N-CSRS 1 d720958dncsrs.htm EATON VANCE FLOATING-RATE PORTFOLIO Eaton Vance Floating-Rate Portfolio

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09987

 

 

Eaton Vance Floating Rate Portfolio

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

April 30, 2019

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders

 


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited)

 

 

Senior Floating-Rate Loans — 90.5%(1)

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Aerospace and Defense — 1.4%  
Dynasty Acquisition Co., Inc.  

Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026

      6,081     $ 6,121,152  
IAP Worldwide Services, Inc.  

Revolving Loan, 1.49%, (3 mo. USD LIBOR + 5.50%), Maturing July 18,
2019(2)

      5,347       5,340,138  

Term Loan - Second Lien, 9.10%, (3 mo. USD LIBOR + 6.50%), Maturing July 18,
2019(3)

      7,047       5,642,898  
TransDigm, Inc.  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 9, 2023

      58,903       58,795,817  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing August 22, 2024

      28,037       27,954,636  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing May 30, 2025

      8,176       8,153,380  
Wesco Aircraft Hardware Corp.  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.00%), Maturing November 30, 2020

      11,375       11,204,375  
WP CPP Holdings, LLC  

Term Loan, 6.34%, (USD LIBOR + 3.75%), Maturing April 30,
2025(4)

            7,786       7,795,607  
                    $ 131,008,003  
Automotive — 2.5%  
Adient US, LLC  

Term Loan, Maturing April 25,
2024(5)

      7,700     $ 7,700,000  
American Axle and Manufacturing, Inc.  

Term Loan, 4.77%, (USD LIBOR + 2.25%), Maturing April 6, 2024(4)

      37,952       37,560,188  
Apro, LLC  

Term Loan, 6.49%, (1 mo. USD LIBOR + 4.00%), Maturing August 8, 2024

      2,876       2,897,402  
Chassix, Inc.  

Term Loan, 8.28%, (USD LIBOR + 5.50%), Maturing November 15, 2023(4)

      9,016       9,027,145  
CS Intermediate Holdco 2, LLC  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 2, 2023

      5,149       5,052,855  
Dayco Products, LLC  

Term Loan, 6.88%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023

      11,484       11,340,775  
Garrett LX III S.a.r.l.  

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025

    EUR       5,650       6,334,401  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Automotive (continued)  
Goodyear Tire & Rubber Company (The)  

Term Loan - Second Lien, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing March 7, 2025

      9,717     $ 9,556,067  
L&W, Inc.  

Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing May 22, 2025

      9,404       9,380,428  
Panther BF Aggregator 2 L.P.  

Term Loan, Maturing March 18,
2026(5)

      39,850       40,023,347  
Tenneco, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 1, 2025

      37,980       37,109,429  
Thor Industries, Inc.  

Term Loan, 6.31%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026

      19,241       18,940,136  
TI Group Automotive Systems, LLC  

Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022

    EUR       7,744       8,691,244  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 30, 2022

      16,580       16,475,759  
Tower Automotive Holdings USA, LLC  

Term Loan, 5.25%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2024

      12,552       12,442,200  
Visteon Corporation  

Term Loan, 4.25%, (USD LIBOR + 1.75%), Maturing March 25,
2024(4)

            2,217       2,189,394  
                    $ 234,720,770  
Beverage and Tobacco — 0.2%  
Arterra Wines Canada, Inc.  

Term Loan, 5.36%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023

      4,108     $ 4,102,840  
Flavors Holdings, Inc.  

Term Loan, 8.35%, (3 mo. USD LIBOR + 5.75%), Maturing April 3, 2020

      13,396       12,827,115  

Term Loan - Second Lien, 12.60%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021

            3,000       2,415,000  
                    $ 19,344,955  
Brokerage / Securities Dealers / Investment Houses — 0.3%  
Advisor Group, Inc.  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025

      7,040     $ 7,057,224  
Aretec Group, Inc.  

Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025

      14,189       14,112,573  
 

 

  20   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Brokerage / Securities Dealers / Investment Houses (continued)  
OZ Management L.P.  

Term Loan, 7.25%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023

      2,416     $ 2,419,020  
Resolute Investment Managers, Inc.  

Term Loan - Second Lien, 10.08%, (3 mo. USD LIBOR + 7.50%), Maturing April 30, 2023

            3,800       3,838,000  
                    $ 27,426,817  
Building and Development — 2.5%  
American Builders & Contractors Supply Co., Inc.  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2023

      27,980     $ 27,770,416  
Brookfield Property REIT, Inc.  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025

      11,119       10,902,146  
Capital Automotive L.P.  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.50%), Maturing March 24, 2024

      4,768       4,764,424  
Core & Main L.P.  

Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing August 1, 2024

      11,104       11,149,160  
CPG International, Inc.  

Term Loan, 6.63%, (6 mo. USD LIBOR + 3.75%), Maturing May 5, 2024

      15,341       15,328,329  
Delachaux Group S.A.  

Term Loan, Maturing March 28,
2026(5)

    EUR       4,050       4,581,661  

Term Loan, Maturing March 28,
2026(5)

      5,100       5,092,034  
DTZ U.S. Borrower, LLC  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 21, 2025

      54,538       54,663,408  
Henry Company, LLC  

Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing October 5, 2023

      5,149       5,158,197  
NCI Building Systems, Inc.  

Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing April 12, 2025

      9,751       9,647,274  
Quikrete Holdings, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023

      37,680       37,529,089  
RE/MAX International, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023

      21,315       21,341,147  
Realogy Group, LLC  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025

      10,768       10,542,738  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Building and Development (continued)  
Summit Materials Companies I, LLC  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024

      2,530     $ 2,530,978  
Werner FinCo L.P.  

Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing July 24, 2024

      8,329       8,089,411  
WireCo WorldGroup, Inc.  

Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing September 30, 2023

            7,829       7,852,750  
                    $ 236,943,162  
Business Equipment and Services — 8.2%  
Acosta Holdco, Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing September 26, 2021

      8,736     $ 3,794,735  
Adtalem Global Education, Inc.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025

      4,516       4,510,230  
AlixPartners, LLP  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024

      20,950       21,010,073  
Altran Technologies S.A.  

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 20, 2025

    EUR       16,241       18,290,708  
AppLovin Corporation  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025

      26,228       26,326,606  
ASGN Incorporated  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing April 2, 2025

      5,481       5,485,516  
Belfor Holdings, Inc.  

Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026

      5,250       5,308,931  
Blitz F18-675 GmbH  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 31, 2025

    EUR       9,325       10,524,837  
Bracket Intermediate Holding Corp.  

Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing September 5, 2025

      10,945       10,931,319  
Brand Energy & Infrastructure Services, Inc.  

Term Loan, 6.82%, (USD LIBOR + 4.25%), Maturing June 21, 2024(4)

      5,920       5,827,069  
Camelot UK Holdco Limited  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 3, 2023

      18,944       18,944,351  
 

 

  21   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description  

Principal

Amount*

(000’s omitted)

    Value  
Business Equipment and Services (continued)  
Ceridian HCM Holding, Inc.  

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.25%), Maturing April 30, 2025

      17,562     $ 17,671,511  
Change Healthcare Holdings, LLC  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2024

      65,215       65,279,155  
Crossmark Holdings, Inc.  

DIP Loan, 9.98%, (1 mo. USD LIBOR + 7.50%), Maturing May 15, 2019

      3,003       3,004,738  

Term Loan, 0.00%, Maturing December 20,
2019(6)

      35,294       11,205,818  
Cypress Intermediate Holdings III, Inc.  

Term Loan, 5.24%, (1 mo. USD LIBOR + 2.75%), Maturing April 26, 2024

      23,854       23,821,500  
Deerfield Dakota Holding, LLC  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing February 13, 2025

      13,934       13,832,210  
EAB Global, Inc.  

Term Loan, 6.38%, (USD LIBOR + 3.75%), Maturing November 15, 2024(4)

      14,454       14,345,595  
Education Management, LLC  

Revolving Loan, 0.00%, Maturing March 31,
2020(2)(3)(6)

      10,413       1,964,928  

Term Loan, 0.00%, Maturing July 2, 2020(3)(6)

      6,666       0  

Term Loan, 0.00%, Maturing July 2, 2020(3)(6)

      8,335       1,572,853  
EIG Investors Corp.  

Term Loan, 6.39%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023

      49,901       50,000,909  
Garda World Security Corporation  

Term Loan, 6.12%, (3 mo. USD LIBOR + 3.50%), Maturing May 24, 2024

      15,407       15,416,979  

Term Loan, 6.36%, (CIDOR + 4.25%), Maturing May 24, 2024

  CAD     14,220       10,507,971  
Gartner, Inc.  

Term Loan, 3.98%, (1 mo. USD LIBOR + 1.50%), Maturing March 20, 2022

      2,700       2,710,057  
Global Payments, Inc.  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing April 21, 2023

      3,539       3,543,533  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing October 17, 2025

      5,985       5,985,934  
IG Investment Holdings, LLC  

Term Loan, 6.03%, (USD LIBOR + 3.50%), Maturing May 23, 2025(4)

      32,461       32,501,605  
IRI Holdings, Inc.  

Term Loan, 7.13%, (3 mo. USD LIBOR + 4.50%), Maturing December 1, 2025

      19,751       19,668,200  
Borrower/Tranche Description  

Principal

Amount*

(000’s omitted)

    Value  
Business Equipment and Services (continued)  
Iron Mountain, Inc.  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026

      9,925     $ 9,763,473  
J.D. Power and Associates  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing September 7, 2023

      13,021       12,955,943  
KAR Auction Services, Inc.  

Term Loan, 4.88%, (3 mo. USD LIBOR + 2.25%), Maturing March 11, 2021

      11,110       11,131,135  
Kronos Incorporated  

Term Loan, 5.74%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023

      66,792       67,005,666  
KUEHG Corp.  

Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025

      36,318       36,399,597  
Monitronics International, Inc.  

Term Loan, 10.10%, (3 mo. USD LIBOR + 7.50%), Maturing September 30, 2022

      20,530       19,169,541  
PGX Holdings, Inc.  

Term Loan, 7.74%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020

      10,117       9,762,549  
Ping Identity Corporation  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 24, 2025

      6,228       6,251,292  
Pre-Paid Legal Services, Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025

      5,092       5,083,636  
Prime Security Services Borrower, LLC  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2022

      10,638       10,668,177  
Red Ventures, LLC  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 8, 2024

      16,897       16,984,038  
ServiceMaster Company  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing November 8, 2023

      3,386       3,396,120  
SMG Holdings, Inc.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing January 23, 2025

      2,673       2,662,976  
Solera, LLC  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023

      25,129       25,181,760  
Spin Holdco, Inc.  

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2022

      45,161       44,746,570  
Trans Union, LLC  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing April 10, 2023

      9,823       9,843,283  
 

 

  22   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Business Equipment and Services (continued)  
Trans Union, LLC (continued)  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing June 19, 2025

      5,186     $ 5,196,075  
Ultimate Software Group, Inc. (The)  

Term Loan, Maturing March 15, 2026(5)

      18,275       18,434,906  
Vestcom Parent Holdings, Inc.  

Term Loan, 6.51%, (USD LIBOR + 4.00%), Maturing December 19, 2023(4)

      8,454       8,115,768  
WASH Multifamily Laundry Systems, LLC  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022

      1,532       1,493,336  
West Corporation  

Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing October 10, 2024

      3,920       3,757,260  

Term Loan, 6.63%, (3 mo. USD LIBOR + 4.00%), Maturing October 10, 2024

      15,856       15,394,489  
ZPG PLC  

Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing June 30, 2025

    EUR       4,975       5,583,450  

Term Loan, 5.48%, (1 mo. GBP LIBOR + 4.75%), Maturing June 30, 2025

    GBP       8,675       11,192,893  
                    $ 784,161,804  
Cable and Satellite Television — 4.3%  
Altice France S.A.  

Term Loan, 6.47%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026

      4,975     $ 4,900,375  
Charter Communications Operating, LLC  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2025

      34,264       34,392,724  
CSC Holdings, LLC  

Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025

      28,216       28,180,466  

Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026

      13,042       13,042,312  

Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing January 25, 2026

      17,258       17,279,663  
Numericable Group S.A.  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025

    EUR       9,803       10,718,311  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025

      22,916       22,342,977  

Term Loan, 6.16%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026

      4,565       4,485,348  
Telenet Financing USD, LLC  

Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing August 15, 2026

      28,900       28,853,037  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Cable and Satellite Television (continued)  
Telenet International Finance S.a.r.l.  

Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing December 15, 2027

    EUR       18,000     $ 20,145,142  
Unitymedia Finance, LLC  

Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing September 30, 2025

      1,500       1,499,583  

Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026

      18,775       18,766,194  
Unitymedia Hessen GmbH & Co. KG  

Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing January 15, 2027

    EUR       18,000       20,225,089  
UPC Financing Partnership  

Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026

      21,188       21,220,011  
Virgin Media Bristol, LLC  

Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026

      79,100       79,378,116  
Virgin Media Investment Holdings Limited  

Term Loan, 3.98%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027

    GBP       11,925       15,457,866  
Ziggo Secured Finance B.V.  

