Overview

Strong Morningstar Ratings as of 03/31/2017.2

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2017
Fund at NAV 0.48 1.18 1.79 7.83 2.91 3.51 3.18
Fund w/Max Sales Charge -0.52 0.18 0.79 6.83 2.91 3.51 3.18
S&P/LSTA Leveraged Loan Index3 0.44 1.02 1.59 8.06 3.68 4.51 4.53
03/31/2017
Fund at NAV 0.25 1.30 1.30 9.82 2.71 3.54 3.19
Fund w/Max Sales Charge -0.75 0.30 0.30 8.82 2.71 3.54 3.19
S&P/LSTA Leveraged Loan Index3 0.08 1.15 1.15 9.72 3.56 4.58 4.55
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: 1%.

Fund Factsas of Apr 30, 2017

Class C Inception 09/05/2000
Investment Objective High current income
Total Net Assets $1.7B
Minimum Investment $1000
Expense Ratio4 1.82%
CUSIP 277911558

Top 10 Issuers (%)5as of Apr 30, 2017

Valeant Pharmaceuticals International Inc.
Reynolds Group Holdings Inc.
Infor (US) Inc.
Virgin Media Investment Holdings Ltd.
Ineos US Finance LLC
Transdigm Inc.
Burger King
Calpine Corporation
MA Finance Co. LLC
Change Healthcare Holdings Inc.
Total 9.82

Portfolio Management

Scott H. Page, CFA Managed Fund since inception
Craig P. Russ Managed Fund since 2007
Michael W. Weilheimer, CFA Managed Fund since inception
Kelley G. Baccei Managed Fund since 2014
Stephen C. Concannon, CFA Managed Fund since 2014

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk: 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans 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 and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, 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. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2017
Fund at NAV 0.48 1.18 1.79 7.83 2.91 3.51 3.18
Fund w/Max Sales Charge -0.52 0.18 0.79 6.83 2.91 3.51 3.18
S&P/LSTA Leveraged Loan Index3 0.44 1.02 1.59 8.06 3.68 4.51 4.53
Morningstar™ Bank Loan Category6 0.34 0.85 1.35 7.24 2.89 3.84 3.22
03/31/2017
Fund at NAV 0.25 1.30 1.30 9.82 2.71 3.54 3.19
Fund w/Max Sales Charge -0.75 0.30 0.30 8.82 2.71 3.54 3.19
S&P/LSTA Leveraged Loan Index3 0.08 1.15 1.15 9.72 3.56 4.58 4.55
Morningstar™ Bank Loan Category6 0.02 1.01 1.01 8.93 2.78 3.93 3.24
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: 1%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 0.90 -31.51 46.83 9.51 1.82 8.44 4.20 -0.11 -2.49 10.47
S&P/LSTA Leveraged Loan Index3 2.02 -29.10 51.62 10.13 1.52 9.66 5.29 1.60 -0.69 10.16

Fund Facts

Expense Ratio4 1.82%
Class C Inception 09/05/2000
Distribution Frequency Monthly

Morningstar™ Ratingsas of Apr 30, 2017

Time Period Rating Funds in
Bank Loan
Category
Overall *** 205
3 Years *** 205
5 Years ** 155
10 Years *** 61
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
May 24, 2017 $8.88 $0.01
May 23, 2017 $8.87 $0.00
May 22, 2017 $8.87 $0.00
May 19, 2017 $8.87 $0.00
May 18, 2017 $8.87 $0.00
May 17, 2017 $8.87 -$0.01
May 16, 2017 $8.88 $0.01
May 15, 2017 $8.87 $0.00
May 12, 2017 $8.87 $0.00
May 11, 2017 $8.87 $0.00

Distribution History7

Ex-Date Distribution Reinvest NAV
Apr 28, 2017 $0.02256 $8.87
Mar 31, 2017 $0.02161 $8.85
Feb 28, 2017 $0.01997 $8.85
Jan 31, 2017 $0.02266 $8.83
Dec 30, 2016 $0.02611 $8.80
Nov 30, 2016 $0.02157 $8.70
Oct 31, 2016 $0.02440 $8.72
Sep 30, 2016 $0.02487 $8.68
Aug 31, 2016 $0.02608 $8.63
Jul 29, 2016 $0.02483 $8.59
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 History7

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 one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk: 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans 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 and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, 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. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)8as of Apr 30, 2017

Floating-Rate Loans 77.05
Corporate Bonds 17.19
Other 1.59
Cash & Equivalents 4.16
Total 100.00

Portfolio Statisticsas of Apr 30, 2017

Number of Issuers 723
Average Coupon 4.87%
Average Maturity 5.19 yrs.
Average Duration 0.69 yrs.
Average Price $99.14

