Overview

Historical Returns (%) as of Mar 31, 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. 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 Facts as of May 31, 2024

Class R Inception 01/31/2006
Investment Objective Total return
Total Net Assets $260.2M
Minimum Investment $1000
Expense Ratio (Gross)4 1.45%
Expense Ratio (Net)4,5 1.42%
CUSIP 277923835

Top 10 Holdings (%)6,7 as of Mar 31, 2024

Microsoft Corp 3.09
Alphabet Inc - CL C 2.29
Eli Lilly & Co 2.28
Novo Nordisk A/S 1.99
Amazon.com Inc 1.66
ASML Holding NV 1.52
EOG Resources Inc 1.49
Volvo AB 1.47
Nordea Bank Abp 1.38
Swedbank AB 1.36
Total 18.54
 

Morningstar Rating™ as of May 31, 2024

Time Period Rating Funds in
Global Allocation
Category
Overall 345
3 Years 345
5 Years 327
10 Years 239
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.
 

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.

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.

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.


Performance

Historical Returns (%) as of Mar 31, 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. 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 (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 2.76 2.86 3.08 15.92 -8.79 23.27 10.29 14.80 -16.94 18.14
MSCI World Index2 4.94 -0.87 7.51 22.40 -8.71 27.67 15.90 21.82 -18.14 23.79
65% MSCI World Index / 35% ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index3 3.30 -2.48 10.17 17.87 -6.80 22.59 13.01 15.05 -16.14 20.46
 

Fund Facts

Class R Inception 01/31/2006
Expense Ratio (Gross)4 1.45%
Expense Ratio (Net)4,5 1.42%
Distribution Frequency Monthly

Yield Information8 as of May 31, 2024

Distribution Rate at NAV 5.06%
Subsidized SEC 30-day Yield 2.37%
 

Risk Measures (3 Year)9 as of May 31, 2024

Alpha (%) -2.22
Beta 0.80
R-Squared (%) 97.39
Standard Deviation (%) 13.98
Sharpe Ratio 0.02
 

Morningstar Rating™ as of May 31, 2024

Time Period Rating Funds in
Global Allocation
Category
Overall 345
3 Years 345
5 Years 327
10 Years 239
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
Jun 14, 2024 $10.95 -$0.07
Jun 13, 2024 $11.02 -$0.03
Jun 12, 2024 $11.05 $0.10
Jun 11, 2024 $10.95 -$0.04
Jun 10, 2024 $10.99 $0.01
Jun 07, 2024 $10.98 -$0.04
Jun 06, 2024 $11.02 $0.00
Jun 05, 2024 $11.02 $0.08
Jun 04, 2024 $10.94 $0.01
Jun 03, 2024 $10.93 $0.02
 

Distribution History10

Ex-Date Distribution Reinvest NAV
May 21, 2024 $0.04600 $10.96
Apr 19, 2024 $0.04400 $10.44
Mar 19, 2024 $0.04500 $10.79
Feb 21, 2024 $0.03800 $10.59
Dec 29, 2023 $0.02600 $10.41
Dec 19, 2023 $0.02500 $10.36
Nov 21, 2023 $0.02500 $9.96
Oct 19, 2023 $0.02500 $9.47
Sep 19, 2023 $0.02500 $9.81
Aug 21, 2023 $0.02500 $9.79
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 History10

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 21, 2021 $0.13840 $11.12
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.

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.

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.


Portfolio

Asset Mix (%)7,11,12,13 as of Mar 31, 2024

Portfolio Statistics as of Mar 31, 2024

Average Market Cap $521.0B
Price/Earnings Ratio 15.74
Number of Holdings 605
Number of Equity Holdings 122
Price/Book Ratio 2.58
Average Coupon 6.08%
Average Maturity 11.07 yrs.
Average Duration 1.18 yrs.
Average Price $96.23
Active Share14 79.43%
 

GICS Sector Breakdown (%)15 as of Mar 31, 2024

Credit Quality (%)16 as of Mar 31, 2024

A 0.55
BBB 10.51
BB 47.61
B 29.60
CCC or Lower 9.27
Not Rated 2.45
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 (%)16 as of Mar 31, 2024

Less Than 1 Year 1.01
1 To 3 Years 16.15
3 To 5 Years 32.46
5 To 10 Years 39.25
10 To 20 Years 0.86
20 To 30 Years 1.49
More Than 30 Years 8.77
Total 100.00

Assets by Country (%)7 as of Mar 31, 2024

United States 52.14
Sweden 7.70
United Kingdom 5.32
France 4.57
Switzerland 4.47
Denmark 3.86
Netherlands 2.88
Spain 2.87
Germany 2.80
Cash & Other Assets 3.04
Total 100.00
View All
 

Geographic Mix (%)7 as of Mar 31, 2024

North America 54.11
Europe 38.90
Asia/Pacific 3.38
MiddleEast 0.29
Latin America/Caribbean 0.18
Africa 0.10
Cash & Other Assets 3.04
Total 100.00
 

Fund Holdings (%) as of Apr 30, 2024

Holding % of Net Assets
Microsoft Corp 2.94%
Alphabet Inc - CL C 2.55%
MSILF GOVERNMENT PORTFOLIO 2.52%
Eli Lilly & Co 2.36%
Novo Nordisk A/S 2.04%
Amazon.com Inc 1.66%
EOG Resources Inc 1.59%
ASML Holding NV 1.40%
Apple Inc 1.38%
NVIDIA Corp 1.30%
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.

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.

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.


Management

Christopher M. Dyer, CFA

Christopher M. Dyer, CFA

Managing Director, Co-Head of Eaton Vance Equity
Joined Eaton Vance 2015

Biography

Chris is a managing director of Morgan Stanley. He is co-head of Eaton Vance Equity. In addition, Chris is co-head of the Eaton Vance Equity Global team and a portfolio manager for Eaton Vance and Calvert global and international equity portfolios. Chris serves on the Morgan Stanley Investment Management Operating Committee. He joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

Chris began his career in the asset management industry in 2001. 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 2015

 
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 2015

 
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 and a vice president of Eaton Vance Trust Company. He is head of Equity Income Solutions and a portfolio manager on a number of Eaton Vance global and domestic equity income funds, with particular experience in dividend investing, equity portfolio tax-management, and equity portfolio strategy implementation. Derek 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

Fact Sheet

Download Fact Sheet - Last updated: Mar 31, 2024

Annual Report

Download Annual Report - Last updated: Oct 31, 2023

Full Prospectus

Download Full Prospectus - Last updated: Mar 1, 2024

Q1 Holdings

Download Q1 Holdings - Last updated: Jan 31, 2024

Q3 Holdings

Download Q3 Holdings - Last updated: Jul 31, 2023

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Mar 1, 2024

Semi-Annual Report

Download Semi-Annual Report - Last updated: Apr 30, 2023

Summary Prospectus

Download Summary Prospectus - Last updated: Mar 1, 2024