Eaton Vance Floating Rate Portfolio NCSRS Certified semi-annual shareholder report (management investment company)

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

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, 2013

Date of Reporting Period

Item 1. Reports to Stockholders

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited)


Senior Floating-Rate Interests — 93.2%⁽¹⁾


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value


Aerospace and Defense — 1.8%
Booz Allen Hamilton Inc.
Term Loan, 4.50%, Maturing July 31, 2019		14,925	$	15,145,143
DAE Aviation Holdings, Inc.
Term Loan, 6.25%, Maturing October 29, 2018		7,719		7,801,254
Term Loan, 6.25%, Maturing November 2, 2018		3,499		3,536,569
Ducommun Incorporated
Term Loan, 4.75%, Maturing June 27, 2017		5,517		5,633,739
Hawker Beechcraft Acquisition Company LLC
Term Loan, 5.75%, Maturing February 14, 2020		19,525		19,581,954
IAP Worldwide Services, Inc.
Term Loan, 10.00%, Maturing December 31, 2015		28,524		22,248,746
Sequa Corporation
Term Loan, 5.25%, Maturing June 19, 2017		20,449		20,789,569
Silver II US Holdings, LLC
Term Loan, 4.00%, Maturing December 13, 2019		91,074		91,903,851
TASC, Inc.
Term Loan, 4.50%, Maturing December 18, 2015		11,403		11,474,477
Transdigm, Inc.
Term Loan, 3.75%, Maturing February 28, 2020		35,012		35,571,816
Wyle Services Corporation
Term Loan, 5.00%, Maturing March 27, 2017		4,472		4,507,921

			$	238,195,039


Air Transport — 0.1%
Evergreen International Aviation, Inc.
Term Loan, 0.00%, Maturing June 30, 2015⁽²⁾		10,924	$	10,746,166

			$	10,746,166


Automotive — 4.1%
Affinia Group Intermediate Holdings Inc.
Term Loan, 4.75%, Maturing April 30, 2020		8,550	$	8,667,563
Allison Transmission, Inc.
Term Loan, 3.21%, Maturing August 7, 2017		22,452		22,560,081
Term Loan, 4.25%, Maturing August 23, 2019		43,082		43,782,343
Autoparts Holdings Limited
Term Loan, 6.50%, Maturing July 28, 2017		7,818		7,932,371
Capital Automotive L.P.
Term Loan, Maturing March 27, 2019⁽³⁾		9,500		9,590,544
Chrysler Group LLC
Term Loan, 6.00%, Maturing May 24, 2017		106,931		108,742,393
Federal-Mogul Corporation
Term Loan, 2.14%, Maturing December 29, 2014		42,136		40,037,520
Term Loan, 2.14%, Maturing December 28, 2015		34,329		32,619,662


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Automotive (continued)
Ford Motor Company
Revolving Loan, 0.25%, Maturing November 30, 2015⁽⁴⁾			4,852	$	4,676,506
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 4.75%, Maturing April 30, 2019			73,325		74,226,018
HHI Holdings LLC
Term Loan, 5.00%, Maturing October 5, 2018			29,360		29,689,808
Metaldyne Company LLC
Term Loan, 5.00%, Maturing December 18, 2018			15,661		15,993,541
Term Loan, 6.50%, Maturing December 18, 2018	EUR		5,486		7,279,308
Remy International, Inc.
Term Loan, 4.25%, Maturing March 5, 2020			5,248		5,267,799
SRAM, LLC
Term Loan, 4.00%, Maturing June 7, 2018			41,346		41,316,487
Tomkins LLC
Term Loan, 3.75%, Maturing September 29, 2016			23,421		23,802,022
Tower International Inc.
Term Loan, 5.75%, Maturing April 16, 2020			12,500		12,718,750
TriMas Corporation
Term Loan, 3.75%, Maturing October 10, 2019			9,726		9,811,229
UCI International, Inc.
Term Loan, 5.50%, Maturing July 26, 2017			3,377		3,412,491
Veyance Technologies, Inc.
Term Loan, 5.25%, Maturing September 8, 2017			44,925		45,308,749

				$	547,435,185


Beverage and Tobacco — 0.1%
Constellation Brands, Inc.
Term Loan, Maturing April 25, 2020⁽³⁾			12,675	$	12,704,051

				$	12,704,051


Building and Development — 1.0%
ABC Supply Co., Inc.
Term Loan, 3.50%, Maturing April 20, 2020			22,175	$	22,380,496
Armstrong World Industries, Inc.
Term Loan, 3.50%, Maturing March 16, 2020			13,050		13,128,848
Preferred Proppants, LLC
Term Loan, 9.00%, Maturing December 15, 2016			8,468		8,044,422
RE/MAX International, Inc.
Term Loan, 5.50%, Maturing April 15, 2016			15,585		15,819,136
Realogy Corporation
Term Loan, 6.20%, Maturing October 10, 2013			2,244		2,244,035
Term Loan, 4.45%, Maturing October 10, 2016			600		600,186
Term Loan, 4.50%, Maturing March 5, 2020			20,430		20,708,746


		18		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Building and Development (continued)
Starwood Property Trust, Inc.
Term Loan, 3.50%, Maturing February 11, 2020			6,250	$	6,281,250
Summit Materials Companies I, LLC
Term Loan, 5.00%, Maturing January 30, 2019			8,452		8,539,404
The Woodlands Land Development Company L.P.
Term Loan, 5.00%, Maturing March 7, 2014			17,407		17,146,296
Tishman Speyer U.S. Office, Inc.
Term Loan, 5.20%, Maturing January 8, 2014			13,475		13,628,615

				$	128,521,434


Business Equipment and Services — 8.7%
ACCO Brands Corporation
Term Loan, 4.25%, Maturing April 30, 2019			3,322	$	3,346,949
Acosta, Inc.
Term Loan, 5.00%, Maturing March 2, 2018			32,615		33,155,304
Advantage Sales & Marketing, Inc.
Term Loan, 4.25%, Maturing December 18, 2017			44,703		45,290,153
Affinion Group, Inc.
Term Loan, 6.50%, Maturing October 10, 2016			40,732		40,135,646
Allied Security Holdings, LLC
Term Loan, 5.25%, Maturing February 3, 2017			16,615		16,770,302
Altegrity, Inc.
Term Loan, 7.75%, Maturing February 20, 2015			4,678		4,738,128
Term Loan, 5.00%, Maturing February 21, 2015			30,020		29,870,219
Altisource Solutions S.a.r.l.
Term Loan, 5.75%, Maturing November 27, 2019			9,426		9,567,771
Audio Visual Services Group, Inc.
Term Loan, 6.75%, Maturing November 9, 2018			12,536		12,787,216
BAR/BRI Review Courses, Inc.
Term Loan, 6.00%, Maturing June 16, 2017			5,893		5,907,612
Brand Energy & Infrastructure Services, Inc.
Term Loan, 6.25%, Maturing October 23, 2018			1,810		1,839,675
Term Loan, 6.25%, Maturing October 23, 2018			7,543		7,665,311
Brickman Group Holdings Inc.
Term Loan, 5.50%, Maturing October 14, 2016			11,475		11,618,720
Brock Holdings III, Inc.
Term Loan, 6.01%, Maturing March 16, 2017			15,994		16,213,768
Catalina Marketing Corporation
Term Loan, 2.95%, Maturing October 1, 2014			5,782		5,812,704
CDW LLC
Term Loan, 3.50%, Maturing April 29, 2020			36,550		36,719,044
ClientLogic Corporation
Term Loan, 6.87%, Maturing January 30, 2017	EUR		2,912		3,642,820
Term Loan, 7.03%, Maturing January 30, 2017			9,682		9,609,732


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Business Equipment and Services (continued)
Corporate Executive Board Company, The
Term Loan, 5.00%, Maturing July 2, 2019			5,636	$	5,685,189
CPM Acquisition Corp.
Term Loan, 6.25%, Maturing August 29, 2017			7,842		7,920,278
Crossmark Holdings, Inc.
Term Loan, 4.50%, Maturing December 20, 2019			30,923		30,993,374
DynCorp International LLC
Term Loan, 6.25%, Maturing July 7, 2016			10,663		10,752,886
Education Management LLC
Term Loan, 4.31%, Maturing June 1, 2016			1,152		961,316
Term Loan, 8.25%, Maturing March 29, 2018			24,334		21,126,769
EIG Investors Corp.
Term Loan, 6.25%, Maturing November 8, 2019			23,092		23,294,181
Term Loan - Second Lien, 10.25%, Maturing May 8, 2020			6,725		6,758,625
Expert Global Solutions, Inc.
Term Loan, 8.50%, Maturing April 3, 2018			27,057		27,473,660
Garda World Security Corp.
Term Loan, 4.50%, Maturing November 13, 2019			4,204		4,277,443
Genesys Telecom Holdings, U.S., Inc.
Term Loan, 4.00%, Maturing February 7, 2020			22,742		22,969,526
Genpact International, Inc.
Term Loan, 4.25%, Maturing August 30, 2019			25,721		26,154,788
Go Daddy Operating Company, LLC
Term Loan, 4.25%, Maturing December 17, 2018			48,707		49,064,842
IG Investment Holdings, LLC
Term Loan, 6.00%, Maturing October 31, 2019			8,828		8,932,706
IMS Health Incorporated
Term Loan, 3.75%, Maturing September 1, 2017			38,206		38,563,889
Term Loan, 4.25%, Maturing September 1, 2017	EUR		38,544		51,078,201
KAR Auction Services, Inc.
Term Loan, 3.75%, Maturing May 19, 2017			25,112		25,481,140
Kronos Incorporated
Term Loan, 4.50%, Maturing October 30, 2019			39,775		40,272,504
Term Loan - Second Lien, 9.75%, Maturing April 30, 2020			13,275		14,054,906
Language Line, LLC
Term Loan, 6.25%, Maturing June 20, 2016			23,706		23,468,926
Meritas LLC
Term Loan, 7.50%, Maturing July 28, 2017			11,235		11,234,533
Mitchell International, Inc.
Term Loan, 3.81%, Maturing March 28, 2016			1,846		1,848,495
Term Loan - Second Lien, 5.56%, Maturing March 30, 2015			1,500		1,517,250


		19		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Business Equipment and Services (continued)
Monitronics International Inc.
Term Loan, 4.25%, Maturing March 23, 2018			20,293	$	20,622,986
National CineMedia, LLC
Term Loan, 3.45%, Maturing November 23, 2019			5,658		5,700,192
Quintiles Transnational Corp.
Term Loan, 4.50%, Maturing June 8, 2018			5,378		5,451,960
Term Loan, 4.50%, Maturing June 8, 2018			68,140		69,105,279
Renaissance Learning, Inc.
Term Loan, 5.75%, Maturing November 13, 2018			13,557		13,743,282
Sabre, Inc.
Term Loan, 5.25%, Maturing February 19, 2019			19,526		19,843,263
Sensus USA Inc.
Term Loan, 4.75%, Maturing May 9, 2017			1,949		1,957,638
Softlayer Technologies, Inc.
Term Loan, 7.25%, Maturing November 5, 2016			11,296		11,380,805
SunGard Data Systems, Inc.
Term Loan, 3.95%, Maturing February 28, 2017			14,691		14,798,459
Term Loan, 4.50%, Maturing January 31, 2020			10,783		10,950,132
Term Loan, 4.00%, Maturing March 8, 2020			93,743		95,061,457
SymphonyIRI Group, Inc.
Term Loan, 4.50%, Maturing December 1, 2017			9,370		9,487,584
Trans Union, LLC
Term Loan, 4.25%, Maturing February 10, 2019			32,804		33,264,917
Travelport LLC
Term Loan, 3.03%, Maturing August 23, 2013			154		153,093
Term Loan, 4.88%, Maturing August 21, 2015	EUR		1,481		1,930,299
Term Loan, 5.03%, Maturing August 21, 2015			10,699		10,698,158
Term Loan, 5.53%, Maturing August 21, 2015			5,903		5,901,795
Term Loan, 5.53%, Maturing August 21, 2015			13,495		13,493,080
U.S. Security Holdings, Inc.
Term Loan, 6.00%, Maturing July 28, 2017			1,602		1,618,614
Term Loan, 6.00%, Maturing July 28, 2017			8,183		8,269,587
WASH Multifamily Laundry Systems, LLC
Term Loan, 5.25%, Maturing February 21, 2019			5,900		5,973,750
Term Loan, 6.00%, Maturing February 21, 2019	CAD		5,000		5,025,063
West Corporation
Term Loan, 4.25%, Maturing June 29, 2018			54,762		55,712,817

				$	1,168,720,711


Cable and Satellite Television — 4.8%
Atlantic Broadband Finance, LLC
Term Loan, 4.50%, Maturing December 2, 2019			11,697	$	11,902,190
BBHI Acquisition LLC
Term Loan, 4.50%, Maturing December 14, 2017			4,547		4,577,412


