EV Forward - institutional.eatonvance.com · Eaton Vance Investment Counsel is a wholly-owned subsidiary of EVC and is registered with the SEC as an investment adviser under the Advisers

April 9, 2020

EV ForwardHow Eaton Vance managers navigate volatile markets

Summary

� The large-scale actions by the US Federal Reserve appear to have stabilized the bond market and the extreme volatility in equities has moderated. The first-order effects of the shock of COVID-19 appear to be giving way to a broader assessment by investors of both global efforts to combat the virus and possible time frames for emerging from economic lockdown.

� Investment managers across Eaton Vance’s range of affiliate managers seek to actively capitalize on opportunities presented by volatile investor sentiment, while ensuring that the portfolio risk profile remains appropriate for the specific strategy.

� Eaton Vance strategies are designed to seek fundamental value that helps build client wealth over the course of many business cycles. In our view, times like these underscore the value of active management. We believe in carefully assessing the dynamics of fluctuations driven by political change or other disruptions, and in taking action that best serves the long-term interests of our clients.

Contents

Central Bank Policy� Eric Stein, CFA Co-Director of Global Income .................................. 2

COVID-I9 Update� Marshall L. Stocker, PhD, CFA Director of Country Research ...................................4

Income Markets� Payson Swaffield, CFA Chief Income Investment Officer ............................5

Equity Markets� Edward J. Perkin, CFA Chief Equity Investment Officer ..............................6

Responsible Investing� John Streur President and CEO Calvert Research and Management ....................... 7

Equities� High-Quality Equities Joseph B. Hudepohl, CFA ..........................................8� US Small Cap Michael D. McLean, CFA, J. Griffith Noble, CFA ...................................................9

Income� Floating-Rate Loans Andrew Sveen, CFA Craig P. Russ .................................................................. 10� High Yield Stephen C. Concannon, CFA Jeffrey D. Mueller ...........................................................11� Municipal Bonds Cindy Clemson Craig R. Brandon, CFA................................................12� Municipal Bond Ladders Nisha Patel, CFA ...........................................................13� Short Duration Government Income/ Agency MBS Eric Stein, CFA Andrew Szczurowski, CFA ....................................... 14

Alternatives� Global Macro Eric Stein, CFA Michael A. Cirami, CFA ...............................................15

2 | EV Forward | April 9, 2020

CIO UPDATES

Eric Stein, CFACo-Director of Global Income Eaton Vance Management

CENTRAL BANK POLICY

Central banks are keeping their eye on the ball

The best way for investors to sort through the onslaught of policy actions from central banks across the globe, especially those coming from the US Federal Reserve (the Fed), is to understand their two primary goals:

1. Market functioning. In the US, that means better liquidity in the Treasury market, better liquidity in the Treasury repo market (repurchase agreements) and less pressure in the dollar funding market. These are the core markets of the financial system. The Fed’s reason for this initial focus as the COVID-19 crisis first arrived was not simply because these markets are very important in their own right, but also because they are the backbone for many other markets, both domestically and globally.

2. Providing bridge financing to the economy. By doing so, it will help the broader economy (i.e., consumers, corporations, municipalities, etc.) get through the next couple of months, at least until the economy sees the light of day and people start going out and contributing to normal economic activity.

Even as this piece was about to be published, the Fed announced a new Municipal Liquidity Facility, along with some enhancements to existing programs. These actions are directly in line with our thinking that the Fed will continue to add and change programs as they look to best achieve their goals of market functioning and bridge finance.

Measurable impact

The Fed has made significant progress toward ensuring success on its goal of keeping the markets functioning as normally as possible. In addition to traditional monetary easing (rates are now close to zero) and quantitative easing that has recently dramatically increased the size of the Fed’s balance sheet (see accompanying charts), the Fed dusted off a number of programs that proved to be effective in the aftermath of the 2007/2008 financial crisis. Simultaneously, it developed some new programs designed specifically to focus on the problems right now, such as providing support to the corporate credit and municipal bond markets.

Today, we see the Treasury and Treasury repo markets and the dollar funding markets in much better shape than where we were during the most acute part of the financial shock of the global pandemic during the third week of March. We have also seen significant improvements in the higher-rated parts of the municipal bond market, investment-grade corporates and investment-grade emerging-market debt. While some, but not all, of the higher-yielding parts of the fixed-income market have come back from their initial lows, they certainly aren’t fully healed by any stretch and there are legitimate credit concerns across many markets that will play out depending

Total Assets

3.0

3.5

4.0

4.5

5.0

5.5

6.0

04/2003/20

Total Assets

Total Assets = $5.66 trillionWoW change = $605 billion

0.51.01.52.02.53.03.54.04.55.05.56.0

20192015201120072003

USD

Tril

lion

Source: Federal Reserve statistical release as of April 2, 2020.

