Overview

Historical Returns (%) as of Jun 30, 2020

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 Facts as of May 31, 2020

Class R6 Inception 07/01/2014
Performance Inception 06/15/1972
Investment Objective High current income
Total Net Assets $5.3B
Minimum Investment $1000000
Expense Ratio (Gross)1 0.70%
Expense Ratio (Net)1,2 0.66%
CUSIP 277907705

Top 10 Issuers (%)3 as of May 31, 2020

Bausch Health Companies 2.56
Sprint Corp 2.17
Charter Communications 2.05
Ford Motor Company 2.02
Centene Corp 1.71
Cablevision Systems Corp 1.70
Altice 1.64
HCA Inc 1.50
Kraft Heinz Foods 1.50
Dell Inc. 1.36
Total 18.21
 

Morningstar Rating™ as of May 31, 2020

Time Period Rating Funds in
High Yield Bond
Category
Overall 641
3 Years 641
5 Years 544
10 Years 346
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. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2020 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.
 

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 is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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 Mar 31, 2020

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 (%)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fund at NAV 15.12 4.85 13.86 7.37 2.99 -1.88 13.03 6.35 -2.47 13.65
ICE BofA U.S. High Yield Index 15.19 4.38 15.58 7.42 2.50 -4.64 17.49 7.48 -2.26 14.41
 

Fund Facts

Expense Ratio (Gross)1 0.70%
Expense Ratio (Net)1,2 0.66%
Class R6 Inception 07/01/2014
Performance Inception 06/15/1972
Distribution Frequency Monthly

Yield Information as of May 31, 2020

Distribution Rate at NAV 6.43%
SEC 30-day Yield5 5.40%
 

Morningstar Rating™ as of May 31, 2020

Time Period Rating Funds in
High Yield Bond
Category
Overall 641
3 Years 641
5 Years 544
10 Years 346
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. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2020 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
Jul 02, 2020 $5.26 $0.02
Jul 01, 2020 $5.24 $0.02
Jun 30, 2020 $5.22 $0.00
Jun 29, 2020 $5.22 -$0.02
Jun 26, 2020 $5.24 -$0.02
Jun 25, 2020 $5.26 -$0.02
Jun 24, 2020 $5.28 -$0.03
Jun 23, 2020 $5.31 $0.00
Jun 22, 2020 $5.31 -$0.01
Jun 19, 2020 $5.32 $0.00
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Jun 30, 2020 $0.02766 $5.22
May 29, 2020 $0.02858 $5.23
Apr 30, 2020 $0.02766 $5.07
Mar 31, 2020 $0.02858 $4.89
Feb 28, 2020 $0.02674 $5.50
Jan 31, 2020 $0.02858 $5.61
Dec 31, 2019 $0.02858 $5.65
Nov 29, 2019 $0.02766 $5.58
Oct 31, 2019 $0.02858 $5.59
Sep 30, 2019 $0.02766 $5.61
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 is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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 May 31, 2020

Portfolio Statistics as of May 31, 2020

Number of Issuers 290
Number of Holdings 567
Average Coupon 5.81%
Average Maturity 6.05 yrs.
Average Effective Maturity 5.26 yrs.
Average Duration 3.40 yrs.
Average Price $97.15
 

Sector Breakdown (%)3 as of May 31, 2020

Healthcare 13.02
Energy 11.41
Telecommunications 8.52
Cable & Satellite TV 5.58
Technology 5.45
Gaming 4.53
Food, Beverage & Tobacco 3.89
Automotive & Auto Parts 3.80
Insurance 3.77
Utility 3.58
View All

Credit Quality (%) as of May 31, 2020

BBB 4.38
BB 41.41
B 33.51
CCC or Lower 13.10
NR 3.73
Cash 3.86
Ratings are based on the average of ratings from S&P, Moody’s and Fitch. 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 May 31, 2020

Less Than 1 Year 0.55
1 To 3 Years 10.19
3 To 5 Years 23.51
5 To 10 Years 60.88
10 To 20 Years 2.62
20 To 30 Years 1.30
More Than 30 Years 0.96
Total 100.00

Assets by Country (%)7,8 as of May 31, 2020

United States 85.57
Canada 5.52
Luxembourg 2.56
United Kingdom 1.50
France 1.29
Netherlands 1.14
Other 2.42
 

Fund Holdings3,9 as of May 31, 2020

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 5.76%
SPDR Bloomberg Barclays High Yield Bond ETF 0.00% 2.44%
Asurion 6.67% 08/04/2025 1.27%
Sprint Corp 7.88% 09/15/2023 0.95%
MPH Acquisition Holdings LLC 7.13% 06/01/2024 0.83%
HUB International Ltd 7.00% 05/01/2026 0.71%
Kraft Heinz Foods Co 4.38% 06/01/2046 0.61%
Neptune Energy Bondco PLC 6.63% 05/15/2025 0.61%
CrownRock LP / CrownRock Finance Inc 5.63% 10/15/2025 0.59%
Jaguar Holding Co II / Pharmaceutical Product Development LLC 6.38% 08/01/2023 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 is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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

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

 
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 2019

 
Jeffrey D. Mueller

Jeffrey D. Mueller

Vice President, Eaton Vance Advisers International Ltd.
Joined Eaton Vance 2015

Biography

Jeffrey Mueller is a vice president of Eaton Vance Advisers International Ltd. 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 and multi-asset credit strategies. He leads investment management and credit research for all non-U.S. high-yield opportunities. Jeff will become co-director of high-yield investments effective January 1, 2020. He joined Eaton Vance in 2015.

Jeff began his career in the investment management industry in 2004. Before joining Eaton Vance, he was a high-yield portfolio manager with Threadneedle Investments. He was previously affiliated with Centaurus Capital Ltd. and Amaranth Advisors LLC.

Jeff earned a B.B.A. from the University of Wisconsin at Madison.

Education
  • B.B.A. University of Wisconsin at Madison

Experience
  • Managed Fund since 2019

 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2020

Commentary

Download - Last updated: Mar 31, 2020

Attribution

Download - Last updated: May 31, 2020

Report of Organizational Actions Affecting Basis of Securities

Download - Last updated: Jan 15, 2020

Annual Report

Download - Last updated: Oct 31, 2019

Full Prospectus

Download - Last updated: Mar 1, 2020

Holdings-1st or 3rd fiscal quarters-www.sec.gov (beginning 9/30/2019)

Download

Holdings-1st or 3rd fiscal quarters-www.sec.gov (beginning 3/31/2019)

Download

Eaton Vance and Parametric Funds Launch Class R6 Shares

Download - Last updated: Jul 1, 2014

SAI

Download - Last updated: Mar 1, 2020

Semi-Annual Report

Download - Last updated: Apr 30, 2020

Summary Prospectus

Download - Last updated: Mar 1, 2020

XBRL

Download - Last updated: Mar 18, 2020