Overview

 

Growth of $10,000

10-year period ended 3/31/14

  • Class A at NAV

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.04 1.93 1.93 0.48 3.82 5.26 4.17
Fund w/Max Sales Charge -4.83 -2.93 -2.93 -4.26 2.15 4.24 3.66
Barclays U.S. Aggregate Bond Index1 -0.17 1.84 1.84 -0.10 3.74 4.80 4.46
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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Fund Facts as of Mar 31, 2014

Class A Inception 01/05/2009
Performance Inception 03/07/2000
Investment Objective Current income
Total Net Assets $80.1M
Total Net Assets of Portfolio2 $181.6M
Minimum Investment $1000
Expense Ratio (Gross)3 1.08%
Expense Ratio (Net)3,4 0.75%
CUSIP 277905436

Top 10 Holdings (%)5,6 as of Mar 31, 2014

United States Treasury Notes
United States Treasury Notes
United States Treasury Notes
Fannie Mae
FHLMC GOLD PASS THRU #G04913
United States Treasury Bonds
FNMA PASS THRU POOL #890427
United States Treasury Notes
FNMA PASS THRU POOL #AK6759
FHLMC GOLD PASS THRU POOL #E03124
Total 23.72


Portfolio Management

Thomas H. Luster, CFA Managed Fund since 2010
Bernard Scozzafava, CFA Managed Fund since 2010

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. As interest rates rise, the value of certain income investments is likely to decline. Mortgage-backed securities 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 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. 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. 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. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.04 1.93 1.93 0.48 3.82 5.26 4.17
Fund w/Max Sales Charge -4.83 -2.93 -2.93 -4.26 2.15 4.24 3.66
Barclays U.S. Aggregate Bond Index1 -0.17 1.84 1.84 -0.10 3.74 4.80 4.46
Morningstar™ Intermediate-Term Bond Category7 -0.09 1.95 1.95 0.22 3.99 6.61 4.28
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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 4.03 2.17 3.33 5.47 4.59 5.59 7.30 6.84 4.86 -1.18
Barclays U.S. Aggregate Bond Index1 4.34 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 -2.02

Fund Facts

Expense Ratio (Gross)3 1.08%
Expense Ratio (Net)3,4 0.75%
Class A Inception 01/05/2009
Performance Inception 03/07/2000
Distribution Frequency Monthly

Yield Information8 as of Mar 31, 2014

Distribution Rate at NAV 3.11%
Subsidized SEC 30 Day Yield 2.24%
Unsubsidized SEC 30 Day Yield 1.83%


Morningstar™ Ratings as of Mar 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Intermediate-Term Bond
Category
Overall ** ** 942
3 Years * *** 942
5 Years ** ** 808
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2013 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Apr 22, 2014 $9.93 $0.00
Apr 21, 2014 $9.93 $-0.01
Apr 17, 2014 $9.94 $-0.02
Apr 16, 2014 $9.96 $0.00
Apr 15, 2014 $9.96 $0.00
Apr 14, 2014 $9.96 $-0.01
Apr 11, 2014 $9.97 $0.01
Apr 10, 2014 $9.96 $0.02
Apr 09, 2014 $9.94 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
Mar 31, 2014 $0.02617 $9.91
Feb 28, 2014 $0.02716 $9.94
Jan 31, 2014 $0.02520 $9.90
Dec 31, 2013 $0.02583 $9.80
Nov 29, 2013 $0.02749 $9.89
Oct 31, 2013 $0.02373 $9.94
Sep 30, 2013 $0.02587 $9.88
Aug 30, 2013 $0.02801 $9.84
Jul 31, 2013 $0.02720 $10.01
Jun 28, 2013 $0.02860 $10.01
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 History9

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 17, 2013 $0.02610 $9.84
Aug 01, 2013 $0.05940 $0.02730 $9.90
Dec 20, 2012 $0.17700 $0.05240 $10.35
Dec 28, 2011 $0.12300 $10.45
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 invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. As interest rates rise, the value of certain income investments is likely to decline. Mortgage-backed securities 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 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. 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. 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. 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 Mar 31, 2014

U.S. Corporate Bonds 42.42
U.S. Govt Agency Mortgage Backed Securities 20.74
U.S. Treasuries 18.32
U.S. Commercial Mortgage Backed Securities 8.12
Asset Backed Securities 4.84
U.S. Govt Agency Bonds 2.23
Preferred Stock 2.06
Cash & Equivalents 1.12
State & Muni Bonds 0.15
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Number of Holdings 285
Average Yield to Maturity 3.00%
Average Coupon 4.21%
Average Maturity 13.72 yrs.
Average Effective Maturity 7.59 yrs.
Average Duration 4.59 yrs.
Average Price $103.78


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

AAA 47.89
AA 3.30
A 10.65
BBB 27.07
BB 8.80
B 1.69
CCC or Lower 0.60
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the rating agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P's or Fitch (Baa or higher by Moody's) are considered to be investment grade quality. Credit ratings are based largely on the rating agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national rating agencies stated above.

