Overview

Historical Returns (%) as of Jun 30, 2020

 

Fund Facts as of Aug 31, 2020

Class A$(Acc) Inception 01/28/2008
Performance Inception 05/04/2001
Investment Objective High current income
Total Net Assets $122.1M
Total Net Assets of Portfolio2 $122.1M
Minimum Investment $5000

Fund Codes

CUSIP G29163527
ISIN KYG291635277
SEDOL B2PCWS6
Valor Number 3959400
Wertpapierkennnummer N/A
 

Top 10 Issuers (%)3 as of Aug 31, 2020

Jaguar Holding Company II 1.66
Ziggo B.V. 1.32
TransDigm, Inc. 1.29
JBS USA Lux S.A. 1.15
MA FinanceCo., LLC 1.07
Guggenheim Partners, LLC 1.03
Bombardier Recreational Products, Inc. 1.02
Bausch Health Companies Inc. 1.01
CenturyLink, Inc. 1.00
Asurion LLC 0.96
11.50
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. As interest rates rise, the value of certain income investments is likely to decline. Loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%) as of Jun 30, 2020

 

Calendar Year Returns (%)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fund at NAV 8.13 1.62 6.84 3.24 -0.17 -1.96 9.11 3.02 -0.39 6.43
S&P/LSTA Leveraged Loan Index1 10.13 1.52 9.66 5.29 1.60 -0.69 10.16 4.12 0.44 8.64
 

Fund Facts

Class A$(Acc) Inception 01/28/2008
Performance Inception 05/04/2001
Distribution Frequency Monthly
 

NAV History

Date NAV NAV Change
Sep 18, 2020 $13.54 $0.00
Sep 17, 2020 $13.54 -$0.01
Sep 16, 2020 $13.55 $0.01
Sep 15, 2020 $13.54 -$0.01
Sep 14, 2020 $13.55 $0.02
Sep 11, 2020 $13.53 $0.01
Sep 10, 2020 $13.52 $0.02
Sep 09, 2020 $13.50 $0.01
Sep 08, 2020 $13.49 -$0.01
Sep 04, 2020 $13.50 $0.02
 

Distribution History4

Ex-Date Distribution Reinvest NAV
No records in this table indicates that there has not been a distribution 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.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. As interest rates rise, the value of certain income investments is likely to decline. Loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)3 as of Aug 31, 2020

Portfolio Statistics as of Aug 31, 2020

Number of Issuers 322
Number of Industries 34
Average Coupon 3.74%
Average Maturity 4.41 yrs.
Average Loan Size (% of TNA) 0.30%
Average Loan Size $0.90M
Average Duration 0.10 yrs.
Average Price $93.60
 

Sector Breakdown (%)3 as of Aug 31, 2020

Electronics/Electrical 14.46
Health Care 9.25
Business Equipment & Services 8.06
Drugs 6.12
Leisure Goods/Activities/Movies 5.55
Industrial Equipment 4.80
Telecommunications 4.60
Cable & Satellite Television 4.10
Building & Development 4.00
Lodging & Casinos 3.63
View All

Credit Quality (%)5 as of Aug 31, 2020

BBB 5.33
Total 100.00
B 59.67
CCC or Lower 7.15
Not Rated 3.76
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 as of Aug 31, 2020

Less Than 1 Year 5.49
1 To 3 Years 13.82
3 To 5 Years 47.28
5 To 10 Years 33.41
10 To 20 Years 0.00
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Assets by Country (%) as of Aug 31, 2020

United States 86.29
Luxembourg 4.16
Canada 3.62
Netherlands 2.90
United Kingdom 1.21
Other 1.82
 

Geographic Mix (%) as of Aug 31, 2020

United States 86.29
Europe except U.K. 8.19
Northern America except U.S. 4.09
United Kingdom 1.21
Asia/Pacific 0.22

Loan Type (%)6,7,8 as of Aug 31, 2020

First Lien 99.15
Second Lien 0.85
 

Fund Holdings3,9,10 as of Jul 31, 2020

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 3.35%
PPD 3.50% 08/18/2022 1.62%
Valeant (Bausch) 3.18% 06/02/2025 1.47%
Ziggo 2.67% 04/30/2028 1.29%
JBS USA Lux S.A. 3.07% 05/01/2026 1.12%
Guggenheim Partners, LLC 3.50% 07/21/2023 1.01%
TransDigm, Inc. 2.41% 12/09/2025 0.99%
CenturyLink, Inc. 2.41% 03/15/2027 0.97%
Bombardier Recreational Products, Inc. 2.18% 05/24/2027 0.89%
Ortho-Clinical Diagnostics SA 3.42% 06/30/2025 0.89%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. As interest rates rise, the value of certain income investments is likely to decline. Loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Ralph Hinckley, CFA

Ralph Hinckley, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Biography

Ralph Hinckley is a vice president of Eaton Vance Management and portfolio manager and analyst 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 2003.

Ralph began his career in the investment management industry in 1997. Before joining Eaton Vance, he was a vice president in the communications lending division of Citizens Bank and its credit training program and a lending officer at State Street Bank.

Ralph earned a B.A. from Bates College and an MBA, with honors, from Boston University Graduate School of Management. He is a member of the CFA Society of Boston and is a CFA charterholder.

Education
  • B.A. Bates College
  • M.B.A. Boston University

Experience
  • Managed Fund since 2008

 

Andrew Sveen, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1999

Biography

Andrew Sveen 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 1999.

Andrew began his career in the investment management industry in 1995. Previously at Eaton Vance, he was director of loan trading and capital markets. Before joining Eaton Vance, he worked as a corporate lending officer at State Street Bank.

Andrew earned a B.A. from Dartmouth College and an MBA from the William E. Simon School at the University of Rochester. He is a CFA charterholder. Andrew serves as a member of the board of directors of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Financial Times and Reuters.

Education
  • B.A. Dartmouth College
  • M.B.A. University of Rochester

Experience
  • Managed Fund since 2019

 

Literature

Literature

Fact Sheet (English)

Download - Last updated: Aug 31, 2020

Fact Sheet (Spanish)

Download - Last updated: Aug 31, 2020

Commentary (Spanish)

Download - Last updated: Jun 30, 2020

Commentary (English)

Download - Last updated: Jun 30, 2020

Annual Report

Download - Last updated: Oct 31, 2019

Full Prospectus (English)

Download - Last updated: Mar 10, 2020

Semiannual Report

Download - Last updated: Apr 30, 2020