Overview
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| Annualized | |||||||
| 1 Mo. | 3 Mos. | YTD | 1 Yr. | 3 Yrs. | 5 Yrs. | 10 Yrs. | |
| 10/31/2024 | |||||||
|---|---|---|---|---|---|---|---|
| Fund at NAV | 0.22 | 1.79 | 6.28 | 9.80 | 3.92 | 4.11 | 4.09 |
| ICE BofA U.S. High Yield Cash Pay BB-B 1-3 Year Index1 | 0.09 | 2.04 | 6.47 | 11.21 | 4.81 | 4.45 | 4.64 |
| 09/30/2024 | |||||||
| Fund at NAV | 0.68 | 2.50 | 6.05 | 9.17 | 3.92 | 4.08 | 4.17 |
| ICE BofA U.S. High Yield Cash Pay BB-B 1-3 Year Index1 | 0.97 | 3.26 | 6.38 | 10.68 | 4.84 | 4.48 | 4.72 |
| 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. | |||||||
| Class I Inception | 10/31/2013 |
| Performance Inception | 02/21/2012 |
| Investment Objective | Total return |
| Total Net Assets | $85.2M |
| Minimum Investment | $1000000 |
| Expense Ratio (Gross)2 | 0.90% |
| Expense Ratio (Net)2,3 | 0.66% |
| CUSIP | 27826A839 |
| NCL Corporation Ltd. | 2.22 |
| Carnival Corp | 1.60 |
| Venture Global LNG Inc | 1.54 |
| Dave & Busters Inc | 1.51 |
| Charter Communications | 1.44 |
| Vistra Operating Partners LLC | 1.44 |
| GFL Environmental Inc | 1.40 |
| Transdigm Inc | 1.35 |
| Caesars Entertainment Inc | 1.33 |
| Royal Caribbean Cruises Ltd. | 1.27 |
| Total | 15.10 |
| Time Period | Rating | Funds in High Yield Bond Category |
| Overall | 588 | |
| 3 Years | 588 | |
| 5 Years | 553 | |
| 10 Years | 422 | |
| 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. |
| Kelley Gerrity | Managed Fund since 2019 | ||
| Stephen C. Concannon, CFA | Managed Fund since 2019 |
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. 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. | |
| 10/31/2024 | |||||||
|---|---|---|---|---|---|---|---|
| Fund at NAV | 0.22 | 1.79 | 6.28 | 9.80 | 3.92 | 4.11 | 4.09 |
| ICE BofA U.S. High Yield Cash Pay BB-B 1-3 Year Index1 | 0.09 | 2.04 | 6.47 | 11.21 | 4.81 | 4.45 | 4.64 |
| Morningstar High Yield Bond Category5 | -0.45 | 2.27 | 6.85 | 14.83 | 2.77 | 4.02 | 4.04 |
| 09/30/2024 | |||||||
| Fund at NAV | 0.68 | 2.50 | 6.05 | 9.17 | 3.92 | 4.08 | 4.17 |
| ICE BofA U.S. High Yield Cash Pay BB-B 1-3 Year Index1 | 0.97 | 3.26 | 6.38 | 10.68 | 4.84 | 4.48 | 4.72 |
| 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. 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. | |||||||
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| Fund at NAV | 1.44 | 0.20 | 9.39 | 4.71 | -0.41 | 8.80 | 3.02 | 4.89 | -3.10 | 8.44 |
| ICE BofA U.S. High Yield Cash Pay BB-B 1-3 Year Index1 | 1.97 | 0.30 | 10.56 | 4.71 | 2.21 | 8.83 | 2.52 | 4.27 | -2.55 | 10.45 |
| Class I Inception | 10/31/2013 |
| Performance Inception | 02/21/2012 |
| Expense Ratio (Gross)2 | 0.90% |
| Expense Ratio (Net)2,3 | 0.66% |
| Distribution Frequency | Monthly |
| Distribution Rate at NAV | 6.51% |
| Subsidized SEC 30-day Yield | 6.14% |
| Unsubsidized SEC 30-day Yield | 5.94% |
| Time Period | Rating | Funds in High Yield Bond Category |
| Overall | 588 | |
| 3 Years | 588 | |
| 5 Years | 553 | |
| 10 Years | 422 | |
| 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 |
| Nov 20, 2024 | $8.98 | -$0.01 |
