UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-01545

Eaton Vance Special Investment Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

April 30, 2016

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Bond Fund

Semiannual Report

April 30, 2016

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2016

Eaton Vance

Bond Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	30
Officers and Trustees	33
Important Notices	34

Eaton Vance

Bond Fund

April 30, 2016

Performance^1,2

Portfolio Managers Kathleen C. Gaffney, CFA and Henry Peabody, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			Six Months			One Year			Five Years			Since Inception
Class A at NAV		01/31/2013		01/31/2013			1.75	%		–10.12	%		—			1.25	%
Class A with 4.75% Maximum Sales Charge		—		—			–3.12			–14.42			—			–0.26
Class C at NAV		08/20/2013		01/31/2013			1.26			–10.92			—			0.60
Class C with 1% Maximum Sales Charge		—		—			0.26			–11.79			—			0.60
Class I at NAV		01/31/2013		01/31/2013			1.88			–9.97			—			1.49
Class R at NAV		11/12/2014		01/31/2013			1.57			–10.41			—			1.13
Class R6 at NAV		11/12/2014		01/31/2013			1.81			–9.90			—			1.52
Barclays U.S. Government/Credit Bond Index		—		—			3.18	%		2.78	%		3.86	%		2.59	%
Blended Index		—		—			2.90			1.39			4.39			2.88
% Total Annual Operating Expense Ratios3			Class A			Class C			Class I			Class R			Class R6
				0.95	%		1.70	%		0.70	%		1.20	%		0.64	%

Fund Profile⁴

Credit Quality (% of total investments, excluding common stocks and short-term investments)⁵

Asset Allocation (% of total investments)

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Bond Fund

April 30, 2016

Endnotes and Additional Disclosures

¹  Barclays U.S. Government/Credit Bond Index measures the performance of U.S. Treasuries, government-related and investment-grade U.S. corporate securities with a maturity of one year or more. BofA Merrill Lynch U.S. High Yield Index is an unmanaged index of below-investment grade U.S. corporate bonds. BofA Merrill Lynch^® indices not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report, BofAML does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. The blended index consists of 65% U.S. Government/Credit Bond Index and 35% BofA Merrill Lynch U.S. High Yield Index. 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.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the financial highlights included in the financial statements is not linked. In the performance table, the performance of Class C and Class R is linked to Class A and the performance of Class R6 is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁵  Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” are not rated by the national ratings agencies stated above.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective July 18, 2016, the Fund name is Eaton Vance Multisector Income Fund.

3

Eaton Vance

Bond Fund

April 30, 2016

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2015 – April 30, 2016).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period* (11/1/15 – 4/30/16)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,017.50	$	4.87		0.97	%
Class C	$	1,000.00	$	1,012.60	$	8.61		1.72	%
Class I	$	1,000.00	$	1,018.80	$	3.61		0.72	%
Class R	$	1,000.00	$	1,015.70	$	6.11		1.22	%
Class R6	$	1,000.00	$	1,018.10	$	3.21		0.64	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.00	$	4.87		0.97	%
Class C	$	1,000.00	$	1,016.30	$	8.62		1.72	%
Class I	$	1,000.00	$	1,021.30	$	3.62		0.72	%
Class R	$	1,000.00	$	1,018.80	$	6.12		1.22	%
Class R6	$	1,000.00	$	1,021.70	$	3.22		0.64	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2015. The Example reflects the expenses of both the Fund and the Portfolio.

4

Eaton Vance

Bond Fund

April 30, 2016

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2016
Investment in Bond Portfolio, at value (identified cost, $841,812,592)	$	683,240,751
Receivable for Fund shares sold		819,924
Total assets	$	684,060,675
Liabilities
Payable for Fund shares redeemed	$	3,684,363
Distributions payable		272
Payable to affiliates:
Distribution and service fees		144,811
Trustees’ fees		43
Accrued expenses		145,251
Total liabilities	$	3,974,740
Net Assets	$	680,085,935
Sources of Net Assets
Paid-in capital	$	987,693,570
Accumulated net realized loss from Portfolios		(157,960,551	)
Accumulated undistributed net investment income		8,924,757
Net unrealized depreciation from Portfolios		(158,571,841	)
Total	$	680,085,935
Class A Shares
Net Assets	$	168,331,555
Shares Outstanding		18,012,367
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.35
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	9.82
Class C Shares
Net Assets	$	136,009,587
Shares Outstanding		14,586,333
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	9.32
Class I Shares
Net Assets	$	370,370,874
Shares Outstanding		39,619,744
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.35
Class R Shares
Net Assets	$	287,869
Shares Outstanding		30,803
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.35
Class R6 Shares
Net Assets	$	5,086,050
Shares Outstanding		543,709
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.35

On sales of $50,000 or more, the offering price of Class A shares is reduced.

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

5 See Notes to Financial Statements.

Eaton Vance

Bond Fund

April 30, 2016

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2016
Interest and other income allocated from Portfolio	$	23,024,619
Dividends allocated from Portfolio		2,254,273
Expenses allocated from Portfolio		(2,323,989	)
Total investment income from Portfolio	$	22,954,903
Expenses
Distribution and service fees
Class A	$	240,034
Class C		724,305
Class R		334
Trustees’ fees and expenses		251
Custodian fee		24,492
Transfer and dividend disbursing agent fees		308,173
Legal and accounting services		25,150
Printing and postage		18,614
Registration fees		63,444
Miscellaneous		10,528
Total expenses	$	1,415,325
Net investment income	$	21,539,578
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(150,046,316	)
Foreign currency transactions		(396,880	)
Net realized loss	$	(150,443,196	)
Change in unrealized appreciation (depreciation) —
Investments	$	107,808,933
Foreign currency		313,253
Net change in unrealized appreciation (depreciation)	$	108,122,186
Net realized and unrealized loss	$	(42,321,010	)
Net decrease in net assets from operations	$	(20,781,432	)

6 See Notes to Financial Statements.

Eaton Vance

Bond Fund

April 30, 2016

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
From operations —
Net investment income	$	21,539,578		$	72,862,274
Net realized loss from investment and foreign currency transactions		(150,443,196	)		(21,836,390	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		108,122,186			(269,090,921	)
Net decrease in net assets from operations	$	(20,781,432	)	$	(218,065,037	)
Distributions to shareholders —
From net investment income
Class A	$	(3,257,489	)	$	(12,990,605	)
Class C		(1,950,103	)		(5,458,132	)
Class I		(7,769,191	)		(34,252,368	)
Class R		(2,573	)		(148	)
Class R6		(102,455	)		(131,442	)
From net realized gain
Class A		—			(960,776	)
Class C		—			(535,002	)
Class I		—			(2,288,706	)
Class R		—			(2	)
Class R6		—			(10,979	)
Tax return of capital
Class A		—			(206,052	)
Class C		—			(88,952	)
Class I		—			(534,697	)
Class R		—			(3	)
Class R6		—			(2,651	)
Total distributions to shareholders	$	(13,081,811	)	$	(57,460,515	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	15,530,103		$	184,784,337
Class C		12,265,884			76,839,240
Class I		85,770,153			531,731,179
Class R		273,588			31,154
Class R6		772,434			6,848,872
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,968,265			13,497,295
Class C		1,368,434			4,118,387
Class I		5,911,030			28,923,958
Class R		2,573			153
Class R6		137			21
Cost of shares redeemed
Class A		(123,656,985	)		(297,360,778	)
Class C		(60,288,068	)		(82,367,509	)
Class I		(365,246,648	)		(863,713,225	)
Class R		(20,920	)		(4,495	)
Class R6		(1,411,248	)		(241,413	)
Net decrease in net assets from Fund share transactions	$	(425,761,268	)	$	(396,912,824	)
Net decrease in net assets	$	(459,624,511	)	$	(672,438,376	)
Net Assets
At beginning of period	$	1,139,710,446		$	1,812,148,822
At end of period	$	680,085,935		$	1,139,710,446
Accumulated undistributed net investment income included in net assets
At end of period	$	8,924,757		$	466,990

7 See Notes to Financial Statements.

Eaton Vance

Bond Fund

April 30, 2016

Financial Highlights

	Class A
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,						Period Ended October 31,  2013(1)
				2015			2014
Net asset value — Beginning of period	$	9.350		$	11.030		$	10.510		$	10.000
Income (Loss) From Operations
Net investment income	$	0.242	(2)	$	0.432	(2)	$	0.330	(2)	$	0.241
Net realized and unrealized gain (loss)		(0.092	)		(1.776	)		0.557			0.517
Total income (loss) from operations	$	0.150		$	(1.344	)	$	0.887		$	0.758
Less Distributions
From net investment income	$	(0.150	)	$	(0.309	)	$	(0.338	)	$	(0.248	)
From net realized gain		—			(0.022	)		(0.029	)		—
Tax return of capital		—			(0.005	)		—			—
Total distributions	$	(0.150	)	$	(0.336	)	$	(0.367	)	$	(0.248	)
Net asset value — End of period	$	9.350		$	9.350		$	11.030		$	10.510
Total Return(3)		1.75	%(4)		(12.43	)%		8.53	%		7.69	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	168,332		$	280,596		$	449,901		$	15,942
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		0.97	%(7)		0.95	%		0.94	%		0.95	%(7)(8)
Net investment income		5.60	%(7)		4.14	%		2.98	%		3.31	%(7)
Portfolio Turnover of the Fund		N.A.	(9)		N.A.	(9)		N.A.	(9)		59	%(4)(10)
Portfolio Turnover of Bond Portfolio		28	%(4)		45	%		46	%		40	%(4)(11)
Portfolio Turnover of Eaton Vance Floating Rate Portfolio		N.A.			N.A.			N.A.			32	%(12)

  ⁽¹⁾ For the period from the start of business, January 31, 2013, to October 31, 2013.

  ⁽²⁾ Computed using average shares outstanding.

  ⁽³⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

  ⁽⁴⁾ Not annualized.

  ⁽⁵⁾ Includes the Fund’s share of the Portfolios’ allocated expenses.

  ⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ The investment adviser and administrator reimbursed certain operating expenses (equal to 0.31% of average daily net assets for the period ended October 31, 2013). Absent this reimbursement, total return would be lower.

  ⁽⁹⁾ The Fund invested only in the Bond Portfolio for the indicated period. Accordingly, portfolio turnover of the Fund is not presented.

⁽¹⁰⁾  Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

⁽¹¹⁾  For the period from the Portfolio’s start of business, January 11, 2013, to October 31, 2013.

⁽¹²⁾  For the Portfolio’s year ended October 31, 2013.

8 See Notes to Financial Statements.

Eaton Vance

Bond Fund

April 30, 2016

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,						Period Ended October 31,  2013(1)
				2015			2014
Net asset value — Beginning of period	$	9.330		$	11.000		$	10.500		$	10.020
Income (Loss) From Operations
Net investment income	$	0.209	(2)	$	0.356	(2)	$	0.245	(2)	$	0.062
Net realized and unrealized gain (loss)		(0.102	)		(1.767	)		0.556			0.495
Total income (loss) from operations	$	0.107		$	(1.411	)	$	0.801		$	0.557
Less Distributions
From net investment income	$	(0.117	)	$	(0.233	)	$	(0.272	)	$	(0.077	)
From net realized gain		—			(0.022	)		(0.029	)		—
Tax return of capital		—			(0.004	)		—			—
Total distributions	$	(0.117	)	$	(0.259	)	$	(0.301	)	$	(0.077	)
Net asset value — End of period	$	9.320		$	9.330		$	11.000		$	10.500
Total Return(3)		1.26	%(4)		(13.03	)%		7.69	%		5.58	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	136,010		$	186,668		$	226,907		$	1,368
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		1.72	%(7)		1.70	%		1.69	%		1.70	%(7)(8)
Net investment income		4.86	%(7)		3.44	%		2.21	%		2.29	%(7)
Portfolio Turnover of the Fund		N.A.	(9)		N.A.	(9)		N.A.	(9)		59	%(4)(10)
Portfolio Turnover of Bond Portfolio		28	%(4)		45	%		46	%		40	%(4)(11)
Portfolio Turnover of Eaton Vance Floating Rate Portfolio		N.A.			N.A.			N.A.			32	%(12)

  ⁽¹⁾ For the period from the commencement of operations on August 20, 2013 to October 31, 2013.

  ⁽²⁾ Computed using average shares outstanding.

  ⁽³⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

  ⁽⁴⁾ Not annualized.

  ⁽⁵⁾ Includes the Fund’s share of the Portfolios’ allocated expenses.

  ⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ The investment adviser and administrator reimbursed certain operating expenses (equal to 0.31% of average daily net assets for the period ended October 31, 2013). Absent this reimbursement, total return would be lower.

  ⁽⁹⁾ The Fund invested only in the Bond Portfolio for the indicated period. Accordingly, portfolio turnover of the Fund is not presented.

⁽¹⁰⁾  Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

⁽¹¹⁾  For the period from the Portfolio’s start of business, January 11, 2013, to October 31, 2013.

⁽¹²⁾  For the Portfolio’s year ended October 31, 2013.

9 See Notes to Financial Statements.

Eaton Vance

Bond Fund

April 30, 2016

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,						Period Ended October 31,  2013(1)
				2015			2014
Net asset value — Beginning of period	$	9.350		$	11.030		$	10.510		$	10.000
Income (Loss) From Operations
Net investment income	$	0.253	(2)	$	0.456	(2)	$	0.357	(2)	$	0.273
Net realized and unrealized gain (loss)		(0.091	)		(1.774	)		0.554			0.500
Total income (loss) from operations	$	0.162		$	(1.318	)	$	0.911		$	0.773
Less Distributions
From net investment income	$	(0.162	)	$	(0.335	)	$	(0.362	)	$	(0.263	)
From net realized gain		—			(0.022	)		(0.029	)		—
Tax return of capital		—			(0.005	)		—			—
Total distributions	$	(0.162	)	$	(0.362	)	$	(0.391	)	$	(0.263	)
Net asset value — End of period	$	9.350		$	9.350		$	11.030		$	10.510
Total Return(3)		1.88	%(4)		(12.21	)%		8.77	%		7.85	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	370,371		$	666,562		$	1,135,342		$	56,934
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		0.72	%(7)		0.70	%		0.69	%		0.70	%(7)(8)
Net investment income		5.84	%(7)		4.36	%		3.22	%		3.58	%(7)
Portfolio Turnover of the Fund		N.A.	(9)		N.A.	(9)		N.A.	(9)		59	%(4)(10)
Portfolio Turnover of Bond Portfolio		28	%(4)		45	%		46	%		40	%(4)(11)
Portfolio Turnover of Eaton Vance Floating Rate Portfolio		N.A.			N.A.			N.A.			32	%(12)

  ⁽¹⁾ For the period from the start of business, January 31, 2013, to October 31, 2013.

  ⁽²⁾ Computed using average shares outstanding.

  ⁽³⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

  ⁽⁴⁾ Not annualized.

  ⁽⁵⁾ Includes the Fund’s share of the Portfolios’ allocated expenses.

  ⁽⁶⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽⁷⁾ Annualized.

  ⁽⁸⁾ The investment adviser and administrator reimbursed certain operating expenses (equal to 0.31% of average daily net assets for the period ended October 31, 2013). Absent this reimbursement, total return would be lower.

  ⁽⁹⁾ The Fund invested only in the Bond Portfolio for the indicated period. Accordingly, portfolio turnover of the Fund is not presented.

⁽¹⁰⁾  Percentage is based on the Fund’s contributions to and withdrawals from the Portfolios and excludes the investment activity of the Portfolios.

⁽¹¹⁾  For the period from the Portfolio’s start of business, January 11, 2013, to October 31, 2013.

⁽¹²⁾  For the Portfolio’s year ended October 31, 2013.

10 See Notes to Financial Statements.

Eaton Vance

Bond Fund

April 30, 2016

Financial Highlights — continued

	Class R
	Six Months Ended April 30, 2016 (Unaudited)			Period Ended October 31,  2015(1)
Net asset value — Beginning of period	$	9.360		$	11.000
Income (Loss) From Operations
Net investment income(2)	$	0.230		$	0.466
Net realized and unrealized loss		(0.096	)		(1.805	)
Total income (loss) from operations	$	0.134		$	(1.339	)
Less Distributions
From net investment income	$	(0.144	)	$	(0.275	)
From net realized gain		—			(0.022	)
Tax return of capital		—			(0.004	)
Total distributions	$	(0.144	)	$	(0.301	)
Net asset value — End of period	$	9.350		$	9.360
Total Return(3)		1.57	%(4)		(12.40	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	288		$	26
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		1.22	%(7)		1.20	%(7)
Net investment income		5.35	%(7)		5.04	%(7)
Portfolio Turnover of the Portfolio		28	%(4)		45	%(8)

⁽¹⁾  For the period from the commencement of operations on November 12, 2014 to October 31, 2015.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁷⁾  Annualized.

⁽⁸⁾  For the Portfolio’s year ended October 31, 2015.

11 See Notes to Financial Statements.

Eaton Vance

Bond Fund

April 30, 2016

Financial Highlights — continued

	Class R6
	Six Months Ended April 30, 2016 (Unaudited)			Period Ended October 31,  2015(1)
Net asset value — Beginning of period	$	9.360		$	11.000
Income (Loss) From Operations
Net investment income(2)	$	0.257		$	0.490
Net realized and unrealized loss		(0.102	)		(1.760	)
Total income (loss) from operations	$	0.155		$	(1.270	)
Less Distributions
From net investment income	$	(0.165	)	$	(0.343	)
From net realized gain		—			(0.022	)
Tax return of capital		—			(0.005	)
Total distributions	$	(0.165	)	$	(0.370	)
Net asset value — End of period	$	9.350		$	9.360
Total Return(3)		1.81	%(4)		(11.82	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,086		$	5,858
Ratios (as a percentage of average daily net assets):(5)
Expenses(6)		0.64	%(7)		0.64	%(7)
Net investment income		5.94	%(7)		5.00	%(7)
Portfolio Turnover of the Portfolio		28	%(4)		45	%(8)

⁽¹⁾  For the period from the commencement of operations on November 12, 2014 to October 31, 2015.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁷⁾  Annualized.

⁽⁸⁾  For the Portfolio’s year ended October 31, 2015.

12 See Notes to Financial Statements.

Eaton Vance

Bond Fund

April 30, 2016

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Bond Fund (the Fund) is a non-diversified series of Eaton Vance Special Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers five classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I, Class R and Class R6 shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund primarily invests its assets in interests in Bond Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The Fund may also invest directly in securities and other instruments. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (99.9% at April 30, 2016). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

A  Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B  Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of April 30, 2016, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee that may be reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations. Effective September 1, 2015, SSBT began imposing fees on certain uninvested cash balances and discontinued credits on cash deposit balances.

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H  Other — Investment transactions are accounted for on a trade date basis.

I  Interim Financial Statements — The interim financial statements relating to April 30, 2016 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

13

Eaton Vance

Bond Fund

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.55% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $1 billion and is payable monthly. On Investable Assets of $1 billion and over, the annual fee is reduced. For the six months ended April 30, 2016, the Fund incurred no investment adviser and administration fee on Investable Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s adviser fees. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2016, EVM earned $4,506 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $18,657 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2016. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2016 amounted to $240,034 for Class A shares. The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2016, the Fund paid or accrued to EVD $543,229 for Class C shares. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended April 30, 2016, the Fund paid or accrued to EVD $167 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2016 amounted to $181,076 and $167 for Class C and Class R shares, respectively.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2016, the Fund was informed that EVD received approximately $16,000 and $300 of CDSCs paid by Class A and Class C shareholders, respectively.

14

Eaton Vance

Bond Fund

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

6  Investment Transactions

For the six months ended April 30, 2016, increases and decreases in the Fund’s investment in the Portfolio aggregated $17,026,369 and $466,513,008, respectively.

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Class A	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Sales		1,782,919			17,457,947
Issued to shareholders electing to receive payments of distributions in Fund shares		343,048			1,295,622
Redemptions		(14,119,059	)		(29,553,496	)
Net decrease		(11,993,092	)		(10,799,927	)
Class C	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Sales		1,410,484			7,230,519
Issued to shareholders electing to receive payments of distributions in Fund shares		158,692			397,234
Redemptions		(6,989,858	)		(8,245,845	)
Net decrease		(5,420,682	)		(618,092	)
Class I	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Sales		9,997,522			50,272,492
Issued to shareholders electing to receive payments of distributions in Fund shares		681,308			2,776,665
Redemptions		(42,315,179	)		(84,731,209	)
Net decrease		(31,636,349	)		(31,682,052	)
Class R	Six Months Ended April 30, 2016 (Unaudited)			Period Ended October 31,  2015(1)
Sales		30,360			3,203
Issued to shareholders electing to receive payments of distributions in Fund shares		296			16
Redemptions		(2,599	)		(473	)
Net increase		28,057			2,746

15

Eaton Vance

Bond Fund

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

Class R6	Six Months Ended April 30, 2016 (Unaudited)			Period Ended October 31,  2015(1)
Sales		86,752			649,899
Issued to shareholders electing to receive payments of distributions in Fund shares		15			2
Redemptions		(168,936	)		(24,023	)
Net increase (decrease)		(82,169	)		625,878

⁽¹⁾  Class R and Class R6 commenced operations on November 12, 2014.

8  Subsequent Event

On June 14, 2016, the Fund’s Trustees approved a change of the Fund’s name to Eaton Vance Multisector Income Fund, effective July 18, 2016.

16

Bond Portfolio

April 30, 2016

Portfolio of Investments (Unaudited)

Corporate Bonds & Notes — 25.8%
Security		Principal Amount* (000’s omitted)		Value
Auto Manufacturers — 2.1%
Ford Motor Credit Co., LLC, 4.05%, 12/10/18	AUD		14,370	$	11,011,114
General Motors Co., 5.00%, 4/1/35			3,480		3,476,074
				$	14,487,188
Commercial Services — 0.2%
ServiceMaster Co., LLC (The), 7.25%, 3/1/38			1,670	$	1,486,300
				$	1,486,300
Computers — 3.3%
Seagate HDD Cayman, 4.875%, 6/1/27(1)			13,021	$	9,166,849
SunGard Availability Services Capital, Inc., 8.75%, 4/1/22(1)			20,390		11,622,300
Western Digital Corp., 10.50%, 4/1/24(1)			1,730		1,686,750
				$	22,475,899
Diversified Financial Services — 2.6%
Jefferies Group, LLC, 6.50%, 1/20/43			15,430	$	14,440,274
Navient Corp., 5.625%, 8/1/33			3,914		2,778,940
Textron Financial Corp., 6.00% to 2/15/17, 2/15/67(1)(2)			1,079		757,997
				$	17,977,211
Electronics — 0.5%
Avnet, Inc., 4.625%, 4/15/26			3,578	$	3,690,908
				$	3,690,908
Home Builders — 1.1%
MDC Holdings, Inc., 6.00%, 1/15/43			9,474	$	7,294,980
				$	7,294,980
Insurance — 0.5%
American International Group, Inc., 4.50%, 7/16/44			3,450	$	3,344,406
				$	3,344,406
Mining — 7.0%
Cliffs Natural Resources, Inc., 8.00%, 9/30/20(1)			12,802	$	8,449,320
Freeport-McMoRan, Inc., 5.45%, 3/15/43			16,106		12,240,560
Southern Copper Corp., 5.25%, 11/8/42			13,575		11,751,769
Teck Resources, Ltd., 5.20%, 3/1/42			16,708		12,113,300
Teck Resources, Ltd., 5.40%, 2/1/43			4,723		3,376,945
				$	47,931,894

Security		Principal Amount* (000’s omitted)		Value
Miscellaneous Manufacturing — 1.6%
Trinity Industries, Inc., 4.55%, 10/1/24			11,786	$	10,973,685
				$	10,973,685
Oil & Gas — 5.7%
Apache Corp., 4.25%, 1/15/44			3,800	$	3,489,700
Devon Energy Corp., 5.85%, 12/15/25			3,190		3,354,358
Encana Corp., 3.90%, 11/15/21			5,270		4,828,637
Kinder Morgan, Inc., 4.30%, 6/1/25			4,460		4,426,586
Rowan Cos., Inc., 5.40%, 12/1/42			34,040		22,700,459
				$	38,799,740
Retail — 0.7%
JC Penney Corp., Inc., 6.375%, 10/15/36			5,760	$	4,478,400
				$	4,478,400
Semiconductors — 0.5%
QUALCOMM, Inc., 4.80%, 5/20/45			3,295	$	3,342,883
				$	3,342,883
Total Corporate Bonds & Notes (identified cost $191,694,559)				$	176,283,494
Foreign Corporate Bonds — 17.4%
Security		Principal Amount* (000’s omitted)		Value
Banks — 3.4%
Australia and New Zealand Banking Group, Ltd., 3.75%, 7/25/19(3)	AUD		18,905	$	14,717,029
Landwirtschaftliche Rentenbank, 4.75%, 3/12/19	NZD		11,216		8,269,074
				$	22,986,103
Mining — 2.6%
Barrick Gold Corp., 5.25%, 4/1/42			7,787	$	7,629,999
Newcrest Finance Pty., Ltd., 5.75%, 11/15/41(1)			11,060		9,926,018
				$	17,556,017
Miscellaneous Manufacturing — 1.0%
Bombardier, Inc., 7.45%, 5/1/34(1)			9,110	$	7,151,350
				$	7,151,350

17 See Notes to Financial Statements.

Bond Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Oil & Gas — 7.1%
Ecopetrol SA, 5.875%, 5/28/45			15,415	$	12,615,636
Ensco PLC, 5.75%, 10/1/44			19,971		13,355,606
Odebrecht Offshore Drilling Finance, Ltd., 6.75%, 10/1/22(1)			16,458		2,304,116
Pacific Drilling SA, 5.375%, 6/1/20(1)			11,255		3,466,540
Pacific Exploration and Production Corp., 5.625%, 1/19/25(1)(4)			25,570		3,963,350
Petrobras Global Finance BV, 5.625%, 5/20/43			18,300		13,107,375
				$	48,812,623
Telecommunications — 3.3%
America Movil SAB de CV, 6.45%, 12/5/22	MXN		233,020	$	13,171,552
Oi Brasil Holdings Cooperatief UA, 5.75%, 2/10/22(1)			35,100		9,213,750
				$	22,385,302
Total Foreign Corporate Bonds (identified cost $186,965,172)				$	118,891,395
Foreign Government Bonds — 20.2%
Security		Principal Amount* (000’s omitted)		Value
Australia — 0.5%
Queensland Treasury Corp., 5.50%, 6/21/21(3)	AUD		3,780	$	3,304,485
				$	3,304,485
Brazil — 1.9%
Brazil Notas do Tesouro Nacional, 10.00%, 1/1/21	BRL		48,370	$	13,010,429
				$	13,010,429
Canada — 8.0%
Canada Housing Trust, 3.80%, 6/15/21(1)	CAD		30,650	$	27,329,481
Canadian Government Bond, 0.75%, 3/1/21	CAD		34,830		27,619,438
				$	54,948,919
Ecuador — 1.4%
Republic of Ecuador, 7.95%, 6/20/24(1)			10,600	$	9,248,500
				$	9,248,500
Malaysia — 1.0%
Malaysia Government Bond, 3.795%, 9/30/22	MYR		25,730	$	6,596,299
				$	6,596,299

Security		Principal Amount* (000’s omitted)		Value
Mexico — 1.9%
Mexican Bonos, 7.75%, 11/13/42	MXN		190,787	$	12,870,395
				$	12,870,395
Mongolia — 0.6%
Mongolia Government International Bond, 5.125%, 12/5/22(1)			5,600	$	4,439,288
				$	4,439,288
Norway — 0.9%
Kommunalbanken AS, 5.00%, 3/28/19	NZD		8,300	$	6,147,103
				$	6,147,103
Supranational — 4.0%
European Investment Bank, 7.20%, 7/9/19(1)	IDR		42,310,000	$	3,148,033
Inter-American Development Bank, 7.20%, 11/14/17	IDR		140,030,000		10,437,162
International Finance Corp., 6.30%, 11/25/24	INR		420,000		6,191,419
International Finance Corp., 6.45%, 10/30/18	INR		500,500		7,561,074
				$	27,337,688
Total Foreign Government Bonds (identified cost $140,808,962)				$	137,903,106
Convertible Bonds — 8.4%
Security		Principal Amount (000’s omitted)		Value
Health Care – Products — 1.2%
Hologic, Inc., 0.00%, 12/15/43		$	6,720	$	8,303,400
				$	8,303,400
Home Builders — 3.9%
CalAtlantic Group, Inc., 1.25%, 8/1/32		$	13,940	$	14,697,987
KB Home, 1.375%, 2/1/19			12,260		11,823,238
				$	26,521,225
Machinery – Diversified — 2.3%
Chart Industries, Inc., 2.00%, 8/1/18		$	16,955	$	15,651,584
				$	15,651,584
Oil & Gas — 0.3%
American Energy - Permian Basin, LLC, 8.00%, 5/1/22(1)(5)		$	10,124	$	1,721,148

