Overview

Generate total return employing an opportunistic approach to global fixed income with a value-oriented discipline.

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
10/31/2017
Fund at NAV -0.86 0.05 8.51 11.64 2.17 4.75
Bloomberg Barclays U.S. Government/Credit Bond Index1 0.09 0.47 3.58 1.05 2.52 2.05 2.33
09/30/2017
Fund at NAV 0.76 3.11 9.45 12.83 2.78 5.03
Bloomberg Barclays U.S. Government/Credit Bond Index1 -0.57 0.81 3.49 -0.01 2.83 2.10 2.35
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 Factsas of Oct 31, 2017

Class R Inception 11/12/2014
Performance Inception 01/31/2013
Investment Objective Total return
Total Net Assets $489.6M
Minimum Investment $1000
Expense Ratio2 1.21%
CUSIP 277905162

Portfolio Management

Kathleen C. Gaffney, CFA Managed Fund since inception
Henry Peabody, CFA Managed Fund since 2014

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: 

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 rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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 countries, these risks may be more significant. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. 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. Convertible securities may react to changes in the value of the common stock into which they convert, and are thus subject to the risks of investing in equities. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. Fund performance is sensitive to stock market volatility. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund's returns are expected to be more volatile than those of its benchmark. 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. Life of Fund
10/31/2017
Fund at NAV -0.86 0.05 8.51 11.64 2.17 4.75
Bloomberg Barclays U.S. Government/Credit Bond Index1 0.09 0.47 3.58 1.05 2.52 2.05 2.33
Morningstar Multisector Bond Category3 0.26 0.98 5.66 5.34 3.37 3.49
09/30/2017
Fund at NAV 0.76 3.11 9.45 12.83 2.78 5.03
Bloomberg Barclays U.S. Government/Credit Bond Index1 -0.57 0.81 3.49 -0.01 2.83 2.10 2.35
Morningstar Multisector Bond Category3 0.25 1.54 5.39 4.80 3.53 3.59
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 4.74 -17.48 21.72
Bloomberg Barclays U.S. Government/Credit Bond Index1 7.23 5.70 4.52 6.59 8.74 4.82 -2.35 6.01 0.15 3.05

Fund Facts

Expense Ratio2 1.21%
Class R Inception 11/12/2014
Performance Inception 01/31/2013
Distribution Frequency Monthly

Yield Information4as of Oct 31, 2017

Distribution Rate at NAV 4.03%
SEC 30-day Yield 2.97%

NAV History

Date NAV NAV Change
Nov 17, 2017 $10.81 $0.03
Nov 16, 2017 $10.78 $0.02
Nov 15, 2017 $10.76 -$0.02
Nov 14, 2017 $10.78 -$0.02
Nov 13, 2017 $10.80 -$0.01
Nov 10, 2017 $10.81 -$0.03
Nov 09, 2017 $10.84 -$0.01
Nov 08, 2017 $10.85 $0.02
Nov 07, 2017 $10.83 -$0.01
Nov 06, 2017 $10.84 $0.04

Distribution History5

Ex-Date Distribution Reinvest NAV
Oct 30, 2017 $0.03620 $10.79
Sep 28, 2017 $0.03260 $10.90
Aug 30, 2017 $0.03690 $10.84
Jul 28, 2017 $0.03240 $10.86
Jun 29, 2017 $0.03100 $10.69
May 30, 2017 $0.02630 $10.62
Apr 27, 2017 $0.02470 $10.63
Mar 30, 2017 $0.02560 $10.60
Feb 27, 2017 $0.01690 $10.62
Jan 30, 2017 $0.02090 $10.51
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 History5

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 30, 2014 $0.00030 $0.00500 $10.74
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: 

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 rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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 countries, these risks may be more significant. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. 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. Convertible securities may react to changes in the value of the common stock into which they convert, and are thus subject to the risks of investing in equities. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. Fund performance is sensitive to stock market volatility. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund's returns are expected to be more volatile than those of its benchmark. 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 (%)6as of Oct 31, 2017

Non-U.S. Dollar Bonds Developed Countries 20.81
High Yield Credit 19.18
Investment Grade Credit 13.47
Cash/Reserves 12.72
Non-U.S. Dollar Bonds Emerging Markets 11.02
Securitized 8.49
Equities 8.21
Convertibles 4.76
Floating-Rate Loans 0.80
Non-U.S. Government Bonds 0.51
Preferreds 0.02
Total 100.00

Portfolio Statisticsas of Oct 31, 2017

Number of Issuers 71
Number of Holdings 91
Average Coupon 5.07%
Average Maturity 11.98 yrs.
Effective Duration 4.75 yrs.
Average Price $90.02

Credit Quality (%)6as of Oct 31, 2017

AAA 13.26
AA 4.41
A 7.73
BBB 24.60
BB 15.10
B 7.22
CCC or Lower 3.80
Not Rated 2.95
Cash 12.72
Equity 8.21
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.