Federal Reserve assets explode amid pandemic shock

Total Assets in 2020 ($ trillions)Total Assets ($ trillions)


CIO UPDATESCENTRAL BANK POLICY

on the mix between the idiosyncratic credit fundamentals of each issuer, the depth and duration of the economic downturn, and the broader policy support from monetary and fiscal policymakers. While I do think some of the most acute financial-market-driven stress that we’ve seen so far is somewhat resolved due to Fed policy action, I think we have now moved on to a market environment that will be driven more by health, economic and policy fundamentals as opposed to specific stress eminently directing from the financial system.

Fed provides support to CARES Act

In addition to the bridge financing that comprised much of the $2 trillion fiscal package (CARES Act) passed by Congress late last month, the Fed announced that it would create a new program to finance loans that banks and other lenders make through the government’s emergency small-business lending program, one of the main components of the stimulus bill. It is a critical part of the bill because companies, municipalities, individuals and nonprofit organizations simply don’t have the financing necessary to keep going. The Fed’s program, like the many it has enacted in the past several weeks, is intended to provide financing to get from where we are today to the future. While the Fed and Treasury will continue to enact a multitude of programs designed to help with the bridge finance, it is important for investors to remember the broad goal of providing bridge financing to various sectors in the economy as opposed to being lost in what seems like a never-ending slew of acronym-baring programs that the Fed has launched and will continue to launch. While the details of each program matter greater to investors in those specific sectors, for most investors, who focus across other markets, it is more to important to focus on what the Fed is trying to achieve broadly and how strongly determined it is to achieve its goals.

The rest of the world eases quickly

We’ve also seen similar moves in Europe. It took the European Central Bank (ECB) a little while to get its footing, but it has introduced quantitative easing, the Pandemic Emergency Purchasing Program (PEPP), a new temporary asset-purchase program of private and public sector securities.

On the emerging-market side, in contrast to previous global downturns, we’ve seen a ton of monetary policy easing. We’ve even seen quantitative easing from places like Columbia, South Africa and South Korea in the emerging world. The real question for emerging-market central banks is whether they can they keep easing or whether current weakness in their currencies would cause them to rethink their decisions as it already has for Hungary. Most countries have certainly fought against this pressure to tighten monetary policy but it remains to be seen if they can continue to do so if their currencies continue to weaken from here. One factor that should be broadly supportive for EM currencies is that part of the reason for the various Fed attempts to ease pressure in the dollar funding markets is to make sure the US dollar doesn’t appreciate too much. Additionally, there have been some comments from the The International Monetary Fund (IMF) recently that it could help various EM countries, who currently access some of the recent Fed programs, access dollar liquidity (and, thus, reduce upward pressure on the US dollar)

Final word: As I’ve watch this crisis unfold, I have no doubt about the Fed's resolve to do whatever it can to see us through this unprecedented period. It has truly been the nation's first responder from the financial market perspective, with many other central banks following its lead. I believe we will see much more in the weeks and months to come.


CIO UPDATES

Marshall L. Stocker, PhD, CFA

Director of Country Research

Eaton Vance Management

Social distancing is working, though new asymptomatic cases may be rising in China

Health policy developments

� In spite of being first into the pandemic crisis, most Asian countries continue to tighten social-distancing policies; for example, this week, Hong Kong has indefinitely extended the prohibition on nonresident arrivals and Singapore has implemented its strictest social-distancing policies so far.

� China’s daily new asymptomatic cases have nearly doubled to 78 — still remarkably low, but with China data, it is the direction of change that should be monitored.

� Conversely, Austria and Denmark have announced plans to imminently and slowly loosen social-distancing requirements.

� Testing capacity continues to improve in the US, but numerous reports indicate difficulty accessing tests except for in-patient hospital and limited drive-through settings.

Bearish virus developments

� Concerns have reemerged over the safety and efficacy of hydroxychloroquine as a therapeutic treatment.

� More than 140 experimental drug treatments and vaccines for the novel coronavirus are in development worldwide, most in early stages, including 11 already in clinical trials.

� Widespread antibody testing in the UK was thought to begin this week, but unfortunately, millions of such tests made in China are being returned as faulty.

Bullish virus developments

� Social distancing is working: global new-case growth has materially slowed, as the doubling of cases has dropped from every four days to every 10 days.

� Early US hot spots such as New York City are realizing a slowing of new cases, suggesting new-case growth in the US may peak in mid-April.

� Understanding of the virus is improving, to include a recognition that novel coronavirus likely transmits in aerosol form, meaning it can linger in the air for hours.

Economic and market impacts

� Real economic activity continues to slow as evidenced by cuts in US domestic flights, material reductions in advertising spending and reports of weak demand for Asian exports.

� More demand-side fiscal largess to address a supply-side problem: Trump is considering a second round of direct payments. Singapore announced a third spending package for a total of 11.7% of GDP and Thailand proposed a fiscal package worth 10% of GDP.

� More monetary policy largess, too: China’s central bank lowers required reserve ratios (RRR), the UAE cuts its RRR by half and other central banks cut interest rates.

