Overview

Attractive risk-adjusted returns since manager inception (as measured by Sharpe ratio).1

On 7/1/2009 a new team with years of prior experience was put in place to manage the Fund with a focus on investing in asset classes believed to offer attractive risk-adjusted returns.

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 0.04 -0.18 0.76 0.44 0.85 0.29 1.63
Fund w/Max Sales Charge -0.96 -1.18 -0.24 -0.56 0.85 0.29 1.63
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 -0.17 0.26 0.77 0.84 0.77 0.39 1.51
Fund w/Max Sales Charge -1.17 -0.74 -0.23 -0.16 0.77 0.39 1.51
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. Prior to 7/1/09, the Fund had a predetermined fixed allocation approach investing equally among portfolios investing in mortgage-backed securities, senior floating-rate loans and high-yield bonds. The Fund has changed its objectives and investment strategies to permit investment in multiple Eaton Vance Portfolios and Funds. Max Sales Charge: 1%.

Fund Factsas of Aug 31, 2017

Class C Inception 12/07/2004
Investment Objective Total return
Total Net Assets $98.6M
Minimum Investment $1000
Expense Ratio3 2.02%
CUSIP 277923702

Portfolio Management

Dan R. Strelow, CFA Managed Fund since 2009
Justin H. Bourgette, CFA Managed Fund since 2011
Thomas A. Shively Managed Fund since 2011

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. While the Fund has a targeted annual performance volatility range, its actual, or realized, volatility for longer or shorter periods may be materially higher or lower than the target range depending on market conditions. 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 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. Fund performance is sensitive to stock market volatility. 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. The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell loans and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Investing in exchange-traded notes (ETNs) exposes the Fund to the performance of the issuer. The Fund's investments may lose their entire value if the issuer fails. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall.

As interest rates rise, the value of certain income investments is likely to decline. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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 0.04 -0.18 0.76 0.44 0.85 0.29 1.63
Fund w/Max Sales Charge -0.96 -1.18 -0.24 -0.56 0.85 0.29 1.63
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 -0.17 0.26 0.77 0.84 0.77 0.39 1.51
Fund w/Max Sales Charge -1.17 -0.74 -0.23 -0.16 0.77 0.39 1.51
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. Prior to 7/1/09, the Fund had a predetermined fixed allocation approach investing equally among portfolios investing in mortgage-backed securities, senior floating-rate loans and high-yield bonds. The Fund has changed its objectives and investment strategies to permit investment in multiple Eaton Vance Portfolios and Funds. Max Sales Charge: 1%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 3.04 -20.00 32.15 6.46 -0.09 1.56 -2.07 0.58 -0.38 2.27
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 Ratio3 2.02%
Class C Inception 12/07/2004
Distribution Frequency Monthly

Yield Information5as of Aug 31, 2017

Distribution Rate at NAV 0.51%
SEC 30-day Yield 0.18%

Morningstar Rating™as of Aug 31, 2017

Time Period Rating Funds in
Nontraditional Bond
Category
Overall * 262
3 Years ** 262
5 Years * 164
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 $8.70 $0.00
Sep 20, 2017 $8.70 $0.00
Sep 19, 2017 $8.70 $0.00
Sep 18, 2017 $8.70 -$0.01
Sep 15, 2017 $8.71 $0.00
Sep 14, 2017 $8.71 $0.00
Sep 13, 2017 $8.71 $0.00
Sep 12, 2017 $8.71 -$0.01
Sep 11, 2017 $8.72 $0.00
Sep 08, 2017 $8.72 $0.00

Distribution History6

Ex-Date Distribution Reinvest NAV
Aug 30, 2017 $0.00370 $8.71
Jul 28, 2017 $0.00520 $8.70
Jun 29, 2017 $0.00530 $8.71
Apr 27, 2017 $0.00720 $8.71
Mar 30, 2017 $0.00460 $8.69
Dec 29, 2016 $0.01170 $8.66
Oct 28, 2016 $0.00040 $8.70
Sep 29, 2016 $0.00010 $8.71
Aug 30, 2016 $0.00190 $8.69
Jul 28, 2016 $0.00180 $8.70
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 one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. While the Fund has a targeted annual performance volatility range, its actual, or realized, volatility for longer or shorter periods may be materially higher or lower than the target range depending on market conditions. 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 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. Fund performance is sensitive to stock market volatility. 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. The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell loans and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Investing in exchange-traded notes (ETNs) exposes the Fund to the performance of the issuer. The Fund's investments may lose their entire value if the issuer fails. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall.

As interest rates rise, the value of certain income investments is likely to decline. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Fund Weightings (%)7as of Jun 30, 2017

Absolute Return Strategies 33.12
Equity Market Neutral Strategies 14.65
Global Macro Absolute Return Advantage Portfolio 10.07
Risk Premia Strategies 8.40
Income Strategies 32.61
Floating Rate Portfolio 15.45
CMBS 15.00
CRT 2.16
Other 13.74
U.S. TIPS 6.10
U.S. Treasury Futures8 4.16
JGB Breakeven - Hedged 1.97
Gold ETFs 1.51
Cash & Equivalents 38.05

Portfolio Statisticsas of Jun 30, 2017

Average Weighted Duration 1.06 yrs.

