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.

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV 0.68 1.92 7.15 3.84 2.36 4.25 3.48
Fund w/Max Sales Charge -1.61 -0.41 4.74 1.50 1.58 3.77 3.25
S&P/LSTA Leveraged Loan Index3 0.75 2.21 6.80 3.88 3.18 5.15 4.56
06/30/2016
Fund at NAV -0.11 3.10 5.02 0.89 1.99 3.07 3.38
Fund w/Max Sales Charge -2.39 0.80 2.66 -1.35 1.21 2.61 3.15
S&P/LSTA Leveraged Loan Index3 0.02 2.92 4.51 0.94 2.76 3.79 4.46
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 2.25%.

Fund Factsas of Aug 31, 2016

Class A Inception 05/05/2003
Performance Inception 02/07/2001
Investment Objective High current income
Total Net Assets $6.9B
Minimum Investment $1000
Expense Ratio4 1.03%
CUSIP 277911129

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

Transdigm Inc.
Valeant Pharmaceuticals International Inc.
Berry Plastics Holding Corporation
Ineos US Finance LLC
Infor (US) Inc.
Reynolds Group Holdings Inc.
Calpine Corporation
Kronos Incorporated
Virgin Media Investment Holdings Limited
Dell International LLC
Total 10.19

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 Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV 0.68 1.92 7.15 3.84 2.36 4.25 3.48
Fund w/Max Sales Charge -1.61 -0.41 4.74 1.50 1.58 3.77 3.25
S&P/LSTA Leveraged Loan Index3 0.75 2.21 6.80 3.88 3.18 5.15 4.56
Morningstar™ Bank Loan Category6 0.74 2.10 6.30 3.27 2.51 4.55 3.26
06/30/2016
Fund at NAV -0.11 3.10 5.02 0.89 1.99 3.07 3.38
Fund w/Max Sales Charge -2.39 0.80 2.66 -1.35 1.21 2.61 3.15
S&P/LSTA Leveraged Loan Index3 0.02 2.92 4.51 0.94 2.76 3.79 4.46
Morningstar™ Bank Loan Category6 -0.05 2.70 4.05 0.30 2.11 3.27 3.14
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 2.25%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 6.22 1.72 -30.41 46.09 9.23 2.13 8.12 4.54 0.37 -1.91
S&P/LSTA Leveraged Loan Index3 6.77 2.02 -29.10 51.62 10.13 1.52 9.66 5.29 1.60 -0.69

Fund Facts

Expense Ratio4 1.03%
Class A Inception 05/05/2003
Performance Inception 02/07/2001
Distribution Frequency Monthly

Yield Information7as of Aug 31, 2016

Distribution Rate at NAV 4.04%
SEC 30-day Yield 3.84%

Morningstar™ Ratingsas of Aug 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Bank Loan
Category
Overall *** *** 221
3 Years ** *** 221
5 Years ** *** 173
10 Years *** *** 67
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.

© 2016 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
Sep 28, 2016 $9.10 $0.00
Sep 27, 2016 $9.10 $0.00
Sep 26, 2016 $9.10 $0.00
Sep 23, 2016 $9.10 $0.00
Sep 22, 2016 $9.10 $0.01
Sep 21, 2016 $9.09 $0.01
Sep 20, 2016 $9.08 $0.00
Sep 19, 2016 $9.08 $0.00
Sep 16, 2016 $9.08 $0.00
Sep 15, 2016 $9.08 $0.00
View All

Distribution History8

Ex-Date Distribution Reinvest NAV
Aug 31, 2016 $0.03104 $9.06
Jul 29, 2016 $0.03029 $9.03
Jun 30, 2016 $0.03004 $8.94
May 31, 2016 $0.03105 $8.98
Apr 29, 2016 $0.03007 $8.94
Mar 31, 2016 $0.03211 $8.76
Feb 29, 2016 $0.02845 $8.52
Jan 29, 2016 $0.02973 $8.59
Dec 31, 2015 $0.03174 $8.69
Nov 30, 2015 $0.02963 $8.82
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 (%)5as of Aug 31, 2016

Floating-Rate Loans 89.24
Corporate Bonds 5.35
Other Net Assets 1.58
Cash & Equivalents 3.83
Total 100.00

Portfolio Statisticsas of Aug 31, 2016

Number of Issuers 353
Number of Industries 36
Average Coupon 4.75%
Average Maturity 4.26 yrs.
Average Loan Size (% of TNA) 0.25%
Average Loan Size $19.96M
Average Duration 0.26 yrs.
Average Price $95.24

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

Electronics/Electrical 11.24
Health Care 9.25
Business Equipment & Services 6.91
Chemicals & Plastics 5.22
Retailers (except food & drug) 4.71
Financial Intermediaries 3.88
Oil & Gas 3.85
Food Products 3.23
Cable & Satellite Television 3.01
Leisure Goods/Activities/Movies 2.96
View All

Credit Quality (%)9as of Aug 31, 2016

AAA 0.00
AA 0.00
A 0.00
BBB 5.19
BB 36.08
B 48.60
CCC or Lower 5.65
Not Rated 4.48
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 (%)5,10as of Aug 31, 2016

Less Than 1 Year 4.48
1 To 3 Years 17.19
3 To 5 Years 49.20
5 To 10 Years 29.05
10 To 20 Years 0.08
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Assets by Country (%)5as of Aug 31, 2016

United States 84.64
Canada 4.62
Netherlands 2.88
Luxembourg 2.60
United Kingdom 1.93
Other 3.33

Loan Type (%)5,11,12as of Aug 31, 2016

First Lien 86.77
Second Lien 2.47

Fund Holdings5,13,14as of Jul 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 07/25/2016 8.42%
Avago 4.25% 02/01/2023 1.05%
Infor Lawson 3.75% 06/03/2020 0.87%
Dell International LLC 4.00% 04/29/2020 0.86%
Albertsons LLC 0.00% 06/22/2023 0.84%
Intelsat Jackson Holdings 3.75% 06/30/2019 0.78%
Go Daddy 4.25% 05/13/2021 0.73%
Endurance International (EIG) 6.48% 11/09/2019 0.70%
Fortescue Metals Group 4.25% 06/30/2019 0.69%
Misys Turaz 5.00% 12/12/2018 0.69%
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 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

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2016

Commentary

Download - Last updated: Jun 30, 2016

Floating-Rate Loan Funds Monthly Review

Download - Last updated: Aug 31, 2016

Annual Report

Download - Last updated: Oct 31, 2015

Floating-Rate Loan Chart Book

Download - Last updated: Jun 30, 2016

Full Prospectus

Download - Last updated: Jun 27, 2016

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

Download

Market Insight

Download - Last updated: Jan 21, 2015

SAI

Download - Last updated: Jun 27, 2016

Think Performance Think Eaton Vance

Download - Last updated: Jun 30, 2016

EXCLUSIVE CONTENT

Who Says You Can't Increase Yield

Download - Last updated: Jun 30, 2016

How cheap are floating rate loans and high yield bonds

Download - Last updated: Jun 30, 2016

Semi-Annual Report

Download - Last updated: Apr 30, 2016

Summary Prospectus

Download - Last updated: Jun 27, 2016