Portfolio Diversification
Hedging Rising RatesOverview
| 3 Months | YTD | 1 Year | 3 Years | 5 Years | Life of Fund | |
| 4/30/2012 | ||||||
|---|---|---|---|---|---|---|
| Fund at NAV | 0.68 | 2.49 | 0.88 | — | — | 1.76 |
| 3/31/2012 | ||||||
| Fund at NAV | 2.29 | 2.29 | 1.58 | — | — | 1.73 |
| 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 one year is cumulative. | ||||||
| Class M2$ Inception | 07/30/2010 |
| Investment Objective | Total return |
| Total Net Assets of Fund | $380.3M |
| Minimum Investment | $1000 |
| CUSIP | G2919V241 |
| Mark Venezia, CFA | Managed Fund since 2010 | ||
| John R. Baur | Managed Fund since 2010 | ||
| Michael A. Cirami, CFA | Managed Fund since 2010 | ||
| Eric Stein, CFA | Managed Fund since 2010 | ||
Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.
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 or frontier 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 non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Derivatives 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. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. 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
| 3 Months | YTD | 1 Year | 3 Years | 5 Years | Life of Fund | |
| 4/30/2012 | ||||||
|---|---|---|---|---|---|---|
| Fund at NAV | 0.68 | 2.49 | 0.88 | — | — | 1.76 |
| 3/31/2012 | ||||||
| Fund at NAV | 2.29 | 2.29 | 1.58 | — | — | 1.73 |
| 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 one year is cumulative. | ||||||
| 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
| Fund at NAV | — | — | — | — | — | — | — | — | — | -0.30 |
| Class M2$ Inception | 07/30/2010 |
| Date | NAV | NAV Change |
| May 15, 2012 | $10.29 | $-0.01 |
| May 14, 2012 | $10.30 | $-0.02 |
| May 11, 2012 | $10.32 | $0.00 |
| May 10, 2012 | $10.32 | $0.00 |
| May 09, 2012 | $10.32 | $-0.01 |
| May 08, 2012 | $10.33 | $0.00 |
| May 07, 2012 | $10.33 | $0.00 |
| May 04, 2012 | $10.33 | $0.00 |
| May 03, 2012 | $10.33 | $0.00 |
| May 02, 2012 | $10.33 | $0.01 |
| Ex-Date | Distribution | Reinvest NAV |
|
No records in this table indicates that there has not been a distribution 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.
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 or frontier 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 non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Derivatives 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. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. 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
| Foreign Sovereign Bonds | 67.7 |
| U.S. Govt. Agency Mortgage Backed Securities | 16.7 |
| U.S. Govt. Agency Bonds | 5.2 |
| U.S. Treasuries | 4.6 |
| Cash & Equivalents | 4.1 |
| Other | 1.7 |
| Average Duration | 0.62 yrs. |
| Countries Represented | 46 |
| AAA | 12.61 |
| AA | 7.90 |
| A | 25.05 |
| BBB | 18.02 |
| BB | 26.57 |
| B | 8.49 |
| CCC or Lower | 0.00 |
| Not Rated | 1.37 |
| Ratings are based on Moody's, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency 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. If securities are rated differently by the rating agencies, the higher rating is applied. | |
| Chinese Yuan Renminbi | 7.06 |
| Serbian Dinar | 6.71 |
| Malaysian Ringgit | 5.76 |
| South Korean Won | 4.46 |
| Turkish Lira | 4.44 |
| Mexican Peso | 3.97 |
| Hong Kong Dollar | 3.70 |
| Philippine Peso | 3.49 |
| Uruguayan Peso | 3.20 |
| Singapore Dollar | 2.61 |
| Polish Zloty | 2.55 |
| Indian Rupee | 2.52 |
| Dominican Republic Peso | 2.41 |
| Nigerian Naira | 2.13 |
| Chilean Peso | 2.09 |
| Norwegian Krone | 2.01 |
| Romanian Leu | 1.15 |
| Swedish Kronor | 1.11 |
| Sri Lankan Rupee | 0.95 |
| Ugandan Shilling | 0.88 |
| Zambian Kwacha | 0.39 |
| Brazilian Real | 0.06 |
| Hungarian Forint | -0.05 |
| Croatian Kuna | -0.39 |
| Australian Dollar | -0.81 |
| Russian Ruble | -1.83 |
| Swiss Franc | -2.03 |
| Japanese Yen | -2.14 |
| South African Rand | -2.69 |
| Taiwan New Dollar | -5.09 |
| Euro | -18.68 |
| Argentina | 6.37 |
| Albania | 2.60 |
| Venezuela | 2.28 |
| Croatia | 2.18 |
| Colombia | -1.49 |
| Lebanon | -2.49 |
| Philippines | -2.51 |
| Spain | -2.85 |
| France | -5.76 |
| Brazil | -5.79 |
| View All | |
Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.
