| Weekly Market Monitor | June 19, 2020
Weekly Market Monitor
Data as of June 19, 2020
| Weekly Market Monitor | June 19, 2020
Equities
Source: Morningstar as of 6/19/20. *2/19/20 is used as a start date since this was the high of the S&P 500 Index. Data provided is for informational use only. Past Performance is not a reliable indicator of future results. See end of report for important additional information. Small-Cap represented by Russell 2000 Index. Emerging Markets represented by MSCI Emerging Markets Index. Value represented by Russell 1000 Value Index. Mid-Cap represented by Russell Midcap Index. Global represented by MSCI ACWI Index. Growth represented by Russell 1000 Growth Index. International represented by MSCI EAFE Index. International Small-Cap represented by MSCI World Ex USA Small Cap Index
2
2011 2012 2013 2014 2015 2016 2017 2018 2019
YTD
through last
close
Since
2/19/20*
Growth
2.64
Emerging
Markets
18.22
Small-Cap
38.82
S&P 500
13.69
Growth
5.67
Small-Cap
21.31
Emerging
Markets
37.28
Growth
-1.51
Growth
36.39
Growth
8.67
Growth
0.12
S&P 500
2.11
Value
17.51
Mid-Cap
34.76
Value
13.45
International
Small-Cap
5.46
Value
17.34
International
Small-Cap
31.04
S&P 500
-4.38
S&P 500
31.49
S&P 500
-3.19
S&P 500
-7.42
Value
0.39
International
Small-Cap
17.48
Growth
33.48
Mid-Cap
13.22
S&P 500
1.38
Mid-Cap
13.80
Growth
30.21
Value
-8.27
Mid-Cap
30.54
Global
-5.97
Emerging
Markets
-7.84
Mid-Cap
-1.55
International
17.32
Value
32.53
Growth
13.05
International
-0.81
S&P 500
11.96
International
25.03
Mid-Cap
-9.06
Global
26.60
Mid-Cap
-8.83
Global
-8.06
Small-Cap
-4.18
Mid-Cap
17.28
S&P 500
32.39
Small-Cap
4.89
Global
-2.36
Emerging
Markets
11.19
Global
23.97
Global
-9.42
Value
26.54
Emerging
Markets
-9.36
International
-9.35
Global
-7.35
Small-Cap
16.35
International
Small-Cap
25.55
Global
4.16
Mid-Cap
-2.44
Global
7.86
S&P 500
21.83
Small-Cap
-11.01
Small-Cap
25.52
International
-10.27
International
Small-Cap
-9.86
International
-12.14
Global
16.13
Global
22.80
Emerging
Markets
-2.19
Value
-3.83
Growth
7.08
Mid-Cap
18.52
International
-13.79
International
Small-Cap
25.41
International
Small-Cap
-11.71
Mid-Cap
-11.91
International
Small-Cap
-15.81
S&P 500
16.00
International
22.78
International
-4.90
Small-Cap
-4.41
International
Small-Cap
4.32
Small-Cap
14.65
Emerging
Markets
-14.58
International
22.01
Small-Cap
-14.40
Small-Cap
-15.27
Emerging
Markets
-18.42
Growth
15.26
Emerging
Markets
-2.60
International
Small-Cap
-5.34
Emerging
Markets
-14.92
International
1.00
Value
13.66
International
Small-Cap
-18.07
Emerging
Markets
18.42
Value
-15.23
Value
-15.99
Asset class return analysis (%)
Higher
Lower
| Weekly Market Monitor | June 19, 2020
Equities
Source: Morningstar as of 6/19/20. *2/19/20 is used as a start date since this was the high of the S&P 500 Index. Data provided is for informational use only. Past Performance is not a reliable indicator of future results. See end of report for important additional information. Returns over 1 year are annualized. Large Cap Value represented by Russell 1000 Value Index. Large Cap Core represented by Russell 1000 Index. Large Cap Growth represented by Russell 1000 Growth Index. Mid Cap Value represented by Russell Mid Cap Value Index. Mid Cap Core represented by Russell Mid Cap Index. Mid Cap Growth represented by Russell Mid Cap Growth Index. Small Cap Value represented by Russell 2000 Value Index. Small Cap Core represented by Russell 2000 Index. Small Cap Growth represented by Russell 2000 Growth Index. Global represented by MSCI ACWI Index. US represented by S&P 500 Index. International represented by MSCI EAFE Index. Emerging Markets represented by MSCI Emerging Markets Index.
