%, 5/1/11	8,085,000
		Huntsman Advanced Materials, Sr. Notes
905		11.00%, 7/15/10(3)	1,067,900

		Huntsman International
$	6,000	9.875%, 3/1/09	$	6,570,000
		Huntsman LLC
6,825		11.625%, 10/15/10	7,985,250
		Innophos, Inc., Sr. Sub. Notes
1,100		8.875%, 8/15/14(3)	1,190,750
		Koppers, Inc.
1,835		9.875%, 10/15/13	2,091,900
		Lyondell Chemical Co.
1,940		9.50%, 12/15/08	2,104,900
4,790		9.50%, 12/15/08	5,197,150
995		11.125%, 7/15/12	1,174,100
		Lyondell Chemical Co., Series A
3,170		9.625%, 5/1/07	3,479,075
		Lyondell Chemical Co., Sr. Notes
2,412		10.50%, 6/1/13	2,858,220
		Nalco Co., Sr. Sub. Notes
2,960		8.875%, 11/15/13(3)	3,241,200
		OM Group, Inc.
11,180		9.25%, 12/15/11	11,962,600
		Polyone Corp.
2,490		10.625%, 5/15/10	2,788,800
		Polyone Corp., Sr. Notes
25		8.875%, 5/1/12	27,000
		Rhodia SA, Sr. Notes
6,450		10.25%, 6/1/10	7,369,125
		Rockwood Specialties Group, Sr. Sub. Notes
1,360		10.625%, 5/15/11	1,557,200
		UAP Holding Corp., Sr. Disc. Notes
5,535		10.75%, 7/15/12(3)	4,455,675
			$	87,987,159

Clothing/Textiles — 1.0%
		Levi Strauss & Co., Sr. Notes
3,250		11.625%, 1/15/08	3,420,625
		Oxford Industries, Inc., Sr. Notes
9,690		8.875%, 6/1/11	10,368,300
		Perry Ellis International, Inc., Sr. Sub. Notes
3,795		8.875%, 9/15/13	3,965,775
		Phillips Van-Heusen, Sr. Notes
1,175		7.25%, 2/15/11(3)	1,233,750
2,500		8.125%, 5/1/13	2,725,000
			$	21,713,450

Computers - Integrated Systems — 0.0%
		Activant Solutions, Inc., Sr. Notes
$	1,000	10.50%, 6/15/11	$	1,082,500
			$	1,082,500

Conglomerates — 0.6%
		Amsted Industries, Inc., Sr. Notes
7,150		10.25%, 10/15/11(3)	8,079,500
		Goodman Global Holdings, Sr. Notes, Variable Rate
1,570		5.76%, 6/15/12(3)	1,617,100
		Mueller Group, Inc., Sr. Sub. Notes
2,625		10.00%, 4/25/11	2,848,125
			$	12,544,725

Containers and Glass Products — 2.3%
		Anchor Glass Container Corp.
5,000		11.00%, 2/15/13	5,400,000
		Crown Euro Holdings SA
20,495		10.875%, 3/1/13	24,132,862
		Graphic Packaging International Corp., Sr. Sub. Notes
3,265		9.50%, 8/15/13	3,656,800
		Intertape Polymer US, Inc., Sr. Sub. Notes
3,235		8.50%, 8/1/14	3,283,525
		Owens-Illinois, Inc., Sr. Notes
1,335		8.10%, 5/15/07	1,415,100
		Plastipak Holdings, Inc.
3,915		10.75%, 9/1/11	4,423,950
		Pliant Corp.
2,775		11.125%, 6/15/09	2,594,625
		Tekni-Plex, Inc., Sr. Notes
1,755		8.75%, 11/15/13(3)	1,763,775
		US Can Corp., Sr. Notes
820		10.875%, 7/15/10	881,500
			$	47,552,137

Cosmetics/Toiletries — 0.5%
		Aearo Co. I, Sr. Sub. Notes
1,665		8.25%, 4/15/12	1,723,275
		Del Laboratories Inc., Sr. Sub. Notes
1,780		8.00%, 2/1/12(3)	1,771,100
		GFSI, Inc., Sr. Sub. Notes, Series B
270		9.625%, 3/1/07	263,250
		Samsonite Corp., Sr. Sub. Notes
3,680		8.875%, 6/1/11	3,979,000

