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.

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.62 0.38 2.34 1.28 4.21 5.29 4.29
Fund w/Max Sales Charge -2.88 -1.91 0.09 -0.98 3.44 4.81 4.05
S&P/LSTA Leveraged Loan Index3 -0.42 0.69 2.83 1.82 4.88 5.47 4.98
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 one year is cumulative. Max Sales Charge: 2.25%.

Fund Factsas of Jun 30, 2015

Class A Inception 05/07/2003
Performance Inception 09/07/2000
Investment Objective High current income
Total Net Assets $1.7B
Minimum Investment $1000
Expense Ratio4 1.10%
CUSIP 277911137

Top 10 Issuers (%)5as of Jun 30, 2015

Asurion LLC
FMG Resources (August 2006) Pty. Ltd.
Intelsat Jackson Holdings SA
RP Crown Parent LLC
Transdigm Inc.
Community Health Systems Inc.
Infor (US) Inc.
US Foods Inc.
First Data Corp.
NBTY Inc.
Total 10.29


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

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

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.62 0.38 2.34 1.28 4.21 5.29 4.29
Fund w/Max Sales Charge -2.88 -1.91 0.09 -0.98 3.44 4.81 4.05
S&P/LSTA Leveraged Loan Index3 -0.42 0.69 2.83 1.82 4.88 5.47 4.98
Morningstar™ Bank Loan Category6 -0.47 0.57 2.51 1.11 4.28 5.04 3.60
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 one year is cumulative. Max Sales Charge: 2.25%.

Calendar Year Returns (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 4.32 7.01 1.57 -31.03 48.13 10.31 2.45 9.20 5.02 0.72
S&P/LSTA Leveraged Loan Index3 5.08 6.77 2.02 -29.10 51.62 10.13 1.52 9.66 5.29 1.60

Fund Facts

Expense Ratio4 1.10%
Class A Inception 05/07/2003
Performance Inception 09/07/2000
Distribution Frequency Monthly

Yield Information7as of Jun 30, 2015

Distribution Rate at NAV 4.05%
SEC 30-day Yield 3.73%


Morningstar™ Ratingsas of Jun 30, 2015

Time Period Rating Rating (Load Waived) Funds in
Bank Loan
Category
Overall *** **** 195
3 Years ** *** 195
5 Years *** **** 124
10 Years **** **** 54
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
Jul 28, 2015 $9.32 $0.00
Jul 27, 2015 $9.32 $-0.01
Jul 24, 2015 $9.33 $-0.01
Jul 23, 2015 $9.34 $-0.01
Jul 22, 2015 $9.35 $-0.01
Jul 21, 2015 $9.36 $-0.01
Jul 20, 2015 $9.37 $0.00
Jul 17, 2015 $9.37 $0.00
Jul 16, 2015 $9.37 $0.00
Jul 15, 2015 $9.37 $0.00

Distribution History8

Ex-Date Distribution Reinvest NAV
Jun 30, 2015 $0.03114 $9.36
May 29, 2015 $0.03222 $9.45
Apr 30, 2015 $0.03317 $9.47
Mar 31, 2015 $0.03309 $9.42
Feb 27, 2015 $0.02835 $9.43
Jan 30, 2015 $0.03004 $9.33
Dec 31, 2014 $0.03174 $9.33
Nov 28, 2014 $0.03110 $9.44
Oct 31, 2014 $0.02982 $9.46
Sep 30, 2014 $0.02930 $9.46
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 Jun 30, 2015

Floating-Rate Loans 74.92
U.S. Corporate Bonds 19.23
Other 1.89
Cash & Equivalents 3.96
Total 100.00

Portfolio Statisticsas of Jun 30, 2015

Number of Issuers 680
Number of Holdings 1042
Average Coupon 5.00%
Average Maturity 5.03 yrs.
Average Duration 0.92 yrs.
Average Price $97.90