| Nov 19, 2024 | $8.99 | $0.01 |
| Nov 18, 2024 | $8.98 | $0.01 |
| Nov 15, 2024 | $8.97 | -$0.02 |
| Nov 14, 2024 | $8.99 | $0.00 |
| Nov 13, 2024 | $8.99 | $0.00 |
| Nov 12, 2024 | $8.99 | -$0.01 |
| Nov 11, 2024 | $9.00 | $0.00 |
| Nov 08, 2024 | $9.00 | $0.01 |
| Nov 07, 2024 | $8.99 | $0.01 |
| Ex-Date | Distribution | Reinvest NAV |
| Oct 31, 2024 | $0.04944 | $8.97 |
| Sep 30, 2024 | $0.05089 | $9.00 |
| Aug 30, 2024 | $0.04967 | $8.99 |
| Jul 31, 2024 | $0.05114 | $8.96 |
| Jun 28, 2024 | $0.04919 | $8.93 |
| May 31, 2024 | $0.04977 | $8.91 |
| Apr 30, 2024 | $0.04915 | $8.88 |
| Mar 28, 2024 | $0.04919 | $8.93 |
| Feb 29, 2024 | $0.04841 | $8.90 |
| Jan 31, 2024 | $0.04883 | $8.91 |
| 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.
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
|
|
|
| Corporate Bonds | 80.49 |
| Floating Rate Loans | 14.21 |
| Other | 3.00 |
| Cash | 2.30 |
| Number of Issuers | 159 |
| Number of Holdings ex cash | 195 |
| Average Coupon | 6.39% |
| Average Maturity | 3.45 yrs. |
| Average Effective Maturity | 2.41 yrs. |
| Average Duration | 1.59 yrs. |
| Effective Duration | 1.37 yrs. |
| Average Price | $98.61 |
| Yield to Worst8 | 6.61% |
| Healthcare | 8.54 |
| Leisure | 8.39 |
| Energy | 7.72 |
| Services | 7.32 |
| Super Retail | 5.73 |
| Diversified Financial Services | 5.71 |
| Gaming | 5.18 |
| Technology | 4.01 |
| Insurance | 3.80 |
| Homebuilders & Real Estate | 3.58 |
| View All |
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|
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| BBB | 3.79 |
| BB | 40.14 |
| B | 39.46 |
| CCC or Lower | 12.33 |
| NR | 4.27 |
| 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 | 11.09 |
| 1 To 3 Years | 43.02 |
| 3 To 5 Years | 38.13 |
| 5 To 10 Years | 7.51 |
| 10 To 20 Years | 0.00 |
| 20 To 30 Years | 0.00 |
| More Than 30 Years | 0.24 |
| Total | 100.00 |
| United States | 86.61 |
| Canada | 5.46 |
| United Kingdom | 2.56 |
| France | 1.41 |
| Other | 3.97 |
| Holding | Coupon Rate | Maturity Date | % of Net Assets |
| MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO | 4.80% | 12/31/2030 | 1.97% |
| NCL Corp Ltd | 5.88% | 03/15/2026 | 1.66% |
| GFL Environmental Inc | 3.75% | 08/01/2025 | 1.41% |
| Venture Global LNG Inc | 8.13% | 06/01/2028 | 1.33% |
| Truist Insurance Holdings LLC | 9.35% | 05/06/2032 | 1.29% |
| TransDigm Inc | 4.63% | 01/15/2029 | 1.26% |
| PetSmart, Inc. | 8.70% | 02/11/2028 | 1.24% |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | 6.75% | 10/15/2027 | 1.24% |
| Caesars Entertainment Inc. | 7.60% | 02/06/2031 | 1.18% |
| Starwood Property Trust Inc | 3.75% | 12/31/2024 | 1.15% |
| 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. 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
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
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
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
Report of Organizational Actions Affecting Basis of Securities
Download Report of Organizational Actions Affecting Basis of Securities - Last updated: Jan 21, 2021
