Overview

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

Since A Share Inception

  • Class A at NAV
  • Benchmark
  • 3-Yr U.S. Treasury
  • Morningstar Short-Term Bond Category

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV 1.32 2.17 2.67 1.18 2.68 2.77 4.78
Fund w/Max Sales Charge -1.02 -0.19 0.32 -1.07 1.90 2.30 4.54
Barclays U.S. Aggregate Bond Index2 -0.11 2.32 5.86 5.97 4.37 3.24 4.88
06/30/2016
Fund at NAV -0.63 0.76 -0.15 -3.12 1.45 2.16 4.69
Fund w/Max Sales Charge -2.93 -1.45 -2.43 -5.35 0.70 1.69 4.45
Barclays U.S. Aggregate Bond Index2 1.80 2.21 5.31 6.00 4.06 3.76 5.13
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. Max Sales Charge: 2.25%.

Fund Factsas of Aug 31, 2016

Class A Inception 01/23/1998
Performance Inception 11/26/1990
Investment Objective Total return
Total Net Assets $2.3B
Minimum Investment $1000
Expense Ratio (Gross)3 1.06%
Expense Ratio (Net)3 1.05%
CUSIP 277911772

Morningstar™ Ratingsas of Aug 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Short-Term Bond
Category
Overall **** ***** 496
3 Years **** ***** 496
5 Years **** ***** 408
10 Years ***** ***** 284
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

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 Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV 1.32 2.17 2.67 1.18 2.68 2.77 4.78
Fund w/Max Sales Charge -1.02 -0.19 0.32 -1.07 1.90 2.30 4.54
Barclays U.S. Aggregate Bond Index2 -0.11 2.32 5.86 5.97 4.37 3.24 4.88
Morningstar™ Short-Term Bond Category4 0.00 0.78 2.18 1.85 1.42 1.49 2.77
06/30/2016
Fund at NAV -0.63 0.76 -0.15 -3.12 1.45 2.16 4.69
Fund w/Max Sales Charge -2.93 -1.45 -2.43 -5.35 0.70 1.69 4.45
Barclays U.S. Aggregate Bond Index2 1.80 2.21 5.31 6.00 4.06 3.76 5.13
Morningstar™ Short-Term Bond Category4 0.64 1.03 2.04 1.49 1.42 1.54 2.97
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. Max Sales Charge: 2.25%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 6.65 8.14 -9.98 26.24 8.04 0.99 8.51 0.36 4.34 -0.81
Barclays U.S. Aggregate Bond Index2 4.33 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55

Fund Facts

Expense Ratio (Gross)3 1.06%
Expense Ratio (Net)3 1.05%
Class A Inception 01/23/1998
Performance Inception 11/26/1990
Distribution Frequency Monthly

Yield Information5as of Aug 31, 2016

Distribution Rate at NAV 4.17%
SEC 30-day Yield 3.53%

Morningstar™ Ratingsas of Aug 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Short-Term Bond
Category
Overall **** ***** 496
3 Years **** ***** 496
5 Years **** ***** 408
10 Years ***** ***** 284
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Sep 30, 2016 $7.27 $0.01
Sep 29, 2016 $7.26 -$0.01
Sep 28, 2016 $7.27 $0.01
Sep 27, 2016 $7.26 $0.00
Sep 26, 2016 $7.26 -$0.01
Sep 23, 2016 $7.27 $0.00
Sep 22, 2016 $7.27 $0.01
Sep 21, 2016 $7.26 $0.01
Sep 20, 2016 $7.25 $0.00
Sep 19, 2016 $7.25 -$0.01
View All

Distribution History6

Ex-Date Distribution Reinvest NAV
Sep 29, 2016 $0.02300 $7.26
Aug 30, 2016 $0.02520 $7.26
Jul 28, 2016 $0.02490 $7.20
Jun 29, 2016 $0.02460 $7.09
May 27, 2016 $0.02490 $7.17
Apr 28, 2016 $0.02500 $7.19
Mar 30, 2016 $0.02470 $7.12
Feb 26, 2016 $0.02420 $7.03
Jan 28, 2016 $0.02460 $7.10
Dec 30, 2015 $0.02520 $7.28
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 $7.63
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 Jun 30, 2016

U.S. Corporate Credit 34.10
High Yield Corporate Bonds 17.39
Floating-Rate Loans 16.71
Mortgage-Backed Securities 18.71
U.S. Agency Mortgage-Backed Securities 13.04
Commercial Mortgage-Backed Securities 5.67
Non-U.S. Bond 18.40
Emerging Markets Bonds 10.47
Non-U.S. Inflation-Linked Bonds 7.93
Absolute Return 18.00
Other 4.00
U.S. Inflation Linked Bonds 4.09
Other Net Assets -0.09
Currency Instruments 2.73
Cash & Equivalents 4.06

Portfolio Statisticsas of Jun 30, 2016

Average Weighted Duration 1.44 yrs.

