Overview

 

Generate total return employing an opportunistic approach to global fixed income with a value-oriented discipline.

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.87 4.06 4.06 12.48 11.61
Fund w/Max Sales Charge -3.91 -0.91 -0.91 7.15 7.01
Barclays U.S. Government/Credit Bond Index1 -0.11 1.98 1.98 -0.26 4.21 5.07 0.33
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 one year is cumulative. Max Sales Charge: 4.75%.

Fund Facts as of Mar 31, 2014

Class A Inception 01/31/2013
Investment Objective Total return
Total Net Assets $446.2M
Minimum Investment $1000
Expense Ratio (Gross)2 1.27%
Expense Ratio (Net)2,3 0.95%
CUSIP 277905246

Top 10 Issuers (%)4 as of Mar 31, 2014

Canada Housing Trust
Alcoa Inc.
Intl. Finance Corp.
KB Home
Cliffs Natural Resources
Ingersoll-Rand PLC
Regions Financial Corp.
Advanced Micro Devices Inc.
Dell Inc.
SLM Corp.
Total 22.47


Portfolio Management

Kathleen C. Gaffney, CFA Managed Fund since inception
Stephen C. Concannon, CFA Managed Fund since inception
Michael J. Turgel, CFA Managed Fund since inception

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical 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. Commercial mortgage-backed securities ("CMBS") are subject to credit, interest rate, prepayment and extension risks. Investments in income securities 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. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Fund share values are sensitive to stock market volatility. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.87 4.06 4.06 12.48 11.61
Fund w/Max Sales Charge -3.91 -0.91 -0.91 7.15 7.01
Barclays U.S. Government/Credit Bond Index1 -0.11 1.98 1.98 -0.26 4.21 5.07 0.33
Morningstar™ Multisector Bond Category5 0.39 2.35 2.35 2.97 5.69 11.73
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 one year is cumulative. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV
Barclays U.S. Government/Credit Bond Index1 4.19 2.37 3.78 7.23 5.70 4.52 6.59 8.74 4.82 -2.35

Fund Facts

Expense Ratio (Gross)2 1.27%
Expense Ratio (Net)2,3 0.95%
Class A Inception 01/31/2013
Distribution Frequency Monthly

Yield Information6 as of Mar 31, 2014

Distribution Rate at NAV 2.68%
SEC 30 Day Yield 3.30%


NAV History

Date NAV NAV Change
Apr 16, 2014 $10.94 $0.02
Apr 15, 2014 $10.92 $0.02
Apr 14, 2014 $10.90 $0.00
Apr 11, 2014 $10.90 $-0.02
Apr 10, 2014 $10.92 $-0.02
Apr 09, 2014 $10.94 $0.02
Apr 08, 2014 $10.92 $0.00
Apr 07, 2014 $10.92 $-0.02
Apr 04, 2014 $10.94 $0.00
Apr 03, 2014 $10.94 $0.00

Distribution History7

Ex-Date Distribution Reinvest NAV
Mar 28, 2014 $0.02440 $10.89
Feb 27, 2014 $0.02080 $10.83
Jan 30, 2014 $0.02240 $10.53
Dec 30, 2013 $0.02760 $10.56
Nov 27, 2013 $0.03820 $10.48
Oct 30, 2013 $0.02470 $10.52
Sep 27, 2013 $0.03570 $10.31
Aug 29, 2013 $0.02480 $10.02
Jul 30, 2013 $0.02530 $10.18
Jun 27, 2013 $0.03110 $9.97
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 History7

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 30, 2013 $0.02760 $0.00100 $10.56
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

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 as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical 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. Commercial mortgage-backed securities ("CMBS") are subject to credit, interest rate, prepayment and extension risks. Investments in income securities 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. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Fund share values are sensitive to stock market volatility. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 (%)4 as of Mar 31, 2014

U.S. Corporate Bonds 29.6
Foreign Corporate Bonds 28.2
Equity 15.5
Convertible Preferred 11.2
Cash Equivalents 6.6
U.S. Commercial Mortgage Backed Securities 3.3
Preferred Stock 2.8
Floating-Rate Loans 2.5
State & Muni Bonds 0.2
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Number of Issuers 86
Number of Holdings 115
Average Coupon 5.50%
Average Maturity 15.00 yrs.
Average Price $95.62
Option-Adjusted Duration8 5.62 yrs.
Yield to Worst9 5.09%


Credit Quality (%)10 as of Mar 31, 2014

AAA 11.98
AA 0.00
A 5.04
BBB 49.64
BB 12.04
B 10.66
CCC or Lower 8.19
Not Rated 2.46
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the rating agencies, the higher 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's or Fitch (Baa or higher by Moody's) are considered to be investment grade quality. Credit ratings are based largely on the rating 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 rating agencies stated above.

