Overview

 

Relative to traditional multi-sector bond funds, historically this fund has had: Lower duration, Lower volatility, Lower correlation to bonds.2

As of 6/30/14.

  • Fund at NAV
  • Morningstar Multisector Bond Category

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 0.34 0.88 3.68 5.38 3.21 4.62 5.18
Fund w/Max Sales Charge -0.66 -0.12 2.68 4.38 3.21 4.62 5.18
Barclays U.S. Aggregate Bond Index3 1.10 0.90 4.81 5.66 2.91 4.48 4.72
06/30/2014
Fund at NAV 0.06 1.55 2.85 3.42 2.80 5.44 5.26
Fund w/Max Sales Charge -0.94 0.55 1.85 2.42 2.80 5.44 5.26
Barclays U.S. Aggregate Bond Index3 0.05 2.04 3.93 4.37 3.66 4.85 4.93
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: 1%.

Fund Facts as of Aug 31, 2014

Class C Inception 05/25/1994
Performance Inception 11/26/1990
Investment Objective Total return
Total Net Assets $1.9B
Minimum Investment $1000
Expense Ratio (Gross)4 1.91%
Expense Ratio (Net)5 1.81%
CUSIP 277911855


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 non–payment 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, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 0.34 0.88 3.68 5.38 3.21 4.62 5.18
Fund w/Max Sales Charge -0.66 -0.12 2.68 4.38 3.21 4.62 5.18
Barclays U.S. Aggregate Bond Index3 1.10 0.90 4.81 5.66 2.91 4.48 4.72
Morningstar™ Multisector Bond Category6 0.89 0.96 5.31 8.70 6.20 8.20 6.34
06/30/2014
Fund at NAV 0.06 1.55 2.85 3.42 2.80 5.44 5.26
Fund w/Max Sales Charge -0.94 0.55 1.85 2.42 2.80 5.44 5.26
Barclays U.S. Aggregate Bond Index3 0.05 2.04 3.93 4.37 3.66 4.85 4.93
Morningstar™ Multisector Bond Category6 0.60 2.51 4.94 7.96 5.89 9.45 6.64
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: 1%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 7.78 3.77 5.97 7.28 -10.62 25.16 7.03 0.41 7.62 -0.41
Barclays U.S. Aggregate Bond Index3 4.34 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 -2.02

Fund Facts

Expense Ratio (Gross)4 1.91%
Expense Ratio (Net)5 1.81%
Class C Inception 05/25/1994
Performance Inception 11/26/1990
Distribution Frequency Monthly

Yield Information7 as of Aug 29, 2014

Distribution Rate at NAV 4.09%
SEC 30-day Yield 3.12%


Morningstar™ Ratings as of Aug 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Multisector Bond
Category
Overall ** 220
3 Years ** 220
5 Years ** 167
10 Years ** 105
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
Sep 18, 2014 $7.50 $0.00
Sep 17, 2014 $7.50 $0.01
Sep 16, 2014 $7.49 $0.00
Sep 15, 2014 $7.49 $-0.01
Sep 12, 2014 $7.50 $0.01
Sep 11, 2014 $7.49 $0.00
Sep 10, 2014 $7.49 $0.00
Sep 09, 2014 $7.49 $0.00
Sep 08, 2014 $7.49 $0.01
Sep 05, 2014 $7.48 $0.00

Distribution History8

Ex-Date Distribution Reinvest NAV
Aug 28, 2014 $0.02540 $7.45
Jul 30, 2014 $0.02540 $7.50
Jun 27, 2014 $0.02460 $7.46
May 29, 2014 $0.02540 $7.47
Apr 29, 2014 $0.02460 $7.41
Mar 28, 2014 $0.02540 $7.41
Feb 27, 2014 $0.02300 $7.40
Jan 30, 2014 $0.02540 $7.37
Dec 30, 2013 $0.02540 $7.39
Nov 27, 2013 $0.02460 $7.38
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 History8

