Overview

Foreign currency investments have historically maintained low correlations with traditional fixed income investments, providing diversification benefits.2

Fund offers broad diversification across local currencies and is not focused on the dollar, euro or yen like some other currency funds.

Average Annual Returns (%) as of Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -1.24 -0.59 1.21 1.68 2.09 1.98 5.17
Fund w/Max Sales Charge -5.97 -5.35 -3.61 -3.12 0.46 1.00 4.47
JPMorgan Emerging Local Markets Index Plus (ELMI+)3 -3.02 -3.93 -1.71 -1.86 0.80 0.93 2.85
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index4 -2.65 -3.79 -2.72 -2.84 -0.08 0.70 1.17
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 one year is cumulative. Max Sales Charge: 4.75%.

Fund Facts as of Sep 30, 2014

Class A Inception 06/27/2007
Investment Objective Total return
Total Net Assets $659.5M
Minimum Investment $1000
Expense Ratio (Gross)5 1.26%
Expense Ratio (Net)5,6 1.10%
CUSIP 277923710


Portfolio Management

John R. Baur Managed Fund since 2008
Michael A. Cirami, CFA Managed Fund since 2008

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk 

The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging or frontier countries, these risks may be more significant. 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. 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. 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 value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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

Average Annual Returns (%) as of Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -1.24 -0.59 1.21 1.68 2.09 1.98 5.17
Fund w/Max Sales Charge -5.97 -5.35 -3.61 -3.12 0.46 1.00 4.47
JPMorgan Emerging Local Markets Index Plus (ELMI+)3 -3.02 -3.93 -1.71 -1.86 0.80 0.93 2.85
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index4 -2.65 -3.79 -2.72 -2.84 -0.08 0.70 1.17
Morningstar™ Multicurrency Category7 -1.05 -0.38 0.93 -0.15 0.44 0.30
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 one year is cumulative. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 9.10 6.50 4.76 -0.12 7.62 -2.42
JPMorgan Emerging Local Markets Index Plus (ELMI+)3 14.79 3.21 12.30 16.04 -3.85 11.69 5.68 -5.19 7.45 -2.04
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index4 -6.71 7.95 3.91 -0.66 3.14 -0.59

Fund Facts

Expense Ratio (Gross)5 1.26%
Expense Ratio (Net)5,6 1.10%
Class A Inception 06/27/2007
Distribution Frequency Monthly

Yield Information8 as of Sep 30, 2014

Distribution Rate at NAV 4.98%
Subsidized SEC 30-day Yield 2.78%
Unsubsidized SEC 30-day Yield 2.65%


NAV History

Date NAV NAV Change
Oct 28, 2014 $10.17 $0.02
Oct 27, 2014 $10.15 $-0.01
Oct 24, 2014 $10.16 $0.01
Oct 23, 2014 $10.15 $0.00
Oct 22, 2014 $10.15 $-0.01
Oct 21, 2014 $10.16 $0.01
Oct 20, 2014 $10.15 $0.00
Oct 17, 2014 $10.15 $0.02
Oct 16, 2014 $10.13 $0.01
Oct 15, 2014 $10.12 $-0.02

Distribution History9

Ex-Date Distribution Reinvest NAV
Sep 29, 2014 $0.04220 $10.14
Aug 28, 2014 $0.04370 $10.32
Jul 30, 2014 $0.04370 $10.37
Jun 27, 2014 $0.04220 $10.35
May 29, 2014 $0.04370 $10.36
Apr 29, 2014 $0.04220 $10.31
Mar 28, 2014 $0.04370 $10.31
Feb 27, 2014 $0.03940 $10.27
Jan 30, 2014 $0.04370 $10.29
Dec 30, 2013 $0.04370 $10.41
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 History9

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

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 as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk 

The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging or frontier countries, these risks may be more significant. 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. 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. 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 value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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 (%)10,11 as of Sep 30, 2014

Foreign Sovereign Bonds 66.1
U.S. Treasury & Govt. Agency Bonds 29.5
Cash Equivalents 2.8
U.S. Govt. Agency Mortgage Backed Securities 1.2
Other Net Assets 0.4

Portfolio Statistics as of Sep 30, 2014

Average Duration 0.97 yrs.
Countries Represented 39


Credit Quality (%)12 as of Sep 30, 2014

AAA 34.11
AA 2.36
A 8.93
BBB 18.49
BB 25.22
B 10.90
CCC or Lower 0.00
Not Rated 0.00
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.