COVID-I9 UPDATE


CIO UPDATES

Payson Swaffield, CFAChief Income

Investment Officer Eaton Vance Management

Volatility is creating value, but selectivity is required

� The Fed's programs to add liquidity to a broad range of fixed-income sectors have helped stabilize the market. However, spreads in general remain wider than prior to COVID-19 and in some sectors, like high-yield and floating-rate loans, are still significantly wider.

� Monitoring the timing of implementation of these programs will be important to assess relative value going forward.

� Active security selection is critical. We favor higher credit quality within most segments.

Income — About Risk: The value of investments may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the US and global markets. As interest rates rise, the value of certain income investments is likely to decline. 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.

+

CorporateCommercial Paper

Attractive spreads at short end of yield curve and improving liquidity.

Investment Grade (IG)

Favor shorter maturities, financials and selective lower-quality IG with BB-like spreads.

Floating-Rate Loans

Current price of 84 on the S&P/LSTA Leveraged Loan Index reflects unlikely 40% default rate in one year, given historical recovery experience. Small energy exposure.

US High Yield Favor higher quality (BBs) with historically attractive spreads.

Municipal High-Quality Investment Grade

The Fed MMLF and recently announced $500-billion Municipal Liquidity Facility short-term lending program support this segment.

High Yield Bifurcated between munis supported by US monetary and fiscal actions and those not.

SecuritizedAgency MBS

Favor agencies the Fed is not buying directly, including CMOs. Lower prepay risk with mortgage-processing delays.

ABS Favor high quality and tread carefully in lower-quality due to potential erosion of consumer strength.

CMBS Favor high quality over lower quality due to new challenges in commercial real estate.

Non-Agency MBS High risk/return, however difficult to assess with potential high unemployment looming.

CLOs Favor BBBs and BB's with attractive spreads from quality managers.

Emerging Markets Sovereign - Local Currency

Yields are higher, though local currencies could continue to come under pressure in pandemic.

Sovereign - Dollar Favor higher quality, as COVID-19 generally not yet as advanced in EM countries and EM infrastructure weaker than DM.

Corporate - Dollar Favor IG and HY where corporate spreads are generously wider to sovereign credit.

OtherDuration

Central bank easing, fiscal stimulus and deglobalization could promote inflation and hurt long-term bonds.

Cash / Liquidity Cash has been king and volatility likely to persist until COVID-19 threat abates.

Inflation Breakeven

10-year inflation breakeven rate is at a five-year low. Fed and fiscal policies could lead to inflation in medium term.

Current views

INCOME MARKETS


CIO UPDATES

Expect fits and starts, not a one-way street to economic and market recovery

� Equities have come up off the bottom, but the economy is still in a tough spot — just talk to any small business owner or nonprofit director.

� We think it’s wise to keep an open mind, ready to face a wide range of outcomes with no historical analogue.

� Winners and losers can be found beneath the surface of the broad market, and some stocks that have held up well so far may become vulnerable.

� That’s why I encourage our equity investment teams to have a bi-modal focus:

- Look at the very short term, analyzing cash burn and liquidity to avoid getting diluted by an equity raise or a government bailout — possibly with strings attached.- Consider the very long term, assessing whether the structural changes to companies and industries will be enduring.

� We focus on understanding sustainable, long-term earnings power, bearing in mind that 2020 earnings per share (EPS) could be irrelevant except for helping us with that evaluation.

Equities — About Risk: The value of investments may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the US and global markets. The value of equity securities is sensitive to stock market volatility.

Edward J. Perkin, CFAChief Equity

Investment OfficerEaton Vance Management

+Regions

US US companies are strong, but the economy is bound to take a significant hit in the second quarter.

Europe While valuations are attractive, the cyclical recovery is now delayed.

Japan Japan's underleveraged balance sheet now has appeal; should be one of the first economies to emerge from the crisis.

Emerging Markets (EM)

First in, first out. Southeast Asia appears to be recovering, and non-Asia is a smaller part of EM these days.

Sectors: 3 Most Favored Financials

Banks are part of the solution this time around. Credit losses will likely be elevated, but capital markets' activity should be an offset.

Health Care Pharmaceutical stocks are a relatively inexpensive place to get defensive exposure in the equity market.

Energy Not without risk given OPEC scrum and a collapse in demand for gasoline and jet fuel, but valuations are at once-in-a-century levels.

Sectors: 3 Least Favored Consumer Staples

Packaged food, beverage and household products are seeing a burst of demand, but that will likely prove temporary.

Utilities An expensive, defensive sector. Balance sheets tend to carry a fair amount of debt.

Consumer Discretionary

Brick-and-mortar retail was already struggling. We expect there will be bankruptcies in this sector.

Current views on valuation

EQUITY MARKETS


CIO UPDATES

The strong get stronger

None of us knows how long the current pandemic will take to run its course in the US and globally. However, sustainable funds were able to weather this storm better than their non-sustainable counterparts, and we believe are poised to emerge stronger than ever after the health crisis ends.