Sector Breakdown (%)5as of Jun 30, 2015

Health Care 9.59
Electronics/Electrical 9.05
Business Equipment & Services 8.15
Retailers (except food & drug) 6.21
Oil & Gas 5.13
Chemicals & Plastics 4.90
Financial Intermediaries 4.03
Food Products 3.85
Lodging & Casinos 3.78
Leisure Goods/Activities/Movies 3.35
View All

Credit Quality (%)10as of Jun 30, 2015

AAA 0.00
AA 0.00
A 0.00
BBB 3.90
BB 36.50
B 50.70
CCC or Lower 5.90
Not Rated 3.00
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher 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 or Fitch (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 Jun 30, 2015

United States 84.50
Canada 4.33
Luxembourg 3.07
Netherlands 2.42
United Kingdom 1.69
Australia 1.12
Other 2.88

Maturity Distribution (%)9,11as of Jun 30, 2015

Less Than 1 Year 2.64
1 To 3 Years 10.19
3 To 5 Years 40.26
5 To 10 Years 46.19
10 To 20 Years 0.69
20 To 30 Years 0.03
More Than 30 Years 0.00
Equity/Other 0.00
Total 100.00


Loan Type (%)5,12as of Jun 30, 2015

First Lien13 88.99
Second Lien 3.05


Fund Holdings9,14,15as of May 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 06/01/2015 4.44%
Dell Inc. 4.50% 04/29/2020 1.06%
Fortescue Metals Group 3.75% 06/30/2019 0.98%
Asurion 5.00% 05/24/2019 0.97%
Intelsat Jackson Holdings 3.75% 06/30/2019 0.84%
RedPrairie 6.00% 12/21/2018 0.82%
US Foodservice 4.50% 03/31/2019 0.78%
NBTY, Inc. 3.50% 10/01/2017 0.72%
Infor Lawson 3.75% 06/03/2020 0.69%
Getty Images, Inc. 4.75% 10/18/2019 0.66%
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

Quarterly Commentary

A Word On The Markets  as of Jun 30, 2015

The loan market’s technical condition softened in the second quarter, with the S&P/LSTA Leveraged Loan Index (the Index)3 advancing a mere 0.69% for the three months ended June 30, 2015. Performance for the period was composed of 1.17% in coupon income and a price decline of -0.48%. Decomposing results into its monthly constituents, the Index returned 0.92%, 0.19% and -0.42% in April, May and June, respectively, reflecting a continuation of first-quarter momentum into April and early May before technical conditions softened in the back half of the period. Second-quarter results edged up the Index’s year-to-date performance to 2.83%, carried predominantly by the strong technical footing that underscored the opening quarter of the year.

Despite a marked increase in new-issue volume – quarterly issuance of $86 billion versus $56 billion in the first quarter – supply proved a nonfactor in the period’s technical easing, as total new issuance was more than offset by a strong quarter of loan repayments. As a result, the net supply of Index loans outstanding modestly contracted during the quarter. On the demand side of the equation, collateralized loan obligation (CLO) issuance continued apace, with managers launching $29 billion of new vehicles during the quarter. Meanwhile, the early-year outflows from retail funds largely abated, with net redemptions falling to just $92 million for the quarter through June 24 (according to Lipper FMI), compared to $4 billion in withdrawals during the first quarter. Taken together, second-quarter demand outweighed supply in what typically translates to technical conditions tilted toward strength. However, the overwhelming drivers proved to come by way of pressure across a number of secondary market factors.

Less accommodative activity in the secondary market was a function of investor behavior, in a variety of forms. For one, amid increasing refinancing activity during the quarter, investor appetite for holding loans priced over par declined, resulting in a broadly-based price adjustment lower for the par-plus segment. In fact, the percentage of Index loans priced over par ended the quarter at 29%, down from 64% toward the beginning of the first quarter. Additionally, commodity-related volatility and a few special situations took their toll during the period, creating bifurcation among sectors. Notably, the metals and mining sector delivered negative performance for the quarter, while pressure on Millennium Laboratories led the health care sector into the red. Elsewhere, volatility in Energy Futures Holdings (EFH) led utilities lower. In terms of performance by broad credit rating tiers, there appeared little differentiation, however higher-quality BB loans modestly beat loans rated B.

