Inflation Protection
Hedging Rising RatesOverview
| 3 Months | YTD | 1 Year | 3 Years | 5 Years | Life of Fund | |
| 4/30/2012 | ||||||
|---|---|---|---|---|---|---|
| Fund at NAV | 1.24 | 1.63 | 2.35 | 3.57 | 3.94 | 3.11 |
| Fund w/Max Sales Charge | -1.08 | -0.70 | 0.04 | 2.77 | 3.47 | 2.86 |
| BofA Merrill Lynch 1-3 Year U.S. Treasury Index1 | 0.01 | 0.13 | 1.21 | 1.62 | 3.35 | 2.90 |
| 3/31/2012 | ||||||
| Fund at NAV | 1.25 | 1.25 | 2.23 | 3.79 | 3.96 | 3.09 |
| Fund w/Max Sales Charge | -1.07 | -1.07 | -0.08 | 3.02 | 3.48 | 2.85 |
| BofA Merrill Lynch 1-3 Year U.S. Treasury Index1 | -0.08 | -0.08 | 1.44 | 1.50 | 3.38 | 2.90 |
| 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: 2.25%. | ||||||
| Class A Inception | 09/30/2002 |
| Investment Objective | Total return |
| Total Net Assets of Fund | $409.2M |
| Minimum Investment | $1000 |
| Expense Ratio2 | 0.93% |
| CUSIP | 277911160 |
| Federal National Mortgage Association | |
| Federal Home Loan Mortgage Corporation | |
| Federal Home Loan Bank | |
| Agency For International Development | |
| Federal Farm Credit Bank | |
| Government National Mortgage Association | |
| Morgan Stanley Capital I | |
| JP Morgan Chase Commercial Mortgage Securities | |
| GMAC Commercial Mortgage Securities Inc. | |
| Reynolds Group Holdings Inc. | |
| Total | 89.49 |
| Susan Schiff, CFA | Managed Fund since inception | ||
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 and the Portfolios. Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.
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. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. As interest rates rise, the value of certain income investments is likely to decline. 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
| 3 Months | YTD | 1 Year | 3 Years | 5 Years | Life of Fund | |
| 4/30/2012 | ||||||
|---|---|---|---|---|---|---|
| Fund at NAV | 1.24 | 1.63 | 2.35 | 3.57 | 3.94 | 3.11 |
| Fund w/Max Sales Charge | -1.08 | -0.70 | 0.04 | 2.77 | 3.47 | 2.86 |
| BofA Merrill Lynch 1-3 Year U.S. Treasury Index1 | 0.01 | 0.13 | 1.21 | 1.62 | 3.35 | 2.90 |
| 3/31/2012 | ||||||
| Fund at NAV | 1.25 | 1.25 | 2.23 | 3.79 | 3.96 | 3.09 |
| Fund w/Max Sales Charge | -1.07 | -1.07 | -0.08 | 3.02 | 3.48 | 2.85 |
| BofA Merrill Lynch 1-3 Year U.S. Treasury Index1 | -0.08 | -0.08 | 1.44 | 1.50 | 3.38 | 2.90 |
| 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: 2.25%. | ||||||
| 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
| Fund at NAV | — | -0.23 | 1.39 | 2.37 | 3.86 | 5.99 | 1.38 | 8.35 | 3.19 | 1.21 |
| BofA Merrill Lynch 1-3 Year U.S. Treasury Index1 | 5.76 | 1.90 | 0.91 | 1.66 | 3.95 | 7.34 | 6.61 | 0.78 | 2.35 | 1.55 |
| Expense Ratio2 | 0.93% |
| Class A Inception | 09/30/2002 |
| Distribution Frequency | Monthly |
| SEC 30 Day Yield | 3.00% |
| Time Period | Rating | Rating (Load Waived) | Funds in Short-Term Bond Category |
| Overall |  |
|
347 |
| 3 Years | |
|
347 |
| 5 Years | |
|
324 |
|
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. © 2011 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. |
|||
| Date | NAV | NAV Change |
| May 15, 2012 | $8.99 | $0.00 |
| May 14, 2012 | $8.99 | $-0.01 |
| May 11, 2012 | $9.00 | $0.00 |
| May 10, 2012 | $9.00 | $0.00 |
| May 09, 2012 | $9.00 | $0.00 |
| May 08, 2012 | $9.00 | $0.00 |
| May 07, 2012 | $9.00 | $0.00 |
| May 04, 2012 | $9.00 | $0.00 |
| May 03, 2012 | $9.00 | $0.00 |
| May 02, 2012 | $9.00 | $0.00 |
| Ex-Date | Distribution | Reinvest NAV |
| Apr 30, 2012 | $0.02361 | $9.00 |
| Mar 30, 2012 | $0.02439 | $8.99 |
| Feb 29, 2012 | $0.02282 | $8.97 |
| Jan 31, 2012 | $0.02440 | $8.96 |
| Dec 30, 2011 | $0.02446 | $8.95 |
| Nov 30, 2011 | $0.02367 | $8.94 |
| Oct 31, 2011 | $0.02446 | $8.98 |
