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

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 1.95 -1.21 -1.21 -4.37 -0.40 1.42 3.79
Fund w/Max Sales Charge 0.95 -2.19 -2.19 -5.29 -0.40 1.42 3.79
Barclays U.S. Aggregate Bond Index2 0.92 3.03 3.03 1.96 2.50 3.77 4.89
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: 1%.

Fund Factsas of Mar 31, 2016

Class C Inception 05/25/1994
Performance Inception 11/26/1990
Investment Objective Total return
Total Net Assets $2.5B
Minimum Investment $1000
Expense Ratio (Gross)3 1.81%
Expense Ratio (Net)3 1.80%
CUSIP 277911855

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

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 1.95 -1.21 -1.21 -4.37 -0.40 1.42 3.79
Fund w/Max Sales Charge 0.95 -2.19 -2.19 -5.29 -0.40 1.42 3.79
Barclays U.S. Aggregate Bond Index2 0.92 3.03 3.03 1.96 2.50 3.77 4.89
Morningstar™ Short-Term Bond Category4 0.78 0.99 0.99 0.39 0.74 1.54 2.92
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: 1%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 5.97 7.28 -10.62 25.16 7.03 0.41 7.62 -0.41 3.51 -1.43
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 1.81%
Expense Ratio (Net)3 1.80%
Class C Inception 05/25/1994
Performance Inception 11/26/1990
Distribution Frequency Monthly

Yield Information5as of Mar 31, 2016

Distribution Rate at NAV 3.41%
SEC 30-day Yield 3.38%

Morningstar™ Ratingsas of Mar 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Short-Term Bond
Category
Overall *** 490
3 Years * 490
5 Years *** 404
10 Years **** 280
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.

© 2015 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
May 03, 2016 $6.77 -$0.03
May 02, 2016 $6.80 $0.02
Apr 29, 2016 $6.78 $0.00
Apr 28, 2016 $6.78 -$0.02
Apr 27, 2016 $6.80 $0.00
Apr 26, 2016 $6.80 $0.00
Apr 25, 2016 $6.80 -$0.01
Apr 22, 2016 $6.81 $0.01
Apr 21, 2016 $6.80 $0.02
Apr 20, 2016 $6.78 $0.02
View All

Distribution History6

Ex-Date Distribution Reinvest NAV
Apr 28, 2016 $0.01930 $6.78
Mar 30, 2016 $0.01910 $6.72
Feb 26, 2016 $0.01870 $6.63
Jan 28, 2016 $0.01900 $6.70
Dec 30, 2015 $0.01950 $6.86
Nov 27, 2015 $0.01970 $6.92
Oct 29, 2015 $0.01980 $6.95
Sep 29, 2015 $0.01950 $6.87
Aug 28, 2015 $0.02000 $7.06
Jul 30, 2015 $0.02040 $7.20
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 $7.20
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

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 as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

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 Mar 31, 2016

U.S. Corporate Credit 32.72
High Yield Corporate Bonds 16.53
Floating-Rate Loans 16.19
Absolute Return 21.25
Global Macro 21.25
Mortgage-Backed Securities 17.68
U.S. Agency Mortgage-Backed Securities 12.30
Commercial Mortgage-Backed Securities 5.38
Non-U.S. Bond 15.83
Emerging Markets Bonds 8.81
Non-U.S. Inflation-Linked Bonds 7.01
Other 3.57
U.S. Inflation Linked Bonds 3.68
Other Net Assets -0.11
Currency Instruments 2.21
Cash & Equivalents 6.74

Portfolio Statisticsas of Mar 31, 2016

Average Weighted Duration 0.21 yrs.

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

AAA 35.27
AA 0.10
A 5.94
BBB 24.49
BB 16.50
B 13.47
CCC or Lower 2.79
Not Rated 1.45
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 Mar 31, 2016

Global Opportunities Portfolio 56.34
Global Macro Absolute Return Advantage Portfolio 12.54
Global Macro Portfolio 8.71
High Income Opportunities Portfolio 7.17
Senior Debt Portfolio 5.49
Boston Income Portfolio 3.64
Emerging Markets Debt Opportunities Fund 1.88
Emerging Markets Local Income Portfolio 1.63
Currency Income Advantage Portfolio 1.56
Short Duration High Income Portfolio 1.00
Cash 0.04

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, 2015

Throughout much of the fourth quarter, investors were intensely focused on the actions of the Federal Reserve and European Central Bank (ECB). The Fed kept policy steady at its first meeting of the quarter but raised short-term interest rates 0.25% at its second meeting, held in December. The increase was widely expected given signs the U.S. economy was weathering the global economic slowdown, including strong job gains, falling unemployment and an upward revision to third-quarter GDP. In addition, core consumer price inflation reached 2.0%.

