UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FormN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09987
Eaton Vance Floating Rate Portfolio
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617)482-8260
(Registrant’s Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2019
Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited)
Senior Floating-Rate Loans — 90.5%(1) |
| |||||||||||
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Aerospace and Defense — 1.4% | ||||||||||||
Dynasty Acquisition Co., Inc. | ||||||||||||
Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026 | 6,081 | $ | 6,121,152 | |||||||||
IAP Worldwide Services, Inc. | ||||||||||||
Revolving Loan, 1.49%, (3 mo. USD LIBOR + 5.50%), Maturing July 18, | 5,347 | 5,340,138 | ||||||||||
Term Loan - Second Lien, 9.10%, (3 mo. USD LIBOR + 6.50%), Maturing July 18, | 7,047 | 5,642,898 | ||||||||||
TransDigm, Inc. | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 9, 2023 | 58,903 | 58,795,817 | ||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing August 22, 2024 | 28,037 | 27,954,636 | ||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing May 30, 2025 | 8,176 | 8,153,380 | ||||||||||
Wesco Aircraft Hardware Corp. | ||||||||||||
Term Loan, 5.49%, (1 mo. USD LIBOR + 3.00%), Maturing November 30, 2020 | 11,375 | 11,204,375 | ||||||||||
WP CPP Holdings, LLC | ||||||||||||
Term Loan, 6.34%, (USD LIBOR + 3.75%), Maturing April 30, | 7,786 | 7,795,607 | ||||||||||
$ | 131,008,003 | |||||||||||
Automotive — 2.5% | ||||||||||||
Adient US, LLC | ||||||||||||
Term Loan, Maturing April 25, | 7,700 | $ | 7,700,000 | |||||||||
American Axle and Manufacturing, Inc. | ||||||||||||
Term Loan, 4.77%, (USD LIBOR + 2.25%), Maturing April 6, 2024(4) | 37,952 | 37,560,188 | ||||||||||
Apro, LLC | ||||||||||||
Term Loan, 6.49%, (1 mo. USD LIBOR + 4.00%), Maturing August 8, 2024 | 2,876 | 2,897,402 | ||||||||||
Chassix, Inc. | ||||||||||||
Term Loan, 8.28%, (USD LIBOR + 5.50%), Maturing November 15, 2023(4) | 9,016 | 9,027,145 | ||||||||||
CS Intermediate Holdco 2, LLC | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 2, 2023 | 5,149 | 5,052,855 | ||||||||||
Dayco Products, LLC | ||||||||||||
Term Loan, 6.88%, (3 mo. USD LIBOR + 4.25%), Maturing May 19, 2023 | 11,484 | 11,340,775 | ||||||||||
Garrett LX III S.a.r.l. | ||||||||||||
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing September 27, 2025 | EUR | 5,650 | 6,334,401 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Automotive (continued) | ||||||||||||
Goodyear Tire & Rubber Company (The) | ||||||||||||
Term Loan - Second Lien, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing March 7, 2025 | 9,717 | $ | 9,556,067 | |||||||||
L&W, Inc. | ||||||||||||
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing May 22, 2025 | 9,404 | 9,380,428 | ||||||||||
Panther BF Aggregator 2 L.P. | ||||||||||||
Term Loan, Maturing March 18, | 39,850 | 40,023,347 | ||||||||||
Tenneco, Inc. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 1, 2025 | 37,980 | 37,109,429 | ||||||||||
Thor Industries, Inc. | ||||||||||||
Term Loan, 6.31%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2026 | 19,241 | 18,940,136 | ||||||||||
TI Group Automotive Systems, LLC | ||||||||||||
Term Loan, 3.50%, (3 mo. EURIBOR + 2.75%, Floor 0.75%), Maturing June 30, 2022 | EUR | 7,744 | 8,691,244 | |||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 30, 2022 | 16,580 | 16,475,759 | ||||||||||
Tower Automotive Holdings USA, LLC | ||||||||||||
Term Loan, 5.25%, (1 mo. USD LIBOR + 2.75%), Maturing March 7, 2024 | 12,552 | 12,442,200 | ||||||||||
Visteon Corporation | ||||||||||||
Term Loan, 4.25%, (USD LIBOR + 1.75%), Maturing March 25, | 2,217 | 2,189,394 | ||||||||||
$ | 234,720,770 | |||||||||||
Beverage and Tobacco — 0.2% | ||||||||||||
Arterra Wines Canada, Inc. | ||||||||||||
Term Loan, 5.36%, (3 mo. USD LIBOR + 2.75%), Maturing December 15, 2023 | 4,108 | $ | 4,102,840 | |||||||||
Flavors Holdings, Inc. | ||||||||||||
Term Loan, 8.35%, (3 mo. USD LIBOR + 5.75%), Maturing April 3, 2020 | 13,396 | 12,827,115 | ||||||||||
Term Loan - Second Lien, 12.60%, (3 mo. USD LIBOR + 10.00%), Maturing October 3, 2021 | 3,000 | 2,415,000 | ||||||||||
$ | 19,344,955 | |||||||||||
Brokerage / Securities Dealers / Investment Houses — 0.3% | ||||||||||||
Advisor Group, Inc. | ||||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025 | 7,040 | $ | 7,057,224 | |||||||||
Aretec Group, Inc. | ||||||||||||
Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing October 1, 2025 | 14,189 | 14,112,573 |
20 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Brokerage / Securities Dealers / Investment Houses (continued) | ||||||||||||
OZ Management L.P. | ||||||||||||
Term Loan, 7.25%, (1 mo. USD LIBOR + 4.75%), Maturing April 10, 2023 | 2,416 | $ | 2,419,020 | |||||||||
Resolute Investment Managers, Inc. | ||||||||||||
Term Loan - Second Lien, 10.08%, (3 mo. USD LIBOR + 7.50%), Maturing April 30, 2023 | 3,800 | 3,838,000 | ||||||||||
$ | 27,426,817 | |||||||||||
Building and Development — 2.5% | ||||||||||||
American Builders & Contractors Supply Co., Inc. | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2023 | 27,980 | $ | 27,770,416 | |||||||||
Brookfield Property REIT, Inc. | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing August 27, 2025 | 11,119 | 10,902,146 | ||||||||||
Capital Automotive L.P. | ||||||||||||
Term Loan, 4.99%, (1 mo. USD LIBOR + 2.50%), Maturing March 24, 2024 | 4,768 | 4,764,424 | ||||||||||
Core & Main L.P. | ||||||||||||
Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing August 1, 2024 | 11,104 | 11,149,160 | ||||||||||
CPG International, Inc. | ||||||||||||
Term Loan, 6.63%, (6 mo. USD LIBOR + 3.75%), Maturing May 5, 2024 | 15,341 | 15,328,329 | ||||||||||
Delachaux Group S.A. | ||||||||||||
Term Loan, Maturing March 28, | EUR | 4,050 | 4,581,661 | |||||||||
Term Loan, Maturing March 28, | 5,100 | 5,092,034 | ||||||||||
DTZ U.S. Borrower, LLC | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 21, 2025 | 54,538 | 54,663,408 | ||||||||||
Henry Company, LLC | ||||||||||||
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing October 5, 2023 | 5,149 | 5,158,197 | ||||||||||
NCI Building Systems, Inc. | ||||||||||||
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing April 12, 2025 | 9,751 | 9,647,274 | ||||||||||
Quikrete Holdings, Inc. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing November 15, 2023 | 37,680 | 37,529,089 | ||||||||||
RE/MAX International, Inc. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing December 15, 2023 | 21,315 | 21,341,147 | ||||||||||
Realogy Group, LLC | ||||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 8, 2025 | 10,768 | 10,542,738 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Building and Development (continued) | ||||||||||||
Summit Materials Companies I, LLC | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 21, 2024 | 2,530 | $ | 2,530,978 | |||||||||
Werner FinCo L.P. | ||||||||||||
Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing July 24, 2024 | 8,329 | 8,089,411 | ||||||||||
WireCo WorldGroup, Inc. | ||||||||||||
Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing September 30, 2023 | 7,829 | 7,852,750 | ||||||||||
$ | 236,943,162 | |||||||||||
Business Equipment and Services — 8.2% | ||||||||||||
Acosta Holdco, Inc. | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing September 26, 2021 | 8,736 | $ | 3,794,735 | |||||||||
Adtalem Global Education, Inc. | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing April 11, 2025 | 4,516 | 4,510,230 | ||||||||||
AlixPartners, LLP | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 4, 2024 | 20,950 | 21,010,073 | ||||||||||
Altran Technologies S.A. | ||||||||||||
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 20, 2025 | EUR | 16,241 | 18,290,708 | |||||||||
AppLovin Corporation | ||||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing August 15, 2025 | 26,228 | 26,326,606 | ||||||||||
ASGN Incorporated | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing April 2, 2025 | 5,481 | 5,485,516 | ||||||||||
Belfor Holdings, Inc. | ||||||||||||
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing April 6, 2026 | 5,250 | 5,308,931 | ||||||||||
BlitzF18-675 GmbH | ||||||||||||
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 31, 2025 | EUR | 9,325 | 10,524,837 | |||||||||
Bracket Intermediate Holding Corp. | ||||||||||||
Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing September 5, 2025 | 10,945 | 10,931,319 | ||||||||||
Brand Energy & Infrastructure Services, Inc. | ||||||||||||
Term Loan, 6.82%, (USD LIBOR + 4.25%), Maturing June 21, 2024(4) | 5,920 | 5,827,069 | ||||||||||
Camelot UK Holdco Limited | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 3, 2023 | 18,944 | 18,944,351 |
21 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||
Business Equipment and Services (continued) | ||||||||||
Ceridian HCM Holding, Inc. | ||||||||||
Term Loan, 5.50%, (1 mo. USD LIBOR + 3.25%), Maturing April 30, 2025 | 17,562 | $ | 17,671,511 | |||||||
Change Healthcare Holdings, LLC | ||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 1, 2024 | 65,215 | 65,279,155 | ||||||||
Crossmark Holdings, Inc. | ||||||||||
DIP Loan, 9.98%, (1 mo. USD LIBOR + 7.50%), Maturing May 15, 2019 | 3,003 | 3,004,738 | ||||||||
Term Loan, 0.00%, Maturing December 20, | 35,294 | 11,205,818 | ||||||||
Cypress Intermediate Holdings III, Inc. | ||||||||||
Term Loan, 5.24%, (1 mo. USD LIBOR + 2.75%), Maturing April 26, 2024 | 23,854 | 23,821,500 | ||||||||
Deerfield Dakota Holding, LLC | ||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing February 13, 2025 | 13,934 | 13,832,210 | ||||||||
EAB Global, Inc. | ||||||||||
Term Loan, 6.38%, (USD LIBOR + 3.75%), Maturing November 15, 2024(4) | 14,454 | 14,345,595 | ||||||||
Education Management, LLC | ||||||||||
Revolving Loan, 0.00%, Maturing March 31, | 10,413 | 1,964,928 | ||||||||
Term Loan, 0.00%, Maturing July 2, 2020(3)(6) | 6,666 | 0 | ||||||||
Term Loan, 0.00%, Maturing July 2, 2020(3)(6) | 8,335 | 1,572,853 | ||||||||
EIG Investors Corp. | ||||||||||
Term Loan, 6.39%, (3 mo. USD LIBOR + 3.75%), Maturing February 9, 2023 | 49,901 | 50,000,909 | ||||||||
Garda World Security Corporation | ||||||||||
Term Loan, 6.12%, (3 mo. USD LIBOR + 3.50%), Maturing May 24, 2024 | 15,407 | 15,416,979 | ||||||||
Term Loan, 6.36%, (CIDOR + 4.25%), Maturing May 24, 2024 | CAD | 14,220 | 10,507,971 | |||||||
Gartner, Inc. | ||||||||||
Term Loan, 3.98%, (1 mo. USD LIBOR + 1.50%), Maturing March 20, 2022 | 2,700 | 2,710,057 | ||||||||
Global Payments, Inc. | ||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing April 21, 2023 | 3,539 | 3,543,533 | ||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing October 17, 2025 | 5,985 | 5,985,934 | ||||||||
IG Investment Holdings, LLC | ||||||||||
Term Loan, 6.03%, (USD LIBOR + 3.50%), Maturing May 23, 2025(4) | 32,461 | 32,501,605 | ||||||||
IRI Holdings, Inc. | ||||||||||
Term Loan, 7.13%, (3 mo. USD LIBOR + 4.50%), Maturing December 1, 2025 | 19,751 | 19,668,200 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||
Business Equipment and Services (continued) | ||||||||||
Iron Mountain, Inc. | ||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing January 2, 2026 | 9,925 | $ | 9,763,473 | |||||||
J.D. Power and Associates | ||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing September 7, 2023 | 13,021 | 12,955,943 | ||||||||
KAR Auction Services, Inc. | ||||||||||
Term Loan, 4.88%, (3 mo. USD LIBOR + 2.25%), Maturing March 11, 2021 | 11,110 | 11,131,135 | ||||||||
Kronos Incorporated | ||||||||||
Term Loan, 5.74%, (3 mo. USD LIBOR + 3.00%), Maturing November 1, 2023 | 66,792 | 67,005,666 | ||||||||
KUEHG Corp. | ||||||||||
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing February 21, 2025 | 36,318 | 36,399,597 | ||||||||
Monitronics International, Inc. | ||||||||||
Term Loan, 10.10%, (3 mo. USD LIBOR + 7.50%), Maturing September 30, 2022 | 20,530 | 19,169,541 | ||||||||
PGX Holdings, Inc. | ||||||||||
Term Loan, 7.74%, (1 mo. USD LIBOR + 5.25%), Maturing September 29, 2020 | 10,117 | 9,762,549 | ||||||||
Ping Identity Corporation | ||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 24, 2025 | 6,228 | 6,251,292 | ||||||||
Pre-Paid Legal Services, Inc. | ||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 1, 2025 | 5,092 | 5,083,636 | ||||||||
Prime Security Services Borrower, LLC | ||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2022 | 10,638 | 10,668,177 | ||||||||
Red Ventures, LLC | ||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 8, 2024 | 16,897 | 16,984,038 | ||||||||
ServiceMaster Company | ||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing November 8, 2023 | 3,386 | 3,396,120 | ||||||||
SMG Holdings, Inc. | ||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing January 23, 2025 | 2,673 | 2,662,976 | ||||||||
Solera, LLC | ||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 3, 2023 | 25,129 | 25,181,760 | ||||||||
Spin Holdco, Inc. | ||||||||||
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2022 | 45,161 | 44,746,570 | ||||||||
Trans Union, LLC | ||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing April 10, 2023 | 9,823 | 9,843,283 |
22 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Business Equipment and Services (continued) | ||||||||||||
Trans Union, LLC (continued) | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing June 19, 2025 | 5,186 | $ | 5,196,075 | |||||||||
Ultimate Software Group, Inc. (The) | ||||||||||||
Term Loan, Maturing March 15, 2026(5) | 18,275 | 18,434,906 | ||||||||||
Vestcom Parent Holdings, Inc. | ||||||||||||
Term Loan, 6.51%, (USD LIBOR + 4.00%), Maturing December 19, 2023(4) | 8,454 | 8,115,768 | ||||||||||
WASH Multifamily Laundry Systems, LLC | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022 | 1,532 | 1,493,336 | ||||||||||
West Corporation | ||||||||||||
Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing October 10, 2024 | 3,920 | 3,757,260 | ||||||||||
Term Loan, 6.63%, (3 mo. USD LIBOR + 4.00%), Maturing October 10, 2024 | 15,856 | 15,394,489 | ||||||||||
ZPG PLC | ||||||||||||
Term Loan, 3.75%, (1 mo. EURIBOR + 3.75%), Maturing June 30, 2025 | EUR | 4,975 | 5,583,450 | |||||||||
Term Loan, 5.48%, (1 mo. GBP LIBOR + 4.75%), Maturing June 30, 2025 | GBP | 8,675 | 11,192,893 | |||||||||
$ | 784,161,804 | |||||||||||
Cable and Satellite Television — 4.3% | ||||||||||||
Altice France S.A. | ||||||||||||
Term Loan, 6.47%, (1 mo. USD LIBOR + 4.00%), Maturing August 14, 2026 | 4,975 | $ | 4,900,375 | |||||||||
Charter Communications Operating, LLC | ||||||||||||
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing April 30, 2025 | 34,264 | 34,392,724 | ||||||||||
CSC Holdings, LLC | ||||||||||||
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing July 17, 2025 | 28,216 | 28,180,466 | ||||||||||
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026 | 13,042 | 13,042,312 | ||||||||||
Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing January 25, 2026 | 17,258 | 17,279,663 | ||||||||||
Numericable Group S.A. | ||||||||||||
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 31, 2025 | EUR | 9,803 | 10,718,311 | |||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing July 31, 2025 | 22,916 | 22,342,977 | ||||||||||
Term Loan, 6.16%, (1 mo. USD LIBOR + 3.69%), Maturing January 31, 2026 | 4,565 | 4,485,348 | ||||||||||
Telenet Financing USD, LLC | ||||||||||||