Credit Quality (%)10as of Jun 30, 2016

AAA 36.23
AA 0.15
A 6.90
BBB 22.52
BB 13.79
B 17.00
CCC or Lower 2.14
Not Rated 1.28
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 Jun 30, 2016

Global Opportunities Portfolio 58.79
Global Macro Absolute Return Advantage Portfolio 18.00
High Income Opportunities Portfolio 8.08
Senior Debt Portfolio 5.18
Boston Income Portfolio 3.06
Emerging Markets Debt Opportunities Fund 2.15
Emerging Markets Local Income Portfolio 1.87
Currency Income Advantage Portfolio 1.71
Short Duration High Income Portfolio 1.11
Cash 0.04
Global Macro Portfolio 0.00

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 Jun 30, 2016

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

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

Oil topped $50 a barrel due to several supply shocks. These included militant attacks on Nigerian pipelines and wildfires that curbed production in Canada. Rising prices of oil and other raw materials contributed to a double-digit gain in the broad commodity market. The U.S. dollar strengthened versus the euro and British pound, weakened versus the Japanese yen and was mixed against emerging market currencies. Overall, local currency and U.S. dollar-denominated emerging market sovereign debt posted healthy gains. The global equity market rose modestly, and the U.S. Treasury yield curve flattened.11

Performance Summary 

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

  • The Fund's asset allocation decisions generally aided performance relative to the Index during the quarter, as its allocations to the non-investment-grade areas of the U.S. fixed-income markets - high-yield bonds and floating-rate loans - had positive returns, as did selective investments in emerging-markets debt and global macro strategies. Exposure to the U.S. agency MBS markets was the only notable drag on performance from asset allocation.
  • Duration management of the Fund detracted from returns relative to the Index, as the Fund's negative average duration position in the U.S. proved a headwind. Treasury yields generally fell as markets priced in a more dovish Fed against the backdrop of Brexit concerns and seemingly ever lower global yields.
  • Currency management detracted slightly from performance with currency markets broadly mixed during the quarter.

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV -0.63 0.76 -0.15 -3.12 1.45 2.16 4.69
Fund w/Max Sales Charge -2.93 -1.45 -2.43 -5.35 0.70 1.69 4.45
Barclays U.S. Aggregate Bond Index2 1.80 2.21 5.31 6.00 4.06 3.76 5.13
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. Max Sales Charge: 2.25%.

Fund Factsas of Jun 30, 2016

Class A Inception 01/23/1998
Performance Inception 11/26/1990
Expense Ratio (Gross)3 1.06%
Expense Ratio (Net)3 1.05%

Contributors 

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

  • Investments in high-yield bonds and floating-rate loans were the top contributors to returns as the non-investment grade areas of the U.S. fixed income markets continued their rally off of February lows. The combination of oil prices moving higher and market participants' belief that central banks will likely remain easier for longer helped maintain strong investor demand for higher-yielding assets.
  • Select allocations to emerging-markets bonds were also notable contributors to performance. Debt markets across emerging markets rallied strongly as commodity prices stabilized, major central banks signaled their willingness to remain accommodative for the foreseeable future and high yields continued to attract investors to one of the top performing areas of global markets for the year-to-date.
  • The Fund's allocations to global macro strategies also aided returns as long sovereign credit and both long and short interest rate positions around the world drove positive returns.

Detractors 

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

  • Allocations to U.S. agency mortgage-backed securities (MBS) that are particularly sensitive to mortgage refinance rates were the top detractor from returns. Mortgage rates fell again during the quarter and markets discounted a higher probability of more home-owners refinancing into lower rates, putting downward pressure on these securities.
  • Management's decision to maintain a negative duration position in the U.S. was also a notable detractor to returns. Brexit, the Fed's dovish commentary and extraordinarily low yields on other, developed-market government bonds around the world drove demand for U.S. Treasurys leading yields down even further.
  • Allocations to inflation-linked securities both in the U.S. and New Zealand detracted from returns, as inflation pressures eased further as fears of slowing global growth dampened expectations.

Investment Outlook And Fund Positioning 

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

Credit Quality (%)10as of Jun 30, 2016

AAA 36.23
AA 0.15
A 6.90
BBB 22.52
BB 13.79
B 17.00
CCC or Lower 2.14
Not Rated 1.28
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

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Commentary

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Attribution

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Annual Report

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Full Prospectus

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Global Opportunities Portfolio Holdings

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Short Duration Strategic Income Holdings

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Currency Income Advantage Portfolio Holdings

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

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SAI

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Semi-Annual Report

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Summary Prospectus

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XBRL

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