Overview

Historical Returns (%) as of Sep 30, 2019

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 Oct 31, 2019

Class R6 Inception 09/03/2019
Performance Inception 10/31/2011
Investment Objective Total return
Total Net Assets $73.4M
Minimum Investment $1000000
Expense Ratio (Gross)4 1.87%
Expense Ratio (Net)4,5 0.75%
CUSIP 27826A615

Top 10 Holdings (%)6,7 as of Sep 30, 2019

Egypt (Arab Republic of) MTN RegS 1.35
Reg12_19-1A E 144A 1.34
Ukraine Republic of (Government) RegS 1.30
GNMA_19-111 DZ 1.27
GN191112X LZ 1.27
Vivion Investments Sarl RegS 1.11
El Salvador Republic RegS 1.02
Bahrain (Kingdom of) RegS 0.96
Altice France SA (France) RegS 0.94
Kronos Inc Tl-B 0.93
Total 11.48
 

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. 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, 2019

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 Ratio (Gross)4 1.87%
Expense Ratio (Net)4,5 0.75%
Class R6 Inception 09/03/2019
Performance Inception 10/31/2011
Distribution Frequency Monthly

Yield Information as of Oct 31, 2019

Subsidized SEC 30-day Yield8 4.23%
Unsubsidized SEC 30-day Yield 2.65%
 

NAV History

Date NAV NAV Change
Nov 19, 2019 $10.79 -$0.01
Nov 18, 2019 $10.80 $0.00
Nov 15, 2019 $10.80 $0.00
Nov 14, 2019 $10.80 $0.01
Nov 13, 2019 $10.79 -$0.01
Nov 12, 2019 $10.80 $0.00
Nov 11, 2019 $10.80 $0.01
Nov 08, 2019 $10.79 -$0.01
Nov 07, 2019 $10.80 $0.00
Nov 06, 2019 $10.80 $0.00
 

Distribution History9

Ex-Date Distribution Reinvest NAV
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 History9

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. 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 as of Sep 30, 2019

HY Bonds 41.44
Loans 33.74
Securitized 8.85
CLO 5.76
CRT 1.27
CMBS 1.20
ABS 0.63
EM Sovereign 6.79
Other 4.88
Cash 4.31

Portfolio Statistics as of Sep 30, 2019

Number of Holdings 349
Effective Duration 2.06 yrs.
Average Price $101.11
 

Credit Quality (%)7 as of Sep 30, 2019

AAA 2.54
AA 0.00
A 0.77
BBB 4.90
BB 37.63
B 42.98
CCC or Lower 4.53
Not Rated 2.34
Cash 4.31
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 (%)7 as of Sep 30, 2019

United States Dollar 81.58
Euro 11.27
Cash 4.31
British Pound 2.60
 

Bond Composition (%)10 as of Sep 30, 2019

Fixed 51.93
Floating 43.52
Cash 4.31
Other 0.24
 

Fund Holdings7,11 as of Sep 30, 2019

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 17.32%
Kayne CLO 5 Ltd 8.88% 07/24/2032 2.54%
Palmer Square CLO 2019-1 Ltd 2.53%
United States Dollar 2.12%
Regata XII Funding LTD 1.00% 10/15/2032 2.01%
Altice France SA/France 3.38% 01/15/2028 1.68%
TransDigm, Inc. 4.54% 06/09/2023 1.68%
Restaurant Brands International 4.29% 02/16/2024 1.65%
Infor Lawson 4.85% 02/01/2022 1.52%
Ziggo 4.53% 04/15/2025 1.52%
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. 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

Other funds managed
 
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: Sep 30, 2019

Annual Report

Download - Last updated: Oct 31, 2018

Full Prospectus

Download - Last updated: Mar 1, 2019

SAI

Download - Last updated: Mar 1, 2019

Semiannual Report

Download - Last updated: Apr 30, 2019

Summary Prospectus

Download - Last updated: Mar 1, 2019

XBRL

Download - Last updated: Mar 14, 2019