Overview

Historical Returns (%) as of Jun 30, 2022

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. The share class has no sales charge.
 

Fund Facts as of Aug 31, 2022

Class I Inception 10/31/2013
Performance Inception 02/21/2012
Investment Objective Total return
Total Net Assets $70.4M
Minimum Investment $1000000
Expense Ratio (Gross)1,2 0.96%
Expense Ratio (Net)1,2 0.66%
CUSIP 27826A839

Top 10 Issuers (%)3 as of Aug 31, 2022

Ford Motor Company 6.02
Sprint Corp. 4.31
Caesars Entertainment 2.51
HCA Inc. 1.88
Dave & Busters Inc 1.64
Compass Minerals Int'l Inc. 1.61
Int'l Game Technology 1.56
Transdigm Inc. 1.54
Clarios 1.51
Navient Corp. 1.48
Total 24.06
 

Morningstar Rating™ as of Aug 31, 2022

Time Period Rating Funds in
High Yield Bond
Category
Overall 630
3 Years 630
5 Years 576
10 Years 395
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.

©2022 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.

RISK CONSIDERATIONS 

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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 Jun 30, 2022

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. The share class has no sales charge.
 

Calendar Year Returns (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 6.07 1.43 0.20 9.39 4.71 -0.41 8.80 3.02 4.89
ICE BofA U.S. High Yield Cash Pay BB-B 1-3 Year Index 10.21 6.15 1.97 0.30 10.56 4.71 2.21 8.83 2.52 4.27
 

Fund Facts

Expense Ratio (Gross)1,2 0.96%
Expense Ratio (Net)1,2 0.66%
Class I Inception 10/31/2013
Performance Inception 02/21/2012
Distribution Frequency Monthly

Yield Information as of Aug 31, 2022

Distribution Rate at NAV 4.99%
Subsidized SEC 30-day Yield5 5.92%
Unsubsidized SEC 30-day Yield 5.71%
 

Morningstar Rating™ as of Aug 31, 2022

Time Period Rating Funds in
High Yield Bond
Category
Overall 630
3 Years 630
5 Years 576
10 Years 395
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.

©2022 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
Sep 30, 2022 $8.64 $0.01
Sep 29, 2022 $8.63 -$0.02
Sep 28, 2022 $8.65 $0.02
Sep 27, 2022 $8.63 -$0.02
Sep 26, 2022 $8.65 -$0.04
Sep 23, 2022 $8.69 -$0.05
Sep 22, 2022 $8.74 -$0.04
Sep 21, 2022 $8.78 $0.01
Sep 20, 2022 $8.77 -$0.01
Sep 19, 2022 $8.78 $0.01
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Aug 31, 2022 $0.03735 $8.81
Jul 29, 2022 $0.03328 $8.93
Jun 30, 2022 $0.03302 $8.72
May 31, 2022 $0.03198 $9.07
Apr 29, 2022 $0.03187 $9.16
Mar 31, 2022 $0.03294 $9.27
Feb 28, 2022 $0.03315 $9.33
Jan 31, 2022 $0.02830 $9.39
Dec 31, 2021 $0.02943 $9.50
Nov 30, 2021 $0.02976 $9.43
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.

RISK CONSIDERATIONS 

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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 Aug 31, 2022

Portfolio Statistics as of Aug 31, 2022

Number of Issuers 115
Number of Holdings ex cash 136
Average Coupon 5.97%
Average Maturity 2.77 yrs.
Average Effective Maturity 2.57 yrs.
Average Duration 2.09 yrs.
Effective Duration 2.01 yrs.
Yield to Worst7 7.21%
 

Sector Breakdown (%)3 as of Aug 31, 2022

Automotive & Auto Parts 8.64
Energy 8.00
Healthcare 7.93
Diversified Financial Services 6.44
Gaming 6.24
Telecommunications 5.96
Services 5.64
Homebuilders & Real Estate 5.39
Leisure 4.88
Technology 4.11
View All

Credit Quality (%) as of Aug 31, 2022

BBB 4.42
BB 47.07
B 36.47
CCC or Lower 8.13
NR 3.91
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 Aug 31, 2022

Less Than 1 Year 2.20
1 To 3 Years 59.29
3 To 5 Years 33.71
5 To 10 Years 3.83
10 To 20 Years 0.97
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Assets by Country (%)8,9 as of Aug 31, 2022

United States 87.32
Canada 4.85
United Kingdom 2.65
United Arab Emirates 1.45
Australia 1.43
Luxembourg 1.18
Other 1.13
 

Fund Holdings3,10 as of Jul 31, 2022

Holding Coupon Rate Maturity Date % of Net Assets
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 1.43% 12/31/2030 5.10%
iShares 0-5 Year High Yield Corporate Bond ETF 0.00% 4.78%
Ford Motor Credit Co LLC 3.66% 09/08/2024 3.32%
Sprint Corp 7.88% 09/15/2023 2.25%
HCA Inc 5.38% 02/01/2025 1.86%
Bread Financial Holdings Inc 4.75% 12/15/2024 1.66%
International Game Technology PLC 6.50% 02/15/2025 1.57%
Dave & Buster's Inc 7.63% 11/01/2025 1.56%
Compass Minerals International Inc 4.88% 07/15/2024 1.51%
New Gold Inc 7.50% 07/15/2027 1.40%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

Kelley Gerrity

Kelley Gerrity

Managing Director, Portfolio Manager
Joined Eaton Vance 2005

Biography

Kelley Gerrity is a portfolio manager on the High Yield team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm's high yield strategies. She joined Eaton Vance in 2005. Morgan Stanley acquired Eaton Vance in March 2021.

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

 
Stephen C. Concannon, CFA

Stephen C. Concannon, CFA

Managing Director, Co-Head of High Yield
Joined Eaton Vance 2000

Biography

Stephen Concannon is the Co-Head of High Yield and a portfolio manager on the 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; Morgan Stanley acquired Eaton Vance in March 2021.

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 2019

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Jun 30, 2022

Report of Organizational Actions Affecting Basis of Securities

Download Report of Organizational Actions Affecting Basis of Securities - Last updated: Jan 21, 2021

Annual Report

Download Annual Report - Last updated: Oct 31, 2021

Full Prospectus

Download Full Prospectus - Last updated: Mar 1, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Jan 31, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Jul 31, 2022

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Mar 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Apr 30, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: Mar 1, 2022