Overseas, the ECB indicated that it was ready to add more stimulus if eurozone growth and inflation remained stagnate. The central bank followed through in December, cutting its deposit rate from -0.2% to -0.3% and extending the length of its bond-buying program. Nonetheless, the ECB disappointed investors by reducing rates less than expected and leaving the size of its monthly bond purchases at €60 billion.

After modest gains in October, oil prices suffered double-digit declines in both November and December. Prices of industrial metals and many agricultural commodities also weakened during the quarter, pressured by slowing Chinese growth. Early in the period, China's central bank lowered interest rates and bank reserve requirements in an effort to boost the economy.

Against this dynamic backdrop, credit spreads widened broadly while interest rates rose across the U.S. Treasury yield curve11. The U.S. dollar generally strengthened versus developed market currencies, including the euro, British pound, Japanese yen and Canadian dollar. The U.S. dollar was mixed against emerging-market currencies. Overall, U.S. dollar-denominated emerging-market sovereign debt registered a solid gain, while the performance of local currency emerging-market sovereign debt was flat.

Performance Summary 

Eaton Vance Short Duration Strategic Income Fund (the Fund) outperformed 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 relative performance during the quarter, as its allocation to global macro strategies as well as its U.S. agency mortgage-backed securities and international bond exposure all provided positive returns.
  • Currency management also added relative value as long U.S. dollar positions were generally positive.
  • Duration12 management of the Fund was also a contributor; its negative duration position at the short end of the U.S. yield curve proved a tailwind as Treasury yields generally increased.

Historic Returns (%)as of Dec 31, 2015

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV -0.44 0.56 -1.43 -1.43 0.53 1.89 4.10
Fund w/Max Sales Charge -1.43 -0.43 -2.38 -2.38 0.53 1.89 4.10
Barclays U.S. Aggregate Bond Index2 -0.32 -0.57 0.55 0.55 1.44 3.25 4.51
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: 1%.

Fund Factsas of Dec 31, 2015

Class C Inception 05/25/1994
Performance Inception 11/26/1990
Expense Ratio (Gross)3 1.81%
Expense Ratio (Net)3 1.80%

Contributors 

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

  • Allocations to global macro absolute return strategies positively impacted returns, as selective long sovereign credit and short interest rate exposures within the portfolio helped drive performance.
  • Allocations to both emerging-market bonds as well as developed, international Treasury-inflation linked bonds added to relative returns, as emerging markets rebounded somewhat after a rocky third quarter and inflation expectations similarly rebounded in both Europe and the Dollar Bloc.
  • The Fund's decision to maintain a negative U.S. duration, focused at the shorter-end of the yield curve, also aided performance as interest-rates rose, as expectations for the Fed to initiate its first rate hike in nearly a decade increased leading up to its December meeting.

Detractors 

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

  • The Fund's investments in floating-rate loans detracted from performance, as retail investor outflows from the asset class, largely based on muted performance in each of the past two years for loans, drove prices lower.
  • An allocation to commercial mortgage-backed securities (CMBS) detracted from returns, as spreads across most areas of the investment-grade fixed income space widened putting downward pressure on the bonds while interest rates also rose.
  • Investments in U.S. Treasury Inflation-Protected Securities (TIPS) muted performance as expectations for inflation declined during the quarter, largely based on plummeting commodity prices, which combined with higher interest rates to decrease the allure of TIPS to investors.

Investment Outlook And Fund Positioning 

The U.S. economy is healthier than other developed economies. As a result, we believe the Fed will ultimately rein in stimulus, while central banks in Europe, Australia and Canada are prone to apply additional monetary stimulus. Further divergence in developed world monetary policy will likely lead to continued strength in the U.S. dollar. Non-investment grade sectors of the bond market encountered some weakness toward the end of 2015, partly due to the energy-sensitive areas of the market that were hurt by lower oil prices, along with just general year-end selling pressure. But, we think that with the U.S. economy fairly strong, corporate balance sheets still in good shape and historically low default rates, we could see potentially attractive returns from high-yield bonds and floating-rate loans going forward.

