Overview

Historical Returns (%) as of Mar 31, 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. Prior to 9/15/18, Fund was called Eaton Vance Multi-Strategy All Market Fund and employed a different principal investment strategy.
 

Fund Facts as of May 31, 2020

Class R6 Inception 09/03/2019
Performance Inception 10/31/2011
Investment Objective Total return
Total Net Assets $398.2M
Minimum Investment $1000000
Expense Ratio4 0.66%
CUSIP 27826A615

Top 10 Holdings (%)5,6 as of May 31, 2020

Vanguard Short-Term Corporate Bond 2.42
Virgin Media USD Term 0.98
TransDigm, Inc. 2020 Ter 0.89
Valeant (Bausch) TL-B 0.86
STACR_20-DNA2 M1 144A 0.86
Infor Lawson TL-B6 0.85
Ellaktor Value PLC RegS 0.80
Asurion TL 0.79
JBS USA Lux S.A. 2019 Ter 0.77
IHSFR 2018-SFR3 E 144A 0.76
Total 9.95
 

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, 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. Prior to 9/15/18, Fund was called Eaton Vance Multi-Strategy All Market Fund and employed a different principal investment strategy.
 

Fund Facts

Expense Ratio4 0.66%
Class R6 Inception 09/03/2019
Performance Inception 10/31/2011
Distribution Frequency Monthly

Yield Information as of May 31, 2020

Distribution Rate at NAV 4.43%
SEC 30-day Yield7 5.02%
 

NAV History

Date NAV NAV Change
Jul 01, 2020 $10.08 $0.02
Jun 30, 2020 $10.06 -$0.01
Jun 29, 2020 $10.07 -$0.03
Jun 26, 2020 $10.10 -$0.02
Jun 25, 2020 $10.12 -$0.03
Jun 24, 2020 $10.15 -$0.03
Jun 23, 2020 $10.18 $0.00
Jun 22, 2020 $10.18 $0.00
Jun 19, 2020 $10.18 $0.00
Jun 18, 2020 $10.18 -$0.03
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Jun 30, 2020 $0.04029 $10.06
May 29, 2020 $0.03758 $10.01
Apr 30, 2020 $0.03726 $9.66
Mar 31, 2020 $0.04169 $9.33
Feb 28, 2020 $0.04360 $10.71
Jan 31, 2020 $0.04832 $10.93
Dec 31, 2019 $0.04149 $10.94
Dec 10, 2019 $0.01900 $10.84
Nov 29, 2019 $0.04174 $10.81
Oct 31, 2019 $0.04458 $10.79
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 History8

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 (%)6 as of May 31, 2020

Loans 38.48
HY Bonds 34.68
Securitized 11.52
CLO 5.01
CRT 3.74
CMBS 2.16
Agency MBS 0.53
ABS 0.08
EM Sovereign 2.09
Other 6.24
Cash 6.99

Portfolio Statistics as of May 31, 2020

Number of Holdings 488
Effective Duration 2.25 yrs.
Average Price $91.05
 

Credit Quality (%)6 as of May 31, 2020

AAA 0.53
AA 0.76
A 0.07
BBB 10.70
BB 37.06
B 36.98
CCC or Lower 4.32
Not Rated 2.59
Cash 6.99
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.

Currency Exposure (%)6 as of May 31, 2020

United States Dollar 81.17
Euro 8.27
British Pound 3.57
Cash 6.99
 

Bond Composition (%)9 as of May 31, 2020

Fixed 40.16
Floating 50.43
Cash 6.99
Other 2.42
 

Fund Holdings6,10 as of May 31, 2020

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 6.56%
SPDR Bloomberg Barclays High Yield Bond ETF 0.00% 4.24%
Vanguard Short-Term Corporate Bond ETF 0.00% 2.38%
Virgin Media 2.68% 01/31/2028 1.85%
TransDigm, Inc. 2.65% 12/09/2025 1.72%
Altice France (Numericable) 4.18% 08/14/2026 1.69%
Hyland Software, Inc. 4.00% 07/01/2024 1.63%
Applied Systems, Inc. 4.70% 09/19/2024 1.63%
Ziggo 2.68% 04/30/2028 1.62%
United States Dollar 1.57%
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

John Redding

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

Biography

John Redding is a vice president of Eaton Vance Management 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 floating-rate loan strategies. He joined Eaton Vance in 1998.

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

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 2018

 
Kelley G. Baccei

Kelley G. Baccei

Vice President, Eaton Vance Management
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 - Last updated: Mar 31, 2020

Commentary

Download

Annual Report

Download - Last updated: Oct 31, 2019

Full Prospectus

Download - Last updated: Mar 1, 2020

SAI

Download - Last updated: Mar 1, 2020

Semiannual Report

Download - Last updated: Apr 30, 2020

Summary Prospectus

Download - Last updated: Mar 1, 2020

White Paper

Download - Last updated: Apr 16, 2020

XBRL

Download - Last updated: Mar 18, 2020