High Income Opportunities Fund (A)

Overview

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years
Fund at NAV	3.89	6.76	5.27	21.06	5.49	8.31
Fund w/Max Sales Charge	-1.14	1.71	0.37	19.12	4.46	7.78
BofA Merrill Lynch U.S. High Yield Index¹	3.23	6.23	5.15	19.76	7.77	8.88
3/31/2012	as of Mar 31, 2012
Fund at NAV	5.42	5.42	5.97	25.57	5.48	8.26
Fund w/Max Sales Charge	0.43	0.43	0.98	23.60	4.44	7.73
BofA Merrill Lynch U.S. High Yield Index¹	5.15	5.15	5.64	23.75	7.83	8.95
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 one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class that invests in the same Portfolio. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Fund Facts as of Apr 30, 2012
Class A Inception	03/11/2004
Performance Inception	08/19/1986
Investment Objective	High current income
Total Net Assets of Fund	$486.7M
Total Net Assets of Portfolio²	$900.0M
Minimum Investment	$1000
Expense Ratio³	0.99%
CUSIP	277923405

Top 10 Issuers (%)⁴ as of Mar 31, 2012
Laureate Education Inc.
Sprint Nextel Corp.
Catalina Marketing Corp.
Caesars Entertainment
Lyondell Chemical Co.
MGM Resorts Int'l.
Limited Brands Inc.
Ally Financial Inc.
Ford Motor Credit Co.
Reynolds Group
Total	19.15

Portfolio Management
Michael W. Weilheimer, CFA			Managed Fund since 1996
Thomas P. Huggins			Managed Fund since 2000

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

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 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 (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. Derivatives 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. 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

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years
Fund at NAV	3.89	6.76	5.27	21.06	5.49	8.31
Fund w/Max Sales Charge	-1.14	1.71	0.37	19.12	4.46	7.78
BofA Merrill Lynch U.S. High Yield Index¹	3.23	6.23	5.15	19.76	7.77	8.88
3/31/2012	as of Mar 31, 2012
Fund at NAV	5.42	5.42	5.97	25.57	5.48	8.26
Fund w/Max Sales Charge	0.43	0.43	0.98	23.60	4.44	7.73
BofA Merrill Lynch U.S. High Yield Index¹	5.15	5.15	5.64	23.75	7.83	8.95
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 one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class that invests in the same Portfolio. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Calendar Year Returns (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	-1.90	30.68	11.02	3.87	11.83	1.51	-36.77	64.30	15.89	4.10
BofA Merrill Lynch U.S. High Yield Index¹	-1.89	28.15	10.87	2.72	11.74	2.24	-26.39	57.51	15.19	4.38

Fund Facts
Expense Ratio³	0.99%
Class A Inception	03/11/2004
Performance Inception	08/19/1986
Distribution Frequency	Monthly

Yield Information⁵ as of Apr 30, 2012
SEC 30 Day Yield	5.33%

Morningstar™ Ratings as of Apr 30, 2012
Time Period	Rating	Rating (Load Waived)	Funds in High Yield Bond Category
Overall			502
3 Years			502
5 Years			444
10 Years			301
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. © 2011 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 15, 2012	$4.40	$-0.01
May 14, 2012	$4.41	$-0.01
May 11, 2012	$4.42	$0.00
May 10, 2012	$4.42	$0.01
May 09, 2012	$4.41	$-0.01
May 08, 2012	$4.42	$0.00
May 07, 2012	$4.42	$0.00
May 04, 2012	$4.42	$0.00
May 03, 2012	$4.42	$0.00
May 02, 2012	$4.42	$0.01

Distribution History⁶
Ex-Date	Distribution	Reinvest NAV
Apr 30, 2012	$0.02582	$4.41
Mar 30, 2012	$0.02668	$4.38
Feb 29, 2012	$0.02496	$4.39
Jan 31, 2012	$0.02669	$4.32
Dec 30, 2011	$0.02695	$4.23
Nov 30, 2011	$0.02630	$4.18
Oct 31, 2011	$0.02718	$4.28
Sep 30, 2011	$0.02630	$4.08
Aug 31, 2011	$0.02718	$4.24
Jul 29, 2011	$0.02760	$4.45
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 History⁶
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 www.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.

