Overview

Historical Returns (%) as of Sep 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.
 

Fund Facts as of Aug 31, 2022

Performance Inception 05/01/2018
Investment Objective Total return
Total Net Assets $6.3M
Minimum Investment $1000000
Expense Ratio (Gross)2,3 2.50%
Expense Ratio (Net)2,3 0.87%
Adjusted Expense Ratio (Gross) 2.48%
Adjusted Expense Ratio (Net) 0.85%
CUSIP 27826A698
Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance.
 

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 foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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.
 

Fund Facts

Expense Ratio (Gross)2,3 2.50%
Expense Ratio (Net)2,3 0.87%
Adjusted Expense Ratio (Gross) 2.48%
Adjusted Expense Ratio (Net) 0.85%
Performance Inception 05/01/2018
Distribution Frequency Monthly
Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance.

Yield Information as of Aug 31, 2022

Distribution Rate at NAV 7.08%
Subsidized SEC 30-day Yield5 7.21%
Unsubsidized SEC 30-day Yield 5.11%
 

NAV History

Date NAV NAV Change
Oct 05, 2022 $6.84 -$0.06
Oct 04, 2022 $6.90 $0.05
Oct 03, 2022 $6.85 $0.01
Sep 30, 2022 $6.84 -$0.01
Sep 29, 2022 $6.85 -$0.05
Sep 28, 2022 $6.90 -$0.04
Sep 27, 2022 $6.94 -$0.06
Sep 26, 2022 $7.00 -$0.09
Sep 23, 2022 $7.09 -$0.06
Sep 22, 2022 $7.15 -$0.06
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Sep 29, 2022 $0.04310 $6.85
Aug 30, 2022 $0.04310 $7.33
Jul 28, 2022 $0.04310 $7.26
Jun 29, 2022 $0.04310 $7.21
May 27, 2022 $0.04310 $7.75
Apr 28, 2022 $0.04310 $7.83
Mar 30, 2022 $0.04310 $8.34
Feb 25, 2022 $0.04310 $8.65
Jan 28, 2022 $0.04310 $9.30
Dec 30, 2021 $0.04310 $9.65
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
Dec 30, 2019 $0.05670 $10.45
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 foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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

Fund Weightings (%)7 as of Jun 30, 2022

External Sovereign 75.45
Corporate 16.78
Loan 9.84

Portfolio Statistics as of Jun 30, 2022

Countries Represented 38
 

Credit Quality (%)8 as of Jun 30, 2022

AAA 0.00
AA 0.00
A 4.38
BBB 21.46
BB 31.05
B 31.88
CCC or Lower 6.38
Not Rated 4.85
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. 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'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.

Portfolio Characteristics (%) as of Jun 30, 2022

Interest-Rate Duration (yrs.)
United States 6.95
Credit Spread Duration (yrs.)
Sovereign 5.11
Corporate 0.95
 

Credit Exposures by Country (contribution to credit spread duration in years)9,10 as of Jun 30, 2022

Indonesia 0.07
Vietnam 0.07
Tanzania 0.07
Brazil 0.06
Suriname 0.05
Egypt 0.05
Mexico 0.04
Armenia 0.03
Jamaica 0.03
Bahrain 0.03
View All

Credit Exposures by Country (%)7 as of Jun 30, 2022

Indonesia 7.30
Vietnam 7.07
Tanzania 6.62
Brazil 6.34
Suriname 5.12
Egypt 4.50
Mexico 4.16
Kenya 3.23
Barbados 3.12
Armenia 3.12
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 foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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

John R. Baur

John R. Baur

Managing Director, Co-Head of Emerging Markets
Joined Eaton Vance 2005

Biography

John is Co-Head of Emerging Markets and portfolio manager for the Emerging Markets team. He is responsible for co-leading the team with investment professionals based in Boston, Washington, D.C., London and Singapore, as well as for buy and sell decisions, portfolio construction and risk management for the team’s emerging markets strategies. He joined Eaton Vance in 2005. Morgan Stanley acquired Eaton Vance in March 2021.

John began his career in the investment management industry in 2005. Before joining Eaton Vance, he was employed by Applied Materials in an engineering capacity, spending five of his seven years at the firm in Asia.

John earned a B.S. from MIT and an MBA from the Johnson Graduate School of Management at Cornell University.

Education
  • B.S. Massachusetts Institute of Technology
  • M.B.A. Johnson Graduate School of Management, Cornell University

Experience
  • Managed Fund since inception

 
Akbar A. Causer

Akbar A. Causer

Managing Director, Portfolio Manager
Joined Eaton Vance 2017

Biography

Akbar Causer is a portfolio manager on the Emerging Markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the team’s emerging markets strategies. He joined Eaton Vance in 2017. Morgan Stanley acquired Eaton Vance in March 2021.

Akbar began his career in the investment management industry in 2005. Before joining Eaton Vance, he was a senior analyst at DDJ Capital Management. Previously, he was affiliated with Littlejohn & Co. and Rothschild, Inc.

Akbar earned a B.A. from the University of Pennsylvania and an MBA from Harvard Business School.

Education
  • B.A. University of Pennsylvania
  • M.B.A. Harvard Business School

Experience
  • Managed Fund since 2021

 
Federico Sequeda, CFA

Federico Sequeda, CFA

Executive Director, Portfolio Manager
Joined Eaton Vance 2010

Biography

Federico Sequeda is a portfolio manager on the Emerging Markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the team’s emerging markets strategies. He joined Eaton Vance in 2010. Morgan Stanley acquired Eaton Vance in March 2021.

Federico began his career in the investment management industry in 2009. Before joining Eaton Vance, he was an investment associate with Bridgewater Associates, LP.

Federico earned a B.A., magna cum laude, from Dartmouth College. He is a CFA charterholder.

Education
  • B.A. Dartmouth College

Experience
  • Managed Fund since 2021

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Jun 30, 2022

Annual Report

Download Annual Report - Last updated: Jan 31, 2022

Full Prospectus

Download Full Prospectus - Last updated: Jun 1, 2022

Emerging Markets Debt Fund Holdings

Download Emerging Markets Debt Fund Holdings - Last updated: Aug 31, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Apr 30, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Oct 31, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Jun 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Jul 31, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: Jun 1, 2022