18 See Notes to Financial Statements.

Bond Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Oil & Gas (continued)
Ascent Resources - Utica, LLC, 3.50%, 3/1/21(1)(5)	$	11,802	$	284,086
			$	2,005,234
Telecommunications — 0.7%
Ciena Corp., 3.75%, 10/15/18(1)	$	4,445	$	5,011,738
			$	5,011,738
Total Convertible Bonds (identified cost $76,378,970)			$	57,493,181
Commercial Mortgage-Backed Securities — 0.3%
Security	Principal Amount (000’s omitted)		Value
A10 Securitization, LLC
Series 2013-1, Class C, 4.70%, 11/15/25(1)	$	815	$	815,181
Series 2013-1, Class D, 6.41%, 11/15/25(1)		339		339,251
Americold LLC Trust
Series 2010-ARTA, Class D, 7.443%, 1/14/29(1)		1,000		1,126,458
Total Commercial Mortgage-Backed Securities (identified cost $2,285,126)			$	2,280,890
Tax-Exempt Investments — 0.8%
Security	Principal Amount (000’s omitted)		Value
Insured-Special Tax Revenue — 0.8%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/42	$	10,860	$	2,053,626
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/43		9,275		1,646,127
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44		7,500		1,249,275
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		2,165		335,597
Total Tax-Exempt Investments (identified cost $5,335,256)			$	5,284,625

Senior Floating-Rate Loans — 1.5%(6)
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Business Equipment and Services — 0.0%(7)
Education Management, LLC, Term Loan, 5.50%, Maturing 7/2/20(8)	$	233	$	131,453
Education Management, LLC, Term Loan, 8.50%, (2.00% Cash, 6.50% PIK), Maturing 7/2/20(8)		421		22,569
			$	154,022
Food Services — 1.4%
Weight Watchers International, Inc., Term Loan, 4.00%, Maturing 4/2/20	$	13,064	$	9,661,770
			$	9,661,770
Retailers (Except Food and Drug) — 0.1%
rue21, Inc., Term Loan, 5.625%, Maturing 10/9/20	$	390	$	309,400
			$	309,400
Total Senior Floating-Rate Loans (identified cost $10,740,631)			$	10,125,192
Common Stocks — 17.3%
Security	Shares		Value
Automotive & Parts — 0.4%
Goodyear Tire & Rubber Co. (The)		99,809	$	2,891,467
			$	2,891,467
Banks — 0.6%
Regions Financial Corp.		412,807	$	3,872,130
			$	3,872,130
Business Equipment and Services — 0.0%
Education Management Corp.(8)(9)(10)		2,788,966	$	0
			$	0
Computers — 0.5%
International Business Machines Corp.		22,920	$	3,344,945
			$	3,344,945
Electronics — 0.6%
Thermo Fisher Scientific, Inc.		27,968	$	4,034,384
			$	4,034,384

19 See Notes to Financial Statements.

Bond Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Home Builders — 2.9%
Lennar Corp., Class A		435,342	$	19,725,346
			$	19,725,346
Machinery – Construction & Mining — 0.8%
Caterpillar, Inc.		73,780	$	5,734,184
			$	5,734,184
Mining — 1.2%
Cliffs Natural Resources, Inc.(10)		771,632	$	4,066,501
Freeport-McMoRan, Inc.		307,517		4,305,238
			$	8,371,739
Miscellaneous Manufacturing — 1.6%
General Electric Co.		89,307	$	2,746,190
Ingersoll-Rand PLC		120,732		7,912,775
			$	10,658,965
Oil & Gas — 4.4%
California Resources Corp.		11,462	$	25,216
Chevron Corp.		34,592		3,534,611
Kinder Morgan, Inc.		420,503		7,468,133
Occidental Petroleum Corp.		122,434		9,384,566
Royal Dutch Shell PLC, Class B, ADR		105,550		5,631,092
SandRidge Energy, Inc.(10)		742,046		73,463
Seven Generations Energy, Ltd., Class A(10)		229,759		4,046,923
			$	30,164,004
Real Estate Investment Trusts (REITs) — 1.0%
AvalonBay Communities, Inc.		8,495	$	1,501,831
Boston Properties, Inc.		12,368		1,593,740
VEREIT, Inc.		419,646		3,726,457
			$	6,822,028
Semiconductors — 1.4%
Intel Corp.		310,322	$	9,396,550
			$	9,396,550
Software — 1.0%
Oracle Corp.		173,999	$	6,935,600
			$	6,935,600

Security	Shares		Value
Telecommunications — 0.9%
Corning, Inc.		349,891	$	6,532,465
			$	6,532,465
Total Common Stocks (identified cost $134,822,185)			$	118,483,807
Convertible Preferred Stocks — 2.6%
Security	Shares		Value
Business Equipment and Services — 0.0%(7)
Education Management Corp., Series A-1, 7.50%(8)(9)(10)		3,103	$	27,493
			$	27,493
Oil & Gas — 1.6%
Chesapeake Energy Corp., 5.75%		32,965	$	10,466,387
SandRidge Energy, Inc., 7.00%		93,015		232,538
SandRidge Energy, Inc., 8.50%		80,591		237,743
			$	10,936,668
Real Estate Investment Trusts (REITs) — 1.0%
iStar, Inc., Series J, 4.50%		157,195	$	6,674,500
			$	6,674,500
Total Convertible Preferred Stocks (identified cost $54,968,027)			$	17,638,661
Short-Term Investments — 3.4%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.53%(11)	$	22,894	$	22,894,274
Total Short-Term Investments (identified cost $22,894,274)			$	22,894,274
Total Investments — 97.7% (identified cost $826,893,162)			$	667,278,625
Other Assets, Less Liabilities — 2.3%			$	15,963,181
Net Assets — 100.0%			$	683,241,806

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

* In U.S. dollars unless otherwise indicated.

20 See Notes to Financial Statements.

Bond Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2016, the aggregate value of these securities is $121,171,504 or 17.7% of the Portfolio’s net assets.

⁽²⁾  Security converts to floating rate after the indicated fixed-rate coupon period.

⁽³⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At April 30, 2016, the aggregate value of these securities is $18,021,514 or 2.6% of the Portfolio’s net assets.

⁽⁴⁾  Defaulted security. Issuer has defaulted on the payment of interest and/or principal.

⁽⁵⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽⁶⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

⁽⁷⁾  Amount is less than 0.05%.

⁽⁸⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 7).

⁽⁹⁾  Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹⁰⁾  Non-income producing security.

⁽¹¹⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2016.

Abbreviations:

ADR	–	American Depositary Receipt
NPFG	–	National Public Finance Guaranty Corp.
PIK	–	Payment In Kind

Currency Abbreviations:

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
IDR	–	Indonesian Rupiah

INR	–	Indian Rupee
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
NZD	–	New Zealand Dollar

Country Concentration of Portfolio (based on country of risk)
Country	Percentage of Net Assets			Value
United States		56.5	%	$	385,557,604
Canada		13.8			94,096,073
Brazil		5.5			37,635,670
Australia		4.1			27,947,532
Supranational		4.0			27,337,688
Mexico		3.8			26,041,947
Colombia		2.4			16,578,986
Peru		1.7			11,751,769
Ecuador		1.4			9,248,500
Germany		1.2			8,269,074
Malaysia		1.0			6,596,299
Norway		0.9			6,147,103
Netherlands		0.8			5,631,092
Mongolia		0.6			4,439,288
Total Investments		97.7	%	$	667,278,625

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		72.0	%	$	491,847,615
Canadian Dollar		8.6			58,995,842
Australian Dollar		4.3			29,032,628
Mexican Peso		3.8			26,041,947
New Zealand Dollar		2.1			14,416,177
Indian Rupee		2.0			13,752,493
Indonesian Rupiah		2.0			13,585,195
Brazilian Real		1.9			13,010,429
Malaysian Ringgit		1.0			6,596,299
Total Investments		97.7	%	$	667,278,625

21 See Notes to Financial Statements.

Bond Portfolio

April 30, 2016

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2016
Unaffiliated investments, at value (identified cost, $803,998,888)	$	644,384,351
Affiliated investment, at value (identified cost, $22,894,274)		22,894,274
Cash		223,107
Dividends receivable		116,360
Interest receivable		11,253,445
Interest receivable from affiliated investment		12,368
Receivable for investments sold		6,374,090
Tax reclaims receivable		216,223
Total assets	$	685,474,218
Liabilities
Payable for investments purchased	$	1,790,714
Due to custodian — foreign currency, at value (identified cost, $4,566)		4,806
Payable to affiliates:
Investment adviser fee		303,411
Trustees’ fees		3,668
Accrued expenses		129,813
Total liabilities	$	2,232,412
Net Assets applicable to investors’ interest in Portfolio	$	683,241,806
Sources of Net Assets
Investors’ capital	$	842,740,876
Net unrealized depreciation		(159,499,070	)
Total	$	683,241,806

22 See Notes to Financial Statements.

Bond Portfolio

April 30, 2016

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2016
Interest and other income	$	23,129,006
Dividends		2,271,139
Interest allocated from affiliated investment		62,866
Expenses allocated from affiliated investment		(2,543	)
Total investment income	$	25,460,468
Expenses
Investment adviser fee	$	2,152,616
Trustees’ fees and expenses		19,575
Custodian fee		109,253
Legal and accounting services		39,848
Miscellaneous		16,239
Total expenses	$	2,337,531
Net investment income	$	23,122,937
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(149,517,320	)
Investment transactions allocated from affiliated investment		152
Foreign currency transactions		(400,232	)
Net realized loss	$	(149,917,400	)
Change in unrealized appreciation (depreciation) —
Investments	$	106,054,044
Foreign currency		315,292
Net change in unrealized appreciation (depreciation)	$	106,369,336
Net realized and unrealized loss	$	(43,548,064	)
Net decrease in net assets from operations	$	(20,425,127	)

23 See Notes to Financial Statements.

Bond Portfolio

April 30, 2016

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
From operations —
Net investment income	$	23,122,937		$	78,829,431
Net realized loss from investment and foreign currency transactions		(149,917,400	)		(22,391,002	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		106,369,336			(270,088,885	)
Net decrease in net assets from operations	$	(20,425,127	)	$	(213,650,456	)
Capital transactions —
Contributions	$	18,578,207		$	247,548,026
Withdrawals		(475,560,604	)		(683,425,279	)
Net decrease in net assets from capital transactions	$	(456,982,397	)	$	(435,877,253	)
Net decrease in net assets	$	(477,407,524	)	$	(649,527,709	)
Net Assets
At beginning of period	$	1,160,649,330		$	1,810,177,039
At end of period	$	683,241,806		$	1,160,649,330

24 See Notes to Financial Statements.

Bond Portfolio

April 30, 2016

Supplementary Data

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,						Period Ended October 31,  2013(1)
Ratios/Supplemental Data				2015			2014
Ratios (as a percentage of average daily net assets):
Expenses(2)		0.60	%(3)		0.58	%		0.59	%		0.65	%(3)
Net investment income		5.93	%(3)		4.49	%		3.38	%		3.53	%(3)
Portfolio Turnover		28	%(4)		45	%		46	%		40	%(4)
Total Return		1.94	%(4)		(11.99	)%		9.07	%		7.99	%(4)
Net assets, end of period (000’s omitted)	$	683,242		$	1,160,649		$	1,810,177		$	172,561

⁽¹⁾  For the period from the start of business, January 11, 2013, to October 31, 2013.

⁽²⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

25 See Notes to Financial Statements.

Bond Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Bond Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2016, Eaton Vance Bond Fund held an interest of 99.9% in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Portfolio’s investment in Cash Reserves Fund reflects the Portfolio’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that fairly reflects the security’s value, or the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date.

D  Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share

26

Bond Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of April 30, 2016, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Portfolio. Pursuant to the custodian agreement, SSBT receives a fee that may be reduced by credits, which are determined based on the average daily cash balance the Portfolio maintains with SSBT. All credit balances, if any, used to reduce the Portfolio’s custodian fees are reported as a reduction of expenses in the Statement of Operations. Effective September 1, 2015, SSBT began imposing fees on certain uninvested cash balances and discontinued credits on cash deposit balances.

F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Interim Financial Statements — The interim financial statements relating to April 30, 2016 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.55% of the Portfolio’s average daily net assets up to $1 billion, 0.53% from $1 billion up to $2.5 billion, 0.51% from $2.5 billion up to $5 billion and 0.50% of average daily net assets of $5 billion or more, and is payable monthly. For the six months ended April 30, 2016, the Portfolio’s investment adviser fee amounted to $2,152,616 or 0.55% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2016, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities, paydowns and principal repayments on Senior Loans, aggregated $209,661,626 and $611,616,154, respectively, for the six months ended April 30, 2016.

27

Bond Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at April 30, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	831,768,323
Gross unrealized appreciation	$	21,657,003
Gross unrealized depreciation		(186,146,701	)
Net unrealized depreciation	$	(164,489,698	)

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 2, 2016. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2016.

6  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States. The foregoing risks of foreign investing can be more significant in less developed countries characterized as emerging market countries.

7  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

28

Bond Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

At April 30, 2016, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3*		Total
Corporate Bonds & Notes	$	—	$	176,283,494	$	—	$	176,283,494
Foreign Corporate Bonds		—		118,891,395		—		118,891,395
Foreign Government Bonds		—		137,903,106		—		137,903,106
Convertible Bonds		—		57,493,181		—		57,493,181
Commercial Mortgage-Backed Securities		—		2,280,890		—		2,280,890
Tax-Exempt Investments		—		5,284,625		—		5,284,625
Senior Floating-Rate Loans		—		9,971,170		154,022		10,125,192
Common Stocks		118,483,807		—		0		118,483,807
Convertible Preferred Stocks		—		17,611,168		27,493		17,638,661
Short-Term Investments		—		22,894,274		—		22,894,274
Total Investments	$	118,483,807	$	548,613,303	$	181,515	$	667,278,625

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2016 is not presented. At April 30, 2016, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

8  Subsequent Event

On June 14, 2016, the Portfolio’s Trustees approved a change of the Portfolio’s name to Multisector Income Portfolio, effective July 18, 2016.

29

Eaton Vance

Bond Fund

April 30, 2016

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 26, 2016, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2016. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices and customized groups of peer funds identified by the adviser in consultation with the Board;

• For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

• The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

• Reports detailing the financial results and condition of each adviser;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

• A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

30

Eaton Vance

Bond Fund

April 30, 2016

Board of Trustees’ Contract Approval — continued

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2016, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, sixteen, four, nine and eleven times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement of Eaton Vance Bond Fund (the “Fund”) with Eaton Vance Management (“EVM”), as well as the investment advisory agreement of Bond Portfolio (the “Portfolio”), the portfolio in which the Fund invests, with Boston Management and Research (“BMR”), an affiliate of EVM (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund and the investment advisory agreement for the Portfolio (together, the “investment advisory agreements”).

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements of the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser.

The Board considered each Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund and the Portfolio, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio, including recent changes to such personnel. In particular, the Board considered the abilities and experience of such investment professionals in investing in securities and other instruments to establish investment exposures to a wide variety of bonds and other income instruments, including corporate bonds, commercial mortgage-backed securities and senior floating rate loans. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of each Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services.

31

Eaton Vance

Bond Fund

April 30, 2016

Board of Trustees’ Contract Approval — continued

The Board noted that under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data for the one-year period ended September 30, 2015 for the Fund. In light of the Fund’s relatively brief operating history, the Board concluded that additional time is required to evaluate Fund performance.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for a one year period ended September 30, 2015, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in any benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund and the Portfolio, the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

32

Eaton Vance

Bond Fund

April 30, 2016

Officers and Trustees

Officers of Eaton Vance Bond Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Officers of Bond Portfolio

Kathleen C. Gaffney

President

Payson F. Swaffield

Vice President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance Bond Fund and Bond Portfolio

Ralph F. Verni

Chairperson

William H. Park

Vice-Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

* Interested Trustee

33

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

34

This Page Intentionally Left Blank

This Page Intentionally Left Blank

Investment Adviser of Bond Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Bond Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

6844    4.30.16

Eaton Vance

Commodity Strategy Fund

Semiannual Report

April 30, 2016

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund is considered to be a commodity pool operator under CFTC regulations. The Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor. The CFTC has neither reviewed nor approved the Fund’s investment strategies.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2016

Eaton Vance

Commodity Strategy Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	57
Officers and Trustees	60
Important Notices	61

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Performance^1,2

Portfolio Managers John R. Baur, Michael A. Cirami, CFA and Eric A. Stein, CFA

% Average Annual Total Returns

Class Inception Date

Performance Inception Date

Six Months

One Year

Five Years

Since Inception

Class A at NAV

04/08/2010

04/08/2010

–1.84

%

–17.19

%

–13.85

%

–7.79

%

Class A with 4.75% Maximum Sales Charge

—

—

–6.49

–21.15

–14.69

–8.53

Class C at NAV

04/08/2010

04/08/2010

–2.10

–17.77

–14.50

–8.49

Class C with 1% Maximum Sales Charge

—

—

–3.08

–18.58

–14.50

–8.49

Class I at NAV

04/08/2010

04/08/2010

–1.65

–17.00

–13.65

–7.59

Bloomberg Commodity Index Total Return

—

—

–2.06

%

–17.45

%

–13.31

%

–7.18

%

% Total Annual Operating Expense Ratios3

Class A

Class C

Class I

Gross

1.85

%

2.60

%

1.58

%

Net

1.35

2.10

1.10

Fund Profile

Commodity Exposure (% of net assets)⁵

Agriculture	29.35	%	Industrial Metals	16.54	%
Corn	6.98		Copper	7.13
Soybeans	5.81		Aluminum	4.49
Sugar	3.51		Zinc	2.71
Soybean Meal	3.03		Nickel	2.21
Chicago Wheat	3.00
Soybean Oil	2.70		Precious Metals	16.09	%
Coffee	1.99		Gold	11.50
Cotton	1.31		Silver	4.59
Kansas City Wheat	1.02
			Livestock	4.94	%
Energy	33.09	%	Live Cattle	2.57
Crude Oil-Brent	8.81		Lean Hogs	2.37
Crude Oil-WTI	8.47
Natural Gas	7.33
RBOB Gasoline	4.32
ULS Diesel	4.16

Asset Allocation (% of net assets)⁴

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Endnotes and Additional Disclosures

¹  Bloomberg Commodity Index Total Return is designed to provide diversified commodity exposure, with weightings based on each underlying commodity’s liquidity and economic significance. 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.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/17. Without the reimbursement, if applicable, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Cash Equivalents are short-term, high quality instruments, including U.S. Treasuries, and may be held as collateral for the Fund’s derivative positions. Other Net Assets represents other assets less liabilities and includes investment types, if any, each less than 1% of net assets.

⁵  Commodity Exposure reflects the Fund’s net exposure to commodities through its investment in commodity-linked derivative instruments.

Fund profile subject to change due to active management.

3

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2015 – April 30, 2016).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period* (11/1/15 – 4/30/16)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	981.60	$	6.80	**		1.38	%
Class C	$	1,000.00	$	979.00	$	10.48	**		2.13	%
Class I	$	1,000.00	$	983.50	$	5.57	**		1.13	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.00	$	6.92	**		1.38	%
Class C	$	1,000.00	$	1,014.30	$	10.67	**		2.13	%
Class I	$	1,000.00	$	1,019.20	$	5.67	**		1.13	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2015. The Example reflects the expenses of both the Fund and the Portfolio.

** Absent an allocation of certain expenses to affiliates, the expenses would be higher.

4

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Consolidated Portfolio of Investments (Unaudited)

Investment in Affiliated Portfolio — 49.7%
Description			Value
Global Macro Absolute Return Advantage Portfolio (identified cost, $21,395,364)			$	21,668,175
Total Investment in Affiliated Portfolio (identified cost $21,395,364)			$	21,668,175
U.S. Treasury Obligations — 7.3%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Notes:
0.25%, 5/15/16(1)	$	3,200	$	3,200,102
Total U.S. Treasury Obligations (identified cost $3,199,884)			$	3,200,102
Short-Term Investments — 35.0%
U.S. Treasury Obligations — 25.2%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bills:
0.00%, 6/30/16	$	4,000	$	3,999,032
0.00%, 7/21/16		7,000		6,997,060
Total U.S. Treasury Obligations (identified cost $10,994,413)			$	10,996,092

Other — 9.8%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.53%(2)	$	4,261	$	4,260,854
Total Other (identified cost $4,260,854)			$	4,260,854
Total Short-Term Investments (identified cost $15,255,267)			$	15,256,946
Total Investments — 92.0% (identified cost $39,850,515)			$	40,125,223
Other Assets, Less Liabilities — 8.0%			$	3,467,861
Net Assets — 100.0%			$	43,593,084

The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets.

⁽¹⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽²⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2016.

Total Return Swaps

Counterparty

Notional Amount

Fund Pays/Receives Return on Reference Index

Reference Index

Fund Pays/ Receives Rate

Annual Rate

Expiration Date

Net Unrealized Appreciation

Barclays Bank PLC

$

10,550,000

Receives

Excess Return on Bloomberg Commodity 1 Month Forward Index

Pays

0.14

%

5/26/16

$

831,641

Citibank, N.A.

10,000,000

Receives

Excess Return on Bloomberg Commodity Roll Select Index

Pays

0.19

7/28/16

747,337

Credit Suisse International

9,300,000

Receives

Excess Return on Bloomberg Commodity Index

Pays

0.14

6/23/16

1,279,814

Merrill Lynch International

10,800,000

Receives

Excess Return on Bloomberg Commodity Index

Pays

0.13

8/25/16

87,435

$

2,946,227

5 See Notes to Consolidated Financial Statements.

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Consolidated Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2016
Investment in Global Macro Absolute Return Advantage Portfolio, at value (identified cost, $21,395,364)	$	21,668,175
Unaffiliated investments, at value (identified cost, $14,194,297)		14,196,194
Affiliated investment, at value (identified cost, $4,260,854)		4,260,854
Restricted cash*		1,810,000
Interest receivable		3,692
Interest receivable from affiliated investment		3,151
Receivable for Fund shares sold		49,441
Receivable for open swap contracts		2,946,227
Receivable for closed swap contracts		761,026
Receivable from affiliate		18,125
Total assets	$	45,716,885
Liabilities
Cash collateral due to brokers	$	1,810,000
Payable for Fund shares redeemed		209,304
Payable to affiliates:
Investment adviser and administration fee		11,117
Distribution and service fees		4,024
Trustees’ fees		312
Accrued expenses		89,044
Total liabilities	$	2,123,801
Net Assets	$	43,593,084
Sources of Net Assets
Paid-in capital	$	56,282,685
Accumulated net realized loss		(16,789,457	)
Accumulated undistributed net investment income		878,921
Net unrealized appreciation		3,220,935
Total	$	43,593,084
Class A Shares
Net Assets	$	7,497,596
Shares Outstanding		1,406,946
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	5.33
Maximum Offering Price Per Share
(100 ÷ 95.25 of net asset value per share)	$	5.60
Class C Shares
Net Assets	$	3,309,199
Shares Outstanding		645,318
Net Asset Value and Offering Price Per Share**
(net assets ÷ shares of beneficial interest outstanding)	$	5.13
Class I Shares
Net Assets	$	32,786,289
Shares Outstanding		6,125,949
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	5.35

On sales of $50,000 or more, the offering price of Class A shares is reduced.

* Represents restricted cash on deposit at the custodian for open derivative contracts.

** Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

6 See Notes to Consolidated Financial Statements.

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Consolidated Statement of Operations (Unaudited)

Investment Income	Period Ended April 30, 2016(1)
Interest	$	14,371
Interest and other income allocated from affiliated Portfolio (net of foreign taxes, $3,459)		517,790
Interest allocated from affiliated investment		7,789
Dividends allocated from affiliated Portfolio (net of foreign taxes, $516)		2,384
Expenses allocated from affiliated Portfolio		(88,415	)
Expenses allocated from affiliated investment		(272	)
Net investment income	$	453,647
Expenses
Investment adviser and administration fee	$	50,596
Distribution and service fees
Class A		5,614
Class C		10,148
Trustees’ fees and expenses		342
Custodian fee		15,505
Transfer and dividend disbursing agent fees		29,748
Legal and accounting services		43,414
Printing and postage		25,164
Registration fees		22,060
Miscellaneous		6,950
Total expenses	$	209,541
Deduct —
Allocation of expenses to affiliate	$	113,817
Total expense reductions	$	113,817
Net expenses	$	95,724
Net investment income	$	357,923
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(1,452	)
Investment transactions allocated from affiliated investment		18
Swap contracts		(81,389	)
Net realized gain (loss) allocated from affiliated Portfolio —
Investment transactions (net of foreign capital gains taxes of $78)		(542,576	)
Written options and swaptions		211,548
Securities sold short		(4,475	)
Futures contracts		(261,936	)
Swap contracts		(233,507	)
Foreign currency and forward foreign currency exchange contract transactions		(139,764	)
Net realized loss	$	(1,053,533	)
Change in unrealized appreciation (depreciation) —
Investments	$	4,953
Swap contracts		2,880,147
Change in unrealized appreciation (depreciation) allocated from affiliated Portfolio —
Investments (including net decrease of $3,022 in accrued foreign capital gains taxes)		970,929
Written options and swaptions		58,058
Securities sold short		(2,639	)
Futures contracts		(168,841	)
Swap contracts		370,309
Forward commodity contracts		(35,859	)
Foreign currency and forward foreign currency exchange contracts		(664,650	)
Net change in unrealized appreciation (depreciation)	$	3,412,407
Net realized and unrealized gain	$	2,358,874
Net increase in net assets from operations	$	2,716,797

⁽¹⁾  For the four months ended April 30, 2016.

7 See Notes to Consolidated Financial Statements.

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Consolidated Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Period Ended April 30, 2016 (Unaudited) (1)			Year Ended December 31, 2015
From operations —
Net investment income (loss)	$	357,923		$	(1,219,166	)
Net realized loss from investment transactions, written options and swaptions, securities sold short, futures contracts, swap contracts, forward commodity contracts, and foreign currency and forward foreign currency exchange contract transactions		(1,053,533	)		(66,151,357	)
Net change in unrealized appreciation (depreciation) from investments, written options and swaptions, securities sold short, futures contracts, swap contracts, forward commodity contracts, foreign currency and forward foreign currency exchange contracts		3,412,407			35,350,959
Net increase (decrease) in net assets from operations	$	2,716,797		$	(32,019,564	)
Distributions to shareholders —
From net investment income
Class A	$	—		$	(301,866	)
Class C		—			(109,733	)
Class I		—			(2,452,359	)
Total distributions to shareholders	$	—		$	(2,863,958	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	720,116		$	6,273,098
Class C		248,054			1,147,777
Class I		3,379,828			84,318,186
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		—			212,334
Class C		—			89,461
Class I		—			2,117,293
Cost of shares redeemed
Class A		(981,482	)		(8,635,120	)
Class C		(242,303	)		(2,886,966	)
Class I		(21,510,937	)		(322,928,195	)
Net decrease in net assets from Fund share transactions	$	(18,386,724	)	$	(240,292,132	)
Net decrease in net assets	$	(15,669,927	)	$	(275,175,654	)
Net Assets
At beginning of period	$	59,263,011		$	334,438,665
At end of period	$	43,593,084		$	59,263,011
Accumulated undistributed net investment income included in net assets
At end of period	$	878,921		$	520,998

⁽¹⁾  For the four months ended April 30, 2016.

