Overview

Growth of $10,000

Since Fund inception ended 03/31/2017

  • Class A at NAV

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
04/30/2017
Fund at NAV 1.16 6.06 8.23 7.16 -1.06 -1.15 3.71
Fund w/Max Sales Charge 0.16 5.06 7.23 6.18 -1.06 -1.15 3.71
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 1.17 5.37 7.75 4.03 -2.59 -1.58 3.92
03/31/2017
Fund at NAV 2.29 6.99 6.99 9.30 -0.97 -1.26 3.62
Fund w/Max Sales Charge 1.29 5.99 5.99 8.30 -0.97 -1.26 3.62
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 2.31 6.50 6.50 5.47 -2.68 -1.62 3.83
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 Apr 30, 2017

Class C Inception 08/03/2010
Performance Inception 06/27/2007
Investment Objective Total return
Total Net Assets $337.5M
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 Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
04/30/2017
Fund at NAV 1.16 6.06 8.23 7.16 -1.06 -1.15 3.71
Fund w/Max Sales Charge 0.16 5.06 7.23 6.18 -1.06 -1.15 3.71
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 1.17 5.37 7.75 4.03 -2.59 -1.58 3.92
Morningstar™ Emerging-Markets Local-Currency Bond Category4 1.08 5.31 7.63 4.43 -2.62 -1.52
03/31/2017
Fund at NAV 2.29 6.99 6.99 9.30 -0.97 -1.26 3.62
Fund w/Max Sales Charge 1.29 5.99 5.99 8.30 -0.97 -1.26 3.62
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 2.31 6.50 6.50 5.47 -2.68 -1.62 3.83
Morningstar™ Emerging-Markets Local-Currency Bond Category4 2.21 6.49 6.49 6.16 -2.67 -1.62
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 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 Apr 30, 2017

Distribution Rate at NAV 8.12%
Subsidized SEC 30-day Yield 5.67%
Unsubsidized SEC 30-day Yield 5.61%

Morningstar™ Ratingsas of Apr 30, 2017

Time Period Rating Funds in
Emerging-Markets Local-Currency Bond
Category
Overall *** 81
3 Years **** 81
5 Years *** 58
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
May 26, 2017 $6.46 $0.01
May 25, 2017 $6.45 $0.00
May 24, 2017 $6.45 $0.02
May 23, 2017 $6.43 $0.01
May 22, 2017 $6.42 $0.00
May 19, 2017 $6.42 $0.09
May 18, 2017 $6.33 -$0.15
May 17, 2017 $6.48 -$0.04
May 16, 2017 $6.52 $0.04
May 15, 2017 $6.48 $0.05

Distribution History6

Ex-Date Distribution Reinvest NAV
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
Oct 28, 2016 $0.04310 $6.45
Sep 29, 2016 $0.04300 $6.52
Aug 30, 2016 $0.05260 $6.47
Jul 28, 2016 $0.05260 $6.39
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

Portfolio Statisticsas of Mar 31, 2017

Countries Represented 41

Credit Quality (%)7as of Mar 31, 2017

AAA 4.73
AA 0.00
A 8.59
BBB 27.40
BB 27.32
B 29.65
CCC or Lower 0.98
Not Rated 1.34
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.

Foreign Currency Exposure (%)8as of Mar 31, 2017

Indonesia 14.86
Turkey 12.11
Brazil 11.29
Mexico 10.58
Colombia 10.32
Dominican Republic 9.87
Sri Lanka 7.43
Russia 6.31
Czech Republic 6.00
Poland 5.97
View All

Credit Exposures by Country (contribution to credit spread duration in years)9as of Mar 31, 2017

Suriname 0.12
Turkey 0.08
Barbados 0.08
El Salvador 0.06
Macedonia 0.06
Croatia 0.04
Ecuador 0.04
Tanzania 0.03
Ethiopia 0.03
Rwanda 0.02
View All

Interest-Rate Exposures by Country (contribution to interest-rate duration in years)10as of Mar 31, 2017

Indonesia 0.79
Mexico 0.55
Russia 0.40
Brazil 0.38
Colombia 0.33
Serbia 0.32
South Africa 0.32
Peru 0.30
Sri Lanka 0.29
Philippines 0.26
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 Mar 31, 2017

The financial markets posted widespread gains in the first quarter. Key themes driving the broad rally included optimism about Trump’s pro-growth agenda, stronger European economic data and improving sentiment on emerging markets.

