Overview

Strong Morningstar Ratings as of 06/30/2015.1

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
07/31/2015
Fund at NAV -0.05 -0.26 2.18 2.76 3.54 3.83 5.46
Fund w/Max Sales Charge -2.35 -2.54 -0.17 0.47 2.73 3.35 5.22
Barclays U.S. Aggregate Bond Index2 0.70 -0.64 0.59 2.82 1.60 3.27 4.60
06/30/2015
Fund at NAV -0.56 0.39 2.23 3.36 3.95 3.98 5.52
Fund w/Max Sales Charge -2.83 -1.90 -0.12 1.05 3.18 3.50 5.28
Barclays U.S. Aggregate Bond Index2 -1.09 -1.68 -0.10 1.86 1.83 3.35 4.44
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Max Sales Charge: 2.25%.

Fund Factsas of Jul 31, 2015

Class A Inception 01/23/1998
Performance Inception 11/26/1990
Investment Objective Total return
Total Net Assets $3.0B
Minimum Investment $1000
Expense Ratio (Gross)3 1.17%
Expense Ratio (Net)3 1.13%
CUSIP 277911772


Morningstar™ Ratingsas of Jul 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Short-Term Bond
Category
Overall ***** ***** 468
3 Years ***** ***** 468
5 Years ***** ***** 400
10 Years ***** ***** 277
Based on Risk-Adjusted Returns.

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

© 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

Portfolio Management

Eric Stein, CFA Managed Fund since 2009
Andrew Szczurowski, CFA Managed Fund since 2013

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 

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


Performance

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
07/31/2015
Fund at NAV -0.05 -0.26 2.18 2.76 3.54 3.83 5.46
Fund w/Max Sales Charge -2.35 -2.54 -0.17 0.47 2.73 3.35 5.22
Barclays U.S. Aggregate Bond Index2 0.70 -0.64 0.59 2.82 1.60 3.27 4.60
Morningstar™ Short-Term Bond Category4 0.04 -0.15 0.79 0.69 1.05 1.72 2.95
06/30/2015
Fund at NAV -0.56 0.39 2.23 3.36 3.95 3.98 5.52
Fund w/Max Sales Charge -2.83 -1.90 -0.12 1.05 3.18 3.50 5.28
Barclays U.S. Aggregate Bond Index2 -1.09 -1.68 -0.10 1.86 1.83 3.35 4.44
Morningstar™ Short-Term Bond Category4 -0.26 -0.04 0.75 0.47 1.27 1.87 2.91
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Max Sales Charge: 2.25%.

Calendar Year Returns (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 4.73 6.65 8.14 -9.98 26.24 8.04 0.99 8.51 0.36 4.34
Barclays U.S. Aggregate Bond Index2 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97

Fund Facts

Expense Ratio (Gross)3 1.17%
Expense Ratio (Net)3 1.13%
Class A Inception 01/23/1998
Performance Inception 11/26/1990
Distribution Frequency Monthly

Yield Information5as of Jul 31, 2015

Distribution Rate at NAV 4.16%
SEC 30-day Yield 3.27%


Morningstar™ Ratingsas of Jul 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Short-Term Bond
Category
Overall ***** ***** 468
3 Years ***** ***** 468
5 Years ***** ***** 400
10 Years ***** ***** 277
Based on Risk-Adjusted Returns.

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

© 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Aug 26, 2015 $7.49 $-0.01
Aug 25, 2015 $7.50 $0.04
Aug 24, 2015 $7.46 $-0.05
Aug 21, 2015 $7.51 $-0.03
Aug 20, 2015 $7.54 $-0.01
Aug 19, 2015 $7.55 $-0.02
Aug 18, 2015 $7.57 $0.00
Aug 17, 2015 $7.57 $-0.02
Aug 14, 2015 $7.59 $0.02
Aug 13, 2015 $7.57 $0.01

Distribution History6

Ex-Date Distribution Reinvest NAV
Jul 30, 2015 $0.02640 $7.63
Jun 29, 2015 $0.02670 $7.65
May 28, 2015 $0.02680 $7.72
Apr 29, 2015 $0.02680 $7.72
Mar 30, 2015 $0.02660 $7.70
Feb 26, 2015 $0.02680 $7.76
Jan 29, 2015 $0.02670 $7.70
Dec 30, 2014 $0.02710 $7.63
Nov 26, 2014 $0.02730 $7.88
Oct 30, 2014 $0.02730 $7.86
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
Dec 30, 2014 $0.16310 $7.63
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