An article published by Morningstar on April 3 reported that in the first quarter, sustainable funds outperformed their conventional, non-sustainable counterparts, based on a comparison of the returns of 206 US sustainable equity open-end and exchange-traded funds versus those in their respective categories.¹ Morningstar found that 70% of sustainable equity funds ranked in the top halves of their categories in Q1 2020, while 44% ranked in their category's top quartile. Only 11% finished in the bottom quartile, and in many cases, sustainable funds outperformed their benchmarks.²

This isn’t a surprise to us at Calvert. More stable, well-managed companies with solid ESG practices have generally responded well to the crisis. We believe companies that have sent a positive message both internally and externally, creating a safe place for both employees and customers, are creating trust, which will help protect their brands in the future.

This response is in contrast to what occurred in 2008-09, where it seemed like much of corporate America had a hard time doing the right thing, damaging trust and confidence with customers and employees. We believe many companies learned from previous experience and are recognizing how they treat employees and customers today will have a big impact both now and for years to come.

Examining how companies assess and address their ESG risks in light of this crisis, and its potential aftermath, is particularly important as we consider preparations for a restart of the economy. Companies likely will face considerable pressure from some stakeholders to reopen before the danger from the COVID-19 threat vanishes. Companies will respond in different ways depending on which stakeholder interests prevail. How will companies assess and balance the well-being of communities and employees with the well-being of their businesses will be telling.

If companies don't have a strategy for dealing with these challenges, investors may have unknown risk in their portfolios. That is why both ESG research and disclosure are so important.

Sustainable equity funds Q1 2020 return — rank (%) by Morningstar category quartile

Source: Morningstar Direct. Data as of 3/31/2020. Note: Oldest share class used for mutual funds.

Final word: How companies behave during COVID-19 will impact their businesses, reputations and viability for years to come. Over the long term, we believe the value of sustainable investing lies not only in delivering solid financial performance, but in advancing a more stakeholder-centric model of corporate behavior.

John StreurPresident and CEO Calvert Research and Management

Past performance is no guarantee of future results.Morningstar sustainable funds are open-end funds and exchanged-traded funds that use environmental, social, and corporate governance (ESG) criteria to evaluate investments or assess their societal impact. Morningstar sustainable fund performance statistics are as of March 31, 2020, based on 206 sustainable funds, using the oldest share class of those with multiple share classes. ¹https://www.morningstar.com/articles/976361/sustainable-funds-weather-the-first-quarter-better-than-conventional-funds ²Ibid.

RESPONSIBLE INVESTING

0 10 20 30 40 50

Bottom

3rd

2nd

Top 44

26

19

11


EQUITIES

Joseph B. Hudepohl, CFA

Managing Director and Principal,

Atlanta Capital Management,

Calvert Research & Management

High-Quality Equities

� What we are seeing: Last week marked the end of first quarter 2020, obviously a very volatile quarter, with negative returns across global equity markets. Similar to what I reported in my last update, we have seen stocks being sold indiscriminately, most notably within the large-cap growth space where low quality has actually outperformed high quality. Over the past week, we have started seeing signs of differentiation, and believe this trend will continue, serving as a tailwind to high-quality stock performance. Higher-quality companies typically have consistent earnings, strong balance sheets, significant free cash flow generation, growing revenues and meaningful competitive advantages, whereas the opposite is true for their lower-quality counterparts. Historically, high-quality equities have outperformed over full market cycles.

� What we are doing: We continue to actively position our portfolios for what we believe will be on the other side of this COVID-19 crisis. Over the last three weeks, we have added three new names to one of our portfolios; to put that in perspective, we added one new position over the previous year. So we are definitely taking advantage of opportunities we see to add high-quality businesses to our portfolios. In addition, we are trimming positions with strong relative performance and adding to some weaker holdings that we believe have structurally sound businesses.

� What we are watching: In terms of looking ahead over next month or so, we are at the very beginning of the first-quarter reporting season. Most companies will have revisions to report, in light all the recent uncertainty. As companies give updates on the current business environment, as well as their outlooks, we expect to see some volatility in stocks and markets over the next few weeks. We view potential volatility as an opportunity to pick up new quality names for our portfolios or add to current positions. We are also assessing the potential impact of a recession on a company’s growth prospects. From our perspective, we’re using 2009 as a starting point to analyze how companies performed during that period. There is going to be a nuance to this analysis, but we are favoring well-capitalized businesses with intact value propositions.

Final word: As businesses begin to report their first-quarter results and outlooks, we expect to see volatility in company share prices and in the markets. We believe this will present opportunities to evaluate the long-term, structural soundness of businesses and add attractively priced, high-quality companies to our portfolios. Over time, we expect quality to differentiate itself and we believe that many of our portfolio companies will actually gain market share and become stronger. We believe sticking to our quality discipline will provide the long-term benefits of equity investing if the markets move higher and may protect if markets face continued volatility or declines.

Atlanta Capital — About Risk: The value of investments may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the US and global markets. The value of equity securities is sensitive to stock market volatility.


