Overview

Relative to traditional markets, historically this fund has had:Lower volatility,Higher risk-adjusted returns,Limited drawdown.1

As of 12/31/14

  • Fund
  • U.S. Stocks
  • Global Bonds

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
01/31/2015
Fund at NAV 1.29 1.40 1.29 4.56 1.74 1.95 4.56
Fund w/Max Sales Charge -3.47 -3.45 -3.47 -0.44 0.10 0.96 4.05
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.01 0.00 0.03 0.07 0.09 1.53
12/31/2014
Fund at NAV -0.42 0.32 2.69 2.69 1.96 1.92 4.45
Fund w/Max Sales Charge -5.17 -4.46 -2.19 -2.19 0.32 0.94 3.94
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.00 0.03 0.03 0.07 0.09 1.54
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. Total return prior to the commencement of Class A Shares reflects returns of the Global Macro Portfolio into which it invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Fund Facts as of Jan 31, 2015

Class A Inception 06/27/2007
Performance Inception 10/31/1997
Investment Objective Total return
Total Net Assets $4.1B
Minimum Investment $1000
Expense Ratio (Gross)3 1.32%
Expense Ratio (Net)4 1.01%
CUSIP 277923736


Portfolio Management

John R. Baur Managed Fund since 2008
Michael A. Cirami, CFA Managed Fund since 2008
Eric Stein, CFA Managed Fund since 2010

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. 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. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 Dec 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
01/31/2015
Fund at NAV 1.29 1.40 1.29 4.56 1.74 1.95 4.56
Fund w/Max Sales Charge -3.47 -3.45 -3.47 -0.44 0.10 0.96 4.05
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.01 0.00 0.03 0.07 0.09 1.53
Morningstar™ Nontraditional Bond Category5 0.10 -0.71 0.10 1.19 2.68 3.16 3.72
12/31/2014
Fund at NAV -0.42 0.32 2.69 2.69 1.96 1.92 4.45
Fund w/Max Sales Charge -5.17 -4.46 -2.19 -2.19 0.32 0.94 3.94
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.00 0.03 0.03 0.07 0.09 1.54
Morningstar™ Nontraditional Bond Category5 -0.69 -0.97 1.24 1.24 3.28 3.38 3.79
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. Total return prior to the commencement of Class A Shares reflects returns of the Global Macro Portfolio into which it invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 5.07 6.60 11.44 1.70 10.75 4.49 -0.68 3.79 -0.55 2.69
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 3.07 4.85 5.00 2.06 0.21 0.13 0.10 0.11 0.07 0.03

Fund Facts

Expense Ratio (Gross)3 1.32%
Expense Ratio (Net)4 1.01%
Class A Inception 06/27/2007
Performance Inception 10/31/1997
Distribution Frequency Monthly


Morningstar™ Ratings as of Jan 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Nontraditional Bond
Category
Overall * ** 219
3 Years ** *** 219
5 Years * ** 103
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
Feb 26, 2015 $9.44 $0.00
Feb 25, 2015 $9.44 $0.00
Feb 24, 2015 $9.44 $-0.01
Feb 23, 2015 $9.45 $-0.01
Feb 20, 2015 $9.46 $0.01
Feb 19, 2015 $9.45 $0.01
Feb 18, 2015 $9.44 $0.00
Feb 17, 2015 $9.44 $0.00
Feb 13, 2015 $9.44 $0.02

Distribution History6

Ex-Date Distribution Reinvest NAV
Feb 26, 2015 $0.02750 $9.44
Jan 29, 2015 $0.03040 $9.43
Dec 30, 2014 $0.03040 $9.31
Nov 26, 2014 $0.02940 $9.39
Oct 30, 2014 $0.03040 $9.33
Sep 29, 2014 $0.02940 $9.37
Aug 28, 2014 $0.03040 $9.32
Jul 30, 2014 $0.03040 $9.39
Jun 27, 2014 $0.02940 $9.32
May 29, 2014 $0.03040 $9.35
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 History6

