Overview

Growth of $10,000

10-year period ended 03/31/2015

  • Class A at NAV

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
04/30/2015
Fund at NAV 0.11 3.24 2.99 9.84 12.02 9.92 7.88
Fund w/Max Sales Charge -5.65 -2.65 -2.97 3.50 9.85 8.63 7.24
S&P 500 Index2 0.96 5.07 1.92 12.98 16.73 14.32 8.32
Barclays U.S. Aggregate Bond Index3 -0.36 -0.84 1.24 4.46 2.60 4.12 4.74
03/31/2015
Fund at NAV -0.08 2.87 2.87 10.22 11.88 10.09 7.53
Fund w/Max Sales Charge -5.81 -3.08 -3.08 3.84 9.67 8.79 6.90
S&P 500 Index2 -1.58 0.95 0.95 12.73 16.11 14.46 8.01
Barclays U.S. Aggregate Bond Index3 0.46 1.61 1.61 5.72 3.10 4.41 4.92
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. 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 one year is cumulative. Max Sales Charge: 5.75%.

Fund Facts as of Apr 30, 2015

Class A Inception 04/01/1932
Investment Objective Current income and long-term growth of capital
Total Net Assets $326.4M
Minimum Investment $1000
Expense Ratio4 1.14%
CUSIP 277905865

Top 10 Holdings (%)5,6 as of Mar 31, 2015

United States Treasury Note/Bond
Apple Inc
United States Treasury Note/Bond
General Electric Co
Google Inc Class C
Microsoft Corp
United Technologies Corp
Verizon Communications Inc
Dollar General Corp
Fannie Mae Pool
Total 17.57


Morningstar™ Ratings as of Apr 30, 2015

Time Period Rating Rating (Load Waived) Funds in
Moderate Allocation
Category
Overall **** **** 792
3 Years *** ***** 792
5 Years *** **** 702
10 Years **** **** 470
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

Portfolio Management

Charles Gaffney Managed Fund since 2009
Thomas H. Luster, CFA Managed Fund since 2010
Bernard Scozzafava, CFA Managed Fund since 2010

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. 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.

About Risk 

Fund share values are sensitive to stock market volatility. 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. As interest rates rise, the value of certain income investments is likely to decline. 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 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. 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.


Performance

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
04/30/2015
Fund at NAV 0.11 3.24 2.99 9.84 12.02 9.92 7.88
Fund w/Max Sales Charge -5.65 -2.65 -2.97 3.50 9.85 8.63 7.24
S&P 500 Index2 0.96 5.07 1.92 12.98 16.73 14.32 8.32
Barclays U.S. Aggregate Bond Index3 -0.36 -0.84 1.24 4.46 2.60 4.12 4.74
Morningstar™ Moderate Allocation Category7 0.71 3.35 2.52 6.53 9.74 8.82 6.43
03/31/2015
Fund at NAV -0.08 2.87 2.87 10.22 11.88 10.09 7.53
Fund w/Max Sales Charge -5.81 -3.08 -3.08 3.84 9.67 8.79 6.90
S&P 500 Index2 -1.58 0.95 0.95 12.73 16.11 14.46 8.01
Barclays U.S. Aggregate Bond Index3 0.46 1.61 1.61 5.72 3.10 4.41 4.92
Morningstar™ Moderate Allocation Category7 -0.69 1.81 1.81 6.19 9.45 8.97 6.26
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. 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 one year is cumulative. Max Sales Charge: 5.75%.

Calendar Year Returns (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 5.35 14.47 16.10 -30.27 22.99 8.92 1.31 11.50 20.96 9.62
S&P 500 Index2 4.91 15.79 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69
Barclays U.S. Aggregate Bond Index3 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97

Fund Facts

Expense Ratio4 1.14%
Class A Inception 04/01/1932
Distribution Frequency Quarterly


Risk Measures (3 Year)8 as of Apr 30, 2015

Alpha (%) 1.15
Beta 0.65
R-Squared (%) 90.86
Standard Deviation (%) 6.53
Sharpe Ratio 1.83


