Overview

Historical Returns (%) as of Jun 30, 2021

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, 2021

Performance Inception 05/01/2018
Investment Objective Total return
Total Net Assets $8.8M
Minimum Investment $250000
Expense Ratio (Gross)2,3 3.09%
Expense Ratio (Net)2,3 0.86%
Adjusted Expense Ratio (Gross) 3.08%
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.

About Risk: 

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, 2021

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 3.09%
Expense Ratio (Net)2,3 0.86%
Adjusted Expense Ratio (Gross) 3.08%
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, 2021

Distribution Rate at NAV 5.06%
Subsidized SEC 30-day Yield5 5.02%
Unsubsidized SEC 30-day Yield 3.37%
 

NAV History

Date NAV NAV Change
Sep 17, 2021 $10.23 -$0.02
Sep 16, 2021 $10.25 -$0.01
Sep 15, 2021 $10.26 $0.01
Sep 14, 2021 $10.25 $0.02
Sep 13, 2021 $10.23 $0.02
Sep 10, 2021 $10.21 $0.00
Sep 09, 2021 $10.21 $0.00
Sep 08, 2021 $10.21 -$0.01
Sep 07, 2021 $10.22 -$0.01
Sep 03, 2021 $10.23 -$0.01
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Aug 30, 2021 $0.04310
Jul 29, 2021 $0.04310 $10.11
Jun 29, 2021 $0.04310 $10.14
May 27, 2021 $0.04310 $10.15
Apr 29, 2021 $0.04310 $10.07
Mar 30, 2021 $0.04310 $9.82
Feb 25, 2021 $0.04310 $10.10
Jan 28, 2021 $0.04310 $10.35
Dec 30, 2020 $0.04310 $10.51
Nov 27, 2020 $0.04310 $10.23
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
Aug 08, 2019 $0.00330 $0.06490 $10.44
Dec 28, 2018 $0.07600 $9.56
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.

About Risk: 

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, 2021

External Sovereign 80.83
Corporate 5.13
Loan 12.51

Portfolio Statistics as of Jun 30, 2021

Countries Represented 28
 

Credit Quality (%)8 as of Jun 30, 2021

AAA 0.00
AA 0.00
A 0.00
BBB 16.02
BB 16.78
B 56.86
CCC or Lower 5.48
Not Rated 4.87
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, 2021

Interest-Rate Duration (yrs.)
United States 7.32
Credit Spread Duration (yrs.)
Sovereign 7.28
Corporate 0.40
 

Credit Exposures by Country (contribution to credit spread duration in years)9,10 as of Jun 30, 2021

Ukraine 0.10
Egypt 0.10
Romania 0.09
Tanzania 0.07
Ivory Coast 0.05
Mexico 0.05
Indonesia 0.04
Turkey 0.04
Suriname 0.03
Paraguay 0.03
View All

Credit Exposures by Country (%)7 as of Jun 30, 2021

Ukraine 10.37
Egypt 9.84
Romania 9.18
Tanzania 6.66
Ivory Coast 5.16
Mexico 4.86
Indonesia 3.74
Turkey 3.50
Kenya 3.42
Brazil 3.13
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

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

Co-Director, Emerging Markets Team
Joined Eaton Vance 2005

Biography

John Baur is a vice president of Eaton Vance Management, co-director of emerging markets and portfolio manager on Eaton Vance’s emerging markets team. He is responsible for co-leading the emerging markets 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 firm’s emerging markets strategies. He joined Eaton Vance in 2005.

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

Vice President, Eaton Vance Management
Joined Eaton Vance 2017

Biography

Akbar Causer is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's emerging markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's emerging markets strategies. He joined Eaton Vance in 2017.

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 BA 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

Vice President, Eaton Vance Management
Joined Eaton Vance 2010

Biography

Federico Sequeda is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance's emerging markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's emerging markets strategies. He joined Eaton Vance in 2010.

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 - Last updated: Jun 30, 2021

Annual Report

Download - Last updated: Jan 31, 2021

Full Prospectus

Download - Last updated: Jun 1, 2021

Emerging Markets Debt Fund Holdings

Download - Last updated: Jul 31, 2021

Q1 Holdings

Download - Last updated: Apr 30, 2021

Q3 Holdings

Download - Last updated: Oct 31, 2020

Holdings - Form N-PORT

Download

SAI

Download - Last updated: Jun 1, 2021

Semi-Annual Report

Download - Last updated: Jul 31, 2021

Summary Prospectus

Download - Last updated: Jun 1, 2021