Overview

 

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

As of 6/30/14.

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

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 1.57 1.02 5.47 10.53 10.58 12.37 7.66
Fund w/Max Sales Charge -3.21 -3.85 0.49 5.19 8.81 11.28 7.13
BofA Merrill Lynch U.S. High Yield Index2 1.52 1.02 5.83 10.62 10.37 12.16 8.58
06/30/2014
Fund at NAV 0.89 2.51 5.34 12.29 9.30 14.43 7.82
Fund w/Max Sales Charge -3.98 -2.27 0.36 7.05 7.55 13.30 7.31
BofA Merrill Lynch U.S. High Yield Index2 0.85 2.57 5.64 11.80 9.26 13.93 8.90
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 Aug 31, 2014

Class A Inception 03/11/2004
Performance Inception 08/19/1986
Investment Objective High current income
Total Net Assets $563.0M
Minimum Investment $1000
Expense Ratio3 0.92%
CUSIP 277923405

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

Sprint Nextel Corp.
Cheniere Energy Inc.
Laureate Education Inc.
Seven Generations Energy
Reynolds Grp.
Altice SA
SLM Corp.
Constellation Brands
Wind Acquisition Fin SA
Intelsat Ltd.
Total 14.53


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 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. 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 Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 1.57 1.02 5.47 10.53 10.58 12.37 7.66
Fund w/Max Sales Charge -3.21 -3.85 0.49 5.19 8.81 11.28 7.13
BofA Merrill Lynch U.S. High Yield Index2 1.52 1.02 5.83 10.62 10.37 12.16 8.58
Morningstar™ High Yield Bond Category5 1.27 0.80 4.84 9.30 9.54 10.93 7.31
06/30/2014
Fund at NAV 0.89 2.51 5.34 12.29 9.30 14.43 7.82
Fund w/Max Sales Charge -3.98 -2.27 0.36 7.05 7.55 13.30 7.31
BofA Merrill Lynch U.S. High Yield Index2 0.85 2.57 5.64 11.80 9.26 13.93 8.90
Morningstar™ High Yield Bond Category5 0.79 2.14 4.83 10.62 8.24 12.57 7.60
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 2.74 11.77 2.19 -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 Aug 29, 2014

Distribution Rate at NAV 5.73%
SEC 30-day Yield 3.81%


Morningstar™ Ratings as of Aug 31, 2014

Time Period Rating Rating (Load Waived) Funds in
High Yield Bond
Category
Overall *** **** 567
3 Years *** **** 567
5 Years *** **** 497
10 Years ** *** 345
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.

© 2014 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
Sep 29, 2014 $4.59 $-0.01
Sep 26, 2014 $4.60 $-0.02
Sep 25, 2014 $4.62 $-0.02
Sep 24, 2014 $4.64 $-0.01
Sep 23, 2014 $4.65 $-0.01
Sep 22, 2014 $4.66 $-0.01
Sep 19, 2014 $4.67 $0.00
Sep 18, 2014 $4.67 $0.01
Sep 17, 2014 $4.66 $0.00
Sep 16, 2014 $4.66 $0.00

Distribution History7

Ex-Date Distribution Reinvest NAV
Sep 30, 2014 $0.02219 $4.61
Aug 29, 2014 $0.02293 $4.71
Jul 31, 2014 $0.02293 $4.66
Jun 30, 2014 $0.02219 $4.75
May 30, 2014 $0.02293 $4.73
Apr 30, 2014 $0.02219 $4.69
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
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. 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 Aug 31, 2014

U.S. Corporate Bonds 82.09
Floating-Rate Loans 5.85
U.S. Common Stocks 5.56
Cash & Equivalents 4.29
Other 2.21
Total 100.00

Portfolio Statistics as of Aug 31, 2014

Number of Issuers 290
Number of Holdings 452
Average Yield to Maturity 6.03%
Average Coupon 7.30%
Average Maturity 5.96 yrs.
Average Effective Maturity 3.87 yrs.
Average Duration 2.88 yrs.
Average Price $105.23


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

Energy 15.00
Healthcare 11.64
Telecommunications 8.08
Super Retail 6.68
Services 6.63
Cable/Satellite TV 4.51
Gaming 4.48
Technology 4.31
Div. Financial Services 4.21
Containers 2.64
View All

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

AAA 0.00
AA 0.00
A 0.00
BBB 3.06
BB 33.61
B 40.85
CCC or Lower 19.12
Not Rated 3.36
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 Aug 31, 2014

US 82.99
Canada 5.15
Luxembourg 4.92
Bermuda 1.10
France 1.07
Netherlands 1.00
Other 3.77

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

Less Than 1 Year 5.27
1 To 3 Years 3.43
3 To 5 Years 23.52
5 To 10 Years 60.76
10 To 20 Years 0.65
20 To 30 Years 0.00
More Than 30 Years 0.27
Equity/Other 6.10
Total 100.00