In emerging markets, we remain highly selective in our pursuit of opportunities given the challenges facing various countries, including lower commodity prices, a dampening of credit growth and what we consider to be a generally poor mix of economic policies. Nonetheless, our intensive, propriety research continues to uncover attractive investment opportunities in individual markets.

Credit Quality (%)10as of Dec 31, 2015

AAA 26.41
AA 9.13
A 3.38
BBB 27.36
BB 15.72
B 12.62
CCC or Lower 2.01
Not Rated 3.36
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

Commentary

Attribution

Annual Report

Full Prospectus

Global Opportunities Portfolio Holdings

Short Duration Strategic Income Holdings

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

Rising rates: Threat or opportunity

SAI

Semi-Annual Report

Summary Prospectus

XBRL


 

loading

We apologize for the inconvenience but we are experiencing a technical issue.

We are working on a solution. Please try again later.

If you require further assistance, please call:
1-800-836-2414.

You have already upgraded your account. Please login using the link at the top of the page.

    Your download will begin when this window is closed.

    You have successfully un-subscribed from .

    As a subscriber, you are one step away from getting more access and control. Register now by simply creating a password below.

    Passwords must be 8 to 20 alphanumeric characters, including a special character:
    ! @ # $ % ^ & * ( ) - _ = + , < . > ?.

    Cancel

    Trouble registering? Call 1-800-836-2414.

    Congratulations! You are registered.

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your account and complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Congratulations!

    We are pleased to grant you access to this Eaton Vance website.

    Please click here to be logged in with your username .

    A verification email has been sent.

    You have requested a change to your password. In order to process this request, a verification email has been sent to . When you receive this email, please click the link contained within the email to start the password reset process.

    Trouble signing in? Call 1-800-836-2414.

    This account is restricted.

    Your account has limited access. You currently have access to content for:

    Firm restriction.

    This document has not been approved at your firm. We can not complete your subscription request at this time. Please try again later.


    If you need further assistance, please call 1-800-836-2414.

    This account has been updated.

    Your account has been updated to use your new email address .

    We have sent a verification email to with a verification link to confirm the change.

    Trouble receiving the verification email? Call 1-800-836-2414.

    This email account has not been verified.

    Your account has not yet been activated. We have sent a verification email to . If you'd like us to resend this, please click the Resend Email button below.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Thank you.

    An e-mail verification has been re-sent to . Please check your e-mail and follow the instructions to complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    An email has been sent to the email address containing a link to verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Re-verification Required

    For security purposes we could not complete your request. Please click here to receive a new link to access the requested content.

    A new email has been sent to the email address containing a link to re-verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Verification Accepted

    You have been granted access to the requested content.

    Remember Me

    Click here to remain recognized on this device for future visits to EatonVance.com

    Do Not Remember Me

    Click here if you are using a Public Computer or Shared Device.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Cancel

    Subscribe to new content: Register

    Please check the Fund Literature that you would like to subscribe to. Your subscriptions can be managed on your profile page.

    Subscribe All

    Thank you for downloading

    If your download did not start automatically, please click here.

    Stay on top of your game.

    Receive email notifications when the  is updated by clicking the subscribe button.

    Close

    Thank you for subscribing

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your subscription.

    Un-subscription request

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your request.

    Stay on top of your game.

    You have selected to receive email notifications for:

    Cancel

    Subscribe to new content: Register

    Stay on top of your game.

    You are currently "Opted Out" of all Eaton Vance email communications. If you would like to be alerted of updates to your new subscription, please Opt In:

    Close

    Enter your e-mail address to reset your password.

    Already have an account?
    Subscribe to new content: Register

    Trouble registering? Call 1-800-836-2414.

    Simply enter your e-mail address to register.

    Cancel

    Already have an account?

    Register for more access and control.
    • Elevate your business practice with materials from the Advisor Institute.
    • Learn more with exclusive videos, conference calls, and the latest insights.
    • Follow products, get product notifications, and manage your Eaton Vance communications.
    Please wait while the data is being prepared for download.
    loading
    This message will automatically close when your file is ready.
    Please enter a new email.

    Trouble signing in? Call 1-800-836-2414.

    Investment Professionals

    Register Now

    Already have an account? .

     

    Symbol:  

    NAV as of