Foreign Currency Allocations (%)10,13 as of Sep 30, 2014

Africa 12.95
Ugandan Shilling 3.54
Kenyan Shilling 3.09
Zambian Kwacha 2.99
Nigerian Naira 2.13
Mauritian Rupee 1.20
Asia 32.69
Sri Lankan Rupee 5.04
Indian Rupee 4.84
Philippine Peso 4.07
Indonesian Rupiah 4.00
Bangladeshi Taka 3.88
Chinese Renminbi (offshore) 2.62
Vietnamese Dong 2.16
Singaporean Dollar 2.05
Malaysian Ringgit 2.02
South Korean Won 2.01
Europe 30.62
Icelandic Kronur 4.83
Serbian Dinar 4.63
Polish Zloty 4.45
Turkish Lira 4.40
British Pound Sterling 2.09
Norwegian Krone 2.05
Swedish Kronor 2.05
Romanian Leu 2.00
Georgian Lari 1.50
Bosnia and Herzegovina Marka 1.48
Azerbaijani New Manat 1.14
Latin America 19.51
Uruguayan Peso 4.30
Peruvian Nuevo Sole 4.13
Mexican Peso 4.06
Dominican Republic Peso 2.06
Colombian Peso 2.02
Brazilian Real 1.21
Chilean Peso 1.04
Costa Rican Colon 0.69
Middle East 8.49
Lebanese Pound 4.91
Jordanian Dinars 2.11
Israeli Shekel 1.47


Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk 

The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging or frontier countries, these risks may be more significant. 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. 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. 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 value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Sep 30, 2014

Key factors influencing the global markets during the third quarter included new stimulus from the European Central Bank (ECB), a broad strengthening in the U.S. dollar and geopolitical developments, particularly in emerging markets. In late August, at the Federal Reserve’s (Fed) annual economic symposium, ECB President Draghi signaled that more aggressive monetary easing was on the way to boost Europe’s anemic recovery. The ECB made good on his words the following week by lowering its main lending rate, cutting a bank deposit rate further into negative territory and announcing a program to buy asset-based securities and other bonds. In response, the euro fell to a 14-month low against the U.S. dollar and continued to weaken over the remainder of September.

Beyond the euro, the U.S. dollar gained ground versus other major currencies this quarter, reflecting the relative strength of the U.S. economy and a less-accommodative Fed. The central bank appeared on track to end its bond-buying program in October and to start hiking short-term interest rates in early- to mid-2015. In anticipation of higher short-term U.S. rates, the dollar also strengthened against many emerging-market currencies.

The U.S. and European Union (EU) expanded economic sanctions against Russia due to the escalating conflict in Ukraine. Indonesia and Turkey elected new presidents, and markets began pricing in a greater probability that Brazilian President Rousseff, who is unpopular with investors, would retain power in the October election. Scottish voters rejected a bid for independence from the United Kingdom.

Against this backdrop, the U.S. Treasury yield curve flattened and U.S. credit spreads widened modestly. In general, local rates rose and credit spreads widened in emerging markets, though net flows into emerging-market debt funds remained positive. Commodity prices tumbled during the quarter, driven by weakness in agricultural and energy commodities, as well as precious metals.

Performance Summary 

Eaton Vance Diversified Currency Income Fund (the Fund) outperformed its benchmark, the JPMorgan Emerging Local Markets Index Plus (the Index),3 at net asset value for the quarter.

  • Asia and Sub-Saharan Africa were the top-contributing regions, led by gains in the Sri Lankan rupee and Zambian kwacha.
  • Western Europe was another area of strength, driven by a long position in the British pound versus the euro. Returns were slightly positive in the Middle East and North Africa region, boosted by the Lebanese pound.
  • Exposure to Latin America detracted, where the Uruguayan, Mexican and Colombian pesos generated losses. The Dollar Bloc, as well as Central and Eastern Europe, were also a drag on Fund performance, impacted by positions in the New Zealand dollar and Turkish lira.

Average Annual Returns (%) as of Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -1.24 -0.59 1.21 1.68 2.09 1.98 5.17
Fund w/Max Sales Charge -5.97 -5.35 -3.61 -3.12 0.46 1.00 4.47
JPMorgan Emerging Local Markets Index Plus (ELMI+)3 -3.02 -3.93 -1.71 -1.86 0.80 0.93 2.85
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index4 -2.65 -3.79 -2.72 -2.84 -0.08 0.70 1.17
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 one year is cumulative. Max Sales Charge: 4.75%.

Fund Facts as of Sep 30, 2014

Class A Inception 06/27/2007
Expense Ratio (Gross)5 1.26%
Expense Ratio (Net)5,6 1.10%


Contributors 

Factors contributing to the Fund’s performance during the quarter:

  • An investment in the Sri Lankan rupee was helpful. The Sri Lankan economy grew 7.8% in the second quarter and is expected to remain strong through next year.
  • Exposure to the Bosnia and Herzegovina convertible mark, the currency of the Republic of Srpska, added value, as the country’s economy rebounded from spring floods – the worst in over a century.
  • An allocation to the Dominican Republic peso benefited Fund performance. In July, the Dominican Republic issued a local currency bond that generated strong interest among investors, fueling demand for pesos.

