0000940394-13-000547.txt : 20130411 0000940394-13-000547.hdr.sgml : 20130411 20130411142054 ACCESSION NUMBER: 0000940394-13-000547 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130411 DATE AS OF CHANGE: 20130411 EFFECTIVENESS DATE: 20130411 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE MUTUAL FUNDS TRUST CENTRAL INDEX KEY: 0000745463 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-90946 FILM NUMBER: 13755881 BUSINESS ADDRESS: STREET 1: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-482-8260 MAIL ADDRESS: STREET 1: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: EATON VANCE GOVERNMENT OBLIGATIONS TRUST DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE MUTUAL FUNDS TRUST CENTRAL INDEX KEY: 0000745463 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04015 FILM NUMBER: 13755882 BUSINESS ADDRESS: STREET 1: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-482-8260 MAIL ADDRESS: STREET 1: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: EATON VANCE GOVERNMENT OBLIGATIONS TRUST DATE OF NAME CHANGE: 19920703 0000745463 S000035235 Parametric Currency Fund C000108390 Parametric Currency Fund Investor Class C000108392 Parametric Currency Fund Institutional Class 485BPOS 1 mftxbrlpartc_485bpos.htm MFT 485BPOS PEA#201-204 XBRL DTD 4-11-13 Part_C_Template.doc

As filed with the Securities and Exchange Commission on April 11, 2013

1933 Act File No. 002-90946

1940 Act File No. 811-04015

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM N-1A

 

 

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT of 1933

o

 

POST-EFFECTIVE AMENDMENT NO. 201

x

 

REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940

o

 

AMENDMENT NO. 204

x

 

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

(617) 482-8260

(Registrants Telephone Number)

 

MAUREEN A. GEMMA

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Service)

It is proposed that this filing will become effective pursuant to Rule 485 (check appropriate box):

x

immediately upon filing pursuant to paragraph (b)

o

on (date) pursuant to paragraph (a)(1)

o

on (date) pursuant to paragraph (b)

o

75 days after filing pursuant to paragraph (a)(2)

o

60 days after filing pursuant to paragraph (a)(1)

o

on (date) pursuant to paragraph (a)(2)

If appropriate, check the following box:

o

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.




SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Boston, and the Commonwealth of Massachusetts, on April 11, 2013.

Eaton Vance Mutual Funds Trust

By:  /s/ Duncan W. Richardson

Duncan W. Richardson, President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on April 11, 2013.

Signature

Title

 

 

/s/ Duncan W. Richardson

President (Chief Executive Officer)

Duncan W. Richardson

 

 

 

/s/ James F. Kirchner

Treasurer (Principal Financial and Accounting Officer)

James F. Kirchner

 

 

 

Signature

Title

Signature

Title

 

 

 

 

Scott E. Eston*

Trustee

Ronald A. Pearlman*

Trustee

Scott E. Eston

 

Ronald A. Pearlman

 

 

 

 

 

Benjamin C. Esty*

Trustee

Helen Frame Peters*

Trustee

Benjamin C. Esty

 

Helen Frame Peters

 

 

 

 

 

Thomas E. Faust Jr.*

Trustee

Lynn A. Stout*

Trustee

Thomas E. Faust Jr.

 

Lynn A. Stout

 

 

 

 

 

Allen R. Freedman*

Trustee

Harriett Tee Taggart*

Trustee

Allen R. Freedman

 

Harriett Tee Taggart

 

 

 

 

 

William H. Park*

Trustee

Ralph F. Verni*

Trustee

William H. Park

 

Ralph F. Verni

 

 

 

 

 

*By:

/s/ Maureen A. Gemma

 

 

Maureen A. Gemma (As attorney-in-fact)

 

* Pursuant to a Power of Attorney dated March 1, 2013 filed as Exhibit (q) to the Registrants Post-Effective Amendment No. 198 filed February 28, 2013 (Accession No. 0000940394-13-000310) and incorporated herein by reference.



EXHIBIT INDEX

Exhibit No.

 

Description

EX-101.INS

 