EQUITIES

Michael D. McLean, CFA

Portfolio Manager, Eaton Vance

Management, Calvert Research &

Management

J. Griffith Noble, CFA

Portfolio Manager, Eaton Vance


Management

US Small Cap

� What we are seeing: The volatility in small caps continues to be very high. At market close on April 6, the benchmark Russell 2000® Index was up 8%, more than offsetting the previous week’s decline. On a year-to-date and one-year basis, small-cap stocks have lagged the large-cap S&P 500 by about 14% and 20%, respectively. We are not sure what is more surprising — the magnitude of underperformance or the fact that the S&P 500 is only down -6% for the past year ended March 31. And the Nasdaq is actually up 1%. Daily performance continues to be dominated by outsized-factor moves: stocks with low beta, larger capitalization and low leverage are leading the market in drawdowns (peak-to-trough declines) and lag materially on rebounds. Coronavirus news continues to dominate headlines, but, beginning this week, investors will start getting a lot more information as companies pre-announce or report first-quarter results. Last week we saw the first of what will probably be many small-cap energy company bankruptcies. Many consumer companies, especially in retail and hospitality, are going to be particularly hard-hit as well. Small-cap energy companies weren’t capitalized for oil priced in the $20s and consumer-facing businesses weren’t structured to withstand “zero” sales. We have seen many retailers say they don’t intend to pay rent and some have said they could remain closed until June. The downstream impacts to REITS, labor, and local and state tax revenues are still unknown and present material risk to the economy. Retailers’ inventories are also likely to be far out of alignment when they do reopen. While the Fed’s response and programs out of Washington have been impressive — and have dramatically lowered the probability of the direst outcomes — we believe too many in the marketplace are still anticipating a V-shaped recovery.

� What we are doing: On a team level, we are reviewing new ideas, as many companies have fallen into the small-cap universe. One challenge in the market today is the wide capitalization range within the Russell 2000. The bottom end is $5.6 million while the top end is well over $11 billion, and half of the Russell 2000 currently has a market cap under $430 million. Many managers use $500 million as their lower range, and stocks below that amount can have a significantly lower trading volume, which can create a challenge for initiating or holding issues at that level. We continue to be anchored to our definition of quality, valuation and time (QVT). We are looking for companies with strong balance sheets and favorable competitive positions that are pricing in significantly negative outcomes over prolonged periods. We want to hold a wide range of stocks opportunistically and remain nimble during these volatile times.

� What we are watching: The scale of the monetary and fiscal response to the economic contraction is a clear positive and will certainly help certain industries recover in the short term and offer some support to consumers. We are focused on long-term outcomes and are spending time assessing potential impacts and structural shifts that may take place once the public health crisis has passed. What will future air travel look like? Will the ongoing shift to e-commerce accelerate? Will office jobs move from cities to less dense areas? Understanding how industries may be impacted over time will be critical to identifying the best long-term opportunities in a changed era.

Final word: These challenging times highlight the importance of having a compass and a disciplined process. We have a clear definition of quality, which has been further validated during this rocky environment, and will continue to scout for attractive opportunities among the ever-widening range of companies within the Russell 2000. We believe our emphasis on downside protection and disciplined application of (Q)uality, (V)aluation, and (T)ime positions us for strong relative performance in turbulent times.

US Small Cap — About Risk: The value of investments may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the US and global markets. The value of equity securities is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies.


INCOME

Andrew Sveen, CFA

Co-Director of Floating-Rate

Loans, Eaton Vance Management,


Craig P. RussCo-Director of Floating-Rate

Loans, Eaton Vance Management,


Floating-Rate Loans

� What we are seeing: We’re witnessing significant interest from clients, both in terms of inquiries into March’s historic price drop but increasingly on conversations related to opportunistic allocations into the asset class. In no small part related to the latter, we’ve also begun to see the market regain some of its technical footing, and subsequently the late-March rally has now carried into early April. We would describe the turnaround as nascent, as it’s only been two weeks and loans remain still at deep discounts. To be sure, the average price for the S&P/LSTA Leveraged Loan Index closed at 83.9 on April 7, up from the low of 76.2 on March 23 but well below the 95.2 level where the Index opened the month.

� What we are doing: We’re focused on our loan portfolios and their underlying credits, and we remain engaged with our clients. As the quarter began to unfold we began taking stock of the myriad implications of the spread of coronavirus and its potential knock-on effects for the global economy and financial markets. Though the speed and degree of the loan market selloff were anything but expected, the experience for clients has been far more unnerving than in our seats as professional loan fund portfolio managers. We’re guided by a consistently applied investment philosophy and process, and of course the comfort of experience that comes only from many years investing in this asset class. While every cycle is different in its own unique ways, there are common themes that tend to resonate through time. One of them is that the technical factors have tended to overshoot in periods of great uncertainty. Another is that selloffs have tended to precede fundamental fallout. For these reasons, it can and has occurred that some of the worst default levels ever recorded happened to coincide with some of the best absolute performance in this asset class. Few issuers defaulted amid 2008’s sharp technical downturn, yet the best-ever calendar year, in 2009, also delivered an all-time peak in the default rate. As long-term investors our job is to look through this apparent irony, cutting through the short-term technical noise in search of longer-term fundamental value for our clients. That’s how we’re spending our days.