Fund Holdings4,9 as of Jul 31, 2014

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 07/31/2014 4.17%
Laureate Education Inc 9.25% 09/01/2019 1.61%
Sprint Corp 7.88% 09/15/2023 1.03%
SEVEN GENERATIONS ENERGY CM CL A (REST/RI) 0.00% 0.99%
Constellation Brands Inc 0.00% 0.81%
MPH Acquisition Holdings LLC 6.63% 04/01/2022 0.76%
Studio City Finance Ltd 8.50% 12/01/2020 0.74%
Chrysler Group LLC / CG Co-Issuer Inc 8.25% 06/15/2021 0.64%
Navient LLC 8.00% 03/25/2020 0.64%
Alcatel-Lucent USA Inc 8.88% 01/01/2020 0.61%
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. 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 Jun 30, 2014

High-yield bonds had another positive quarter, with the BofA Merrill Lynch U.S. High Yield Index2 advancing 2.57% for the three-month period ended June 30, 2014. The sector benefited against a backdrop of slow, but steady, economic growth, minimal market volatility and continued low interest rates, all of which helped fuel strong investor demand that exceeded supply. For the quarter, high-yield bonds outpaced investment-grade issues (as measured by the Barclays U.S. Aggregate Bond Index)10, but lagged equities (as measured by the S&P 500 Index)11, which had one of their strongest quarters in recent years.

After contracting in the first three months of 2014, the U.S. economy resumed modest growth in the second quarter, as the pressures from an unusually harsh winter faded. Manufacturing activity increased, and job gains pushed the unemployment rate near a six-year low. The pace of the recovery was still sluggish enough, however, to ease bond investors’ worries that interest rates would move higher any time soon. The U.S. Federal Reserve continued to taper its bond buying, reducing its purchases to $35 billion per month by quarter’s end, and kept key short-term interest rates low. During the quarter, yields on the 10-year Treasury note actually fell, ending the period at 2.53%, down from 2.72% at the start of the quarter.

Against this favorable backdrop, investors’ risk appetite increased along with their willingness to stretch for yield. Demand for high-yield paper rose, but supply remained little changed, despite new issuance driven by refinancing and a pickup in merger-and-acquisition activity. Default rates, while slightly higher than the previous quarter, remained low, ending the period at 2%, compared to the sector’s 4% historical average. At the same time, yield spreads — the yield advantage high-yield bonds have over Treasurys — tightened, pushing bond prices higher and driving yields in the sector near all-time lows.

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 second quarter.

  • A small stake in equities was the largest contributor to performance relative to the Index.
  • Credit selection, particularly in the energy sector, also aided performance versus the Index.
  • An overweight in bonds with durations12 between zero and two years was a modest detractor.

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.89 2.51 5.34 12.29 9.30 14.43 7.82
Fund w/Max Sales Charge -3.98 -2.27 0.36 7.05 7.55 13.30 7.31
BofA Merrill Lynch U.S. High Yield Index2 0.85 2.57 5.64 11.80 9.26 13.93 8.90
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 Jun 30, 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:

  • A small out-of-index stake in equities helped, as equity positions outpaced fixed-income returns, including those on high-yield bonds.
  • Credit selection within the energy sector also aided performance, led by a strong performance from out-of-index holdings.
  • Favorable security selection in the two- to five-year duration segment also helped.

Detractors 

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

  • A sizable overweight versus the Index in bonds in the zero- to two-year range hindered performance relative to the Index, as this was the weakest duration segment within the Index.
  • Positioning in the utilities, gaming, banks/thrifts and services sectors modestly detracted versus the Index.
  • Security selection among non-rated issues, which represented a small position but an overweight, hurt performance relative to the Index. Credit selection among B-rated issues also slightly hampered results, mainly because the Fund’s B-rated issues had less duration than those in the Index.

Investment Outlook And Fund Positioning 

While our long-term outlook for high-yield bonds remains positive, we think the sector could have a harder time in the second half of 2014 keeping pace with the gains generated year to date, especially with yields near all-time lows and spreads tight relative to Treasurys. Whenever interest rates return to more normal levels, high-yield securities also will likely be pressured, although we would expect them to hold up better than investment grade bonds and Treasurys.

At quarter end, the Fund remained conservatively positioned with a half-year shorter average duration than the Index. As always, our focus was on credit selection. We continue to find value in the energy sector, particularly in more non-traditional companies with fast-growing production profiles. The Fund ended the period with an overweight in health care, a sector in which we are attracted to the stability of many issuers’ cash flows. We also think there could be opportunity to profit from mergers and acquisitions activity within the international telecommunications services segment.

Credit Quality (%)8 as of Jun 30, 2014

AAA 0.00
AA 0.00
A 0.00
BBB 3.45
BB 34.34
B 38.32
CCC or Lower 20.67
Not Rated 3.22
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 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. 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. 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

A Case for High Yield

SAI

Think Performance Think Eaton Vance

EXCLUSIVE CONTENT

An Opportunistic High Yield Bond Fund (EIHIX)

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.

    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

    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.

    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.

    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