3
Performance: market barometer (%)
Equities
Value Core Growth
-15.99 -7.39 0.12
-18.78 -11.91 -1.98
-22.64 -15.27 -8.67
Since 2/19/20* Returns
Value Core Growth
-15.23 -2.91 8.67
-17.44 -8.83 4.20
-24.54 -14.40 -4.68
YTD Returns
Value Core Growth
-6.71 7.95 22.02
-10.41 -1.43 12.08
-17.74 -7.43 2.29
Global
-8.06
U.S.
-7.42
International
-9.35
Emerging
Markets
-7.84
Global
-5.97
U.S.
-3.19
International
-10.27
Emerging
Markets
-9.36
Global
3.39
U.S.
7.99
International
-2.66
Emerging
Markets
-1.12
1-Year Returns
< -20
-20 to -10
-10 to 0
0 to 10
10 to 20
> 20
Large Cap
Mid Cap
Small Cap
| Weekly Market Monitor | June 19, 2020
Equities
Source: Morningstar as of 6/19/20. *2/19/20 is used as a start date since this was the high of the S&P 500 Index. Data provided is for informational use only. See end of report for important additional information.
4
Index sectors: return analysis
-35.0
-25.0
-15.0
-5.0
5.0
15.0
25.0
35.0
Retu
rn %
S&P 500 Since 2/19/20
YTD
1 year
-35.0
-25.0
-15.0
-5.0
5.0
15.0
25.0
35.0
Re
turn
%
MSCI World Since 2/19/20
YTD
1 year
| Weekly Market Monitor | June 19, 2020
Equities
Source: Factset as of 6/19/20. Data provided is for informational use only. See end of report for important additional information.
5
Equity yields around the globe
United States
1.84%
Canada
3.42%
Australia
4.25%
China
1.75%
Russia
7.98%
Brazil
2.55%
Mexico
3.51%
South Africa
3.01%
India
1.21%
Korea
2.29%
Japan
2.51%
Sweden
2.05%
Spain
4.63%
France
3.61%
United Kingdom
4.67%
Germany
3.16%
Italy
3.50%
Fixed Income
| Weekly Market Monitor | June 19, 2020
Source: Morningstar as of 6/19/20. *2/19/20 is used as a start date since this was the high of the S&P 500 Index. Data provided is for informational use only. Past Performance is not a reliable indicator of future results. See end of report forimportant additional information. Investment Grade represented by Bloomberg Barclays U.S. Corporate Index. MBS represented by Bloomberg Barclays U.S. Mortgage Backed Securities (MBS) Index. Treasury represented by BloombergBarclays U.S. Treasury Index. High Yield represented by ICE BofA US High Yield Index. Municipal represented by Bloomberg Barclays Municipal Bond Index. Bank Loan represented by S&P/LSTA Leveraged Loan Index. Global Agg Ex-U.S.represented by Bloomberg Barclays Global Aggregate Ex-USD Index. EMD (Local Currency) represented by J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified. EMD (Hard Currency) represented by J.P.Morgan Emerging Markets Bond Index (EMBI) Global Diversified. EMD (Corp. Bonds) represented by J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Diversified.
6
Asset class return analysis (%)
2011 2012 2013 2014 2015 2016 2017 2018 2019YTD through
last close
Since
2/19/20*
Municipal
10.70
EMD (Hard
Currency)
18.54
High Yield
7.42
Municipal
9.05
Municipal
3.30
High Yield
17.49
EMD (Local
Currency)
15.21
Municipal
1.28
Investment
Grade
14.54
Treasury
8.31
Treasury
5.80
Treasury
9.81
EMD (Local
Currency)
16.76
Bank Loan
5.29
Investment
Grade
7.46
MBS
1.51
EMD (Hard
Currency)
10.19
Global Agg
Ex-U.S.
