Overview

 

High Income Opportunities Fund has historically provided strong returns relative to its peer group.1

As of 3/31/14.

  • A Shares at NAV
  • Morningstar High Yield Bond Category Average

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.27 2.76 2.76 8.37 8.97 19.32 7.60
Fund w/Max Sales Charge -4.39 -2.10 -2.10 3.23 7.23 18.19 7.08
BofA Merrill Lynch U.S. High Yield Index2 0.23 3.00 3.00 7.53 8.70 18.18 8.54
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. 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 Mar 31, 2014

Class A Inception 03/11/2004
Performance Inception 08/19/1986
Investment Objective High current income
Total Net Assets $517.9M
Minimum Investment $1000
Expense Ratio3 0.92%
CUSIP 277923405

Top 10 Issuers (%)4 as of Mar 31, 2014

Sprint Nextel Corp.
Laureate Education Inc.
Reynolds Grp.
Ally Financial
SLM Corp.
Multiplan Inc.
Intelsat Ltd.
Seven Generations Energy
Trans Union LLC/Transunion
Dish DBS Corp.
Total 13.31


Portfolio Management

Michael W. Weilheimer, CFA Managed Fund since 1996

 

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 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, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.27 2.76 2.76 8.37 8.97 19.32 7.60
Fund w/Max Sales Charge -4.39 -2.10 -2.10 3.23 7.23 18.19 7.08
BofA Merrill Lynch U.S. High Yield Index2 0.23 3.00 3.00 7.53 8.70 18.18 8.54
Morningstar™ High Yield Bond Category5 0.26 2.63 2.63 6.77 7.71 15.90 7.29
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. 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 (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 11.02 3.87 11.83 1.51 -36.77 64.30 15.89 4.10 15.43 8.55
BofA Merrill Lynch U.S. High Yield Index2 10.87 2.72 11.74 2.24 -26.39 57.51 15.19 4.38 15.58 7.42

Fund Facts

Expense Ratio3 0.92%
Class A Inception 03/11/2004
Performance Inception 08/19/1986
Distribution Frequency Monthly

Yield Information6 as of Mar 31, 2014

Distribution Rate at NAV 5.74%
SEC 30 Day Yield 3.83%


Morningstar™ Ratings as of Mar 31, 2014

Time Period Rating Rating (Load Waived) Funds in
High Yield Bond
Category
Overall *** **** 550
3 Years *** **** 550
5 Years **** ***** 469
10 Years ** *** 332
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.

© 2013 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
Apr 22, 2014 $4.70 $0.01
Apr 21, 2014 $4.69 $0.00
Apr 17, 2014 $4.69 $0.00
Apr 16, 2014 $4.69 $0.00
Apr 15, 2014 $4.69 $0.00
Apr 14, 2014 $4.69 $0.00
Apr 11, 2014 $4.69 $-0.01
Apr 10, 2014 $4.70 $0.00
Apr 09, 2014 $4.70 $0.00

Distribution History7

Ex-Date Distribution Reinvest NAV
Mar 31, 2014 $0.02293 $4.70
Feb 28, 2014 $0.02071 $4.71
Jan 31, 2014 $0.02364 $4.64
Dec 31, 2013 $0.02378 $4.64
Dec 30, 2013 $0.01230 $4.63
Nov 29, 2013 $0.02301 $4.64
Oct 31, 2013 $0.02378 $4.64
Sep 30, 2013 $0.02301 $4.56
Aug 30, 2013 $0.02378 $4.53
Jul 31, 2013 $0.02378 $4.58
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 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.


Portfolio

Asset Mix (%)4 as of Mar 31, 2014

U.S. Corporate Bonds 82.92
Floating-Rate Loans 5.64
U.S. Common Stocks 4.60
Cash & Equivalents 4.46
Other 2.38
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Number of Issuers 299
Number of Holdings 467
Average Yield to Maturity 6.01%
Average Coupon 7.07%
Average Maturity 6.15 yrs.
Average Effective Maturity 3.98 yrs.
Average Duration 2.95 yrs.
Average Price $105.93


Sector Breakdown (%)4 as of Mar 31, 2014

Energy 13.68
Health Care 12.45
Telecommunications 7.69
Services 7.28
Super Retail 6.75
Technology 5.43
Gaming 5.38
Div. Financial Services 4.98
Cable/Satellite TV 2.92
Chemicals 2.53
View All

Credit Quality (%)8 as of Mar 31, 2014

AAA 0.00
AA 0.00
A 0.00
BBB 7.04
BB 32.61
B 36.12
CCC or Lower 20.63
Not Rated 3.60
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's measures. Ratings of BBB or higher by S&P's 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.


