Overview

Growth of $10,000

10-year period ended 06/30/2018

  • Class A at NAV

Historical Returns (%) as of Sep 30, 2018

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 4.75%.
 

Fund Facts as of Sep 30, 2018

Class A Inception 03/11/2004
Performance Inception 08/19/1986
Investment Objective High current income
Total Net Assets $1.1B
Minimum Investment $1000
Expense Ratio2 0.87%
CUSIP 277923405

Top 10 Issuers (%)3 as of Aug 31, 2018

Sprint Corp
Valeant Pharmaceuticals
HCA Inc
Cablevision Systems Corp
Multiplan Inc
Peninsula Gaming LLC
Charter Comm Hlds
Asurion Corp
CommScope Inc
Dell Inc
Total 14.37
 

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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Investments in debt instruments 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 (sometimes referred to as "junk") are typically 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%) as of Sep 30, 2018

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 4.75%.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV -36.77 64.30 15.89 4.10 15.43 8.55 3.45 -1.12 12.56 6.29
ICE BofAML U.S. High Yield Index1 -26.39 57.51 15.19 4.38 15.58 7.42 2.50 -4.64 17.49 7.48
 

Fund Facts

Expense Ratio2 0.87%
Class A Inception 03/11/2004
Performance Inception 08/19/1986
Distribution Frequency Monthly

Yield Information5 as of Sep 30, 2018

Distribution Rate at NAV 5.37%
SEC 30-day Yield 4.52%
 

Morningstar Rating™ as of Sep 30, 2018

Time Period Rating Funds in
High Yield Bond
Category
Overall *** 592
3 Years *** 592
5 Years **** 502
10 Years *** 331
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2018 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.
 

NAV History

Date NAV NAV Change
Oct 12, 2018 $4.37 $0.00
Oct 11, 2018 $4.37 $0.00
Oct 10, 2018 $4.37 -$0.01
Oct 09, 2018 $4.38 -$0.02
Oct 08, 2018 $4.40 $0.00
Oct 05, 2018 $4.40 -$0.01
Oct 04, 2018 $4.41 -$0.02
Oct 03, 2018 $4.43 $0.00
Oct 02, 2018 $4.43 $0.00
Oct 01, 2018 $4.43 $0.00
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Sep 28, 2018 $0.01956 $4.43
Aug 31, 2018 $0.02021 $4.43
Jul 31, 2018 $0.02021 $4.42
Jun 29, 2018 $0.01956 $4.39
May 31, 2018 $0.02021 $4.41
Apr 30, 2018 $0.01956 $4.43
Mar 29, 2018 $0.02021 $4.43
Feb 28, 2018 $0.01826 $4.47
Jan 31, 2018 $0.02021 $4.53
Dec 29, 2017 $0.02021 $4.53
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

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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Investments in debt instruments 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 (sometimes referred to as "junk") are typically 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)3 as of Aug 31, 2018

Portfolio Statistics as of Aug 31, 2018

Number of Issuers 274
Number of Holdings 486
Average Coupon 6.56%
Average Maturity 5.75 yrs.
Average Effective Maturity 5.05 yrs.
Average Duration 3.38 yrs.
Average Price $101.07
 

Sector Breakdown (%)3 as of Aug 31, 2018

Energy 16.12
Healthcare 11.52
Technology 8.66
Telecommunications 7.93
Services 6.19
Gaming 5.64
Cable/Satellite TV 5.03
Metals/Mining 4.97
Utilities 4.33
Chemicals 2.37
View All

Credit Quality (%)7 as of Aug 31, 2018

BBB 3.87
BB 40.39
B 44.09
CCC or Lower 8.35
Not Rated 3.31
Credit ratings are categorized using S&P. If S&P does not publish a rating, then the Moody's rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.
 

Maturity Distribution (%)3 as of Aug 31, 2018

Less Than 1 Year 1.05
1 To 3 Years 6.29
3 To 5 Years 25.28
5 To 10 Years 65.02
10 To 20 Years 1.30
20 To 30 Years 0.29
More Than 30 Years 0.77
Total 100.00

Assets by Country (%)8,9 as of Aug 31, 2018

United States 84.55
Canada 7.29
Luxembourg 1.76
United Kingdom 1.53
Ireland 1.24
Other 3.63
 

Fund Holdings3,10 as of Aug 31, 2018

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 3.21%
MPH Acquisition Holdings LLC 7.13% 06/01/2024 1.29%
PENINSULA GAMING LLC 01JUL16 CALL 0.00% 12/31/2049 1.21%
Asurion 8.58% 08/04/2025 1.05%
HCA Inc 5.88% 02/15/2026 0.84%
Sprint Corp 7.88% 09/15/2023 0.81%
CrownRock LP / CrownRock Finance Inc 5.63% 10/15/2025 0.75%
Prime Security Services Borrower LLC / Prime Finance Inc 9.25% 05/15/2023 0.69%
Sensata Technologies UK Financing Co PLC 6.25% 02/15/2026 0.64%
Endurance International (EIG) 6.06% 02/09/2023 0.59%
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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Investments in debt instruments 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 (sometimes referred to as "junk") are typically 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Michael W. Weilheimer, CFA

Michael W. Weilheimer, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1990

Biography

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 University at Albany - SUNY and an MBA from the University of Chicago. He is a member of the CFA Institute, the CFA Society of Boston, 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 1996

 
Kelley G. Baccei

Kelley G. Baccei

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Biography

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s high-yield team. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2005.

Kelley began her career in the investment management industry in 2000. Before joining Eaton Vance, she was the director of high-yield distressed research at Fieldstone Capital Group. Previously, she was associate director of fixed-income research at Scotia Capital Markets, Inc.

Kelley earned a B.A. from Boston College and a certificate in credit analysis from New York University.

Education
  • B.A. Boston College

Experience
  • Managed Fund since 2014

Other funds managed
 
Stephen C. Concannon, CFA

Stephen C. Concannon, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Biography

Stephen Concannon is a vice president of Eaton Vance Management 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 CFA Society of Boston and is a CFA charterholder.

Education
  • B.A. Bates College

Experience
  • Managed Fund since 2014

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2018

Commentary

Download - Last updated: Jun 30, 2018

Attribution

Download - Last updated: Jun 30, 2018

Annual Report

Download - Last updated: Oct 31, 2017

Full Prospectus

Download - Last updated: Mar 1, 2018

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

Download

SAI

Download - Last updated: Mar 1, 2018

Semi-Annual Report

Download - Last updated: Apr 30, 2018

Summary Prospectus

Download - Last updated: Mar 1, 2018

XBRL

Download - Last updated: Mar 15, 2018