Overview

Historical Returns (%) as of Dec 31, 2023

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. The share class has no sales charge.
 

Fund Facts as of Jan 31, 2024

Class I Inception 04/29/2022
Investment Objective Total return
Total Net Assets $56.9M
Expense Ratio (Gross)2 1.20%
Expense Ratio (Net)2,3 0.89%
CUSIP 131582231

Top 10 Holdings (%)4,5 as of Dec 31, 2023

Ginnie Mae 6% Coupon 13.3
Ginnie Mae 5.5% Coupon 12.5
Ginnie Mae Last Cash Flow CMO 6% 3.7
Ginnie Mae Last Cash Flow CMO 6% 2.8
Ginnie Mae Last Cash Flow CMO 6% 2.8
Ginnie Mae Public Indian Housing Pool 2.8
Ginnie Mae Last Cash Flow CMO 6.5% 1.9
Ginnie Mae Last Cash Flow CMO 6% 1.9
Ginnie Mae Last Cash Flow CMO 6% 1.9
CHNGE Mortgage Trust 1.7
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Mortgage-backed securities are subject to credit, interest rate, prepayment and extension risk. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. 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, 2023

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. The share class has no sales charge.
 

Fund Facts

Class I Inception 04/29/2022
Expense Ratio (Gross)2 1.20%
Expense Ratio (Net)2,3 0.89%
Distribution Frequency Monthly

Yield Information6 as of Jan 31, 2024

Distribution Rate at NAV 5.64%
Subsidized SEC 30-day Yield 5.67%
Unsubsidized SEC 30-day Yield 5.41%
 

NAV History

Date NAV NAV Change
Mar 01, 2024 $9.64 $0.06
Feb 29, 2024 $9.58 $0.00
Feb 28, 2024 $9.58 $0.04
Feb 27, 2024 $9.54 -$0.02
Feb 26, 2024 $9.56 -$0.02
Feb 23, 2024 $9.58 $0.03
Feb 22, 2024 $9.55 -$0.02
Feb 21, 2024 $9.57 -$0.04
Feb 20, 2024 $9.61 $0.03
Feb 16, 2024 $9.58 -$0.05
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Feb 29, 2024 $0.04595 $9.58
Jan 31, 2024 $0.04634 $9.86
Dec 29, 2023 $0.04509 $9.89
Nov 30, 2023 $0.04670 $9.62
Oct 31, 2023 $0.04704 $9.22
Sep 29, 2023 $0.04693 $9.43
Aug 31, 2023 $0.04698 $9.67
Jul 31, 2023 $0.04546 $9.73
Jun 30, 2023 $0.04606 $9.77
May 31, 2023 $0.04555 $9.87
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
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.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Mortgage-backed securities are subject to credit, interest rate, prepayment and extension risk. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)5 as of Dec 31, 2023

Portfolio Statistics as of Dec 31, 2023

Number of Holdings 175
Effective Duration 6.48 yrs.
Average Effective Maturity 26.86 yrs.
 

Credit Quality (%)8 as of Dec 31, 2023

AAA 82.37
AA 1.18
A 3.99
BBB 7.04
BB 0.61
B 4.81
CCC or Lower 0.00
Not Rated 0.00

Duration Breakdown (%)8 as of Dec 31, 2023

<1 yrs. 11.69
1 to 2 yrs. 29.29
2 to 3 yrs. 11.87
3 to 4 yrs. 27.87
4 to 5 yrs. 12.53
>5 yrs. 6.75
 

Bond Composition (%)8 as of Dec 31, 2023

Fixed Rate 75.96
Floating Rate 14.36
Variable Rate 9.68

Assets by Country (%)5 as of Dec 31, 2023

United States 106.45
Bermuda 1.50
Cash & Other Assets -7.95
Total 100.00
 

Fund Holdings5,9 as of Jan 31, 2024

Holding Coupon Rate Maturity Date % of Net Assets
Ginnie Mae 6.00% 02/01/2052 13.24%
Ginnie Mae 5.50% 02/01/2052 12.43%
Government National Mortgage Association 6.00% 07/20/2053 3.67%
Ginnie Mae II Pool - CP8519 5.00% 10/20/2052 2.78%
Government National Mortgage Association 6.00% 11/20/2053 2.74%
Government National Mortgage Association 6.00% 11/20/2053 2.74%
Government National Mortgage Association 6.50% 11/20/2053 1.86%
Government National Mortgage Association 6.00% 07/20/2053 1.83%
Government National Mortgage Association 6.00% 11/20/2053 1.81%
CHNGE Mortgage Trust 2023-4 8.38% 09/25/2058 1.67%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Mortgage-backed securities are subject to credit, interest rate, prepayment and extension risk. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. 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

Andrew Szczurowski, CFA

Andrew Szczurowski, CFA

Managing Director, Co-Head of Mortgage & Securitized
Joined Eaton Vance 2007

Biography

Andrew Szczurowski is Co-Head of the Mortgage and Securitized investment team and a portfolio manager on Mortgage and Securitized investment team. He joined Eaton Vance in 2007. Morgan Stanley acquired Eaton Vance in March 2021. Previously at Eaton Vance, he was a portfolio manager on Eaton Vance's Global Income team, responsible for buy and sell decisions, portfolio construction, and risk management for the firm's mortgage-backed strategies.

Andrew began his career in the investment industry in 2005. Before joining Eaton Vance, he was affiliated with BNY Mellon. Andrew earned a B.S., cum laude, from the Peter T. Paul College of Business and Economics at the University of New Hampshire. He holds the Chartered Financial Analyst designation and is a member of the CFA Society Boston.

Education
  • B.S. University of New Hampshire

Experience
  • Managed Fund since inception

 
Alex Payne, CFA

Alex Payne, CFA

Managing Director, Portfolio Manager
Joined Eaton Vance 2015

Biography

Alexander Payne is a portfolio manager on the Mortgage and Securitized investment team He is responsible for buy and sell decisions, portfolio construction, and risk management. He joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

Alex began his career in the investment industry in 2007. Before joining Eaton Vance, he was a mortgage trader at Goldman Sachs. Alex earned a B.A. in government from Dartmouth College and holds the Chartered Financial Analyst designation.

Education
  • B.A. Dartmouth College

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Dec 31, 2023

Annual Report

Download Annual Report - Last updated: Sep 30, 2023

Full Prospectus

Download Full Prospectus - Last updated: Feb 1, 2024

Q1 Holdings

Download Q1 Holdings - Last updated: Dec 31, 2023

Q3 Holdings

Download Q3 Holdings - Last updated: Jun 30, 2023

SAI

Download SAI - Last updated: Feb 1, 2024

Semi-Annual Report

Download Semi-Annual Report - Last updated: Mar 31, 2023

Summary Prospectus

Download Summary Prospectus - Last updated: Feb 1, 2024