| Sep 30, 2011 | $0.02367 | $8.95 |
| Aug 31, 2011 | $0.02446 | $8.96 |
| Jul 29, 2011 | $0.02446 | $9.02 |
| 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 |
||
| Ex-Date | Short-Term | Long-Term | Reinvest NAV |
|
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 www.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. |
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 and the Portfolios. Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.
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. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. As interest rates rise, the value of certain income investments is likely to decline. 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
| U.S. Govt Agency Mortgage Backed Securities | 61.17 |
| U.S. Govt Agency Bonds | 26.62 |
| Floating-Rate Loans | 9.22 |
| U.S. Commercial Mortgage Backed Securities | 1.67 |
| Cash & Equivalents | 1.03 |
| U.S. Corporate Bonds | 0.17 |
| U.S. Common Stocks | 0.05 |
| U.S. Treasuries | 0.05 |
| Asset Backed Securities | 0.01 |
| Other | 0.01 |
| Total | 100.00 |
| Number of Holdings | 1129 |
| Average Coupon | 4.59% |
| Average Duration | 1.66 yrs. |
| Agency Mortgage Backed Securities | 61.17 |
| U.S. Government Agency Obligations | 26.61 |
| Commercial Mortgage Backed Securities | 1.66 |
| Health Care | 1.18 |
| Business Equipment and Services | 0.80 |
| Electronics/Electrical | 0.68 |
| Automotive | 0.47 |
| Food Products | 0.43 |
| Food Service | 0.40 |
| Telecommunications | 0.40 |
| AAA | 1.67 |
| BBB | 0.17 |
| BB | 4.96 |
| B | 4.03 |
| CCC | 0.07 |
| Government | 0.05 |
| Not Rated | 0.72 |
| Government Agency | 88.33 |
| Total | 100.00 |
| Ratings are based on Moody's, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency 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. If securities are rated differently by the rating agencies, the higher rating is applied. | |
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 and the Portfolios. Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.
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. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. As interest rates rise, the value of certain income investments is likely to decline. 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.
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.
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 and the Portfolios. Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.
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. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. As interest rates rise, the value of certain income investments is likely to decline. 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.
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 and the Portfolios. Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.
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. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. As interest rates rise, the value of certain income investments is likely to decline. 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
Susan Schiff, CFA
Vice President, Eaton Vance Management
Joined Eaton Vance 1985
Susan Schiff is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's global/fixed-income team.
Susan joined Eaton Vance in 1985 and became a portfolio manager in 1991. Prior to joining Eaton Vance, she was affiliated with PaineWebber, Inc.
Susan earned a B.S. in finance from St. John Fisher College in 1983. She is a CFA charterholder and a member of the Boston Security Analysts Society.
Education
- B.S. St. John Fisher College
Experience
- Managed Fund since inception
Other funds managed
Fund Literature
Fund Literature
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