Overview

Growth of $10,000

10-year period ended 09/30/2017

  • Class A at NAV

Historical Returns (%) as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2017
Fund at NAV 1.55 -0.24 15.39 17.89 2.38 0.29 4.02
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 1.68 -1.52 12.93 15.04 -0.21 -1.52 3.37
09/30/2017
Fund at NAV 0.43 4.33 16.16 10.11 2.52 0.66 4.50
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 -0.34 3.55 14.28 7.32 0.26 -0.91 3.80
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 another Fund class. Prior returns are adjusted to reflect 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.
 

Fund Facts as of Nov 30, 2017

Class I Inception 11/30/2009
Performance Inception 06/27/2007
Investment Objective Total return
Total Net Assets $579.3M
Minimum Investment $250000
Expense Ratio (Gross)2 1.08%
Expense Ratio (Net)3 0.95%
CUSIP 277923447

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk: 

Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging or frontier countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic 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 nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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 Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2017
Fund at NAV 1.55 -0.24 15.39 17.89 2.38 0.29 4.02
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 1.68 -1.52 12.93 15.04 -0.21 -1.52 3.37
Morningstar Emerging-Markets Local-Currency Bond Category4 1.22 -1.18 11.67 13.20 0.01 -1.36 3.16
09/30/2017
Fund at NAV 0.43 4.33 16.16 10.11 2.52 0.66 4.50
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 -0.34 3.55 14.28 7.32 0.26 -0.91 3.80
Morningstar Emerging-Markets Local-Currency Bond Category4 -0.32 3.36 12.75 6.49 0.19 -0.90 3.51
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 another Fund class. Prior returns are adjusted to reflect 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.
 

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV -7.10 23.38 14.28 -3.42 17.07 -9.71 -3.78 -12.50 12.84
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 18.11 -5.22 21.98 15.68 -1.75 16.76 -8.98 -5.72 -14.92 9.94
 

Fund Facts

Expense Ratio (Gross)2 1.08%
Expense Ratio (Net)3 0.95%
Class I Inception 11/30/2009
Performance Inception 06/27/2007
Distribution Frequency Monthly

Yield Information5 as of Nov 30, 2017

Distribution Rate at NAV 9.06%
SEC 30-day Yield 7.68%
 

Morningstar Rating™ as of Nov 30, 2017

Time Period Rating Funds in
Emerging-Markets Local-Currency Bond
Category
Overall ***** 78
3 Years ***** 78
5 Years ***** 62
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.

©2017 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.

NAV History

Date NAV NAV Change
Dec 11, 2017 $6.36 $0.00
Dec 08, 2017 $6.36 $0.02
Dec 07, 2017 $6.34 -$0.02
Dec 06, 2017 $6.36 -$0.01
Dec 05, 2017 $6.37 $0.00
Dec 04, 2017 $6.37 $0.00
Dec 01, 2017 $6.37 $0.01
Nov 30, 2017 $6.36 $0.00
Nov 29, 2017 $6.36 -$0.05
Nov 28, 2017 $6.41
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Nov 29, 2017 $0.04800 $6.36
Oct 30, 2017 $0.04800 $6.31
Sep 28, 2017 $0.04800 $6.47
Aug 30, 2017 $0.04800 $6.51
Jul 28, 2017 $0.04800 $6.43
Jun 29, 2017 $0.04800 $6.36
May 30, 2017 $0.04800 $6.34
Apr 27, 2017 $0.04800 $6.28
Mar 30, 2017 $0.04800 $6.27
Feb 27, 2017 $0.04800 $6.18
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
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 primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk: 

Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging or frontier countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic 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 nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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 (%) as of Sep 30, 2017

Local Sovereign 125.98
External Sovereign 10.22
Corporate 1.39
Loan 1.26

Portfolio Statistics as of Sep 30, 2017

Countries Represented 42

Credit Quality (%)7 as of Sep 30, 2017

AAA 3.89
AA 1.03
A 9.04
BBB 32.78
BB 22.85
B 25.68
CCC or Lower 3.05
Not Rated 1.69
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 higher 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 Sep 30, 2017

Interest-Rate Duration (yrs.)
Emerging Markets 4.75
Credit Spread Duration (yrs.)
Sovereign 0.35
Corporate 0.03

Foreign Currency Exposure (%)8 as of Sep 30, 2017

Mexico 10.11
Indonesia 9.61
Dominican Republic 9.22
Colombia 8.75
Brazil 7.55
Sri Lanka 7.34
Thailand 7.19
Turkey 7.01
Poland 6.39
Serbia 6.24
View All

Credit Exposures by Country (contribution to credit spread duration in years)9 as of Sep 30, 2017

Suriname 0.08
Barbados 0.07
 

Interest-Rate Exposures by Country (contribution to interest-rate duration in years)10 as of Sep 30, 2017

Indonesia 0.75
Mexico 0.75
Thailand 0.40
Russia 0.33
Brazil 0.28
Serbia 0.28
Sri Lanka 0.27
Turkey 0.22
Peru 0.20
Dominican Republic 0.20
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk: 

Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging or frontier countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic 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 nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Biography

John Baur is a vice president of Eaton Vance Management, director of global portfolio analysis and portfolio manager on Eaton Vance’s global income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s global income 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 2008

 
Michael A. Cirami, CFA

Michael A. Cirami, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Biography

Michael Cirami is a vice president of Eaton Vance Management, co-director of global income and portfolio manager on Eaton Vance’s global income team. He is responsible for leading the 45-person global income team, as well as for buy and sell decisions, portfolio construction and risk management for the firm’s global income strategies. Michael focuses on emerging Europe, the Middle East and Africa. He joined Eaton Vance in 2003.

Michael began his career in the investment management industry in 1998. Before joining Eaton Vance, he was employed at State Street Bank in Boston, Luxemburg and Munich, and with BT&T Asset Management in Zurich.

Michael earned a B.S., cum laude, from Mary Washington College and an MBA with honors from the William E. Simon School at the University of Rochester. He also studied at WHU Otto Beisheim School of Management in Koblenz, Germany. He is a member of the Boston Security Analysts Society, the Boston Committee on Foreign Relations and the Ludwig von Mises Institute. He also serves as a board member and chairman of the investment committee of the Boston Civic Symphony and the University of Mary Washington Foundation. Additionally, he is on the board of overseers for the New England Conservatory. He is a CFA charterholder.

Michael’s commentary has appeared in The Wall Street Journal, Barron’s, Bloomberg and Reuters. He has been a featured speaker at Schwab, Bloomberg European Debt Crisis and Standard Chartered forums.

Education
  • B.S. Mary Washington College
  • M.B.A. William E. Simon School of Business, University of Rochester

Experience
  • Managed Fund since 2008

 

Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2017

Commentary

Download - Last updated: Sep 30, 2017

Attribution

Download - Last updated: Sep 30, 2017

Report of Organizational Actions Affecting Basis of Securities

Download - Last updated: Oct 31, 2012

Annual Report

Download - Last updated: Oct 31, 2016

Full Prospectus

Download - Last updated: Jun 21, 2017

Emerging Markets Local Income Holdings

Download - Last updated: Oct 31, 2017

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Download

SAI

Download - Last updated: Jun 21, 2017

Semi-Annual Report

Download - Last updated: Apr 30, 2017

Summary Prospectus

Download - Last updated: Mar 1, 2017

XBRL

Download - Last updated: Mar 21, 2017