Overview

The Fund has historically had a low beta to traditional asset classes, indicating it may provide diversification benefits.1

As of 12/31/2015

  • U.S. Stocks
  • Non-U.S. Stocks
  • Bonds

Average Annual Returns (%)Dec 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
01/31/2016
Fund at NAV -1.45 0.00 -1.45 0.09 1.69 2.42 2.34
Fund w/Max Sales Charge -6.13 -4.72 -6.13 -4.63 0.04 1.43 1.43
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.04 0.00 0.05 0.05 0.07 0.08
12/31/2015
Fund at NAV 0.08 4.15 3.84 3.84 2.88 2.66 2.66
Fund w/Max Sales Charge -4.66 -0.79 -1.08 -1.08 1.22 1.67 1.73
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.03 0.03 0.05 0.05 0.05 0.07 0.08
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 FactsJan 31, 2016

Class A Inception 08/31/2010
Investment Objective Total return
Total Net Assets $1.5B
Minimum Investment $1000
Expense Ratio (Gross)3 1.74%
Expense Ratio (Net)3 1.61%
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 

The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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 (%)Dec 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
01/31/2016
Fund at NAV -1.45 0.00 -1.45 0.09 1.69 2.42 2.34
Fund w/Max Sales Charge -6.13 -4.72 -6.13 -4.63 0.04 1.43 1.43
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.04 0.00 0.05 0.05 0.07 0.08
Morningstar™ Nontraditional Bond Category4 -1.07 -2.11 -1.07 -2.59 -0.32 1.44
12/31/2015
Fund at NAV 0.08 4.15 3.84 3.84 2.88 2.66 2.66
Fund w/Max Sales Charge -4.66 -0.79 -1.08 -1.08 1.22 1.67 1.73
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.03 0.03 0.05 0.05 0.05 0.07 0.08
Morningstar™ Nontraditional Bond Category4 -0.70 -0.35 -1.41 -1.41 0.33 1.86
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 (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV -1.64 6.47 -1.03 5.97 3.84
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 4.85 5.00 2.06 0.21 0.13 0.10 0.11 0.07 0.03 0.05

Fund Facts

Expense Ratio (Gross)3 1.74%
Expense Ratio (Net)3 1.61%
Class A Inception 08/31/2010
Distribution Frequency Annually

Morningstar™ RatingsJan 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Nontraditional Bond
Category
Overall *** **** 270
3 Years *** **** 270
5 Years *** **** 161
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.

© 2015 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
Feb 10, 2016 $9.31 $-0.05
Feb 09, 2016 $9.36 $-0.01
Feb 08, 2016 $9.37 $-0.03
Feb 05, 2016 $9.40 $0.01
Feb 04, 2016 $9.39 $-0.03
Feb 03, 2016 $9.42 $-0.06
Feb 02, 2016 $9.48 $-0.03
Feb 01, 2016 $9.51 $0.02
Jan 29, 2016 $9.49 $-0.02
Jan 28, 2016 $9.51 $0.01

Distribution History5

Ex-Date Distribution Reinvest NAV
Dec 30, 2015 $0.61860 $9.63
Dec 19, 2014 $0.34320 $9.80
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
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 Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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

Portfolio StatisticsDec 31, 2015

Average Duration 1.91 yrs.
Countries Represented 62

Credit Quality (%)6Dec 31, 2015

AAA 7.45
AA 2.22
A 6.74
BBB 16.01
BB 32.57
B 25.51
CCC or Lower 2.98
Not Rated 6.52
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 (%)7Dec 31, 2015

Turkey 7.95
Ecuador 4.67
Kazakhstan 3.98
Macedonia 3.91
Sri Lanka 3.00
Venezuela 2.45
Spain -2.87
Qatar -2.92
Croatia -6.45
South Africa -7.49
View All

Foreign Currency Exposure (%)8Dec 31, 2015

Swedish Kronor 8.04
Serbian Dinar 6.98
Icelandic Kronur 5.38
Indian Rupee 5.02
Singapore Dollar -5.95
Taiwan New Dollar -7.14
Australian Dollar -7.46
Hungarian Forint -8.39
Chinese Renminbi -9.47
Omani Rial -9.50
View All

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 Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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

Commentary

A Word On The Markets Dec 31, 2015

Throughout much of the fourth quarter, investors were intensely focused on the actions of the Federal Reserve and European Central Bank (ECB). The Fed kept policy steady at its first meeting of the quarter but raised short-term interest rates 0.25% at its second meeting, held in December. The increase was widely expected given signs the U.S. economy was weathering the global economic slowdown, including strong job gains, falling unemployment and an upward revision to third-quarter GDP. In addition, core consumer price inflation reached 2.0%.

Overseas, the ECB indicated that it was ready to add more stimulus if eurozone growth and inflation remained stagnate. The central bank followed through in December, cutting its deposit rate from -0.2% to -0.3% and extending the length of its bond-buying program. Nonetheless, the ECB disappointed investors by reducing rates less than expected and leaving the size of its monthly bond purchases at €60 billion.

After modest gains in October, oil prices suffered double-digit declines in both November and December. Prices of industrial metals and many agricultural commodities also weakened during the quarter, pressured by slowing Chinese growth. Early in the period, China's central bank lowered interest rates and bank reserve requirements in an effort to boost the economy.

