Overview

An Absolute Return SolutionGuided by Experience.

A flexible absolute return strategy managed by an experienced leader in global macro investing.

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 1.81 3.05 4.98 6.64 3.79 2.31
Fund w/Max Sales Charge -3.07 -1.84 0.00 1.61 2.11 1.09
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index1 0.00 0.01 0.03 0.05 0.07 0.10 0.09
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 08/31/2010
Investment Objective Total return
Total Net Assets $1.2B
Minimum Investment $1000
Expense Ratio (Gross)2 1.94%
Expense Ratio (Net)3 1.52%
CUSIP 277923280


Portfolio Management

John R. Baur Managed Fund since inception
Michael A. Cirami, CFA Managed Fund since inception
Eric Stein, CFA Managed Fund since inception

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 

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. 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. As interest rates rise, the value of certain income investments is likely to decline. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 1.81 3.05 4.98 6.64 3.79 2.31
Fund w/Max Sales Charge -3.07 -1.84 0.00 1.61 2.11 1.09
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index1 0.00 0.01 0.03 0.05 0.07 0.10 0.09
Morningstar™ Nontraditional Bond Category4 -0.28 -0.25 2.18 3.24 3.94 4.28
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 -1.64 6.47 -1.03
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index1 1.33 3.07 4.85 5.00 2.06 0.21 0.13 0.10 0.11 0.07

Fund Facts

Expense Ratio (Gross)2 1.94%
Expense Ratio (Net)3 1.52%
Class A Inception 08/31/2010
Distribution Frequency Annually


Morningstar™ Ratings as of Sep 30, 2014

Time Period Rating Rating (Load Waived) Funds in
Nontraditional Bond
Category
Overall ** *** 196
3 Years ** *** 196
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Oct 29, 2014 $10.12 $0.06
Oct 28, 2014 $10.06 $0.03
Oct 27, 2014 $10.03 $0.01
Oct 24, 2014 $10.02 $-0.01
Oct 23, 2014 $10.03 $0.03
Oct 22, 2014 $10.00 $0.03
Oct 21, 2014 $9.97 $0.01
Oct 20, 2014 $9.96 $0.00
Oct 17, 2014 $9.96 $0.06
Oct 16, 2014 $9.90 $-0.01

Distribution History5

Ex-Date Distribution Reinvest NAV
Dec 28, 2011 $0.25500 $9.65
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 History5

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 20, 2012 $0.17660 $0.35580 $9.71
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 

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. 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. As interest rates rise, the value of certain income investments is likely to decline. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 (%)6,7 as of Sep 30, 2014

Foreign Sovereign Bonds 86.7
Other Net Assets 4.7
Cash Equivalents 3.8
Equity 2.1
U.S. Treasury & Govt. Agency Bonds 1.4
U.S. Govt. Agency Mortgage Backed Securities 1.3

Portfolio Statistics as of Sep 30, 2014

Average Duration 0.31 yrs.
Countries Represented 68


Credit Quality (%)8 as of Sep 30, 2014

AAA 4.40
AA 0.96
A 10.74
BBB 12.90
BB 34.73
B 26.60
CCC or Lower 4.66
Not Rated 5.01
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 Sovereign External Debt (%)9 as of Sep 30, 2014

Slovenia 9.60
Turkey 9.57
Argentina 4.17
Macedonia 2.93
Colombia -2.49
Philippines -2.97
Russia -3.81
Spain -3.81
Qatar -3.89
Germany -8.94
View All


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

Serbian Dinar 10.16
Sri Lankan Rupee 8.67
Lebanese Pound 8.56
Mexican Peso 5.93
Indian Rupee 4.47
Philippine Peso 4.36
Uruguayan Peso 4.14
Polish Zloty 4.12
Kenyan Shilling 3.40
Icelandic Kronur 2.52
Ugandan Shilling 2.29
Dominican Republic Peso 2.17
Peruvian Nuevo Sole 1.92
Indonesian Rupiah 1.90
Bangladeshi Taka 1.84
Nigerian Naira 1.32
Jordanian Dinars 0.52
Azerbaijani New Manat 0.40
Romanian Leu 0.07
South Korean Won 0.05
Turkish Lira 0.05
Chilean Peso 0.05
Hong Kong Dollar 0.04
New Zealand Dollar 0.03
Swedish Kronor 0.02
Norwegian Krone 0.01
Brazilian Real -0.06
Malaysian Ringgit -0.09
Singaporean Dollar -0.11
Ghanaian Cedi -0.25
Hungarian Forint -0.32
British Pound Sterling -1.58
South African Rand -3.66
Japanese Yen -6.31
Swiss Franc -6.39
Canadian Dollar -6.59
Australian Dollar -6.60


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 

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. 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. As interest rates rise, the value of certain income investments is likely to decline. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 Global Macro Absolute Return Advantage Fund (the Fund) outperformed its benchmark, the BofA Merrill Lynch 3 Month U.S. Treasury Bill Index (the Index),1 at net asset value for the quarter.