Assets by Country (%)4 as of Mar 31, 2014

US 85.00
Canada 5.21
Luxembourg 2.95
Bermuda 2.56
Netherlands 1.11
UK 1.10
Other 2.07

Maturity Distribution (%)4 as of Mar 31, 2014

Less Than 1 Year 5.93
1 To 3 Years 2.49
3 To 5 Years 18.99
5 To 10 Years 66.51
10 To 20 Years 0.58
20 To 30 Years 0.00
More Than 30 Years 0.42
Equity/Other 5.08
Total 100.00


Fund Holdings4,9 as of Feb 28, 2014

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 02/28/2014 3.81%
Laureate Education Inc 9.25% 09/01/2019 1.74%
Sprint Corp 7.88% 09/15/2023 1.08%
SLM Corp 8.00% 03/25/2020 0.66%
Alcatel-Lucent USA Inc 8.88% 01/01/2020 0.64%
DISH DBS Corp 6.75% 06/01/2021 0.63%
NuVasive Inc 2.75% 07/01/2017 0.60%
SEVEN GENERATIONS ENERGY CM CL A (REST/RI) 0.00% 0.60%
Sprint Communications Inc 9.00% 11/15/2018 0.58%
Calpine Corp 7.50% 02/15/2021 0.57%
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 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.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Mar 31, 2014

High-yield bonds got off to a positive start in the New Year, with the BofA Merrill Lynch U.S. High Yield Index2 returning 3.00% for the three-month period ended March 31, 2014. A favorable economic backdrop, low default rate and reasonable supply/demand balance benefited high-yield issues, which came out ahead of both investment-grade bonds (as measured by the Barclays U.S. Aggregate Bond Index)10 and equities (as measured by the S&P 500 Index)11 over the period.

Economic growth was modest in the quarter, with estimates well below the 2.6% annualized gross domestic product (GDP) growth reported for the fourth quarter. The unusually cold winter weather that plagued much of the U.S. appeared to contribute to the slowdown. High-yield bonds, however, benefited, as the economy was neither strong enough that interest rates were moving sharply higher (and pressuring bond prices), nor was it decelerating so much that investors were afraid of credit risk. Against this backdrop, the U.S. Federal Reserve gradually tapered its bond buying, and investors looked ahead to potentially higher interest rates.

Credit conditions were positive, evidenced in part by the better-than-expected fourth-quarter corporate earnings and revenues that many companies reported in the first quarter. Many companies also came into the New Year with strengthened balance sheets, having already taken advantage of low interest rates to refinance their debt. High-yield default rates edged lower, ending March 2014 at 0.61%, down from 0.66% at the end of 2013 and well below the historical average of 4%. This most recent default rate was not only lower than any quarter last year but also since before the 2008 financial crisis.

Investor demand exceeded lackluster new issue supply and helped push up prices on high-yield bonds. New issuance was limited, in part because many companies had already refinanced their debt but also because merger and acquisition activity was less than robust. In a measure of the sector’s strength, yields spreads – the yield advantage high-yield bonds have over U.S. Treasurys – continued to narrow, reaching 3.96 percentage points at quarter end, compared to 4.18 percentage points on December 31, 2013.

Performance Summary 

Eaton Vance High Income Opportunities Fund (the Fund) underperformed its benchmark, the BofA Merrill Lynch U.S. High Yield Index (the Index),2 at net asset value for the first quarter.

  • Security selection within the two- to five-year duration12 range, certain sectors and particular credit quality tiers gave a modest boost to relative performance.
  • More defensive positioning than the Index, including a shorter average duration, slightly detracted.
  • Credit selection among CCC-bonds, which included some shorter-duration issues, as well as small cash and equity positions also were slightly disadvantageous.

