Investment Overview

Relative value framework integrating qualitative and quantitative inputs
Fundamental analysis incorporating bottom-up financial statement research
Assessment of macroeconomic factors and comparative security market appraisal
Quantitative analysis incorporating our proprietary option-adjusted spread (OAS) model to evaluate complex optionality
Continuous credit analysis and risk assessment drive portfolio decisions
Proprietary portfolio analytic system (BondPAS) used to measure, evaluate and report key risk factors daily

Portfolio Construction

30 to 50 issuers
Credit quality generally investment grade, below investment grade typically under 25%
Portfolio allocated across industries and various geographies

Investment Team

John H. Croft, CFA, Portfolio Manager, Director of Diversified Credit Research
30 years of industry experience
12 years at Eaton Vance
BA, Colgate University
MBA, University of Chicago
Thomas H. Luster, CFA, Co-Director of Diversified Fixed Income
25 years of industry experience
20 years at Eaton Vance
BS, George Washington University
MBA, University of Chicago
Bernard Scozzafava, CFA, Director of Diversified Fixed Income Quantitative Research, Portfolio Manager
32 years of industry experience
10 years at Eaton Vance
BA, Hamilton College
MS, Massachusetts Institute of Technology Sloan School of Management

Benchmark

Bank of America/Merrill Lynch Fixed-Rate Preferred Securities Index