Overview

Attractive risk-adjusted returns since manager inception (as measured by Sharpe ratio).1

On 7/1/2009 a new team with years of prior experience was put in place to manage the Fund with a focus on investing in asset classes believed to offer attractive risk-adjusted returns.

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 0.01 0.31 1.85 2.34 0.95 1.52 3.32
Fund w/Max Sales Charge -4.78 -4.50 -2.98 -2.57 -0.65 0.54 2.83
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 0.27 1.84 1.84 2.65 1.10 1.72 3.31
Fund w/Max Sales Charge -4.54 -2.99 -2.99 -2.17 -0.51 0.75 2.82
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. Prior to 7/1/09, the Fund had a predetermined fixed allocation approach investing equally among portfolios investing in mortgage-backed securities, senior floating-rate loans and high-yield bonds. The Fund has changed its objectives and investment strategies to permit investment in multiple Eaton Vance Portfolios and Funds. Max Sales Charge: 4.75%.

Fund Facts as of Apr 30, 2015

Class A Inception 12/07/2004
Investment Objective Total return
Total Net Assets $174.2M
Minimum Investment $1000
Expense Ratio (Gross)3 1.29%
Expense Ratio (Net)3 1.26%
CUSIP 277923504


Portfolio Management

Dan R. Strelow, CFA Managed Fund since 2009
Justin H. Bourgette, CFA Managed Fund since 2011
Thomas A. Shively Managed Fund since 2011

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. While the Fund has a targeted annual performance volatility range, its actual, or realized, volatility for longer or shorter periods may be materially higher or lower than the target range depending on market conditions. 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 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. Fund share values are sensitive to stock market volatility. 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. The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. Investing in exchange-traded notes (ETNs) exposes the Fund to the performance of the issuer. The Fund's investments may lose their entire value if the issuer fails. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. As interest rates rise, the value of certain income investments is likely to decline. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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 0.01 0.31 1.85 2.34 0.95 1.52 3.32
Fund w/Max Sales Charge -4.78 -4.50 -2.98 -2.57 -0.65 0.54 2.83
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 0.27 1.84 1.84 2.65 1.10 1.72 3.31
Fund w/Max Sales Charge -4.54 -2.99 -2.99 -2.17 -0.51 0.75 2.82
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. Prior to 7/1/09, the Fund had a predetermined fixed allocation approach investing equally among portfolios investing in mortgage-backed securities, senior floating-rate loans and high-yield bonds. The Fund has changed its objectives and investment strategies to permit investment in multiple Eaton Vance Portfolios and Funds. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 3.78 7.05 3.80 -19.40 33.14 7.25 0.67 2.33 -1.21 1.23
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 1.29%
Expense Ratio (Net)3 1.26%
Class A Inception 12/07/2004
Distribution Frequency Monthly


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 $8.71 $0.01
May 20, 2015 $8.70 $0.00
May 19, 2015 $8.70 $0.00
May 18, 2015 $8.70 $-0.01
May 15, 2015 $8.71 $0.01
May 14, 2015 $8.70 $0.00
May 13, 2015 $8.70 $-0.01
May 12, 2015 $8.71 $0.00
May 11, 2015 $8.71 $-0.01
May 08, 2015 $8.72 $0.01

Distribution History5

Ex-Date Distribution Reinvest NAV
Apr 29, 2015 $0.01080 $8.73
Mar 30, 2015 $0.01370 $8.73
Feb 26, 2015 $0.01230 $8.72
Jan 29, 2015 $0.03240 $8.73
Dec 30, 2014 $0.02520 $8.63
Nov 26, 2014 $0.01190 $8.69
Oct 30, 2014 $0.01240 $8.69
Sep 29, 2014 $0.01450 $8.70
Aug 28, 2014 $0.01410 $8.70
Jul 30, 2014 $0.01560 $8.74
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 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 one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. While the Fund has a targeted annual performance volatility range, its actual, or realized, volatility for longer or shorter periods may be materially higher or lower than the target range depending on market conditions. 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 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. Fund share values are sensitive to stock market volatility. 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. The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. Investing in exchange-traded notes (ETNs) exposes the Fund to the performance of the issuer. The Fund's investments may lose their entire value if the issuer fails. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. As interest rates rise, the value of certain income investments is likely to decline. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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

Fund Weightings (%)6 as of Mar 31, 2015

Absolute Return Strategies 37.87
Equity Market Neutral Strategies 7.77
Global Macro Absolute Return Advantage Portfolio 11.28
Parametric Absolute Return Strategy7 3.24
Risk Premia Strategies 15.58
Income Strategies 38.46
CMBS 13.95
Floating Rate Portfolio 19.58
Short-Term U.S. Government Portfolio 4.93
Other 14.67
U.S. Treasury Futures7 13.05
VIX Hedging Strategies 1.62
Cash & Equivalents 37.04

Portfolio Statistics as of Mar 31, 2015

Average Weighted Duration 2.17 yrs.


