Overview

Generate total return employing an opportunistic approach to global fixed income with a value-oriented discipline.

Historical Returns (%) as of Mar 31, 2018

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -0.49 -0.37 -0.37 5.27 3.81 4.74 4.79
Fund w/Max Sales Charge -5.22 -5.08 -5.08 0.27 2.14 3.73 3.80
Bloomberg Barclays U.S. Government/Credit Bond Index1 0.65 -1.58 -1.58 1.38 1.22 1.83 1.90
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. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 4.75%.
 

Fund Facts as of Mar 31, 2018

Class A Inception 01/31/2013
Investment Objective Total return
Total Net Assets $476.3M
Minimum Investment $1000
Expense Ratio2 0.97%
CUSIP 277905246

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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. 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. 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. The value of equity securities is sensitive to stock market volatility. The Fund's returns are expected to be more volatile than those of its benchmark. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 Mar 31, 2018

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -0.49 -0.37 -0.37 5.27 3.81 4.74 4.79
Fund w/Max Sales Charge -5.22 -5.08 -5.08 0.27 2.14 3.73 3.80
Bloomberg Barclays U.S. Government/Credit Bond Index1 0.65 -1.58 -1.58 1.38 1.22 1.83 1.90
Morningstar Multisector Bond Category3 0.09 -0.53 -0.53 3.43 3.10 2.93
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. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Max Sales Charge: 4.75%.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV 4.69 -17.24 22.13 10.64
Bloomberg Barclays U.S. Government/Credit Bond Index1 5.70 4.52 6.59 8.74 4.82 -2.35 6.01 0.15 3.05 4.00
 

Fund Facts

Expense Ratio2 0.97%
Class A Inception 01/31/2013
Distribution Frequency Monthly

Yield Information4 as of Mar 31, 2018

Distribution Rate at NAV 4.05%
SEC 30-day Yield 3.45%

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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. 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. 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. The value of equity securities is sensitive to stock market volatility. The Fund's returns are expected to be more volatile than those of its benchmark. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 (%)5 as of Mar 31, 2018

High Yield Credit 21.81
Non-U.S. Dollar Bonds Developed Countries 16.95
Investment Grade Credit 16.25
Non-U.S. Dollar Bonds Emerging Markets 13.67
Cash/Reserves 10.38
Equities 8.04
Securitized 6.45
Convertibles 5.52
Floating-Rate Loans 0.58
Preferreds 0.35
Total 100.00

Portfolio Statistics as of Mar 31, 2018

Number of Issuers 79
Number of Holdings 98
Average Coupon 5.22%
Average Maturity 11.52 yrs.
Effective Duration 4.70 yrs.
Average Price $92.09

Credit Quality (%)5 as of Mar 31, 2018

AAA 11.18
AA 3.76
A 9.39
BBB 25.45
BB 18.43
B 8.07
CCC or Lower 1.76
Not Rated 3.53
Cash 10.38
Equity 8.04
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 (%)6 as of Mar 31, 2018

Less Than 1 Year 3.72
1 To 3 Years 21.26
3 To 5 Years 11.22
5 To 10 Years 26.96
10 To 20 Years 12.92
20 To 30 Years 18.06
More Than 30 Years 5.87
Total 100.00

Currency Exposure (%)5 as of Mar 31, 2018

United States Dollar 68.61
Australian Dollar 6.12
Canadian Dollar 6.03
New Zealand Dollar 4.80
Mexican Peso 4.52
Brazilian Real 2.39
Malaysian Ringgit 2.13
Indonesian Rupiah 2.10
Indian Rupee 2.03
Danish Krone 0.57
Uruguayan Peso 0.49
Japanese Yen 0.20
Colombian Peso 0.00
Euro -0.00

Assets by Country (%)7 as of Mar 31, 2018

United States 56.27
Canada 8.66
Mexico 6.42
Australia 3.76
Brazil 3.41
Netherlands 3.06
Colombia 2.43
United Kingdom 2.28
Cayman Islands 2.21
Malaysia 2.13
View All
 

Fund Holdings5,8 as of Feb 28, 2018

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 14.49%
Canada Housing Trust No 1 1.25% 06/15/2021 2.80%
Canadian Government Bond 0.75% 03/01/2021 2.66%
Brazil Notas do Tesouro Nacional Serie F 10.00% 01/01/2025 2.39%
Ford Motor Credit Co LLC 4.05% 12/10/2018 2.38%
Queensland Treasury Corp 5.50% 06/21/2021 2.23%
Och-Ziff Finance Co LLC 4.50% 11/20/2019 2.21%
Mexican Bonos 7.75% 05/29/2031 2.17%
Malaysia Government Bond 3.44% 02/15/2021 2.10%
Petrobras Global Finance BV 5.63% 05/20/2043 2.00%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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. 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. 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. The value of equity securities is sensitive to stock market volatility. The Fund's returns are expected to be more volatile than those of its benchmark. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

Kathleen C. Gaffney, CFA

Kathleen C. Gaffney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2012

Biography

Kathleen Gaffney is a vice president of Eaton Vance Management, director of diversified fixed income and lead portfolio manager for Eaton Vance’s multisector bond and core plus bond strategies. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2012.

Kathleen began her career in the investment management industry in 1984. Before joining Eaton Vance, Kathleen was a vice president of Loomis, Sayles & Company and portfolio manager for its fixed-income group, managing a variety of mutual funds and institutional strategies.

Kathleen earned a B.A. from the University of Massachusetts, Amherst. She is a CFA charterholder. Her commentary has appeared in The Wall Street Journal, the Financial Times, Institutional Investor, Bloomberg and The New York Times, among other outlets. She has made appearances on Bloomberg TV, Bloomberg Radio and CNBC.

Education
  • B.A. University of Massachusetts, Amherst

Experience
  • Managed Fund since inception

Other funds managed
 
Henry Peabody, CFA

Henry Peabody, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2013

Biography

Henry Peabody is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s diversified fixed-income team, supporting core plus bond and multisector products. Previously, he was a credit analyst and team leader on the diversified fixed-income team. He joined Eaton Vance in 2013.

Henry began his career in the investment management industry in 2001. Before joining Eaton Vance, he was a credit analyst with Merganser Capital Management. He was previously affiliated with Emerson Investment Management.

Henry earned a B.A. from Trinity College and an MBA from the Carroll School of Management at Boston College. He is a member of the CFA Society of Boston and is a CFA charterholder.

Education
  • B.A. Trinity College
  • M.B.A. Boston College

Experience
  • Managed Fund since 2014

Other funds managed
 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2018

Commentary

Download - Last updated: Mar 31, 2018

Annual Report

Download - Last updated: Oct 31, 2017

Full Prospectus

Download - Last updated: Mar 1, 2018

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

Download

Eaton Vance Launches New Eaton Vance Bond Fund with Lead Manager Kathleen Gaffney, CFA

Download - Last updated: Jan 31, 2013

SAI

Download - Last updated: Mar 1, 2018

Semi-Annual Report

Download - Last updated: Apr 30, 2017

Summary Prospectus

Download - Last updated: Mar 1, 2018

XBRL

Download - Last updated: Mar 15, 2018