Overview

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

As of 06/30/2015

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
07/31/2015
Fund at NAV -3.27 -5.95 -4.66 -7.52 3.50
Fund w/Max Sales Charge -7.88 -10.44 -9.15 -11.92 1.49
Barclays U.S. Government/Credit Bond Index2 0.73 -0.86 0.43 2.55 1.46 3.43 1.90
06/30/2015
Fund at NAV -2.40 -1.01 -1.43 -5.40 5.06
Fund w/Max Sales Charge -7.01 -5.73 -6.08 -9.92 2.96
Barclays U.S. Government/Credit Bond Index2 -1.23 -2.10 -0.30 1.69 1.76 3.51 1.66
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 Factsas of Jul 31, 2015

Class A Inception 01/31/2013
Investment Objective Total return
Total Net Assets $1.6B
Minimum Investment $1000
Expense Ratio3 0.94%
CUSIP 277905246

Top 10 Issuers (%)4as of Jun 30, 2015

International Finance Corp
Canadian Government Bond
Mexican Bonos
Brazil Notas do Tesouro Nacional Serie F
KB Home
Ryland Group Inc
JC Penney Corp Inc
Inter-American Development Bank
SLM Corp
Standard Pacific Corp
Total 27.45


Portfolio Management

Kathleen C. Gaffney, CFA Managed Fund since inception
Stephen C. Concannon, CFA Managed Fund since inception
Henry Peabody, CFA Managed Fund since 2014
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. Bank loans are subject to prepayment risk. 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. 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. When interest rates rise, the value of preferred stocks will generally decline. Fund performance is sensitive to stock market volatility. 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 Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
07/31/2015
Fund at NAV -3.27 -5.95 -4.66 -7.52 3.50
Fund w/Max Sales Charge -7.88 -10.44 -9.15 -11.92 1.49
Barclays U.S. Government/Credit Bond Index2 0.73 -0.86 0.43 2.55 1.46 3.43 1.90
Morningstar™ Multisector Bond Category5 0.02 -1.25 0.70 0.00 3.50 5.19
06/30/2015
Fund at NAV -2.40 -1.01 -1.43 -5.40 5.06
Fund w/Max Sales Charge -7.01 -5.73 -6.08 -9.92 2.96
Barclays U.S. Government/Credit Bond Index2 -1.23 -2.10 -0.30 1.69 1.76 3.51 1.66
Morningstar™ Multisector Bond Category5 -1.13 -0.72 0.70 -0.65 4.10 5.74
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 (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 4.69
Barclays U.S. Government/Credit Bond Index2 2.37 3.78 7.23 5.70 4.52 6.59 8.74 4.82 -2.35 6.01

Fund Facts

Expense Ratio3 0.94%
Class A Inception 01/31/2013
Distribution Frequency Monthly

Yield Information6as of Jul 31, 2015

Distribution Rate at NAV 3.58%
SEC 30-day Yield 4.88%


NAV History

Date NAV NAV Change
Aug 27, 2015 $9.56 $0.11
Aug 26, 2015 $9.45 $0.03
Aug 25, 2015 $9.42 $-0.01
Aug 24, 2015 $9.43 $-0.21
Aug 21, 2015 $9.64 $-0.07
Aug 20, 2015 $9.71 $-0.08
Aug 19, 2015 $9.79 $-0.06
Aug 18, 2015 $9.85 $-0.03
Aug 17, 2015 $9.88 $0.02
Aug 14, 2015 $9.86 $0.02

Distribution History7

Ex-Date Distribution Reinvest NAV
Aug 28, 2015 $0.01900 $9.58
Jul 30, 2015 $0.02990 $10.02
Jun 29, 2015 $0.03380 $10.40
May 28, 2015 $0.02990 $10.70
Apr 29, 2015 $0.03120 $10.78
Mar 30, 2015 $0.03050 $10.60
Feb 26, 2015 $0.02560 $10.80
Jan 29, 2015 $0.02860 $10.62
Dec 30, 2014 $0.03240 $10.74
Nov 26, 2014 $0.02930 $11.05
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, 2014 $0.00030 $0.00500 $10.74
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. Bank loans are subject to prepayment risk. 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. 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. When interest rates rise, the value of preferred stocks will generally decline. Fund performance is sensitive to stock market volatility. 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 (%)4as of Jun 30, 2015

