Overview

Relative to traditional markets, historically this fund has had: lower volatility, limited drawdown and lower beta.1

As of 06/30/2017

  • Class A at NAV
  • S&P 500 Index
  • Bloomberg Barclays U.S. Aggregate Bond Index
  • BofA Merrill Lynch U.S. High Yield Index

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 0.53 0.50 2.42 2.69 2.67 1.71 3.07
Fund w/Max Sales Charge -0.47 -0.50 1.42 1.69 2.67 1.71 3.07
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.09 0.26 0.48 0.62 0.29 0.20 0.50
06/30/2017
Fund at NAV 0.20 0.83 2.11 4.07 2.75 1.87 3.08
Fund w/Max Sales Charge -0.80 -0.17 1.11 3.07 2.75 1.87 3.08
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.08 0.20 0.31 0.49 0.23 0.17 0.58
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 1%.

Fund Factsas of Aug 31, 2017

Class C Inception 10/01/2009
Performance Inception 10/31/1997
Investment Objective Total return
Total Net Assets $6.4B
Minimum Investment $1000
Expense Ratio (Gross)3 1.76%
Expense Ratio (Net)3 1.73%
CUSIP 277923488

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 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. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments.

A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 0.53 0.50 2.42 2.69 2.67 1.71 3.07
Fund w/Max Sales Charge -0.47 -0.50 1.42 1.69 2.67 1.71 3.07
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.09 0.26 0.48 0.62 0.29 0.20 0.50
Morningstar Nontraditional Bond Category4 0.03 0.80 3.00 4.28 1.87 2.27 3.90
06/30/2017
Fund at NAV 0.20 0.83 2.11 4.07 2.75 1.87 3.08
Fund w/Max Sales Charge -0.80 -0.17 1.11 3.07 2.75 1.87 3.08
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.08 0.20 0.31 0.49 0.23 0.17 0.58
Morningstar Nontraditional Bond Category4 0.34 1.27 2.85 5.92 1.96 2.69 3.60
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 11.44 1.70 10.54 3.81 -1.39 3.03 -1.28 2.01 1.60 2.97
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 5.00 2.06 0.21 0.13 0.10 0.11 0.07 0.03 0.05 0.33

Fund Facts

Expense Ratio (Gross)3 1.76%
Expense Ratio (Net)3 1.73%
Class C Inception 10/01/2009
Performance Inception 10/31/1997
Distribution Frequency Monthly

Yield Information5as of Aug 31, 2017

Distribution Rate at NAV 2.42%
SEC 30-day Yield 2.17%

Morningstar Rating™as of Aug 31, 2017

Time Period Rating Funds in
Nontraditional Bond
Category
Overall *** 262
3 Years **** 262
5 Years ** 164
10 Years ** 43
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

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

©2017 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Sep 21, 2017 $9.15 $0.00
Sep 20, 2017 $9.15 $0.00
Sep 19, 2017 $9.15 $0.00
Sep 18, 2017 $9.15 $0.00
Sep 15, 2017 $9.15 -$0.02
Sep 14, 2017 $9.17 $0.01
Sep 13, 2017 $9.16 -$0.01
Sep 12, 2017 $9.17 $0.00
Sep 11, 2017 $9.17 -$0.01
Sep 08, 2017 $9.18 $0.02

Distribution History6

Ex-Date Distribution Reinvest NAV
Aug 30, 2017 $0.01850 $9.16
Jul 28, 2017 $0.01850 $9.14
Jun 29, 2017 $0.01850 $9.17
May 30, 2017 $0.01850 $9.16
Apr 27, 2017 $0.01850 $9.16
Mar 30, 2017 $0.01850 $9.14
Feb 27, 2017 $0.01860 $9.08
Jan 30, 2017 $0.01850 $9.10
Dec 29, 2016 $0.01850 $9.11
Nov 29, 2016 $0.01860 $9.05
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 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. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments.