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing August 15, 2026 | 28,900 | 28,853,037 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Cable and Satellite Television (continued) | ||||||||||||
Telenet International Finance S.a.r.l. | ||||||||||||
Term Loan, 2.50%, (6 mo. EURIBOR + 2.50%), Maturing December 15, 2027 | EUR | 18,000 | $ | 20,145,142 | ||||||||
Unitymedia Finance, LLC | ||||||||||||
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing September 30, 2025 | 1,500 | 1,499,583 | ||||||||||
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing January 15, 2026 | 18,775 | 18,766,194 | ||||||||||
Unitymedia Hessen GmbH & Co. KG | ||||||||||||
Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing January 15, 2027 | EUR | 18,000 | 20,225,089 | |||||||||
UPC Financing Partnership | ||||||||||||
Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026 | 21,188 | 21,220,011 | ||||||||||
Virgin Media Bristol, LLC | ||||||||||||
Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2026 | 79,100 | 79,378,116 | ||||||||||
Virgin Media Investment Holdings Limited | ||||||||||||
Term Loan, 3.98%, (1 mo. GBP LIBOR + 3.25%), Maturing January 15, 2027 | GBP | 11,925 | 15,457,866 | |||||||||
Ziggo Secured Finance B.V. | ||||||||||||
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing April 15, 2025 | EUR | 22,850 | 25,578,930 | |||||||||
Ziggo Secured Finance Partnership | ||||||||||||
Term Loan, 4.97%, (1 mo. USD LIBOR + 2.50%), Maturing April 15, 2025 | 48,481 | 48,126,107 | ||||||||||
$ | 414,592,251 | |||||||||||
Chemicals and Plastics — 4.1% | ||||||||||||
Alpha 3 B.V. | ||||||||||||
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing January 31, 2024 | 10,503 | $ | 10,482,945 | |||||||||
Aruba Investments, Inc. | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing February 2, 2022 | 3,795 | 3,800,155 | ||||||||||
Ashland, Inc. | ||||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing��May 17, 2024 | 6,214 | 6,222,080 | ||||||||||
Axalta Coating Systems US Holdings, Inc. | ||||||||||||
Term Loan, 4.35%, (3 mo. USD LIBOR + 1.75%), Maturing June 1, 2024 | 41,910 | 41,741,602 | ||||||||||
Caldic B.V. | ||||||||||||
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 18, 2024 | EUR | 500 | 555,192 | |||||||||
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing July 18, 2024 | EUR | 1,500 | 1,665,577 |
23 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||
Chemicals and Plastics (continued) | ||||||||||
Chemours Company (The) | ||||||||||
Term Loan, 2.50%, (3 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 21, 2025 | EUR | 6,409 | $ | 7,264,246 | ||||||
Emerald Performance Materials, LLC | ||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2021 | 6,221 | 6,233,119 | ||||||||
Term Loan - Second Lien, 10.23%, (1 mo. USD LIBOR + 7.75%), Maturing August 1, 2022 | 5,000 | 4,912,500 | ||||||||
Ferro Corporation | ||||||||||
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 | 3,795 | 3,798,795 | ||||||||
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 | 3,877 | 3,881,378 | ||||||||
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing February 14, 2024 | 9,139 | 9,148,572 | ||||||||
Flint Group GmbH | ||||||||||
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021 | 2,726 | 2,562,881 | ||||||||
Flint Group US, LLC | ||||||||||
Term Loan, 5.58%, (3 mo. USD LIBOR + 3.00%), Maturing September 7, 2021 | 16,493 | 15,503,331 | ||||||||
Gemini HDPE, LLC | ||||||||||
Term Loan, 5.09%, (3 mo. USD LIBOR + 2.50%), Maturing August 7, 2024 | 9,779 | 9,803,102 | ||||||||
H.B. Fuller Company | ||||||||||
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing October 20, 2024 | 22,307 | 22,243,646 | ||||||||
Hexion, Inc. | ||||||||||
DIP Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing October 1, 2020 | 4,125 | 4,139,182 | ||||||||
Ineos US Finance, LLC | ||||||||||
Term Loan, 2.50%, (1 mo. EURIBOR + 2.00%, Floor 0.50%), Maturing March 31, 2024 | EUR | 28,798 | 32,095,953 | |||||||
Kraton Polymers, LLC | ||||||||||
Term Loan, 2.75%, (3 mo. EURIBOR + 2.00%, Floor 0.75%), Maturing March 5, 2025 | EUR | 3,855 | 4,336,279 | |||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing March 5, 2025 | 9,650 | 9,645,648 | ||||||||
Messer Industries GmbH | ||||||||||
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 1, 2026 | EUR | 4,275 | 4,799,340 | |||||||
Term Loan, 5.10%, (3 mo. USD LIBOR + 2.50%), Maturing March 1, 2026 | 21,800 | 21,795,466 | ||||||||
Momentive Performance Materials, Inc. | ||||||||||
Term Loan, Maturing April 16, 2024(5) | 4,925 | 4,945,005 | ||||||||
Platform Specialty Products Corporation | ||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing January 30, 2026 | 8,379 | 8,394,711 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Chemicals and Plastics (continued) | ||||||||||||
PMHC II, Inc. | ||||||||||||
Term Loan, 6.16%, (USD LIBOR + 3.50%), Maturing March 31, | 4,158 | $ | 4,103,426 | |||||||||
Polar US Borrower, LLC | ||||||||||||
Term Loan, 7.35%, (3 mo. USD LIBOR + 4.75%), Maturing October 15, 2025 | 11,347 | 11,417,195 | ||||||||||
PQ Corporation | ||||||||||||
Term Loan, 5.08%, (3 mo. USD LIBOR + 2.50%), Maturing February 8, 2025 | 25,037 | 25,059,654 | ||||||||||
Proampac PG Borrower, LLC | ||||||||||||
Term Loan, 6.11%, (USD LIBOR + 3.50%), Maturing November 18, 2023(4) | 8,441 | 8,299,958 | ||||||||||
Spectrum Holdings III Corp. | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing January 31, 2025 | 4,799 | 4,662,820 | ||||||||||
Starfruit Finco B.V. | ||||||||||||
Term Loan, 3.75%, (6 mo. EURIBOR + 3.75%), Maturing October 1, 2025 | EUR | 5,425 | 6,109,229 | |||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025 | 22,725 | 22,693,049 | ||||||||||
Tata Chemicals North America, Inc. | ||||||||||||
Term Loan, 5.38%, (3 mo. USD LIBOR + 2.75%), Maturing August 7, 2020 | 5,654 | 5,667,757 | ||||||||||
Trinseo Materials Operating S.C.A. | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing September 9, 2024 | 4,054 | 4,056,161 | ||||||||||
Tronox Finance, LLC | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing September 23, 2024 | 29,569 | 29,685,667 | ||||||||||
Univar, Inc. | ||||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing July 1, 2024 | 18,615 | 18,661,784 | ||||||||||
Venator Materials Corporation | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing August 8, 2024 | 4,260 | 4,275,994 | ||||||||||
Versum Materials, Inc. | ||||||||||||
Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing September 29, 2023 | 3,241 | 3,242,095 | ||||||||||
$ | 387,905,494 | |||||||||||
Clothing / Textiles — 0.0%(7) | ||||||||||||
Tumi, Inc. | ||||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing April 25, 2025 | 3,303 | $ | 3,304,237 | |||||||||
$ | 3,304,237 |
24 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Conglomerates — 0.1% | ||||||||||||
Penn Engineering & Manufacturing Corp. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing June 27, 2024 | 2,716 | $ | 2,719,105 | |||||||||
SGB-SMIT Management GmbH | ||||||||||||
Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), Maturing July 18, 2024 | EUR | 6,713 | 6,506,092 | |||||||||
$ | 9,225,197 | |||||||||||
Containers and Glass Products — 2.6% | ||||||||||||
Anchor Glass Container Corporation | ||||||||||||
Term Loan, 5.23%, (USD LIBOR + 2.75%), Maturing December 7, 2023(4) | 5,548 | $ | 4,701,768 | |||||||||
Berlin Packaging, LLC | ||||||||||||
Term Loan, 5.51%, (USD LIBOR + 3.00%), Maturing November 7, 2025(4) | 6,776 | 6,699,415 | ||||||||||
Berry Global, Inc. | ||||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing January 6, 2021 | 1,000 | 1,000,104 | ||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2022 | 14,319 | 14,315,169 | ||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing January 19, 2024 | 7,350 | 7,336,638 | ||||||||||
BWAY Holding Company | ||||||||||||
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing April 3, 2024 | 22,946 | 22,710,394 | ||||||||||
Consolidated Container Company, LLC | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024 | 6,216 | 6,202,960 | ||||||||||
Flex Acquisition Company, Inc. | ||||||||||||
Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing December 29, 2023 | 38,378 | 37,782,136 | ||||||||||
Term Loan, 5.88%, (3 mo. USD LIBOR + 3.25%), Maturing June 29, 2025 | 17,443 | 17,175,313 | ||||||||||
Libbey Glass, Inc. | ||||||||||||
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing April 9, 2021 | 10,288 | 9,310,250 | ||||||||||
Pelican Products, Inc. | ||||||||||||
Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2025 | 7,022 | 7,004,383 | ||||||||||
Reynolds Group Holdings, Inc. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2023 | 58,242 | 58,469,962 | ||||||||||
Ring Container Technologies Group, LLC | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 31, 2024 | 2,289 | 2,281,862 | ||||||||||
Trident TPI Holdings, Inc. | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 17, 2024 | 17,208 | 16,864,195 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Containers and Glass Products (continued) | ||||||||||||
Verallia Packaging S.A.S. | ||||||||||||
Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing October 29, 2022 | EUR | 23,256 | $ | 26,064,033 | ||||||||
Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing August 1, 2025 | EUR | 6,850 | 7,676,564 | |||||||||
$ | 245,595,146 | |||||||||||
Cosmetics / Toiletries — 0.3% | ||||||||||||
KIK Custom Products, Inc. | ||||||||||||
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing May 15, 2023 | 25,180 | $ | 24,298,346 | |||||||||
$ | 24,298,346 | |||||||||||
Drugs — 3.0% | ||||||||||||
Albany Molecular Research, Inc. | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 30, 2024 | 10,305 | $ | 10,293,510 | |||||||||
Alkermes, Inc. | ||||||||||||
Term Loan, 4.74%, (1 mo. USD LIBOR + 2.25%), Maturing March 23, 2023 | 18,979 | 18,943,493 | ||||||||||
Amneal Pharmaceuticals, LLC | ||||||||||||
Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing May 4, 2025 | 27,469 | 27,623,245 | ||||||||||
Arbor Pharmaceuticals, Inc. | ||||||||||||
Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing July 5, 2023 | 26,367 | 23,796,372 | ||||||||||
Bausch Health Companies, Inc. | ||||||||||||
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing June 2, 2025 | 63,879 | 64,143,920 | ||||||||||
Endo Luxembourg Finance Company I S.a.r.l. | ||||||||||||
Term Loan, 6.75%, (1 mo. USD LIBOR + 4.25%), Maturing April 29, 2024 | 39,424 | 39,176,970 | ||||||||||
Horizon Pharma, Inc. | ||||||||||||
Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2024 | 12,147 | 12,227,903 | ||||||||||
Jaguar Holding Company II | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2022 | 67,580 | 67,296,104 | ||||||||||
Mallinckrodt International Finance S.A. | ||||||||||||
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing September 24, 2024 | 23,143 | 20,866,990 | ||||||||||
Term Loan, 5.69%, (3 mo. USD LIBOR + 3.00%), Maturing February 24, 2025 | 6,928 | 6,382,312 | ||||||||||
$ | 290,750,819 |
25 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Ecological Services and Equipment — 0.6% | ||||||||||||
Advanced Disposal Services, Inc. | ||||||||||||
Term Loan, 4.68%, (1 week USD LIBOR + 2.25%), Maturing November 10, 2023 | 23,735 | $ | 23,827,039 | |||||||||
EnergySolutions, LLC | ||||||||||||
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing May 9, 2025 | 17,671 | 16,699,556 | ||||||||||
GFL Environmental, Inc. | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing May 30, 2025 | 17,770 | 17,656,760 | ||||||||||
$ | 58,183,355 | |||||||||||
Electronics / Electrical — 11.1% | ||||||||||||
Almonde, Inc. | ||||||||||||
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing June 13, 2024 | 34,690 | $ | 34,454,467 | |||||||||
Applied Systems, Inc. | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing September 19, 2024 | 36,996 | 37,031,089 | ||||||||||
Term Loan - Second Lien, 9.48%, (1 mo. USD LIBOR + 7.00%), Maturing September 19, 2025 | 3,279 | 3,345,215 | ||||||||||
Aptean, Inc. | ||||||||||||
Term Loan, Maturing March 29, | 5,750 | 5,778,750 | ||||||||||
Avast Software B.V. | ||||||||||||
Term Loan, 4.85%, (3 mo. USD LIBOR + 2.25%), Maturing September 30, 2023 | 7,655 | 7,691,112 | ||||||||||
Barracuda Networks, Inc. | ||||||||||||
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing February 12, 2025 | 12,658 | 12,669,880 | ||||||||||
BMC Software Finance, Inc. | ||||||||||||
Term Loan, 4.75%, (3 mo. EURIBOR + 4.75%), Maturing October 2, 2025 | EUR | 3,441 | 3,894,425 | |||||||||
Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing October 2, 2025 | 35,262 | 35,094,132 | ||||||||||
Campaign Monitor Finance Pty. Limited | ||||||||||||
Term Loan, 9.75%, (3 mo. USD Prime + 4.25%), Maturing March 18, 2021 | 12,931 | 12,607,396 | ||||||||||
Carbonite, Inc. | ||||||||||||
Term Loan, 6.31%, (2 mo. USD LIBOR + 3.75%), Maturing March 26, 2026 | 5,275 | 5,321,156 | ||||||||||
Celestica, Inc. | ||||||||||||
Term Loan, 4.60%, (1 mo. USD LIBOR + 2.13%), Maturing June 27, 2025 | 4,690 | 4,548,876 | ||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 27, 2025 | 4,414 | 4,369,798 | ||||||||||
Cohu, Inc. | ||||||||||||
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing September 20, 2025 | 10,472 | 10,380,742 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||
Electronics / Electrical (continued) | ||||||||||
CommScope, Inc. | ||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing April 6, 2026 | 19,850 | $ | 20,050,981 | |||||||
CPI International, Inc. | ||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing July 26, 2024 | 11,240 | 11,263,827 | ||||||||
Cypress Semiconductor Corporation | ||||||||||
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing July 5, 2021 | 10,284 | 10,285,533 | ||||||||
Datto, Inc. | ||||||||||
Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing April 2, 2026 | 3,925 | 3,969,156 | ||||||||
DigiCert, Inc. | ||||||||||
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing October 31, 2024 | 20,719 | 20,767,138 | ||||||||
Electro Rent Corporation | ||||||||||
Term Loan, 7.58%, (3 mo. USD LIBOR + 5.00%), Maturing January 31, 2024 | 13,750 | 13,818,583 | ||||||||
Energizer Holdings, Inc. | ||||||||||
Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing December 17, 2025 | 6,509 | 6,516,661 | ||||||||
Entegris, Inc. | ||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025 | 2,843 | 2,840,208 | ||||||||
Epicor Software Corporation | ||||||||||
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing June 1, 2022 | 16,598 | 16,620,303 | ||||||||
Exact Merger Sub, LLC | ||||||||||
Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing September 27, 2024 | 6,969 | 6,981,942 | ||||||||
EXC Holdings III Corp. | ||||||||||
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 2, 2024 | 2,414 | 2,429,166 | ||||||||
Flexera Software, LLC | ||||||||||
Term Loan, 5.49%, (1 mo. USD LIBOR + 3.00%), Maturing February 26, 2025 | 11,238 | 11,228,671 | ||||||||
GlobalLogic Holdings, Inc. | ||||||||||
Term Loan, 3.25%, Maturing August 1, 2025(2) | 450 | 452,801 | ||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 1, 2025 | 3,134 | 3,153,761 | ||||||||
Go Daddy Operating Company, LLC | ||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing February 15, 2024 | 58,608 | 58,776,725 | ||||||||
GTCR Valor Companies, Inc. | ||||||||||
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing June 16, 2023 | EUR | 2,955 | 3,328,830 |