Equities 19.07
Investment Grade Credit 18.53
Convertibles 16.37
High Yield Credit 14.83
Non-U.S. Dollar Bonds Emerging Markets 14.62
Non-U.S. Dollar Bonds Developed Countries 8.79
Securitized 3.25
Preferreds 2.23
Cash/Reserves 1.42
Floating-Rate Loans 0.62
Municipals 0.25
Total 100.00

Portfolio Statisticsas of Jun 30, 2015

Number of Issuers 107
Number of Holdings 155
Effective Duration 4.58 yrs.
Average Coupon 5.36%
Average Maturity 13.41 yrs.
Average Price $94.18


Credit Quality (%)as of Jun 30, 2015

AAA 12.60
AA 0.45
A 5.94
BBB 25.55
BB 14.00
B 11.38
CCC or Lower 7.72
Not Rated 1.87
Equity 19.07
Cash 1.42
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 (%)as of Jun 30, 2015

United States Dollar 76.29
Indian Rupee 4.22
Canadian Dollar 4.12
Mexican Peso 3.98
New Zealand Dollar 3.82
Brazilian Real 3.46
Indonesian Rupiah 2.97
Euro 1.15


Maturity Distribution (%)4,8as of Jun 30, 2015

Less Than 1 Year 4.27
1 To 3 Years 7.52
3 To 5 Years 20.14
5 To 10 Years 26.27
10 To 20 Years 9.97
20 To 30 Years 26.16
More Than 30 Years 5.68
Total 100.00


Fund Holdings4,9as of Jun 30, 2015

Holding Coupon Rate Maturity Date % of Net Assets
Brazil Notas do Tesouro Nacional Serie F 10.00% 01/01/2021 3.00%
KB Home 1.38% 02/01/2019 2.67%
Mexican Bonos 7.75% 05/29/2031 2.43%
Ryland Group Inc 0.25% 06/01/2019 2.43%
JC Penney Corp Inc 6.38% 10/15/2036 2.10%
Inter-American Development Bank 7.20% 11/14/2017 2.02%
SLM Corp 1.98% 2.00%
International Finance Corp 6.45% 10/30/2018 1.99%
Standard Pacific Corp 1.25% 08/01/2032 1.93%
Oi SA 5.75% 02/10/2022 1.75%
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. Bank loans are subject to prepayment risk. 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. 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. When interest rates rise, the value of preferred stocks will generally decline. Fund performance is sensitive to stock market volatility. 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 Jun 30, 2015

Investors acted as if they were hearing footsteps during the second quarter, tracing them back to the Federal Open Market Committee (FOMC) making final preparations before normalizing short-term interest rates. After a beleaguered first quarter, the domestic economy rebounded and appears to again be expanding at an above-trend rate. U.S. consumers shook off the first-quarter’s harsh winter weather, as light vehicle sales ramped up, housing starts continued to climb and manufacturing plants resumed humming in the second quarter. As a result, term interest rates experienced a bear steepener, with 10-year Treasury yields rising 43 basis points and two-year Treasury yields up a modest 8 basis points. Volatility, as measured by the Merrill Option Volatility Expectations (MOVE) Index, rose from a reading of 82 to 92 during the quarter, although this still did not signal a threatening environment, as it remains comfortably below its long-term par average. Credit spreads widened modestly, particularly as the quarter was coming to a close.

Perhaps even more noteworthy, the long-awaited cyclical upturn is surfacing in Europe. The combination of the European Central Bank’s (ECB) quantitative easing (QE) program, a weakening euro and lower energy prices appears to have spurred the common-market economy that has mostly disappointed investors lately. Even so-called “problem children” such as Portugal, Spain and Ireland are recovering. Indeed, Germany may be best positioned to benefit from current simulative policies, as its unemployment situation dipped to a 24-year nadir, the lowest level since reunification after the fall of the Berlin Wall. German 10-year bunds, after initially moving to a record-low yield of 0.07%, have trended higher, closing out the quarter at 0.76%. Of course, the elephant in the euro room remains Greece, whose volatile political drama at the end of the quarter was a potential market spoiler.

