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 Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.81 0.27 0.27 -2.91 1.06 4.22 5.42
Fund w/Max Sales Charge -3.95 -4.50 -4.50 -7.55 -0.58 3.21 4.66
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index3 0.35 -0.09 -0.09 0.27 -0.26 3.12 1.65
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 Mar 31, 2014

Class A Inception 06/27/2007
Investment Objective Total return
Total Net Assets $681.6M
Minimum Investment $1000
Expense Ratio (Gross)4 1.26%
Expense Ratio (Net)4,5 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 Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.81 0.27 0.27 -2.91 1.06 4.22 5.42
Fund w/Max Sales Charge -3.95 -4.50 -4.50 -7.55 -0.58 3.21 4.66
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index3 0.35 -0.09 -0.09 0.27 -0.26 3.12 1.65
Morningstar™ Multicurrency Category6 0.97 0.35 0.35 -2.56 -1.11 3.02
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
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index3 -6.71 7.95 3.91 -0.66 3.14 -0.59

Fund Facts

Expense Ratio (Gross)4 1.26%
Expense Ratio (Net)4,5 1.10%
Class A Inception 06/27/2007
Distribution Frequency Monthly

Yield Information7 as of Mar 31, 2014

Distribution Rate at NAV 5.08%
Subsidized SEC 30 Day Yield 3.07%
Unsubsidized SEC 30 Day Yield 2.88%


NAV History

Date NAV NAV Change
Apr 22, 2014 $10.33 $-0.02
Apr 21, 2014 $10.35 $0.00
Apr 17, 2014 $10.35 $0.00
Apr 16, 2014 $10.35 $0.02
Apr 15, 2014 $10.33 $-0.02
Apr 14, 2014 $10.35 $0.00
Apr 11, 2014 $10.35 $0.01
Apr 10, 2014 $10.34 $-0.01
Apr 09, 2014 $10.35 $0.00

Distribution History8

Ex-Date Distribution Reinvest NAV
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
Oct 30, 2013 $0.04370 $10.61
Sep 27, 2013 $0.04220 $10.50
Aug 29, 2013 $0.04370 $10.40
Jul 30, 2013 $0.04370 $10.62
Jun 27, 2013 $0.04220 $10.60
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 History8

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 (%)9,10 as of Mar 31, 2014

Foreign Sovereign Bonds 63.6
U.S. Treasury & Govt. Agency Bonds 23.7
Cash Equivalents 11.0
U.S. Govt. Agency Mortgage Backed Securities 1.2
Other Net Assets 0.5

Portfolio Statistics as of Mar 31, 2014

Average Duration 0.89 yrs.
Countries Represented 42


Credit Quality (%)11 as of Mar 31, 2014

AAA 31.98
AA 2.45
A 8.33
BBB 15.92
BB 31.27
B 10.04
CCC or Lower 0.00
Not Rated 0.00
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's 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 (%)9,12 as of Mar 31, 2014

Africa 7.12
Kenyan Shilling 4.31
Ugandan Shilling 1.67
Mauritian Rupee 1.14
Asia 34.87
Sri Lankan Rupee 5.28
Indonesian Rupiah 4.75
Viet Nam Dong 4.34
Indian Rupee 4.21
Philippine Peso 4.09
Singapore Dollar 3.24
Bangladeshi Taka 2.94
South Korean Won 2.61
Kazakh Tenge 1.30
Taiwan New Dollar 1.08
Malaysian Ringgit 1.03
Europe 22.67
Serbian Dinar 4.93
Polish Zloty 2.92
Russian Ruble 2.02
Armenian Dram 2.02
Norwegian Krone 1.78
Georgian Lari 1.69
Bosnia and Herzegovina Convertible Marka 1.44
Azerbaijani New Manat 1.34
Swedish Kronor 1.29
Turkish Lira 1.24
Romanian Leu 1.24
Icelandic Kronur 0.76
Latin America 22.22
Mexican Peso 4.42
Peruvian Nuevo Sole 4.09
Uruguayan Peso 3.83
Paraguayan Guarani 2.69
Colombian Peso 2.33
Brazilian Real 1.17
Chilean Peso 1.03
Argentinian Peso 0.88
Costa Rican Colon 0.66
Guatemalan Quetzales 0.65
Dominican Republic Peso 0.47
Middle East 10.75
Lebanese Pound 5.06
Israeli Shekel 3.23
Jordanian Dinars 2.46


 

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 Mar 31, 2014

The first quarter was characterized by uncertainty about the global economic outlook, a reduction in stimulus from the Federal Reserve (Fed) and a rebound in emerging-market asset prices.

