Overview

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
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 Nov 30, 2024

Class C Inception 11/17/2009
Investment Objective Total return
Total Net Assets $2.5B
Minimum Investment $1000
Expense Ratio (Gross)2 1.62%
Expense Ratio (Net)2,3 1.49%
CUSIP 277923462

Top 10 Holdings (%)4,5 as of Sep 30, 2024

FNMA TBA 30 YR 5.5 SINGLE FAMILY MORTGAGE 12.38
Fannie Mae or Freddie Mac 10.62
United States Treasury Bill 3.76
United States Treasury Bill 3.76
United States Treasury Note/Bond 2.69
United States Treasury Note/Bond 2.34
United States Treasury Note/Bond 2.11
United States Treasury Note/Bond 2.04
United States Treasury Note/Bond 1.57
Eaton Vance Floating-Rate Fund 1.17
Total 42.45
 

Portfolio Management

Vishal Khanduja, CFA Managed Fund since 2019
Brian S. Ellis, CFA Managed Fund since 2022

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

RISK CONSIDERATIONS 

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. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 2/1/25. Without the reimbursement, if applicable, performance would have been lower.
4. Top 10 Holdings excludes cash and equivalents.
5. Percent of total net assets.

Performance

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
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 (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 9.90 -6.83 10.57 6.64 -1.82 9.71 4.73 1.98 -13.67 5.91
Bloomberg U.S. Aggregate Bond Index1 5.97 0.55 2.65 3.54 0.01 8.72 7.51 -1.54 -13.01 5.53
 

Fund Facts

Class C Inception 11/17/2009
Expense Ratio (Gross)2 1.62%
Expense Ratio (Net)2,3 1.49%
Distribution Frequency Monthly

Yield Information6 as of Nov 30, 2024

Distribution Rate at NAV 4.17%
Subsidized SEC 30-day Yield 4.09%
Unsubsidized SEC 30-day Yield 4.05%
 

Morningstar Rating™ as of Nov 30, 2024

Time Period Rating Funds in
Intermediate Core-Plus Bond
Category
Overall 528
3 Years 528
5 Years 480
10 Years 345
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.

©2024 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
Dec 20, 2024 $10.24 $0.02
Dec 19, 2024 $10.22 -$0.03
Dec 18, 2024 $10.25 -$0.07
Dec 17, 2024 $10.32 $0.00
Dec 16, 2024 $10.32 $0.00
Dec 13, 2024 $10.32 -$0.04
Dec 12, 2024 $10.36 -$0.04
Dec 11, 2024 $10.40 -$0.02
Dec 10, 2024 $10.42 -$0.01
Dec 09, 2024 $10.43 -$0.02
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Nov 29, 2024 $0.03561 $10.41
Oct 31, 2024 $0.03764 $10.33
Sep 30, 2024 $0.03904 $10.61
Aug 30, 2024 $0.03829 $10.51
Jul 31, 2024 $0.03979 $10.41
Jun 28, 2024 $0.04254 $10.21
May 31, 2024 $0.03965 $10.16
Apr 30, 2024 $0.03854 $10.03
Mar 28, 2024 $0.03913 $10.28
Feb 29, 2024 $0.04065 $10.21
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 History8

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.

RISK CONSIDERATIONS 

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. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 2/1/25. Without the reimbursement, if applicable, performance would have been lower.
6. SEC 30-day yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC 30-day yield is not based on the distributions made by the fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements. Distribution Rate at NAV is calculated by dividing the last distribution paid per share (annualized) by NAV. The Fund's monthly distribution may be comprised of ordinary income, net realized capital gains and returns of capital.
7. The Fund's distributions may be comprised of tax-exempt income, ordinary income, net realized capital gains and return of capital. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.
8. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)5,9 as of Sep 30, 2024

Securitized 53.88
Investment Grade Credit 19.91
US Treasuries & Agencies 23.53
High Yield Credit 6.41
Preferreds 0.19
Emerging Markets 0.36
Other 0.34
Bank Loan 3.77
Convertibles 0.23
Developed Market 0.17
Cash & Equivalents -8.79

Portfolio Statistics as of Sep 30, 2024

Number of Holdings 416
Average Coupon 5.41%
Average Maturity 5.92 yrs.
Effective Duration 5.61 yrs.
Yield to Worst10 5.63%
Average Price $98.37
Modified Duration11 6.1
 

