Eaton Vance Floating-Rate Advantage Fund

EATON VANCE FLOATING-RATE ADVANTAGE FUND
EATON VANCE FLOATING-RATE FUND
EATON VANCE FLOATING-RATE & HIGH INCOME FUND
Supplement to Prospectus dated March 1, 2014

1.

The following replaces the Annual Fund Operating Expenses table in “Fees and Expenses of the Fund” in “Fund Summaries – Floating-Rate Advantage Fund”:

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investments)(1)	Advisers Class	Class A	Class B	Class C	Class I
Management Fees	0.59%	0.59%	0.59%	0.59%	0.59%
Distribution and Service (12b-1) Fees	0.25%	0.25%	0.60%	0.75%	n/a
Other Expenses(2)	0.34%	0.35%	0.36%	0.35%	0.35%
Total Annual Fund Operating Expenses	1.18%	1.19%	1.55%	1.69%	0.94%

⁽¹⁾

Expenses in the table above and the Example below reflect the expenses of the Fund and the Senior Debt Portfolio (the “Portfolio”), the Fund’s master Portfolio.

⁽²⁾

Includes interest expense of 0.22% for each Class.

March 6, 2014 14520 3.6.14

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)*

Annual Fund Operating Expenses Eaton Vance Floating-Rate Advantage Fund		Advisers Class	Class A	Class B	Class C	Class I
Management Fees		0.59%	0.59%	0.59%	0.59%	0.59%
Distribution and Service (12b-1) Fees		0.25%	0.25%	0.60%	0.75%	none
Other Expenses	[1]	0.34%	0.35%	0.36%	0.35%	0.35%
Total Annual Fund Operating Expenses		1.18%	1.19%	1.55%	1.69%	0.94%

* Expenses in the table above and the Example below reflect the expenses of the Fund and the Senior Debt Portfolio (the “Portfolio”), the Fund’s master Portfolio.

[1] Includes interest expense of 0.22% for each Class.