XBRL Instance Document

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

Ex-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase




EX-101.INS 2 evmft-20130328.xml XBRL INSTANCE DOCUMENT 0000745463 2013-03-28 2013-03-28 0000745463 EVMFT:S000035235Member 2013-03-28 2013-03-28 0000745463 EVMFT:S000035235Member EVMFT:BarclaysCapitalGlobalExUSDBenchmarkCurrencyTWIndexMember 2013-03-28 2013-03-28 0000745463 EVMFT:S000035235Member EVMFT:C000108390Member 2013-03-28 2013-03-28 0000745463 EVMFT:S000035235Member EVMFT:C000108390Member rr:AfterTaxesOnDistributionsMember 2013-03-28 2013-03-28 0000745463 EVMFT:S000035235Member EVMFT:C000108390Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-03-28 2013-03-28 0000745463 EVMFT:S000035235Member EVMFT:C000108392Member 2013-03-28 2013-03-28 iso4217:USD xbrli:pure 485BPOS 2012-11-30 Eaton Vance Mutual Funds Trust 0000745463 false 2013-03-28 2013-04-01 2013-04-01 EAPSX EIPSX 0 0 0 0 0.0055 0.0055 0.0025 0 0.0700 0.0700 0.0780 0.0755 -0.0690 -0.0690 0.0090 0.0065 92 66 1671 1602 3162 3061 6541 6393 0.0314 0.0510 0.0416 0.0332 0.0543 0.0312 0.0507 0.0413 0.0377 0.0540 2011-12-30 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Investment Objective</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund&#146;s investment objective is to protect against depreciation of the U.S. dollar relative to other currencies.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Fees and Expenses of the Fund</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. &#160;</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact EVMFT_S000035235Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Example. &#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. &#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. &#160;The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. &#160;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact EVMFT_S000035235Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Portfolio Turnover</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; the portfolio). &#160;A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. &#160;These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#146;s performance. From December 30, 2011 (commencement of operations) to November 30, 2012, the Fund's portfolio turnover rate was 0% of the average value of its portfolio. The portfolio turnover rate shown above does not include purchases and sales of securities or other instruments whose maturities or expiration dates at the time of purchase were one year or less. If these were included, the portfolio turnover rate would be higher.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Principal Investment Strategies</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Under normal market conditions, the Fund seeks its investment objective by investing at least 80% of its net assets in investments that create exposure to currencies other than the U.S. dollar (the &#147;80% Policy&#148;). &#160;The Fund expects to gain exposure to non-dollar currencies primarily through positions in monthly or other short-dated forward currency contracts or other derivative instruments backed by holdings of U.S. Treasury bills and other short-term U.S. government obligations. &#160;&#160;The Fund may have concentrated exposures to a particular geographic region or related group of currencies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund may invest in various types of derivative instruments, including deliverable and non-deliverable forward currency contracts, currency futures contracts, currency-related put and call option transactions (including options on futures contracts), currency swaps and other related agreements. &#160;The Fund may engage in derivative transactions to seek return, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, or as a substitute for the purchase or sale of securities or currencies. &#160;The absolute value of the U.S. dollar notional value of long and short derivative instruments denominated in or based on currencies is included for purposes of determining compliance with the Fund&#146;s 80% Policy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund seeks to employ a top-down, disciplined investment process that emphasizes broad diversification and systematic rebalancing. &#160; The Fund&#146;s investment process utilizes targeted allocations and periodic rebalancing to attempt to take advantage of certain quantitative and behavioral characteristics of the currency asset class. &#160;In constructing the Fund&#146;s portfolio, the Fund&#146;s sub-adviser screens major currencies for market liquidity and correlation, and assigns approximately equal portfolio weights to each selected currency. The Fund currently intends to allocate its portfolio holdings to approximately 30 currencies. The Fund expects to maintain a substantial overweighting to emerging market currencies and a substantial underweighting to the Euro and other developed market currencies relative to the Barclays Capital Global Ex-USD Benchmark Currency (Trade-Weighted) Index . &#160;The frequency of rebalancing depends on the correlation between, and volatility of, the individual currency. &#160;Rules-based rebalancing bands are set around target weights to attempt to minimize trading cost.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Principal Risks</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Currency Risk. &#160;In general, the value of the Fund's foreign currency investments increase in value when the U.S. dollar is weak (i.e , is losing value relative to foreign currencies) or when foreign currencies in which the Fund invests are strong (i.e., are gaining value relative to the U.S. dollar). &#160;The value of foreign currencies as measured in U.S. dollars may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws (including withholding tax), governmental administration of economic or monetary policies (in the U.S. or abroad), intervention (or the failure to intervene) by U.S. or foreign governments or central banks, and relations between nations.&#160; A devaluation of a currency by a country&#146;s government or banking authority will have a significant impact on the value of any investments denominated in that currency. Parametric&#146;s investment approach may not accurately predict currency movements, and the Fund&#146;s returns could be reduced as a result. &#160;Currency markets generally are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks. Exposure to foreign currencies through derivative instruments will be subject to derivative risks described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Foreign and Emerging Market Investment Risk.