Overview

 

Protection from inflation; limited duration.2

Eaton Vance has one of the shortest durations in its Morningstar category.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.41 0.16 0.16 -0.59 1.67 2.94
Fund w/Max Sales Charge -2.70 -2.06 -2.06 -2.83 0.90 2.36
BofA Merrill Lynch 1-5 Year U.S. Inflation-Linked Treasury Index3 -0.52 0.21 0.21 -2.19 1.08 3.07 2.14
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%.

Fund Facts as of Mar 31, 2014

Class A Inception 04/01/2010
Investment Objective Real return
Total Net Assets $62.5M
Minimum Investment $1000
Expense Ratio (Gross)4 1.22%
Expense Ratio (Net)4,5 0.90%
CUSIP 277905378


Portfolio Management

Thomas H. Luster, CFA Managed Fund since inception
Stewart D. Taylor 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. Interest payments on inflation-linked securities may vary widely and will fluctuate as principal and interest are adjusted for inflation. Investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. 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. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. 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. 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 Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.41 0.16 0.16 -0.59 1.67 2.94
Fund w/Max Sales Charge -2.70 -2.06 -2.06 -2.83 0.90 2.36
BofA Merrill Lynch 1-5 Year U.S. Inflation-Linked Treasury Index3 -0.52 0.21 0.21 -2.19 1.08 3.07 2.14
Morningstar™ Inflation-Protected Bond Category6 -0.45 1.60 1.60 -6.12 2.55 4.36
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%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 4.19 3.92 -0.17
BofA Merrill Lynch 1-5 Year U.S. Inflation-Linked Treasury Index3 4.90 1.64 2.54 10.24 -1.77 10.59 3.76 5.00 2.67 -2.02

Fund Facts

Expense Ratio (Gross)4 1.22%
Expense Ratio (Net)4,5 0.90%
Class A Inception 04/01/2010
Distribution Frequency Monthly

Yield Information7 as of Mar 31, 2014

Distribution Rate at NAV 3.10%
Subsidized SEC 30 Day Yield 3.05%
Unsubsidized SEC 30 Day Yield 2.79%


Morningstar™ Ratings as of Mar 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Inflation-Protected Bond
Category
Overall ** ** 186
3 Years ** ** 186
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 $10.15 $0.00
Apr 21, 2014 $10.15 $0.00
Apr 17, 2014 $10.15 $0.00
Apr 16, 2014 $10.15 $0.00
Apr 15, 2014 $10.15 $0.01
Apr 14, 2014 $10.14 $-0.01
Apr 11, 2014 $10.15 $0.00
Apr 10, 2014 $10.15 $0.00
Apr 09, 2014 $10.15 $0.02

Distribution History8

Ex-Date Distribution Reinvest NAV
Mar 31, 2014 $0.02667 $10.14
Feb 28, 2014 $0.00862 $10.21
Jan 31, 2014 $0.00001 $10.19
Dec 31, 2013 $0.00168 $10.16
Dec 30, 2013 $0.00650 $10.16
Nov 29, 2013 $0.01565 $10.17
Oct 31, 2013 $0.01531 $10.18
Sep 30, 2013 $0.01141 $10.16
Aug 30, 2013 $0.01753 $10.14
Jul 31, 2013 $0.01735 $10.21
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History8

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 13, 2012 $0.10030 $0.02960 $10.33
Dec 21, 2011 $0.10440 $10.20
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. Interest payments on inflation-linked securities may vary widely and will fluctuate as principal and interest are adjusted for inflation. Investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. 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. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. 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. 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 (%)9 as of Mar 31, 2014

U.S. Treasuries 48.33
Floating-Rate Loans 27.12
U.S. Commercial Mortgage Backed Securities 19.13
Cash & Equivalents 3.92
Other 1.50
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Number of Issuers 539
Average Coupon 2.65%
Average Nominal Duration10 1.74 yrs.
Average Real Duration11 2.48 yrs.


Credit Quality (%)12 as of Mar 31, 2014

AAA 63.43
AA 4.82
A 0.00
BBB 2.66
BB 12.99
B 14.25
CCC or Lower 0.42
Not Rated 1.43
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.


 

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. Interest payments on inflation-linked securities may vary widely and will fluctuate as principal and interest are adjusted for inflation. Investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. 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. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. 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. 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 Mar 31, 2014

The positive economic momentum evident in late 2013 failed to carry over into the new year. Severe winter weather, decelerating growth in emerging economies (particularly China), a mild slowdown in housing and an overhang of inventory all contributed to the slower growth. Compounding this, heightened geopolitical tensions injected yet another element of uncertainty into the markets.

The combination of these dynamics produced very modest inflation, with Treasury Inflation-Protected Securities (TIPS) consumer price index (CPI) inflation accruing 0.16% during the quarter. Once again, much of the inflation was the result of increases in “owners’ equivalent rent,” or the estimated income homeowners would receive for renting their primary residence. Apparel and gasoline prices declined, and health care costs continued to moderate. However, energy was modestly higher, and food costs rose sharply but have only started to filter into the CPI.

During the quarter, the Federal Reserve (Fed) continued tapering its quantitative easing program and held short-term interest rates near zero. However, the central bank removed the 6.5% unemployment threshold from its forward guidance, saying that a broad range of indicators would factor into future rate decisions. This new guidance regime marks an important change in the Fed’s communication policy. We think it increases the risk that the Fed leaves short rates too low for too long a period, increasing the likelihood that inflation will move above its long-term trend.

