Overview

Approach has helped lead to top of peer group performance.1

As of 9/30/2014

Average Annual Returns (%) as of Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -3.07 -2.77 6.06 10.08 9.21
Fund w/Max Sales Charge -7.71 -7.42 0.99 4.88 6.05
Barclays U.S. Government/Credit Bond Index2 -0.90 0.17 4.12 4.08 2.54 4.27 1.49
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 Sep 30, 2014

Class A Inception 01/31/2013
Investment Objective Total return
Total Net Assets $1.7B
Minimum Investment $1000
Expense Ratio (Gross)3 1.27%
Expense Ratio (Net)3,4 0.95%
CUSIP 277905246

Top 10 Issuers (%)5 as of Sep 30, 2014

Canadian Government
Ryland Group Inc.
Canada Housing Trust
KB Home
Sallie Mae Corp.
Western Union
Telemar Norte Leste SA
Cliffs Natural Resources
JC Penney Corp.
Ingersoll-Rand PLC
Total 22.68


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 nonpayment 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. Derivative 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 nondiversified 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 Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -3.07 -2.77 6.06 10.08 9.21
Fund w/Max Sales Charge -7.71 -7.42 0.99 4.88 6.05
Barclays U.S. Government/Credit Bond Index2 -0.90 0.17 4.12 4.08 2.54 4.27 1.49
Morningstar™ Multisector Bond Category6 -1.37 -1.02 3.84 5.81 6.56 7.18
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 Index2 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)3 1.27%
Expense Ratio (Net)3,4 0.95%
Class A Inception 01/31/2013
Distribution Frequency Monthly

Yield Information7 as of Sep 30, 2014

Distribution Rate at NAV 2.49%
SEC 30-day Yield 2.65%


NAV History

Date NAV NAV Change
Oct 29, 2014 $10.96 $-0.02
Oct 28, 2014 $10.98 $0.07
Oct 27, 2014 $10.91 $-0.02
Oct 24, 2014 $10.93 $-0.01
Oct 23, 2014 $10.94 $0.03
Oct 22, 2014 $10.91 $-0.01
Oct 21, 2014 $10.92 $0.08
Oct 20, 2014 $10.84 $0.04
Oct 17, 2014 $10.80 $0.08
Oct 16, 2014 $10.72 $0.02

Distribution History8

Ex-Date Distribution Reinvest NAV
Oct 30, 2014 $0.03260 $10.94
Sep 29, 2014 $0.02270 $10.98
Aug 28, 2014 $0.02440 $11.32
Jul 30, 2014 $0.03040 $11.29
Jun 27, 2014 $0.03040 $11.33
May 29, 2014 $0.03330 $11.17
Apr 29, 2014 $0.03050 $10.96
Mar 28, 2014 $0.02440 $10.89
Feb 27, 2014 $0.02080 $10.83
Jan 30, 2014 $0.02240 $10.53
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
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 nonpayment 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. Derivative 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 nondiversified 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 (%)5 as of Sep 30, 2014

Equities 18.9
Investment Grade Credit 16.1
Convertibles 15.3
High Yield Credit 15.2
Cash/Reserves 11.0
Non-US Dollar Bonds Developed Countries 9.2
Non-US Dollar Bonds Emerging Markets 5.1
Securitized 4.8
Preferreds 3.6
Floating-Rate Loans 0.5
Municipals 0.2
Total 100.0

Portfolio Statistics as of Sep 30, 2014

Number of Issuers 109
Number of Holdings 137
Average Price $95.87
Effective Duration 4.14 yrs.
Average Coupon 5.00%
Average Maturity 13.27 yrs.


Credit Quality (%)5,9 as of Sep 30, 2014

AAA 22.45
AA 0.47
A 4.73
BBB 20.96
BB 11.54
B 10.59
CCC or Lower 8.82
Not Rated 1.50
Equity/Other 18.94
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings 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 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.

