Overview

Growth of $10,000

Since Fund inception ended 03/31/2017

  • Class A at NAV

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.41 3.08 3.08 10.69 4.86 3.77 6.77
Fund w/Max Sales Charge -4.33 -1.80 -1.80 5.40 3.17 2.76 6.07
Bloomberg Barclays U.S. Aggregate Bond Index1 -0.05 0.82 0.82 0.44 2.68 2.34 3.42
Bloomberg Barclays Taxable Municipal - Build America Bonds Index2 -0.34 1.51 1.51 1.54 6.12 5.36
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: 4.75%.

Fund Factsas of Mar 31, 2017

Class A Inception 11/17/2009
Investment Objective Total return
Total Net Assets $58.9M
Minimum Investment $1000
Expense Ratio (Gross)3 1.33%
Expense Ratio (Net)3,4 0.80%
CUSIP 277923470

Top 10 Holdings (%)5,6as of Mar 31, 2017

United States Treasury Inflation Indexed Bonds
United States Treasury Note/Bond
Mexican Bonos
Grupo Televisa SAB
Signet UK Finance PLC
Comision Federal de Electricidad
Wendys Funding LLC 2015-1
Canadian Government Bond
DB Master Finance LLC 2015-1
OM Asset Management Plc
Total 26.05

Portfolio Management

Kathleen C. Gaffney, CFA Managed Fund since 2015
Thomas H. Luster, CFA Managed Fund since 2015
Bernard Scozzafava, CFA Managed Fund since 2015
Matthew T. Buckley, CFA Managed Fund since 2015

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

About Risk: 

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. Bank loans are subject to prepayment risk. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 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. 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. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.41 3.08 3.08 10.69 4.86 3.77 6.77
Fund w/Max Sales Charge -4.33 -1.80 -1.80 5.40 3.17 2.76 6.07
Bloomberg Barclays U.S. Aggregate Bond Index1 -0.05 0.82 0.82 0.44 2.68 2.34 3.42
Bloomberg Barclays Taxable Municipal - Build America Bonds Index2 -0.34 1.51 1.51 1.54 6.12 5.36
Morningstar™ Intermediate-Term Bond Category7 -0.01 1.07 1.07 1.74 2.41 2.52
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: 4.75%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 10.36 20.77 8.60 -5.24 10.81 -6.21 11.40
Bloomberg Barclays U.S. Aggregate Bond Index1 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55 2.65
Bloomberg Barclays Taxable Municipal - Build America Bonds Index2 8.53 23.96 12.10 -6.08 18.65 0.66 5.05

Fund Facts

Expense Ratio (Gross)3 1.33%
Expense Ratio (Net)3,4 0.80%
Class A Inception 11/17/2009
Distribution Frequency Monthly

Yield Information8as of Mar 31, 2017

Distribution Rate at NAV 3.84%
Subsidized SEC 30-day Yield 3.43%
Unsubsidized SEC 30-day Yield 2.99%

Morningstar™ Ratingsas of Mar 31, 2017

Time Period Rating Funds in
Intermediate-Term Bond
Category
Overall ***** 851
3 Years ***** 851
5 Years ***** 750
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.

©2017 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
Apr 28, 2017 $11.77 $0.01
Apr 27, 2017 $11.76 $0.01
Apr 26, 2017 $11.75 $0.00
Apr 25, 2017 $11.75 -$0.02
Apr 24, 2017 $11.77 -$0.01
Apr 21, 2017 $11.78 $0.01
Apr 20, 2017 $11.77 -$0.02
Apr 19, 2017 $11.79 -$0.02
Apr 18, 2017 $11.81 $0.03
Apr 17, 2017 $11.78 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
Apr 28, 2017 $0.03540 $11.77
Mar 31, 2017 $0.03813 $11.70
Feb 28, 2017 $0.02953 $11.69
Jan 31, 2017 $0.03506 $11.62
Dec 30, 2016 $0.03060 $11.45
Nov 30, 2016 $0.02961 $11.38
Oct 31, 2016 $0.02803 $11.60
Sep 30, 2016 $0.02906 $11.63
Aug 31, 2016 $0.03426 $11.62
Jul 29, 2016 $0.03466 $11.52
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History10

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 10, 2015 $0.14920 $10.80
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: 

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. Bank loans are subject to prepayment risk. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 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. 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. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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 (%)11as of Mar 31, 2017

U.S. Corporate Bonds 20.5
Foreign Corporate Bonds 19.1
Cash 12.8
U.S. Treasuries 12.7
Commercial Mortgage Backed Securities 11.6
Asset Backed Securities 11.4
Non-U.S. Government Bonds 5.8
Other 6.0

Portfolio Statisticsas of Mar 31, 2017

Number of Holdings 99
Average Coupon 4.54%
Average Maturity 11.40 yrs.
Effective Duration 6.73 yrs.
Average Price $95.64