Events in Asia were a bit more nuanced, as policies such as Abenomics (named after Prime Minister Shinzo Abe) in Japan and Chinese President Xi Jinping’s strategy continue to be implemented with mixed results. In Japan, Abe’s three-pronged approach combines fiscal expansion, monetary easing (QE) and structural reform. Over the past year, Japanese interest rates have declined (10-year yields fell to 0.48%), the yen has depreciated 20% and equities have rallied 33%, which all lend encouragement to Japan finally breaking out of its deflationary daze. In China, policymakers are caught in a quandary; their desire to expand the role and influence of the renminbi into a reserve currency is challenged by a greater-than-anticipated slowdown in the economy, especially in property markets. The Peoples Bank of China has lowered its benchmark one-year lending rate to a record low in an effort to reduce financial distress and stem defaults. At the same time, Chinese financial liberalization of both its currency and, ultimately, its stock markets makes it likely technical influences keep these valuations relatively high, which paradoxically may work to undermine economic growth.

Performance Summary 

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

  • Despite the lackluster market returns of the S&P 500 and the BofA Merrill Lynch U.S. High Yield Bond Indexes,10 the Fund’s performance relative to the Index was fueled by security selection in those market sectors.
  • Fund performance relative to the Index also benefited from sector allocations to non-U.S. dollar-denominated emerging-market debt, preferred securities and cash reserves.
  • Weighing on relative performance was the effect of foreign exchange rates, particularly from the New Zealand dollar.

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -2.40 -1.01 -1.43 -5.40 5.06
Fund w/Max Sales Charge -7.01 -5.73 -6.08 -9.92 2.96
Barclays U.S. Government/Credit Bond Index2 -1.23 -2.10 -0.30 1.69 1.76 3.51 1.66
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 Factsas of Jun 30, 2015

Class A Inception 01/31/2013
Expense Ratio3 0.94%


Contributors 

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

  • Common stocks of cyclical, financial services and consumer discretionary companies provided the biggest lift to overall equity performance relative to the Index.
  • U.S. dollar-denominated high-yield debt in companies domiciled in Mexico, Brazil and Columbia, as well as the country of Mongolia, all contributed to relative gains.
  • Convertible bonds of domestic homebuilders also benefited the Fund’s performance, as investors maintained a favorable view on housing fundamentals, such as low interest rates, high affordability and an uptick in household formations.

Detractors 

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

  • Bonds denominated in New Zealand dollars weighed on the Fund’s performance relative the Index. The kiwi traded off almost 10% during the quarter, as the central bank lowered its base rate in June for the first time in four years to help shield the economy from deflationary risks.
  • Prices on several commodity-related company securities continued to sink, particularly levered high-yield issuers.

Investment Outlook And Fund Positioning 

The Fund has been positioned to seek to mitigate the traditional systematic risks of interest rates, credit spreads and prepayment speeds as of June 30, 2015. We believe out-of-Index securities remain the most fertile ground for seeking value, as we anticipate bond yields and market volatility will continue to increase as the FOMC prepares to raise short-term interest rates. This transition in monetary policy toward less accommodation will likely result in the shape of the Treasury yield curve moving to a bear flattener, whereby interest rates in the midsection of the curve move faster and further than either very short- or long-term yields. As of June 30, 2015, the Fund was positioned to avoid U.S. government issues, which we view as pure interest-rate risk.

Similarly, we are growing more concerned about the evolution of the credit cycle. It is our view that as companies also sense funding costs will likely rise, they will continue aggressive merger-and-acquisition activity, ultimately resulting in weaker balance sheets. At the same time, we feel liquidity risk is currently underpriced and will become a more important factor in relative credit spreads as bond market volatility increases. In anticipation, during the quarter we paired down our corporate credit exposure in both investment-grade and high-yield debt. In lieu of traditional credit exposure, we instead focused on “story” bonds during the quarter, those opportunities that are potential turnaround situations currently out-of-favor. Additionally, we anticipate a continuation of the current economic expansion at an above-trend-like pace, further narrowing the output gap. As such, we continue to favor common stocks and equity-like securities, such as convertible bonds, for both their relative value and liquidity characteristics.

