Overview

Over the past 15+ years there have been fourteen periods of “significant” rising 3-year Treasury yields, with Short Duration Strategic Income delivering positive returns in twelve of those.1

Since A Share Inception

  • Class A at NAV
  • Benchmark
  • 3-Yr U.S. Treasury

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
01/31/2017
Fund at NAV 0.74 2.67 0.74 8.90 3.52 3.36 4.99
Bloomberg Barclays U.S. Aggregate Bond Index2 0.20 -2.04 0.20 1.45 2.59 2.09 4.37
12/31/2016
Fund at NAV 1.16 2.54 5.81 5.81 3.24 3.79 4.96
Bloomberg Barclays U.S. Aggregate Bond Index2 0.14 -2.98 2.65 2.65 3.03 2.23 4.34
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. The share class has no sales charge.

Fund Factsas of Jan 31, 2017

Class I Inception 04/03/2009
Performance Inception 11/26/1990
Investment Objective Total return
Total Net Assets $2.2B
Minimum Investment $250000
Expense Ratio (Gross)3 0.81%
Expense Ratio (Net)3 0.80%
CUSIP 277923579

Portfolio Management

Eric Stein, CFA Managed Fund since 2009
Andrew Szczurowski, CFA Managed Fund since 2013

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 

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 countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. 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 Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
01/31/2017
Fund at NAV 0.74 2.67 0.74 8.90 3.52 3.36 4.99
Bloomberg Barclays U.S. Aggregate Bond Index2 0.20 -2.04 0.20 1.45 2.59 2.09 4.37
Morningstar™ Multisector Bond Category4 0.98 0.70 0.98 9.45 3.10 4.10 5.18
12/31/2016
Fund at NAV 1.16 2.54 5.81 5.81 3.24 3.79 4.96
Bloomberg Barclays U.S. Aggregate Bond Index2 0.14 -2.98 2.65 2.65 3.03 2.23 4.34
Morningstar™ Multisector Bond Category4 0.94 -0.51 7.52 7.52 2.97 4.46 5.07
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. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 8.14 -9.98 26.26 8.15 1.35 8.79 0.61 4.61 -0.56 5.81
Bloomberg Barclays U.S. Aggregate Bond Index2 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55 2.65

Fund Facts

Expense Ratio (Gross)3 0.81%
Expense Ratio (Net)3 0.80%
Class I Inception 04/03/2009
Performance Inception 11/26/1990
Distribution Frequency Monthly

Yield Information5as of Jan 31, 2017

Distribution Rate at NAV 3.98%
SEC 30-day Yield 3.37%

Morningstar™ Ratingsas of Jan 31, 2017

Time Period Rating Funds in
Multisector Bond
Category
Overall *** 216
3 Years **** 216
5 Years *** 178
10 Years *** 93
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
Feb 24, 2017 $7.39 -$0.02
Feb 23, 2017 $7.41 $0.00
Feb 22, 2017 $7.41 $0.00
Feb 21, 2017 $7.41 $0.01
Feb 17, 2017 $7.40 $0.00
Feb 16, 2017 $7.40 -$0.01
Feb 15, 2017 $7.41 $0.00
Feb 14, 2017 $7.41 $0.01
Feb 13, 2017 $7.40
Feb 10, 2017 $7.40 $0.01

Distribution History6

Ex-Date Distribution Reinvest NAV
Jan 30, 2017 $0.02450 $7.40
Dec 29, 2016 $0.02450 $7.37
Nov 29, 2016 $0.02450 $7.28
Oct 28, 2016 $0.02450 $7.27
Sep 29, 2016 $0.02450 $7.25
Aug 30, 2016 $0.02670 $7.25
Jul 28, 2016 $0.02640 $7.18
Jun 29, 2016 $0.02610 $7.08
May 27, 2016 $0.02640 $7.16
Apr 28, 2016 $0.02650 $7.18
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
Dec 30, 2014 $0.16310 $7.62
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 

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 countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. 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

Fund Weightings (%)7,8,9as of Dec 31, 2016

U.S. Corporate Credit 30.76
Floating-Rate Loans 17.84
High Yield Corporate Bonds 12.93
Mortgage-Backed Securities 19.14
U.S. Agency Mortgage-Backed Securities 13.32
Commercial Mortgage-Backed Securities 5.81
Absolute Return 18.23
Non-U.S. Bond 15.00
Non-U.S. Inflation-Linked Bonds 9.28
Emerging Markets Bonds 5.73
Currency Instruments 7.26
Other 6.44
U.S. Inflation Linked Bonds 5.37
Other Net Assets 1.08
Cash & Equivalents 3.16

Portfolio Statisticsas of Dec 31, 2016

Average Weighted Duration 0.60 yrs.

Credit Quality (%)10as of Dec 31, 2016

AAA 37.67
AA 0.03
A 10.67
BBB 18.45
BB 14.78
B 16.31
CCC or Lower 1.42
Not Rated 0.68
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.

Portfolio Allocations (%)as of Dec 31, 2016

Global Opportunities Portfolio 61.12
Global Macro Absolute Return Advantage Portfolio 18.23
High Income Opportunities Portfolio 8.17
Senior Debt Portfolio 6.97
Emerging Markets Debt Opportunities Fund 2.30
Emerging Markets Local Income Portfolio 1.47
Currency Income Advantage Portfolio 0.94
Short Duration High Income Portfolio 0.79
Cash 0.01

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 

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 countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. 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 Dec 31, 2016

During the fourth quarter, the U.S. presidential election and Federal Reserve policy took center stage in the financial markets. The period began with a pickup in volatility as the presidential race tightened and a December rate hike from the Fed seemed increasingly likely. Volatility spiked on Election Day and risk assets temporarily sold off once it became clear that Donald Trump had upset front-runner Hillary Clinton. Domestic equities quickly regained their footing and continued to rally on optimism about Trump's pro-growth policies, as did the more economically sensitive, non-investment grade areas of the credit markets. However, high quality U.S. and international bond markets remained weak as concerns about the inflationary impact of his agenda pushed global yields higher. Emerging bond markets were among the hardest hit given a broad strengthening in the U.S. dollar and Trump's protectionist views on trade and foreign policy.

