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 Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
08/31/2014
Fund at NAV 0.13 1.06 2.47 4.26 0.71 2.85 5.41
Fund w/Max Sales Charge -4.65 -3.77 -2.40 -0.70 -0.90 1.85 4.70
JPMorgan Emerging Local Markets Index Plus (ELMI+)3 0.00 -0.41 1.35 3.35 -0.82 1.90 3.32
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index4 -0.05 -0.58 -0.07 1.85 -0.94 1.52 1.56
06/30/2014
Fund at NAV 0.41 1.54 1.81 2.38 0.92 3.59 5.45
Fund w/Max Sales Charge -4.40 -3.24 -3.03 -2.48 -0.70 2.58 4.72
JPMorgan Emerging Local Markets Index Plus (ELMI+)3 0.54 1.77 2.31 2.61 -0.98 2.63 3.54
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index4 0.59 1.21 1.11 2.86 -0.45 2.17 1.77
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 Aug 31, 2014

Class A Inception 06/27/2007
Investment Objective Total return
Total Net Assets $673.2M
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 non–payment 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. Derivatives 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 Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
08/31/2014
Fund at NAV 0.13 1.06 2.47 4.26 0.71 2.85 5.41
Fund w/Max Sales Charge -4.65 -3.77 -2.40 -0.70 -0.90 1.85 4.70
JPMorgan Emerging Local Markets Index Plus (ELMI+)3 0.00 -0.41 1.35 3.35 -0.82 1.90 3.32
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index4 -0.05 -0.58 -0.07 1.85 -0.94 1.52 1.56
Morningstar™ Multicurrency Category7 1.03 0.63 1.89 2.03 -0.50 1.17
06/30/2014
Fund at NAV 0.41 1.54 1.81 2.38 0.92 3.59 5.45
Fund w/Max Sales Charge -4.40 -3.24 -3.03 -2.48 -0.70 2.58 4.72
JPMorgan Emerging Local Markets Index Plus (ELMI+)3 0.54 1.77 2.31 2.61 -0.98 2.63 3.54
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index4 0.59 1.21 1.11 2.86 -0.45 2.17 1.77
Morningstar™ Multicurrency Category7 0.05 0.98 1.37 0.38 -1.05 1.93
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 Aug 29, 2014

Distribution Rate at NAV 5.08%
SEC 30-day Yield 2.80%


NAV History

Date NAV NAV Change
Sep 16, 2014 $10.26 $0.01
Sep 15, 2014 $10.25 $-0.01
Sep 12, 2014 $10.26 $-0.01
Sep 11, 2014 $10.27 $-0.01
Sep 10, 2014 $10.28 $0.00
Sep 09, 2014 $10.28 $-0.03
Sep 08, 2014 $10.31 $-0.01
Sep 05, 2014 $10.32 $0.00
Sep 04, 2014 $10.32 $0.01
Sep 03, 2014 $10.31 $0.01

Distribution History9

Ex-Date Distribution Reinvest NAV
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
Nov 27, 2013 $0.04220 $10.44
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 non–payment 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. Derivatives 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 Jun 30, 2014

Foreign Sovereign Bonds 62.1
U.S. Treasury & Govt. Agency Bonds 29.1
Cash Equivalents 7.3
U.S. Govt. Agency Mortgage Backed Securities 1.2
Other Net Assets 0.2

Portfolio Statistics as of Jun 30, 2014

Average Duration 0.94 yrs.
Countries Represented 37


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

AAA 34.99
AA 2.48
A 9.24
BBB 15.53
BB 18.46
B 19.30
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 rating 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 rating 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 rating agencies stated above.


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

Africa 9.25
Kenyan Shilling 3.01
Ugandan Shilling 2.95
Zambian Kwacha 2.11
Mauritian Rupee 1.18
Asia 31.75
Sri Lankan Rupee 4.96
Vietnamese Dong 4.08
Philippine Peso 4.00
Indonesian Rupiah 3.95
Indian Rupee 3.42
Bangladeshi Taka 3.09
Malaysian Ringgit 2.99
South Korean Won 2.51
Singaporean Dollar 2.00
Kazakh Tenge 0.75
Europe 32.09
Serbian Dinar 4.83
Romanian Leu 4.80
Turkish Lira 4.75
Polish Zloty 4.62
British Pound Sterling 4.01
Norwegian Krone 1.99
Icelandic Kronur 1.57
Bosnia and Herzegovinian Convertible Mark 1.41
Georgian Lari 1.40
Azerbaijani New Manat 1.37
Armenian Dram 1.34
Latin America 18.56
Peruvian Nuevo Sole 4.24
Uruguayan Peso 3.93
Mexican Peso 3.01
Colombian Peso 2.07
Dominican Republic Peso 1.75
Brazilian Real 1.26
Chilean Peso 1.04
Costa Rican Colon 0.69
Paraguayan Guarani 0.57
Middle East 8.73
Lebanese Pound 4.67
Jordanian Dinars 2.55
Israeli Shekel 1.51


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 non–payment 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. Derivatives 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 Jun 30, 2014

During the second quarter, the world’s fixed-income markets generally posted gains in response to sluggish global economic growth, accommodative monetary policy from major central banks and strong capital flows into emerging markets.

