Eaton Vance Floating-Rate Loan Funds

Monthly Review | August 2021

Market Update as of 08/31/2021 The floating-rate senior loan market resumed strength in August, On a year-to-date basis, the Index has returned 3.76%. Looking with the S&P/LSTA Leveraged Loan Index (the Index) posting a back further, the Index is up more than 23% since the end of total return of 0.47% for the month. Results included coupon March 2020. On average, the Index has gained 0.46% per month income of 0.33% and market value appreciation of 0.14%. In in 2021 to date, and over the trailing 12-month period, this figure contrast to the typically quiet form of August, the loan market is 0.68%. As loan prices have risen throughout the year, the pace this year experienced one of its busiest on record on both sides of gains has by construction slowed – the weighted average bid of the supply/demand ledger – as the global search for yield of the Index ended August at 98.25, close to June’s pandemic- continued to fan inflows and access to capital continued to era high. support deal flow. August’s technical picture illustrated an asset class on strong August’s performance reading was a return to the black after a footing and well subscribed by investors on both sides of the brief soft spot in July, during which market participants reacted institutional/wholesale divide. Capital formation in collateralized to early concerns around COVID’s so-called “delta” variant. loan obligations, for example, marked a post-financial-crisis Capital markets broadly shrugged off these concerns in August, monthly record, with volume of more than $19 billion across 35 with both stock prices and interest rates rising on the broadly new deals issued. At the same time, retail loan funds continued positive economic and corporate picture. Along these lines, the to draw subscriptions, estimated at more than $2 billion in Index default rate fell to 0.47% in August – this figure is down August and marking a ninth month of positive inflows. 370 basis points from the September 2020 peak of 4.17%.

Market Snapshot (as of 08/31/2021)

Performance Across Asset Classes1 Select Market Data2

35% 1 Month 21-Jun 21-Jul 21-Aug 31.2 12 Months 30% Spread-to-3-Year (basis points) All Loans 417 427 423 25% BB Loans 307 320 318 20% B Loans 426 436 437 CCC Loans 829 864 850 15% Average Price ($) 10.3 All Loans 10% 8.4 98.37 98.04 98.25 6.0 BB Loans 99.24 98.92 99.10 5% 3.0 B Loans 99.30 98.96 99.04 0.5 0.6 0.6 CCC Loans 92.67 91.96 92.22 0% -0.2 -0.1 D Loans 54.85 54.24 55.39 -5% Other Statistics % Default Rate (LTM by Principal Amount) 1.25 0.58 0.47 S&P 500® S&P/LSTA LL S&P/LSTA LL 100 High Yield U.S. Aggregate Market Outstandings ($B) 1258.10 1261.41 1286.64

1Source: Eaton Vance, S&P/LCD, 08/31/2021. S&P/LCD is a data provider to banks and other institutions in the U.S. leveraged loan market. The company also provides three market value-weighted indexes: 1) the S&P 500®, an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance; 2) the S&P/LSTA Leveraged Loan Index, a broad based index designed to capture the performance of the invested U.S. institutional market; 3) the S&P/ LSTA U.S. Leveraged Loan 100 Index, designed to measure the performance of the liquid U.S. leveraged loan market; 4) the ICE BofAML U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds; 5) the Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. 2The S&P/LSTA Leveraged Loan Index, a broad based index designed to capture the performance of the invested U.S. institutional market.