� What we are watching: In the near term, the virus situation and its implications cloud the outlook. The depth and duration of the recession at hand will be a major variable, as a shorter and more shallow contraction should produce fewer defaults than a deep or prolonged one. Though the path remains unknowable, reasons for optimism have begun to present themselves. Major retail redemptions have retreated, and new-issue supply remains virtually nonexistent. Meantime the picture is beginning to clear on the track of the virus, globally but importantly in the US as well. These factors notwithstanding, the economy will struggle this quarter and markets will likely remain uneven and choppy at times. As we await a clearer read on the macro picture we’ve re-underwritten the limited share of credits we believe fall within the most severely impacted areas with the greatest immediate virus fallout, and we estimate these to roundly account for some 10-15% of portfolios.

Final word: The recent rally notwithstanding, we continue to see significant value in this asset class. However we run the numbers at present, in our view it would take an incredibly draconian scenario (and we would go so far as to say far-fetched) to justify current pricing levels.

Floating-Rate Loans — About Risk: The value of investments may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the US and global markets. 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 Strategy'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 strategy 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. 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. 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 US investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged.


INCOME

Stephen C. Concannon, CFA

Co-Director of High Yield Bonds,


Jeffrey D. MuellerCo-Director of High Yield Bonds, Eaton

Vance Advisers International Ltd.

High Yield

� What we are seeing: This continues to be a violent ride. During the financial crisis, it took 11 months for the spread to travel from 500 to 1000 basis points (bps). This time, it took just 21 days - and the velocity of absolute spread movement hasn’t slowed much since. But thankfully, it’s not all in one direction. Over the last three weeks of March, the spread on our benchmark index the ICE BofA US High Yield Index, experienced more absolute movement than in any three-week period during the financial crisis. In the last full week of March, high yield shifted from a market of mostly sellers to one of only buyers, and inflows have returned to the asset class at record levels. After a sell-off on March 23, the market shot straight up for the rest of the quarter. Sourcing offers was very difficult. Last week started a little more balanced and then weakened in the first two days of April. The tone so far during this first full week of April is positive, but high yield has lagged equities.

� What we are doing: In March alone we spoke with more than 100 different senior management teams as we reassessed the liquidity profiles of our companies. In terms of sectors, to date we are playing it a little safer — focusing on adding risk in more defensive sectors, which we believe should perform well during further bouts of volatility. Given the opacity of the governmental support programs at present, we are less concerned about their impacts on individual issuers in the most virus-exposed sectors and more focused on assessing whether issuers in these sectors have adequate liquidity and optionality.

� What we are watching: We are watching the primary market, where there have been a number of attractive secured financings that priced at a significant concession to the issuer’s existing bonds. On March 30, for example, a restaurant franchisor priced a new issuance to bolster liquidity, and the new-issue concession to the existing curve was nearly 200 bps. This was the first of a couple of similar financings recently, and we will likely see many more over coming weeks and months. This will present some opportunities to deploy capital in businesses that have short-term challenges but may fare quite well in the longer term.

Final word: As we have often seen, markets rarely trade on fundamentals alone. We expect the uncertainty around the ongoing COVID-19 pandemic may push spreads wider. Nevertheless, we believe that current levels could present attractive entry points for investors who can take a more selective approach and allocate for a longer-term investment horizon. We will always stick to our investment process, not trying to call the bottom in prices or the wides in credit spreads, but rather taking the opportunity to buy high-yield corporate bonds that look like they’re offering once-in-a-decade valuation opportunities.

ICE BofA US High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

High Yield — About Risk: The value of investments may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the US 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. As interest rates rise, the value of certain income investments is likely to decline.


INCOME

Cindy ClemsonCo-Director of Municipal Investments Eaton Vance


Management

Craig R. Brandon, CFA

Co-Director of Municipal Investments, Eaton Vance


Management

Municipal Bonds

� What we are seeing: After an extremely volatile month, the municipal market as represented by the Bloomberg Barclays Municipal Bond Index finished down 3.63% in March. Through the first week in April, we have seen some of the volatility continue. AAA 10-year municipal yields increased sharply the first two days of the month, reaching 1.78% on April 2, before declining back down to 1.38% as of April 7. While the market continues to be more volatile than historical standards, it appears to have calmed relative to the second half of March.

� What we are doing: At this point, we are focused on municipal issuers’ ability to borrow in the primary market, which has not been tested in a meaningful way over the last several weeks. Strong new issuance typically drives price discovery in the market, so without its direction, trading remains thin and the bid side lacks confidence. This week, the primary calendar has continued to build with a growing backlog of negotiated deals that are day-to-day depending on market conditions. As a result, we remain patient, recognizing that a large portion of this issuance could hit the market during a narrow time frame while muni funds are still experiencing outflows. This could potentially drive yields higher and lead to better value opportunities.