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 

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


Portfolio

Fund Weightings (%)7,8,9as of Jun 30, 2015

U.S. Corporate Credit 29.23
High Yield Corporate Bonds 15.50
Floating-Rate Loans 13.72
Absolute Return 24.43
Global Macro 24.43
Mortgage-Backed Securities 17.77
U.S. Agency Mortgage-Backed Securities 13.30
Commercial Mortgage-Backed Securities 4.47
Non-U.S. Bond 11.83
Emerging Markets Sovereign Bonds 7.38
Inflation-Linked Bonds 3.65
Emerging Markets Corporate Bonds 0.80
Other 3.88
Currency Instruments 2.79
Cash & Equivalents 10.07

Portfolio Statisticsas of Jun 30, 2015

Average Weighted Duration 0.22 yrs.


Credit Quality (%)10as of Jun 30, 2015

AAA 42.95
AA 0.01
A 2.85
BBB 20.23
BB 15.47
B 13.29
CCC or Lower 3.34
Not Rated 1.86
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.

Portfolio Allocations (%)as of Jun 30, 2015

Global Opportunities Portfolio 53.69
Global Macro Portfolio 14.23
Global Macro Absolute Return Advantage Portfolio 10.20
Boston Income Portfolio 5.82
High Income Opportunities Portfolio 5.12
Senior Debt Portfolio 5.02
Institutional Emerging Markets Fund 1.70
Emerging Markets Local Income Portfolio 1.46
Currency Income Advantage Portfolio 1.43
Short Duration High Income Portfolio 1.32
Cash 0.01


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 

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


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Jun 30, 2015

The U.S. dollar generally weakened against developed-market currencies in the second quarter and was mixed against emerging-market currencies. The dollar came under pressure early in the period, when the Labor Department reported that U.S. nonfarm payrolls grew at their slowest pace in 15 months – news that dimmed the chance of a June interest rate hike from the Federal Reserve (Fed). The minutes from the Fed's policy meetings made it clear that the timing of the first rate hike would depend on the economic data. With the data improving as the quarter progressed, markets continued to price in a rate increase for 2015.

The U.S. dollar was particularly weak versus the British pound and euro. The pound rallied in response to a surprisingly decisive victory for the business-friendly party in the U.K. general election. The euro gained after a stronger-than-expected increase in consumer price inflation raised the possibility that the European Central Bank (ECB) might slow its bond purchases. In emerging markets, notable moves for the U.S. dollar included a weakening versus the Brazilian real and a strengthening versus the Russian ruble. Brazil continued raising rates to combat inflation, while Russia cut rates to boost growth.

The pickup in eurozone inflation pushed long-term government bond yields higher in the region, resulting in a steeper yield curve as short rates held steady. Yield curves also steepened in the United States and Japan but were mixed in emerging markets. Central bank action caused the Brazilian yield curve to invert and rates to fall across the Russian curve. Indonesian yields rose sharply across maturities in anticipation of Fed tightening and its potential to trigger capital outflows. Emerging-market credit spreads generally narrowed, while U.S. corporate credit spreads widened modestly, with the largest widening occurring in the investment-grade sector.

Performance Summary 

Eaton Vance Short Duration Strategic Income Fund (the Fund) outperformed its benchmark, the Barclays Capital U.S. Aggregate Index (the Index),2 at net asset value for the quarter.

  • The Fund's allocation to mortgage-backed securities contributed the most to return, and U.S. corporate credit also added value. The performance of absolute return strategies was essentially flat, while emerging-market bond and currency exposures detracted.
  • The Fund was positioned with minimal global duration – average global duration was managed near zero at quarter-end. However, the Fund had a negative U.S. duration, and this positively impacted results as U.S. interest rates rose during the period.

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.56 0.39 2.23 3.36 3.95 3.98 5.52
Fund w/Max Sales Charge -2.83 -1.90 -0.12 1.05 3.18 3.50 5.28
Barclays U.S. Aggregate Bond Index2 -1.09 -1.68 -0.10 1.86 1.83 3.35 4.44
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Max Sales Charge: 2.25%.

Fund Factsas of Jun 30, 2015

Class A Inception 01/23/1998
Performance Inception 11/26/1990
Expense Ratio (Gross)3 1.17%
Expense Ratio (Net)3 1.13%


Contributors 

Factors contributing to the Fund’s performance during the quarter. This fund isn’t managed to a benchmark.

