Overview

Historical Returns (%) as of Sep 30, 2022

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, 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 indicated. The Fund's performance at market price will differ from its results at net asset value (NAV). The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading as of the time that the Fund's NAV is calculated. If you trade your shares at another time during the day, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Performance less than or equal to one year is cumulative.

The Fund pursues its investment objective by investing in a separate investment fund (the Portfolio). The returns at NAV for periods before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the Portfolio Investor). The performance during such period does not represent the performance of the Fund. The prior investment performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such an adjustment were made, the performance presented below would be higher, because the Fund's total net operating expenses are lower than those of the Portfolio Investor. Performance is for a share class of the Portfolio Investor offered at net asset value.
 

Fund Facts as of Oct 31, 2022

Inception 03/30/2016
Investment Objective Total return
Total Net Assets3 $1.0M
Total Net Assets of Portfolio3 $221.4M
Exchange NASDAQ
Shares Outstanding 100000
Expense Ratio (Gross)4,5 2.16%
Expense Ratio (Net)4,5 0.85%
CUSIP 27830G863

Top 10 Holdings (%)6,7,8 as of Oct 31, 2022

Alphabet Inc - CL C 2.73
Microsoft Corp 2.35
Apple Inc 1.96
EOG Resources Inc 1.89
Eli Lilly & Co 1.77
Amazon.com Inc 1.50
Nestle SA 1.41
Coca-Cola Co 1.41
Walt Disney Co 1.29
Novo Nordisk A/S 1.20
Total 17.51
 

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.

†Intraday Indicative Value (IIV)

The IIV is an estimate of the real-time value of the Fund's underlying holdings based on current market prices and should not be viewed as a projection of NAV, which is determined at the end of the day. Because IIVs will generally differ from the end-of-day NAV of the Fund, they cannot be used to calculate with precision the dollar value of a prescribed number of shares to be bought or sold. Investors should understand that share transaction prices are based on closing NAVs, and that NAVs may vary significantly from IIVs during periods of intraday market volatility. Neither the Fund, the Trust nor any of their affiliates are involved in, or responsible for, the calculation or dissemination of IIVs nor make any warranty as to their accuracy. An inaccuracy in an IIV could result from various factors, including difficulty pricing portfolio instruments on an intraday basis. The IIV is disseminated every 15 minutes during normal trading hours and is as of the time noted above. An IIV is not available when the market is closed.

‡Bid and Ask

The bid and ask prices shown are as of the time noted and may not reflect current quotations. The Fund's NAV normally is determined as of 4:00 p.m. each business day.

RISK CONSIDERATIONS 

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, 2022

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, 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 indicated. The Fund's performance at market price will differ from its results at net asset value (NAV). The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading as of the time that the Fund's NAV is calculated. If you trade your shares at another time during the day, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Performance less than or equal to one year is cumulative.

The Fund pursues its investment objective by investing in a separate investment fund (the Portfolio). The returns at NAV for periods before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the Portfolio Investor). The performance during such period does not represent the performance of the Fund. The prior investment performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such an adjustment were made, the performance presented below would be higher, because the Fund's total net operating expenses are lower than those of the Portfolio Investor. Performance is for a share class of the Portfolio Investor offered at net asset value.
 

Calendar Year Returns (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 16.44 -8.18 24.22 11.00 16.08
Fund at Market Price 16.38 -8.13 24.15 11.01 16.17
MSCI World Index2 15.83 26.68 4.94 -0.87 7.51 22.40 -8.71 27.67 15.90 21.82
65% MSCI World Index / 35% ICE BofAML Developed Markets High Yield Ex-Subordinated Financial Index9 16.30 20.04 3.30 -2.48 10.17 17.87 -6.80 22.59 13.01 15.05
See above note regarding performance calculations. There is no Fund at Market Price performance because the Fund has not completed a calendar year of operations.
 