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing April 15, 2025

    EUR       22,850       25,578,930  
Ziggo Secured Finance Partnership  

Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025

            48,481       48,126,107  
                    $ 414,592,251  
Chemicals and Plastics — 4.1%  
Alpha 3 B.V.  

Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024

      10,503     $ 10,482,945  
Aruba Investments, Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing February 2, 2022

      3,795       3,800,155  
Ashland, Inc.  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing May 17, 2024

      6,214       6,222,080  
Axalta Coating Systems US Holdings, Inc.  

Term Loan, 4.35%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024

      41,910       41,741,602  
Caldic B.V.  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 18, 2024

    EUR       500       555,192  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 18, 2024

    EUR       1,500       1,665,577  
 

 

  23   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description  

Principal

Amount*

(000’s omitted)

    Value  
Chemicals and Plastics (continued)  
Chemours Company (The)  

Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 21, 2025

  EUR     6,409     $ 7,264,246  
Emerald Performance Materials, LLC  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021

      6,221       6,233,119  

Term Loan - Second Lien, 10.23%, (1 mo. USD LIBOR + 7.75%), Maturing August 1, 2022

      5,000       4,912,500  
Ferro Corporation  

Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      3,795       3,798,795  

Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      3,877       3,881,378  

Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024

      9,139       9,148,572  
Flint Group GmbH  

Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021

      2,726       2,562,881  
Flint Group US, LLC  

Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021

      16,493       15,503,331  
Gemini HDPE, LLC  

Term Loan, 5.09%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024

      9,779       9,803,102  
H.B. Fuller Company  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing October 20, 2024

      22,307       22,243,646  
Hexion, Inc.  

DIP Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing October 1, 2020

      4,125       4,139,182  
Ineos US Finance, LLC  

Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 31, 2024

  EUR     28,798       32,095,953  
Kraton Polymers, LLC  

Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025

  EUR     3,855       4,336,279  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025

      9,650       9,645,648  
Messer Industries GmbH  

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 1, 2026

  EUR     4,275       4,799,340  

Term Loan, 5.10%, (3 mo. USD LIBOR + 2.50%), Maturing March 1, 2026

      21,800       21,795,466  
Momentive Performance Materials, Inc.  

Term Loan, Maturing April 16, 2024(5)

      4,925       4,945,005  
Platform Specialty Products Corporation  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing January 30, 2026

      8,379       8,394,711  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Chemicals and Plastics (continued)  
PMHC II, Inc.  

Term Loan, 6.16%, (USD LIBOR + 3.50%), Maturing March 31,
2025(4)

      4,158     $ 4,103,426  
Polar US Borrower, LLC  

Term Loan, 7.35%, (3 mo. USD LIBOR + 4.75%), Maturing October 15, 2025

      11,347       11,417,195  
PQ Corporation  

Term Loan, 5.08%, (3 mo. USD LIBOR + 2.50%), Maturing February 8, 2025

      25,037       25,059,654  
Proampac PG Borrower, LLC  

Term Loan, 6.11%, (USD LIBOR + 3.50%), Maturing November 18, 2023(4)

      8,441       8,299,958  
Spectrum Holdings III Corp.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025

      4,799       4,662,820  
Starfruit Finco B.V.  

Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing October 1, 2025

    EUR       5,425       6,109,229  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025

      22,725       22,693,049  
Tata Chemicals North America, Inc.  

Term Loan, 5.38%, (3 mo. USD LIBOR + 2.75%), Maturing August 7, 2020

      5,654       5,667,757  
Trinseo Materials Operating S.C.A.  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing September 9, 2024

      4,054       4,056,161  
Tronox Finance, LLC  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing September 23, 2024

      29,569       29,685,667  
Univar, Inc.  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024

      18,615       18,661,784  
Venator Materials Corporation  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing August 8, 2024

      4,260       4,275,994  
Versum Materials, Inc.  

Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing September 29, 2023

            3,241       3,242,095  
                    $ 387,905,494  
Clothing / Textiles — 0.0%(7)  
Tumi, Inc.  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025

            3,303     $ 3,304,237  
                    $ 3,304,237  
 

 

  24   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Conglomerates — 0.1%  
Penn Engineering & Manufacturing Corp.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2024

      2,716     $ 2,719,105  
SGB-SMIT Management GmbH  

Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), Maturing July 18, 2024

    EUR       6,713       6,506,092  
                    $ 9,225,197  
Containers and Glass Products — 2.6%  
Anchor Glass Container Corporation  

Term Loan, 5.23%, (USD LIBOR + 2.75%), Maturing December 7, 2023(4)

      5,548     $ 4,701,768  
Berlin Packaging, LLC  

Term Loan, 5.51%, (USD LIBOR + 3.00%), Maturing November 7, 2025(4)

      6,776       6,699,415  
Berry Global, Inc.  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing January 6, 2021

      1,000       1,000,104  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022

      14,319       14,315,169  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024

      7,350       7,336,638  
BWAY Holding Company  

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024

      22,946       22,710,394  
Consolidated Container Company, LLC  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024

      6,216       6,202,960  
Flex Acquisition Company, Inc.  

Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing December 29, 2023

      38,378       37,782,136  

Term Loan, 5.88%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025

      17,443       17,175,313  
Libbey Glass, Inc.  

Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021

      10,288       9,310,250  
Pelican Products, Inc.  

Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025

      7,022       7,004,383  
Reynolds Group Holdings, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023

      58,242       58,469,962  
Ring Container Technologies Group, LLC  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 31, 2024

      2,289       2,281,862  
Trident TPI Holdings, Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 17, 2024

      17,208       16,864,195  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Containers and Glass Products (continued)  
Verallia Packaging S.A.S.  

Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing October 29, 2022

    EUR       23,256     $ 26,064,033  

Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing August 1, 2025

    EUR       6,850       7,676,564  
                    $ 245,595,146  
Cosmetics / Toiletries — 0.3%  
KIK Custom Products, Inc.  

Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing May 15, 2023

            25,180     $ 24,298,346  
                    $ 24,298,346  
Drugs — 3.0%  
Albany Molecular Research, Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 30, 2024

      10,305     $ 10,293,510  
Alkermes, Inc.  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.25%), Maturing March 23, 2023

      18,979       18,943,493  
Amneal Pharmaceuticals, LLC  

Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025

      27,469       27,623,245  
Arbor Pharmaceuticals, Inc.  

Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing July 5, 2023

      26,367       23,796,372  
Bausch Health Companies, Inc.  

Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025

      63,879       64,143,920  
Endo Luxembourg Finance Company I S.a.r.l.  

Term Loan, 6.75%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024

      39,424       39,176,970  
Horizon Pharma, Inc.  

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2024

      12,147       12,227,903  
Jaguar Holding Company II  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022

      67,580       67,296,104  
Mallinckrodt International Finance S.A.  

Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024

      23,143       20,866,990  

Term Loan, 5.69%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025

            6,928       6,382,312  
                    $ 290,750,819  
 

 

  25   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Ecological Services and Equipment — 0.6%  
Advanced Disposal Services, Inc.  

Term Loan, 4.68%, (1 week USD LIBOR + 2.25%), Maturing November 10, 2023

      23,735     $ 23,827,039  
EnergySolutions, LLC  

Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025

      17,671       16,699,556  
GFL Environmental, Inc.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing May 30, 2025

            17,770       17,656,760  
                    $ 58,183,355  
Electronics / Electrical — 11.1%  
Almonde, Inc.  

Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing June 13, 2024

      34,690     $ 34,454,467  
Applied Systems, Inc.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing September 19, 2024

      36,996       37,031,089  

Term Loan - Second Lien, 9.48%, (1 mo. USD LIBOR + 7.00%), Maturing September 19, 2025

      3,279       3,345,215  
Aptean, Inc.  

Term Loan, Maturing March 29,
2026(5)

      5,750       5,778,750  
Avast Software B.V.  

Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing September 30, 2023

      7,655       7,691,112  
Barracuda Networks, Inc.  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing February 12, 2025

      12,658       12,669,880  
BMC Software Finance, Inc.  

Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025

    EUR       3,441       3,894,425  

Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing October 2, 2025

      35,262       35,094,132  
Campaign Monitor Finance Pty. Limited  

Term Loan, 9.75%, (3 mo. USD Prime + 4.25%), Maturing March 18, 2021

      12,931       12,607,396  
Carbonite, Inc.  

Term Loan, 6.31%, (2 mo. USD LIBOR + 3.75%), Maturing March 26, 2026

      5,275       5,321,156  
Celestica, Inc.  

Term Loan, 4.60%, (1 mo. USD LIBOR + 2.13%), Maturing June 27, 2025

      4,690       4,548,876  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025

      4,414       4,369,798  
Cohu, Inc.  

Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing September 20, 2025

      10,472       10,380,742  
Borrower/Tranche Description  

Principal

Amount*

(000’s omitted)

    Value  
Electronics / Electrical (continued)  
CommScope, Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026

      19,850     $ 20,050,981  
CPI International, Inc.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing July 26, 2024

      11,240       11,263,827  
Cypress Semiconductor Corporation  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing July 5, 2021

      10,284       10,285,533  
Datto, Inc.  

Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing April 2, 2026

      3,925       3,969,156  
DigiCert, Inc.  

Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing October 31, 2024

      20,719       20,767,138  
Electro Rent Corporation  

Term Loan, 7.58%, (3 mo. USD LIBOR + 5.00%), Maturing January 31, 2024

      13,750       13,818,583  
Energizer Holdings, Inc.  

Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing December 17, 2025

      6,509       6,516,661  
Entegris, Inc.  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025

      2,843       2,840,208  
Epicor Software Corporation  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022

      16,598       16,620,303  
Exact Merger Sub, LLC  

Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024

      6,969       6,981,942  
EXC Holdings III Corp.  

Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024

      2,414       2,429,166  
Flexera Software, LLC  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.00%), Maturing February 26, 2025

      11,238       11,228,671  
GlobalLogic Holdings, Inc.  

Term Loan, 3.25%, Maturing August 1, 2025(2)

      450       452,801  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 1, 2025

      3,134       3,153,761  
Go Daddy Operating Company, LLC  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing February 15, 2024

      58,608       58,776,725  
GTCR Valor Companies, Inc.  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing June 16, 2023

  EUR     2,955       3,328,830  
 

 

  26   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description  

Principal

Amount*

(000’s omitted)

    Value  
Electronics / Electrical (continued)  
Hyland Software, Inc.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing July 1, 2024

      41,721     $ 42,003,795  
Infoblox, Inc.  

Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023

      17,364       17,461,529  
Infor (US), Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 1, 2022

      84,472       84,577,359  
Informatica, LLC  

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 5, 2022

  EUR     1,006       1,134,142  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022

      47,007       47,217,147  
Lattice Semiconductor Corporation  

Term Loan, 6.72%, (1 mo. USD LIBOR + 4.25%), Maturing March 10, 2021

      2,971       2,990,030  
MA FinanceCo., LLC  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021

      37,990       37,883,646  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024

      5,679       5,655,203  
MACOM Technology Solutions Holdings, Inc.  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024

      19,315       18,313,263  
Marcel LUX IV S.a.r.l.  

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 15, 2026

  EUR     2,650       2,965,429  

Term Loan, 5.89%, (3 mo. USD LIBOR + 3.25%), Maturing March 15, 2026

      3,250       3,241,875  
Microchip Technology Incorporated  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025

      5,385       5,402,141  
Mirion Technologies, Inc.  

Term Loan, 6.59%, (3 mo. USD LIBOR + 4.00%), Maturing March 6, 2026

      4,125       4,155,937  
MKS Instruments, Inc.  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 2, 2026

      4,025       4,036,318  
MTS Systems Corporation  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023

      846       845,904  
Prometric Holdings, Inc.  

Term Loan, 5.49%, (1 mo. USD LIBOR + 3.00%), Maturing January 29, 2025

      3,341       3,331,854  
Renaissance Holding Corp.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 30, 2025

      17,309       17,136,182  
Borrower/Tranche Description  

Principal

Amount*

(000’s omitted)

    Value  
Electronics / Electrical (continued)  
Renaissance Holding Corp. (continued)  

Term Loan - Second Lien, 9.48%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026

      2,175     $ 2,088,000  
Seattle Spinco, Inc.  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024

      38,351       38,190,980  
SGS Cayman L.P.  

Term Loan, 7.98%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021

      1,123       1,100,442  
SkillSoft Corporation  

Term Loan, 7.23%, (1 mo. USD LIBOR + 4.75%), Maturing April 28, 2021

      61,111       51,562,486  
SolarWinds Holdings, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024

      27,153       27,196,955  
Southwire Company  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing May 19, 2025

      4,833       4,818,358  
Sparta Systems, Inc.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 21, 2024

      3,448       3,137,225  
SS&C Technologies Holdings Europe S.a.r.l.  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025

      18,752       18,797,359  
SS&C Technologies, Inc.  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025

      2,761       2,767,034  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025

      26,233       26,296,355  
SurveyMonkey, Inc.  