Morningstar™ Ratings as of Apr 30, 2015

Time Period Rating Rating (Load Waived) Funds in
Moderate Allocation
Category
Overall **** **** 792
3 Years *** ***** 792
5 Years *** **** 702
10 Years **** **** 470
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
May 22, 2015 $8.57 $-0.01
May 21, 2015 $8.58 $-0.23
May 20, 2015 $8.81 $0.01
May 19, 2015 $8.80 $-0.01
May 18, 2015 $8.81 $0.02
May 15, 2015 $8.79 $0.01
May 14, 2015 $8.78 $0.06
May 13, 2015 $8.72 $0.00
May 12, 2015 $8.72 $-0.02

Distribution History9

Ex-Date Distribution Reinvest NAV
Mar 10, 2015 $0.02280 $8.55
Dec 16, 2014 $0.02460 $8.23
Sep 09, 2014 $0.02590 $8.90
Jun 10, 2014 $0.02370 $8.93
Mar 11, 2014 $0.03590 $8.63
Dec 19, 2013 $0.02330 $8.33
Sep 10, 2013 $0.02080 $8.39
Jun 11, 2013 $0.02660 $8.20
Mar 11, 2013 $0.03030 $8.00
Dec 19, 2012 $0.02860 $7.58
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History9

Ex-Date Short-Term Long-Term Reinvest NAV
May 21, 2015 $0.12200 $0.12620 $8.58
Dec 16, 2014 $0.04960 $0.47550 $8.23
Sep 09, 2014 $0.04990 $0.10770 $8.90
Dec 19, 2013 $0.17450 $0.40280 $8.33
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

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 as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. 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.

About Risk 

Fund share values are sensitive to stock market volatility. 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. As interest rates rise, the value of certain income investments is likely to decline. 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 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. 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.


Portfolio

Asset Mix (%)6 as of Mar 31, 2015

U.S. Common Stocks 56.01
U.S. Treasuries 12.66
U.S. Corporate Bonds 9.38
U.S. Govt Agency Mortgage Backed Securities 9.24
Asset Backed Securities 4.35
U.S. Commercial Mortgage Backed Securities 3.30
Foreign Common Stocks and ADR's 2.65
Foreign Corporate Bonds 2.33
Other Net Assets 0.09
Total 100.00

Portfolio Statistics as of Mar 31, 2015

Average Maturity 6.52 yrs.


GICS Sector Breakdown (%)10 as of Mar 31, 2015

Sector Fund S&P 500 Index2
Consumer Discretionary 12.19 12.60
Consumer Staples 9.47 9.69
Energy 7.88 8.04
Financials 15.81 16.21
Health Care 14.69 14.93
Industrials 10.14 10.37
Information Technology 19.27 19.68
Materials 3.06 3.16
Telecom Services 2.18 2.28
Utilities 3.01 3.04
Cash 2.30 0.00


Fund Holdings6,11 as of Mar 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 3.50% 02/15/2018 4.04%
Apple Inc 0.00% 2.09%
EV Cash Reserves Fund 0.12% 03/31/2015 1.89%
United States Treasury Note/Bond 2.63% 08/15/2020 1.75%
General Electric Co 0.00% 1.68%
Google Inc Class C 0.00% 1.53%
Microsoft Corp 0.00% 1.35%
United Technologies Corp 0.00% 1.34%
Verizon Communications Inc 0.00% 1.31%
Dollar General Corp 0.00% 1.25%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. 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.

About Risk 

Fund share values are sensitive to stock market volatility. 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. As interest rates rise, the value of certain income investments is likely to decline. 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 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. 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.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Mar 31, 2015

Amid volatile markets, U.S. stocks delivered modest gains in the first quarter of 2015, while major overseas equity markets advanced more strongly. In the U.S., the three-month period began with mixed economic signals. While the job market continued to improve and consumer confidence increased, domestic stocks swung sharply in January on worries about a possible interest-rate hike by the U.S. Federal Reserve (Fed), slowing growth overseas and some weakening of corporate earnings. In particular, many large U.S. companies felt the impact of the rising U.S. dollar on exports and overseas profits.