Fund Facts

Expense Ratio (Gross)4,5 2.16%
Expense Ratio (Net)4,5 0.85%
Inception 03/30/2016
Distribution Frequency Monthly

Yield Information10 as of Oct 31, 2022

Distribution Rate at NAV 3.37%
Subsidized SEC 30-day Yield 3.71%
Unsubsidized SEC 30-day Yield -6.96%
 

NAV History11

Date NAV NAV Change
Jul 25, 2022 $9.91 $0.03
Jul 22, 2022 $9.88 -$0.04
Jul 20, 2022 $9.82 $0.02
Jul 19, 2022 $9.80 $0.20
Jul 18, 2022 $9.60 -$0.02
Jul 15, 2022 $9.62 $0.16
Jul 14, 2022 $9.46 -$0.06
Jul 13, 2022 $9.52 -$0.02
Jul 12, 2022 $9.54 -$0.05
Jul 11, 2022 $9.59 -$0.08
 

Distribution History12,13

Ex-Date Distribution
Jul 01, 2022 $0.03230
Jun 01, 2022 $0.03320
May 02, 2022 $0.03350
Apr 01, 2022 $0.03470
Mar 01, 2022 $0.03210
Feb 01, 2022 $0.03490
Jan 03, 2022 $0.03700
Dec 01, 2021 $0.03580
Nov 01, 2021 $0.03510
Oct 01, 2021 $0.03520
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 History12,13

Ex-Date Short-Term Long-Term
Dec 21, 2021 $0.30110
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.

†Intraday Indicative Value (IIV)

The IIV is an estimate of the real-time value of the Fund's underlying holdings based on current market prices and should not be viewed as a projection of NAV, which is determined at the end of the day. Because IIVs will generally differ from the end-of-day NAV of the Fund, they cannot be used to calculate with precision the dollar value of a prescribed number of shares to be bought or sold. Investors should understand that share transaction prices are based on closing NAVs, and that NAVs may vary significantly from IIVs during periods of intraday market volatility. Neither the Fund, the Trust nor any of their affiliates are involved in, or responsible for, the calculation or dissemination of IIVs nor make any warranty as to their accuracy. An inaccuracy in an IIV could result from various factors, including difficulty pricing portfolio instruments on an intraday basis. The IIV is disseminated every 15 minutes during normal trading hours and is as of the time noted above. An IIV is not available when the market is closed.

‡Bid and Ask

The bid and ask prices shown are as of the time noted and may not reflect current quotations. The Fund's NAV normally is determined as of 4:00 p.m. each business day.

RISK CONSIDERATIONS 

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.


Trading & Portfolio

Trade Data as of Nov 25, 2022

vs. Prior Business Day Change (%)
Closing Price %
Closing NAV $9.99 +$0.02 +0.20%
Closing Bid/Ask
Midpoint (of bid/ask) NAV+$0.01
Spread (between bid/ask) $0.10
Intraday Price (vs. NAV)
High NAV
Low NAV
Average (Volume-Wtd) NAV
Closing NAV
Trading Volume (Shares)
 

Trading History14 Inception through Nov 25, 2022

 

Historical Premiums/Discounts and Trading Spreads15 Inception through Nov 25, 2022

Premium/Discount Closing
Range Closing Price Vol Wtd Ave Price Closing Bid/Ask Midpoint Bid/Ask Spread
>1.00% 1% 1% 33%
+0.76% to +1.00% 17%
+0.51% to +0.75% 4% 4% 2%
+0.26% to +0.50% 6% 7% 0% 26%
-0.25% to +0.25% 79% 79% 97% 22%
-0.26% to -0.50% 5% 5% 2%
-0.51% to -0.75% 4% 3%
-0.76% to -1.00% 0%
<-1.00% 0% 0%
 

Asset Mix (%)7,8,16,17,18 as of Oct 31, 2022

Portfolio Statistics7 as of Oct 31, 2022

Average Market Cap $334.8B
Price/Earnings Ratio 17.18
Number of Holdings 576
Number of Equity Holdings 116
Price/Book Ratio 2.87
Average Coupon 5.62%
Average Maturity 10.94 yrs.
Average Duration 1.61 yrs.
Average Price $87.97
Active Share19 79.80
 

GICS Sector Breakdown (%)7,20 as of Oct 31, 2022

Credit Quality (%)7,21 as of Oct 31, 2022

AAA 0.23
BBB 13.60
BB 47.30
B 28.16
CCC or Lower 6.62
Not Rated 4.09
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 (%)7,21 as of Oct 31, 2022

Less Than 1 Year 0.72
1 To 3 Years 10.83
3 To 5 Years 31.45
5 To 10 Years 46.15
10 To 20 Years 0.98
20 To 30 Years 2.03
More Than 30 Years 7.83
Total 100.00