<font style="font-family: Arial, Helvetica, Sans-Serif">&#8194;</font>Because the Fund invests a significant portion of its assets in foreign instruments, the value of Fund shares can be adversely affected by changes in currency exchange rates and political, economic and market developments abroad. &#160;In emerging or less developed countries, these risks can be more significant. &#160;Investment markets in emerging market countries are typically substantially smaller, less liquid and more volatile than the major markets in developed countries. &#160;As a result, Fund share values may be more volatile than if the Fund invested only in developed markets. &#160;Emerging market countries may have relatively unstable governments and economies. &#160;Emerging market investments often are subject to speculative trading, which typically contributes to volatility. &#160;Trading in foreign and emerging markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. The value of investments denominated in foreign currencies can be adversely affected by changes in foreign currency exchange rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Derivatives Risk. <i>&#160;</i>The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints. &#160;Derivatives may create economic leverage in the Fund, which magnifies the Fund&#146;s exposure to the underlying investment. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. &#160;When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. &#160;Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument. &#160;If a derivative&#146;s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. &#160;The loss on derivative transactions may substantially exceed the initial investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Rules-Based Management Risks. &#160;The sub-adviser uses proprietary investment techniques and analyses in making investment decisions for the Fund, seeking to achieve its investment objective while minimizing exposure to market risk. &#160;The strategy seeks to take advantage of certain quantitative and behavioral market characteristics identified by the sub-adviser, utilizing a rules-based currency selection process and a disciplined rebalancing model. &#160;The Fund&#146;s strategy has not been independently tested or validated, and there can be no assurance that it will achieve the desired results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Market Risk. &#160;Economic and other events (whether real or perceived) can reduce the demand for investments held by the Fund, which may reduce their market prices and cause the value of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted. &#160;Certain securities and other investments held by the Fund can experience downturns in trading activity and, at such times, the supply of such instruments in the market may exceed the demand. &#160;At other times, the demand for such instruments may exceed the supply in the market. &#160;An imbalance in supply and demand in the market may result in valuation uncertainties and greater volatility, less liquidity, wider trading spreads and a lack of price transparency in the market. &#160;No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Credit Risk.<i> &#160;</i> Investments in debt obligations are subject to the risk of non-payment of scheduled principal and interest. &#160;Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of a debt obligation also may decline because of concerns about the issuer&#146;s ability to make principal and interest payments. In addition, the credit ratings of securities may be lowered if the financial condition of the party obligated to make payments with respect to such instruments changes. &#160;Credit ratings assigned by rating agencies are based on a number of factors and do not necessarily reflect the issuer&#146;s current financial condition or the volatility or liquidity of the security. &#160;In the event of bankruptcy of the issuer of securities, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel. &#160;This may increase the Fund&#146;s operating expenses and adversely affect net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Interest Rate Risk. &#160;As interest rates rise, the value of fixed income investments is likely to decline. &#160;Conversely, when interest rates decline, the value of fixed income investments is likely to rise. &#160;Obligations with longer maturities generally offer higher yields, but involve greater risk because the prices of such obligations are more sensitive to changes in interest rates than obligations with shorter maturities. &#160;In a declining interest rate environment, prepayments of obligations may increase if the issuer has the ability to pre-pay or &#147;call&#148; the obligation. &#160;In such circumstances, the Fund may have to reinvest the prepayment proceeds at lower yields.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Geographic Concentration Risk. &#160;Because the Fund&#146;s investments may be highly concentrated in a particular geographic region or country or related group of currencies, the value of Fund shares may be affected by events that adversely affect that region or country and may fluctuate more than that of a less concentrated fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">General Fund Investing Risks. &#160;The Fund is not a complete investment program and you may lose money by investing in the Fund. &#160;All investments carry a certain amount of risk and there is no guarantee that the Fund will be able to achieve its investment objective. &#160;Annual Fund Operating Expenses expressed as a percentage of the Fund&#146;s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating Expenses may differ in the future. &#160;Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its investment objective. &#160; In addition, the redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. &#160; Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. &#160;Mutual funds, investment advisers, other market participants and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.&#160; Changes to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the Fund&#146;s ability to execute its investment strategy.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Performance</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the Fund&#146;s average annual total returns over time compare with those of a broad-based securities market index. &#160;The return in the bar chart is for Investor Class shares. &#160;Past performance (both before and after taxes) is no guarantee of future results. &#160;The Fund&#146;s performance reflects the effects of expense reductions. &#160;Absent these reductions, performance would have been lower. &#160;Updated Fund performance information can be obtained by visiting www.eatonvance.com.