8 See Notes to Consolidated Financial Statements.

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Consolidated Financial Highlights

	Class A
	Period Ended April 30, 2016 (Unaudited)(1)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value — Beginning of period	$	4.890		$	6.640		$	8.080		$	9.180		$	9.280		$	11.140
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.036		$	(0.025	)	$	(0.079	)	$	(0.054	)	$	0.035		$	(0.029	)
Net realized and unrealized gain (loss)		0.404			(1.592	)		(1.305	)		(1.010	)		(0.120	)		(1.511	)
Total income (loss) from operations	$	0.440		$	(1.617	)	$	(1.384	)	$	(1.064	)	$	(0.085	)	$	(1.540	)
Less Distributions
From net investment income	$	—		$	(0.133	)	$	(0.056	)	$	—		$	—		$	(0.007	)
From net realized gain		—			—			—			(0.036	)		(0.015	)		(0.313	)
Total distributions	$	—		$	(0.133	)	$	(0.056	)	$	(0.036	)	$	(0.015	)	$	(0.320	)
Net asset value — End of period	$	5.330		$	4.890		$	6.640		$	8.080		$	9.180		$	9.280
Total Return(3)		9.00	%(4)		(24.83	)%		(17.16	)%		(11.60	)%		(0.92	)%		(13.83	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,498		$	7,165		$	13,203		$	43,845		$	40,990		$	59,349
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.38	%(6)(7)(8)		1.49	%(7)		1.50	%(7)		1.48	%		1.50	%(7)		1.50	%(7)
Net investment income (loss)		2.28	%(6)		(0.42	)%		(0.96	)%		(0.63	)%		0.37	%		(0.27	)%
Portfolio Turnover		6	%(4)(9)		50	%(9)		111	%		264	%		355	%		146	%

⁽¹⁾  For the four months ended April 30, 2016. Effective January 1, 2016, the Fund changed its fiscal year end from December 31 to October 31.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁶⁾  Annualized.

⁽⁷⁾  The investment adviser and administrator and/or sub-adviser reimbursed operating expenses (equal to 0.76%, 0.14%, 0.01%, 0.09% and 0.02% of average daily net assets for the four months ended April 30, 2016 and the years ended December 31, 2015, 2014, 2012 and 2011, respectively). Absent this reimbursement, total return would be lower.

⁽⁸⁾  Includes interest expense, including allocated from the Portfolio, of 0.03% for the four months ended April 30, 2016.

⁽⁹⁾  Percentage includes both purchases and sales of securities held directly by the Fund and the Fund’s contributions to and withdrawals from the Portfolio.

9 See Notes to Consolidated Financial Statements.

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Consolidated Financial Highlights — continued

	Class C
	Period Ended April 30, 2016 (Unaudited)(1)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value — Beginning of period	$	4.720		$	6.460		$	7.850		$	8.990		$	9.150		$	11.070
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.024		$	(0.071	)	$	(0.137	)	$	(0.113	)	$	(0.035	)	$	(0.108	)
Net realized and unrealized gain (loss)		0.386			(1.538	)		(1.253	)		(0.991	)		(0.115	)		(1.492	)
Total income (loss) from operations	$	0.410		$	(1.609	)	$	(1.390	)	$	(1.104	)	$	(0.150	)	$	(1.600	)
Less Distributions
From net investment income	$	—		$	(0.131	)	$	—		$	—		$	—		$	(0.007	)
From net realized gain		—			—			—			(0.036	)		(0.010	)		(0.313	)
Total distributions	$	—		$	(0.131	)	$	—		$	(0.036	)	$	(0.010	)	$	(0.320	)
Net asset value — End of period	$	5.130		$	4.720		$	6.460		$	7.850		$	8.990		$	9.150
Total Return(3)		8.92	%(4)		(25.56	)%		(17.71	)%		(12.29	)%		(1.64	)%		(14.46	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,309		$	3,026		$	6,077		$	11,911		$	18,731		$	26,740
Ratios (as a percentage of average daily net assets):
Expenses(5)		2.13	%(6)(7)(8)		2.24	%(7)		2.25	%(7)		2.23	%		2.25	%(7)		2.25	%(7)
Net investment income (loss)		1.53	%(6)		(1.22	)%		(1.74	)%		(1.34	)%		(0.38	)%		(1.01	)%
Portfolio Turnover		6	%(4)(9)		50	%(9)		111	%		264	%		355	%		146	%

⁽¹⁾  For the four months ended April 30, 2016. Effective January 1, 2016, the Fund changed its fiscal year end from December 31 to October 31.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁶⁾  Annualized.

⁽⁷⁾  The investment adviser and administrator and/or sub-adviser reimbursed operating expenses (equal to 0.76%, 0.14%, 0.01%, 0.09% and 0.02% of average daily net assets for the four months ended April 30, 2016 and the years ended December 31, 2015, 2014, 2012 and 2011, respectively). Absent this reimbursement, total return would be lower.

⁽⁸⁾  Includes interest expense, including allocated from the Portfolio, of 0.03% for the four months ended April 30, 2016.

⁽⁹⁾  Percentage includes both purchases and sales of securities held directly by the Fund and the Fund’s contributions to and withdrawals from the Portfolio.

10 See Notes to Consolidated Financial Statements.

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Consolidated Financial Highlights — continued

	Class I
	Period Ended April 30, 2016 (Unaudited)(1)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value — Beginning of period	$	4.910		$	6.650		$	8.120		$	9.190		$	9.300		$	11.140
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.040		$	(0.041	)	$	(0.062	)	$	(0.035	)	$	0.059		$	(0.005	)
Net realized and unrealized gain (loss)		0.400			(1.565	)		(1.310	)		(0.999	)		(0.128	)		(1.515	)
Total income (loss) from operations	$	0.440		$	(1.606	)	$	(1.372	)	$	(1.034	)	$	(0.069	)	$	(1.520	)
Less Distributions
From net investment income	$	—		$	(0.134	)	$	(0.098	)	$	—		$	(0.012	)	$	(0.007	)
From net realized gain		—			—			—			(0.036	)		(0.029	)		(0.313	)
Total distributions	$	—		$	(0.134	)	$	(0.098	)	$	(0.036	)	$	(0.041	)	$	(0.320	)
Net asset value — End of period	$	5.350		$	4.910		$	6.650		$	8.120		$	9.190		$	9.300
Total Return(3)		9.18	%(4)		(24.79	)%		(16.95	)%		(11.26	)%		(0.74	)%		(13.65	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	32,786		$	49,072		$	315,158		$	574,341		$	289,409		$	180,294
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.13	%(6)(7)(8)		1.24	%(7)		1.25	%(7)		1.23	%		1.25	%(7)		1.25	%(7)
Net investment income (loss)		2.50	%(6)		(0.65	)%		(0.76	)%		(0.41	)%		0.63	%		(0.05	)%
Portfolio Turnover		6	%(4)(9)		50	%(9)		111	%		264	%		355	%		146	%

⁽¹⁾  For the four months ended April 30, 2016. Effective January 1, 2016, the Fund changed its fiscal year end from December 31 to October 31.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁶⁾  Annualized.

⁽⁷⁾  The investment adviser and administrator and/or sub-adviser reimbursed operating expenses (equal to 0.76%, 0.12%, 0.01%, 0.09% and 0.02% of average daily net assets for the four months ended April 30, 2016 and the years ended December 31, 2015, 2014, 2012 and 2011, respectively). Absent this reimbursement, total return would be lower.

⁽⁸⁾  Includes interest expense, including allocated from the Portfolio, of 0.03% for the four months ended April 30, 2016.

⁽⁹⁾  Percentage includes both purchases and sales of securities held directly by the Fund and the Fund’s contributions to and withdrawals from the Portfolio.

11 See Notes to Consolidated Financial Statements.

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Commodity Strategy Fund (the Fund) is a non-diversified series of Eaton Vance Special Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund’s investment objective is total return. The Fund currently pursues its objective by investing directly in securities and commodity-linked derivatives and in interests in Global Macro Absolute Return Advantage Portfolio (the Portfolio), a Massachusetts business trust managed by an affiliate of Eaton Vance Management (EVM). The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in its net assets (1.2% at April 30, 2016). The performance of the Fund is directly affected by the performance of the Portfolio. The Portfolio’s consolidated financial statements as of April 30, 2016, including the consolidated portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The Fund seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance CSF Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at April 30, 2016 were $8,871,531 or 20.4% of the Fund’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

A  Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report. The valuation policies of the Fund for its direct investments in securities and commodity-linked derivatives are consistent with the valuation policies of the Portfolio.

B  Income — The Fund’s net investment income or loss includes the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund. Interest income on direct investments in securities is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be required to recognize its pro-rata share of the capital gains taxes incurred by the Portfolio. In doing so, the daily net asset value would reflect the Fund’s pro-rata share of the estimated reserve for such taxes incurred by the Portfolio.

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Fund is treated as a U.S. shareholder of the Subsidiary. As a result, the Fund is required to include in gross income for U.S. federal income tax purposes all of the Subsidiary’s income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Fund.

As of April 30, 2016, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee that may be reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Consolidated Statement of Operations. Effective September 1, 2015, SSBT began imposing fees on certain uninvested cash balances and discontinued credits on cash deposit balances.

F  Use of Estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

12

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

G  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H  Total Return Swaps — In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Fund is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

I  Other — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

J  Interim Consolidated Financial Statements — The interim consolidated financial statements relating to April 30, 2016 and for the period then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the consolidated financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the consolidated financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At December 31, 2015, the Fund, for federal income tax purposes, had deferred capital losses of $7,629,488 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2015, $4,707,920 are short-term and $2,921,568 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund, including the Fund’s investment in the Subsidiary, at April 30, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	257,016,213
Gross unrealized appreciation	$	479,533
Gross unrealized depreciation		(213,683,507	)
Net unrealized depreciation	$	(213,203,974	)

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund and Subsidiary. Pursuant to the investment advisory and administration agreement and subsequent fee reduction agreement between the Trust and EVM and the investment advisory agreement and subsequent fee reduction agreement between the Subsidiary and EVM, the Fund and Subsidiary pay EVM an aggregate fee at an annual rate of 0.85% of the Fund’s consolidated average daily net assets up to $500 million, 0.80% from $500 million but less than $1 billion and at reduced rates on consolidated net assets of $1 billion and over, and is payable monthly. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a

13

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

majority of shareholders. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The advisory fee payable by the Fund is reduced by the Fund’s allocable share of any fee paid pursuant to an investment advisory agreement by any investment company advised by EVM or its affiliates in which the Fund invests its assets. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. For the four months ended April 30, 2016, the investment adviser and administration fee amounted to $50,596 and the Fund’s allocated portion of the investment adviser fee paid by the Portfolio totaled $76,487. For the four months ended April 30, 2016, the Fund’s investment adviser and administration fee, including the investment adviser fee allocated from the Portfolio, was 0.85% (annualized) of the Fund’s consolidated average daily net assets.

EVM has agreed to reimburse the Fund’s expenses, including expenses of the Subsidiary, to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as interest, taxes or litigation expenses) exceed 1.35%, 2.10% and 1.10% of the Fund’s consolidated average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated at any time after April 30, 2017. Pursuant to this agreement, EVM was allocated $113,817 of the Fund’s operating expenses for the four months ended April 30, 2016.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the four months April 30, 2016, EVM earned $667 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Consolidated Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $613 as its portion of the sales charge on sales of Class A shares for the four months ended April 30, 2016. EVD also received distribution and service fees from Class A and Class C shares (see Note 4).

Trustees and officers of the Fund and the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund and the Portfolio who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the four months April 30, 2016, no significant amounts have been deferred. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the four months ended April 30, 2016 amounted to $5,614 for Class A shares. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the four months ended April 30, 2016, the Fund paid or accrued to EVD $7,611 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the four months ended April 30, 2016 amounted to $2,537 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the four months ended April 30, 2016, the Fund was informed that EVD received no CDSCs paid by Class A and Class C shareholders.

6  Investment Transactions

For the four months ended April 30, 2016, increases and decreases in the Fund’s investment in the Portfolio aggregated $1,550,302 and $10,238,175, respectively.

7  Purchases and Sales of Investments

There were no purchases and sales of investments, other than short-term obligations, for the four months ended April 30, 2016.

14

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

8  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Class A	Four Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Sales		148,913			1,009,640
Issued to shareholders electing to receive payments of distributions in Fund shares		—			33,074
Redemptions		(207,750	)		(1,565,218	)
Net decrease		(58,837	)		(522,504	)
Class C	Four Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Sales		55,873			199,917
Issued to shareholders electing to receive payments of distributions in Fund shares		—			14,383
Redemptions		(52,328	)		(513,839	)
Net increase (decrease)		3,545			(299,539	)
Class I	Four Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Sales		718,107			13,512,888
Issued to shareholders electing to receive payments of distributions in Fund shares		—			329,284
Redemptions		(4,595,608	)		(51,250,554	)
Net decrease		(3,877,501	)		(37,408,382	)

9  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2016 is included in the Consolidated Portfolio of Investments. At April 30, 2016, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to commodity risk in the normal course of pursuing its investment objective and its use of derivatives. Commodity risk is the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity. The Fund invests primarily in commodity-linked derivative instruments, including total return swap contracts based on a commodity index that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities.

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At April 30, 2016, the Fund had no open derivatives with credit-related contingent features in a net liability position.

15

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

The OTC derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund (and Subsidiary) has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund (and Subsidiary) may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund (and Subsidiary) and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as restricted cash and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2016 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 12) at April 30, 2016. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is commodity risk at April 30, 2016 was as follows:

	Fair Value
Derivative	Asset Derivative			Liability Derivative
Swap contracts	$	2,946,227	(1)	$	—

⁽¹⁾  Consolidated Statement of Assets and Liabilities location: Receivable for open swap contracts; Net unrealized appreciation.

The Fund’s derivative assets and liabilities at fair value by type, which are reported gross in the Consolidated Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund’s derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund (and Subsidiary) for such assets as of April 30, 2016.

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(a)			Cash Collateral Received(a)			Net Amount of Derivative Assets(b)
Barclays Bank PLC	$	831,641	$	—	$	—		$	(660,000	)	$	171,641
Citibank, N.A.		747,337		—		—			—			747,337
Credit Suisse International		1,279,814		—		—			(1,150,000	)		129,814
Merrill Lynch International		87,435		—		(87,435	)		—			—
	$	2,946,227	$	—	$	(87,435	)	$	(1,810,000	)	$	1,048,792

^(a)  In some instances, the actual collateral received may be more than the amount shown due to overcollateralization.

^(b)  Net amount represents the net amount due from the counterparty in the event of default.

16

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations and whose primary underlying risk exposure is commodity risk for the four months ended April 30, 2016 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Swap contracts	$	(81,389	)	$	2,880,147

⁽¹⁾  Consolidated Statement of Operations location: Net realized gain (loss) – Swap contracts.

⁽²⁾  Consolidated Statement of Operations location: Change in unrealized appreciation (depreciation) – Swap contracts.

The average notional amount of swap contracts outstanding during the four months ended April 30, 2016, which is indicative of the volume of this derivative type was approximately $45,510,000.

10  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 2, 2016. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the four months ended April 30, 2016.

11  Risks Associated with Commodities

The commodities which underlie commodity-linked derivatives in which the Fund invests may be subject to additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks which subject the Fund’s investments to greater volatility than investments in traditional securities.

12  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

17

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

At April 30, 2016, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Investment in Affiliated Portfolio	$	21,668,175	$	—	$	—	$	21,668,175
U.S. Treasury Obligations		—		3,200,102		—		3,200,102
Short-Term Investments —
U.S. Treasury Obligations		—		10,996,092		—		10,996,092
Other		—		4,260,854		—		4,260,854
Total Investments	$	21,668,175	$	18,457,048	$	—	$	40,125,223
Swap Contracts	$	—	$	2,946,227	$	—	$	2,946,227
Total	$	21,668,175	$	21,403,275	$	—	$	43,071,450

The Fund held no investments or other financial instruments as of December 31, 2015 whose fair value was determined using Level 3 inputs. At April 30, 2016, there were no investments transferred between Level 1 and Level 2 during the four months then ended.

13  Fiscal Year-End Change

Effective January 1, 2016, the Fund changed its fiscal year end from December 31 to October 31.

18

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited)

Foreign Government Bonds — 76.2%
Security		Principal Amount (000’s omitted)		Value
Albania — 2.2%
Republic of Albania, 5.75%, 11/12/20(1)	EUR		33,115	$	40,227,003
Total Albania				$	40,227,003
Angola — 1.6%
Republic of Angola Via Northern Lights III BV, 7.00%, 8/16/19(1)	USD		29,019	$	29,344,958
Total Angola				$	29,344,958
Argentina — 3.0%
Republic of Argentina, 0.75%, 2/22/17	USD		6,589	$	6,227,988
Republic of Argentina, 0.75%, 6/9/17	USD		6,910		6,438,669
Republic of Argentina, 0.75%, 9/21/17	USD		6,392		5,690,234
Republic of Argentina, 1.75%, 10/28/16	USD		6,289		6,080,834
Republic of Argentina, 2.40%, 3/18/18	USD		4,631		4,121,999
Republic of Argentina, 6.25%, 4/22/19(2)	USD		27,060		28,128,870
Total Argentina				$	56,688,594
Armenia — 1.5%
Republic of Armenia, 7.15%, 3/26/25(1)	USD		27,829	$	27,794,214
Total Armenia				$	27,794,214
Bangladesh — 0.8%
Bangladesh Treasury Bond, 11.48%, 7/4/17	BDT		64,600	$	883,085
Bangladesh Treasury Bond, 11.50%, 8/8/17	BDT		178,900		2,458,579
Bangladesh Treasury Bond, 11.50%, 11/7/17	BDT		173,600		2,416,624
Bangladesh Treasury Bond, 11.52%, 12/5/17	BDT		92,100		1,287,135
Bangladesh Treasury Bond, 11.55%, 9/5/17	BDT		395,800		5,461,535
Bangladesh Treasury Bond, 11.72%, 7/2/18	BDT		83,300		1,200,440
Bangladesh Treasury Bond, 11.78%, 10/9/18	BDT		34,700		506,345
Total Bangladesh				$	14,213,743
Barbados — 1.1%
Barbados Government International Bond, 6.625%, 12/5/35(1)	USD		20,119	$	16,598,175
Barbados Government International Bond, 6.625%, 12/5/35(2)	USD		3,039		2,507,175
Barbados Government International Bond, 7.00%, 8/4/22(2)	USD		2,128		2,113,104
Total Barbados				$	21,218,454

Security		Principal Amount (000’s omitted)		Value
Belarus — 2.1%
Republic of Belarus, 8.95%, 1/26/18(1)	USD		37,070	$	39,108,850
Total Belarus				$	39,108,850
Cyprus — 2.5%
Republic of Cyprus, 3.875%, 5/6/22(1)	EUR		14,216	$	16,558,833
Republic of Cyprus, 4.625%, 2/3/20(1)(2)	EUR		8,432		10,270,575
Republic of Cyprus, 4.75%, 6/25/19(1)	EUR		16,271		19,795,560
Total Cyprus				$	46,624,968
Dominican Republic — 3.1%
Dominican Republic International Bond, 5.50%, 1/27/25(2)	USD		7,375	$	7,384,219
Dominican Republic International Bond, 8.625%, 4/20/27(1)	USD		9,370		10,939,475
Dominican Republic International Bond, 8.625%, 4/20/27(2)	USD		1,234		1,428,355
Dominican Republic International Bond, 10.40%, 5/10/19(1)	DOP		667,200		14,928,456
Dominican Republic International Bond, 13.50%, 8/4/17(1)	DOP		24,000		551,407
Dominican Republic International Bond, 14.00%, 6/8/18(1)	DOP		591,100		14,062,154
Dominican Republic International Bond, 15.00%, 4/5/19(1)	DOP		174,300		4,280,813
Dominican Republic International Bond, 16.00%, 2/10/17(1)	DOP		157,400		3,613,386
Total Dominican Republic				$	57,188,265
Ecuador — 3.1%
Republic of Ecuador, 7.95%, 6/20/24(1)	USD		39,417	$	34,391,332
Republic of Ecuador, 7.95%, 6/20/24(2)	USD		19,553		17,059,993
Republic of Ecuador, 10.50%, 3/24/20(2)	USD		6,358		6,040,100
Total Ecuador				$	57,491,425
Georgia — 0.4%
Georgia Treasury Bond, 10.50%, 2/5/25	GEL		1,155	$	481,051
Georgia Treasury Bond, 10.75%, 7/9/17	GEL		650		297,466
Georgia Treasury Bond, 11.75%, 4/28/21	GEL		2,232		1,002,806
Georgia Treasury Bond, 13.375%, 3/10/18	GEL		8,630		4,140,461
Georgia Treasury Bond, 14.375%, 7/16/20	GEL		1,968		999,567
Total Georgia				$	6,921,351

19 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Honduras — 1.2%
Honduras Government International Bond, 7.50%, 3/15/24(1)	USD		4,224	$	4,498,560
Honduras Government International Bond, 8.75%, 12/16/20(1)	USD		16,267		18,422,377
Total Honduras				$	22,920,937
Iceland — 5.6%
Republic of Iceland, 6.00%, 10/13/16	ISK		112,797	$	669,327
Republic of Iceland, 6.25%, 2/5/20	ISK		4,241,022		33,057,648
Republic of Iceland, 6.50%, 1/24/31	ISK		1,340,171		10,835,694
Republic of Iceland, 7.25%, 10/26/22	ISK		2,870,866		21,349,180
Republic of Iceland, 8.00%, 6/12/25	ISK		2,975,885		25,073,838
Republic of Iceland, 8.75%, 2/26/19	ISK		2,104,092		13,419,549
Total Iceland				$	104,405,236
Iraq — 4.1%
Republic of Iraq, 5.80%, 1/15/28(1)	USD		106,893	$	76,428,495
Total Iraq				$	76,428,495
Ivory Coast — 0.5%
Ivory Coast, 6.375%, 3/3/28(2)	USD		9,587	$	9,131,618
Total Ivory Coast				$	9,131,618
Kazakhstan — 2.1%
Kazakhstan Government International Bond, 5.125%, 7/21/25(2)	USD		21,949	$	23,282,402
Kazakhstan Government International Bond, 6.50%, 7/21/45(2)	USD		15,113		16,556,699
Total Kazakhstan				$	39,839,101
Kenya — 2.4%
Kenya Infrastructure Bond, 11.00%, 10/12/26	KES		394,300	$	3,616,590
Kenya Treasury Bond, 11.855%, 5/22/17	KES		81,200		790,712
Republic of Kenya, 6.875%, 6/24/24(1)	USD		37,542		35,477,190
Republic of Kenya, 6.875%, 6/24/24(2)	USD		4,770		4,507,650
Total Kenya				$	44,392,142
Lebanon — 1.5%
Lebanon Treasury Note, 5.84%, 9/1/16	LBP		2,434,800	$	1,620,998
Lebanon Treasury Note, 6.18%, 7/28/16	LBP		24,937,490		16,604,922
Lebanon Treasury Note, 6.18%, 12/29/16	LBP		7,615,450		5,084,477
Lebanon Treasury Note, 6.18%, 1/12/17	LBP		1,901,500		1,269,857
Lebanon Treasury Note, 6.18%, 1/26/17	LBP		5,431,200		3,627,417
Total Lebanon				$	28,207,671

Security		Principal Amount (000’s omitted)		Value
Macedonia — 4.3%
Republic of Macedonia, 3.975%, 7/24/21(1)	EUR		21,932	$	24,306,106
Republic of Macedonia, 3.975%, 7/24/21(2)	EUR		34,257		37,965,268
Republic of Macedonia, 4.875%, 12/1/20(2)	EUR		15,035		17,342,886
Total Macedonia				$	79,614,260
Mongolia — 3.6%
Mongolia International Bond, 4.125%, 1/5/18(1)	USD		34,457	$	32,217,295
Mongolia International Bond, 4.125%, 1/5/18(2)	USD		1,390		1,299,650
Mongolia International Bond, 5.125%, 12/5/22(1)	USD		26,497		21,004,967
Mongolia International Bond, 5.125%, 12/5/22(2)	USD		2,910		2,306,844
Mongolia International Bond, 10.875%, 4/6/21(2)	USD		9,350		9,490,250
Total Mongolia				$	66,319,006
New Zealand — 4.3%
New Zealand Government Bond, 2.00%, 9/20/25(1)(3)	NZD		15,992	$	11,339,590
New Zealand Government Bond, 2.50%, 9/20/35(1)(3)	NZD		39,390		29,297,329
New Zealand Government Bond, 3.00%, 9/20/30(1)(3)	NZD		49,518		38,979,987
Total New Zealand				$	79,616,906
Nigeria — 1.0%
Republic of Nigeria, 5.125%, 7/12/18(1)	USD		19,437	$	19,345,646
Total Nigeria				$	19,345,646
Paraguay — 1.0%
Republic of Paraguay, 6.10%, 8/11/44(1)	USD		9,819	$	10,064,475
Republic of Paraguay, 6.10%, 8/11/44(2)	USD		7,873		8,069,825
Total Paraguay				$	18,134,300
Russia — 3.7%
Russia Government Bond, 7.60%, 7/20/22	RUB		237,031	$	3,461,112
Russia Government Bond, 8.15%, 2/3/27	RUB		1,923,661		28,696,428
Russia Government Bond, 8.50%, 9/17/31	RUB		2,491,788		37,666,055
Total Russia				$	69,823,595
Rwanda — 1.5%
Republic of Rwanda, 6.625%, 5/2/23(1)	USD		29,158	$	28,653,567
Total Rwanda				$	28,653,567
Serbia — 5.5%
Republic of Serbia, 7.25%, 9/28/21(1)	USD		1,544	$	1,752,670
Serbia Treasury Bond, 10.00%, 4/1/17	RSD		1,566,080		15,455,664
Serbia Treasury Bond, 10.00%, 5/8/17	RSD		1,573,120		15,599,515

20 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)		Value
Serbia (continued)
Serbia Treasury Bond, 10.00%, 1/24/18	RSD		717,870	$	7,288,211
Serbia Treasury Bond, 10.00%, 3/2/18	RSD		212,970		2,169,349
Serbia Treasury Bond, 10.00%, 6/5/21	RSD		1,465,610		15,680,068
Serbia Treasury Bond, 10.00%, 2/5/22	RSD		4,167,590		44,732,639
Total Serbia				$	102,678,116
Sri Lanka — 3.5%
Republic of Sri Lanka, 5.875%, 7/25/22(1)	USD		6,514	$	6,307,063
Republic of Sri Lanka, 6.25%, 7/27/21(1)	USD		4,058		4,088,244
Republic of Sri Lanka, 6.85%, 11/3/25(1)	USD		8,723		8,621,761
Sri Lanka Government Bond, 8.00%, 11/15/18	LKR		1,725,350		10,940,500
Sri Lanka Government Bond, 10.00%, 10/1/22	LKR		803,900		5,003,919
Sri Lanka Government Bond, 10.25%, 3/15/25	LKR		2,438,220		14,732,584
Sri Lanka Government Bond, 11.00%, 8/1/21	LKR		663,720		4,331,289
Sri Lanka Government Bond, 11.00%, 6/1/26	LKR		1,199,910		7,619,310
Sri Lanka Government Bond, 11.00%, 5/15/30	LKR		343,000		2,102,345
Sri Lanka Government Bond, 11.50%, 9/1/28	LKR		171,000		1,080,150
Total Sri Lanka				$	64,827,165
Tanzania — 3.3%
United Republic of Tanzania, 6.892%, 3/9/20(1)(4)	USD		59,860	$	60,907,157
Total Tanzania				$	60,907,157
Thailand — 1.3%
Kingdom of Thailand, 1.25%, 3/12/28(1)(3)	THB		914,734	$	24,938,304
Total Thailand				$	24,938,304
Venezuela — 2.0%
Bolivarian Republic of Venezuela, 7.65%, 4/21/25(1)	USD		3,805	$	1,403,094
Bolivarian Republic of Venezuela, 9.25%, 9/15/27	USD		57,247		24,687,768
Bolivarian Republic of Venezuela, 11.95%, 8/5/31(1)	USD		26,335		11,324,050
Total Venezuela				$	37,414,912
Zambia — 2.4%
Republic of Zambia, 5.375%, 9/20/22(1)	USD		14,459	$	10,818,513
Republic of Zambia, 8.50%, 4/14/24(1)	USD		2,306		1,913,980
Republic of Zambia, 8.50%, 4/14/24(2)	USD		24,608		20,424,640
Republic of Zambia, 8.97%, 7/30/27(2)	USD		14,419		11,967,770
Total Zambia				$	45,124,903
Total Foreign Government Bonds (identified cost $1,421,424,400)				$	1,419,544,862