The Fed increased short-term interest rates 0.25% in December, as expected, and projected three rate increases for 2017. The Fed's actions reflected its confidence in the U.S. economy, which grew at an annual pace of 3.5% in the third quarter. Overseas, the Bank of Japan maintained its aggressive easing polices, and the European Central Bank extended its asset purchase program to the end of 2017, albeit at €60 billion a month versus the current €80 billion.

In this environment, the global equity market generated a modestly positive return for the quarter, driven by gains in U.S. stocks. The broad commodity market also advanced amid increases in copper and oil prices. Treasury yields rose across the curve, credit spreads on corporate bonds tightened and local currency and U.S. dollar-denominated emerging market sovereign debt declined.

Performance Summary 

Eaton Vance Short Duration Strategic Income Fund (the Fund) outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the Index)2 at net asset value for the quarter.

  • The Fund's asset allocation decisions aided performance relative to the Index during the quarter. Investments in U.S. agency mortgage-backed securities that benefit from rising interest rates and slower refinance rates drove positive returns. Fund performance was also helped by allocations to non investment grade areas of the U.S. fixed income markets — high yield bonds and floating rate loans — as well as investments in U.S. Treasury Inflation-Protected Securities (TIPS).
  • Duration management of the Fund helped returns relative to the Index, as the Fund's slightly negative, average duration position in the U.S. provided a tailwind while interest rates rose.
  • Currency management also aided returns with the Fund's long dollar positions contributing to positive performance.

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 1.16 2.54 5.81 5.81 3.24 3.79 4.96
Bloomberg Barclays U.S. Aggregate Bond Index2 0.14 -2.98 2.65 2.65 3.03 2.23 4.34
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. The share class has no sales charge.

Fund Factsas of Dec 31, 2016

Class I Inception 04/03/2009
Performance Inception 11/26/1990
Expense Ratio (Gross)3 0.81%
Expense Ratio (Net)3 0.80%

Contributors 

Factors contributing to the Fund's relative performance compared to the Index during the quarter:

  • U.S. agency mortgage backed securities were the top contributor to returns as the Fund focuses on securities that benefit from slowing refinance rates. As mortgage rates tracked U.S. Treasury yields higher during the period, fewer homeowners sought to refinance and the value of these bonds increased.
  • Investments in high yield bonds and floating rate loans were also notable contributors to Fund performance as the non investment grade areas of the U.S. fixed income markets continued their rally with particular aid from the market's beliefs that Trump policies — particularly those with regard to regulation and tax reform — may further nurture corporate sector health.
  • The Fund's allocations to U.S. TIPS benefited from rising inflation expectations under a Trump administration.

Detractors 

Factors detracting from the Fund's relative performance compared to the Index during the quarter:

  • Select allocations to emerging markets bonds muted Fund performance during the period as concerns over a stronger U.S. dollar and the potential for anti-trade, protectionist policies under the new administration in the U.S. led to investor discomfort.
  • Allocations to inflation-protected bonds outside of the U.S. also created a drag on Fund performance as the negative impact of rising yields overcame the positive impact on these securities of rising inflation expectations.
  • An allocation to commercial mortgage-backed securities was a minor detractor as the impact of higher Treasury yields outweighed the tightening of credit spreads in the sector.

Investment Outlook And Fund Positioning 

While we expect a wide range of potential investment outcomes due to the change in U.S. political leadership, we continue to believe the U.S. economy remains relatively healthy and that both inflation expectations and interest rates are likely to continue to trend higher. As such, we continue to favor more economically sensitive areas of the U.S. bond markets while also limiting duration near zero. Meanwhile, as we look beyond the U.S., pockets of risk as well as those of interesting opportunity present themselves, bringing with them diversification benefits for the Fund.

Credit Quality (%)10as of Dec 31, 2016

AAA 37.67
AA 0.03
A 10.67
BBB 18.45
BB 14.78
B 16.31
CCC or Lower 1.42
Not Rated 0.68
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 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 

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 countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. 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 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 

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 countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. 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
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 2009

Biography
Andrew Szczurowski, CFA

Andrew Szczurowski, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2007

Andrew Szczurowski is a vice president of Eaton Vance Management 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 mortgage-backed securities strategies. He joined Eaton Vance in 2007.

Andrew began his career in the investment management industry in 2005. Before joining Eaton Vance, he was affiliated with BNY Mellon.

Andrew earned a B.S., cum laude, from Peter T. Paul College of Business and Economics at the University of New Hampshire. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.S. University of New Hampshire

Experience
  • Managed Fund since 2013


Literature

Literature

Fact Sheet

Download - Last updated: Dec 31, 2016

Commentary

Download - Last updated: Dec 31, 2016

Attribution

Download - Last updated: Jan 31, 2017

Annual Report

Download - Last updated: Oct 31, 2016

Full Prospectus

Download - Last updated: Mar 1, 2016

Short Duration Strategic Income Holdings

Download - Last updated: Dec 31, 2016

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

Download

SAI

Download - Last updated: Mar 1, 2016

Semi-Annual Report

Download - Last updated: Apr 30, 2016

Summary Prospectus

Download - Last updated: Mar 1, 2016

XBRL

Download - Last updated: Mar 22, 2016