Overview

Relative to traditional markets, historically this fund has had: lower volatility, higher risk-adjusted returns and limited drawdown.1

As of 09/30/2016

  • Fund
  • U.S. Stocks
  • Global Bonds

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2016
Fund at NAV -0.84 -0.32 2.92 3.08 2.81 2.13 3.83
Fund w/Max Sales Charge -5.50 -5.01 -1.95 -1.84 1.16 1.15 3.33
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.02 0.09 0.28 0.32 0.13 0.11 0.84
09/30/2016
Fund at NAV 0.26 2.05 3.52 5.97 3.16 2.48 4.11
Fund w/Max Sales Charge -4.46 -2.80 -1.38 0.95 1.50 1.49 3.60
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.05 0.10 0.24 0.27 0.11 0.10 0.92
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 Class A Shares reflects returns of the Global Macro Portfolio into which it invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Fund Factsas of Oct 31, 2016

Class A Inception 06/27/2007
Performance Inception 10/31/1997
Investment Objective Total return
Total Net Assets $5.4B
Minimum Investment $1000
Expense Ratio (Gross)3 1.07%
Expense Ratio (Net)3 1.04%
CUSIP 277923736

Portfolio Management

John R. Baur Managed Fund since 2008
Michael A. Cirami, CFA Managed Fund since 2008
Eric Stein, CFA Managed Fund since 2010

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 

The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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 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. 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 Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2016
Fund at NAV 0.26 1.86 3.79 4.62 3.17 2.24 4.01
Fund w/Max Sales Charge -4.46 -2.98 -1.12 -0.38 1.51 1.24 3.51
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.03 0.09 0.27 0.31 0.12 0.11 0.88
Morningstar™ Nontraditional Bond Category4 0.26 1.38 4.88 3.99 1.92 2.63 3.48
09/30/2016
Fund at NAV 0.26 2.05 3.52 5.97 3.16 2.48 4.11
Fund w/Max Sales Charge -4.46 -2.80 -1.38 0.95 1.50 1.49 3.60
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.05 0.10 0.24 0.27 0.11 0.10 0.92
Morningstar™ Nontraditional Bond Category4 0.28 2.17 4.39 4.39 2.01 2.89 3.44
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 Class A Shares reflects returns of the Global Macro Portfolio into which it invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 6.60 11.44 1.70 10.75 4.49 -0.68 3.79 -0.55 2.69 2.28
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 4.85 5.00 2.06 0.21 0.13 0.10 0.11 0.07 0.03 0.05

Fund Facts

Expense Ratio (Gross)3 1.07%
Expense Ratio (Net)3 1.04%
Class A Inception 06/27/2007
Performance Inception 10/31/1997
Distribution Frequency Monthly

Yield Information5as of Oct 31, 2016

Distribution Rate at NAV 3.12%
SEC 30-day Yield 2.82%

Morningstar™ Ratingsas of Oct 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Nontraditional Bond
Category
Overall ** *** 252
3 Years *** **** 252
5 Years ** *** 176
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.

© 2016 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
Dec 02, 2016 $8.98 -$0.02
Dec 01, 2016 $9.00 -$0.01
Nov 30, 2016 $9.01 -$0.01
Nov 29, 2016 $9.02 -$0.03
Nov 28, 2016 $9.05 -$0.01
Nov 25, 2016 $9.06 $0.00
Nov 23, 2016 $9.06 $0.01
Nov 22, 2016 $9.05 $0.00
Nov 21, 2016 $9.05 -$0.01
Nov 18, 2016 $9.06 -$0.01

Distribution History6

Ex-Date Distribution Reinvest NAV
Nov 29, 2016 $0.02380 $9.02
Oct 28, 2016 $0.02370 $9.11
Sep 29, 2016 $0.02370 $9.11
Aug 30, 2016 $0.03040 $9.11
Jul 28, 2016 $0.03040 $9.04
Jun 29, 2016 $0.02940 $9.00
May 27, 2016 $0.03040 $9.01
Apr 28, 2016 $0.02940 $8.99
Mar 30, 2016 $0.03040 $8.97
Feb 26, 2016 $0.02840 $8.95
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 

The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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 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. 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 Oct 31, 2016