Foreign Corporate Bonds — 2.2%
Security		Principal Amount (000’s omitted)		Value
Azerbaijan — 0.4%
International Bank of Azerbaijan OJSC Via Rubrika Finance Co., Ltd., 6.17%, 5/10/17(1)(4)	USD		7,400	$	7,020,380
Total Azerbaijan				$	7,020,380
Georgia — 1.2%
Bank of Georgia JSC, 7.75%, 7/5/17(1)	USD		17,657	$	18,486,702
Georgian Oil and Gas Corp. JSC, 6.75%, 4/26/21(1)	USD		4,190		4,210,950
Total Georgia				$	22,697,652
Mongolia — 0.6%
Development Bank of Mongolia, LLC, 5.75%, 3/21/17(1)	USD		11,254	$	11,042,988
Total Mongolia				$	11,042,988
Total Foreign Corporate Bonds (identified cost $39,978,246)				$	40,761,020
Sovereign Loans — 1.7%
Borrower		Principal Amount (000’s omitted)		Value
Ethiopia — 0.5%
Ethiopian Railways Corporation (Federal Democratic Republic of Ethiopia guaranteed), Term Loan, 4.61%, Maturing August 1, 2021(5)(6)(7)		$	9,700	$	9,076,877
Total Ethiopia				$	9,076,877
Kenya — 0.8%
Government of Kenya, Term Loan, 5.95%, Maturing October 28, 2017(8)		$	14,420	$	14,420,000
Total Kenya				$	14,420,000
Suriname — 0.4%
Republic of Suriname, Term Loan, 8.75%, Maturing September 30, 2017(5)(6)		$	7,825	$	7,985,393
Total Suriname				$	7,985,393
Total Sovereign Loans (identified cost $31,119,225)				$	31,482,270

21 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Collateralized Mortgage Obligations — 0.7%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
Series 2770, (Interest Only), Class SH, 6.667%, 3/15/34(9)(10)	$	2,998	$	626,660
Series 3572, (Interest Only), Class JS, 6.367%, 9/15/39(9)(10)		5,310		866,278
Series 3586, (Interest Only), Class GS, 5.817%, 10/15/39(9)(10)		6,203		1,073,284
			$	2,566,222
Federal National Mortgage Association:
Series 2005-85, (Interest Only), Class SC, 6.061%, 10/25/35(9)(10)	$	9,335	$	1,860,580
Series 2006-56, (Interest Only), Class CS, 6.771%, 7/25/36(9)(10)		4,257		923,941
Series 2006-72, (Interest Only), Class GI, 6.141%, 8/25/36(9)(10)		13,638		2,438,341
Series 2006-96, (Interest Only), Class SM, 6.811%, 10/25/36(9)(10)		9,244		1,898,029
Series 2007-36, (Interest Only), Class SG, 6.161%, 4/25/37(9)(10)		6,383		1,246,195
Series 2010-67, (Interest Only), Class BI, 5.50%, 6/25/25(10)		2,007		100,353
Series 2010-109, (Interest Only), Class PS, 6.161%, 10/25/40(9)(10)		7,409		1,374,622
Series 2010-147, (Interest Only), Class KS, 5.511%, 1/25/41(9)(10)		6,512		1,098,400
			$	10,940,461
Total Collateralized Mortgage Obligations (identified cost $9,501,134)			$	13,506,683
Common Stocks — 1.8%
Security	Shares		Value
Iceland — 1.1%
Eimskipafelag Islands HF		1,345,775	$	2,615,026
Hagar HF		8,111,180		3,185,409
HB Grandi HF		8,178,396		2,382,090
Icelandair Group HF		15,294,491		4,504,821
Marel HF		2,108,527		4,416,305
Reitir Fasteignafelag HF		4,478,610		3,169,562
Total Iceland			$	20,273,213
Romania — 0.1%
BRD-Groupe Societe Generale SA		38,758	$	91,528
Societatea Nationala Nuclearelectrica SA		157,775		205,429

Security	Shares		Value
Romania (continued)
Transelectrica SA		7,104	$	53,570
Transgaz SA Medias		8,368		568,968
Total Romania			$	919,495
Singapore — 0.6%
Yoma Strategic Holdings, Ltd.(11)		28,302,666	$	11,316,226
Total Singapore			$	11,316,226
Total Common Stocks (identified cost $32,892,281)			$	32,508,934
Investment Funds — 0.3%
Security	Shares		Value
Romania — 0.3%
Fondul Proprietatea SA		31,433,550	$	6,009,789
Total Investment Funds (identified cost $7,771,207)			$	6,009,789

Currency Options Purchased — 0.8%

Description

Counterparty

Principal Amount of Contracts (000’s omitted)

Strike Price

Expiration Date

Value

Call SEK/Put EUR

Goldman Sachs International

SEK

1,253,610

SEK

9.00

9/7/16

$

1,311,998

Put CNH/Call USD

Citibank, N.A.

CNH

151,241

CNH

6.34

6/7/16

570,301

Put CNH/Call USD

Deutsche Bank AG

CNH

150,481

CNH

6.40

7/27/16

487,570

Put CNH/Call USD

Standard Chartered Bank

CNH

187,110

CNH

6.34

6/7/16

705,555

Put CNH/Call USD

Standard Chartered Bank

CNH

170,917

CNH

6.39

7/27/16

565,714

Put CNH/Call USD

Standard Chartered Bank

CNH

177,384

CNH

6.47

6/15/17

1,246,941

Put CNH/Call USD

Standard Chartered Bank

CNH

165,452

CNH

6.47

6/15/17

1,167,569

Put EUR/Call USD

Deutsche Bank AG

EUR

46,612

USD

1.10

11/1/16

657,422

Put EUR/Call USD

Deutsche Bank AG

EUR

42,731

USD

1.18

11/1/16

1,995,339

22 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Description

Counterparty

Principal Amount of Contracts (000’s omitted)

Strike Price

Expiration Date

Value

Put EUR/Call USD

Deutsche Bank AG

EUR

35,584

USD

1.28

11/1/16

$

4,462,911

Put EUR/Call USD

Goldman Sachs International

EUR

69,909

USD

1.10

7/15/16

452,864

Put RUB/Call USD

Bank of America, N.A.

RUB

1,629,760

RUB

110.00

11/3/16

63,487

Put RUB/Call USD

Deutsche Bank AG

RUB

1,954,370

RUB

110.00

11/16/16

80,502

Put RUB/Call USD

Goldman Sachs International

RUB

1,702,470

RUB

110.00

11/4/16

66,690

Put RUB/Call USD

Goldman Sachs International

RUB

1,468,280

RUB

110.00

11/4/16

57,517

Total Currency Options Purchased (identified cost $15,680,192)

$

13,892,380

Call Options Purchased — 0.3%
Description	Counterparty	Number of Contracts		Strike Price			Expiration Date		Value
Nikkei 225 Index	Goldman Sachs International		779		JPY	20,000.00		6/10/16		$	15,685
Nikkei 225 Index	Goldman Sachs International		492		JPY	21,000.00		3/12/21			5,784,784
WTI Crude Oil Future 12/2016	Not Applicable		715		USD	75.00		11/16/16			235,950
Total Call Options Purchased (identified cost $6,626,378)										$	6,036,419

Short-Term Investments — 9.3%
Foreign Government Securities — 2.8%
Security		Principal Amount (000’s omitted)		Value
Iceland — 1.1%
Iceland Treasury Bill, 0.00%, 5/17/16	ISK		310,805	$	1,837,746
Iceland Treasury Bill, 0.00%, 6/15/16	ISK		285,239		1,683,378
Iceland Treasury Bill, 0.00%, 7/15/16	ISK		915,448		5,396,930
Iceland Treasury Bill, 0.00%, 10/17/16	ISK		1,835,912		10,814,464
Total Iceland				$	19,732,518

Security		Principal Amount (000’s omitted)		Value
Lebanon — 1.7%
Lebanon Treasury Bill, 0.00%, 5/5/16	LBP		2,910,550	$	1,930,494
Lebanon Treasury Bill, 0.00%, 5/19/16	LBP		5,093,450		3,372,613
Lebanon Treasury Bill, 0.00%, 5/26/16	LBP		2,086,300		1,380,400
Lebanon Treasury Bill, 0.00%, 6/2/16	LBP		1,774,720		1,173,183
Lebanon Treasury Bill, 0.00%, 6/23/16	LBP		1,126,070		742,599
Lebanon Treasury Bill, 0.00%, 7/28/16	LBP		8,428,590		5,535,120
Lebanon Treasury Bill, 0.00%, 8/25/16	LBP		4,996,040		3,268,510
Lebanon Treasury Bill, 0.00%, 9/22/16	LBP		4,654,510		3,036,584
Lebanon Treasury Bill, 0.00%, 10/6/16	LBP		5,155,520		3,352,155
Lebanon Treasury Bill, 0.00%, 12/1/16	LBP		4,649,540		2,998,335
Lebanon Treasury Bill, 0.00%, 12/15/16	LBP		6,897,570		4,439,551
Lebanon Treasury Bill, 0.00%, 1/19/17	LBP		454,090		290,810
Lebanon Treasury Bill, 0.00%, 2/2/17	LBP		954,870		610,317
Total Lebanon				$	32,130,671
Total Foreign Government Securities (identified cost $51,403,565)				$	51,863,189
U.S. Treasury Obligations — 3.5%
Security		Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 6/16/16(12)		$	30,500	$	30,494,693
U.S. Treasury Bill, 0.00%, 9/22/16(12)			35,000		34,961,535
Total U.S. Treasury Obligations (identified cost $65,418,999)				$	65,456,228
Repurchase Agreements — 0.3%
Description		Principal Amount (000’s omitted)		Value
Bank of America, N.A.:
Dated 4/12/16 with a maturity date of 5/13/16, an interest rate of 0.60% payable by the Portfolio and repurchase proceeds of EUR 4,890,835, collateralized by EUR 4,000,000 Spain Government Bond 4.60%, due 7/30/19 and a market value, including accrued interest, of $5,403,010.	EUR		4,893	$	5,602,961
Total Repurchase Agreements (identified cost $5,574,086)				$	5,602,961

23 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Other — 2.7%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.53%(13)	$	49,666	$	49,665,605
Total Other (identified cost $49,665,605)			$	49,665,605
Total Short-Term Investments (identified cost $172,062,255)			$	172,587,983
Total Investments — 93.3% (identified cost $1,737,055,318)			$	1,736,330,340

Currency Options Written — (0.5)%
Description	Counterparty	Principal Amount of Contracts (000’s omitted)		Strike Price		Expiration Date		Value
Put CNH/Call USD	Goldman Sachs International	CNH	150,481	CNH	6.40		7/27/16	$	(487,570	)
Put CNH/Call USD	Standard Chartered Bank	CNH	187,110	CNH	6.34		6/7/16		(705,555	)
Put CNH/Call USD	Standard Chartered Bank	CNH	170,917	CNH	6.39		7/27/16		(565,714	)
Put EUR/Call USD	Citibank, N.A.	EUR	46,612	USD	1.10		11/1/16		(657,422	)
Put EUR/Call USD	Deutsche Bank AG	EUR	42,731	USD	1.18		11/1/16		(1,995,339	)
Put EUR/Call USD	Deutsche Bank AG	EUR	35,584	USD	1.28		11/1/16		(4,462,911	)
Total Currency Options Written (premiums received $14,350,166)								$	(8,874,511	)

Securities Sold Short — (0.3)%
Foreign Government Bonds — (0.3)%
Security		Principal Amount (000’s omitted)			Value
Spain — (0.3)%
Spain Government Bond, 4.60%, 7/30/19	EUR		(4,000	)	$	(5,243,694	)
Total Spain					$	(5,243,694	)
Total Foreign Government Bonds (proceeds $5,096,211)					$	(5,243,694	)
Total Securities Sold Short (proceeds $5,096,211)					$	(5,243,694	)
Other Assets, Less Liabilities — 7.5%					$	140,196,523
Net Assets — 100.0%					$	1,862,408,658

The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets.

⁽¹⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At April 30, 2016, the aggregate value of these securities is $805,336,631 or 43.2% of the Portfolio’s net assets.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2016, the aggregate value of these securities is $237,277,893 or 12.7% of the Portfolio’s net assets.

⁽³⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

⁽⁴⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2016.

⁽⁵⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

⁽⁶⁾  Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽⁷⁾  Variable interest rate that updates semiannually based on changes to the London Interbank Offered Rate (LIBOR). The stated interest rate represents a weighted average rate at April 30, 2016.

⁽⁸⁾  Variable interest rate that updates semiannually based on changes to the London Interbank Offered Rate (LIBOR). The stated interest rate represents the rate in effect at April 30, 2016.

⁽⁹⁾  Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at April 30, 2016.

24 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

⁽¹⁰⁾  Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

⁽¹¹⁾  Non-income producing.

⁽¹²⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts and/or securities sold short.

⁽¹³⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2016.

Forward Commodity Contracts(1)
Settlement Date	Deliver	In Exchange For	Counterparty	Net Unrealized Depreciation
6/2/16	Gold 8,388 Troy Ounces	United States Dollar 9,018,455	Citibank, N.A.	$	(1,847,022	)
6/2/16	Gold 3,113 Troy Ounces	United States Dollar 3,348,027	Merrill Lynch International		(685,129	)
				$	(2,532,151	)

⁽¹⁾  Non-deliverable contracts that are settled with the counterparty in cash.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	8,751,397	RON	39,145,000	BNP Paribas		5/3/16	$	15,679	$	—
EUR	4,362,454	RON	19,515,000	BNP Paribas		5/3/16		7,370		—
RON	50,974,000	EUR	11,387,275	BNP Paribas		5/3/16		—		(10,506	)
RON	7,686,000	EUR	1,717,388	Deutsche Bank AG		5/3/16		—		(2,023	)
USD	22,721,199	ZAR	362,021,411	Standard Chartered Bank		5/3/16		—		(2,710,136	)
ZAR	362,021,411	USD	25,124,673	Standard Chartered Bank		5/3/16		306,662		—
EUR	38,254,045	HUF	11,964,335,000	Bank of America, N.A.		5/4/16		—		(110,416	)
EUR	36,540,297	HUF	11,425,420,000	JPMorgan Chase Bank, N.A.		5/4/16		—		(94,740	)
EUR	8,436,724	USD	9,602,511	Deutsche Bank AG		5/4/16		58,241		—
HUF	11,964,335,000	EUR	38,789,201	Bank of America, N.A.		5/4/16		—		(502,382	)
HUF	645,380,000	EUR	2,095,526	JPMorgan Chase Bank, N.A.		5/4/16		—		(30,717	)
HUF	10,780,040,000	EUR	34,627,991	JPMorgan Chase Bank, N.A.		5/4/16		—		(84,346	)
USD	9,420,446	EUR	8,436,724	Deutsche Bank AG		5/4/16		—		(240,305	)
AUD	50,516,539	USD	38,565,336	Standard Chartered Bank		5/5/16		—		(158,268	)
EUR	37,381,323	HUF	11,671,850,750	Citibank, N.A.		5/5/16		—		(34,361	)
EUR	37,142,100	HUF	11,598,549,250	Deutsche Bank AG		5/5/16		—		(39,253	)
HUF	5,655,044,702	EUR	18,097,880	Citibank, N.A.		5/5/16		32,080		—
HUF	3,724,376,920	EUR	11,987,052	Citibank, N.A.		5/5/16		—		(56,627	)
HUF	2,292,429,128	EUR	7,429,745	Citibank, N.A.		5/5/16		—		(93,797	)
HUF	15,641,411	EUR	50,107	Deutsche Bank AG		5/5/16		32		—
HUF	11,582,907,839	EUR	37,539,808	Deutsche Bank AG		5/5/16		—		(473,579	)
USD	35,695,492	AUD	50,516,539	Standard Chartered Bank		5/5/16		—		(2,711,577	)
AUD	62,928,619	USD	48,056,698	Australia and New Zealand Banking Group Limited		5/9/16		—		(220,797	)
INR	531,507,000	USD	7,848,597	Bank of America, N.A.		5/9/16		153,033		—
INR	403,114,000	USD	5,950,901	BNP Paribas		5/9/16		117,823		—
INR	340,805,000	USD	5,013,313	Nomura International PLC		5/9/16		117,373		—
USD	45,303,256	AUD	62,928,619	Australia and New Zealand Banking Group Limited		5/9/16		—		(2,532,644	)

25 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	34,118,966	INR	2,341,124,000	BNP Paribas		5/9/16	$	—	$	(1,125,742	)
USD	4,480,412	THB	161,026,000	Standard Chartered Bank		5/9/16		—		(129,127	)
USD	980,865	GEL	2,256,332	Bank of Georgia		5/10/16		—		(31,927	)
USD	14,866,150	NZD	22,255,548	Standard Chartered Bank		5/10/16		—		(667,776	)
USD	7,552,876	THB	271,828,000	Deutsche Bank AG		5/10/16		—		(228,343	)
OMR	5,889,000	USD	15,217,447	BNP Paribas		5/11/16		75,578		—
USD	20,221,693	EUR	17,819,845	JPMorgan Chase Bank, N.A.		5/11/16		—		(187,613	)
USD	15,177,835	OMR	5,889,000	BNP Paribas		5/11/16		—		(115,190	)
IDR	62,498,955,000	USD	4,568,637	Goldman Sachs International		5/12/16		162,941		—
IDR	125,609,238,000	USD	9,178,607	JPMorgan Chase Bank, N.A.		5/12/16		330,830		—
IDR	122,700,024,000	USD	8,979,146	BNP Paribas		5/16/16		303,517		—
IDR	62,344,932,000	USD	4,569,068	Goldman Sachs International		5/16/16		147,532		—
IDR	122,700,022,000	USD	8,983,747	Standard Chartered Bank		5/16/16		298,915		—
USD	15,604,620	NZD	23,369,095	BNP Paribas		5/16/16		—		(701,276	)
USD	1,855,897	NZD	2,806,739	Citibank, N.A.		5/16/16		—		(102,518	)
USD	1,418,381	NZD	2,134,155	Deutsche Bank AG		5/16/16		—		(70,736	)
USD	4,493,448	NZD	6,746,716	Deutsche Bank AG		5/16/16		—		(214,105	)
USD	5,317,631	THB	193,030,000	Deutsche Bank AG		5/16/16		—		(207,184	)
USD	1,006,233	THB	36,486,000	JPMorgan Chase Bank, N.A.		5/16/16		—		(38,052	)
RON	7,424,960	USD	1,864,010	Standard Chartered Bank		5/18/16		33,930		—
RON	6,792,726	USD	1,709,316	Standard Chartered Bank		5/18/16		27,015		—
RON	7,767,245	USD	1,958,709	Standard Chartered Bank		5/18/16		26,725		—
RON	3,561,186	USD	898,688	Standard Chartered Bank		5/18/16		11,609		—
RON	10,300,174	USD	2,621,472	Standard Chartered Bank		5/18/16		11,419		—
TRY	58,900,000	USD	20,761,368	Standard Chartered Bank		5/18/16		199,123		—
USD	15,124,441	RON	60,475,078	BNP Paribas		5/18/16		—		(333,967	)
USD	19,383,927	TRY	58,900,000	Standard Chartered Bank		5/18/16		—		(1,576,564	)
MXN	484,805,000	USD	25,691,158	JPMorgan Chase Bank, N.A.		5/19/16		2,443,531		—
USD	27,759,137	MXN	484,805,000	JPMorgan Chase Bank, N.A.		5/19/16		—		(375,552	)
USD	5,606,332	NZD	8,330,792	JPMorgan Chase Bank, N.A.		5/19/16		—		(205,580	)
USD	21,376,207	NZD	32,712,592	JPMorgan Chase Bank, N.A.		5/19/16		—		(1,445,476	)
USD	925,913	GEL	2,085,433	Bank of Georgia		5/23/16		—		(7,962	)
USD	6,503,960	PEN	22,172,000	BNP Paribas		5/23/16		—		(231,177	)
USD	6,503,817	PEN	22,152,000	JPMorgan Chase Bank, N.A.		5/23/16		—		(225,245	)
IDR	52,948,647,000	USD	3,881,866	BNP Paribas		5/25/16		117,550		—
IDR	160,775,477,000	USD	11,787,058	Goldman Sachs International		5/25/16		356,933		—
IDR	27,276,576,000	USD	2,000,336	JPMorgan Chase Bank, N.A.		5/25/16		59,969		—
JPY	3,608,886,000	USD	29,579,336	Goldman Sachs International		5/25/16		4,352,989		—
JPY	3,537,351,000	USD	28,999,672	Standard Chartered Bank		5/25/16		4,260,050		—
USD	735,533	EUR	659,452	Deutsche Bank AG		5/25/16		—		(20,050	)
USD	808,663	EUR	723,293	Deutsche Bank AG		5/25/16		—		(20,067	)
USD	35,320,610	EUR	31,747,151	Deutsche Bank AG		5/25/16		—		(1,054,451	)
USD	482,817	GEL	1,084,551	Bank of Georgia		5/25/16		—		(2,679	)
USD	29,494,001	JPY	3,608,886,000	Goldman Sachs International		5/25/16		—		(4,438,324	)
USD	28,925,922	JPY	3,537,351,000	Standard Chartered Bank		5/25/16		—		(4,333,800	)
USD	74,785,691	GBP	51,993,000	Goldman Sachs International		6/1/16		—		(1,188,848	)

26 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	80,942,546	EUR	73,263,439	Goldman Sachs International		6/2/16	$	—	$	(3,020,100	)
USD	991,845	GEL	2,231,850	Bank of Georgia		6/3/16		—		(5,607	)
OMR	21,539,450	USD	55,633,055	BNP Paribas		6/6/16		274,134		—
USD	19,472,489	OMR	7,545,200	BNP Paribas		6/6/16		—		(111,619	)
USD	36,120,719	OMR	13,994,250	BNP Paribas		6/6/16		—		(202,362	)
EUR	4,258,000	USD	4,697,937	Standard Chartered Bank		6/8/16		182,836		—
EUR	1,277,298	USD	1,458,048	Standard Chartered Bank		6/8/16		6,066		—
USD	102,090,220	EUR	92,508,638	Standard Chartered Bank		6/8/16		—		(3,948,666	)
NZD	27,839,000	USD	19,172,719	Goldman Sachs International		6/9/16		227,434		—
NZD	27,839,000	USD	19,147,247	Standard Chartered Bank		6/9/16		252,907		—
USD	18,727,852	NZD	27,839,000	Goldman Sachs International		6/9/16		—		(672,302	)
USD	18,741,215	NZD	27,839,000	Standard Chartered Bank		6/9/16		—		(658,939	)
USD	18,001,913	ZAR	282,288,000	BNP Paribas		6/9/16		—		(1,685,054	)
CNH	135,880,000	USD	20,740,288	Standard Chartered Bank		6/13/16		173,869		—
CNH	23,858,593	USD	3,641,421	Standard Chartered Bank		6/13/16		30,807		—
NZD	56,794,312	USD	39,072,783	Australia and New Zealand Banking Group Limited		6/13/16		497,491		—
USD	23,948,815	CNH	159,738,593	Standard Chartered Bank		6/13/16		—		(637,571	)
USD	36,382,727	NZD	54,291,719	Australia and New Zealand Banking Group Limited		6/13/16		—		(1,443,916	)
USD	11,227,127	PEN	38,408,000	The Bank of Nova Scotia		6/23/16		—		(401,706	)
EUR	2,063,395	USD	2,328,153	Standard Chartered Bank		6/29/16		38,671		—
USD	924,810	EUR	806,462	Goldman Sachs International		6/29/16		—		(245	)
USD	183,704	EUR	162,500	Goldman Sachs International		6/29/16		—		(2,692	)
USD	421,124	EUR	370,467	Goldman Sachs International		6/29/16		—		(3,821	)
USD	561,125	EUR	492,526	Goldman Sachs International		6/29/16		—		(3,829	)
USD	249,970	EUR	221,456	Goldman Sachs International		6/29/16		—		(4,052	)
USD	226,835	EUR	202,598	Goldman Sachs International		6/29/16		—		(5,556	)
USD	731,094	EUR	650,000	Goldman Sachs International		6/29/16		—		(14,491	)
USD	17,703,848	EUR	15,611,859	Goldman Sachs International		6/29/16		—		(203,787	)
USD	19,249,051	EUR	17,021,152	Goldman Sachs International		6/29/16		—		(275,119	)
USD	40,399,527	EUR	35,750,275	Standard Chartered Bank		6/29/16		—		(607,945	)
USD	45,953,072	EUR	40,919,557	JPMorgan Chase Bank, N.A.		7/1/16		—		(986,939	)
USD	1,987,621	LKR	292,876,014	Citibank, N.A.		7/5/16		9,064		—
USD	533,974	LKR	78,948,063	Citibank, N.A.		7/5/16		631		—
USD	1,940,365	LKR	288,823,320	Citibank, N.A.		7/5/16		—		(10,814	)
USD	4,112,977	LKR	606,252,756	Citibank, N.A.		7/8/16		20,131		—
USD	1,995,778	LKR	293,778,584	Citibank, N.A.		7/8/16		12,463		—
USD	1,301,180	LKR	191,663,829	Citibank, N.A.		7/8/16		7,247		—
USD	19,006,479	GBP	13,319,000	Deutsche Bank AG		7/11/16		—		(458,692	)
USD	37,768,286	GBP	26,764,000	Deutsche Bank AG		7/11/16		—		(1,346,200	)
USD	6,006,122	EUR	5,271,395	Standard Chartered Bank		7/13/16		—		(43,128	)
USD	57,198,671	EUR	50,063,387	Standard Chartered Bank		7/13/16		—		(252,149	)
IDR	111,333,026,000	USD	8,327,700	Deutsche Bank AG		7/14/16		1,096		—
IDR	86,592,350,000	USD	6,477,100	Standard Chartered Bank		7/14/16		852		—
IDR	157,235,343,000	USD	11,709,513	BNP Paribas		7/18/16		45,703		—
IDR	163,881,975,000	USD	12,197,683	Deutsche Bank AG		7/18/16		54,448		—
USD	2,632,671	LKR	388,713,861	Citibank, N.A.		7/18/16		14,335		—

27 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
SEK	270,628,000	EUR	29,443,290	Deutsche Bank AG		7/19/16	$	—	$	(212	)
USD	18,642,575	NZD	27,129,100	Goldman Sachs International		7/19/16		—		(225,216	)
USD	29,124,721	SGD	39,780,000	Bank of America, N.A.		7/19/16		—		(409,853	)
USD	23,805,143	SGD	32,472,000	Citibank, N.A.		7/19/16		—		(303,623	)
RUB	1,994,609,215	USD	29,706,883	Deutsche Bank AG		7/20/16		497,011		—
USD	1,048,968	LKR	154,985,046	Citibank, N.A.		7/20/16		5,473		—
USD	26,751,376	RUB	1,796,167,636	Deutsche Bank AG		7/20/16		—		(447,564	)
SEK	324,881,163	EUR	35,470,474	Goldman Sachs International		7/22/16		—		(142,667	)
USD	2,254,039	LKR	335,401,005	Citibank, N.A.		7/22/16		—		(3,160	)
USD	2,323,484	LKR	345,734,368	Citibank, N.A.		7/22/16		—		(3,258	)
USD	23,275,695	SGD	31,229,000	Deutsche Bank AG		7/22/16		90,773		—
USD	5,300,099	SGD	7,111,143	Deutsche Bank AG		7/22/16		20,670		—
USD	24,411,973	SGD	32,745,000	Standard Chartered Bank		7/22/16		101,548		—
USD	5,561,561	SGD	7,460,000	Standard Chartered Bank		7/22/16		23,135		—
SEK	327,714,983	EUR	35,707,163	Standard Chartered Bank		7/25/16		—		(59,785	)
USD	1,625,273	LKR	241,921,913	Citibank, N.A.		7/25/16		—		(1,731	)
USD	2,255,458	LKR	335,724,951	Citibank, N.A.		7/25/16		—		(2,402	)
USD	1,108,588	LKR	165,046,635	Citibank, N.A.		7/26/16		—		(1,155	)
USD	5,339,624	THB	187,581,000	Deutsche Bank AG		7/26/16		—		(21,020	)
USD	5,561,832	PEN	19,789,000	BNP Paribas		7/27/16		—		(405,605	)
USD	5,563,396	PEN	19,789,000	Standard Chartered Bank		7/27/16		—		(404,041	)
USD	14,841,794	RUB	1,007,772,680	Bank of America, N.A.		7/27/16		—		(394,690	)
USD	17,306,065	RUB	1,175,099,110	Bank of America, N.A.		7/27/16		—		(460,223	)
USD	14,522,098	RUB	986,631,320	Citibank, N.A.		7/27/16		—		(394,751	)
USD	16,933,287	RUB	1,150,447,517	Citibank, N.A.		7/27/16		—		(460,294	)
USD	5,575,546	LKR	830,644,873	Citibank, N.A.		7/28/16		—		(7,057	)
CNH	101,675,444	USD	15,480,427	Goldman Sachs International		7/29/16		134,323		—
CNH	86,954,000	USD	13,237,022	Goldman Sachs International		7/29/16		116,890		—
CNH	67,650,000	USD	10,300,723	Goldman Sachs International		7/29/16		88,588		—
CNH	142,727,102	USD	21,725,718	Standard Chartered Bank		7/29/16		193,518		—
USD	19,878,750	CNH	132,889,444	Goldman Sachs International		7/29/16		—		(529,673	)
USD	18,388,972	CNH	123,390,000	Goldman Sachs International		7/29/16		—		(560,579	)
USD	21,170,160	CNH	142,727,102	Standard Chartered Bank		7/29/16		—		(749,075	)
USD	11,072,191	PEN	39,666,125	BNP Paribas		8/3/16		—		(879,037	)
USD	24,661,699	ZAR	362,021,411	Standard Chartered Bank		8/3/16		—		(311,280	)
USD	10,649,007	OMR	4,148,640	BNP Paribas		8/17/16		—		(100,563	)
USD	8,920,626	PEN	31,356,000	Standard Chartered Bank		8/29/16		—		(497,607	)
RSD	382,362,995	EUR	3,021,438	Deutsche Bank AG		9/21/16		48,350		—
RSD	152,090,108	EUR	1,205,629	Deutsche Bank AG		9/21/16		14,848		—
USD	2,629,194	PEN	9,168,000	BNP Paribas		9/29/16		—		(114,441	)
USD	9,879,954	PEN	34,402,000	The Bank of Nova Scotia		9/29/16		—		(415,262	)
USD	888,877	AOA	162,220,000	ICBC Standard Bank plc		10/3/16		55,409		—
USD	5,946,913	PEN	20,948,000	BNP Paribas		11/2/16		—		(296,894	)
USD	7,433,783	PEN	26,185,500	Standard Chartered Bank		11/2/16		—		(371,125	)
USD	5,611,295	PEN	20,369,000	Standard Chartered Bank		11/4/16		—		(458,760	)
USD	5,451,298	PEN	19,850,903	Standard Chartered Bank		11/4/16		—		(464,361	)