About Risk

1. BofA Merrill Lynch U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. 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. BofA Merrill Lynch™ indices not for redistribution or other uses; provided "as is", without warranties, and with no liability. Eaton Vance has prepared this report, BofAML does not endorse it, or guarantee, review, or endorse Eaton Vance's products.
3. Source: Fund prospectus.
5. SEC Yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements.
6. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)⁴ as of Mar 31, 2012
U.S. Corporate Bonds	86.84
Floating-Rate Loans	4.99
U.S. Common Stocks	3.62
Cash & Equivalents	3.26
Preferred Stock	0.89
Convertible Bonds	0.40
Total	100.00

Portfolio Statistics as of Mar 31, 2012
Number of Issuers	241
Number of Holdings	382
Average Yield to Maturity	7.70%
Average Coupon	8.62%
Average Maturity	6.06 yrs.
Average Effective Maturity	4.54 yrs.
Average Duration	3.30 yrs.
Average Price	$102.87

Sector Breakdown (%)⁴ as of Mar 31, 2012
Energy	10.12
Services	8.55
Telecommunications	8.43
Gaming	7.33
Health Care	6.96
Super Retail	4.56
Automotive & Auto Parts	4.54
Technology	4.23
Chemicals	4.10
Diversified Media	4.10

Credit Quality (%)⁷ as of Mar 31, 2012
A	0.22
BBB	2.65
BB	37.10
B	43.02
CCC	15.43
Not Rated	1.57
Total	100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency 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. If securities are rated differently by the rating agencies, the higher rating is applied.

Assets by Country (%)⁴ as of Mar 31, 2012
US	86.71
Canada	3.84
Bermuda	2.33
Luxembourg	2.31
Netherlands	1.56
Australia	1.13
Other	2.12

Maturity Distribution (%)⁴ as of Mar 31, 2012
Less Than 1 Year	3.20
1 To 3 Years	9.97
3 To 5 Years	23.56
5 To 10 Years	56.32
10 To 20 Years	2.93
20 To 30 Years	0.34
More Than 30 Years	0.29
Equity/Other	3.38
Total	100.00

Fund Holdings^4,8 as of Mar 31, 2012
Holding	Coupon Rate	Maturity Date	Weighting
EV CASH RESERVES FUND	0.00%	05/11/2012	3.8834%
Laureate Education Inc	11.25%	08/15/2015	1.7216%
Catalina Marketing Corp	10.50%	10/01/2015	1.5159%
RATHGIBSON ACQUISITION CO LLC COMMON STOCK	0.00%		1.1323%
Sprint Nextel Corp	9.00%	11/15/2018	1.0138%
Amscan Holdings Inc	8.75%	05/01/2014	0.8723%
Calpine Corp	7.50%	02/15/2021	0.8231%
Laureate Education Inc	11.00%	08/15/2015	0.8078%
Express LLC / Express Finance Corp	8.75%	03/01/2018	0.7780%
FMG Resources August 2006 Pty Ltd	7.00%	11/01/2015	0.7615%
View All

About Risk

Insights & Analysis

Quarterly Commentary

No commentary information is available.

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. Ratings are based on Moody's, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency 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. If securities are rated differently by the rating agencies, the higher rating is applied.

About Risk

Attribution

No attribution information is available.

About Risk

Management

Biography

Michael W. Weilheimer, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1990

Mike Weilheimer is a vice president of Eaton Vance Management, co-director of high-yield investments and portfolio manager on Eaton Vance's high-yield team.

Prior to joining Eaton Vance in 1990, Mike worked from 1987-1990 as an analyst specializing in distressed debt securities at Cowen & Company and then later at Amroc Investments, L.P.

Mike earned a B.S. from the University at Albany, State University of New York in 1983 and an M.B.A. from the University of Chicago in 1987. He is a CFA charterholder and a member of the CFA Institute, The Boston Securities Analyst Society and the Dean's Advisory Board, School of Business, University at Albany, State University of New York. Mike is also a member of the Board of Trustees and treasurer, Gann Academy.

Mike's commentary has appeared in Barron's, The Wall Street Journal, Barron's Online, 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

Other funds managed

Biography

Thomas P. Huggins

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Tom Huggins is a vice president of Eaton Vance Management, co-director of high-yield investments and portfolio manager on Eaton Vance's high-yield team.

Tom joined Eaton Vance in 1997 as head trader in the high-yield department. He became co-portfolio manager in January 2000. Prior to joining Eaton Vance, Tom was affiliated with John Hancock in portfolio manager positions for three years.

Tom earned a B.S. in economics in 1990 from Northeastern University in Boston.

Tom's commentary has appeared in Bloomberg, Financial Times, The New York Times, Pittsburgh Post-Gazette, TheStreet.com and The Wall Street Journal.