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Cable and Satellite Television (continued)
Bragg Communications Incorporated
Term Loan, 3.50%, Maturing February 28, 2018			7,203	$	7,310,538
Cequel Communications, LLC
Term Loan, 3.50%, Maturing February 14, 2019			62,922		63,462,701
Charter Communications Operating, LLC
Term Loan, 3.45%, Maturing September 6, 2016			6,625		6,651,095
Term Loan, 4.00%, Maturing May 15, 2019			10,915		10,957,951
Term Loan, Maturing April 10, 2020⁽³⁾			21,100		21,082,972
Term Loan, Maturing January 19, 2021⁽³⁾			10,525		10,535,967
Crown Media Holdings, Inc.
Term Loan, 4.00%, Maturing July 14, 2018			10,203		10,263,275
CSC Holdings, Inc.
Term Loan, 2.70%, Maturing April 15, 2020			51,475		51,442,828
ION Media Networks, Inc.
Revolving Loan, 0.50%, Maturing January 22, 2018⁽⁴⁾			5,500		4,801,500
Term Loan, 7.25%, Maturing July 31, 2018			13,324		13,523,987
Kabel Deutschland GmbH
Term Loan, 3.25%, Maturing February 1, 2019			18,075		18,203,025
Term Loan, 2.84%, Maturing April 17, 2020	EUR		10,800		14,288,847
Term Loan, Maturing June 30, 2020⁽³⁾	EUR		3,000		3,969,784
Lavena Holdings 4 GmbH
Term Loan, 2.62%, Maturing March 6, 2015	EUR		17,822		23,392,055
Term Loan, 3.00%, Maturing March 4, 2016	EUR		17,822		23,392,055
MCC Iowa LLC
Term Loan, 1.93%, Maturing January 30, 2015			7,380		7,389,463
Term Loan, 1.93%, Maturing January 30, 2015			7,500		7,509,375
Mediacom Broadband LLC
Term Loan, 4.50%, Maturing October 23, 2017			9,992		10,100,686
Mediacom Illinois, LLC
Term Loan, 1.68%, Maturing January 30, 2015			18,647		18,662,508
Term Loan, 4.50%, Maturing October 23, 2017			10,222		10,297,607
P7S1 Broadcasting Holding II B.V.
Term Loan, 2.71%, Maturing July 1, 2016	EUR		3,546		4,667,557
UPC Financing Partnership
Term Loan, 4.00%, Maturing January 29, 2021			9,250		9,354,063
Term Loan, 3.87%, Maturing March 26, 2021	EUR		71,790		95,290,106
Term Loan, 3.25%, Maturing June 30, 2021			21,354		21,334,150
Virgin Media Investment Holdings Limited
Term Loan, Maturing February 15, 2020⁽³⁾	GBP		27,575		43,377,950
Term Loan, Maturing February 17, 2020⁽³⁾			73,025		73,121,977
WaveDivision Holdings, LLC
Term Loan, 4.00%, Maturing October 15, 2019			7,207		7,291,583
YPSO Holding SA
Term Loan, Maturing June 16, 2014⁽³⁾	EUR		121		159,922


		20		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Cable and Satellite Television (continued)
YPSO Holding SA (continued)
Term Loan, Maturing June 16, 2014⁽³⁾	EUR		310	$	408,142
Term Loan, Maturing June 16, 2014⁽³⁾	EUR		1,358		1,787,840
Term Loan, Maturing December 31, 2015⁽³⁾	EUR		3,849		5,062,327
Term Loan, Maturing December 31, 2015⁽³⁾	EUR		7,602		9,999,329
Term Loan, 4.87%, Maturing June 6, 2016	EUR		5,595		7,401,075
Term Loan, 4.87%, Maturing June 6, 2016	EUR		6,711		8,877,124
Term Loan, Maturing June 6, 2016⁽³⁾	EUR		407		537,732

				$	642,388,698


Chemicals and Plastics — 2.9%
AI Chemical & Cy S.C.A.
Term Loan, 4.75%, Maturing August 31, 2019	EUR		4,475	$	5,967,020
Term Loan, 4.50%, Maturing October 3, 2019			3,245		3,291,927
Term Loan, 4.50%, Maturing October 3, 2019			6,255		6,344,636
AZ Chem US Inc.
Term Loan, 5.25%, Maturing December 22, 2017			14,606		14,898,357
Celanese U.S. Holdings LLC
Term Loan, 2.87%, Maturing October 31, 2016	EUR		664		878,939
Chemtura Corporation
Term Loan, 5.50%, Maturing August 27, 2016			10,918		11,095,081
Eagle Spinco Inc.
Term Loan, 3.50%, Maturing January 27, 2017			3,986		4,065,771
Emerald Performance Materials, LLC
Term Loan, 6.75%, Maturing May 18, 2018			8,910		8,977,010
General Chemical Corporation
Term Loan, 5.00%, Maturing October 6, 2015			3,723		3,772,111
Huntsman International, LLC
Term Loan, 2.47%, Maturing June 30, 2016			2,285		2,299,072
Term Loan, 2.74%, Maturing April 19, 2017			16,358		16,468,580
Ineos Finance PLC
Term Loan, 6.75%, Maturing May 4, 2018	EUR		1,810		2,422,840
Ineos US Finance LLC
Term Loan, 6.50%, Maturing May 4, 2018			50,047		50,765,951
Milacron LLC
Term Loan, 4.25%, Maturing March 28, 2020			9,925		10,017,968
OEP Pearl Dutch Acquisition B.V.
Term Loan, 6.50%, Maturing March 30, 2018			1,119		1,141,061
Omnova Solutions Inc.
Term Loan, 4.25%, Maturing May 31, 2018			9,961		10,097,652
PQ Corporation
Term Loan, 4.50%, Maturing August 7, 2017			40,649		41,179,191
Sonneborn LLC
Term Loan, 6.50%, Maturing March 30, 2018			6,343		6,466,012


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Chemicals and Plastics (continued)
Taminco NV
Term Loan, 4.25%, Maturing February 15, 2019			4,505	$	4,563,708
Tronox Pigments (Netherlands) B.V.
Term Loan, 4.50%, Maturing February 8, 2018			38,425		39,061,433
U.S. Coatings Acquisition Inc.
Term Loan, 4.75%, Maturing February 3, 2020			71,450		72,462,232
Term Loan, 5.25%, Maturing February 3, 2020	EUR		4,000		5,342,115
Univar Inc.
Term Loan, 5.00%, Maturing June 30, 2017			62,832		63,307,168

				$	384,885,835


Clothing / Textiles — 0.1%
Wolverine Worldwide, Inc.
Term Loan, 4.00%, Maturing July 31, 2019			6,919	$	7,014,344

				$	7,014,344


Conglomerates — 1.5%
ISS Holdings A/S
Term Loan, Maturing March 15, 2018⁽³⁾			7,200	$	7,279,502
Jason Incorporated
Term Loan, 5.00%, Maturing February 28, 2019			8,925		8,969,625
Rexnord LLC
Term Loan, 3.75%, Maturing April 2, 2018			38,151		38,587,823
RGIS Services, LLC
Term Loan, 4.53%, Maturing October 18, 2016			18,757		18,921,096
Term Loan, 5.50%, Maturing October 18, 2017			16,139		16,391,661
Rocket Software, Inc.
Term Loan, 5.75%, Maturing February 8, 2018			8,382		8,445,277
Term Loan - Second Lien, 10.25%, Maturing February 8, 2019			4,250		4,251,772
Spectrum Brands, Inc.
Term Loan, 4.50%, Maturing December 17, 2019			46,627		47,414,107
Term Loan, 5.03%, Maturing December 17, 2019	CAD		10,324		10,298,944
Walter Energy, Inc.
Term Loan, 5.75%, Maturing April 2, 2018			34,182		34,737,311

				$	195,297,118


Containers and Glass Products — 1.3%
Berry Plastics Holding Corporation
Term Loan, 2.20%, Maturing April 3, 2015			24,038	$	24,199,556
Term Loan, 3.50%, Maturing February 7, 2020			46,790		46,812,740
BWAY Corporation
Term Loan, 4.50%, Maturing August 7, 2017			30,548		31,006,664


		21		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Containers and Glass Products (continued)
Pelican Products, Inc.
Term Loan, 7.00%, Maturing July 11, 2018			3,377	$	3,419,200
Reynolds Group Holdings Inc.
Term Loan, 4.75%, Maturing September 28, 2018			53,208		54,181,537
Sealed Air Corporation
Term Loan, 4.00%, Maturing October 3, 2018			1,032		1,049,863
Term Loan, 4.50%, Maturing October 3, 2018	EUR		737		988,151
TricorBraun, Inc.
Term Loan, 5.50%, Maturing May 3, 2018			7,055		7,117,085

				$	168,774,796


Cosmetics / Toiletries — 0.6%
Bausch & Lomb, Inc.
Term Loan, 5.25%, Maturing May 17, 2019			34,886	$	35,175,269
Prestige Brands, Inc.
Term Loan, 3.75%, Maturing January 31, 2019			6,158		6,264,364
Revlon, Inc.
Term Loan, 4.00%, Maturing November 20, 2017			5,500		5,591,097
Sun Products Corporation (The)
Term Loan, 5.50%, Maturing March 23, 2020			39,150		39,590,437

				$	86,621,167


Drugs — 0.6%
Aptalis Pharma, Inc.
Term Loan, 5.50%, Maturing February 10, 2017			6,456	$	6,540,921
Term Loan, 5.50%, Maturing February 10, 2017			25,156		25,399,502
Par Pharmaceutical Companies, Inc.
Term Loan, 4.25%, Maturing September 30, 2019			14,860		15,014,365
Warner Chilcott Company, LLC
Term Loan, 3.75%, Maturing March 17, 2016			240		242,072
Term Loan, 4.25%, Maturing March 15, 2018			4,089		4,155,865
Warner Chilcott Corporation
Term Loan, 4.25%, Maturing March 15, 2018			5,023		5,105,348
Term Loan, 4.25%, Maturing March 15, 2018			11,539		11,728,154
WC Luxco S.a.r.l.
Term Loan, 4.25%, Maturing March 15, 2018			9,093		9,241,923

				$	77,428,150


Ecological Services and Equipment — 0.5%
ADS Waste Holdings, Inc.
Term Loan, 4.25%, Maturing October 9, 2019			58,803	$	59,598,695
Envirotest Systems Holding Corp.
Term Loan - Second Lien, 15.50%, Maturing March 31, 2017⁽⁵⁾			41		42,725


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value


Ecological Services and Equipment (continued)
Progressive Waste Solutions Ltd.
Term Loan, 3.50%, Maturing October 24, 2019		5,860	$	5,939,063

			$	65,580,483


Electronics / Electrical — 6.3%
Aeroflex Incorporated
Term Loan, 5.75%, Maturing May 9, 2018		23,228	$	23,598,448
Aspect Software, Inc.
Term Loan, 7.00%, Maturing May 6, 2016		23,351		23,745,333
Attachmate Corporation
Term Loan, 7.25%, Maturing November 22, 2017		48,906		49,627,299
Cinedigm Digital Funding I, LLC
Term Loan, 3.75%, Maturing February 28, 2018		8,439		8,491,521
CommScope, Inc.
Term Loan, 3.75%, Maturing January 12, 2018		33,967		34,455,173
CompuCom Systems, Inc.
Term Loan, 6.50%, Maturing October 4, 2018		17,157		17,278,523
CPI International Inc.
Term Loan, 5.00%, Maturing February 13, 2017		10,116		10,116,279
Dealer Computer Services, Inc.
Term Loan, 3.75%, Maturing April 20, 2018		10,429		10,494,578
Dell Inc.
Term Loan, Maturing February 28, 2014⁽³⁾		37,283		37,282,692
Term Loan - Second Lien, Maturing February 5, 2021⁽³⁾		23,317		23,317,308
DG FastChannel, Inc.
Term Loan, 7.25%, Maturing July 26, 2018		20,460		20,268,179
Eagle Parent, Inc.
Term Loan, 4.50%, Maturing May 16, 2018		33,334		33,917,412
Edwards (Cayman Islands II) Limited
Term Loan, 4.75%, Maturing March 26, 2020		30,750		30,922,969
Eze Castle Software Inc.
Term Loan, 5.00%, Maturing February 22, 2020		6,500		6,592,085
Term Loan - Second Lien, 8.75%, Maturing February 22, 2021		3,000		3,069,375
Freescale Semiconductor, Inc.
Term Loan, 5.00%, Maturing March 2, 2020		39,550		40,087,643
Hyland Software, Inc.
Term Loan, 5.50%, Maturing October 25, 2019		3,890		3,924,290
Infor (US), Inc.
Term Loan, 5.25%, Maturing April 5, 2018		91,125		92,757,684
Internet Brands, Inc.
Term Loan, 6.25%, Maturing March 15, 2019		19,125		19,256,484
Lawson Software Inc.
Term Loan, 5.75%, Maturing October 18, 2016		1,700		1,723,907