28 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	9,394,054	CNH	62,245,000	Bank of America, N.A.		11/14/16	$	—	$	(101,575	)
USD	23,885,054	CNH	158,297,000	Goldman Sachs International		11/14/16		—		(263,546	)
USD	23,150,367	CNH	153,048,000	Citibank, N.A.		11/18/16		—		(191,045	)
USD	9,133,650	CNH	60,515,000	Goldman Sachs International		11/18/16		—		(95,517	)
USD	11,511,041	CNH	76,111,000	Deutsche Bank AG		11/30/16		—		(87,082	)
USD	27,670,460	CNH	182,964,000	Standard Chartered Bank		11/30/16		—		(210,383	)
USD	7,978,398	PEN	28,439,000	BNP Paribas		12/7/16		—		(475,461	)
USD	8,360,473	PEN	30,754,000	BNP Paribas		12/7/16		—		(781,550	)
USD	6,819,234	CNH	45,948,000	BNP Paribas		12/19/16		—		(173,367	)
USD	17,393,751	CNH	117,460,000	Standard Chartered Bank		12/21/16		—		(479,451	)
TWD	242,088,000	USD	7,497,306	Deutsche Bank AG		1/12/17		—		(6,651	)
TWD	179,748,000	USD	5,569,264	JPMorgan Chase Bank, N.A.		1/12/17		—		(7,525	)
USD	8,922,430	CNH	61,774,000	Standard Chartered Bank		1/12/17		—		(463,153	)
USD	7,228,665	TWD	242,088,000	Deutsche Bank AG		1/12/17		—		(261,989	)
USD	5,372,026	TWD	179,748,000	JPMorgan Chase Bank, N.A.		1/12/17		—		(189,712	)
TWD	319,147,000	USD	9,873,070	BNP Paribas		1/17/17		1,852		—
TWD	318,529,000	USD	9,864,633	BNP Paribas		1/17/17		—		(8,832	)
TWD	320,336,000	USD	9,942,148	Citibank, N.A.		1/17/17		—		(30,435	)
TWD	295,071,000	USD	9,135,325	Deutsche Bank AG		1/17/17		—		(5,353	)
USD	9,471,573	TWD	318,529,000	BNP Paribas		1/17/17		—		(384,228	)
USD	9,499,881	TWD	320,336,000	Citibank, N.A.		1/17/17		—		(411,831	)
USD	8,729,911	TWD	295,071,000	Deutsche Bank AG		1/17/17		—		(400,061	)
USD	9,492,772	TWD	319,147,000	JPMorgan Chase Bank, N.A.		1/17/17		—		(382,151	)
TWD	340,010,000	USD	10,552,762	BNP Paribas		1/19/17		—		(32,339	)
TWD	311,668,000	USD	9,668,621	Goldman Sachs International		1/19/17		—		(25,142	)
USD	10,059,467	TWD	340,010,000	BNP Paribas		1/19/17		—		(460,956	)
USD	9,184,535	TWD	311,668,000	Goldman Sachs International		1/19/17		—		(458,944	)
TWD	311,360,000	USD	9,636,645	Bank of America, N.A.		1/26/17		—		(2,807	)
TWD	344,600,000	USD	10,663,778	BNP Paribas		1/26/17		—		(1,457	)
USD	9,270,805	TWD	311,360,000	Bank of America, N.A.		1/26/17		—		(363,032	)
USD	10,266,647	TWD	344,600,000	JPMorgan Chase Bank, N.A.		1/26/17		—		(395,675	)
TWD	450,662,000	USD	13,980,518	Goldman Sachs International		2/2/17		—		(36,676	)
TWD	400,982,000	USD	12,429,696	Standard Chartered Bank		2/2/17		—		(22,993	)
USD	13,399,399	TWD	450,662,000	Goldman Sachs International		2/2/17		—		(544,442	)
USD	11,930,082	TWD	400,982,000	Standard Chartered Bank		2/2/17		—		(476,621	)
RON	39,145,000	EUR	8,688,270	BNP Paribas		2/3/17		—		(17,033	)
TWD	140,780,000	USD	4,254,715	BNP Paribas		2/10/17		101,071		—
TWD	227,328,000	USD	7,046,745	BNP Paribas		2/10/17		—		(13,132	)
TWD	140,490,000	USD	4,249,546	Goldman Sachs International		2/10/17		97,267		—
TWD	268,645,000	USD	8,327,495	Goldman Sachs International		2/10/17		—		(15,519	)
USD	11,034,743	TWD	368,108,000	BNP Paribas		2/10/17		—		(354,656	)
USD	12,260,931	TWD	409,135,000	Goldman Sachs International		2/10/17		—		(397,859	)
USD	9,759,889	CNH	66,987,000	Citibank, N.A.		2/16/17		—		(392,225	)
USD	19,236,233	CNH	132,025,000	Standard Chartered Bank		2/16/17		—		(772,618	)
TWD	343,056,000	USD	10,643,996	BNP Paribas		2/24/17		—		(29,980	)
TWD	491,339,000	USD	15,292,219	Citibank, N.A.		2/24/17		—		(90,385	)

29 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	10,220,647	TWD	343,056,000	BNP Paribas		2/24/17	$	—	$	(393,370	)
USD	9,934,814	TWD	333,313,000	Citibank, N.A.		2/24/17		—		(377,758	)
USD	4,796,807	TWD	158,026,000	Deutsche Bank AG		2/24/17		—		(92,455	)
RON	24,017,000	EUR	5,309,971	BNP Paribas		2/28/17		6,197		—
RON	70,634,865	EUR	15,649,688	BNP Paribas		2/28/17		—		(19,823	)
RON	57,580,000	EUR	12,740,347	Deutsche Bank AG		3/2/17		1,988		—
RON	7,912,500	EUR	1,755,213	Bank of America, N.A.		3/6/17		—		(5,299	)
RON	53,790,499	EUR	11,938,057	Bank of America, N.A.		3/6/17		—		(42,768	)
RON	41,144,000	EUR	9,132,963	Deutsche Bank AG		3/7/17		—		(35,113	)
RON	58,714,500	EUR	13,023,068	Deutsche Bank AG		3/7/17		—		(38,393	)
RON	83,558,000	EUR	18,525,219	BNP Paribas		3/8/17		—		(46,183	)
USD	12,810,758	CNH	84,551,000	Goldman Sachs International		3/15/17		24,121		—
USD	18,542,214	CNH	122,307,000	Standard Chartered Bank		3/15/17		45,743		—
USD	14,130,576	CNH	93,283,000	Citibank, N.A.		3/22/17		31,207		—
USD	11,290,592	CNH	74,405,000	Goldman Sachs International		3/22/17		44,560		—
USD	16,928,257	CNH	111,608,000	Standard Chartered Bank		3/22/17		59,134		—
USD	10,922,680	OMR	4,238,000	BNP Paribas		3/23/17		88,460		—
USD	10,925,258	OMR	4,239,000	BNP Paribas		3/27/17		92,215		—
USD	25,401,274	OMR	9,970,000	BNP Paribas		5/25/17		34,395		—
USD	38,102,314	OMR	14,937,250	BNP Paribas		6/5/17		120,456		—
USD	21,531,442	OMR	8,447,000	BNP Paribas		8/14/17		136,207		—
USD	15,009,940	OMR	5,889,000	BNP Paribas		8/21/17		99,606		—
USD	54,888,767	OMR	21,539,450	BNP Paribas		8/28/17		374,300		—
USD	39,357,699	AED	148,012,500	BNP Paribas		2/5/18		—		(787,324	)
USD	26,238,617	AED	98,833,000	BNP Paribas		2/8/18		—		(567,032	)
USD	47,079,217	AED	177,281,500	BNP Paribas		2/8/18		—		(1,003,365	)
							$	18,627,949	$	(70,014,342	)

Futures Contracts
Description	Contracts		Position	Expiration Month/Year	Aggregate Cost			Value			Net Unrealized Appreciation (Depreciation)
Commodity Futures
Call Options on Brent Crude Oil Futures 12/2016 Strike @ USD 75.00(1)		724	Long	Oct-16	$	316,946		$	289,600		$	(27,346	)
Gold		14	Short	Jun-16		(1,711,360	)		(1,806,700	)		(95,340	)
High Grade Copper		110	Short	Jul-16		(6,159,334	)		(6,279,625	)		(120,291	)
Platinum		232	Long	Jul-16		11,129,500			12,509,440			1,379,940
WTI Crude Oil		586	Short	May-16		(24,020,023	)		(26,909,120	)		(2,889,097	)
WTI Crude Oil		330	Short	May-16		(13,407,822	)		(15,153,600	)		(1,745,778	)
Equity Futures
E-mini S&P 500 Index		182	Short	Jun-16		(18,490,644	)		(18,737,810	)		(247,166	)
Nikkei 225 Index		31	Long	Jun-16		2,610,200			2,363,261			(246,939	)
TOPIX Index		111	Long	Jun-16		13,464,131			13,237,274			(226,857	)

30 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Futures Contracts (continued)
Description	Contracts		Position	Expiration Month/Year	Aggregate Cost			Value			Net Unrealized Appreciation (Depreciation)
Interest Rate Futures
IMM 10-Year Interest Rate Swap		8	Long	Jun-16	$	773,140		$	762,228		$	(10,912	)
U.S. 5-Year Deliverable Interest Rate Swap		1,299	Short	Jun-16		(133,854,210	)		(134,385,608	)		(531,398	)
U.S. 10-Year Deliverable Interest Rate Swap		1,475	Short	Jun-16		(153,830,409	)		(154,460,156	)		(629,747	)
U.S. 10-Year Treasury Note		516	Short	Jun-16		(67,402,500	)		(67,112,250	)		290,250
U.S. 30-Year Deliverable Interest Rate Swap		52	Short	Jun-16		(5,530,947	)		(5,508,750	)		22,197
											$	(5,078,484	)

⁽¹⁾  Represents a futures-style option with no premium at inception and trades like a futures contract.

Nikkei 225 Index:  Price-weighted average of 225 top-rated Japanese companies listed on the First Section of the Tokyo Stock Exchange.

TOPIX Index:  Market capitalization-weighted stock index of all companies listed on the First Section of the Tokyo Stock Exchange.

WTI:  West Texas Intermediate

Centrally Cleared Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation (Depreciation)
CME Group, Inc.	MXN	236,576	Pays	Mexico Interbank TIIE 28 Day		6.26	%		9/29/25	$	236,519
CME Group, Inc.	MXN	236,576	Pays	Mexico Interbank TIIE 28 Day		6.29			10/1/25		272,671
CME Group, Inc.	MXN	392,148	Pays	Mexico Interbank TIIE 28 Day		6.24			10/2/25		351,204
LCH.Clearnet(1)	CAD	1,328,500	Pays	Bank of Canada Overnight Repo Rate		0.52			12/7/16		(15,385	)
LCH.Clearnet(1)	CAD	2,226,000	Pays	Bank of Canada Overnight Repo Rate		0.51			12/7/16		(27,570	)
LCH.Clearnet	CAD	26,310	Receives	3-month Canadian Bankers Acceptances		1.52			3/30/26		308,386
LCH.Clearnet	CAD	26,310	Receives	3-month Canadian Bankers Acceptances		1.53			3/30/26		288,414
LCH.Clearnet(1)	EUR	6,923	Receives	6-month Euro Interbank Offered Rate		0.50	(2)		3/16/21		100,140
LCH.Clearnet(1)	EUR	6,923	Pays	6-month Euro Interbank Offered Rate		0.50	(2)		3/16/21		(82,017	)
LCH.Clearnet(1)	EUR	603	Receives	6-month Euro Interbank Offered Rate		0.50	(2)		6/15/21		436
LCH.Clearnet(1)	EUR	137,165	Receives	6-month Euro Interbank Offered Rate		0.50	(2)		6/15/21		(556,125	)
LCH.Clearnet	NZD	20,093	Pays	3-month NZD Bank Bill		4.96			4/29/24		2,147,661
LCH.Clearnet	NZD	11,875	Pays	3-month NZD Bank Bill		3.77			3/5/25		577,553
LCH.Clearnet	NZD	11,470	Pays	3-month NZD Bank Bill		4.05			6/16/25		821,057
LCH.Clearnet	NZD	18,894	Pays	3-month NZD Bank Bill		4.05			6/16/25		1,351,822
LCH.Clearnet	NZD	23,462	Pays	3-month NZD Bank Bill		3.92			6/25/25		1,501,467
LCH.Clearnet	SEK	328,758	Receives	3-month Stockholm Interbank Offered Rate		(0.27	)		3/31/21		151,365
LCH.Clearnet	SEK	168,821	Receives	3-month Stockholm Interbank Offered Rate		(1.12	)		3/31/26		201,212
LCH.Clearnet	SEK	157,030	Receives	3-month Stockholm Interbank Offered Rate		(1.14	)		4/4/26		163,187
LCH.Clearnet(1)	USD	36,669	Receives	3-month USD-LIBOR-BBA		1.25	(2)		6/15/18		(133,359	)
LCH.Clearnet(1)	USD	62,849	Receives	3-month USD-LIBOR-BBA		1.25	(2)		6/15/18		(74,242	)
LCH.Clearnet	USD	6,090	Pays	3-month USD-LIBOR-BBA		1.80			6/29/20		252,784
LCH.Clearnet	USD	11,560	Pays	3-month USD-LIBOR-BBA		1.80			6/29/20		365,837
LCH.Clearnet	USD	6,478	Pays	3-month USD-LIBOR-BBA		1.75			7/31/20		237,157
LCH.Clearnet	USD	8,225	Pays	3-month USD-LIBOR-BBA		1.78			7/31/20		247,412

31 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)

Counterparty

Notional Amount (000’s omitted)

Portfolio Pays/Receives Floating Rate

Floating Rate

Annual Fixed Rate

Termination Date

Net Unrealized Appreciation (Depreciation)

LCH.Clearnet

USD

12,230

Pays

3-month USD-LIBOR-BBA

1.74

%

7/31/20

$

327,461

LCH.Clearnet

USD

15,290

Pays

3-month USD-LIBOR-BBA

1.74

7/31/20

409,224

LCH.Clearnet

USD

16,334

Pays

3-month USD-LIBOR-BBA

1.74

8/12/20

426,839

LCH.Clearnet

USD

17,380

Pays

3-month USD-LIBOR-BBA

1.62

8/14/20

363,643

LCH.Clearnet

USD

8,898

Pays

3-month USD-LIBOR-BBA

1.68

8/17/20

208,272

LCH.Clearnet

USD

9,533

Pays

3-month USD-LIBOR-BBA

1.68

8/17/20

223,135

LCH.Clearnet

USD

19,667

Pays

3-month USD-LIBOR-BBA

1.69

8/17/20

468,176

LCH.Clearnet

USD

32,698

Pays

3-month USD-LIBOR-BBA

1.70

8/19/20

788,851

LCH.Clearnet(1)

USD

4,628

Pays

3-month USD-LIBOR-BBA

1.56

8/22/20

60,885

LCH.Clearnet(1)

USD

9,452

Pays

3-month USD-LIBOR-BBA

1.56

8/22/20

126,207

LCH.Clearnet(1)

USD

19,470

Pays

3-month USD-LIBOR-BBA

1.55

8/22/20

252,318

LCH.Clearnet

USD

33,453

Pays

3-month USD-LIBOR-BBA

1.57

9/17/20

583,370

LCH.Clearnet

USD

9,840

Pays

3-month USD-LIBOR-BBA

1.65

9/18/20

207,880

LCH.Clearnet

USD

24,270

Pays

3-month USD-LIBOR-BBA

1.65

9/18/20

511,387

LCH.Clearnet

USD

1,310

Pays

3-month USD-LIBOR-BBA

1.55

9/23/20

21,458

LCH.Clearnet

USD

1,310

Pays

3-month USD-LIBOR-BBA

1.54

9/23/20

21,240

LCH.Clearnet

USD

9,330

Pays

3-month USD-LIBOR-BBA

1.43

10/28/20

94,764

LCH.Clearnet

USD

9,330

Pays

3-month USD-LIBOR-BBA

1.42

10/28/20

93,733

LCH.Clearnet

USD

9,620

Pays

3-month USD-LIBOR-BBA

1.38

10/29/20

79,138

LCH.Clearnet

USD

15,830

Pays

3-month USD-LIBOR-BBA

1.52

11/4/20

320,602

LCH.Clearnet

USD

9,622

Pays

3-month USD-LIBOR-BBA

1.54

11/5/20

202,849

LCH.Clearnet

USD

9,622

Pays

3-month USD-LIBOR-BBA

1.53

11/5/20

199,299

LCH.Clearnet

USD

19,245

Pays

3-month USD-LIBOR-BBA

1.53

11/5/20

397,435

LCH.Clearnet

USD

9,312

Pays

3-month USD-LIBOR-BBA

1.56

11/9/20

202,186

LCH.Clearnet

USD

12,726

Pays

3-month USD-LIBOR-BBA

1.67

11/12/20

345,697

LCH.Clearnet

USD

1,952

Pays

3-month USD-LIBOR-BBA

1.12

2/23/21

(8,765

)

LCH.Clearnet

USD

6,834

Pays

3-month USD-LIBOR-BBA

1.11

2/23/21

(31,692

)

LCH.Clearnet

USD

6,626

Pays

3-month USD-LIBOR-BBA

1.17

2/25/21

(13,122

)

LCH.Clearnet

USD

13,253

Pays

3-month USD-LIBOR-BBA

1.17

2/25/21

(27,546

)

LCH.Clearnet

USD

6,634

Pays

3-month USD-LIBOR-BBA

1.15

3/3/21

(20,732

)

LCH.Clearnet

USD

16,620

Pays

3-month USD-LIBOR-BBA

1.27

3/7/21

44,825

LCH.Clearnet

USD

10,838

Pays

3-month USD-LIBOR-BBA

2.10

7/27/22

533,078

LCH.Clearnet

USD

11,426

Pays

3-month USD-LIBOR-BBA

2.06

7/30/22

474,732

LCH.Clearnet

USD

4,855

Pays

3-month USD-LIBOR-BBA

1.59

4/12/26

(45,781

)

LCH.Clearnet

USD

6,620

Pays

3-month USD-LIBOR-BBA

1.59

4/12/26

(62,738

)

LCH.Clearnet(1)

USD

2,914

Receives

3-month USD-LIBOR-BBA

2.25

(2)

6/15/26

(41,417

)

LCH.Clearnet(1)

USD

12,860

Receives

3-month USD-LIBOR-BBA

2.50

(2)

6/15/46

(169,346

)

LCH.Clearnet(1)

USD

14,950

Receives

3-month USD-LIBOR-BBA

2.50

(2)

6/15/46

5,676

$

16,260,807

⁽¹⁾  Effective date, which represents the date on which the Portfolio and the counterparty to the interest rate swap begin interest payment accrual, is after April 30, 2016.

⁽²⁾  Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

32 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)			Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate		Termination Date		Net Unrealized Appreciation (Depreciation)
Bank of America, N.A.	CNY	142,596	Pays	7-day China Fixing Repo Rates		2.22	%	3/30/18	$	(183,551	)
Bank of America, N.A.	SAR	45,600	Receives	3-month Saudi Riyal Interbank Offered Rate		3.37		4/11/26		84,591
BNP Paribas	CNY	110,612	Pays	7-day China Fixing Repo Rates		2.45		6/24/17		(36,234	)
BNP Paribas	CNY	117,555	Pays	7-day China Fixing Repo Rates		2.41		1/27/21		(433,834	)
Credit Suisse International	RUB	1,911,075	Pays	3-month Moscow Prime Offered Rate		11.56		10/16/18		2,207,141
Credit Suisse International	RUB	637,025	Pays	3-month Moscow Prime Offered Rate		11.40		10/19/18		690,203
Credit Suisse International	RUB	955,538	Pays	3-month Moscow Prime Offered Rate		11.30		10/20/18		997,521
Credit Suisse International	RUB	624,534	Pays	3-month Moscow Prime Offered Rate		11.25		10/21/18		640,244
Deutsche Bank AG	CNY	224,533	Pays	7-day China Fixing Repo Rates		2.45		6/18/17		(71,486	)
Deutsche Bank AG	CNY	274,165	Pays	7-day China Fixing Repo Rates		2.45		6/25/17		(87,891	)
Deutsche Bank AG	CNY	189,824	Pays	7-day China Fixing Repo Rates		2.46		7/16/17		(63,774	)
Deutsche Bank AG	CNY	105,807	Pays	7-day China Fixing Repo Rates		2.45		8/21/17		(37,124	)
Deutsche Bank AG	CNY	202,545	Pays	7-day China Fixing Repo Rates		2.46		8/21/17		(69,926	)
Deutsche Bank AG	CNY	266,229	Pays	7-day China Fixing Repo Rates		2.46		8/21/17		(88,916	)
Deutsche Bank AG	CNY	358,058	Pays	7-day China Fixing Repo Rates		2.22		3/30/18		(455,585	)
Deutsche Bank AG	CNY	117,555	Pays	7-day China Fixing Repo Rates		2.40		1/27/21		(441,710	)
Deutsche Bank AG	INR	5,100,000	Pays	1-day Overnight Mumbai Interbank Offered Rate		6.53		4/29/21		(44,535	)
Deutsche Bank AG	SAR	43,290	Receives	3-month Saudi Riyal Interbank Offered Rate		3.01		6/28/20		(192,121	)
Deutsche Bank AG	SAR	100,650	Receives	3-month Saudi Riyal Interbank Offered Rate		3.03		8/2/20		(384,465	)
Deutsche Bank AG	SAR	183,300	Receives	3-month Saudi Riyal Interbank Offered Rate		3.09		11/12/20		(813,779	)
Deutsche Bank AG	SAR	78,019	Receives	3-month Saudi Riyal Interbank Offered Rate		2.64		2/25/21		160,855
Deutsche Bank AG	SAR	25,680	Receives	3-month Saudi Riyal Interbank Offered Rate		2.62		3/3/21		60,392
Deutsche Bank AG	SAR	65,016	Receives	3-month Saudi Riyal Interbank Offered Rate		2.76		3/7/21		41,761
Goldman Sachs International	CNY	224,533	Pays	7-day China Fixing Repo Rates		2.45		6/18/17		(71,486	)
Goldman Sachs International	CNY	238,820	Pays	7-day China Fixing Repo Rates		2.49		6/25/17		(59,889	)
Goldman Sachs International	CNY	247,538	Pays	7-day China Fixing Repo Rates		2.45		7/16/17		(86,181	)
Goldman Sachs International	CNY	151,153	Pays	7-day China Fixing Repo Rates		2.45		8/20/17		(53,756	)
Goldman Sachs International	CNY	402,790	Pays	7-day China Fixing Repo Rates		2.37		4/15/18		(338,018	)
Goldman Sachs International	CNY	68,889	Pays	7-day China Fixing Repo Rates		2.43		1/27/21		(247,311	)
Goldman Sachs International	RUB	1,519,301	Pays	3-month Moscow Prime Offered Rate		10.16		3/18/20		27,966
Goldman Sachs International	SAR	22,830	Receives	3-month Saudi Riyal Interbank Offered Rate		2.17		6/29/20		33,681
Goldman Sachs International	SAR	61,080	Receives	3-month Saudi Riyal Interbank Offered Rate		2.16		8/3/20		196,683
Goldman Sachs International	SAR	60,729	Receives	3-month Saudi Riyal Interbank Offered Rate		2.35		8/12/20		54,808
Goldman Sachs International	SAR	65,516	Receives	3-month Saudi Riyal Interbank Offered Rate		2.33		8/17/20		81,816
Goldman Sachs International	SAR	71,420	Receives	3-month Saudi Riyal Interbank Offered Rate		2.40		8/17/20		23,056
Goldman Sachs International	SAR	75,641	Receives	3-month Saudi Riyal Interbank Offered Rate		2.40		8/17/20		29,250
Goldman Sachs International	SAR	74,938	Receives	3-month Saudi Riyal Interbank Offered Rate		2.46		8/19/20		(28,761	)
Goldman Sachs International	SAR	53,447	Receives	3-month Saudi Riyal Interbank Offered Rate		3.41		8/22/20		(314,728	)
Goldman Sachs International	SAR	104,620	Receives	3-month Saudi Riyal Interbank Offered Rate		3.41		8/22/20		(616,065	)
Goldman Sachs International	SAR	126,102	Receives	3-month Saudi Riyal Interbank Offered Rate		2.26		9/17/20		315,739
Goldman Sachs International	SAR	126,102	Receives	3-month Saudi Riyal Interbank Offered Rate		2.34		9/21/20		197,913
Goldman Sachs International	SAR	45,773	Receives	3-month Saudi Riyal Interbank Offered Rate		2.23		9/28/20		139,666
Goldman Sachs International	SAR	36,300	Receives	3-month Saudi Riyal Interbank Offered Rate		2.35		10/29/20		67,430
Goldman Sachs International	SAR	62,080	Receives	3-month Saudi Riyal Interbank Offered Rate		2.54		11/4/20		44,124
Goldman Sachs International	SAR	37,250	Receives	3-month Saudi Riyal Interbank Offered Rate		2.58		11/5/20		6,666