26 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||
Electronics / Electrical (continued) | ||||||||||
Hyland Software, Inc. | ||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing July 1, 2024 | 41,721 | $ | 42,003,795 | |||||||
Infoblox, Inc. | ||||||||||
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing November 7, 2023 | 17,364 | 17,461,529 | ||||||||
Infor (US), Inc. | ||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 1, 2022 | 84,472 | 84,577,359 | ||||||||
Informatica, LLC | ||||||||||
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing August 5, 2022 | EUR | 1,006 | 1,134,142 | |||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 5, 2022 | 47,007 | 47,217,147 | ||||||||
Lattice Semiconductor Corporation | ||||||||||
Term Loan, 6.72%, (1 mo. USD LIBOR + 4.25%), Maturing March 10, 2021 | 2,971 | 2,990,030 | ||||||||
MA FinanceCo., LLC | ||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing November 19, 2021 | 37,990 | 37,883,646 | ||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024 | 5,679 | 5,655,203 | ||||||||
MACOM Technology Solutions Holdings, Inc. | ||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing May 17, 2024 | 19,315 | 18,313,263 | ||||||||
Marcel LUX IV S.a.r.l. | ||||||||||
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 15, 2026 | EUR | 2,650 | 2,965,429 | |||||||
Term Loan, 5.89%, (3 mo. USD LIBOR + 3.25%), Maturing March 15, 2026 | 3,250 | 3,241,875 | ||||||||
Microchip Technology Incorporated | ||||||||||
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing May 29, 2025 | 5,385 | 5,402,141 | ||||||||
Mirion Technologies, Inc. | ||||||||||
Term Loan, 6.59%, (3 mo. USD LIBOR + 4.00%), Maturing March 6, 2026 | 4,125 | 4,155,937 | ||||||||
MKS Instruments, Inc. | ||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 2, 2026 | 4,025 | 4,036,318 | ||||||||
MTS Systems Corporation | ||||||||||
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing July 5, 2023 | 846 | 845,904 | ||||||||
Prometric Holdings, Inc. | ||||||||||
Term Loan, 5.49%, (1 mo. USD LIBOR + 3.00%), Maturing January 29, 2025 | 3,341 | 3,331,854 | ||||||||
Renaissance Holding Corp. | ||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 30, 2025 | 17,309 | 17,136,182 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||
Electronics / Electrical (continued) | ||||||||||
Renaissance Holding Corp. (continued) | ||||||||||
Term Loan - Second Lien, 9.48%, (1 mo. USD LIBOR + 7.00%), Maturing May 29, 2026 | 2,175 | $ | 2,088,000 | |||||||
Seattle Spinco, Inc. | ||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing June 21, 2024 | 38,351 | 38,190,980 | ||||||||
SGS Cayman L.P. | ||||||||||
Term Loan, 7.98%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021 | 1,123 | 1,100,442 | ||||||||
SkillSoft Corporation | ||||||||||
Term Loan, 7.23%, (1 mo. USD LIBOR + 4.75%), Maturing April 28, 2021 | 61,111 | 51,562,486 | ||||||||
SolarWinds Holdings, Inc. | ||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 5, 2024 | 27,153 | 27,196,955 | ||||||||
Southwire Company | ||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing May 19, 2025 | 4,833 | 4,818,358 | ||||||||
Sparta Systems, Inc. | ||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 21, 2024 | 3,448 | 3,137,225 | ||||||||
SS&C Technologies Holdings Europe S.a.r.l. | ||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025 | 18,752 | 18,797,359 | ||||||||
SS&C Technologies, Inc. | ||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025 | 2,761 | 2,767,034 | ||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 16, 2025 | 26,233 | 26,296,355 | ||||||||
SurveyMonkey, Inc. | ||||||||||
Term Loan, 6.19%, (1 week USD LIBOR + 3.75%), Maturing October 10, 2025 | 13,453 | 13,351,701 | ||||||||
Sutherland Global Services, Inc. | ||||||||||
Term Loan, 7.98%, (3 mo. USD LIBOR + 5.38%), Maturing April 23, 2021 | 4,824 | 4,727,442 | ||||||||
Tibco Software, Inc. | ||||||||||
Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing December 4, 2020 | 24,662 | 24,727,095 | ||||||||
TriTech Software Systems | ||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025 | 2,294 | 2,291,382 | ||||||||
TTM Technologies, Inc. | ||||||||||
Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2024 | 3,187 | 3,188,965 | ||||||||
Uber Technologies | ||||||||||
Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing July 13, 2023 | 49,525 | 49,560,914 |
27 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Electronics / Electrical (continued) | ||||||||||||
Uber Technologies (continued) | ||||||||||||
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing April 4, 2025 | 30,382 | $ | 30,572,205 | |||||||||
Ultra Clean Holdings, Inc. | ||||||||||||
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025 | 11,060 | 10,894,100 | ||||||||||
VeriFone Systems, Inc. | ||||||||||||
Term Loan, 6.68%, (3 mo. USD LIBOR + 4.00%), Maturing August 20, 2025 | 11,443 | 11,445,361 | ||||||||||
Veritas Bermuda, Ltd. | ||||||||||||
Term Loan, 7.01%, (USD LIBOR + 4.50%), Maturing January 27, 2023(4) | 24,122 | 22,674,440 | ||||||||||
Vero Parent, Inc. | ||||||||||||
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing August 16, 2024 | 18,076 | 18,007,884 | ||||||||||
Wall Street Systems Delaware, Inc. | ||||||||||||
Term Loan, 4.00%, (6 mo. EURIBOR + 3.00%, Floor 1.00%), Maturing November 21, 2024 | EUR | 1,544 | 1,733,181 | |||||||||
Term Loan, 5.65%, (3 mo. USD LIBOR + 3.00%), Maturing November 21, 2024 | 7,713 | 7,645,475 | ||||||||||
Western Digital Corporation | ||||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing April 29, 2023 | 11,406 | 11,323,929 | ||||||||||
$ | 1,056,122,346 | |||||||||||
Equipment Leasing — 0.6% | ||||||||||||
Avolon TLB Borrower 1 (US), LLC | ||||||||||||
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing January 15, 2025 | 51,631 | $ | 51,690,904 | |||||||||
IBC Capital Limited | ||||||||||||
Term Loan, 6.36%, (3 mo. USD LIBOR + 3.75%), Maturing September 11, 2023 | 6,930 | 6,856,369 | ||||||||||
$ | 58,547,273 | |||||||||||
Financial Intermediaries — 3.2% | ||||||||||||
Blackstone Mortgage Trust, Inc. | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing April 8, 2026 | 4,125 | $ | 4,135,312 | |||||||||
Citco Funding, LLC | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023 | 33,380 | 33,421,573 | ||||||||||
Clipper Acquisitions Corp. | ||||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing December 27, 2024 | 13,134 | 13,133,750 | ||||||||||
Ditech Holding Corporation | ||||||||||||
Term Loan, 0.00%, Maturing June 30, | 34,065 | 21,759,312 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||
Financial Intermediaries (continued) | ||||||||||
Donnelley Financial Solutions, Inc. | ||||||||||
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing October 2, 2023 | 2,237 | $ | 2,228,754 | |||||||
EIG Management Company, LLC | ||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing February 22, 2025 | 2,995 | 3,005,980 | ||||||||
Evergood 4 ApS | ||||||||||
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing February 6, 2025 | EUR | 9,300 | 10,486,294 | |||||||
Focus Financial Partners, LLC | ||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing July 3, 2024 | 17,824 | 17,905,681 | ||||||||
Fortress Investment Group, LLC | ||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2022 | 10,678 | 10,741,818 | ||||||||
Franklin Square Holdings L.P. | ||||||||||
Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing August 1, 2025 | 6,492 | 6,516,559 | ||||||||
Freedom Mortgage Corporation | ||||||||||
Term Loan, 7.23%, (1 mo. USD LIBOR + 4.75%), Maturing February 23, 2022 | 34,742 | 34,980,919 | ||||||||
Greenhill & Co., Inc. | ||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing April 12, 2024 | 13,450 | 13,466,812 | ||||||||
GreenSky Holdings, LLC | ||||||||||
Term Loan, 5.75%, (1 mo. USD LIBOR + 3.25%), Maturing March 31, 2025 | 15,766 | 15,864,286 | ||||||||
Guggenheim Partners, LLC | ||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing July 21, 2023 | 36,753 | 36,913,621 | ||||||||
Harbourvest Partners, LLC | ||||||||||
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing March 1, 2025 | 15,138 | 15,176,211 | ||||||||
Jefferies Finance, LLC | ||||||||||
Term Loan, 5.13%, (1 mo. USD LIBOR + 2.50%), Maturing August 2, 2024 | 1,970 | 1,957,687 | ||||||||
LPL Holdings, Inc. | ||||||||||
Term Loan, 4.74%, (1 mo. USD LIBOR + 2.25%),��Maturing September 23, 2024 | 16,276 | 16,296,004 | ||||||||
MIP Delaware, LLC | ||||||||||
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing March 9, 2020 | 1,554 | 1,556,535 | ||||||||
Ocwen Loan Servicing, LLC | ||||||||||
Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing December 5, 2020 | 2,731 | 2,741,385 | ||||||||
Sesac Holdco II, LLC | ||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing February 23, 2024 | 10,375 | 10,228,403 |
28 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Financial Intermediaries (continued) | ||||||||||||
StepStone Group L.P. | ||||||||||||
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing March 14, 2025 | 6,905 | $ | 6,913,882 | |||||||||
Victory Capital Holdings, Inc. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 12, 2025 | 3,942 | 3,947,352 | ||||||||||
Virtus Investment Partners, Inc. | ||||||||||||
Term Loan, 4.87%, (3 mo. USD LIBOR + 2.25%), Maturing June 1, 2024 | 6,764 | 6,778,829 | ||||||||||
Walker & Dunlop, Inc. | ||||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing October 31, 2025 | 12,269 | 12,269,243 | ||||||||||
$ | 302,426,202 | |||||||||||
Food Products — 3.7% | ||||||||||||
Alphabet Holding Company, Inc. | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing September 26, 2024 | 36,372 | $ | 34,106,730 | |||||||||
Badger Buyer Corp. | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing September 30, 2024 | 5,004 | 4,872,474 | ||||||||||
CHG PPC Parent, LLC | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 31, 2025 | 3,672 | 3,679,011 | ||||||||||
Del Monte Foods, Inc. | ||||||||||||
Term Loan, 5.90%, (3 mo. USD LIBOR + 3.25%), Maturing February 18, 2021 | 26,245 | 20,323,485 | ||||||||||
Dole Food Company, Inc. | ||||||||||||
Term Loan, 5.25%, (USD LIBOR + 2.75%), Maturing April 6, 2024(4) | 9,110 | 8,977,301 | ||||||||||
Froneri International, Ltd. | ||||||||||||
Term Loan, 2.13%, (6 mo. EURIBOR + 2.13%), Maturing January 31, 2025 | EUR | 19,850 | 22,226,658 | |||||||||
Hearthside Food Solutions, LLC | ||||||||||||
Term Loan, 6.17%, (1 mo. USD LIBOR + 3.69%), Maturing May 23, 2025 | 10,277 | 10,077,982 | ||||||||||
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing May 23, 2025 | 5,736 | 5,701,567 | ||||||||||
High Liner Foods Incorporated | ||||||||||||
Term Loan, 5.85%, (USD LIBOR + 3.25%), Maturing April 24, 2021(4) | 14,550 | 12,876,803 | ||||||||||
HLF Financing S.a.r.l. | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing August 18, 2025 | 16,268 | 16,349,591 | ||||||||||
Jacobs Douwe Egberts International B.V. | ||||||||||||
Term Loan, 4.56%, (1 mo. USD LIBOR + 2.00%), Maturing November 1, 2025 | 29,951 | 30,044,020 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Food Products (continued) | ||||||||||||
JBS USA Lux S.A. | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing October 30, 2022 | 78,509 | $ | 78,642,352 | |||||||||
Term Loan, Maturing April 25, 2026(5) | 54,500 | 54,684,919 | ||||||||||
Nomad Foods Europe Midco Limited | ||||||||||||
Term Loan, 4.72%, (1 mo. USD LIBOR + 2.25%), Maturing May 15, 2024 | 16,909 | 16,882,089 | ||||||||||
Post Holdings, Inc. | ||||||||||||
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing May 24, 2024 | 5,373 | 5,376,859 | ||||||||||
Refresco Group B.V. | ||||||||||||
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025 | EUR | 13,118 | 14,668,277 | |||||||||
Term Loan, 4.87%, (3 mo. GBP LIBOR + 4.00%), Maturing March 28, 2025 | GBP | 1,500 | 1,941,025 | |||||||||
Restaurant Technologies, Inc. | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing October 1, 2025 | 9,327 | 9,396,575 | ||||||||||
Valeo F1 Company Limited (Ireland) | ||||||||||||
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing August 27, 2024 | EUR | 6,000 | 6,620,247 | |||||||||
$ | 357,447,965 | |||||||||||
Food Service — 1.8% | ||||||||||||
1011778 B.C. Unlimited Liability Company | ||||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 16, 2024 | 79,488 | $ | 79,488,346 | |||||||||
Aramark Services, Inc. | ||||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing March 11, 2025 | 9,606 | 9,610,430 | ||||||||||
Del Frisco’s Restaurant Group, Inc. | ||||||||||||
Term Loan, 8.50%, (1 mo. USD LIBOR + 6.00%), Maturing June 27, 2025 | 7,419 | 7,270,559 | ||||||||||
Dhanani Group, Inc. | ||||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing July 20, 2025 | 7,270 | 7,206,449 | ||||||||||
Froneri International, Ltd. | ||||||||||||
Term Loan, 3.48%, (1 mo. GBP LIBOR + 2.75%), Maturing January 31, 2025 | GBP | 12,010 | 15,613,662 | |||||||||
IRB Holding Corp. | ||||||||||||
Term Loan, 5.72%, (1 mo. USD LIBOR + 3.25%), Maturing February 5, 2025 | 25,438 | 25,422,098 | ||||||||||
KFC Holding Co. | ||||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing April 3, 2025 | 6,695 | 6,709,112 | ||||||||||
NPC International, Inc. | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing April 19, 2024 | 6,674 | 5,589,364 |
29 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Food Service (continued) | ||||||||||||
US Foods, Inc. | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing June 27, 2023 | 12,266 | $ | 12,264,943 | |||||||||
Welbilt, Inc. | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing October 23, 2025 | 5,727 | 5,690,819 | ||||||||||
$ | 174,865,782 | |||||||||||
Food / Drug Retailers — 0.9% | ||||||||||||
Albertsons, LLC | ||||||||||||
Term Loan, 5.61%, (3 mo. USD LIBOR + 3.00%), Maturing December 21, 2022 | 5,062 | $ | 5,076,492 | |||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing June 22, 2023 | 46,662 | 46,778,228 | ||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 17, 2025 | 12,474 | 12,489,593 | ||||||||||
Diplomat Pharmacy, Inc. | ||||||||||||
Term Loan, 6.99%, (1 mo. USD LIBOR + 4.50%), Maturing December 20, 2024 | 5,297 | 5,038,296 | ||||||||||
Holland & Barrett International | ||||||||||||
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing August 9, 2024 | EUR | 4,674 | 4,515,824 | |||||||||
Term Loan, 6.09%, (3 mo. GBP LIBOR + 5.25%), Maturing September 2, 2024 | GBP | 9,172 | 10,265,987 | |||||||||
$ | 84,164,420 | |||||||||||
Health Care — 8.2% | ||||||||||||
Acadia Healthcare Company, Inc. | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing February 11, 2022 | 3,038 | $ | 3,041,694 | |||||||||
ADMI Corp. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 30, 2025 | 17,108 | 17,022,417 | ||||||||||
Akorn, Inc. | ||||||||||||
Term Loan, 8.00%, (1 mo. USD LIBOR + 5.50%), Maturing April 16, 2021 | 17,825 | 15,552,456 | ||||||||||
Alliance Healthcare Services, Inc. | ||||||||||||
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing October 24, 2023 | 8,913 | 8,968,203 | ||||||||||
Term Loan - Second Lien, 12.48%, (1 mo. USD LIBOR + 10.00%), Maturing April 24, 2024 | 5,575 | 5,533,188 | ||||||||||
Argon Medical Devices, Inc. | ||||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 23, 2025 | 7,079 | 7,107,996 | ||||||||||