		True Temper Sports, Inc., Sr. Sub. Notes
$	700	8.375%, 9/15/11	$	668,500
		WH Holdings Ltd./WH Capital Corp., Sr. Notes
1,119		9.50%, 4/1/11	1,237,894
			$	9,643,019

Drugs — 0.2%
		Warner Chilcott Corp.
4,455		8.75%, 2/1/15(3)	4,599,787
			$	4,599,787

Ecological Services and Equipment — 0.3%
		Alderwoods Group, Inc., Sr. Notes
1,145		7.75%, 9/15/12(3)	1,233,737
		Allied Waste North America, Series B
3,500		8.875%, 4/1/08	3,675,000
		National Waterworks, Inc., Series B
1,500		10.50%, 12/1/12	1,687,500
			$	6,596,237

Electronics/Electrical — 2.0%
		Advanced Micro Devices, Inc., Sr. Notes
8,040		7.75%, 11/1/12(3)	8,060,100
		Amkor Technologies, Inc.
1,010		5.75%, 6/1/06	979,700
		Amkor Technologies, Inc., Sr. Notes
2,595		7.125%, 3/15/11	2,322,525
7,930		7.75%, 5/15/13	7,097,350
		Danka Business Systems, Sr. Notes
2,350		11.00%, 6/15/10	2,479,250
		Hexcel Corp.
1,520		9.875%, 10/1/08	1,687,200
		Hexcel Corp., Sr. Sub. Notes
525		9.75%, 1/15/09	549,937
		Nortel Networks Ltd.
665		6.125%, 2/15/06	677,469
1,575		4.25%, 9/1/08	1,525,781
		Rayovac Corp., Sr. Sub. Notes
5,445		7.375%, 2/1/15(3)	5,519,869
		Sanmina-SCI Corp., Sr. Notes
5,000		10.375%, 1/15/10	5,700,000
		Stratus Technologies, Inc., Sr. Notes
775		10.375%, 12/1/08	740,125
		Wesco Distribution Inc.
5,000		9.125%, 6/1/08	5,150,000
			$	42,489,306

Energy Services — 0.1%
		Aventine Renewable Energy Holdings, Inc., Variable Rate
$	1,385	8.501%, 12/15/11(3)	$	1,405,775
			$	1,405,775

Equipment Leasing — 0.1%
		United Rentals North America, Inc.
745		6.50%, 2/15/12	735,687
		United Rentals North America, Inc., Sr. Sub. Notes
2,250		7.00%, 2/15/14	2,103,750
			$	2,839,437

Farming/Agriculture — 0.4%
		IMC Global, Inc.
6,775		11.25%, 6/1/11	7,689,625
			$	7,689,625

Financial Intermediaries — 0.6%
		Alzette
750		8.691%, 12/15/20(3)	750,000
		Bryant Park CDO, Ltd., Series 2005-1A, Class C
1,000		4.941%, 1/15/19(3)	985,920
		Carlyle High Yield Partners, Series 2004-6A, Class C
1,000		4.36%, 8/15/16(3)	1,000,000
		Centurion CDO 8 Ltd., Series 2005 8A, Class D
1,000		8.20%, 3/8/17(3)	1,000,000
		Dryden Leveraged Loan, Series 2004-6A, Class C1
1,500		4.055%, 7/30/16(3)	1,500,000
		Refco Finance Holdings, LLC, Sr. Sub. Notes
7,285		9.00%, 8/1/12(3)	7,977,075
			$	13,212,995

Food Products — 0.5%
		ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes
4,240		11.50%, 11/1/11(3)	2,819,600
		Pierre Foods, Inc., Sr. Sub. Notes
3,225		9.875%, 7/15/12(3)	3,386,250
		Pinnacle Foods Holding, Sr. Sub. Notes
4,160		8.25%, 12/1/13	3,848,000
			$	10,053,850