10.51
MBS
0.99
EMD (Hard
Currency)
14.42
Investment
Grade
4.98
MBS
2.53
EMD (Hard
Currency)
8.46
High Yield
15.58
EMD (Corp.
Bonds)
-0.60
MBS
6.08
EMD (Corp.
Bonds)
1.30
Bank Loan
10.16
EMD (Hard
Currency)
9.32
Treasury
0.86
High Yield
14.41
MBS
3.42
Investment
Grade
2.17
Investment
Grade
8.15
EMD (Corp.
Bonds)
15.02
MBS
-1.41
EMD (Hard
Currency)
5.53
EMD (Hard
Currency)
1.23
EMD (Local
Currency)
9.94
EMD (Corp.
Bonds)
7.96
Bank Loan
0.44
EMD (Local
Currency)
13.47
Municipal
1.88
Global Agg
Ex-U.S.
1.29
MBS
6.23
Investment
Grade
9.82
Investment
Grade
-1.53
Treasury
5.05
Treasury
0.84
EMD (Corp.
Bonds)
9.65
High Yield
7.48
EMD (Corp.
Bonds)
-1.65
EMD (Corp.
Bonds)
13.09
Global Agg
Ex-U.S.
0.48
Municipal
-0.05
High Yield
4.38
Bank Loan
9.66
Municipal
-2.55
EMD (Corp.
Bonds)
4.96
Investment
Grade
-0.68
Investment
Grade
6.11
Investment
Grade
6.42
Global Agg
Ex-U.S.
-2.15
Bank Loan
8.64
EMD (Corp.
Bonds)
-0.28
EMD (Corp.
Bonds)
-2.44
Global Agg
Ex-U.S.
4.36
Municipal
6.78
Treasury
-2.75
High Yield
2.50
Bank Loan
-0.69
MBS
1.67
Municipal
5.45
High Yield
-2.26
Municipal
7.54
EMD (Hard
Currency)
-1.88
Bank Loan
-4.16
EMD (Corp.
Bonds)
2.31
Global Agg
Ex-U.S.
4.09
Global Agg
Ex-U.S.
-3.08
Bank Loan
1.60
High Yield
-4.64
Global Agg
Ex-U.S.
1.49
Bank Loan
4.12
Investment
Grade
-2.51
Treasury
6.86
High Yield
-3.22
EMD (Hard
Currency)
-4.29
Bank Loan
1.52
MBS
2.59
EMD (Hard
Currency)
-6.58
Global Agg
Ex-U.S.
-3.08
Global Agg
Ex-U.S.
-6.02
Treasury
1.04
MBS
2.47
EMD (Hard
Currency)
-4.61
MBS
6.35
Bank Loan
-3.51
High Yield
-4.30
EMD (Local
Currency)
-1.75
Treasury
1.99
EMD (Local
Currency)
-8.98
EMD (Local
Currency)
-5.72
EMD (Local
Currency)
-14.92
Municipal
0.25
Treasury
2.31
EMD (Local
Currency)
-6.21
Global Agg
Ex-U.S.
5.09
EMD (Local
Currency)
-6.31
EMD (Local
Currency)
-5.25
Higher
Lower
Asset class return analysis (%)
Fixed Income
| Weekly Market Monitor | June 19, 2020
Source: Bloomberg Barclays, J.P. Morgan, ICE BofA Data Indices, LLC, Factset, and LCD, an offering of S&P Global Market Intelligence, as of 6/19/20. Data provided is for informational use only. Past Performance is not a reliable indicator of future results. See end of report for important additional information. Yield to maturity is shown for the S&P/LSTA Leveraged Loan Index. Loan Index coupon value includes LIBOR (shown as “L+”). Loan Index spread represents the three-year discounted spread over LIBOR. *2/19/20 is used as a start date since this was the high of the S&P 500 Index.