  • Asia, the Dollar Bloc and Western Europe were the top-performing regions, driven by long positions in the U.S. dollar versus a number of other developed-market currencies.
  • Central and Eastern Europe, as well as Sub-Saharan Africa, were also notable contributors. Within these regions, short currency and short credit exposure in Russia and South Africa were particularly helpful.
  • Latin America detracted, mainly because of long currency and long credit positions. An allocation to the Middle East and North Africa region did not have a material impact on results, nor did the Fund’s short gold/long platinum relative value trade.

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 1.81 3.05 4.98 6.64 3.79 2.31
Fund w/Max Sales Charge -3.07 -1.84 0.00 1.61 2.11 1.09
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index1 0.00 0.01 0.03 0.05 0.07 0.10 0.09
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 08/31/2010
Expense Ratio (Gross)2 1.94%
Expense Ratio (Net)3 1.52%


Contributors 

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

  • The U.S. economy is one of the stronger developed economies and, unlike other major central banks, the Fed is unwinding stimulus. This benefited the Fund’s long U.S. dollar positions versus the yen, euro, Swiss franc, Australian dollar and Canadian dollar.
  • Long exposure to 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.11
  • Being short currency and credit in Russia boosted results. Prices of Russian assets generally declined during the quarter, reflecting the additional economic sanctions imposed by the West.

Detractors 

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

  • Long exposure to Argentine credit was unfavorable. In July, Argentina defaulted on bonds governed by New York law, an event that was largely priced into the market. However, the Argentine government took a harder-than-expected stance when negotiating with bondholders, dashing hopes that the securities would quickly emerge from default.
  • A long 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.
  • Long currency and long credit positions in Turkey 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 (%)8 as of Sep 30, 2014

AAA 4.40
AA 0.96
A 10.74
BBB 12.90
BB 34.73
B 26.60
CCC or Lower 4.66
Not Rated 5.01
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 

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. 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. As interest rates rise, the value of certain income investments is likely to decline. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 

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. 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. As interest rates rise, the value of certain income investments is likely to decline. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 inception
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 inception
Biography
Eric Stein, CFA

Eric Stein, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2002; rejoined the firm in 2008

Eric Stein is a vice president of Eaton Vance Management, co-director of global income and portfolio manager in Eaton Vance’s global income group. He is responsible for leading the 45-person global income team, as well as for making specific buy and sell decisions and overall portfolio construction. He focuses on Asia, Western Europe and the Dollar Bloc. He also covers the policies and actions of the Federal Reserve and the U.S. Treasury. He originally joined Eaton Vance in 2002 and rejoined the company in 2008.

Eric previously worked on the Markets Desk of the Federal Reserve Bank of New York. He has additional experience at Citigroup Alternative Investments.

Eric earned a B.S., cum laude, from Boston University and an MBA, with honors, from the University of Chicago Booth School of Business. He is a CFA charterholder and a member of the Boston Committee on Foreign Relations, Boston Economic Club, Business Associates Club, Enterprise Club, AEI Boston Council and Boston Security Analysts Society. Eric is on the board of overseers of Big Brothers Big Sisters of Massachusetts Bay. He also serves as a board member and member of the investment committee of the Boston Civic Symphony.

Eric’s commentary has appeared in The New York Times, The Wall Street Journal, Barron’s, Financial Times, The Washington Post, Bloomberg, Dow Jones, Reuters, Kiplinger’s and The Christian Science Monitor. He has been featured on CNBC, Fox News, Fox Business News, PBS, Bloomberg Radio and Bloomberg TV.

Education
  • B.S. Boston University
  • M.B.A. Booth School of Business, University of Chicago
Experience
  • Managed Fund since inception

Fund Literature

Fund Literature

Annual Report

Attribution

Income, Volatility and Taxes Guide

Commentary

Fact Sheet

Volatility: Managing risk with a range of strategies

Full Prospectus

Global Macro Absolute Return Advantage Holdings

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

Have you looked at India lately?

SAI

EXCLUSIVE CONTENT

Two flexible Funds (EAGMX, EGRAX)

Semi-Annual Report

Summary Prospectus

XBRL


 

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