Overview

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.20 2.18 4.01 11.40 10.60
Market Price 0.59 2.30 4.47 7.08 8.23
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, 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. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Distribution Rates1

as of Jul 25, 2017
Distribution Rate at NAV 5.79%
Distribution Rate at Market Price 5.92%

Fund Factsas of Jun 30, 2017

Performance Inception 05/31/2016
Investment Objective High current income
CUSIP 27829W101

Portfolio Management

Michael W. Weilheimer, CFA Managed Fund since inception
Stephen C. Concannon, CFA Managed Fund since inception
Kelley G. Baccei Managed Fund since inception

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Performance

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.20 2.18 4.01 11.40 10.60
Market Price 0.59 2.30 4.47 7.08 8.23
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, 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. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV
Market Price

Fund Facts

Performance Inception 05/31/2016

Distribution Rates1

as of Jul 25, 2017
Distribution Rate at NAV 5.79%
Distribution Rate at Market Price 5.92%

Distribution History2

Ex-Date Distribution Reinvest Price
Jul 11, 2017 $0.05000 $10.10
Jun 08, 2017 $0.05000 $10.11
May 09, 2017 $0.05000 $10.14
Apr 11, 2017 $0.05000 $10.12
Mar 09, 2017 $0.05000 $9.93
Feb 09, 2017 $0.05000 $10.13
Dec 27, 2016 $0.05000 $10.07
Dec 08, 2016 $0.05000 $10.01
Nov 09, 2016 $0.05000 $9.90
Oct 11, 2016 $0.05000 $10.03
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

Tax Character of Distributions

Ordinary Dividends    
Non-Qualified Qualified Total Capital Gain Distributions Nondividend Distributions Total Distributions
Distributions ($)
2016 $0.35 $0.00 $0.35 $0.00 $0.00 $0.35
Distributions (%)
2016 100.00% 0.00% 100.00% 0.00% 0.00% 100.00%
This data reflects distributions paid on Fund shares held for the full calendar year and is not predictive of the tax character of current or future distributions. Fund shareholders should refer to the individual IRS Form 1099-DIVs provided to them shortly after each year-end to determine the appropriate federal income tax treatment of the distributions they receive. Eaton Vance is not responsible for any errors in tax reporting that may result from using the above data. Non-qualified ordinary dividends are subject to federal income tax at ordinary rates. Qualified dividends and capital gains distributions are taxable at long-term capital gains rates. Nondividend distributions, also known as return of capital distributions, are not subject to current federal income tax. Instead, the tax cost basis of each shareholder receiving a return of capital distribution is reduced by the amount of the distribution.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Portfolio

Fund Holdings3,4as of May 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
Infor Software Parent LLC / Infor Software Parent Inc 7.13% 05/01/2021 2.34%
Sabine Pass Liquefaction LLC 5.63% 02/01/2021 2.25%
Cequel Communications Holdings I LLC / Cequel Capital Corp 5.13% 12/15/2021 2.15%
Safeway Inc 4.75% 12/01/2021 2.14%
GFL Environmental Inc 9.88% 02/01/2021 2.08%
CSC Holdings LLC 6.75% 11/15/2021 1.96%
Eldorado Gold Corp 6.13% 12/15/2020 1.95%
Ball Corp 4.38% 12/15/2020 1.93%
HRG Group Inc 7.88% 07/15/2019 1.91%
Alere Inc 6.50% 06/15/2020 1.89%
View All

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Insights & Analysis

Commentary

No commentary information is currently available.

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.

Attribution

No attribution information is currently available.


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 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 was an analyst specializing in distressed debt securities at Cowen & Company and later at Amroc Investments, L.P.

Mike earned a B.S. from the from the University at Albany - SUNY and an MBA from the University of Chicago. He is a member of the CFA Institute, the Boston Security Analysts Society, the Dean’s Advisory Board, School of Business, University at Albany - SUNY and a member of the board of trustees for the University at Albany Foundation. 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 inception

Other funds managed
 
Biography
Stephen C. Concannon, CFA

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. 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 inception

 
Biography
Kelley G. Baccei

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 inception

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2017

Annual Report

Download - Last updated: Mar 31, 2017

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

Download

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Jul 3, 2017

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Jun 1, 2017

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: May 1, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Apr 30, 2017

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Apr 3, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Mar 31, 2017

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Mar 1, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Feb 28, 2017

Distributions Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Feb 1, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Jan 31, 2017

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Dec 31, 2016

Eaton Vance Declares Early Monthly Distributions for Certain Eaton Vance Closed-End Funds

Download - Last updated: Dec 19, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Dec 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Nov 30, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Nov 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Oct 31, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Oct 3, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Sep 30, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Sep 1, 2016

Closed-End Fund Earnings Undistributed Net Income Information

Download - Last updated: Aug 31, 2016

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Download - Last updated: Aug 1, 2016

Eaton Vance High Income 2021 Target Term Trust Declares Initial Monthly Distribution

Download - Last updated: Jul 1, 2016

Section 16 Filings - www.sec.gov

Download - Last updated: Jun 1, 2016

Semi-Annual Report

Download - Last updated: Sep 30, 2016