Forest Products — 2.4%
		Boise Cascade, LLC, Sr. Notes, Variable Rate
$	1,520	5.535%, 10/15/12(3)	$	1,569,400
		Caraustar Industries, Inc., Sr. Sub. Notes
4,950		9.875%, 4/1/11	5,457,375
		Georgia-Pacific Corp.
15,225		9.50%, 12/1/11	18,840,937
		MDP Acquisitions/JSG Funding PLC, Sr. Notes
17,180		9.625%, 10/1/12	19,069,800
		Neenah Paper, Inc., Sr. Notes
1,085		7.375%, 11/15/14(3)	1,095,850
		Newark Group, Inc., Sr. Sub. Notes
3,885		9.75%, 3/15/14	4,088,962
		Stone Container Finance Canada
1,150		7.375%, 7/15/14	1,190,250
			$	51,312,574

Healthcare — 4.1%
		AMR Corp.
2,970		9.00%, 8/1/12	2,093,850
		AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes
2,710		10.00%, 2/15/15(3)	2,798,075
		Ardent Health Services, Inc., Sr. Sub. Notes
6,995		10.00%, 8/15/13	7,274,800
		Carriage Services, Inc.
870		7.875%, 1/15/15(3)	901,537
		CDRV Investors, Inc., Sr. Disc. Notes
4,145		9.625%, 1/1/15(3)	2,497,362
		Concentra Operating Corp., Sr. Notes
7,000		9.50%, 8/15/10	7,805,000
		HCA, Inc.
2,080		5.50%, 12/1/09	2,081,876
		Healthsouth Corp.
1,125		7.625%, 6/1/12	1,133,437
		Inverness Medical Innovations, Inc., Sr. Sub. Notes
3,175		8.75%, 2/15/12(3)	3,270,250
		Knowledge Learning Center, Sr. Sub. Notes
2,200		7.75%, 2/1/15(3)	2,222,000

		Medical Device Manufacturing, Inc., Sr. Sub. Notes
$	2,645	10.00%, 7/15/12(3)	$	2,869,825
		Medquest, Inc.
6,000		11.875%, 8/15/12	7,050,000
		National Mentor, Inc., Sr. Sub. Notes
1,305		9.625%, 12/1/12(3)	1,376,775
		National Nephrology Association, Sr. Sub. Notes
2,000		9.00%, 11/1/11(3)	2,290,000
		Omega Healthcare Investors, Inc., Sr. Notes
1,165		7.00%, 4/1/14	1,182,475
		Pacificare Health System
7,017		10.75%, 6/1/09	7,964,295
		Rotech Healthcare, Inc.
3,675		9.50%, 4/1/12	4,079,250
		Tenet Healthcare Corp.
6,500		7.375%, 2/1/13	6,012,500
		Tenet Healthcare Corp., Sr. Notes
2,380		9.875%, 7/1/14(3)	2,481,150
3,705		9.25%, 2/1/15(3)	3,723,525
		US Oncology, Inc., Sr. Notes
2,205		9.00%, 8/15/12(3)	2,403,450
		US Oncology, Inc., Sr. Sub. Notes
4,365		10.75%, 8/15/14(3)	5,008,837
		Vanguard Health Holdings II, Sr. Sub. Notes
4,730		9.00%, 10/1/14(3)	5,072,925
		VWR International, Inc., Sr. Sub. Notes
3,270		8.00%, 4/15/14	3,417,150
			$	87,010,344

Home Furnishings — 0.1%
		Fedders North America, Inc.
2,585		9.875%, 3/1/14	2,093,850
		Leslie’s Poolmart, Sr. Notes
1,090		7.75%, 2/1/13(3)	1,114,525
			$	3,208,375

Industrial Equipment — 0.7%
		Case New Holland, Inc., Sr. Notes
560		9.25%, 8/1/11(3)	614,600
7,135		9.25%, 8/1/11(3)	7,830,662
		Milacron Escrow Corp.
1,380		11.50%, 5/15/11	1,483,500
		Thermadyne Holdings Corp., Sr. Sub. Notes
4,575		9.25%, 2/1/14	4,460,625
			$	14,389,387