</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact EVMFT_S000035235Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 2.8pt 0">Prior to March 1, 2013, purchases of Investor Class shares were subject to a sales charge. &#160;Investor Class and Institutional Class commenced operations on December 30, 2011. &#160;Investors cannot invest directly in an Index. &#160;</p> <p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">After-tax returns are calculated using the highest historical individual federal income tax rates and do not reflect the impact of state and local taxes. &#160;Actual after-tax returns depend on a shareholder&#146;s tax situation and the actual characterization of distributions, and may differ from those shown. &#160;After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. &#160;After-tax returns for other Classes of shares will vary from the after-tax returns presented for Investor Class shares. &#160;Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. &#160;Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.</p> <p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">During the period from December 31, 2011 through December 31, 2012, the highest quarterly total return for Investor Class was 4.20% for the quarter ended March 31, 2012, and the lowest quarterly return was &#150;2.69% for the quarter ended June 30, 2012. &#160;</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact EVMFT_S000035235Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p> <p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)</p> 0.0510 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Parametric Currency Fund</p> 0.00 <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Under normal market conditions, the Fund seeks its investment objective by investing at least 80% of its net assets in investments that create exposure to currencies other than the U.S. dollar (the &#147;80% Policy&#148;). &#160;The Fund expects to gain exposure to non-dollar currencies primarily through positions in monthly or other short-dated forward currency contracts or other derivative instruments backed by holdings of U.S. Treasury bills and other short-term U.S. government obligations. &#160;&#160;The Fund may have concentrated exposures to a particular geographic region or related group of currencies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">&#160;The Fund is not a complete investment program and you may lose money by investing in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the Fund&#146;s average annual total returns over time compare with those of a broad-based securities market index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">www.eatonvance.com</p> Past performance (both before and after taxes) is no guarantee of future results. <p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">During the period from December 31, 2011 through December 31, 2012, the highest quarterly total return for Investor Class was</p> <p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">and the lowest quarterly return was</p> 2012-03-31 0.0420 2012-06-30 -0.0269 After-tax returns are calculated using the highest historical individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions, and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Investor Class shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for a period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 2.8pt 0">Prior to March 1, 2013, purchases of Investor Class shares were subject to a sales charge.</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact EVMFT_S000035235Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.90% for Investor Class shares and 0.65% for Institutional Class shares. This expense reimbursement will continue through March 31, 2014 . Any amendment to or a termination of this reimbursement would require written approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses, interest expense , taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser, sub-adviser and administrator during the Fund's current fiscal year to the extent actual expenses are less than the contractual expense cap during such year. EX-101.DEF 3 evmft-20130328_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 4 evmft-20130328_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT Parametric Currency Fund Legal Entity [Axis] Barclays Capital Global Ex-USD Benchmark Currency (Trade-Weighted) Index Performance Measure [Axis] Investor Class Share Class [Axis] After Taxes on Distributions After Taxes on Distributions and Sales Institutional Class Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees Column [Text] Maximum Cumulative Sales Charge (as a percentage of Offering Price) Maximum Cumulative Sales Charge (as a percentage) Maximum Sales Charge (Load) (as a percentage of offering price) Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Caption [Text] Operating Expenses Column [Text] Management Fees Distribution and Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Other Expenses Acquired Fund Fees and Expenses Total Annual Fund Operating Expenses Expense Reimbursement Total Annual Fund Operating Expenses After Expense Reimbursement Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Portfolio Turnover, Rate Portfolio Turnover Rate, December 30, 2011 (commencement of operations) to November 30, 2012 Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 3 Years Expense Example, with Redemption, 5 Years Expense Example, with Redemption, 10 Years Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption, 1 Year Expense Example, No Redemption, 3 Years Expense Example, No Redemption, 5 Years Expense Example, No Redemption, 10 Years Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Strategy Portfolio Concentration [Text] Risk [Heading] Risk Narrative [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart [Heading] Bar Chart Narrative [Text Block] Bar Chart Does Not Reflect Sales Loads [Text] Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Heading Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Narrative Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Performance Table Footnotes Performance Table Closing [Text Block] Caption Column Label 1 Year 5 Years 10 Years Since Inception Inception Date Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield Shareholder Fees [Table] Annual Fund Operating Expenses [Table] Expense Example, With Redemption [Table] Expense Example, No Redemption [Table] Bar Chart [Table] Performance [Table] Market Index Performance [Table] Expense Example, By Year, Column [Text] 1 Year 3 Years 5 Years 10 Years Expense Example, No Redemption, By Year, Column [Text] Life of Fund Risk/Return Detail [Table] EX-101.PRE 5 evmft-20130328_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.SCH 6 evmft-20130328.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT XML 7 report.css IDEA: XBRL 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XML 10 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
[RiskReturnAbstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Nov. 30, 2012
Registrant Name dei_EntityRegistrantName Eaton Vance Mutual Funds Trust
Central Index Key dei_EntityCentralIndexKey 0000745463
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Mar. 28, 2013
Document Effective Date dei_DocumentEffectiveDate Apr. 01, 2013
Prospectus Date rr_ProspectusDate Apr. 01, 2013
Parametric Currency Fund
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Parametric Currency Fund