Term Loan, 6.19%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025

      13,453       13,351,701  
Sutherland Global Services, Inc.  

Term Loan, 7.98%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021

      4,824       4,727,442  
Tibco Software, Inc.  

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing December 4, 2020

      24,662       24,727,095  
TriTech Software Systems  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025

      2,294       2,291,382  
TTM Technologies, Inc.  

Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024

      3,187       3,188,965  
Uber Technologies  

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023

      49,525       49,560,914  
 

 

  27   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Electronics / Electrical (continued)  
Uber Technologies (continued)  

Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025

      30,382     $ 30,572,205  
Ultra Clean Holdings, Inc.  

Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025

      11,060       10,894,100  
VeriFone Systems, Inc.  

Term Loan, 6.68%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025

      11,443       11,445,361  
Veritas Bermuda, Ltd.  

Term Loan, 7.01%, (USD LIBOR + 4.50%), Maturing January 27, 2023(4)

      24,122       22,674,440  
Vero Parent, Inc.  

Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing August 16, 2024

      18,076       18,007,884  
Wall Street Systems Delaware, Inc.  

Term Loan, 4.00%, (6 mo. EURIBOR + 3.00%, Floor 1.00%), Maturing November 21, 2024

    EUR       1,544       1,733,181  

Term Loan, 5.65%, (3 mo. USD LIBOR + 3.00%), Maturing November 21, 2024

      7,713       7,645,475  
Western Digital Corporation  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023

            11,406       11,323,929  
                    $ 1,056,122,346  
Equipment Leasing — 0.6%  
Avolon TLB Borrower 1 (US), LLC  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025

      51,631     $ 51,690,904  
IBC Capital Limited  

Term Loan, 6.36%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023

            6,930       6,856,369  
                    $ 58,547,273  
Financial Intermediaries — 3.2%  
Blackstone Mortgage Trust, Inc.  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing April 8, 2026

      4,125     $ 4,135,312  
Citco Funding, LLC  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023

      33,380       33,421,573  
Clipper Acquisitions Corp.  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024

      13,134       13,133,750  
Ditech Holding Corporation  

Term Loan, 0.00%, Maturing June 30,
2022(6)

      34,065       21,759,312  
Borrower/Tranche Description  

Principal

Amount*

(000’s omitted)

    Value  
Financial Intermediaries (continued)  
Donnelley Financial Solutions, Inc.  

Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing October 2, 2023

      2,237     $ 2,228,754  
EIG Management Company, LLC  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing February 22, 2025

      2,995       3,005,980  
Evergood 4 ApS  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025

  EUR     9,300       10,486,294  
Focus Financial Partners, LLC  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing July 3, 2024

      17,824       17,905,681  
Fortress Investment Group, LLC  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022

      10,678       10,741,818  
Franklin Square Holdings L.P.  

Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing August 1, 2025

      6,492       6,516,559  
Freedom Mortgage Corporation  

Term Loan, 7.23%, (1 mo. USD LIBOR + 4.75%), Maturing February 23, 2022

      34,742       34,980,919  
Greenhill & Co., Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024

      13,450       13,466,812  
GreenSky Holdings, LLC  

Term Loan, 5.75%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025

      15,766       15,864,286  
Guggenheim Partners, LLC  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023

      36,753       36,913,621  
Harbourvest Partners, LLC  

Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing March 1, 2025

      15,138       15,176,211  
Jefferies Finance, LLC  

Term Loan, 5.13%, (1 mo. USD LIBOR + 2.50%), Maturing August 2, 2024

      1,970       1,957,687  
LPL Holdings, Inc.  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.25%), Maturing September 23, 2024

      16,276       16,296,004  
MIP Delaware, LLC  

Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing March 9, 2020

      1,554       1,556,535  
Ocwen Loan Servicing, LLC  

Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing December 5, 2020

      2,731       2,741,385  
Sesac Holdco II, LLC  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing February 23, 2024

      10,375       10,228,403  
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Financial Intermediaries (continued)  
StepStone Group L.P.  

Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing March 14, 2025

      6,905     $ 6,913,882  
Victory Capital Holdings, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 12, 2025

      3,942       3,947,352  
Virtus Investment Partners, Inc.  

Term Loan, 4.87%, (3 mo. USD LIBOR + 2.25%), Maturing June 1, 2024

      6,764       6,778,829  
Walker & Dunlop, Inc.  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing October 31, 2025

            12,269       12,269,243  
                    $ 302,426,202  
Food Products — 3.7%  
Alphabet Holding Company, Inc.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024

      36,372     $ 34,106,730  
Badger Buyer Corp.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing September 30, 2024

      5,004       4,872,474  
CHG PPC Parent, LLC  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2025

      3,672       3,679,011  
Del Monte Foods, Inc.  

Term Loan, 5.90%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021

      26,245       20,323,485  
Dole Food Company, Inc.  

Term Loan, 5.25%, (USD LIBOR + 2.75%), Maturing April 6, 2024(4)

      9,110       8,977,301  
Froneri International, Ltd.  

Term Loan, 2.13%, (6 mo. EURIBOR + 2.13%), Maturing January 31, 2025

    EUR       19,850       22,226,658  
Hearthside Food Solutions, LLC  

Term Loan, 6.17%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025

      10,277       10,077,982  

Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025

      5,736       5,701,567  
High Liner Foods Incorporated  

Term Loan, 5.85%, (USD LIBOR + 3.25%), Maturing April 24, 2021(4)

      14,550       12,876,803  
HLF Financing S.a.r.l.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2025

      16,268       16,349,591  
Jacobs Douwe Egberts International B.V.  

Term Loan, 4.56%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025

      29,951       30,044,020  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Food Products (continued)  
JBS USA Lux S.A.  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing October 30, 2022

      78,509     $ 78,642,352  

Term Loan, Maturing April 25, 2026(5)

      54,500       54,684,919  
Nomad Foods Europe Midco Limited  

Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024

      16,909       16,882,089  
Post Holdings, Inc.  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2024

      5,373       5,376,859  
Refresco Group B.V.  

Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025

    EUR       13,118       14,668,277  

Term Loan, 4.87%, (3 mo. GBP LIBOR + 4.00%), Maturing March 28, 2025

    GBP       1,500       1,941,025  
Restaurant Technologies, Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025

      9,327       9,396,575  
Valeo F1 Company Limited (Ireland)  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing August 27, 2024

    EUR       6,000       6,620,247  
                    $ 357,447,965  
Food Service — 1.8%  
1011778 B.C. Unlimited Liability Company  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 16, 2024

      79,488     $ 79,488,346  
Aramark Services, Inc.  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing March 11, 2025

      9,606       9,610,430  
Del Frisco’s Restaurant Group, Inc.  

Term Loan, 8.50%, (1 mo. USD LIBOR + 6.00%), Maturing June 27, 2025

      7,419       7,270,559  
Dhanani Group, Inc.  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing July 20, 2025

      7,270       7,206,449  
Froneri International, Ltd.  

Term Loan, 3.48%, (1 mo. GBP LIBOR + 2.75%), Maturing January 31, 2025

    GBP       12,010       15,613,662  
IRB Holding Corp.  

Term Loan, 5.72%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2025

      25,438       25,422,098  
KFC Holding Co.  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025

      6,695       6,709,112  
NPC International, Inc.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing April 19, 2024

      6,674       5,589,364  
 

 

  29   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Food Service (continued)  
US Foods, Inc.  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing June 27, 2023

      12,266     $ 12,264,943  
Welbilt, Inc.  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025

            5,727       5,690,819  
                    $ 174,865,782  
Food / Drug Retailers — 0.9%  
Albertsons, LLC  

Term Loan, 5.61%, (3 mo. USD LIBOR + 3.00%), Maturing December 21, 2022

      5,062     $ 5,076,492  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing June 22, 2023

      46,662       46,778,228  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 17, 2025

      12,474       12,489,593  
Diplomat Pharmacy, Inc.  

Term Loan, 6.99%, (1 mo. USD LIBOR + 4.50%), Maturing December 20, 2024

      5,297       5,038,296  
Holland & Barrett International  

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024

    EUR       4,674       4,515,824  

Term Loan, 6.09%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024

    GBP       9,172       10,265,987  
                    $ 84,164,420  
Health Care — 8.2%  
Acadia Healthcare Company, Inc.  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing February 11, 2022

      3,038     $ 3,041,694  
ADMI Corp.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 30, 2025

      17,108       17,022,417  
Akorn, Inc.  

Term Loan, 8.00%, (1 mo. USD LIBOR + 5.50%), Maturing April 16, 2021

      17,825       15,552,456  
Alliance Healthcare Services, Inc.  

Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023

      8,913       8,968,203  

Term Loan - Second Lien, 12.48%, (1 mo. USD LIBOR + 10.00%), Maturing April 24, 2024

      5,575       5,533,188  
Argon Medical Devices, Inc.  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 23, 2025

      7,079       7,107,996  
Athletico Management, LLC  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025

      4,888       4,899,969  
Borrower/Tranche Description  

Principal

Amount*

(000’s omitted)

    Value  
Health Care (continued)  
Avantor, Inc.  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 21, 2024

      17,278     $ 17,385,979  
BioClinica, Inc.  

Term Loan, 6.81%, (3 mo. USD LIBOR + 4.25%), Maturing October 20, 2023

      10,660       9,753,748  
BW NHHC Holdco, Inc.  

Term Loan, 7.49%, (1 mo. USD LIBOR + 5.00%), Maturing May 15, 2025

      11,712       11,360,155  
Carestream Dental Equipment, Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing September 1, 2024

      6,112       5,943,859  
CHG Healthcare Services, Inc.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023

      29,050       29,104,149  
Concentra, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing June 1, 2022

      10,485       10,511,062  
CPI Holdco, LLC  

Term Loan, 6.08%, (3 mo. USD LIBOR + 3.50%), Maturing March 21, 2024

      11,219       11,232,888  
CryoLife, Inc.  

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024

      5,505       5,523,662  
CTC AcquiCo GmbH  

Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 7, 2025

  EUR     11,928       13,207,518  
Elsan SAS  

Term Loan, 3.50%, (1 mo. EURIBOR + 3.50%), Maturing October 31, 2022

  EUR     8,500       9,608,081  
Envision Healthcare Corporation  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025

      57,705       55,849,974  
Equian, LLC  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 20, 2024

      7,618       7,614,981  
Gentiva Health Services, Inc.  

Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025

      23,935       24,039,304  
Grifols Worldwide Operations USA, Inc.  

Term Loan, 4.67%, (1 week USD LIBOR + 2.25%), Maturing January 31, 2025

      42,689       42,802,804  
Hanger, Inc.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025

      12,029       12,058,571  
Inovalon Holdings, Inc.  

Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025

      16,059       16,085,308  
 

 

  30   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description  

Principal

Amount*

(000’s omitted)

    Value  
Health Care (continued)  
IQVIA, Inc.  

Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2024

      9,675     $ 9,689,419  

Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing January 17, 2025

      9,500       9,515,863  
Kinetic Concepts, Inc.  

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2024

      27,363       27,478,916  
KUEHG Corp.  

Term Loan - Second Lien, 10.85%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025

      4,425       4,425,000  
Medical Solutions, LLC  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing June 9, 2024

      8,365       8,365,129  
MPH Acquisition Holdings, LLC  

Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023

      43,198       42,840,067  
National Mentor Holdings, Inc.  

Term Loan, 6.74%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026

      308       309,684  

Term Loan, 6.74%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026

      4,967       4,985,920  
Navicure, Inc.  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 1, 2024

      8,797       8,775,440  
One Call Corporation  

Term Loan, 7.72%, (1 mo. USD LIBOR + 5.25%), Maturing November 25, 2022

      20,538       17,906,999  
Ortho-Clinical Diagnostics SA  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025

      48,973       48,138,952  
Parexel International Corporation  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024

      21,498       21,108,598  
Phoenix Guarantor, Inc.  

Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing February 8, 2026

      19,342       19,456,517  

Term Loan, 0.50%, Maturing February 12, 2026(2)

      1,758       1,768,774  
Press Ganey Holdings, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 23, 2023

      6,546       6,555,632  
Prospect Medical Holdings, Inc.  

Term Loan, 8.00%, (1 mo. USD LIBOR + 5.50%), Maturing February 22, 2024

      13,291       12,509,918  
R1 RCM, Inc.  

Term Loan, 7.73%, (1 mo. USD LIBOR + 5.25%), Maturing May 8, 2025

      6,724       6,724,188  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Health Care (continued)  
Radiology Partners Holdings, LLC  

Term Loan, 7.36%, (USD LIBOR + 4.75%), Maturing June 21, 2025(4)

      5,312     $ 5,338,212  
RadNet, Inc.  

