Overview

Eaton Vance Short Duration Strategic Income Fund has outperformed both its benchmark and the Morningstar Category since inception.3

As of 9/30/14.

  • Class A at NAV
  • Barclays U.S. Aggregate Bond Index
  • Morningstar Short-Term Category

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
10/31/2014
Fund at NAV 0.35 1.11 4.90 5.35 4.24 4.83 5.82
Fund w/Max Sales Charge -1.89 -1.14 2.55 2.99 3.47 4.36 5.59
Barclays U.S. Aggregate Bond Index4 0.98 1.40 5.12 4.14 2.73 4.22 4.63
09/30/2014
Fund at NAV 0.35 1.30 4.54 5.95 5.05 4.99 5.93
Fund w/Max Sales Charge -1.89 -0.96 2.19 3.57 4.26 4.51 5.70
Barclays U.S. Aggregate Bond Index4 -0.68 0.17 4.10 3.96 2.43 4.12 4.62
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 Facts as of Oct 31, 2014

Class A Inception 01/23/1998
Performance Inception 11/26/1990
Investment Objective Total return
Total Net Assets $1.8B
Minimum Investment $1000
Expense Ratio (Gross)5 1.16%
Expense Ratio (Net)6 1.06%
CUSIP 277911772


Morningstar™ Ratings as of Oct 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Short-Term Bond
Category
Overall ***** ***** 431
3 Years ***** ***** 431
5 Years ***** ***** 367
10 Years ***** ***** 260
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.

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 Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
10/31/2014
Fund at NAV 0.35 1.11 4.90 5.35 4.24 4.83 5.82
Fund w/Max Sales Charge -1.89 -1.14 2.55 2.99 3.47 4.36 5.59
Barclays U.S. Aggregate Bond Index4 0.98 1.40 5.12 4.14 2.73 4.22 4.63
Morningstar™ Short-Term Bond Category7 0.22 0.20 1.33 1.32 1.81 2.44 2.97
09/30/2014
Fund at NAV 0.35 1.30 4.54 5.95 5.05 4.99 5.93
Fund w/Max Sales Charge -1.89 -0.96 2.19 3.57 4.26 4.51 5.70
Barclays U.S. Aggregate Bond Index4 -0.68 0.17 4.10 3.96 2.43 4.12 4.62
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 (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 8.33 4.73 6.65 8.14 -9.98 26.24 8.04 0.99 8.51 0.36
Barclays U.S. Aggregate Bond Index4 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)5 1.16%
Expense Ratio (Net)6 1.06%
Class A Inception 01/23/1998
Performance Inception 11/26/1990
Distribution Frequency Monthly

Yield Information8 as of Oct 31, 2014

Distribution Rate at NAV 4.15%
SEC 30-day Yield 2.83%


Morningstar™ Ratings as of Oct 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Short-Term Bond
Category
Overall ***** ***** 431
3 Years ***** ***** 431
5 Years ***** ***** 367
10 Years ***** ***** 260
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
Nov 25, 2014 $7.91 $0.00
Nov 24, 2014 $7.91 $0.00
Nov 21, 2014 $7.91 $0.02
Nov 20, 2014 $7.89 $0.00
Nov 19, 2014 $7.89 $0.01
Nov 18, 2014 $7.88 $0.00
Nov 17, 2014 $7.88 $0.00
Nov 14, 2014 $7.88 $0.00
Nov 13, 2014 $7.88 $-0.02
Nov 12, 2014 $7.90 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
Nov 26, 2014 $0.02730 $7.88
Oct 30, 2014 $0.02730 $7.86
Sep 29, 2014 $0.02750 $7.88
Aug 28, 2014 $0.03220 $7.89
Jul 30, 2014 $0.03220 $7.94
Jun 27, 2014 $0.03120 $7.90
May 29, 2014 $0.03220 $7.91
Apr 29, 2014 $0.03120 $7.85
Mar 28, 2014 $0.03220 $7.84
Feb 27, 2014 $0.02910 $7.83
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 History9

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

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 (%)10,11 as of Sep 30, 2014

Absolute Return 28.63
Global Macro Portfolio 18.51
Global Macro Absolute Return Advantage Portfolio 10.12
U.S. Corporate Credit 21.78
High Yield Corporate Bonds 18.04
Floating-Rate Loans 3.74
Currency 4.36
Foreign Currency Instruments 4.36
Non-U.S. Bond 7.60
Emerging Markets Sovereign Bonds 6.71
Emerging Markets Corporate Bonds 0.89
Mortgage-Backed Securities 14.48
U.S. Agency Mortgage-Backed Securities 13.32
Commercial Mortgage-Backed Securities 1.16
Other 2.62
Global Equities 2.51
Derivatives 0.11
Cash & Equivalents 20.52

Portfolio Statistics as of Sep 30, 2014

Average Weighted Duration -0.15 yrs.


Credit Quality (%)12 as of Sep 30, 2014

AAA 47.54
AA 0.26
A 3.40
BBB 14.52
BB 15.76
B 13.10
CCC or Lower 3.88
Not Rated 1.43
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 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 Sep 30, 2014

Key factors influencing the global markets during the third quarter included new stimulus from the European Central Bank (ECB), a broad strengthening in the U.S. dollar and geopolitical developments, particularly in emerging markets. In late August, at the Federal Reserve’s (Fed) annual economic symposium, ECB President Draghi signaled that more aggressive monetary easing was on the way to boost Europe’s anemic recovery. The ECB made good on his words the following week by lowering its main lending rate, cutting a bank deposit rate further into negative territory and announcing a program to buy asset-based securities and other bonds. In response, the euro fell to a 14-month low against the U.S. dollar and continued to weaken over the remainder of September.

