Eaton Vance International (Ireland) Emerging Markets Debt Opportunities S Inc (Q) GBP (H)

The Fund aims to generate total return, being income plus capital appreciation. The Fund will be actively managed and will invest in fixed income securities issued by emerging market entities or emerging market sovereign nations. Such fixed income securities will be listed, traded or dealt on Recognised Markets and may include sovereign bonds and debentures, mortgage-backed securities, asset-backed securities, convertible debt securities, contingent convertible bonds (which are fixed income instruments convertible into equity if a prespecified trigger event occurs), municipal obligations, corporate bonds and debentures and debt securities. Such instruments may be rated below investment grade or be unrated. The Fund may have significant investment in a geographic region or country and there is no limit on the Fund’s exposure to any geographic region or country. The Fund is not intended to have a particular sector or industry focus. The Fund is actively managed in reference to the J.P. Morgan EMB (JEMB) Hard Currency/Local currency 50-50 (the “Index”). The Fund does not intend to track the Index. The Investment Adviser has discretion in its choices of investments and may invest in instruments which are not included in the Index, and it is generally expected that a significant portion of its investments will be non-Index constituents at any given time. The Fund targets a tracking error (ie the difference between the Fund’s returns and those of the Index) relative to the Index of between 300 and 600 basis points and a 200 to 300 basis point return above the Index and the Investment Adviser has also set guidelines in respect of volatility, correlation and beta relative to the Index. The Investment Adviser will incorporate environmental, social and governance (“ESG”) criteria and assessments in the investment process in order to contribute to the specific environmental or social characteristics promoted by the Fund. The Fund will also invest in derivative instruments for investment purposes, efficient portfolio management or for hedging purposes. Such derivative instruments may include forward foreign currency exchange contracts; futures on securities, indices, currencies and swaps; options; and interest rate swaps, cross-currency swaps, total return swaps and credit default swaps. The Fund will utilise the Index for risk management purposes. The Investment Adviser will manage global exposure of the Fund to within 200% of the Index’s value-at-risk ("VaR")*. The Fund seeks to identify countries and currencies with potential to outperform investments in other countries and currencies, and to anticipate changes in global economies, markets, political conditions and other factors. In certain circumstances, the Fund may hold cash and / or other assets which can be easily converted into cash. Currency forwards (which are agreements to buy or sell currency at the exchange rate on the contract date but to deliver the currency on a specified future date) may be used to hedge (or reduce the currency risk of investment in) the non U.S. Dollar Shares. The Fund may also invest in equities, collective investment schemes and loans issued, guaranteed or backed by sovereign or government entities. Any income earned on investments will be added to the value of the Fund. You can buy and sell your shares daily during Fund business hours. Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 3 to 5 years. *The VaR of a fund is a daily estimation of the maximum loss which a fund may incur over a 1 day period.