Assets by Country (%)7,22 as of Oct 31, 2022

United States 66.50
United Kingdom 8.19
France 4.83
Switzerland 3.48
Spain 2.55
Germany 2.05
Canada 1.76
Japan 1.51
Netherlands 1.29
Denmark 1.20
Total 100.00
View All
 

Geographic Mix (%)7,22 as of Oct 31, 2022

North America 68.26
Europe 26.08
Asia/Pacific 4.01
Latin America/Caribbean 0.52
Middle East 0.46
Cash & Other Assets 0.66
Total 100.00
 

Portfolio Holdings7,8,23 as of Sep 30, 2022

Holding % of Net Assets
Alphabet Inc - CL C 3.04%
Microsoft Corp 2.58%
Apple Inc 1.93%
Amazon.com Inc 1.81%
Eli Lilly & Co 1.73%
EOG Resources Inc 1.69%
Nestle SA 1.54%
Coca-Cola Co 1.44%
Walt Disney Co 1.25%
Novo Nordisk A/S 1.20%
View All
 

Basket Details24 Nov 28, 2022

Holding Shares
View All

Transaction Fees Nov 25, 2022

No. of Creation Units Fee per Creation Unit (bps)
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.

†Intraday Indicative Value (IIV)

The IIV is an estimate of the real-time value of the Fund's underlying holdings based on current market prices and should not be viewed as a projection of NAV, which is determined at the end of the day. Because IIVs will generally differ from the end-of-day NAV of the Fund, they cannot be used to calculate with precision the dollar value of a prescribed number of shares to be bought or sold. Investors should understand that share transaction prices are based on closing NAVs, and that NAVs may vary significantly from IIVs during periods of intraday market volatility. Neither the Fund, the Trust nor any of their affiliates are involved in, or responsible for, the calculation or dissemination of IIVs nor make any warranty as to their accuracy. An inaccuracy in an IIV could result from various factors, including difficulty pricing portfolio instruments on an intraday basis. The IIV is disseminated every 15 minutes during normal trading hours and is as of the time noted above. An IIV is not available when the market is closed.

‡Bid and Ask

The bid and ask prices shown are as of the time noted and may not reflect current quotations. The Fund's NAV normally is determined as of 4:00 p.m. each business day.

RISK CONSIDERATIONS 

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

Managing Director, Head of Global Equities
Joined Eaton Vance 2015

Biography

Chris is a managing director of Morgan Stanley. He is Head of the Eaton Vance Global Equity team and a portfolio manager for global and international equity portfolios. He joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

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 inception

 
Jeffrey D. Mueller

Jeffrey D. Mueller

Managing Director, Co-Head of High Yield
Joined Eaton Vance 2015

Biography

Jeffrey Mueller is the Co-Head of High Yield and a portfolio manager on the 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 joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

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 inception

 
Derek J.V. DiGregorio

Derek J.V. DiGregorio

Executive Director, Portfolio Manager
Joined Eaton Vance 2006

Biography

Derek is an executive director of Morgan Stanley, a vice president of Eaton Vance Trust Company and a portfolio manager on the Eaton Vance Specialty Solutions team on a number of Eaton Vance global and domestic equity income portfolios, with particular experience in dividend investing, equity portfolio tax management and equity portfolio strategy implementation. He began his career in the investment management industry in 2006 with Eaton Vance. Morgan Stanley acquired Eaton Vance in March 2021.

Derek earned a B.S. from Bates College and an MBA from Boston University Questrom School of Business.

Education
  • B.S. Bates College
  • M.B.A. Questrom School of Business, Boston University

Experience
  • Managed Fund since 2021

 

Literature

Literature

Report of Organizational Actions Affecting Basis of Securities

Download Report of Organizational Actions Affecting Basis of Securities - Last updated: Jan 29, 2020

Annual Report

Download Annual Report - Last updated: Oct 31, 2021

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, 2022

Holdings - Form N-PORT

Download Holdings - Form N-PORT

Notice

Download Notice - Last updated: Mar 6, 2018

Eaton Vance Announces Upcoming Retirement of Michael A. Allison

Download Eaton Vance Announces Upcoming Retirement of Michael A. Allison - Last updated: May 13, 2021

SAI

Download SAI - Last updated: Mar 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Apr 30, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: Mar 1, 2022