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 -0.55 0.30 2.10 1.22 3.65 4.63 3.83
Fund w/Max Sales Charge -2.75 -1.92 -0.18 -1.08 2.88 4.14 3.60
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 May 31, 2015

Class A Inception 05/05/2003
Performance Inception 02/07/2001
Investment Objective High current income
Total Net Assets $9.9B
Minimum Investment $1000
Expense Ratio4 0.99%
CUSIP 277911129

Top 10 Issuers (%)5as of May 31, 2015

Asurion LLC
Dell Inc.
FMG Resources (August 2006) Pty. Ltd.
Intelsat Jackson Holdings SA
RP Crown Parent LLC
Transdigm Inc.
Infor (US) Inc.
Community Health Systems Inc.
US Foods Inc.
NBTY Inc.
Total 10.52


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

Average Annual Returns (%)as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
05/31/2015
Fund at NAV 0.00 1.19 2.67 2.18 4.04 4.61 3.94
Fund w/Max Sales Charge -2.20 -1.05 0.38 -0.14 3.26 4.13 3.70
S&P/LSTA Leveraged Loan Index3 0.19 1.48 3.26 2.84 5.27 5.46 5.10
Morningstar™ Bank Loan Category6 0.16 1.36 2.99 2.09 4.71 5.09 3.73
03/31/2015
Fund at NAV 0.33 1.80 1.80 1.66 3.76 4.27 3.86
Fund w/Max Sales Charge -1.88 -0.47 -0.47 -0.64 2.99 3.80 3.62
S&P/LSTA Leveraged Loan Index3 0.37 2.13 2.13 2.53 4.90 5.06 4.98
Morningstar™ Bank Loan Category6 0.31 1.93 1.93 1.54 4.33 4.67 3.61
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 4.38 6.22 1.72 -30.41 46.09 9.23 2.13 8.12 4.54 0.37
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 0.99%
Class A Inception 05/05/2003
Performance Inception 02/07/2001
Distribution Frequency Monthly

Yield Information7as of May 31, 2015

Distribution Rate at NAV 3.76%
SEC 30-day Yield 3.62%


Morningstar™ Ratingsas of May 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Bank Loan
Category
Overall ** *** 194
3 Years * ** 194
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.

© 2014 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 01, 2015 $9.24 $0.01
Jun 30, 2015 $9.23 $0.00
Jun 29, 2015 $9.23 $-0.02
Jun 26, 2015 $9.25 $0.00
Jun 25, 2015 $9.25 $0.00
Jun 24, 2015 $9.25 $0.00
Jun 23, 2015 $9.25 $0.00
Jun 22, 2015 $9.25 $-0.01
Jun 19, 2015 $9.26 $0.01
Jun 18, 2015 $9.25 $-0.01

Distribution History8

Ex-Date Distribution Reinvest NAV
Jun 30, 2015 $0.02842 $9.23
May 29, 2015 $0.02977 $9.31
Apr 30, 2015 $0.02949 $9.34
Mar 31, 2015 $0.03103 $9.29
Feb 27, 2015 $0.02579 $9.29
Jan 30, 2015 $0.02833 $9.20
Dec 31, 2014 $0.03002 $9.21
Nov 28, 2014 $0.02901 $9.32
Oct 31, 2014 $0.02744 $9.31
Sep 30, 2014 $0.02752 $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 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 (%)5as of May 31, 2015

Floating-Rate Loans 91.78
Corporate Bonds 4.07
Other Net Assets 1.10
Cash & Equivalents 3.05
Total 100.00

Portfolio Statisticsas of May 31, 2015

Number of Issuers 405
Number of Holdings 586
Number of Industries 35
Average Coupon 4.64%
Average Maturity 4.78 yrs.
Average Loan Size (% of TNA) 0.23%
Average Loan Size $25.76M
Average Duration 0.25 yrs.
Average Price $97.76


Sector Breakdown (%)5as of May 31, 2015

Health Care 9.74
Electronics/Electrical 9.65
Business Equipment & Services 8.56
Retailers (except food & drug) 6.12
Oil & Gas 5.20
Chemicals & Plastics 4.94
Financial Intermediaries 4.66
Food Products 3.78
Lodging & Casinos 3.73
Leisure Goods/Activities/Movies 3.06
View All

Credit Quality (%)9as of May 31, 2015

AAA 0.00
AA 0.00
A 0.00
BBB 4.80
BB 35.14
B 54.48
CCC or Lower 2.51
Not Rated 3.07
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 (%)5as of May 31, 2015

United States 84.73
Canada 4.29
Luxembourg 3.02
Netherlands 2.76
United Kingdom 1.88
Australia 1.35
Other 1.97

Maturity Distribution (%)5,10as of May 31, 2015

Less Than 1 Year 3.11
1 To 3 Years 11.49
3 To 5 Years 43.35
5 To 10 Years 41.68
10 To 20 Years 0.37
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00