		22		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value


Electronics / Electrical (continued)
Magic Newco LLC
Term Loan, 7.25%, Maturing December 12, 2018		29,664	$	30,248,460
Microsemi Corporation
Term Loan, 3.75%, Maturing February 19, 2020		18,749		18,990,790
NXP B.V.
Term Loan, 4.50%, Maturing March 3, 2017		15,926		16,318,707
Term Loan, 4.75%, Maturing January 11, 2020		32,903		33,752,534
Rovi Solutions Corporation
Term Loan, 3.50%, Maturing March 29, 2019		12,350		12,458,062
RP Crown Parent, LLC
Term Loan, 6.75%, Maturing December 21, 2018		40,723		41,734,658
Term Loan - Second Lien, 11.25%, Maturing December 20, 2019		7,350		7,809,375
SafeNet Inc.
Term Loan, 2.70%, Maturing April 12, 2014		2,768		2,774,575
Semtech Corporation
Term Loan, 5.50%, Maturing March 20, 2017		2,797		2,823,845
Sensata Technologies Finance Company, LLC
Term Loan, 3.75%, Maturing May 11, 2018		13,849		14,035,125
Serena Software, Inc.
Term Loan, 4.20%, Maturing March 10, 2016		3,010		3,028,752
Term Loan, 5.00%, Maturing March 10, 2016		3,975		4,001,501
Shield Finance Co. S.A.R.L.
Term Loan, 6.50%, Maturing May 10, 2019		14,363		14,560,761
Sirius Computer Solutions, Inc.
Term Loan, 7.00%, Maturing November 30, 2018		10,921		11,084,483
SkillSoft Corporation
Term Loan, 5.00%, Maturing May 26, 2017		8,465		8,633,989
Sophia, L.P.
Term Loan, 4.50%, Maturing July 19, 2018		18,848		19,125,210
Spansion LLC
Term Loan, 5.25%, Maturing December 11, 2018		10,624		10,761,324
SumTotal Systems LLC
Term Loan, 6.25%, Maturing November 16, 2018		17,332		17,591,536
SurveyMonkey.com, LLC
Term Loan, 5.50%, Maturing February 5, 2019		10,150		10,327,625
VeriFone Inc.
Term Loan, 4.25%, Maturing December 28, 2018		4,359		4,378,999
Vertafore, Inc.
Term Loan, 4.25%, Maturing October 2, 2019		15,907		16,066,438
Wall Street Systems, Inc.
Term Loan, 5.75%, Maturing October 24, 2019		20,873		21,133,596
Web.com Group, Inc.
Term Loan, 4.50%, Maturing October 27, 2017		32,929		33,299,198

			$	845,866,725


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value


Equipment Leasing — 0.5%
BakerCorp International, Inc.
Term Loan, 4.25%, Maturing February 14, 2020		18,229	$	18,411,606
Delos Aircraft Inc.
Term Loan, 4.75%, Maturing April 12, 2016		15,050		15,200,500
Flying Fortress Inc.
Term Loan, 3.50%, Maturing June 30, 2017		33,604		33,940,208

			$	67,552,314


Financial Intermediaries — 3.7%
American Capital Holdings, Inc.
Term Loan, 5.50%, Maturing August 22, 2016		11,425	$	11,617,797
Asset Acceptance Capital Corp.
Term Loan, 8.75%, Maturing November 14, 2017		9,972		10,096,564
CB Richard Ellis Services, Inc.
Term Loan, 2.95%, Maturing March 29, 2021		3,500		3,526,250
Citco Funding LLC
Term Loan, 4.25%, Maturing May 23, 2018		29,900		30,012,282
Clipper Acquisitions Corp.
Term Loan, 4.00%, Maturing February 6, 2020		16,534		16,698,898
First Data Corporation
Term Loan, 4.20%, Maturing March 24, 2017		2,000		1,999,376
Term Loan, 4.20%, Maturing March 23, 2018		43,343		43,254,485
Term Loan, 4.20%, Maturing September 24, 2018		38,428		38,332,338
Geo Group, Inc. (The)
Term Loan, 3.25%, Maturing March 31, 2020		2,825		2,851,484
Grosvenor Capital Management Holdings, LLP
Term Loan, 4.25%, Maturing December 5, 2016		11,524		11,480,620
Hamilton Lane Advisors, LLC
Term Loan, 5.25%, Maturing February 23, 2018		5,212		5,251,590
Harbourvest Partners, LLC
Term Loan, 4.75%, Maturing November 21, 2017		12,299		12,390,992
iPayment, Inc.
Term Loan, 5.75%, Maturing May 8, 2017		20,279		20,404,773
LPL Holdings, Inc.
Term Loan, 2.70%, Maturing March 29, 2017		4,227		4,241,239
Term Loan, 4.00%, Maturing March 29, 2019		33,116		33,436,323
Mercury Payment Systems Canada, LLC
Term Loan, 5.50%, Maturing July 3, 2017		12,650		12,934,582
MIP Delaware, LLC
Term Loan, 4.00%, Maturing March 31, 2020		11,229		11,319,930
Moneygram International, Inc
Term Loan, 4.25%, Maturing March 20, 2020		13,775		13,912,750
Nuveen Investments, Inc.
Term Loan, 4.20%, Maturing May 13, 2017		72,765		73,750,352


		23		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Financial Intermediaries (continued)
Ocwen Financial Corporation
Term Loan, 5.00%, Maturing February 15, 2018			43,100	$	43,881,188
Oz Management LP
Term Loan, 1.70%, Maturing November 15, 2016			26,974		25,204,375
RJO Holdings Corp.
Term Loan, 6.20%, Maturing December 10, 2015⁽⁵⁾			63		51,347
Term Loan, 6.95%, Maturing December 10, 2015⁽⁵⁾			1,970		1,545,785
RPI Finance Trust
Term Loan, 3.50%, Maturing May 9, 2018			29,227		29,564,518
Sesac Holdco II, LLC
Term Loan, 6.00%, Maturing February 8, 2019			2,494		2,534,273
Transfirst Holdings, Inc.
Term Loan, 6.25%, Maturing December 27, 2017			5,486		5,547,970
Vantiv, LLC
Term Loan, 3.75%, Maturing March 27, 2019			5,431		5,459,711
Walter Investment Management Corp.
Term Loan, 5.75%, Maturing November 28, 2017			19,831		20,194,317

				$	491,496,109


Food Products — 4.7%
AdvancePierre Foods, Inc.
Term Loan, 5.75%, Maturing July 10, 2017			16,209	$	16,462,647
American Seafoods Group LLC
Term Loan, 4.25%, Maturing March 16, 2018			10,042		9,941,693
Autobar BV (Acorn 3 BV)
Term Loan, 5.32%, Maturing October 31, 2019	EUR		12,250		16,013,326
Blue Buffalo Company, Ltd.
Term Loan, 4.75%, Maturing August 8, 2019			29,393		29,750,935
Clearwater Seafoods Limited Partnership
Term Loan, 6.75%, Maturing June 6, 2018			10,672		10,765,173
Del Monte Foods Company
Term Loan, 4.00%, Maturing March 8, 2018			91,107		91,951,928
Dole Food Company Inc.
Term Loan, Maturing April 1, 2020⁽³⁾			19,800		19,960,875
High Liner Foods Incorporated
Term Loan, 4.75%, Maturing December 31, 2017			12,758		12,917,368
HJ Heinz Co.
Term Loan, Maturing March 27, 2020⁽³⁾			161,050		162,715,901
Iglo Foods Midco Limited
Term Loan, 5.12%, Maturing January 31, 2018	EUR		8,000		10,665,107
JBS USA Holdings Inc.
Term Loan, 3.75%, Maturing May 25, 2018			42,299		42,563,192
Michael Foods Group, Inc.
Term Loan, 4.25%, Maturing February 23, 2018			19,281		19,606,365


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Food Products (continued)
NBTY, Inc.
Term Loan, 3.50%, Maturing October 1, 2017			100,070	$	101,320,917
Pinnacle Foods Finance LLC
Term Loan, 3.25%, Maturing April 29, 2020			65,400		65,808,488
United Biscuits (UK) Limited
Term Loan, 2.37%, Maturing December 15, 2014	EUR		1,588		2,091,893
Term Loan - Second Lien, 4.49%, Maturing June 15, 2016	GBP		4,000		6,211,846
Windsor Quality Food Company Ltd.
Term Loan, 5.00%, Maturing February 16, 2017			14,997		15,137,752

				$	633,885,406


Food Service — 4.6%
Aramark Corporation
Term Loan, 3.70%, Maturing July 26, 2016			3,177	$	3,211,007
Term Loan, 3.70%, Maturing July 26, 2016			12,684		12,806,489
Term Loan, 3.70%, Maturing July 26, 2016			83,932		84,744,197
Term Loan, 3.75%, Maturing July 26, 2016			19,687		19,896,229
Term Loan, 3.78%, Maturing July 26, 2016			950		952,185
Term Loan, 4.00%, Maturing September 9, 2019			36,100		36,626,302
Brasa Holdings, Inc.
Term Loan, 7.50%, Maturing July 19, 2019			4,801		4,860,886
Buffets, Inc.
Term Loan, 0.16%, Maturing April 22, 2015⁽⁵⁾			911		911,457
Term Loan, 10.50%, Maturing July 18, 2017			3,147		3,241,032
Term Loan, 10.50%, Maturing July 19, 2017			1,481		1,525,687
Burger King Corporation
Term Loan, 3.75%, Maturing September 27, 2019			25,124		25,472,970
Centerplate, Inc.
Term Loan, 5.75%, Maturing October 15, 2018			7,594		7,689,305
DineEquity, Inc.
Term Loan, 3.75%, Maturing October 19, 2017			15,489		15,741,185
Dunkin’ Brands, Inc.
Term Loan, 3.75%, Maturing February 14, 2020			59,353		60,057,648
Landry’s, Inc.
Term Loan, 4.75%, Maturing April 24, 2018			48,808		49,570,245
NPC International, Inc.
Term Loan, 4.50%, Maturing December 28, 2018			7,731		7,856,248
OSI Restaurant Partners, LLC
Term Loan, 3.50%, Maturing October 25, 2019			52,160		52,529,334
P.F. Chang’s China Bistro Inc.
Term Loan, 5.25%, Maturing July 2, 2019			9,408		9,595,892
Sagittarius Restaurants, LLC
Term Loan, 7.25%, Maturing October 1, 2018			9,304		9,397,111


		24		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Food Service (continued)
US Foods, Inc.
Term Loan, 5.75%, Maturing March 31, 2017			17,746	$	17,956,745
Term Loan, 5.75%, Maturing March 31, 2017			61,137		62,024,817
Weight Watchers International, Inc.
Term Loan, 3.75%, Maturing April 2, 2020			96,525		96,464,672
Wendy’s International, Inc.
Term Loan, 4.75%, Maturing May 15, 2019			38,024		38,297,399

				$	621,429,042


Food / Drug Retailers — 3.0%
Albertson’s, LLC
Term Loan, 5.75%, Maturing March 21, 2016			24,175	$	24,509,292
Alliance Boots Holdings Limited
Term Loan, 3.49%, Maturing July 9, 2015	GBP		10,000		15,481,725
Term Loan, 3.58%, Maturing July 10, 2017	EUR		22,497		29,695,532
Term Loan, 3.99%, Maturing July 10, 2017	GBP		77,250		120,108,828
General Nutrition Centers, Inc.
Term Loan, 3.75%, Maturing March 2, 2018			72,749		73,567,271
Iceland Foods Group Limited
Term Loan, 4.67%, Maturing April 12, 2019	EUR		7,950		10,628,980
Pantry, Inc. (The)
Term Loan, 5.75%, Maturing August 2, 2019			4,677		4,758,222
Rite Aid Corporation
Term Loan, 4.00%, Maturing February 21, 2020			64,650		65,514,694
Term Loan - Second Lien, 5.75%, Maturing August 21, 2020			26,500		27,548,949
Supervalu Inc.
Term Loan, 6.25%, Maturing March 21, 2019			30,800		31,313,344

				$	403,126,837


Forest Products — 0.1%
Ranpak Corporation
Term Loan, Maturing April 10, 2019⁽³⁾	EUR		3,000	$	4,000,237
Term Loan, Maturing April 23, 2019⁽³⁾			4,500		4,556,250

				$	8,556,487


Health Care — 10.9%
Ahlsell Investco AB (Cidron)
Term Loan, Maturing June 28, 2019⁽³⁾	EUR		2,000	$	2,656,618
Alere, Inc.
Term Loan, 4.25%, Maturing June 30, 2017			5,470		5,555,215
Term Loan, 4.25%, Maturing June 30, 2017			6,814		6,920,215
Term Loan, 4.25%, Maturing June 30, 2017			27,489		27,918,332


