Eaton Vance International (Ireland) U.S. High Yield Bond Fund A Acc USD (EHATD)

Overview

The fund described is focused on generating a high level of current income for its investors, with a strategic approach to investment that involves a diversification across various high yielding, fixed-income, and floating rate debt securities. Primarily targeting the U.S. market, the fund dedicates a significant portion of its assets towards securities from issuers based in or significantly operating within the U.S. These securities are often in the lower investment grade or below, indicating a higher yield but also a higher risk compared to top-rated bonds. Through careful selection and management, the fund aims to balance risk with the potential for income and capital appreciation.

Products and Services

The fund’s investment strategy is structured around the following key areas:

• Diversified Portfolio of Fixed-Income and Floating Rate Debt Securities:

At least two-thirds of the fund's total assets are invested in a diverse array of high-yielding fixed income and floating rate debt securities. These investments are strategically chosen from issuers either located in the U.S. or those that derive a significant portion of their revenues or profits from the U.S. market. By focusing on securities that are within the lowest investment grade and lower rated obligations, the fund aims to achieve its objective of high current income.

• Convertible Debt Securities:

Up to a maximum of 25% of the fund’s net assets may be allocated towards convertible debt securities. These financial instruments offer the potential for income through interest payments along with the opportunity for capital appreciation, as they can be converted into a predetermined number of the issuer’s equity shares under specific conditions. This blend of fixed-income security and equity-like features allows for a balanced risk-return profile, contributing to the fund's income and potential for capital growth.

• Common Stocks and Other Transferable Equity Securities:

A portion of the fund’s assets, up to 10%, may be invested in common stocks and other transferable equity securities. This allocation is pursued when it aligns with the fund's overarching objective of income generation or is deemed suitable for capital appreciation purposes. Additionally, the fund may acquire these equity securities in conjunction with fixed income securities as part of a unit, thereby opening avenues for enhanced returns while adhering to the fund’s investment strategy.