Term Loan, 6.39%, (USD LIBOR + 3.75%), Maturing June 30, 2023(4)

      16,227       16,277,698  
Select Medical Corporation  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.50%), Maturing March 6, 2025

      20,250       20,300,439  
Sotera Health Holdings, LLC  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing May 15, 2022

      12,324       12,281,500  
Surgery Center Holdings, Inc.  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing September 2, 2024

      18,789       18,584,546  
Syneos Health, Inc.  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 1, 2024

      2,806       2,802,663  
Team Health Holdings, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 6, 2024

      36,285       34,153,068  
Tecomet, Inc.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2024

      8,572       8,581,243  
U.S. Anesthesia Partners, Inc.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024

      14,771       14,789,195  
Verscend Holding Corp.  

Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025

      22,569       22,752,373  
Viant Medical Holdings, Inc.  

Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025

      5,696       5,719,514  
VVC Holding Corp.  

Term Loan, 7.20%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026

      21,550       21,718,349  
Wink Holdco, Inc.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing December 2, 2024

            3,239       3,198,316  
                    $ 781,260,098  
Home Furnishings — 0.6%  
Bright Bidco B.V.  

Term Loan, 6.06%, (USD LIBOR + 3.50%), Maturing June 30, 2024(4)

      18,293     $ 13,856,658  
 

 

  31   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Home Furnishings (continued)  
Serta Simmons Bedding, LLC  

Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing November 8, 2023

            56,260     $ 41,187,108  
                    $ 55,043,766  
Industrial Equipment — 3.8%  
AI Alpine AT Bidco GmbH  

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing October 31, 2025

    EUR       5,500     $ 6,154,664  
Altra Industrial Motion Corp.  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025

      9,126       9,126,000  
Apex Tool Group, LLC  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2022

      20,785       20,597,542  
Carlisle Foodservice Products, Inc.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 20, 2025

      5,552       5,426,867  
Clark Equipment Company  

Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing May 18, 2024

      21,239       21,187,697  
CPM Holdings, Inc.  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 15, 2025

      4,040       4,039,875  
DexKo Global, Inc.  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024

    EUR       2,986       3,327,712  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024

    EUR       7,464       8,319,280  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024

      12,083       12,068,281  
DXP Enterprises, Inc.  

Term Loan, 7.23%, (1 mo. USD LIBOR + 4.75%), Maturing August 29, 2023

      5,713       5,727,282  
Engineered Machinery Holdings, Inc.  

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing July 19, 2024

      9,464       9,262,763  

Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing July 19, 2024

      3,591       3,586,511  
EWT Holdings III Corp.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024

      28,166       28,306,488  
Filtration Group Corporation  

Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025

    EUR       4,381       4,941,090  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025

      16,233       16,290,205  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Industrial Equipment (continued)  
Gardner Denver, Inc.  

Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 30, 2024

    EUR       6,237     $ 7,025,184  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024

      8,275       8,302,695  
Gates Global, LLC  

Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024

    EUR       9,482       10,623,082  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 1, 2024

      25,620       25,700,377  
Hayward Industries, Inc.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 5, 2024

      436       436,256  
LTI Holdings, Inc.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025

      5,871       5,797,119  
Milacron, LLC  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023

      21,989       21,824,075  
Minimax GmbH & Co. KG  

Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 31, 2025

    EUR       3,458       3,905,081  
Quimper AB  

Term Loan, Maturing February 13, 2026(5)

    EUR       934       1,053,409  

Term Loan, Maturing February 13, 2026(5)

    EUR       19,291       21,756,203  
Rexnord, LLC  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 21, 2024

      9,776       9,800,039  
Robertshaw US Holding Corp.  

Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing February 28, 2025

      22,819       21,478,124  
Shape Technologies Group, Inc.  

Term Loan, 5.49%, (3 mo. USD LIBOR + 3.00%), Maturing April 21, 2025

      7,007       6,936,905  
Tank Holding Corp.  

Term Loan, 6.69%, (USD LIBOR + 4.00%), Maturing March 26,
2026(4)

      5,325       5,370,928  
Titan Acquisition Limited  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025

      36,234       34,943,164  
Wittur GmbH  

Term Loan, 5.00%, (3 mo. EURIBOR + 4.00%, Floor 1.00%), Maturing March 31, 2022

    EUR       14,300       16,176,357  
                    $ 359,491,255  
 

 

  32   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Insurance — 2.5%  
Alliant Holdings I, Inc.  

Term Loan, 5.24%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025

      12,531     $ 12,337,887  
AmWINS Group, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024

      36,781       36,778,017  
Asurion, LLC  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022

      23,808       23,926,873  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023

      28,236       28,377,201  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024

      2,233       2,243,359  

Term Loan - Second Lien, 8.98%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025

      29,575       30,221,953  
Financiere CEP S.A.S.  

Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing January 16, 2025

    EUR       5,725       6,429,190  
Hub International, Limited.  

Term Loan, 5.34%, (USD LIBOR + 2.75%), Maturing April 25,
2025(4)

      33,835       33,541,999  
NFP Corp.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024

      34,375       33,984,647  
Sedgwick Claims Management Services, Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing December 31, 2025

      2,469       2,465,341  
USI, Inc.  

Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024

            28,469       28,284,367  
                    $ 238,590,834  
Leisure Goods / Activities / Movies — 4.2%  
AMC Entertainment Holdings, Inc.  

Term Loan, Maturing April 22,
2026(5)

      20,275     $ 20,350,930  
Amer Sports Oyj  

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing February 26, 2026

    EUR       38,425       43,124,438  
Ancestry.com Operations, Inc.  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing October 19, 2023

      47,375       47,552,333  
Bombardier Recreational Products, Inc.  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025

      43,773       43,535,762  
CDS U.S. Intermediate Holdings, Inc.  

Term Loan, 6.29%, (USD LIBOR + 3.75%), Maturing July 8, 2022(4)

      8,358       8,119,456  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Leisure Goods / Activities / Movies (continued)  
ClubCorp Holdings, Inc.  

Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024

      20,148     $ 19,624,581  
Crown Finance US, Inc.  

Term Loan, 2.38%, (1 mo. EURIBOR + 2.38%), Maturing February 28, 2025

    EUR       9,603       10,734,185  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 28, 2025

      21,632       21,569,765  
Delta 2 (LUX) S.a.r.l.  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024

      30,135       29,758,574  
Emerald Expositions Holding, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024

      18,743       18,625,447  
Etraveli Holding AB  

Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 2, 2024

    EUR       8,800       9,897,840  
Lindblad Expeditions, Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing March 21, 2025

      484       487,170  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing March 21, 2025

      1,935       1,948,681  
Live Nation Entertainment, Inc.  

Term Loan, 4.25%, (1 mo. USD LIBOR + 1.75%), Maturing October 31, 2023

      36,923       36,969,620  
Match Group, Inc.  

Term Loan, 5.04%, (2 mo. USD LIBOR + 2.50%), Maturing November 16, 2022

      7,116       7,151,203  
Sabre GLBL, Inc.  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024

      990       989,975  
SeaWorld Parks & Entertainment, Inc.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2024

      16,176       16,179,352  
SRAM, LLC  

Term Loan, 5.33%, (USD LIBOR + 2.75%), Maturing March 15,
2024(4)

      19,745       19,844,186  
Steinway Musical Instruments, Inc.  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing February 13, 2025

      9,776       9,647,937  
Travel Leaders Group, LLC  

Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024

      11,315       11,420,573  
UFC Holdings, LLC  

Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing April 30, 2026

            19,030       19,117,249  
                    $ 396,649,257  
 

 

  33   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description  

Principal

Amount*

(000’s omitted)

    Value  
Lodging and Casinos — 4.1%  
Aimbridge Acquisition Co., Inc.  

Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing February 2, 2026

      3,050     $ 3,068,986  
Aristocrat Technologies, Inc.  

Term Loan, 4.34%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024

      14,979       14,972,041  
Azelis Finance S.A.  

Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing November 7, 2025

  EUR     2,600       2,938,943  
Boyd Gaming Corporation  

Term Loan, 4.67%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023

      4,548       4,555,774  
Churchill Downs Incorporated  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024

      3,456       3,462,730  
CityCenter Holdings, LLC  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024

      37,137       37,143,252  
Eldorado Resorts, LLC  

Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing April 17, 2024

      11,596       11,608,553  
ESH Hospitality, Inc.  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 30, 2023

      15,394       15,378,378  
Four Seasons Hotels Limited  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023

      6,746       6,753,048  
Golden Nugget, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 4, 2023

      28,414       28,518,361  
GVC Holdings PLC  

Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing March 29, 2024

  EUR     16,575       18,635,072  

Term Loan, 4.53%, (6 mo. GBP LIBOR + 3.50%), Maturing March 29, 2024

  GBP     7,500       9,784,892  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing March 29, 2024

      12,474       12,484,391  
Hanjin International Corp.  

Term Loan, 4.99%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020

      5,650       5,614,688  
Hilton Worldwide Finance, LLC  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing October 25, 2023

      36,185       36,358,720  
Hospitality Investors Trust  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2020

      5,100       5,100,000  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Lodging and Casinos (continued)  
Las Vegas Sands, LLC  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing March 27, 2025

      16,999     $ 17,001,703  
MGM Growth Properties Operating Partnership L.P.  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing March 21, 2025

      28,881       28,907,279  
Playa Resorts Holding B.V.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024

      27,941       27,556,448  
Richmond UK Bidco Limited  

Term Loan, 4.98%, (1 mo. GBP LIBOR + 4.25%), Maturing March 3, 2024

    GBP       2,809       3,500,494  
Stars Group Holdings B.V. (The)  

Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025

    EUR       11,225       12,702,747  

Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025

      52,398       52,712,265  
VICI Properties 1, LLC  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, 2024

      22,293       22,282,035  
Wyndham Hotels & Resorts, Inc.  

Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing May 30, 2025

            9,353       9,354,674  
                    $ 390,395,474  
Nonferrous Metals / Minerals — 0.7%  
CD&R Hydra Buyer, Inc.  

Term Loan, 7.50%, (0.00% Cash, 7.50% PIK), Maturing August 15, 2021(3)(8)

      582     $ 480,865  
Dynacast International, LLC  

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022

      13,228       13,210,897  
Murray Energy Corporation  

Term Loan, 9.88%, (3 mo. USD LIBOR + 7.25%), Maturing October 17, 2022

      21,926       17,577,269  
Noranda Aluminum Acquisition Corporation  

Term Loan, 0.00%, Maturing February 28,
2020(6)

      2,878       12,590  
Oxbow Carbon, LLC  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing January 4, 2023

      6,914       6,965,918  

Term Loan - Second Lien, 9.98%, (1 mo. USD LIBOR + 7.50%), Maturing January 4, 2024

      8,500       8,563,750  
Rain Carbon GmbH  

Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 16, 2025

    EUR       15,625       16,824,008  
                    $ 63,635,297  
 

 

  34   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description  

Principal

Amount*

(000’s omitted)

    Value  
Oil and Gas — 1.9%  
Ameriforge Group, Inc.  

Term Loan, 9.60%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022

      21,553     $ 21,553,248  
Apergy Corporation  

Term Loan, 5.03%, (USD LIBOR + 2.50%), Maturing May 9, 2025(4)

      809       809,469  
Centurion Pipeline Company, LLC  

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing September 29, 2025

      3,217       3,231,012  
CITGO Petroleum Corporation  

Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing July 29, 2021

      15,519       15,525,221  

Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing March 22, 2024

      27,300       27,317,063  
Delek US Holdings, Inc.  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025

      5,277       5,281,120  
Fieldwood Energy, LLC  

Term Loan, 7.73%, (1 mo. USD LIBOR + 5.25%), Maturing April 11, 2022

      26,006       25,214,591  
McDermott Technology Americas, Inc.  

Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing May 10, 2025

      14,157       14,045,514  
MEG Energy Corp.  

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing December 31, 2023

      9,484       9,448,593  
Prairie ECI Acquiror L.P.  

Term Loan, 7.37%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026

      9,550       9,669,375  
PSC Industrial Holdings Corp.  

Term Loan, 6.22%, (1 mo. USD LIBOR + 3.75%), Maturing October 3, 2024

      8,014       7,964,022  
Sheridan Investment Partners II L.P.  

Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020

      933       685,457  

Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020

      2,501       1,837,956  

Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020

      17,976       13,212,519  
Sheridan Production Partners I, LLC  

Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019

      1,412       1,094,119  

Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019

      2,311       1,791,272  

Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019

      17,443       13,518,196  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Oil and Gas (continued)  
Ultra Resources, Inc.  

Term Loan, 6.24%, (1 mo. USD LIBOR + 3.75%), Maturing April 12, 2024

            15,825     $ 13,503,995  
                    $ 185,702,742  
Publishing — 0.9%  
Ascend Learning, LLC  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing July 12, 2024

      13,850     $ 13,821,565  
Canyon Valor Companies, Inc.  

Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing June 16, 2023

      21,186       21,183,744  
Getty Images, Inc.  

Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026

    EUR       4,000       4,480,794  

Term Loan, 7.00%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026

      11,945       11,930,131  
Harland Clarke Holdings Corp.  

Term Loan, 7.35%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023

      11,548       10,182,665  
LSC Communications, Inc.  

Term Loan, 7.93%, (1 Week USD LIBOR + 5.50%), Maturing September 30, 2022

      8,891       8,924,743  
Multi Color Corporation  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2022

      3,220       3,211,998  
ProQuest, LLC  

Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing October 24, 2021

      14,051       14,068,311  
Tweddle Group, Inc.  

Term Loan, 6.99%, (1 mo. USD LIBOR + 4.50%), Maturing September 17, 2023

            2,357       2,247,379  
                    $ 90,051,330  
Radio and Television — 2.1%  
ALM Media Holdings, Inc.  

Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing July 31, 2020

      8,187     $ 7,782,945  
AP NMT Acquisition B.V.  

Term Loan, 8.35%, (3 mo. USD LIBOR + 5.75%), Maturing August 13, 2021

      3,724       3,725,520  
CBS Radio, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing November 18, 2024

      9,933       9,941,901  
Cumulus Media New Holdings, Inc.  

Term Loan, 6.99%, (1 mo. USD LIBOR + 4.50%), Maturing May 15, 2022

      20,699       20,521,492  
 

 

  35   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Radio and Television (continued)  
E.W. Scripps Company (The)  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 2, 2024

      4,112     $ 4,016,421  

Term Loan, Maturing April 3, 2026(5)

      3,275       3,283,188  
Entravision Communications Corporation  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024

      9,943       9,532,612  
Gray Television, Inc.  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2024

      5,810       5,807,588  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026

      9,052       9,089,083  
Hubbard Radio, LLC  

Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing March 28, 2025

      11,887       11,881,810  
iHeartCommunications, Inc.  

Term Loan, 0.00%, Maturing July 30, 2019(6)

      5,384       3,990,737  

Term Loan, 0.00%, Maturing January 30, 2020(6)

      33,740       25,122,060  
Mission Broadcasting, Inc.  

Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024

      4,319       4,308,133  
Nexstar Broadcasting, Inc.  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024

      22,956       22,898,310  
Sinclair Television Group, Inc.  

Term Loan, 4.74%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024

      14,149       14,166,928  
Univision Communications, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024

            44,851       43,245,957  
                    $ 199,314,685  
Retailers (Except Food and Drug) — 1.9%  
Ascena Retail Group, Inc.  

Term Loan, 7.00%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022

      14,167     $ 12,237,150  
Bass Pro Group, LLC  

Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024

      12,510       12,512,627  
BJ’s Wholesale Club, Inc.  

Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing February 3, 2024

      13,416       13,495,391  
CDW, LLC  

Term Loan, 4.24%, (1 mo. USD LIBOR + 1.75%), Maturing August 17, 2023

      15,837       15,880,054  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Retailers (Except Food and Drug) (continued)  
Coinamatic Canada, Inc.  

Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022

      268     $ 261,527  
David’s Bridal, Inc.  

Term Loan, 9.98%, (1 mo. USD LIBOR + 7.50%), Maturing July 17, 2023

      3,232       3,296,948  

Term Loan, 10.48%, (1 mo. USD LIBOR + 8.00%), Maturing January 18, 2024

      11,695       10,233,263  
Global Appliance, Inc.  

Term Loan, 6.49%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024

      2,718       2,719,759  
Go Wireless, Inc.  

Term Loan, 8.98%, (1 mo. USD LIBOR + 6.50%), Maturing December 22, 2024

      2,623       2,583,986  
Harbor Freight Tools USA, Inc.  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2023

      5,841       5,814,873  
Hoya Midco, LLC  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024

      13,825       13,747,584  
J. Crew Group, Inc.  

Term Loan, 5.53%, (USD LIBOR + 3.00%), Maturing March 5, 2021(3)(4)

      25,889       20,007,037  
LSF9 Atlantis Holdings, LLC  

Term Loan, 8.47%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023

      12,120       11,575,048  
PetSmart, Inc.  

Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing March 11, 2022

      43,627       42,176,867  
PFS Holding Corporation  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing January 31, 2021

      9,928       3,424,988  
Pier 1 Imports (U.S.), Inc.  

Term Loan, 6.38%, (3 mo. USD LIBOR + 3.50%), Maturing April 30, 2021

      9,406       4,185,642  
Radio Systems Corporation  

Term Loan, 5.25%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2024

            4,667       4,631,873  
                    $ 178,784,617  
Steel — 1.0%  
Atkore International, Inc.  

Term Loan, 5.36%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023

      18,991     $ 19,026,533  
GrafTech Finance, Inc.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025

      27,502       27,535,845  
 

 

  36   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Steel (continued)  
Neenah Foundry Company  

Term Loan, 9.05%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022

      8,112     $ 8,030,726  
Phoenix Services International, LLC  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025

      9,727       9,749,044  
Zekelman Industries, Inc.  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing June 14, 2021

            29,595       29,628,275  
                    $ 93,970,423  
Surface Transport — 0.5%  
1199169 B.C. Unlimited Liability Company  

Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026

      3,269     $ 3,290,942  
Agro Merchants NAI Holdings, LLC  

Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024

      11,350       11,364,193  
Avis Budget Car Rental, LLC  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing February 13, 2025

      5,687       5,639,017  
Kenan Advantage Group, Inc.  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022

      1,811       1,787,142  

Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022

      6,535       6,463,176  
Stena International S.a.r.l.  

Term Loan, 5.61%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021

      16,849       16,669,771  
XPO Logistics, Inc.  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025

            4,275       4,262,530  
                    $ 49,476,771  
Telecommunications — 5.0%  
CenturyLink, Inc.  

Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025

      73,415     $ 73,070,824  
Ciena Corporation  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing September 26, 2025

      13,109       13,145,988  
Colorado Buyer, Inc.  

Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing May 1, 2024

      16,488       16,075,708  
Digicel International Finance Limited  

Term Loan, 5.88%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024

      14,575       13,099,115  
Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Telecommunications (continued)  
eircom Finco S.a.r.l.  

Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing April 19, 2024

    EUR       31,950     $ 35,837,933  

Term Loan, Maturing April 23, 2026(5)

    EUR       6,000       6,738,015  
Gamma Infrastructure III B.V.  

Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025

    EUR       16,287       18,084,480  
Global Eagle Entertainment, Inc.  

Term Loan, 10.35%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023

      20,304       19,009,890  
Intelsat Jackson Holdings S.A.  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 27, 2023

      30,250       30,160,188  

Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing January 2, 2024

      19,794       20,001,893  
IPC Corp.  

Term Loan, 7.09%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021

      11,591       9,620,230  
Level 3 Financing, Inc.  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 22, 2024

      35,850       35,924,676  
Onvoy, LLC  

Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing February 10, 2024

      12,765       11,168,937  
Plantronics, Inc.  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing July 2, 2025

      14,935       14,847,750  
SBA Senior Finance II, LLC  

Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing April 11, 2025

      32,904       32,754,820  
Sprint Communications, Inc.  

Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024

      61,468       59,777,390  

Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing February 2, 2024

      9,426       9,304,539  
Syniverse Holdings, Inc.  

Term Loan, 7.47%, (1 mo. USD LIBOR + 5.00%), Maturing March 9, 2023

      11,286       10,753,436  
Telesat Canada  

Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing November 17, 2023

      45,990       45,951,115  
Zayo Group, LLC  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing January 19, 2024

            4,000       4,005,312  
                    $ 479,332,239  
 

 

  37   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Borrower/Tranche Description    

Principal

Amount*

(000’s omitted)

    Value  
Utilities — 1.7%  
Brookfield WEC Holdings, Inc.  

Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2025

      28,553     $ 28,763,134  
Calpine Construction Finance Company L.P.  

Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025

      2,635       2,637,960  
Calpine Corporation  

Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing May 31, 2023

      2,990       2,997,987  

Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing January 15, 2024

      34,572       34,665,871  
Dayton Power & Light Company (The)  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 24, 2022

      5,425       5,438,688  
Granite Acquisition, Inc.  

Term Loan, 6.09%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021

      37,219       37,368,202  

Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021

      1,686       1,692,567  
Lightstone Holdco, LLC  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024

      871       867,886  

Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024

      15,439       15,387,623  
Longview Power, LLC  

Term Loan, 8.59%, (3 mo. USD LIBOR + 6.00%), Maturing April 13, 2021

      4,692       4,199,508  
Talen Energy Supply, LLC  

Term Loan, 6.49%, (1 mo. USD LIBOR + 4.00%), Maturing July 15, 2023

      6,134       6,152,148  

Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing April 15, 2024

      11,102       11,128,159  
Vistra Operations Company, LLC  

Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing December 14, 2023

      2,481       2,491,042  

Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2025

            12,580       12,614,004  
                    $ 166,404,779  

Total Senior Floating-Rate Loans
(identified cost $8,856,336,331)

                  $ 8,629,137,911  
Corporate Bonds & Notes — 2.9%

 

Security    

Principal

Amount*

(000’s omitted)

    Value  
Aerospace and Defense — 0.1%  
TransDigm, Inc.  

6.25%, 3/15/26(9)

            5,275     $ 5,505,781  
                    $ 5,505,781  
Security    

Principal

Amount*

(000’s omitted)

    Value  
Automotive — 0.1%  
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc.  

6.25%, 5/15/26(9)

      4,325     $ 4,525,248  
Tenneco, Inc.  

4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24(9)(10)

    EUR       6,000       6,788,992  
                    $ 11,314,240  
Business Equipment and Services — 0.1%  
Prime Security Services Borrower, LLC/Prime Finance, Inc.  

5.25%, 4/15/24(9)

      7,900     $ 7,939,500  

5.75%, 4/15/26(9)

            7,900       8,008,625  
                    $ 15,948,125  
Cable and Satellite Television — 0.1%  
Virgin Media Secured Finance PLC  

5.25%, 1/15/26(9)

      4,635     $ 4,732,150  
Ziggo B.V.  

5.50%, 1/15/27(9)

            2,000       2,005,000  
                    $ 6,737,150  
Chemicals and Plastics — 0.2%  
Hexion, Inc.  

6.625%, 4/15/20(6)

      16,525     $ 13,178,687  
PQ Corp.  

6.75%, 11/15/22(9)

            4,000       4,155,000  
                    $ 17,333,687  
Containers and Glass Products — 0.2%  
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC  

5.75%, 10/15/20

      14,537     $ 14,598,397  

6.097%, (3 mo. USD LIBOR + 3.50%), 7/15/21(9)(10)

            9,925       9,987,031  
                    $ 24,585,428  
Drugs — 0.6%  
Bausch Health Companies, Inc.  

6.50%, 3/15/22(9)

      11,092     $ 11,494,085  

7.00%, 3/15/24(9)

      14,419       15,230,069  

5.50%, 11/1/25(9)

      19,675       20,209,963  
Par Pharmaceutical, Inc.  

7.50%, 4/1/27(9)

            7,500       7,798,500  
                    $ 54,732,617  
 

 

  38   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Security    

Principal

Amount*

(000’s omitted)

    Value  
Entertainment — 0.1%  
Vue International Bidco PLC  

4.94%, (3 mo. EURIBOR + 5.25%), 7/15/20(9)(10)

    EUR       8,625     $ 9,671,561  
                    $ 9,671,561  
Food Products — 0.0%(7)  
Iceland Bondco PLC  

5.071%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(9)(10)

    GBP       1,181     $ 1,541,134  
                    $ 1,541,134  
Food / Drug Retailers — 0.1%  
Fresh Market, Inc. (The)  

9.75%, 5/1/23(9)

            12,550     $ 9,684,835  
                    $ 9,684,835  
Health Care — 0.6%  
Avantor, Inc.  

6.00%, 10/1/24(9)

      13,105     $ 13,707,011  
CHS/Community Health Systems, Inc.  

5.125%, 8/1/21

      7,500       7,425,000  

6.25%, 3/31/23

      16,650       16,275,375  
RegionalCare Hospital Partners Holdings, Inc.  

8.25%, 5/1/23(9)

      10,550       11,225,859  
Tenet Healthcare Corp.  

6.00%, 10/1/20

      2,500       2,593,750  

4.375%, 10/1/21

            4,700       4,776,375  
                    $ 56,003,370  
Leisure Goods / Activities / Movies — 0.1%  
National CineMedia, LLC  

6.00%, 4/15/22

            5,250     $ 5,315,625  
                    $ 5,315,625  
Oil and Gas — 0.1%  
CITGO Petroleum Corp.        

