Eaton Vance Global Macro Absolute Return Funds

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1 Monthly Review March 208 Eaton Vance Funds Market Update Markets across the world were mixed throughout the month of March as global equities experienced negative performance while global bond markets were generally positive. One of the major headlines moving markets was the increased tensions around global trade. The Trump Administration announced tariffs on steel and aluminum imports, and later in the month, announced its plan to impose tariffs on up to $60 billion worth of Chinese imports, sparking fears of a trade war between the two countries. Meanwhile, at his first meeting as chairman, Jay Powell led the U.S. Federal Reserve (Fed) to a 25 basis point increase in short-term interest-rates, as expected, and raised its median forecast for 209 to three rate hikes. The Fed also indicated inflation may pick up in the coming months. At the European Central Bank s (ECB) policy meeting, no changes were made to interest-rates; however, the ECB removed dovish language from its policy statement which referred to its commitment to future bond purchases if needed. Elsewhere in Europe, five months after the election, Angela Merkel was sworn in to her fourth term as German chancellor after SPD party members voted in favor of a grand coalition. Elections were held in Italy early in the month, with the anti-establishment parties outperforming, however, no party received enough votes for a clear majority, resulting in a hung parliament. Formal coalition negotiations will start next month and President Mattarella has stated he would like to avoid new elections and is willing to give months for negotiations to take place. Progress was made with Brexit negotiations after the two sides agreed to terms for a transition period, an important step for U.K. by avoiding an abrupt exit from the EU. Performance Summary Both and Advantage produced a negative return at net asset value. Top detractors to performance included long currency exposure in Russia and Turkey and short interest-rate exposure in New Zealand. The central bank in Russia reduced interest rates to 7.25% adding downward pressure on the ruble, while the Turkish lira was impacted by worries that the country s rapidly-growing economy might overheat. In New Zealand, the central bank left its policy unchanged as it waits for an uptick in inflation. Other notable detractors included short currency exposure in South Korea and a long position in Turkish equities. Top contributors to performance included long interest-rate exposure in India and Australia, and long currency positioning in Colombia, Egypt and Kazakhstan. In addition to February s weaker inflation print in India, local bonds received a boost after the government announced it was reducing the size of its bond issuance for the upcoming fiscal year. The Egyptian pound was supported as inflows into Northern Africa s largest economy continued with the local debt market offering attractive interest-rates to investors, while the Colombian peso and Kazakhstani tenge benefitted from higher oil prices. Performance & Fund Facts (as of 03/3/208) Average Annual Total Returns (%) As of 03/3/208 Mo. 3 Mos. YTD Yr. 3 Yrs. 5 Yrs. 0 Yrs. Life of Fund Fund at NAV Class I Advantage Fund at NAV Class I ICE BofAML 3-Month U.S. Treasury Bill Index Fund Facts Absolute Return Fund Advantage Fund Ticker Symbols EIGMX EGRIX Expense Ratio (Gross) 0.74%.24% Expense Ratio (Net) 2 0.7%.05% Total Net Assets $5.6B $4.6B Performance Inception 0/3/997 08/3/200 # of Countries Represented Average U.S. Duration 0.50 yrs yrs. Average Global Duration.03 yrs..99 yrs. Average Sovereign Credit Spread Duration yrs yrs. Risk Factor Exposures (Notional %) 3 Fund Advantage Fund Foreign Currency Sovereign Credit Interest Rate Equity Corporate Credit Commodities 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. For the 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 for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Total return prior to the commencement of I Shares reflects returns of the Portfolio into which it invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The minimum investment is $250,000 for I Shares. Minimums may be waived in certain situations. Please see the prospectus for additional information. I shares are offered without sales charge. Source: Fund prospectus. 2 Total Annual Fund Operating Expense ratio is as stated in the Fund s most recent prospectus. Net expense ratio is not a result of a fee waiver or expense reimbursement. Net expense ratio excludes interest expense associated with certain investment transactions. 3 Notional Exposure is equal to the market value of a cash security or the economic or face value of a derivative contract. Not FDIC Insured Not Bank Guaranteed May Lose Value Explore our full spectrum of strategies at eatonvance.com.

2 Eaton Vance Funds Monthly Review March 208 Top 0 Currency Positions 4 The Funds were net long foreign currency at month-end although a number of long U.S. dollar positions remain versus select emerging and frontier market currencies as well. There were no notable changes to the top 0 currency positions this month. 2 Foreign Currency Exposure EIGMX Foreign Currency Exposure EGRIX Top 0 Credit Positions 5 and Advantage ended the month with aggregate negative credit spread duration. The Funds remain positioned to have limited sensitivity to overall movements in sovereign credit markets instead generally preferring idiosyncratic long and short positions based on individual country fundamentals and valuations. Changes to the top 0 sovereign credit positions included increased short exposure in Malaysia and France. In Malaysia, the goal of a balanced budget by 2020 appears to remain a significant challenge for the government, while in France, after recent credit spread widening, the Funds short credit positioning has become a more attractive risk/return profile..0 Credit Spread Duration Contribution EIGMX.0 Credit Spread Duration Contribution EGRIX Based on notional exposure as percentage of net assets. 5 Spread duration is the sensitivity of a bond s price given changes in yield spreads. Based on option-adjusted credit spread duration relative to net assets. Portfolio profile subject to change due to active management. Percentages may not total 0 due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

