Overview

Historical Returns (%) as of Sep 30, 2020

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 Oct 31, 2020

Class I Inception 01/31/2006
Investment Objective Total return
Total Net Assets $257.0M
Minimum Investment $250000
Expense Ratio (Gross)4 0.96%
Expense Ratio (Net)4,5 0.92%
CUSIP 277923843

Top 10 Holdings (%)6,7 as of Sep 30, 2020

Amazon.com Inc 2.57
Microsoft Corp 2.31
Alphabet Inc - CL C 2.21
Apple Inc 1.97
Facebook Inc 1.12
Mondelez International Inc 1.09
adidas AG 1.07
Nestle SA 1.04
Unilever PLC 1.02
Keyence Corp 0.94
Total 15.34
 

Morningstar Rating™ as of Oct 31, 2020

Time Period Rating Funds in
World Allocation
Category
Overall 388
3 Years 388
5 Years 338
10 Years 205
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.

©2020 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.
 

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: 

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. The value of equity securities is sensitive to stock market volatility. Changes in the dividend policies of companies could make it difficult to provide a predictable level of income. 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. Dividend capture strategies may result in higher portfolio turnover, increased trading costs and potential for capital loss or gains. When interest rates rise, the value of preferred stocks will generally decline. 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 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 Sep 30, 2020

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 (%)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fund at NAV 7.74 -3.75 11.79 22.84 3.35 3.22 3.73 16.52 -8.18 23.73
MSCI World Index2 11.76 -5.54 15.83 26.68 4.94 -0.87 7.51 22.40 -8.71 27.67
65% MSCI World Index / 35% ICE BofAML Developed Markets High Yield Ex-Subordinated Financial Index3 12.43 -2.30 16.30 20.04 3.30 -2.48 10.17 17.87 -6.80 22.59
 

Fund Facts

Expense Ratio (Gross)4 0.96%
Expense Ratio (Net)4,5 0.92%
Class I Inception 01/31/2006
Distribution Frequency Monthly

Yield Information as of Oct 31, 2020

Distribution Rate at NAV 3.84%
Subsidized SEC 30-day Yield8 2.16%
Unsubsidized SEC 30-day Yield 2.12%
 

Risk Measures (3 Year)9 as of Oct 31, 2020

Alpha (%) -0.88
Beta 0.80
R-Squared (%) 94.53
Standard Deviation (%) 14.10
Sharpe Ratio 0.17
 

Morningstar Rating™ as of Oct 31, 2020

Time Period Rating Funds in
World Allocation
Category
Overall 388
3 Years 388
5 Years 338
10 Years 205
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.

©2020 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
Nov 25, 2020 $9.95 $0.00
Nov 24, 2020 $9.95 $0.12
Nov 23, 2020 $9.83 $0.02
Nov 20, 2020 $9.81 -$0.03
Nov 19, 2020 $9.84 $0.00
Nov 18, 2020 $9.84 -$0.05
Nov 17, 2020 $9.89 -$0.02
Nov 16, 2020 $9.91 $0.09
Nov 13, 2020 $9.82 $0.07
Nov 12, 2020 $9.75 -$0.08
 

Distribution History10

Ex-Date Distribution Reinvest NAV
Nov 19, 2020 $0.02900 $9.84
Oct 20, 2020 $0.02900 $9.41
Sep 21, 2020 $0.02900 $9.19
Jul 21, 2020 $0.02900 $9.16
Jun 19, 2020 $0.02900 $8.84
May 19, 2020 $0.02900 $8.25
Apr 21, 2020 $0.02900 $7.97
Mar 19, 2020 $0.02900 $7.05
Feb 19, 2020 $0.02900 $9.77
Jan 22, 2020 $0.02900 $9.76
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 History10

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: 

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. The value of equity securities is sensitive to stock market volatility. Changes in the dividend policies of companies could make it difficult to provide a predictable level of income. 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. Dividend capture strategies may result in higher portfolio turnover, increased trading costs and potential for capital loss or gains. When interest rates rise, the value of preferred stocks will generally decline. 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 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

Asset Mix (%)7,11,12,13 as of Sep 30, 2020

Portfolio Statistics as of Sep 30, 2020

Average Market Cap $340.2B
Price/Earnings Ratio 24.44
Number of Holdings 630
Number of Equity Holdings 114
Price/Book Ratio 2.73
Average Coupon 5.70%
Average Maturity 10.67 yrs.
Average Duration 1.56 yrs.
Average Price $100.39
Active Share14 79.21%
 

GICS Sector Breakdown (%)15 as of Sep 30, 2020

Credit Quality (%)16 as of Sep 30, 2020

BBB 12.87
BB 47.46
B 30.34
CCC or Lower 7.60
Not Rated 1.73
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.
 