Surveys of U.S. consumer and business confidence surged to multi-year highs on expectations that the new administration's policies would accelerate GDP growth. At its mid-March policy meeting, the Federal Reserve kept its 2017 growth forecast at 2.1% but raised interest rates 0.25%. In the Eurozone, despite heightened political uncertainty, unemployment continued to decline and manufacturing activity picked up across the region, while the U.K. economy remained resilient following the June 2016 "Brexit" vote. Emerging markets experienced robust investor inflows due to several factors, including attractive valuations and a weakening in the U.S. dollar. Many of the export-driven economies benefited from continued confidence in President Trump's proposed fiscal policy plans. Emerging market assets also received support as investors' fears of Trump's anti-trade policy waned after he toned down this rhetoric.

In this environment, emerging market debt performed well led by local currency sovereign debt as the broad emerging market currency rally drove results. U.S. dollar-denominated emerging market sovereign debt also experienced positive performance as credit spreads tightened. Equities registered the strongest gain in the emerging markets asset class and the broad commodity market finished the quarter in negative territory as result of falling oil prices.

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 Diversified1 (the Index), at net asset value during the quarter.

  • One out of four regions contributed positively to performance versus the Index.
  • Positions in Central and Eastern Europe contributed the most to relative Fund performance. Off-benchmark positions in Georgia's currency and Serbia's currency and rates along with an overweight position in Russia's currency and rates contributed on a relative basis. An underweight position in Poland's currency and rates detracted from the region's relative performance.
  • Positioning in Asia contributed to performance that was in line with the Index for the region. An off-benchmark position in Sri Lanka's currency as well as an overweight position in Indonesia's currency and rates contributed on a relative basis. An underweight position in Thailand's currency and rates detracted from the region's relative performance.
  • Positions in Latin America detracted slightly from relative performance. An off-benchmark position in Barbados credit as well as an underweight position in Mexico's currency detracted from the region's relative performance. An overweight position in Brazil's currency and rates as well as an off-benchmark position in Dominican Republic credit contributed on a relative basis.
  • The Middle East and Africa region detracted the most from relative performance. An off-benchmark position in Egypt's currency detracted from relative performance. An underweight position in South Africa contributed on a relative basis.

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 2.29 6.99 6.99 9.30 -0.97 -1.26 3.62
Fund w/Max Sales Charge 1.29 5.99 5.99 8.30 -0.97 -1.26 3.62
JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 2.31 6.50 6.50 5.47 -2.68 -1.62 3.83
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 Mar 31, 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:

  • The fund's positioning in off-benchmark Georgian currency contributed the most to relative performance. The Central Bank increased rates at the beginning of the quarter, which caused the currency to appreciate throughout the rest of the quarter.
  • An overweight position in Russia contributed to relative performance. The currency steadily appreciated throughout the quarter as oil prices recovered and the Central Bank continued to pause its rate-cutting cycle until the end of the quarter.
  • An off-benchmark position in Serbia contributed to relative performance. There were no major changes to the fiscal situation, the currency remained stable throughout the quarter and a small move in rates benefited the position.

Detractors 

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

  • The fund's off-benchmark position in Egypt detracted from relative performance. Following a period of currency appreciation in February, foreign investors backed off and the currency reversed most of those gains in the month of March.
  • The fund's underweight position in Mexico currency and rates detracted from relative performance. Mexican assets experienced positive performance, including substantial currency appreciation, after a change in rhetoric from members of the U.S. administration.
  • The fund's off-benchmark position in Barbados credit detracted from relative performance. The credit was downgraded by two ratings agencies on the grounds of increasing debt levels and very limited prospects of fiscal reform.

Investment Outlook And Fund Positioning 

We expect the emerging markets debt landscape to continue to be driven by the three wildcards of the broader macro environment: China, oil and U.S. monetary policy. We will also follow the upcoming European election season as this may be a concern for the asset class. The Trump administration so far has had a mixed impact on emerging markets debt, but we continue to closely monitor the Administration's protectionist tendencies. We primarily think Trump is best viewed as a potential catalyst for our three wildcards and over the short term, we feel country specifics will likely play less of a role in driving returns. However, the smaller emerging markets countries offer the best reform momentum and most compelling investment opportunities in the space, which is where we expect to generate excess return going forward.

Credit Quality (%)7as of Mar 31, 2017

AAA 4.73
AA 0.00
A 8.59
BBB 27.40
BB 27.32
B 29.65
CCC or Lower 0.98
Not Rated 1.34
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.

No commentary information is currently available.

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: Mar 31, 2017

Commentary

Download - Last updated: Mar 31, 2017

Attribution

Download - Last updated: Mar 31, 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: Mar 1, 2017

Emerging Markets Local Income Holdings

Download - Last updated: Mar 31, 2017

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

Download

SAI

Download - Last updated: Mar 1, 2017

Semi-Annual Report

Download - Last updated: Apr 30, 2016

Summary Prospectus

Download - Last updated: Mar 1, 2017

XBRL

Download - Last updated: Mar 21, 2017