7
Characteristics and performance analysis
Averages Total Returns (%)
IndexCoupon
(%)
Price
($)
Yield to
Worst (%)
Spread
(bps)
Maturity
(yrs.)
Duration
(yrs.)
Since
2/19/20*1-Mo. 3-Mo. YTD 1Y 3Y 5Y
U.S. High Grade
Bloomberg Barclays U.S. Aggregate Index 3.05 110.3 1.30 68 8.2 6.1 3.79 1.08 6.58 5.92 8.92 5.15 4.20
U.S. Treasury 2.12 111.0 0.54 - 8.5 7.1 5.80 -0.03 3.03 8.31 10.22 5.32 3.96
U.S. Mortgage Backed Securities 3.46 106.8 1.46 75 3.9 2.2 2.53 -0.07 3.48 3.42 5.73 3.84 3.16
U.S. Asset Backed Securities 2.58 103.5 0.90 70 2.3 2.1 2.14 1.33 3.34 3.16 4.62 3.26 2.63
U.S. Commercial Mortgage Backed Securities 3.32 107.9 1.78 134 5.9 5.3 2.26 1.75 4.19 4.78 6.64 4.81 4.04
U.S. Corp. Investment Grade 3.89 113.4 2.16 146 12.1 8.6 2.17 3.68 16.68 4.98 10.55 6.25 5.71
Bloomberg Barclays Municipal Bond Index 4.58 112.6 1.54 - 13.0 5.5 -0.05 1.63 7.51 1.88 4.45 3.97 3.90
Bloomberg Barclays Taxable Municipal Bond Index 4.85 120.3 2.50 - 17.3 10.0 1.67 3.80 5.26 6.10 8.89 7.10 6.56
U.S. High Yield
ICE BofA US High Yield Index 6.08 96.1 6.44 602 6.2 4.0 -4.30 5.83 18.48 -3.22 1.14 3.45 4.79
S&P/LSTA Leveraged Loan Index L+3.45 90.9 6.52 656 4.8 - -4.16 4.90 17.52 -3.51 -0.87 2.45 3.11
Emerging Markets
J.P. Morgan EM Bond Index (EMBI) Global Diversified 5.55 101.7 5.51 469 - 7.8 -5.03 5.29 19.77 -2.89 1.11 3.34 5.24
J.P. Morgan Corp. EM Bond Index (CEMBI) Broad Diversified 5.06 101.7 4.76 417 - 4.8 -2.44 4.45 13.00 -0.28 4.47 4.42 5.08
J.P. Morgan Govt. Bond Index-EM (GBI-EM) Global Diversified 5.83 - 4.55 - - 5.4 -5.25 4.53 15.31 -6.31 0.02 1.25 2.33
Global Developed Markets
Bloomberg Barclays Global Aggregate Ex-U.S. Index 2.07 111.8 0.65 - 9.8 8.3 1.29 2.17 7.18 0.48 2.01 2.53 2.65
Fixed Income
| Weekly Market Monitor | June 19, 2020
15 year spread analysis (bps).
Source: Factset as of 6/19/20. Spread history measures past 15 years. Data provided is for informational use only. See end of report for important additional information. All fixed-income spreads are in basis points and measure option-adjusted yield spread relative to comparable maturity U.S. Treasuries using daily data. Loan Index spread represents the three-year discounted spread over LIBOR. Aggregate represented by Bloomberg Barclays US Aggregate Index. MBS represented by Bloomberg Barclays U.S. Mortgage Backed Securities (MBS) Index. ABS represented by Bloomberg Barclays U.S. Asset Backed Securities (ABS) Index. CMBS represented by Bloomberg Barclays U.S. CMBS Investment Grade Index. Corporate represented by Bloomberg Barclays U.S. Corporate Investment Grade Index. Preferred represented by ICE BofA Fixed Rate Preferred Securities Index. Floating-Rate Loans represented by S&P/LSTA Leveraged Loan Index. Emerging Markets(USD) represented by J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified. High Yield represented by ICE BofA US High Yield Index.