� What we are watching: The common questions we are receiving from our clients and financial advisor partners have shifted from inquiries surrounding the daily activity in the trading markets before, to increasing concern around municipal credit health now. State liquidity and tax revenue reached an all-time high in fiscal 2019, and municipalities entered this period of volatility broadly from a position of financial strength. However, municipal credit will not be immune to the pressures that this crisis is exerting on the economy, and there may be specific sectors that are highly impacted. We believe that the effect will play out on an issuer-by-issuer basis and depend on a credit’s strength prior to this crisis. During these periods of extreme volatility, having a seasoned professional credit research team is of utmost importance. While we are constantly monitoring our portfolios for potential credit stress, we feel that issuers with strong balance sheets and proactive management teams should be resilient throughout these turbulent times.

Final word: Following the significant spike in volatility, the market appears to have returned to a less volatile state, at least for now. While muni-to-Treasury yield ratios remain elevated, we believe there are areas of opportunity for investing new cash. We are closely watching the financial impacts of the pandemic in the municipal credit market, with a particular focus on sectors like state and local governments, hospitals, public transportation, airports and higher education. While each sector will ultimately face unique challenges, the broad financial support of the US government through the CARES Act should help municipal issuers across the board.

Municipals — About Risk: The value of investments may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the US and global markets. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. 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.


INCOME

Nisha Patel, CFADirector Fixed

IncomePortfolio

ManagementParametric

Municipal Bond Ladders

� What we are seeing: The municipal bond market seems to be having a less volatile month so far in April versus March, but volatility remains nonetheless. Muni yields increased 30bps to 50bps to start the month of April after yields had snapped back a bit too far following March’s historic sell-off. However, once savvy investors emerged last Friday and Monday, yields went back down 30-40bps. We still remain 50-70bps above the lows witnessed in early March.³

� What we are doing: We favor the short to intermediate range of the municipals market, with about 80% of the yield available being achieved by going out to the 14-year spot. Additionally, as spreads have widened out recently for some of the larger states like NY and CA, we are seeing more opportunity to leverage state specific and preference mandates.

� What we are watching: The continued support level for munis will really depend on two main things, the pace of fund outflows and new issue supply. Due to the outflows mainly occurring because of retail fears surrounding credit concerns and overall rebalancing, it is hard to say when outflows will reverse. Additionally, if a modest amount of new-issue deals come to market, it may be hard to absorb if demand does not increase.

Final word: We see a silver lining to these volatile times: an opportunistic entry point into the muni asset class. AAA municipal yields have recently diverged from US Treasury yields, a dislocation caused in large part by redemptions from muni mutual funds whose managers have been compelled to sell into weak demand. This forced selling has recently created a rare level of dislocation, which historically hasn’t persisted. Although there may be some foreseeable volatility, long-term investors may be rewarded by investing at today’s attractive tax equivalent yields and ratios (relative to Treasuries) compared to historical levels.

³Source: Source: Bloomberg Barclays as of 4/6/20

Municipal Bond Ladders - About Risk: The value of investments may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the US and global markets. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. 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.


INCOME

Andrew Szczurowski, CFAPortfolio Manager,


Short Duration Government Income / Agency MBS

� What we are seeing: Since its announcement of QE4 on March 15, the US Federal Reserve has now purchased more than $400 billion in agency mortgage-backed securities (MBS). The Fed quickly ramped up its asset purchases in the weeks following that announcement, working its way up to purchases of more than $40 billion per day, which helped tighten spreads that had reached their widest levels since the global financial crisis. That daily MBS purchase amount has been gradually revised down over the last several days to a target of $25 billion. Yes, that number is certainly smaller than the figures being discussed just a few weeks ago, but $25 billion still represents a week’s worth of new MBS production that the Fed is taking out of the market every single day. Agency MBS spreads haven’t widened as a result of these decreased purchases, so it’s apparent that the Fed would prefer to use its bullets elsewhere now that the MBS market is running smoothly.

� What we are doing: Our goal is to deliver conservatively positioned portfolios that still offer investors a more attractive yield than short-term Treasurys. The team continues to perform extensive due diligence and thorough collateral analysis on each bond we purchase, focusing on loan-level characteristics such as mortgage servicer, loan size and geography. Our preference is for securities that are likely to experience slower prepayments than the broader MBS universe. In addition, with agency MBS spreads currently wider than long-term averages, we have been focusing on bonds priced at or around par, which still offer attractive yields.

� What we are watching: We expect prepayment activity should slow considerably in the coming months for a number of reasons. First, social distancing and business closures will create bottlenecks in certain steps of the mortgage origination process, impacting individuals’ ability to get appraisals on homes or to clear titles. In addition, uncertainty around unemployment and home purchase activity, as well as stricter underwriting standards because of that uncertainty, may also lead to lower MBS supply. Expectations for lower supply combined with the aforementioned Fed purchases should continue to serve as a tail wind for agency MBS spreads to continue tightening.

Final word: In an environment of heightened concerns on both liquidity and credit fronts, agency MBS continue to appear very attractive for their AAA rating and highly liquid market. Investors looking for a high-quality parking place to sit out these volatile markets may want to revisit agency MBS. This sector has tended to perform well when risk markets sell off, like in 2008 — the agency MBS sector was one of the best performing sectors during the global financial crisis.

