Overview

Help combat rising interest rates with a floating-rate loan investment leader.2

Floating-rate loans have historically performed well in rising rate environments. Eaton Vance offers deep credit research and 20+ years of experience.

Not based on the return of any specific fund.

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 3.16 2.14 2.14 -1.61 1.29 2.96 3.61
Fund w/Max Sales Charge 0.83 -0.13 -0.13 -3.86 0.53 2.49 3.38
S&P/LSTA Leveraged Loan Index3 2.76 1.55 1.55 -1.25 1.85 3.23 4.27
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 2.25%.

Fund Factsas of Mar 31, 2016

Class A Inception 05/07/2003
Performance Inception 09/07/2000
Investment Objective High current income
Total Net Assets $1.2B
Minimum Investment $1000
Expense Ratio4 1.07%
CUSIP 277911137

Top 10 Issuers (%)5as of Mar 31, 2016

Avago Technologies Cayman Ltd.
FMG Resources (August 2006) Pty. Ltd.
Infor (US) Inc.
Berry Plastics Holding Corporation
Albertsons LLC
Ineos US Finance LLC
Getty Images Inc.
Transdigm Inc.
Kronos Inc.
Calpine Corporation
Total 10.33

Portfolio Management

Scott H. Page, CFA Managed Fund since inception
Craig P. Russ Managed Fund since 2007
Michael W. Weilheimer, CFA Managed Fund since inception
Kelley G. Baccei Managed Fund since 2014
Stephen C. Concannon, CFA Managed Fund since 2014

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 3.16 2.14 2.14 -1.61 1.29 2.96 3.61
Fund w/Max Sales Charge 0.83 -0.13 -0.13 -3.86 0.53 2.49 3.38
S&P/LSTA Leveraged Loan Index3 2.76 1.55 1.55 -1.25 1.85 3.23 4.27
Morningstar™ Bank Loan Category6 2.76 1.30 1.30 -1.85 1.18 2.72 2.90
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 2.25%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 7.01 1.57 -31.03 48.13 10.31 2.45 9.20 5.02 0.72 -1.80
S&P/LSTA Leveraged Loan Index3 6.77 2.02 -29.10 51.62 10.13 1.52 9.66 5.29 1.60 -0.69

Fund Facts

Expense Ratio4 1.07%
Class A Inception 05/07/2003
Performance Inception 09/07/2000
Distribution Frequency Monthly

Yield Information7as of Mar 31, 2016

Distribution Rate at NAV 4.44%
SEC 30-day Yield 4.33%

Morningstar™ Ratingsas of Mar 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Bank Loan
Category
Overall *** **** 212
3 Years ** *** 212
5 Years *** **** 151
10 Years *** **** 63
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Apr 29, 2016 $9.06 $0.00
Apr 28, 2016 $9.06 $0.01
Apr 27, 2016 $9.05 $0.01
Apr 26, 2016 $9.04 $0.00
Apr 25, 2016 $9.04 $0.00
Apr 22, 2016 $9.04 $0.01
Apr 21, 2016 $9.03 $0.02
Apr 20, 2016 $9.01 $0.01
Apr 19, 2016 $9.00 $0.02
Apr 18, 2016 $8.98
View All

Distribution History8

Ex-Date Distribution Reinvest NAV
Apr 29, 2016 $0.03197 $9.06
Mar 31, 2016 $0.03339 $8.88
Feb 29, 2016 $0.03152 $8.64
Jan 29, 2016 $0.03157 $8.69
Dec 31, 2015 $0.03344 $8.79
Nov 30, 2015 $0.03149 $8.94
Oct 30, 2015 $0.03426 $9.09
Sep 30, 2015 $0.03130 $9.07
Aug 31, 2015 $0.03296 $9.21
Jul 31, 2015 $0.03210 $9.33
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History8

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)9as of Mar 31, 2016

Floating-Rate Loans 76.04
Corporate Bonds 18.21
Other 1.95
Cash & Equivalents 3.80
Total 100.00

Portfolio Statisticsas of Mar 31, 2016

Number of Issuers 663
Average Coupon 4.95%
Average Maturity 4.62 yrs.
Average Duration 0.94 yrs.
Average Price $92.66