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 

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 non–payment 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

Asset Mix (%)9,10 as of Jun 30, 2014

Foreign Sovereign Bonds 37.1
U.S. Corporate Bonds 27.7
U.S. Govt. Agency Mortgage Backed Securities 14.0
Floating-Rate Loans 7.4
Cash Equivalents 6.0
U.S. Treasury & Govt. Agency Bonds 2.4
U.S. Common Stocks 2.2
Other Net Assets 1.6
Foreign Common Stocks and ADR's 1.6

Portfolio Statistics as of Jun 30, 2014

Average Weighted Duration 0.38 yrs.


Credit Quality (%)11 as of Jun 30, 2014

AAA 18.83
AA 1.04
A 4.91
BBB 9.68
BB 24.67
B 31.77
CCC or Lower 7.11
Not Rated 1.99
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the rating 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 rating 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 rating agencies stated above.

Portfolio Allocations (%)9,10 as of Jun 30, 2014

Boston Income Portfolio 23.35
Global Macro Absolute Return Advantage Portfolio 21.66
Global Opportunities Portfolio 21.04
Global Macro Portfolio 9.22
High Income Opportunities Portfolio 6.09
Senior Debt Portfolio 5.11
Emerging Markets Local Income Portfolio 2.92
Institutional Emerging Markets Debt Fund 2.62
Short Duration High Income Portfolio 2.36
Currency Income Advantage Portfolio 2.29
Global Macro Capital Opportunities Portfolio 2.24
International Income Portfolio 1.03


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 non–payment 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, 2014

During the second quarter, the world’s fixed-income markets generally posted gains in response to sluggish global economic growth, accommodative monetary policy from major central banks and strong capital flows into emerging markets.

In the United States, the Commerce Department reported that first-quarter gross domestic product (GDP) contracted at an annual rate of 2.9%, a result that was mainly attributed to severe winter weather. However, more recent economic data were mixed, suggesting that the economy was struggling to regain momentum. The Federal Reserve (Fed) held short-term interest rates near zero and, in June, cut its 2014 growth forecast for the economy. Nonetheless, the central bank continued tapering its monthly bond purchases by $10 billon at each of its two policy meetings of the quarter.

Overseas, declining real wages (i.e., wages adjusted for inflation) and a drop in exports were headwinds for the Japanese economy, while dangerously low inflation threatened the eurozone recovery. The Bank of Japan maintained its extraordinarily easy monetary policies, and the European Central Bank announced several new stimulus measures. Unlike other developed economies, the U.K. economy showed signs of strengthening. The Bank of England held the size of its bond-buying program steady and left its key policy rate at a record low, but said it might raise rates sooner than investors expected.

Falling bond yields throughout much of the developed world made yields on emerging-market debt look more attractive. In addition, policy adjustments and political changes in emerging countries with current account and fiscal deficits helped restore investor confidence in these markets. Evidence of this, net capital flows for emerging-market debt were positive every week of the quarter. In this environment, yield curves flattened and credit spreads tightened in most developed and emerging markets. Emerging-market currencies generally strengthened versus the U.S. dollar.

Performance Summary 

Eaton Vance Short Duration Strategic Income Fund (the Fund) underperformed its benchmark, the Barclays U.S. Aggregate Index (the Index),3 at net asset value for the quarter.

  • The Fund’s average duration was managed near 0.38 years at quarter-end, which was substantially lower than the duration of the Index. This negatively impacted results versus the Index because yields on U.S. Treasury securities generally fell during the period.
  • The Fund’s 14 component portfolios were allocated broadly across the globe to U.S. credit markets, non-U.S. dollar-denominated debt instruments, currencies, absolute return strategies and even a small amount to global equities. All five of these broad allocations made a positive contribution to Fund performance during the quarter.