Average Duration 1.74 yrs.
Countries Represented 70

Credit Quality (%)7as of Oct 31, 2016

AAA 13.37
AA 0.00
A 11.93
BBB 16.75
BB 32.92
B 23.17
CCC or Lower 0.00
Not Rated 1.85
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 Sovereign External Debt (%)8as of Oct 31, 2016

Turkey 7.21
Serbia 4.85
Cyprus 3.25
Macedonia 2.34
Mexico 2.19
Philippines 2.00
Italy -2.87
South Africa -3.11
Qatar -3.84
Spain -4.54
View All

Foreign Currency Exposure (%)9as of Oct 31, 2016

Russian Ruble 5.41
Serbian Dinar 5.00
Icelandic Krona 4.29
Sri Lankan Rupee 3.92
Romanian Leu 2.99
U.A.E. Dirham -2.91
Euro -2.99
Omani Rial -4.60
Singapore Dollar -7.00
Chinese Renminbi -9.69
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 

The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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 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. 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 Sep 30, 2016

The third quarter got off to a volatile start, as fallout from the late-June Brexit vote spilled over into early July. During the first several days of the period, the British pound hit lows unseen in more than three decades, multiple asset managers halted trading in their U.K. property funds and fears of an Italian banking crisis resurfaced. However, risk markets quickly regained their footing, and major debt and equity indices went on to finish the quarter with strong gains, thanks in large part to central bank actions.

In efforts to jump-start their respective economies, several central banks cut interest rates, including the Bank of England, which also expanded its asset purchase program. The People's Bank of China guided the yuan to its lowest level versus the U.S. dollar in over a year, while the Bank of Japan pledged to overshoot its 2% inflation target and took steps to counter the negative effects of an excessively flat yield curve. The Federal Reserve held rates steady at each of its two policy meetings of the quarter amid subdued U.S. economic growth and inflation. However, three of the FOMC's current 10 voting members wanted to raise rates at the September meeting, and the Fed prepared markets for an increase by year-end.

Against this backdrop, local currency and U.S. dollar-denominated emerging market sovereign debt posted healthy quarterly gains, as did global equities. The U.S. dollar weakened against most foreign currencies, while Treasury yields rose modestly across the curve. Brent crude oil rebounded from a July sell-off but ended the period down slightly. The broad commodity market also declined.

Performance Summary 

Eaton Vance Global Macro Absolute Return Fund and Eaton Vance Global Macro Absolute Return Advantage Fund outperformed their benchmark, the BofA Merrill Lynch 3 Month U.S. Treasury Bill Index2 (the Index), at net asset value during the quarter.

  • By risk factor, the allocation to credit was the top contributor to Fund performance, and rates and commodity exposures also favorably impacted results. Currency and equity investments modestly added value in Global Macro Absolute Return and were essentially flat in Global Macro Absolute Return Advantage.
  • By region, Central and Eastern Europe made the largest contribution to Fund performance, followed by Asia and Western Europe. Credit, rates and currency exposures drove the positive results in Central and Eastern Europe, including long investments in the Russian ruble and Russian rates — holdings that benefited from the stabilization in oil prices. Long positions in the Serbian dinar and Romanian leu against the euro were also helpful. In Asia, the Funds' rates, credit and equity allocations generated gains. Among the region's strongest investments were long rates positions in Sri Lanka, Indonesia and India, and long credit positions in Sri Lanka and Indonesia. The positive returns in Western Europe were a function of rates and currency allocations, namely long positions in Icelandic rates and the Icelandic krona versus the euro.
  • Latin America, as well as the Middle East and Africa region, also aided Fund performance. Credit and currency allocations added value in Latin America, including a short position in the Peruvian new sol. In the Middle East and Africa, the positive effects of credit and rates exposures more than offset the negative effect of currency exposures. Long credit positions in Zambia and Kenya were especially helpful, as was a short rates position in Saudi Arabia.
  • The Dollar Bloc subtracted a few basis points from returns and was the sole regional detractor due to currency. Short exposure to the Australian dollar was particularly unfavorable given the broad weakness in the U.S. dollar during the quarter.