Maturity Distribution (%)7as of Oct 31, 2017

Less Than 1 Year 1.33
1 To 3 Years 14.66
3 To 5 Years 20.79
5 To 10 Years 24.83
10 To 20 Years 11.59
20 To 30 Years 18.99
More Than 30 Years 7.80
Total 100.00

Currency Exposure (%)6as of Oct 31, 2017

United States Dollar 66.78
Canadian Dollar 8.13
Australian Dollar 6.74
New Zealand Dollar 5.30
Mexican Peso 5.15
Indian Rupee 2.41
Brazilian Real 2.33
Indonesian Rupiah 1.12
Danish Krone 0.68
Euro 0.64
Uruguayan Peso 0.51
Japanese Yen 0.20
Colombian Peso 0.00

Assets by Country (%)8as of Oct 31, 2017

United States 57.72
Canada 10.06
Mexico 5.86
Brazil 4.77
Australia 4.41
Netherlands 3.07
Austria 2.83
Colombia 2.69
Denmark 1.32
Other 2.73
View All

Fund Holdings6,9as of Sep 30, 2017

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 13.62%
Queensland Treasury Corp 5.50% 06/21/2021 2.84%
Mexican Bonos 7.75% 05/29/2031 2.84%
Canada Housing Trust No 1 1.25% 06/15/2021 2.76%
Canadian Government Bond 0.75% 03/01/2021 2.71%
Canada Housing Trust No 1 3.80% 06/15/2021 2.64%
America Movil SAB de CV 6.45% 12/05/2022 2.51%
Brazil Notas do Tesouro Nacional Serie F 10.00% 01/01/2025 2.36%
Ford Motor Credit Co LLC 4.05% 12/10/2018 2.31%
Signet UK Finance PLC 4.70% 06/15/2024 2.20%
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: 

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 rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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 countries, these risks may be more significant. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. 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. Convertible securities may react to changes in the value of the common stock into which they convert, and are thus subject to the risks of investing in equities. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. Fund performance is sensitive to stock market volatility. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund's returns are expected to be more volatile than those of its benchmark. 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.


Insights & Analysis

Commentary

No commentary information is currently available.

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: 

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 rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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 countries, these risks may be more significant. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. 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. Convertible securities may react to changes in the value of the common stock into which they convert, and are thus subject to the risks of investing in equities. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. Fund performance is sensitive to stock market volatility. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund's returns are expected to be more volatile than those of its benchmark. 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.

Attribution

Attribution available in Fund Literature tab.

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: 

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 rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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 countries, these risks may be more significant. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. 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. Convertible securities may react to changes in the value of the common stock into which they convert, and are thus subject to the risks of investing in equities. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. Fund performance is sensitive to stock market volatility. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund's returns are expected to be more volatile than those of its benchmark. 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

Biography
Kathleen C. Gaffney, CFA

Kathleen C. Gaffney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2012

Kathleen Gaffney is a vice president of Eaton Vance Management, director of diversified fixed income and lead portfolio manager for Eaton Vance’s multisector bond and core plus bond strategies. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2012.

Kathleen began her career in the investment management industry in 1984. Before joining Eaton Vance, Kathleen was a vice president of Loomis, Sayles & Company and portfolio manager for its fixed-income group, managing a variety of mutual funds and institutional strategies.

Kathleen earned a B.A. from the University of Massachusetts, Amherst. She is a CFA charterholder. Her commentary has appeared in The Wall Street Journal, the Financial Times, Institutional Investor, Bloomberg and The New York Times, among other outlets. She has made appearances on Bloomberg TV, Bloomberg Radio and CNBC.

Education
  • B.A. University of Massachusetts, Amherst

Experience
  • Managed Fund since inception

Other funds managed
 
Biography
Henry Peabody, CFA

Henry Peabody, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2013

Henry Peabody is a vice president of Eaton Vance Management and a portfolio manager for Eaton Vance’s multisector bond and core plus bond strategies. He is also a credit analyst on Eaton Vance’s diversified fixed-income team, supporting core investment-grade, cash management and multisector products. He joined Eaton Vance in 2013.

Henry began his career in the investment management industry in 2001. Before joining Eaton Vance, he was a credit analyst with Merganser Capital Management. He was previously affiliated with Emerson Investment Management.

Henry earned a B.A. from Trinity College and an MBA from the Carroll School of Management at Boston College. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.A. Trinity College
  • M.B.A. Boston College

Experience
  • Managed Fund since 2014

Other funds managed
 

Literature

Literature

Commentary

Download - Last updated: Sep 30, 2017

Annual Report

Download - Last updated: Oct 31, 2016

Full Prospectus

Download - Last updated: Mar 1, 2017

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

Download

SAI

Download - Last updated: Mar 1, 2017

Semi-Annual Report

Download - Last updated: Apr 30, 2017

Summary Prospectus

Download - Last updated: Mar 1, 2017

XBRL

Download - Last updated: Mar 15, 2017