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.06 1.55 2.85 3.42 2.80 5.44 5.26
Fund w/Max Sales Charge -0.94 0.55 1.85 2.42 2.80 5.44 5.26
Barclays U.S. Aggregate Bond Index3 0.05 2.04 3.93 4.37 3.66 4.85 4.93
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: 1%.

Fund Facts as of Jun 30, 2014

Class C Inception 05/25/1994
Performance Inception 11/26/1990
Expense Ratio (Gross)4 1.91%
Expense Ratio (Net)5 1.81%


Contributors 

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

  • Results benefited from exposure to U.S. non-investment-grade corporate bonds via Boston Income Portfolio, High Income Opportunities Portfolio and Short Duration High Income Portfolio, and to floating-rate loans within Floating-Rate Portfolio and Senior Debt Portfolio. These higher-yielding segments of the credit markets continued to perform well, as investors pursued yield in the low-rate environment.
  • The two investments in the absolute return sleeve of the Fund — Global Macro Portfolio and Global Macro Absolute Return Advantage Portfolio — both added value. These positive results were driven by select long and short currency, sovereign credit and interest-rate positions.
  • Allocations to Emerging Markets Local Income Portfolio, Currency Income Advantage Portfolio and International Income Portfolio were beneficial. Currency and interest-rate markets in emerging countries generally rallied, as investors gravitated toward their attractive valuations and yields, the latter of which looked even more compelling as yields fell across much of the developed world.

Detractors 

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

  • While the Global Opportunities Portfolio made a positive contribution to return, a handful of individual currency positions within the portfolio muted its overall gain. These included a long position in the Indonesian rupiah and short positions in the Canadian dollar and the Australian dollar.

Investment Outlook And Fund Positioning 

Japan recently unveiled a package of economic reforms, although it remains to be seen whether the government will be successful at implementing them. The eurozone recovery appears to be losing steam, and inflation in the region is very low and falling. The U.S. economy is performing well versus many other developed economies. But government debt remains high, consumer spending is weak and capital spending is unlikely to accelerate given slowing corporate profit growth and lackluster global demand.

Several emerging countries have taken steps to reduce their reliance on foreign capital. So when the Fed ultimately starts raising interest rates, local currencies and local yield curves should be more resilient than they were in the spring of 2013, when the Fed started talking about tapering its bond purchases. However, risks remain, including concerns about China’s credit boom, political conflict in Ukraine and increasing turmoil in Iraq. Differentiation among emerging markets will, thus, be critical.

In light of these factors, our broad outlook for the global fixed-income markets remains cautious. That said, we continue to pursue attractive individual investment opportunities for the Fund wherever they may be.

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 non–payment 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 non–payment 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 and portfolio manager with Eaton Vance’s Global Income Group, focusing on Asia, Western Europe and the Dollar Bloc. He also covers the policies and actions of the U.S. Federal Reserve and the U.S. Treasury.

Eric originally joined Eaton Vance in 2002 and rejoined the company in 2008. He previously worked on the Markets Desk of the Federal Reserve Bank of New York. In addition, he has experience at Citigroup Alternative Investments.

Eric earned a B.S., cum laude, in business administration from Boston University and an M.B.A. in analytic finance and economics, 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 and Boston Security Analysts Society. Eric 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 and 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 Group.

Prior to joining Eaton Vance in 2007, Andrew was affiliated with BNY Mellon.

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

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

Fund Literature

Fund Literature

Annual Report

Attribution

Income, Volatility and Taxes Guide

Commentary

Discover Opportunities in the Income Markets with Eaton Vance

Income Markets Review

Income Markets Snapshot

Fact Sheet

Income: Looking beyond traditional sources of yield

Full Prospectus

Global Macro Capital Opportunities Portfolio

Global Opportunities Portfolio Holdings

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

SAI

EXCLUSIVE CONTENT

Concerned with risk in fixed income? (ETSIX)

Semi-Annual Report

Summary Prospectus

XBRL


 

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