Overview

Growth of $10,000

10-year period ended 12/31/2016

  • Class A at NAV

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
01/31/2017
Fund at NAV 0.33 -1.86 0.33 1.91 2.29 2.31 4.26
Bloomberg Barclays U.S. Aggregate Bond Index1 0.20 -2.04 0.20 1.45 2.59 2.09 4.37
12/31/2016
Fund at NAV 0.33 -3.04 2.73 2.73 2.66 2.39 4.23
Bloomberg Barclays U.S. Aggregate Bond Index1 0.14 -2.98 2.65 2.65 3.03 2.23 4.34
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 or equal to one year is cumulative. Total return prior to the commencement of Class I Shares reflects returns of the Investment Grade Income Portfolio into which it invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Fund Factsas of Jan 31, 2017

Class I Inception 03/21/2007
Performance Inception 03/07/2000
Investment Objective Current income
Total Net Assets $148.9M
Total Net Assets of Portfolio2 $489.2M
Minimum Investment $250000
Expense Ratio (Gross)3 0.71%
Expense Ratio (Net)3,4 0.50%
CUSIP 277905618

Top 10 Holdings (%)5,6as of Dec 31, 2016

United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
Freddie Mac Gold Pool - E03099
United States Treasury Note/Bond
Fannie Mae Pool - BC1849
Fannie Mae Pool - AT7865
Fannie Mae Pool - BA0891
Freddie Mac Gold Pool - G08738
Total 30.09

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 nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. Derivative 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

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
01/31/2017
Fund at NAV 0.33 -1.86 0.33 1.91 2.29 2.31 4.26
Bloomberg Barclays U.S. Aggregate Bond Index1 0.20 -2.04 0.20 1.45 2.59 2.09 4.37
Morningstar™ Intermediate-Term Bond Category7 0.37 -1.57 0.37 2.73 2.38 2.40 4.15
12/31/2016
Fund at NAV 0.33 -3.04 2.73 2.73 2.66 2.39 4.23
Bloomberg Barclays U.S. Aggregate Bond Index1 0.14 -2.98 2.65 2.65 3.03 2.23 4.34
Morningstar™ Intermediate-Term Bond Category7 0.25 -2.54 3.23 3.23 2.73 2.61 4.10
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 or equal to one year is cumulative. Total return prior to the commencement of Class I Shares reflects returns of the Investment Grade Income Portfolio into which it invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 5.47 4.59 5.85 7.39 7.22 5.12 -1.04 5.27 0.04 2.73
Bloomberg Barclays U.S. Aggregate Bond Index1 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55 2.65

Fund Facts

Expense Ratio (Gross)3 0.71%
Expense Ratio (Net)3,4 0.50%
Class I Inception 03/21/2007
Performance Inception 03/07/2000
Distribution Frequency Monthly

Yield Information8as of Jan 31, 2017

Distribution Rate at NAV 2.71%
Subsidized SEC 30-day Yield 2.24%
Unsubsidized SEC 30-day Yield 2.13%

Morningstar™ Ratingsas of Jan 31, 2017

Time Period Rating Funds in
Intermediate-Term Bond
Category
Overall *** 856
3 Years *** 856
5 Years *** 750
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Feb 24, 2017 $9.76 $0.03
Feb 23, 2017 $9.73 $0.02
Feb 22, 2017 $9.71 $0.01
Feb 21, 2017 $9.70 -$0.01
Feb 17, 2017 $9.71 $0.02
Feb 16, 2017 $9.69 $0.02
Feb 15, 2017 $9.67 -$0.02
Feb 14, 2017 $9.69 -$0.02
Feb 13, 2017 $9.71
Feb 10, 2017 $9.72 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
Jan 31, 2017 $0.02227 $9.69
Dec 30, 2016 $0.02164 $9.68
Nov 30, 2016 $0.02130 $9.67
Oct 31, 2016 $0.02202 $9.94
Sep 30, 2016 $0.02098 $10.05
Aug 31, 2016 $0.02317 $10.06
Jul 29, 2016 $0.02326 $10.11
Jun 30, 2016 $0.02317 $10.05
May 31, 2016 $0.02323 $9.89
Apr 29, 2016 $0.02319 $9.92
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 15, 2015 $0.00440 $9.70
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

