Overview

Historical Returns (%) as of Dec 31, 2023

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.
 

Fund Facts as of Jan 31, 2024

Class R6 Inception 06/30/2023
Performance Inception 11/17/2009
Investment Objective Total return
Total Net Assets $1.4B
Minimum Investment $5000000
Expense Ratio (Gross)2 0.56%
Expense Ratio (Net)2,3 0.43%
CUSIP 27826A540

Top 10 Holdings (%)4,5 as of Dec 31, 2023

Fannie Mae or Freddie Mac 7.35
United States Treasury Note/Bond 3.83
United States Treasury Note/Bond 2.93
United States Treasury Note/Bond 2.63
United States Treasury Note/Bond 1.64
United States Treasury Note/Bond 1.63
United States Treasury Note/Bond 1.53
Fannie Mae or Freddie Mac 1.23
United States Treasury Note/Bond 1.09
United States Treasury Note/Bond 1.06
Total 24.92
 

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.


Performance

Historical Returns (%) as of Dec 31, 2023

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.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV
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 R6 Inception 06/30/2023
Performance Inception 11/17/2009
Expense Ratio (Gross)2 0.56%
Expense Ratio (Net)2,3 0.43%
Distribution Frequency Daily

Yield Information7 as of Jan 31, 2024

Distribution Rate at NAV 5.41%
Subsidized SEC 30-day Yield 5.49%
Unsubsidized SEC 30-day Yield 5.42%
 

NAV History

Date NAV NAV Change
Feb 23, 2024 $10.20 $0.02
Feb 22, 2024 $10.18 $0.00
Feb 21, 2024 $10.18 -$0.03
Feb 20, 2024 $10.21 $0.02
Feb 16, 2024 $10.19 -$0.03
Feb 15, 2024 $10.22 $0.03
Feb 14, 2024 $10.19 $0.03
Feb 13, 2024 $10.16 -$0.09
Feb 12, 2024 $10.25 $0.01
Feb 09, 2024 $10.24 -$0.01
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Jan 31, 2024 $0.04745 $10.36
Dec 29, 2023 $0.04943 $10.35
Nov 30, 2023 $0.04968 $10.01
Oct 31, 2023 $0.04831 $9.62
Sep 29, 2023 $0.04824 $9.82
Aug 31, 2023 $0.04918 $10.09
Jul 31, 2023 $0.04715 $10.16
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
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.


Portfolio

Asset Mix (%)5,10 as of Dec 31, 2023

Securitized 38.69
Investment Grade Credit 25.71
US Treasuries & Agencies 32.43
High Yield Credit 7.08
Preferreds 0.33
Emerging Markets 1.07
Other 0.59
Convertibles 0.19
Developed Market 0.27
Cash & Equivalents -6.35

Portfolio Statistics as of Dec 31, 2023

Number of Holdings 371
Average Coupon 4.63%
Average Maturity 8.65 yrs.
Effective Duration 6.16 yrs.
Yield to Worst11 7.08%
Average Price $91.85
Modified Duration12 6.4
 

Credit Quality (%)5,13 as of Dec 31, 2023

AAA 45.05
AA 1.87
A 7.32
BBB 30.33
BB 9.61
B 3.25
CCC 1.15
CC 0.10
Not Rated 7.67
Cash & Equivalents -6.35
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 (%)14 as of Dec 31, 2023

Less Than 1 Year 10.28
1 To 3 Years 20.65
3 To 5 Years 23.74
5 To 10 Years 28.02
10 To 20 Years 9.73
20 To 30 Years 4.44
More Than 30 Years 3.15
Total 100.00
 

Duration Breakdown (%)14,15 as of Dec 31, 2023

< 1 9.73
1 - 3 22.80
3 - 5 38.22
5 - 7 15.36
7 - 10 3.64
10 - 20 10.26

Bond Denomination (%)14 as of Dec 31, 2023

USD-Denominated Bonds 98.06
Non-USD Denominated Bonds 1.94
 

Fund Holdings5,10 as of Dec 31, 2023

Holding Coupon Rate Maturity Date % of Net Assets
Fannie Mae or Freddie Mac 5.00% 01/01/2052 8.10%
United States Treasury Note/Bond 2.38% 02/15/2042 4.22%
United States Treasury Note/Bond 0.38% 12/31/2025 3.23%
United States Treasury Note/Bond 0.38% 01/31/2026 2.90%
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 5.24% 12/31/2030 2.61%
United States Treasury Note/Bond 5.38% 02/15/2031 1.81%
United States Treasury Note/Bond 5.25% 11/15/2028 1.80%
United States Treasury Note/Bond 3.63% 05/15/2053 1.68%
Fannie Mae or Freddie Mac 4.50% 01/01/2053 1.36%
United States Treasury Note/Bond 1.25% 06/30/2028 1.20%
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.


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

Executive Director, Portfolio Manager
Joined Eaton Vance 2016

Biography

Brian is an executive 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

 

Literature

Literature

Annual Report

Download Annual Report - Last updated: Sep 30, 2023

Full Prospectus

Download Full Prospectus - Last updated: Feb 1, 2024

Q1 Holdings

Download Q1 Holdings - Last updated: Dec 31, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Jun 30, 2023

SAI

Download SAI - Last updated: Feb 1, 2024

Semi-Annual Report

Download Semi-Annual Report - Last updated: Mar 31, 2023

Summary Prospectus

Download Summary Prospectus - Last updated: Feb 1, 2024