Short Duration Government Income — About Risk: The value of investments may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the US and global markets. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. 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 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. US Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. While certain US government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the US Treasury.


ALTERNATIVES

Michael A. Cirami, CFA Co-Director of Global Income, Eaton Vance

Management

Eric Stein, CFA Co-Director of Global Income, Eaton Vance

Management

Global Macro

� What we are seeing: Global markets have settled into a more normal, high-volatility environment from the extreme volatility over the past few weeks. As hot-spot countries like Spain and Italy hopefully have passed their peak mortality rates, global markets appear to be finding their footing. In particular, investors have been paying more attention to fundamentals and there has been a notable performance dispersion between the debt of different countries. That said, we do not believe markets have necessarily seen their floors, as the adverse economic ramifications from virus prevention policies will be severe and vary by country, and it’s not clear this has been fully discounted at this time. Despite the unsettled conditions, we believe that a market that differentiates based on fundamentals is a good environment for us, given our focus on individual country-level policy and economic fundamentals. We have begun to see the ratings agencies downgrade countries as they’ve been doing with corporates; for example, Moody’s did so with South Africa on March 27, a country on which we’ve long had a negative view. Also of note, Oman was downgraded by Standard & Poor’s last week, firmly into “junk” status. Moody’s made a similar move about three weeks ago. Downgradings for many other sovereign credits are likely to follow in the not-too-distant future. Much more important than downgrades — which are not part of our investment process — is the fact that the occurrence of sovereign restructurings will likely increase. Countries we have already noted as having sought restructuring include Argentina, Lebanon, Zambia and Ecuador. It also appears that Angola, Sri Lanka and Oman, among others, may be heading in that direction.

� What we are doing: While we continue to run our portfolios with low levels of risk and high levels of liquidity, as noted, we have begun to “nibble” at positions where we believe market volatility has pushed valuations substantially below what we believe are fair. This has primarily been within the hard-currency sovereign credit space, where the proverbial baby has been thrown out with the bath water. Some of the portfolio actions we had taken leading up to and into March have begun to bear fruit, including some shorts we added and some trimming of long positions.

� What we are watching: For our portfolios, the sell-off has given us the opportunity to look for investments in keeping with higher-quality macroeconomic developments we are following. We encourage investors to turn attention from the shocking impact of the first wave of COVID-19 infections, and consider the lasting effect that this will have on global trade patterns, consumer preferences and the economic reform momentum of countries. While its assets are not particularly compelling, South Korea has been an excellent example of the kind of policy response we have been looking for. It was one of the first countries to scale up testing and isolation of patients. It is still tightening its controls even as new cases slow to under 50 per day.

Final word: Given the huge leg down in core bond yields around the world, and the aggressive actions taken across the board by the Fed and other central banks, and the heightened levels of volatility across traditional markets, we see a clear scenario emerging on the back end of this: Investors will be seeking out alternative sources of income and total return from around the world.

Global Macro - About Risk: The value of investments may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the US and global markets. The strategy employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. Investments in foreign instruments or currencies can involve greater risk and volatility than US investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging or frontier countries, these risks may be more significant. 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. Exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. As interest rates rise, the value of certain income investments is likely to decline. 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.


Index DefinitionsBloomberg Barclays US Aggregate Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the US.Bloomberg Barclays US Corporate Investment Grade Index is an unmanaged index that measures the performance of investment-grade corporate securities within the Bloomberg Barclays US Aggregate Index. ICE BofAML US High Yield Index is an unmanaged index of below-investment-grade US corporate bonds.S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. ICE BofAML Indexes: ICE® BofAML® 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. BofAML® is a licensed registered trademark of Bank of America Corporation in the United States and other countries.

Important Additional Information and DisclosuresSource of all data: Eaton Vance as of April 9, 2020, unless otherwise specified. This material is presented for informational and illustrative purposes only. This material should not be construed as investment advice, a recommendation to purchase or sell specific securities, or to adopt any particular investment strategy; it has been prepared on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. However, no assurances are provided regarding the reliability of such information and Eaton Vance has not sought to independently verify information taken from public and third-party sources. Investment views, opinions, and/or analysis expressed constitute judgments as of the date of this material and are subject to change at any time without notice. Different views may be expressed based on different investment styles, objectives, opinions or philosophies. 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Not FDIC Insured | Not Bank Guaranteed | May Lose Value Past performance is not a reliable indicator of future results. 35014 | 04.09.20

About Eaton VanceEaton Vance provides advanced investment strategies and wealth management solutions to forward-thinking investors around the world. Through principal investment affiliates Eaton Vance Management, Parametric, Atlanta Capital, Hexavest and Calvert, the Company offers a diversity of investment approaches, encompassing bottom-up and top-down fundamental active management, responsible investing, systematic investing and customized implementation of client-specified portfolio exposures. Exemplary service, timely innovation and attractive returns across market cycles have been hallmarks of Eaton Vance since 1924.

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