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 nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. Derivative 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 (%)10as of Dec 31, 2016

Investment Grade Corporate Bonds 29.5
U.S. Treasuries 26.5
Mortgage Backed Securities 26.2
Asset Backed Securities 7.1
U.S. Commercial Mortgage Backed Securities 6.4
Other 3.2
Cash 1.2

Portfolio Statisticsas of Dec 31, 2016

Number of Holdings 343
Average Yield to Maturity 2.90%
Average Coupon 3.37%
Average Maturity 7.51 yrs.
Effective Duration 5.81 yrs.
Average Price $102.46

Credit Quality (%)10as of Dec 31, 2016

AAA 62.91
AA 2.63
A 13.40
BBB 17.81
BB 2.68
Not Rated 0.57
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

Maturity Distribution (%)10as of Dec 31, 2016

Less Than 1 Year 5.14
1 To 3 Years 13.87
3 To 5 Years 33.54
5 To 10 Years 32.86
10 To 20 Years 2.43
20 To 30 Years 12.11
More Than 30 Years 0.05
Total 100.00

Fund Holdings6,11as of Dec 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 2.63% 08/15/2020 12.18%
United States Treasury Note/Bond 3.88% 08/15/2040 5.14%
United States Treasury Note/Bond 1.50% 05/31/2019 4.91%
United States Treasury Note/Bond 3.63% 02/15/2044 3.40%
EV Cash Reserves Fund LLC 0.00% 1.16%
Freddie Mac Gold Pool - E03099 2.50% 03/01/2027 1.03%
United States Treasury Note/Bond 1.25% 07/31/2023 0.80%
Fannie Mae Pool - BC1849 3.00% 05/01/2046 0.69%
Fannie Mae Pool - AT7865 3.00% 06/01/2028 0.67%
Fannie Mae Pool - BA0891 3.50% 01/01/2046 0.66%
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 nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. Derivative 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

Commentary

No commentary information is currently 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 nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. Derivative 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 currently 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 nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. Derivative 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

Thomas Luster is a vice president of Eaton Vance Management, co-director of diversified fixed income and lead portfolio manager on Eaton Vance’s diversified fixed-income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s diversified fixed-income strategies. He began his career in the investment management industry with Eaton Vance in 1995.

Before entering the investment management industry, Tom was affiliated with Deloitte & Touche Consulting and the Naval Center for Space Technology.

Tom earned a B.S. from George Washington University and an MBA from the University of Chicago. Tom is a member of 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. He is a CFA charterholder.

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

Bernard Scozzafava is a vice president of Eaton Vance Management, director of diversified fixed-income quantitative research and portfolio manager on Eaton Vance’s diversified fixed-income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s core fixed-income portfolios. He joined Eaton Vance in 2006.

Bernie began his career in the investment management industry in 1984. Before joining Eaton Vance, he was a portfolio manager and credit analyst with MFS Investment Management.

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

Education
  • B.S. Hamilton College
  • M.S. Sloan School of Management, Massachusetts Institute of Technology

Experience
  • Managed Fund since 2010

Other funds managed
 

Literature

Literature

Fact Sheet

Download - Last updated: Dec 31, 2016

Annual Report

Download - Last updated: Dec 31, 2016

Full Prospectus

Download - Last updated: May 1, 2016

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

Download

SAI

Download - Last updated: May 1, 2016

Semi-Annual Report

Download - Last updated: Jun 30, 2016

Summary Prospectus

Download - Last updated: May 1, 2016

XBRL

Download - Last updated: May 12, 2016