Overview

 

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

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
08/31/2014
Fund at NAV 1.38 2.29 9.41 17.26 11.90
Fund w/Max Sales Charge -3.45 -2.60 4.18 11.67 8.49
Barclays U.S. Government/Credit Bond Index1 1.20 1.05 5.07 5.82 3.20 4.70 2.15
06/30/2014
Fund at NAV 1.98 4.82 9.07 17.59 13.17
Fund w/Max Sales Charge -2.90 -0.12 3.86 11.99 9.32
Barclays U.S. Government/Credit Bond Index1 -0.04 1.92 3.94 4.28 4.07 5.09 1.63
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 Aug 31, 2014

Class A Inception 01/31/2013
Investment Objective Total return
Total Net Assets $1.5B
Minimum Investment $1000
Expense Ratio (Gross)2 1.27%
Expense Ratio (Net)2,3 0.95%
CUSIP 277905246

Top 10 Issuers (%)4 as of Jun 30, 2014

Ryland Group Inc.
Int'l Finance Corp.
KB Home
Western Union Co.
Regions Financial Corp.
Alcoa Inc.
Southern Copper Corp.
Telecom Italia Capital SA
Sabine Pass Liquefaction LLC
Avaya Inc.
Total 19.82


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 Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
08/31/2014
Fund at NAV 1.38 2.29 9.41 17.26 11.90
Fund w/Max Sales Charge -3.45 -2.60 4.18 11.67 8.49
Barclays U.S. Government/Credit Bond Index1 1.20 1.05 5.07 5.82 3.20 4.70 2.15
Morningstar™ Multisector Bond Category5 0.89 0.96 5.31 8.70 6.20 8.20
06/30/2014
Fund at NAV 1.98 4.82 9.07 17.59 13.17
Fund w/Max Sales Charge -2.90 -0.12 3.86 11.99 9.32
Barclays U.S. Government/Credit Bond Index1 -0.04 1.92 3.94 4.28 4.07 5.09 1.63
Morningstar™ Multisector Bond Category5 0.60 2.51 4.94 7.96 5.89 9.45
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 Aug 29, 2014

Distribution Rate at NAV 2.58%
SEC 30-day Yield 2.39%


NAV History

Date NAV NAV Change
Sep 12, 2014 $11.16 $-0.04
Sep 11, 2014 $11.20 $-0.02
Sep 10, 2014 $11.22 $-0.02
Sep 09, 2014 $11.24 $-0.03
Sep 08, 2014 $11.27 $-0.01
Sep 05, 2014 $11.28 $0.00
Sep 04, 2014 $11.28 $-0.02
Sep 03, 2014 $11.30 $0.00
Sep 02, 2014 $11.30 $-0.03

Distribution History7

Ex-Date Distribution Reinvest NAV
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
Dec 30, 2013 $0.02760 $10.56
Nov 27, 2013 $0.03820 $10.48
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 (%)4,8 as of Jun 30, 2014

Cash Reserves & Other Assets 19.0
Common Stocks 17.7
Non-US Bonds (Developed) 13.4
Convertibles 11.8
Non-US Bonds (EMD) 11.1
High Yield Corporate (US$) 9.8
Investment Grade Corporate (US$) 7.4
Securitized 4.8
Preferreds 3.4
Floating-Rate Loans 1.7
US Government Related Bonds 0.0
Municipal Bonds 0.0
Total 100.0

Portfolio Statistics as of Jun 30, 2014

Number of Issuers 97
Number of Holdings 120
Average Maturity 12.20 yrs.
Average Price $99.58
Option-Adjusted Duration9 4.47 yrs.
Average Coupon 5.56%


Credit Quality (%)10 as of Jun 30, 2014

AAA 6.17
AA 0.00
A 4.51
BBB 40.97
BB 18.07
B 17.43
CCC or Lower 11.81
Not Rated 1.03
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 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.

Currency Exposure (%)4 as of Jun 30, 2014

US Dollar 93.40
Euro 1.51
Canadian Dollar 1.35
Mexican Peso 1.32
New Zealand Dollar 0.20
Other 2.22
Total 100.00


Maturity Distribution (%)4 as of Jun 30, 2014

Less Than 1 Year 20.28
1 To 3 Years 0.71
3 To 5 Years 3.22
5 To 10 Years 21.22
10 To 20 Years 2.51
20 To 30 Years 16.64
More Than 30 Years 5.92
Equity/Other 29.49
Total 100.00


Fund Holdings4,11 as of Jul 31, 2014

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund 0.12% 07/31/2014 21.28%
KB Home 1.38% 02/01/2019 2.39%
Ryland Group Inc/The 0.25% 06/01/2019 2.11%
Mexican Bonos 7.75% 05/29/2031 2.05%
Telemar Norte Leste SA 5.50% 10/23/2020 2.01%
Telecom Italia Capital SA 6.00% 09/30/2034 1.87%
Ingersoll-Rand PLC 0.00% 1.85%
Constellation Brands Inc 0.00% 1.74%
Western Union Co 6.20% 11/17/2036 1.72%
Avaya Inc 10.50% 03/01/2021 1.70%
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 Jun 30, 2014

Financial markets continued to grind higher during the second quarter, potentially lulling investors into greater complacency. The S&P 500 Index12 returned an impressive 5.23%, while the CBOE Volatility Index (VIX) fell to rarely seen subteen levels. Somewhat uncharacteristically, bonds also advanced during the quarter, as interest rates on 10-year U.S. Treasurys fell 18 basis points, while credit spreads on high-yield corporate bonds narrowed by 20 basis points. Positive returns on long-dated lower-quality municipal issuers and emerging-market sovereign debt denominated in local currency reflected the ongoing quest for yield in a liquidity-fueled market environment.