Detractors 

Factors detracting from the Fund’s performance during the quarter:

  • Owning the Mexican peso was a negative. The currency tends to experience volatility when the foreign exchange markets – particularly the emerging currency markets – are volatile, which they were this quarter. Some disappointing economic news out of Mexico was an additional headwind.
  • A position in the Uruguayan peso was a negative, as weakness in Argentina and Brazil had a spillover effect into Uruguay. A weaker Argentine economy decreases Argentine demand for Uruguayan exports, whereas a weaker Brazilian real makes Uruguay’s exports less competitive.
  • Exposure to the Turkish lira detracted. The country’s proximity to Iraq and Syria fueled concerns that it might get pulled into the conflict between the United States and the Islamic State of Iraq and Syria (ISIS).

Investment Outlook And Fund Positioning 

While the U.S. economy is just muddling along, it is performing better than other developed markets. The eurozone recovery has stalled, and Japan’s economy is struggling to regain momentum after a sales tax increase caused consumer spending to plummet. Growth in China continues to slow, creating headwinds for commodity-driven economies like Australia, Canada and Brazil. And across the global bond markets, valuations look stretched, particularly in sovereign credit.

There is a fundamental argument to be made that U.S. yields should be heading higher given the relative strength of the U.S. economy and Fed tightening. However, several exogenous factors could just as easily push U.S. yields lower. Chief among them is a potential flare-up in tensions between Russia and Europe, as Russia is one of Europe’s key trading partners.

In this uncertain environment, we don’t think that U.S. interest-rate risk is likely to be a key driver of returns. As such, we remain focused on finding individual opportunities around the world, wherever they may be.

Credit Quality (%)12 as of Sep 30, 2014

AAA 34.11
AA 2.36
A 8.93
BBB 18.49
BB 25.22
B 10.90
CCC or Lower 0.00
Not Rated 0.00
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.


The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk 

The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging or frontier countries, these risks may be more significant. 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. 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. 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 value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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.


Attribution

Attribution available in Fund Literature tab.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk 

The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging or frontier countries, these risks may be more significant. 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. 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. 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 value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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

Biography
John R. Baur

John R. Baur

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

John Baur is a vice president of Eaton Vance Management, director of global portfolio analysis and portfolio manager on Eaton Vance’s global income group. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s global income strategies. He joined Eaton Vance in 2005.

John began his career in the investment management industry in 2005. Before joining Eaton Vance, he was employed by Applied Materials in an engineering capacity, spending five of his seven years at the firm in Asia.

John earned a B.S. from MIT and an MBA from the Johnson Graduate School of Management at Cornell University.

Education
  • B.S. Massachusetts Institute of Technology
  • M.B.A. Johnson Graduate School of Management, Cornell University
Experience
  • Managed Fund since 2008
Biography
Michael A. Cirami, CFA

Michael A. Cirami, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Michael Cirami is a vice president of Eaton Vance Management, co-director of global income and portfolio manager on Eaton Vance’s global income team, focusing on emerging Europe, the Middle East and Africa. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s global income strategies. He joined Eaton Vance in 2003.

Michael began his career in the investment management industry in 1998. Before joining Eaton Vance, he was employed at State Street Bank in Boston, Luxemburg and Munich, and with BT&T Asset Management in Zurich.

Michael earned a B.S., cum laude, from Mary Washington College and an MBA with honors from the William E. Simon School at the University of Rochester. He also studied at WHU Otto Beisheim School of Management in Koblenz, Germany. He is a member of the Boston Security Analysts Society, the Boston Committee on Foreign Relations and the Ludwig von Mises Institute. He also serves as a board member and chairman of the investment committee of the Boston Civic Symphony and the University of Mary Washington Foundation. Additionally, he is on the board of overseers for the New England Conservatory. He is a CFA charterholder.

Michael’s commentary has appeared in The Wall Street Journal, Barron’s, Bloomberg and Reuters. He has been a featured speaker at Schwab, Bloomberg European Debt Crisis and Standard Chartered forums.

Education
  • B.S. Mary Washington College
  • M.B.A. William E. Simon School of Business, University of Rochester
Experience
  • Managed Fund since 2008

Fund Literature

Fund Literature

Report of Organizational Actions Affecting Basis of Securities

Annual Report

Attribution

Income, Volatility and Taxes Guide

Commentary

Income Markets Review

Income Markets Snapshot

Discover Opportunities in the Income Markets with Eaton Vance

Fact Sheet

Income: Looking beyond traditional sources of yield

Full Prospectus

Diversified Currency Income Holdings

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Have you looked at India lately?

SAI

EXCLUSIVE CONTENT

Seeking income without adding more volatility

Semi-Annual Report

Summary Prospectus

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