Credit Quality (%)11as of Mar 31, 2017

AAA 22.81
AA 3.12
A 9.68
BBB 51.10
BB 8.01
B 2.82
CCC or Lower 1.09
Not Rated 1.38
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 higher 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 (%)11as of Mar 31, 2017

Less Than 1 Year 6.13
1 To 3 Years 10.15
3 To 5 Years 7.25
5 To 10 Years 45.10
10 To 20 Years 9.84
20 To 30 Years 21.37
More Than 30 Years 0.16
Total 100.00

Fund Holdings6,12as of Feb 28, 2017

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 20.68%
United States Treasury Inflation Indexed Bonds 0.25% 01/15/2025 7.24%
Mexican Bonos 7.75% 05/29/2031 1.89%
Canadian Government Bond 0.75% 03/01/2021 1.62%
Seagate HDD Cayman 4.88% 06/01/2027 1.59%
DB Master Finance LLC 2015-1 3.26% 02/20/2045 1.54%
UBS Commercial Mortgage Trust 2012-C1 5.55% 05/10/2045 1.54%
American Homes 4 Rent 2014-SFR1 2.87% 06/17/2031 1.49%
Grupo Televisa SAB 5.00% 05/13/2045 1.44%
Queensland Treasury Corp 5.50% 06/21/2021 1.42%
View All

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

About Risk: 

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. Bank loans are subject to prepayment risk. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 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. 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. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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.


Insights & Analysis

Commentary

No commentary information is currently available.

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

About Risk: 

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. Bank loans are subject to prepayment risk. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 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. 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. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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.

Attribution

No attribution information is currently available.

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

About Risk: 

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. Bank loans are subject to prepayment risk. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 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. 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. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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

Biography
Kathleen C. Gaffney, CFA

Kathleen C. Gaffney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2012

Kathleen Gaffney is a vice president of Eaton Vance Management, co-director of diversified fixed income and lead portfolio manager for Eaton Vance’s multisector 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 2015

Other funds managed
 
Biography
Thomas H. Luster, CFA

Thomas H. Luster, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1995

Thomas Luster is a vice president of Eaton Vance Management, co-director of diversified fixed income and lead portfolio manager on Eaton Vance’s diversified fixed-income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s diversified fixed-income strategies. He began his career in the investment management industry with Eaton Vance in 1995.

Before entering the investment management industry, Tom was affiliated with Deloitte & Touche Consulting and the Naval Center for Space Technology.

Tom earned a B.S. from George Washington University and an MBA from the University of Chicago. Tom is a member of the Boston Security Analysts Society and was formerly chairman and a governor’s appointee to the board of trustees of Health Care Security, which oversees the investment of Tobacco Litigation Settlement funds for the Commonwealth of Massachusetts. He is a CFA charterholder.

Tom’s commentary has appeared in The Wall Street Journal, Reuters, Investor’s Business Daily and American Banker, and he has been featured on New England Cable News and Bloomberg Radio.

Education
  • B.S. George Washington University
  • M.B.A. Booth School of Business, University of Chicago

Experience
  • Managed Fund since 2015

Biography
Bernard Scozzafava, CFA

Bernard Scozzafava, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Bernard Scozzafava is a vice president of Eaton Vance Management, director of diversified fixed-income quantitative research and portfolio manager on Eaton Vance’s diversified fixed-income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s core fixed-income portfolios. He joined Eaton Vance in 2006.

Bernie began his career in the investment management industry in 1984. Before joining Eaton Vance, he was a portfolio manager and credit analyst with MFS Investment Management.

Bernie earned a B.A. from Hamilton College and an M.S. from the MIT Sloan School of Management. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.S. Hamilton College
  • M.S. Sloan School of Management, Massachusetts Institute of Technology

Experience
  • Managed Fund since 2015

Other funds managed
 
Biography

Matthew T. Buckley, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Matthew Buckley is a vice president of Eaton Vance Management and a structured finance analyst.

Matthew joined Eaton Vance in 2005. Previous experience includes affiliations with Standard & Poor’s for three years, Citizen’s Bank in the Treasury department and Woodcliff Company, a boutique ABS investment bank.

Matthew earned a B.A. in economics with a concentration in premed from the College of the Holy Cross and an M.B.A. in finance from Babson College’s F.W. Olin Graduate School of Business.

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: Mar 31, 2017

Annual Report

Download - Last updated: Sep 30, 2016

Full Prospectus

Download - Last updated: Feb 1, 2017

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

Download

SAI

Download - Last updated: Feb 1, 2017

Performance Always Matters

Download - Last updated: Mar 31, 2017

Semi-Annual Report

Download - Last updated: Mar 31, 2016

Summary Prospectus

Download - Last updated: Apr 10, 2017

XBRL

Download - Last updated: Feb 13, 2017