  • Of the Fund's major portfolio allocations, the allocation to mortgage-backed securities was the top contributor. Although the positive duration of commercial mortgage-backed holdings detracted, positions in interest-only mortgage-backed agency strips more than offset this loss.
  • Exposure to floating-rate loans and high-yield bonds was beneficial. Spreads widened slightly for each asset class, but the income generated by these instruments brought their total return into positive territory for the quarter.
  • The Fund's defensive positioning at the front end of the U.S. yield curve boosted results, as yields on two- and three-year Treasurys rose eight and 12 basis points, respectively.

Detractors 

Factors detracting from the Fund’s performance during the quarter. This Fund isn’t managed to a benchmark.

  • The portfolio's allocation to emerging-market debt generated a negative return, with exposure to Brazil and Mexico contributing to the losses. Despite anemic growth, the Brazilian central bank continued to raise interest rates to curb inflation, which hurt our position in two-year Brazilian rates. A long position in Mexico was also unfavorable, in part due to lower-than-expected economic growth.
  • Currency investments were a drag on results, notably long positions in the U.S. dollar versus other developed-market currencies.

Investment Outlook And Fund Positioning 

The U.S. economy is healthier than other developed economies, and the 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 U.S. versus the rest of the developed world. We believe the U.S. dollar could strengthen against other major currencies, although we expect its upward trajectory to be volatile as investors anticipate the Fed's next move.

We continue to emphasize absolute return strategies, as they have historically provided consistent returns with minimal sensitivity to broader market movements. We also continue to favor non-investment-grade over investment-grade corporate credit on the view that defaults should remain limited in an expanding U.S. economy. We remain highly selective in our pursuit of opportunities in emerging markets given the challenges facing various countries, including weaker commodity prices. That said, we are still finding interesting opportunities in select markets. We continue to strive to protect the Fund from the potential effects of a Fed rate hike on two- and three-year U.S. rates.

Credit Quality (%)10as of Jun 30, 2015

AAA 42.95
AA 0.01
A 2.85
BBB 20.23
BB 15.47
B 13.29
CCC or Lower 3.34
Not Rated 1.86
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 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 

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


Attribution

Attribution available in Fund Literature tab.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in 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 

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


Management

Biography
Eric Stein, CFA

Eric Stein, CFA

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

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

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

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

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

Education
  • B.S. Boston University
  • M.B.A. Booth School of Business, University of Chicago
Experience
  • Managed Fund since 2009
Biography
Andrew Szczurowski, CFA

Andrew Szczurowski, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2007

Andrew Szczurowski is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s mortgage-backed securities strategies. He joined Eaton Vance in 2007.

Andrew began his career in the investment management industry in 2005. Before joining Eaton Vance, he was affiliated with BNY Mellon.

Andrew earned a B.S., cum laude, from Peter T. Paul College of Business and Economics at the University of New Hampshire. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.S. University of New Hampshire
Experience
  • Managed Fund since 2013

Fund Literature

Fund Literature

Annual Report

Attribution

Eaton Vance Income Funds Brochure

Short Duration Strategic Income Fund Brochure

Commentary

Fact Sheet

Full Prospectus

Global Opportunities Portfolio Holdings

Global Macro Capital Opportunities Portfolio

Short Duration Strategic Income Holdings

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

Rising rates: Threat or opportunity

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

loading

We apologize for the inconvenience but we are experiencing a technical issue.

We are working on a solution. Please try again later.

If you require further assistance, please call:
1-800-836-2414.

    Your download will begin when this window is closed.

    You have successfully un-subscribed from .

    As a subscriber, you are one step away from getting more access and control. Register now by simply creating a password below.

    Passwords must be 8 to 20 alphanumeric characters, including a special character:
    ! @ # $ % ^ & * ( ) - _ = + , < . > ?.

    Cancel

    Trouble registering? Call 1-800-836-2414.

    Congratulations! You are registered.

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your account and complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Congratulations!

    We are pleased to grant you access to this Eaton Vance website.

    Please click here to be logged in with your username .

    A verification email has been sent.

    You have requested a change to your password. In order to process this request, a verification email has been sent to . When you receive this email, please click the link contained within the email to start the password reset process.

    Trouble signing in? Call 1-800-836-2414.

    This account is restricted.

    Your account has limited access. You currently have access to content for:

    Firm restriction.

    This document has not been approved at your firm. We can not complete your subscription request at this time. Please try again later.


    If you need further assistance, please call 1-800-836-2414.

    This account has been updated.

    Your account has been updated to use your new email address .

    We have sent a verification email to with a verification link to confirm the change.

    Trouble receiving the verification email? Call 1-800-836-2414.

    This email account has not been verified.