Athletico Management, LLC | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing October 31, 2025 | 4,888 | 4,899,969 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||
Health Care (continued) | ||||||||||
Avantor, Inc. | ||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 21, 2024 | 17,278 | $ | 17,385,979 | |||||||
BioClinica, Inc. | ||||||||||
Term Loan, 6.81%, (3 mo. USD LIBOR + 4.25%), Maturing October 20, 2023 | 10,660 | 9,753,748 | ||||||||
BW NHHC Holdco, Inc. | ||||||||||
Term Loan, 7.49%, (1 mo. USD LIBOR + 5.00%), Maturing May 15, 2025 | 11,712 | 11,360,155 | ||||||||
Carestream Dental Equipment, Inc. | ||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing September 1, 2024 | 6,112 | 5,943,859 | ||||||||
CHG Healthcare Services, Inc. | ||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing June 7, 2023 | 29,050 | 29,104,149 | ||||||||
Concentra, Inc. | ||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing June 1, 2022 | 10,485 | 10,511,062 | ||||||||
CPI Holdco, LLC | ||||||||||
Term Loan, 6.08%, (3 mo. USD LIBOR + 3.50%),��Maturing March 21, 2024 | 11,219 | 11,232,888 | ||||||||
CryoLife, Inc. | ||||||||||
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing November 14, 2024 | 5,505 | 5,523,662 | ||||||||
CTC AcquiCo GmbH | ||||||||||
Term Loan, 2.75%, (3 mo. EURIBOR + 2.75%), Maturing March 7, 2025 | EUR | 11,928 | 13,207,518 | |||||||
Elsan SAS | ||||||||||
Term Loan, 3.50%, (1 mo. EURIBOR + 3.50%), Maturing October 31, 2022 | EUR | 8,500 | 9,608,081 | |||||||
Envision Healthcare Corporation | ||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025 | 57,705 | 55,849,974 | ||||||||
Equian, LLC | ||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 20, 2024 | 7,618 | 7,614,981 | ||||||||
Gentiva Health Services, Inc. | ||||||||||
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025 | 23,935 | 24,039,304 | ||||||||
Grifols Worldwide Operations USA, Inc. | ||||||||||
Term Loan, 4.67%, (1 week USD LIBOR + 2.25%), Maturing January 31, 2025 | 42,689 | 42,802,804 | ||||||||
Hanger, Inc. | ||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing March 6, 2025 | 12,029 | 12,058,571 | ||||||||
Inovalon Holdings, Inc. | ||||||||||
Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing April 2, 2025 | 16,059 | 16,085,308 |
30 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||
Health Care (continued) | ||||||||||
IQVIA, Inc. | ||||||||||
Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing March 7, 2024 | 9,675 | $ | 9,689,419 | |||||||
Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing January 17, 2025 | 9,500 | 9,515,863 | ||||||||
Kinetic Concepts, Inc. | ||||||||||
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing February 2, 2024 | 27,363 | 27,478,916 | ||||||||
KUEHG Corp. | ||||||||||
Term Loan - Second Lien, 10.85%, (3 mo. USD LIBOR + 8.25%), Maturing August 18, 2025 | 4,425 | 4,425,000 | ||||||||
Medical Solutions, LLC | ||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing June 9, 2024 | 8,365 | 8,365,129 | ||||||||
MPH Acquisition Holdings, LLC | ||||||||||
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing June 7, 2023 | 43,198 | 42,840,067 | ||||||||
National Mentor Holdings, Inc. | ||||||||||
Term Loan, 6.74%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026 | 308 | 309,684 | ||||||||
Term Loan, 6.74%, (1 mo. USD LIBOR + 4.25%), Maturing March 9, 2026 | 4,967 | 4,985,920 | ||||||||
Navicure, Inc. | ||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 1, 2024 | 8,797 | 8,775,440 | ||||||||
One Call Corporation | ||||||||||
Term Loan, 7.72%, (1 mo. USD LIBOR + 5.25%), Maturing November 25, 2022 | 20,538 | 17,906,999 | ||||||||
Ortho-Clinical Diagnostics SA | ||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing June 30, 2025 | 48,973 | 48,138,952 | ||||||||
Parexel International Corporation | ||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing September 27, 2024 | �� | 21,498 | 21,108,598 | |||||||
Phoenix Guarantor, Inc. | ||||||||||
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing February 8, 2026 | 19,342 | 19,456,517 | ||||||||
Term Loan, 0.50%, Maturing February 12, 2026(2) | 1,758 | 1,768,774 | ||||||||
Press Ganey Holdings, Inc. | ||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 23, 2023 | 6,546 | 6,555,632 | ||||||||
Prospect Medical Holdings, Inc. | ||||||||||
Term Loan, 8.00%, (1 mo. USD LIBOR + 5.50%), Maturing February 22, 2024 | 13,291 | 12,509,918 | ||||||||
R1 RCM, Inc. | ||||||||||
Term Loan, 7.73%, (1 mo. USD LIBOR + 5.25%), Maturing May 8, 2025 | 6,724 | 6,724,188 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Health Care (continued) | ||||||||||||
Radiology Partners Holdings, LLC | ||||||||||||
Term Loan, 7.36%, (USD LIBOR + 4.75%), Maturing June 21, 2025(4) | 5,312 | $ | 5,338,212 | |||||||||
RadNet, Inc. | ||||||||||||
Term Loan, 6.39%, (USD LIBOR + 3.75%), Maturing June 30, 2023(4) | 16,227 | 16,277,698 | ||||||||||
Select Medical Corporation | ||||||||||||
Term Loan, 4.99%, (1 mo. USD LIBOR + 2.50%), Maturing March 6, 2025 | 20,250 | 20,300,439 | ||||||||||
Sotera Health Holdings, LLC | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing May 15, 2022 | 12,324 | 12,281,500 | ||||||||||
Surgery Center Holdings, Inc. | ||||||||||||
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing September 2, 2024 | 18,789 | 18,584,546 | ||||||||||
Syneos Health, Inc. | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 1, 2024 | 2,806 | 2,802,663 | ||||||||||
Team Health Holdings, Inc. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 6, 2024 | 36,285 | 34,153,068 | ||||||||||
Tecomet, Inc. | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing May 1, 2024 | 8,572 | 8,581,243 | ||||||||||
U.S. Anesthesia Partners, Inc. | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing June 23, 2024 | 14,771 | 14,789,195 | ||||||||||
Verscend Holding Corp. | ||||||||||||
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing August 27, 2025 | 22,569 | 22,752,373 | ||||||||||
Viant Medical Holdings, Inc. | ||||||||||||
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing July 2, 2025 | 5,696 | 5,719,514 | ||||||||||
VVC Holding Corp. | ||||||||||||
Term Loan, 7.20%, (3 mo. USD LIBOR + 4.50%), Maturing February 11, 2026 | 21,550 | 21,718,349 | ||||||||||
Wink Holdco, Inc. | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing December 2, 2024 | 3,239 | 3,198,316 | ||||||||||
$ | 781,260,098 | |||||||||||
Home Furnishings — 0.6% | ||||||||||||
Bright Bidco B.V. | ||||||||||||
Term Loan, 6.06%, (USD LIBOR + 3.50%), Maturing June 30, 2024(4) | 18,293 | $ | 13,856,658 |
31 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Home Furnishings (continued) | ||||||||||||
Serta Simmons Bedding, LLC | ||||||||||||
Term Loan, 5.97%, (1 mo. USD LIBOR + 3.50%), Maturing November 8, 2023 | 56,260 | $ | 41,187,108 | |||||||||
$ | 55,043,766 | |||||||||||
Industrial Equipment — 3.8% | ||||||||||||
AI Alpine AT Bidco GmbH | ||||||||||||
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing October 31, 2025 | EUR | 5,500 | $ | 6,154,664 | ||||||||
Altra Industrial Motion Corp. | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 1, 2025 | 9,126 | 9,126,000 | ||||||||||
Apex Tool Group, LLC | ||||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing February 1, 2022 | 20,785 | 20,597,542 | ||||||||||
Carlisle Foodservice Products, Inc. | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 20, 2025 | 5,552 | 5,426,867 | ||||||||||
Clark Equipment Company | ||||||||||||
Term Loan, 4.60%, (3 mo. USD LIBOR + 2.00%), Maturing May 18, 2024 | 21,239 | 21,187,697 | ||||||||||
CPM Holdings, Inc. | ||||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 15, 2025 | 4,040 | 4,039,875 | ||||||||||
DexKo Global, Inc. | ||||||||||||
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024 | EUR | 2,986 | 3,327,712 | |||||||||
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 24, 2024 | EUR | 7,464 | 8,319,280 | |||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing July 24, 2024 | 12,083 | 12,068,281 | ||||||||||
DXP Enterprises, Inc. | ||||||||||||
Term Loan, 7.23%, (1 mo. USD LIBOR + 4.75%), Maturing August 29, 2023 | 5,713 | 5,727,282 | ||||||||||
Engineered Machinery Holdings, Inc. | ||||||||||||
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing July 19, 2024 | 9,464 | 9,262,763 | ||||||||||
Term Loan, 6.85%, (3 mo. USD LIBOR + 4.25%), Maturing July 19, 2024 | 3,591 | 3,586,511 | ||||||||||
EWT Holdings III Corp. | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing December 20, 2024 | 28,166 | 28,306,488 | ||||||||||
Filtration Group Corporation | ||||||||||||
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing March 29, 2025 | EUR | 4,381 | 4,941,090 | |||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 29, 2025 | 16,233 | 16,290,205 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Industrial Equipment (continued) | ||||||||||||
Gardner Denver, Inc. | ||||||||||||
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing July 30, 2024 | EUR | 6,237 | $ | 7,025,184 | ||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing July 30, 2024 | 8,275 | 8,302,695 | ||||||||||
Gates Global, LLC | ||||||||||||
Term Loan, 3.00%, (3 mo. EURIBOR + 3.00%), Maturing April 1, 2024 | EUR | 9,482 | 10,623,082 | |||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 1, 2024 | 25,620 | 25,700,377 | ||||||||||
Hayward Industries, Inc. | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 5, 2024 | 436 | 436,256 | ||||||||||
LTI Holdings, Inc. | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing September 6, 2025 | 5,871 | 5,797,119 | ||||||||||
Milacron, LLC | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing September 28, 2023 | 21,989 | 21,824,075 | ||||||||||
Minimax GmbH & Co. KG | ||||||||||||
Term Loan, 3.25%, (1 mo. EURIBOR + 3.25%), Maturing July 31, 2025 | EUR | 3,458 | 3,905,081 | |||||||||
Quimper AB | ||||||||||||
Term Loan, Maturing February 13, 2026(5) | EUR | 934 | 1,053,409 | |||||||||
Term Loan, Maturing February 13, 2026(5) | EUR | 19,291 | 21,756,203 | |||||||||
Rexnord, LLC | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 21, 2024 | 9,776 | 9,800,039 | ||||||||||
Robertshaw US Holding Corp. | ||||||||||||
Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing February 28, 2025 | 22,819 | 21,478,124 | ||||||||||
Shape Technologies Group, Inc. | ||||||||||||
Term Loan, 5.49%, (3 mo. USD LIBOR + 3.00%), Maturing April 21, 2025 | 7,007 | 6,936,905 | ||||||||||
Tank Holding Corp. | ||||||||||||
Term Loan, 6.69%, (USD LIBOR + 4.00%), Maturing March 26, | 5,325 | 5,370,928 | ||||||||||
Titan Acquisition Limited | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 28, 2025 | 36,234 | 34,943,164 | ||||||||||
Wittur GmbH | ||||||||||||
Term Loan, 5.00%, (3 mo. EURIBOR + 4.00%, Floor 1.00%), Maturing March 31, 2022 | EUR | 14,300 | 16,176,357 | |||||||||
$ | 359,491,255 |
32 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Insurance — 2.5% | ||||||||||||
Alliant Holdings I, Inc. | ||||||||||||
Term Loan, 5.24%, (1 mo. USD LIBOR + 2.75%), Maturing May 9, 2025 | 12,531 | $ | 12,337,887 | |||||||||
AmWINS Group, Inc. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing January 25, 2024 | 36,781 | 36,778,017 | ||||||||||
Asurion, LLC | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing August 4, 2022 | 23,808 | 23,926,873 | ||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2023 | 28,236 | 28,377,201 | ||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing November 3, 2024 | 2,233 | 2,243,359 | ||||||||||
Term Loan - Second Lien, 8.98%, (1 mo. USD LIBOR + 6.50%), Maturing August 4, 2025 | 29,575 | 30,221,953 | ||||||||||
Financiere CEP S.A.S. | ||||||||||||
Term Loan, 4.25%, (3 mo. EURIBOR + 4.25%), Maturing January 16, 2025 | EUR | 5,725 | 6,429,190 | |||||||||
Hub International, Limited. | ||||||||||||
Term Loan, 5.34%, (USD LIBOR + 2.75%), Maturing April 25, | 33,835 | 33,541,999 | ||||||||||
NFP Corp. | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing January 8, 2024 | 34,375 | 33,984,647 | ||||||||||
Sedgwick Claims Management Services, Inc. | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing December 31, 2025 | 2,469 | 2,465,341 | ||||||||||
USI, Inc. | ||||||||||||
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing May 16, 2024 | 28,469 | 28,284,367 | ||||||||||
$ | 238,590,834 | |||||||||||
Leisure Goods / Activities / Movies — 4.2% | ||||||||||||
AMC Entertainment Holdings, Inc. | ||||||||||||
Term Loan, Maturing April 22, | 20,275 | $ | 20,350,930 | |||||||||
Amer Sports Oyj | ||||||||||||
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing February 26, 2026 | EUR | 38,425 | 43,124,438 | |||||||||
Ancestry.com Operations, Inc. | ||||||||||||
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing October 19, 2023 | 47,375 | 47,552,333 | ||||||||||
Bombardier Recreational Products, Inc. | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing May 23, 2025 | 43,773 | 43,535,762 | ||||||||||
CDS U.S. Intermediate Holdings, Inc. | ||||||||||||
Term Loan, 6.29%, (USD LIBOR + 3.75%), Maturing July 8, 2022(4) | 8,358 | 8,119,456 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Leisure Goods / Activities / Movies (continued) | ||||||||||||
ClubCorp Holdings, Inc. | ||||||||||||
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing September 18, 2024 | 20,148 | $ | 19,624,581 | |||||||||
Crown Finance US, Inc. | ||||||||||||
Term Loan, 2.38%, (1 mo. EURIBOR + 2.38%), Maturing February 28, 2025 | EUR | 9,603 | 10,734,185 | |||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 28, 2025 | 21,632 | 21,569,765 | ||||||||||
Delta 2 (LUX) S.a.r.l. | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing February 1, 2024 | 30,135 | 29,758,574 | ||||||||||
Emerald Expositions Holding, Inc. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing May 22, 2024 | 18,743 | 18,625,447 | ||||||||||
Etraveli Holding AB | ||||||||||||
Term Loan, 4.50%, (3 mo. EURIBOR + 4.50%), Maturing August 2, 2024 | EUR | 8,800 | 9,897,840 | |||||||||
Lindblad Expeditions, Inc. | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing March 21, 2025 | 484 | 487,170 | ||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing March 21, 2025 | 1,935 | 1,948,681 | ||||||||||
Live Nation Entertainment, Inc. | ||||||||||||
Term Loan, 4.25%, (1 mo. USD LIBOR + 1.75%), Maturing October 31, 2023 | 36,923 | 36,969,620 | ||||||||||
Match Group, Inc. | ||||||||||||
Term Loan, 5.04%, (2 mo. USD LIBOR + 2.50%), Maturing November 16, 2022 | 7,116 | 7,151,203 | ||||||||||
Sabre GLBL, Inc. | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing February 22, 2024 | 990 | 989,975 | ||||||||||
SeaWorld Parks & Entertainment, Inc. | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing March 31, 2024 | 16,176 | 16,179,352 | ||||||||||
SRAM, LLC | ||||||||||||
Term Loan, 5.33%, (USD LIBOR + 2.75%), Maturing March 15, | 19,745 | 19,844,186 | ||||||||||
Steinway Musical Instruments, Inc. | ||||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing February 13, 2025 | 9,776 | 9,647,937 | ||||||||||
Travel Leaders Group, LLC | ||||||||||||
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing January 25, 2024 | 11,315 | 11,420,573 | ||||||||||
UFC Holdings, LLC | ||||||||||||
Term Loan, 5.74%, (1 mo. USD LIBOR + 3.25%), Maturing April 30, 2026 | 19,030 | 19,117,249 | ||||||||||
$ | 396,649,257 |
33 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||
Lodging and Casinos — 4.1% | ||||||||||
Aimbridge Acquisition Co., Inc. | ||||||||||