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.26 2.05 3.52 5.97 3.16 2.48 4.11
Fund w/Max Sales Charge -4.46 -2.80 -1.38 0.95 1.50 1.49 3.60
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.05 0.10 0.24 0.27 0.11 0.10 0.92
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 Class A Shares reflects returns of the Global Macro Portfolio into which it invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Fund Factsas of Sep 30, 2016

Class A Inception 06/27/2007
Performance Inception 10/31/1997
Expense Ratio (Gross)3 1.07%
Expense Ratio (Net)3 1.04%

Contributors 

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

  • At the individual position level, one of the Funds' top contributors was the short position in Saudi Arabian rates. Financial conditions have been tightening in Saudi Arabia as the government withdraws liquidity to help fund its budget deficit. The long in the Icelandic krona versus the euro was another top performer, as strong economic growth in Iceland and the country's attractive yields captured investors' attention. A long position in the Sir Lankan rupee and a long position in Zambian credit also added a significant amount to returns. Sri Lanka's central bank raised its key policy rates for the second time this year in an effort to slow credit growth and curb inflationary pressures. Despite an unusually turbulent presidential election in Zambia, Zambian credit performed well in the generally positive environment for emerging market assets.

Detractors 

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

  • Major detractors included short currency and credit positions in South Africa, which did poorly even as ratings agencies warned that political infighting could lead to a downgrade of the country's sovereign debt. Long positions in the Swedish krona versus the euro, and in Chinese rates, were also unfavorable. The Swedish krona was hurt by its growing use as a funding currency for carry trades — trades in which market participants sell low-yielding currencies like the krona to fund investments in higher-yielding currencies. Signs that Chinese authorities were looking to rein in liquidity weighed on the long position in Chinese rates.

Investment Outlook And Fund Positioning 

We believe developed world central banks are nearing the limits of monetary stimulus, and that any fiscal stimulus will be ineffective in spurring growth. Some emerging market economies appear poised to improve; however, we think they remain vulnerable to three big macro risks: China's currency policy, commodity prices and the steps the Fed takes to normalize U.S. interest rates. In general, developed market currencies and rates appear fairly priced, while this year's rally in emerging market currencies, credit and rates has shifted the risk/return profiles of these factors. Against this backdrop, the Funds' currency exposure is roughly balanced, credit spread duration (a measure of a portfolio's sensitivity to changes in credit spreads) has been reduced and global duration has remained somewhat constant. We expect country-level factors rather than broad macro factors to be the main drivers of Fund performance going forward.

At quarter-end, the Funds were net long foreign currency, as the team reduced select shorts in the South African rand and Peruvian sol. The team also added to long positions in the Swedish krona and Serbian dinar versus the euro. Short U.S. dollar and euro positions remain versus select emerging and frontier market currencies to balance the risk.

Credit spread duration was around one-half year for Global Macro Absolute Return and closer to one year for Global Macro Absolute Return Advantage at quarter-end. This resulted in a marginal reduction, quarter over quarter; however, each credit position, whether long or short, is a reflection of the team's view of the specific country rather than any broad regional themes.

Finally, from a rates perspective, U.S. duration was near one year for Global Macro Absolute Return and near one-and-one-half years for Global Macro Absolute Return Advantage during the period, while non-U.S. duration remained modestly positive at around an additional year for each.

Credit Quality (%)7as of Sep 30, 2016

AAA 13.27
AA 0.00
A 12.55
BBB 16.01
BB 32.28
B 24.02
CCC or Lower 0.00
Not Rated 1.87
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 

The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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 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. 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

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 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 

The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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 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. 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 group. 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, focusing on emerging Europe, the Middle East and Africa. 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 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

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 buy and sell decisions, portfolio construction and risk management for the firm’s global income strategies. 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 term member of the Council on Foreign Relations. He is also 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 2010


Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2016

Commentary

Download - Last updated: Sep 30, 2016

Attribution

Download - Last updated: Sep 30, 2016

Is it time to rethink traditional portfolios? GMAR-GMARA Brochure

Download - Last updated: Sep 30, 2016

Monthly Update

Download - Last updated: Oct 31, 2016

Annual Report

Download - Last updated: Oct 31, 2015

Full Prospectus

Download - Last updated: Mar 1, 2016

Global Macro Absolute Return Holdings

Download - Last updated: Oct 31, 2016

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

Download

SAI

Download - Last updated: Mar 1, 2016

Semi-Annual Report

Download - Last updated: Apr 30, 2016

Summary Prospectus

Download - Last updated: Mar 1, 2016

XBRL

Download - Last updated: Mar 22, 2016