Overview

Strong Morningstar Ratings as of 12/31/14.1

Average Annual Returns (%) as of Dec 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
02/28/2015
Fund at NAV 1.52 1.63 2.28 5.88 3.91 4.42 5.58
Fund w/Max Sales Charge -0.80 -0.64 -0.08 3.50 3.11 3.94 5.34
Barclays U.S. Aggregate Bond Index2 -0.94 1.23 1.14 5.05 2.76 4.29 4.82
12/31/2014
Fund at NAV -0.63 -0.19 4.34 4.34 4.34 4.39 5.46
Fund w/Max Sales Charge -2.85 -2.42 2.00 2.00 3.56 3.92 5.22
Barclays U.S. Aggregate Bond Index2 0.09 1.79 5.97 5.97 2.66 4.45 4.71
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 Feb 28, 2015

Class A Inception 01/23/1998
Performance Inception 11/26/1990
Investment Objective Total return
Total Net Assets $2.2B
Minimum Investment $1000
Expense Ratio (Gross)3 1.17%
Expense Ratio (Net)3 1.13%
CUSIP 277911772


Morningstar™ Ratings as of Feb 28, 2015

Time Period Rating Rating (Load Waived) Funds in
Short-Term Bond
Category
Overall ***** ***** 448
3 Years ***** ***** 448
5 Years ***** ***** 385
10 Years ***** ***** 273
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 Dec 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
02/28/2015
Fund at NAV 1.52 1.63 2.28 5.88 3.91 4.42 5.58
Fund w/Max Sales Charge -0.80 -0.64 -0.08 3.50 3.11 3.94 5.34
Barclays U.S. Aggregate Bond Index2 -0.94 1.23 1.14 5.05 2.76 4.29 4.82
Morningstar™ Short-Term Bond Category4 0.03 0.18 0.58 0.97 1.47 2.16 3.02
12/31/2014
Fund at NAV -0.63 -0.19 4.34 4.34 4.34 4.39 5.46
Fund w/Max Sales Charge -2.85 -2.42 2.00 2.00 3.56 3.92 5.22
Barclays U.S. Aggregate Bond Index2 0.09 1.79 5.97 5.97 2.66 4.45 4.71
Morningstar™ Short-Term Bond Category4 -0.40 -0.05 1.07 1.07 1.70 2.31 2.94
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 Information5 as of Feb 28, 2015

Distribution Rate at NAV 4.14%
SEC 30-day Yield 3.11%


Morningstar™ Ratings as of Feb 28, 2015

Time Period Rating Rating (Load Waived) Funds in
Short-Term Bond
Category
Overall ***** ***** 448
3 Years ***** ***** 448
5 Years ***** ***** 385
10 Years ***** ***** 273
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
Mar 26, 2015 $7.71 $0.01
Mar 25, 2015 $7.70 $0.01
Mar 24, 2015 $7.69 $-0.01
Mar 23, 2015 $7.70 $-0.01
Mar 20, 2015 $7.71 $-0.01
Mar 19, 2015 $7.72 $0.03
Mar 18, 2015 $7.69 $-0.04
Mar 17, 2015 $7.73 $0.00
Mar 16, 2015 $7.73 $-0.02
Mar 13, 2015 $7.75 $0.01

Distribution History6

Ex-Date Distribution Reinvest NAV
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
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
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 (%)7,8,9 as of Dec 31, 2014

Absolute Return 32.52
Global Macro 32.52
U.S. Corporate Credit 27.48
High Yield Corporate Bonds 18.50
Floating-Rate Loans 8.98
Mortgage-Backed Securities 18.34
U.S. Agency Mortgage-Backed Securities 14.18
Commercial Mortgage-Backed Securities 4.15
Non-U.S. Bond 10.87
Emerging Markets Sovereign Bonds 10.20
Emerging Markets Corporate Bonds 0.68
Currency 3.95
Currency Instruments 3.95
Other -0.09
Global Equities 0.28
Other Net Assets -0.36
Cash & Equivalents 6.94

Portfolio Statistics as of Dec 31, 2014

Average Weighted Duration 0.01 yrs.


Credit Quality (%)10 as of Dec 31, 2014

AAA 21.48
AA 14.74
A 5.14
BBB 23.77
BB 14.19
B 15.00
CCC or Lower 4.12
Not Rated 1.57
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 Dec 31, 2014

Global Opportunities Portfolio 45.04
Global Macro Portfolio 20.54
Global Macro Absolute Return Advantage Portfolio 11.98
Boston Income Portfolio 8.72
High Income Opportunities Portfolio 4.06
Institutional Emerging Markets Fund 2.58
Emerging Markets Local Income Portfolio 2.33
Currency Income Advantage Portfolio 2.25
Short Duration High Income Portfolio 2.21
Senior Debt Portfolio 0.22
International Income Portfolio 0.00
Floating-Rate Portfolio 0.00
Cash 0.07


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 Dec 31, 2014

The drop in oil prices that began last summer accelerated in the fourth quarter amid rising U.S. production, weakening global demand and the decision of the Organization of Petroleum Exporting Countries (OPEC) not to cut output. During the first part of the quarter, asset prices in emerging markets that import oil rallied, while prices in exporting countries declined. Russia, the world's second-largest oil exporter, was especially hard hit – pressure that intensified as more aggressive military action in Ukraine prompted new economic sanctions from the West. As the quarter progressed, risk appetites diminished more broadly, and the selloff that had largely been confined to oil exporters spread across emerging markets.

