Overview

Protection from inflation; limited duration.1

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

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.18 0.53 1.17 -2.59 0.36 2.13 2.03
Fund w/Max Sales Charge -2.45 -1.77 -1.06 -4.82 -0.41 1.67 1.59
BofA Merrill Lynch 1-5 Year U.S. Inflation-Linked Treasury Index2 -0.04 0.65 1.11 -1.99 -0.14 1.45 1.59
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 Factsas of Jun 30, 2015

Class A Inception 04/01/2010
Investment Objective Real return
Total Net Assets $58.1M
Minimum Investment $1000
Expense Ratio (Gross)3 1.16%
Expense Ratio (Net)3,4 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. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. 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 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.18 0.53 1.17 -2.59 0.36 2.13 2.03
Fund w/Max Sales Charge -2.45 -1.77 -1.06 -4.82 -0.41 1.67 1.59
BofA Merrill Lynch 1-5 Year U.S. Inflation-Linked Treasury Index2 -0.04 0.65 1.11 -1.99 -0.14 1.45 1.59
Morningstar™ Inflation-Protected Bond Category5 -0.87 -1.00 0.09 -2.84 -1.20 2.41
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 (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 4.19 3.92 -0.17 -2.01
BofA Merrill Lynch 1-5 Year U.S. Inflation-Linked Treasury Index2 1.66 2.51 10.27 -1.77 10.59 3.76 5.00 2.67 -2.02 -1.06

Fund Facts

Expense Ratio (Gross)3 1.16%
Expense Ratio (Net)3,4 0.90%
Class A Inception 04/01/2010
Distribution Frequency Monthly

Yield Information6as of Jun 30, 2015

Distribution Rate at NAV 1.55%
Subsidized SEC 30-day Yield 2.67%
Unsubsidized SEC 30-day Yield 2.36%


Morningstar™ Ratingsas of Jun 30, 2015

Time Period Rating Rating (Load Waived) Funds in
Inflation-Protected Bond
Category
Overall *** **** 198
3 Years **** ***** 198
5 Years ** *** 176
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.

© 2015 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
Jul 27, 2015 $9.81 $0.00
Jul 24, 2015 $9.81 $-0.01
Jul 23, 2015 $9.82 $0.00
Jul 22, 2015 $9.82 $-0.01
Jul 21, 2015 $9.83 $0.00
Jul 20, 2015 $9.83 $-0.01
Jul 17, 2015 $9.84 $0.00
Jul 16, 2015 $9.84 $0.00
Jul 15, 2015 $9.84 $0.00
Jul 14, 2015 $9.84 $0.00

Distribution History7

Ex-Date Distribution Reinvest NAV
Jun 30, 2015 $0.01254 $9.86
Jan 30, 2015 $0.00129 $9.84
Dec 31, 2014 $0.02410 $9.76
Nov 28, 2014 $0.00900 $9.96
Oct 31, 2014 $0.00800 $9.99
Sep 30, 2014 $0.01000 $10.03
Aug 29, 2014 $0.01400 $10.14
Jul 31, 2014 $0.01750 $10.16
Jun 30, 2014 $0.01750 $10.22
May 30, 2014 $0.03874 $10.19
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History7

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 13, 2012 $0.10030 $0.02960 $10.33
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. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. 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 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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. A nondiversified 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 (%)8as of Jun 30, 2015

U.S. Treasuries 55.75
Floating-Rate Loans 22.83
U.S. Commercial Mortgage Backed Securities 17.46
Cash 3.06
Other Investments 0.90
Total 100.00

Portfolio Statisticsas of Jun 30, 2015

Number of Issuers 439
Effective Duration 2.05 yrs.
Average Coupon 2.43%


Credit Quality (%)9as of Jun 30, 2015

AAA 71.48
AA 0.90
A 1.00
BBB 3.55
BB 10.66
B 9.20
CCC or Lower 0.45
Not Rated 2.75
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.


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. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. 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 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & analysis

Quarterly Commentary

A Word On The Markets  as of Jun 30, 2015

Inflation-linked assets built upon the strength of the first quarter, supported by a rebound in energy prices and improvement in developed market economies. Treasury Inflation-Protected Securities (TIPS) delivered a solid performance relative to nominal treasuries as CPI inflation turned positive and inflation breakeven rates rose.

CPI inflation has finally turned positive as the deflation fears that dominated late 2014 and early 2015 have dissipated. For example, over the eight months ending in February 2015, monthly consumer price index (CPI) inflation averaged –0.12% as the sharp declines in energy and commodities translated to lower goods inflation. In contrast, over the period from February through May of this year, monthly CPI inflation averaged 0.25%. Even as goods inflation has remained quite tame, the service components of CPI (which comprise 75% of core) continue to signal stronger inflation due to increasing costs for housing, medical care and transportation.