Currency Exposure (%)5 as of Sep 30, 2014

US Dollar 84.45
Canadian Dollar 7.40
Indian Rupee 2.39
New Zealand Dollar 1.97
Mexican Peso 1.78
Euro 1.04
Brazilian Real 0.97
Total 100.00


Maturity Distribution (%)5,9 as of Sep 30, 2014

Less Than 1 Year 13.80
1 To 3 Years 9.74
3 To 5 Years 8.74
5 To 10 Years 17.48
10 To 20 Years 8.73
20 To 30 Years 14.82
More Than 30 Years 4.42
Equity/Other 22.27
Total 100.00


Fund Holdings5,10 as of Aug 31, 2014

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 09/02/2014 15.97%
Canada Housing Trust No 1 2.95% 03/15/2015 2.88%
Ryland Group Inc/The 0.25% 06/01/2019 2.59%
Canadian Government Bond 4.00% 06/01/2016 2.19%
KB Home 1.38% 02/01/2019 2.09%
Ingersoll-Rand PLC 0.00% 1.94%
Telemar Norte Leste SA 5.50% 10/23/2020 1.90%
Western Union Co 6.20% 11/17/2036 1.83%
Constellation Brands Inc 0.00% 1.78%
Mexican Bonos 7.75% 05/29/2031 1.77%
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 nonpayment 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. Derivative 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 nondiversified 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 Sep 30, 2014

The third quarter was marked by differences between the economic activity in the U.S. and in other countries. On one hand, the U.S. economy continued to expand above trend during the third quarter. Growth in employment, manufacturing activity, housing and auto sales came in better than expected. However, away from the U.S., most of the quarter’s economic data disappointed. This is especially true in Europe and Japan, while China is again undershooting growth expectations.

The European Central Bank (ECB) surprised markets in early September with ultra-accommodative policies, citing a mounting threat of deflation and the negative impact likely from the rising tensions of Russia-Ukraine geopolitical risks. These measures should greatly assist the ECB in its goal of increasing bank lending, while weakening the value of the euro.

The divergence in central bank policies between the Fed, prepping markets for tightening, and the ECB and Japan, both likely to remain accommodative for quite some time, has resulted in a sharp rise in the value of the U.S. dollar. The strength of the dollar was also bolstered by deflationary fears in Europe and China, sending commodity prices sharply lower. Led by a decline in oil (priced in dollars), the Bloomberg Commodity Index returned -11.83% for the quarter.

Among other financial markets, yields on the 10-year U.S. Treasury dropped by 4 basis points (bps) while those on two-year Treasurys rose by 11bps during the third quarter. Also representative of an increase in bond market volatility, high-yield credit spreads fluctuated throughout the period, ending with a net increase of 82bps. Emerging-market debt priced in local currencies also came under pressure. On the other hand, the municipal bond market was the standout in the income markets for the quarter. And after making a series of record highs, the S&P 50011 closed the quarter up only 1.13%.

Performance Summary 

Eaton Vance Bond Fund (the Fund) underperformed its benchmark, the Barclays U.S. Government/Credit Bond Index (the Index)2, at net asset value (NAV) for the quarter.

  • Sectors that contributed to the Fund’s relative performance to the Index were preferreds, securitized assets and municipals.
  • In order, Fund performance relative to the Index was negatively impacted by convertibles, common stocks, non-U.S. dollar bonds in developed countries and high-yield credit.
  • Asset allocation, foreign exchange and security selection all detracted from the Fund’s relative performance to the Index. The strengthening in the U.S. dollar against most developed countries, as well as emerging markets, was a drag on Fund performance relative to the Index.