Leisure Goods/Activities/Movies — 2.1%
		AMC Entertainment, Inc., Sr. Sub. Notes
$	2,235	9.875%, 2/1/12	$	2,424,975
		LCE Acquisition Corp., Sr. Sub. Notes
4,465		9.00%, 8/1/14(3)	4,699,412
		Marquee Holdings, Inc., Sr. Disc. Notes
5,965		12.00%, 8/15/14(3)	4,086,025
		Royal Caribbean Cruises, Sr. Notes
8,675		8.75%, 2/2/11	10,214,812
		Universal City Development Partners, Sr. Notes
14,015		11.75%, 4/1/10	16,537,700
		Universal City Florida Holding, Sr. Notes
920		8.375%, 5/1/10(3)	961,400
		Universal City Florida Holding, Sr. Notes, Variable Rate
1,845		7.20%, 5/1/10(3)	1,928,025
		WMG Holdings Corp., Sr. Notes, Variable Rate
3,070		6.905%, 12/15/11(3)	3,116,050
			$	43,968,399

Lodging and Casinos — 3.1%
		Chukchansi EDA, Sr. Notes
800		14.50%, 6/15/09(3)	1,008,000
		Host Marriott L.P., Series I
3,505		9.50%, 1/15/07	3,811,688
		Inn of the Mountain Gods, Sr. Notes
5,230		12.00%, 11/15/10	6,119,100
		John Q Hamons Hotels/Finance, Series B
3,500		8.875%, 5/15/12	3,955,000
		Kerzner International
4,000		8.875%, 8/15/11	4,380,000
		Majestic Star Casino LLC
5,555		9.50%, 10/15/10	5,902,188
		Meristar Hospitality Operations/Finance
4,625		10.50%, 6/15/09	5,029,688
		MTR Gaming Group, Series B
2,500		9.75%, 4/1/10	2,750,000
		OED Corp./Diamond Jo LLC
3,830		8.75%, 4/15/12	3,772,550

		Penn National Gaming, Inc., Sr. Sub. Notes
$	850	11.125%, 3/1/08	$	905,250
		Premier Entertainment Biloxi, LLC/Premier Finance Biloxi Corp.
475		10.75%, 2/1/12	517,750
		Trump Atlantic City Associates, Inc.
5,510		11.25%, 5/1/06(6)	5,344,700
		Trump Holdings and Funding, Sr. Notes
6,545		11.625%, 3/15/10	7,297,675
		Venetian Casino Resort, LLC/Las Vegas Sands, Inc.
3,926		11.00%, 6/15/10	4,456,010
		Waterford Gaming LLC, Sr. Notes
9,086		8.625%, 9/15/12(3)	9,858,310
			$	65,107,909

Machinery — 0.5%
		Manitowoc Co., Inc. (The)
975		10.50%, 8/1/12	1,126,125
		Terex Corp.
8,645		10.375%, 4/1/11	9,639,175
			$	10,765,300

Mining - Coal — 0.1%
		Alpha Natural Resources, Sr. Notes
1,370		10.00%, 6/1/12(3)	1,561,800
			$	1,561,800

Nonferrous Metals/Minerals — 0.5%
		AK Steel Corp.
2,000		7.75%, 6/15/12	2,065,000
		General Cable Corp., Sr. Notes
1,510		9.50%, 11/15/10	1,706,300
		Novelis, Inc., Sr. Notes
3,360		7.25%, 2/15/15(3)	3,444,000
		Oregon Steel Mills, Inc.
1,140		10.00%, 7/15/09	1,271,100
		Ryerson Tull, Inc., Sr. Notes
1,845		8.25%, 12/15/11(3)	1,817,325
			$	10,303,725

Oil and Gas — 2.7%
		Coastal Corp.
350		7.50%, 8/15/06	367,063
		Dresser, Inc.
13,145		9.375%, 4/10/09	14,328,050

		Dresser-Rand Group, Inc., Sr. Sub. Notes
$	2,045	7.375%, 11/1/14(3)	$	2,101,238
		Dynegy Holdings, Inc., Sr. Notes
9,790		10.125%, 7/15/13(3)	10,915,850
		Dynergy Holdings
675		7.625%, 10/15/26	565,313
		El Paso CGP Co., Sr. Debs.
2,305		9.625%, 5/15/12	2,567,194
		El Paso Corp.
1,960		6.95%, 12/15/07	2,033,500
		El Paso Production Holding Co.
2,245		7.75%, 6/1/13	2,346,025
		Giant Industries
850		8.00%, 5/15/14	882,938
		Hanover Compressor Co., Sr. Sub. Notes
4,945		0.00%, 3/31/07	4,401,050
		Hanover Equipment Trust, Series B
675		8.75%, 9/1/11	732,375
		Parker Drilling Co., Sr. Notes
1,930		9.625%, 10/1/13	2,154,363
		Premcor Refining Group, Sr. Sub. Notes
1,265		7.75%, 2/1/12	1,382,013
		Sonat, Inc.
5,000		7.625%, 7/15/11	5,162,500
		Transmontaigne, Inc., Sr. Sub. Notes
4,800		9.125%, 6/1/10	5,184,000
		United Refining Co., Sr. Notes
2,320		10.50%, 8/15/12(3)	2,447,600
			$	57,571,072