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund’s investment objective is to protect against depreciation of the U.S. dollar relative to other currencies.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. From December 30, 2011 (commencement of operations) to November 30, 2012, the Fund's portfolio turnover rate was 0% of the average value of its portfolio. The portfolio turnover rate shown above does not include purchases and sales of securities or other instruments whose maturities or expiration dates at the time of purchase were one year or less. If these were included, the portfolio turnover rate would be higher.

Portfolio Turnover Rate, December 30, 2011 (commencement of operations) to November 30, 2012 EVMFT_PortfolioTurnoverRatePartialYear 0.00
Expense Example [Heading] rr_ExpenseExampleHeading

Example.  

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund seeks its investment objective by investing at least 80% of its net assets in investments that create exposure to currencies other than the U.S. dollar (the “80% Policy”).  The Fund expects to gain exposure to non-dollar currencies primarily through positions in monthly or other short-dated forward currency contracts or other derivative instruments backed by holdings of U.S. Treasury bills and other short-term U.S. government obligations.   The Fund may have concentrated exposures to a particular geographic region or related group of currencies.

The Fund may invest in various types of derivative instruments, including deliverable and non-deliverable forward currency contracts, currency futures contracts, currency-related put and call option transactions (including options on futures contracts), currency swaps and other related agreements.  The Fund may engage in derivative transactions to seek return, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, or as a substitute for the purchase or sale of securities or currencies.  The absolute value of the U.S. dollar notional value of long and short derivative instruments denominated in or based on currencies is included for purposes of determining compliance with the Fund’s 80% Policy.

The Fund seeks to employ a top-down, disciplined investment process that emphasizes broad diversification and systematic rebalancing.   The Fund’s investment process utilizes targeted allocations and periodic rebalancing to attempt to take advantage of certain quantitative and behavioral characteristics of the currency asset class.  In constructing the Fund’s portfolio, the Fund’s sub-adviser screens major currencies for market liquidity and correlation, and assigns approximately equal portfolio weights to each selected currency. The Fund currently intends to allocate its portfolio holdings to approximately 30 currencies. The Fund expects to maintain a substantial overweighting to emerging market currencies and a substantial underweighting to the Euro and other developed market currencies relative to the Barclays Capital Global Ex-USD Benchmark Currency (Trade-Weighted) Index .  The frequency of rebalancing depends on the correlation between, and volatility of, the individual currency.  Rules-based rebalancing bands are set around target weights to attempt to minimize trading cost.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

Under normal market conditions, the Fund seeks its investment objective by investing at least 80% of its net assets in investments that create exposure to currencies other than the U.S. dollar (the “80% Policy”).  The Fund expects to gain exposure to non-dollar currencies primarily through positions in monthly or other short-dated forward currency contracts or other derivative instruments backed by holdings of U.S. Treasury bills and other short-term U.S. government obligations.   The Fund may have concentrated exposures to a particular geographic region or related group of currencies.

Risk [Heading] rr_RiskHeading

Principal Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Currency Risk.  In general, the value of the Fund's foreign currency investments increase in value when the U.S. dollar is weak (i.e , is losing value relative to foreign currencies) or when foreign currencies in which the Fund invests are strong (i.e., are gaining value relative to the U.S. dollar).  The value of foreign currencies as measured in U.S. dollars may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws (including withholding tax), governmental administration of economic or monetary policies (in the U.S. or abroad), intervention (or the failure to intervene) by U.S. or foreign governments or central banks, and relations between nations.  A devaluation of a currency by a country’s government or banking authority will have a significant impact on the value of any investments denominated in that currency. Parametric’s investment approach may not accurately predict currency movements, and the Fund’s returns could be reduced as a result.  Currency markets generally are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks. Exposure to foreign currencies through derivative instruments will be subject to derivative risks described below.

Foreign and Emerging Market Investment Risk.Because the Fund invests a significant portion of its assets in foreign instruments, the value of Fund shares can be adversely affected by changes in currency exchange rates and political, economic and market developments abroad.  In emerging or less developed countries, these risks can be more significant.  Investment markets in emerging market countries are typically substantially smaller, less liquid and more volatile than the major markets in developed countries.  As a result, Fund share values may be more volatile than if the Fund invested only in developed markets.  Emerging market countries may have relatively unstable governments and economies.  Emerging market investments often are subject to speculative trading, which typically contributes to volatility.  Trading in foreign and emerging markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. The value of investments denominated in foreign currencies can be adversely affected by changes in foreign currency exchange rates.

Derivatives Risk.  The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.  The loss on derivative transactions may substantially exceed the initial investment.

Rules-Based Management Risks.  The sub-adviser uses proprietary investment techniques and analyses in making investment decisions for the Fund, seeking to achieve its investment objective while minimizing exposure to market risk.  The strategy seeks to take advantage of certain quantitative and behavioral market characteristics identified by the sub-adviser, utilizing a rules-based currency selection process and a disciplined rebalancing model.  The Fund’s strategy has not been independently tested or validated, and there can be no assurance that it will achieve the desired results.