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 or frontier 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 non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Derivatives 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. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. 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
Quarterly Commentary
No commentary information is available.
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.
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 or frontier 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 non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Derivatives 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. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. 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
No attribution information is available.
Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.
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 or frontier 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 non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Derivatives 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. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. 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
Mark Venezia, CFA
Vice President, Eaton Vance Management
Joined Eaton Vance 1984
Mark Venezia is a vice president of Eaton Vance Management, director of the Global Bond Department and portfolio manager on Eaton Vance's global fixed-income team.
Mark joined Eaton Vance in 1984 after two years as vice president and general manager at Network Utilities and three years at the Options Clearing Corporation.
Mark earned a B.A. in economics from Stanford University, an M.B.A. from the University of Chicago and a master's in philosophy from the University of Illinois. He is a CFA charterholder and a member of the Bond Analysts Society, the Ludwig von Mises Institute and the American Economic Association.
Education
- B.A. Stanford University
- M.B.A Booth School of Business, University of Chicago, M.A. University of Illinois
Experience
- Managed Fund since 2010
Biography
John R. Baur
Vice President, Eaton Vance Management
Joined Eaton Vance 2005
John Baur is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's global fixed-income team.
John joined Eaton Vance in 2005 as an analyst covering Latin America before becoming a portfolio manager in 2008. From 1995-2002, John was affiliated with Applied Materials in an engineering capacity, spending five of his seven years there in Asia.
John earned a B.S. in mechanical engineering from M.I.T. and an M.B.A. from the Johnson Graduate School of Management at Cornell University. He is a member of the Boston Economics Club.
Education
- B.S. Massachusetts Institute of Technology
- M.B.A. Johnson Graduate School of Management, Cornell University
Experience
- Managed Fund since 2010
Biography
Michael A. Cirami, CFA
Vice President, Eaton Vance Management
Joined Eaton Vance 2003
Michael Cirami is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's global fixed-income team, focusing on emerging Europe, Middle East and Africa.
Michael joined Eaton Vance's global fixed income department in 2003. Previously, he was employed at State Street Bank in Boston, Luxemburg and Munich, and with BT&T Asset Management in Zurich.
Michael earned a B.S. in business administration and economics, cum laude, from Mary Washington College and an M.B.A. with honors from the William E. Simon School at the University of Rochester. He also studied at WHU Otto Beisheim School of Management in Koblenz, Germany. He is a CFA charterholder, and a member of the Boston Security Analysts Society, the Boston Committee on Foreign Relations and the Ludwig von Mises Institute. Michael also serves as a board member and chairman of the investment committee of the Boston Civic Symphony.
Michael's commentary has appeared in The Wall Street Journal, Barron's, Bloomberg and Reuters. He has been a featured speaker at Schwab, Bloomberg European Debt Crisis and Standard Chartered forums.
Education
- B.S. Mary Washington College
- M.B.A. William E. Simon School of Business, University of Rochester
Experience
- Managed Fund since 2010
Biography
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 and portfolio manager on Eaton Vance's global fixed-income team, focusing on Asia, Western Europe and the Dollar Bloc. He also covers the policies and actions of the Federal Reserve and Treasury.
Eric originally joined Eaton Vance in 2002 and rejoined the company in 2008. He previously worked on the Markets Desk of the Federal Reserve Bank of New York. In addition, he has experience at Citigroup Alternative Investments.
Eric earned a B.S., cum laude, in business administration from Boston University and an M.B.A.in analytic finance and economics, with honors, from the University of Chicago Booth School of Business. He is a CFA charterholder and a member of the Boston Committee on Foreign Relations, Boston Economic Club and Boston Security Analysts Society. Eric 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, Financial Times, The Washington Post, Bloomberg, Dow Jones, Reuters, Kiplinger's and The Christian Science Monitor and he has been featured on CNBC, Fox News, Fox Business News, Bloomberg Radio and Bloomberg TV.
Education
- B.S. Boston University
- M.B.A. Booth School of Business, University of Chicago
Experience
- Managed Fund since 2010
Fund Literature
Fund Literature
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