Overview

Strong Morningstar Ratings as of 3/31/2016.1

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2016
Fund at NAV 2.12 6.34 5.37 0.20 3.73 5.89 6.28
Fund w/Max Sales Charge -2.65 1.23 0.37 -4.55 2.09 4.89 5.76
BofA Merrill Lynch U.S. High Yield Index2 4.00 9.10 7.37 -1.34 2.46 5.21 7.19
03/31/2016
Fund at NAV 3.14 3.19 3.19 -0.76 3.64 5.85 6.17
Fund w/Max Sales Charge -1.79 -1.71 -1.71 -5.49 1.97 4.84 5.65
BofA Merrill Lynch U.S. High Yield Index2 4.42 3.25 3.25 -3.99 1.75 4.70 6.84
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: 4.75%.

Fund Factsas of Mar 31, 2016

Class A Inception 03/11/2004
Performance Inception 08/19/1986
Investment Objective High current income
Total Net Assets $1.1B
Minimum Investment $1000
Expense Ratio3 0.90%
CUSIP 277923405

Top 10 Issuers (%)4as of Mar 31, 2016

Sabine Pass Liquefaction LLC
First Data Corp
Sprint Corp
Seven Generations Energy
HCA Inc
Charter Comm. Hlds.
Western Digital Corp.
T-Mobile USA Inc
Albertsons LLC
Frontier Comm. Corp.
Total 13.34

Portfolio Management

Michael W. Weilheimer, CFA Managed Fund since 1996
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 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. 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. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 3.14 3.19 3.19 -0.76 3.64 5.85 6.17
Fund w/Max Sales Charge -1.79 -1.71 -1.71 -5.49 1.97 4.84 5.65
BofA Merrill Lynch U.S. High Yield Index2 4.42 3.25 3.25 -3.99 1.75 4.70 6.84
Morningstar™ High Yield Bond Category5 3.52 2.13 2.13 -4.17 1.06 3.84 5.55
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: 4.75%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 11.83 1.51 -36.77 64.30 15.89 4.10 15.43 8.55 3.45 -1.12
BofA Merrill Lynch U.S. High Yield Index2 11.77 2.19 -26.39 57.51 15.19 4.38 15.58 7.42 2.50 -4.64

Fund Facts

Expense Ratio3 0.90%
Class A Inception 03/11/2004
Performance Inception 08/19/1986
Distribution Frequency Monthly

Yield Information6as of Mar 31, 2016

Distribution Rate at NAV 5.90%
SEC 30-day Yield 4.96%

Morningstar™ Ratingsas of Mar 31, 2016

Time Period Rating Rating (Load Waived) Funds in
High Yield Bond
Category
Overall **** **** 646
3 Years **** ***** 646
5 Years **** ***** 530
10 Years *** *** 365
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.

© 2015 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
May 04, 2016 $4.34 $0.00
May 03, 2016 $4.34 -$0.02
May 02, 2016 $4.36 $0.00
Apr 29, 2016 $4.36 -$0.01
Apr 28, 2016 $4.37 $0.01
Apr 27, 2016 $4.36 $0.01
Apr 26, 2016 $4.35 $0.01
Apr 25, 2016 $4.34 -$0.01
Apr 22, 2016 $4.35 $0.00
Apr 21, 2016 $4.35 -$0.01
View All

Distribution History7

Ex-Date Distribution Reinvest NAV
Apr 29, 2016 $0.02074 $4.36
Mar 31, 2016 $0.02143 $4.29
Feb 29, 2016 $0.02005 $4.18
Jan 29, 2016 $0.02143 $4.16
Dec 31, 2015 $0.02149 $4.22
Nov 30, 2015 $0.02103 $4.31
Oct 30, 2015 $0.02293 $4.40
Sep 30, 2015 $0.02219 $4.31
Aug 31, 2015 $0.02293 $4.45
Jul 31, 2015 $0.02293 $4.52
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

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. 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. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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 (%)4as of Mar 31, 2016

Corporate Bonds 81.45
Cash 8.31
Floating-Rate Loans 4.48
Other Investments 3.10
Common Stocks 2.21
Preferred Stock 0.45
Total 100.00

Portfolio Statisticsas of Mar 31, 2016

Number of Issuers 290
Number of Holdings 514
Average Yield to Maturity 6.55%
Average Coupon 6.47%
Average Maturity 6.21 yrs.
Average Effective Maturity 4.99 yrs.
Average Duration 3.61 yrs.
Average Price $97.26

