Overview

Historical Returns (%) as of Jun 30, 2018

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. Max Sales Charge: 5%.
 

Fund Facts as of Jul 31, 2018

Class B Inception 11/26/1990
Investment Objective Total return
Total Net Assets $2.2B
Minimum Investment $1000
Expense Ratio (Gross)3 1.86%
Expense Ratio (Net)3 1.85%
CUSIP 277911863
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. As interest rates rise, the value of certain income investments is likely to decline. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. 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. In emerging countries, these risks may be more significant. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 Jun 30, 2018

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. Max Sales Charge: 5%.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV -10.65 25.36 7.03 0.27 7.77 -0.41 3.51 -1.43 4.68 4.03
Bloomberg Barclays U.S. Aggregate Bond Index2 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55 2.65 3.54
 

Fund Facts

Expense Ratio (Gross)3 1.86%
Expense Ratio (Net)3 1.85%
Class B Inception 11/26/1990
Distribution Frequency Monthly

Yield Information5 as of Jul 31, 2018

Distribution Rate at NAV 3.03%
SEC 30-day Yield 3.64%
 

Morningstar Rating™ as of Jul 31, 2018

Time Period Rating Funds in
Nontraditional Bond
Category
Overall *** 278
3 Years ** 278
5 Years *** 171
10 Years *** 51
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.

©2018 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
Aug 13, 2018 $6.90 $0.00
Aug 10, 2018 $6.90 -$0.01
Aug 09, 2018 $6.91 $0.00
Aug 08, 2018 $6.91 -$0.01
Aug 07, 2018 $6.92 $0.01
Aug 06, 2018 $6.91 $0.00
Aug 03, 2018 $6.91 $0.00
Aug 02, 2018 $6.91 $0.00
Aug 01, 2018 $6.91 $0.02
Jul 31, 2018 $6.89 -$0.01
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Jul 30, 2018 $0.01740 $6.90
Jun 28, 2018 $0.01740 $6.88
May 30, 2018 $0.01730 $6.93
Apr 27, 2018 $0.01730 $6.99
Mar 28, 2018 $0.01730 $7.01
Feb 27, 2018 $0.01720 $7.05
Jan 30, 2018 $0.01720 $7.09
Dec 28, 2017 $0.01730 $7.02
Nov 29, 2017 $0.01730 $7.03
Oct 30, 2017 $0.01720 $7.03
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 History6

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. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. As interest rates rise, the value of certain income investments is likely to decline. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. 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. In emerging countries, these risks may be more significant. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

Fund Weightings (%)7,8,9 as of Jun 30, 2018

Mortgage-Backed Securities 27.52
U.S. Agency Mortgage-Backed Securities 25.07
Commercial Mortgage-Backed Securities 2.45
U.S. Corporate Credit 20.48
Floating-Rate Loans 13.91
High Yield Corporate Bonds 6.57
Non-U.S. Bond 18.08
Emerging Markets Bonds 9.07
Non-U.S. Inflation-Linked Bonds 9.01
Absolute Return 17.85
Other 5.97
U.S. Inflation Linked Bonds 2.49
Other Net Assets 1.82
Duration Management 1.65
Currency Instruments 4.38
Cash & Equivalents 5.71

Portfolio Statistics as of Jun 30, 2018

Average Weighted Duration 0.16 yrs.
 

Credit Quality (%)10 as of Jun 30, 2018

AAA 33.51
AA 0.00
A 9.44
BBB 12.64
BB 17.94
B 24.92
CCC or Lower 1.13
Not Rated 0.42
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.