Performance

Average Annual Total Returns (%) As of 08/31/2021 As of 06/30/2021

3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr

Floating-Rate Fund – Class I 1.05 3.39 7.76 3.30 4.32 4.41 1.41 2.82 10.29 3.54 4.62 3.97 Floating-Rate & High Income Fund – Class I 1.33 3.79 8.42 3.80 4.55 4.78 1.70 3.07 11.31 4.02 4.90 4.32 Floating-Rate Advantage Fund – Class I 1.20 4.21 9.56 3.75 4.88 5.30 1.59 3.50 12.99 3.99 5.29 4.71 Morningstar™ Bank Loan Category Average3 0.73 3.26 7.22 2.99 3.56 3.97 1.35 2.87 10.15 3.23 3.90 3.49 S&P/LSTA Leveraged Loan Index 0.83 3.76 8.39 4.15 4.63 4.89 1.47 3.28 11.65 4.39 4.98 4.38 BB Sub-Index 0.43 1.89 4.94 2.87 3.34 4.16 0.83 1.58 7.17 3.11 3.61 3.74 B Sub-Index 0.90 3.66 8.26 4.55 4.94 5.23 1.52 3.15 11.68 4.78 5.34 4.69 CCC Sub-Index 1.69 10.77 23.73 4.58 8.49 7.75 3.42 10.02 30.37 5.08 9.61 7.02 D Sub-Index 1.87 7.06 5.05 -18.94 -10.34 -5.79 2.94 6.17 8.71 -19.19 -9.69 -6.95

Monthly Returns (%) – Past 12 Months

20-Sep 20-Oct 20-Nov 20-Dec 21-Jan 21-Feb 21-Mar 21-Apr 21-May 21-June 21-July 21-Aug

Floating-Rate Fund – Class I 0.52 0.19 2.42 1.04 1.08 0.48 -0.17 0.41 0.50 0.49 -0.07 0.62 Floating-Rate & High Income Fund – Class I 0.18 0.34 2.72 1.17 1.00 0.51 -0.16 0.54 0.52 0.63 0.06 0.64 Floating-Rate Advantage Fund – Class I 0.46 0.27 2.94 1.40 1.30 0.60 -0.03 0.45 0.61 0.52 -0.05 0.72 Morningstar™ Bank Loan Category Average3 0.30 0.02 2.11 1.22 0.97 0.50 0.00 0.45 0.52 0.37 -0.10 0.46 S&P/LSTA Leveraged Loan Index 0.63 0.20 2.23 1.35 1.19 0.59 0.00 0.51 0.58 0.37 -0.01 0.47 BB Sub-Index 0.24 -0.04 1.67 1.10 0.74 0.29 -0.27 0.28 0.42 0.12 -0.10 0.41 B Sub-Index 0.63 0.27 2.05 1.41 1.11 0.52 -0.03 0.50 0.61 0.40 0.04 0.45 CCC Sub-Index 2.28 0.41 6.28 2.33 3.54 1.89 0.83 1.30 1.08 1.00 -0.26 0.95 D Sub-Index -2.32 1.36 0.33 -1.23 -0.35 2.18 1.29 0.84 1.05 1.02 0.85 -0.01

Floating-Rate Fund – Class I Expense Ratio: 0.82%, Adjusted Expense Ratio: 0.77% Floating-Rate & High Income Fund – Class I Expense Ratio: 0.83%, Adjusted Expense Ratio: 0.79% Floating-Rate Advantage Fund – Class I Expense Ratio: 1.35% Adjusted Expense Ratio: 0.75%

Adjusted Expense Ratio excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from expenses on short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds (if applicable), none of which are paid to Eaton Vance. Interest costs can change over time. Adjusted expenses do not include all expenses paid by investor. Source: Fund prospectus.

Risk Measures (%)4

3 Year 5 Year 10 Year Standard Standard Standard Return Return Return Deviation Deviation Deviation Floating-Rate Fund – Class I 3.30 7.97 4.32 6.19 4.41 4.82 Floating-Rate & High Income Fund – Class I 3.80 8.21 4.55 6.37 4.78 5.00 Floating-Rate Advantage Fund – Class I 3.76 10.39 4.88 8.05 5.30 6.18 Morningstar™ Bank Loan Category Average3 2.90 8.02 3.52 6.22 4.14 4.86 S&P/LSTA Leveraged Loan Index 4.16 8.80 4.63 6.81 4.89 5.20