Sector Breakdown (%)4as of Mar 31, 2016

Healthcare 13.57
Energy 10.05
Telecommunications 7.72
Cable/Satellite TV 6.04
Services 5.91
Technology 5.86
Retail 5.21
Consumer Products 2.84
Gaming 2.77
Building Materials 2.52
View All

Credit Quality (%)8as of Mar 31, 2016

BBB 4.70
BB 36.89
B 41.20
CCC or Lower 14.64
Not Rated 2.56
Total 100.00
Credit ratings are categorized using S&P. If S&P does not publish a rating, 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 measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

Assets by Country (%)as of Mar 31, 2016

United States 84.82
Canada 5.13
Luxembourg 3.05
Netherlands 1.59
United Kingdom 1.30
Bermuda 1.09
Other 3.02

Maturity Distribution (%)4as of Mar 31, 2016

Less Than 1 Year 3.47
1 To 3 Years 6.49
3 To 5 Years 22.13
5 To 10 Years 65.07
10 To 20 Years 2.27
20 To 30 Years 0.29
More Than 30 Years 0.28
Total 100.00

Fund Holdings4,9as of Mar 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 03/31/2016 10.85%
iShares iBoxx $ High Yield Corporate Bond ETF 0.00% 0.82%
HCA Inc 5.88% 02/15/2026 0.79%
MPH Acquisition Holdings LLC 6.63% 04/01/2022 0.77%
Alphabet Holding Co Inc 7.75% 11/01/2017 0.76%
PENINSULA GAMING LLC 01JUL16 CALL 0.00% 0.73%
Albertsons, LLC 5.50% 08/25/2021 0.72%
Frontier Communications Corp 11.00% 09/15/2025 0.72%
Western Digital Corp 0.71%
Laureate Education Inc 9.25% 09/01/2019 0.70%
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. 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. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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 Dec 31, 2015

It was a very volatile fourth quarter for the high-yield market. October started off strong, as stabilizing economic data from China and increasingly accommodative language from central banks worldwide triggered a rebound in high yield. Volatility, however, increased in November and December due to shifting expectations about when the U.S. Federal Reserve (the Fed) would raise interest rates, continued strength in the U.S. dollar, renewed concern about slowing global growth and a sizable decline in already weak oil prices. Following months of solid U.S. consumer spending and employment data, the Fed decided in mid-December to raise a key short-term interest rate target for the first time since 2006.

Against this backdrop, high-yield bonds rallied in October, as the average yield fell to 7.45% and default rates edged lower. Strong investor demand and relatively anemic new issuance also helped. However, conditions reversed in November, as investors became more risk averse and started moving out of high-yield bonds at the same time that new issuance picked up. In December, days before the Fed's rate hike, the asset class was shaken by news that a fund focused on highly distressed securities would temporarily suspend investor redemptions as part of an orderly liquidation. The announcement triggered large outflows across the asset class. Average yields climbed to 8.77% by year-end and spreads - the difference between yields on U.S. high-yield bonds and Treasury securities - widened to nearly 700 basis points. The asset class saw sizable net outflows for the quarter, with new issue volume slowing considerably from recent quarters.

The BofA Merrill Lynch U.S. High Yield Index (the Index)2 finished the three months ended December 31, 2015, with a -2.17% return. Over the same period, the Barclays U.S. Aggregate Bond Index10, which focuses on investment-grade issues, returned -0.57%, and the S&P 500 Index11, a measure of equity performance, advanced 7.04%.

Performance Summary 

Eaton Vance High Income Opportunities Fund (the Fund) outperformed the Index at net asset value for the quarter.

  • Credit selection across sectors, credit categories and duration12 segments was the Fund's greatest driver of outperformance versus the Index.
  • The Fund's bias toward higher-quality issues helped relative performance, as higher-quality securities generally outperformed lower-quality ones in the volatile market environment.
  • Having a slightly shorter average duration than the Index aided performance versus the Index, as the Fund had less price sensitivity amidst the volatility.
  • The Fund's modest out-of-Index position in equity of high-yield issuers aided performance.
  • In terms of sectors, credit selection was particularly strong in energy, more than offsetting the minor negative impact from an underweight position in the better performing telecommunications and banks & thrifts segments.

