Overview

Growth of $10,000

10-year period ended 06/30/2017

  • Class A at NAV

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 1.73 4.54 14.97 10.35 -0.19 0.16 4.27
Fund w/Max Sales Charge 0.73 3.54 13.97 9.35 -0.19 0.16 4.27
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 1.79 4.38 14.67 9.86 -1.36 -0.33 4.45
06/30/2017
Fund at NAV 0.83 3.65 10.89 8.35 -1.37 -0.12 3.82
Fund w/Max Sales Charge -0.17 2.65 9.89 7.36 -1.37 -0.12 3.82
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 0.46 3.62 10.36 6.41 -2.80 -0.67 3.97
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 or equal to one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 1%.

Fund Factsas of Aug 31, 2017

Class C Inception 08/03/2010
Performance Inception 06/27/2007
Investment Objective Total return
Total Net Assets $493.3M
Minimum Investment $1000
Expense Ratio (Gross)2 2.08%
Expense Ratio (Net)3 1.95%
CUSIP 277923298

Portfolio Management

John R. Baur Managed Fund since 2008
Michael A. Cirami, CFA Managed Fund since 2008

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 or frontier 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 increase both the risk and return potential of the Fund), 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. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 1.73 4.54 14.97 10.35 -0.19 0.16 4.27
Fund w/Max Sales Charge 0.73 3.54 13.97 9.35 -0.19 0.16 4.27
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 1.79 4.38 14.67 9.86 -1.36 -0.33 4.45
Morningstar Emerging-Markets Local-Currency Bond Category4 1.62 4.11 13.11 8.48 -1.21 -0.36 4.10
06/30/2017
Fund at NAV 0.83 3.65 10.89 8.35 -1.37 -0.12 3.82
Fund w/Max Sales Charge -0.17 2.65 9.89 7.36 -1.37 -0.12 3.82
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 0.46 3.62 10.36 6.41 -2.80 -0.67 3.97
Morningstar Emerging-Markets Local-Currency Bond Category4 0.37 2.90 9.61 6.07 -3.06 -0.94 3.84
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 or equal to one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 1%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV -7.10 23.99 13.63 -4.39 15.85 -10.62 -4.72 -13.28 11.51
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 18.11 -5.22 21.98 15.68 -1.75 16.76 -8.98 -5.72 -14.92 9.94

Fund Facts

Expense Ratio (Gross)2 2.08%
Expense Ratio (Net)3 1.95%
Class C Inception 08/03/2010
Performance Inception 06/27/2007
Distribution Frequency Monthly

Yield Information5as of Aug 31, 2017

Distribution Rate at NAV 7.81%
Subsidized SEC 30-day Yield 5.25%
Subsidized SEC 30-day Yield 5.19%

Morningstar Rating™as of Aug 31, 2017

Time Period Rating Funds in
Emerging-Markets Local-Currency Bond
Category
Overall *** 81
3 Years **** 81
5 Years *** 65
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Sep 21, 2017 $6.66 -$0.01
Sep 20, 2017 $6.67 $0.00
Sep 19, 2017 $6.67 $0.02
Sep 18, 2017 $6.65 -$0.03
Sep 15, 2017 $6.68 $0.01
Sep 14, 2017 $6.67 $0.01
Sep 13, 2017 $6.66 -$0.01
Sep 12, 2017 $6.67 -$0.01
Sep 11, 2017 $6.68 -$0.01
Sep 08, 2017 $6.69 $0.02

Distribution History6

Ex-Date Distribution Reinvest NAV
Aug 30, 2017 $0.04290 $6.58
Jul 28, 2017 $0.04310 $6.50
Jun 29, 2017 $0.04310 $6.43
May 30, 2017 $0.04310 $6.41
Apr 27, 2017 $0.04310 $6.35
Mar 30, 2017 $0.04320 $6.34
Feb 27, 2017 $0.04330 $6.25
Jan 30, 2017 $0.04340 $6.12
Dec 29, 2016 $0.04340 $6.06
Nov 29, 2016 $0.04350 $5.95
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
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 an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 or frontier 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 increase both the risk and return potential of the Fund), 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. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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 (%)as of Jun 30, 2017

Local Sovereign 114.67
External Sovereign 22.93
Corporate 1.86
Loan 1.63

Portfolio Statisticsas of Jun 30, 2017

Countries Represented 45

Credit Quality (%)7as of Jun 30, 2017

AAA 3.91
A 12.07
BBB 29.98
BB 24.08
B 22.89
CCC or Lower 5.08
Not Rated 2.00
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 Characteristics (%)as of Jun 30, 2017

