Overview

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

As of 03/31/2015

  • Fund
  • U.S. Stocks
  • Global Bonds

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
04/30/2015
Fund at NAV 0.31 0.82 2.13 4.78 1.86 1.82 4.66
Fund w/Max Sales Charge -4.46 -3.97 -2.68 -0.15 0.21 0.83 4.14
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.00 0.01 0.02 0.07 0.09 1.46
03/31/2015
Fund at NAV -0.21 1.81 1.81 4.56 1.79 1.93 4.61
Fund w/Max Sales Charge -4.94 -2.98 -2.98 -0.45 0.14 0.93 4.11
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.00 0.00 0.03 0.07 0.09 1.49
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 Apr 30, 2015

Class A Inception 06/27/2007
Performance Inception 10/31/1997
Investment Objective Total return
Total Net Assets $4.2B
Minimum Investment $1000
Expense Ratio (Gross)3 1.17%
Expense Ratio (Net)3 1.05%
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 

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. 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 Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
04/30/2015
Fund at NAV 0.31 0.82 2.13 4.78 1.86 1.82 4.66
Fund w/Max Sales Charge -4.46 -3.97 -2.68 -0.15 0.21 0.83 4.14
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.00 0.01 0.02 0.07 0.09 1.46
Morningstar™ Nontraditional Bond Category4 0.43 1.25 1.34 0.96 2.65 3.00 4.24
03/31/2015
Fund at NAV -0.21 1.81 1.81 4.56 1.79 1.93 4.61
Fund w/Max Sales Charge -4.94 -2.98 -2.98 -0.45 0.14 0.93 4.11
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.00 0.00 0.03 0.07 0.09 1.49
Morningstar™ Nontraditional Bond Category4 -0.23 0.90 0.90 0.91 2.61 3.20 4.21
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 1.17%
Expense Ratio (Net)3 1.05%
Class A Inception 06/27/2007
Performance Inception 10/31/1997
Distribution Frequency Monthly

Yield Information5 as of Apr 30, 2015

Distribution Rate at NAV 3.75%
SEC 30-day Yield 3.28%


Morningstar™ Ratings as of Apr 30, 2015

Time Period Rating Rating (Load Waived) Funds in
Nontraditional Bond
Category
Overall * ** 228
3 Years ** *** 228
5 Years * ** 120
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
May 21, 2015 $9.41 $-0.01
May 20, 2015 $9.42 $0.01
May 19, 2015 $9.41 $0.00
May 18, 2015 $9.41 $0.03
May 15, 2015 $9.38 $-0.01
May 14, 2015 $9.39 $0.00
May 13, 2015 $9.39 $-0.02
May 12, 2015 $9.41 $-0.03
May 11, 2015 $9.44 $0.02
May 08, 2015 $9.42 $0.02

Distribution History6

Ex-Date Distribution Reinvest NAV
Apr 29, 2015 $0.02940 $9.40
Mar 30, 2015 $0.03040 $9.40
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
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 

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. 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 Apr 30, 2015

Foreign Sovereign Bonds 62.93
Cash and Equivalents 15.95
U.S. Govt. Agency Mortgage Backed Securities 13.91
Foreign Corporate Bonds 2.63
Other Net Assets 1.86
Equity 1.44
U.S. Treasury & Govt. Agency Bonds 1.28

Portfolio Statistics as of Apr 30, 2015

Average Duration 1.55 yrs.
Countries Represented 70


Credit Quality (%)9 as of Apr 30, 2015

AAA 22.48
AA 0.00
A 5.98
BBB 18.72
BB 20.54
B 23.15
CCC or Lower 5.23
Not Rated 3.91
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 Apr 30, 2015

Turkey 4.85
Ecuador 4.23
Slovenia 3.18
Venezuela 2.87
China -1.93
Croatia -2.25
Qatar -2.29
Philippines -2.79
Spain -5.24
Germany -9.45
View All


Foreign Currency Exposure (%)11 as of Apr 30, 2015

Serbian Dinar 4.63
Chinese Renminbi (offshore) 4.05
Polish Zloty 4.01
Indian Rupee 3.31
Sri Lankan Rupee 3.26
Lebanese Pound 3.11
Philippine Peso 2.06
Mexican Peso 2.01
Icelandic Kronur 1.70
Bangladeshi Taka 1.25
Uruguayan Peso 1.03
Dominican Republic Peso 1.02
Chilean Peso 1.00
Zambian Kwacha 0.89
South African Rand 0.81
Indonesian Rupiah 0.62
Azerbaijani New Manat 0.26
Vietnam Dong 0.24
Ugandan Shilling 0.20
Kenyan Shilling 0.16
Swedish Kronor 0.12
Albanian Leke 0.08
Costa Rican Colon 0.06
Romanian Leu 0.05
Colombian Peso 0.05
Malaysian Ringgit 0.02
Singapore Dollar 0.01
Turkish Lira -0.07
British Pound Sterling -0.11
Norwegian Krone -0.18
Brazilian Real -0.21
Nigerian Naira -0.42
Swiss Franc -1.02
Oman Rials -1.05
New Zealand Dollar -2.12
Japanese Yen -2.43
Canadian Dollar -3.11
Hungarian Forint -4.16
Australian Dollar -5.01
Taiwan New Dollar -5.06