Assets by Currency (%)4 as of Mar 31, 2014

US Dollar 91.67
Canadian Dollar 3.14
Indian Rupee 2.41
Euro 1.19
Mexican Peso 1.11
New Zealand Dollar 0.47
Australian Dollar 0.01
Total 100.00


Maturity Distribution (%)4 as of Mar 31, 2014

Less Than 1 Year 9.60
1 To 3 Years 0.63
3 To 5 Years 1.12
5 To 10 Years 31.36
10 To 20 Years 2.45
20 To 30 Years 21.34
More Than 30 Years 6.14
Equity/Other 27.36
Total 100.00


Fund Holdings4,11 as of Feb 28, 2014

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 02/28/2014 10.76%
Canada Housing Trust No 1 2.95% 03/15/2015 3.90%
Mexican Bonos 7.75% 05/29/2031 2.54%
KB Home 1.38% 02/01/2019 2.24%
Ryland Group Inc/The 0.25% 06/01/2019 2.23%
Bharti Airtel International Netherlands BV 5.13% 03/11/2023 2.05%
Alcoa Inc 5.95% 02/01/2037 1.99%
Cliffs Natural Resources Inc 6.25% 10/01/2040 1.91%
Enel Finance International NV 6.00% 10/07/2039 1.89%
Lloyds Banking Group PLC 6.66% 12/31/2049 1.84%
View All

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical 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. Commercial mortgage-backed securities ("CMBS") are subject to credit, interest rate, prepayment and extension risks. Investments in income securities 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. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Fund share values are sensitive to stock market volatility. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Mar 31, 2014

U.S. economic data was impacted in the first quarter by the frigid grip of the polar vortex, yet equity and bond markets looked past weather-affected statistics. The S&P 500,12 after rallying 32% in 2013, returned 1.81% for the quarter. Uncharacteristically, yields on 10-year Treasury notes fell by 32 basis points at the same time credit spreads, as measured by the BofA Merrill Lynch High Yield Master Index,13 narrowed by a similar amount. This was driven by improving credit fundamentals along with a strong thirst for yield expressed by investors. Meanwhile, floating-rate loans lagged other sectors of the credit markets.

Tapering of the Federal Reserve’s (Fed) quantitative easing (QE) program began in January, with the central bank purchasing successively fewer Treasury and agency mortgage-backed securities (MBS) on a monthly basis during the quarter. Another milestone was passed as Janet Yellen took the reins as new Fed chair, recalibrating investors’ horizons with foreshadowing talk of tightening monetary policy.

Outside the U.S., China was in focus following the country’s first corporate debt default, as well as concern over the country’s unregulated finance companies (known as shadow banks) possibly needing a bailout. Due to concerns over the country’s slowing economic growth, China’s currency saw a rare 2% depreciation during the quarter. In emerging markets, tensions over Russia’s annexation of the Crimean Peninsula made headlines and caused asset price volatility. In Europe, the yields on 5-year Spanish sovereign debt (widely considered to be the so-called canary in a coal mine) traded below the 5-year U.S. Treasury, signaling that buyers believed the worst of the European debt crisis has passed.

Performance Summary 

Eaton Vance Bond Fund (the Fund) outperformed its benchmark, the Barclays U.S. Government/Credit Bond Index (the Index),1 at net asset value for the quarter.

  • In order of relative importance, holdings of investment-grade corporate bonds, high-yield corporate bonds and equity securities contributed to Fund performance relative to the Index.
  • Within holdings of investment-grade bonds, security selection contributed to performance relative to the Index. In addition, the Fund did not hold any U.S. government securities. Rather, the Fund was invested in securities that produced more favorable returns as spread products, or non-Treasury issues.
  • As a result of harvesting gains during the fourth quarter of last year, the Fund maintained above-average levels of temporary reserves, which detracted from performance relative to the Index.
  • The Fund held securities denominated in foreign currencies. As the relative value of the U.S. dollar generally appreciated during the quarter, these exposures hurt performance relative to the Index.
  • The Fund also held several positions in convertible securities, which trailed in performance during the quarter.

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.87 4.06 4.06 12.48 11.61
Fund w/Max Sales Charge -3.91 -0.91 -0.91 7.15 7.01
Barclays U.S. Government/Credit Bond Index1 -0.11 1.98 1.98 -0.26 4.21 5.07 0.33
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 one year is cumulative. Max Sales Charge: 4.75%.

Fund Facts as of Mar 31, 2014

Class A Inception 01/31/2013
Expense Ratio (Gross)2 1.27%
Expense Ratio (Net)2,3 0.95%


Contributors 

Factors contributing to the Fund’s relative performance compared to the Index during the quarter:

  • Investment-grade “story” bonds provided the Fund with its largest contributions, as Italian telephone company Telecom Italia Capital, Dell and Time Warner Cable each experienced notable upticks in price. Company news was the primary driver of the prices of these securities.
  • Investments outside the U.S. appeared categorically to boost returns, including Enel Finance International (Dutch conglomerate), Lloyds TBS Group (British bank) and Bharti Airtel (Indian telecom).
  • Technology companies such as Corning, Sandisk and iStar Financial also contributed meaningfully to returns during the quarter.

