Overview

Help combat rising interest rates with a floating-rate loan investment leader.3

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.

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
02/28/2017
Fund at NAV 0.42 2.32 1.00 12.75 2.41 3.21 2.79
Fund w/Max Sales Charge -4.58 -2.68 -4.00 7.75 1.15 2.85 2.79
S&P/LSTA Leveraged Loan Index4 0.50 2.23 1.06 12.66 3.66 4.72 4.58
12/31/2016
Fund at NAV 1.31 2.26 9.98 9.98 2.18 3.49 2.81
Fund w/Max Sales Charge -3.69 -2.74 4.98 4.98 0.92 3.14 2.81
S&P/LSTA Leveraged Loan Index4 1.16 2.26 10.16 10.16 3.58 5.11 4.63
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: 5%.

Fund Factsas of Feb 28, 2017

Class B Inception 02/05/2001
Investment Objective High current income
Total Net Assets $7.9B
Minimum Investment $1000
Expense Ratio5 1.82%
CUSIP 277911525

Top 10 Issuers (%)6as of Feb 28, 2017

Valeant Pharmaceuticals International Inc.
Ineos US Finance LLC
Reynolds Group Holdings Inc.
Calpine Corporation
Infor (US) Inc.
Transdigm Inc.
Virgin Media Investment Holdings Limited
Albertsons LLC
Asurion LLC
Go Daddy Operating Company LLC
Total 9.92

Portfolio Management

Scott H. Page, CFA Managed Fund since inception
Craig P. Russ Managed Fund since 2007

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 

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. 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 Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
02/28/2017
Fund at NAV 0.42 2.32 1.00 12.75 2.41 3.21 2.79
Fund w/Max Sales Charge -4.58 -2.68 -4.00 7.75 1.15 2.85 2.79
S&P/LSTA Leveraged Loan Index4 0.50 2.23 1.06 12.66 3.66 4.72 4.58
Morningstar™ Bank Loan Category7 0.50 2.15 0.99 11.95 2.86 4.08 3.29
12/31/2016
Fund at NAV 1.31 2.26 9.98 9.98 2.18 3.49 2.81
Fund w/Max Sales Charge -3.69 -2.74 4.98 4.98 0.92 3.14 2.81
S&P/LSTA Leveraged Loan Index4 1.16 2.26 10.16 10.16 3.58 5.11 4.63
Morningstar™ Bank Loan Category7 1.14 2.02 9.25 9.25 2.76 4.47 3.33
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: 5%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 0.89 -30.96 45.17 8.38 1.44 7.21 3.79 -0.38 -2.63 9.98
S&P/LSTA Leveraged Loan Index4 2.02 -29.10 51.62 10.13 1.52 9.66 5.29 1.60 -0.69 10.16

Fund Facts

Expense Ratio5 1.82%
Class B Inception 02/05/2001
Distribution Frequency Monthly

Morningstar™ Ratingsas of Feb 28, 2017

Time Period Rating Funds in
Bank Loan
Category
Overall ** 207
3 Years ** 207
5 Years * 156
10 Years ** 62
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.

©2017 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
Mar 24, 2017 $8.98 $0.00
Mar 23, 2017 $8.98 $0.00
Mar 22, 2017 $8.98 -$0.01
Mar 21, 2017 $8.99 $0.00
Mar 20, 2017 $8.99 -$0.01
Mar 17, 2017 $9.00 $0.00
Mar 16, 2017 $9.00 $0.00
Mar 15, 2017 $9.00 $0.00
Mar 14, 2017 $9.00 $0.00
Mar 13, 2017 $9.00 $0.00

Distribution History8

Ex-Date Distribution Reinvest NAV
Feb 28, 2017 $0.01787 $8.98
Jan 31, 2017 $0.02118 $8.96
Dec 30, 2016 $0.02543 $8.93
Nov 30, 2016 $0.02005 $8.84
Oct 31, 2016 $0.02303 $8.86
Sep 30, 2016 $0.02341 $8.80
Aug 31, 2016 $0.02442 $8.75
Jul 29, 2016 $0.02373 $8.71
Jun 30, 2016 $0.02368 $8.63
May 31, 2016 $0.02449 $8.67
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

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 

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. 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 (%)6as of Feb 28, 2017

Floating-Rate Loans 87.60
Corporate Bonds 3.91
Other Net Assets 1.32
Cash & Equivalents 7.17
Total 100.00

Portfolio Statisticsas of Feb 28, 2017

Number of Loan Issuers 397
Number of Industries 37
Average Coupon 4.57%
Average Maturity 4.84 yrs.
Average Loan Size (% of TNA) 0.22%
Average Loan Size $20.67M
Average Duration 0.25 yrs.
Average Price $98.01

Sector Breakdown (%)6as of Feb 28, 2017

Health Care 9.57
Electronics/Electrical 8.80
Business Equipment & Services 7.34
Chemicals & Plastics 4.91
Industrial Equipment 3.82
Drugs 3.71
Telecommunications 3.64
Retailers (except food & drug) 3.56
Cable & Satellite Television 3.36
Oil & Gas 3.33
View All

Credit Quality (%)9as of Feb 28, 2017

AAA 0.00
AA 0.00
A 0.00
BBB 6.40
BB 37.59
B 47.54
CCC or Lower 5.02
Not Rated 3.45
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 (%)6,10as of Feb 28, 2017

Less Than 1 Year 7.78
1 To 3 Years 16.55
3 To 5 Years 30.71
5 To 10 Years 44.91
10 To 20 Years 0.05
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Assets by Country (%)6as of Feb 28, 2017

United States 86.32
Canada 4.55
Luxembourg 3.45
Netherlands 2.10
United Kingdom 1.58
Other 2.00

Loan Type (%)6,11,12as of Feb 28, 2017

First Lien 85.75
Second Lien 1.85

Fund Holdings6,13,14as of Jan 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 8.93%
Virgin Media 3.52% 01/31/2025 0.84%
Infor Lawson 3.75% 06/03/2020 0.83%
PPD 4.25% 08/18/2022 0.73%
Intelsat Jackson Holdings 3.75% 06/30/2019 0.71%
Envision Healthcare Corp 0.00% 12/01/2023 0.70%
Kronos Inc/MA 5.00% 11/01/2023 0.69%
Endurance International (EIG) 6.48% 11/09/2019 0.65%
Go Daddy 4.25% 05/13/2021 0.64%
Kinetic Concepts Inc 0.00% 11/04/2020 0.63%
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 

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. 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.


Insights & Analysis

Commentary

Commentary available in Fund Literature tab.

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 

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. 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.

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 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 

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. 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

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 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 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 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: Dec 31, 2016

Commentary

Download - Last updated: Dec 31, 2016

Floating-Rate Loan Funds Monthly Review

Download - Last updated: Feb 28, 2017

Annual Report

Download - Last updated: Oct 31, 2016

Floating-Rate Loan Chart Book

Download - Last updated: Dec 31, 2016

Full Prospectus

Download - Last updated: Mar 1, 2017

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

Download

SAI

Download - Last updated: Mar 1, 2017

EXCLUSIVE CONTENT

Who Says You Can't Increase Yield

Download - Last updated: Dec 31, 2016

Performance Always Matters

Download - Last updated: Dec 31, 2016

Semi-Annual Report

Download - Last updated: Apr 30, 2016

Summary Prospectus

Download - Last updated: Mar 1, 2017

XBRL

Download - Last updated: Mar 21, 2017