Overview

Strong Morningstar Ratings as of 09/30/2016.1

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2016
Fund at NAV 0.54 1.35 3.52 3.07 1.96 2.50 3.89
Fund w/Max Sales Charge -0.46 0.35 2.52 2.07 1.96 2.50 3.89
Bloomberg Barclays U.S. Aggregate Bond Index2 -2.37 -3.17 2.50 2.17 2.79 2.42 4.27
09/30/2016
Fund at NAV 0.25 2.93 2.40 2.98 1.86 2.63 3.95
Fund w/Max Sales Charge -0.75 1.93 1.40 1.98 1.86 2.63 3.95
Bloomberg Barclays U.S. Aggregate Bond Index2 -0.06 0.46 5.80 5.19 4.02 3.08 4.79
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 Nov 30, 2016

Class C Inception 05/25/1994
Performance Inception 11/26/1990
Investment Objective Total return
Total Net Assets $2.2B
Minimum Investment $1000
Expense Ratio (Gross)3 1.81%
Expense Ratio (Net)3 1.80%
CUSIP 277911855

Morningstar™ Ratingsas of Nov 30, 2016

Time Period Rating Funds in
Short-Term Bond
Category
Overall ***** 447
3 Years ***** 447
5 Years **** 366
10 Years ***** 257
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) 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.

©2016 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. Past performance is no guarantee of future results.

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 Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2016
Fund at NAV 0.54 1.35 3.52 3.07 1.96 2.50 3.89
Fund w/Max Sales Charge -0.46 0.35 2.52 2.07 1.96 2.50 3.89
Bloomberg Barclays U.S. Aggregate Bond Index2 -2.37 -3.17 2.50 2.17 2.79 2.42 4.27
Morningstar™ Short-Term Bond Category4 -0.57 -0.41 1.93 1.53 0.96 1.52 2.54
09/30/2016
Fund at NAV 0.25 2.93 2.40 2.98 1.86 2.63 3.95
Fund w/Max Sales Charge -0.75 1.93 1.40 1.98 1.86 2.63 3.95
Bloomberg Barclays U.S. Aggregate Bond Index2 -0.06 0.46 5.80 5.19 4.02 3.08 4.79
Morningstar™ Short-Term Bond Category4 0.21 0.48 2.52 2.11 1.38 1.69 2.79
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
Bloomberg 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 Nov 30, 2016

Distribution Rate at NAV 3.03%
SEC 30-day Yield 2.59%

Morningstar™ Ratingsas of Nov 30, 2016

Time Period Rating Funds in
Short-Term Bond
Category
Overall ***** 447
3 Years ***** 447
5 Years **** 366
10 Years ***** 257
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) 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.

©2016 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. Past performance is no guarantee of future results.

NAV History

Date NAV NAV Change
Dec 09, 2016 $6.93 $0.02
Dec 08, 2016 $6.91 $0.00
Dec 07, 2016 $6.91 $0.01
Dec 06, 2016 $6.90 $0.01
Dec 05, 2016 $6.89 $0.01
Dec 02, 2016 $6.88 -$0.02
Dec 01, 2016 $6.90 $0.01
Nov 30, 2016 $6.89 $0.01
Nov 29, 2016 $6.88 -$0.02
Nov 28, 2016 $6.90 -$0.01
View All

Distribution History6

Ex-Date Distribution Reinvest NAV
Nov 29, 2016 $0.01740 $6.88
Oct 28, 2016 $0.01740 $6.87
Sep 29, 2016 $0.01740 $6.85
Aug 30, 2016 $0.01950 $6.85
Jul 28, 2016 $0.01920 $6.79
Jun 29, 2016 $0.01900 $6.69
May 27, 2016 $0.01920 $6.77
Apr 28, 2016 $0.01930 $6.78
Mar 30, 2016 $0.01910 $6.72
Feb 26, 2016 $0.01870 $6.63
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

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 Sep 30, 2016

U.S. Corporate Credit 30.27
Floating-Rate Loans 16.00
High Yield Corporate Bonds 14.27
Mortgage-Backed Securities 18.89
U.S. Agency Mortgage-Backed Securities 12.77
Commercial Mortgage-Backed Securities 6.12
Non-U.S. Bond 18.12
Non-U.S. Inflation-Linked Bonds 9.42
Emerging Markets Bonds 8.70
Absolute Return 18.26
Other 4.33
U.S. Inflation Linked Bonds 4.44
Other Net Assets -0.11
Currency Instruments 4.11
Cash & Equivalents 6.02

Portfolio Statisticsas of Sep 30, 2016

Average Weighted Duration 1.21 yrs.