Loan Type (%)5,11as of May 31, 2015

First Lien12 88.80
Second Lien 2.98


Fund Holdings5,13,14as of May 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 06/01/2015 3.57%
Dell Inc. 4.50% 04/29/2020 1.32%
Fortescue Metals Group 3.75% 06/30/2019 1.18%
Asurion 5.00% 05/24/2019 1.14%
Intelsat Jackson Holdings 3.75% 06/30/2019 1.05%
RedPrairie 6.00% 12/21/2018 1.02%
US Foodservice 4.50% 03/31/2019 0.97%
NBTY, Inc. 3.50% 10/01/2017 0.90%
Infor Lawson 3.75% 06/03/2020 0.86%
Getty Images, Inc. 4.75% 10/18/2019 0.83%
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

Quarterly Commentary

A Word On The Markets  as of Mar 31, 2015

The loan market’s technical condition firmed in the first quarter, with the S&P/LSTA Leveraged Loan Index (the Index)3 advancing 2.13% for the three months ended March 31, 2015. Performance for the period was composed of 1.18% in coupon income and price appreciation of 0.95%. Decomposing results into its monthly constituents, the Index returned 0.35%, 1.41% and 0.37% in January, February and March, respectively. First-quarter results helped the Index recover about a third of last year’s technically driven decline of 2.98%. Limited overall issuance levels and continued demand by investors were key factors underlying the period’s positive technical bias, particularly in February, with the market entering the second quarter on firm footing.

Overall demand advanced during the quarter, driven by a pickup in collateralized loan obligation (CLO) issuance, continued strong institutional demand and a significant easing of retail fund outflows from levels experienced in the fourth quarter. Meanwhile, new issuances remained limited, surpassing fourth quarter volume though remaining modest in a broader context. To be sure, the loan market began 2015 with the lowest first-quarter issuance for any year since 2010, highlighting the impact of ongoing regulatory focus on issuer underwriting. In the end, the period was marked by higher-but-still-modest supply and higher-still demand, a technical mix that naturally led prices upward. Total outstandings for the Index grew to $838 billion, a net expansion of $6 billion during the quarter.

On fundamentals, the loan market’s benign environment continued throughout the quarter. Operating performance of loan market issuers continued to be robust, as measured by quarter-over-quarter earnings growth and strong cash flow and interest coverage ratios. With this backdrop, the trailing-12-month default rate by principal amount ended the period at 3.79% – notably this figure is a three-year low of just 1.02% excluding the weighty impact of the defaulted loan of top Index constituent Energy Future Holdings (EFH). By number of loans, perhaps a cleaner measure of current underlying credit risk, the default rate ended the quarter at 0.61% – also a three-year low.

Performance Summary 

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

  • 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. In a similar vein, underweight exposure to riskier second-lien loans was a relative tailwind, as these junior loans underperformed the Index’s more traditional first-lien fare.
  • The remainder of relative results was broadly explained by the Fund’s up-in-quality positioning, elements of which both contributed and detracted. By credit tier, loans within the Index rated BB, B, CCC and D (defaulted) returned 2.39%, 2.25%, 2.65% and -4.72% respectively. As a result, the Fund’s overweight to loans rated BB and B helped (as these collectively outperformed the Index at large), as did an underweight to defaulted loans (which underperformed). The Fund’s continued underweight to the CCC-rated segment detracted however, as this area rallied in price more than the higher-quality fare found elsewhere.
  • The Fund’s lower coupon income, a function of the Fund’s quality bias, provided the Index with an additional edge.

Average Annual Returns (%)as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.33 1.80 1.80 1.66 3.76 4.27 3.86
Fund w/Max Sales Charge -1.88 -0.47 -0.47 -0.64 2.99 3.80 3.62
S&P/LSTA Leveraged Loan Index3 0.37 2.13 2.13 2.53 4.90 5.06 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 Mar 31, 2015

Class A Inception 05/05/2003
Performance Inception 02/07/2001
Expense Ratio4 0.99%


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. 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.
  • Overweight exposure to loans rated BB and B (outperformed the Index at large) and underweight to loans rated D (which underperformed) also helped relative results.

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 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.
  • Additionally, the Fund’s ongoing underweight to loans rated CCC detracted from performance relative to the Index.

Investment Outlook And Fund Positioning 

Looking ahead, it appears to us that new-issue supply is likely to remain below last year’s breakneck pace, given high public market valuations, today’s modestly higher yields and ongoing regulatory focus on underwriting standards. On demand for the asset class, CLOs and institutions appear poised to lead, with the market’s technical balance likely tilting toward relative strength or weakness dependent on retail fund flows activity. Looking out further, it seems likely that retail demand will return in a rising-rate environment, especially given the discounted entry point, yield potential and near-zero duration offered in today’s loan market.

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 (%)9as of Mar 31, 2015

AAA 0.00
AA 0.00
A 0.00
BBB 5.10
BB 34.60
B 55.40
CCC or Lower 2.50
Not Rated 2.40
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 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 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

Fund Literature

Fund Literature

Annual Report

Income, Volatility and Taxes Guide

Commentary

Discover Opportunities in the Income Markets with Eaton Vance

Income Markets Review

Income Markets Snapshot

Floating-Rate Loan Chart Book

Fact Sheet

Income: Breaking from tradition in today’s bond market

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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