Other Energy — 0.2%
		Inergy L.P/ Finance, Sr. Notes
3,980		6.875%, 12/15/14(3)	3,980,000
			$	3,980,000

Publishing — 1.8%
		Advanstar Communications, Inc.
6,980		10.75%, 8/15/10	7,887,400
		Advanstar Communications, Inc., Variable Rate
4,444		9.79%, 8/15/08	4,677,047
		Advertising Directory Solutions, Sr. Notes
870		9.25%, 11/15/12(3)	922,200

		American Media Operations, Inc.
$	2,040	8.875%, 1/15/11	$	2,157,300
		American Media Operations, Inc., Series B
6,145		10.25%, 5/1/09	6,459,931
		CBD Media, Inc., Sr. Sub. Notes
1,335		8.625%, 6/1/11	1,401,750
		Dex Media West LLC, Sr. Sub. Notes
5,475		9.875%, 8/15/13	6,234,656
		Houghton Mifflin Co., Sr. Sub. Notes
1,490		9.875%, 2/1/13	1,560,775
		Liberty Group Operating, Inc.
1,380		9.375%, 2/1/08	1,407,600
		Primedia, Inc.
3,180		8.875%, 5/15/11	3,370,800
		WDAC Subsidiary Corp., Sr. Notes
1,405		8.375%, 12/1/14(3)	1,376,900
			$	37,456,359

Radio and Television — 3.5%
		3815668 Canada, Inc., Sr. Sub. Notes
2,156		8.00%, 9/15/12(3)	2,317,885
		CanWest Media, Inc., Sr. Sub. Notes
11,000		10.625%, 5/15/11	12,306,250
		CCO Holdings LLC / CCO Capital Corp., Senior Notes
2,000		8.75%, 11/15/13	2,040,000
		Corus Entertainment, Inc., Sr. Sub. Notes
880		8.75%, 3/1/12	960,300
		CSC Holdings, Inc., Sr. Notes
2,970		7.875%, 12/15/07	3,215,025
5,000		8.125%, 7/15/09	5,512,500
		CSC Holdings, Inc., Sr. Sub. Notes
6,605		10.50%, 5/15/16	7,447,138
		Echostar DBS Corp., Sr. Notes
10,000		4.85%, 10/1/08	10,375,000
		Kabel Deutschland GMBH
4,965		10.625%, 7/1/14(3)	5,635,275
		Muzak Holdings LLC
1,310		9.875%, 3/15/09	933,375
		Muzak LLC/Muzak Finance, Sr. Notes
7,365		10.00%, 2/15/09	6,941,513
		Nexstar Finance Holdings LLC, Inc.
330		12.00%, 4/1/08	354,338

		Nexstar Finance Holdings LLC, Inc., Sr. Disc. Notes
$	3,450	11.375%, 4/1/13	$	2,742,750
		Paxson Communications Corp., Variable Rate
3,000		5.41%, 1/15/10(3)	3,045,000
		Rainbow National Services, LLC, Sr. Notes
1,805		8.75%, 9/1/12(3)	2,039,650
		Rainbow National Services, LLC, Sr. Sub. Debs.
6,905		10.375%, 9/1/14(3)	8,130,638
			$	73,996,637

Recycling — 0.1%
		IMCO Recycling Escrow Inc., Sr. Notes
1,085		9.00%, 11/15/14(3)	1,131,113
			$	1,131,113

REITS — 0.2%
		CB Richard Ellis Services, Inc., Sr. Notes
1,717		9.75%, 5/15/10	1,965,965
		CB Richard Ellis Services, Inc., Sr. Sub. Notes
2,600		11.25%, 6/15/11	2,977,000
			$	4,942,965

