Overview

Historical Returns (%) as of Jun 30, 2019

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Prior to 5/1/15, Fund was called Eaton Vance Build America Bond Fund, had a different objective and employed a different investment strategy. Please see prospectus for more details. Max Sales Charge: 1%.
 

Fund Facts as of Jul 31, 2019

Class C Inception 11/17/2009
Investment Objective Total return
Total Net Assets $666.7M
Minimum Investment $1000
Expense Ratio (Gross)2 1.71%
Expense Ratio (Net)2,3 1.49%
CUSIP 277923462

Top 10 Holdings (%)4,5 as of Jun 30, 2019

United States Treasury Inflation Indexed Bonds 3.18
United States Treasury Inflation Indexed Bonds 2.77
European Bank for Reconstruction & Development 1.89
Nordstrom Inc 1.35
Yamana Gold Inc 1.29
Macy's Retail Holdings Inc 1.21
MDC Holdings Inc 1.17
Banco Santander SA 1.16
Tapestry Inc 1.13
Argentine Republic Government International Bond 1.10
Total 16.27
 

Morningstar Rating™ as of Jul 31, 2019

Time Period Rating Funds in
Intermediate Core-Plus Bond
Category
Overall 539
3 Years 539
5 Years 457
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.

©2019 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.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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. Contractual restrictions may impede the Fund's ability to buy or sell loans and loans may be subject to an extended settlement process. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Convertible securities may react to changes in the value of the common stock into which they convert, and are thus subject to the risks of investing in equities, as well as, to the risks of investing in income securities. 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. 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. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%) as of Jun 30, 2019

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Prior to 5/1/15, Fund was called Eaton Vance Build America Bond Fund, had a different objective and employed a different investment strategy. Please see prospectus for more details. Max Sales Charge: 1%.
 

Calendar Year Returns (%)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Fund at NAV 9.74 19.88 7.79 -5.95 9.90 -6.83 10.57 6.63 -1.82
Bloomberg Barclays U.S. Aggregate Bond Index1 5.93 6.54 7.84 4.21 -2.02 5.97 0.55 2.65 3.54 0.01
 

Fund Facts

Expense Ratio (Gross)2 1.71%
Expense Ratio (Net)2,3 1.49%
Class C Inception 11/17/2009
Distribution Frequency Monthly

Yield Information as of Jul 31, 2019

Distribution Rate at NAV 2.88%
Subsidized SEC 30-day Yield7 2.60%
Unsubsidized SEC 30-day Yield 2.53%
 

Morningstar Rating™ as of Jul 31, 2019

Time Period Rating Funds in
Intermediate Core-Plus Bond
Category
Overall 539
3 Years 539
5 Years 457
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.

©2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

NAV History

Date NAV NAV Change
Aug 23, 2019 $12.00 $0.02
Aug 22, 2019 $11.98 $0.00
Aug 21, 2019 $11.98 $0.00
Aug 20, 2019 $11.98 $0.03
Aug 19, 2019 $11.95 -$0.03
Aug 16, 2019 $11.98 -$0.01
Aug 15, 2019 $11.99 $0.02
Aug 14, 2019 $11.97 $0.00
Aug 13, 2019 $11.97 -$0.02
Aug 12, 2019 $11.99 -$0.02
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Jul 31, 2019 $0.02930 $11.99
Jun 28, 2019 $0.03265 $11.94
May 31, 2019 $0.03288 $11.77
Apr 30, 2019 $0.03335 $11.76
Mar 29, 2019 $0.03353 $11.72
Feb 28, 2019 $0.02921 $11.61
Jan 31, 2019 $0.02914 $11.55
Dec 31, 2018 $0.03325 $11.33
Nov 30, 2018 $0.03394 $11.37
Oct 31, 2018 $0.03056 $11.41
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 History9

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

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

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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. Contractual restrictions may impede the Fund's ability to buy or sell loans and loans may be subject to an extended settlement process. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Convertible securities may react to changes in the value of the common stock into which they convert, and are thus subject to the risks of investing in equities, as well as, to the risks of investing in income securities. 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. 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. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)10,11 as of Jun 30, 2019

Sector % of Portfolio Contribution to Duration (yrs)
Investment Grade Credit 25.28 2.06
Securitized 23.62 0.58
Cash/Reserves 23.44 0.01
High Yield Credit 14.00 0.86
U.S. Treasuries & Agencies 5.95 0.28
Emerging Markets 5.22 0.17
Developed Market 1.82 0.04
Convertibles 0.66 0.03
Equities 0.01 0.00
Total 100.00 4.03