A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Portfolio Statisticsas of Aug 31, 2017

Countries Represented 65

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

AAA 15.78
AA 5.81
A 9.46
BBB 12.80
BB 22.62
B 25.57
CCC or Lower 4.02
Not Rated 3.94
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 Aug 31, 2017

Serbia 6.62
Czech Republic 4.95
Sri Lanka 4.14
India 3.99
Kazakhstan 3.81
Iceland 3.78
Sweden 3.29
New Zealand -3.07
Euro -3.24
Oman -4.95
View All

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

Turkey 0.19
Cyprus 0.15
El Salvador 0.15
Russia -0.13
Mexico -0.15
Colombia -0.15
Qatar -0.15
Euro -0.17
Malaysia -0.18
South Africa -0.28
View All

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

United States 0.60
Australia 0.30
India 0.30
Poland 0.24
Mexico 0.24
Serbia 0.21
Hungary -0.25
Korea, South -0.25
Saudi Arabia -0.28
Japan -0.52
View All

Aggregate Exposure11as of Aug 31, 2017

Foreign Currency (%) Credit (yrs.) Interest Rate (yrs.)
Long 59.39 1.18 3.05
Short -20.59 -1.41 -1.57
Net 38.80 -0.23 1.48

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 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. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments.

A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Commentary

A Word On The Markets as of Jun 30, 2017

Financial markets delivered strong performance in the second quarter, adding to gains from earlier in the year. The period was characterized by favorable developments in Europe, optimism about the global economy, robust capital flows into emerging markets and a decline in long-term U.S. interest rates.

During the quarter, investors cheered the election of Emmanuel Macron, a pro-euro, business-friendly centrist, as the next president of France. In addition, the eurozone economy exceeded expectations, posting stronger growth amid the most synchronized global expansion in years. Improving global growth, depressed yields in developed countries and currency stability fueled demand for emerging market assets.

The U.S. economy continued to grow at a steady but modest pace, while President Trump's pro-growth agenda became bogged down by inter-party and intra-party fighting and obstruction. Fading optimism for near-term fiscal stimulus, combined with a roughly 10% drop in oil prices, put downward pressure on inflation expectations and long-term U.S. Treasury yields. However, short yields rose in response to continued monetary tightening by the Federal Reserve (Fed), which increased rates 0.25% in June. The Fed also signaled plans to continue normalizing rates and begin reducing the size of its balance sheet by year-end, even with inflation undershooting its 2% target.

Against this backdrop, the global equity market produced strong gains. Local currency and U.S. dollar-denominated emerging market sovereign debt, as well as U.S. credit, also generated positive returns. The U.S. Treasury yield curve flattened, and the U.S. dollar generally weakened versus developed and emerging market currencies. The broad commodity market registered a loss, driven by weakness in oil and other energy commodities.

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 Index (the Index),2 at net asset value during the quarter.

  • By risk factor, sovereign credit exposure was the top contributor, producing more than half of Fund performance for the period. Currencies made the next-largest contribution to return, and commodities also added value, led by a small, net long position in oil that was established in late June when oil prices were rallying. The equity sleeve was a modest contributor, while rates exposure was a slight positive for Global Macro Absolute Return but a slight negative for Global Macro Absolute Return Advantage. Limited allocations to corporate credit detracted in both Funds.
  • From a regional perspective, Eastern Europe was the biggest contributor to Fund performance, driven by the sovereign credit and currency allocations. In particular, results benefited from a long position in Cypriot sovereign credit, as well as long positions in the Serbian dinar and Czech koruna versus the euro. Being long Turkish sovereign credit and the Turkish lira were also advantageous, as the government has taken steps to boost the economy and currency after last year's political turmoil, and assets have rebounded from oversold levels.
  • Asia was the second-largest contributor, followed by the Dollar Bloc and then Latin America. In Asia, rates and currencies were helpful, supported by long local exposure in Sri Lanka. Equities also added value, in part due to a long in South Korean stocks, which surged on optimism that the country's newly elected president would enact market-friendly reforms. In the Dollar Bloc, rates exposure was positive, especially a long in New Zealand inflation-linked securities, which gained as consumer prices reached their highest level since 2011. In Latin America, positive results from sovereign credit and rates more than offset weakness in currencies, including a long in the Colombian peso which was hurt by the decline in oil prices.
  • Fund performance in the Middle East and Africa region was essentially flat, as the favorable impact of short exposure to Qatari sovereign credit was largely offset by losses from short investments in South African sovereign credit, the South African rand and Saudi Arabian rates. Western Europe was the main detractor for the quarter, where short positions in the euro and broad European corporate credit dampened results.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.20 0.83 2.11 4.07 2.75 1.87 3.08
Fund w/Max Sales Charge -0.80 -0.17 1.11 3.07 2.75 1.87 3.08
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index2 0.08 0.20 0.31 0.49 0.23 0.17 0.58
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 1%.