Market Risk.  Economic and other events (whether real or perceived) can reduce the demand for investments held by the Fund, which may reduce their market prices and cause the value of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted.  Certain securities and other investments held by the Fund can experience downturns in trading activity and, at such times, the supply of such instruments in the market may exceed the demand.  At other times, the demand for such instruments may exceed the supply in the market.  An imbalance in supply and demand in the market may result in valuation uncertainties and greater volatility, less liquidity, wider trading spreads and a lack of price transparency in the market.  No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded investments.

Credit Risk.   Investments in debt obligations are subject to the risk of non-payment of scheduled principal and interest.  Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of a debt obligation also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of securities may be lowered if the financial condition of the party obligated to make payments with respect to such instruments changes.  Credit ratings assigned by rating agencies are based on a number of factors and do not necessarily reflect the issuer’s current financial condition or the volatility or liquidity of the security.  In the event of bankruptcy of the issuer of securities, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel.  This may increase the Fund’s operating expenses and adversely affect net asset value.

Interest Rate Risk.  As interest rates rise, the value of fixed income investments is likely to decline.  Conversely, when interest rates decline, the value of fixed income investments is likely to rise.  Obligations with longer maturities generally offer higher yields, but involve greater risk because the prices of such obligations are more sensitive to changes in interest rates than obligations with shorter maturities.  In a declining interest rate environment, prepayments of obligations may increase if the issuer has the ability to pre-pay or “call” the obligation.  In such circumstances, the Fund may have to reinvest the prepayment proceeds at lower yields.

Geographic Concentration Risk.  Because the Fund’s investments may be highly concentrated in a particular geographic region or country or related group of currencies, the value of Fund shares may be affected by events that adversely affect that region or country and may fluctuate more than that of a less concentrated fund.

General Fund Investing Risks.  The Fund is not a complete investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its investment objective.   In addition, the redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.   Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.  Mutual funds, investment advisers, other market participants and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the Fund’s ability to execute its investment strategy.

Risk Lose Money [Text] rr_RiskLoseMoney

 The Fund is not a complete investment program and you may lose money by investing in the Fund.

Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution

An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the Fund’s average annual total returns over time compare with those of a broad-based securities market index.  The return in the bar chart is for Investor Class shares.  Past performance (both before and after taxes) is no guarantee of future results.  The Fund’s performance reflects the effects of expense reductions.  Absent these reductions, performance would have been lower.  Updated Fund performance information can be obtained by visiting www.eatonvance.com.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the Fund’s average annual total returns over time compare with those of a broad-based securities market index.

Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress

www.eatonvance.com

Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance (both before and after taxes) is no guarantee of future results.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the period from December 31, 2011 through December 31, 2012, the highest quarterly total return for Investor Class was 4.20% for the quarter ended March 31, 2012, and the lowest quarterly return was –2.69% for the quarter ended June 30, 2012.  

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

During the period from December 31, 2011 through December 31, 2012, the highest quarterly total return for Investor Class was

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.20%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

and the lowest quarterly return was

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2012
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.69%)
Performance Table Does Reflect Sales Loads rr_PerformanceTableDoesReflectSalesLoads

Prior to March 1, 2013, purchases of Investor Class shares were subject to a sales charge.

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions, and may differ from those shown.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns for other Classes of shares will vary from the after-tax returns presented for Investor Class shares.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Return After Taxes on Distributions for a period may be the same as Return Before Taxes for a period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Prior to March 1, 2013, purchases of Investor Class shares were subject to a sales charge.  Investor Class and Institutional Class commenced operations on December 30, 2011.  Investors cannot invest directly in an Index.  

After-tax returns are calculated using the highest historical individual federal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.  After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.  After-tax returns for other Classes of shares will vary from the after-tax returns presented for Investor Class shares.  Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period.  Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.

Parametric Currency Fund | Investor Class
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol EAPSX
Maximum Sales Charge (Load) (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 7.00%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 7.80%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (6.90%) [1]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.90%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,671
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,162
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 6,541
Annual Return 2012 rr_AnnualReturn2012 5.10%
1 Year rr_AverageAnnualReturnYear01 5.10%
Since Inception rr_AverageAnnualReturnSinceInception 5.07%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 30, 2011
Parametric Currency Fund | Institutional Class
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol EIPSX
Maximum Sales Charge (Load) (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOther none
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 7.00%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 7.55%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (6.90%) [1]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.65%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 66
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,602
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,061
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 6,393
1 Year rr_AverageAnnualReturnYear01 5.43%
Since Inception rr_AverageAnnualReturnSinceInception 5.40%
Parametric Currency Fund | After Taxes on Distributions | Investor Class
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.16%
Since Inception rr_AverageAnnualReturnSinceInception 4.13%
Parametric Currency Fund | After Taxes on Distributions and Sales | Investor Class
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.32%
Since Inception rr_AverageAnnualReturnSinceInception 3.77%
Parametric Currency Fund | Barclays Capital Global Ex-USD Benchmark Currency (Trade-Weighted) Index
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.14%
Since Inception rr_AverageAnnualReturnSinceInception 3.12%
[1] The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.90% for Investor Class shares and 0.65% for Institutional Class shares. This expense reimbursement will continue through March 31, 2014 . Any amendment to or a termination of this reimbursement would require written approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses, interest expense , taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser, sub-adviser and administrator during the Fund's current fiscal year to the extent actual expenses are less than the contractual expense cap during such year.
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Parametric Currency Fund

