Overview

Strong Morningstar Ratings as of 03/31/2018.2

Historical Returns (%) as of Mar 31, 2018

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.38 1.74 1.74 5.05 4.82 4.15 6.03
S&P/LSTA Leveraged Loan Index3 0.28 1.45 1.45 4.43 4.20 3.89 5.62
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. Total return prior to the commencement of the class reflects returns of Eaton Vance Prime Rate Reserves, the Fund's Predecessor. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.
 

Fund Facts as of Mar 31, 2018

Class A Inception 03/17/2008
Performance Inception 08/04/1989
Investment Objective High current income
Total Net Assets $8.3B
Minimum Investment $1000
Expense Ratio (Gross)4 1.29%
Expense Ratio (Net)4,5 0.95%
CUSIP 277923678

Top 10 Issuers (%)6 as of Mar 31, 2018

Transdigm Inc.
Reynolds Group Holdings Inc.
Virgin Media Investment Holdings Ltd.
Asurion LLC
Valeant Pharmaceuticals International Inc.
Infor (US) Inc.
Univision Communications Inc.
Uber Technologies
Change Healthcare Holdings Inc.
Ziggo Secured Finance BV
Total 8.32
 

Morningstar Rating™ as of Mar 31, 2018

Time Period Rating Funds in
Bank Loan
Category
Overall ***** 206
3 Years ***** 206
5 Years ***** 166
10 Years ***** 81
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2018 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. Borrowing to increase investments ("leverage") may exaggerate the effect of any increase or decrease in the value of Fund investments. Investments rated below investment grade (sometimes referred to as "junk") are typically 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. 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, currency exchange rates or other conditions. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. 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

Historical Returns (%) as of Mar 31, 2018

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.38 1.74 1.74 5.05 4.82 4.15 6.03
S&P/LSTA Leveraged Loan Index3 0.28 1.45 1.45 4.43 4.20 3.89 5.62
Morningstar Bank Loan Category7 0.19 1.11 1.11 3.66 3.42 3.18 4.51
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. Total return prior to the commencement of the class reflects returns of Eaton Vance Prime Rate Reserves, the Fund's Predecessor. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV -37.03 65.45 12.67 3.06 10.53 5.62 0.69 -1.84 12.67 4.78
S&P/LSTA Leveraged Loan Index3 -29.10 51.62 10.13 1.52 9.66 5.29 1.60 -0.69 10.16 4.12
 

Fund Facts

Expense Ratio (Gross)4 1.29%
Expense Ratio (Net)4,5 0.95%
Class A Inception 03/17/2008
Performance Inception 08/04/1989
Distribution Frequency Monthly

Yield Information8 as of Mar 31, 2018

Distribution Rate at NAV 4.42%
SEC 30-day Yield 4.38%
 

Morningstar Rating™ as of Mar 31, 2018

Time Period Rating Funds in
Bank Loan
Category
Overall ***** 206
3 Years ***** 206
5 Years ***** 166
10 Years ***** 81
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2018 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Apr 24, 2018 $10.96 $0.00
Apr 23, 2018 $10.96 $0.00
Apr 20, 2018 $10.96 -$0.01
Apr 19, 2018 $10.97 $0.01
Apr 18, 2018 $10.96 $0.00
Apr 17, 2018 $10.96 $0.00
Apr 16, 2018 $10.96 $0.00
Apr 13, 2018 $10.96 $0.00
Apr 12, 2018 $10.96 $0.00
Apr 11, 2018 $10.96 $0.00
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Mar 29, 2018 $0.04107 $10.95
Feb 28, 2018 $0.03728 $10.95
Jan 31, 2018 $0.04066 $10.96
Dec 29, 2017 $0.03942 $10.88
Nov 30, 2017 $0.03763 $10.89
Oct 31, 2017 $0.04087 $10.91
Sep 29, 2017 $0.03772 $10.88
Aug 31, 2017 $0.03879 $10.86
Jul 31, 2017 $0.03995 $10.90
Jun 30, 2017 $0.03789 $10.87
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 History9

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

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. Borrowing to increase investments ("leverage") may exaggerate the effect of any increase or decrease in the value of Fund investments. Investments rated below investment grade (sometimes referred to as "junk") are typically 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. 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, currency exchange rates or other conditions. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. 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 (%)6 as of Mar 31, 2018