Against this backdrop, five-year real rates fell 11 basis points (bps) and five-year TIPS breakevens widened 4bps. The BofA Merrill Lynch U.S. Inflation-Linked 1-5 Year Treasury Index (the Index)3 returned 0.21% for the quarter.

Performance Summary 

Eaton Vance Short Duration Real Return Fund (the Fund) underperformed its benchmark, the Index, at net asset value during the quarter. Factors impacting returns:

  • TIPS inflation accrual was positive, which increased the principal value of the TIPS in the Fund.
  • Real rates fell, increasing the price of the Fund’s TIPS.
  • The yield difference between both floating-rate loans and commercial mortgage-backed securities (CMBS) relative to comparable-maturity Treasuries narrowed, which helped the performance of the floating-rate loans and CMBS held in the Fund.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.41 0.16 0.16 -0.59 1.67 2.94
Fund w/Max Sales Charge -2.70 -2.06 -2.06 -2.83 0.90 2.36
BofA Merrill Lynch 1-5 Year U.S. Inflation-Linked Treasury Index3 -0.52 0.21 0.21 -2.19 1.08 3.07 2.14
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%.

Fund Facts as of Mar 31, 2014

Class A Inception 04/01/2010
Expense Ratio (Gross)4 1.22%
Expense Ratio (Net)4,5 0.90%


Contributors 

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

  • The Fund’s allocation to floating-rate loans and CMBS, neither of which are held by the Index, positively impacted both absolute and relative results. With the tailwinds of strong investor demand (floating-rate loans) and improving corporate real estate fundamentals (CMBS), these two asset classes benefited from tightening credit spreads and generated higher yields than the TIPS in the Index.
  • The Fund’s leverage produced positive returns. However, the advantage gained by taking inflation exposure through TIPS rather than swaps dissipated as the quarter progressed, and the position was closed.

Detractors 

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

  • The Fund’s TIPS generated a lower net return than the TIPS in the Index. The Fund’s TIPS yielded more than their counterparts in the Index, and management’s security selection among TIPS added value. However, these positive factors were more than offset when Fund expenses were applied.

Investment Outlook And Fund Positioning 

While inflation is currently well below trend, we believe that a return to trend in coming months is likely. The economic softness evident in the first quarter is likely to dissipate as the weather warms and the inventory drawdown that occurred in the first quarter ends. More importantly, there has been a clear upward acceleration in lending at commercial banks. With nearly $2 trillion in excess reserves on deposit at the Fed, there is danger that if the economy does regain its momentum, these reserves could be channeled into the economy as loans and fuel a quick rise in inflation. We are also concerned that the Fed, given its focus on employment, will prove willing to tolerate more inflation than is prudent before tightening policy. Because of these dynamics, we continued to position the Fund at quarter-end to help protect against increasing inflation and rising interest rates.

On March 31, the Fund had a 48.01% allocation to TIPS, a 29.92% allocation to floating rate loans and a 20.68% allocation to CMBS. Interest rate payments on the floating rate loans and CMBS were fully swapped for payments based on changes in the CPI. The Fund’s total exposure to CPI was 101.10%.

 

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. Interest payments on inflation-linked securities may vary widely and will fluctuate as principal and interest are adjusted for inflation. Investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. 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. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. 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. 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

 

No attribution information is available.

 

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. Interest payments on inflation-linked securities may vary widely and will fluctuate as principal and interest are adjusted for inflation. Investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. 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. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. 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. 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
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 inception
Biography
Stewart D. Taylor

Stewart D. Taylor

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Stewart Taylor is a vice president of Eaton Vance Management, and portfolio manager and senior fixed-income trader on Eaton Vance's investment-grade fixed-income team.

Stewart joined Eaton Vance in 2005 and has over 25 years of practical fixed-income market and investing experience. He is responsible for Treasury and government agency trading, as well as portfolio strategy, and has extensive experience employing both technical and fundamental analysis as a basis for portfolio strategy, tactical trading and risk management. Stewart has developed a unique framework utilizing the technical behaviors across a wide range of actively traded markets to assess economic conditions and the business cycle. Additionally, he has experience analyzing and trading fixed-income securities, commodities, equities, and currencies in the cash, futures and options markets using technical tools to asses relative value. This includes significant practical expertise in managing mortgage origination risk through the use of Treasury and mortgage-backed derivatives. Previously, Stewart was a senior vice president with Government Perspectives, LLC and provided institutional fixed income brokerage at Shearson Lehman, Prudential and Refco. From 1992-2002, he provided private investing and trading consultation to both institutional desks and buy-side accounts.

Stewart's comments have appeared in The New York Times, The Wall Street Journal and Bond Week. He has made presentations, and taught trading and analysis seminars for the Mortgage Bankers Association of America, the annual Dow Jones Technical Analysis Group Conference, and for numerous trading and investing groups.

Education
Experience
  • Managed Fund since inception
 

Fund Literature

Fund Literature

Annual Report

Income, Volatility and Taxes Guide

Commentary

Income Markets Review

Income Markets Snapshot

Discover Opportunities in the Income Markets with Eaton Vance

Fact Sheet

Income: Looking beyond traditional sources of yield

Full Prospectus

Short Duration Real Return Holdings

CMBS Portfolio Holdings

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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