Aggregate MBS ABS CMBS Corporate PreferredFloating-Rate
Loans
Emerging
Markets (USD)High Yield
Max Spread Date 12/3/2008 12/3/2008 1/6/2009 11/21/2008 12/3/2008 3/9/2009 12/19/2008 10/24/2008 12/15/2008
Min Spread Date 1/31/2018 7/27/2010 10/1/2009 1/31/2018 2/22/2007 12/6/2017 3/31/2006 6/1/2007 6/1/2007
Spread on 2/29/20 50 54 37 73 122 169 510 373 504
Spread on 12/31/19 39 39 44 72 93 17 461 291 360
Spread on 12/31/18 54 35 53 86 153 242 551 415 533
High
CurrentMedian
Low
8
51 40 60 107 137 176
518
315
469258
192
1018
1581
618
1644
2474
901
2147
34 -13 056 82
-88
222162
24168 75 70 134 146 214
656
470602
-200
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
2600
Fixed Income
| Weekly Market Monitor | June 19, 2020
Source: Bloomberg Barclays, Morningstar as of 6/19/20. Data provided is for informational use only. Past Performance is not a reliable indicator of future results. See end of report for important additional information. *2/19/20 is used as a start date since this was the high of the S&P 500 Index.
9
Municipal bond market update
Averages Total Returns (%)
Coupon
(%)
Price
($)
Yield To
Worst (%)
Maturity
(yrs.)
Duration
(yrs.)
Since
2/19/20*1-Mo. 3-Mo. YTD 1Y 3Y 5Y
Bloomberg Barclays Municipal Bond Index 4.58 112.6 1.54 13.0 5.5 -0.05 1.63 7.51 1.88 4.45 3.97 3.90
AAA Index 4.49 115.2 1.02 11.4 5.2 1.60 0.82 8.49 3.39 5.76 3.91 3.63
AA Index 4.60 114.6 1.24 12.7 5.2 0.75 1.20 7.91 2.58 5.04 3.94 3.78
A Index 4.61 110.4 1.94 14.1 5.6 -0.88 2.34 6.91 1.14 3.80 4.04 4.24
BBB Index 4.56 102.8 3.25 15.1 7.1 -5.31 3.97 5.06 -2.73 0.48 4.23 4.21
5-Year Index 4.66 114.2 0.96 4.9 3.8 0.81 1.38 7.29 2.06 3.92 2.90 2.80
10-Year Index 4.62 116.5 1.35 9.9 5.2 0.22 1.55 8.12 2.31 4.79 4.11 4.13
22+ Year Index 4.48 111.1 2.39 26.6 8.6 -1.22 2.55 8.70 1.40 4.82 4.90 5.06
Bloomberg Barclays High Yield Municipal Bond Index 4.79 68.1 4.94 20.9 9.7 -5.81 5.48 11.67 -3.13 0.75 5.05 5.01
Fixed Income
| Weekly Market Monitor | June 19, 2020
50%
150%
250%
350%
450%
550%
650%
750%
AAA Muni-to-Treasury Yield Ratios
5Y
10Y
30Y
Source: Bloomberg Barclays as of 6/19/20. Data provided is for informational use only. See end of report for important additional information. All spreads are in basis points and measure option-adjusted yield spread relative to comparable maturity U.S. Treasuries.
10
Municipal bond market update
Current 1-Wk. Ago 1-Mo. Ago
5Y 126 117 167
10Y 126 122 139
30Y 111 111 125
0
20
40
60
80
100
120
140
160
180
200
Credit Quality Spreads vs. AAA (bps)
AA
A
BBB
Current 1-Wk. Ago 1-Mo. Ago
AA 15 15 15
A 41 41 41
BBB 146 146 126
| Weekly Market Monitor | June 19, 2020
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. Data provided is for informational use only. See end of report for important additional information.