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.27 2.76 2.76 8.37 8.97 19.32 7.60
Fund w/Max Sales Charge -4.39 -2.10 -2.10 3.23 7.23 18.19 7.08
BofA Merrill Lynch U.S. High Yield Index2 0.23 3.00 3.00 7.53 8.70 18.18 8.54
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. 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 Mar 31, 2014

Class A Inception 03/11/2004
Performance Inception 08/19/1986
Expense Ratio3 0.92%


Contributors 

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

  • Security selection among bonds with durations in the two- to five-year range gave the biggest boost to relative performance. Duration is a measure of interest-rate sensitivity. The shorter a bond’s duration, the less its price will fall as interest rates rise.
  • Credit selection among non-rated and B-rated securities and also within the metals/mining and cable/satellite TV sectors modestly contributed, as returns for the Fund’s holdings outpaced those in the index. An underweight and credit selection in utilities also helped.

Detractors 

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

  • An overweight versus the Index in short duration bonds in the zero- to two-year range hindered relative performance, as this was the weakest duration segment within the Index.
  • Credit selection and an overweight in the super retail sector, along with security selection in the energy and services sectors, modestly detracted.
  • Security selection among CCC-rated issues was a minor disappointment, as the Fund’s holdings trailed those in the Index. The Fund had an overweight here in “yield-to-call” bonds relative to the Index. Yield-to-call bonds are shorter duration and lower yielding issues that offer more limited appreciation compared to the Index average but have the advantage of being much less volatile. The Fund also favored stronger CCC securities, which had slightly lower coupons (or stated interest rates) than the Index average.
  • Small allocations to cash and equities, neither of which are included in the Index, hampered relative performance, as returns from both sectors lagged those for high-yield issues.

Investment Outlook And Fund Positioning 

Although the U.S. economy may have slowed this past quarter due to the unseasonably cold winter, we believe it will likely gain momentum in the coming months. While stronger economic growth should keep default rates low, we also expect it to drive interest rates on the 5- to 10-year part of the curve higher. The Fed has already begun to taper its bond buying, and – as the economy accelerates – the perception is they will likely raise short-term interest rates a little sooner than previously thought. Higher interest rates would be a headwind for fixed-income securities, including high-yield bonds, which look fairly valued at quarter end given that their yield advantage over Treasurys has narrowed.

Given this backdrop, we’re more concerned with interest-rate risk than credit risk. Going forward, we plan to keep the Fund’s duration shorter than that of the Index to help protect it from price declines as interest rates rise. Within the CCC-rated sector, which represents a slight overweight, we continue to have a bias toward shorter-dated, lower beta securities. Seeking to further buffer the impact of rising interest rates, we also have a healthy allocation to floating-rate loans. The Fund’s biggest allocation – about 36% of assets at quarter end – was in B-rated issues. The Fund had a roughly 31% stake, representing a sizable underweight, in BB securities as of quarter end. These BB securities also included the portion of the portfolio’s floating rate loans which carried a rating of BB.

Credit Quality (%)8 as of Mar 31, 2014

AAA 0.00
AA 0.00
A 0.00
BBB 7.04
BB 32.61
B 36.12
CCC or Lower 20.63
Not Rated 3.60
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's measures. Ratings of BBB or higher by S&P's 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.


 

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 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.


Attribution

 

No attribution information is available.

 

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 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.


Management

Biography
Michael W. Weilheimer, CFA

Michael W. Weilheimer, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1990

Mike Weilheimer is a vice president of Eaton Vance Management, 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

Fund Literature

Fund Literature

Annual Report

Attribution

Commentary

Income Markets Review

Income Markets Snapshot

Discover Opportunities in the Income Markets with Eaton Vance

Fact Sheet

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 (ETHIX).pdf

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.

    Your download will begin when this window is closed.

    You have successfully un-subscribed from .



    Don't have an account? Register.

    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 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.

      |   Forgot your password?

    Cancel

    Don't have an account? 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.

    Financial Advisors, stay on top of your game.

    Receive email notifications of updates to  by entering your email address to subscribe.

    Cancel

    Don't have an account? Register.

    Enter your e-mail address to reset your password.

    Already have an account?
    Don't have an account? Register.

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

    Simply enter your e-mail address to register.

    Cancel

    Already have an account?

    If you are an individual investor and have a Mutual Fund account with Eaton Vance, sign into your account here.

    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.

    Financial Advisors

    Register Now

    Already have an account? .

     

    Symbol:  

    NAV as of