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing February 2, 2026 | 3,050 | $ | 3,068,986 | |||||||
Aristocrat Technologies, Inc. | ||||||||||
Term Loan, 4.34%, (3 mo. USD LIBOR + 1.75%), Maturing October 19, 2024 | 14,979 | 14,972,041 | ||||||||
Azelis Finance S.A. | ||||||||||
Term Loan, 4.00%, (3 mo. EURIBOR + 4.00%), Maturing November 7, 2025 | EUR | 2,600 | 2,938,943 | |||||||
Boyd Gaming Corporation | ||||||||||
Term Loan, 4.67%, (1 week USD LIBOR + 2.25%), Maturing September 15, 2023 | 4,548 | 4,555,774 | ||||||||
Churchill Downs Incorporated | ||||||||||
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing December 27, 2024 | 3,456 | 3,462,730 | ||||||||
CityCenter Holdings, LLC | ||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing April 18, 2024 | 37,137 | 37,143,252 | ||||||||
Eldorado Resorts, LLC | ||||||||||
Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing April 17, 2024 | 11,596 | 11,608,553 | ||||||||
ESH Hospitality, Inc. | ||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 30, 2023 | 15,394 | 15,378,378 | ||||||||
Four Seasons Hotels Limited | ||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing November 30, 2023 | 6,746 | 6,753,048 | ||||||||
Golden Nugget, Inc. | ||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing October 4, 2023 | 28,414 | 28,518,361 | ||||||||
GVC Holdings PLC | ||||||||||
Term Loan, 2.75%, (6 mo. EURIBOR + 2.75%), Maturing March 29, 2024 | EUR | 16,575 | 18,635,072 | |||||||
Term Loan, 4.53%, (6 mo. GBP LIBOR + 3.50%), Maturing March 29, 2024 | GBP | 7,500 | 9,784,892 | |||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing March 29, 2024 | 12,474 | 12,484,391 | ||||||||
Hanjin International Corp. | ||||||||||
Term Loan, 4.99%, (1 mo. USD LIBOR + 2.50%), Maturing October 18, 2020 | 5,650 | 5,614,688 | ||||||||
Hilton Worldwide Finance, LLC | ||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing October 25, 2023 | 36,185 | 36,358,720 | ||||||||
Hospitality Investors Trust | ||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing May 1, 2020 | 5,100 | 5,100,000 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Lodging and Casinos (continued) | ||||||||||||
Las Vegas Sands, LLC | ||||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing March 27, 2025 | 16,999 | $ | 17,001,703 | |||||||||
MGM Growth Properties Operating Partnership L.P. | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing March 21, 2025 | 28,881 | 28,907,279 | ||||||||||
Playa Resorts Holding B.V. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing April 29, 2024 | 27,941 | 27,556,448 | ||||||||||
Richmond UK Bidco Limited | ||||||||||||
Term Loan, 4.98%, (1 mo. GBP LIBOR + 4.25%), Maturing March 3, 2024 | GBP | 2,809 | 3,500,494 | |||||||||
Stars Group Holdings B.V. (The) | ||||||||||||
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025 | EUR | 11,225 | 12,702,747 | |||||||||
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing July 10, 2025 | 52,398 | 52,712,265 | ||||||||||
VICI Properties 1, LLC | ||||||||||||
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing December 20, 2024 | 22,293 | 22,282,035 | ||||||||||
Wyndham Hotels & Resorts, Inc. | ||||||||||||
Term Loan, 4.23%, (1 mo. USD LIBOR + 1.75%), Maturing May 30, 2025 | 9,353 | 9,354,674 | ||||||||||
$ | 390,395,474 | |||||||||||
Nonferrous Metals / Minerals — 0.7% | ||||||||||||
CD&R Hydra Buyer, Inc. | ||||||||||||
Term Loan, 7.50%, (0.00% Cash, 7.50% PIK), Maturing August 15, 2021(3)(8) | 582 | $ | 480,865 | |||||||||
Dynacast International, LLC | ||||||||||||
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing January 28, 2022 | 13,228 | 13,210,897 | ||||||||||
Murray Energy Corporation | ||||||||||||
Term Loan, 9.88%, (3 mo. USD LIBOR + 7.25%), Maturing October 17, 2022 | 21,926 | 17,577,269 | ||||||||||
Noranda Aluminum Acquisition Corporation | ||||||||||||
Term Loan, 0.00%, Maturing February 28, | 2,878 | 12,590 | ||||||||||
Oxbow Carbon, LLC | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing January 4, 2023 | 6,914 | 6,965,918 | ||||||||||
Term Loan - Second Lien, 9.98%, (1 mo. USD LIBOR + 7.50%), Maturing January 4, 2024 | 8,500 | 8,563,750 | ||||||||||
Rain Carbon GmbH | ||||||||||||
Term Loan, 3.00%, (6 mo. EURIBOR + 3.00%), Maturing January 16, 2025 | EUR | 15,625 | 16,824,008 | |||||||||
$ | 63,635,297 |
34 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||
Oil and Gas — 1.9% | ||||||||||
Ameriforge Group, Inc. | ||||||||||
Term Loan, 9.60%, (3 mo. USD LIBOR + 7.00%), Maturing June 8, 2022 | 21,553 | $ | 21,553,248 | |||||||
Apergy Corporation | ||||||||||
Term Loan, 5.03%, (USD LIBOR + 2.50%), Maturing May 9, 2025(4) | 809 | 809,469 | ||||||||
Centurion Pipeline Company, LLC | ||||||||||
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing September 29, 2025 | 3,217 | 3,231,012 | ||||||||
CITGO Petroleum Corporation | ||||||||||
Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing July 29, 2021 | 15,519 | 15,525,221 | ||||||||
Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing March 22, 2024 | 27,300 | 27,317,063 | ||||||||
Delek US Holdings, Inc. | ||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing March 31, 2025 | 5,277 | 5,281,120 | ||||||||
Fieldwood Energy, LLC | ||||||||||
Term Loan, 7.73%, (1 mo. USD LIBOR + 5.25%), Maturing April 11, 2022 | 26,006 | 25,214,591 | ||||||||
McDermott Technology Americas, Inc. | ||||||||||
Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing May 10, 2025 | 14,157 | 14,045,514 | ||||||||
MEG Energy Corp. | ||||||||||
Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing December 31, 2023 | 9,484 | 9,448,593 | ||||||||
Prairie ECI Acquiror L.P. | ||||||||||
Term Loan, 7.37%, (3 mo. USD LIBOR + 4.75%), Maturing March 11, 2026 | 9,550 | 9,669,375 | ||||||||
PSC Industrial Holdings Corp. | ||||||||||
Term Loan, 6.22%, (1 mo. USD LIBOR + 3.75%), Maturing October 3, 2024 | 8,014 | 7,964,022 | ||||||||
Sheridan Investment Partners II L.P. | ||||||||||
Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020 | 933 | 685,457 | ||||||||
Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020 | 2,501 | 1,837,956 | ||||||||
Term Loan, 6.13%, (3 mo. USD LIBOR + 3.50%), Maturing December 16, 2020 | 17,976 | 13,212,519 | ||||||||
Sheridan Production Partners I, LLC | ||||||||||
Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | 1,412 | 1,094,119 | ||||||||
Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | 2,311 | 1,791,272 | ||||||||
Term Loan, 6.11%, (3 mo. USD LIBOR + 3.50%), Maturing October 1, 2019 | 17,443 | 13,518,196 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Oil and Gas (continued) | ||||||||||||
Ultra Resources, Inc. | ||||||||||||
Term Loan, 6.24%, (1 mo. USD LIBOR + 3.75%), Maturing April 12, 2024 | 15,825 | $ | 13,503,995 | |||||||||
$ | 185,702,742 | |||||||||||
Publishing — 0.9% | ||||||||||||
Ascend Learning, LLC | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing July 12, 2024 | 13,850 | $ | 13,821,565 | |||||||||
Canyon Valor Companies, Inc. | ||||||||||||
Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing June 16, 2023 | 21,186 | 21,183,744 | ||||||||||
Getty Images, Inc. | ||||||||||||
Term Loan, 5.00%, (1 mo. EURIBOR + 5.00%), Maturing February 19, 2026 | EUR | 4,000 | 4,480,794 | |||||||||
Term Loan, 7.00%, (1 mo. USD LIBOR + 4.50%), Maturing February 19, 2026 | 11,945 | 11,930,131 | ||||||||||
Harland Clarke Holdings Corp. | ||||||||||||
Term Loan, 7.35%, (3 mo. USD LIBOR + 4.75%), Maturing November 3, 2023 | 11,548 | 10,182,665 | ||||||||||
LSC Communications, Inc. | ||||||||||||
Term Loan, 7.93%, (1 Week USD LIBOR + 5.50%), Maturing September 30, 2022 | 8,891 | 8,924,743 | ||||||||||
Multi Color Corporation | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 31, 2022 | 3,220 | 3,211,998 | ||||||||||
ProQuest, LLC | ||||||||||||
Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing October 24, 2021 | 14,051 | 14,068,311 | ||||||||||
Tweddle Group, Inc. | ||||||||||||
Term Loan, 6.99%, (1 mo. USD LIBOR + 4.50%), Maturing September 17, 2023 | 2,357 | 2,247,379 | ||||||||||
$ | 90,051,330 | |||||||||||
Radio and Television — 2.1% | ||||||||||||
ALM Media Holdings, Inc. | ||||||||||||
Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing July 31, 2020 | 8,187 | $ | 7,782,945 | |||||||||
AP NMT Acquisition B.V. | ||||||||||||
Term Loan, 8.35%, (3 mo. USD LIBOR + 5.75%), Maturing August 13, 2021 | 3,724 | 3,725,520 | ||||||||||
CBS Radio, Inc. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing November 18, 2024 | 9,933 | 9,941,901 | ||||||||||
Cumulus Media New Holdings, Inc. | ||||||||||||
Term Loan, 6.99%, (1 mo. USD LIBOR + 4.50%), Maturing May 15, 2022 | 20,699 | 20,521,492 |
35 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Radio and Television (continued) | ||||||||||||
E.W. Scripps Company (The) | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing October 2, 2024 | 4,112 | $ | 4,016,421 | |||||||||
Term Loan, Maturing April 3, 2026(5) | 3,275 | 3,283,188 | ||||||||||
Entravision Communications Corporation | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing November 29, 2024 | 9,943 | 9,532,612 | ||||||||||
Gray Television, Inc. | ||||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 7, 2024 | 5,810 | 5,807,588 | ||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing January 2, 2026 | 9,052 | 9,089,083 | ||||||||||
Hubbard Radio, LLC | ||||||||||||
Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing March 28, 2025 | 11,887 | 11,881,810 | ||||||||||
iHeartCommunications, Inc. | ||||||||||||
Term Loan, 0.00%, Maturing July 30, 2019(6) | 5,384 | 3,990,737 | ||||||||||
Term Loan, 0.00%, Maturing January 30, 2020(6) | 33,740 | 25,122,060 | ||||||||||
Mission Broadcasting, Inc. | ||||||||||||
Term Loan, 4.75%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024 | 4,319 | 4,308,133 | ||||||||||
Nexstar Broadcasting, Inc. | ||||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing January 17, 2024 | 22,956 | 22,898,310 | ||||||||||
Sinclair Television Group, Inc. | ||||||||||||
Term Loan, 4.74%, (1 mo. USD LIBOR + 2.25%), Maturing January 3, 2024 | 14,149 | 14,166,928 | ||||||||||
Univision Communications, Inc. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing March 15, 2024 | 44,851 | 43,245,957 | ||||||||||
$ | 199,314,685 | |||||||||||
Retailers (Except Food and Drug) — 1.9% | ||||||||||||
Ascena Retail Group, Inc. | ||||||||||||
Term Loan, 7.00%, (1 mo. USD LIBOR + 4.50%), Maturing August 21, 2022 | 14,167 | $ | 12,237,150 | |||||||||
Bass Pro Group, LLC | ||||||||||||
Term Loan, 7.48%, (1 mo. USD LIBOR + 5.00%), Maturing September 25, 2024 | 12,510 | 12,512,627 | ||||||||||
BJ’s Wholesale Club, Inc. | ||||||||||||
Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing February 3, 2024 | 13,416 | 13,495,391 | ||||||||||
CDW, LLC | ||||||||||||
Term Loan, 4.24%, (1 mo. USD LIBOR + 1.75%), Maturing August 17, 2023 | 15,837 | 15,880,054 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Retailers (Except Food and Drug) (continued) | ||||||||||||
Coinamatic Canada, Inc. | ||||||||||||
Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing May 14, 2022 | 268 | $ | 261,527 | |||||||||
David’s Bridal, Inc. | ||||||||||||
Term Loan, 9.98%, (1 mo. USD LIBOR + 7.50%), Maturing July 17, 2023 | 3,232 | 3,296,948 | ||||||||||
Term Loan, 10.48%, (1 mo. USD LIBOR + 8.00%), Maturing January 18, 2024 | 11,695 | 10,233,263 | ||||||||||
Global Appliance, Inc. | ||||||||||||
Term Loan, 6.49%, (1 mo. USD LIBOR + 4.00%), Maturing September 29, 2024 | 2,718 | 2,719,759 | ||||||||||
Go Wireless, Inc. | ||||||||||||
Term Loan, 8.98%, (1 mo. USD LIBOR + 6.50%), Maturing December 22, 2024 | 2,623 | 2,583,986 | ||||||||||
Harbor Freight Tools USA, Inc. | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing August 18, 2023 | 5,841 | 5,814,873 | ||||||||||
Hoya Midco, LLC | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing June 30, 2024 | 13,825 | 13,747,584 | ||||||||||
J. Crew Group, Inc. | ||||||||||||
Term Loan, 5.53%, (USD LIBOR + 3.00%), Maturing March 5, 2021(3)(4) | 25,889 | 20,007,037 | ||||||||||
LSF9 Atlantis Holdings, LLC | ||||||||||||
Term Loan, 8.47%, (1 mo. USD LIBOR + 6.00%), Maturing May 1, 2023 | 12,120 | 11,575,048 | ||||||||||
PetSmart, Inc. | ||||||||||||
Term Loan, 6.73%, (1 mo. USD LIBOR + 4.25%), Maturing March 11, 2022 | 43,627 | 42,176,867 | ||||||||||
PFS Holding Corporation | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing January 31, 2021 | 9,928 | 3,424,988 | ||||||||||
Pier 1 Imports (U.S.), Inc. | ||||||||||||
Term Loan, 6.38%, (3 mo. USD LIBOR + 3.50%), Maturing April 30, 2021 | 9,406 | 4,185,642 | ||||||||||
Radio Systems Corporation | ||||||||||||
Term Loan, 5.25%, (1 mo. USD LIBOR + 2.75%), Maturing May 2, 2024 | 4,667 | 4,631,873 | ||||||||||
$ | 178,784,617 | |||||||||||
Steel — 1.0% | ||||||||||||
Atkore International, Inc. | ||||||||||||
Term Loan, 5.36%, (3 mo. USD LIBOR + 2.75%), Maturing December 22, 2023 | 18,991 | $ | 19,026,533 | |||||||||
GrafTech Finance, Inc. | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing February 12, 2025 | 27,502 | 27,535,845 |
36 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Steel (continued) | ||||||||||||
Neenah Foundry Company | ||||||||||||
Term Loan, 9.05%, (2 mo. USD LIBOR + 6.50%), Maturing December 13, 2022 | 8,112 | $ | 8,030,726 | |||||||||
Phoenix Services International, LLC | ||||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing March 1, 2025 | 9,727 | 9,749,044 | ||||||||||
Zekelman Industries, Inc. | ||||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing June 14, 2021 | 29,595 | 29,628,275 | ||||||||||
$ | 93,970,423 | |||||||||||
Surface Transport — 0.5% | ||||||||||||
1199169 B.C. Unlimited Liability Company | ||||||||||||
Term Loan, 6.60%, (3 mo. USD LIBOR + 4.00%), Maturing April 6, 2026 | 3,269 | $ | 3,290,942 | |||||||||
Agro Merchants NAI Holdings, LLC | ||||||||||||
Term Loan, 6.35%, (3 mo. USD LIBOR + 3.75%), Maturing December 6, 2024 | 11,350 | 11,364,193 | ||||||||||
Avis Budget Car Rental, LLC | ||||||||||||
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing February 13, 2025 | 5,687 | 5,639,017 | ||||||||||
Kenan Advantage Group, Inc. | ||||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022 | 1,811 | 1,787,142 | ||||||||||
Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing July 31, 2022 | 6,535 | 6,463,176 | ||||||||||
Stena International S.a.r.l. | ||||||||||||
Term Loan, 5.61%, (3 mo. USD LIBOR + 3.00%), Maturing March 3, 2021 | 16,849 | 16,669,771 | ||||||||||
XPO Logistics, Inc. | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing February 24, 2025 | 4,275 | 4,262,530 | ||||||||||
$ | 49,476,771 | |||||||||||
Telecommunications — 5.0% | ||||||||||||
CenturyLink, Inc. | ||||||||||||
Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing January 31, 2025 | 73,415 | $ | 73,070,824 | |||||||||
Ciena Corporation | ||||||||||||
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing September 26, 2025 | 13,109 | 13,145,988 | ||||||||||
Colorado Buyer, Inc. | ||||||||||||
Term Loan, 5.60%, (3 mo. USD LIBOR + 3.00%), Maturing May 1, 2024 | 16,488 | 16,075,708 | ||||||||||
Digicel International Finance Limited | ||||||||||||
Term Loan, 5.88%, (3 mo. USD LIBOR + 3.25%), Maturing May 28, 2024 | 14,575 | 13,099,115 |
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Telecommunications (continued) | ||||||||||||
eircom Finco S.a.r.l. | ||||||||||||
Term Loan, 3.00%, (1 mo. EURIBOR + 3.00%), Maturing April 19, 2024 | EUR | 31,950 | $ | 35,837,933 | ||||||||
