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. 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 Jul 31, 2019

Class A Inception 01/31/2013
Investment Objective Total return
Total Net Assets $353.2M
Minimum Investment $1000
Expense Ratio3 0.95%
CUSIP 277905246
 

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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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. 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. 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. 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 (%)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Fund at NAV 4.69 -17.24 22.13 10.64 -5.65
Bloomberg Barclays U.S. Government/Credit Bond Index2 4.52 6.59 8.74 4.82 -2.35 6.01 0.15 3.05 4.00 -0.42
 

Fund Facts

Expense Ratio3 0.95%
Class A Inception 01/31/2013
Distribution Frequency Monthly

Yield Information as of Jul 31, 2019

Distribution Rate at NAV 4.51%
SEC 30-day Yield5 3.22%
 

Morningstar Rating™ as of Jul 31, 2019

Time Period Rating Funds in
Multisector Bond
Category
Overall 301
3 Years 301
5 Years 245
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 $10.44 $0.02
Aug 22, 2019 $10.42 $0.02
Aug 21, 2019 $10.40 $0.00
Aug 20, 2019 $10.40 $0.02
Aug 19, 2019 $10.38 -$0.02
Aug 16, 2019 $10.40 -$0.01
Aug 15, 2019 $10.41 $0.02
Aug 14, 2019 $10.39 -$0.02
Aug 13, 2019 $10.41 $0.00
Aug 12, 2019 $10.41 $0.01
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Jul 30, 2019 $0.03910 $10.39
Jun 27, 2019 $0.03580 $10.34
May 30, 2019 $0.03890 $10.15
Apr 29, 2019 $0.04070 $10.27
Mar 28, 2019 $0.03690 $10.26
Feb 27, 2019 $0.03560 $10.27
Jan 30, 2019 $0.03910 $10.17
Dec 28, 2018 $0.03330 $9.85
Nov 29, 2018 $0.03520 $10.05
Oct 30, 2018 $0.03900 $10.11
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 History6

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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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. 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. 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 (%)7 as of Jun 30, 2019

Portfolio Statistics as of Jun 30, 2019

Number of Issuers 79
Number of Holdings 90
Average Coupon 4.24%
Average Maturity 11.47 yrs.
Effective Duration 3.43 yrs.
Average Price $93.19
 

Credit Quality (%)7 as of Jun 30, 2019

AAA 7.93
AA 0.67
BBB 24.07
BB 17.79
B 9.02
CCC or Lower 1.18
Not Rated 0.97
Cash 35.11
Equity 3.25
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 (%)8 as of Jun 30, 2019

Less Than 1 Year 5.48
1 To 3 Years 11.28
3 To 5 Years 11.37
5 To 10 Years 38.40
10 To 20 Years 8.98
20 To 30 Years 21.19
More Than 30 Years 3.30
Total 100.00
 

Assets by Country (%)9 as of Jun 30, 2019

United States 72.92
United Kingdom 4.03
Canada 3.99
Mexico 3.89
Cayman Islands 2.89
Brazil 2.50
Netherlands 1.73
Israel 1.59
Trinidad and Tobago 1.43
Other 3.89
View All
 

Fund Holdings7,10 as of Jun 30, 2019

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 39.25%
Canada Housing Trust No 1 1.25% 06/15/2021 3.03%
Ford Motor Credit Co LLC 3.59% 06/02/2020 2.81%
Macy's Retail Holdings Inc 4.30% 02/15/2043 2.74%
European Bank for Reconstruction & Development 9.25% 12/02/2020 2.62%
Oceaneering International Inc 6.00% 02/01/2028 2.06%
Nordstrom Inc 5.00% 01/15/2044 2.00%
International Finance Corp 6.30% 11/25/2024 1.90%
MDC Holdings Inc 6.00% 01/15/2043 1.83%
Nabors Industries Inc 0.75% 01/15/2024 1.73%
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. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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. 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. 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

John Redding

John Redding

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

Biography

John Redding is a vice president of Eaton Vance Management and portfolio manager Eaton Vance's floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's floating-rate loan strategies. He joined Eaton Vance in 1998.

John began his career in the investment management industry in 1987. Before joining Eaton Vance, he was affiliated with GiroCredit Bank and Creditanstalt-Bankverein.

John earned a B.S. from the University at Albany, State University of New York. While in London, he served on the board of directors of the Loan Market Association (LMA) and chaired the LMA's Insolvency Priority Group. His commentary has appeared in the Financial Times and Bloomberg.

Education
  • B.S. State University of New York at Albany

Experience
  • Managed Fund since 2019

Other funds managed
 
Kelley G. Baccei

Kelley G. Baccei

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Biography

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s high-yield team. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2005.

Kelley began her career in the investment management industry in 2000. Before joining Eaton Vance, she was the director of high-yield distressed research at Fieldstone Capital Group. Previously, she was associate director of fixed-income research at Scotia Capital Markets, Inc.

Kelley earned a B.A. from Boston College and a certificate in credit analysis from New York University.

Education
  • B.A. Boston College

Experience
  • Managed Fund since 2019

 
Justin H. Bourgette, CFA

Justin H. Bourgette, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Biography

Justin Bourgette is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s global income team. He is responsible for buy and sell decisions, portfolio construction and risk management. Justin joined Eaton Vance in 2006.

Justin began his career in the investment management industry in 2006. Before joining Eaton Vance, he was affiliated with Investors Financial Services as an analyst in corporate finance and with National Grid, where he worked in business planning and engineering.

Justin earned a B.S. from Worcester Polytechnic Institute and an M.S., with high honors, from Boston University. He is a CFA charterholder and a member of Eaton Vance’s Asset Allocation Committee.

Education
  • B.S. Worcester Polytechnic Institute
  • M.S. Investment Management, Boston University

Experience
  • Managed Fund since 2019

Other funds managed
 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2019

Annual Report

Download - Last updated: Oct 31, 2018

Full Prospectus

Download - Last updated: Mar 1, 2019

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

Download

SAI

Download - Last updated: Mar 1, 2019

Semi-Annual Report

Download - Last updated: Apr 30, 2019

Summary Prospectus

Download - Last updated: Mar 1, 2019

XBRL

Download - Last updated: Mar 14, 2019