Interest-Rate Duration (yrs.)
Emerging Markets 4.96
Credit Spread Duration (yrs.)
Sovereign 0.54
Corporate 0.04

Foreign Currency Exposure (%)8as of Jun 30, 2017

Indonesia 11.47
Turkey 9.24
Brazil 8.25
Mexico 7.51
Poland 7.43
Dominican Republic 7.33
Colombia 7.13
Sri Lanka 6.59
Serbia 5.97
Czech Republic 4.71
View All

Credit Exposures by Country (contribution to credit spread duration in years)9as of Jun 30, 2017

Suriname 0.09
Barbados 0.09
Belarus 0.06
Turkey 0.06
Macedonia 0.05
El Salvador 0.05

Interest-Rate Exposures by Country (contribution to interest-rate duration in years)10as of Jun 30, 2017

Indonesia 0.65
Mexico 0.59
Colombia 0.48
Russia 0.40
Brazil 0.35
Thailand 0.32
Serbia 0.27
Peru 0.26
Sri Lanka 0.26
South Africa 0.25
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 or frontier 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 increase both the risk and return potential of the Fund), 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. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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

Commentary

A Word On The Markets as of Jun 30, 2017

Emerging markets (EM) debt continued its run of strong performance across all segments during the second quarter along with ongoing, moderate global growth and falling volatility. Investor flows into the sector remained very strong — topping $44 billion for the year-to-date as of the end of June (according to data from Wells Fargo) — which has continued to broadly push EM bond prices higher despite a further decline in commodity prices. An additional point of stimulus during the quarter was the perception of falling political risks from the developed world — most notably the results of French elections and the lack of protectionist policies materializing out of the Trump administration. EM bond prices were also supported by continued, low yields in the developed world, a broadly weaker U.S. dollar and easing global inflationary pressures.

Meanwhile, political volatility within emerging markets increased during the second quarter and will likely continue to shine a spotlight on the importance of country selection. Allegations seeking to tie Brazilian President Michel Temer to the Petrobras scandal, the rising power struggle between the various factions of the ANC in South Africa and multiple calls for the ousting of President Zuma, and the diplomatic split developing within the GCC between Qatar and a Saudi led coalition were all sources of idiosyncratic flare ups of volatility during the quarter. At the same time, President Erdogan's successful referendum resulting in an executive presidency resulted in Turkish asset outperforming and post-election political clarity in Serbia combined with further fiscal outperformance did the same to assets there.

EM local sovereign debt measured by the JPMorgan Government Bond Index-Emerging Markets Global Diversified1 was the strongest performing segment, up 3.62% as currencies were stronger on average while rates moved lower by 12 basis points (bps) to 6.28% on average. U.S. dollar-denominated EM sovereign debt, as measured by the JPMorgan EMBI Global Diversified,11 was next with a 0.88% return as spreads actually widened by 2 bps on average, but U.S. Treasury yields moved lower across the curve, providing positive returns. U.S. dollar-denominated EM corporate debt as measured by the JPMorgan CEMBI Broad Diversified12 was up 0.64% as spreads also widened by 5 bps on average but, as mentioned, U.S. Treasury yields moved lower, driving returns.

Performance Summary 

Eaton Vance Emerging Markets Local Income Fund (the Fund) outperformed its benchmark, the JPMorgan Government Bond Index: Emerging Market (JPM GBI EM) Global Diversified (the Index), at net asset value during the quarter.

  • By risk factor, the Fund experienced outperformance across the board with opportunistic investments in sovereign credit leading the way, followed by currencies and then local interest rates.
  • From a regional perspective, the Fund outperformed its benchmark, most notably within Latin America and Africa while it underperformed slightly in Asia.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.83 3.65 10.89 8.35 -1.37 -0.12 3.82
Fund w/Max Sales Charge -0.17 2.65 9.89 7.36 -1.37 -0.12 3.82
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 0.46 3.62 10.36 6.41 -2.80 -0.67 3.97
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 or equal to one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 1%.

Fund Factsas of Jun 30, 2017

Class C Inception 08/03/2010
Performance Inception 06/27/2007
Expense Ratio (Gross)2 2.08%
Expense Ratio (Net)3 1.95%

Contributors 

Factors contributing to the Fund's relative performance compared to the Index during the quarter:

  • Within Eastern Europe, the Fund's off-benchmark allocations to Serbian local markets (see above) and the Georgian lari added to relative returns, as did an overweight to Turkish assets (see above) and an underweight to the Russian ruble, which was among the worst performing currencies in the world over the period with declines in oil and increasing tensions with the U.S.
  • A notable contributor within Asia was a position in an off-benchmark position in Sri Lankan local markets which saw interest rates decline amidst strong local demand amidst a positive reversal in technicals as well as improvements on the fundamental side.