Term Loan, Maturing April 23, 2026(5) | EUR | 6,000 | 6,738,015 | |||||||||
Gamma Infrastructure III B.V. | ||||||||||||
Term Loan, 3.50%, (6 mo. EURIBOR + 3.50%), Maturing January 9, 2025 | EUR | 16,287 | 18,084,480 | |||||||||
Global Eagle Entertainment, Inc. | ||||||||||||
Term Loan, 10.35%, (6 mo. USD LIBOR + 7.50%), Maturing January 6, 2023 | 20,304 | 19,009,890 | ||||||||||
Intelsat Jackson Holdings S.A. | ||||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing November 27, 2023 | 30,250 | 30,160,188 | ||||||||||
Term Loan, 6.98%, (1 mo. USD LIBOR + 4.50%), Maturing January 2, 2024 | 19,794 | 20,001,893 | ||||||||||
IPC Corp. | ||||||||||||
Term Loan, 7.09%, (3 mo. USD LIBOR + 4.50%), Maturing August 6, 2021 | 11,591 | 9,620,230 | ||||||||||
Level 3 Financing, Inc. | ||||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing February 22, 2024 | 35,850 | 35,924,676 | ||||||||||
Onvoy, LLC | ||||||||||||
Term Loan, 7.10%, (3 mo. USD LIBOR + 4.50%), Maturing February 10, 2024 | 12,765 | 11,168,937 | ||||||||||
Plantronics, Inc. | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing July 2, 2025 | 14,935 | 14,847,750 | ||||||||||
SBA Senior Finance II, LLC | ||||||||||||
Term Loan, 4.49%, (1 mo. USD LIBOR + 2.00%), Maturing April 11, 2025 | 32,904 | 32,754,820 | ||||||||||
Sprint Communications, Inc. | ||||||||||||
Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing February 2, 2024 | 61,468 | 59,777,390 | ||||||||||
Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing February 2, 2024 | 9,426 | 9,304,539 | ||||||||||
Syniverse Holdings, Inc. | ||||||||||||
Term Loan, 7.47%, (1 mo. USD LIBOR + 5.00%), Maturing March 9, 2023 | 11,286 | 10,753,436 | ||||||||||
Telesat Canada | ||||||||||||
Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing November 17, 2023 | 45,990 | 45,951,115 | ||||||||||
Zayo Group, LLC | ||||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing January 19, 2024 | 4,000 | 4,005,312 | ||||||||||
$ | 479,332,239 |
37 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Borrower/Tranche Description | Principal Amount* (000’s omitted) | Value | ||||||||||
Utilities — 1.7% | ||||||||||||
Brookfield WEC Holdings, Inc. | ||||||||||||
Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing August 1, 2025 | 28,553 | $ | 28,763,134 | |||||||||
Calpine Construction Finance Company L.P. | ||||||||||||
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing January 15, 2025 | 2,635 | 2,637,960 | ||||||||||
Calpine Corporation | ||||||||||||
Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing May 31, 2023 | 2,990 | 2,997,987 | ||||||||||
Term Loan, 5.11%, (3 mo. USD LIBOR + 2.50%), Maturing January 15, 2024 | 34,572 | 34,665,871 | ||||||||||
Dayton Power & Light Company (The) | ||||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing August 24, 2022 | 5,425 | 5,438,688 | ||||||||||
Granite Acquisition, Inc. | ||||||||||||
Term Loan, 6.09%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021 | 37,219 | 37,368,202 | ||||||||||
Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing December 19, 2021 | 1,686 | 1,692,567 | ||||||||||
Lightstone Holdco, LLC | ||||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024 | 871 | 867,886 | ||||||||||
Term Loan, 6.23%, (1 mo. USD LIBOR + 3.75%), Maturing January 30, 2024 | 15,439 | 15,387,623 | ||||||||||
Longview Power, LLC | ||||||||||||
Term Loan, 8.59%, (3 mo. USD LIBOR + 6.00%), Maturing April 13, 2021 | 4,692 | 4,199,508 | ||||||||||
Talen Energy Supply, LLC | ||||||||||||
Term Loan, 6.49%, (1 mo. USD LIBOR + 4.00%), Maturing July 15, 2023 | 6,134 | 6,152,148 | ||||||||||
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing April 15, 2024 | 11,102 | 11,128,159 | ||||||||||
Vistra Operations Company, LLC | ||||||||||||
Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing December 14, 2023 | 2,481 | 2,491,042 | ||||||||||
Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing December 31, 2025 | 12,580 | 12,614,004 | ||||||||||
$ | 166,404,779 | |||||||||||
Total Senior Floating-Rate Loans | $ | 8,629,137,911 | ||||||||||
Corporate Bonds & Notes — 2.9% |
| |||||||||||
Security | Principal Amount* (000’s omitted) | Value | ||||||||||
Aerospace and Defense — 0.1% | ||||||||||||
TransDigm, Inc. | ||||||||||||
6.25%, 3/15/26(9) | 5,275 | $ | 5,505,781 | |||||||||
$ | 5,505,781 |
Security | Principal Amount* (000’s omitted) | Value | ||||||||||
Automotive — 0.1% | ||||||||||||
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc. | ||||||||||||
6.25%, 5/15/26(9) | 4,325 | $ | 4,525,248 | |||||||||
Tenneco, Inc. | ||||||||||||
4.875%, (3 mo. EURIBOR + 4.875%), 4/15/24(9)(10) | EUR | 6,000 | 6,788,992 | |||||||||
$ | 11,314,240 | |||||||||||
Business Equipment and Services — 0.1% | ||||||||||||
Prime Security Services Borrower, LLC/Prime Finance, Inc. | ||||||||||||
5.25%, 4/15/24(9) | 7,900 | $ | 7,939,500 | |||||||||
5.75%, 4/15/26(9) | 7,900 | 8,008,625 | ||||||||||
$ | 15,948,125 | |||||||||||
Cable and Satellite Television — 0.1% | ||||||||||||
Virgin Media Secured Finance PLC | ||||||||||||
5.25%, 1/15/26(9) | 4,635 | $ | 4,732,150 | |||||||||
Ziggo B.V. | ||||||||||||
5.50%, 1/15/27(9) | 2,000 | 2,005,000 | ||||||||||
$ | 6,737,150 | |||||||||||
Chemicals and Plastics — 0.2% | ||||||||||||
Hexion, Inc. | ||||||||||||
6.625%, 4/15/20(6) | 16,525 | $ | 13,178,687 | |||||||||
PQ Corp. | ||||||||||||
6.75%, 11/15/22(9) | 4,000 | 4,155,000 | ||||||||||
$ | 17,333,687 | |||||||||||
Containers and Glass Products — 0.2% | ||||||||||||
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC | ||||||||||||
5.75%, 10/15/20 | 14,537 | $ | 14,598,397 | |||||||||
6.097%, (3 mo. USD LIBOR + 3.50%), 7/15/21(9)(10) | 9,925 | 9,987,031 | ||||||||||
$ | 24,585,428 | |||||||||||
Drugs — 0.6% | ||||||||||||
Bausch Health Companies, Inc. | ||||||||||||
6.50%, 3/15/22(9) | 11,092 | $ | 11,494,085 | |||||||||
7.00%, 3/15/24(9) | 14,419 | 15,230,069 | ||||||||||
5.50%, 11/1/25(9) | 19,675 | 20,209,963 | ||||||||||
Par Pharmaceutical, Inc. | ||||||||||||
7.50%, 4/1/27(9) | 7,500 | 7,798,500 | ||||||||||
$ | 54,732,617 |
38 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount* (000’s omitted) | Value | ||||||||||
Entertainment — 0.1% | ||||||||||||
Vue International Bidco PLC | ||||||||||||
4.94%, (3 mo. EURIBOR + 5.25%), 7/15/20(9)(10) | EUR | 8,625 | $ | 9,671,561 | ||||||||
$ | 9,671,561 | |||||||||||
Food Products — 0.0%(7) | ||||||||||||
Iceland Bondco PLC | ||||||||||||
5.071%, (3 mo. GBP LIBOR + 4.25%), 7/15/20(9)(10) | GBP | 1,181 | $ | 1,541,134 | ||||||||
$ | 1,541,134 | |||||||||||
Food / Drug Retailers — 0.1% | ||||||||||||
Fresh Market, Inc. (The) | ||||||||||||
9.75%, 5/1/23(9) | 12,550 | $ | 9,684,835 | |||||||||
$ | 9,684,835 | |||||||||||
Health Care — 0.6% | ||||||||||||
Avantor, Inc. | ||||||||||||
6.00%, 10/1/24(9) | 13,105 | $ | 13,707,011 | |||||||||
CHS/Community Health Systems, Inc. | ||||||||||||
5.125%, 8/1/21 | 7,500 | 7,425,000 | ||||||||||
6.25%, 3/31/23 | 16,650 | 16,275,375 | ||||||||||
RegionalCare Hospital Partners Holdings, Inc. | ||||||||||||
8.25%, 5/1/23(9) | 10,550 | 11,225,859 | ||||||||||
Tenet Healthcare Corp. | ||||||||||||
6.00%, 10/1/20 | 2,500 | 2,593,750 | ||||||||||
4.375%, 10/1/21 | 4,700 | 4,776,375 | ||||||||||
$ | 56,003,370 | |||||||||||
Leisure Goods / Activities / Movies — 0.1% | ||||||||||||
National CineMedia, LLC | ||||||||||||
6.00%, 4/15/22 | 5,250 | $ | 5,315,625 | |||||||||
$ | 5,315,625 | |||||||||||
Oil and Gas — 0.1% | ||||||||||||
CITGO Petroleum Corp. | ||||||||||||
6.25%, 8/15/22(9) | 11,500 | $ | 11,514,375 | |||||||||
$ | 11,514,375 | |||||||||||
Radio and Television — 0.1% | ||||||||||||
iHeartCommunications, Inc. | ||||||||||||
9.00%, 12/15/19(6) | 8,994 | $ | 6,700,530 | |||||||||
Univision Communications, Inc. | ||||||||||||
5.125%, 2/15/25(9) | 5,500 | 5,190,625 | ||||||||||
$ | 11,891,155 |
Security | Principal Amount* (000’s omitted) | Value | ||||||||||
Telecommunications — 0.2% | ||||||||||||
CommScope, Inc. | ||||||||||||
6.00%, 3/1/26(9) | 10,575 | $ | 11,222,719 | |||||||||
Digicel International Finance, Ltd./Digicel Holdings Bermuda, Ltd. | ||||||||||||
8.75%, 5/25/24(9) | 6,325 | 6,342,836 | ||||||||||
$ | 17,565,555 | |||||||||||
Utilities — 0.2% | ||||||||||||
Calpine Corp. | ||||||||||||
6.00%, 1/15/22(9) | 3,000 | $ | 3,041,250 | |||||||||
5.875%, 1/15/24(9) | 5,000 | 5,112,500 | ||||||||||
5.25%, 6/1/26(9) | 10,925 | 10,979,625 | ||||||||||
$ | 19,133,375 | |||||||||||
Total Corporate Bonds & Notes | $ | 278,478,013 | ||||||||||
Asset-Backed Securities — 2.8% |
| |||||||||||
Security | Principal Amount (000’s omitted) | Value | ||||||||||
Alinea CLO, Ltd. | ||||||||||||
Series2018-1A, Class D, 5.692%, (3 mo. USD LIBOR + 3.10%), 7/20/31(9)(10) | $ | 2,500 | $ | 2,429,778 | ||||||||
Series2018-1A, Class E, 8.592%, (3 mo. USD LIBOR + 6.00%), 7/20/31(9)(10) | 3,000 | 2,883,785 | ||||||||||
AMMC CLO XII, Ltd. | ||||||||||||
Series2013-12A, Class ER, 8.877%, (3 mo. USD LIBOR + 6.18%), | 3,525 | 3,412,475 | ||||||||||
AMMC CLO 15, Ltd. | ||||||||||||
Series2014-15A, Class ERR, 9.507%, (3 mo. USD LIBOR + 6.91%), | 5,000 | 4,938,247 | ||||||||||
Apidos CLO XX | ||||||||||||
Series2015-20A, Class DR, 8.301%, (3 mo. USD LIBOR + 5.70%), | 2,375 | 2,251,384 | ||||||||||
Ares XL CLO, Ltd. | ||||||||||||
Series2016-40A, Class CR, 5.997%, (3 mo. USD LIBOR + 3.40%), | 2,500 | 2,506,390 | ||||||||||
Series2016-40A, Class DR, 8.947%, (3 mo. USD LIBOR + 6.35%), | 3,500 | 3,431,528 | ||||||||||
Ares XLIX CLO, Ltd. | ||||||||||||
Series2018-49A, Class D, 5.592%, (3 mo. USD LIBOR + 3.00%), | 2,500 | 2,461,237 | ||||||||||
Series2018-49A, Class E, 8.292%, (3 mo. USD LIBOR + 5.70%), | 3,500 | 3,306,530 |
39 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000’s omitted) | Value | ||||||||
Ares XXXIIR CLO, Ltd. | ||||||||||
Series 2014-32RA, Class C, 5.584%, (3 mo. USD LIBOR + 2.90%), | $ | 5,000 | $ | 4,855,425 | ||||||
Ares XXXVR CLO, Ltd. | ||||||||||
Series 2015-35RA, Class E, 8.297%, (3 mo. USD LIBOR + 5.70%), | 4,000 | 3,780,024 | ||||||||
Babson CLO, Ltd. | ||||||||||
Series2015-IA, Class DR, 5.192%, (3 mo. USD LIBOR + 2.60%), 1/20/31(9)(10) | 2,500 | 2,407,058 | ||||||||
Series2016-1A, Class DR, 5.642%, (3 mo. USD LIBOR + 3.05%), 7/23/30(9)(10) | 1,250 | 1,237,859 | ||||||||
Series2016-1A, Class ER, 8.592%, (3 mo. USD LIBOR + 6.00%), 7/23/30(9)(10) | 3,500 | 3,353,053 | ||||||||
Series2018-1A, Class C, 5.197%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10) | 3,500 | 3,378,270 | ||||||||
Bain Capital Credit CLO | ||||||||||
Series2018-1A, Class D, 5.292%, (3 mo. USD LIBOR + 2.70%), 4/23/31(9)(10) | 5,000 | 4,851,440 | ||||||||
Series2018-1A, Class E, 7.942%, (3 mo. USD LIBOR + 5.35%), 4/23/31(9)(10) | 3,000 | 2,779,620 | ||||||||
Benefit Street Partners CLOV-B, Ltd. | ||||||||||
Series2018-5BA, Class C, 5.522%, (3 mo. USD LIBOR + 2.93%), 4/20/31(9)(10) | 5,000 | 4,837,730 | ||||||||
Series2018-5BA, Class D, 8.542%, (3 mo. USD LIBOR + 5.95%), 4/20/31(9)(10) | 3,500 | 3,332,955 | ||||||||
Benefit Street Partners CLO VIII, Ltd. | ||||||||||
Series2015-8A, Class DR, 8.192%, (3 mo. USD LIBOR + 5.60%), 1/20/31(9)(10) | 5,401 | 5,044,852 | ||||||||
Benefit Street Partners CLO XIV, Ltd. | ||||||||||
Series2018-14A, Class D, 5.192%, (3 mo. USD LIBOR + 2.60%), 4/20/31(9)(10) | 1,500 | 1,417,487 | ||||||||
Benefit Street Partners CLO XVI, Ltd. | ||||||||||
Series2018-16A, Class D, 6.513%, (3 mo. USD LIBOR + 3.70%), 1/17/32(9)(10) | 2,000 | 1,977,192 | ||||||||
Series2018-16A, Class E, 9.513%, (3 mo. USD LIBOR + 6.70%), 1/17/32(9)(10) | 2,250 | 2,232,937 | ||||||||
Betony CLO 2, Ltd. | ||||||||||
Series2018-1A, Class C, 5.483%, (3 mo. USD LIBOR + 2.90%), 4/30/31(9)(10) | 2,500 | 2,398,890 | ||||||||
Series2018-1A, Class D, 8.233%, (3 mo. USD LIBOR + 5.65%), 4/30/31(9)(10) | 4,450 | 4,168,424 | ||||||||
BlueMountain CLO, Ltd. | ||||||||||
Series2016-3A, Class DR, 5.784%, (3 mo. USD LIBOR + 3.10%), 11/15/30(9)(10) | 1,500 | 1,490,033 | ||||||||
Series2016-3A, Class ER, 8.634%, (3 mo. USD LIBOR + 5.95%), 11/15/30(9)(10) | 1,500 | 1,425,270 | ||||||||
Series2018-1A, Class D, 5.633%, (3 mo. USD LIBOR + 3.05%), 7/30/30(9)(10) | 2,500 | 2,405,505 | ||||||||
Series2018-1A, Class E, 8.533%, (3 mo. USD LIBOR + 5.95%), 7/30/30(9)(10) | 2,000 | 1,909,089 |
Security | Principal Amount (000’s omitted) | Value | ||||||||
Canyon Capital CLO, Ltd. | ||||||||||
Series2012-1RA, Class E, 8.297%, (3 mo. USD LIBOR + 5.70%), 7/15/30(9)(10) | $ | 4,875 | $ | 4,529,246 | ||||||
Series2016-1A, Class ER, 8.347%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10) | 4,000 | 3,710,760 | ||||||||
Series2016-2A, Class ER, 8.787%, (3 mo. USD LIBOR + 6.00%), 10/15/31(9)(10) | 4,500 | 4,195,306 | ||||||||
Series2017-1A, Class E, 8.847%, (3 mo. USD LIBOR + 6.25%), 7/15/30(9)(10) | 3,250 | 3,106,510 | ||||||||
Canyon CLO, Ltd. | ||||||||||
Series2018-1A, Class D, 5.497%, (3 mo. USD LIBOR + 2.90%), 7/15/31(9)(10) | 3,000 | 2,892,723 | ||||||||
Series2018-1A, Class E, 8.347%, (3 mo. USD LIBOR + 5.75%), 7/15/31(9)(10) | 2,750 | 2,565,321 | ||||||||
Carlyle Global Market Strategies CLO, Ltd. | ||||||||||
Series2012-3A, Class CR2, 6.097%, (3 mo. USD LIBOR + 3.50%), 1/14/32(9)(10) | 2,500 | 2,501,930 | ||||||||
Series2012-3A, Class DR2, 9.097%, (3 mo. USD LIBOR + 6.50%), 1/14/32(9)(10) | 1,500 | 1,465,813 | ||||||||
Series2014-3RA, Class C, 5.715%, (3 mo. USD LIBOR + 2.95%), 7/27/31(9)(10) | 1,000 | 979,111 | ||||||||
Series2014-3RA, Class D, 8.165%, (3 mo. USD LIBOR + 5.40%), 7/27/31(9)(10) | 2,150 | 1,994,349 | ||||||||
Series2014-4RA, Class C, 5.497%, (3 mo. USD LIBOR + 2.90%), 7/15/30(9)(10) | 2,000 | 1,899,984 | ||||||||
Series2014-4RA, Class D, 8.247%, (3 mo. USD LIBOR + 5.65%), 7/15/30(9)(10) | 3,500 | 3,304,031 | ||||||||
Carlyle CLO, Ltd | ||||||||||
Series C17A, Class CR, 5.383%, (3 mo. USD LIBOR + 2.80%), 4/30/31(9)(10) | 5,000 | 4,857,605 | ||||||||
Series C17A, Class DR, 8.583%, (3 mo. USD LIBOR + 6.00%), 4/30/31(9)(10) | 3,500 | 3,328,309 | ||||||||
Dryden CLO, Ltd. | ||||||||||
Series2018-55A, Class D, 5.447%, (3 mo. USD LIBOR + 2.85%), 4/15/31(9)(10) | 1,500 | 1,458,441 | ||||||||
Series2018-55A, Class E, 7.997%, (3 mo. USD LIBOR + 5.40%), 4/15/31(9)(10) | 2,000 | 1,866,585 | ||||||||
Dryden Senior Loan Fund | ||||||||||
Series2015-40A, Class DR, 5.784%, (3 mo. USD LIBOR + 3.10%), 8/15/31(9)(10) | 3,000 | 2,949,774 | ||||||||
Series2015-41A, Class DR, 5.197%, (3 mo. USD LIBOR + 2.60%), 4/15/31(9)(10) | 5,000 | 4,756,440 | ||||||||
Series2015-41A, Class ER, 7.897%, (3 mo. USD LIBOR + 5.30%), 4/15/31(9)(10) | 1,268 | 1,173,616 | ||||||||
Series2016-42A, Class DR, 5.527%, (3 mo. USD LIBOR + 2.93%), 7/15/30(9)(10) | 2,500 | 2,454,172 | ||||||||
Series2016-42A, Class ER, 8.147%, (3 mo. USD LIBOR + 5.55%), 7/15/30(9)(10) | 3,500 | 3,283,601 |
40 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000’s omitted) | Value | ||||||||
Galaxy XV CLO, Ltd. | ||||||||||
Series2013-15A, Class ER, 9.242%, (3 mo. USD LIBOR + 6.65%), | $ | 2,500 | $ | 2,423,276 | ||||||
Galaxy XXV CLO, Ltd. | ||||||||||
Series2018-25A, Class D, 5.68%, (3 mo. USD LIBOR + 3.10%), 10/25/31(9)(10) | 2,500 | 2,474,392 | ||||||||
Series2018-25A, Class E, 8.53%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10) | 3,500 | 3,331,438 | ||||||||
Golub Capital Partners CLO, Ltd. | ||||||||||
Series2015-22A, Class ER, 8.592%, (3 mo. USD LIBOR + 6.00%), | 2,500 | 2,345,726 | ||||||||
Series2018-37A, Class D, 5.892%, (3 mo. USD LIBOR + 3.30%), 7/20/30(9)(10) | 4,000 | 3,900,700 | ||||||||