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Health Care (continued)
Alkermes, Inc.
Term Loan, 3.50%, Maturing September 18, 2019			20,132	$	20,226,233
Alliance Healthcare Services, Inc.
Term Loan, 7.25%, Maturing June 1, 2016			16,359		16,522,702
Apria Healthcare Group I
Term Loan, 6.75%, Maturing April 5, 2020			8,825		8,851,201
Ardent Medical Services, Inc.
Term Loan, 6.75%, Maturing July 2, 2018			21,752		22,132,244
ATI Holdings, Inc.
Term Loan, 5.75%, Maturing December 20, 2019			5,561		5,654,905
Biomet Inc.
Term Loan, 3.97%, Maturing July 25, 2017			69,592		70,591,959
BSN Medical Acquisition Holding GmbH
Term Loan, 5.25%, Maturing August 28, 2019	EUR		2,000		2,670,117
Catalent Pharma Solutions Inc.
Term Loan, 3.70%, Maturing September 15, 2016			13,024		13,145,815
Term Loan, 4.25%, Maturing September 15, 2017			22,623		22,898,796
CHG Buyer Corporation
Term Loan, 5.00%, Maturing November 22, 2019			19,950		20,290,425
Community Health Systems, Inc.
Term Loan, 3.79%, Maturing January 25, 2017			64,848		65,577,832
Convatec Inc.
Term Loan, 5.00%, Maturing December 22, 2016			18,508		18,866,677
CRC Health Corporation
Term Loan, 4.78%, Maturing November 16, 2015			29,135		29,353,760
DaVita, Inc.
Term Loan, 4.50%, Maturing October 20, 2016			10,515		10,646,439
Term Loan, 4.00%, Maturing November 1, 2019			25,436		25,764,734
DJO Finance LLC
Term Loan, 4.75%, Maturing September 15, 2017			26,586		27,051,321
Drumm Investors LLC
Term Loan, 5.00%, Maturing May 4, 2018			30,244		29,620,256
Emdeon Business Services, LLC
Term Loan, 3.75%, Maturing November 2, 2018			27,579		27,751,992
Emergency Medical Services Corporation
Term Loan, 4.00%, Maturing May 25, 2018			67,730		68,711,116
Grifols Inc.
Term Loan, 4.25%, Maturing June 1, 2017			40,855		41,413,425
Hanger Orthopedic Group, Inc.
Term Loan, 4.00%, Maturing December 1, 2016			19,611		19,807,026
HCA, Inc.
Term Loan, 3.53%, Maturing March 31, 2017			61,569		61,821,423
Term Loan, 2.95%, Maturing May 1, 2018			50,550		50,739,577
Health Management Associates, Inc.
Term Loan, 3.50%, Maturing November 16, 2018			35,393		35,787,019


		25		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value


Health Care (continued)
Hologic Inc.
Term Loan, 4.50%, Maturing August 1, 2019		30,567	$	31,016,973
Iasis Healthcare LLC
Term Loan, 4.50%, Maturing May 3, 2018		22,658		23,008,123
inVentiv Health, Inc.
Term Loan, 7.50%, Maturing August 4, 2016		19,072		18,944,554
Term Loan, 7.75%, Maturing May 15, 2018		10,111		10,060,006
Kindred Healthcare, Inc.
Term Loan, 5.25%, Maturing June 1, 2018		8,579		8,669,647
Term Loan, 5.25%, Maturing June 1, 2018		12,444		12,576,341
Kinetic Concepts, Inc.
Term Loan, 5.50%, Maturing May 4, 2018		63,261		64,486,503
LHP Hospital Group, Inc.
Term Loan, 9.00%, Maturing July 3, 2018		5,856		6,009,463
Lifepoint Hospitals, Inc.
Term Loan, 2.70%, Maturing July 24, 2017		10,274		10,362,013
MedAssets, Inc.
Term Loan, 4.00%, Maturing December 13, 2019		6,940		7,015,623
Medpace, Inc.
Term Loan, 5.50%, Maturing June 16, 2017		11,696		11,783,247
MMM Holdings, Inc.
Term Loan, 9.75%, Maturing October 9, 2017		11,651		11,738,701
MSO of Puerto Rico, Inc.
Term Loan, 9.75%, Maturing October 26, 2017		8,474		8,600,790
Multiplan, Inc.
Term Loan, 4.00%, Maturing August 25, 2017		58,499		59,254,561
MX USA, Inc.
Term Loan, 6.50%, Maturing April 28, 2017		3,737		3,755,936
One Call Medical, Inc.
Term Loan, 5.50%, Maturing August 16, 2019		11,472		11,565,575
Onex Carestream Finance LP
Term Loan, 5.00%, Maturing February 25, 2017		19,202		19,375,153
Pharmaceutical Product Development, Inc.
Term Loan, 4.25%, Maturing December 5, 2018		75,579		76,777,417
Physiotherapy Associates Holdings, Inc.
Term Loan, 6.00%, Maturing April 30, 2018		5,773		5,686,220
Radnet Management, Inc.
Term Loan, 4.26%, Maturing October 10, 2018		24,268		24,487,849
Sage Products, Inc.
Term Loan, 4.25%, Maturing December 13, 2019		19,866		20,089,080
Select Medical Corporation
Term Loan, 3.54%, Maturing February 13, 2016		10,823		10,958,161
Term Loan, 5.50%, Maturing June 1, 2018		33,319		33,735,037
Sheridan Holdings, Inc.
Term Loan, 4.50%, Maturing June 29, 2018		6,918		7,016,334


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Health Care (continued)		��
Steward Health Care System LLC
Term Loan, 6.75%, Maturing April 15, 2020			5,350	$	5,416,875
TriZetto Group, Inc. (The)
Term Loan, 4.75%, Maturing May 2, 2018			19,571		19,772,939
Truven Health Analytics Inc.
Term Loan, 4.50%, Maturing June 1, 2019			18,208		18,492,775
Universal Health Services, Inc.
Term Loan, 3.75%, Maturing November 15, 2016			4,166		4,212,283
Valeant Pharmaceuticals International, Inc.
Term Loan, 3.50%, Maturing February 13, 2019			27,401		27,756,188
Term Loan, 3.50%, Maturing December 11, 2019			43,666		44,218,194
Vanguard Health Holding Company II, LLC
Term Loan, 3.75%, Maturing January 29, 2016			28,449		28,862,169
VWR Funding, Inc.
Term Loan, 4.20%, Maturing April 3, 2017			32,967		33,358,863
Term Loan, 4.37%, Maturing April 3, 2017	EUR		2,993		3,950,827
Term Loan, 4.45%, Maturing April 3, 2017			25,594		25,962,399

				$	1,467,924,193


Home Furnishings — 0.4%
Oreck Corporation
Term Loan - Second Lien, 3.78%, Maturing March 19, 2016⁽⁵⁾			797	$	730,402
Serta Simmons Holdings, LLC
Term Loan, 5.00%, Maturing October 1, 2019			34,663		35,192,362
Sofia III S.a.r.l.
Term Loan, 2.62%, Maturing June 24, 2016	EUR		2,795		3,539,289
Tempur-Pedic International Inc.
Term Loan, 5.00%, Maturing December 12, 2019			21,322		21,701,364

				$	61,163,417


Industrial Equipment — 1.2%
Alliance Laundry Systems LLC
Term Loan, 4.50%, Maturing December 7, 2018			5,248	$	5,313,895
Apex Tool Group, LLC
Term Loan, 4.50%, Maturing February 1, 2020			24,125		24,483,522
Colfax Corporation
Term Loan, 3.12%, Maturing January 13, 2017	EUR		3,688		4,862,627
Term Loan, 3.25%, Maturing January 11, 2019			11,147		11,259,926
Excelitas Technologies Corp.
Term Loan, 5.00%, Maturing November 23, 2016			2,880		2,894,900
Generac Power Systems, Inc.
Term Loan, 6.25%, Maturing May 30, 2018			14,973		15,272,956


		26		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Industrial Equipment (continued)
Grede LLC
Term Loan, 7.00%, Maturing April 3, 2017			11,595	$	11,652,727
Husky Injection Molding Systems Ltd.
Term Loan, 4.25%, Maturing June 29, 2018			22,541		22,968,309
Kion Group GMBH
Term Loan, 4.12%, Maturing December 23, 2014⁽⁶⁾	EUR		1,999		2,639,156
Term Loan, 4.09%, Maturing December 29, 2015⁽⁶⁾	EUR		3,559		4,697,420
Manitowoc Company, Inc. (The)
Term Loan, 4.25%, Maturing November 13, 2017			1,334		1,353,454
Neenah Foundry Company
Term Loan, Maturing October 12, 2016⁽³⁾			7,350		7,313,250
Schaeffler AG
Term Loan, 4.25%, Maturing January 27, 2017			11,625		11,808,036
Term Loan, 4.75%, Maturing January 27, 2017	EUR		2,000		2,656,947
Tank Holding Corp.
Term Loan, 4.25%, Maturing July 9, 2019			13,968		14,037,349
Terex Corporation
Term Loan, 5.00%, Maturing April 28, 2017	EUR		9,851		13,037,484
Unifrax Corporation
Term Loan, 4.25%, Maturing November 28, 2018			4,003		4,050,730

				$	160,302,688


Insurance — 2.4%
Alliant Holdings I, Inc.
Term Loan, 5.00%, Maturing December 20, 2019			27,755	$	28,145,762
AmWINS Group, Inc.
Term Loan, 5.00%, Maturing September 6, 2019			4,913		4,972,563
Applied Systems, Inc.
Term Loan, 4.25%, Maturing June 8, 2017			13,901		14,056,902
Asurion LLC
Term Loan, 4.75%, Maturing July 18, 2017			5,829		5,897,142
Term Loan, 4.50%, Maturing May 24, 2019			137,973		139,918,998
CCC Information Services, Inc.
Term Loan, 5.25%, Maturing December 20, 2019			10,449		10,631,667
CNO Financial Group, Inc.
Term Loan, 5.00%, Maturing September 20, 2018			17,825		18,103,547
Compass Investors Inc.
Term Loan, 5.25%, Maturing December 27, 2019			36,683		37,202,751
Cooper Gay Swett & Crawford Ltd.
Term Loan, Maturing April 6, 2020⁽³⁾			7,550		7,628,648
Cunningham Lindsey U.S. Inc.
Term Loan, 5.00%, Maturing December 10, 2019			15,312		15,617,858
Hub International Limited
Term Loan, 3.71%, Maturing June 13, 2017			31,241		31,592,478


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value


Insurance (continued)
Sedgwick CMS Holdings, Inc.
Term Loan, 4.00%, Maturing December 30, 2016		9,318	$	9,434,461

			$	323,202,777


Leisure Goods / Activities / Movies — 3.0%
AMC Entertainment, Inc.
Term Loan, Maturing April 30, 2020⁽³⁾		36,800	$	36,708,000
Bombardier Recreational Products, Inc.
Term Loan, 5.00%, Maturing January 30, 2019		71,015		71,858,595
Bright Horizons Family Solutions, Inc.
Term Loan, 4.00%, Maturing January 30, 2020		7,000		7,077,294
Cedar Fair, L.P.
Term Loan, 3.25%, Maturing March 6, 2020		16,375		16,594,933
Cinemark USA, Inc.
Term Loan, 3.20%, Maturing December 18, 2019		2,294		2,319,345
ClubCorp Club Operations, Inc.
Term Loan, 5.00%, Maturing November 30, 2016		12,561		12,788,863
Delta 2 (LUX) S.a.r.l.
Term Loan, 6.00%, Maturing April 30, 2019		23,315		23,746,418
Equinox Holdings, Inc.
Term Loan, 4.50%, Maturing January 31, 2020		13,975		14,149,688
Fender Musical Instruments Corporation
Term Loan, 5.75%, Maturing April 3, 2019		7,450		7,491,720
Kasima, LLC
Term Loan, 3.95%, Maturing March 10, 2015		15,000		15,056,250
Term Loan, 5.00%, Maturing March 31, 2017		11,787		11,831,372
Live Nation Entertainment, Inc.
Term Loan, 4.50%, Maturing November 7, 2016		38,010		38,572,300
LodgeNet Interactive Corp.
DIP Loan, 0.00%, Maturing July 3, 2013⁽⁴⁾		1,161		1,165,849
Term Loan, 6.75%, Maturing March 31, 2018		6,303		4,892,865
Merlin Entertainment Group Luxembourg 2 S.a.r.l.
Term Loan, 4.45%, Maturing July 21, 2017		13,045		13,176,486
Regal Cinemas, Inc.
Term Loan, 2.72%, Maturing August 23, 2017		5,774		5,819,508
Revolution Studios Distribution Company, LLC
Term Loan, 3.95%, Maturing December 21, 2014⁽⁵⁾		4,100		3,434,068
SeaWorld Parks & Entertainment, Inc.
Term Loan, 2.92%, Maturing February 17, 2016		5,742		5,772,912
Term Loan, 4.00%, Maturing August 17, 2017		20,912		21,126,365
Six Flags Theme Parks, Inc.
Term Loan, 4.00%, Maturing December 20, 2018		20,123		20,453,642
Town Sports International Inc.
Term Loan, 5.75%, Maturing May 11, 2018		15,061		15,299,344


