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Eagle's returns based fixed income attribution methodology is a two phased process. The first phase consists of decomposing the total bond return. This decomposition is performed for both the portfolio and the benchmark. The second phase consists of calculating the benchmark relative attribution effects, such as currency, duration matched risk-free yield, roll, parallel shift, curve reshape, and total spread. Optionally, you can decompose the Total Spread plus Residual (or only Residual) into the Brinson-Fachler equity style effects. And you can calculate multiple key rate duration effects as well as calculating the parallel shift and curve reshape effects. The following figure shows a multi-level decomposition of the total bond return.