Series2018-37A, Class E, 8.342%, (3 mo. USD LIBOR + 5.75%), 7/20/30(9)(10) | 4,750 | 4,421,337 | ||||||||
ICG US CLO, Ltd. | ||||||||||
Series2018-2A, Class D, 5.692%, (3 mo. USD LIBOR + 3.10%), 7/22/31(9)(10) | 2,000 | 1,942,052 | ||||||||
Series2018-2A, Class E, 8.342%, (3 mo. USD LIBOR + 5.75%), 7/22/31(9)(10) | 3,000 | 2,779,733 | ||||||||
Madison Park Funding XXV, Ltd. | ||||||||||
Series2017-25A, Class D, 8.871%, (3 mo. USD LIBOR + 6.10%), 4/25/29(9)(10) | 1,500 | 1,473,293 | ||||||||
Neuberger Berman CLO XXII, Ltd. | ||||||||||
Series2016-22A, Class DR, 5.688%, (3 mo. USD LIBOR + 3.10%), | 2,500 | 2,426,113 | ||||||||
Series2016-22A, Class ER, 8.648%, (3 mo. USD LIBOR + 6.06%), | 3,000 | 2,863,247 | ||||||||
Neuberger Berman Loan Advisers CLO, Ltd. | ||||||||||
Series2018-28A, Class E, 8.192%, (3 mo. USD LIBOR + 5.60%), 4/20/30(9)(10) | 1,950 | 1,837,609 | ||||||||
Series2018-30A, Class D, 6.411%, (3 mo. USD LIBOR + 3.65%), 1/20/31(9)(10) | 2,500 | 2,488,702 | ||||||||
Series2018-30A, Class E, 9.511%, (3 mo. USD LIBOR + 6.75%), 1/20/31(9)(10) | 1,000 | 1,002,444 | ||||||||
OHA Credit Partners VII, Ltd. | ||||||||||
Series2012-7A, Class ER, 10.144%, (3 mo. USD LIBOR + 7.50%), | 900 | 900,243 | ||||||||
Palmer Square CLO, Ltd. | ||||||||||
Series2013-2A, Class CRR, 5.788%, (3 mo. USD LIBOR + 3.20%), | 2,500 | 2,444,750 | ||||||||
Series2013-2A, Class DRR, 8.438%, (3 mo. USD LIBOR + 5.85%), | 3,000 | 2,870,820 | ||||||||
Series2018-1A, Class C, 5.28%, (3 mo. USD LIBOR + 2.50%), | 3,000 | 2,835,549 | ||||||||
Series2018-1A, Class D, 7.93%, (3 mo. USD LIBOR + 5.15%), | 2,000 | 1,839,886 | ||||||||
Series2018-2A, Class D, 8.201%, (3 mo. USD LIBOR + 5.60%), | 2,000 | 1,864,635 |
Security | Principal Amount (000’s omitted) | Value | ||||||||
Regatta XIII Funding, Ltd. | ||||||||||
Series2018-2A, Class C, 5.697%, (3 mo. USD LIBOR + 3.10%), 7/15/31(9)(10) | $ | 2,500 | $ | 2,450,397 | ||||||
Series2018-2A, Class D, 8.547%, (3 mo. USD LIBOR + 5.95%), 7/15/31(9)(10) | 5,000 | 4,690,142 | ||||||||
Regatta XIV Funding, Ltd. | ||||||||||
Series2018-3A, Class D, 5.971%, (3 mo. USD LIBOR + 3.20%), 10/25/31(9)(10) | 2,500 | 2,449,327 | ||||||||
Series2018-3A, Class E, 8.721%, (3 mo. USD LIBOR + 5.95%), 10/25/31(9)(10) | 4,500 | 4,293,995 | ||||||||
Regatta XV Funding, Ltd. | ||||||||||
Series2018-4A, Class D, 9.08%, (3 mo. USD LIBOR + 6.50%), 10/25/31(9)(10) | 3,875 | 3,811,222 | ||||||||
Upland CLO, Ltd. | ||||||||||
Series2016-1A, Class CR, 5.492%, (3 mo. USD LIBOR + 2.90%), | 4,500 | 4,315,576 | ||||||||
Series2016-1A, Class DR, 8.492%, (3 mo. USD LIBOR + 5.90%), | 4,625 | 4,389,328 | ||||||||
Vibrant CLO 1X, Ltd. | ||||||||||
Series2018-9A, Class C, 5.792%, (3 mo. USD LIBOR + 3.20%), 7/20/31(9)(10) | 2,500 | 2,419,443 | ||||||||
Series2018-9A, Class D, 8.842%, (3 mo. USD LIBOR + 6.25%), 7/20/31(9)(10) | 3,500 | 3,333,113 | ||||||||
Vibrant CLO X, Ltd. | ||||||||||
Series2018-10A, Class C, 5.842%, (3 mo. USD LIBOR + 3.25%), | 5,000 | 4,872,640 | ||||||||
Series2018-10A, Class D, 8.782%, (3 mo. USD LIBOR + 6.19%), | 5,000 | 4,727,265 | ||||||||
Voya CLO, Ltd. | ||||||||||
Series2015-3A, Class CR, 5.742%, (3 mo. USD LIBOR + 3.15%), | 2,500 | 2,435,755 | ||||||||
Series2015-3A, Class DR, 8.792%, (3 mo. USD LIBOR + 6.20%), | 5,500 | 5,258,319 | ||||||||
Series2016-3A, Class CR, 5.851%, (3 mo. USD LIBOR + 3.25%), | 2,000 | 1,962,850 | ||||||||
Series2016-3A, Class DR, 8.681%, (3 mo. USD LIBOR + 6.08%), | 3,375 | 3,226,224 | ||||||||
Series2018-1A, Class C, 5.192%, (3 mo. USD LIBOR + 2.60%), 4/19/31(9)(10) | 5,000 | 4,767,165 | ||||||||
Series2018-2A, Class E, 7.847%, (3 mo. USD LIBOR + 5.25%), 7/15/31(9)(10) | 2,500 | 2,297,062 | ||||||||
Webster Park CLO, Ltd. | ||||||||||
Series2015-1A, Class CR, 5.492%, (3 mo. USD LIBOR + 2.90%), | 2,000 | 1,953,140 | ||||||||
Series2015-1A, Class DR, 8.092%, (3 mo. USD LIBOR + 5.50%), | 2,500 | 2,336,823 | ||||||||
Wind River CLO, Ltd. | ||||||||||
Series2013-1A, Class DR, 8.892%, (3 mo. USD LIBOR + 6.30%), | 3,000 | 2,892,841 | ||||||||
Total Asset-Backed Securities | $ | 263,526,666 |
41 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
Common Stocks — 1.3% |
| |||||||||
Security | Shares | Value | ||||||||
Aerospace and Defense — 0.3% | ||||||||||
IAP Global Services, LLC(3)(11)(12)(13) | 950 | $ | 12,034,533 | |||||||
IAP Global Services, LLC(3)(11)(12)(13) | 1,627 | 15,458,046 | ||||||||
$ | 27,492,579 | |||||||||
Automotive — 0.0%(7) | ||||||||||
Dayco Products, LLC(12)(13) | 88,506 | $ | 3,263,659 | |||||||
$ | 3,263,659 | |||||||||
Electronics / Electrical — 0.0%(7) | ||||||||||
Answers Corp.(3)(12)(13) | 906,100 | $ | 1,785,017 | |||||||
$ | 1,785,017 | |||||||||
Health Care — 0.0%(7) | ||||||||||
New Millennium Holdco, Inc.(12)(13) | 421,318 | $ | 33,705 | |||||||
$ | 33,705 | |||||||||
Nonferrous Metals / Minerals — 0.0% | ||||||||||
ASP United/GHX Holding, LLC(3)(12)(13) | 304,664 | $ | 0 | |||||||
$ | 0 | |||||||||
Oil and Gas — 0.6% | ||||||||||
AFG Holdings, Inc.(3)(12)(13) | 498,342 | $ | 36,578,303 | |||||||
Fieldwood Energy, Inc.(12)(13) | 51,241 | 1,793,435 | ||||||||
Fieldwood Energy, Inc.(12)(13) | 221,919 | 7,767,165 | ||||||||
Samson Resources II, LLC, Class A(12)(13) | 435,055 | 10,332,556 | ||||||||
Southcross Holdings Group, LLC(3)(12)(13) | 1,281 | 0 | ||||||||
Southcross Holdings L.P., Class A(12)(13) | 1,281 | 720,563 | ||||||||
$ | 57,192,022 | |||||||||
Publishing — 0.3% | ||||||||||
ION Media Networks, Inc.(3)(13) | 28,605 | $ | 22,805,622 | |||||||
Tweddle Group, Inc.(3)(12)(13) | 19,500 | 781,365 | ||||||||
$ | 23,586,987 | |||||||||
Radio and Television — 0.1% | ||||||||||
Cumulus Media, Inc., Class A(12)(13) | 551,505 | $ | 9,993,271 | |||||||
Cumulus Media, Inc., Class B(12)(13) | 93,069 | 1,582,173 | ||||||||
$ | 11,575,444 |
Security | Shares | Value | ||||||||
Retailers (Except Food and Drug) — 0.0%(7) | ||||||||||
David’s Bridal, Inc.(12)(13) | 227,323 | $ | 1,420,769 | |||||||
$ | 1,420,769 | |||||||||
Total Common Stocks | $ | 126,350,182 | ||||||||
Miscellaneous — 0.0%(7) |
| |||||||||
Security | Shares | Value | ||||||||
Oil and Gas — 0.0%(7) | ||||||||||
Paragon Offshore Finance Company, Class A(12)(13) | 42,177 | $ | 39,541 | |||||||
Paragon Offshore Finance Company, Class B(12)(13) | 21,089 | 777,657 | ||||||||
Total Miscellaneous | $ | 817,198 | ||||||||
Short-Term Investments — 3.9% |
| |||||||||
Description | Units | Value | ||||||||
Eaton Vance Cash Reserves Fund, LLC, 2.54%(14) | 368,675,783 | $ | 368,675,783 | |||||||
Total Short-Term Investments | $ | 368,675,783 | ||||||||
Total Investments — 101.4% | $ | 9,666,985,753 | ||||||||
Less Unfunded Loan Commitments — (0.1)% | $ | (10,930,720 | ) | |||||||
Net Investments — 101.3% | $ | 9,656,055,033 | ||||||||
Other Assets, Less Liabilities — (1.3)% | $ | (121,854,722 | ) | |||||||
Net Assets — 100.0% | $ | 9,534,200,311 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
* | In U.S. dollars unless otherwise indicated. |
(1) | Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. |
42 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Portfolio of Investments (Unaudited) — continued
(2) | Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description. |
(3) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10). |
(4) | The stated interest rate represents the weighted average interest rate at April 30, 2019 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. |
(5) | This Senior Loan will settle after April 30, 2019, at which time the interest rate will be determined. |
(6) | Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflectnon-accrual status. |
(7) | Amount is less than 0.05%. |
(8) | Fixed-rate loan. |
(9) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2019, the aggregate value of these securities is $471,140,941 or 4.9% of the Portfolio’s net assets. |
(10) | Variable rate security. The stated interest rate represents the rate in effect at April 30, 2019. |
(11) | Affiliated company (see Note 9). |
(12) | Non-income producing security. |
(13) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(14) | Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualizedseven-day yield as of April 30, 2019. |
Forward Foreign Currency Exchange Contracts | ||||||||||||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | |||||||||||||||||||
USD | 10,647,198 | CAD | 13,970,881 | HSBC Bank USA, N.A. | 5/31/19 | $ | 211,028 | $ | — | |||||||||||||||
USD | 183,822,418 | EUR | 160,133,822 | State Street Bank and Trust Company | 5/31/19 | 3,780,753 | — | |||||||||||||||||
USD | 4,831,721 | EUR | 4,244,719 | State Street Bank and Trust Company | 5/31/19 | 59,298 | — | |||||||||||||||||
GBP | 4,000,000 | USD | 5,234,933 | State Street Bank and Trust Company | 6/28/19 | — | (3,123 | ) | ||||||||||||||||
USD | 197,407,793 | EUR | 174,165,418 | HSBC Bank USA, N.A. | 6/28/19 | 1,111,554 | — | |||||||||||||||||
USD | 42,866,067 | EUR | 38,040,750 | HSBC Bank USA, N.A. | 6/28/19 | — | (8,439 | ) | ||||||||||||||||
USD | 2,275,776 | EUR | 2,002,500 | JPMorgan Chase Bank, N.A. | 6/28/19 | 18,823 | — | |||||||||||||||||
USD | 152,421,593 | EUR | 135,605,796 | Goldman Sachs International | 7/31/19 | — | (839,841 | ) | ||||||||||||||||
USD | 74,120,199 | GBP | 57,096,351 | State Street Bank and Trust Company | 7/31/19 | — | (680,189 | ) | ||||||||||||||||
$ | 5,181,456 | $ | (1,531,592 | ) |
Abbreviations:
CIDOR | – | Canada Three Month Interbank Rate | ||
DIP | – | Debtor In Possession | ||
EURIBOR | – | Euro Interbank Offered Rate | ||
LIBOR | – | London Interbank Offered Rate | ||
PIK | – | Payment In Kind |
Currency Abbreviations:
CAD | – | Canadian Dollar | ||
EUR | – | Euro | ||
GBP | – | British Pound Sterling | ||
USD | – | United States Dollar |
43 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Statement of Assets and Liabilities (Unaudited)
Assets | April 30, 2019 | |||
Investments — | ||||
Unaffiliated investments, at value (identified cost, $9,457,366,982) | $ | 9,259,886,671 | ||
Affiliated investment fund, at value (identified cost, $368,673,115) | 368,675,783 | |||
Affiliated companies, at value (identified cost, $2,345,408) | 27,492,579 | |||
Total Investments, at value (identified cost, $9,828,385,505) | $ | 9,656,055,033 | ||
Cash | $ | 35,604,888 | ||
Deposits for derivatives collateral — forward foreign currency exchange contracts | 3,940,016 | |||
Foreign currency, at value (identified cost, $534,267) | 533,512 | |||
Interest receivable | 27,317,206 | |||
Dividends receivable from affiliated investment fund | 625,667 | |||
Receivable for investments sold | 24,647,114 | |||
Receivable for open forward foreign currency exchange contracts | 5,181,456 | |||
Prepaid expenses | 1,730,190 | |||
Total assets | $ | 9,755,635,082 | ||
Liabilities |
| |||
Cash collateral due to brokers | $ | 3,940,016 | ||
Payable for investments purchased | 210,573,149 | |||
Payable for open forward foreign currency exchange contracts | 1,531,592 | |||
Payable to affiliates: | ||||
Investment adviser fee | 3,836,816 | |||
Trustees’ fees | 9,087 | |||
Accrued expenses | 1,544,111 | |||
Total liabilities | $ | 221,434,771 | ||
Commitments and contingencies (Note 11) | ||||
Net Assets applicable to investors’ interest in Portfolio | $ | 9,534,200,311 |
44 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Statement of Operations (Unaudited)
Investment Income | Six Months Ended April 30, 2019 | |||
Interest and other income | $ | 276,872,657 | ||
Dividends | 4,199,935 | |||
Dividends from affiliated investment fund | 4,878,888 | |||
Total investment income | $ | 285,951,480 | ||
Expenses |
| |||
Investment adviser fee | $ | 24,592,001 | ||
Trustees’ fees and expenses | 54,878 | |||
Custodian fee | 1,136,481 | |||
Legal and accounting services | 544,382 | |||
Interest expense and fees | 1,533,846 | |||
Miscellaneous | 201,182 | |||
Total expenses | $ | 28,062,770 | ||
Net investment income | $ | 257,888,710 | ||
Realized and Unrealized Gain (Loss) |
| |||
Net realized gain (loss) — |
| |||
Investment transactions | $ | (65,490,910 | ) | |
Investment transactions — affiliated investment fund | (15,739 | ) | ||
Foreign currency transactions | 1,631,890 | |||
Forward foreign currency exchange contracts | 27,342,847 | |||
Net realized loss | $ | (36,531,912 | ) | |
Change in unrealized appreciation (depreciation) — |
| |||
Investments | $ | (83,760,955 | )(1) | |
Investments — affiliated investment fund | 83,201 | |||
Foreign currency | (617,268 | ) | ||
Forward foreign currency exchange contracts | (14,274,115 | ) | ||
Net change in unrealized appreciation (depreciation) | $ | (98,569,137 | ) | |
Net realized and unrealized loss | $ | (135,101,049 | ) | |
Net increase in net assets from operations | $ | 122,787,661 |
(1) | Includes net change in unrealized appreciation (depreciation) from affiliated companies of $2,029,496 (see Note 9). |
45 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Statements of Changes in Net Assets
Increase (Decrease) in Net Assets | Six Months Ended April 30, 2019 (Unaudited) | Year Ended October 31, 2018 | ||||||
From operations — |
| |||||||
Net investment income | $ | 257,888,710 | $ | 459,768,237 | ||||
Net realized gain (loss) | (36,531,912 | ) | 99,520,159 | |||||
Net change in unrealized appreciation (depreciation) | (98,569,137 | ) | (50,513,978 | ) | ||||
Net increase in net assets from operations | $ | 122,787,661 | $ | 508,774,418 | ||||
Capital transactions — |
| |||||||
Contributions | $ | 120,668,294 | $ | 1,754,720,809 | ||||
Withdrawals | (2,217,274,983 | ) | (561,884,656 | ) | ||||
Portfolio transaction fee | 5,630,324 | 4,812,064 | ||||||
Net increase (decrease) in net assets from capital transactions | $ | (2,090,976,365 | ) | $ | 1,197,648,217 | |||
Net increase (decrease) in net assets | $ | (1,968,188,704 | ) | $ | 1,706,422,635 | |||
Net Assets | ||||||||
At beginning of period | $ | 11,502,389,015 | $ | 9,795,966,380 | ||||
At end of period | $ | 9,534,200,311 | $ | 11,502,389,015 |
46 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Financial Highlights
Six Months Ended April 30, 2019 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
Ratios/Supplemental Data | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||
Ratios (as a percentage of average daily net assets): | ||||||||||||||||||||||||
Expenses(1) | 0.55 | %(2) | 0.54 | % | 0.56 | % | 0.58 | % | 0.55 | % | 0.52 | % | ||||||||||||
Net investment income | 5.10 | %(2) | 4.38 | % | 4.07 | % | 4.58 | % | 4.27 | % | 3.89 | % | ||||||||||||
Portfolio Turnover | 7 | %(3) | 30 | % | 42 | % | 27 | % | 19 | % | 34 | % | ||||||||||||
Total Return | 1.56 | %(3) | 5.05 | % | 5.69 | % | 7.10 | % | 0.56 | % | 2.23 | % | ||||||||||||
Net assets, end of period (000’s omitted) | $ | 9,534,200 | $ | 11,502,389 | $ | 9,795,966 | $ | 8,205,738 | $ | 9,936,014 | $ | 13,901,215 |
(1) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |
(2) | Annualized. |
(3) | Not annualized. |
47 | See Notes to Financial Statements. |
Eaton Vance
Floating Rate Portfolio
April 30, 2019
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Floating Rate Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified,open-end management investment company. The Portfolio’s investment objective is to provide a high level of current income. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2019, Eaton Vance Floating-Rate Fund, Eaton Vance Floating-Rate & High Income Fund and Eaton Vance Floating-Rate NextShares held an interest of 86.5%, 13.4% and 0.1%, respectively, in the Portfolio.
