Overview

Historical Returns (%) as of Mar 31, 2024

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.
 

Fund Facts as of Mar 31, 2024

Class R6 Inception 06/30/2023
Investment Objective High current income
Total Net Assets $938.9M
Minimum Investment $5000000
Expense Ratio2 0.60%
CUSIP 27826A532

Top 10 Issuers (%)3 as of Feb 29, 2024

Ford Motor Company 2.01
Charter Communications 1.51
GFL Environmental 1.33
Transdigm Inc 1.07
Venture Global LNG Inc 1.02
Clarios 0.79
Medline LP 0.79
Tenet Healthcare Corp. 0.77
Inspire Brands 0.77
Wesco Distribution Inc 0.76
Total 10.82
 

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.

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. 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. 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, 2024

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.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV
ICE BofA U.S. High Yield Index1 2.50 -4.64 17.49 7.48 -2.26 14.41 6.17 5.36 -11.22 13.46
 

Fund Facts

Class R6 Inception 06/30/2023
Expense Ratio2 0.60%
Distribution Frequency

Yield Information as of Mar 31, 2024

Distribution Rate at NAV 6.53%
SEC 30-day Yield5 6.58%
 

NAV History

Date NAV NAV Change
Apr 12, 2024 $4.14 -$0.01
Apr 11, 2024 $4.15 $0.00
Apr 10, 2024 $4.15 -$0.02
Apr 09, 2024 $4.17 $0.00
Apr 08, 2024 $4.17 $0.00
Apr 05, 2024 $4.17 $0.00
Apr 04, 2024 $4.17 $0.00
Apr 03, 2024 $4.17 $0.00
Apr 02, 2024 $4.17 -$0.01
Apr 01, 2024 $4.18 -$0.01
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Mar 28, 2024 $0.02319 $4.19
Feb 29, 2024 $0.02207 $4.16
Jan 31, 2024 $0.02183 $4.17
Dec 29, 2023 $0.02300 $4.18
Nov 30, 2023 $0.02226 $4.06
Oct 31, 2023 $0.02203 $3.93
Sep 29, 2023 $0.02232 $4.00
Aug 31, 2023 $0.02205 $4.07
Jul 31, 2023 $0.02119 $4.08
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.

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. 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. 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 Feb 29, 2024

Portfolio Statistics as of Feb 29, 2024

Number of Issuers 303
Number of Holdings ex cash 503
Average Coupon 6.17%
Average Maturity 5.54 yrs.
Average Effective Maturity 4.66 yrs.
Average Duration 3.38 yrs.
Average Price $93.54
 

Sector Breakdown (%)3 as of Feb 29, 2024

Healthcare 10.25
Energy 8.93
Services 7.58
Diversified Financial Services 6.08
Technology 4.33
Utility 4.09
Automotive & Auto Parts 3.89
Homebuilders & Real Estate 3.71
Super Retail 3.70
Leisure 3.61
View All

Credit Quality (%) as of Feb 29, 2024

AA 0.20
BBB 6.23
BB 38.25
B 39.93
CCC or Lower 9.99
NR 5.40
Credit quality ratings on underlying securities of the fund are provided by S&P, Moody’s and Fitch. This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P major rating category. 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 an issuance based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s 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 Feb 29, 2024

Less Than 1 Year 1.09
1 To 3 Years 13.30
3 To 5 Years 32.71
5 To 10 Years 49.38
10 To 20 Years 2.27
20 To 30 Years 0.23
More Than 30 Years 1.02
Total 100.00

Assets by Country (%)7,8 as of Feb 29, 2024

United States 84.63
Canada 5.73
United Kingdom 2.73
Cayman Islands 1.46
France 1.31
Other 4.15
 

Fund Holdings3,9 as of Feb 29, 2024

Holding Coupon Rate Maturity Date % of Net Assets
MSILF GOVERNMENT PORTFOLIO 5.21% 12/31/2030 2.88%
iShares Broad USD High Yield Corporate Bond ETF 0.00% 2.54%
Medline Borrower LP 5.25% 10/01/2029 0.78%
GFL Environmental Inc 4.75% 06/15/2029 0.63%
Arsenal AIC Parent LLC 11.50% 10/01/2031 0.62%
AlixPartners, LLP 7.94% 02/04/2028 0.56%
Inspire Brands 8.18% 12/15/2027 0.54%
Heartland Dental LLC / Heartland Dental Finance Corp 10.50% 04/30/2028 0.51%
Mavis Tire Express Services Topco Corp 6.50% 05/15/2029 0.50%
Smyrna Ready Mix Concrete LLC 6.00% 11/01/2028 0.49%
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.

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. 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. 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

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 2014

 
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 2014

 
Jeffrey D. Mueller

Jeffrey D. Mueller

Managing Director, Co-Head of Fixed Income and Co-Head of High Yield
Joined Eaton Vance 2015

Biography

Jeffrey Mueller is Co-Head of Fixed Income. In this capacity he, along with his Co-Head, is responsible for managing the seven fixed income investment teams and developing and growing the business. In addition, Jeff is the Co-Head of High Yield and a portfolio manager on the High Yield team. In this capacity 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 joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

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

Annual Report

Download Annual Report - Last updated: Oct 31, 2023

Full Prospectus

Download Full Prospectus - Last updated: Mar 1, 2024

Q1 Holdings

Download Q1 Holdings - Last updated: Jan 31, 2024

Q3 Holdings

Download Q3 Holdings - Last updated: Jul 31, 2023

SAI

Download SAI - Last updated: Mar 1, 2024

Semi-Annual Report

Download Semi-Annual Report - Last updated: Apr 30, 2023

Summary Prospectus

Download Summary Prospectus - Last updated: Mar 1, 2024