Portfolio Allocations (%) as of Jun 30, 2018

Global Opportunities Portfolio 66.34
Global Macro Absolute Return Advantage Portfolio 17.85
Senior Debt Portfolio 7.04
High Income Opportunities Portfolio 3.44
Emerging Markets Local Income Portfolio 2.53
Emerging Markets Debt Opportunities Fund 2.49
Short Duration High Income Portfolio 0.37
Cash -0.06
 

Fund Holdings7,11 as of Jun 30, 2018

Holding Coupon Rate Maturity Date % of Net Assets
Serbia Treasury Bonds 5.88% 02/08/2028 1.99%
Serbia Treasury Bonds 10.00% 02/05/2022 1.28%
El Salvador Government International Bond 8.63% 02/28/2029 0.98%
Macedonia Government International Bond 3.98% 07/24/2021 0.88%
United States Treasury Bill 0.00% 09/27/2018 0.82%
Argentine Republic Government International Bond 6.25% 11/09/2047 0.80%
New Zealand Government Inflation Linked Bond 2.50% 09/20/2040 0.64%
TANZANIA 5 YEAR TERM LOAN 0.00% 05/23/2023 0.64%
KAZAKHSTAN (REPUBLIC OF) 07/27 VARIABLE 0.00% 07/27/2018 0.63%
Dominican Republic International Bond 8.90% 02/15/2023 0.61%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. As interest rates rise, the value of certain income investments is likely to decline. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. 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. In emerging countries, these risks may be more significant. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

Eric Stein, CFA

Eric Stein, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2002; rejoined the firm in 2008

Biography

Eric Stein is a vice president of Eaton Vance Management, co-director of global income and portfolio manager in Eaton Vance's global income group. He is responsible for leading the entire 55-person global income team with investment professionals based in Boston, London, Frankfurt and Singapore, as well as for making specific buy and sell decisions and overall portfolio construction. He focuses on Asia, Western Europe and the Dollar Bloc. He also covers the policies and actions of the Federal Reserve and the U.S. Treasury. He originally joined Eaton Vance in 2002 and rejoined the company in 2008.

Eric previously worked on the Markets Desk of the Federal Reserve Bank of New York. He has additional experience at Citigroup Alternative Investments.

Eric earned a B.S., cum laude, from Boston University and an MBA, with honors, from the University of Chicago Booth School of Business. He is a term member of the Council on Foreign Relations. He is also a CFA charterholder and a member of the Boston Committee on Foreign Relations, Boston Economic Club, Business Associates Club, Enterprise Club, AEI Boston Council and the CFA Society Boston. Eric is on the board of overseers of Big Brothers Big Sisters of Massachusetts Bay, where he is also a member of the finance and audit committee.

Eric's commentary has appeared in The New York Times, The Wall Street Journal, Barron's, Financial Times, The Washington Post, Bloomberg, Dow Jones, Reuters, Kiplinger's and The Christian Science Monitor. He has been featured on CNBC, Fox News, Fox Business News, PBS, Bloomberg Radio and Bloomberg TV.

Education
  • B.S. Boston University
  • M.B.A. Booth School of Business, University of Chicago

Experience
  • Managed Fund since 2009

 
Andrew Szczurowski, CFA

Andrew Szczurowski, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2007

Biography

Andrew Szczurowski is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s mortgage-backed securities strategies. He joined Eaton Vance in 2007.

Andrew began his career in the investment management industry in 2005. Before joining Eaton Vance, he was affiliated with BNY Mellon.

Andrew earned a B.S., cum laude, from Peter T. Paul College of Business and Economics at the University of New Hampshire. He is a member of the CFA Society of Boston and is a CFA charterholder.

Education
  • B.S. University of New Hampshire

Experience
  • Managed Fund since 2013

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2018

Commentary

Download - Last updated: Jun 30, 2018

Attribution

Download - Last updated: Jun 30, 2018

Annual Report

Download - Last updated: Oct 31, 2017

Full Prospectus

Download - Last updated: Mar 1, 2018

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

Download

Proxy Statement

Download - Last updated: Aug 2, 2018

SAI

Download - Last updated: Mar 1, 2018

Semi-Annual Report

Download - Last updated: Apr 30, 2018

Summary Prospectus

Download - Last updated: Jul 16, 2018

XBRL

Download - Last updated: Mar 15, 2018