		27		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Leisure Goods / Activities / Movies (continued)
Vue Entertainment Investment Limited
Term Loan, 5.51%, Maturing December 21, 2017	GBP		7,000	$	10,924,423
WMG Acquisition Corp.
Term Loan, 5.25%, Maturing November 1, 2018			6,048		6,144,202
Zuffa LLC
Term Loan, 4.50%, Maturing February 25, 2020			40,848		41,153,982

				$	407,558,424


Lodging and Casinos — 1.9%
Affinity Gaming, LLC
Term Loan, 5.50%, Maturing November 9, 2017			4,914	$	5,006,478
Ameristar Casinos, Inc.
Term Loan, 4.00%, Maturing April 16, 2018			5,409		5,452,891
Caesars Entertainment Operating Company
Revolving Loan, Maturing January 27, 2017⁽³⁾			15,000		13,050,000
Term Loan, 9.50%, Maturing October 31, 2016			9,675		9,877,546
Term Loan, 5.45%, Maturing January 26, 2018			47,387		43,131,695
Gala Group LTD
Term Loan, 5.50%, Maturing May 25, 2018	GBP		48,838		76,011,883
Las Vegas Sands LLC
Term Loan, 2.70%, Maturing November 23, 2016			3,236		3,246,931
Term Loan, 2.70%, Maturing November 23, 2016			3,608		3,619,943
MGM Resorts International
Term Loan, 3.28%, Maturing December 20, 2017			14,464		14,522,516
Term Loan, 4.25%, Maturing December 20, 2019			39,414		40,084,336
Penn National Gaming, Inc.
Term Loan, 3.75%, Maturing July 16, 2018			3,803		3,849,051
Pinnacle Entertainment, Inc.
Term Loan, 4.00%, Maturing March 19, 2019			9,210		9,284,859
Quidnax AB
Term Loan, 2.35%, Maturing April 27, 2015	EUR		4,725		6,109,248
Term Loan, 2.85%, Maturing June 30, 2016	EUR		4,725		6,109,248
Seminole Tribe of Florida
Term Loan, 3.00%, Maturing April 20, 2020			10,275		10,360,026

				$	249,716,651


Nonferrous Metals / Minerals — 1.2%
Arch Coal Inc.
Term Loan, 5.75%, Maturing May 16, 2018			39,903	$	40,593,505
Constellium Holdco B.V.
Term Loan, 6.25%, Maturing March 25, 2020			9,625		9,937,812
Term Loan, 6.75%, Maturing March 25, 2020	EUR		2,000		2,706,333
Fairmount Minerals LTD
Term Loan, 5.25%, Maturing March 15, 2017			32,696		33,074,414


Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value


Nonferrous Metals / Minerals (continued)
Noranda Aluminum Acquisition Corporation
Term Loan, 5.75%, Maturing February 28, 2019		11,929	$	12,078,619
Novelis, Inc.
Term Loan, 3.75%, Maturing March 10, 2017		29,741		30,260,972
Oxbow Carbon and Mineral Holdings LLC
Term Loan, 3.70%, Maturing May 8, 2016		13,526		13,597,531
United Distribution Group, Inc.
Term Loan, 7.50%, Maturing October 9, 2018		13,045		12,490,396
Term Loan - Second Lien, 12.50%, Maturing April 12, 2019		2,000		1,910,000

			$	156,649,582


Oil and Gas — 3.1%
Citgo Petroleum Corporation
Term Loan, 8.00%, Maturing June 24, 2015		2,067	$	2,090,718
Term Loan, 9.00%, Maturing June 23, 2017		19,799		20,244,382
Crestwood Holdings LLC
Term Loan, 9.75%, Maturing March 26, 2018		12,429		12,697,816
Dynegy Holdings Inc.
Term Loan, 4.00%, Maturing April 23, 2020		11,183		11,206,456
Term Loan, 4.00%, Maturing April 23, 2020		17,892		17,930,329
Energy Transfer Equity, L.P.
Term Loan, 3.75%, Maturing March 24, 2017		14,321		14,416,357
Frac Tech International LLC
Term Loan, 8.50%, Maturing May 6, 2016		16,965		16,765,897
Gibson Energy ULC
Term Loan, 4.75%, Maturing June 15, 2018		24,314		24,708,692
MEG Energy Corp.
Term Loan, 3.75%, Maturing March 31, 2020		110,742		112,079,831
Obsidian Natural Gas Trust
Term Loan, 7.00%, Maturing November 2, 2015		24,315		24,557,954
Plains Exploration & Production
Term Loan, 4.00%, Maturing November 30, 2019		27,575		27,685,300
Ruby Western Pipeline Holdings, LLC
Term Loan, 3.50%, Maturing March 27, 2020		7,300		7,373,000
Samson Investment Company
Term Loan - Second Lien, 6.00%, Maturing September 25, 2018		14,000		14,183,750
Sheridan Production Partners I, LLC
Term Loan, 5.00%, Maturing September 14, 2019		28,872		29,352,987
Term Loan, 5.00%, Maturing September 25, 2019		2,337		2,375,736
Term Loan, 5.00%, Maturing September 25, 2019		3,826		3,889,512
Tallgrass Operations, LLC
Term Loan, 1.00%, Maturing November 13, 2017⁽⁴⁾		15,000		15,093,750
Term Loan, 5.71%, Maturing November 13, 2018		27,232		27,560,791


		28		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Oil and Gas (continued)
Tervita Corporation
Term Loan, 6.25%, Maturing May 15, 2018			34,863	$	35,422,902

				$	419,636,160


Publishing — 3.5%
Ascend Learning, Inc.
Term Loan, 7.00%, Maturing May 23, 2017			30,115	$	30,107,540
Aster Zweite Beteiligungs GmbH
Term Loan, 5.49%, Maturing December 31, 2013			13		12,674
Term Loan, 5.49%, Maturing December 31, 2013			23		22,452
Term Loan, 5.46%, Maturing December 31, 2014	EUR		719		953,907
Term Loan, 5.46%, Maturing December 31, 2014	EUR		1,235		1,639,699
Term Loan, 5.46%, Maturing December 31, 2014	EUR		2,435		3,231,826
Term Loan, 5.53%, Maturing December 31, 2014			959		966,282
Term Loan, 5.53%, Maturing December 31, 2014			2,491		2,510,439
Term Loan, 5.53%, Maturing December 31, 2014			7,273		7,301,712
Term Loan, 5.53%, Maturing December 31, 2014			9,809		9,847,791
Term Loan, 5.53%, Maturing December 31, 2014			13,060		13,161,693
Black Press US Partnership
Term Loan, 2.29%, Maturing August 2, 2013			720		716,406
Term Loan, 2.29%, Maturing August 2, 2013			1,186		1,179,962
Cengage Learning Acquisitions, Inc.
Term Loan, 2.70%, Maturing July 3, 2014			11,766		9,214,001
GateHouse Media Operating, Inc.
Term Loan, 2.20%, Maturing August 28, 2014			4,803		1,760,192
Term Loan, 2.20%, Maturing August 28, 2014			15,303		5,608,488
Term Loan, 2.45%, Maturing August 28, 2014			9,134		3,347,772
Getty Images, Inc.
Term Loan, 4.75%, Maturing October 18, 2019			74,314		75,486,495
Instant Web, Inc.
Term Loan, 3.57%, Maturing August 7, 2014			1,614		1,178,434
Term Loan, 3.57%, Maturing August 7, 2014			15,486		11,304,656
Interactive Data Corporation
Term Loan, 3.75%, Maturing February 11, 2018			62,294		63,072,970
John Henry Holdings, Inc.
Term Loan, 6.00%, Maturing December 6, 2018			7,307		7,443,688
Laureate Education, Inc.
Term Loan, 5.25%, Maturing June 18, 2018			94,439		95,343,871
McGraw-Hill Global Education Holdings, LLC
Term Loan, 9.00%, Maturing March 22, 2019			12,400		12,381,400
MediaNews Group Inc.
Term Loan, 8.50%, Maturing March 19, 2014			523		529,394
Merrill Communications, LLC
Term Loan, 7.25%, Maturing March 8, 2018			10,349		10,452,553


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Publishing (continued)
Nelson Education Ltd.
Term Loan, 2.78%, Maturing July 3, 2014			277	$	226,019
Newspaper Holdings Inc.
Term Loan, 1.81%, Maturing June 30, 2014			16,053		15,432,186
Nielsen Finance LLC
Term Loan, 2.95%, Maturing May 2, 2016			38,742		39,284,489
Source Interlink Companies, Inc.
Term Loan, 10.75%, Maturing May 31, 2013			1,627		1,627,333
Term Loan, 15.00%, Maturing March 18, 2014⁽⁵⁾⁽⁶⁾			2,012		335,015
Term Loan - Second Lien, 10.75%, Maturing June 18, 2013⁽⁵⁾			3,971		3,110,341
Springer Science+Business Media S.A.
Term Loan, 4.20%, Maturing June 17, 2016			1,724		1,727,012
Term Loan, 4.12%, Maturing July 21, 2016	EUR		4,234		5,591,498
Star Tribune Company (The)
Term Loan, 8.00%, Maturing September 28, 2014			313		306,181
Term Loan, 8.00%, Maturing September 29, 2014			841		821,961
Trader Media Corporation Limited
Term Loan, 3.99%, Maturing June 8, 2017	GBP		2,000		3,076,928
Tribune Company
Term Loan, 4.00%, Maturing December 31, 2019			32,818		33,260,626

				$	473,575,886


Radio and Television — 2.6%
Clear Channel Communications, Inc.
Term Loan, 3.85%, Maturing January 29, 2016			22,415	$	20,593,869
Cumulus Media Holdings Inc.
Term Loan, 4.50%, Maturing September 17, 2018			51,651		52,644,625
Entercom Radio, LLC
Term Loan, 5.02%, Maturing November 23, 2018			8,239		8,392,990
Foxco Acquisition Sub, LLC
Term Loan, 5.50%, Maturing July 14, 2017			23,904		24,346,978
Gray Television, Inc.
Term Loan, 4.75%, Maturing October 15, 2019			10,820		10,982,803
Hubbard Radio, LLC
Term Loan, 4.50%, Maturing April 28, 2017			6,436		6,556,273
LIN Television Corp.
Term Loan, 4.00%, Maturing December 21, 2018			27,087		27,357,674
Local TV Finance, LLC
Term Loan, 4.20%, Maturing May 7, 2015			14,108		14,284,473
Mission Broadcasting, Inc.
Term Loan, 4.50%, Maturing December 3, 2019			4,791		4,881,268
Nexstar Broadcasting, Inc.
Term Loan, 4.50%, Maturing December 3, 2019			11,334		11,546,076


		29		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Radio and Television (continued)
Nine Entertainment Group Limited
Term Loan, 3.50%, Maturing February 5, 2020			20,850	$	21,028,101
Radio One, Inc.
Term Loan, 7.50%, Maturing March 31, 2016			9,756		10,024,331
Raycom TV Broadcasting, Inc.
Term Loan, 4.25%, Maturing May 31, 2017			12,453		12,577,719
Sinclair Television Group Inc.
Term Loan, 3.00%, Maturing April 9, 2020			8,600		8,669,875
Tyrol Acquisitions 2 SAS
Term Loan, 4.12%, Maturing January 29, 2016⁽⁶⁾	EUR		5,051		6,229,672
Term Loan, 4.12%, Maturing January 29, 2016	EUR		10,658		13,213,396
Term Loan, 4.12%, Maturing January 29, 2016	EUR		10,658		13,213,396
Univision Communications Inc.
Term Loan, 4.75%, Maturing March 2, 2020			2,000		2,022,322
Term Loan, 4.75%, Maturing March 2, 2020			66,646		67,401,366
Weather Channel
Term Loan, 3.50%, Maturing February 13, 2017			19,162		19,463,405