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 

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. 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. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 (%)7,8 as of Jan 31, 2015

Foreign Sovereign Bonds 69.40
U.S. Govt. Agency Mortgage Backed Securities 14.91
Cash and Equivalents 5.63
Other Net Assets 5.14
Foreign Corporate Bonds 2.18
Equity 1.46
U.S. Treasury & Govt. Agency Bonds 1.28

Portfolio Statistics as of Jan 31, 2015

Average Duration 1.67 yrs.
Countries Represented 71


Credit Quality (%)9 as of Jan 31, 2015

AAA 21.96
AA 0.79
A 7.48
BBB 22.79
BB 19.14
B 20.68
CCC or Lower 4.00
Not Rated 3.16
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 (%)10 as of Jan 31, 2015

Turkey 4.95
Slovenia 4.89
Ecuador 2.79
Argentina 2.07
China -1.96
Qatar -2.30
Lebanon -2.46
Philippines -3.46
Spain -5.29
Germany -8.84
View All


Foreign Currency Exposure (%)11 as of Jan 31, 2015

Lebanese Pound 4.56
Mexican Peso 4.35
Serbian Dinar 4.17
Indian Rupee 3.14
Indonesian Rupiah 2.77
Sri Lankan Rupee 2.70
Philippine Peso 2.10
Polish Zloty 1.93
Icelandic Kronur 1.64
Turkish Lira 1.41
Bangladeshi Taka 1.28
Uruguayan Peso 1.11
Kenyan Shilling 1.06
Dominican Republic Peso 1.02
Chilean Peso 0.93
Norwegian Krone 0.80
Ugandan Shilling 0.80
Swedish Kronor 0.59
Zambian Kwacha 0.58
Azerbaijani New Manat 0.32
Viet Nam Dong 0.26
Jordanian Dinars 0.20
Colombian Peso 0.07
Costa Rican Colon 0.06
Singapore Dollar 0.04
Romanian Leu 0.04
Malaysian Ringgit 0.01
Brazilian Real -0.02
Thai Baht -0.06
British Pound Sterling -0.11
South African Rand -1.49
Japanese Yen -2.86
Australian Dollar -3.61
Hungarian Forint -3.86
Taiwan New Dollar -3.95
New Zealand Dollar -4.26


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. 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. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 Dec 31, 2014

The drop in oil prices that began last summer accelerated in the fourth quarter amid rising U.S. production, weakening global demand and the decision of the Organization of Petroleum Exporting Countries (OPEC) not to cut output. During the first part of the quarter, asset prices in emerging markets that import oil rallied, while prices in exporting countries declined. Russia, the world's second-largest oil exporter, was especially hard hit – pressure that intensified as more aggressive military action in Ukraine prompted new economic sanctions from the West. As the quarter progressed, risk appetites diminished more broadly, and the selloff that had largely been confined to oil exporters spread across emerging markets.

As expected, the Federal Reserve (Fed) ended its monthly bond purchases in October and held short-term interest rates near zero. However, the central bank’s economic projections and comments from Chair Janet Yellen following December’s policy meeting were more positive on the U.S. economy than previously, solidifying expectations for rate hikes in 2015. Overseas, the Bank of Japan expanded its asset-purchase program, and Japan’s public pension announced it would invest more in stocks—moves that caused Japanese assets to rally and the yen to weaken. The European Central Bank (ECB) disappointed investors by failing to unveil new stimulus measures but signaled it might do so in January. As 2014 drew to a close, political uncertainty in Greece raised the possibility of another sovereign debt restructuring in the new year.

Against this backdrop, the U.S. Treasury yield curve flattened—short-term yields rose modestly on expectations of higher rates from the Fed, and long-term yields declined due to strong demand for long-dated Treasuries from pensions and foreign investors. Most developed and emerging currencies weakened against the U.S. dollar, while local rates in emerging markets were generally unchanged. Credit spreads widened globally.