6.25%, 8/15/22(9)

            11,500     $ 11,514,375  
                    $ 11,514,375  
Radio and Television — 0.1%  
iHeartCommunications, Inc.        

9.00%, 12/15/19(6)

      8,994     $ 6,700,530  
Univision Communications, Inc.        

5.125%, 2/15/25(9)

            5,500       5,190,625  
                    $ 11,891,155  
Security    

Principal

Amount*

(000’s omitted)

    Value  
Telecommunications — 0.2%  
CommScope, Inc.        

6.00%, 3/1/26(9)

      10,575     $ 11,222,719  
Digicel International Finance, Ltd./Digicel
Holdings Bermuda, Ltd.
                 

8.75%, 5/25/24(9)

            6,325       6,342,836  
                    $ 17,565,555  
Utilities — 0.2%  
Calpine Corp.        

6.00%, 1/15/22(9)

      3,000     $ 3,041,250  

5.875%, 1/15/24(9)

      5,000       5,112,500  

5.25%, 6/1/26(9)

            10,925       10,979,625  
                    $ 19,133,375  

Total Corporate Bonds & Notes
(identified cost $283,686,343)

                  $ 278,478,013  
Asset-Backed Securities — 2.8%

 

Security         

Principal

Amount

(000’s omitted)

    Value  
Alinea CLO, Ltd.  

Series 2018-1A, Class D, 5.692%, (3 mo. USD LIBOR + 3.10%), 7/20/31(9)(10)

    $ 2,500     $ 2,429,778  

Series 2018-1A, Class E, 8.592%, (3 mo. USD LIBOR + 6.00%), 7/20/31(9)(10)

      3,000       2,883,785  
AMMC CLO XII, Ltd.  

Series 2013-12A, Class ER, 8.877%, (3 mo. USD LIBOR + 6.18%),
11/10/30(9)(10)

      3,525       3,412,475  
AMMC CLO 15, Ltd.  

Series 2014-15A, Class ERR, 9.507%, (3 mo. USD LIBOR + 6.91%),
1/15/32(9)(10)

      5,000       4,938,247  
Apidos CLO XX  

Series 2015-20A, Class DR, 8.301%, (3 mo. USD LIBOR + 5.70%),
7/16/31(9)(10)

      2,375       2,251,384  
Ares XL CLO, Ltd.  

Series 2016-40A, Class CR, 5.997%, (3 mo. USD LIBOR + 3.40%),
1/15/29(9)(10)

      2,500       2,506,390  

Series 2016-40A, Class DR, 8.947%, (3 mo. USD LIBOR + 6.35%),
1/15/29(9)(10)

      3,500       3,431,528  
Ares XLIX CLO, Ltd.  

Series 2018-49A, Class D, 5.592%, (3 mo. USD LIBOR + 3.00%),
7/22/30(9)(10)

      2,500       2,461,237  

Series 2018-49A, Class E, 8.292%, (3 mo. USD LIBOR + 5.70%),
7/22/30(9)(10)

      3,500       3,306,530  
 

 

  39   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Security       

Principal

Amount

(000’s omitted)

    Value  
Ares XXXIIR CLO, Ltd.  

Series 2014-32RA, Class C, 5.584%, (3 mo. USD LIBOR + 2.90%),
5/15/30(9)(10)

    $ 5,000     $ 4,855,425  
Ares XXXVR CLO, Ltd.  

Series 2015-35RA, Class E, 8.297%, (3 mo. USD LIBOR + 5.70%),
7/15/30(9)(10)

      4,000       3,780,024  
Babson CLO, Ltd.  

Series 2015-IA, Class DR, 5.192%, (3 mo. USD LIBOR + 2.60%), 1/20/31(9)(10)

      2,500       2,407,058  

Series 2016-1A, Class DR, 5.642%, (3 mo. USD LIBOR + 3.05%), 7/23/30(9)(10)

      1,250       1,237,859  

Series 2016-1A, Class ER, 8.592%, (3 mo. USD LIBOR + 6.00%), 7/23/30(9)(10)

      3,500       3,353,053  

Series 2018-1A, Class C, 5.197%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)

      3,500       3,378,270  
Bain Capital Credit CLO                

Series 2018-1A, Class D, 5.292%, (3 mo. USD LIBOR + 2.70%), 4/23/31(9)(10)

      5,000       4,851,440  

Series 2018-1A, Class E, 7.942%, (3 mo. USD LIBOR + 5.35%), 4/23/31(9)(10)

      3,000       2,779,620  
Benefit Street Partners CLO V-B, Ltd.  

Series 2018-5BA, Class C, 5.522%, (3 mo. USD LIBOR + 2.93%), 4/20/31(9)(10)

      5,000       4,837,730  

Series 2018-5BA, Class D, 8.542%, (3 mo. USD LIBOR + 5.95%), 4/20/31(9)(10)

      3,500       3,332,955  
Benefit Street Partners CLO VIII, Ltd.                

Series 2015-8A, Class DR, 8.192%, (3 mo. USD LIBOR + 5.60%), 1/20/31(9)(10)

      5,401       5,044,852  
Benefit Street Partners CLO XIV, Ltd.                

Series 2018-14A, Class D, 5.192%, (3 mo. USD LIBOR + 2.60%), 4/20/31(9)(10)

      1,500       1,417,487  
Benefit Street Partners CLO XVI, Ltd.  

Series 2018-16A, Class D, 6.513%, (3 mo. USD LIBOR + 3.70%), 1/17/32(9)(10)

      2,000       1,977,192  

Series 2018-16A, Class E, 9.513%, (3 mo. USD LIBOR + 6.70%), 1/17/32(9)(10)

      2,250       2,232,937  
Betony CLO 2, Ltd.  

Series 2018-1A, Class C, 5.483%, (3 mo. USD LIBOR + 2.90%), 4/30/31(9)(10)

      2,500       2,398,890  

Series 2018-1A, Class D, 8.233%, (3 mo. USD LIBOR + 5.65%), 4/30/31(9)(10)

      4,450       4,168,424  
BlueMountain CLO, Ltd.  

Series 2016-3A, Class DR, 5.784%, (3 mo. USD LIBOR + 3.10%), 11/15/30(9)(10)

      1,500       1,490,033  

Series 2016-3A, Class ER, 8.634%, (3 mo. USD LIBOR + 5.95%), 11/15/30(9)(10)

      1,500       1,425,270  

Series 2018-1A, Class D, 5.633%, (3 mo. USD LIBOR + 3.05%), 7/30/30(9)(10)

      2,500       2,405,505  

Series 2018-1A, Class E, 8.533%, (3 mo. USD LIBOR + 5.95%), 7/30/30(9)(10)

      2,000       1,909,089  
Security       

Principal

Amount

(000’s omitted)

    Value  
Canyon Capital CLO, Ltd.  

Series 2012-1RA, Class E, 8.297%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10)

    $ 4,875     $ 4,529,246  

Series 2016-1A, Class ER, 8.347%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)

      4,000       3,710,760  

Series 2016-2A, Class ER, 8.787%, (3 mo. USD LIBOR + 6.00%), 10/15/31(9)(10)

      4,500       4,195,306  

Series 2017-1A, Class E, 8.847%, (3 mo. USD LIBOR + 6.25%), 7/15/30(9)(10)

      3,250       3,106,510  
Canyon CLO, Ltd.                

Series 2018-1A, Class D, 5.497%, (3 mo. USD LIBOR + 2.90%), 7/15/31(9)(10)

      3,000       2,892,723  

Series 2018-1A, Class E, 8.347%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10)

      2,750       2,565,321  
Carlyle Global Market Strategies CLO, Ltd.  

Series 2012-3A, Class CR2, 6.097%, (3 mo. USD LIBOR + 3.50%), 1/14/32(9)(10)

      2,500       2,501,930  

Series 2012-3A, Class DR2, 9.097%, (3 mo. USD LIBOR + 6.50%), 1/14/32(9)(10)

      1,500       1,465,813  

Series 2014-3RA, Class C, 5.715%, (3 mo. USD LIBOR + 2.95%), 7/27/31(9)(10)

      1,000       979,111  

Series 2014-3RA, Class D, 8.165%, (3 mo. USD LIBOR + 5.40%), 7/27/31(9)(10)

      2,150       1,994,349  

Series 2014-4RA, Class C, 5.497%, (3 mo. USD LIBOR + 2.90%), 7/15/30(9)(10)

      2,000       1,899,984  

Series 2014-4RA, Class D, 8.247%, (3 mo. USD LIBOR + 5.65%), 7/15/30(9)(10)

      3,500       3,304,031  
Carlyle CLO, Ltd  

Series C17A, Class CR, 5.383%, (3 mo. USD LIBOR + 2.80%), 4/30/31(9)(10)

      5,000       4,857,605  

Series C17A, Class DR, 8.583%, (3 mo. USD LIBOR + 6.00%), 4/30/31(9)(10)

      3,500       3,328,309  
Dryden CLO, Ltd.  

Series 2018-55A, Class D, 5.447%, (3 mo. USD LIBOR + 2.85%), 4/15/31(9)(10)

      1,500       1,458,441  

Series 2018-55A, Class E, 7.997%, (3 mo. USD LIBOR + 5.40%), 4/15/31(9)(10)

      2,000       1,866,585  
Dryden Senior Loan Fund  

Series 2015-40A, Class DR, 5.784%, (3 mo. USD LIBOR + 3.10%), 8/15/31(9)(10)

      3,000       2,949,774  

Series 2015-41A, Class DR, 5.197%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10)

      5,000       4,756,440  

Series 2015-41A, Class ER, 7.897%, (3 mo. USD LIBOR + 5.30%), 4/15/31(9)(10)

      1,268       1,173,616  

Series 2016-42A, Class DR, 5.527%, (3 mo. USD LIBOR + 2.93%), 7/15/30(9)(10)

      2,500       2,454,172  

Series 2016-42A, Class ER, 8.147%, (3 mo. USD LIBOR + 5.55%), 7/15/30(9)(10)

      3,500       3,283,601  
 

 

  40   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Security       

Principal

Amount

(000’s omitted)

    Value  
Galaxy XV CLO, Ltd.                

Series 2013-15A, Class ER, 9.242%, (3 mo. USD LIBOR + 6.65%),
10/15/30(9)(10)

    $ 2,500     $ 2,423,276  
Galaxy XXV CLO, Ltd.  

Series 2018-25A, Class D, 5.68%, (3 mo. USD LIBOR + 3.10%), 10/25/31(9)(10)

      2,500       2,474,392  

Series 2018-25A, Class E, 8.53%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)

      3,500       3,331,438  
Golub Capital Partners CLO, Ltd.  

Series 2015-22A, Class ER, 8.592%, (3 mo. USD LIBOR + 6.00%),
1/20/31(9)(10)

      2,500       2,345,726  

Series 2018-37A, Class D, 5.892%, (3 mo. USD LIBOR + 3.30%), 7/20/30(9)(10)

      4,000       3,900,700  

Series 2018-37A, Class E, 8.342%, (3 mo. USD LIBOR + 5.75%), 7/20/30(9)(10)

      4,750       4,421,337  
ICG US CLO, Ltd.  

Series 2018-2A, Class D, 5.692%, (3 mo. USD LIBOR + 3.10%), 7/22/31(9)(10)

      2,000       1,942,052  

Series 2018-2A, Class E, 8.342%, (3 mo. USD LIBOR + 5.75%), 7/22/31(9)(10)

      3,000       2,779,733  
Madison Park Funding XXV, Ltd.                

Series 2017-25A, Class D, 8.871%, (3 mo. USD LIBOR + 6.10%), 4/25/29(9)(10)

      1,500       1,473,293  
Neuberger Berman CLO XXII, Ltd.  

Series 2016-22A, Class DR, 5.688%, (3 mo. USD LIBOR + 3.10%),
10/17/30(9)(10)

      2,500       2,426,113  

Series 2016-22A, Class ER, 8.648%, (3 mo. USD LIBOR + 6.06%),
10/17/30(9)(10)

      3,000       2,863,247  
Neuberger Berman Loan Advisers CLO, Ltd.  

Series 2018-28A, Class E, 8.192%, (3 mo. USD LIBOR + 5.60%), 4/20/30(9)(10)

      1,950       1,837,609  

Series 2018-30A, Class D, 6.411%, (3 mo. USD LIBOR + 3.65%), 1/20/31(9)(10)

      2,500       2,488,702  

Series 2018-30A, Class E, 9.511%, (3 mo. USD LIBOR + 6.75%), 1/20/31(9)(10)

      1,000       1,002,444  
OHA Credit Partners VII, Ltd.                

Series 2012-7A, Class ER, 10.144%, (3 mo. USD LIBOR + 7.50%),
11/20/27(9)(10)

      900       900,243  
Palmer Square CLO, Ltd.  