11
Bloomberg Barclays Global Aggregate Ex-USD Index is a broad-based
measure of global Investment Grade fixed-rate debt investments, excluding
USD-denominated debt
Bloomberg Barclays Municipal Bond Index is an unmanaged index of
Municipal bonds traded in the U.S.
Bloomberg Barclays Taxable Municipal Bond Index is an unmanaged
index of Taxable Municipal bonds traded in the U.S.
Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged
index of non-Investment Grade Municipal bonds traded in the U.S.
Bloomberg Barclays U.S. Agency Index measures agency securities
issued by U.S government agencies, quasi-federal corporations, and
corporate or foreign debt guaranteed by the U.S. government
Bloomberg Barclays U.S. Aggregate Index is an unmanaged index of
domestic investment-grade bonds, including corporate, government and
mortgage-backed securities
Bloomberg Barclays U.S. Asset Backed Securities (ABS) Index
measures ABS with the following collateral type: credit and charge card,
auto, and utility loans
Bloomberg Barclays U.S. CMBS Index measures the market of conduit and
fusion CMBS deals with a minimum current deal size of $300mn
Bloomberg Barclays U.S. Corporate Investment Grade Index is an
unmanaged index that measures the performance of investment-grade
corporate securities within the Barclays U.S. Aggregate Index
Bloomberg Barclays U.S. Mortgage Backed Securities (MBS) Index
measures agency mortgage-backed pass-through securities issued by
GNMA, FNMA, and FHLMC
Bloomberg Barclays U.S. Treasury Index measures public debt
instruments issued by the U.S. Treasury
ICE BofA Fixed Rate Preferred Securities Index is an unmanaged index of
fixed-rate, preferred securities issued in the U.S.
ICE BofA U.S. High Yield Index is an unmanaged index of below-
investment grade U.S. corporate bonds.
J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad
Diversified is an unmanaged index of USD-denominated emerging market
corporate bonds.
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified is
an unmanaged index of USD-denominated bonds with maturities of more
than one year issued by emerging markets governments.
J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM)
Global Diversified is an unmanaged index of local-currency bonds with
maturities of more than one year issued by emerging market governments
Morgan Stanley Capital International (MSCI) Emerging Markets Index is
an unmanaged index of emerging markets common stocks
Morgan Stanley Capital International (MSCI) World Index is an
unmanaged index of equity securities in the developed markets
Morgan Stanley Capital International (MSCI) World ex USA Small Cap
Index is an unmanaged index of small-cap equity securities in the developed
markets, excluding the United States.
Morgan Stanley Capital International All Country World (MSCI AC World)
Index is an unmanaged free float-adjusted market-capitalization-weighted
index designed to measure the equity market performance of developed and
emerging markets
Morgan Stanley Capital International Europe, Australasia, Far East
(MSCI EAFE) Index is an unmanaged index of equities in the developed
markets, excluding the U.S. and Canada
Russell 1000 Index is an unmanaged index of 1,000 U.S. large-cap stocks
Russell 1000 Growth Index is an unmanaged index of 1,000 U.S. large-cap
growth stocks
Russell 1000 Value Index is an unmanaged index of 1,000 U.S. large-cap
value stocks
Russell 2000 Index is an unmanaged index of 2,000 U.S. small-cap stocks
Russell Midcap Index is an unmanaged index of U.S. mid-cap stocks
Standard & Poor’s 500 Index is an unmanaged index of large-cap stocks
commonly used as a measure of U.S. stock market performance
S&P/LSTA Leveraged Loan Index is an unmanaged index of the
institutional leveraged loan market
Glossary of terms
Index definitions
| Weekly Market Monitor | June 19, 202012
Glossary of terms and about risk
ICE® BofA® indices: 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. BofA® is a licensed registered trademark of Bank of
America Corporation in the United States and other countries.
MSCI Indexes: Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no
warranties, has not prepared or approved this report, and has no liability hereunder.
J.P. Morgan Indices: Information has been obtained from sources believed to be reliable but J.P. Morgan does not
warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or
distributed without J.P. Morgan’s prior written approval. Copyright 2019, J.P. Morgan Chase & Co. All rights
reserved.
