Overview

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
04/30/2017
Fund at NAV 0.55 1.20 1.65 2.35 2.83 2.79
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index1 0.06 0.13 0.17 0.35 0.16 0.12
Bloomberg Barclays U.S. Aggregate Bond Index2 0.77 1.40 1.59 0.83 2.66 2.27
03/31/2017
Fund at NAV 0.02 1.10 1.10 2.29 2.89 2.69
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index1 0.02 0.10 0.10 0.30 0.14 0.11
Bloomberg Barclays U.S. Aggregate Bond Index2 -0.05 0.82 0.82 0.44 2.68 2.34
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. The share class has no sales charge.

Fund Factsas of Apr 30, 2017

Class Y Inception 10/31/2013
Investment Objective Maximize income, to the extent consistent with preservation of capital
Total Net Assets $79.9M
Minimum Investment $2000
Expense Ratio (Gross)3 0.79%
Expense Ratio (Net)3,4 0.63%
CUSIP 13161P722

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

Owens Corning
ING Bank NV
Apple Inc
Vornado Realty LP
African Development Bank
Fannie Mae Pool - AN1909
Fannie Mae Pool - AN1879
Municipality Finance PLC
Massachusetts Institute of Technology
Toyota Auto Receivables 2016-B Owner Trust
Total 26.63

Morningstar™ Ratingsas of Apr 30, 2017

Time Period Rating Funds in
Intermediate-Term Bond
Category
Overall **** 856
3 Years **** 856
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.

Portfolio Management

Vishal Khanduja, CFA Managed Fund since inception
Brian S. Ellis, CFA Managed Fund since 2015

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

About Risk: 

Investment in the Fund involves risk, including possible loss of principal invested. Investing primarily in green investments carries the risk that, under certain market conditions, the Fund may underperform funds that invest in a broader array of investments. In addition, some green investments may be dependent on government tax incentives and subsidies, and on political support for certain environmental technologies and companies. The green sector may also have challenges such as a limited number of issuers and liquidity in the market, including a robust secondary market. The Fund is subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company’s ESG performance.


Performance

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
04/30/2017
Fund at NAV 0.55 1.20 1.65 2.35 2.83 2.79
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index1 0.06 0.13 0.17 0.35 0.16 0.12
Bloomberg Barclays U.S. Aggregate Bond Index2 0.77 1.40 1.59 0.83 2.66 2.27
Morningstar™ Intermediate-Term Bond Category7 0.77 1.47 1.85 1.84 2.40 2.48
03/31/2017
Fund at NAV 0.02 1.10 1.10 2.29 2.89 2.69
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index1 0.02 0.10 0.10 0.30 0.14 0.11
Bloomberg Barclays U.S. Aggregate Bond Index2 -0.05 0.82 0.82 0.44 2.68 2.34
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. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 5.23 -0.02 3.91
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index1 4.78 1.77 0.15 0.13 0.07 0.08 0.05 0.02 0.03 0.26
Bloomberg Barclays U.S. Aggregate Bond Index2 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55 2.65

Fund Facts

Expense Ratio (Gross)3 0.79%
Expense Ratio (Net)3,4 0.63%
Class Y Inception 10/31/2013
Distribution Frequency Monthly

Yield Information8as of Apr 30, 2017

Distribution Rate at NAV 1.81%
Subsidized SEC 30-day Yield 2.05%
Unsubsidized SEC 30-day Yield 1.96%
Medium Quality/Limited Duration
Morningstar Fixed Income Style Box
The Morningstar Style Box™ reveals a fund’s investment strategy. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.

©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. Past performance is no guarantee of future results.

Morningstar™ Ratingsas of Apr 30, 2017

Time Period Rating Funds in
Intermediate-Term Bond
Category
Overall **** 856
3 Years **** 856
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
May 26, 2017 $15.29 $0.00
May 25, 2017 $15.29 -$0.01
May 24, 2017 $15.30 $0.01
May 23, 2017 $15.29 -$0.02
May 22, 2017 $15.31 $0.00
May 19, 2017 $15.31 -$0.01
May 18, 2017 $15.32 -$0.01
May 17, 2017 $15.33 $0.06
May 16, 2017 $15.27 $0.01
May 15, 2017 $15.26 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
May 25, 2017 $0.02612 $15.29
Apr 27, 2017 $0.02304 $15.26
Mar 29, 2017 $0.02349 $15.21
Feb 23, 2017 $0.02516 $15.19
Jan 26, 2017 $0.02683 $15.10
Dec 27, 2016 $0.02557 $15.04
Nov 29, 2016 $0.02692 $15.33
Oct 27, 2016 $0.02649 $15.56
Sep 28, 2016 $0.02625 $15.69
Aug 30, 2016 $0.02600 $15.69
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
Dec 07, 2016 $0.09070 $0.07303 $15.16
Dec 10, 2015 $0.02920 $15.04
Dec 11, 2014 $0.13452 $15.26
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: 

Investment in the Fund involves risk, including possible loss of principal invested. Investing primarily in green investments carries the risk that, under certain market conditions, the Fund may underperform funds that invest in a broader array of investments. In addition, some green investments may be dependent on government tax incentives and subsidies, and on political support for certain environmental technologies and companies. The green sector may also have challenges such as a limited number of issuers and liquidity in the market, including a robust secondary market. The Fund is subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company’s ESG performance.