As of June 30, 2015, we have augmented our contrarian perspective by increasing holdings in commodity-related companies, currencies and countries, as well as adding to investments denominated in local currencies with exposures in both developed and emerging markets. During this transition period in FOMC policy, we recognize less clarity in the markets means fewer clear signals for investors. As such, we will look to take advantage of undervalued opportunities uncertainty presents, and we may add new names as well as supplanting current positions in sectors experiencing pressure. It is our firm belief increasing the absolute risk, or potential standard deviation of return, of the Fund while markets endure stress may be the best path to creating long-term shareholder value.

Credit Quality (%)as of Jun 30, 2015

AAA 12.60
AA 0.45
A 5.94
BBB 25.55
BB 14.00
B 11.38
CCC or Lower 7.72
Not Rated 1.87
Equity 19.07
Cash 1.42
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. Bank loans are subject to prepayment risk. 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. 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. When interest rates rise, the value of preferred stocks will generally decline. Fund performance is sensitive to stock market volatility. 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. Bank loans are subject to prepayment risk. 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. 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. When interest rates rise, the value of preferred stocks will generally decline. Fund performance is sensitive to stock market volatility. 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
Other funds managed
 
Biography

Stephen C. Concannon, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Stephen Concannon is a vice president and portfolio manager on Eaton Vance’s high-yield team, also contributing to the firm’s multisector bond strategy. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He joined Eaton Vance in 2000.

Steve began his career in the investment management industry in 1993. Before joining Eaton Vance, he was a research analyst for Wellington Management.

Steve earned a B.A. from Bates College. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

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

Henry Peabody, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2013

Henry Peabody is a vice president of Eaton Vance Management and portfolio manager for Eaton Vance’s multisector bond strategies. He is also a credit analyst with Eaton Vance’s investment-grade fixed-income team, supporting core investment-grade, cash management and multisector products. He joined Eaton Vance in 2013.

Henry began his career in the investment management industry in 2001. Before joining Eaton Vance, he was a credit analyst with Merganser Capital Management. He was previously affiliated with Emerson Investment Management.

Henry earned a B.A. from Trinity College and an MBA from the Carroll School of Management at Boston College. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.A. Trinity College
  • M.B.A. Boston College
Experience
  • Managed Fund since 2014
Other funds managed
 
Biography

Michael J. Turgel, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Michael Turgel is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s floating-rate loan team, contributing to the firm’s multisector bond strategy. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s floating-rate loan strategies. He joined Eaton Vance in 2006.

Michael began his career in the investment management industry in 2005. Before joining Eaton Vance, he worked as an SEC reporting analyst at Boston Communications Group, Inc. and as an assurance advisory professional for Deloitte & Touche.

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

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

Fund Literature

Fund Literature

Annual Report

Attribution

Eaton Vance Income Funds Brochure

Commentary

Fact Sheet

Full Prospectus

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

Stay patient against the consensus trade of 2015

It is time for your portfolio to break from tradition

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

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EXCLUSIVE CONTENT

Bond Fund Thoughts and Strategies: A risk-based analysis

EXCLUSIVE CONTENT

A top-performing multisector fund EVBIX

Semi-Annual Report

Summary Prospectus

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    Information in this section may contain statements that are not historical facts, referred to as forward-looking statements. A Fund’s future results may differ significantly from those stated in forward-looking statements, 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 advisory, administrative and service contracts, and other risks.

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    This website does not constitute investment, legal or tax advice with respect to our products and services and it is important that you do not rely on its content when making an investment decision. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction. EVMI does not represent that the information on this website, including any third party information, is accurate or complete and it should not be relied upon as such. Past performance is not a guide to future returns.

    The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested. Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of overseas investments and the income therefrom to rise and fall.

    Information in this section may contain statements that are not historical facts, referred to as forward-looking statements. A Fund’s future results may differ significantly from those stated in forward-looking statements, 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 advisory, administrative and service contracts, and other risks.

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