During the first quarter, a number of economists lowered their estimates for U.S. gross domestic product (GDP) growth, in part due to weaker consumer spending caused by harsh winter weather. However, data for other sectors, including business investment and trade, were also soft. Signs of sluggish growth did not deter the Fed from continuing to taper its bond-buying program. At each of its two policy meetings during the quarter, the central bank trimmed its monthly bond purchases by $10 billion. The Fed held short-term interest rates near zero but said that it would base future rate decisions on a broad range of economic indicators. This clouded the outlook for monetary policy, as previous guidance had referenced 6.5% unemployment as the Fed’s threshold for considering rate hikes.

Overseas, economic data in Japan suggested that the pro-growth polices of Prime Minster Abe were losing momentum. The eurozone economy showed marginal improvement, although the region’s large trade surplus helped send the euro to a level unseen since 2011 relative to the U.S. dollar. The European Central Bank signaled its willingness to act with rate cuts or other measures to counter deflationary pressures and a stronger euro. In China, the government hinted that the slowdown in the country’s economy could prompt stimulus measures. There were additional headlines out of emerging markets that caused asset price volatility. These included tensions over Russia’s annexation of the Crimean Peninsula, a large currency devaluation in Argentina and protests in Venezuela, Brazil and Thailand, among others.

Against this backdrop, yield curves13 flattened in most developed and emerging markets, while credit spreads were largely unchanged. Emerging-market currencies were mixed relative to the U.S. dollar. Following a broad sell-off in January, they regained their footing to varying degrees as the quarter progressed.

Performance Summary 

Eaton Vance Diversified Currency Income Fund (the Fund) outperformed its benchmark, the Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index (the Index),3 at net asset value for the quarter.

  • Asia was the top-contributing region, led by gains in the Indonesian rupiah, Sri Lankan rupee and Indian rupee.
  • Western Europe and the Middle East and North Africa (MENA) region also boosted returns. The Icelandic krona helped results in Western Europe, while the Lebanese pound and Jordanian dinar added value in the MENA region.
  • Central and Eastern Europe had the largest negative impact on Fund performance, driven by a central bank devaluation of the Kazakhstani tenge.
  • Latin American and Sub-Saharan Africa were modest detractors due to losses in the Uruguayan peso, Colombian peso and Ghanaian cedi.

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.81 0.27 0.27 -2.91 1.06 4.22 5.42
Fund w/Max Sales Charge -3.95 -4.50 -4.50 -7.55 -0.58 3.21 4.66
Barclays Global Ex-USD Benchmark Currency (Trade-Weighted) Index3 0.35 -0.09 -0.09 0.27 -0.26 3.12 1.65
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 Mar 31, 2014

Class A Inception 06/27/2007
Expense Ratio (Gross)4 1.26%
Expense Ratio (Net)4,5 1.10%


Contributors 

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

  • A position in the Sri Lankan rupee made a significant contribution to return. Sri Lanka's economy registered 7.3% growth in 2013, and expectations called for continued strong growth in 2014.
  • Exposure to the Indonesian rupiah and Indian rupee was a plus. Both currencies were weak last year, but have since rallied due to policy steps taken by their respective governments. The rupee further benefited from optimism that business-friendly political candidates would win upcoming elections in India.
  • Fund performance benefited from an allocation to the Icelandic krona. Iceland continued to recover from the 2008 collapse of its banking system, posting 3.3% GDP growth last year.

Detractors 

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

  • An investment in the Kazakhstani tenge negatively affected returns. The country's central bank devalued the currency in February, citing a declining current account surplus and plans for a more free-floating currency regime.
  • A position in the Uruguayan peso was unfavorable. The country is feeling the effects of economic problems in neighboring Brazil and Argentina, and the Uruguayan government recently lowered its estimate of 2014 GDP.
  • Exposure to the Ghanaian cedi was a drag on Fund performance, as growing concerns over rising current account and budget deficits drove further currency weakness.

Investment Outlook And Fund Positioning 

In developed markets, deflationary forces appear to be percolating across the eurozone, and stagnant growth in the region may force structural reform in peripheral countries. Structural reform in Japan has stalled, and optimism about the country’s aggressive stimulus policies is starting to fade. We believe the United States has the healthiest economy in the developed world and has made the most progress toward deleveraging. However, the U.S. debt burden is still high, and political gridlock and the rising cost of social programs are additional headwinds.

In emerging markets, we are encouraged by the recent rebound in asset prices, and we think policy adjustments in several countries put them in a relatively stronger position going forward, while others appear to continue experiencing strong growth. That said, uncertainties remain, including the impact of slowing growth in China and political turmoil in Ukraine. Differentiation among emerging-market countries, thus, may be key.

Given these dynamics, we remain cautious in our outlook for the global fixed-income markets in general. However, we continue to pursue attractive individual investment opportunities for the Fund, especially in select emerging markets.

 

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

 

No attribution information is available.

 

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

Performance Attribution by Security Type

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

Think Performance Think Eaton Vance

EXCLUSIVE CONTENT

Seeking income without adding more volatilty

Semi-Annual Report

Summary Prospectus

XBRL


 

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