Detractors 

Factors detracting from the Fund’s relative performance compared to the Index during the quarter:

  • Mining and related industrial companies, including Kinder Morgan, Ingersoll-Rand, Freeport-McMoRan and Cliffs Natural Resources, detracted from performance, as commodity-driven companies’ securities prices declined.
  • Sovereign bonds from Mexico, Canada (Housing Trust) and New Zealand declined, as the value of the U.S. dollar strengthened against many foreign currencies.

Investment Outlook And Fund Positioning 

We believe the domestic economy will begin to post GDP reports above its long-run potential, roughly 2.5%, after the harsh winter’s dampening efforts thaw. In conjunction with a less accommodative Fed, a stronger U.S. economy may likely lead to higher domestic bond yields. As a result, we do not believe direct exposure to U.S. interest-rate risk is prudent. The Fund had considerably more credit spread sensitivity than the Index, which reflected our strategy of swapping out interest-rate risk for credit risk.

We believe the U.S. will continue to lead the global recovery and that all NAFTA countries will benefit. For that reason, we believe there may be value in corporate holdings in emerging-market debt, primarily denominated in U.S. dollars. These securities appear to us as having been penalized by a broad-brush association with sovereign credits under pressure. From a bottom-up credit focus, these securities appear undervalued to us as of 3/31/2014. And although the U.S. dollar appreciated versus many foreign currencies during the quarter, the lack of short-term positive reinforcement has not at all shaken our conviction to seek attractive investment opportunities outside of the U.S. markets.

 

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical 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. Commercial mortgage-backed securities ("CMBS") are subject to credit, interest rate, prepayment and extension risks. Investments in income securities 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. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Fund share values are sensitive to stock market volatility. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.


Attribution

 

No attribution information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical 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. Commercial mortgage-backed securities ("CMBS") are subject to credit, interest rate, prepayment and extension risks. Investments in income securities 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. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Fund share values are sensitive to stock market volatility. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

Biography
Kathleen C. Gaffney, CFA

Kathleen C. Gaffney, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2012

Kathleen Gaffney is a vice president of Eaton Vance Management, co-director of Investment-Grade Fixed Income and portfolio manager on Eaton Vance’s investment-grade fixed-income team.

Kathleen joined Eaton Vance in October 2012. She has 28 years of investment industry experience as a portfolio manager and trader. Prior to joining Eaton Vance, Kathleen was a vice president of Loomis, Sayles & Company and portfolio manager for Loomis Sayles fixed income group, managing a variety of mutual funds and institutional strategies.

Kathleen earned a BA from the University of Massachusetts, Amherst. She is a CFA charterholder.

Education
  • B.A. University of Massachusetts, Amherst
Experience
  • Managed Fund since inception
 
Biography

Stephen C. Concannon, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Stephen C. Concannon is a vice president and portfolio manager on Eaton Vance's high yield team. He is also responsible for research coverage of the health care sector.

Stephen joined Eaton Vance in 2000 as a research analyst. Prior to joining the firm, he worked as research analyst for Wellington Management.

Stephen earned a BA in Business Administration from Bates College in 1992. He is a CFA charterholder and a member of the Boston Security Analysts Society.

Education
  • B.A. Bates College
Experience
  • Managed Fund since inception
 
Biography

Michael J. Turgel, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Michael J. Turgel is a vice president and portfolio manager on Eaton Vance's investment-grade fixed-income team. He is also a senior credit analyst in Eaton Vance's bank loan team. His area of coverage includes the independent power producer, food and metals industries.

Michael joined Eaton Vance in 2006. Prior to joining the firm, he worked as an SEC reporting analyst at Boston Communications Group, Inc. from 2003 to 2004 and as an assurance advisory professional for Deloitte & Touche from 1998 to 2003.

He earned a bachelor’s degree in Business Administration from the University of Massachusetts, Amherst in 1998 and an M.B.A. from the Leonard N. Stern School of Business at New York University in 2006. He is a CFA charterholder and a member of the Boston Security Analysts Society.

Education
  • B.A. University of Massachusetts, Amherst
  • M.B.A. Stern School of Business, New York University
Experience
  • Managed Fund since inception
 

Fund Literature

Fund Literature

Annual Report

Attribution

Income, Volatility and Taxes Guide

Commentary

Fact Sheet

Income: Looking beyond traditional sources of yield

EXCLUSIVE CONTENT

Bond Market Quarterly Update

Estimated Capital Gains

Full Prospectus

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

Bond investing in a rising rate environment

Eaton Vance Bond Fund Year End Review

Eaton Vance Launches New Eaton Vance Bond Fund with Lead Manager Kathleen Gaffney, CFA

SAI

EXCLUSIVE CONTENT

Follow the opportunities, not the crowd

Semi-Annual Report

Summary Prospectus

XBRL


 

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