Series 2013-2A, Class CRR, 5.788%, (3 mo. USD LIBOR + 3.20%),
10/17/31(9)(10)

      2,500       2,444,750  

Series 2013-2A, Class DRR, 8.438%, (3 mo. USD LIBOR + 5.85%),
10/17/31(9)(10)

      3,000       2,870,820  

Series 2018-1A, Class C, 5.28%, (3 mo. USD LIBOR + 2.50%),
4/18/31(9)(10)

      3,000       2,835,549  

Series 2018-1A, Class D, 7.93%, (3 mo. USD LIBOR + 5.15%),
4/18/31(9)(10)

      2,000       1,839,886  

Series 2018-2A, Class D, 8.201%, (3 mo. USD LIBOR + 5.60%),
7/16/31(9)(10)

      2,000       1,864,635  
Security       

Principal

Amount

(000’s omitted)

    Value  
Regatta XIII Funding, Ltd.  

Series 2018-2A, Class C, 5.697%, (3 mo. USD LIBOR + 3.10%), 7/15/31(9)(10)

    $ 2,500     $ 2,450,397  

Series 2018-2A, Class D, 8.547%, (3 mo. USD LIBOR + 5.95%), 7/15/31(9)(10)

      5,000       4,690,142  
Regatta XIV Funding, Ltd.  

Series 2018-3A, Class D, 5.971%, (3 mo. USD LIBOR + 3.20%), 10/25/31(9)(10)

      2,500       2,449,327  

Series 2018-3A, Class E, 8.721%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10)

      4,500       4,293,995  
Regatta XV Funding, Ltd.                

Series 2018-4A, Class D, 9.08%, (3 mo. USD LIBOR + 6.50%), 10/25/31(9)(10)

      3,875       3,811,222  
Upland CLO, Ltd.  

Series 2016-1A, Class CR, 5.492%, (3 mo. USD LIBOR + 2.90%),
4/20/31(9)(10)

      4,500       4,315,576  

Series 2016-1A, Class DR, 8.492%, (3 mo. USD LIBOR + 5.90%),
4/20/31(9)(10)

      4,625       4,389,328  
Vibrant CLO 1X, Ltd.                

Series 2018-9A, Class C, 5.792%, (3 mo. USD LIBOR + 3.20%), 7/20/31(9)(10)

      2,500       2,419,443  

Series 2018-9A, Class D, 8.842%, (3 mo. USD LIBOR + 6.25%), 7/20/31(9)(10)

      3,500       3,333,113  
Vibrant CLO X, Ltd.  

Series 2018-10A, Class C, 5.842%, (3 mo. USD LIBOR + 3.25%),
10/20/31(9)(10)

      5,000       4,872,640  

Series 2018-10A, Class D, 8.782%, (3 mo. USD LIBOR + 6.19%),
10/20/31(9)(10)

      5,000       4,727,265  
Voya CLO, Ltd.  

Series 2015-3A, Class CR, 5.742%, (3 mo. USD LIBOR + 3.15%),
10/20/31(9)(10)

      2,500       2,435,755  

Series 2015-3A, Class DR, 8.792%, (3 mo. USD LIBOR + 6.20%),
10/20/31(9)(10)

      5,500       5,258,319  

Series 2016-3A, Class CR, 5.851%, (3 mo. USD LIBOR + 3.25%),
10/18/31(9)(10)

      2,000       1,962,850  

Series 2016-3A, Class DR, 8.681%, (3 mo. USD LIBOR + 6.08%),
10/18/31(9)(10)

      3,375       3,226,224  

Series 2018-1A, Class C, 5.192%, (3 mo. USD LIBOR + 2.60%), 4/19/31(9)(10)

      5,000       4,767,165  

Series 2018-2A, Class E, 7.847%, (3 mo. USD LIBOR + 5.25%), 7/15/31(9)(10)

      2,500       2,297,062  
Webster Park CLO, Ltd.  

Series 2015-1A, Class CR, 5.492%, (3 mo. USD LIBOR + 2.90%),
7/20/30(9)(10)

      2,000       1,953,140  

Series 2015-1A, Class DR, 8.092%, (3 mo. USD LIBOR + 5.50%),
7/20/30(9)(10)

      2,500       2,336,823  
Wind River CLO, Ltd.                

Series 2013-1A, Class DR, 8.892%, (3 mo. USD LIBOR + 6.30%),
7/20/30(9)(10)

        3,000       2,892,841  

Total Asset-Backed Securities
(identified cost $274,042,669)

              $ 263,526,666  
 

 

  41   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

Common Stocks — 1.3%

 

Security        Shares     Value  
Aerospace and Defense — 0.3%  

IAP Global Services, LLC(3)(11)(12)(13)

      950     $ 12,034,533  

IAP Global Services, LLC(3)(11)(12)(13)

        1,627       15,458,046  
      $ 27,492,579  
Automotive — 0.0%(7)  

Dayco Products, LLC(12)(13)

        88,506     $ 3,263,659  
      $ 3,263,659  
Electronics / Electrical — 0.0%(7)  

Answers Corp.(3)(12)(13)

        906,100     $ 1,785,017  
      $ 1,785,017  
Health Care — 0.0%(7)  

New Millennium Holdco, Inc.(12)(13)

        421,318     $ 33,705  
      $ 33,705  
Nonferrous Metals / Minerals — 0.0%  

ASP United/GHX Holding, LLC(3)(12)(13)

        304,664     $ 0  
      $ 0  
Oil and Gas — 0.6%  

AFG Holdings, Inc.(3)(12)(13)

      498,342     $ 36,578,303  

Fieldwood Energy, Inc.(12)(13)

      51,241       1,793,435  

Fieldwood Energy, Inc.(12)(13)

      221,919       7,767,165  

Samson Resources II, LLC, Class A(12)(13)

      435,055       10,332,556  

Southcross Holdings Group, LLC(3)(12)(13)

      1,281       0  

Southcross Holdings L.P., Class A(12)(13)

        1,281       720,563  
      $ 57,192,022  
Publishing — 0.3%  

ION Media Networks, Inc.(3)(13)

      28,605     $ 22,805,622  

Tweddle Group, Inc.(3)(12)(13)

        19,500       781,365  
      $ 23,586,987  
Radio and Television — 0.1%  

Cumulus Media, Inc., Class A(12)(13)

      551,505     $ 9,993,271  

Cumulus Media, Inc., Class B(12)(13)

        93,069       1,582,173  
      $ 11,575,444  
Security        Shares     Value  
Retailers (Except Food and Drug) — 0.0%(7)  

David’s Bridal, Inc.(12)(13)

        227,323     $ 1,420,769  
      $ 1,420,769  

Total Common Stocks
(identified cost $56,119,082)

              $ 126,350,182  
Miscellaneous — 0.0%(7)

 

Security        Shares     Value  
Oil and Gas — 0.0%(7)                   

Paragon Offshore Finance Company, Class A(12)(13)

      42,177     $ 39,541  

Paragon Offshore Finance Company, Class B(12)(13)

        21,089       777,657  

Total Miscellaneous
(identified cost $458,685)

              $ 817,198  
Short-Term Investments — 3.9%

 

Description        Units     Value  

Eaton Vance Cash Reserves Fund, LLC, 2.54%(14)

        368,675,783     $ 368,675,783  

Total Short-Term Investments
(identified cost $368,673,115)

              $ 368,675,783  

Total Investments — 101.4%
(identified cost $9,839,316,225)

              $ 9,666,985,753  

Less Unfunded Loan Commitments — (0.1)%

              $ (10,930,720

Net Investments — 101.3%
(identified cost $9,828,385,505)

              $ 9,656,055,033  

Other Assets, Less Liabilities — (1.3)%

              $ (121,854,722

Net Assets — 100.0%

              $ 9,534,200,311  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

  *

In U.S. dollars unless otherwise indicated.

 

  (1)

Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their 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, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. 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”). Base lending rates may be subject to a floor, or minimum rate.

 

 

  42   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Portfolio of Investments (Unaudited) — continued

 

 

  (2)

Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description.

 

  (3)

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

 

  (4)

The stated interest rate represents the weighted average interest rate at April 30, 2019 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

 

  (5)

This Senior Loan will settle after April 30, 2019, at which time the interest rate will be determined.

 

  (6)

Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

  (7)

Amount is less than 0.05%.

 

  (8)

Fixed-rate loan.

 

  (9)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2019, the aggregate value of these securities is $471,140,941 or 4.9% of the Portfolio’s net assets.

 

(10)

Variable rate security. The stated interest rate represents the rate in effect at April 30, 2019.

 

(11)

Affiliated company (see Note 9).

 

(12)

Non-income producing security.

 

(13)

Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

 

(14)

Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2019.

 

 

Forward Foreign Currency Exchange Contracts  
Currency Purchased     Currency Sold     Counterparty   Settlement
Date
    Unrealized
Appreciation
    Unrealized
(Depreciation)
 
USD     10,647,198     CAD     13,970,881     HSBC Bank USA, N.A.     5/31/19     $ 211,028     $  
USD     183,822,418     EUR     160,133,822     State Street Bank and Trust Company     5/31/19       3,780,753        
USD     4,831,721     EUR     4,244,719     State Street Bank and Trust Company     5/31/19       59,298        
GBP     4,000,000     USD     5,234,933     State Street Bank and Trust Company     6/28/19             (3,123
USD     197,407,793     EUR     174,165,418     HSBC Bank USA, N.A.     6/28/19       1,111,554        
USD     42,866,067     EUR     38,040,750     HSBC Bank USA, N.A.     6/28/19             (8,439
USD     2,275,776     EUR     2,002,500     JPMorgan Chase Bank, N.A.     6/28/19       18,823        
USD     152,421,593     EUR     135,605,796     Goldman Sachs International     7/31/19             (839,841
USD     74,120,199     GBP     57,096,351     State Street Bank and Trust Company     7/31/19             (680,189
      $ 5,181,456     $ (1,531,592

Abbreviations:

 

CIDOR     Canada Three Month Interbank Rate
DIP     Debtor In Possession
EURIBOR     Euro Interbank Offered Rate
LIBOR     London Interbank Offered Rate
PIK     Payment In Kind

Currency Abbreviations:

 

CAD     Canadian Dollar
EUR             Euro
GBP     British Pound Sterling
USD     United States Dollar

 

  43   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets    April 30, 2019  

Investments —

  

Unaffiliated investments, at value (identified cost, $9,457,366,982)

   $ 9,259,886,671  

Affiliated investment fund, at value (identified cost, $368,673,115)

     368,675,783  

Affiliated companies, at value (identified cost, $2,345,408)

     27,492,579  

Total Investments, at value (identified cost, $9,828,385,505)

   $ 9,656,055,033  

Cash

   $ 35,604,888  

Deposits for derivatives collateral — forward foreign currency exchange contracts

     3,940,016  

Foreign currency, at value (identified cost, $534,267)

     533,512  

Interest receivable

     27,317,206  

Dividends receivable from affiliated investment fund

     625,667  

Receivable for investments sold

     24,647,114  

Receivable for open forward foreign currency exchange contracts

     5,181,456  

Prepaid expenses

     1,730,190  

Total assets

   $ 9,755,635,082  
Liabilities

 

Cash collateral due to brokers

   $ 3,940,016  

Payable for investments purchased

     210,573,149  

Payable for open forward foreign currency exchange contracts

     1,531,592  

Payable to affiliates:

  

Investment adviser fee

     3,836,816  

Trustees’ fees

     9,087  

Accrued expenses

     1,544,111  

Total liabilities

   $ 221,434,771  

Commitments and contingencies (Note 11)

        

Net Assets applicable to investors’ interest in Portfolio

   $ 9,534,200,311  

 

  44   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Statement of Operations (Unaudited)

 

 

Investment Income   

Six Months Ended

April 30, 2019

 

Interest and other income

   $ 276,872,657  

Dividends

     4,199,935  

Dividends from affiliated investment fund

     4,878,888  

Total investment income

   $ 285,951,480  
Expenses

 

Investment adviser fee

   $ 24,592,001  

Trustees’ fees and expenses

     54,878  

Custodian fee

     1,136,481  

Legal and accounting services

     544,382  

Interest expense and fees

     1,533,846  

Miscellaneous

     201,182  

Total expenses

   $ 28,062,770  

Net investment income

   $ 257,888,710  
Realized and Unrealized Gain (Loss)

 

Net realized gain (loss) —

 

Investment transactions

   $ (65,490,910

Investment transactions — affiliated investment fund

     (15,739

Foreign currency transactions

     1,631,890  

Forward foreign currency exchange contracts

     27,342,847  

Net realized loss

   $ (36,531,912

Change in unrealized appreciation (depreciation) —

 

Investments

   $ (83,760,955 )(1) 

Investments — affiliated investment fund

     83,201  

Foreign currency

     (617,268

Forward foreign currency exchange contracts

     (14,274,115

Net change in unrealized appreciation (depreciation)

   $ (98,569,137

Net realized and unrealized loss

   $ (135,101,049

Net increase in net assets from operations

   $ 122,787,661  

 

(1)  

Includes net change in unrealized appreciation (depreciation) from affiliated companies of $2,029,496 (see Note 9).