Detractors 

Factors detracting from the Fund's relative performance compared to the Index during the quarter:

  • Detracting from returns during the quarter included underweight exposures to Poland, Hungary and Romania which, as significant benchmark constituents, all saw positive local market performance amidst broad emerging-markets currency strength. Additionally, a long corporate credit position in Azerbaijan was another notable detractor after the country's largest bank defaulted on its debt payment.
  • Relative underperformance in Asia was driven by underweights to large benchmark countries Malaysia and Thailand, which both benefited from the broad EM rally.

Investment Outlook And Fund Positioning 

Emerging markets debt has continued to perform well, primarily driven by positive technical stemming from strong investor demand. Should a benign investing environment continue — with developed market yields remaining low, major central banks largely accommodative, and stability in both China and oil — a strong bid should remain. Of course, as a "risky" asset, if the macro environment turns, the asset class will go along with other risk assets. But given the elevated prices in nearly every sector, we believe relative value remains. We continue to favor local interest-rate exposure as moderating inflation and currency stability should allow central banks to further ease policy and support lower yields. Combined with the attractive levels of aggregate real yields relative to developed markets, this area remains attractive on an absolute basis.

Credit Quality (%)7as of Jun 30, 2017

AAA 3.91
A 12.07
BBB 29.98
BB 24.08
B 22.89
CCC or Lower 5.08
Not Rated 2.00
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 an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 or frontier 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 increase both the risk and return potential of the Fund), 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. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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

No attribution information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 or frontier 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 increase both the risk and return potential of the Fund), 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. 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. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. 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
John R. Baur

John R. Baur

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

John Baur is a vice president of Eaton Vance Management, director of global portfolio analysis 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 global income strategies. He joined Eaton Vance in 2005.

John began his career in the investment management industry in 2005. Before joining Eaton Vance, he was employed by Applied Materials in an engineering capacity, spending five of his seven years at the firm in Asia.

John earned a B.S. from MIT and an MBA from the Johnson Graduate School of Management at Cornell University.

Education
  • B.S. Massachusetts Institute of Technology
  • M.B.A. Johnson Graduate School of Management, Cornell University

Experience
  • Managed Fund since 2008

Biography
Michael A. Cirami, CFA

Michael A. Cirami, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Michael Cirami is a vice president of Eaton Vance Management, co-director of global income and portfolio manager on Eaton Vance’s global income team. He is responsible for leading the 45-person global income team, as well as for buy and sell decisions, portfolio construction and risk management for the firm’s global income strategies. Michael focuses on emerging Europe, the Middle East and Africa. He joined Eaton Vance in 2003.

Michael began his career in the investment management industry in 1998. Before joining Eaton Vance, he was employed at State Street Bank in Boston, Luxemburg and Munich, and with BT&T Asset Management in Zurich.

Michael earned a B.S., cum laude, from Mary Washington College and an MBA with honors from the William E. Simon School at the University of Rochester. He also studied at WHU Otto Beisheim School of Management in Koblenz, Germany. He is a member of the Boston Security Analysts Society, the Boston Committee on Foreign Relations and the Ludwig von Mises Institute. He also serves as a board member and chairman of the investment committee of the Boston Civic Symphony and the University of Mary Washington Foundation. Additionally, he is on the board of overseers for the New England Conservatory. He is a CFA charterholder.

Michael’s commentary has appeared in The Wall Street Journal, Barron’s, Bloomberg and Reuters. He has been a featured speaker at Schwab, Bloomberg European Debt Crisis and Standard Chartered forums.

Education
  • B.S. Mary Washington College
  • M.B.A. William E. Simon School of Business, University of Rochester

Experience
  • Managed Fund since 2008


Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2017

Commentary

Download - Last updated: Jun 30, 2017

Attribution

Download - Last updated: Jun 30, 2017

Report of Organizational Actions Affecting Basis of Securities

Download - Last updated: Oct 31, 2012

Annual Report

Download - Last updated: Oct 31, 2016

Full Prospectus

Download - Last updated: Jun 21, 2017

Emerging Markets Local Income Holdings

Download - Last updated: Jul 31, 2017

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

Download

SAI

Download - Last updated: Jun 21, 2017

Semi-Annual Report

Download - Last updated: Apr 30, 2017

Summary Prospectus

Download - Last updated: Mar 1, 2017

XBRL

Download - Last updated: Mar 21, 2017