Overview

Growth of $10,000

10-year period ended 03/31/2018

  • Class A at NAV

Historical Returns (%) as of Mar 31, 2018

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 Facts as of May 31, 2018

Class C Inception 12/07/2004
Investment Objective Total return
Total Net Assets $81.7M
Minimum Investment $1000
Expense Ratio (Gross)2 1.99%
Expense Ratio (Net)2 1.98%
CUSIP 277923702
 

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. The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. The value of equity securities is sensitive to stock market volatility. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and 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 (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, 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. Loans are also subject to risks associated with other types of income investments. 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 debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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 (sometimes referred to as "junk") are typically 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 Mar 31, 2018

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 (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV -20.00 32.15 6.46 -0.09 1.56 -2.07 0.58 -0.38 2.27 1.23
ICE BofAML 3-Month U.S. Treasury Bill Index1 2.06 0.21 0.13 0.10 0.11 0.07 0.03 0.05 0.33 0.86
 

Fund Facts

Expense Ratio (Gross)2 1.99%
Expense Ratio (Net)2 1.98%
Class C Inception 12/07/2004
Distribution Frequency Monthly

Yield Information4 as of May 31, 2018

Distribution Rate at NAV 1.46%
SEC 30-day Yield 0.89%
 

Morningstar Rating™ as of May 31, 2018

Time Period Rating Funds in
Nontraditional Bond
Category
Overall ** 270
3 Years ** 270
5 Years ** 162
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.

©2018 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
Jun 21, 2018 $8.54 $0.00
Jun 20, 2018 $8.54 $0.00
Jun 19, 2018 $8.54 $0.00
Jun 18, 2018 $8.54 $0.00
Jun 15, 2018 $8.54 -$0.01
Jun 14, 2018 $8.55 $0.00
Jun 13, 2018 $8.55 $0.00
Jun 12, 2018 $8.55 $0.00
Jun 11, 2018 $8.55 $0.00
Jun 08, 2018 $8.55 $0.00
 

Distribution History5

Ex-Date Distribution Reinvest NAV
May 30, 2018 $0.01040 $8.56
Apr 27, 2018 $0.00770 $8.60
Mar 28, 2018 $0.00810 $8.60
Feb 27, 2018 $0.00470 $8.61
Jan 30, 2018 $0.02720 $8.64
Dec 28, 2017 $0.06060 $8.66
Nov 29, 2017 $0.00280 $8.72
Oct 30, 2017 $0.00550 $8.72
Sep 28, 2017 $0.00160 $8.71
Aug 30, 2017 $0.00370 $8.71
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 History5

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. The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. The value of equity securities is sensitive to stock market volatility. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and 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 (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, 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. Loans are also subject to risks associated with other types of income investments. 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 debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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 (sometimes referred to as "junk") are typically 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 (%)6 as of Mar 31, 2018

Absolute Return Strategies 50.09
Global Macro Absolute Return Advantage Portfolio 15.43
Calvert Absolute Return Fund 15.23
Equity Market Neutral Strategies 13.33
Risk Premia Strategies 6.11
Income Strategies 34.31
Floating Rate Portfolio 15.11
CMBS/ABS 11.32
Commodity Subsidiary 5.14
CRT 2.74
Other -0.20
U.S. TIPS 7.22
Treasuries 6.58
JGB Breakeven - Hedged 5.05
Option Futures 0.39
Equity Options -0.89
U.S. Treasury Futures7 -18.55
Cash & Equivalents -7.25

Portfolio Statistics as of Mar 31, 2018

Average Weighted Duration 0.72 yrs.
 

Credit Quality (%)8 as of Mar 31, 2018

AAA 6.87
AA 4.44
A 10.23
BBB 20.11
BB 33.03
B 18.24
CCC or Lower 1.78
Not Rated 5.30
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest 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 (%)9,10 as of Mar 31, 2018

MSAR Completion Portfolio 43.07
Global Macro Absolute Return Advantage Portfolio 15.44
Calvert Absolute Return Bond Fund - Class I 15.24
Floating Rate Portfolio 15.12
Parametric Emerging Markets Fund - Class R6 3.82
Parametric International Equity Fund - Class R6 3.71
Hexavest Global Equity Fund - Class I 3.60

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. The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. The value of equity securities is sensitive to stock market volatility. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and 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 (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, 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. Loans are also subject to risks associated with other types of income investments. 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 debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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 (sometimes referred to as "junk") are typically 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

Dan R. Strelow, CFA, CIPM

Dan R. Strelow, CFA, CIPM

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Biography

Dan Strelow is a vice president of Eaton Vance Management, portfolio manager on Eaton Vance's global income team, and a member of Eaton Vance's asset allocation committee. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's global in come strategies. He joined Eaton Vance in 2005.

Dan began his career in the investment management industry in 1981. Before joining Eaton Vance, he was a managing director, CIO of fixed income and fixed-income portfolio manager with State Street Research and Management. He was previously affiliated with First Chicago Investment Advisors.

Dan earned a B.A. in economics, magna cum laude, from Pacific Lutheran University and an MBA in finance from the University of Chicago Booth School of Business. He 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). He is a CFA charterholder and holds the Certificate in Investment Performance Measurement (CIPM) designation.

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

Experience
  • Managed Fund since 2009

Other funds managed
 
Justin H. Bourgette, CFA

Justin H. Bourgette, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Biography

Justin Bourgette is a vice president of Eaton Vance Management and a 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. Justin joined Eaton Vance in 2006.

Justin began his career in the investment management industry in 2006. Before joining Eaton Vance, he 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
 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2018

Report of Organizational Actions Affecting Basis of Securities

Download - Last updated: Oct 31, 2012

Annual Report

Download - Last updated: Oct 31, 2017

Full Prospectus

Download - Last updated: Mar 1, 2018

MSAR Completion Portfolio Holdings

Download - Last updated: Apr 30, 2018

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

Download

SAI

Download - Last updated: Mar 1, 2018

Semi-Annual Report

Download - Last updated: Apr 30, 2017

Summary Prospectus

Download - Last updated: Mar 1, 2018

XBRL

Download - Last updated: Mar 15, 2018