33 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Interest Rate Swaps (continued)
Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation (Depreciation)
Goldman Sachs International	SAR	74,490	Receives	3-month Saudi Riyal Interbank Offered Rate		2.56	%		11/5/20	$	32,239
Goldman Sachs International	SAR	32,508	Receives	3-month Saudi Riyal Interbank Offered Rate		2.65			2/23/21		62,919
Goldman Sachs International	SAR	43,163	Receives	3-month Saudi Riyal Interbank Offered Rate		2.64			7/27/22		40,325
Goldman Sachs International	SAR	43,698	Receives	3-month Saudi Riyal Interbank Offered Rate		2.61			7/30/22		113,525
JPMorgan Chase Bank, N.A.	CNY	238,820	Pays	7-day China Fixing Repo Rates		2.49			6/25/17		(59,889	)
JPMorgan Chase Bank, N.A.	CNY	269,115	Pays	7-day China Fixing Repo Rates		2.37			4/15/18		(228,230	)
JPMorgan Chase Bank, N.A.	CNY	117,556	Pays	7-day China Fixing Repo Rates		2.41			1/27/21		(437,776	)
JPMorgan Chase Bank, N.A.	NZD	11,000	Pays	3-month NZD Bank Bill		3.86			2/25/23		563,243
JPMorgan Chase Bank, N.A.	NZD	5,490	Pays	3-month NZD Bank Bill		4.06			6/4/23		367,848
Standard Chartered Bank	CNY	236,351	Pays	7-day China Fixing Repo Rates		2.46			6/24/17		(71,848	)
Standard Chartered Bank	CNY	286,584	Pays	7-day China Fixing Repo Rates		2.50			6/25/17		(65,919	)
Standard Chartered Bank	CNY	238,592	Pays	7-day China Fixing Repo Rates		2.45			7/16/17		(85,297	)
Standard Chartered Bank	CNY	96,739	Pays	7-day China Fixing Repo Rates		2.45			8/21/17		(34,487	)
Standard Chartered Bank	CNY	415,125	Pays	7-day China Fixing Repo Rates		2.22			3/30/18		(534,353	)
Standard Chartered Bank	CNY	145,987	Pays	7-day China Fixing Repo Rates		2.40			1/27/21		(548,542	)
Standard Chartered Bank	INR	3,881,430	Pays	1-day Overnight Mumbai Interbank Offered Rate		6.57			4/27/21		63,257
										$	57,395

Centrally Cleared Credit Default Swaps — Sell Protection
Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Current Market Annual Fixed Rate***			Market Value			Unamortized Upfront Payments		Net Unrealized Appreciation
Markit CDX Emerging Market Index	ICE Clear Credit	$	1,000		1.00	%(1)		6/20/21		2.84	%	$	(83,290	)	$	89,762	$	6,472
Total		$	1,000									$	(83,290	)	$	89,762	$	6,472

Credit Default Swaps — Sell Protection
Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Current Market Annual Fixed Rate***			Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Abu Dhabi	Barclays Bank PLC	$	13,420		1.00	%(1)		12/20/20		0.86	%	$	101,252		$	200,136		$	301,388
Abu Dhabi	Barclays Bank PLC		11,180		1.00	(1)		12/20/20		0.86			84,352			98,816			183,168
Abu Dhabi	Barclays Bank PLC		3,960		1.00	(1)		12/20/20		0.86			29,877			52,483			82,360
Abu Dhabi	Barclays Bank PLC		4,640		1.00	(1)		6/20/21		0.92			22,764			(22,652	)		112
Abu Dhabi	Goldman Sachs International		7,960		1.00	(1)		12/20/20		0.86			60,057			84,098			144,155
Abu Dhabi	Goldman Sachs International		1,360		1.00	(1)		12/20/20		0.86			10,261			23,927			34,188
Abu Dhabi	Goldman Sachs International		3,410		1.00	(1)		6/20/21		0.92			16,540			(18,307	)		(1,767	)
Belarus	Deutsche Bank AG		4,200		5.00	(1)		12/20/16		6.48			(15,043	)		33,485			18,442

34 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Credit Default Swaps — Sell Protection (continued)
Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Current Market Annual Fixed Rate***			Market Value			Unamortized Upfront Payments Received (Paid)		Net Unrealized Appreciation (Depreciation)
Croatia	Citibank, N.A.	$	2,440		1.00	%(1)		3/20/17		0.71	%	$	9,206		$	14,905	$	24,111
Indonesia	Citibank, N.A.		9,370		1.00	(1)		12/20/20		1.73			(290,939	)		442,801		151,862
Indonesia	Citibank, N.A.		4,690		1.00	(1)		12/20/20		1.73			(145,625	)		229,522		83,897
Indonesia	Citibank, N.A.		7,220		1.00	(1)		12/20/20		1.73			(224,182	)		303,075		78,893
Indonesia	Deutsche Bank AG		4,690		1.00	(1)		12/20/20		1.73			(145,625	)		232,537		86,912
Indonesia	Goldman Sachs International		4,420		1.00	(1)		12/20/20		1.73			(137,241	)		208,311		71,070
Kazakhstan	Barclays Bank PLC		5,400		1.00	(1)		6/20/20		2.19			(245,074	)		294,425		49,351
Kazakhstan	Barclays Bank PLC		4,450		1.00	(1)		6/20/20		2.19			(201,959	)		236,355		34,396
Kazakhstan	Barclays Bank PLC		15,000		1.00	(1)		12/20/20		2.36			(867,017	)		1,180,867		313,850
Kazakhstan	Barclays Bank PLC		5,000		1.00	(1)		12/20/20		2.36			(289,006	)		394,563		105,557
Kazakhstan	Barclays Bank PLC		5,000		1.00	(1)		12/20/20		2.36			(289,006	)		394,359		105,353
Kazakhstan	Barclays Bank PLC		5,000		1.00	(1)		12/20/20		2.36			(289,006	)		384,491		95,485
Kazakhstan	Barclays Bank PLC		5,000		1.00	(1)		12/20/20		2.36			(289,006	)		373,967		84,961
Kazakhstan	Barclays Bank PLC		5,000		1.00	(1)		12/20/20		2.36			(289,005	)		373,590		84,585
Kazakhstan	Barclays Bank PLC		3,750		1.00	(1)		6/20/21		2.49			(261,443	)		326,669		65,226
Kazakhstan	Goldman Sachs International		2,130		1.00	(1)		6/20/21		2.49			(148,617	)		138,149		(10,468	)
Kazakhstan	Morgan Stanley & Co. International PLC		3,180		1.00	(1)		12/20/20		2.36			(191,935	)		220,072		28,137
Kazakhstan	Morgan Stanley & Co. International PLC		3,180		1.00	(1)		6/20/21		2.49			(221,704	)		265,815		44,111
Kazakhstan	Nomura International PLC		3,360		1.00	(1)		6/20/21		2.49			(234,216	)		215,197		(19,019	)
Nigeria	Citibank, N.A.		6,010		3.50			6/20/16		2.89			29,161			—		29,161
Nigeria	Citibank, N.A.		1,600		1.00	(1)		9/20/16		2.89			(10,054	)		17,313		7,259
Saudi Arabia	Barclays Bank PLC		4,600		1.00	(1)		12/20/20		1.48			(92,870	)		99,933		7,063
Saudi Arabia	Barclays Bank PLC		4,500		1.00	(1)		12/20/20		1.48			(90,851	)		97,647		6,796
Saudi Arabia	Citibank, N.A.		12,500		1.00	(1)		12/20/20		1.48			(252,364	)		271,306		18,942
Saudi Arabia	Citibank, N.A.		3,160		1.00	(1)		12/20/20		1.48			(63,798	)		76,513		12,715
Saudi Arabia	Citibank, N.A.		5,010		1.00	(1)		12/20/20		1.48			(101,147	)		108,614		7,467
Saudi Arabia	Citibank, N.A.		3,152		1.00	(1)		12/20/20		1.48			(63,637	)		70,959		7,322
Saudi Arabia	Deutsche Bank AG		3,140		1.00	(1)		12/20/20		1.48			(63,394	)		68,027		4,633
Saudi Arabia	HSBC Bank USA, N.A.		4,330		1.00	(1)		12/20/20		1.48			(87,418	)		99,345		11,927
Slovenia	Bank of America, N.A.		21,272		1.00	(1)		3/20/20		0.81			181,257			270,592		451,849
Slovenia	Goldman Sachs International		4,728		1.00	(1)		12/20/19		0.75			47,237			43,105		90,342
Turkey	BNP Paribas		13,400		1.00	(1)		9/20/20		2.21			(655,690	)		908,379		252,689
Turkey	BNP Paribas		12,243		1.00	(1)		9/20/22		2.67			(1,153,757	)		466,149		(687,608	)
Turkey	Goldman Sachs International		6,020		1.00	(1)		12/20/17		0.97			9,541			92,497		102,038
Turkey	Goldman Sachs International		21,475		1.00	(1)		9/20/18		1.33			(145,024	)		263,415		118,391
Turkey	Goldman Sachs International		12,900		1.00	(1)		9/20/18		1.33			(87,115	)		149,566		62,451
Turkey	Goldman Sachs International		10,120		1.00	(1)		9/20/18		1.33			(68,341	)		119,695		51,354
Turkey	JPMorgan Chase Bank, N.A.		7,400		1.00	(1)		9/20/22		2.67			(697,362	)		352,509		(344,853	)
Turkey	Morgan Stanley & Co. International PLC		31,465		1.00	(1)		9/20/18		1.33			(212,487	)		372,155		159,668
Turkey	Morgan Stanley & Co. International PLC		21,477		1.00	(1)		9/20/18		1.33			(145,034	)		266,552		121,518

35 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Credit Default Swaps — Sell Protection (continued)
Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Current Market Annual Fixed Rate***			Market Value			Unamortized Upfront Payments Received (Paid)		Net Unrealized Appreciation (Depreciation)
Turkey	Morgan Stanley & Co. International PLC	$	12,900		1.00	%(1)		9/20/18		1.33	%	$	(87,115	)	$	154,020	$	66,905
Turkey	Morgan Stanley & Co. International PLC		6,400		1.00	(1)		9/20/18		1.33			(43,220	)		79,836		36,616
Turkey	Morgan Stanley & Co. International PLC		4,300		1.00	(1)		9/20/18		1.33			(29,039	)		52,810		23,771
Turkey	Morgan Stanley & Co. International PLC		4,200		1.00	(1)		9/20/18		1.33			(28,363	)		47,733		19,370
Total		$	386,712									$	(8,352,224	)	$	11,230,326	$	2,878,102

Credit Default Swaps — Buy Protection
Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Bulgaria	BNP Paribas	$	2,009		1.00	%(1)		6/20/18	$	(4,783	)	$	(4,936	)	$	(9,719	)
Bulgaria	BNP Paribas		2,100		1.00	(1)		9/20/18		(1,976	)		(10,902	)		(12,878	)
Bulgaria	BNP Paribas		3,100		1.00	(1)		9/20/18		(2,917	)		(14,033	)		(16,950	)
Bulgaria	BNP Paribas		2,160		1.00	(1)		12/20/18		1,018			(11,843	)		(10,825	)
China	Bank of America, N.A.		6,100		1.00	(1)		3/20/17		(44,877	)		(32,233	)		(77,110	)
China	Barclays Bank PLC		10,076		1.00	(1)		3/20/17		(74,128	)		(48,452	)		(122,580	)
China	Deutsche Bank AG		3,700		1.00	(1)		3/20/17		(27,221	)		(16,909	)		(44,130	)
China	Deutsche Bank AG		4,300		1.00	(1)		3/20/17		(31,635	)		(19,651	)		(51,286	)
China	JPMorgan Chase Bank, N.A.		10,200		1.00	(1)		3/20/18		(94,695	)		59,435			(35,260	)
Croatia	Barclays Bank PLC		5,480		1.00	(1)		3/20/20		228,653			(307,245	)		(78,592	)
Croatia	Barclays Bank PLC		5,480		1.00	(1)		3/20/20		228,653			(307,608	)		(78,955	)
Croatia	Barclays Bank PLC		5,480		1.00	(1)		3/20/20		228,654			(316,163	)		(87,509	)
Croatia	Barclays Bank PLC		10,960		1.00	(1)		3/20/20		457,307			(613,953	)		(156,646	)
Croatia	BNP Paribas		2,000		1.00	(1)		12/20/17		2,544			(44,122	)		(41,578	)
Croatia	BNP Paribas		3,960		1.00	(1)		6/20/18		25,994			(134,573	)		(108,579	)
Croatia	BNP Paribas		1,625		1.00	(1)		3/20/20		67,803			(104,452	)		(36,649	)
Croatia	BNP Paribas		2,840		1.00	(1)		3/20/20		118,499			(163,497	)		(44,998	)
Croatia	BNP Paribas		3,340		1.00	(1)		3/20/20		139,361			(184,760	)		(45,399	)
Croatia	BNP Paribas		6,750		1.00	(1)		3/20/20		281,645			(433,281	)		(151,636	)
Croatia	Citibank, N.A.		1,500		1.00	(1)		12/20/17		1,909			(32,696	)		(30,787	)
Croatia	Citibank, N.A.		5,000		1.00	(1)		12/20/17		6,361			(111,508	)		(105,147	)
Croatia	Citibank, N.A.		1,913		1.00	(1)		3/20/18		7,465			(66,522	)		(59,057	)
Croatia	Citibank, N.A.		930		1.00	(1)		6/20/18		6,105			(32,152	)		(26,047	)
Croatia	Citibank, N.A.		1,270		1.00	(1)		6/20/18		8,337			(51,123	)		(42,786	)
Croatia	Citibank, N.A.		5,580		1.00	(1)		6/20/18		36,628			(221,782	)		(185,154	)
Croatia	Citibank, N.A.		5,160		1.00	(1)		3/20/20		215,302			(300,876	)		(85,574	)
Croatia	Citibank, N.A.		156		1.00	(1)		6/20/20		7,365			(9,295	)		(1,930	)

36 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Credit Default Swaps — Buy Protection (continued)
Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Croatia	Citibank, N.A.	$	1,210		1.00	%(1)		6/20/20	$	57,211		$	(73,950	)	$	(16,739	)
Croatia	Goldman Sachs International		2,000		1.00	(1)		12/20/17		2,544			(43,710	)		(41,166	)
Croatia	Goldman Sachs International		3,000		1.00	(1)		3/20/19		60,507			(125,094	)		(64,587	)
Croatia	Goldman Sachs International		2,670		1.00	(1)		3/20/20		111,406			(153,710	)		(42,304	)
Croatia	Goldman Sachs International		4,150		1.00	(1)		3/20/20		173,159			(239,155	)		(65,996	)
Croatia	Goldman Sachs International		5,440		1.00	(1)		3/20/20		226,984			(349,742	)		(122,758	)
Croatia	Goldman Sachs International		2,100		1.00	(1)		6/20/20		99,293			(128,772	)		(29,479	)
Croatia	HSBC Bank USA, N.A.		2,822		1.00	(1)		3/20/18		11,011			(98,130	)		(87,119	)
Croatia	JPMorgan Chase Bank, N.A.		1,533		1.00	(1)		6/20/18		10,063			(61,760	)		(51,697	)
Croatia	Morgan Stanley & Co. International PLC		1,782		1.00	(1)		12/20/16		(6,052	)		(16,051	)		(22,103	)
Croatia	Morgan Stanley & Co. International PLC		1,385		1.00	(1)		12/20/17		1,761			(29,281	)		(27,520	)
Croatia	Morgan Stanley & Co. International PLC		1,595		1.00	(1)		12/20/17		2,029			(36,059	)		(34,030	)
Croatia	Morgan Stanley & Co. International PLC		2,500		1.00	(1)		12/20/17		3,181			(55,396	)		(52,215	)
Croatia	Morgan Stanley & Co. International PLC		2,500		1.00	(1)		12/20/17		3,180			(56,468	)		(53,288	)
Croatia	Morgan Stanley & Co. International PLC		1,266		1.00	(1)		3/20/18		4,940			(44,447	)		(39,507	)
Croatia	Morgan Stanley & Co. International PLC		3,063		1.00	(1)		3/20/18		11,952			(96,872	)		(84,920	)
Croatia	Morgan Stanley & Co. International PLC		1,163		1.00	(1)		6/20/18		7,634			(48,901	)		(41,267	)
Croatia	Morgan Stanley & Co. International PLC		2,500		1.00	(1)		6/20/18		16,410			(96,270	)		(79,860	)
Croatia	Morgan Stanley & Co. International PLC		2,745		1.00	(1)		6/20/18		18,018			(118,160	)		(100,142	)
Croatia	Nomura International PLC		6,600		1.00	(1)		3/20/18		25,753			(165,422	)		(139,669	)
Lebanon	Deutsche Bank AG		5,130		1.00	(1)		3/20/18		170,281			(270,932	)		(100,651	)
Lebanon	Deutsche Bank AG		5,130		1.00	(1)		3/20/18		170,281			(271,030	)		(100,749	)
Lebanon	Goldman Sachs International		39,456		1.00	(1)		6/20/18		1,574,220			(2,273,716	)		(699,496	)
Lebanon	Goldman Sachs International		3,722		5.00	(1)		12/20/18		(175,944	)		110,829			(65,115	)
Lebanon	Goldman Sachs International		3,450		5.00	(1)		12/20/18		(163,086	)		95,014			(68,072	)
Lebanon	HSBC Bank USA, N.A.		1,250		1.00	(1)		12/20/17		33,160			(58,325	)		(25,165	)
Lebanon	JPMorgan Chase Bank, N.A.		1,300		5.00	(1)		12/20/17		(55,176	)		13,840			(41,336	)
Mexico	Bank of America, N.A.		1,900		1.00	(1)		6/20/22		87,706			(75,494	)		12,212
Mexico	Barclays Bank PLC		1,000		1.00	(1)		6/20/22		46,161			(47,355	)		(1,194	)
Mexico	Barclays Bank PLC		12,800		1.00	(1)		6/20/23		804,175			(321,563	)		482,612
Mexico	Citibank, N.A.		1,250		1.00	(1)		6/20/22		57,701			(51,000	)		6,701
Mexico	Deutsche Bank AG		10,000		1.00	(1)		6/20/23		628,261			(227,394	)		400,867
Philippines	Credit Suisse International		8,100		1.00	(1)		12/20/16		(48,802	)		(28,571	)		(77,373	)
Poland	Bank of America, N.A.		5,200		1.00	(1)		9/20/19		(75,405	)		59,142			(16,263	)
Poland	Barclays Bank PLC		6,320		1.00	(1)		9/20/18		(84,510	)		72,337			(12,173	)

37 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Credit Default Swaps — Buy Protection (continued)
Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Poland	Barclays Bank PLC	$	3,164		1.00	%(1)		9/20/19	$	(45,881	)	$	38,065		$	(7,816	)
Qatar	Bank of America, N.A.		540		1.00	(1)		6/20/19		(7,825	)		8,533			708
Qatar	Bank of America, N.A.		540		1.00	(1)		6/20/19		(7,824	)		8,038			214
Qatar	Barclays Bank PLC		9,791		1.00	(1)		12/20/18		(133,548	)		84,665			(48,883	)
Qatar	Barclays Bank PLC		1,200		1.00	(1)		3/20/19		(16,873	)		10,685			(6,188	)
Qatar	Barclays Bank PLC		3,960		1.00	(1)		12/20/20		(34,166	)		(69,718	)		(103,884	)
Qatar	Barclays Bank PLC		11,180		1.00	(1)		12/20/20		(96,459	)		(147,601	)		(244,060	)
Qatar	Barclays Bank PLC		13,420		1.00	(1)		12/20/20		(115,786	)		(229,147	)		(344,933	)
Qatar	Barclays Bank PLC		6,080		1.00	(1)		6/20/21		(36,771	)		8,765			(28,006	)
Qatar	Barclays Bank PLC		2,130		1.00	(1)		9/20/22		4,335			15,909			20,244
Qatar	Barclays Bank PLC		7,680		1.00	(1)		9/20/23		65,035			4,894			69,929
Qatar	Barclays Bank PLC		3,600		1.00	(1)		9/20/23		30,485			12,856			43,341
Qatar	BNP Paribas		539		1.00	(1)		6/20/19		(7,809	)		6,019			(1,790	)
Qatar	Citibank, N.A.		2,020		1.00	(1)		6/20/19		(29,268	)		29,527			259
Qatar	Deutsche Bank AG		539		1.00	(1)		6/20/19		(7,809	)		5,673			(2,136	)
Qatar	Deutsche Bank AG		1,740		1.00	(1)		6/20/19		(25,211	)		18,315			(6,896	)
Qatar	Goldman Sachs International		1,660		1.00	(1)		3/20/19		(23,341	)		17,113			(6,228	)
Qatar	Goldman Sachs International		3,330		1.00	(1)		3/20/19		(46,823	)		28,898			(17,925	)
Qatar	Goldman Sachs International		1,360		1.00	(1)		12/20/20		(11,734	)		(29,804	)		(41,538	)
Qatar	Goldman Sachs International		7,960		1.00	(1)		12/20/20		(68,679	)		(118,668	)		(187,347	)
Qatar	Goldman Sachs International		4,140		1.00	(1)		6/20/21		(24,808	)		1,909			(22,899	)
Qatar	Goldman Sachs International		2,100		1.00	(1)		12/20/23		21,504			(5,481	)		16,023
Qatar	Goldman Sachs International		1,730		1.00	(1)		9/20/24		26,764			1,242			28,006
Qatar	JPMorgan Chase Bank, N.A.		580		1.00	(1)		3/20/19		(8,155	)		5,643			(2,512	)
Qatar	JPMorgan Chase Bank, N.A.		510		1.00	(1)		6/20/19		(7,389	)		8,069			680
Qatar	JPMorgan Chase Bank, N.A.		1,032		1.00	(1)		6/20/19		(14,952	)		12,147			(2,805	)
Qatar	JPMorgan Chase Bank, N.A.		1,520		1.00	(1)		6/20/19		(22,023	)		15,531			(6,492	)
Qatar	Nomura International PLC		620		1.00	(1)		3/20/19		(8,718	)		5,516			(3,202	)
Qatar	Nomura International PLC		1,540		1.00	(1)		3/20/19		(21,654	)		14,133			(7,521	)
Qatar	Nomura International PLC		6,080		1.00	(1)		6/20/21		(36,771	)		17,719			(19,052	)
Qatar	Nomura International PLC		5,380		1.00	(1)		9/20/24		83,229			15,470			98,699
Qatar	UBS AG		5,500		1.00	(1)		12/20/23		56,321			(14,548	)		41,773
South Africa	Bank of America, N.A.		26,320		1.00	(1)		9/20/22		2,960,240			(1,319,330	)		1,640,910
South Africa	Bank of America, N.A.		14,640		1.00	(1)		9/20/22		1,646,577			(662,632	)		983,945
South Africa	Bank of America, N.A.		7,500		1.00	(1)		9/20/22		843,533			(473,014	)		370,519
South Africa	Bank of America, N.A.		5,000		1.00	(1)		9/20/22		562,356			(239,300	)		323,056
South Africa	Barclays Bank PLC		3,100		1.00	(1)		9/20/22		348,661			(167,869	)		180,792
South Africa	BNP Paribas		3,100		1.00	(1)		9/20/22		348,661			(172,477	)		176,184
South Africa	BNP Paribas		2,940		1.00	(1)		12/20/25		508,109			(475,094	)		33,015
South Africa	BNP Paribas		26,186		1.00	(1)		12/20/25		4,525,625			(4,502,100	)		23,525
South Africa	BNP Paribas		13,330		1.00	(1)		12/20/25		2,303,772			(2,393,515	)		(89,743	)
South Africa	BNP Paribas		15,990		1.00	(1)		12/20/25		2,763,490			(2,872,801	)		(109,311	)
South Africa	Credit Suisse International		3,700		1.00	(1)		9/20/22		416,143			(242,307	)		173,836

38 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Credit Default Swaps — Buy Protection (continued)
Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
South Africa	Deutsche Bank AG	$	5,700		1.00	%(1)		9/20/22	$	641,086		$	(357,276	)	$	283,810
South Africa	Deutsche Bank AG		4,860		1.00	(1)		9/20/22		546,610			(305,936	)		240,674
South Africa	Goldman Sachs International		15,000		1.00	(1)		9/20/22		1,687,067			(944,771	)		742,296
South Africa	Goldman Sachs International		3,070		1.00	(1)		9/20/22		345,286			(187,288	)		157,998
South Africa	Goldman Sachs International		2,647		1.00	(1)		12/20/22		313,048			(170,647	)		142,401
South Africa	HSBC Bank USA, N.A.		7,120		1.00	(1)		12/20/22		842,047			(418,298	)		423,749
South Africa	HSBC Bank USA, N.A.		2,500		1.00	(1)		12/20/22		295,662			(154,773	)		140,889
South Africa	Nomura International PLC		1,000		1.00	(1)		9/20/22		112,471			(49,519	)		62,952
South Africa	Nomura International PLC		7,571		1.00	(1)		12/20/22		895,385			(480,353	)		415,032
Spain	Bank of America, N.A.		2,400		1.00	(1)		9/20/20		(27,784	)		(117,328	)		(145,112	)
Spain	Barclays Bank PLC		2,421		1.00	(1)		9/20/20		(28,028	)		(103,692	)		(131,720	)
Spain	Barclays Bank PLC		1,100		1.00	(1)		12/20/20		(11,882	)		(51,938	)		(63,820	)
Spain	Barclays Bank PLC		3,900		1.00	(1)		12/20/20		(42,128	)		(187,608	)		(229,736	)
Spain	Barclays Bank PLC		3,200		1.00	(1)		12/20/20		(34,566	)		(220,782	)		(255,348	)
Spain	Barclays Bank PLC		5,000		1.00	(1)		6/20/21		(46,375	)		(253,817	)		(300,192	)
Spain	Barclays Bank PLC		5,000		1.00	(1)		6/20/21		(46,374	)		(285,904	)		(332,278	)
Spain	Barclays Bank PLC		5,000		1.00	(1)		3/20/22		(23,770	)		(584,776	)		(608,546	)
Spain	Credit Suisse International		2,200		1.00	(1)		3/20/21		(22,094	)		(166,806	)		(188,900	)
Spain	Credit Suisse International		5,000		1.00	(1)		6/20/21		(46,374	)		(277,132	)		(323,506	)
Spain	Deutsche Bank AG		3,500		1.00	(1)		12/20/20		(37,807	)		(193,092	)		(230,899	)
Spain	Deutsche Bank AG		10,730		1.00	(1)		6/20/22		(35,054	)		(1,825,541	)		(1,860,595	)
Thailand	Citibank, N.A.		7,900		1.00	(1)		12/20/16		(48,442	)		(39,912	)		(88,354	)
Thailand	Citibank, N.A.		6,900		1.00	(1)		3/20/18		(77,797	)		1,240			(76,557	)
Total									$	27,402,128		$	(29,962,721	)	$	(2,560,593	)

* If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At April 30, 2016, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $387,712,000.

** The contract annual fixed rate represents the fixed rate of interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) on the notional amount of the credit default swap contract.

*** Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred for the reference entity.

⁽¹⁾  Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

39 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Portfolio of Investments (Unaudited) — continued

Abbreviations:

WTI – West Texas Intermediate

Currency Abbreviations:

AED	–	United Arab Emirates Dirham
AOA	–	Angolan Kwanza
AUD	–	Australian Dollar
BDT	–	Bangladeshi Taka
CAD	–	Canadian Dollar
CNH	–	Yuan Renminbi Offshore
CNY	–	Yuan Renminbi
DOP	–	Dominican Peso
EUR	–	Euro
GBP	–	British Pound Sterling
GEL	–	Georgian Lari
HUF	–	Hungarian Forint
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
ISK	–	Icelandic Krona
JPY	–	Japanese Yen
KES	–	Kenyan Shilling

LBP	–	Lebanese Pound
LKR	–	Sri Lankan Rupee
MXN	–	Mexican Peso
NZD	–	New Zealand Dollar
OMR	–	Omani Rial
PEN	–	Peruvian Sol
RON	–	Romanian Leu
RSD	–	Serbian Dinar
RUB	–	Russian Ruble
SAR	–	Saudi Riyal
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
THB	–	Thai Baht
TRY	–	New Turkish Lira
TWD	–	New Taiwan Dollar
USD	–	United States Dollar
ZAR	–	South African Rand

40 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2016
Unaffiliated investments, at value (identified cost, $1,687,389,713)	$	1,686,664,735
Affiliated investment, at value (identified cost, $49,665,605)		49,665,605
Cash		16,373,937
Restricted cash*		12,249,171
Foreign currency, at value (identified cost, $69,781,776)		70,127,794
Interest and dividend receivable		32,510,306
Interest receivable from affiliated investment		30,222
Receivable for investments sold		54,725,762
Receivable for premiums on written swaptions and swap contracts		950,477
Receivable for variation margin on open futures contracts		5,210,097
Receivable for open forward foreign currency exchange contracts		18,627,949
Receivable for open swap contracts		19,024,530
Premium paid on open non-centrally cleared swap contracts		30,810,851
Tax reclaims receivable		23,482
Total assets	$	1,996,994,918
Liabilities
Cash collateral due to broker	$	379,000
Written options outstanding, at value (premiums received, $14,350,166)		8,874,511
Payable for investments purchased		12,906,336
Payable for securities sold short, at value (proceeds, $5,096,211)		5,243,694
Payable for open forward commodity contracts		2,532,151
Payable for variation margin on open centrally cleared swap contracts		46,132
Payable for open forward foreign currency exchange contracts		70,014,342
Payable for open swap contracts		18,649,626
Payable for closed swap contracts		1,584,948
Premium received on open non-centrally cleared swap contracts		12,078,456
Payable to affiliates:
Investment adviser fee		1,452,883
Trustees’ fees		5,780
Interest payable on securities sold short		153,697
Accrued expenses and other liabilities		664,704
Total liabilities	$	134,586,260
Net Assets applicable to investors’ interest in Portfolio	$	1,862,408,658
Sources of Net Assets
Investors’ capital	$	1,899,078,123
Net unrealized depreciation		(36,669,465	)
Total	$	1,862,408,658

* Represents restricted cash on deposit at the custodian and broker for open derivative contracts.