Parametric Currency Fund

Investment Objective

The Fund’s investment objective is to protect against depreciation of the U.S. dollar relative to other currencies.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Parametric Currency Fund
Investor Class
Institutional Class
Maximum Sales Charge (Load) (as a percentage of offering price) none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) none none

Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Parametric Currency Fund
Investor Class
Institutional Class
Management Fees 0.55% 0.55%
Distribution and Service (12b-1) Fees 0.25% none
Other Expenses 7.00% 7.00%
Total Annual Fund Operating Expenses 7.80% 7.55%
Expense Reimbursement [1] (6.90%) (6.90%)
Total Annual Fund Operating Expenses After Expense Reimbursement 0.90% 0.65%
[1] The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.90% for Investor Class shares and 0.65% for Institutional Class shares. This expense reimbursement will continue through March 31, 2014 . Any amendment to or a termination of this reimbursement would require written approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses, interest expense , taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser, sub-adviser and administrator during the Fund's current fiscal year to the extent actual expenses are less than the contractual expense cap during such year.

Example.  

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example Parametric Currency Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Investor Class
92 1,671 3,162 6,541
Institutional Class
66 1,602 3,061 6,393

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. From December 30, 2011 (commencement of operations) to November 30, 2012, the Fund's portfolio turnover rate was 0% of the average value of its portfolio. The portfolio turnover rate shown above does not include purchases and sales of securities or other instruments whose maturities or expiration dates at the time of purchase were one year or less. If these were included, the portfolio turnover rate would be higher.

Principal Investment Strategies

Under normal market conditions, the Fund seeks its investment objective by investing at least 80% of its net assets in investments that create exposure to currencies other than the U.S. dollar (the “80% Policy”).  The Fund expects to gain exposure to non-dollar currencies primarily through positions in monthly or other short-dated forward currency contracts or other derivative instruments backed by holdings of U.S. Treasury bills and other short-term U.S. government obligations.   The Fund may have concentrated exposures to a particular geographic region or related group of currencies.

The Fund may invest in various types of derivative instruments, including deliverable and non-deliverable forward currency contracts, currency futures contracts, currency-related put and call option transactions (including options on futures contracts), currency swaps and other related agreements.  The Fund may engage in derivative transactions to seek return, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, or as a substitute for the purchase or sale of securities or currencies.  The absolute value of the U.S. dollar notional value of long and short derivative instruments denominated in or based on currencies is included for purposes of determining compliance with the Fund’s 80% Policy.

The Fund seeks to employ a top-down, disciplined investment process that emphasizes broad diversification and systematic rebalancing.   The Fund’s investment process utilizes targeted allocations and periodic rebalancing to attempt to take advantage of certain quantitative and behavioral characteristics of the currency asset class.  In constructing the Fund’s portfolio, the Fund’s sub-adviser screens major currencies for market liquidity and correlation, and assigns approximately equal portfolio weights to each selected currency. The Fund currently intends to allocate its portfolio holdings to approximately 30 currencies. The Fund expects to maintain a substantial overweighting to emerging market currencies and a substantial underweighting to the Euro and other developed market currencies relative to the Barclays Capital Global Ex-USD Benchmark Currency (Trade-Weighted) Index .  The frequency of rebalancing depends on the correlation between, and volatility of, the individual currency.  Rules-based rebalancing bands are set around target weights to attempt to minimize trading cost.

Principal Risks

Currency Risk.  In general, the value of the Fund's foreign currency investments increase in value when the U.S. dollar is weak (i.e , is losing value relative to foreign currencies) or when foreign currencies in which the Fund invests are strong (i.e., are gaining value relative to the U.S. dollar).  The value of foreign currencies as measured in U.S. dollars may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws (including withholding tax), governmental administration of economic or monetary policies (in the U.S. or abroad), intervention (or the failure to intervene) by U.S. or foreign governments or central banks, and relations between nations.  A devaluation of a currency by a country’s government or banking authority will have a significant impact on the value of any investments denominated in that currency. Parametric’s investment approach may not accurately predict currency movements, and the Fund’s returns could be reduced as a result.  Currency markets generally are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks. Exposure to foreign currencies through derivative instruments will be subject to derivative risks described below.