				$	355,430,612


Retailers (Except Food and Drug) — 4.3%
99 Cents Only Stores
Term Loan, 5.25%, Maturing January 11, 2019			15,930	$	16,165,961
B&M Retail Limited
Term Loan, 5.49%, Maturing February 18, 2019	GBP		7,000		10,764,714
Term Loan, 5.99%, Maturing February 18, 2020	GBP		14,975		23,329,267
Bass Pro Group, LLC
Term Loan, 4.00%, Maturing November 20, 2019			26,521		26,844,562
David’s Bridal, Inc.
Term Loan, 5.00%, Maturing October 11, 2019			15,661		15,905,355
Douglas Holding AG
Term Loan, 5.72%, Maturing December 20, 2019	EUR		7,300		9,677,833
Evergreen Acqco 1 LP
Term Loan, 5.00%, Maturing July 9, 2019			10,608		10,782,103
FTD, Inc.
Term Loan, 4.75%, Maturing June 11, 2018			15,620		15,775,831
Harbor Freight Tools USA, Inc.
Term Loan, 5.50%, Maturing November 14, 2017			9,652		9,801,669
J Crew Group, Inc.
Term Loan, 4.00%, Maturing March 7, 2018			57,196		57,829,599
Jo-Ann Stores, Inc.
Term Loan, 4.00%, Maturing March 16, 2018			31,033		31,394,665
Michaels Stores, Inc.
Term Loan, 3.75%, Maturing January 28, 2020			46,525		47,040,078


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Retailers (Except Food and Drug) (continued)
National Vision, Inc.
Term Loan, 7.00%, Maturing August 2, 2018			8,468	$	8,679,508
Neiman Marcus Group, Inc. (The)
Term Loan, 4.00%, Maturing May 16, 2018			73,525		74,220,032
Ollie’s Bargain Outlet, Inc.
Term Loan, 5.25%, Maturing September 27, 2019			5,337		5,389,991
Party City Holdings Inc.
Term Loan, 4.25%, Maturing July 29, 2019			42,805		43,228,851
Pep Boys-Manny, Moe & Jack (The)
Term Loan, 5.00%, Maturing October 11, 2018			5,087		5,176,150
Petco Animal Supplies, Inc.
Term Loan, 4.00%, Maturing November 24, 2017			36,598		37,158,529
Pilot Travel Centers LLC
Term Loan, 3.75%, Maturing March 30, 2018			14,626		14,479,712
Term Loan, 4.25%, Maturing August 7, 2019			6,923		6,870,811
ServiceMaster Company
Term Loan, 4.25%, Maturing January 31, 2017			22,174		22,386,846
Term Loan, 4.46%, Maturing January 31, 2017			32,376		32,674,202
Visant Holding Corp.
Term Loan, 5.25%, Maturing December 22, 2016			19,679		19,177,842
Vivarte SA
Term Loan, 2.33%, Maturing March 9, 2015	EUR		86		102,556
Term Loan, 2.33%, Maturing March 9, 2015	EUR		336		398,791
Term Loan, 2.33%, Maturing March 9, 2015	EUR		9,880		11,715,691
Term Loan, 2.83%, Maturing March 8, 2016	EUR		86		102,546
Term Loan, 2.83%, Maturing March 8, 2016	EUR		336		398,791
Term Loan, 2.83%, Maturing March 8, 2016	EUR		9,880		11,715,691
Term Loan - Second Lien, 3.83%, Maturing September 8, 2016	EUR		13		12,593
Term Loan - Second Lien, 3.83%, Maturing September 8, 2016	EUR		88		88,153
Term Loan - Second Lien, 3.83%, Maturing September 8, 2016	EUR		900		906,720
Wilton Brands LLC
Term Loan, 7.50%, Maturing August 30, 2018			7,679		7,784,333

				$	577,979,976


Steel — 1.8%
Ameriforge Group, Inc.
Term Loan, 6.00%, Maturing December 19, 2019			18,853	$	19,159,107
Term Loan - Second Lien, 8.75%, Maturing December 18, 2020			4,015		4,145,488
Essar Steel Algoma, Inc.
Term Loan, 8.75%, Maturing September 19, 2014			20,323		20,771,665


		30		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Steel (continued)
FMG America Finance, Inc.
Term Loan, 5.25%, Maturing October 18, 2017			118,593	$	120,709,393
JFB Firth Rixson Inc.
Term Loan, 4.25%, Maturing June 30, 2017			10,748		10,877,931
Term Loan, 5.00%, Maturing June 30, 2017	GBP		3,990		6,256,746
JMC Steel Group, Inc.
Term Loan, 4.75%, Maturing April 3, 2017			22,912		23,213,034
Patriot Coal Corporation
DIP Loan, 9.25%, Maturing October 4, 2013			8,925		8,863,641
SunCoke Energy, Inc.
Term Loan, 4.00%, Maturing July 26, 2018			2,390		2,401,510
Waupaca Foundry, Inc.
Term Loan, 4.75%, Maturing June 29, 2017			14,733		14,824,753
WireCo WorldGroup, Inc.
Term Loan, 6.00%, Maturing February 15, 2017			6,791		6,892,738

				$	238,116,006


Surface Transport — 0.8%
Avis Budget Car Rental, LLC
Term Loan, 3.75%, Maturing March 15, 2019			8,425	$	8,556,641
Hertz Corporation (The)
Term Loan, 3.75%, Maturing March 9, 2018			29,150		28,931,375
Term Loan, 3.00%, Maturing March 11, 2018			30,226		30,386,497
Term Loan, 3.75%, Maturing March 11, 2018			25,137		25,472,152
Swift Transportation Co., Inc.
Term Loan, 2.95%, Maturing December 21, 2016			1,034		1,049,104
Term Loan, 4.00%, Maturing December 21, 2017			14,280		14,538,870

				$	108,934,639


Telecommunications — 3.7%
Alaska Communications Systems Holdings, Inc.
Term Loan, 5.75%, Maturing October 21, 2016			6,920	$	6,846,720
Arris Group, Inc.
Term Loan, 3.50%, Maturing February 7, 2020			35,975		36,093,034
Cellular South, Inc.
Term Loan, 4.50%, Maturing July 27, 2017			6,804		6,871,851
Cricket Communications, Inc.
Term Loan, 4.75%, Maturing October 10, 2019			19,875		20,004,376
Term Loan, 4.75%, Maturing February 21, 2020			47,925		48,254,484
Crown Castle International Corporation
Term Loan, 3.25%, Maturing January 31, 2019			16,815		16,917,069
Intelsat Jackson Holdings Ltd.
Term Loan, 4.25%, Maturing April 2, 2018			115,577		117,406,667


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Telecommunications (continued)
IPC Systems, Inc.
Term Loan, 2.76%, Maturing May 31, 2014	GBP		262	$	398,913
MetroPCS Wireless, Inc.
Term Loan, 4.73%, Maturing November 3, 2016			1,974		1,983,130
Term Loan, 4.88%, Maturing March 16, 2018			79,269		79,566,641
Midcontinent Communications
Term Loan, 4.00%, Maturing December 30, 2016			8,571		8,646,498
Mitel Networks Corporation
Term Loan, 7.00%, Maturing February 27, 2019			10,525		10,676,297
NTELOS Inc.
Term Loan, 4.50%, Maturing August 7, 2015			1,990		1,980,050
Term Loan, 5.75%, Maturing November 8, 2019			2,488		2,459,516
Oberthur Technologies Holding SAS
Term Loan, 6.25%, Maturing March 30, 2019			3,682		3,704,509
SBA Finance
Term Loan, 3.75%, Maturing June 29, 2018			3,476		3,507,308
Term Loan, 3.75%, Maturing September 27, 2019			1,732		1,753,154
Syniverse Holdings, Inc.
Term Loan, 1.00%, Maturing April 23, 2019⁽⁴⁾			29,328		29,529,204
Term Loan, 5.00%, Maturing April 23, 2019			21,785		21,955,584
Telesat LLC
Term Loan, 3.50%, Maturing March 28, 2019			51,662		52,274,992
TNS, Inc.
Term Loan, 5.00%, Maturing February 14, 2020			14,060		14,147,596
Windstream Corporation
Term Loan, 4.00%, Maturing August 8, 2019			9,975		10,085,802
Term Loan, 3.50%, Maturing January 23, 2020			3,995		4,031,606

				$	499,095,001


Utilities — 1.4%
AES Corporation
Term Loan, 3.75%, Maturing June 1, 2018			31,437	$	31,947,622
Calpine Corporation
Term Loan, 4.00%, Maturing April 2, 2018			9,606		9,752,318
Term Loan, 4.00%, Maturing April 2, 2018			35,571		36,116,141
Term Loan, 4.00%, Maturing October 9, 2019			9,229		9,365,402
Covanta Energy Corporation
Term Loan, 3.50%, Maturing March 28, 2019			4,752		4,841,100
LSP Madison Funding, LLC
Term Loan, 5.50%, Maturing June 28, 2019			9,945		10,094,175
NRG Energy, Inc.
Term Loan, 3.25%, Maturing July 2, 2018			34,407		34,883,927
Raven Power Finance, LLC
Term Loan, 7.25%, Maturing November 15, 2018			5,960		6,109,064


		31		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value


Utilities (continued)
Texas Competitive Electric Holdings Company, LLC
Revolving Loan, 4.70%, Maturing October 10, 2016			7,000	$	4,970,000
Term Loan, 4.70%, Maturing October 10, 2017			3,687		2,101,444
Term Loan, 4.73%, Maturing October 10, 2017			56,613		41,723,484

				$	191,904,677


Total Senior Floating-Rate Interests (identified cost $12,400,471,928)				$	12,497,416,786


Corporate Bonds & Notes — 4.2%


Security		Principal Amount* (000’s omitted)		Value

Building and Development — 0.0%⁽⁷⁾
Calcipar SA
6.875%, 5/1/18⁽⁸⁾			4,000	$	4,295,000

				$	4,295,000


Cable and Satellite Television — 0.3%
Nara Cable Funding II Ltd.
8.50%, 3/1/20⁽⁸⁾	EUR		7,500	$	10,914,227
Nara Cable Funding, Ltd.
8.875%, 12/1/18⁽⁸⁾			5,000		5,300,000
8.875%, 12/1/18⁽⁸⁾			10,105		10,862,875
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.50%, 1/15/23⁽⁸⁾			9,000		9,360,000
5.625%, 4/15/23⁽⁸⁾	EUR		5,000		6,724,678

				$	43,161,780


Chemicals and Plastics — 0.7%
Hexion US Finance Corp.
6.625%, 4/15/20			2,000	$	2,095,000
6.625%, 4/15/20⁽⁸⁾			12,025		12,596,188
Ineos Finance PLC
7.25%, 2/15/19⁽⁸⁾⁽⁹⁾	EUR		8,000		11,259,927
8.375%, 2/15/19⁽⁸⁾			15,250		17,251,562
7.50%, 5/1/20⁽⁸⁾			14,525		16,304,313
Polymer Group, Inc.
7.75%, 2/1/19			5,000		5,518,750
Trinseo Materials Operating S.C.A.
8.75%, 2/1/19⁽⁸⁾			21,525		21,578,812

				$	86,604,552


Security		Principal Amount* (000’s omitted)		Value


Containers and Glass Products — 0.4%
Reynolds Group Holdings Inc.
5.75%, 10/15/20			44,500	$	46,725,000
Smurfit Kappa Acquisitions
4.875%, 9/15/18⁽⁸⁾			4,925		5,134,312
4.125%, 1/30/20⁽⁸⁾	EUR		5,000		6,667,062

				$	58,526,374


Diversified Financial Services — 0.2%
KION Finance SA
4.726%, 2/15/20⁽⁸⁾⁽⁹⁾	EUR		16,875	$	22,695,789

				$	22,695,789


Diversified Manufacturing Operations — 0.1%
Matalan Finance PLC
8.875%, 4/29/16⁽⁸⁾	GBP		6,500	$	10,298,709

				$	10,298,709


Ecological Services and Equipment — 0.0%⁽⁷⁾
Environmental Systems Product Holdings, Inc.
18.00%, 3/31/15⁽⁵⁾⁽⁶⁾			209	$	177,360
Tervita Corp.
9.00%, 11/15/18⁽⁸⁾	CAD		2,000		2,074,545

				$	2,251,905


Electronics / Electrical — 0.0%⁽⁷⁾
NXP BV/NXP Funding, LLC
3.027%, 10/15/13⁽⁹⁾			75	$	75,094

				$	75,094


Equipment Leasing — 0.0%⁽⁷⁾
International Lease Finance Corp.
6.75%, 9/1/16⁽⁸⁾			2,325	$	2,656,313
7.125%, 9/1/18⁽⁸⁾			2,325		2,778,375

				$	5,434,688


Financial Intermediaries — 0.3%
First Data Corp.
6.75%, 11/1/20⁽⁸⁾			16,850	$	18,155,875
UPCB Finance II, Ltd.
6.375%, 7/1/20⁽⁸⁾	EUR		6,500		9,266,393
6.625%, 7/1/20⁽⁸⁾			9,000		9,832,500

				$	37,254,768


		32		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount* (000’s omitted)		Value


Food Products — 0.1%
Hawk Acquisition Sub, Inc.
4.25%, 10/15/20⁽⁸⁾		15,000	$	15,225,000