Against this dynamic backdrop, the U.S. dollar generally strengthened versus developed market currencies, including the euro, British pound, Japanese yen and Canadian dollar. The U.S. dollar was mixed against emerging market currencies. Overall, U.S. dollar-denominated emerging market sovereign debt registered a solid gain, while the performance of local currency emerging market sovereign debt was flat. Rates rose across the U.S. Treasury yield curve.9

Performance Summary 

Eaton Vance Global Macro Absolute Return Fund and Eaton Vance Global Macro Absolute Return Advantage Fund outperformed their benchmark, the BofA Merrill Lynch 3 Month U.S. Treasury Bill Index (the Index)2, at net asset value during the quarter.

  • By risk factor, credit exposure contributed the most to the Funds' performance, and currency, rates and commodity positions also added value. Equity exposure was the sole detractor.
  • Results were also overwhelming positive on a regional basis - the Dollar Bloc was the only negative performer due to unfavorable currency and rates exposures. Latin America contributed the most to returns for Global Macro Absolute Return Fund, followed by the Middle East and Africa region. Middle East and Africa contributed most to returns for Global Macro Absolute Return Advantage Fund, followed by Latin America. In Latin America, the Funds benefited from credit and currency positioning, especially long credit exposure in Ecuador, Venezuela and Argentina and a short in the Peruvian new sol. These positive effects were tempered by other exposures, most notably a long position in Brazilian rates.
  • Strength in the Middle East and Africa region was driven by rates, credit and currency. A short in Saudi Arabian rates was advantageous, as were long positions in Ivory Coast and Zambian credit. Short positions in South African credit and the South African rand also boosted results as this producer of gold, coal and other raw materials struggled with commodity price weakness.
  • In Asia, allocations to equity, currency, credit and rates all helped Fund performance, including a long position in Japanese equities, which bounced back from a third-quarter decline. In addition, the People's Bank of China let the yuan gradually weaken against the U.S. dollar, benefiting the Funds' short position in the yuan. Rates and credit exposures fueled the gains in Central and Eastern Europe, where a long position in Russian rates and long credit positions in Turkey, Cyprus and Armenia were especially helpful. Select long currency exposures and duration positioning added value in Western Europe.

Average Annual Returns (%)Dec 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.08 4.15 3.84 3.84 2.88 2.66 2.66
Fund w/Max Sales Charge -4.66 -0.79 -1.08 -1.08 1.22 1.67 1.73
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.03 0.03 0.05 0.05 0.05 0.07 0.08
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 FactsDec 31, 2015

Class A Inception 08/31/2010
Expense Ratio (Gross)3 1.74%
Expense Ratio (Net)3 1.61%

Contributors 

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

  • At the position level, the top contributor in the Funds was short exposure to Saudi Arabian rates. In an effort to keep its currency competitive, Saudi Arabia raised its key interest rate in lockstep with the Fed, its first such increase since 2009. Long credit positions in Ecuador and Venezuela were the next-largest contributors. After a series of defaults that spanned decades, Ecuador bolstered investor confidence - and made history - by repaying a foreign loan. Venezuelan markets benefited from new political leadership that spurred hopes of economic reform. Other major contributors included a short position in oil and a long position in the Icelandic krona.

Detractors 

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

  • The biggest detractor was a short in the Australian dollar. After a steep decline versus the U.S. dollar in the first nine months of the year, the Australian dollar rebounded modestly in the fourth quarter. A long position in Brazilian rates was also unfavorable. Brazil's inflation surpassed 10% for the first time in more than a decade, fueling expectations that its central bank would be forced to resume raising interest rates in 2016, even though Brazil is in recession. A short in the Canadian dollar and a long in New Zealand rates subtracted a significant amount from return as well.

Investment Outlook And Fund Positioning 

In our view, it is likely that the U.S. economy will grow at an above-trend rate in the coming months, increasing the risk that the Fed raises its policy rate faster than markets expect. We also believe the U.S. dollar will continue to rise versus some of its developed market peers, particularly the Australian dollar and euro, albeit at a slower pace than in prior periods. Painful adjustments in emerging market economies should continue to lay the groundwork for a future rally in all emerging market assets. However, large risks remain: commodity prices could decline further, and China could post weaker-than-expected growth. In such an environment, the team remains committed to being highly selective in both its emerging and frontier market positioning.

At quarter-end, the Funds were net long the U.S. dollar. While the team has reduced or eliminated much of the Funds' long dollar versus developed market currency positioning, it has increased or added additional long dollar positions versus emerging Asian currencies, as it expects most currencies in the region to track weakness in the Chinese yuan. Short U.S. dollar and euro positions remain versus select emerging and frontier market currencies to balance the risk. The Funds' credit spread duration (a measure of its sensitivity to changes in credit spreads) was close to one year at quarter end. Each credit position, whether long or short, is a reflection of the team's view of the specific country rather than any broad regional themes. Finally, from a rates perspective, the Funds' U.S. duration remained close to zero years during the period, while non-U.S. duration remains modestly positive in the rest of the world. We expect that further volatility in commodity markets will continue to offer attractive rates trades around the world.

Credit Quality (%)6Dec 31, 2015

AAA 7.45
AA 2.22
A 6.74
BBB 16.01
BB 32.57
B 25.51
CCC or Lower 2.98
Not Rated 6.52
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

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

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

About Risk 

The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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 

The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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 buy and sell decisions, portfolio construction and risk management for the firm’s global income strategies. 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 term member of the Council on Foreign Relations. He is also 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

Literature

Literature

Fact Sheet

Commentary

Attribution

Monthly Update

Annual Report

Full Prospectus

Global Macro Absolute Return Advantage Holdings

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

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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