Fund Factsas of Jun 30, 2017

Class C Inception 10/01/2009
Performance Inception 10/31/1997
Expense Ratio (Gross)3 1.76%
Expense Ratio (Net)3 1.73%

Contributors 

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

  • At the individual holding level, the previously mentioned long positions in the Serbian dinar and Czech koruna versus the euro made significant contributions to return. The Serbian dinar strengthened as the country's economy accelerated and its debt level declined. The Czech koruna strengthened in response to the central bank's decision to abandon the currency's peg to the euro, which had been adopted in 2013. Other top contributors included long exposure to Cypriot sovereign credit, the Sri Lankan rupee and the Icelandic krona versus the euro.

Detractors 

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

  • Major detractors included short positions in the euro, broad European corporate credit and Italian sovereign credit, which did poorly due to the favorable dynamics in Europe. Long exposure to Azerbaijani corporate credit and the Colombian peso also subtracted a material amount from Fund performance.

Investment Outlook And Fund Positioning 

We continue to expect a wide range of potential investment outcomes as markets more fully appreciate the difficulty of both policy implementation within the U.S. and further fiscal integration in Europe. At the same time, the Federal Reserve appears committed to additional monetary tightening, while the European Central Bank (ECB) also appears poised to rein in its accommodative policies in the foreseeable future. Chinese policymakers are tightening financial policy as well as easing stimulus. Already strained by low oil prices, the Middle East could be further stressed by a volatile situation in Qatar that has the potential to spread beyond the region. As such, we continue to position the Fund to be more sensitive to country-level factors, which should be the primary drivers of its performance going forward.

At quarter-end, both Funds' foreign currency positioning was net long. Long U.S. dollar positions versus select emerging and frontier market currencies balance the risk.

Credit spread duration was essentially zero for both Funds. Long sovereign credit positions in Turkey, Cyprus, El Salvador and Belarus were somewhat offset by short sovereign credit positions in South Africa, Malaysia and Qatar, in addition to short broad European corporate credit exposure.

U.S. interest-rate duration was less than one year for both Funds, while non-U.S. interest-rate duration was close to one year for Global Macro Absolute Return Fund and nearly two years for Global Macro Absolute Return Advantage Fund. Long rates exposures in Poland, Australia and New Zealand and short rates exposures in Saudi Arabia, Japan and Hungary were the larger duration contributors to overall interest-rate sensitivity at quarter-end.

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

AAA 18.79
AA 6.26
A 9.17
BBB 11.84
BB 28.70
B 16.60
CCC or Lower 4.58
Not Rated 4.07
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 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. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments.

A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Attribution

Attribution available in Fund Literature tab.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in 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 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. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments.

A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
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

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

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Commentary

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Attribution

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

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Monthly Update

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Annual Report

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Full Prospectus

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Global Macro Absolute Return Holdings

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

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SAI

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Three formidable challenges. One versatile strategy

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Semi-Annual Report

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Summary Prospectus

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XBRL

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