Floating-Rate Loans 95.04
Corporate Bonds 2.42
Other Net Assets 1.85
Cash & Equivalents 0.69
Total 100.00

Portfolio Statistics as of Mar 31, 2018

Number of Loan Issuers 534
Number of Industries 36
Average Coupon 5.07%
Average Maturity 5.27 yrs.
Average Loan Size (% of TA) 0.18%
Average Loan Size $18.08M
Average Duration 0.22 yrs.
Average Price $99.35

Sector Breakdown (%)6 as of Mar 31, 2018

Electronics/Electrical 11.55
Health Care 10.52
Business Equipment & Services 9.84
Chemicals & Plastics 5.06
Lodging & Casinos 4.68
Cable & Satellite Television 4.49
Industrial Equipment 3.95
Telecommunications 3.95
Leisure Goods/Activities/Movies 3.77
Financial Intermediaries 3.58
View All
 

Credit Quality (%)10 as of Mar 31, 2018

BBB 7.10
BB 35.20
B 50.00
CCC or Lower 3.30
Not Rated 4.50
Total 100.00
Credit ratings are categorized using S&P. 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 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 S&P.

Maturity Distribution (%)6,11 as of Mar 31, 2018

Less Than 1 Year 1.37
1 To 3 Years 9.19
3 To 5 Years 25.37
5 To 10 Years 63.49
10 To 20 Years 0.58
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Assets by Country (%)6 as of Mar 31, 2018

United States 84.29
Luxembourg 4.10
Canada 3.39
United Kingdom 2.61
Netherlands 2.57
Germany 1.39
France 1.12
Other 0.53
 

Loan Type (%)6,12,13 as of Mar 31, 2018

First Lien 93.60
Second Lien 1.44

Fund Holdings14,15,16 as of Feb 28, 2018

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 1.54%
Infor Lawson 4.44% 02/01/2022 0.83%
Univision Communications Inc. 4.40% 03/15/2024 0.79%
Restaurant Brands International 3.92% 02/16/2024 0.75%
Envision Healthcare (EMS) 4.65% 12/01/2023 0.75%
Virgin Media 4.09% 01/15/2026 0.74%
Change Healthcare 4.40% 03/01/2024 0.70%
INFORMATICA CORP TERM LOAN B 0.00% 10/30/2022 0.69%
Reynolds Consumer Products 4.40% 02/05/2023 0.69%
Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. 3.84% 04/03/2022 0.67%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. Borrowing to increase investments ("leverage") may exaggerate the effect of any increase or decrease in the value of Fund investments. Investments rated below investment grade (sometimes referred to as "junk") are typically 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. 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, currency exchange rates or other conditions. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. 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

Scott H. Page, CFA

Scott H. Page, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1989

Biography

Scott Page is a vice president of Eaton Vance Management, co-director of bank loans and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's floating-rate loan strategies. He joined Eaton Vance in 1989.

Scott began his career in the investment management industry in 1981. Before joining Eaton Vance, he was affiliated with the Dartmouth College Investment Office, as well as Citicorp and Chase Manhattan Bank in corporate finance/lending and credit review.

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

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

Education
  • B.A. Williams College
  • M.B.A. Amos Tuck School of Business Administration, Dartmouth College

Experience
  • Managed Fund since 2007

 
Craig P. Russ

Craig P. Russ

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Biography

Craig Russ is a vice president of Eaton Vance Management, co-director of bank loans and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions and portfolio construction for the firm’s floating-rate loan strategies. He joined Eaton Vance in 1997.

Craig began his career in the investment management industry in 1985. Before joining Eaton Vance, he worked in commercial lending at State Street Bank.

Craig earned a B.A., cum laude, from Middlebury College and studied at the London School of Economics. He previously served as chairman of the board of directors 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

 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2018

Commentary

Download - Last updated: Mar 31, 2018

Monthly Review

Download - Last updated: Mar 31, 2018

Annual Report

Download - Last updated: Oct 31, 2017

Floating-Rate Loan Chart Book

Download - Last updated: Mar 31, 2018

Full Prospectus

Download - Last updated: Mar 1, 2018

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

Download

SAI

Download - Last updated: Mar 1, 2018

Semi-Annual Report

Download - Last updated: Apr 30, 2017

Summary Prospectus

Download - Last updated: Mar 1, 2018

XBRL

Download - Last updated: Mar 15, 2018