EVBAX — Eaton Vance Multisector Income Fund

EVBAX Fund Overview

EVBAX — Eaton Vance Multisector Income Fund is a US mutual fund managed by Eaton Vance Special Investment Trust, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Eaton Vance Special Investment Trust
• Category: Money Market
• Assets under management: $282.00M
• Ticker: EVBAX
• SEC CIK: 0000031266
• SEC series ID: S000039655
• Share class ID: C000122821

EVBAX Investment Objective and Strategy

Eaton Vance Multisector Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Eaton Vance Special Investment Trust.

Investment objective

The Funds investment objective is total return.

Principal investment strategy

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other income instruments (the 80% Policy). Bonds and other income instruments include, among other things, corporate bonds and other fixed-income securities, senior and junior loans, U.S. Government securities, commercial paper, mortgage-related securities (including commercial mortgage-backed securities, mortgage dollar rolls and collateralized mortgage obligations) and other asset-backed securities (including collateralized debt obligations), zero-coupon securities, when-issued securities, forward commitments, repurchase agreements, reverse repurchase agreements, foreign debt securities (including those issued by companies domiciled in emerging market countries), sovereign debt (including debt issued by emerging market countries), obligations of supranational entities, structured notes, municipal obligations, private placements, inflation-indexed bonds and convertible securities and other hybrid securities (other than preferred stock).

The Fund may invest up to 35% of its net assets in bonds and other income instruments rated below investment grade (i.e., rated lower than BBB by S&P Global Ratings (S&P) or by Fitch Ratings (Fitch) or lower than Baa by Moodys Investors Service, Inc. (Moodys)) and in unrated instruments determined by the investment adviser to be of below investment grade quality (junk) (the 35% Policy). For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. Total return is defined as income plus capital appreciation. The Fund may invest in income instruments of any maturity. The Fund may invest up to 20% of its net assets in common stocks and other equity securities, including preferred stock and equity securities of smaller and mid-sized companies, publicly-traded real estate investment trusts (REITs) and foreign equity securities.

The Fund may engage in derivatives transactions, including futures contracts, options contracts, forward foreign currency exchange contracts, credit-linked notes, interest rate swaps, total return swaps, inflation swaps, credit default swaps and swaptions. The Fund expects to principally use derivatives to hedge against fluctuations in currency exchange rates and to manage interest rate and credit risk or otherwise for investment purposes. The market value of derivatives that have characteristics similar to bonds or other income instruments will be included with bonds and other income instruments for purposes of the Funds 80% Policy and 35% Policy. There is no stated limit on the Funds use of derivatives. The Fund may hold cash and may invest in money market instruments. The Fund is non-diversified, which means it may invest a greater percentage of its assets in the securities of a single issuer than a diversified fund.

In managing the Fund, the investment adviser employs a bottom-up, research-driven and value-oriented approach that generally seeks to identify pricing anomalies that occur due to both technical and fundamental factors, including the financial strength of issuers, current interest rates, current valuations, the interest rate sensitivity of investments and the investment advisers interest rate expectations, the stability and volatility of a countrys bond markets, and expectations regarding general trends in global economies and currencies. In selecting securities, the investment adviser generally seeks issuers with attractive valuations and improving fundamentals. The portfolio managers have broad discretion to invest across asset classes, sectors and geographies and the Fund may at times have significant exposure to a specific asset class, sector or region.

The investment adviser may sell a security when the investment advisers price objective for the security is reached, the fundamentals of the company deteriorate or to pursue more attractive investment options. The investment adviser also considers how purchasing or selling an investment would impact the overall portfolios potential return (income and capital gains) and risk profile (for example, its sensitivity to currency risk, interest rate risk and sector-specific risk) on both a benchmark-relative and absolute return basis, and may include allocations to securities outside the benchmark. For its equity investments, the Fund primarily seeks dividend-paying stocks of companies that the investment adviser believes to have strong fundamentals and attractive valuations. The investment adviser generally selects individual securities with an investment horizon of two to five years.

The Funds returns are expected to be more volatile than those of its benchmark.

EVBAX Costs and Fees

EVBAX costs about $95 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.95%
• Gross expense ratio: 0.95%
• Portfolio turnover: 7%
• Brokerage commissions: 0.31 bps of average net assets (SEC N-CEN)

EVBAX Cashflows

Over the 12 months to 2019-10, Eaton Vance Multisector Income Fund had net outflows of $73.38M, from monthly SEC N-PORT filings.

EVBAX Debt Constituents

No individual debt constituents are reported in Eaton Vance Multisector Income Fund's latest SEC N-PORT filing.

EVBAX Prospectus and SEC Filings

Official Eaton Vance Multisector Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-03-14
• Prospectus (485BPOS) — filed 2018-03-15
• Prospectus supplement (497) — filed 2018-06-29
• Portfolio holdings (N-PORT) — filed 2019-12-19
• Annual census (N-CEN) — filed 2020-01-08
• Annual census (N-CEN) — filed 2019-01-14

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.