Maturity Distribution (%)16 as of Sep 30, 2020

Less Than 1 Year 0.44
1 To 3 Years 7.37
3 To 5 Years 21.91
5 To 10 Years 57.10
10 To 20 Years 3.79
20 To 30 Years 4.00
More Than 30 Years 5.39
Total 100.00

Assets by Country (%)7 as of Sep 30, 2020

United States 59.29
United Kingdom 7.54
France 4.77
Japan 4.31
Switzerland 4.08
Germany 3.47
Spain 1.87
Canada 1.82
Netherlands 1.75
Australia 1.70
Total 100.00
View All
 

Geographic Mix (%)7 as of Sep 30, 2020

North America 61.11
Europe 28.85
Asia/Pacific 8.25
Middle East 0.37
Latin America/Caribbean 0.23
Cash & Other Assets 1.19
Total 100.00
 

Fund Holdings (%) as of Sep 30, 2020

Holding % of Net Assets
Amazon.com Inc 2.57%
Microsoft Corp 2.31%
Alphabet Inc - CL C 2.22%
Apple Inc 1.98%
United States Dollar 1.79%
Facebook Inc 1.12%
Mondelez International Inc 1.09%
adidas AG 1.08%
Nestle SA 1.04%
Unilever PLC 1.02%
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: 

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. The value of equity securities is sensitive to stock market volatility. Changes in the dividend policies of companies could make it difficult to provide a predictable level of income. 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. Dividend capture strategies may result in higher portfolio turnover, increased trading costs and potential for capital loss or gains. When interest rates rise, the value of preferred stocks will generally decline. 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 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

Christopher M. Dyer, CFA

Christopher M. Dyer, CFA

Vice President, Director of Global Equity, Eaton Vance Advisers International Ltd.
Joined Eaton Vance 2015

Biography

Chris Dyer is a vice president of Eaton Vance Advisers International Ltd. and director of global equity. He is responsible for leading the global large-cap equity team, and is a portfolio manager for global and international equity portfolios. He joined Eaton Vance in 2015.

Chris began his career in the financial services industry in 1995. Before joining Eaton Vance, he was managing director and head of European equity for Goldman Sachs Asset Management (GSAM), where he was affiliated since 2001.

Chris earned a B.S., cum laude, from Georgetown University and an MBA from The Wharton School, University of Pennsylvania. He is a CFA charterholder.

Education
  • B.S. Georgetown University
  • M.B.A. The Wharton School, University of Pennsylvania

Experience
  • Managed Fund since 2015

 
Michael A. Allison, CFA

Michael A. Allison, CFA

Vice President, Eaton Vance Trust Company
Joined Eaton Vance 2000

Biography

Michael Allison is a vice president of Eaton Vance Management, a director of equity strategy implementation and a structured equity portfolio manager on a number of Eaton Vance’s global and domestic equity income and tax-managed equity portfolios. On those funds, he is responsible for portfolio construction, tax oversight and risk management. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 2000.

Mike began his career in the investment management industry in 1988. Before joining Eaton Vance, Mike was an equity analyst for Schroder Investment Management North America Inc. He was also affiliated with Fleet Investment Advisors and Phoenix Home Life Mutual Fund Insurance Co.

Mike earned a B.S.B.A. from the University of Denver. He is a member of the CFA Society of Boston and is a CFA charterholder.

Education
  • B.S.B.A., The University of Denver

Experience
  • Managed Fund since 2013

 
John H. Croft, CFA

John H. Croft, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2004

Biography

John Croft is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s investment grade fixed-income (IGFI) portfolio management and trading team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's IGFI strategies. He joined Eaton Vance in 2004.

John began his career in the investment management industry in 1986. Before joining Eaton Vance, he was a credit analyst with Fidelity Management & Research Co.

John earned a B.A. from Colgate University and an MBA from the University of Chicago Graduate School of Business. He is a CFA charterholder.

Education
  • B.A. Colgate University
  • M.B.A. Booth School of Business, University of Chicago

Experience
  • Managed Fund since 2012

 
Jeffrey D. Mueller

Jeffrey D. Mueller

Vice President, Eaton Vance Advisers International Ltd.
Joined Eaton Vance 2015

Biography

Jeffrey Mueller is a vice president of Eaton Vance Advisers International Ltd. and a portfolio manager on Eaton Vance’s high-yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield and multi-asset credit strategies. He leads investment management and credit research for all non-U.S. high-yield opportunities. Jeff will become co-director of high-yield investments effective January 1, 2020. He joined Eaton Vance in 2015.

Jeff began his career in the investment management industry in 2004. Before joining Eaton Vance, he was a high-yield portfolio manager with Threadneedle Investments. He was previously affiliated with Centaurus Capital Ltd. and Amaranth Advisors LLC.

Jeff earned a B.B.A. from the University of Wisconsin at Madison.

Education
  • B.B.A. University of Wisconsin at Madison

Experience
  • Managed Fund since 2015

 

Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2020

Annual Report

Download - Last updated: Oct 31, 2019

Full Prospectus

Download - Last updated: Mar 1, 2020

Holdings - Form N-PORT

Download

SAI

Download - Last updated: Mar 1, 2020

Semi-Annual Report

Download - Last updated: Apr 30, 2020

Summary Prospectus

Download - Last updated: Mar 1, 2020