3 Eaton Vance Funds Monthly Review March 208 Top 0 Interest-Rate Positions 6 U.S. duration was near one-half year for Fund and one year for Advantage Fund, while global duration was one year for and two years for Advantage. Of note this month, the Funds increased their short broad interest-rate exposure in the Eurozone, primarily as an offset to long interest-rate positions of select countries in the region as markets price-in a rate hike for early 209 with the end to the ECB s quantitative easing program likely to occur in the near future. 2 Interest-Rate Duration Contribution EIGMX 2 Interest-Rate Duration Contribution EGRIX Other Exposures 7 The Funds maintained limited, long and short broad equity positions in select markets around the world. The Funds maintained their short oil position, mainly to balance out long positions in oil exporting countries. Equity Risk EIGMX Commodity Risk EIGMX Equity Risk EGRIX Commodity Risk EGRIX 5% -5% % -5% Based on option-adjusted interest-rate duration relative to net assets. 7 Based on notional exposure as percentage of net assets. Portfolio profile subject to change due to active management. Percentages may not total 0 due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

4 Eaton Vance Funds Monthly Review March 208 MPT Statistics vs. Select Asset Classes 3-Year % Return at NAV % Standard Deviation Sharpe Ratio % Maximum Drawdown EIGMX EGRIX U.S. Aggregate Bond Global Aggregate Bond U.S. High-Yield Bonds Emerging-Market (EM) Bonds (USD) Emerging-Market (EM) Bonds (Local) U.S. Stocks EAFE Stocks Emerging-Market (EM) Stocks Year % Return at NAV % Standard Deviation Sharpe Ratio % Maximum Drawdown EIGMX U.S. Aggregate Bond Global Aggregate Bond U.S. High-Yield Bonds Emerging-Market (EM) Bonds (USD) Emerging-Market (EM) Bonds (Local) U.S. Stocks EAFE Stocks Emerging-Market (EM) Stocks MPT Modern Portfolio Theory. Source: Morningstar, 03/3/208. U.S. Aggregate Bond represented by the Bloomberg Barclays U.S. Aggregate Index. Global Aggregate Bond represented by the Bloomberg Barclays Global Aggregate Index. U.S. High-Yield Bonds represented by the ICE BofAML U.S. High Yield Index. Emerging-Market (EM) Bonds (USD) represented by the JPMorgan EMBI+ Index. Emerging-Market (EM) Bonds (Local) represented by the JPMorgan GBI EM Global Diversified Index. U.S. Stocks represented by the S&P 500 Index. EAFE Stocks represented by the MSCI EAFE Index. EM Stocks represented by the MSCI EM Index. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk. Maximum Drawdown measures the largest single drop from peak to bottom in the value of a portfolio (before a new peak is achieved). 3-Year Rolling Betas to Select Asset Classes (03/3/ /3/208) EIGMX EGRIX S&P 500 Bloomberg Barclays U.S. Aggregate ICE BofAML U.S. High Yield Source: Zephyr. 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. For the 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 for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Total return prior to the commencement of I Shares reflects returns of the Portfolio into which it invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The minimum investment is $250,000 for I Shares. Minimums may be waived in certain situations. Please see the prospectus for additional information. Portfolio profile subject to change due to active management. Percentages may not total 0 due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

5 Eaton Vance Funds Monthly Review March 208 Index Definitions Bloomberg Barclays U.S. Aggregate Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Bloomberg Barclays Global Aggregate Ex-USD Index is a broad-based measure of global investment-grade fixed-rate debt investments, excluding USDdenominated debt. JPMorgan Emerging Markets Bond Index Plus (EMBI+) is a market-cap-weighted index that measures USD-denominated Brady Bonds, Eurobonds and traded loans issued by sovereign entities. JPMorgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified is an unmanaged index of local-currency bonds with maturities of more than one year issued by emerging-market governments. ICE BofAML U.S. High Yield Index is an unmanaged index of below-investment-grade U.S. corporate bonds. ICE BofAML 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. Morgan Stanley Capital International (MSCI) Emerging Markets Index is an unmanaged index of emerging-markets common stocks. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Past performance is no guarantee of future results. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. 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. 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. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified 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. About Asset Class Comparisons: Elements of this report include comparisons of different asset classes, each of which has distinct risk and return characteristics. Every investment carries risk, and principal values and performance will fluctuate with all asset classes shown, sometimes substantially. Asset classes shown are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. All asset classes shown are subject to risks, including possible loss of principal invested. The principal risks involved with investing in the asset classes shown are interest-rate risk, credit risk and liquidity risk, with each asset class shown offering a distinct combination of these risks. Generally, considered along a spectrum of risks and return potential, asset classes such as high-yield corporate bonds and emerging-market bonds offer higher credit risk, lower levels of liquidity, lower interest-rate risk and higher return potential. Other asset classes shown carry different levels of each of these risk and return characteristics, and as a result generally fall varying degrees along the risk/return spectrum. Costs and expenses associated with investing in asset classes shown will vary, sometimes substantially, depending upon specific investment vehicles chosen. No investment in the asset classes shown is insured or guaranteed, unless explicitly stated for a specific investment vehicle. Interest income earned on asset classes shown is subject to ordinary federal, state and local income taxes. In addition, federal and/or state capital gains taxes may apply to investments that are sold at a profit. Eaton Vance does not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision. Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. 208 Eaton Vance Distributors, Inc., Member FINRA/SIPC Two International Place, Boston, MA eatonvance.com

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