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. For the 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 for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. The minimum investment is $250,000 for I Shares. Minimums may be waived in certain situations. Please see the prospectus for additional information. I shares are offered without sales charge. 3The Morningstar™ Bank Loan Category includes funds that invest primarily in floating-rate bank loans, instead of bonds, with interest payments that typically float above a common benchmark.4 Source: Zephyr. Standard deviation measures the historic volatility of a fund. Monthly Review | August 2021

Portfolio Characteristics & Composition as of 08/31/2021 Floating-Rate Floating-Rate & Floating-Rate S&P/LSTA Leveraged Portfolio Characteristics Fund High Income Fund Advantage Fund Loan Index Average Loan LIBOR6 0.46% 0.46%5 0.45% — Average Loan Spread 3.49% 3.49%5 3.45% 3.70% Average Loan Spread to 3-Year 3.87% 3.87%5 3.79% 4.23% Average Duration 0.33 yrs. 0.81 yrs. 0.32 yrs. — Average Price $98.97 $99.77 $99.09 $98.25 Average Days to Reset (Loans) 35 35 35 — Number of Loan Issuers 509 509 527 1170

Asset Mix (%) Country and Currency Exposure (%) Floating- Floating- Floating- Floating- Floating- Rate & Rate S&P/LSTA Floating- Rate & Rate S&P/LSTA Rate High Income Advantage Leveraged Rate High Income Advantage Leveraged Fund Fund Fund Loan Index Fund Fund Fund Loan Index Floating-Rate Loans 85.75 72.18 89.20 100.00 By Domicile U.S. Corporate Bonds 6.53 19.68 6.23 — U.S. 77.77 77.775 77.90 84.96 Cash & Equivalents 2.65 2.82 0.34 — Non-U.S. 22.23 22.235 22.10 15.04 Other 5.07 5.81 4.23 — By Currency USD 90.12 90.125 90.36 100.00 Non-USD 9.88 9.885 9.64 — Credit Quality† (%)

Floating- Floating- Loan Type (%) Floating- Rate & Rate S&P/LSTA Rate High Income Advantage Leveraged Floating- Floating- Fund Fund Fund Loan Index Floating- Rate & Rate S&P/LSTA Rate High Income Advantage Leveraged BBB 4.89 4.19 4.88 7.62 Fund Fund Fund Loan Index BB 24.13 27.61 24.42 22.28 First-Lien 98.21 98.215 98.24 97.50 B 58.07 54.16 58.51 61.22 Covenant-Lite 85.17 85.175 86.72 88.17 CCC or Lower 7.04 8.11 6.95 6.84 Second-Lien 1.79 1.795 1.76 2.50 Not Rated 5.87 5.93 5.24 2.04

Outlook as of 08/31/2021 A combination of powerful forces appear aligned to support One measure, the percentage of loans trading below $80, has credit markets in the second half of the year. The massive fiscal continued to hover around just 1% of the market. Meantime, less stimulus package passed in the U.S., a still-accommodative set than 3% of Index loans trade below $90. of monetary policies at the Federal Reserve and the ongoing Though current loan valuations imply an improved fundamental rollout of vaccines together point to a positive backdrop for situation, it’s important to note that little price upside remains rebounding economic growth and corporate issuers’ from current levels. That’s not likely to diminish loans’ performance across credit markets. At the same time, this attractiveness, however, as loans’ yields, spreads and anti-bond positive credit outlook is tempered by uncertainties around characteristics outshine much of what’s on offer in today’s delta variant developments as well as current valuations, the yield-starved fixed-income environment – and this has been on latter of which we describe as full but fair. clear display thus far in 2021. On fundamentals, measures of default activity as well as market Focusing on long-term investment goals and risk management stress continue to paint a favorable credit picture. August’s is the best course to navigating this market in our view – it’s the default rate marked an 11th consecutive decline and is the centerpiece of our approach – and with that lens, this asset lowest in nearly a decade. At the same time, secondary market class appears poised to benefit portfolios in the years ahead. stress measures paint a similarly favorable outlook by investors.

