Overview

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
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 Nov 30, 2024

Class R6 Inception 09/03/2019
Performance Inception 10/31/2011
Investment Objective Total return
Total Net Assets $502.6M
Minimum Investment $5000000
Expense Ratio3 0.65%
CUSIP 27826A615

Top 10 Holdings (%)4,5 as of Nov 30, 2024

VIRGIN MEDIA VENDOR FINANCING NOTE RegS 0.71
CGMS_18-3RA C 144A 0.54
ATLANTICA SUSTAINABLE INFRASTRUCTU 144A 0.54
ATHENAHEALTH GROUP INC 144A 0.51
EPICOR (EPICOR SOFTWARE CO) TLB TL-B 0.43
CGMS_18-4RA C 144A 0.40
TRANSDIGM INC TL Prvt 0.37
EDGE FINCO PLC RegS 0.36
JPMCC_21-MHC C 144A 0.36
MEDLINE BORROWER LP 144A 0.35
Total 4.57
 

Portfolio Management

Justin H. Bourgette, CFA Managed Fund since inception
Jeffrey D. Mueller Managed Fund since 2018
Kelley Gerrity Managed Fund since 2019
Daniel P. McElaney, CFA Managed Fund since 2023

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. Morningstar LSTA US Leveraged Loan TR USD Index is an unmanaged index of the institutional leveraged loan market. Prior to August 29, 2022, the index name was S&P/LSTA Leveraged Loan Index.Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index is an unmanaged index of global developed market below investment grade corporate bonds. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. ICE® BofA® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries.
3. Source: Fund prospectus.
4. Top 10 Holdings excludes cash and equivalents.
5. Percent of total net assets.

Performance

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
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.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 2.78 -0.43 7.53 11.61 -2.45 11.69 1.89 4.49 -6.17 12.09
Morningstar® LSTA® US Leveraged Loan Index1 1.60 -0.69 10.16 4.12 0.44 8.64 3.12 5.20 -0.77 13.32
 

Fund Facts

Class R6 Inception 09/03/2019
Performance Inception 10/31/2011
Expense Ratio3 0.65%
Distribution Frequency Monthly

Yield Information as of Nov 30, 2024

Distribution Rate at NAV 7.19%
SEC 30-day Yield6 6.65%
 

Morningstar Rating™ as of Nov 30, 2024

Time Period Rating Funds in
High Yield Bond
Category
Overall 584
3 Years 584
5 Years 548
10 Years 420
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. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2024 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
Dec 20, 2024 $9.92 $0.01
Dec 19, 2024 $9.91 -$0.03
Dec 18, 2024 $9.94 -$0.01
Dec 17, 2024 $9.95 -$0.01
Dec 16, 2024 $9.96 $0.00
Dec 13, 2024 $9.96 -$0.01
Dec 12, 2024 $9.97 -$0.01
Dec 11, 2024 $9.98 $0.01
Dec 10, 2024 $9.97 $0.00
Dec 09, 2024 $9.97 $0.00
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Nov 29, 2024 $0.05867 $9.95
Oct 31, 2024 $0.05814 $9.93
Sep 30, 2024 $0.06137 $9.96
Aug 30, 2024 $0.06085 $9.93
Jul 31, 2024 $0.06231 $9.90
Jun 28, 2024 $0.06147 $9.86
May 31, 2024 $0.06171 $9.85
Apr 30, 2024 $0.05965 $9.81
Mar 28, 2024 $0.06267 $9.88
Feb 29, 2024 $0.06010 $9.84
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 History7

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.

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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. Morningstar LSTA US Leveraged Loan TR USD Index is an unmanaged index of the institutional leveraged loan market. Prior to August 29, 2022, the index name was S&P/LSTA Leveraged Loan Index.Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index is an unmanaged index of global developed market below investment grade corporate bonds. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. ICE® BofA® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries.
3. Source: Fund prospectus.
6. SEC 30-day yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC 30-day yield is not based on the distributions made by the fund, which may differ. Distribution Rate at NAV is calculated by dividing the last distribution paid per share (annualized) by NAV. The Fund's monthly distribution may be comprised of ordinary income, net realized capital gains and returns of capital.
7. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)5 as of Nov 30, 2024

Loans 32.23
HY Bonds 49.46
Securitized 12.27
CLO 6.09
CRT 0.48
CMBS 2.58
MBS 2.38
ABS 0.74
EM Bonds 1.53
IG Corporates 0.77
Other 0.74
Cash 3.00