S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for
use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow
Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor,
endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any
errors, omissions, or interruptions of the S&P Dow Jones Indices.
Index definitions (cont.)
Bank Loans – There can be no assurance that the liquidation of collateral securing an investment will satisfy the
issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. The ability to realize the
benefits of any collateral may be delayed or limited Credit – Investments in income securities 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. Duration – Securities with longer durations tend to be more sensitive to interest rate
changes than securities with shorter durations. Equity – Equity investment values are sensitive to stock market
volatility. Foreign – Investments in foreign instruments or currencies can involve greater risk and volatility than U.S.
investments because of adverse market, economic, political, regulatory, geopolitical, or other conditions. In emerging
countries, these risks may be more significant. Gov’t Agency – While certain U.S. Government-sponsored agencies
may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. Income Market – An imbalance in supply and demand in the income market may result in valuation
uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the
market. There generally is limited public information about Municipal issuers. Interest Rate – As interest rates rise,
the value of certain income investments is likely to decline. Lower-Rated – Investments rated below Investment
Grade (typically referred to as “junk”) are generally subject to greater price volatility and illiquidity than higher rated
investments. Maturity – Longer-term bonds typically are more sensitive to interest rate changes than shorter-term
bonds. Preferred Stocks – When interest rates rise, the value of preferred stocks will generally decline. Prepayment
- MBS – Mortgage-backed securities are subject to prepayment risk. Prepayment - Bank Loan – Bank Loans are
subject to prepayment risk.
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. Data provided is for
informational use only. Past performance is no guarantee of future results. See end of report for important additional
information.
About risk
Municipal-to-Treasury Yield Ratios are relative value indicators that measure the richness or cheapness of
Municipal bond yields to comparable maturity Treasury bond yields.
Yield to Worst is a measure which reflects the lowest potential yield earned on a bond without the issuer
defaulting. The yield to worst is calculated by making worst-case scenario assumptions by calculating the
returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer.
Terms
| Weekly Market Monitor | June 19, 202013
About Eaton Vance
Eaton 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.
This material is presented for informational and illustrative purposes only and should not be construed as investment advice, a recommendation to purchase or sell, or to adopt any particular investment strategy. This
material 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 and Eaton Vance has not
sought to independently verify information taken from public and third party sources. Information contained in this material is current as of the date indicated and is subject to change at any time without notice. Future
results may differ significantly from those stated, depending on factors such as changes in the financial markets or general economic conditions.
This material is for the benefit of persons whom Eaton Vance reasonably believes it is permitted to communicate to and should not be forwarded to any other person without the consent of Eaton Vance. It is not
addressed to any other person and may not be used by them for any purpose whatsoever. It expresses no views as to the suitability of the investments described herein to the individual circumstances of any recipient or
otherwise. It is the responsibility of every person reading this document to satisfy himself as to the full observance of the laws of any relevant country, including obtaining any governmental or other consent which may be
required or observing any other formality which needs to be observed in that country. Unless otherwise stated, returns and market values contained herein are presented in US Dollars.
In the United Kingdom, this material is issued by Eaton Vance Management (International) Limited (“EVMI”), 125 Old Broad Street, London, EC2N 1AR, UK, and is authorised and regulated by the Financial Conduct
Authority. EVMI markets the services of the following strategic affiliates: Parametric Portfolio Associates® LLC (“PPA”), an investment advisor registered with the SEC. Hexavest Inc. (“Hexavest”) is an investment
advisor based in Montreal, Canada and registered with the SEC in the United States, and has a strategic partnership with Eaton Vance, and Calvert Research and Management (“CRM”) is an investment advisor
registered with the SEC. This material is issued by EVMI and is for Professional Clients/Accredited Investors only.
This material does not constitute an offer to sell or the solicitation of an offer to buy any services referred to expressly or impliedly in the material in the People's Republic of China (excluding Hong Kong, Macau and
Taiwan, the "PRC") to any person to whom it is unlawful to make the offer or solicitation in the PRC.
