EATON VANCE CORP. BOSTON, July 31, 2015 /PRNewswire/ -- Eaton Vance Management (EVM), a subsidiary of Eaton Vance Corp. (NYSE: EV), announced today that Susan Schiff, CFA, will retire on October 31, 2015. Ms. Schiff joined Eaton Vance in 1985 and has served as a portfolio manager of Eaton Vance Government Obligations Fund since 1990 and Eaton Vance Short Duration Government Income Fund since its inception in 2002. Under her leadership, both Funds have generated outstanding performance records. As of June 30, 2015, the Class I shares of both Funds were rated 5-stars by Morningstar(TM), and each ranked in the top 15 percent of its Morningstar category for one, three, five and ten-year performance.
"Sue has been first and foremost a highly skilled, dedicated investor throughout her time here at Eaton Vance," said Eric Stein, CFA, Co-Director of Global Income for Eaton Vance. "In addition to maintaining strong investment performance, Sue has been a wonderful mentor and teacher to many in our department and across the organization over the years. She is a colleague and friend who has championed the Eaton Vance core values throughout her career."
Upon Ms. Schiff's retirement, Andrew Szczurowski, CFA, will become sole portfolio manager of the Funds, which he has co-managed with Ms. Schiff since July 2014. Mr. Szczurowski will continue to serve as co-portfolio manager of Eaton Vance Short Duration Strategic Income Fund and two Eaton Vance closed-end funds. He is a graduate of the University of New Hampshire and a member of EVM's global income team since 2007.
"Sue has built a highly capable mortgage-backed securities team which has played a critical role in the evolution of the global income organization," said Michael Cirami, CFA, Co-Director of Global Income for Eaton Vance. "Andrew has already made significant contributions to the funds, which he co-manages. We have full confidence in his ability to sustain and grow our mortgage-backed securities franchise going forward."
Eaton Vance Corp. (NYSE: EV) is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $307.3 billion in assets as of June 30, 2015, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information, visit eatonvance.com.
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond a Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
Morningstar Star Rating:
Name Eaton Vance Government Eaton Vance Short Duration
Obligations I (EIGOX) Government Income I (EILDX)
---- ----------------------- ---------------------------
Category
Name Short Government Short Government
-------- ---------------- ----------------
Rating
End
Date 6/30/2015 6/30/2015
------ --------- ---------
Rating
Overall 5 5
------- --- ---
Total
Funds
in
Overall
Group 116 116
------- --- ---
Rating
3
Year 5 5
------ --- ---
Total
Funds
in
3
Year
Group 116 116
----- --- ---
Rating
5
Year 5 5
------ --- ---
Total
Funds
in
5
Year
Group 109 109
----- --- ---
Rating
10
Year 5 4
------ --- ---
Total
Funds
in
10
Year
Group 93 93
----- --- ---
Morningstar Percentile Ranks:
Name Eaton Vance Government Eaton Vance Short Duration
Obligations I (EIGOX) Government Income I (EILDX)
---- ----------------------- ---------------------------
Category
Name Short Government Short Government
-------- ---------------- ----------------
Month
End
Date 6/30/2015 6/30/2015
----- --------- ---------
Return
1
Year
Percentile
Rank 9 5
---------- --- ---
Return
1
Year
Category
Size 124 124
-------- --- ---
Return
3
Year
Percentile
Rank 10 1
---------- --- ---
Return
3
Year
Category
Size 116 116
-------- --- ---
Return
5
Year
Percentile
Rank 6 4
---------- --- ---
Return
5
Year
Category
Size 109 109
-------- --- ---
Return
10
Year
Percentile
Rank 6 13
---------- --- ---
Return
10
Year
Category
Size 93 93
-------- --- ---
Primary EIGOX Risks:
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. 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. 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. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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.
Primary EILDX Risks:
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. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. 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. 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. 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.
Morningstar Ratings are 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(TM) 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.
Before investing, investors should consider carefully the investment objective, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing.
The Fund is distributed by Eaton Vance Distributors, Inc., Two International Place, Boston, MA 02110. Member FINRA/SIPC.
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SOURCE Eaton Vance Corp.