Maturity Distribution (%)5 as of Mar 31, 2014

Less Than 1 Year 10.59
1 To 3 Years 17.22
3 To 5 Years 20.17
5 To 10 Years 40.36
10 To 20 Years 2.16
20 To 30 Years 7.59
More Than 30 Years 1.91
Total 100.00


Fund Holdings5,11 as of Feb 28, 2014

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 4.00% 02/15/2015 6.35%
United States Treasury Note/Bond 2.00% 04/30/2016 6.32%
United States Treasury Note/Bond 4.63% 02/15/2017 1.99%
Federal National Mortgage Association 0.88% 08/28/2017 1.93%
United States Treasury Note/Bond 3.50% 02/15/2018 1.54%
United States Treasury Note/Bond 3.88% 08/15/2040 1.23%
Freddie Mac Gold Pool - G04913 5.00% 03/01/2038 1.23%
United States Treasury Inflation Indexed Bonds 0.50% 04/15/2015 1.16%
Fannie Mae Pool - 890427 3.50% 04/01/2042 1.13%
Fannie Mae Pool - AK6759 3.50% 03/01/2042 1.08%
View All

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. As interest rates rise, the value of certain income investments is likely to decline. Mortgage-backed securities 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 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. 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. 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. 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

 

No commentary information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. As interest rates rise, the value of certain income investments is likely to decline. Mortgage-backed securities 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 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. 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. 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. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Attribution

 

No attribution information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. As interest rates rise, the value of certain income investments is likely to decline. Mortgage-backed securities 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 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. 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. 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. 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
Thomas H. Luster, CFA

Thomas H. Luster, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1995

Tom Luster is a vice president of Eaton Vance Management, director of Investment-Grade Fixed Income and portfolio manager on Eaton Vance's investment-grade fixed-income team.

Tom joined Eaton Vance in 1995. Prior to joining Eaton Vance, Tom was associated with Deloitte & Touche Consulting and the Naval Center for Space Technology.

Tom earned a B.S. in mechanical engineering from George Washington University and an M.B.A. in finance from the University of Chicago. He is a CFA charterholder. Tom is also a member of the Fixed Income Management Society of Boston and the Boston Security Analysts Society, and was formerly chairman and a Governor's appointee to the Board of Trustees of Health Care Security, which oversees the investment of Tobacco Litigation Settlement funds for the Commonwealth of Massachusetts.

Tom's commentary has appeared in The Wall Street Journal, Reuters, Investor's Business Daily and American Banker, and he has been featured on New England Cable News and Bloomberg Radio.

Education
  • B.S. George Washington University
  • M.B.A. Booth School of Business, University of Chicago
Experience
  • Managed Fund since 2010
Biography
Bernard Scozzafava, CFA

Bernard Scozzafava, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Bernie Scozzafava is a vice president of Eaton Vance Management, director of Investment Grade Quantitative Research and portfolio manager on Eaton Vance's investment-grade fixed-income team.

Bernie Scozzafava is a vice president of Eaton Vance Management, director of Investment Grade Quantitative Research and portfolio manager on Eaton Vance's investment-grade fixed-income team.

Bernie earned a B.A. in economics and mathematics from Hamilton College and an M.S. from the MIT Sloan School of Management. He is a CFA charterholder (1992) and is a member of the Boston Security Analysts Society.

Education
  • B.S. Hamilton College
  • M.S. Sloan School of Management, Massachusetts Institute of Technology
Experience
  • Managed Fund since 2010
Other funds managed
 

Fund Literature

Fund Literature

Annual Report

Discover Opportunities in the Income Markets with Eaton Vance

Income Markets Review

Income Markets Snapshot

Fact Sheet

Estimated Capital Gains

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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    Symbol:  

    NAV as of