Eaton Vance Multi-Strategy Absolute Return Fund

Fund Fact Sheet Q 1 2017

Eaton Vance Multi-Strategy Absolute Return Fund

A flexible, tactical asset allocation approach to fixed income investing.

EADDX EIDDX

eaddx eiddx

The Fund A tactically managed absolute return fund with the ability to invest across numerous asset classes. Fund managers are responsible for top-down asset allocation decisions, while relying on experienced Eaton Vance investment teams for security selection and sub-sector allocation.

The Approach Using quantitative tools to support valuation analysis, managers build a forward-looking risk and return framework for each asset class that may be included in the Fund. Using these risk/ return projections, allocations believed to optimize risk-adjusted returns are implemented.

The Features The Fund possesses the ability to tactically allocate primarily among a variety of fixed income and alternative asset classes in search of opportunities during both improving and deteriorating markets. This flexibility allows it to seek absolute returns that are uncorrelated to stocks and bonds.

Attractive risk-adjusted returns since manager inception (as measured by Sharpe ratio).1

On 7/1/2009 a new team with years of prior experience

was put in place to manage the Fund with a focus on investing

in asset classes believed to offer attractive risk-adjusted returns.

Sharpe Ratio Standard Deviation (%)

Return (%)

1.30

2.33

Annualized from 07/01/2009 ? 03/31/2017

3.17

% Average Annual Returns (as of 03/31/2017)

A Shares at NAV

Q1 0.65

I Shares at NAV

0.71

A Shares with Max. 4.75% Sales Charge

-4.11

Benchmark

0.10

YTD 0.65 0.71 -4.11 0.10

1 Year 2.50 2.76 -2.39 0.36

3 Years 1.65 1.91 0.03 0.17

5 Years 1.12 1.38 0.15 0.14

10 Years 2.30 2.51 1.81 0.68

Fund Facts

A Shares Inception I Shares Inception Performance Inception Investment Objective Total Net Assets Class A Expense Ratio2 Class I Expense Ratio2

12/07/2004 10/01/2009 12/07/2004

Total return $110.7M 1.27% 1.01%

% Calendar Year Returns

A Shares at NAV

2007 2008 3.80 -19.40

I Shares at NAV

3.80 -19.40

Benchmark

5.00 2.06

2009 33.14 33.37

0.21

2010 7.25 7.52 0.13

2011 0.67 0.91 0.10

Benchmark: BofA Merrill Lynch 3-Month U.S. Treasury Bill Index3

2012 2.33 2.58 0.11

2013 -1.21 -1.07 0.07

2014 1.23 1.60 0.03

2015 0.49 0.63 0.05

2016 3.03 3.41 0.33

Symbols and CUSIPs

A Shares

EADDX

C Shares

ECDDX

I Shares

EIDDX

277923504 277923702 277923496

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Fund's performance as of the most recent month-end, please refer to . Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Prior to 7/1/09, the Fund had a predetermined fixed allocation approach investing equally among portfolios investing in mortgage-backed securities, senior floating-rate loans and high-yield bonds. The Fund has changed its objectives and investment strategies to permit investment in multiple Eaton Vance Portfolios and Funds. Total return prior to commencement of I Shares reflects the total return of another class adjusted, where indicated, to reflect applicable sales charges (but not adjusted for other expenses). If adjusted for expenses, return would be different. The minimum investment is $1,000 for A Shares and $250,000 for I Shares. Minimums may be waived in certain situations. Please see the prospectus for additional information.

1Source: Morningstar. Class A shares at net asset value. Sharpe ratio is a standard measure of risk-adjusted performance. Returns measure average annualized total return. Volatility is measured by standard deviation of monthly returns. 2Total annual Fund operating expense ratio is as stated in the Fund's most recent prospectus. Net expense ratio is not a result of a fee waiver or expense reimbursement. Net expense ratio excludes interest expense associated with certain investment transactions. 3BofA Merrill Lynch 3-

Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. 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. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.

Not FDIC Insured ? Not Bank Guaranteed ? May Lose Value

Explore our full spectrum of strategies at .

Eaton Vance Multi-Strategy Absolute Return Fund

Fund Fact Sheet Q 1 2017

Fund Weightings (%)4,5,6

Absolute Return Strategies Global Macro Absolute Return Advantage Portfolio Equity Market Neutral Strategies Risk Premia Strategies Income Strategies Floating Rate Portfolio CMBS CRT Other U.S. TIPS U.S. Treasury Futures7 JGB Breakeven -- Hedged Gold ETFs Cash & Equivalents

Your Management Team

24.88 8.85 8.26 7.77

26.46 13.54 12.02

0.90 13.03

5.71 5.03 1.86 0.43 39.98

Portfolio Allocation (%)4,5,8

MSAR Completion Portfolio Floating Rate Portfolio CMBS Global Macro Absolute Return Advantage Portfolio Parametric Emerging Markets Fund - Class I Parametric International Equity Fund - Class I CRT

Credit Quality (%)5,9

AAA AA A BBB

Additional Data

44.43 4.61 2.18 4.88

BB B CCC or Lower Not Rated

Average Weighted Duration Distribution Frequency

56.43 13.54 12.02

8.85 4.16 4.10 0.90

19.20 20.69

1.70 2.32

0.88 yrs. Monthly

Investment Manager

Dan R. Strelow, CFA Vice President, Eaton Vance Management Joined Eaton Vance 2005 Managed Fund since 2009

Thomas A. Shively Vice President, Eaton Vance Management Joined Eaton Vance 2011 Managed Fund since 2011

Justin H. Bourgette, CFA Vice President, Eaton Vance Management Joined Eaton Vance 2006 Managed Fund since 2011

About Risk: The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. While the Fund has a targeted annual performance volatility range, its actual, or realized, volatility for longer or shorter periods may be materially higher or lower than the target range depending on market conditions. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Fund performance is sensitive to stock market volatility. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market. Purchases and sales of loans are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. It is unclear whether U.S. federal securities law protections are available to an investment in a loan. In certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. There can be no assurance that the liquidation of collateral securing a loan will satisfy the issuer's obligation in the event of non-payment or that collateral can be readily liquidated. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Investing in exchange-traded notes (ETNs) exposes the Fund to the performance of the issuer. The Fund's investments may lose their entire value if the issuer fails. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. As interest rates rise, the value of certain income investments is likely to decline. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus

for a complete description. 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. 4Percentages may not total 100% due to rounding. 5Portfolio profile subject to change due to active management. 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. 6This information is for illustrative purposes only and should not be considered investment advice or a recommendation. Economic value is shown for derivative holdings and, thus, figures presented will not add to 100%. 7Held in MSAR Completion Portfolio. CMBS refers to commercial mortgage-backed securities. 8Percent of total net assets. Other net assets represent other assets less liabilities and includes any investment type that represents less than 1% of net assets. Any securities sold short will be subtracted from that corresponding asset. 9Percent of bond holdings. Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing.

?2017 Eaton Vance Distributors, Inc. Member FINRA/SIPC Two International Place, Boston, MA 02110 800.836.2414

21874.18.17



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