Sector Breakdown (%)5as of Mar 31, 2016

Electronics/Electrical 11.15
Health Care 9.64
Business Equipment & Services 7.32
Chemicals & Plastics 5.36
Retailers (except food & drug) 4.96
Financial Intermediaries 4.12
Food Products 3.91
Oil & Gas 3.75
Lodging & Casinos 3.36
Leisure Goods/Activities/Movies 3.22
View All

Credit Quality (%)10as of Mar 31, 2016

AAA 0.00
AA 0.00
A 0.00
BBB 6.30
BB 37.30
B 46.30
CCC or Lower 7.10
Not Rated 3.00
Total 100.00
Credit ratings are categorized using S&P. If S&P does not publish a rating for the High Income Opportunities Portfolio's securities, then the Moody's rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

Assets by Country (%)9as of Mar 31, 2016

United States 83.83
Canada 4.44
Netherlands 2.93
Luxembourg 2.70
United Kingdom 1.81
Australia 1.11
Cayman Islands 1.10
Other 2.08

Maturity Distribution (%)9,11as of Mar 31, 2016

Less Than 1 Year 2.57
1 To 3 Years 15.79
3 To 5 Years 45.90
5 To 10 Years 35.07
10 To 20 Years 0.57
20 To 30 Years 0.05
More Than 30 Years 0.05
Equity/Other 0.00
Total 100.00

Loan Type (%)5,12,13as of Mar 31, 2016

First Lien 90.15
Second Lien 2.06

Fund Holdings9,14,15as of Feb 29, 2016

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 02/29/2016 4.01%
Fortescue Metals Group 4.25% 06/30/2019 1.08%
Avago Technologies Cayman Finance Ltd 0.00% 02/01/2023 1.01%
NBTY, Inc. 3.50% 10/01/2017 0.83%
Infor Lawson 3.75% 06/03/2020 0.81%
Getty Images, Inc. 4.75% 10/18/2019 0.78%
RedPrairie 6.00% 12/21/2018 0.75%
Intelsat Jackson Holdings 3.75% 06/30/2019 0.75%
Dell International LLC 4.00% 04/29/2020 0.72%
US Foodservice 4.50% 03/31/2019 0.72%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Commentary

A Word On The Markets as of Dec 31, 2015

Continuing the trend of second-half volatility, the loan market limped to a feeble year-end close in the fourth quarter, with the S&P/LSTA Leveraged Loan Index (the Index)3 producing a -2.10% total return for the period. Results marked the loan market's softest calendar quarter of the year, punctuating only the second negative calendar year in the history of the asset class. In a full-year context, the Index finished the year with a -0.69% performance, composed of 4.62% in coupon income and a price decline of -5.31%. December's -1.05% loss outsized those experienced in October (-0.18%) and November (-0.88%), as retail fund redemptions advanced toward the end of the quarter.

Relative to the capital markets at large, the silver lining beneath loan's soft absolute performance was its outperformance of many harder-hit asset classes – such as benchmark indices tracking smaller-cap equities, high-yield bonds, commodities and currencies. While there were some underlying positives to market technicals in the period – namely sizable loan prepayments and a pickup in structured product demand – loan mutual fund outflows surged, more than overwhelming the relative strength elsewhere.

Supply expansion increased by only $4.9 billion during the month. Though headline issuance was higher, net growth was contained due to large loan prepayments from Freescale, Sungard and Interactive Data Corp., among others. Meanwhile, visible demand segments trailed the supply expansion. Structured product issuance picked up to $7 billion, while net mutual fund outflows provided more than a $4.5 billion offset.

Two underlying themes continued to play out. First, higher-quality loans outperformed amid investor focus on relative safety. Second, more actively traded loans trailed less liquid issues amid greater traffic related to fund redemptions. To be sure, the larger, more on-the-run loans included within the S&P/LSTA Leveraged Loan 100 Index16 underperformed. Meanwhile, BB loans outperformed those rated B, which in turn outperformed CCC and D (defaulted) loans.

Performance Summary 

Eaton Vance Floating-Rate & High Income Fund (the Fund) outperformed the Index at net asset value for the quarter.

