Overview

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

As of 06/30/2016

  • Fund
  • U.S. Stocks
  • Global Bonds

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
07/31/2016
Fund at NAV 0.45 1.45 1.89 1.94 2.18 1.62 4.10
Fund w/Max Sales Charge -4.33 -3.39 -2.93 -2.85 0.54 0.64 3.60
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.03 0.07 0.17 0.22 0.10 0.09 1.00
06/30/2016
Fund at NAV 0.22 1.33 1.44 1.82 1.93 1.59 4.22
Fund w/Max Sales Charge -4.55 -3.50 -3.36 -2.97 0.30 0.61 3.71
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.04 0.07 0.15 0.19 0.09 0.09 1.04
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 Jul 31, 2016

Class A Inception 06/27/2007
Performance Inception 10/31/1997
Investment Objective Total return
Total Net Assets $4.8B
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 Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
07/31/2016
Fund at NAV 0.45 1.45 1.89 1.94 2.18 1.62 4.10
Fund w/Max Sales Charge -4.33 -3.39 -2.93 -2.85 0.54 0.64 3.60
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.03 0.07 0.17 0.22 0.10 0.09 1.00
Morningstar™ Nontraditional Bond Category4 1.07 1.52 3.17 1.32 1.51 1.96 3.47
06/30/2016
Fund at NAV 0.22 1.33 1.44 1.82 1.93 1.59 4.22
Fund w/Max Sales Charge -4.55 -3.50 -3.36 -2.97 0.30 0.61 3.71
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.04 0.07 0.15 0.19 0.09 0.09 1.04
Morningstar™ Nontraditional Bond Category4 0.26 1.70 2.02 0.19 1.19 1.80 3.37
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 Jul 31, 2016

Distribution Rate at NAV 4.04%
SEC 30-day Yield 3.67%

Morningstar™ Ratingsas of Jul 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Nontraditional Bond
Category
Overall ** *** 247
3 Years *** **** 247
5 Years ** *** 167
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
Aug 23, 2016 $9.08 $0.01
Aug 22, 2016 $9.07 $0.00
Aug 19, 2016 $9.07 $0.01
Aug 18, 2016 $9.06 -$0.01
Aug 17, 2016 $9.07 $0.00
Aug 16, 2016 $9.07 $0.00
Aug 15, 2016 $9.07 $0.00
Aug 12, 2016 $9.07 $0.00
Aug 11, 2016 $9.07 $0.01
Aug 10, 2016 $9.06 $0.00
View All

Distribution History6

Ex-Date Distribution Reinvest NAV
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
Jan 28, 2016 $0.03040 $8.96
Dec 30, 2015 $0.14360 $9.06
Nov 27, 2015 $0.02940 $9.20
Oct 29, 2015 $0.03040 $9.17
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

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 as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

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 Jul 31, 2016

Average Duration 2.40 yrs.
Countries Represented 70

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

AAA 13.68
AA 0.00
A 5.46
BBB 22.91
BB 31.97
B 23.96
CCC or Lower 0.00
Not Rated 2.02
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 Jul 31, 2016

Serbia 5.46
Turkey 5.09
Cyprus 2.58
Iceland 2.42
Macedonia 2.36
Mongolia 2.03
Saudi Arabia 2.00
South Africa -3.41
Qatar -4.32
Spain -5.17
View All

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

Icelandic Krona 4.48
Serbian Dinar 4.32
Sri Lankan Rupee 3.21
Romanian Leu 3.02
U.A.E. Dirham -3.08
Euro -3.12
South African Rand -3.41
Omani Rial -5.04
Singapore Dollar -8.15
Chinese Renminbi -8.26
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 

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 Jun 30, 2016

The rally in risk assets that began in mid-February continued throughout much of the second quarter. Then on June 23, the U.K. voted to leave the European Union (EU), a move that stunned the markets since late-breaking polls had pointed to a "remain" result. In the two days after the decision, equity prices plunged, credit spreads widened and emerging market currencies weakened. However, fears that "Brexit" would severely disrupt the global economy quickly subsided, and risk markets surged in the last three days of the quarter.

Improving U.S. economic data and hawkish comments from the Federal Reserve fueled expectations that the central bank might raise short-term interest rates in June after holding them steady at its last three meetings. But after a disappointing May jobs report, and with a potential Brexit looming, the Fed left rates unchanged. Longer-term yields – both in the U.S. and abroad – fell in the weeks leading up to the U.K. referendum, a trend that accelerated in the flight to quality that occurred following the vote.