Portfolio Statistics as of Jun 30, 2019

Number of Holdings 157
Average Coupon 4.07%
Average Maturity 7.37 yrs.
Effective Duration 4.03 yrs.
Average Price $97.82
3-Year Correlation to US Treasury Index 0.33
 

Credit Quality (%)10 as of Jun 30, 2019

AAA 16.34
AA 3.70
A 11.19
BBB 41.19
BB 16.32
B 5.74
CCC or Lower 0.00
Not Rated 5.52
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 (%)10 as of Jun 30, 2019

Less Than 1 Year 11.36
1 To 3 Years 16.40
3 To 5 Years 10.29
5 To 10 Years 43.51
10 To 20 Years 9.30
20 To 30 Years 8.97
More Than 30 Years 0.17
Total 100.00
 

Bond Denomination (%)10 as of Jun 30, 2019

USD-Denominated Bonds 93.0
Non-USD Denominated Bonds 7.0
 

Fund Holdings5,11 as of Jun 30, 2019

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 15.65%
United States Treasury Inflation Indexed Bonds 0.25% 01/15/2025 3.18%
United States Treasury Inflation Indexed Bonds 0.63% 04/15/2023 2.77%
Sherwin-Williams Co 0.00% 07/31/2019 1.93%
VW Credit Inc 0.00% 08/09/2019 1.92%
Marriott International Inc/MD 0.00% 08/27/2019 1.92%
Ford Motor Credit Co LLC 0.00% 09/23/2019 1.92%
European Bank for Reconstruction & Development 9.25% 12/02/2020 1.89%
Nordstrom Inc 5.00% 01/15/2044 1.34%
Yamana Gold Inc 4.63% 12/15/2027 1.29%
View All

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

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. 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. Contractual restrictions may impede the Fund's ability to buy or sell loans and loans may be subject to an extended settlement process. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Convertible securities may react to changes in the value of the common stock into which they convert, and are thus subject to the risks of investing in equities, as well as, to the risks of investing in income securities. 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. 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. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Vishal Khanduja, CFA

Vishal Khanduja, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2016

Biography

Vishal Khanduja is a vice president of Eaton Vance Management and director of investment grade fixed income portfolio management and trading. He leads the Calvert/Core strategies and is responsible for buy and sell decisions and portfolio construction for those strategies. He joined Eaton Vance in 2016.

Vishal began his career in the investment management industry in 2005. Before joining Eaton Vance, he was a senior vice president, portfolio manager and head of taxable fixed income for Calvert Investments. Previously, he was a vice president and portfolio manager at Columbia Threadneedle and associate director of fixed-income analytics at Galliard Capital.

Vishal earned a bachelor of engineering from VJTI, Mumbai, India and an MBA from the Tippie School of Management at the University of Iowa. He is a member of the CFA Institute and the CFA Society of Boston. He is a CFA charterholder.

Education
  • B.Eng. Veermata Jijabai Technological Institute, Mumbai
  • M.B.A. Tippie School of Management, University of Iowa

Experience
  • Managed Fund since 2019

Other funds managed
 
John H. Croft, CFA

John H. Croft, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2004

Biography

John Croft is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s investment grade fixed-income (IGFI) portfolio management and trading team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's IGFI strategies. He joined Eaton Vance in 2004.

John began his career in the investment management industry in 1986. Before joining Eaton Vance, he was a credit analyst with Fidelity Management & Research Co.

John earned a B.A. from Colgate University and an MBA from the University of Chicago Graduate School of Business. He is a CFA charterholder.

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

Experience
  • Managed Fund since 2019

 

Matthew T. Buckley, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Biography

Matthew Buckley is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance's investment grade fixed-income (IGFI) portfolio management and trading team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's IGFI strategies. He joined Eaton Vance in 2005.

Matt began his career in the investment management industry in 1998. Before joining Eaton Vance, he was affiliated with Citizen’s Bank and Standard & Poor’s.

Matt earned a B.A. from the College of the Holy Cross and an MBA from the Olin Graduate School of Business at Babson College. He is a member of the CFA Society of Boston and is a CFA charterholder.

Education
  • B.A. College of the Holy Cross
  • M.B.A. Babson College

Experience
  • Managed Fund since 2015

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2019

Commentary

Download - Last updated: Jun 30, 2019

Annual Report

Download - Last updated: Sep 30, 2018

Full Prospectus

Download - Last updated: Feb 1, 2019

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

Download

SAI

Download - Last updated: Feb 1, 2019

Semi-Annual Report

Download - Last updated: Mar 31, 2019

Summary Prospectus

Download - Last updated: Feb 1, 2019

XBRL

Download - Last updated: Feb 20, 2019