Historic Returns (%)as of Dec 31, 2015

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV -1.59 -0.59 -1.12 -1.12 3.55 5.93 6.19
Fund w/Max Sales Charge -6.16 -5.21 -5.90 -5.90 1.87 4.90 5.66
BofA Merrill Lynch U.S. High Yield Index2 -2.58 -2.17 -4.64 -4.64 1.64 4.84 6.81
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: 4.75%.

Fund Factsas of Dec 31, 2015

Class A Inception 03/11/2004
Performance Inception 08/19/1986
Expense Ratio3 0.90%

Contributors 

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

  • Credit selection in the BB, B and CCC-rated segments along with a modest equity position boosted performance relative to the Index.
  • The Fund gained the most ground from credit selection in the weak-performing energy sector, benefiting from a focus on high-quality, low-cost energy producers and avoidance of offshore drillers. Investment choices in the gaming and retail sectors and underexposure to metals/mining and steel also helped.
  • Credit selection across most duration segments had a positive impact versus the Index, with the biggest gain by far coming from the two- to five-year category.

Detractors 

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

  • An underweight in the BB segment and small overweight in the CCC category modestly detracted from relative performance. Within the Index, BB-rated bonds held up relatively well, second only to BBBs. CCC-rated bonds posted sizable declines.
  • Credit selection and an underweight in the telecommunications sector hampered relative results, as did an underweight in the relatively stable banks & thrifts sector.
  • Credit selection in bonds with a duration of over 10-years nicked relative performance.

Investment Outlook And Fund Positioning 

The near-term outlook for high-yield bonds seemed somewhat uncertain at period end. The asset class is highly dependent on what happens with energy and other commodity prices, as the energy and metals/mining sectors account for roughly 15% of the Index. In particular, if oil prices stabilize or move higher, high-yield bond returns would likely benefit. However, if oil prices decline further, pressure on that sector could bleed over into additional sectors. Finally, continued positive U.S. economic growth will be the most important determinant for the asset class.

Despite this uncertainty, there are more reasons for optimism than not. Steady economic growth is positive for high-yield bonds, as it has historically kept defaults in check. Even with all the volatility witnessed in the second half of 2015, default rates ended the year at 2.76% - still well below the historical average of 3.8%. In addition, high-yield bonds have historically done well when interest rates are rising. The spread advantage they offer over Treasurys of comparable maturity has tended to make them less sensitive to price declines in a rising rate environment. At period end, the spread between the nearly 9% average yield on high-yields bonds and the 1.75% yield on 5-year U.S. Treasurys was unusually wide. This difference gives the asset class more opportunity to weather future interest rate hikes. The combination of this cushion and high current yields also could attract investors back to high-yield bonds.

We're encouraged that many sectors and credit categories within the Index held up relatively well in the volatile quarter. Much of the Index's decline this past quarter came from the weak-performing energy and metals/mining sectors and from CCC-rated securities issued by companies with significant debt on their balance sheets. At some point, we expect commodity prices to stabilize, which should help these underperforming sectors. As investors gain confidence, CCC securities that have been beaten up also stand to benefit. CCC-rated bonds represent about 14% of the Index.

The Fund ended the year with a shorter duration than the Index, which may help protect its downside if we see continued volatility. In addition, we remained focused on bottom-up credit analysis that targets companies with solid fundamentals relative to where they're trading. Within our B and CCC-rated holdings, we expect our bias toward short-dated, higher-quality, lower-yielding bonds to help the Fund if volatility continues and investors become more risk averse. On average, the Fund's CCC-rated bonds are priced at a $20 premium to those in the index.

We expect to take advantage of future market volatility as it creates buying opportunities. However, we plan to remain selective. We're especially interested in sectors that are not as economically sensitive, including health care, the Fund's largest sector weighting and roughly 13% of assets at quarter end. In addition, we have found value at current levels in the utilities and technology sectors. The Fund had an underweight in utilities, which tend to be more defensive, at period end. In technology, we have been focused on adding issues from higher-quality, more stable companies that are trading at what we view as oversold levels.