Sector Breakdown (%)5as of Apr 30, 2017

Electronics/Electrical 9.42
Health Care 9.19
Business Equipment & Services 7.81
Chemicals & Plastics 4.67
Drugs 4.05
Telecommunications 4.01
Industrial Equipment 3.78
Cable & Satellite Television 3.58
Lodging & Casinos 3.50
Oil & Gas 3.38
View All

Credit Quality (%)9as of Apr 30, 2017

AAA 0.00
AA 0.00
A 0.00
BBB 6.05
BB 37.76
B 46.59
CCC or Lower 6.32
Not Rated 3.27
Total 100.00
Credit ratings are categorized using S&P. If S&P does not publish a rating for the High Income Opportunities Portfolio's securities, then the Moody's 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 (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.

Maturity Distribution (%)8,10as of Apr 30, 2017

Less Than 1 Year 3.83
1 To 3 Years 13.95
3 To 5 Years 27.14
5 To 10 Years 54.48
10 To 20 Years 0.48
20 To 30 Years 0.07
More Than 30 Years 0.05
Equity/Other 0.00
Total 100.00

Assets by Country (%)8as of Apr 30, 2017

United States 84.78
Canada 4.94
Luxembourg 3.57
Netherlands 2.38
United Kingdom 1.63
Other 2.70

Loan Type (%)5,11,12as of Apr 30, 2017

First Lien 88.96
Second Lien 1.78

Fund Holdings8,13,14as of Mar 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 7.26%
US Dollars 1.34%
Valeant Pharmaceuticals International, Inc. 5.57% 04/01/2022 0.87%
1011778 BC ULC 3.40% 02/17/2024 0.77%
Infor Lawson 3.90% 02/01/2022 0.72%
Virgin Media Bristol LLC 3.91% 01/31/2025 0.68%
Change Healthcare Holdings LLC 3.84% 03/01/2024 0.66%
PPD 4.33% 08/18/2022 0.59%
Intelsat Jackson Holdings 3.89% 06/30/2019 0.59%
Univision Communications Inc 3.90% 03/15/2024 0.58%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk: 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans 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 and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, 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. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Commentary

A Word On The Markets as of Mar 31, 2017

The S&P/LSTA Leveraged Loan Index (the Index)3 delivered a 1.15% total return for the three-month period ended March 31, 2017. Though investor demand remained robust throughout the period, technical conditions eased in March as prepayments slowed and new-issue supply increased. As a result, net Index par outstandings expanded during the quarter. Performance results for the period were nearly entirely composed of income generation, with coupon income accounting for 1.17% while market value return subtracted -0.02%. Though loan prices continued to firm in both January and February - 0.16% and 0.14% higher, respectively - prices lost -0.31% during March's modest ease in technical strength. Overall, monthly returns during the period were 0.56%, 0.50% and 0.08% for January, February and March, respectively. The average loan price in the Index ended the period at $98.22.

In line with 2016's theme, aggregate demand outstripped net supply expansion during the period. Though quarterly loan volume increased considerably during the quarter, demand still managed to outpace alongside continued strength in both structured product growth as well as net mutual fund subscriptions. On the funds' side of the equation, Lipper reported more than $11 billion in net inflows to loan funds. Meantime, collateralized loan obligation (CLO) creation totaled more than $17 billion for the period.

On fundamentals, the par-weighted default rate ended the period at 1.49% on a last-12-months basis. The default rate remained low from a historical perspective, with about two thirds of these modest defaults having come by way of commodity-related issuers over this period - which collectively account for a limited corner of the overall market. From this respect, the majority of the asset class outstanding continued to remain in relatively benign shape fundamentally.

Performance Summary 

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

  • The Fund remained underweight to the better-performing, higher-credit risk tiers of the market, although security selection within the B and BB tiers of the market was beneficial to relative performance.
  • An allocation to high-yield bonds aided performance relative to the Index, as the high-yield market generally outperformed loans.
  • On sectors, the Fund's underweight to retailers - the weakest performing sector during the quarter - helped relative results, as did security selection within the segment.

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.25 1.30 1.30 9.82 2.71 3.54 3.19
Fund w/Max Sales Charge -0.75 0.30 0.30 8.82 2.71 3.54 3.19
S&P/LSTA Leveraged Loan Index3 0.08 1.15 1.15 9.72 3.56 4.58 4.55
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: 1%.

Fund Factsas of Mar 31, 2017

Class C Inception 09/05/2000
Expense Ratio4 1.82%

Contributors 

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

  • Security selection within the B and BB tiers of the market was beneficial to the Fund's performance relative to the Index.
  • On sectors, the retailers segment was the worst performing area of the loan market during the quarter, generating a return of -1.97%. The Fund's underweight to this sector - as well as security selection within - aided relative results for the three-month period.
  • The Fund's allocation to high-yield bonds - a strategic element of its investment strategy - benefited performance relative to the Index, as high-yield bonds outperformed loans for the quarter. The Index does not include high-yield bonds.

Detractors 

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

  • The Fund remained underweight to the better-performing, higher-credit risk tiers of the market, although the limited weight of these segments kept the relative impact limited.

Investment Outlook And Fund Positioning 

We remain constructive on the credit risk profile underlying the loan market. Overall, we believe defaults are likely to grind modestly higher in the coming year but remain low and below average in an historical context. Market pricing indicates positive-but-nonetheless very limited price appreciation potential from here. The average price of the Index ended March at $98.2, with 66.9% of performing loans bid at par or higher. With the price "upside" of the asset class having largely played out in 2016, upside potential for the remainder of 2017 is shaping up to take its place in the coupon component of returns - as the Fed projects three quarter-point rate hikes. With 3-month LIBOR at the average floor in the loan market and 1-month LIBOR at 0.98%, the higher income potential that may follow the next Fed rate hike will likely continue to draw investor attention.

Looking ahead, we believe the market's technical balance remains tipped toward one of strength, and we think it's likely that asset class buyership grows as investors brace for the likelihood of higher interest rates. Though unexpected events can always translate to volatility in the shorter run, we think loans are set up well given competing investment opportunities across the capital markets.

Credit Quality (%)9as of Mar 31, 2017

AAA 0.00
AA 0.00
A 0.00
BBB 6.00
BB 37.60
B 46.70
CCC or Lower 6.40
Not Rated 3.30
Total 100.00
Credit ratings are categorized using S&P. If S&P does not publish a rating for the High Income Opportunities Portfolio's securities, then the Moody's 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 (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk: 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans 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 and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, 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. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Attribution

No attribution information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk: 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans 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 and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, 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. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
Scott H. Page, CFA

Scott H. Page, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1989

Scott Page is a vice president of Eaton Vance Management, co-director 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

Biography
Michael W. Weilheimer, CFA

Michael W. Weilheimer, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1990

Michael Weilheimer is a vice president of Eaton Vance Management, director of high yield and a portfolio manager on Eaton Vance’s high-yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He joined Eaton Vance in 1990.

Mike began his career in the investment management industry in 1987. Before joining Eaton Vance, he was an analyst specializing in distressed debt securities at Cowen & Company and later at Amroc Investments, L.P.

Mike earned a B.S. from the from the University at Albany - SUNY and an MBA from the University of Chicago. He is a member of the CFA Institute, the Boston Security Analysts Society, the Dean’s Advisory Board, School of Business, University at Albany - SUNY and a member of the board of trustees for the University at Albany Foundation. He is a CFA charterholder.

Mike’s commentary has appeared in Barron’s, The Wall Street Journal, Reuters and USA Today.

Education
  • B.S. State University of New York at Albany
  • M.B.A. Booth School of Business, University of Chicago

Experience
  • Managed Fund since inception

Biography
Kelley G. Baccei

Kelley G. Baccei

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s high-yield team. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2005.

Kelley began her career in the investment management industry in 2000. Before joining Eaton Vance, she was the director of high-yield distressed research at Fieldstone Capital Group. Previously, she was associate director of fixed-income research at Scotia Capital Markets, Inc.

Kelley earned a B.A. from Boston College and a certificate in credit analysis from New York University.

Education
  • B.A. Boston College

Experience
  • Managed Fund since 2014

Other funds managed
 
Biography
Stephen C. Concannon, CFA

Stephen C. Concannon, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Stephen Concannon is a vice president and portfolio manager on Eaton Vance’s high-yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He joined Eaton Vance in 2000.

Steve began his career in the investment management industry in 1993. Before joining Eaton Vance, he was a research analyst for Wellington Management.

Steve earned a B.A. from Bates College. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.A. Bates College

Experience
  • Managed Fund since 2014


Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2017

Commentary

Download - Last updated: Mar 31, 2017

Floating-Rate Loan Funds Monthly Review

Download - Last updated: Apr 30, 2017

Annual Report

Download - Last updated: Oct 31, 2016

Floating-Rate Loan Chart Book

Download - Last updated: Mar 31, 2017

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

Semi-Annual Report

Download - Last updated: Apr 30, 2016

Summary Prospectus

Download - Last updated: Mar 1, 2017

Managing redemption readiness at floating-rate loan funds

Download - Last updated: May 1, 2017

XBRL

Download - Last updated: Mar 21, 2017