Portfolio Statistics as of Nov 30, 2024

Effective Duration 1.61
Average Price 97.75
 

Credit Quality (%)5 as of Nov 30, 2024

AAA 0.08
AA 0.17
A 0.52
BBB 7.03
BB 30.51
B 43.79
CCC or Lower 8.45
Not Rated 6.44
Cash 3.00
Credit quality ratings on underlying securities of the fund are provided by S&P, Moody’s and Fitch. This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P major rating category. 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 an issuance 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 (%)5 as of Nov 30, 2024

United States Dollar 81.78
Euro 12.31
British Pound 2.90
Cash 3.00
 

Bond Composition (%)8 as of Nov 30, 2024

Fixed 50.28
Floating 46.67
Cash 3.00
Other 0.04
 

Fund Holdings5,9 as of Oct 31, 2024

Holding Coupon Rate Maturity Date % of Net Assets
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 4.76% 12/31/2030 2.56%
Virgin Media Vendor Financing Notes III DAC 4.88% 07/15/2028 0.69%
iShares Broad USD High Yield Corporate Bond ETF 0.00% 0.56%
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 5.63% 02/15/2032 0.53%
Carlyle Global Market Strategies CLO 2014-3R Ltd 1.00% 07/27/2031 0.52%
Inspire Brands 7.54% 12/15/2027 0.42%
RANGE RED ACQ LLC (ROBERTSHAW RANGE RED ACQ CLASS A 1 UNIT 0.00% 0.41%
Epicor 7.94% 05/30/2031 0.40%
Carlyle Global Market Strategies 1.00% 07/15/2030 0.38%
TransDigm, Inc. 7.10% 02/28/2031 0.36%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


5. Percent of total net assets.
8. Percent of bond holdings.
9. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

Management

Justin H. Bourgette, CFA

Justin H. Bourgette, CFA

Managing Director, Portfolio Manager
Joined Eaton Vance 2006

Biography

Justin Bourgette is a Portfolio Manager for the High Yield team. He is responsible for idea generation, portfolio construction and risk management across a suite of multisector and asset allocation strategies. Justin joined Eaton Vance in 2006. Morgan Stanley acquired Eaton Vance in March 2021.

Justin began his career in the investment management industry in 2006. Before joining Eaton Vance, he was affiliated with Investors Financial Services and National Grid.

Justin earned a B.S. from Worcester Polytechnic Institute and an M.S., with high honors, from Boston University. He is a CFA charterholder.

Education
  • B.S. Worcester Polytechnic Institute
  • M.S. Investment Management, Boston University

Experience
  • Managed Fund since inception

Other funds managed
 
Jeffrey D. Mueller

Jeffrey D. Mueller

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

Biography

Jeffrey Mueller is Co-Head of Fixed Income. In this capacity he, along with his Co-Head, is responsible for managing the seven fixed income investment teams and developing and growing the business. In addition, Jeff is the Co-Head of High Yield and a portfolio manager on the High Yield team. In this capacity 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 2018

Other funds managed
 
Kelley Gerrity

Kelley Gerrity

Managing Director, Portfolio Manager

Biography

Kelley Gerrity is a portfolio manager on the High Yield team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm's high yield strategies. She joined Eaton Vance in 2005. Morgan Stanley acquired Eaton Vance in March 2021.

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

Other funds managed
 
Daniel P. McElaney, CFA

Daniel P. McElaney, CFA

Executive Director, Portfolio Manager
Joined Eaton Vance 2004

Biography

Daniel McElaney is a portfolio manager and Senior Credit Analyst on the Floating-Rate Loans team. He is responsible for buy and sell decisions, portfolio construction and risk management for the team's floating-rate loan strategies. He also focuses on coverage of the chemicals, business services, building materials and industrial equipment sectors. He joined Eaton Vance in 2004. Morgan Stanley acquired Eaton Vance in March 2021.

Daniel began his career in the investment management industry in 2002. Before joining Eaton Vance, he was affiliated with Investors Bank & Trust.

Daniel earned a B.S. from Babson College. He is a member of the CFA Society Boston and is a CFA charterholder.

Education
  • B.S. Babson College

Experience
  • Managed Fund since 2023

 

Literature

Literature

Fact Sheet

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Annual Financial Statements and Add'l Information

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Semi-Annual Financial Statements and Add'l Information

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Commentary

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Annual Report

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Full Prospectus

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Q1 Holdings

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Q3 Holdings

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SAI

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Semi-Annual Report

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Summary Prospectus

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