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

AAA 33.02
AA 0.18
A 9.53
BBB 23.17
BB 14.69
B 16.51
CCC or Lower 1.66
Not Rated 1.23
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 Sep 30, 2016

Global Opportunities Portfolio 60.37
Global Macro Absolute Return Advantage Portfolio 18.25
High Income Opportunities Portfolio 9.02
Senior Debt Portfolio 4.87
Emerging Markets Debt Opportunities Fund 2.34
Emerging Markets Local Income Portfolio 2.03
Currency Income Advantage Portfolio 1.62
Short Duration High Income Portfolio 0.78
Boston Income Portfolio 0.71
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 Sep 30, 2016

The third quarter got off to a volatile start, as fallout from the late-June Brexit vote spilled over into early July. During the first several days of the period, the British pound hit lows unseen in more than three decades, multiple asset managers halted trading in their U.K. property funds and fears of an Italian banking crisis resurfaced. However, risk markets quickly regained their footing, and major debt and equity indexes went on to finish the quarter with strong gains, thanks in large part to central bank actions

In efforts to jump-start their respective economies, several central banks cut interest rates, including the Bank of England, which also expanded its asset purchase program. The People's Bank of China guided the yuan to its lowest level versus the U.S. dollar in over a year, while the Bank of Japan pledged to overshoot its 2% inflation target and took steps to counter the negative effects of an excessively flat yield curve. The Federal Reserve held rates steady at each of its two policy meetings of the quarter amid subdued U.S. economic growth and inflation. However, three of the FOMC's current 10 voting members wanted to raise rates at the September meeting, and the Fed prepared markets for an increase by year-end.

Against this backdrop, local currency and U.S. dollar-denominated emerging-market sovereign debt posted healthy quarterly gains, as did global equities. The U.S. dollar weakened against most foreign currencies, while Treasury yields rose modestly across the curve.11 Brent crude oil rebounded from a July sell-off, but ended the period down slightly. The broad commodity market also 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 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, mortgage-backed securities, U.S. TIPS and the global macro strategies.
  • Duration management of the Fund also helped returns relative to the Index, as the Fund's near-zero average duration position in the U.S. provided a tailwind although duration in other parts of the world muted returns a bit. U.S. Treasury yields generally rose as risky assets rallied and the Fed led investors to believe a December rate hike was likely.
  • Currency management essentially was flat relative to the Index with currency markets broadly mixed during the quarter.

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.25 2.93 2.40 2.98 1.86 2.63 3.95
Fund w/Max Sales Charge -0.75 1.93 1.40 1.98 1.86 2.63 3.95
Bloomberg Barclays U.S. Aggregate Bond Index2 -0.06 0.46 5.80 5.19 4.02 3.08 4.79
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 Sep 30, 2016

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:

  • 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 low yields across most major government bond markets and the increasing size of global central bank balance sheets, in aggregate, helped maintain strong investor demand for higher yielding assets.
  • The Fund's allocations to global macro strategies also aided returns as long sovereign credit and both long and short interest rate positions in select markets around the world drove positive returns.
  • U.S. mortgage-backed securities — both residential and commercial — bounced back during the third quarter after underperforming in the second quarter. The relative health of the U.S. consumer and an uptick in wages combined with the global search for yield by income investors contributed to rising prices.

Detractors 

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

  • While the Fund's U.S. duration positioning was a positive, select interest-rate exposures in other countries around the world created a slight drag. For example, the Fund has preferred interest-rate exposure in New Zealand to other developed-market government bonds given the higher yields, slowing economy and easing central bank. However, much like most high-quality government bond markets during the quarter, interest rates edged higher there, too.

Investment Outlook And Fund Positioning 

We believe developed world central banks are nearing the limits of monetary stimulus, and that any fiscal stimulus will be ineffective at spurring growth. However, a relatively stable, albeit low growth profile in the U.S. combined with low yields on most government bond markets around the globe should continue to be supportive of U.S. high-yield bonds and floating-rate loans as well as mortgage-backed securities. While this year's rally in emerging markets bonds has shifted their risk/return profile, we still find pockets of value and remain committed to being highly selective. The yields in the U.S. continue to offer little value in our view, and we maintain the Fund's U.S. duration near zero as we seek return from other areas of global fixed-income markets.

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

AAA 33.02
AA 0.18
A 9.53
BBB 23.17
BB 14.69
B 16.51
CCC or Lower 1.66
Not Rated 1.23
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

Download - Last updated: Mar 1, 2016

Short Duration Strategic Income Holdings

Download - Last updated: Oct 31, 2016

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

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SAI

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Think Performance Think Eaton Vance

Download - Last updated: Sep 30, 2016

Semi-Annual Report

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Summary Prospectus

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XBRL

Download - Last updated: Mar 22, 2016