By the end of the second quarter, U.S. economic activity had clearly regained its footing. After a weather-influenced dismal first quarter, it is notable that an economic cycle in its fifth year has recently taken on characteristics of a fledgling recovery. Indeed light vehicle sales, housing, the Institute for Supply Managers survey and nonfarm payroll reports all suggest business activity has achieved the Fed’s goal of gaining “escape velocity,” and the current expansion has attained self-sustaining status.

Elsewhere, the biggest market-moving news was the European Central Bank’s (ECB) announcement of a four-part liquidity-providing program aimed at pumping up nominal gross domestic product (GDP) to bring inflation in the European Union to a 2% target over the next several years. Another piece of positive news for capital markets was the general election victory of Navendra Modi in India with a decisive mandate for reform. On the other hand, areas of possible concern that continue to capture the market’s attention include situations in Ukraine, the pro-democracy Occupy Central movement in Hong Kong and the rapid move of ISIS into central Iraq.

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, the largest contributing sectors to Fund performance relative to the Index were high-yield corporates, equities and investment-grade corporates, as credit spreads generally narrowed and stocks advanced.
  • Within holdings of investment-grade and high-yield corporate 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 including so-called “spread products,” or non-Treasury debt.
  • As credit spreads generally narrowed throughout the quarter, gains in corporate bonds continued to be harvested with a resultant increase in temporary cash reserves in the Fund maintained at above-average levels. This detracted from relative performance to the Index.
  • The Fund also held modest exposures to preferred stocks and securitized products (mainly commercial mortgage-backed securities or CMBS), which also boosted relative returns when compared to the Index.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 1.98 4.82 9.07 17.59 13.17
Fund w/Max Sales Charge -2.90 -0.12 3.86 11.99 9.32
Barclays U.S. Government/Credit Bond Index1 -0.04 1.92 3.94 4.28 4.07 5.09 1.63
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 Jun 30, 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:

  • High-yield corporate bonds provided the Fund with its largest contributions, with longer-term turnarounds reflected in the appreciating prices of Dell and J.C. Penney bonds boosting returns. Additionally, Fund performance benefited from holdings in international corporations such as Telecom Italia Capital and Lloyds TBS Group.
  • The Fund’s equity exposures also aided performance against the Index, with Vertex Pharmaceuticals, Intel Corp. and SanDisk Corp. all producing relative gains. Also adding to relative returns were convertible bond holdings in Novellus, Chesapeake Energy and Chart Industries, which benefited from their equity-like characteristics.
  • Investment-grade corporate bonds outside the U.S., such as Anadolu EFES, Enel and Bharti Airtel, also contributed to performance relative to the Index.
  • A concentration of natural resource-related companies, including the investment-grade bonds of Southern Peru Copper Corp., Barrick Gold Corp. and Rowan Companies as well as the stocks of Kinder Morgan and Freeport-McMoran, benefited from an uptick in commodity prices.

Detractors 

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

  • Cliffs Natural Resources convertible bonds detracted from performance relative to the Index, as the economic slowdown in China resulted in a persistent drop in iron ore prices.
  • The stock price of global chemical company Arkema declined during the quarter, detracting from performance relative to the Index.
  • The securities of business service providers Sungard Availability Services (high-yield bonds) and Ericsson (equity) also detracted from performance during the quarter.

Investment Outlook And Fund Positioning 

As of June 30, 2014, the Fund was positioned to avoid the traditional systematic risks of interest rates, credit spreads and prepayment speeds. Conversely, emphasized risks are largely idiosyncratic (or issuer-specific), best represented by “fallen angels” in U.S. credit (bonds that have slipped from a high-grade rating to below investment grade, but retain positive fundamentals), select global credits and currencies, as well as commodity-related securities.

We believe considerably higher 10-year Treasury yields by year-end. Additionally, we are concerned about the evolution of the credit cycle. In particular, credit spreads between high-yield U.S. corporate bonds and comparable-maturity Treasurys appear rich. As of June 30, implied projections for default rates and requisite liquidity premium appear to us to be priced too low.

With an improved economic backdrop, including the beginning of increasing inflation reports, we believe investors may, at some point, shift their focus to normalization in interest-rate levels, credit default rates and liquidity premiums.

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

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 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

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

Semi-Annual Report

Summary Prospectus

XBRL


 

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