 

  45   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets   

Six Months Ended

April 30, 2019

(Unaudited)

    

Year Ended

October 31, 2018

 

From operations —

 

Net investment income

   $ 257,888,710      $ 459,768,237  

Net realized gain (loss)

     (36,531,912      99,520,159  

Net change in unrealized appreciation (depreciation)

     (98,569,137      (50,513,978

Net increase in net assets from operations

   $ 122,787,661      $ 508,774,418  

Capital transactions —

 

Contributions

   $ 120,668,294      $ 1,754,720,809  

Withdrawals

     (2,217,274,983      (561,884,656

Portfolio transaction fee

     5,630,324        4,812,064  

Net increase (decrease) in net assets from capital transactions

   $ (2,090,976,365    $ 1,197,648,217  

Net increase (decrease) in net assets

   $ (1,968,188,704    $ 1,706,422,635  
Net Assets                  

At beginning of period

   $ 11,502,389,015      $ 9,795,966,380  

At end of period

   $ 9,534,200,311      $ 11,502,389,015  

 

  46   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Financial Highlights

 

 

    Six Months Ended
April 30, 2019
(Unaudited)
    Year Ended October 31,  
Ratios/Supplemental Data   2018      2017      2016     2015     2014  
             

Ratios (as a percentage of average daily net assets):

             

Expenses(1)

    0.55 %(2)      0.54      0.56      0.58     0.55     0.52

Net investment income

    5.10 %(2)      4.38      4.07      4.58     4.27     3.89

Portfolio Turnover

    7 %(3)      30      42      27     19     34

Total Return

    1.56 %(3)      5.05      5.69      7.10     0.56     2.23

Net assets, end of period (000’s omitted)

  $ 9,534,200     $ 11,502,389      $ 9,795,966      $ 8,205,738     $ 9,936,014     $ 13,901,215  

 

(1) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

 

(2)

Annualized.

 

(3)

Not annualized.

 

  47   See Notes to Financial Statements.


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

Eaton Vance Floating Rate Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2019, Eaton Vance Floating-Rate Fund, Eaton Vance Floating-Rate & High Income Fund and Eaton Vance Floating-Rate NextShares held an interest of 86.5%, 13.4% and 0.1%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolio based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolio. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolio. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

 

  48  


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of April 30, 2019, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F  Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2019, the Portfolio had sufficient cash and/or securities to cover these commitments.

G  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

J  Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposes a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee is sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the

 

  49  


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may vary over time, is limited to amounts that have been authorized by the Board of Trustees and determined by EVM to be appropriate. The maximum Portfolio transaction fee is 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets.

K  Interim Financial Statements — The interim financial statements relating to April 30, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Portfolio and BMR, the fee is computed at an annual rate of 0.575% of the Portfolio’s average daily net assets up to $1 billion, 0.525% from $1 billion up to $2 billion, 0.490% from $2 billion up to $5 billion, 0.460% from $5 billion up to $10 billion, 0.435% from $10 billion up to $15 billion, 0.415% from $15 billion up to $20 billion, 0.400% from $20 billion up to $25 billion and 0.390% of average daily net assets of $25 billion or more, and is payable monthly. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interests in the Portfolio. For the six months ended April 30, 2019, the Portfolio’s investment adviser fee amounted to $24,592,001 or 0.49% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities and principal repayments on Senior Loans, aggregated $730,517,622 and $2,254,497,009, respectively, for the six months ended April 30, 2019.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2019, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $ 9,829,526,002  

Gross unrealized appreciation

   $ 113,998,031  

Gross unrealized depreciation

     (283,819,136

Net unrealized depreciation

   $ (169,821,105

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2019 is included in the Portfolio of Investments. At April 30, 2019, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

 

  50  


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $1,531,592. At April 30, 2019, there were no assets pledged by the Portfolio for such liability.

The over-the-counter (OTC) derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at April 30, 2019.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2019 was as follows:

 

     Fair Value  
Derivative    Asset Derivative      Liability Derivative  

Forward foreign currency exchange contracts

   $ 5,181,456 (1)     $ (1,531,592 )(2) 

Total Derivatives subject to master netting or similar agreements

   $ 5,181,456      $ (1,531,592

 

(1) 

Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

 

(2) 

Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Portfolio’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liablities as of April 30, 2019.

 

Counterparty    Derivative Assets
Subject to
Master Netting
Agreement
     Derivatives
Available
for Offset
     Non-cash
Collateral
Received
(a)
     Cash
Collateral
Received
(a)
     Net Amount
of Derivative
Assets
(b)
 

HSBC Bank USA, N.A.

   $ 1,322,582      $ (8,439    $ (1,314,143    $         —      $  

JPMorgan Chase Bank, N.A.

     18,823                             18,823  

State Street Bank and Trust Company

     3,840,051        (683,312      (3,156,739              
     $ 5,181,456      $ (691,751    $ (4,470,882    $      $ 18,823  

 

  51  


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

 

Counterparty    Derivative Liabilities
Subject to
Master Netting
Agreement
     Derivatives
Available
for Offset
     Non-cash
Collateral
Pledged
(a)
     Cash
Collateral
Pledged
(a)
     Net Amount
of Derivative
Liabilities
(c)
 

Goldman Sachs International

   $ (839,841    $      $         —      $         —      $ (839,841

HSBC Bank USA, N.A.

     (8,439      8,439                       

State Street Bank and Trust Company

     (683,312      683,312                       
     $ (1,531,592    $ 691,751      $      $      $ (839,841

 

(a) 

In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

 

(b) 

Net amount represents the net amount due from the counterparty in the event of default.

 

(c) 

Net amount represents the net amount payable to the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2019 was as follows:

 

Derivative    Realized Gain (Loss)
on Derivatives Recognized
in Income
(1)
     Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in  Income
(2)
 

Forward foreign currency exchange contracts

   $ 27,342,847      $ (14,274,115

 

(1) 

Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

 

(2) 

Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended April 30, 2019, which is indicative of the volume of this derivative type, was approximately $765,871,000.

6  Credit Facility

The Portfolio participates with another portfolio and fund managed by EVM and its affiliates in a $875 million unsecured credit facility with a group of banks, which is in effect through March 9, 2020. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is payable on amounts borrowed overnight at the Federal Funds rate plus a margin and for all other amounts borrowed for longer periods at a base rate or LIBOR, plus a margin. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of each lender’s commitment amount is allocated among the participating portfolios and fund at the end of each quarter. Also included in interest expense and fees on the Statement of Operations is approximately $638,000 of amortization of upfront fees paid by the Portfolio in connection with the annual renewal of the Agreement. The unamortized balance of upfront fees at April 30, 2019 is $1,043,747 and is included in prepaid expenses in the Statement of Assets and Liabilities. Because the credit facility is not available exclusively to the Portfolio and the maximum amount is capped, it may be unable to borrow some or all of a requested amount at any particular time. The Portfolio did not have any significant borrowings during the six months ended April 30, 2019.

7  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

 

  52  


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

8  Credit Risk

The Portfolio invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.

9  Investments in Affiliated Companies

An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund. At April 30, 2019, the value of the Portfolio’s investment in affiliated companies was $27,492,579, which represents 0.29% of the Portfolio’s net assets. Transactions in affiliated companies by the Portfolio for the six months ended April 30, 2019 were as follows:

 

Name of
affiliated
company
  Shares,
beginning of
period
     Gross
additions
     Gross
reductions
     Shares,
end of period
    

Value,

end of period

     Dividend
income
     Net realized
gain (loss)
    

Change in
unrealized

appreciation

(depreciation)

 

Common Stock*

                      

IAP Global Services, LLC(1)(2)(3)

    2,577                      2,577      $ 27,492,579      $         —      $         —      $ 2,029,496  

 

*

The related industry is the same as the presentation in the Portfolio of Investments.

 

(1) 

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

 

(2) 

Non-income producing security.

 

(3) 

Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

10  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

 

Level 1 – quoted prices in active markets for identical investments

 

 

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

 

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

  53  


Eaton Vance

Floating Rate Portfolio

April 30, 2019

 

Notes to Financial Statements (Unaudited) — continued

 

 

At April 30, 2019, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3*      Total  

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)

   $      $ 8,588,538,610      $ 29,668,581      $ 8,618,207,191  

Corporate Bonds & Notes

            278,478,013               278,478,013  

Asset-Backed Securities

            263,526,666               263,526,666  

Common Stocks

     9,993,271        26,914,025        89,442,886        126,350,182  

Miscellaneous

            817,198               817,198  

Short-Term Investments

            368,675,783               368,675,783  

Total Investments

   $ 9,993,271      $ 9,526,950,295      $ 119,111,467      $ 9,656,055,033  

Forward Foreign Currency Exchange Contracts

   $      $ 5,181,456      $      $ 5,181,456  

Total

   $ 9,993,271      $ 9,532,131,751      $ 119,111,467      $ 9,661,236,489  

Liability Description

 

                          

Forward Foreign Currency Exchange Contracts

   $      $ (1,531,592    $      $ (1,531,592

Total

   $      $ (1,531,592    $      $ (1,531,592

 

*

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2019 is not presented.

11  Legal Proceedings

In May 2015, the Portfolio was served with an amended complaint filed in an adversary proceeding in the United States Bankruptcy Court for the Southern District of New York. The adversary proceeding was filed by the Motors Liquidation Company Avoidance Action Trust (“AAT”) against the former holders of a $1.5 billion term loan issued by General Motors Corp. (“GM”) in 2006 (the “Term Loan Lenders”) who received a full repayment of the term loan pursuant to a court order in the GM bankruptcy proceeding. The court order was made with the understanding that the term loan was fully secured at the time of GM’s bankruptcy filing in June 2009. The AAT is seeking (1) a determination from the Bankruptcy Court that the security interest held by the Term Loan Lenders was not perfected at the time GM filed for Chapter 11 Bankruptcy protection and thus the Term Loan Lenders should have been treated in the same manner as GM’s unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GM’s filing for Chapter 11 Bankruptcy protection, and (3) disgorgement of the $1.5 billion term loan repayment that was made to the Term Loan Lenders. The value of the payment received under the term loan agreement by the Portfolio is approximately $10,668,000 (equal to 0.11% of net assets at April 30, 2019). In April 2019, the parties to the litigation reached a settlement agreement in principle, subject to Court approval. The Portfolio does not anticipate that it will suffer any loss to the Portfolio’s net asset value as a result of the settlement. The attorneys’ fees and costs related to these actions are expensed by the Portfolio as incurred.

 

  54  


Eaton Vance

Floating-Rate Fund

April 30, 2019

 

Board of Trustees’ Contract Approval

 

 

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.

Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

 

 

A report from an independent data provider comparing advisory and related fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

 

 

A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

 

 

A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

 

 

Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

 

 

Comparative information concerning the fees charged and services provided by the adviser and sub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

 

 

Profitability analyses with respect to the adviser and sub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

 

 

Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

 

 

The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

 

 

Information about the policies and practices of each fund’s adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

 

 

Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

 

 

Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

 

 

Reports detailing the financial results and condition of the adviser and sub-adviser (where applicable) to each fund;

 

 

Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

 

 

The Code of Ethics of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

 

 

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

 

 

Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

 

 

Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any;

 

  55  


Eaton Vance

Floating-Rate Fund

April 30, 2019

 

Board of Trustees’ Contract Approval — continued

 

 

 

 

A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

 

 

Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

 

 

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the adviser or administrator to each of the funds; and

 

 

The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Floating Rate Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Floating-Rate Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio, including recent changes to such personnel. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. The Board considered the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Portfolio, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

 

  56  


Eaton Vance

Floating-Rate Fund

April 30, 2019

 

Board of Trustees’ Contract Approval — continued

 

 

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Portfolio and other types of accounts. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

 

  57  


Eaton Vance

Floating-Rate Fund

April 30, 2019

 

Officers and Trustees

 

 

Officers of Eaton Vance Floating-Rate Fund

 

 

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

 

 

Officers of Eaton Vance Floating Rate Portfolio

 

 

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

 

 

Trustees of Eaton Vance Floating-Rate Fund and Eaton Vance Floating Rate Portfolio

 

 

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton(1)

Marcus L. Smith(1)

Susan J. Sutherland

Scott E. Wennerholm

 

 

*

Interested Trustee

 

(1) 

Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

 

  58  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 

 

Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

 

 

None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

 

 

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

 

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

 

  59  


This Page Intentionally Left Blank


Investment Adviser of Eaton Vance Floating Rate Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Floating-Rate Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

 
*

FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.


LOGO

 

LOGO

7718    4.30.19


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.


Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. 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 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 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

 

(a)(1)    Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)    Treasurer’s Section 302 certification.
(a)(2)(ii)    President’s Section 302 certification.
(b)    Combined Section 906 certification.

 


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 Floating Rate Portfolio

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   June 24, 2019

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/ James F. Kirchner

  James F. Kirchner
  Treasurer
Date:   June 24, 2019
By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   June 24, 2019