Overview
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| Annualized | |||||||
| 1 Mo. | 3 Mos. | YTD | 1 Yr. | 3 Yrs. | 5 Yrs. | 10 Yrs. | |
| 11/30/2024 | |||||||
|---|---|---|---|---|---|---|---|
| Fund at NAV | 1.06 | 1.48 | 7.56 | 11.12 | 3.99 | 4.43 | 4.50 |
| Fund w/Max Sales Charge | -2.31 | -1.89 | 4.12 | 7.47 | 2.82 | 3.73 | 4.16 |
| ICE BofA U.S. High Yield Index1 | 1.15 | 2.23 | 8.67 | 12.67 | 3.70 | 4.56 | 4.97 |
| 09/30/2024 | |||||||
| Fund at NAV | 0.87 | 3.84 | 6.92 | 13.38 | 3.50 | 4.43 | 4.53 |
| Fund w/Max Sales Charge | -2.48 | 0.52 | 3.49 | 9.59 | 2.36 | 3.73 | 4.18 |
| ICE BofA U.S. High Yield Index1 | 1.63 | 5.28 | 8.03 | 15.66 | 3.08 | 4.54 | 4.95 |
| 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. Max Sales Charge: 3.25%. | |||||||
| Class A Inception | 06/15/1972 |
| Investment Objective | High current income |
| Total Net Assets | $5.7B |
| Minimum Investment | $1000 |
| Expense Ratio (Gross)2 | 1.02% |
| Expense Ratio (Net)2,3 | 1.00% |
| CUSIP | 277907101 |
| Venture Global LNG Inc. | 1.69 |
| Charter Communications | 1.57 |
| Transdigm Inc | 1.46 |
| Clarios Global LP | 1.37 |
| GFL Envioronmental Inc. | 1.33 |
| NRG Energy Inc. | 1.24 |
| Chobani LLC | 1.15 |
| Wesco Distribution Inc | 0.96 |
| Allied Universal LLC | 0.86 |
| Standard Industries | 0.86 |
| Total | 12.49 |
| Time Period | Rating | Funds in High Yield Bond Category |
| Overall | 584 | |
| 3 Years | 584 | |
| 5 Years | 548 | |
| 10 Years | 420 | |
| 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. ©2024 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. |
| Stephen C. Concannon, CFA | Managed Fund since 2014 | ||
| Kelley Gerrity | Managed Fund since 2019 | ||
| Jeffrey D. Mueller | Managed Fund since 2019 |
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 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.
See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.
Performance
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| Annualized | |||||||
| 1 Mo. | 3 Mos. | YTD | 1 Yr. | 3 Yrs. | 5 Yrs. | 10 Yrs. | |
| 11/30/2024 | |||||||
|---|---|---|---|---|---|---|---|
| Fund at NAV | 1.06 | 1.48 | 7.56 | 11.12 | 3.99 | 4.43 | 4.50 |
| Fund w/Max Sales Charge | -2.31 | -1.89 | 4.12 | 7.47 | 2.82 | 3.73 | 4.16 |
| ICE BofA U.S. High Yield Index1 | 1.15 | 2.23 | 8.67 | 12.67 | 3.70 | 4.56 | 4.97 |
| Morningstar High Yield Bond Category5 | 1.09 | 1.96 | 8.02 | 11.57 | 3.47 | 4.17 | 4.21 |
| 09/30/2024 | |||||||
| Fund at NAV | 0.87 | 3.84 | 6.92 | 13.38 | 3.50 | 4.43 | 4.53 |
| Fund w/Max Sales Charge | -2.48 | 0.52 | 3.49 | 9.59 | 2.36 | 3.73 | 4.18 |
| ICE BofA U.S. High Yield Index1 | 1.63 | 5.28 | 8.03 | 15.66 | 3.08 | 4.54 | 4.95 |
| Morningstar High Yield Bond Category5 | 1.31 | 4.41 | 7.36 | 14.05 | 2.87 | 4.17 | 4.17 |
| 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. Max Sales Charge: 3.25%. | |||||||
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| Fund at NAV | 2.54 | -2.05 | 12.66 | 6.00 | -2.80 | 13.27 | 4.82 | 5.54 | -8.18 | 11.77 |
| 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 |
| Class A Inception | 06/15/1972 |
| Expense Ratio (Gross)2 | 1.02% |
| Expense Ratio (Net)2,3 | 1.00% |
| Distribution Frequency | Monthly |
| Distribution Rate at NAV | 5.92% |
| SEC 30-day Yield6 | 5.51% |
| Time Period | Rating | Funds in High Yield Bond Category |
| Overall | 584 | |
| 3 Years | 584 | |
| 5 Years | 548 | |
| 10 Years | 420 | |
| 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. ©2024 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. |
| Date | NAV | NAV Change |
| Dec 20, 2024 | $5.19 | $0.01 |
| Dec 19, 2024 | $5.18 | -$0.02 |
| Dec 18, 2024 | $5.20 | -$0.02 |
| Dec 17, 2024 | $5.22 | -$0.01 |
| Dec 16, 2024 | $5.23 | $0.00 |
| Dec 13, 2024 | $5.23 | -$0.01 |
| Dec 12, 2024 | $5.24 | -$0.01 |
| Dec 11, 2024 | $5.25 | $0.00 |
| Dec 10, 2024 | $5.25 | $0.00 |
| Dec 09, 2024 | $5.25 | $0.00 |
| Ex-Date | Distribution | Reinvest NAV |
| Nov 29, 2024 | $0.02541 | $5.24 |
| Oct 31, 2024 | $0.02617 | $5.21 |
| Sep 30, 2024 | $0.02551 | $5.26 |
| Aug 30, 2024 | $0.02584 | $5.24 |
| Jul 31, 2024 | $0.02543 | $5.19 |
| Jun 28, 2024 | $0.02597 | $5.14 |
| May 31, 2024 | $0.02528 | $5.12 |
| Apr 30, 2024 | $0.02515 | $5.08 |
| Mar 28, 2024 | $0.02532 | $5.15 |
| Feb 29, 2024 | $0.02437 | $5.11 |
| 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 |
| 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 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.