Beyond the euro, the U.S. dollar gained ground versus other major currencies this quarter, reflecting the relative strength of the U.S. economy and a less-accommodative Fed. The central bank appeared on track to end its bond-buying program in October and to start hiking short-term interest rates in early- to mid-2015. In anticipation of higher short-term U.S. rates, the dollar also strengthened against many emerging-market currencies.

The U.S. and European Union (EU) expanded economic sanctions against Russia due to the escalating conflict in Ukraine. Indonesia and Turkey elected new presidents, and markets began pricing in a greater probability that Brazilian President Rousseff, who is unpopular with investors, would retain power in the October election. Scottish voters rejected a bid for independence from the United Kingdom.

Against this backdrop, the U.S. Treasury yield curve flattened and U.S. credit spreads widened modestly. In general, local rates rose and credit spreads widened in emerging markets, though net flows into emerging-market debt funds remained positive. Commodity prices tumbled during the quarter, driven by weakness in agricultural and energy commodities, as well as precious metals.

Performance Summary 

Eaton Vance Short Duration Strategic Income Fund (the Fund) outperformed its benchmark, the Barclays Capital U.S. Aggregate Index (the Index),4 at net asset value, during the quarter.

  • The Fund’s 12 component portfolios were allocated broadly across the global financial markets. Gains from absolute return strategies more than offset losses from allocations to U.S. credit instruments, non-U.S. dollar-denominated debt markets and currencies. The Fund’s small amount of global equity exposure also detracted.
  • The Fund’s average duration was managed near -0.15 years at quarter end, with the negative duration concentrated at the five-year point on the U.S. Treasury yield curve. This positioning had a positive impact on returns, as five-year Treasury yields rose during the period.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 0.35 1.30 4.54 5.95 5.05 4.99 5.93
Fund w/Max Sales Charge -1.89 -0.96 2.19 3.57 4.26 4.51 5.70
Barclays U.S. Aggregate Bond Index4 -0.68 0.17 4.10 3.96 2.43 4.12 4.62
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 Facts as of Sep 30, 2014

Class A Inception 01/23/1998
Performance Inception 11/26/1990
Expense Ratio (Gross)5 1.16%
Expense Ratio (Net)6 1.06%


Contributors 

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

  • Allocations to Global Macro Absolute Return Advantage Portfolio and Global Macro Portfolio helped returns. This positive result was driven by long exposure to the U.S. dollar relative to several other developed-market currencies, as well as select long and short credit and currency exposures in emerging markets.
  • Duration positioning within Global Opportunities Portfolio was a plus, thanks to the Fund gaining much of its negative duration by being short five-year U.S. Treasury maturities. During the quarter, yields on two- through seven-year Treasurys crept up in recognition that Fed short-term rate hikes appeared likely in early-to-mid-2015.
  • Exposure to interest-only agency mortgage-backed securities within Global Opportunities Portfolio added value. Mortgage prepayments slowed during the quarter, meaning that interest-only bonds would continue to collect payments for longer, boosting their prices.

Detractors 

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

  • Results were negatively affected by exposure to U.S. non-investment-grade corporate bonds via Boston Income Portfolio, High Income Opportunities Portfolio and Short Duration High Income Portfolio. Geopolitical turmoil and the unwinding of Fed stimulus amplified concerns about high-yield valuations and the rising percentage of issuers with less-restrictive covenants.
  • Investments in floating-rate loans within Floating-Rate Portfolio and Senior Debt Portfolio detracted. The floating-rate loan market was down slightly, despite the potential for increases in short-term rates seen on the horizon.
  • Allocations to Emerging Markets Local Income Portfolio, Currency Income Advantage Portfolio and International Income Portfolio were a drag on returns due to weakness in a number of emerging -market currency and interest-rate markets.

Investment Outlook And Fund Positioning 

While the U.S. economy is just muddling along, it is performing better than other developed markets. The eurozone recovery has stalled, and Japan’s economy is struggling to regain momentum after a sales tax increase caused consumer spending to plummet. Growth in China continues to slow, creating headwinds for commodity-driven economies like Australia, Canada and Brazil. And across the global bond markets, valuations look stretched, particularly in sovereign credit.

There is a fundamental argument to be made that U.S. yields should be heading higher given the relative strength of the U.S. economy and Fed tightening. However, several exogenous factors could just as easily push U.S. yields lower. Chief among them is a potential flare-up in tensions between Russia and Europe, as Russia is one of Europe’s key trading partners.

In this uncertain environment, we don’t think that U.S. interest-rate risk is likely to be a key driver of returns. As such, we remain focused on finding individual opportunities around the world, wherever they may be.

Credit Quality (%)12 as of Sep 30, 2014

AAA 47.54
AA 0.26
A 3.40
BBB 14.52
BB 15.76
B 13.10
CCC or Lower 3.88
Not Rated 1.43
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 making specific buy and sell decisions and overall portfolio construction. He focuses on Asia, Western Europe and the Dollar Bloc. He also covers the policies and actions of the Federal Reserve and the U.S. Treasury. He originally joined Eaton Vance in 2002 and rejoined the company in 2008.

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

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

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

Education
  • B.S. Boston University
  • M.B.A. Booth School of Business, University of Chicago
Experience
  • Managed Fund since 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

Income, Volatility and Taxes Guide

Commentary

Discover Opportunities in the Income Markets with Eaton Vance

Income Markets Snapshot

Income Markets Review

Fact Sheet

Income: Looking beyond traditional sources of yield

Estimated Capital Gains: Estimates as of October 15, 2014

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

SAI

Semi-Annual Report

Summary Prospectus

XBRL


 

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