The material may not be provided, sold, distributed or delivered, or provided or sold or distributed or delivered to any person for forwarding or resale or redelivery, in any such case directly or indirectly, in the People's
Republic of China (the PRC, excluding Hong Kong, Macau and Taiwan) in contravention of any applicable laws.
Eaton Vance Asia Pacific Ltd. is a company incorporated in the Cayman Islands with its Japan branch registered as a financial instruments business operator in Japan (Registration Number: Director General of the
Kanto Local Finance Bureau (Kinsho) No. 3068) and conducting the Investment Advisory and Agency Business as defined in Article 28(3) of the Financial Instruments and Exchange Act (as amended) (“FIEA”). Eaton
Vance Asia Pacific Ltd. is acting as an intermediary to promote asset management capabilities of Eaton Vance Management (International) Limited and other Eaton Vance group affiliates to registered financial
instruments business operators conducting the Investment Management Business, as defined in the FIEA. Eaton Vance Asia Pacific Ltd. is a member of JIAA Japan with registration number 01202838.
In Singapore, Eaton Vance Management International (Asia) Pte. Ltd. (“EVMIA”) holds a Capital Markets Licence under the Securities and Futures Act of Singapore (“SFA”) to conduct, among others, fund management,
is an exempt Financial Adviser pursuant to the Financial Adviser Act Section 23(1)(d) and is regulated by the Monetary Authority of Singapore (“MAS”). Eaton Vance Management, Eaton Vance Management
(International) Limited and Parametric Portfolio Associates® LLC holds an exemption under Paragraph 9, 3rd Schedule to the SFA in Singapore to conduct fund management activities under an arrangement with EVMIA
and subject to certain conditions. None of the other Eaton Vance group entities or affiliates holds any licences, approvals or authorisations in Singapore to conduct any regulated or licensable activities and nothing in this
material shall constitute or be construed as these entities or affiliates holding themselves out to be licensed, approved, authorised or regulated in Singapore, or offering or marketing their services or products.
In Australia, EVMI is exempt from the requirement to hold an Australian financial services license under the Corporations Act in respect of the provision of financial services to wholesale clients as defined in the
Corporations Act 2001 (Cth) and as per the ASIC Corporations (Repeal and Transitional) Instrument 2016/396.
Important Additional Information and Disclosures
| Weekly Market Monitor | June 19, 202014
Important Additional Information and DisclosuresEVMI is registered as a Discretionary Investment Manager in South Korea pursuant to Article 18 of Financial Investment Services and Capital Markets Act of South Korea.
In Ireland, Eaton Vance Global Advisors Ltd ("EVGA") is registered in the Republic of Ireland with Registered Office at 70 Sir John Rogerson’s Quay, Dublin 2, Ireland. EVGA is regulated by the Central Bank of Ireland
with Company Number: 224763.
EVMI utilises a third-party organisation in the Middle East, Wise Capital (Middle East) Limited ("Wise Capital"), to promote the investment capabilities of Eaton Vance to institutional investors. For these services, Wise
Capital is paid a fee based upon the assets that Eaton Vance provides investment advice to following these introductions.
In Germany, Eaton Vance Global Advisors Limited, Deutschland (“EVGAD”) is a branch office of Eaton Vance Global Advisors Limited ("EVGA"). EVGAD has been approved as a branch of EVGA by BaFin.
Eaton Vance Distributors, Inc. (“EVD”). Two International Place, Boston, MA 02110, (800) 225-6265. Member FINRA/ SIPC.
Eaton Vance Investment Counsel. Two International Place, Boston, MA 02110. Eaton Vance Investment Counsel is a wholly-owned subsidiary of EVC and is registered with the SEC as an investment adviser under the
Advisers Act.
Investing entails risks and there can be no assurance that Eaton Vance, or its affiliates, will achieve profits or avoid incurring losses. It is not possible to invest directly in an index. Past performance is
not a reliable indicator of future results.
©2020 Eaton Vance Management
35042 6.22.20
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