Overview

Short-Duration High Yield investments have historically provided strong returns during periods of rising rates, compared to other fixed-income asset classes. Additionally, Eaton Vance has had strong risk-adjusted returns since fund inception.1

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
04/30/2017
Fund at NAV 0.70 1.57 2.04 7.15 3.53 4.53 4.61
Fund w/Max Sales Charge -1.61 -0.77 -0.21 4.75 2.74 4.05 4.14
BofA Merrill Lynch U.S. High Yield Cash Pay BB-B 1-3 Year Index2 0.72 1.69 2.33 8.52 4.40 5.39 5.53
03/31/2017
Fund at NAV 0.07 1.33 1.33 7.76 3.36 4.56 4.54
Fund w/Max Sales Charge -2.22 -0.90 -0.90 5.32 2.58 4.08 4.06
BofA Merrill Lynch U.S. High Yield Cash Pay BB-B 1-3 Year Index2 0.20 1.60 1.60 9.79 4.32 5.39 5.48
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. Total return prior to the commencement of the class reflects returns of the Short Duration High Income Portfolio, the separate registered investment company in which the Fund invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 2.25%.

Fund Factsas of Apr 30, 2017

Class A Inception 11/01/2013
Performance Inception 02/21/2012
Investment Objective Total return
Total Net Assets $35.8M
Total Net Assets of Portfolio3 $58.6M
Minimum Investment $1000
Expense Ratio (Gross)4 1.31%
Expense Ratio (Net)4,5 0.90%
CUSIP 27826A854

Top 10 Issuers (%)6as of Mar 31, 2017

Sprint Corporation
Laureate Education Inc
Asurion Corp
Alliance Data Systems
Alere Inc
Cablevision Systems Corp
CIT Group
Albertsons LLC
NRG Yield Inc
NXP BV/NXP Funding LLC
Total 21.86

Portfolio Management

Michael W. Weilheimer, CFA Managed Fund since inception

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
04/30/2017
Fund at NAV 0.70 1.57 2.04 7.15 3.53 4.53 4.61
Fund w/Max Sales Charge -1.61 -0.77 -0.21 4.75 2.74 4.05 4.14
BofA Merrill Lynch U.S. High Yield Cash Pay BB-B 1-3 Year Index2 0.72 1.69 2.33 8.52 4.40 5.39 5.53
Morningstar™ High Yield Bond Category7 1.01 2.07 3.34 11.40 3.32 5.61
03/31/2017
Fund at NAV 0.07 1.33 1.33 7.76 3.36 4.56 4.54
Fund w/Max Sales Charge -2.22 -0.90 -0.90 5.32 2.58 4.08 4.06
BofA Merrill Lynch U.S. High Yield Cash Pay BB-B 1-3 Year Index2 0.20 1.60 1.60 9.79 4.32 5.39 5.48
Morningstar™ High Yield Bond Category7 -0.21 2.31 2.31 13.52 3.15 5.56
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. Total return prior to the commencement of the class reflects returns of the Short Duration High Income Portfolio, the separate registered investment company in which the Fund invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 2.25%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 6.03 1.04 0.05 9.00
BofA Merrill Lynch U.S. High Yield Cash Pay BB-B 1-3 Year Index2 3.43 -14.34 40.37 12.05 4.29 10.21 6.15 1.97 0.30 10.56

Fund Facts

Expense Ratio (Gross)4 1.31%
Expense Ratio (Net)4,5 0.90%
Class A Inception 11/01/2013
Performance Inception 02/21/2012
Distribution Frequency Monthly

Yield Information8as of Apr 30, 2017

Distribution Rate at NAV 4.79%
Subsidized SEC 30-day Yield 3.46%
Unsubsidized SEC 30-day Yield 2.83%

Morningstar™ Ratingsas of Apr 30, 2017

Time Period Rating Funds in
High Yield Bond
Category
Overall *** 599
3 Years *** 599
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
May 24, 2017 $9.84 $0.01
May 23, 2017 $9.83 $0.00
May 22, 2017 $9.83 $0.00
May 19, 2017 $9.83 $0.01
May 18, 2017 $9.82 $0.00
May 17, 2017 $9.82 -$0.01
May 16, 2017 $9.83 $0.00
May 15, 2017 $9.83 $0.01
May 12, 2017 $9.82 $0.00
May 11, 2017 $9.82 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
Apr 28, 2017 $0.03869 $9.82
Mar 31, 2017 $0.03733 $9.79
Feb 28, 2017 $0.03691 $9.82
Jan 31, 2017 $0.03543 $9.78
Dec 30, 2016 $0.03429 $9.77
Nov 30, 2016 $0.03539 $9.70
Oct 31, 2016 $0.03545 $9.71
Sep 30, 2016 $0.03381 $9.73
Aug 31, 2016 $0.03424 $9.70
Jul 29, 2016 $0.03326 $9.65
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 History9

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 primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 (%)6as of Mar 31, 2017

Corporate Bonds 84.31
Floating-Rate Loans 11.46
Other Investments 3.96
Cash 0.27
Total 100.00

Portfolio Statisticsas of Mar 31, 2017

Number of Issuers 109
Number of Holdings 136
Average Coupon 6.15%
Average Maturity 3.24 yrs.
Average Effective Maturity 2.43 yrs.
Average Duration 1.47 yrs.
Average Price $102.33

Sector Breakdown (%)6as of Mar 31, 2017

Telecommunications 10.53
Energy 10.41
Services 7.89
Div. Financial Services 7.06
Technology 6.38
Automotive & Auto Parts 5.34
Gaming 5.27
Healthcare 5.23
Utilities 4.02
Cable/Satellite TV 3.78
View All

Credit Quality (%)10as of Mar 31, 2017

BBB 6.88
BB 40.60
B 33.11
CCC or Lower 13.49
Not Rated 5.91
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 (%)6as of Mar 31, 2017

Less Than 1 Year 7.98
1 To 3 Years 33.11
3 To 5 Years 53.63
5 To 10 Years 3.50
10 To 20 Years 1.78
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Assets by Country (%)11,12as of Mar 31, 2017

United States 85.91
Canada 4.46
Netherlands 3.59
Germany 2.73
Italy 1.36
Luxembourg 1.15
Other 0.81

Fund Holdings6,13as of Mar 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
Sprint Communications Inc 9.00% 11/15/2018 2.33%
Asurion 8.50% 03/03/2021 1.96%
CIT Group Inc 5.50% 02/15/2019 1.87%
Alliance Data Systems Corp 6.38% 04/01/2020 1.86%
NXP BV / NXP Funding LLC 3.75% 06/01/2018 1.82%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.75% 05/15/2017 1.78%
Motel 6 Trust 2015-MTL 5.28% 02/05/2030 1.78%
GLP Capital LP 2.79% 04/28/2021 1.74%
Alere Inc 7.25% 07/01/2018 1.64%
Avis Budget Car Rental LLC / Avis Budget Finance Inc 3.80% 12/01/2017 1.64%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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

No attribution information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 inception


Literature

Literature

Fact Sheet

Download - Last updated: Mar 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

SAI

Download - Last updated: Mar 1, 2017

Semi-Annual Report

Download - Last updated: Apr 30, 2016

Summary Prospectus

Download - Last updated: Mar 1, 2017

XBRL

Download - Last updated: Mar 21, 2017