In the United States, the Commerce Department reported that first-quarter gross domestic product (GDP) contracted at an annual rate of 2.9%, a result that was mainly attributed to severe winter weather. However, more recent economic data were mixed, suggesting that the economy was struggling to regain momentum. The Federal Reserve (Fed) held short-term interest rates near zero and, in June, cut its 2014 growth forecast for the economy. Nonetheless, the central bank continued tapering its monthly bond purchases by $10 billon at each of its two policy meetings of the quarter.

Overseas, declining real wages (i.e., wages adjusted for inflation) and a drop in exports were headwinds for the Japanese economy, while dangerously low inflation threatened the eurozone recovery. The Bank of Japan maintained its extraordinarily easy monetary policies, and the European Central Bank announced several new stimulus measures. Unlike other developed economies, the U.K. economy showed signs of strengthening. The Bank of England held the size of its bond-buying program steady and left its key policy rate at a record low, but said it might raise rates sooner than investors expected.

Falling bond yields throughout much of the developed world made yields on emerging-market debt look more attractive. In addition, policy adjustments and political changes in emerging countries with current account and fiscal deficits helped restore investor confidence in these markets. Evidence of this, net capital flows for emerging-market debt were positive every week of the quarter. In this environment, yield curves flattened and credit spreads tightened in most developed and emerging markets. Emerging-market currencies generally strengthened versus the U.S. dollar.

Performance Summary 

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

  • Asia was the top-contributing region, driven by gains in the Sri Lankan rupee and South Korean won. Latin America and Central and Eastern Europe (CEE) were the next-largest contributors, helped by the Colombian and Dominican pesos (Latin America) and the Turkish lira and Romanian leu (CEE).
  • Investments in Western Europe and the Middle East and North Africa region also added value, thanks in part to strength in the Icelandic krona and Israeli shekel.
  • Results in Sub-Saharan Africa were essentially flat, as a gain on the Mauritian rupee was offset by a loss on the Zambian kwacha.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.41 1.54 1.81 2.38 0.92 3.59 5.45
Fund w/Max Sales Charge -4.40 -3.24 -3.03 -2.48 -0.70 2.58 4.72
JPMorgan Emerging Local Markets Index Plus (ELMI+)3 0.54 1.77 2.31 2.61 -0.98 2.63 3.54
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index4 0.59 1.21 1.11 2.86 -0.45 2.17 1.77
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 Jun 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 allocation to the Sri Lankan rupee positively impacted returns. Sri Lanka’s economy posted strong growth in the first quarter of 2014 while inflation moderated.
  • Fund performance benefited from exposure to the Turkish lira. Turkish assets staged a broad rally following a late-March election victory for the country’s ruling party, which alleviated political uncertainty.
  • An investment in the Colombian peso was helpful. A leading index provider significantly increased the weighting of Colombian debt in two of its widely used indices, fueling demand for the country’s bonds and currency.

Detractors 

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

  • A small position in the Russian ruble that was held near the beginning of the period detracted. The ruble strengthened as the quarter progressed and investors lost interest in the ongoing conflict with Ukraine. However, we sold the Fund’s ruble investment before the rally began.
  • Exposure to the Norwegian krone was unfavorable. The Norwegian central bank lowered its economic growth forecast for 2015 and 2016 and ruled out any near-term increases in interest rates.
  • An allocation to the Bosnia and Herzegovina convertible mark, the currency of the Republic of Srpska, was a drag on Fund performance. Severe flooding in May damaged the area’s economy.

Investment Outlook And Fund Positioning 

Japan recently unveiled a package of economic reforms, although it remains to be seen whether the government will be successful at implementing them. The eurozone recovery appears to be losing steam, and inflation in the region is very low and falling. The U.S. economy is performing well versus many other developed economies. But government debt remains high, consumer spending is weak and capital spending is unlikely to accelerate given slowing corporate profit growth and lackluster global demand.