Retailers (Except Food and Drug) — 0.2%
		Home Interiors & Gifts, Inc.
1,960		10.125%, 6/1/08	1,617,000
		Jostens Holding Corp., Sr. Disc. Notes
1,250		10.25%, 12/1/13	893,750
		Penny (JC) Co., Inc.
1,875		8.00%, 3/1/10	2,135,156
		Riddell Bell Holdings, Sr. Sub. Notes
425		8.375%, 10/1/12(3)	439,875
			$	5,085,781

Steel — 0.1%
		Ispat Inland ULC, Sr. Notes
2,102		9.75%, 4/1/14	2,601,225
			$	2,601,225

Surface Transport — 0.5%
		H-Lines Finance Holding, Sr. Disc. Notes
2,355		11.00%, 4/1/13(3)	1,683,825
		Horizon Lines, LLC
4,380		9.00%, 11/1/12(3)	4,664,700

		OMI Corp., Sr. Notes
$	1,105	7.625%, 12/1/13	$	1,143,675
		Quality Distribution LLC/QD Capital Corp.
1,610		9.00%, 11/15/10(3)	1,585,850
		Quality Distribution LLC/QD Capital, Variable Rate
1,815		7.21%, 1/15/12(3)	1,778,700
			$	10,856,750

Telecommunications — 4.3%
		Adelphia Communications
2,500		10.25%, 6/15/11	2,237,500
		AirGate PCS, Inc., Variable Rate
1,080		6.41%, 10/15/11(3)	1,117,800
		Alamosa Delaware, Inc., Sr. Disc. Notes
1,615		12.00%, 7/31/09	1,748,238
		Alamosa Delaware, Inc., Sr. Notes
2,295		11.00%, 7/31/10	2,685,150
175		8.50%, 1/31/12	187,250
		Alaska Communications Systems Holdings, Inc.
5,000		9.875%, 8/15/11	5,450,000
		American Tower, L.P., Sr. Notes
1,821		9.375%, 2/1/09	1,923,431
		Centennial Cellular Operating Co., LLC, Sr. Sub. Notes
420		10.75%, 12/15/08	436,800
		Centennial Cellular Operating Co./Centennial Communications Corp., Sr. Notes
6,490		10.125%, 6/15/13	7,382,375
		Crown Castle Operating Co., Sr. Notes
5,000		10.75%, 8/1/11	5,425,000
		Inmarsat Finance PLC
3,835		7.625%, 6/30/12	3,930,875
		Intelsat Bermuda Ltd., Sr. Notes, Variable Rate
5,450		7.794%, 1/15/12(3)	5,640,750
		IWO Escrow Co., Variable Rate
575		6.32%, 1/15/12(3)	577,875
		LCI International, Inc., Sr. Notes
3,150		7.25%, 6/15/07	3,071,250
		MCI, Inc., Sr. Notes
445		8.735%, 5/1/14	487,831

		Nextel Communications, Inc., Sr. Notes
$	6,225	7.375%, 8/1/15	$	6,894,188
		Nextel Partners, Inc., Sr. Notes
1,918		12.50%, 11/15/09	2,157,750
		PanAmSat Corp., Sr. Notes
4,335		9.00%, 8/15/14	4,735,988
		Qwest Capital Funding, Inc.
510		7.75%, 8/15/06	524,025
785		7.90%, 8/15/10	775,188
		Qwest Corp.
3,740		14.00%, 12/15/10(3)	4,459,950
2,000		8.875%, 3/15/12(3)	2,285,000
		Qwest Corp., Sr. Notes
3,230		7.875%, 9/1/11(3)	3,472,250
		Qwest Services Corp.
1,105		13.50%, 12/15/07(3)	1,255,556
		Rogers Wireless Inc., Variable Rate
1,314		5.525%, 12/15/10	1,389,555
		Rogers Wireless, Inc.
435		7.50%, 3/15/15	468,713
		Rural Cellular Corp.
1,025		8.25%, 3/15/12	1,101,875
		Rural Cellular Corp., Variable Rate
2,000		6.38%, 3/15/10	2,115,000
		Telemig Celular SA/Amazonia Celular SA
1,755		8.75%, 1/20/09(3)	1,833,975
		Triton PCS, Inc.
2,765		8.50%, 6/1/13	2,675,138
		TSI Telecommunication, Series B
2,000		12.75%, 2/1/09	2,290,000
		UbiquiTel Operating Co., Sr. Notes
1,080		9.875%, 3/1/11	1,196,100
		US Unwired, Inc., Series B
4,470		10.00%, 6/15/12	5,006,400
		Western Wireless, Sr. Notes
3,290		9.25%, 7/15/13	3,849,300
			$	90,788,076