Credit Quality (%)8 as of Mar 31, 2015

AAA 47.06
AA 0.90
A 2.71
BBB 8.89
BB 14.71
B 22.30
CCC or Lower 1.93
Not Rated 1.49
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.

Portfolio Allocations (%)9,10 as of Mar 31, 2015

MSAR Completion Portfolio 45.10
Floating Rate Portfolio 19.58
CMBS Portfolio 11.34
Global Macro Absolute Return Advantage Portfolio 11.28
Short-Term U.S. Government Portfolio 4.93
Parametric International Equity Fund - Class I 4.12
Parametric Emerging Markets Fund - Class I 3.66


Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. While the Fund has a targeted annual performance volatility range, its actual, or realized, volatility for longer or shorter periods may be materially higher or lower than the target range depending on market conditions. 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 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. Fund share values are sensitive to stock market volatility. 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. The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. Investing in exchange-traded notes (ETNs) exposes the Fund to the performance of the issuer. The Fund's investments may lose their entire value if the issuer fails. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. As interest rates rise, the value of certain income investments is likely to decline. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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 of 2015, the divergent policies of major central banks, combined with U.S. dollar strength, contributed to expectations of a redistribution of growth around the world. Economic reports in the United States generally came in below forecasts, and even the apparently strong labor market appeared to weaken at quarter-end. Conversely, reports from overseas tended to surpass expectations, particularly in Europe. This was a shift from 2014, when the U.S. economy gained momentum as many other economies struggled.

During the quarter, the U.S. dollar made an especially big upward move versus the euro, driven by the European Central Bank's (ECB) decision to launch a bond-buying program that would inject over $1 trillion into the region's economies by September 2016. The Bank of Japan maintained its ultra-loose policies, while the Federal Reserve (Fed) contemplated its first rate hike in nearly a decade. However, the Fed lowered its growth and inflation forecasts in March, as well as the level of unemployment at which it thinks inflation pressures start to build in the labor markets. These revisions led some investors to believe that the central bank might hold off raising rates until the second half of 2015.

Amid expectations that the Fed would keep short rates low for longer, the Barclays U.S. Aggregate Bond Index11 gained 1.61% for the quarter. Domestic fixed income also benefited from several other dynamics, including the dollar's strength, concerns about a potential Greek default, and the fact that U.S. Treasurys were yielding more than government bonds in Japan and much of Europe. Among U.S. corporate issues, high-yield securities led investment-grade bonds.

Performance Summary 

Eaton Vance Multi Strategy 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.

  • All major portfolio allocations contributed positively to Fund performance. Absolute return strategies added the most value, followed by non-investment grade bonds and high-quality fixed income.
  • The Fund's duration favorably impacted returns, as yields on Treasury securities maturing in two years or longer fell during the period. On March 31, average portfolio duration was 1.57 years.
  • Management continued to target the Fund’s volatility to be near the low end of its 2% to 6.5% range throughout the quarter.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.27 1.84 1.84 2.65 1.10 1.72 3.31
Fund w/Max Sales Charge -4.54 -2.99 -2.99 -2.17 -0.51 0.75 2.82
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. Prior to 7/1/09, the Fund had a predetermined fixed allocation approach investing equally among portfolios investing in mortgage-backed securities, senior floating-rate loans and high-yield bonds. The Fund has changed its objectives and investment strategies to permit investment in multiple Eaton Vance Portfolios and Funds. Max Sales Charge: 4.75%.

Fund Facts as of Mar 31, 2015

Class A Inception 12/07/2004
Expense Ratio (Gross)3 1.29%
Expense Ratio (Net)3 1.26%


Contributors 

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

  • The Fund's duration, and the management of duration, made the largest contribution to return.
  • Almost as large was the contribution from modestly sized, currency-hedged positions in European and Japanese equities offset by a short position in S&P 500 futures. These foreign markets outperformed the U.S. market on a currency-hedged basis.
  • Global Macro Absolute Return Advantage Portfolio generated a solid gain. This favorable result was driven by long positions in the U.S. dollar versus the euro and other developed-market currencies, as well as a few, select long exposures in emerging markets.
  • An allocation to Floating-Rate Portfolio added value. After floating-rate loans posted modest losses in the second half of 2014, their attractive valuations drew some investors back into the market in 2015.

Detractors 

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

  • Hedged exposure to Parametric Emerging Markets Portfolio subtracted a small amount from return. This investment was negatively impacted by an underweight position in China, where stocks rose approximately 8%, and overweight positions in smaller, Middle Eastern equity markets that lagged.

Investment Outlook And Fund Positioning 

The United States may be in better economic shape than other places, such as Europe and Japan. However, the U.S. dollar has strengthened as a result, and its strength is slowing U.S. growth while boosting growth prospects overseas. In our view, any further strength in the dollar poses a risk for the U.S. economy, as well as for emerging-market borrowers of dollars. Emerging-market dollar-denominated debt has grown dramatically in recent years.