    Your account has not yet been activated. We have sent a verification email to . If you'd like us to resend this, please click the Resend Email button below.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Thank you.

    An e-mail verification has been re-sent to . Please check your e-mail and follow the instructions to complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    An email has been sent to the email address containing a link to verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Re-verification Required

    For security purposes we could not complete your request. Please click here to receive a new link to access the requested content.

    A new email has been sent to the email address containing a link to re-verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Verification Accepted

    You have been granted access to the requested content.

    Remember Me

    Click here to remain recognized on this device for future visits to EatonVance.com

    Do Not Remember Me

    Click here if you are using a Public Computer or Shared Device.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Subscribe to new content: Register

    Please check the Fund Literature that you would like to subscribe to. Your subscriptions can be managed on your profile page.

    Subscribe All

    Thank you for downloading

    If your download did not start automatically, please click here.

    Stay on top of your game.

    Receive email notifications when the  is updated by clicking the subscribe button.

    Close

    Thank you for subscribing

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your subscription.

    Un-subscription request

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your request.

    Stay on top of your game.

    Receive email notifications of updates to  by entering your email address to subscribe.

    Cancel

    Subscribe to new content: Register

    Enter your e-mail address to reset your password.

    Already have an account?
    Subscribe to new content: Register

    Trouble registering? Call 1-800-836-2414.

    Simply enter your e-mail address to register.

    Cancel

    Already have an account?

    Register for more access and control.
    • Elevate your business practice with materials from the Advisor Institute.
    • Learn more with exclusive videos, conference calls, and the latest insights.
    • Follow products, get product notifications, and manage your Eaton Vance communications.
    Please wait while the data is being prepared for download.
    loading
    This message will automatically close when your file is ready.
    Please enter a new email.

    Trouble signing in? Call 1-800-836-2414.

    The information contained in this section of the website is designed solely for professional clients. If you are not a professional client you should not proceed any further. The content should not be looked at or distributed to retail clients.

    Certain products and services mentioned on this website may not be eligible for sale in some states or countries and they may not be suitable for all types of investors. This website does not constitute an offer or solicitation and is not directed at you if Eaton Vance Management (International) ltd (EVMI) is prohibited by any law of any jurisdiction from making the information on this website available to you and is not intended for any use that would be contrary to local law or regulation. No products and services mentioned on this website must be promoted in any jurisdiction where this would not be permitted.

    This website does not constitute investment, legal or tax advice with respect to our products and services and it is important that you do not rely on its content when making an investment decision. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction. EVMI does not represent that the information on this website, including any third party information, is accurate or complete and it should not be relied upon as such. Past performance is not a guide to future returns.

    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.

    All information in this section are for "Professional Client ONLY". To access this website users must qualify as a "Professional client". Any person who does not fall into the categories listed above should not rely on the information contained in this website.

    By clicking the Okay button below, you confirm that you are from an eligible jurisdiction to review material relating to the Fund or Strategies (or are authorised to conduct investment business in the jurisdiction within which you are resident and under the law of that jurisdiction, you are authorised to view material relating to collective investment schemes) and that you are a Professional Client.


    Cancel

    Disclosure - Restricted content

    The information contained in this section of the website is designed solely for professional clients. If you are not a professional client you should not proceed any further. The content should not be looked at or distributed to retail clients.

    Certain products and services mentioned on this website may not be eligible for sale in some states or countries and they may not be suitable for all types of investors. This website does not constitute an offer or solicitation and is not directed at you if Eaton Vance Management (International) ltd (EVMI) is prohibited by any law of any jurisdiction from making the information on this website available to you and is not intended for any use that would be contrary to local law or regulation. No products and services mentioned on this website must be promoted in any jurisdiction where this would not be permitted.

    This website does not constitute investment, legal or tax advice with respect to our products and services and it is important that you do not rely on its content when making an investment decision. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction. EVMI does not represent that the information on this website, including any third party information, is accurate or complete and it should not be relied upon as such. Past performance is not a guide to future returns.

    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.

    All information in this section are for "Professional Client ONLY". To access this website users must qualify as a "Professional client". Any person who does not fall into the categories listed above should not rely on the information contained in this website.

    By clicking the Okay button below, you confirm that you are from an eligible jurisdiction to review material relating to the Fund or Strategies (or are authorised to conduct investment business in the jurisdiction within which you are resident and under the law of that jurisdiction, you are authorised to view material relating to collective investment schemes) and that you are a Professional Client.


    Cancel

    Investment Professionals

    Register Now

    Already have an account? .

     

    Symbol:  

    NAV as of