			$	15,225,000


Health Care — 0.4%
Community Health Systems, Inc.
5.125%, 8/15/18		22,625	$	24,265,312
HCA, Inc.
4.75%, 5/1/23		11,975		12,513,875
inVentiv Health, Inc.
9.00%, 1/15/18⁽⁸⁾		15,375		16,297,500

			$	53,076,687


Insurance — 0.1%
CNO Financial Group, Inc.
6.375%, 10/1/20⁽⁸⁾		9,800	$	10,608,500

			$	10,608,500


Leisure Goods / Activities / Movies — 0.1%
NAI Entertainment Holdings, LLC
8.25%, 12/15/17⁽⁸⁾		6,750	$	7,357,500
National CineMedia, LLC
6.00%, 4/15/22		8,250		9,033,750

			$	16,391,250


Lodging and Casinos — 0.3%
Caesars Entertainment Operating Co., Inc.
8.50%, 2/15/20		25,250	$	24,445,156
Caesars Operating Escrow, LLC/Caesars Escrow Corp.
9.00%, 2/15/20⁽⁸⁾		6,175		6,113,250
9.00%, 2/15/20⁽⁸⁾		14,975		14,825,250

			$	45,383,656


Radio and Television — 0.2%
Clear Channel Communications, Inc.
9.00%, 12/15/19⁽⁸⁾		8,994	$	9,038,970
Entravision Communications Corp.
8.75%, 8/1/17		2,531		2,739,808
Univision Communications, Inc.
6.75%, 9/15/22⁽⁸⁾		9,000		10,035,000

			$	21,813,778


Security		Principal Amount* (000’s omitted)		Value


Telecommunications — 0.5%
Hughes Satellite Systems Corp.
6.50%, 6/15/19			8,500	$	9,498,750
Lynx I Corp.
5.375%, 4/15/21⁽⁸⁾			12,025		12,896,812
6.00%, 4/15/21⁽⁸⁾	GBP		12,350		20,310,922
Sunrise Communications International SA
4.962%, 12/31/17⁽⁸⁾⁽⁹⁾	EUR		3,000		4,014,263
Wind Acquisition Finance SA
5.456%, 4/30/19⁽⁸⁾⁽⁹⁾	EUR		7,775		10,469,674
6.50%, 4/30/20⁽⁸⁾			7,375		7,752,969

				$	64,943,390


Utilities — 0.5%
Calpine Corp.
7.50%, 2/15/21⁽⁸⁾			32,380	$	36,751,300
7.875%, 1/15/23⁽⁸⁾			23,490		27,013,500

				$	63,764,800


Total Corporate Bonds & Notes (identified cost $528,792,426)				$	561,805,720


Asset-Backed Securities — 0.2%


Security		Principal Amount (000’s omitted)		Value
Avalon Capital Ltd. 3, Series 1A, Class D, 2.238%, 2/24/19⁽⁸⁾⁽⁹⁾		$	884	$	802,288
Babson Ltd., Series 2005-1A, Class C1, 2.227%, 4/15/19⁽⁸⁾⁽⁹⁾			1,129		1,049,046
Centurion CDO 8 Ltd., Series 2005-8A, Class D, 5.78%, 3/8/17⁽⁸⁾⁽⁹⁾			985		1,000,972
Morgan Stanley Investment Management Croton, Ltd., Series 2005-1A, Class D, 2.227%, 1/15/18⁽⁸⁾⁽⁹⁾			2,000		1,791,805
Oak Hill Credit Partners, Series 2013-8A, Class C, 3.028%, 4/20/25^(8)(9)(10)			6,325		6,119,438
Oak Hill Credit Partners, Series 2013-8A, Class D, 3.778%, 4/20/25^(8)(9)(10)			6,950		6,950,000


Total Asset-Backed Securities (identified cost $18,044,730)				$	17,713,549


		33		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


Common Stocks — 0.4%


Security	Shares		Value


Automotive — 0.0%⁽⁷⁾
Dayco Products, LLC^(5)(11)(12)		88,506	$	2,743,686

			$	2,743,686


Building and Development — 0.0%⁽⁷⁾
United Subcontractors, Inc.^(5)(11)(12)		3,848	$	160,380

			$	160,380


Ecological Services and Equipment — 0.0%⁽⁷⁾
Environmental Systems Products Holdings, Inc.^(5)(12)(13)		2,484	$	179,419

			$	179,419


Financial Intermediaries — 0.0%⁽⁷⁾
RTS Investor Corp.^(5)(11)(12)		692	$	74,791

			$	74,791


Food Service — 0.0%⁽⁷⁾
Buffets Restaurants Holdings, Inc.^(5)(11)(12)		329,120	$	2,978,536

			$	2,978,536


Home Furnishings — 0.0%⁽⁷⁾
Oreck Corp.^(5)(11)(12)		14,217	$	247,234
Sanitec Europe Oy B Units^(5)(11)(12)		235,235		1,821,582
Sanitec Europe Oy E Units^(5)(11)(12)		230,960		0

			$	2,068,816


Leisure Goods / Activities / Movies — 0.1%
Metro-Goldwyn-Mayer Holdings, Inc.^(11)(12)		414,634	$	16,403,958

			$	16,403,958


Lodging and Casinos — 0.0%⁽⁷⁾
Affinity Gaming, LLC^(5)(11)(12)		206,125	$	2,885,753

			$	2,885,753


Publishing — 0.2%
Ion Media Networks, Inc.^(5)(11)		28,605	$	18,192,780
MediaNews Group, Inc.^(5)(11)(12)		162,730		3,414,074
Source Interlink Companies, Inc.^(5)(11)(12)		5,725		0

			$	21,606,854


Security	Shares		Value


Radio and Television — 0.1%
New Young Broadcasting Holding Co., Inc.^(11)(12)		2,131	$	7,831,425

			$	7,831,425


Total Common Stocks (identified cost $31,706,412)			$	56,933,618


Preferred Stocks — 0.0%⁽⁷⁾


Security	Shares		Value

Ecological Services and Equipment — 0.0%⁽⁷⁾
Environmental Systems Products Holdings, Inc., Series A^(5)(12)(13)		569	$	35,847


Total Preferred Stocks (identified cost $9,958)			$	35,847


Warrants — 0.0%⁽⁷⁾


Security	Shares		Value

Radio and Television — 0.0%⁽⁷⁾
New Young Broadcasting Holding Co., Inc., Expires 12/24/24^(11)(12)		103	$	378,525


Total Warrants (identified cost $177,010)			$	378,525


Short-Term Investments — 7.3%


Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.10%⁽¹⁴⁾	$	978,565	$	978,564,633


Total Short-Term Investments (identified cost $978,564,633)			$	978,564,633


Total Investments — 105.3% (identified cost $13,957,767,097)			$	14,112,848,678


Less Unfunded Loan Commitments — (0.4)%			$	(54,241,075	)


Net Investments — 104.9% (identified cost $13,903,526,022)			$	14,058,607,603


Other Assets, Less Liabilities — (4.9)%			$	(652,218,096	)


Net Assets — 100.0%			$	13,406,389,507

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.


		34		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Portfolio of Investments (Unaudited) — continued


DIP	–	Debtor in Possession
CAD	–	Canadian Dollar
EUR	–	Euro
GBP	–	British Pound Sterling

In U.S. dollars unless otherwise indicated.

⁽¹⁾

Senior floating-rate interests (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 have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

⁽²⁾

Defaulted security. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

⁽³⁾

This Senior Loan will settle after April 30, 2013, at which time the interest rate will be determined.

⁽⁴⁾

Unfunded or partially unfunded loan commitments. See Note 1G for description.

⁽⁵⁾

For fair value measurement disclosure purposes, security is categorized as Level 3 (See Note 10).

⁽⁶⁾

Represents a payment-in-kind security which may pay all or a portion of interest in additional par.

⁽⁷⁾

Amount is less than 0.05%.

⁽⁸⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At April 30, 2013, the aggregate value of these securities is $442,431,414 or 3.3% of the Portfolio’s net assets.

⁽⁹⁾

Variable rate security. The stated interest rate represents the rate in effect at April 30, 2013.

⁽¹⁰⁾	When-issued security.

⁽¹¹⁾	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹²⁾	Non-income producing security.

⁽¹³⁾	Restricted security (see Note 5).

⁽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, 2013.


		35		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Statement of Assets and Liabilities (Unaudited)


Assets	April 30, 2013
Unaffiliated investments, at value (identified cost, $12,924,961,389)	$	13,080,042,970
Affiliated investment, at value (identified cost, $978,564,633)		978,564,633
Cash		74,892,010
Restricted cash*		10,630,769
Foreign currency, at value (identified cost, $82,711,916)		82,571,458
Interest receivable		45,874,775
Interest receivable from affiliated investment		108,543
Receivable for investments sold		27,623,713
Receivable for closed swap contracts		18,966
Prepaid expenses		664,247
Total assets	$	14,300,992,084

Liabilities
Cash collateral due to broker	$	3,450,000
Payable for investments purchased		857,477,094
Payable for when-issued securities		13,069,438
Payable for open forward foreign currency exchange contracts		14,887,284
Payable to affiliates:
Investment adviser fee		5,300,537
Trustees’ fees		5,663
Accrued expenses		412,561
Total liabilities	$	894,602,577
Net Assets applicable to investors’ interest in Portfolio	$	13,406,389,507

Sources of Net Assets
Investors’ capital	$	13,266,678,336
Net unrealized appreciation		139,711,171
Total	$	13,406,389,507

*	Represents restricted cash on deposit at the custodian for open derivative contracts.


		36		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Statement of Operations (Unaudited)


Investment Income	Six Months Ended April 30, 2013
Interest and other income (net of foreign taxes, $52,895)	$	268,071,864
Dividends		964,561
Interest allocated from affiliated investment		583,316
Expenses allocated from affiliated investment		(55,854	)
Total investment income	$	269,563,887

Expenses
Investment adviser fee	$	27,273,200
Trustees’ fees and expenses		34,000
Custodian fee		1,039,377
Legal and accounting services		271,770
Miscellaneous		591,327
Total expenses	$	29,209,674
Deduct —
Reduction of custodian fee	$	19
Total expense reductions	$	19

Net expenses	$	29,209,655

Net investment income	$	240,354,232

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	45,093,869
Investment transactions allocated from affiliated investment		17,273
Swap contracts		(4,003,088	)
Foreign currency and forward foreign currency exchange contract transactions		17,727,515
Net realized gain	$	58,835,569
Change in unrealized appreciation (depreciation) —
Investments	$	107,133,600
Swap contracts		3,803,787
Foreign currency and forward foreign currency exchange contracts		(12,120,752	)
Net change in unrealized appreciation (depreciation)	$	98,816,635

Net realized and unrealized gain	$	157,652,204

Net increase in net assets from operations	$	398,006,436


		37		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31, 2012
From operations —
Net investment income	$	240,354,232		$	440,769,103
Net realized gain from investment transactions, swap contracts and foreign currency and forward foreign currency exchange contract transactions		58,835,569			63,029,936
Net change in unrealized appreciation (depreciation) from investments, swap contracts, foreign currency and forward foreign currency exchange contracts		98,816,635			184,939,412
Net increase in net assets from operations	$	398,006,436		$	688,738,451
Capital transactions —
Contributions	$	3,723,796,832		$	1,137,173,133
Withdrawals		(148,254,587	)		(2,087,404,801	)
Net increase (decrease) in net assets from capital transactions	$	3,575,542,245		$	(950,231,668	)

Net increase (decrease) in net assets	$	3,973,548,681		$	(261,493,217	)

Net Assets
At beginning of period	$	9,432,840,826		$	9,694,334,043
At end of period	$	13,406,389,507		$	9,432,840,826


		38		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Supplementary Data


	Six Months Ended April 30, 2013 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2012			2011			2010			2009			2008
Ratios (as a percentage of average daily net assets):
Expenses⁽¹⁾		0.53	%⁽²⁾		0.54	%		0.54	%		0.57	%		0.61	%		0.70	%
Net investment income		4.36	%⁽²⁾		4.72	%		4.31	%		4.43	%		5.41	%		6.50	%
Portfolio Turnover		21	%⁽³⁾		42	%		56	%		39	%		35	%		7	%

Total Return		3.66	%⁽³⁾		7.67	%		4.30	%		10.51	%		27.54	%		(22.24	)%

Net assets, end of period (000’s omitted)	$	13,406,390		$	9,432,841		$	9,694,334		$	6,496,896		$	4,294,340		$	3,056,210

⁽¹⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽²⁾	Annualized.

⁽³⁾	Not annualized.


		39		See Notes to Financial Statements.

Floating Rate Portfolio

April 30, 2013

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

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, 2013, Eaton Vance Floating-Rate Fund, Eaton Vance Strategic Income Fund, Eaton Vance Floating-Rate & High Income Fund, Eaton Vance Multi-Strategy Absolute Return Fund, Eaton Vance Low Duration Government Income Fund, Eaton Vance Short Term Real Return Fund, Eaton Vance Multi-Strategy All Market Fund and Eaton Vance Bond Fund held an interest of 84.3%, 3.0%, 11.2%, 0.8%, 0.1%, 0.2%, 0.2% and 0.01%, 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.