5Data is shown as a percentage of Floating Rate Portfolio’s total investments. Portfolio profile subject to change due to active management.6 LIBOR is the London Inter-Bank Offered Rate, a benchmark rate that some of the world’s leading banks charge each other for short-term loans. †Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the rating 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 rating 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 rating agencies stated above. Eaton Vance Floating-Rate Loan Funds

Portfolio Characteristics & Composition (as of 08/31/2021)

Top 10 Industries7 Floating-Rate & Floating-Rate S&P/LSTA Leveraged Floating-Rate Fund %Weight High Income Fund5 %Weight Advantage Fund %Weight Loan Index %Weight Electronics/Electrical 17.70 Electronics/Electrical 17.70 Electronics/Electrical 18.93 Electronics/Electrical 15.57 Health Care 8.77 Health Care 8.77 Health Care 9.26 Health Care 9.97 Business Equipment & Services 7.87 Business Equipment & Services 7.87 Business Equipment & Services 8.85 Business Equipment & Services 9.68 Cable & Satellite Television 4.97 Cable & Satellite Television 4.97 Cable & Satellite Television 5.05 Chemicals & Plastics 4.38 Chemicals & Plastics 4.52 Chemicals & Plastics 4.52 Chemicals & Plastics 4.98 Telecom 3.90 Drugs 4.18 Drugs 4.18 Industrial Equipment 4.71 Insurance 3.88 Leisure Goods/Activities/ Industrial Equipment 4.04 Industrial Equipment 4.04 Drugs 4.46 3.73 Movies Leisure Goods/Activities/ Leisure Goods/Activities/ 3.73 3.73 Building & Development 3.88 Industrial Equipment 3.67 Movies Movies Automotive 3.68 Automotive 3.68 Automotive 3.69 Cable & Satellite Television 3.55 Leisure Goods/Activities/ Building & Development 3.62 Building & Development 3.62 3.56 Lodging & Casinos 3.53 Movies

Top 10 Issuers7 Floating-Rate & Floating-Rate S&P/LSTA Leveraged Floating-Rate Fund %Weight High Income Fund5 %Weight Advantage Fund %Weight Loan Index %Weight Numericable Group SA 1.30 Numericable Group SA 1.30 Numericable Group SA 1.19 Asurion Corporation 1.05 Virgin Media SFA Finance Virgin Media SFA Finance Virgin Media SFA Finance 1.01 1.01 0.99 American Airlines 0.60 Limited Limited Limited TransDigm, Inc. 0.84 TransDigm, Inc. 0.84 TransDigm, Inc. 0.90 Peraton 0.58 Ziggo B.V. 0.80 Ziggo B.V. 0.80 Ziggo B.V. 0.80 TransDigm Inc 0.57 Informatica LLC, 0.78 Informatica LLC, 0.78 Informatica LLC, 0.80 Cablevision Systems 0.55 Ultimate Software Ultimate Software 0.74 0.74 CenturyLink, Inc. 0.78 Dell International LLC 0.49 Group Inc(The) Group Inc(The) Hyland Software, Inc. 0.74 Hyland Software, Inc. 0.74 Banff Merger Sub Inc 0.77 Ultimate Software Group 0.48 Charter Communications Magenta Buyer LLC 0.73 Magenta Buyer LLC 0.73 SolarWinds Holdings, Inc. 0.74 0.48 Holding Co LLC Uber Technologies, Inc. 0.70 Uber Technologies, Inc. 0.70 Magenta Buyer LLC 0.73 SFR 0.46 Ultimate Software Group Banff Merger Sub Inc 0.69 Banff Merger Sub Inc 0.69 0.72 ICON Plc 0.44 Inc(The)

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. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and 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 (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short- term liquidity needs. Loans may be structured such that they are not securities under securities law, 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. Loans are also subject to risks associated with other types of income investments. 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. The Funds are exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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. 7Percent of total net assets. Portfolio profiles subject to change due to active management. Before investing, investors should consider carefully the investment objective, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing.