Overview

Historical Returns (%) as of Mar 31, 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. Prior to 9/15/18, Fund was called Eaton Vance Multi-Strategy All Market Fund and employed a different principal investment strategy. The share class has no sales charge.
 

Fund Facts as of Apr 30, 2022

Class I Inception 10/31/2011
Investment Objective Total return
Total Net Assets $442.0M
Minimum Investment $1000000
Expense Ratio3 0.71%
CUSIP 27826A300

Top 10 Holdings (%)4,5 as of Apr 30, 2022

SPDR BLOOMBERG HIGH YIELD BOND ETF 1.48
Formula One TL 0.67
VIVION INVESTMENTS SARL RegS 0.67
Albany Molecular Research (Curia) 2021 Ter 0.63
Informatica Corp 2021 USD 0.63
Epicor TL 0.61
Altice France (Numericable) 2018 Ter 0.60
CGMS_14-3RA C 144A 0.59
Sevita (fka National Mentor) 2021 Ter 0.59
AlliedUniversal 2021 USD 0.58
Total 7.04
 

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 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. Contractual restrictions may impede the Fund's ability to buy or sell loans and loans may be subject to an extended settlement process. 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. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 Mar 31, 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. Prior to 9/15/18, Fund was called Eaton Vance Multi-Strategy All Market Fund and employed a different principal investment strategy. The share class has no sales charge.
 

Calendar Year Returns (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 6.69 1.57 2.78 -0.43 7.53 11.61 -2.45 11.66 1.86 4.56
S&P/LSTA Leveraged Loan Index1 9.66 5.29 1.60 -0.69 10.16 4.12 0.44 8.64 3.12 5.20
 

Fund Facts

Expense Ratio3 0.71%
Class I Inception 10/31/2011
Distribution Frequency Monthly

Yield Information as of Mar 31, 2022

Distribution Rate at NAV 4.00%
SEC 30-day Yield6 4.13%
 

Morningstar Rating™ as of Apr 30, 2022

Time Period Rating Funds in
High Yield Bond
Category
Overall 632
3 Years 632
5 Years 575
10 Years 381
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.

©2022 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
May 20, 2022 $9.76 $0.00
May 19, 2022 $9.76 -$0.04
May 18, 2022 $9.80 -$0.03
May 17, 2022 $9.83 $0.00
May 16, 2022 $9.83 $0.00
May 13, 2022 $9.83 -$0.01
May 12, 2022 $9.84 -$0.05
May 11, 2022 $9.89 -$0.01
May 10, 2022 $9.90 -$0.01
May 09, 2022 $9.91 -$0.07
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Apr 29, 2022 $0.03764 $10.08
Mar 31, 2022 $0.03493 $10.27
Feb 28, 2022 $0.03666 $10.36
Jan 31, 2022 $0.03716 $10.53
Dec 31, 2021 $0.03929 $10.68
Nov 30, 2021 $0.03492 $10.61
Oct 29, 2021 $0.03576 $10.71
Sep 30, 2021 $0.03703 $10.74
Aug 31, 2021 $0.03711 $10.75
Jul 30, 2021 $0.03664 $10.74
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 History7

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.

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 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. Contractual restrictions may impede the Fund's ability to buy or sell loans and loans may be subject to an extended settlement process. 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. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 (%)5 as of Apr 30, 2022

Loans 40.72
HY Bonds 42.84
Securitized 8.11
CLO 5.08
CRT 0.00
CMBS 2.47
Agency MBS 0.53
ABS 0.04
EM Bonds 2.61
Other 1.94
Cash* 3.78

Portfolio Statistics as of Apr 30, 2022

Number of Holdings 562
Effective Duration 2.09 yrs.
Average Price $95.09
 

Credit Quality (%)5 as of Apr 30, 2022

AAA 0.15
AA 0.05
A 0.26
BBB 4.97
BB 28.77
B 51.09
CCC or Lower 6.12
Not Rated 4.81
Cash 3.78
Ratings are based on the average of ratings from S&P, Moody’s and Fitch. 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 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.