  • Though high-yield bonds trailed loans as an asset class, security selection within the Fund's high-yield bond Portfolio aided relative results.
  • Performance was aided by the Fund's higher-quality bias, as lower-quality issues trailed. Likewise, the Fund's underweight to second-lien loans, which trailed first liens, was a relative tailwind.
  • A focus on larger, more liquid loans detracted as these issues experienced greater volatility during the quarter compared with smaller, less-liquid loans.

Historic Returns (%)as of Dec 31, 2015

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV -1.30 -2.01 -1.80 -1.80 1.28 3.05 3.59
Fund w/Max Sales Charge -3.57 -4.22 -3.96 -3.96 0.51 2.59 3.36
S&P/LSTA Leveraged Loan Index3 -1.05 -2.10 -0.69 -0.69 2.04 3.41 4.31
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 2.25%.

Fund Factsas of Dec 31, 2015

Class A Inception 05/07/2003
Performance Inception 09/07/2000
Expense Ratio4 1.07%

Contributors 

Factors contributing to the Fund's relative performance compared to the Index during the quarter:

  • The Fund's allocation to high-yield bonds – a strategic element of its investment strategy – aided performance relative to the Index, as positive credit selection more than offset the high-yield market's underperformance of loans. Of note, the Index does not include high-yield bonds.
  • On quality orientation, the trend of note was the typical dispersion seen during risk-averse periods, with higher-quality paper outperforming: BB loans led with a -0.94% return, while B loans returned -2.50% and CCC and D (defaulted) loans trailed the universe, returning -6.52% and -18.13%, respectively. This mix played to the Funds' overall higher-quality positioning. In a similar vein, first-liens outpaced second-liens, -1.94% to -5.44%, respectively, another relative contributor given the Funds' second-lien underweight.
  • On sectors, notably most areas of the loan market held up remarkably well throughout the quarter, with a significant amount of the Index's negative quarterly performance driven by three pressured sectors, collectively accounting for less than 10% of outstandings: Oil & gas (down -18.77% in the fourth quarter), metals & mining (down -12.65%) and utilities (down -6.24%, primarily on Energy Futures Holdings, or EFH). In terms of the relative impact of these trends against the Funds' positioning, the single-largest contributor was the Funds' underweight to utilities, with no exposure to the defaulted EFH loan helping considerably. Elsewhere, approximate equal weightings to oil & gas and metals & mining had little effect, though credit selection within these areas was additive.

Detractors 

Factors detracting from the Fund's relative performance compared to the Index during the quarter:

  • As the market experienced bifurcation by issuer size, notably the larger, more on-the-run loans included within the S&P/LSTA Leveraged Loan 100 Index16 fared less well compared with the broad-based Index, producing a negative -2.25% total return. By contrast, the smaller and generally less liquid loans within the Index held up better amid lighter trading conditions. While experiencing greater volatility in the short run – evidence of an active and functioning secondary market – we believe there is markedly lower credit risk within the larger issuers the Funds tend to favor. Nevertheless, these underperformed during the quarter.

Investment Outlook And Fund Positioning 

Defaults should broadly remain at bay so long as the U.S. stays on track. Immediate maturities are limited, cash flow growth persists and the U.S. economy is performing with relative strength. Default risk appears modestly higher among some of the oil- and coal-related issuers. However, a limited share of the market provides for a self-limiting impact. As always, we'll continue to emphasize the importance of fundamental credit selection, both now and in the years ahead.

Near-term risks mainly appear to be of a technical nature. Examples: An unexpected macroeconomic event or a major shift in the magnitude of flow. Countering the latter of these may be loans' combination of attractive spreads, good fundamentals and discounted valuations. Supply conditions may test the technical picture in the first quarter, as the forward calendar of new M&A-related loans ended the quarter at $53.6 billion. Meanwhile, the CLO segment appears to remain the primary marginal buyer of new issues.

Credit Quality (%)10as of Dec 31, 2015

AAA 0.00
AA 0.00
A 0.00
BBB 4.50
BB 39.60
B 46.80
CCC or Lower 6.10
Not Rated 3.00
Total 100.00
Credit ratings are categorized using S&P. If S&P does not publish a rating for the High Income Opportunities Portfolio's securities, then the Moody's rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Attribution

No attribution information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
Scott H. Page, CFA

Scott H. Page, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1989

Scott Page is a vice president of Eaton Vance Management, co-director and portfolio manager with Eaton Vance’s Floating-Rate Loan Group.