41 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2016
Interest (net of foreign taxes, $431,931)	$	59,674,407
Dividends (net of foreign taxes, $43,680)		201,273
Interest allocated from affiliated investment		279,609
Expenses allocated from affiliated investment		(11,983	)
Total investment income	$	60,143,306
Expenses
Investment adviser fee	$	8,911,559
Trustees’ fees and expenses		34,113
Custodian fee		844,484
Legal and accounting services		100,917
Interest expense and fees		68,775
Interest expense on securities sold short		238,969
Miscellaneous		113,718
Total expenses	$	10,312,535
Net investment income	$	49,830,771
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $44,947)	$	(43,951,265	)
Investment transactions allocated from affiliated investment		448
Written options and swaptions		8,274,831
Securities sold short		(452,549	)
Futures contracts		(9,614,715	)
Swap contracts		(11,171,276	)
Forward commodity contracts		1,314,933
Foreign currency and forward foreign currency exchange contract transactions		4,669,562
Non-deliverable bond forward contracts		307,905
Net realized loss	$	(50,622,126	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $408,447)	$	73,244,128
Written options and swaptions		1,283,959
Securities sold short		(146,602	)
Futures contracts		(5,514,692	)
Swap contracts		23,172,613
Forward commodity contracts		(3,070,026	)
Foreign currency and forward foreign currency exchange contracts		(49,151,935	)
Non-deliverable bond forward contracts		683,599
Net change in unrealized appreciation (depreciation)	$	40,501,044
Net realized and unrealized loss	$	(10,121,082	)
Net increase in net assets from operations	$	39,709,689

42 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
From operations —
Net investment income	$	49,830,771		$	96,436,656
Net realized gain (loss) from investment transactions, written options and swaptions, securities sold short, futures contracts, swap contracts, forward commodity contracts, foreign currency and forward foreign currency exchange contract transactions and non-deliverable bond forward contracts		(50,622,126	)		71,469,995
Net change in unrealized appreciation (depreciation) from investments, written options and swaptions, securities sold short, futures contracts, swap contracts, forward commodity contracts, foreign currency, forward foreign currency exchange contracts and non-deliverable bond forward contracts		40,501,044			(116,558,523	)
Net increase in net assets from operations	$	39,709,689		$	51,348,128
Capital transactions —
Contributions	$	191,924,988		$	502,588,326
Withdrawals		(248,234,414	)		(185,082,029	)
Net increase (decrease) in net assets from capital transactions	$	(56,309,426	)	$	317,506,297
Net increase (decrease) in net assets	$	(16,599,737	)	$	368,854,425
Net Assets
At beginning of period	$	1,879,008,395		$	1,510,153,970
At end of period	$	1,862,408,658		$	1,879,008,395

43 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Consolidated Supplementary Data

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2015			2014			2013			2012			2011
Ratios (as a percentage of average daily net assets):
Expenses(1)(2)		1.10	%(3)		1.14	%		1.28	%		1.53	%		1.62	%		1.42	%
Net investment income		5.32	%(3)		5.53	%		4.58	%		3.41	%		4.28	%		2.10	%
Portfolio Turnover		45	%(4)		75	%		116	%		65	%		91	%		50	%
Total Return		2.17	%(4)		3.36	%		6.99	%		(1.50	)%		5.20	%		0.45	%
Net assets, end of period (000’s omitted)	$	1,862,409		$	1,879,008		$	1,510,154		$	1,731,630		$	1,187,465		$	1,065,743

⁽¹⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽²⁾  Includes interest and dividend expense, primarily on securities sold short, of 0.03%, 0.03%, 0.14%, 0.42%, 0.47% and 0.25% for the six months ended April 30, 2016 and the years ended October 31, 2015, 2014, 2013, 2012 and 2011, respectively.

⁽³⁾  Annualized.

⁽⁴⁾  Not annualized.

44 See Notes to Consolidated Financial Statements.

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited)

1  Significant Accounting Policies

Global Macro Absolute Return Advantage Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2016, Eaton Vance Global Macro Absolute Return Advantage Fund, Eaton Vance Short Duration Strategic Income Fund, Eaton Vance International (Cayman Islands) Short Duration Strategic Income Fund, Eaton Vance Commodity Strategy Fund, Eaton Vance Multi-Strategy Absolute Return Fund and Eaton Vance Multi-Strategy All Market Fund held an interest of 77.0%, 18.7%, 2.3%, 1.2%, 0.5% and 0.3%, respectively, in the Portfolio.

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GMAP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at April 30, 2016 were $19,190,655 or 1.0% of the Portfolio’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less (excluding those that are non-U.S. dollar denominated, which typically are valued by a pricing service or dealer quotes) are generally valued at amortized cost, which approximates market value.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices.

Derivatives. Exchange-traded options are valued at the mean between the bid and asked prices at valuation time as reported by the Options Price Reporting Authority for U.S. listed options or by the relevant exchange or board of trade for non-U.S. listed options. Over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Financial and commodities futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Forward commodity contracts are generally valued based on the price of the underlying futures or forward contract provided by the exchange on which the underlying instruments are traded or if unavailable, based on forward rates provided by broker/dealers. Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. Swaps (other than centrally cleared) and options on interest rate swaps (“swaptions”) are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. In the case of total return swaps, the pricing service valuations are based on the value of the underlying index or instrument and reference interest rate. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Alternatively, swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty.

Foreign Securities, Financial Futures Contracts and Currencies. Foreign securities, financial futures contracts and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities and certain exchange-traded foreign financial futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign financial futures contracts to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities and foreign financial futures contracts that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities and foreign financial futures contracts to reflect market trading that occurs after the close of the

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applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities and foreign financial futures contracts.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Portfolio’s investment in Cash Reserves Fund reflects the Portfolio’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that fairly reflects the security’s value, or the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

D  Federal and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Portfolio is treated as a U.S. shareholder of the Subsidiary. As a result, the Portfolio is required to include in gross income for U.S. federal tax purposes all of the Subsidiary’s income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio.

As of April 30, 2016, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Portfolio. Pursuant to the custodian agreement, SSBT receives a fee that may be reduced by credits, which are determined based on the average daily cash balance the Portfolio maintains with SSBT. All credit balances, if any, used to reduce the Portfolio’s custodian fees are reported as a reduction of expenses in the Consolidated Statement of Operations. Effective September 1, 2015, SSBT began imposing fees on certain uninvested cash balances and discontinued credits on cash deposit balances.

F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

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G  Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the accompanying Consolidated Portfolio of Investments.

H  Use of Estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

I  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

J  Financial and Commodities Futures Contracts — Upon entering into a financial or commodities futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index, commodity or currency, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

K  Forward Foreign Currency Exchange, Non-Deliverable Bond Forward and Forward Commodity Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. The Portfolio may also enter into non-deliverable bond forward contracts for the purchase or sale of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For non-deliverable bond forward contracts, unrealized gains and losses, based on changes in the value of the contract, and realized gains and losses are accounted for as described above. Unrealized and realized gains and losses on forward commodity contracts, which are entered into for the purchase or sale of a specific commodity at a fixed price on a future date, are accounted for as described above. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and, in the case of forward foreign currency exchange contracts, from movements in the value of a foreign currency relative to the U.S. dollar.

L  Written Options — Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Portfolio’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Portfolio is required to deliver an amount of cash determined by the excess of the strike price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the strike price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Portfolio. The Portfolio, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Portfolio may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

M  Purchased Options — Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Consolidated Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio’s policies on investment valuations discussed above. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. If an option which the Portfolio had purchased expires on the stipulated expiration date, the Portfolio will realize a loss in the amount of the cost of the option. If the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Portfolio exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid. If the Portfolio exercises a call option on a security, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

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N  Interest Rate Swaps — Swap contracts are privately negotiated agreements between the Portfolio and a counterparty. Certain swap contracts may be centrally cleared (“centrally cleared swaps”), whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared swaps, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment.

Pursuant to interest rate swap agreements, the Portfolio either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Portfolio is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

O  Cross-Currency Swaps — Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

P  Credit Default Swaps — When the Portfolio is the buyer of a credit default swap contract, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 5 and 9. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Q  Total Return Swaps — In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

R  Swaptions — A purchased swaption contract grants the Portfolio, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the

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premium paid or received, plus the cost to close. The Portfolio’s risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

S  Repurchase Agreements — A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. Since in such a transaction, the Portfolio normally will have used the purchased securities to settle the short sale, the Portfolio will segregate liquid assets equal to the marked-to-market value of the purchased securities that it is obligated to return to the counterparty under the repurchase agreement. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be delayed. Such an insolvency also may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount at least equal to the repurchase price.

T  Reverse Repurchase Agreements — Under a reverse repurchase agreement, the Portfolio temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Portfolio agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Portfolio may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Portfolio retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Portfolio may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Portfolio enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Portfolio’s assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Portfolio segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Portfolio may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Portfolio may be delayed or the Portfolio may incur a loss equal to the amount by which the value of the security transferred by the Portfolio exceeds the repurchase price payable by the Portfolio.

U  Securities Sold Short — A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. When making a short sale, the Portfolio segregates liquid assets with the custodian equal to its obligations under the short sale. Until the security is replaced, the Portfolio is required to repay the lender any dividends or interest, which accrue during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest and dividends payable on securities sold short are recorded as an expense.

V  Stripped Mortgage-Backed Securities — The Portfolio may invest in Interest Only (IO) and Principal Only (PO) securities, a form of stripped mortgage-backed securities, whereby the IO security receives all the interest and the PO security receives all the principal on a pool of mortgage assets. The yield to maturity on an IO security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security. The market value of IO and PO securities can be unusually volatile due to changes in interest rates.

W  Interim Consolidated Financial Statements — The interim consolidated financial statements relating to April 30, 2016 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the consolidated financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio and the Subsidiary. Pursuant to the investment advisory agreement between the Portfolio and BMR and the investment advisory agreement between the Subsidiary and BMR, the Portfolio and Subsidiary each pay BMR a fee at an annual rate of 1.00% of its respective average daily net assets up to $500 million, 0.95% from $500 million but less than $1 billion, 0.925% from $1 billion but less than $2.5 billion, 0.90% from $2.5 billion but less than $5 billion, and 0.88% of average daily net assets of $5 billion or more, and is payable monthly. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio (inclusive of its interest in the Subsidiary). Such fee rate is then assessed separately on the Portfolio’s average daily net assets (exclusive of its interest in the Subsidiary) and the

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Subsidiary’s average daily net assets to determine the amount of the investment adviser fee. For the six months ended April 30, 2016, the Portfolio’s investment adviser fee amounted to $8,911,559 or 0.95% (annualized) of the Portfolio’s consolidated average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2016, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and securities sold short, aggregated $739,894,368 and $670,444,568, respectively, for the six months ended April 30, 2016.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio, including the Portfolio’s investment in the Subsidiary, at April 30, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,799,098,286
Gross unrealized appreciation	$	52,507,667
Gross unrealized depreciation		(78,444,724	)
Net unrealized depreciation	$	(25,937,057	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and swaptions, forward commodity contracts, forward foreign currency exchange contracts, non-deliverable bond forward contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2016 is included in the Consolidated Portfolio of Investments. At April 30, 2016, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

Written options and swaptions activity for the six months ended April 30, 2016 was as follows:

	Number of Contracts			Principal Amount of Contracts (000’s omitted)									Notional Amount — Swaptions (000’s omitted)			Premiums Received
Currency					CNH		EUR		GBP		JPY			USD			USD
Outstanding, beginning of period		431			672,501		154,398		43,726		5,990,400			60,759			34,615,954
Options written		—			—		46,612		—		13,420,550			—			4,557,837
Options terminated in closing purchase transactions		(221	)		(163,993	)	(76,083	)	—		—			(60,759	)		(17,127,840	)
Options expired		(210	)		—		—		(43,726	)	(19,410,950	)		—			(7,695,785	)
Outstanding, end of period		—			508,508		124,927		—		—			—			14,350,166

CNH	–	Yuan Renminbi Offshore
EUR	–	Euro
GBP	–	British Pound Sterling
JPY	–	Japanese Yen
USD	–	United States Dollar

50

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks:

Commodity Risk:  The Portfolio invests in commodities-linked derivative instruments, including commodity futures contracts and options thereon and forward commodity contracts, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative instruments are used to enhance total return and/or as a substitute for the purchase or sale of commodities.

Credit Risk:  The Portfolio enters into credit default swap contracts to manage certain investment risks and/or to enhance total return.

Equity Price Risk:  The Portfolio enters into equity index futures contracts and equity index options to enhance total return and/or to manage certain investment risks.

Foreign Exchange Risk:  The Portfolio engages in forward foreign currency exchange contracts, currency options and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk:  The Portfolio utilizes various interest rate derivatives including non-deliverable bond forward contracts, interest rate futures contracts, interest rate swaps and swaptions and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in interest rates, and/or to change the effective duration of its portfolio.

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2016, the fair value of derivatives with credit-related contingent features in a net liability position was $99,893,984. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $27,893,563 at April 30, 2016.

The OTC derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. The Portfolio is not subject to counterparty credit risk with respect to its written options and swaptions as the Portfolio, not the counterparty, is obligated to perform under such derivatives. To mitigate this risk, the Portfolio (and Subsidiary) has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio (and Subsidiary) may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio (and Subsidiary) and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as restricted cash and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. The carrying amount of the liability for cash collateral due to broker at April 30, 2016 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 9) at April 30, 2016. Because the Subsidiary is not registered under the 1940 Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

51

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2016 was as follows:

	Fair Value
Consolidated Statement of Assets and Liabilities Caption	Commodity			Credit			Equity Price			Foreign Exchange			Interest Rate			Total
Unaffiliated investments, at value	$	235,950		$	—		$	5,800,469		$	13,892,380		$	—		$	19,928,799
Net unrealized depreciation*		1,379,940			6,472			—			—			17,883,091			19,269,503
Receivable for open forward foreign currency exchange contracts		—			—			—			18,627,949			—			18,627,949
Receivable/Payable for open swap contracts; Premium paid/received on open non-centrally cleared swap contracts		—			30,283,592			—			—			7,344,862			37,628,454
Total Asset Derivatives	$	1,615,890		$	30,290,064		$	5,800,469		$	32,520,329		$	25,227,953		$	95,454,705
Derivatives not subject to master netting or similar agreements	$	1,615,890		$	6,472		$	—		$	—		$	17,883,091		$	19,505,453
Total Asset Derivatives subject to master netting or similar agreements	$	—		$	30,283,592		$	5,800,469		$	32,520,329		$	7,344,862		$	75,949,252
	Commodity			Credit			Equity Price			Foreign Exchange			Interest Rate			Total
Written options outstanding, at value	$	—		$	—		$	—		$	(8,874,511	)	$	—		$	(8,874,511	)
Net unrealized depreciation*		(4,877,852	)		—			(720,962	)		—			(2,481,894	)		(8,080,708	)
Payable for open forward commodity contracts		(2,532,151	)		—			—			—			—			(2,532,151	)
Payable for open forward foreign currency exchange contracts		—			—			—			(70,014,342	)		—			(70,014,342	)
Payable/Receivable for open swap contracts; Premium paid/received on open non-centrally cleared swap contracts		—			(11,233,688	)		—			—			(7,287,467	)		(18,521,155	)
Total Liability Derivatives	$	(7,410,003	)	$	(11,233,688	)	$	(720,962	)	$	(78,888,853	)	$	(9,769,361	)	$	(108,022,867	)
Derivatives not subject to master netting or similar agreements	$	(4,877,852	)	$	—		$	(720,962	)	$	(48,175	)	$	(2,481,894	)	$	(8,128,883	)
Total Liability Derivatives subject to master netting or similar agreements	$	(2,532,151	)	$	(11,233,688	)	$	—		$	(78,840,678	)	$	(7,287,467	)	$	(99,893,984	)

* Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts and centrally cleared swap contracts. Only the current day’s variation margin on open futures contracts and centrally cleared swap contracts is reported within the Consolidated Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Consolidated Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset

52

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

under a master netting agreement and net of the related collateral received by the Portfolio (and Subsidiary) for such assets and pledged by the Portfolio (and Subsidiary) for such liabilities as of April 30, 2016.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)		Net Amount of  Derivative Assets(b)
Australia and New Zealand Banking Group Limited	$	497,491		$	(497,491	)	$	—		$	—	$	—
Bank of America, N.A.		6,582,780			(2,740,311	)		(3,842,469	)		—		—
Barclays Bank PLC		2,680,364			(2,680,364	)		—			—		—
BNP Paribas		13,098,634			(13,098,634	)		—			—		—
Citibank, N.A.		1,145,683			(1,145,683	)		—			—		—
Credit Suisse International		4,951,252			(117,270	)		(4,833,982	)		—		—
Deutsche Bank AG		10,890,728			(10,890,728	)		—			—		—
Goldman Sachs International		19,696,340			(16,533,464	)		(3,162,876	)		—		—
HSBC Bank USA, N.A.		1,181,880			(87,418	)		(1,094,462	)		—		—
ICBC Standard Bank plc		55,409			—			—			—		55,409
JPMorgan Chase Bank, N.A.		3,775,484			(3,775,484	)		—			—		—
Morgan Stanley & Co. International PLC		69,105			(69,105	)		—			—		—
Nomura International PLC		1,234,211			(301,359	)		(932,852	)		—		—
Standard Chartered Bank		10,033,570			(10,033,570	)		—			—		—
UBS AG		56,321			—			—			—		56,321
	$	75,949,252		$	(61,970,881	)	$	(13,866,641	)	$	—	$	111,730
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)			Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
Australia and New Zealand Banking Group Limited	$	(4,197,357	)	$	497,491		$	3,699,866		$	—	$	—
Bank of America, N.A.		(2,740,311	)		2,740,311			—			—		—
Barclays Bank PLC		(4,075,488	)		2,680,364			1,395,124			—		—
BNP Paribas		(14,160,521	)		13,098,634			1,061,887			—		—
Citibank, N.A.		(6,780,924	)		1,145,683			2,873,369			981,378		(1,780,494	)
Credit Suisse International		(117,270	)		117,270			—			—		—
Deutsche Bank AG		(15,369,242	)		10,890,728			—			—		(4,478,514	)
Goldman Sachs International		(16,533,464	)		16,533,464			—			—		—
HSBC Bank USA, N.A.		(87,418	)		87,418			—			—		—
JPMorgan Chase Bank, N.A.		(6,274,970	)		3,775,484			2,499,486			—		—
Merrill Lynch International		(685,129	)		—			280,951			390,000		(14,178	)
Morgan Stanley & Co. International PLC		(964,949	)		69,105			774,148			—		(121,696	)
Nomura International PLC		(301,359	)		301,359			—			—		—
Standard Chartered Bank		(26,788,614	)		10,033,570			12,987,711			—		(3,767,333	)
The Bank of Nova Scotia		(816,968	)		—			—			—		(816,968	)
	$	(99,893,984	)	$	61,970,881		$	25,572,542		$	1,371,378	$	(10,979,183	)

^(a)  In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)  Net amount represents the net amount due from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable to the counterparty in the event of default.

53

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

Information with respect to repurchase and reverse repurchase agreements at April 30, 2016 is included at Note 7.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations by risk exposure for the six months ended April 30, 2016 was as follows:

Consolidated Statement of Operations Caption	Commodity			Credit			Equity Price			Foreign Exchange			Interest Rate
Net realized gain (loss) —
Investment transactions	$	—		$	—		$	(2,699,686	)	$	(5,509,720	)	$	782,440
Futures contracts		18,206,603			—			(5,162,453	)		—			(22,658,865	)
Written options and swaptions		—			—			1,733,941			5,961,845			579,045
Swap contracts		—			(5,863,340	)		—			—			(5,307,936	)
Forward commodity contracts		1,314,933			—			—			—			—
Foreign currency and forward foreign currency exchange contract transactions		—			—			—			5,751,969			—
Non-deliverable bond forward contracts		—			—			—			—			307,905
Total	$	19,521,536		$	(5,863,340	)	$	(6,128,198	)	$	6,204,094		$	(26,297,411	)
Change in unrealized appreciation (depreciation) —
Investments	$	(65,639	)	$	—		$	406,155		$	(6,309,553	)	$	352,925
Futures contracts		(10,758,505	)		—			(1,944,675	)		—			7,188,488
Written options and swaptions		—			—			(186,750	)		1,881,046			(410,337	)
Swap contracts		—			2,788,226			—			—			20,384,387
Forward commodity contracts		(3,070,026	)		—			—			—			—
Foreign currency and forward foreign currency exchange contracts		—			—			—			(50,413,998	)		—
Non-deliverable bond forward contracts		—			—			—			—			683,599
Total	$	(13,894,170	)	$	2,788,226		$	(1,725,270	)	$	(54,842,505	)	$	28,199,062

The average notional amounts of derivative contracts outstanding during the six months ended April 30, 2016, which are indicative of the volume of these derivative types, were as follows:

Futures Contracts — Long		Futures Contracts — Short		Forward Commodity Contracts		Forward Foreign Currency Exchange Contracts		Non-deliverable Bond Forward Contracts		Interest Rate Swaptions Purchased		Swap Contracts
	$65,727,000	$	874,851,000	$	12,553,000	$	3,653,241,000	$	2,818,000	$	26,551,000	$	3,757,056,000

The average principal amount of purchased currency options contracts and average number of purchased options contracts outstanding during the six months ended April 30, 2016, which are indicative of the volume of these derivative types, were approximately $624,983,000 and 1,334 contracts, respectively.

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 2, 2016. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2016.

54

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

7  Reverse Repurchase Agreements

There were no open reverse repurchase agreements outstanding as of April 30, 2016. For the six months ended April 30, 2016, the average borrowings under settled reverse repurchase agreements and the average annual interest rate received were approximately $9,890,000 and 1.05%, respectively.

8  Risks Associated with Foreign Investments

The Portfolio’s investments in foreign instruments 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. Emerging market countries may have relatively unstable governments and economies. Emerging market investments often are subject to speculative trading, which typically contributes to volatility.

The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Economic data as reported by foreign governments and other issuers may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a foreign government to renegotiate defaulted debt may be limited.

9  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At April 30, 2016, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Foreign Government Bonds	$	—	$	1,419,544,862		$	—	$	1,419,544,862
Foreign Corporate Bonds		—		40,761,020			—		40,761,020
Sovereign Loans		—		14,420,000			17,062,270		31,482,270
Collateralized Mortgage Obligations		—		13,506,683			—		13,506,683
Common Stocks		20,273,213		12,235,721	**		—		32,508,934
Investment Funds		—		6,009,789			—		6,009,789
Currency Options Purchased		—		13,892,380			—		13,892,380
Call Options Purchased		235,950		5,800,469			—		6,036,419
Short-Term Investments —
Foreign Government Securities		—		51,863,189			—		51,863,189
U.S. Treasury Obligations		—		65,456,228			—		65,456,228
Repurchase Agreements		—		5,602,961			—		5,602,961
Other		—		49,665,605			—		49,665,605
Total Investments	$	20,509,163	$	1,698,758,907		$	17,062,270	$	1,736,330,340
Forward Foreign Currency Exchange Contracts	$	—	$	18,627,949		$	—	$	18,627,949
Futures Contracts		1,692,387		—			—		1,692,387
Swap Contracts		—		55,199,098			—		55,199,098
Total	$	22,201,550	$	1,772,585,954		$	17,062,270	$	1,811,849,774

55

Global Macro Absolute Return Advantage Portfolio

April 30, 2016

Notes to Consolidated Financial Statements (Unaudited) — continued

Liability Description	Level 1			Level 2			Level 3*		Total
Currency Options Written	$	—		$	(8,874,511	)	$	—	$	(8,874,511	)
Securities Sold Short		—			(5,243,694	)		—		(5,243,694	)
Forward Commodity Contracts		—			(2,532,151	)		—		(2,532,151	)
Forward Foreign Currency Exchange Contracts		—			(70,014,342	)		—		(70,014,342	)
Futures Contracts		(6,297,075	)		(473,796	)		—		(6,770,871	)
Swap Contracts		—			(19,914,282	)		—		(19,914,282	)
Total	$	(6,297,075	)	$	(107,052,776	)	$	—	$	(113,349,851	)

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

** Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2016 is not presented. At April 30, 2016, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

56

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 26, 2016, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2016. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices and customized groups of peer funds identified by the adviser in consultation with the Board;

• For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

• The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

• Reports detailing the financial results and condition of each adviser;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

• A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

57

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Board of Trustees’ Contract Approval — continued

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2016, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, sixteen, four, nine and eleven times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement of Eaton Vance Commodity Strategy Fund (the “Fund”) with Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser, including in connection with the Adviser’s recent assumption of direct responsibility for the Fund’s day-to-day portfolio management.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. The Board considered the abilities and experience of such investment professionals in investing in commodity-linked derivative securities and in securities, derivatives and other instruments to establish long and short investment exposures around the world, as well as in U.S. Treasury bills and other U.S. Treasury securities. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio

58

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Board of Trustees’ Contract Approval — continued

valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data for the one-, three- and five-year periods ended September 30, 2015 for the Fund. In considering the relative underperformance of the Fund over the longer term, the Board noted that the Fund’s performance record had improved relative to its peers in more recent periods. On the basis of the foregoing and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one year period ended September 30, 2015, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board noted that the Fund has established a wholly-owned subsidiary to accommodate the Fund’s commodity-related investments. The subsidiary is managed by the Adviser pursuant to separate investment advisory agreement that is subject to annual approval by the Board. The subsidiary’s fee rates are the same as those charged to the Fund, and the Fund will not pay any additional management fees with respect to its assets invested in the subsidiary. The Board also considered certain Fund specific factors that had an impact on Fund expense ratios relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in any benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund, the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

59

Eaton Vance

Commodity Strategy Fund

April 30, 2016

Officers and Trustees

Officers of Eaton Vance Commodity Strategy Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance Commodity Strategy Fund

Ralph F. Verni

Chairperson

William H. Park

Vice-Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

* Interested Trustee

60

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

61

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7770    6.30.16

Eaton Vance

Short Duration

Real Return Fund

Semiannual Report

April 30, 2016

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund is considered to be a commodity pool operator under CFTC regulations. The Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor. The CFTC has neither reviewed nor approved the Fund’s investment strategies.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2016

Eaton Vance

Short Duration Real Return Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	21
Officers and Trustees	25
Important Notices	26

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Performance^1,2

Portfolio Managers Thomas H. Luster, CFA and Stewart D. Taylor

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		04/01/2010		04/01/2010		1.70	%		0.06	%		0.58	%		1.83	%
Class A with 2.25% Maximum Sales Charge		—		—		–0.56			–2.21			0.12			1.45
Class C at NAV		04/01/2010		04/01/2010		1.22			–0.74			–0.18			1.05
Class C with 1% Maximum Sales Charge		—		—		0.22			–1.72			–0.18			1.05
Class I at NAV		04/01/2010		04/01/2010		1.79			0.25			0.82			2.05
BofA Merrill Lynch 1–5 Year U.S. Inflation-Linked Treasury Index		—		—		1.68	%		0.84	%		0.48	%		1.53	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.24	%		1.99	%		0.99	%
Net									0.90			1.65			0.65

Fund Profile⁴

Asset Allocation (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Endnotes and Additional Disclosures

¹  BofA Merrill Lynch 1-5 Year U.S. Inflation-Linked Treasury Index is an unmanaged index comprised of U.S. Treasury Inflation-Protected Securities with at least $1 billion in outstanding face value and a remaining term to final maturity of at least 1 year and less than 5 years. BofA Merrill Lynch^® indices not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report, BofAML does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. 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.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³ Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 2/28/17. Without the reimbursement, if applicable, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴ Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio or Fund in which it invests.

