Overview

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2017
Fund at NAV 0.32 1.12 6.41 8.06 5.16 5.97 6.88
ICE BofA Merrill Lynch U.S. High Yield Index1 0.39 1.26 7.46 9.14 5.60 6.29 7.69
09/30/2017
Fund at NAV 0.82 1.64 6.07 7.70 5.52 6.10 6.92
ICE BofA Merrill Lynch U.S. High Yield Index1 0.90 2.04 7.05 9.06 5.86 6.38 7.71
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. The share class has no sales charge.

Fund Factsas of Oct 31, 2017

Class R6 Inception 07/01/2014
Performance Inception 06/15/1972
Investment Objective High current income
Total Net Assets $5.7B
Minimum Investment $1000000
Expense Ratio2 0.66%
CUSIP 277907705

Top 10 Issuers (%)3as of Oct 31, 2017

Sprint Corp
Cablevision Systems Corp
Valeant Pharmaceuticals
HCA Inc
Ardagh Packaging Finance
Charter Comm Hlds
First Data Corp
Multiplan Inc
MGM Resorts Intl
Dell Inc
Total 14.92

Portfolio Management

Michael W. Weilheimer, CFA Managed Fund since 1996
Stephen C. Concannon, CFA Managed Fund since 2014

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 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. 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, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2017
Fund at NAV 0.32 1.12 6.41 8.06 5.16 5.97 6.88
ICE BofA Merrill Lynch U.S. High Yield Index1 0.39 1.26 7.46 9.14 5.60 6.29 7.69
Morningstar High Yield Bond Category4 0.33 1.02 6.30 7.93 4.03 5.01 6.20
09/30/2017
Fund at NAV 0.82 1.64 6.07 7.70 5.52 6.10 6.92
ICE BofA Merrill Lynch U.S. High Yield Index1 0.90 2.04 7.05 9.06 5.86 6.38 7.71
Morningstar High Yield Bond Category4 0.72 1.79 5.94 7.77 4.17 5.14 6.24
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. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 2.49 -30.11 57.51 15.12 4.85 13.86 7.37 2.99 -1.88 13.03
ICE BofA Merrill Lynch U.S. High Yield Index1 2.19 -26.39 57.51 15.19 4.38 15.58 7.42 2.50 -4.64 17.49

Fund Facts

Expense Ratio2 0.66%
Class R6 Inception 07/01/2014
Performance Inception 06/15/1972
Distribution Frequency Monthly

Yield Information5as of Oct 31, 2017

Distribution Rate at NAV 5.79%
SEC 30-day Yield 4.02%

Morningstar Rating™as of Oct 31, 2017

Time Period Rating Funds in
High Yield Bond
Category
Overall **** 609
3 Years **** 609
5 Years **** 489
10 Years *** 320
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.

©2017 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
Nov 17, 2017 $5.75 $0.01
Nov 16, 2017 $5.74 $0.02
Nov 15, 2017 $5.72 -$0.01
Nov 14, 2017 $5.73 -$0.01
Nov 13, 2017 $5.74 -$0.01
Nov 10, 2017 $5.75 $0.00
Nov 09, 2017 $5.75 -$0.02
Nov 08, 2017 $5.77 -$0.02
Nov 07, 2017 $5.79 -$0.01
Nov 06, 2017 $5.80 $0.00

Distribution History6

Ex-Date Distribution Reinvest NAV
Oct 31, 2017 $0.02858 $5.81
Sep 29, 2017 $0.02766 $5.82
Aug 31, 2017 $0.02858 $5.80
Jul 31, 2017 $0.02858 $5.83
Jun 30, 2017 $0.02766 $5.81
May 31, 2017 $0.02858 $5.83
Apr 28, 2017 $0.02766 $5.81
Mar 31, 2017 $0.02858 $5.77
Feb 28, 2017 $0.02581 $5.80
Jan 31, 2017 $0.02926 $5.76
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: 

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 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. 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 (%)3as of Oct 31, 2017

Corporate Bonds 89.79
Floating-Rate Loans 5.41
Cash 3.20
Common Stocks 0.93
Other Investments 0.61
Preferred Stock 0.05
Total 100.00

Portfolio Statisticsas of Oct 31, 2017

Number of Issuers 283
Number of Holdings 513
Average Coupon 6.59%
Average Maturity 5.80 yrs.
Average Effective Maturity 3.55 yrs.
Average Duration 2.75 yrs.
Average Price $104.44

Sector Breakdown (%)3as of Oct 31, 2017

Energy 13.84
Healthcare 10.58
Technology 9.96
Telecommunications 8.42
Cable/Satellite TV 7.77
Services 5.51
Gaming 4.73
Metals/Mining 3.43
Utilities 2.93
Containers 2.87
View All

Credit Quality (%)7as of Oct 31, 2017

BBB 5.72
BB 36.58
B 46.86
CCC or Lower 8.67
Not Rated 2.16
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 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 (%)3as of Oct 31, 2017

Less Than 1 Year 0.63
1 To 3 Years 7.65
3 To 5 Years 20.60
5 To 10 Years 68.70
10 To 20 Years 1.58
20 To 30 Years 0.39
More Than 30 Years 0.45
Total 100.00

Assets by Country (%)8,9as of Oct 31, 2017

United States 84.57
Canada 6.37
Luxembourg 2.13
Ireland 1.96
United Kingdom 1.39
Netherlands 1.06
Other 2.51

Fund Holdings3,10as of Sep 30, 2017

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 3.49%
MPH Acquisition Holdings LLC 7.13% 06/01/2024 1.04%
First Data Corp 7.00% 12/01/2023 0.91%
Sprint Corp 7.88% 09/15/2023 0.85%
Valeant Pharmaceuticals International 6.38% 10/15/2020 0.69%
Endurance International (EIG) 5.32% 02/09/2023 0.61%
Seven Generations Energy Ltd 6.75% 05/01/2023 0.61%
Jaguar Holding Co II / Pharmaceutical Product Development LLC 6.38% 08/01/2023 0.59%
Western Digital Corp 10.50% 04/01/2024 0.58%
Western Digital Corp 7.38% 04/01/2023 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 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 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. 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

Commentary

No commentary information is currently 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 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 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. 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 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. 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

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 1996

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 2014


Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2017

Commentary

Download - Last updated: Sep 30, 2017

Attribution

Download - Last updated: Oct 31, 2017

Annual Report

Download - Last updated: Oct 31, 2016

Full Prospectus

Download - Last updated: Mar 1, 2017

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

Download

Eaton Vance and Parametric Funds Launch Class R6 Shares

Download - Last updated: Jul 1, 2014

SAI

Download - Last updated: Mar 1, 2017

Semi-Annual Report

Download - Last updated: Apr 30, 2017

Summary Prospectus

Download - Last updated: Aug 30, 2017

XBRL

Download - Last updated: Mar 13, 2017