Eaton Vance Floating Rate Fund (EVBLX)

Eaton Vance Floating Rate Fund (EVBLX) is another popular taxable bond mutual fund. It focuses its assets in floating rate loans. It provides high yield for income.

Eaton Vance Floating Rate Fund (MUTF: EVBLX)

This Eaton Vance Floating Rate Fund objective is to provide a high current income level. The fund typically invests >80% of total assets in income producing floating rate loans and other floating rate debt securities. It invests primarily in senior floating rate loans of domestic and foreign borrowers. The fund may invest up to 25% of total assets in foreign Senior Loans.

Fund Profile
Eaton Vance Floating Rate Fund
EVBLX fund
  • Fund Inception Date: May 4, 2003
  • Ticker Symbol: EVBLX
  • CUSIP: 277911129
  • Beta (3yr): -0.50
  • Rank in category (YTD): 85%
  • Category: Bank Loan
  • Distribution: 4.20%
  • Capital Gains: 0%
  • Expense Ratio: 1.02%
  • Net Assets: $ 9.4 billion
  • Number of Years Up: 8 years
  • Number of Years Down: 1 year
  • Average Duration: 0.14 years
  • Average Maturity: 4.75 years
  • Annual Turnover Rate: 42%
Updated on 4/10/2013

Scott H. Page and Craig P. Russ are currently managing this Eaton Vance mutual fund. This fixed income mutual fund has total net assets of $9.4 billion. It has a high dividend yield of 4.2%.  The fund has just distributed its dividend to the investors in January 2013 in the amount of $0.03. The annual expense ratio is 1.02%.

More: Best Performing Bank Loan Mutual Funds 2013

Morningstar analysts give this fund 3-stars and Gold rating for its performance. It has YTD return of 0.96%. Based on the load adjusted returns, this bank loan mutual fund has returned 4.52% over the past 5-years and 4.03% over the past decade. It has recorded a total return of 8 positive years and only 1 negative year. The best 1 year total return was achieved in 2009 with 46.08%. The fund’s benchmark is S&P/ LSTA Leveraged Loan Index.

This EVBLX fund can be purchased from 111 brokerages, such as JP Morgan, Merrill Lynch, Scottrade Load, Schwab Retail, Raymond James, Morgan Stanley Advisors, Prudential Retail, Sun Life CPS, etc. Investors will need a minimum of $1,000 initial investment for either brokerage or retirement account. There is no minimum subsequent investment. The management fee of the fund is 0.25% and the front-end sales load fee is 2.25% for class A fund. The other classes are Class Advisers (EABLX), Class C (ECBLX) and Class Institutional (EIBLX).

The top 10 issuers of the fund as of December 2012 represent a total of 8.87% of the total portfolio. They are Rite Aid Corporation, Asurion LLC, Alliance Boots Holdings Limited, Intelsat Jackson Holdings Ltd, HCA Inc, Del Monte Foods Company, Hertz Corporation, MetroPCS Wireless Inc, UPC Financing Partnership and Infor (US) Inc.

According to the fund prospectus, the principal investment risks are Market risk, Credit risk, Risk of Lower Rated Investments, Interest Rate risk, Foreign Investment Risk, Derivatives risk, Risks associated with active management, General fund investing risk, etc.

Disclosure: No Position


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