Credit Quality (%)8as of Dec 31, 2015

BBB 2.41
BB 38.46
B 41.40
CCC or Lower 14.83
Not Rated 2.90
Total 100.00
Credit ratings are categorized using S&P. If S&P does not publish a rating, 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 measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

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

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. 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. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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

Attribution 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. 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. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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
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 investments 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 worked for Cowen & Company as an analyst specializing in distressed debt securities and was also affiliated with Amroc Investments, L.P.

Mike earned a B.S. from the University at Albany, State University of New York and an MBA from the University of Chicago. He is a member of the Boston Security Analysts Society, is on the board of trustees for Gann Academy, and on the dean’s advisory board for the School of Business, University at Albany, State University of New York. 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 1996
Biography

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

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, also contributing to the firm’s multisector bond strategy. 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

Commentary

Attribution

Annual Report

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

EXCLUSIVE CONTENT

An Opportunistic High Yield Bond Fund

How cheap are floating rate loans and high yield bonds

Semi-Annual Report

Summary Prospectus

XBRL


 

loading

We apologize for the inconvenience but we are experiencing a technical issue.

We are working on a solution. Please try again later.

If you require further assistance, please call:
1-800-836-2414.

You have already upgraded your account. Please login using the link at the top of the page.

    Your download will begin when this window is closed.

    You have successfully un-subscribed from .

    As a subscriber, you are one step away from getting more access and control. Register now by simply creating a password below.

    Passwords must be 8 to 20 alphanumeric characters, including a special character:
    ! @ # $ % ^ & * ( ) - _ = + , < . > ?.

    Cancel

    Trouble registering? Call 1-800-836-2414.

    Congratulations! You are registered.

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your account and complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Congratulations!

    We are pleased to grant you access to this Eaton Vance website.

    Please click here to be logged in with your username .

    A verification email has been sent.

    You have requested a change to your password. In order to process this request, a verification email has been sent to . When you receive this email, please click the link contained within the email to start the password reset process.

    Trouble signing in? Call 1-800-836-2414.

    This account is restricted.

    Your account has limited access. You currently have access to content for:

    Firm restriction.

    This document has not been approved at your firm. We can not complete your subscription request at this time. Please try again later.


    If you need further assistance, please call 1-800-836-2414.

    This account has been updated.

    Your account has been updated to use your new email address .

    We have sent a verification email to with a verification link to confirm the change.

    Trouble receiving the verification email? Call 1-800-836-2414.

    This email account has not been verified.

    Your account has not yet been activated. We have sent a verification email to . If you'd like us to resend this, please click the Resend Email button below.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Thank you.

    An e-mail verification has been re-sent to . Please check your e-mail and follow the instructions to complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    An email has been sent to the email address containing a link to verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Re-verification Required

    For security purposes we could not complete your request. Please click here to receive a new link to access the requested content.

    A new email has been sent to the email address containing a link to re-verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Verification Accepted

    You have been granted access to the requested content.

    Remember Me

    Click here to remain recognized on this device for future visits to EatonVance.com

    Do Not Remember Me

    Click here if you are using a Public Computer or Shared Device.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Subscribe to new content: Register

    Please check the Fund Literature that you would like to subscribe to. Your subscriptions can be managed on your profile page.

    Subscribe All

    Thank you for downloading

    If your download did not start automatically, please click here.

    Stay on top of your game.

    Receive email notifications when the  is updated by clicking the subscribe button.

    Close

    Thank you for subscribing

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your subscription.

    Un-subscription request

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your request.

    Stay on top of your game.

    You have selected to receive email notifications for:

    Cancel

    Subscribe to new content: Register

    Stay on top of your game.

    You are currently "Opted Out" of all Eaton Vance email communications. If you would like to be alerted of updates to your new subscription, please Opt In:

    Close

    Enter your e-mail address to reset your password.

    Already have an account?
    Subscribe to new content: Register

    Trouble registering? Call 1-800-836-2414.

    Simply enter your e-mail address to register.

    Cancel

    Already have an account?

    Register for more access and control.
    • Elevate your business practice with materials from the Advisor Institute.
    • Learn more with exclusive videos, conference calls, and the latest insights.
    • Follow products, get product notifications, and manage your Eaton Vance communications.
    Please wait while the data is being prepared for download.
    loading
    This message will automatically close when your file is ready.
    Please enter a new email.

    Trouble signing in? Call 1-800-836-2414.

    Investment Professionals

    Register Now

    Already have an account? .

     

    Symbol:  

    NAV as of