Several emerging countries have taken steps to reduce their reliance on foreign capital. So when the Fed ultimately starts raising interest rates, local currencies and local yield curves should be more resilient than they were in the spring of 2013, when the Fed started talking about tapering its bond purchases. However, risks remain, including concerns about China’s credit boom, political conflict in Ukraine and increasing turmoil in Iraq. Differentiation among emerging markets will, thus, be critical.

In light of these factors, our broad outlook for the global fixed-income markets remains cautious. That said, we continue to pursue attractive individual investment opportunities for the Fund wherever they may be.

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 non–payment 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. Derivatives 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 non–payment 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. Derivatives 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 with Eaton Vance’s Global Income Group.

John joined Eaton Vance in 2005 as an analyst covering Latin America before becoming a portfolio manager in 2008. From 1995-2002, John was affiliated with Applied Materials in an engineering capacity, spending five of his seven years there in Asia.

John earned a B.S. in mechanical engineering from M.I.T. and an M.B.A. from the Johnson Graduate School of Management at Cornell University. He is a member of the Boston Economics Club.

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 and portfolio manager with Eaton Vance’s Global Income Group, focusing on emerging Europe, the Middle East and Africa.

Michael joined Eaton Vance’s Global Income Group in 2003. Previously, 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. in business administration and economics, cum laude, from Mary Washington College and an M.B.A. 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 CFA charterholder, and a member of the Boston Security Analysts Society, the Boston Committee on Foreign Relations and the Ludwig von Mises Institute. Michael also serves as a board member and chairman of the investment committee of the Boston Civic Symphony.

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

Discover Opportunities in the Income Markets with Eaton Vance

Income Markets Review

Income Markets Snapshot

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

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

loading

We apologize for the inconvenience but we are experiencing a technical issue.

We are working on a solution. Please try again later.

If you require further assistance, please call:
1-800-836-2414.

    Your download will begin when this window is closed.

    You have successfully un-subscribed from .



    Don't have an account? Register.

    As a subscriber, you are one step away from getting more access and control. Register now by simply creating a password below.

    Passwords must be 8 to 20 alphanumeric characters, including a special character: ! @ # $ % ^ & * ( ) - _ = + , < . > ?

    Cancel

    Trouble registering? Call 1-800-836-2414.

    Congratulations! You are registered.

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your account and complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Congratulations!

    We are pleased to grant you access to this Eaton Vance website.

    Please click here to be logged in with your username .

    A verification email has been sent.

    You have requested a change to your password. In order to process this request, a verification email has been sent to . When you receive this email, please click the link contained within the email to start the password reset process.

    Trouble signing in? Call 1-800-836-2414.

    This account is restricted.

    Your account has limited access. You currently have access to content for:

    Firm restriction.

    This document has not been approved at your firm. We can not complete your subscription request at this time. Please try again later.


    If you need further assistance, please call 1-800-836-2414.

    This email account has not been verified.

    Your account has not yet been activated. We have sent a verification email to . If you'd like us to resend this, please click the Resend Email button below.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Thank you.

    An e-mail verification has been re-sent to . Please check your e-mail and follow the instructions to complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    An email has been sent to the email address containing a link to verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Re-verification Required

    For security purposes we could not complete your request. Please click here to receive a new link to access the requested content.

    A new email has been sent to the email address containing a link to re-verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Verification Accepted

    You have been granted access to the requested content.

    Remember Me

    Click here to remain recognized on this device for future visits to EatonVance.com

    Do Not Remember Me

    Click here if you are using a Public Computer or Shared Device.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Don't have an account? Register.

    Please check the Fund Literature that you would like to subscribe to. Your subscriptions can be managed on your profile page.

    Subscribe All

    Thank you for downloading

    If your download did not start automatically, please click here.

    Stay on top of your game!

    Receive email notifications when the  is updated by clicking the subscribe button.

    Close

    Thank you for subscribing

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your subscription.

    Un-subscription request

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your request.

    Financial Advisors, stay on top of your game.

    Receive email notifications of updates to  by entering your email address to subscribe.

    Cancel

    Don't have an account? Register.

    Enter your e-mail address to reset your password.

    Already have an account?
    Don't have an account? Register.

    Trouble registering? Call 1-800-836-2414.

    Simply enter your e-mail address to register.

    Cancel

    Already have an account?

    If you are an individual investor and have a Mutual Fund account with Eaton Vance, sign into your account here.

    Register for more access and control.
    • Elevate your business practice with materials from the Advisor Institute.
    • Learn more with exclusive videos, conference calls, and the latest insights.
    • Follow products, get product notifications, and manage your Eaton Vance communications.
    Please wait while the data is being prepared for download.
    loading
    This message will automatically close when your file is ready.

    Financial Advisors

    Register Now

    Already have an account? .

     

    Symbol:  

    NAV as of