Performance Summary 

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

  • Asia, Western Europe and the Dollar Bloc were top-performing regions, boosted by long positions in the U.S. dollar versus other major currencies.
  • Eastern Europe also made a significant contribution to return, driven by a short position in the Russian ruble.
  • Latin America was the worst-performing region due to long credit and currency exposure to oil-exporting countries. A modest hedge against falling oil prices eased the negative impact.
  • Short positions in South Africa hurt results in Sub-Saharan Africa, while the Middle East and North Africa region was flat. A short gold/long platinum relative value trade detracted slightly.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.42 0.32 2.69 2.69 1.96 1.92 4.45
Fund w/Max Sales Charge -5.17 -4.46 -2.19 -2.19 0.32 0.94 3.94
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.00 0.03 0.03 0.07 0.09 1.54
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. Total return prior to the commencement of Class A Shares reflects returns of the Global Macro Portfolio into which it invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Fund Facts as of Dec 31, 2014

Class A Inception 06/27/2007
Performance Inception 10/31/1997
Expense Ratio (Gross)3 1.32%
Expense Ratio (Net)4 1.01%


Contributors 

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

  • Being short the Russian ruble versus the U.S. dollar added value. The ruble fell sharply versus the dollar in response to plummeting oil prices and new economic sanctions against Russia. A short position in Russian credit was also helpful.
  • The Fund was positioned to benefit from Japanese Prime Minister Shinzō Abe’s unprecedented stimulus policies. A short in the yen versus the U.S. dollar had a significantly positive effect, while the favorable impact of long exposure to the broad Japanese stock market was offset by a short position in Japanese government bonds.
  • A long position in the U.S. dollar versus the euro also boosted results. Gains here were driven by the relative strength of the U.S. economy compared with the eurozone and the fact that the Fed was unwinding stimulus while the ECB had an easing bias.

Detractors 

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

  • A long position in Venezuelan credit negatively impacted results given the selloff in oil. Venezuela is one of the world’s top oil exporters, and oil revenues represent approximately 12% of the country’s gross domestic product (GDP).
  • Long credit exposure in Ecuador and a long currency position in Mexico were also a drag on Fund performance. Like Venezuela, both countries depend heavily on revenues from oil exports.

Investment Outlook And Fund Positioning 

The U.S. economy is healthier than other developed economies, and the Fed is reining in stimulus while the Bank of Japan and ECB remain in easing mode. Consequently, we continue to be more constructive in our investment outlook for the United States versus the rest of the developed world and believe the U.S. dollar could strengthen further against other major currencies. In emerging markets, we remain highly selective in our pursuit of opportunities given the challenges facing various countries, including the falling price of oil and other commodities. That said, we continue to find many interesting opportunities in select markets.

As such, we continue to employ our intensive, proprietary research process in order to identify the most compelling investment ideas from around the world.

Credit Quality (%)9 as of Dec 31, 2014

AAA 20.41
AA 0.72
A 8.15
BBB 29.22
BB 17.67
B 17.29
CCC or Lower 3.66
Not Rated 2.89
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. 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. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Attribution

Attribution available in Fund Literature tab.

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

About Risk 

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. 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. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
John R. Baur

John R. Baur

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

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

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

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

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

Michael A. Cirami, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

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

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

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

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

Education
  • B.S. Mary Washington College
  • M.B.A. William E. Simon School of Business, University of Rochester
Experience
  • Managed Fund since 2008
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 2010

Fund Literature

Fund Literature

Annual Report

Attribution

Income, Volatility and Taxes Guide

Commentary

Fact Sheet

Volatility: Managing risk while seeking to grow client portfolios

Full Prospectus

Global Macro Absolute Return Holdings

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

SAI

EXCLUSIVE CONTENT

Two flexible Funds (EAGMX, EGRAX)

Semi-Annual Report

Monthly Update

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