Utilities — 2.7%
		AES Corp., Sr. Notes
4,500		8.75%, 6/15/08	4,893,750
6,000		9.50%, 6/1/09	6,750,000
6,965		8.75%, 5/15/13(3)	7,835,625
945		9.00%, 5/15/15(3)	1,072,575
		Calpine Corp., Sr. Notes
1,045		8.25%, 8/15/05	1,050,225

$	4,010	7.625%, 4/15/06	$	3,869,650
680		10.50%, 5/15/06	664,700
4,405		8.50%, 7/15/10(3)	3,479,950
		Mission Energy Holding Co.
3,290		13.50%, 7/15/08	4,120,725
		NRG Energy, Inc., Sr. Notes
1,822		8.00%, 12/15/13(3)	1,972,315
		Orion Power Holdings, Inc., Sr. Notes
12,415		12.00%, 5/1/10	15,580,825
		Reliant Energy Inc.
2,800		9.50%, 7/15/13	3,150,000
		Reliant Energy, Inc.
1,770		9.25%, 7/15/10	1,977,975
			$	56,418,315

Waste Management — 0.2%
		Waste Services, Inc., Sr. Sub. Notes
4,515		9.50%, 4/15/14	4,447,275
			$	4,447,275

Total Corporate Bonds & Notes (identified cost $986,302,936)			$	1,047,569,815

Convertible Preferred Stocks — 0.0%

Commercial Paper — 1.1%

Principal Amount (000’s omitted)		Security	Value

		Autobahn Funding Co.
$	1,500	2.55%, 2/1/05	$	1,500,000
		General Electric Capital Corp.
21,933		2.48%, 2/1/05	21,933,000

Total Commercial Paper (at amortized cost)			$	23,433,000

Short-Term Investments — 0.5%

Principal Amount		Maturity Date	Borrower	Rate		Amount
$	10,000,000	02/01/05	Investors Bank and Trust Company Time Deposit	2.50	%	$	10,000,000

Total Short-Term Investments (at amortized cost)						$	10,000,000

Total Investments — 149.4% (identified cost $3,093,748,528)						$	3,153,770,613

Other Assets, Less Liabilities — (11.5)%						$	(243,132,811	)
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (37.9)%						$	(800,163,515	)

Net Assets Applicable to Common Shares— 100.0%						$	2,110,474,287

Note: The Fund has made commitments to fund specified amounts under certain existing credit arrangments. Pursuant to the terms of these arrangements, the Fund had unfunded loan commitments of $8,118,369 as of January 31, 2005.


PIK	-	Payment In Kind.

(1)		Senior floating-rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the senior floating-rate interests will have an expected average life of approximately two to three years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(2)		Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

(3)		Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2005, the aggregate value of the securities is $284,489,537 or 13.5% of the Fund’s net assets.

(4)		Adjustable rate mortgage.

(5)		All or a portion of these securities were on loan at January 31, 2005.

(6)		Defaulted security.

The Fund did not have any open financial instruments at January 31, 2005.

The cost and unrealized appreciation (depreciation) in value of the investments owned at January 31, 2005, as computed on a federal income tax basis, were as follows:

Aggregate cost	$	3,097,509,820
Gross unrealized appreciation	$	74,757,430
Gross unrealized depreciation	(18,496,637		)
Net unrealized appreciation	$	56,260,793

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Limited Duration Income Fund

By:	/s/ Thomas E. Faust Jr.
	Thomas E. Faust Jr.
	President and Principal Executive Officer

Date:	March 17, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/ Thomas E. Faust Jr.
	Thomas E. Faust Jr.
	President and Principal Executive Officer

Date:	March 17, 2005


By:	/s/ James L. O’Conner
	James L. O’Connor
	Treasurer and Principal Financial Officer

Date:	March 17, 2005