⁵  Calculation shows the Fund’s investments in the Portfolios and the Fund’s direct investments in securities and derivatives. Derivative positions are reflected at their unrealized appreciation (depreciation).

Fund profile subject to change due to active management.

3

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2015 – April 30, 2016).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period* (11/1/15 – 4/30/16)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,017.00	$	5.12	**		1.02	%
Class C	$	1,000.00	$	1,012.20	$	8.86	**		1.77	%
Class I	$	1,000.00	$	1,017.90	$	3.86	**		0.77	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.80	$	5.12	**		1.02	%
Class C	$	1,000.00	$	1,016.10	$	8.87	**		1.77	%
Class I	$	1,000.00	$	1,021.00	$	3.87	**		0.77	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2015. The Example reflects the expenses of both the Fund and the Portfolios.

** Absent an allocation of certain expenses to affiliates, the expenses would be higher.

4

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Portfolio of Investments (Unaudited)

Investments in Affiliated Portfolios — 46.5%
Description			Value
CMBS Portfolio (identified cost, $8,857,505)			$	8,808,611
Senior Debt Portfolio (identified cost, $15,057,396)				14,589,417
Total Investments in Affiliated Portfolios (identified cost $23,914,901)			$	23,398,028
U.S. Treasury Obligations — 55.3%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Inflation-Protected Notes:
0.125%, 4/15/17(1)	$	2,819	$	2,845,477
0.125%, 4/15/18(1)(2)		4,616		4,694,083
0.125%, 4/15/19(1)		2,530		2,584,281
0.125%, 4/15/20(1)		1,012		1,033,491
0.125%, 1/15/22(1)		1,467		1,490,750
0.125%, 1/15/23(1)		1,027		1,038,027
0.625%, 7/15/21(1)		2,104		2,210,227
1.25%, 7/15/20(1)		1,522		1,635,091
1.375%, 1/15/20(1)		219		234,440
1.625%, 1/15/18(1)		5,659		5,903,087
2.125%, 1/15/19(1)		3,865		4,164,880
Total U.S. Treasury Obligations (identified cost $27,634,958)			$	27,833,834

Short-Term Investments — 0.5%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.53%(3)	$	234	$	234,051
Total Short-Term Investments (identified cost $234,051)			$	234,051
Total Investments — 102.3% (identified cost $51,783,910)			$	51,465,913
Other Assets, Less Liabilities — (2.3)%			$	(1,157,267	)
Net Assets — 100.0%			$	50,308,646

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾  Inflation-linked security whose principal is adjusted for inflation based on changes in the U.S. Consumer Price Index. Interest is calculated based on the inflation-adjusted principal.

⁽²⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽³⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2016.

Inflation Swaps
Counterparty	Notional Amount (000’s omitted)	Fund Receives	Fund Pays (Annual Rate)			Termination Date		Net Unrealized Appreciation (Depreciation)
Barclays Bank PLC	$4,000	Return on CPI-U (NSA)		1.360	%		8/26/20	$	29,939
Barclays Bank PLC	2,000	Return on CPI-U (NSA)		1.467			9/14/20		3,661
Citibank, N.A.	8,000	Return on CPI-U (NSA)		1.875			7/2/16		(227,292	)
Citibank, N.A.	4,000	Return on CPI-U (NSA)		2.147			9/15/19		(202,977	)
Citibank, N.A.	3,000	Return on CPI-U (NSA)		1.860			6/15/20		(41,290	)
Citibank, N.A.	3,000	Return on CPI-U (NSA)		1.880			6/18/20		(44,031	)
								$	(481,990	)

5 See Notes to Financial Statements.

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps
Counterparty	Notional Amount (000’s omitted)		Fund Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation
CME Group, Inc.	$	8,000	Pays	3-month USD-LIBOR-BBA		0.825	%		7/2/16	$	20,716
CME Group, Inc.		5,000	Pays	3-month  USD-LIBOR-BBA		1.367			9/3/17		41,888
										$	62,604

Abbreviations:

CPI-U (NSA) – Consumer Price Index All Urban Non-Seasonally Adjusted

6 See Notes to Financial Statements.

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2016
Investments in affiliated Portfolios, at value (identified cost, $23,914,901)	$	23,398,028
Unaffiliated investments, at value (identified cost, $27,634,958)		27,833,834
Affiliated investment, at value (identified cost, $234,051)		234,051
Cash		2,376
Restricted cash*		16,083
Interest receivable		63,037
Interest receivable from affiliated investment		340
Receivable for Fund shares sold		90,612
Receivable for open swap contracts		33,600
Receivable for variation margin on open centrally cleared swap contracts		632
Receivable from affiliate		8,288
Total assets	$	51,680,881
Liabilities
Payable for Fund shares redeemed	$	796,199
Payable for open swap contracts		515,590
Distributions payable		8,390
Payable to affiliates:
Investment adviser fee		10,360
Distribution and service fees		10,504
Trustees’ fees		42
Accrued expenses		31,150
Total liabilities	$	1,372,235
Net Assets	$	50,308,646
Sources of Net Assets
Paid-in capital	$	53,254,504
Accumulated net realized loss		(2,245,279	)
Accumulated undistributed net investment income		36,804
Net unrealized depreciation		(737,383	)
Total	$	50,308,646
Class A Shares
Net Assets	$	21,597,932
Shares Outstanding		2,222,287
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.72
Maximum Offering Price Per Share
(100 ÷ 97.75 of net asset value per share)	$	9.94
Class C Shares
Net Assets	$	7,321,149
Shares Outstanding		756,746
Net Asset Value and Offering Price Per Share**
(net assets ÷ shares of beneficial interest outstanding)	$	9.67
Class I Shares
Net Assets	$	21,389,565
Shares Outstanding		2,204,136
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.70

On sales of $100,000 or more, the offering price of Class A shares is reduced.

* Represents restricted cash on deposit at the broker for open derivative contracts.

** Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

7 See Notes to Financial Statements.

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2016
Interest	$	981
Interest and other income allocated from affiliated Portfolios		525,620
Interest allocated from affiliated investment		1,087
Expenses, excluding interest expense, allocated from Portfolios		(71,760	)
Interest expense allocated from Portfolios		(31,522	)
Expenses allocated from affiliated investment		(43	)
Total investment income	$	424,363
Expenses
Investment adviser fee	$	64,296
Distribution and service fees
Class A		28,205
Class C		37,351
Trustees’ fees and expenses		250
Custodian fee		13,594
Transfer and dividend disbursing agent fees		25,104
Legal and accounting services		20,200
Printing and postage		12,310
Registration fees		21,851
Miscellaneous		5,636
Total expenses	$	228,797
Deduct —
Reimbursement of expenses by affiliate	$	68,496
Total expense reductions	$	68,496
Net expenses	$	160,301
Net investment income	$	264,062
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(129,686	)
Investment transactions allocated from affiliated investment		3
Swap contracts		(253,951	)
Net realized gain (loss) allocated from Portfolios —
Investment transactions		(346,691	)
Foreign currency and forward foreign currency exchange contract transactions		13,418
Net realized loss	$	(716,907	)
Change in unrealized appreciation (depreciation) —
Investments	$	606,929
Swap contracts		275,958
Change in unrealized appreciation (depreciation) allocated from Portfolios —
Investments		401,548
Foreign currency and forward foreign currency exchange contracts		(19,062	)
Net change in unrealized appreciation (depreciation)	$	1,265,373
Net realized and unrealized gain	$	548,466
Net increase in net assets from operations	$	812,528

8 See Notes to Financial Statements.

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
From operations —
Net investment income	$	264,062		$	506,615
Net realized loss from investment transactions, swap contracts and foreign currency and forward foreign currency exchange contract transactions		(716,907	)		(343,464	)
Net change in unrealized appreciation (depreciation) from investments, swap contracts, foreign currency and forward foreign currency exchange contracts		1,265,373			(1,445,070	)
Net increase (decrease) in net assets from operations	$	812,528		$	(1,281,919	)
Distributions to shareholders —
From net investment income
Class A	$	(269,268	)	$	(316,049	)
Class C		(60,959	)		(59,665	)
Class I		(310,225	)		(271,875	)
Total distributions to shareholders	$	(640,452	)	$	(647,589	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	4,702,300		$	10,083,202
Class C		884,269			1,023,315
Class I		7,431,289			13,222,778
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		257,393			304,233
Class C		55,433			54,082
Class I		268,140			240,874
Cost of shares redeemed
Class A		(7,278,508	)		(13,951,519	)
Class C		(1,352,833	)		(4,436,325	)
Class I		(7,081,713	)		(9,575,940	)
Net decrease in net assets from Fund share transactions	$	(2,114,230	)	$	(3,035,300	)
Net decrease in net assets	$	(1,942,154	)	$	(4,964,808	)
Net Assets
At beginning of period	$	52,250,800		$	57,215,608
At end of period	$	50,308,646		$	52,250,800
Accumulated undistributed net investment income included in net assets
At end of period	$	36,804		$	413,194

9 See Notes to Financial Statements.

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Financial Highlights

	Class A
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net asset value — Beginning of period	$	9.670		$	9.990		$	10.180		$	10.460		$	10.380		$	10.200
Income (Loss) From Operations
Net investment income	$	0.049	(1)	$	0.089	(1)	$	0.125	(1)	$	0.083	(1)	$	0.127		$	0.261	(1)
Net realized and unrealized gain (loss)		0.113			(0.294	)		(0.124	)		(0.070	)		0.186			0.265
Total income (loss) from operations	$	0.162		$	(0.205	)	$	0.001		$	0.013		$	0.313		$	0.526
Less Distributions
From net investment income	$	(0.112	)	$	(0.115	)	$	(0.191	)	$	(0.163	)	$	(0.129	)	$	(0.270	)
From net realized gain		—			—			—			(0.130	)		(0.104	)		(0.076	)
Total distributions	$	(0.112	)	$	(0.115	)	$	(0.191	)	$	(0.293	)	$	(0.233	)	$	(0.346	)
Net asset value — End of period	$	9.720		$	9.670		$	9.990		$	10.180		$	10.460		$	10.380
Total Return(2)		1.70	%(3)		(2.06	)%		0.01	%		0.12	%		3.08	%		5.22	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	21,598		$	23,849		$	28,337		$	34,950		$	35,155		$	37,215
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)(6)		1.02	%(7)(8)		0.90	%		0.90	%		1.08	%		1.15	%		1.15	%
Net investment income		1.02	%(7)		0.91	%		1.23	%		0.81	%		1.32	%		2.53	%
Portfolio Turnover of the Fund(9)		34	%(3)		74	%		124	%		74	%		38	%		22	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁶⁾  The investment adviser of a Portfolio and/or the investment adviser and the administrator of the Fund reimbursed expenses (equal to 0.29%, 0.34%, 0.26%, 0.14%, 0.09% and 0.19% of average daily net assets for the six months ended April 30, 2016 and the years ended October 31, 2015, 2014, 2013, 2012 and 2011, respectively). Absent this reimbursement, total return would be lower.

⁽⁷⁾  Annualized.

⁽⁸⁾  Includes interest expense of 0.12%.

⁽⁹⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

10 See Notes to Financial Statements.

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Financial Highlights — continued

	Class C
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net asset value — Beginning of period	$	9.630		$	9.980		$	10.160		$	10.440		$	10.370		$	10.190
Income (Loss) From Operations
Net investment income	$	0.013	(1)	$	0.009	(1)	$	0.046	(1)	$	0.001	(1)	$	0.053		$	0.176	(1)
Net realized and unrealized gain (loss)		0.103			(0.292	)		(0.111	)		(0.068	)		0.186			0.274
Total income (loss) from operations	$	0.116		$	(0.283	)	$	(0.065	)	$	(0.067	)	$	0.239		$	0.450
Less Distributions
From net investment income	$	(0.076	)	$	(0.067	)	$	(0.115	)	$	(0.083	)	$	(0.065	)	$	(0.194	)
From net realized gain		—			—			—			(0.130	)		(0.104	)		(0.076	)
Total distributions	$	(0.076	)	$	(0.067	)	$	(0.115	)	$	(0.213	)	$	(0.169	)	$	(0.270	)
Net asset value — End of period	$	9.670		$	9.630		$	9.980		$	10.160		$	10.440		$	10.370
Total Return(2)		1.22	%(3)		(2.84	)%		(0.65	)%		(0.65	)%		2.35	%		4.45	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,321		$	7,704		$	11,390		$	17,002		$	20,703		$	18,978
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)(6)		1.77	%(7)(8)		1.65	%		1.65	%		1.83	%		1.90	%		1.90	%
Net investment income		0.28	%(7)		0.09	%		0.45	%		0.01	%		0.53	%		1.71	%
Portfolio Turnover of the Fund(9)		34	%(3)		74	%		124	%		74	%		38	%		22	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁶⁾  The investment adviser of a Portfolio and/or the investment adviser and the administrator of the Fund reimbursed expenses (equal to 0.29%, 0.34%, 0.26%, 0.14%, 0.09% and 0.19% of average daily net assets for the six months ended April 30, 2016 and the years ended October 31, 2015, 2014, 2013, 2012 and 2011, respectively). Absent this reimbursement, total return would be lower.

⁽⁷⁾  Annualized.

⁽⁸⁾  Includes interest expense of 0.12%.

⁽⁹⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

11 See Notes to Financial Statements.

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Financial Highlights — continued

	Class I
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
				2015			2014			2013			2012			2011
Net asset value — Beginning of period	$	9.670		$	9.990		$	10.170		$	10.450		$	10.380		$	10.190
Income (Loss) From Operations
Net investment income	$	0.062	(1)	$	0.133	(1)	$	0.154	(1)	$	0.108	(1)	$	0.157		$	0.284	(1)
Net realized and unrealized gain (loss)		0.108			(0.322	)		(0.119	)		(0.071	)		0.172			0.278
Total income (loss) from operations	$	0.170		$	(0.189	)	$	0.035		$	0.037		$	0.329		$	0.562
Less Distributions
From net investment income	$	(0.140	)	$	(0.131	)	$	(0.215	)	$	(0.187	)	$	(0.155	)	$	(0.296	)
From net realized gain		—			—			—			(0.130	)		(0.104	)		(0.076	)
Total distributions	$	(0.140	)	$	(0.131	)	$	(0.215	)	$	(0.317	)	$	(0.259	)	$	(0.372	)
Net asset value — End of period	$	9.700		$	9.670		$	9.990		$	10.170		$	10.450		$	10.380
Total Return(2)		1.79	%(3)		(1.90	)%		0.34	%		0.36	%		3.24	%		5.59	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	21,390		$	20,697		$	17,488		$	14,027		$	14,632		$	21,256
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)(6)		0.77	%(7)(8)		0.65	%		0.65	%		0.83	%		0.90	%		0.90	%
Net investment income		1.30	%(7)		1.35	%		1.52	%		1.05	%		1.31	%		2.75	%
Portfolio Turnover of the Fund(9)		34	%(3)		74	%		124	%		74	%		38	%		22	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Not annualized.

⁽⁴⁾  Includes the Fund’s share of the Portfolios’ allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁶⁾  The investment adviser of a Portfolio and/or the investment adviser and the administrator of the Fund reimbursed expenses (equal to 0.29%, 0.34%, 0.26%, 0.14%, 0.09% and 0.19% of average daily net assets for the six months ended April 30, 2016 and the years ended October 31, 2015, 2014, 2013, 2012 and 2011, respectively). Absent this reimbursement, total return would be lower.

⁽⁷⁾  Annualized.

⁽⁸⁾  Includes interest expense of 0.12%.

⁽⁹⁾  Percentage includes both the Fund’s contributions to and withdrawals from the Portfolios and purchases and sales of securities held directly by the Fund, if any.

12 See Notes to Financial Statements.

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Short Duration Real Return Fund (the Fund) is a non-diversified series of Eaton Vance Special Investment Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund’s investment objective is real return (real return is defined as total return less the estimated cost of inflation (typically measured by the change in an official inflation measure)). The Fund pursues its objective by investing directly in Treasury Inflation-Protected Securities and certain other real return instruments and in interests in two Portfolios managed by Eaton Vance Management (EVM) or its affiliates (the Portfolios). The value of the Fund’s investments in the Portfolios reflects the Fund’s proportionate interest in their net assets. The Portfolios, which are Massachusetts business trusts, and the Fund’s proportionate interest in each of their net assets at April 30, 2016 were as follows: CMBS Portfolio (28.2%) and Senior Debt Portfolio (0.3%). The performance of the Fund is directly affected by the performance of the Portfolios. A copy of each Portfolio’s financial statements is available on the EDGAR database on the Securities and Exchange Commission’s website (www.sec.gov), at the Commission’s public reference room in Washington, D.C. or upon request from the Fund’s principal underwriter, Eaton Vance Distributors, Inc. (EVD), by calling 1-800-262-1122.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments. The valuation policy of the Fund and of each Portfolio is as follows:

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Affiliated Fund. The Fund and Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by EVM. The value of such investments in Cash Reserves Fund reflects the Fund’s or Portfolio’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund or Portfolio in a manner that fairly reflects the security’s value, or the amount that the Fund or Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

Additional valuation policies of the Fund are as follows:

Derivatives. Swaps (other than centrally cleared) are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty.

Additional valuation policies of Senior Debt Portfolio (the Portfolio) are as follows:

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan

13

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Portfolio based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolio. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolio. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

B  Income — The Fund’s net investment income or loss includes the Fund’s pro-rata share of the net investment income or loss of the Portfolios, less all actual and accrued expenses of the Fund. Interest income on direct investments in securities is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note.

C  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of April 30, 2016, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee that may be reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations. Effective September 1, 2015, SSBT began imposing fees on certain uninvested cash balances and discontinued credits on cash deposit balances.

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Fund

14

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H  Interest Rate Swaps — Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain swap contracts may be centrally cleared (“centrally cleared swaps”), whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared swaps, the Fund is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment.

Pursuant to interest rate swap agreements, the Fund either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Fund makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

I  Inflation Swaps — Pursuant to inflation swap agreements, the Fund either makes floating-rate payments based on a benchmark index in exchange for fixed-rate payments or the Fund makes fixed-rate payments in exchange for floating-rate payments based on the return of a benchmark index. By design, the benchmark index is an inflation index, such as the Consumer Price Index. Payments received or made are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index. The Fund is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of interest rates or the index.

J  Other — Investment transactions are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

K  Interim Financial Statements — The interim financial statements relating to April 30, 2016 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

The Fund declares dividends daily to shareholders of record at the time of declaration. Distributions are generally paid monthly. Distributions of realized capital gains are made at least annually. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At October 31, 2015, the Fund, for federal income tax purposes, had deferred capital losses of $1,609,092 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2015, $719,579 are short-term and $889,513 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at April 30, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	51,779,008
Gross unrealized appreciation	$	362,832
Gross unrealized depreciation		(675,927	)
Net unrealized depreciation	$	(313,095	)

15

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for investment advisory services rendered to the Fund. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.45% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser or administrator (“Investable Assets”) up to $1 billion and is payable monthly. On Investable Assets of $1 billion and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. To the extent the Fund’s assets are invested in the Portfolios, the Fund is allocated its share of the Portfolios’ investment adviser fee. The Portfolios have engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. For the six months ended April 30, 2016, the Fund’s allocated portion of the investment adviser fees paid by the Portfolios totaled $63,280 and the investment adviser fee paid by the Fund on Investable Assets amounted to $64,296. For the six months ended April 30, 2016, the Fund’s investment adviser fee, including the investment adviser fees allocated from the Portfolios, was 0.50% (annualized) of the Fund’s average daily net assets. EVM also serves as the administrator of the Fund, but currently receives no compensation.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as interest, taxes or litigation expenses) exceed 0.90%, 1.65% and 0.65% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after February 28, 2017. Pursuant to this agreement, EVM reimbursed expenses of $68,496 for the six months ended April 30, 2016.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended April 30, 2016, EVM earned $1,622 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that EVD, an affiliate of EVM, received $650 as its portion of the sales charge on sales of Class A shares for the six months ended April 30, 2016. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund and the Portfolios who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolios are officers of the above organizations.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended April 30, 2016 amounted to $28,205 for Class A shares. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended April 30, 2016, the Fund paid or accrued to EVD $28,013 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended April 30, 2016 amounted to $9,338 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Prior to September 30, 2015, Class A shares may have been subject to a 0.75% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Effective September 30, 2015, the CDSC on Class A shares was eliminated for new share purchases. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended April 30, 2016, the Fund was informed that EVD received no CDSCs paid by Class A and Class C shareholders.

16

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

6  Investment Transactions

For the six months ended April 30, 2016, increases and decreases in the Fund’s investments in the Portfolios were as follows:

Portfolio	Contributions		Withdrawals
CMBS Portfolio	$	1,228,233	$	2,867,004
Senior Debt Portfolio		3,726,047		1,911,351

7  Purchases and Sales of Investments

Purchases and sales of investments (all U.S. Government and Agency Securities) by the Fund, other than short-term obligations, aggregated $12,631,911 and $15,415,344, respectively, for the six months ended April 30, 2016.

8  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Class A	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Sales		492,487			1,022,388
Issued to shareholders electing to receive payments of distributions in Fund shares		26,905			31,156
Redemptions		(762,531	)		(1,423,339	)
Net decrease		(243,139	)		(369,795	)
Class C	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Sales		93,351			104,716
Issued to shareholders electing to receive payments of distributions in Fund shares		5,842			5,566
Redemptions		(142,484	)		(451,828	)
Net decrease		(43,291	)		(341,546	)
Class I	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015
Sales		777,674			1,341,744
Issued to shareholders electing to receive payments of distributions in Fund shares		28,031			24,683
Redemptions		(740,987	)		(977,831	)
Net increase		64,718			388,596

9  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not

17

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2016 is included in the Portfolio of Investments. At April 30, 2016, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective and its use of derivatives. The Fund enters into interest rate and inflation swap agreements to swap nominal interest payments with respect to its investments in certain fixed or floating-rate debt (including floating-rate loans) for payments based on changes in the U.S. Consumer Price Index or other measures of inflation.

The Fund enters into swap contracts (other than centrally cleared swaps) that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At April 30, 2016, the fair value of derivatives with credit-related contingent features in a net liability position was $515,590. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $542,427 at April 30, 2016.

The over-the-counter (OTC) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as restricted cash and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at April 30, 2016 was as follows:

	Fair Value
Derivative	Asset Derivative			Liability Derivative
Swap contracts	$	33,600	(1)	$	(515,590	)(2)
Swap contracts (centrally cleared)		62,604	(3)		—
Total	$	96,204		$	(515,590	)
Derivatives not subject to master netting or similar agreements	$	62,604		$	—
Total Derivatives subject to master netting or similar agreements	$	33,600		$	(515,590	)

⁽¹⁾  Statement of Assets and Liabilities location: Receivable for open swap contracts; Net unrealized depreciation.

⁽²⁾  Statement of Assets and Liabilities location: Payable for open swap contracts; Net unrealized depreciation.

⁽³⁾  Amount represents cumulative unrealized appreciation on centrally cleared swap contracts. Only the current day’s variation margin on open centrally cleared swap contracts is reported within the Statement of Assets and Liabilities as Receivable for variation margin on open centrally cleared swap contracts.

18

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

The Fund’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of April 30, 2016.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
Barclays Bank PLC	$	33,600		$	—	$	—	$	—	$	33,600
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
Citibank, N.A.	$	(515,590	)	$	—	$	515,590	$	—	$	—

^(a)  In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)  Net amount represents the net amount due from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable to the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended April 30, 2016 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income
Swap contracts	$	(253,951	)(1)	$	275,958	(2)

⁽¹⁾  Statement of Operations location: Net realized gain (loss) – Swap contracts.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Swap contracts.

The average notional amount of swap contracts outstanding during the six months ended April 30, 2016, which is indicative of the volume of this derivative type, was approximately $43,857,000.

10  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

19

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

At April 30, 2016, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Investments in Affiliated Portfolios	$	23,398,028	$	—		$	—	$	23,398,028
U.S. Treasury Obligations		—		27,833,834			—		27,833,834
Short-Term Investments		—		234,051			—		234,051
Total Investments	$	23,398,028	$	28,067,885		$	—	$	51,465,913
Swap contracts	$	—	$	96,204		$	—	$	96,204
Total	$	23,398,028	$	28,164,089		$	—	$	51,562,117
Liability Description
Swap contracts	$	—	$	(515,590	)	$	—	$	(515,590	)
Total	$	—	$	(515,590	)	$	—	$	(515,590	)

The Fund held no investments or other financial instruments as of October 31, 2015 whose fair value was determined using Level 3 inputs. At April 30, 2016, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

20

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 26, 2016, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2016. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices and customized groups of peer funds identified by the adviser in consultation with the Board;

• For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

• The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

• Reports detailing the financial results and condition of each adviser;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

• A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

21

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Board of Trustees’ Contract Approval — continued

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2016, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, sixteen, four, nine and eleven times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance Short Duration Real Return Fund (the “Fund”) with Eaton Vance Management (“EVM”), as well as the investment advisory agreements of CMBS Portfolio, Eaton Vance Floating Rate Portfolio, Senior Debt Portfolio, and Short-Term U.S. Government Portfolio (the “Portfolios”), which are portfolios in which the Fund is authorized to invest, each with Boston Management and Research (“BMR”), an affiliate of EVM (EVM, with respect to the Fund, and BMR, with respect to the Portfolios, are each referred to herein as the “Adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolios.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements of the Fund and the Portfolios, the Board evaluated the nature, extent and quality of services provided to the Fund and to the Portfolios by the applicable Adviser. BMR manages the Portfolios, while EVM allocates the assets of the Fund among the Portfolios and is also authorized to cause the Fund to make direct investments in the same type of securities in which the Portfolios are authorized to invest.

The Board considered each Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund and the Portfolios, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolios. In particular, the Board considered the abilities and experience of such investment professionals in investing in income instruments, including, in the case of the Fund, real return instruments such as inflation-indexed securities. With respect to the CMBS Portfolio, the Board considered the abilities and experience of BMR in investing securities, derivatives, and other instruments to establish investment exposures to commercial mortgage-backed securities. With respect to the Short-Term U.S. Government Portfolio, the Board noted the experience of BMR in investing in securities issued, backed or otherwise guaranteed by the U.S. government. With respect to the Eaton Vance Floating Rate Portfolio and Senior Debt Portfolio, the Board considered the experience of BMR’s investment professionals in investing in senior floating rate loans. For all the Portfolios, the Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation

22

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Board of Trustees’ Contract Approval — continued

methods of each Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolios, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolios, including the provision of administrative services.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in a Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio. The Trustees considered the potential benefits to the Fund of the ability to make direct investments, such as an improved ability to: gain exposure to sectors of the market EVM believes may not be represented or underrepresented by the Portfolios; to hedge certain Portfolio exposures; and/or to otherwise manage the exposures of the Fund.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data for the one-, three- and five-year periods ended September 30, 2015 for the Fund. The Board also considered the performance of the underlying Portfolios. With respect to CMBS Portfolio and Short-Term U.S. Government Portfolio, the Board took into account the purpose served by each Portfolio as an investment option for other Eaton Vance Funds seeking to participate in performance of the asset classes in which the Portfolio invests. On the basis of the foregoing and other relevant information provided to the Board, the Board concluded that each such Portfolio had achieved its performance objective. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolios and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one year period ended September 30, 2015, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee. With respect to CMBS Portfolio, the Board considered management’s proposals to take steps to address the longer-term prospects of the CMBS Portfolio, such as liquidation or merger with another fund.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolios and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their relationships with the Fund and the Portfolios, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolios and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates are deemed not to be excessive.

23

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Board of Trustees’ Contract Approval — continued

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolios, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolios increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in any benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund and the Portfolios, the structure of the advisory fees, some of which include breakpoints at several asset levels, will allow the Fund and the Portfolios to continue to benefit from any economies of scale in the future.

24

Eaton Vance

Short Duration Real Return Fund

April 30, 2016

Officers and Trustees

Officers of Eaton Vance Short Duration Real Return Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance Short Duration Real Return Fund

Ralph F. Verni

Chairperson

William H. Park

Vice-Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

* Interested Trustee

25

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

26

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Investment Adviser and Administrator of

Eaton Vance Short Duration Real Return Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7769    4.30.16

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Special Investment Trust

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	June 21, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	June 21, 2016

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	June 21, 2016