We continue to think that risk assets are generally expensive relative to the growth rate of the economy and corporate earnings. In addition, the financial markets are likely to be volatile as investors speculate about the timing and magnitude of interest rate hikes from the Fed. We believe the Fund's conservative positioning remains appropriate for this environment.

Credit Quality (%)8 as of Mar 31, 2015

AAA 47.06
AA 0.90
A 2.71
BBB 8.89
BB 14.71
B 22.30
CCC or Lower 1.93
Not Rated 1.49
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 one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. While the Fund has a targeted annual performance volatility range, its actual, or realized, volatility for longer or shorter periods may be materially higher or lower than the target range depending on market conditions. 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 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. Fund share values are sensitive to stock market volatility. 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. The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. Investing in exchange-traded notes (ETNs) exposes the Fund to the performance of the issuer. The Fund's investments may lose their entire value if the issuer fails. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. As interest rates rise, the value of certain income investments is likely to decline. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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 one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. While the Fund has a targeted annual performance volatility range, its actual, or realized, volatility for longer or shorter periods may be materially higher or lower than the target range depending on market conditions. 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 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. Fund share values are sensitive to stock market volatility. 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. The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. Investing in exchange-traded notes (ETNs) exposes the Fund to the performance of the issuer. The Fund's investments may lose their entire value if the issuer fails. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. As interest rates rise, the value of certain income investments is likely to decline. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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
Dan R. Strelow, CFA

Dan R. Strelow, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Dan Strelow is a vice president of Eaton Vance Management, co-director of Customized Solutions and portfolio manager on Eaton Vance's customized solutions team.

Dan joined Eaton Vance in June 2005. Previously, beginning in 1988, he was affiliated with State Street Research and Management as managing director, CIO fixed income and fixed income portfolio manager. From 1981-1988, Dan was affiliated with First Chicago Investment Advisors in various capacities, including analyst, portfolio manager and vice president.

Dan earned a B.A. in economics from Pacific Lutheran University and an M.B.A. in finance from the University of Chicago. He is a CFA charterholder and has published various white papers including "Pension Management In A World of Balance" (October 2005), "Solving the Pension Management Riddle" (December 2006), "The Slow March to LDI" (July 2007) and "LDI: More Than Duration-Matching" (Institutional Investor Magazine 2008).

Education
  • B.A. Pacific Lutheran University
  • M.B.A Booth School of Business, University of Chicago
Experience
  • Managed Fund since 2009
Other funds managed
 
Biography
Justin H. Bourgette, CFA

Justin H. Bourgette, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Justin Bourgette is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's customized solutions team.

Justin joined Eaton Vance in 2006. Previously, he was affiliated with Investors Financial Services as an analyst in corporate finance and with National Grid, where he worked in business planning and engineering.

Justin earned a B.S. in electrical engineering from Worcester Polytechnic Institute and an M.S. in investment management, with High Honors, from Boston University. He is a CFA charterholder and a member of Eaton Vance's Asset Allocation Committee.

Education
  • B.S. Worcester Polytechnic Institute
  • M.S. Investment Management, Boston University
Experience
  • Managed Fund since 2011
Other funds managed
 
Biography
Thomas A. Shively

Thomas A. Shively

Vice President, Eaton Vance Management
Joined Eaton Vance 2011

Thomas Shively is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's customized solutions team.

Tom joined Eaton Vance in 2011 and had previously been affiliated with the Customized Solutions Group from 2005-2007 as a part-time consultant. Prior experience includes positions with Brandeis University as an adjunct professor of finance, fixed-income portfolio manager and fixed-income chief investment officer with State Street Research and Management, and affiliations with Paine Webber Jackson Curtis and First Chicago Investment Advisors.

Tom earned an A.B. in economics, cum laude, from Kenyon College and an M.B.A. in finance from the University of Chicago Graduate School of Business.

Education
  • A.B. Kenyon College
  • M.B.A. Booth School of Business, University of Chicago
Experience
  • Managed Fund since 2011
Other funds managed
 

Fund Literature

Fund Literature

Report of Organizational Actions Affecting Basis of Securities

Annual Report

Attribution

Commentary

Fact Sheet

Full Prospectus

MSAR Completion Portfolio Holdings

Short Term US Gov't Portfolio Holdings

CMBS Portfolio Holdings

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

SAI

Semi-Annual Report

Summary Prospectus

XBRL


 

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    The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested. Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of overseas investments and the income therefrom to rise and fall.

    Information in this section may contain statements that are not historical facts, referred to as forward-looking statements. A Fund’s future results may differ significantly from those stated in forward-looking statements, 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 advisory, administrative and service contracts, and other risks.

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