Scott joined Eaton Vance in 1989 as an analyst with the group. He was promoted to lead the firm’s floating-rate loan practice in 1996. His previous experience includes an affiliation with the Dartmouth College Investment Office, as well as corporate finance/lending and credit review at Citicorp and Chase Manhattan Bank.

Scott earned a B.A. from Williams College in 1981 and an MBA from the Amos Tuck School at Dartmouth College in 1987. He is a CFA charterholder and has served as a member of the Board of Directors of the LSTA (Loan Syndications and Trading Association).

Scott's commentary has appeared in Bloomberg, Business Week, Dow Jones Investment Advisor, Forbes, Investor's Business Daily, Smart Money, Kiplinger's, USA Today, and The Wall Street Journal, and he has been featured on CNBC. He co-authored "An Overview of the Loan Market" in the Handbook of Loan Syndications and Trading (2007).

Education
  • B.A. Williams College
  • M.B.A. Amos Tuck School of Business Administration, Dartmouth College
Experience
  • Managed Fund since inception
Biography
Craig P. Russ

Craig P. Russ

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Craig Russ is a vice president of Eaton Vance Management, co-director and portfolio manager with Eaton Vance’s Floating-Rate Loan Group.

Craig joined Eaton Vance 1997 as an analyst and became co-manager of institutional bank loan funds in 2001. Prior to joining Eaton Vance, he worked for 10 years in commercial lending with State Street Bank.

Craig earned a B.A., cum laude, from Middlebury College in 1985 and studied at the London School of Economics and Political Science. He is chairman of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Grant's Interest Rate Observer and The Wall Street Journal.

Education
  • B.A. Middlebury College
Experience
  • Managed Fund since 2007
Biography
Michael W. Weilheimer, CFA

Michael W. Weilheimer, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1990

Michael Weilheimer is a vice president of Eaton Vance Management, director of high-yield investments and a portfolio manager on Eaton Vance’s high-yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He joined Eaton Vance in 1990.

Mike began his career in the investment management industry in 1987. Before joining Eaton Vance, he worked for Cowen & Company as an analyst specializing in distressed debt securities and was also affiliated with Amroc Investments, L.P.

Mike earned a B.S. from the University at Albany, State University of New York and an MBA from the University of Chicago. He is a member of the Boston Security Analysts Society, is on the board of trustees for Gann Academy, and on the dean’s advisory board for the School of Business, University at Albany, State University of New York. He is a CFA charterholder.

Mike’s commentary has appeared in Barron’s, The Wall Street Journal, Reuters and USA Today.

Education
  • B.S. State University of New York at Albany
  • M.B.A. Booth School of Business, University of Chicago
Experience
  • Managed Fund since inception
Biography

Kelley G. Baccei

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s high-yield team. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2005.

Kelley began her career in the investment management industry in 2000. Before joining Eaton Vance, she was the director of high-yield distressed research at Fieldstone Capital Group. Previously, she was associate director of fixed-income research at Scotia Capital Markets, Inc.

Kelley earned a B.A. from Boston College and a certificate in credit analysis from New York University.

Education
  • B.A. Boston College
Experience
  • Managed Fund since 2014
Other funds managed
 
Biography

Stephen C. Concannon, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Stephen Concannon is a vice president and portfolio manager on Eaton Vance’s high-yield team, also contributing to the firm’s multisector bond strategy. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He joined Eaton Vance in 2000.

Steve began his career in the investment management industry in 1993. Before joining Eaton Vance, he was a research analyst for Wellington Management.

Steve earned a B.A. from Bates College. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.A. Bates College
Experience
  • Managed Fund since 2014

Literature

Literature

Fact Sheet

Commentary

Floating-Rate Loan Funds Monthly Review

Annual Report

Floating-Rate Loan Chart Book

Full Prospectus

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Managing redemption readiness at floating-rate loan funds

Market Insight

SAI

Think Performance Think Eaton Vance

EXCLUSIVE CONTENT

Who Says You Can't Increase Yield (EAFAX, EVFHX, EVBLX)

How cheap are floating rate loans and high yield bonds

Semi-Annual Report

Summary Prospectus

Investing in the Wake of the Great Moderation: Floating-Rate Loans as a Strategic Allocation

XBRL


 

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