On fundamentals, the loan market’s benign environment continued throughout the quarter, and the lagging-12-month loan default rate eased to 1.24% by amount, down from 3.79% a quarter earlier (as EFH rolled off the tally) and up to 0.81% by number of loans, from a three-year low of 0.61% a quarter ago.

Performance Summary 

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

  • The Fund’s modestly lower loan coupon income, a function of the Fund’s higher-quality bias, provided the Index with an edge for the period. Additionally, the Fund’s modest underweight to BB loans and accompanying overweight to B loans detracted on the margin, as higher-rated loans collectively outpaced during the quarter. In a similar vein, underweight exposure to riskier second-lien loans was a relative headwind, as these junior loans outperformed the Index’s more traditional first-lien fare.
  • Contributing to relative results were the Fund’s investments in the high-yield bond market. While the high-yield market trailed loans during the period, security selection within the high-yield segment of the Fund drove outperformance relative to the loan Index. Additionally, no exposure to the defaulted EFH loan was the single largest individual contributor to relative results, as this Index constituent – it’s largest – fell significantly.

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.62 0.38 2.34 1.28 4.21 5.29 4.29
Fund w/Max Sales Charge -2.88 -1.91 0.09 -0.98 3.44 4.81 4.05
S&P/LSTA Leveraged Loan Index3 -0.42 0.69 2.83 1.82 4.88 5.47 4.98
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 one year is cumulative. Max Sales Charge: 2.25%.

Fund Factsas of Jun 30, 2015

Class A Inception 05/07/2003
Performance Inception 09/07/2000
Expense Ratio4 1.10%


Contributors 

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

  • Lack of exposure to defaulted EFH loans was the largest individual contributor to relative results, as the utility issuer fell markedly during the quarter. EFH continued its role as one of the Index’s most volatile high-beta constituents.
  • While the high-yield market trailed loans during the period, security selection within the high-yield segment of the Fund drove outperformance relative to the loan Index.

Detractors 

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

  • While delivering lower overall credit risk compared to the Index, the Fund’s quality bias delivered modestly lower coupon income compared to the overall Index. The Index’s yield advantage thus served as a relative headwind in terms of the Fund’s relative performance. Similarly, significant underweight to Index second-lien loans also helped, as these junior issues underperformed the traditional senior loans that compose the majority of the Index.
  • Additionally, the Fund’s modest underweight to BB loans and accompanying overweight to B loans detracted on the margin, as higher-rated loans collectively outpaced during the quarter.

Investment Outlook And Fund Positioning 

Looking ahead, we believe defaults should broadly remain at bay, barring any exogenous shocks and so long as the U.S. economy continues its slow growth apace. It appears this view is shared by managers who took part in S&P’s early-June default survey, in which the cohort collectively anticipated that the default rate would lift to 1.5% by year end and 2.1% by June 2016. With credit risk broadly benign for now, the main risks appear to be of a technical nature, for example, an unexpected macroeconomic event or a major shift in flows.

On fundamentals, we believe limited near-term maturities, ongoing cash flow growth and relatively strong credit profiles are likely to shield the market from any material upswing in defaults for now. Still, we’ll continue to emphasize the importance of fundamental credit selection, both now and in the years ahead.

Credit Quality (%)10as of Jun 30, 2015

AAA 0.00
AA 0.00
A 0.00
BBB 3.90
BB 36.50
B 50.70
CCC or Lower 5.90
Not Rated 3.00
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher 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 or Fitch (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

Fund Literature

Fund Literature

Annual Report

Commentary

Floating-Rate Loan Chart Book

Fact Sheet

Full Prospectus

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

SAI

EXCLUSIVE CONTENT

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

Think Performance Think Eaton Vance

Semi-Annual Report

Floating-Rate Loan Funds Monthly Review

Summary Prospectus

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

XBRL


 

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