The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.
Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolio based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolio. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolio. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in theover-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.
Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.
Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
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Floating Rate Portfolio
April 30, 2019
Notes to Financial Statements (Unaudited) — continued
Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on theex-dividend date for dividends received in cash and/or securities. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.
As of April 30, 2019, the Portfolio had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2019, the Portfolio had sufficient cash and/or securities to cover these commitments.
G Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
H Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and theBy-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, theBy-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.
I Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.
J Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposes a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee is sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the
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Floating Rate Portfolio
April 30, 2019
Notes to Financial Statements (Unaudited) — continued
desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may vary over time, is limited to amounts that have been authorized by the Board of Trustees and determined by EVM to be appropriate. The maximum Portfolio transaction fee is 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets.
K Interim Financial Statements — The interim financial statements relating to April 30, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreements between the Portfolio and BMR, the fee is computed at an annual rate of 0.575% of the Portfolio’s average daily net assets up to $1 billion, 0.525% from $1 billion up to $2 billion, 0.490% from $2 billion up to $5 billion, 0.460% from $5 billion up to $10 billion, 0.435% from $10 billion up to $15 billion, 0.415% from $15 billion up to $20 billion, 0.400% from $20 billion up to $25 billion and 0.390% of average daily net assets of $25 billion or more, and is payable monthly. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interests in the Portfolio. For the six months ended April 30, 2019, the Portfolio’s investment adviser fee amounted to $24,592,001 or 0.49% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.
Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.
3 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, and including maturities and principal repayments on Senior Loans, aggregated $730,517,622 and $2,254,497,009, respectively, for the six months ended April 30, 2019.
4 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2019, as determined on a federal income tax basis, were as follows:
Aggregate cost | $ | 9,829,526,002 | ||
Gross unrealized appreciation | $ | 113,998,031 | ||
Gross unrealized depreciation | (283,819,136 | ) | ||
Net unrealized depreciation | $ | (169,821,105 | ) |
5 Financial Instruments
The Portfolio may trade in financial instruments withoff-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2019 is included in the Portfolio of Investments. At April 30, 2019, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.
The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.
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Eaton Vance
Floating Rate Portfolio
April 30, 2019
Notes to Financial Statements (Unaudited) — continued
The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $1,531,592. At April 30, 2019, there were no assets pledged by the Portfolio for such liability.
Theover-the-counter (OTC) derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things,set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.
The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold,re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2019 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at April 30, 2019.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at April 30, 2019 was as follows:
Fair Value | ||||||||
Derivative | Asset Derivative | Liability Derivative | ||||||
Forward foreign currency exchange contracts | $ | 5,181,456 | (1) | $ | (1,531,592 | )(2) | ||
Total Derivatives subject to master netting or similar agreements | $ | 5,181,456 | $ | (1,531,592 | ) |
(1) | Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts. |
(2) | Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts. |
The Portfolio’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liablities as of April 30, 2019.
Counterparty | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Received(a) | Cash Collateral Received(a) | Net Amount of Derivative Assets(b) | |||||||||||||||
HSBC Bank USA, N.A. | $ | 1,322,582 | $ | (8,439 | ) | $ | (1,314,143 | ) | $ | — | $ | — | ||||||||
JPMorgan Chase Bank, N.A. | 18,823 | — | — | — | 18,823 | |||||||||||||||
State Street Bank and Trust Company | 3,840,051 | (683,312 | ) | (3,156,739 | ) | — | — | |||||||||||||
$ | 5,181,456 | $ | (691,751 | ) | $ | (4,470,882 | ) | $ | — | $ | 18,823 |
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Floating Rate Portfolio
April 30, 2019
Notes to Financial Statements (Unaudited) — continued
Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(c) | |||||||||||||||
Goldman Sachs International | $ | (839,841 | ) | $ | — | $ | — | $ | — | $ | (839,841 | ) | ||||||||
HSBC Bank USA, N.A. | (8,439 | ) | 8,439 | — | — | — | ||||||||||||||
State Street Bank and Trust Company | (683,312 | ) | 683,312 | — | — | — | ||||||||||||||
$ | (1,531,592 | ) | $ | 691,751 | $ | — | $ | — | $ | (839,841 | ) |
(a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Net amount represents the net amount due from the counterparty in the event of default. |
(c) | Net amount represents the net amount payable to the counterparty in the event of default. |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended April 30, 2019 was as follows:
Derivative | Realized Gain (Loss) on Derivatives Recognized in Income(1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) | ||||||
Forward foreign currency exchange contracts | $ | 27,342,847 | $ | (14,274,115 | ) |
(1) | Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts. |
The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended April 30, 2019, which is indicative of the volume of this derivative type, was approximately $765,871,000.
6 Credit Facility
The Portfolio participates with another portfolio and fund managed by EVM and its affiliates in a $875 million unsecured credit facility with a group of banks, which is in effect through March 9, 2020. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is payable on amounts borrowed overnight at the Federal Funds rate plus a margin and for all other amounts borrowed for longer periods at a base rate or LIBOR, plus a margin. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of each lender’s commitment amount is allocated among the participating portfolios and fund at the end of each quarter. Also included in interest expense and fees on the Statement of Operations is approximately $638,000 of amortization of upfront fees paid by the Portfolio in connection with the annual renewal of the Agreement. The unamortized balance of upfront fees at April 30, 2019 is $1,043,747 and is included in prepaid expenses in the Statement of Assets and Liabilities. Because the credit facility is not available exclusively to the Portfolio and the maximum amount is capped, it may be unable to borrow some or all of a requested amount at any particular time. The Portfolio did not have any significant borrowings during the six months ended April 30, 2019.
7 Risks Associated with Foreign Investments
Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.
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Eaton Vance
Floating Rate Portfolio
April 30, 2019
Notes to Financial Statements (Unaudited) — continued
8 Credit Risk
The Portfolio invests primarily in below investment grade floating-rate loans, which are considered speculative because of the credit risk of their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a highernon-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value.
9 Investments in Affiliated Companies
An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund. At April 30, 2019, the value of the Portfolio’s investment in affiliated companies was $27,492,579, which represents 0.29% of the Portfolio’s net assets. Transactions in affiliated companies by the Portfolio for the six months ended April 30, 2019 were as follows:
Name of affiliated company | Shares, beginning of period | Gross additions | Gross reductions | Shares, end of period | Value, end of period | Dividend income | Net realized gain (loss) | Change in appreciation (depreciation) | ||||||||||||||||||||||||
Common Stock* | ||||||||||||||||||||||||||||||||
IAP Global Services, LLC(1)(2)(3) | 2,577 | — | — | 2,577 | $ | 27,492,579 | $ | — | $ | — | $ | 2,029,496 |
* | The related industry is the same as the presentation in the Portfolio of Investments. |
(1) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10). |
(2) | Non-income producing security. |
(3) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
10 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
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Floating Rate Portfolio
April 30, 2019
Notes to Financial Statements (Unaudited) — continued
At April 30, 2019, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3* | Total | ||||||||||||
Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | $ | — | $ | 8,588,538,610 | $ | 29,668,581 | $ | 8,618,207,191 | ||||||||
Corporate Bonds & Notes | — | 278,478,013 | — | 278,478,013 | ||||||||||||
Asset-Backed Securities | — | 263,526,666 | — | 263,526,666 | ||||||||||||
Common Stocks | 9,993,271 | 26,914,025 | 89,442,886 | 126,350,182 | ||||||||||||
Miscellaneous | — | 817,198 | — | 817,198 | ||||||||||||
Short-Term Investments | — | 368,675,783 | — | 368,675,783 | ||||||||||||
Total Investments | $ | 9,993,271 | $ | 9,526,950,295 | $ | 119,111,467 | $ | 9,656,055,033 | ||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 5,181,456 | $ | — | $ | 5,181,456 | ||||||||
Total | $ | 9,993,271 | $ | 9,532,131,751 | $ | 119,111,467 | $ | 9,661,236,489 | ||||||||
Liability Description |
| |||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (1,531,592 | ) | $ | — | $ | (1,531,592 | ) | ||||||
Total | $ | — | $ | (1,531,592 | ) | $ | — | $ | (1,531,592 | ) |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio. |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2019 is not presented.
11 Legal Proceedings
In May 2015, the Portfolio was served with an amended complaint filed in an adversary proceeding in the United States Bankruptcy Court for the Southern District of New York. The adversary proceeding was filed by the Motors Liquidation Company Avoidance Action Trust (“AAT”) against the former holders of a $1.5 billion term loan issued by General Motors Corp. (“GM”) in 2006 (the “Term Loan Lenders”) who received a full repayment of the term loan pursuant to a court order in the GM bankruptcy proceeding. The court order was made with the understanding that the term loan was fully secured at the time of GM’s bankruptcy filing in June 2009. The AAT is seeking (1) a determination from the Bankruptcy Court that the security interest held by the Term Loan Lenders was not perfected at the time GM filed for Chapter 11 Bankruptcy protection and thus the Term Loan Lenders should have been treated in the same manner as GM’s unsecured creditors, (2) disgorgement of any interest payments made to the Term Loan Lenders within ninety days of GM’s filing for Chapter 11 Bankruptcy protection, and (3) disgorgement of the $1.5 billion term loan repayment that was made to the Term Loan Lenders. The value of the payment received under the term loan agreement by the Portfolio is approximately $10,668,000 (equal to 0.11% of net assets at April 30, 2019). In April 2019, the parties to the litigation reached a settlement agreement in principle, subject to Court approval. The Portfolio does not anticipate that it will suffer any loss to the Portfolio’s net asset value as a result of the settlement. The attorneys’ fees and costs related to these actions are expensed by the Portfolio as incurred.
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Eaton Vance
Floating-Rate Fund
April 30, 2019
Board of Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect fromyear-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory andsub-advisory agreements for each of the Eaton Vance Funds for an additionalone-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory andsub-advisory agreements.
Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):
Information about Fees, Performance and Expenses
• | A report from an independent data provider comparing advisory and related fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”); |
• | A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board; |
• | Comparative information concerning the fees charged and services provided by the adviser andsub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any; |
• | Profitability analyses with respect to the adviser andsub-adviser (where applicable) to each of the funds; |
Information about Portfolio Management and Trading
• | Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies; |
• | The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes; |
• | Information about the policies and practices of each fund’s adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Data relating to the portfolio turnover rate of each fund; |
Information about each Adviser andSub-adviser
• | Reports detailing the financial results and condition of the adviser andsub-adviser (where applicable) to each fund; |
• | Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable; |
• | The Code of Ethics of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance; |
• | Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any; |
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Eaton Vance
Floating-Rate Fund
April 30, 2019
Board of Trustees’ Contract Approval — continued
• | A description of Eaton Vance Management’s and Boston Management and Research’s oversight ofsub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
Other Relevant Information
• | Information concerning the nature, cost and character of the administrative and othernon-investment advisory services provided by Eaton Vance Management and its affiliates; |
• | Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the adviser or administrator to each of the funds; and |
• | The terms of each investment advisory agreement. |
During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers andsub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory andsub-advisory agreements.
The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory andsub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory andsub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory andsub-advisory agreement. In evaluating each investment advisory andsub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds.
Results of the Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Floating Rate Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Floating-Rate Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.
The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio, including recent changes to such personnel. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing special considerations relevant to investing in senior floating rate loans. The Board considered the Adviser’s large group of bank loan investment professionals and other personnel who provide services to the Portfolio, including portfolio managers and analysts. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.
The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
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Eaton Vance
Floating-Rate Fund
April 30, 2019
Board of Trustees’ Contract Approval — continued
The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for theone-, three-, five- andten-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for theone-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Portfolio and other types of accounts. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.
After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisoryand related services are reasonable.
Profitability and“Fall-Out” Benefits
The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.
The Board also considered direct or indirectfall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.
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Eaton Vance
Floating-Rate Fund
April 30, 2019
Officers and Trustees
Officers of Eaton Vance Floating-Rate Fund
Payson F. Swaffield
President
Maureen A. Gemma
Vice President, Secretary and
Chief Legal Officer
James F. Kirchner
Treasurer
Richard F. Froio
Chief Compliance Officer
Officers of Eaton Vance Floating Rate Portfolio
Payson F. Swaffield
President
Maureen A. Gemma
Vice President, Secretary and
Chief Legal Officer
James F. Kirchner
Treasurer
Richard F. Froio
Chief Compliance Officer
Trustees of Eaton Vance Floating-Rate Fund and Eaton Vance Floating Rate Portfolio
William H. Park
Chairperson
Thomas E. Faust Jr.*
Mark R. Fetting
Cynthia E. Frost
George J. Gorman
Valerie A. Mosley
Helen Frame Peters
Keith Quinton(1)
Marcus L. Smith(1)
Susan J. Sutherland
Scott E. Wennerholm
* | Interested Trustee |
(1) | Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018. |
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Eaton Vance Funds
IMPORTANT NOTICES
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:
• | Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions. |
• | None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers. |
• | Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. |
• | We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call1-800-262-1122.
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 at1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
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Investment Adviser of Eaton Vance Floating Rate Portfolio
Boston Management and Research
Two International Place
Boston, MA 02110
Administrator of Eaton Vance Floating-Rate Fund
Eaton Vance Management
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617)482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800)262-1122
Fund Offices
Two International Place
Boston, MA 02110
* | FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org. |
7718 4.30.19
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this FormN-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Floating Rate Portfolio
By: | /s/ Payson F. Swaffield | |
Payson F. Swaffield | ||
President | ||
Date: | June 24, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | June 24, 2019 | |
By: | /s/ Payson F. Swaffield | |
Payson F. Swaffield | ||
President | ||
Date: | June 24, 2019 |