Oil topped $50 a barrel due to several supply shocks. These included militant attacks on Nigerian pipelines and wildfires that curbed production in Canada. Rising prices of oil and other raw materials contributed to a double-digit gain in the broad commodity market. The U.S. dollar strengthened versus the euro and British pound, weakened versus the Japanese yen and was mixed against emerging market currencies. Overall, local currency and U.S. dollar-denominated emerging market sovereign debt posted healthy gains. The global equity market rose modestly, and the U.S. Treasury yield curve flattened.

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 the Funds' performance, and rates also materially boosted returns. Equity investments had a slightly negative impact, while currency and commodity exposures also detracted.
  • The Middle East and Africa region made one of the biggest contributions to return, driven by allocations to credit and rates. Among the credit exposures, long positions in Zambia and Angola were helpful, while the strength in rates was mainly due to a short position in Saudi Arabia. Saudi Arabia has had to plug budget deficits caused by lower oil prices, and rising government borrowing has put upward pressure on the country's interest rates.
  • The Funds' investments in Central and Eastern Europe, as well as in Asia and Latin America, also added a meaningful amount to returns. In Central and Eastern Europe, the benefit of rates and credit exposures more than compensated for the negative effect of currency positioning. One of the best-performing investments in the region was a long position in Russian rates. Russia's central bank cut its key interest rate in June and signaled the possibility of additional cuts amid slowing inflation. Positive results in Asia were a function of credit, currency and equity exposures, including a short position in the Chinese yuan and long credit positions in Mongolia and Kazakhstan. In Latin America, the Funds' performance was bolstered by long credit positions, most notably in Venezuela and Ecuador.
  • Western Europe was a region that subtracted from returns. Currency investments were the primary drag, including a short position in the British pound that hurt results in April and was subsequently removed. During April, the pound rose to multi-week highs against the U.S. dollar as polls showed greater support for the U.K. remaining in the EU. Results in the Dollar Bloc were slightly positive for the quarter, with gains in rates offsetting losses in currencies.

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.22 1.33 1.44 1.82 1.93 1.59 4.22
Fund w/Max Sales Charge -4.55 -3.50 -3.36 -2.97 0.30 0.61 3.71
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.04 0.07 0.15 0.19 0.09 0.09 1.04
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 Jun 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 top contributors in the Funds was the short in Saudi Arabian rates. A long allocation to Venezuelan credit and a short position in the Chinese yuan were also especially helpful. Despite the economic crisis in Venezuela, the government has been disciplined in meeting its international debt obligations so far, and rising oil prices have bolstered the assets backing the debt. In China, the central bank weakened its currency fixing versus the U.S. dollar by the most since last August as uncertainty about the Brexit vote pushed the dollar higher.

Detractors 

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

  • One of the biggest detractors in the Funds was a short position in the South African rand, which generated losses as the country saw an influx of foreign investment after investor appetite for risk assets increased with the expectation that developed market central banks will remain accommodative as a result of the Brexit vote. A short in Brent crude oil implemented as a hedge was also unfavorable given the strength in oil prices during the quarter. Other negative performers included a short position in the British pound and long position in the Swedish krona. The British pound generated losses in April, as previously noted, and broad strength in the U.S. dollar pressured the Swedish krona, as did news that inflation in Sweden slowed more than expected in May.

Investment Outlook And Fund Positioning 

The U.K.'s decision to leave the EU is likely to have a negative effect on global economic growth, although only time will tell to what degree growth will be impacted. With developed world central banks nearing the limits of monetary stimulus, we believe there is much to be concerned about in these markets. Some emerging market economies offer the potential for improved growth going forward; however, they remain vulnerable to what we see as the big three macro risks: China's currency policy, commodity prices and the steps the Fed takes to normalize U.S. interest rates. In such an environment, the team remains committed to being highly selective in its positioning, favoring a balanced portfolio of currency, credit and rate exposure.

At quarter-end, the Funds were net long the U.S. dollar, as the team added to select shorts in the Chinese yuan and South African rand, reinitiated a short in the Aussie dollar, and eased back on some longs in the Swedish krona, Indian rupee and Russian ruble. Short U.S. dollar and euro positions remain versus select emerging and frontier market currencies to balance the risk.

Credit spread duration (a measure of a portfolio's sensitivity to changes in credit spreads) was around 0.8 years for Global Macro Absolute Return and closer to one-and-one half years 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 two 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. We expect that further volatility in commodity markets, combined with the fallout from the Brexit event, will expose attractive rates trades around the world.

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

AAA 15.04
AA 0.00
A 9.75
BBB 16.22
BB 30.12
B 26.21
CCC or Lower 0.59
Not Rated 2.07
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

Commentary

Attribution

Monthly Update

Annual Report

Full Prospectus

Global Macro Absolute Return Holdings

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

SAI

Semi-Annual Report

Summary Prospectus

XBRL


 

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