Overview

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
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 Nov 30, 2024

Class I Inception 04/29/2022
Investment Objective Total return
Total Net Assets $59.5M
Minimum Investment $1000000
Expense Ratio (Gross)2 1.20%
Expense Ratio (Net)2,3 0.89%
CUSIP 131582231

Top 10 Holdings (%)4,5 as of Sep 30, 2024

Ginnie Mae TBA 6% 11.3
Ginnie Mae TBA 5.5% 9.4
Ginnie Mae Last Cash Flow CMO 3.6
Ginnie Mae Last Cash Flow CMO 3.5
Champs CDFI Mortgage Trust 3.5
Ginnie Mae Last Cash Flow CMO 3.3
Ginnie Mae Loan Participation 3.3
Champs CDFI Mortgage Trust 3.3
Ginnie Mae Public Indian Housing Pool 2.6
Ginnie Mae Last Cash Flow CMO 2.6
 

Portfolio Management

Andrew Szczurowski, CFA Managed Fund since inception
Alex Payne, CFA Managed Fund since inception

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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. The Bloomberg U.S. Mortgage Backed Securities Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). This Index is the Mortgage Backed Securities Fixed Rate component of the Bloomberg U.S. Aggregate Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 2/1/25. Without the reimbursement, if applicable, performance would have been lower.
4. Top 10 Holdings excludes cash and equivalents.
5. Percent of total net assets.

Performance

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
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 Nov 30, 2024

Distribution Rate at NAV 5.53%
Subsidized SEC 30-day Yield 5.88%
Unsubsidized SEC 30-day Yield 5.69%
 

NAV History

Date NAV NAV Change
Dec 20, 2024 $9.58 $0.01
Dec 19, 2024 $9.57 -$0.02
Dec 18, 2024 $9.59 -$0.09
Dec 17, 2024 $9.68 $0.00
Dec 16, 2024 $9.68 $0.00
Dec 13, 2024 $9.68 -$0.04
Dec 12, 2024 $9.72 -$0.03
Dec 11, 2024 $9.75 -$0.01
Dec 10, 2024 $9.76 -$0.01
Dec 09, 2024 $9.77 -$0.01
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Nov 29, 2024 $0.04471 $9.71
Oct 31, 2024 $0.05117 $9.64
Sep 30, 2024 $0.04805 $10.01
Aug 30, 2024 $0.04489 $9.97
Jul 31, 2024 $0.04664 $9.83
Jun 28, 2024 $0.04611 $9.59
May 31, 2024 $0.04551 $9.50
Apr 30, 2024 $0.04626 $9.30
Mar 28, 2024 $0.04548 $9.63
Feb 29, 2024 $0.04595 $9.58
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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. The Bloomberg U.S. Mortgage Backed Securities Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). This Index is the Mortgage Backed Securities Fixed Rate component of the Bloomberg U.S. Aggregate Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 2/1/25. Without the reimbursement, if applicable, performance would have been lower.
6. SEC 30-day yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC 30-day yield is not based on the distributions made by the fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements. Distribution Rate at NAV is calculated by dividing the last distribution paid per share (annualized) by NAV. The Fund's monthly distribution may be comprised of ordinary income, net realized capital gains and returns of capital.
7. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)5 as of Sep 30, 2024

Portfolio Statistics as of Sep 30, 2024

Number of Holdings 212
Effective Duration 5.85 yrs.
Average Effective Maturity 25.35 yrs.
 

Credit Quality (%)8 as of Sep 30, 2024

AAA 82.34
AA 1.82
A 7.04
BBB 4.69
BB 0.26
B 3.86
CCC or Lower 0.00
Not Rated 0.00

Duration Breakdown (%)8 as of Sep 30, 2024

<1 yrs. 12.96
1 to 2 yrs. 27.83
2 to 3 yrs. 18.67
3 to 4 yrs. 20.87
4 to 5 yrs. 10.99
>5 yrs. 8.68
 

Bond Composition (%)8 as of Sep 30, 2024

Fixed Rate 75.14
Variable Rate 14.96
Floating Rate 9.90

Assets by Country (%)5 as of Sep 30, 2024

United States 126.98
Bermuda 0.95
Cash & Other Assets -27.93
Total 100.00
 

Fund Holdings5,9 as of Oct 31, 2024

Holding Coupon Rate Maturity Date % of Net Assets
Ginnie Mae 6.00% 11/01/2052 11.54%
Ginnie Mae 5.50% 11/01/2054 9.52%
Champs Trust 2024-2 14.78% 11/25/2059 3.58%
Government National Mortgage Association 6.00% 04/20/2054 3.53%
Government National Mortgage Association 6.00% 07/20/2053 3.50%
GNMA LOAN PARTICIPATION 65538RAJ3 LOAN/TERM 7.35% 09/15/2025 3.45%
Government National Mortgage Association 5.50% 09/20/2054 3.34%
Champs Trust 2024-1 8.39% 07/25/2059 3.26%
Government National Mortgage Association 6.00% 11/20/2053 2.65%
Government National Mortgage Association 6.00% 11/20/2053 2.62%
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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


5. Percent of total net assets.
8. Percent of bond holdings.
9. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

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

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Annual Financial Statements and Add'l Information

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Semi-Annual Financial Statements and Add'l Information

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Annual Report

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Full Prospectus

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Q1 Holdings

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Q3 Holdings

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SAI

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Semi-Annual Report

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Summary Prospectus

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