See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.
Portfolio
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|
|
| Corporate Bonds | 87.65 |
| Floating Rate Loans | 7.35 |
| Other | 1.88 |
| Cash | 3.12 |
| Number of Issuers | 253 |
| Number of Holdings ex cash | 431 |
| Average Coupon | 6.28% |
| Average Maturity | 5.93 yrs. |
| Average Effective Maturity | 4.19 yrs. |
| Average Duration | 3.14 yrs. |
| Average Price | $97.60 |
| Healthcare | 10.31 |
| Energy | 9.55 |
| Services | 7.54 |
| Utility | 5.37 |
| Super Retail | 5.09 |
| Food, Beverage & Tobacco | 4.83 |
| Technology | 4.55 |
| Leisure | 4.09 |
| Aerospace | 3.60 |
| Diversified Financial Services | 3.55 |
| View All |
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| BBB | 2.67 |
| BB | 44.22 |
| B | 37.76 |
| CCC or Lower | 12.09 |
| NR | 3.26 |
| 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. |
|
|
|
| Less Than 1 Year | 0.76 |
| 1 To 3 Years | 11.86 |
| 3 To 5 Years | 45.36 |
| 5 To 10 Years | 38.97 |
| 10 To 20 Years | 0.64 |
| 20 To 30 Years | 0.97 |
| More Than 30 Years | 1.43 |
| Total | 100.00 |
| United States | 85.36 |
| Canada | 5.52 |
| United Kingdom | 3.14 |
| France | 1.25 |
| Other | 4.74 |
| Holding | Coupon Rate | Maturity Date | % of Net Assets |
| MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO | 4.76% | 12/31/2030 | 3.55% |
| Medline Borrower LP | 5.25% | 10/01/2029 | 0.78% |
| CCO Holdings LLC / CCO Holdings Capital Corp | 4.50% | 08/15/2030 | 0.76% |
| AthenaHealth Group Inc | 6.50% | 02/15/2030 | 0.67% |
| Arsenal AIC Parent LLC | 11.50% | 10/01/2031 | 0.65% |
| Heartland Dental LLC / Heartland Dental Finance Corp | 10.50% | 04/30/2028 | 0.61% |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 6.75% | 10/15/2027 | 0.60% |
| Rolls-Royce PLC | 5.75% | 10/15/2027 | 0.59% |
| FORTRESS INTERMEDIATE 3 INC TERM LOAN B | 0.00% | 06/27/2031 | 0.57% |
| Carnival Corp | 6.00% | 05/01/2029 | 0.54% |
| 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 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.
See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.
Management
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
Other funds managed
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 2019
Other funds managed
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
Other funds managed
Literature
Literature
Fact Sheet
Download Fact Sheet - Last updated: Sep 30, 2024
Annual Financial Statements and Add'l Information
Semi-Annual Financial Statements and Add'l Information
Download Semi-Annual Financial Statements and Add'l Information
Commentary
Download Commentary - Last updated: Sep 30, 2024
Attribution
Download Attribution - Last updated: Nov 30, 2024
Report of Organizational Actions Affecting Basis of Securities
Download Report of Organizational Actions Affecting Basis of Securities - Last updated: Jan 21, 2021
Report of Organizational Actions Affecting Basis of Securities
Download Report of Organizational Actions Affecting Basis of Securities - Last updated: Jan 15, 2020