Foreign and Emerging Market Investment Risk.Because the Fund invests a significant portion of its assets in foreign instruments, the value of Fund shares can be adversely affected by changes in currency exchange rates and political, economic and market developments abroad.  In emerging or less developed countries, these risks can be more significant.  Investment markets in emerging market countries are typically substantially smaller, less liquid and more volatile than the major markets in developed countries.  As a result, Fund share values may be more volatile than if the Fund invested only in developed markets.  Emerging market countries may have relatively unstable governments and economies.  Emerging market investments often are subject to speculative trading, which typically contributes to volatility.  Trading in foreign and emerging markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. The value of investments denominated in foreign currencies can be adversely affected by changes in foreign currency exchange rates.

Derivatives Risk.  The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.  The loss on derivative transactions may substantially exceed the initial investment.

Rules-Based Management Risks.  The sub-adviser uses proprietary investment techniques and analyses in making investment decisions for the Fund, seeking to achieve its investment objective while minimizing exposure to market risk.  The strategy seeks to take advantage of certain quantitative and behavioral market characteristics identified by the sub-adviser, utilizing a rules-based currency selection process and a disciplined rebalancing model.  The Fund’s strategy has not been independently tested or validated, and there can be no assurance that it will achieve the desired results.

Market Risk.  Economic and other events (whether real or perceived) can reduce the demand for investments held by the Fund, which may reduce their market prices and cause the value of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted.  Certain securities and other investments held by the Fund can experience downturns in trading activity and, at such times, the supply of such instruments in the market may exceed the demand.  At other times, the demand for such instruments may exceed the supply in the market.  An imbalance in supply and demand in the market may result in valuation uncertainties and greater volatility, less liquidity, wider trading spreads and a lack of price transparency in the market.  No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded investments.

Credit Risk.   Investments in debt obligations are subject to the risk of non-payment of scheduled principal and interest.  Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of a debt obligation also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of securities may be lowered if the financial condition of the party obligated to make payments with respect to such instruments changes.  Credit ratings assigned by rating agencies are based on a number of factors and do not necessarily reflect the issuer’s current financial condition or the volatility or liquidity of the security.  In the event of bankruptcy of the issuer of securities, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel.  This may increase the Fund’s operating expenses and adversely affect net asset value.

Interest Rate Risk.  As interest rates rise, the value of fixed income investments is likely to decline.  Conversely, when interest rates decline, the value of fixed income investments is likely to rise.  Obligations with longer maturities generally offer higher yields, but involve greater risk because the prices of such obligations are more sensitive to changes in interest rates than obligations with shorter maturities.  In a declining interest rate environment, prepayments of obligations may increase if the issuer has the ability to pre-pay or “call” the obligation.  In such circumstances, the Fund may have to reinvest the prepayment proceeds at lower yields.

Geographic Concentration Risk.  Because the Fund’s investments may be highly concentrated in a particular geographic region or country or related group of currencies, the value of Fund shares may be affected by events that adversely affect that region or country and may fluctuate more than that of a less concentrated fund.

General Fund Investing Risks.  The Fund is not a complete investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its investment objective.   In addition, the redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.   Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.  Mutual funds, investment advisers, other market participants and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the Fund’s ability to execute its investment strategy.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the Fund’s average annual total returns over time compare with those of a broad-based securities market index.  The return in the bar chart is for Investor Class shares.  Past performance (both before and after taxes) is no guarantee of future results.  The Fund’s performance reflects the effects of expense reductions.  Absent these reductions, performance would have been lower.  Updated Fund performance information can be obtained by visiting www.eatonvance.com.

Bar Chart

During the period from December 31, 2011 through December 31, 2012, the highest quarterly total return for Investor Class was 4.20% for the quarter ended March 31, 2012, and the lowest quarterly return was –2.69% for the quarter ended June 30, 2012.  

Average Annual Total Returns Parametric Currency Fund
1 Year
Since Inception
Inception Date
Investor Class
5.10% 5.07% Dec. 30, 2011
Investor Class After Taxes on Distributions
4.16% 4.13%  
Investor Class After Taxes on Distributions and Sales
3.32% 3.77%  
Institutional Class
5.43% 5.40%  
Barclays Capital Global Ex-USD Benchmark Currency (Trade-Weighted) Index
3.14% 3.12%  

Prior to March 1, 2013, purchases of Investor Class shares were subject to a sales charge.  Investor Class and Institutional Class commenced operations on December 30, 2011.  Investors cannot invest directly in an Index.  

After-tax returns are calculated using the highest historical individual federal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.  After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.  After-tax returns for other Classes of shares will vary from the after-tax returns presented for Investor Class shares.  Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period.  Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.

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