A Investment Valuation — 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 (including short-term obligations with a remaining maturity of more than sixty days) 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 asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, 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 obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Equity securities (including common shares of closed-end investment companies) 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 asked prices therefore 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 asked 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 will use 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. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked 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. Interest rate swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. 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. 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 fairly reflects the security’s value, or 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 condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.


		40

Floating Rate Portfolio

April 30, 2013

Notes to Financial Statements (Unaudited) — continued

The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Portfolio’s investment in Cash Reserves Fund reflects the Portfolio’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.

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. Withholding taxes on foreign interest have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

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 any other items of income, gain, loss, deduction or credit.

As of April 30, 2013, 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 Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Portfolio. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Portfolio maintains with SSBT. All credit balances, if any, used to reduce the Portfolio’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

F 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.

G Unfunded Loan Commitments — The Portfolio may enter into certain credit 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, 2013, the Portfolio had sufficient cash and/or securities to cover these commitments.

H Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.

I 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.

J 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 or offset by another contract with the same broker for the same settlement date and currency. 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.


		41

Floating Rate Portfolio

April 30, 2013

Notes to Financial Statements (Unaudited) — continued

K Interest Rate Swaps — Pursuant to interest rate swap agreements, the Portfolio either makes floating-rate payments based on a benchmark interest rate in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments in exchange for payments on a floating benchmark interest rate. Payments received or made are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. The Portfolio is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.

L When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

M Interim Financial Statements — The interim financial statements relating to April 30, 2013 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, 0.500% from $2 billion up to $5 billion, 0.480% from $5 billion up to $10 billion, 0.460% from $10 billion up to $15 billion, and is payable monthly. On net assets of $15 billion or over, the annual fee is reduced. Effective May 1, 2013, pursuant to an additional fee reduction agreement between the Portfolio and BMR, the portion of the fee on net assets of $10 billion and over is computed as follows: annual rate of 0.450% of the Portfolio’s average daily net assets from $10 billion up to $15 billion, 0.4375% from $15 billion up to $20 billion, 0.4275% from $20 billion up to $25 billion and 0.420% of average daily net assets of $25 billion or more. The fee reductions cannot be terminated without the consent of the Trustees and shareholders. For the six months ended April 30, 2013, the Portfolio’s investment adviser fee amounted to $27,273,200 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, 2013, 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 $6,152,774,663 and $2,244,207,908, respectively, for the six months ended April 30, 2013.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at April 30, 2013, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	13,903,526,634

Gross unrealized appreciation	$	209,411,269
Gross unrealized depreciation		(54,330,300	)

Net unrealized appreciation	$	155,080,969


		42

Floating Rate Portfolio

April 30, 2013

Notes to Financial Statements (Unaudited) — continued

5 Restricted Securities

At April 30, 2013, the Portfolio owned the following securities (representing less than 0.1% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.


Description	Date of Acquisition		Shares		Cost		Value

Common Stocks
Environmental Systems Products Holdings, Inc.		10/25/07		2,484	$	0	$	179,419

Preferred Stocks
Environmental Systems Products Holdings, Inc., Series A		10/25/07		569	$	9,958	$	35,847

Total Restricted Securities					$	9,958	$	215,266

6 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 swap 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, 2013 is as follows:


Forward Foreign Currency Exchange Contracts


Sales
Settlement Date	Deliver	In Exchange For	Counterparty	Net Unrealized Depreciation

5/31/13	British Pound Sterling 14,788,750	United States Dollar 22,312,216	Goldman Sachs International	$	(655,463	)
5/31/13	British Pound Sterling 59,687,051	United States Dollar 90,359,928	Goldman Sachs International		(2,337,090	)
5/31/13	Euro 976,250	United States Dollar 1,264,613	Bank of America, NA		(21,289	)
5/31/13	Euro 95,751,410	United States Dollar 125,227,524	Citibank NA		(894,826	)
5/31/13	Euro 12,787,750	United States Dollar 16,645,597	Goldman Sachs International		(198,240	)
5/31/13	Euro 4,100,000	United States Dollar 5,329,631	State Street Bank and Trust Co.		(70,829	)
5/31/13	Euro 37,155,000	United States Dollar 47,628,883	State Street Bank and Trust Co.		(1,311,137	)
6/28/13	British Pound Sterling 72,540,808	United States Dollar 109,788,337	Citibank NA		(2,852,715	)
6/28/13	British Pound Sterling 6,950,000	United States Dollar 10,590,966	HSBC Bank USA		(200,964	)
6/28/13	Canadian Dollar 17,528,172	United States Dollar 17,266,753	Citibank NA		(108,730	)


		43

Floating Rate Portfolio

April 30, 2013

Notes to Financial Statements (Unaudited) — continued


Forward Foreign Currency Exchange Contracts (continued)


Sales
Settlement Date	Deliver	In Exchange For	Counterparty	Net Unrealized Depreciation

6/28/13	Euro 5,947,500	United States Dollar 7,805,380	Goldman Sachs International	$	(30,067	)
6/28/13	Euro 123,305,029	United States Dollar 158,604,793	HSBC Bank USA		(3,841,625	)
7/31/13	British Pound Sterling 71,239,781	United States Dollar 110,235,012	HSBC Bank USA		(367,261	)
7/31/13	Euro 142,458,156	United States Dollar 185,726,259	Deutsche Bank AG		(1,997,048	)

				$	(14,887,284	)

At April 30, 2013, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective and its use of derivatives, the Portfolio is subject to the following risks:

Foreign Exchange Risk: 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.

Interest Rate Risk: Because the Portfolio holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. To hedge against this risk, the Portfolio enters into interest rate swap contracts with respect to a portion of the bonds.

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, 2013, the fair value of derivatives with credit-related contingent features in a net liability position was $14,887,284. At April 30, 2013, the aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $7,180,769.

The non-exchange traded derivatives in which the Portfolio invests, including forward foreign currency exchange contracts, are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. At April 30, 2013, the Portfolio had no amounts due from counterparties for open derivative contracts. Counterparties may be required to pledge collateral in the form of cash, U.S. Government securities or highly-rated bonds for the benefit of the Portfolio if the net amount due from the counterparty with respect to a derivative contract exceeds a certain threshold. The amount of collateral posted by the counterparties with respect to such contracts would reduce the amount of any loss incurred. Collateral pledged for the benefit of the Portfolio is held in a segregated account by the Portfolio’s custodian. At April 30, 2013, the portion of such collateral representing cash of $3,450,000 is reflected as restricted cash with a corresponding liability on the Statement of Assets and Liabilities. The carrying amount of the liability at April 30, 2013 approximated its fair value. If measured at fair value, the liability for cash collateral due to broker would have been considered as Level 2 in the fair value hierarchy (see Note 10) at April 30, 2013.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2013 was as follows:


		Fair Value
Risk	Derivative	Asset Derivative		Liability Derivative

Foreign Exchange	Forward foreign currency exchange contracts	$	—	$	(14,887,284	)⁽¹⁾

⁽¹⁾	Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized appreciation.


		44

Floating Rate Portfolio

April 30, 2013

Notes to Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended April 30, 2013 was as follows:


Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Foreign Exchange	Forward foreign currency exchange contracts	$	13,554,093		$	(9,788,304	)
Interest Rate	Swap contracts		(4,003,088	)		3,803,787

Total		$	9,551,005		$	(5,984,517	)

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Foreign currency and forward foreign currency exchange contract transactions and Swap contracts, respectively.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Foreign currency and forward foreign currency exchange contracts and Swap contracts, respectively.

The average notional amounts of forward foreign currency exchange contracts and swap contracts outstanding during the six months ended April 30, 2013, which are indicative of the volume of these derivative types, were approximately $635,094,000 and $85,714,000, respectively.

7 Line of Credit

The Portfolio participates with another portfolio and fund managed by EVM and its affiliates in a $800 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at a prime rate or an amount above either the London Interbank Offered Rate (LIBOR) or the Federal Funds rate. In addition, a fee computed at an annual rate of 0.08% on the daily unused portion of the line of credit is allocated among the participating portfolios and fund at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2013.

8 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.

9 Credit Risk

The Portfolio invests primarily in below investment grade floating-rate loans and floating-rate debt obligations, 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.

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)


		45

Floating Rate Portfolio

April 30, 2013

Notes to Financial Statements (Unaudited) — continued

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.

At April 30, 2013, 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 Interests (Less Unfunded Loan Commitments)	$	—	$	12,433,014,571		$	10,161,140	$	12,443,175,711
Corporate Bonds & Notes		—		561,628,360			177,360		561,805,720
Asset-Backed Securities		—		17,713,549			—		17,713,549
Common Stocks		—		24,235,383			32,698,235		56,933,618
Preferred Stocks		—		—			35,847		35,847
Warrants		—		378,525			—		378,525
Short-Term Investments		—		978,564,633			—		978,564,633

Total Investments	$	—	$	14,015,535,021		$	43,072,582	$	14,058,607,603

Liability Description

Forward Foreign Currency Exchange Contracts	$	—	$	(14,887,284	)	$	—	$	(14,887,284	)

Total	$	—	$	(14,887,284	)	$	—	$	(14,887,284	)

*	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, 2013 is not presented.

At April 30, 2013, there were no investments transferred between Level 1 and Level 2 during the six months then ended.


		46

Eaton Vance

Floating-Rate Fund

April 30, 2013

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 each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of 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 of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 22, 2013, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2013, as well as information considered during prior meetings of the committee. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

An independent report comparing each fund’s total expense ratio and its components to comparable funds;

An independent report 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 in comparison to benchmark indices and customized peer groups, in each case as approved by the Board with respect to the funds;

For each fund, comparative information concerning the fees charged and the services provided by each adviser 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;

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and the fund’s policies with respect to “soft dollar” arrangements;

Data relating to portfolio turnover rates of each fund;

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

Reports detailing the financial results and condition of each adviser;

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;


		47

Eaton Vance

Floating-Rate Fund

April 30, 2013

Board of Trustees’ Contract Approval — continued

Other Relevant Information

Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

The terms of each advisory agreement.

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2013, with respect to one or more funds, the Board met eight times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met eight, twenty-one, five, nine and thirteen times respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund. The Board and its Committees considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also 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 and other fund advisers with respect to such matters.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each 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 advisory and sub-advisory agreement.

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 of Floating Rate Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Floating-Rate Fund (the “Fund”) invests, with Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, 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 of 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 process with respect to the types of investments held by the Portfolio, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. In particular, the Board considered the experience and abilities of such investment personnel in analyzing special considerations relevant to investing in senior floating rate loans. The Board noted the experience of 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, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to the Portfolio by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated 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.


		48

Eaton Vance

Floating-Rate Fund

April 30, 2013

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 family of funds, including 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 a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices, as well as a customized peer group of similarly managed funds approved by the Board. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2012 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including administrative fee rates, payable by the Portfolio and by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2012, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered the fact that, at the request of the Contract Review Committee, the Adviser had undertaken to permanently reduce fee rates in an agreed upon amount, such reduction to be effective May 1, 2013. The Board noted that the Adviser had waived fees and/or paid expenses for the Fund. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the Eaton Vance fund complex level, including the negotiation of reduced fees for transfer agency and custody services.

After reviewing 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

The Board reviewed 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 revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their 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.

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 reasonable.

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 the economies of scale 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. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund and the Portfolio, the structure of the advisory fee, which includes revised breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from economies of scale in the future.


		49

Eaton Vance

Floating-Rate Fund

April 30, 2013

Officers and Trustees

Officers of Eaton Vance Floating-Rate Fund

Duncan W. Richardson

President

Payson F. Swaffield

Vice President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Officers of Floating Rate Portfolio

Scott H. Page

President

Payson F. Swaffield

Vice President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance Floating-Rate Fund and Floating Rate Portfolio

Ralph F. Verni

Chairman

Scott E. Eston

Benjamin C. Esty

Thomas E. Faust Jr.*

Allen R. Freedman

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Lynn A. Stout

Harriett Tee Taggart

*	Interested Trustee


		50

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’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 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) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q 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. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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.


		51

This Page Intentionally Left Blank

Investment Adviser of 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

200 Clarendon Street

Boston, MA 02116

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


1044-6/13		FRSRC

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

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. 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.


Floating Rate Portfolio

By:		/s/ Scott H. Page
		Scott H. Page
		President

Date:		June 11, 2013

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 11, 2013

By:		/s/ Scott H. Page
		Scott H. Page
		President

Date:		June 11, 2013

Eaton Vance Floating Rate Portfolio N-CSRSCertified semi-annual shareholder report (management investment company)