Credit Quality (%)9as of Jun 30, 2017

AAA 46.61
AA 1.16
A 2.69
BBB 5.97
BB 17.93
B 21.30
CCC or Lower 2.59
Not Rated 1.75
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

Portfolio Allocations (%)10,11as of Jun 30, 2017

MSAR Completion Portfolio 61.77
Floating Rate Portfolio 15.45
Global Macro Absolute Return Advantage Portfolio 10.07
iShares Core MSCI EAFE ETF 2.00
Hexavest Global Equity Fund - Class I 3.51
Parametric Emerging Markets Fund - Class I 3.49
Parametric International Equity Fund - Class I 3.71

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. While the Fund has a targeted annual performance volatility range, its actual, or realized, volatility for longer or shorter periods may be materially higher or lower than the target range depending on market conditions. 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 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. Fund performance is sensitive to stock market volatility. 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. The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell loans and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Investing in exchange-traded notes (ETNs) exposes the Fund to the performance of the issuer. The Fund's investments may lose their entire value if the issuer fails. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall.

As interest rates rise, the value of certain income investments is likely to decline. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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

No commentary information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. While the Fund has a targeted annual performance volatility range, its actual, or realized, volatility for longer or shorter periods may be materially higher or lower than the target range depending on market conditions. 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 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. Fund performance is sensitive to stock market volatility. 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. The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell loans and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Investing in exchange-traded notes (ETNs) exposes the Fund to the performance of the issuer. The Fund's investments may lose their entire value if the issuer fails. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall.

As interest rates rise, the value of certain income investments is likely to decline. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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 one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

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. While the Fund has a targeted annual performance volatility range, its actual, or realized, volatility for longer or shorter periods may be materially higher or lower than the target range depending on market conditions. 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 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. Fund performance is sensitive to stock market volatility. 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. The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell loans and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer’s obligation in the event of non-payment or that collateral can be readily liquidated. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Investing in exchange-traded notes (ETNs) exposes the Fund to the performance of the issuer. The Fund's investments may lose their entire value if the issuer fails. 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. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall.

As interest rates rise, the value of certain income investments is likely to decline. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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
Dan R. Strelow, CFA

Dan R. Strelow, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Dan Strelow is a vice president of Eaton Vance Management, co-director of Customized Solutions and portfolio manager on Eaton Vance's customized solutions team.

Dan joined Eaton Vance in June 2005. Previously, beginning in 1988, he was affiliated with State Street Research and Management as managing director, CIO fixed income and fixed income portfolio manager. From 1981-1988, Dan was affiliated with First Chicago Investment Advisors in various capacities, including analyst, portfolio manager and vice president.

Dan earned a B.A. in economics from Pacific Lutheran University and an M.B.A. in finance from the University of Chicago. He is a CFA charterholder and has published various white papers including "Pension Management In A World of Balance" (October 2005), "Solving the Pension Management Riddle" (December 2006), "The Slow March to LDI" (July 2007) and "LDI: More Than Duration-Matching" (Institutional Investor Magazine 2008).

Education
  • B.A. Pacific Lutheran University
  • M.B.A Booth School of Business, University of Chicago

Experience
  • Managed Fund since 2009

Other funds managed
 
Biography
Justin H. Bourgette, CFA

Justin H. Bourgette, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Justin Bourgette is a vice president of Eaton Vance Management, an associate director of the customized solutions group and a portfolio manager on Eaton Vance's customized solutions team. His areas of expertise include multi-asset/credit valuations and allocation, and he works closely with all of Eaton Vance's fixed-income teams. Justin joined Eaton Vance in 2006.

Previously, Justin was affiliated with Investors Financial Services as an analyst in corporate finance, and with National Grid, where he worked in business planning and engineering.

Justin earned a B.S. from Worcester Polytechnic Institute and an M.S., with high honors, from Boston University. He is a CFA charterholder and a member of Eaton Vance's Asset Allocation Committee.

Education
  • B.S. Worcester Polytechnic Institute
  • M.S. Investment Management, Boston University

Experience
  • Managed Fund since 2011

Other funds managed
 
Biography
Thomas A. Shively

Thomas A. Shively

Vice President, Eaton Vance Management
Joined Eaton Vance 2011

Thomas Shively is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s customized solutions team. He is responsible for buy and sell decisions, portfolio construction and macroeconomic research for the firm’s customized solutions strategies. He joined Eaton Vance in 2011.

Tom began his career in the investment management industry in 1977. Before joining Eaton Vance, he was affiliated with Brandeis University as an adjunct professor of finance and State Street Research and Management as fixed-income portfolio manager and fixed-income chief investment officer. He was previously affiliated with Paine Webber Jackson Curtis and First Chicago Investment Advisors.

Tom earned an A.B., cum laude, in economics from Kenyon College and an MBA in finance from the University of Chicago Graduate School of Business. He co-authored various white papers including "Pension Management in a World of Balance" (October 2005), "Solving the Pension Management Riddle" (December 2006), "All Along the Watchtower" (March 2011) and "The End of Mercantilism and Other Coming Attractions" (August 2012), among others.

Education
  • A.B. Kenyon College
  • M.B.A. Booth School of Business, University of Chicago

Experience
  • Managed Fund since 2011

Other funds managed
 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2017

Report of Organizational Actions Affecting Basis of Securities

Download - Last updated: Oct 31, 2012

Annual Report

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