Credit Quality (%)5,12 as of Sep 30, 2024

AAA 56.81
AA 1.68
A 4.66
BBB 26.79
BB 7.41
B 3.79
CCC 1.06
CC 0.01
C 0.00
Not Rated 6.58
Cash & Equivalents -8.79
Ratings are based on Moody’s, S&P or Fitch, or Kroll for securitized debt instruments only (such as asset-backed securities and mortgage-backed securities), 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 an issuance 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, Fitch or Kroll (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 (%)13 as of Sep 30, 2024

Less Than 1 Year 27.31
1 To 3 Years 17.39
3 To 5 Years 16.36
5 To 10 Years 29.15
10 To 20 Years 4.97
20 To 30 Years 2.34
More Than 30 Years 2.47
Total 100.00
 

Duration Breakdown (%)13,14 as of Sep 30, 2024

< 1 7.56
1 - 3 36.01
3 - 5 38.16
5 - 7 7.77
7 - 10 6.89
10 - 20 3.45

Bond Denomination (%)13 as of Sep 30, 2024

USD-Denominated Bonds 98.88
Non-USD Denominated Bonds 1.12
 

Fund Holdings5,9 as of Oct 31, 2024

Holding Coupon Rate Maturity Date % of Net Assets
Fannie Mae or Freddie Mac 5.50% 11/01/2053 15.74%
Fannie Mae or Freddie Mac 5.00% 11/01/2054 11.73%
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 4.76% 12/31/2030 7.85%
United States Treasury Bill 0.00% 11/14/2024 4.85%
United States Treasury Bill 0.00% 11/07/2024 4.85%
United States Treasury Note/Bond 4.00% 01/31/2029 4.05%
United States Treasury Note/Bond 4.25% 01/31/2026 3.60%
United States Treasury Note/Bond 4.13% 03/31/2029 3.48%
United States Treasury Note/Bond 3.63% 05/15/2053 3.09%
United States Treasury Note/Bond 4.50% 03/31/2026 2.82%
View All

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

RISK CONSIDERATIONS 

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. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


5. Percent of total net assets.
9. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.
10. The bond yield computed by using the lower of either the yield to maturity or the yield to call on every possible call date.
11. A price sensitivity measure, defined as the percentage derivative of price with respect to yield.
12. Cash & Equivalents is composed of cash, commercial paper, certificates of deposit, money market funds, and US Treasury and Agency obligations maturing in 13 months or less.
13. Percent of bond holdings.
14. Duration breakdown range is years.

Management

Vishal Khanduja, CFA

Vishal Khanduja, CFA

Co-Head, Broad Markets Fixed Income, Portfolio Manager
Joined Eaton Vance 2016

Biography

Vishal is a managing director of Morgan Stanley Investment Management, Co-Head of the Broad Markets Fixed Income team and a portfolio manager. He is responsible for buy and sell decisions and portfolio construction. He joined Calvert Research and Management's predecessor organization Calvert Investment Management in 2012. Eaton Vance acquired Calvert Investment Management in 2016. Morgan Stanley acquired Eaton Vance in March 2021.

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 CFA Society 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
 
Brian S. Ellis, CFA

Brian S. Ellis, CFA

Managing Director, Portfolio Manager
Joined Eaton Vance 2016

Biography

Brian is a managing director of Morgan Stanley Investment Management and a portfolio manager on the Broad Markets Fixed Income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's Broad Markets strategies, including Calvert Research and Management Multi-Sector strategies. He joined Calvert Research and Management's predecessor organization Calvert Investment Management in 2009. Eaton Vance acquired Calvert Investment Management in 2016. Morgan Stanley acquired Eaton Vance in March 2021.

Brian began his career in the investment management industry in 2006. Before joining Eaton Vance, he worked as a portfolio manager of fixed-income strategies for Calvert Investments. He was previously affiliated with Legg Mason Capital Management (now ClearBridge Investments).

Brian earned a B.S. in finance from Salisbury University. He is a CFA charterholder and an FSA credential holder. He is a member of the CFA Institute and the CFA Society Boston.

Education
  • B.S. Salisbury University

Experience
  • Managed Fund since 2022

Other funds managed
 

Literature

Literature

Fact Sheet

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Annual Financial Statements and Add'l Information

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Semi-Annual Financial Statements and Add'l Information

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Commentary

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Annual Report

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Full Prospectus

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Q1 Holdings

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Q3 Holdings

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Holdings - Form N-PORT

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SAI

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Semi-Annual Report

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Summary Prospectus

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