Portfolio

Asset Mix (%)6as of Mar 31, 2017

U.S. Corporate Bonds 30.79
Foreign Corporate Bonds 13.41
Supranational Bond 9.42
Municipal Bonds 9.23
Asset Backed Securities 8.65
Non-U.S. Government Bonds 7.45
Cash 6.26
Sub-sovereign Bond 5.36
Mortgage Backed Securities 5.27
Collateralized Mortgage Obligations 1.31
U.S. Government Agency Bonds 1.29
Commercial Mortgage Backed Securities 1.25
Other 0.33
Total 100.00

Portfolio Statisticsas of Mar 31, 2017

Number of Holdings 90
Effective Duration 4.48 yrs.
Average Effective Maturity 8.47 yrs.

Credit Quality (%)10as of Mar 31, 2017

AAA 36.64
AA 16.96
A 9.71
BBB 29.86
BB 1.41
B 0.15
Not Rated 5.26
Ratings are based on Moody's, S&P or Fitch, as applicable. Securities rated by all three services are assigned the median rating; if a bond is rated by only two agencies, it is assigned the lowest rating; if it is only rated by one agency, it is assigned that rating. 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.

Assets by Country (%)11as of Mar 31, 2017

United States 66.44
Netherlands 5.94
Finland 3.47
Mexico 3.00
Korea 2.82
United Kingdom 2.78
Cote d'Ivoire 2.60
Philippines 2.23
Germany 2.21
Norway 2.21
View All

Fund Holdings6,12as of Mar 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
STATE STREET EURO DLR TIME DEP STATE STREET EURO DLR TIME DE 0.29% 03/31/2017 6.32%
Owens Corning 3.40% 08/15/2026 2.91%
ING Bank NV 2.00% 11/26/2018 2.87%
Apple Inc 2.85% 02/23/2023 2.75%
Vornado Realty LP 2.50% 06/30/2019 2.75%
African Development Bank 1.38% 12/17/2018 2.73%
Fannie Mae Pool - AN1909 2.68% 07/01/2026 2.68%
Fannie Mae Pool - AN1879 2.65% 06/01/2026 2.65%
Municipality Finance PLC 1.38% 09/21/2021 2.62%
Massachusetts Institute of Technology 3.96% 07/01/2038 2.37%
View All

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

About Risk: 

Investment in the Fund involves risk, including possible loss of principal invested. Investing primarily in green investments carries the risk that, under certain market conditions, the Fund may underperform funds that invest in a broader array of investments. In addition, some green investments may be dependent on government tax incentives and subsidies, and on political support for certain environmental technologies and companies. The green sector may also have challenges such as a limited number of issuers and liquidity in the market, including a robust secondary market. The Fund is subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company’s ESG performance.


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: 

Investment in the Fund involves risk, including possible loss of principal invested. Investing primarily in green investments carries the risk that, under certain market conditions, the Fund may underperform funds that invest in a broader array of investments. In addition, some green investments may be dependent on government tax incentives and subsidies, and on political support for certain environmental technologies and companies. The green sector may also have challenges such as a limited number of issuers and liquidity in the market, including a robust secondary market. The Fund is subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company’s ESG performance.

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: 

Investment in the Fund involves risk, including possible loss of principal invested. Investing primarily in green investments carries the risk that, under certain market conditions, the Fund may underperform funds that invest in a broader array of investments. In addition, some green investments may be dependent on government tax incentives and subsidies, and on political support for certain environmental technologies and companies. The green sector may also have challenges such as a limited number of issuers and liquidity in the market, including a robust secondary market. The Fund is subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company’s ESG performance.


Management

Biography
Vishal Khanduja, CFA

Vishal Khanduja, CFA

Vice President, Calvert Research and Management
Joined Eaton Vance 2016

Vishal Khanduja is a vice president of Eaton Vance Management 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 diversified fixed-income 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 Management and associate director of fixed-income analytics at Galliard Capital.

Vishal earned a bachelor of engineering from Veermata Jijabai Technological Institute in Mumbai, India and an MBA from the Tippie School of Management at the University of Iowa. He is a member of the CFA Institute, the CFA Society of Washington, D.C. and the Global Association of Risk Professionals. 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 inception

 
Biography

Brian S. Ellis, CFA

Vice President, Calvert Research and Management
Joined Eaton Vance 2016

Brian Ellis is a vice president of Eaton Vance Management 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 diversified fixed-income strategies. He joined Eaton Vance in 2016.

Brian began his career in the investment management industry in 2006. Before joining Eaton Vance, he was a portfolio manager of fixed-income strategies for Calvert Investments. Previously, he was a software engineer and analyst at Legg Mason Capital Management (now ClearBridge Investments).

Brian earned a B.S. in finance from Salisbury University. He is a member of the CFA Institute and the CFA Society of Washington, D.C. He is a CFA charterholder.

Education
  • B.S., Salisbury University

Experience
  • Managed Fund since 2015

 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2017

Commentary

Download - Last updated: Mar 31, 2017

Attribution

Download - Last updated: Mar 31, 2017

Annual Report

Download - Last updated: Sep 30, 2016

Full Prospectus

Download - Last updated: Apr 10, 2017

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

Download

SAI

Download - Last updated: Feb 1, 2017

Semi-Annual Report

Download - Last updated: Mar 31, 2017

Summary Prospectus

Download - Last updated: Apr 10, 2017

XBRL

Download - Last updated: Feb 1, 2017