Currency Exposure (%)5 as of Apr 30, 2022

United States Dollar 84.57
Euro 10.45
British Pound 1.18
Cash 3.78
 

Bond Composition (%)8 as of Apr 30, 2022

Fixed 44.65
Floating 49.82
Cash 3.78
Other 1.74
 

Fund Holdings5,9 as of Mar 31, 2022

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 21.76%
SPDR Bloomberg High Yield Bond ETF 0.00% 1.52%
Citgo Petroleum Corporation 7.25% 03/28/2024 1.33%
Formula One 3.50% 02/01/2024 1.31%
Informatica Corp 3.25% 10/27/2028 1.23%
Albany Molecular Research (Curia) 4.50% 08/30/2026 1.21%
Epicor 4.00% 07/30/2027 1.19%
Sevita (fka National Mentor) 4.61% 03/02/2028 1.16%
Carlyle Global Market Strategies CLO 2014-3R Ltd 1.00% 07/27/2031 1.16%
Altice France (Numericable) 4.51% 08/14/2026 1.16%
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 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. Contractual restrictions may impede the Fund's ability to buy or sell loans and loans may be subject to an extended settlement process. 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. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

Justin H. Bourgette, CFA

Justin H. Bourgette, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Biography

Justin Bourgette is a vice president of Eaton Vance Management, director of global income investment strategy and portfolio manager on Eaton Vance's global income team. He is responsible for buy and sell decisions, portfolio construction and risk management. Justin joined Eaton Vance in 2006.

Justin began his career in the investment management industry in 2006. Before joining Eaton Vance, he was affiliated with Investors Financial Services as an analyst in corporate finance and with National Grid, where he worked in business planning and engineering.

Justin earned a B.S. from Worcester Polytechnic Institute and an M.S., with high honors, from Boston University. He is a CFA charterholder and a member of Eaton Vance's Asset Allocation Committee.

Education
  • B.S. Worcester Polytechnic Institute
  • M.S. Investment Management, Boston University

Experience
  • Managed Fund since inception

 

John Redding

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

Biography

John is a managing director on the Morgan Stanley Investment Management (MSIM) Fixed Income team and portfolio manager Eaton Vance's floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's floatingrate loan and multi-asset credit strategies. He joined Eaton Vance in 1998 and established Eaton Vance's European loan presence in 2005. Morgan Stanley acquired Eaton Vance in March 2021.

John began his career in the investment management industry in 1987. Before joining Eaton Vance, he was affiliated with GiroCredit Bank and Creditanstalt-Bankverein.

John earned a B.S. from the University at Albany, State University of New York. While in London, he served on the board of directors of the Loan Market Association (LMA) and chaired the LMA's Insolvency Priority Group. His commentary has appeared in the Financial Times and Bloomberg.

Education
  • B.S. State University of New York at Albany

Experience
  • Managed Fund since 2018

 
Jeffrey D. Mueller

Jeffrey D. Mueller

Co-Director of High Yield, Portfolio Manager
Joined Eaton Vance 2015

Biography

Jeffrey Mueller is a vice president of Eaton Vance Advisers International Ltd. co-director of high yield and 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 is also a member of the firmwide asset allocation committee. 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 2018

 
Kelley Baccei Gerrity

Kelley Baccei Gerrity

Vice President, Portfolio Manager
Joined Eaton Vance 2005

Biography

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s high-yield team. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2005.

Kelley began her career in the investment management industry in 2000. Before joining Eaton Vance, she was the director of high-yield distressed research at Fieldstone Capital Group. Previously, she was associate director of fixed-income research at Scotia Capital Markets, Inc.

Kelley earned a B.A. from Boston College and a certificate in credit analysis from New York University.

Education
  • B.A. Boston College

Experience
  • Managed Fund since 2019

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Mar 31, 2022

Commentary

Download Commentary

Annual Report

Download Annual Report - Last updated: Oct 31, 2021

Credit Market Monitor

Download Credit Market Monitor - Last updated: Apr 29, 2022

Full Prospectus

Download Full Prospectus - Last updated: Mar 1, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Jan 31, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Jul 31, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Mar 1, 2022

Semiannual Report

Download Semiannual Report - Last updated: Apr 30, 2021

Summary Prospectus

Download Summary Prospectus - Last updated: Mar 1, 2022