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. 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 Mar 31, 2015

In the first quarter, one of the key drivers of the financial markets was a broad strengthening in the U.S. dollar relative to other developed-market currencies. The dollar was particularly strong versus the euro, rising more than 11% as the European Central Bank (ECB) launched a $1.2 trillion bond-buying program designed to boost growth in the region. The Swiss franc was the only developed-market currency to gain material ground versus the U.S. dollar. In January, the Swiss National Bank abandoned a long-standing cap on the value of the franc versus the euro, causing the franc to soar against more than 170 global currencies.

The U.S. dollar's strength put additional downward pressure on commodity prices, as well as asset prices in commodity-oriented emerging markets. But while emerging-market currencies generally weakened, they held up better than their developed-market counterparts. On the oil front, West Texas Intermediate (WTI) crude oil fell 14.86%, and Brent crude slid 9.27%. These were significant losses, although they were much smaller than the losses sustained in the fourth quarter of 2014. Events in the Middle East created cross-currents for oil prices. On one hand, the West was negotiating with Iran to contain Iran's nuclear program, and any deal would likely remove sanctions that would release more oil onto global markets. At the same time, a potential flare-up in the ongoing conflict between Iran and Saudi Arabia could disrupt supplies.

Interest rates declined around the world, with the exception of a few, very problematic markets. One such market was Greece, where a newly formed government negotiated with European policymakers to receive the financial aid it needs to meet upcoming debt, salary and pension payments. Credit spreads generally tightened globally, largely because of the ECB's bond-buying program and easing concerns about energy-related companies.

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 for the quarter.

  • Latin America was the best-performing region, helped by long credit exposures and interest-rate positioning.
  • Western Europe and the Dollar Bloc added a meaningful amount to return, driven by short positions in the euro, Australian dollar and other major currencies.
  • Results were also positive in Asia, as well as in Central and Eastern Europe (CEE). Long currency exposures were a plus in Asia, while long currency and credit allocations were beneficial in CEE.
  • The Middle East and North Africa region was flat. Sub-Saharan Africa was the sole regional detractor due to select long currency positions.

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.21 1.81 1.81 4.56 1.79 1.93 4.61
Fund w/Max Sales Charge -4.94 -2.98 -2.98 -0.45 0.14 0.93 4.11
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.00 0.00 0.00 0.03 0.07 0.09 1.49
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 Mar 31, 2015

Class A Inception 06/27/2007
Performance Inception 10/31/1997
Expense Ratio (Gross)3 1.17%
Expense Ratio (Net)3 1.05%


Contributors 

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

  • Short exposure to the euro had the largest positive impact on returns. The euro suffered its biggest three-month percentage drop versus the U.S. dollar since the common currency debuted in 1999.
  • Long credit positions in Venezuela and Ecuador – two countries that rely heavily on oil revenues – performed well. Their attractive valuations caught investors' attention as the price of oil stabilized somewhat following its dramatic fourth-quarter decline.
  • Long exposure to the Serbian dinar versus the euro was helpful. Beyond the general weakness in the euro, Serbia's central bank intervened to support the dinar to help lower costs for Serbs holding Swiss franc mortgages.

Detractors 

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

  • A short position in the Hungarian forint against the euro was unfavorable given broad euro weakness and an improving outlook for Hungary's economy. The country is benefiting from falling oil prices, as well as a pickup in exports and domestic demand.
  • Being long the Mexican peso hurt Fund performance. Lower oil prices have dampened enthusiasm for 2014 legislation that opened up Mexico's energy sector to private investment for the first time in over 75 years.
  • Long exposure to the Turkish lira was a headwind given tensions in the Middle East and signs that the government was becoming more of an authoritarian regime.

Investment Outlook And Fund Positioning 

The U.S. economy is healthier than other developed economies, and the Federal Reserve (Fed) has started reining in stimulus while the ECB and Bank of Japan have continued to ease. Consequently, we remain more constructive in our investment outlook for the United States versus the rest of the developed world. We believe the U.S. dollar could strengthen further against other major currencies, although we expect its upward trajectory to be volatile as investors anticipate the Fed's next move. In emerging markets, we remain highly selective in our pursuit of opportunities given the challenges facing various countries, including falling commodity prices. 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 Mar 31, 2015

AAA 20.96
AA 0.00
A 5.91
BBB 26.99
BB 18.52
B 20.53
CCC or Lower 4.06
Not Rated 3.04
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. 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 

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. 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

Summary Prospectus

XBRL


 

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