The Federal Reserve (Fed) held short-term interest rates near zero during the second quarter. However, a somewhat weaker U.S. dollar, combined with signs the U.S. economy was returning to trend growth after a slow first quarter, increased the likelihood of a rate hike in the second half of 2015. The Fed signaled as much at its June policy meeting but assured investors that the pace of future rate hikes would be gradual.

During the quarter, five-year real rates increased 33 basis points (bps), and five-year TIPS breakevens widened 10 bps. The BofA Merrill Lynch 1-5 Year U.S. Inflation-Linked Treasury Index (the Index)2 returned 0.65%.

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 accrued a 1.24% CPI inflation return, which increased the principal value of the TIPS in the Fund.
  • The Fund's TIPS generated a gain, as the widening breakevens offset the increase in real rates and the negative yields on TIPS.
  • The yield differential between both floating-rate loans and commercial mortgage-backed securities (CMBS) relative to Treasurys with similar maturities widened, which negatively impacted the floating-rate loans and CMBS held in the Fund.

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.18 0.53 1.17 -2.59 0.36 2.13 2.03
Fund w/Max Sales Charge -2.45 -1.77 -1.06 -4.82 -0.41 1.67 1.59
BofA Merrill Lynch 1-5 Year U.S. Inflation-Linked Treasury Index2 -0.04 0.65 1.11 -1.99 -0.14 1.45 1.59
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 Factsas of Jun 30, 2015

Class A Inception 04/01/2010
Expense Ratio (Gross)3 1.16%
Expense Ratio (Net)3,4 0.90%


Contributors 

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

  • The Fund’s inflation derivatives and interest-rate derivatives – i.e., the Fund’s strategy of swapping Libor and fixed-rate interest payments for payments based on changes in U.S. CPI – positively impacted relative returns.

Detractors 

Factors detracting from 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, detracted. The performance of the floating-rate loans held in the Fund was positive in absolute terms, however, it lagged the Index. The CMBS sleeve of the portfolio generated a slightly negative return amid rising U.S. interest rates.
  • The Fund's TIPS posted a lower net return than the TIPS in the Index. Although the Fund's TIPS had a higher yield than those in the Index, the incremental yield was more than offset by security selection, which was modestly negative.

Investment Outlook And Fund Positioning 

In our view, six years of below-trend global growth and low inflation, combined with steep declines in energy and commodities, have left investors complacent about inflation risk. As a consequence, inflation assets are trading below their long-term fair values.

At the same time, headline CPI inflation may have reached an inflection point. We believe that inflation and interest rate markets are underestimating the ability of exceptionally easy global monetary policy to generate cyclical growth, and that the next year will be characterized by modest but stable global growth that creates fresh demand for energy and commodities – and higher levels of inflation. Against this backdrop, we think both real and nominal interest rates will rise, and the economic strength will provide fundamental support to corporate credit, like floating-rate loans.

In a rising rate environment, strategies that rely on intermediate- and long-duration inflation-protected assets would likely significantly underperform inflation. That is why we believe the Fund's strategy of hedging inflation with short-duration TIPS and investing in floating-rate loans and CMBS hedged with inflation remains appropriate.

On June 30, the Fund had a 56.77% allocation to TIPS, a 23.86% allocation to floating rate loans and a 19.69% allocation to CMBS, and its average duration was lower than that of the Index. Interest rate payments on both the floating rate loans and CMBS were fully swapped for payments based on changes in the CPI.

Credit Quality (%)9as of Jun 30, 2015

AAA 71.48
AA 0.90
A 1.00
BBB 3.55
BB 10.66
B 9.20
CCC or Lower 0.45
Not Rated 2.75
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.


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. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. 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 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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. A nondiversified 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 currently 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. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. 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 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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. A nondiversified 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 a portfolio manager on Eaton Vance’s investment-grade fixed-income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s investment-grade fixed-income strategies. He is also responsible for overseeing residential mortgage trading and inflation-linked trading. He joined Eaton Vance in 2005.

Stewart began his career in the investment management industry in 1981. Before joining Eaton Vance, he was a senior vice president with Government Perspectives, LLC. He was also previously affiliated with Shearson Lehman, Prudential and Refco.

Stewart has made presentations and taught trading and analysis seminars for the Mortgage Bankers Association of America, Bloomberg and the annual Dow Jones Technical Analysis Group Conference. His commentaries have appeared in The New York Times, The Wall Street Journal and Barron’s, and he is a frequent guest on Bloomberg Radio. He is a CMT charterholder.

Education
Experience
  • Managed Fund since inception
 

Fund Literature

Fund Literature

Annual Report

Commentary

Fact Sheet

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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