Average Annual Returns (%) as of Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -3.07 -2.77 6.06 10.08 9.21
Fund w/Max Sales Charge -7.71 -7.42 0.99 4.88 6.05
Barclays U.S. Government/Credit Bond Index2 -0.90 0.17 4.12 4.08 2.54 4.27 1.49
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 Sep 30, 2014

Class A Inception 01/31/2013
Expense Ratio (Gross)3 1.27%
Expense Ratio (Net)3,4 0.95%


Contributors 

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

  • The Fund benefited from holdings in insurance company securities, particularly companies providing reinsurance and municipal bond insurance.
  • Securities held in the consumer noncyclical sector also aided performance, especially for companies providing health care services.
  • Commercial mortgage-backed securities (CMBS) provided a modest positive contribution to relative performance. These securitized debt instruments are typically held in the Fund in lieu of intermediate-maturity investment-grade corporate bonds.

Detractors 

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

  • Capital goods-producing companies weighed on Fund returns relative to the Index. In particular, several convertible bonds of domestic homebuilders experienced price declines. In addition, other holdings of companies with exposure to the business cycle experienced downward moves in their securities prices.
  • Holdings of companies with sensitivity to commodities prices also experienced pressure. These included common stocks of natural resource companies. The rise in the value of the U.S. dollar appeared to be a catalyst, as commodities are typically priced in dollars. In addition, the ongoing slowdown in China negatively affected the price of iron ore.
  • Holdings of equities and convertibles in the technology sector detracted from the Fund’s performance relative to the Index.

Investment Outlook And Fund Positioning 

Markets have begun to price in the Fed’s likely move next year to an actual tightening of monetary conditions by increasing short-term interest rates. This has resulted in a difficult period of increasing volatility across all markets. We believe considerably higher 10-year Treasury yields will occur over time. As such, we continue to avoid U.S. government issues, which we believe to be pure interest-rate risk. Similarly, we are concerned about the evolution of the credit cycle. In particular, credit spreads between traditional high-yield U.S. corporate bonds and comparable-maturity Treasurys still appear richly valued.

As of September 30, 2014, the Fund was positioned to temper the traditional systematic fixed-income risks of interest rates, credit spreads and prepayment speeds. Against a favorable economic backdrop in the U.S., we continue to believe equity and equity-like securities represent the most favorable relative values. As such, we may seek to add equity positions on market weakness. Additionally, as the U.S. dollar has strengthened and commodity prices have weakened, we see this as a potential buying opportunity.

After harvesting profits primarily in credit during the first half of this year, we may seek advantages of market weakness and and seek potential buying situations. This may include adding new names, as well as supplanting current positions, in sectors currently experiencing pressure. It is our view that increasing the absolute risk, or potential standard deviation of return, of the Fund while markets exhibit uncertainty may be the best course to help create long-term value.

Credit Quality (%)5,9 as of Sep 30, 2014

AAA 22.45
AA 0.47
A 4.73
BBB 20.96
BB 11.54
B 10.59
CCC or Lower 8.82
Not Rated 1.50
Equity/Other 18.94
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings 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 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.


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 nonpayment 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. Derivative 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 nondiversified 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

Attribution available in Fund Literature tab.

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 nonpayment 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. Derivative 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 nondiversified 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 lead portfolio manager for Eaton Vance’s multisector bond strategies. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2012.

Kathleen began her career in the investment management industry in 1984. Before joining Eaton Vance, Kathleen was a vice president of Loomis, Sayles & Company and portfolio manager for its fixed-income group, managing a variety of mutual funds and institutional strategies.

Kathleen earned a B.A. from the University of Massachusetts, Amherst. She is a CFA charterholder. Her commentary has appeared in The Wall Street Journal, the Financial Times, Institutional Investor, Bloomberg and The New York Times, among other outlets. She has made appearances on Bloomberg TV, Bloomberg Radio and CNBC.

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

Estimated Capital Gains

Income: Looking beyond traditional sources of yield

Full Prospectus

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

Risks worth taking in the bond markets now

Unloved emerging markets may hold value for opportunistic bond investors

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

Bond Fund Thoughts and Strategies: A risk-based analysis

EXCLUSIVE CONTENT

A top-performing multisector fund EVBIX

EXCLUSIVE CONTENT

Follow the opportunities, not the crowd

Looking for income? Think Eaton Vance

Semi-Annual Report

Summary Prospectus

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