As expected, the Federal Reserve (Fed) ended its monthly bond purchases in October and held short-term interest rates near zero. However, the central bank’s economic projections and comments from Chair Janet Yellen following December’s policy meeting were more positive on the U.S. economy than previously, solidifying expectations for rate hikes in 2015. Overseas, the Bank of Japan expanded its asset-purchase program, and Japan’s public pension announced it would invest more in stocks—moves that caused Japanese assets to rally and the yen to weaken. The European Central Bank (ECB) disappointed investors by failing to unveil new stimulus measures but signaled it might do so in January. As 2014 drew to a close, political uncertainty in Greece raised the possibility of another sovereign debt restructuring in the new year.

Against this backdrop, the U.S. Treasury yield curve flattened—short-term yields rose modestly on expectations of higher rates from the Fed, and long-term yields declined due to strong demand for long-dated Treasuries from pensions and foreign investors. Most developed and emerging currencies weakened against the U.S. dollar, while local rates in emerging markets were generally unchanged. Credit spreads widened globally.

Performance Summary 

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

  • The Fund’s investments in currencies and absolute return strategies generated positive returns. These gains were muted by losses from allocations to emerging-market bonds, mortgage-backed securities and U.S. corporate credit.
  • The Fund’s average global duration was managed near 0.01 years at quarter-end. However, the Fund had a negative U.S. duration throughout much of the period, concentrated at the short end of the U.S. Treasury yield curve. This contributed to Fund performance as short-term U.S. yields increased in anticipation of Fed interest-rate hikes.

Average Annual Returns (%) as of Dec 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.63 -0.19 4.34 4.34 4.34 4.39 5.46
Fund w/Max Sales Charge -2.85 -2.42 2.00 2.00 3.56 3.92 5.22
Barclays U.S. Aggregate Bond Index2 0.09 1.79 5.97 5.97 2.66 4.45 4.71
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 Dec 31, 2014

Class A Inception 01/23/1998
Performance Inception 11/26/1990
Expense Ratio (Gross)11 1.16%
Expense Ratio (Net)12 1.06%


Contributors 

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

  • Long positions in the U.S. dollar versus other developed-market currencies, such as the Japanese yen, euro and Australian dollar, positively impacted results.
  • The absolute return strategies employed in the Fund also capitalized on the broad strengthening in the U.S. dollar – not only against other major currencies but against the Russian ruble, which fell sharply versus the dollar. A short position in Russian credit was another plus.

Detractors 

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

  • Investments in emerging-market bonds negatively impacted results. Positions in Venezuela and Indonesia were particularly unfavorable, since both countries depend heavily on revenues from oil exports.
  • Exposure to mortgage-backed securities detracted, as longer-term U.S. Treasury yields fell during the period, causing investors to believe mortgage refinancing rates may accelerate.
  • Positions in floating-rate loans and high-yield bonds subtracted from returns. Fundamentals in the floating-rate loan market remained healthy; however, selling by individual investors put pressure on the asset class. The drop in oil prices was a particular headwind for high-yield bonds, as securities issued by energy companies represent a significant percentage of the market.

Investment Outlook And Fund Positioning 

The U.S. economy is healthier than other developed economies, and the Fed is reining in stimulus while the Bank of Japan and ECB remain in easing mode. Consequently, we continue to be more constructive in our investment outlook for the United States versus the rest of the developed world and believe the U.S. dollar could strengthen further against other major currencies. In emerging markets, we remain highly selective in our pursuit of opportunities given the challenges facing various countries, including the falling price of oil and other commodities. That said, we continue to find many interesting opportunities in select markets.

As such, we continue to employ our intensive, proprietary research process in order to identify the most compelling investment ideas from around the world.

Credit Quality (%)10 as of Dec 31, 2014

AAA 21.48
AA 14.74
A 5.14
BBB 23.77
BB 14.19
B 15.00
CCC or Lower 4.12
Not Rated 1.57
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 Review

Income Markets Snapshot

Fact Sheet

Income: Breaking from tradition in today’s bond market

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

A nimble short-duration strategy for todays markets

Andrew Szczurowski on investing in agency mortgage-backed securities

SAI

Think Performance Think Eaton Vance

Looking for income? Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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