As market volatility eased in February, U.S. stocks climbed to new all-time highs. Volatility returned in the final month of the period on renewed anxiety over Fed policy, as well as geopolitical tensions and further signs of global economic weakness. At its March meeting, while the Fed opened the door to a potential rate hike later in the year, it simultaneously indicated caution amid evidence of moderating U.S. economic growth.

Overseas, despite the renewed Greek debt crisis, European stocks rallied during the three-month period, as investor sentiment was buoyed by the European Central Bank’s announcement of a new bond-buying stimulus program. In China, stocks rose on hopes for additional stimulus measures to boost the country’s sluggish economy.

For the quarter, the Dow Jones Industrial Average12 gained 0.33%, while the broader U.S. stock market, as represented by the S&P 500 Index,2 added 0.95%. Globally, the MSCI World Index13 returned 1.82%. The MSCI EAFE Index of developed-market international equities advanced 4.88%, while the MSCI Emerging Markets Index14 rose 2.24%. Meanwhile, the Federal Open Market Committee (FOMC) emphasized that its normalization strategy for U.S. short-term interest rates will be data-dependent and as such, markets have seemingly shifted expectations for the Fed’s first rate increase from mid-2015 to the fall. In Europe, the European Central Bank (ECB) launched a massive bond-buying program in an effort to bolster the region’s economies. Continued divergence between U.S. and global monetary policies led to significant strengthening in the value of the U.S. dollar.

Performance Summary 

Eaton Vance Balanced Fund (the Fund) outperformed its benchmark, the S&P 500 Index (the Index),2 for the quarter ended March 31, 2015, returning 2.87% for Class A shares at net asset value versus the Index’s 0.95% return. The Barclays U.S. Aggregate Bond Index3 returned 1.61% for the quarter.

  • While the Fund’s 60%/40% allocation to equities versus fixed income falls in line with its historical average, the equity sleeve had a positive impact on Fund performance, outperforming the Index and more than making up for the slight underperformance of the Fund’s fixed-income sleeve versus its benchmark.
  • Within the equity sleeve, the Fund’s performance (relative to the Index) was almost entirely due to strong stock selection, while sector allocation was neutral overall. Stock selection in every sector but materials contributed positively, led by consumer staples, financials, health care and consumer discretionary.
  • Within the fixed-income sleeve, the Fund’s underperformance (relative to the Barclays U.S Aggregate Bond Index) was due to continuing interest-rate hedges, as well as the Fund’s high-yield allocation. Both general security selection and allocation to the securitized space (asset-backed and mortgaged backed securities) helped Fund performance.

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.08 2.87 2.87 10.22 11.88 10.09 7.53
Fund w/Max Sales Charge -5.81 -3.08 -3.08 3.84 9.67 8.79 6.90
S&P 500 Index2 -1.58 0.95 0.95 12.73 16.11 14.46 8.01
Barclays U.S. Aggregate Bond Index3 0.46 1.61 1.61 5.72 3.10 4.41 4.92
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. 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 one year is cumulative. Max Sales Charge: 5.75%.

Fund Facts as of Mar 31, 2015

Class A Inception 04/01/1932
Expense Ratio4 1.14%


Contributors 

Factors contributing positively to the Fund’s relative performance:

  • Equity sleeve (relative to the Index): Stock selection was positive in nine of the 10 equity sectors in which the portfolio was invested: consumer staples, financials, health care, industrials, information technology, consumer discretionary, energy, utilities and telecommunication services.
  • At the individual stock level, the top relative performance contributors included four consumer staples holdings (Pinnacle Foods, Constellation Brands, Altria and Kroger), two health care names (AMAG Pharmaceuticals and Aetna), Blackstone Group in the financials space and Spansion Inc. in information technology.
  • Fixed-income sleeve (relative to the Barclays U.S Aggregate Bond Index): Securitized issues, particularly mortgage-backed securities, aided the portfolio’s relative performance versus its benchmark. Holding Seagate Technology also helped.
  • Individual investment-grade bonds also contributed to the portfolio’s relative performance. In particular, health care firm Hospira saw its bonds tighten on news that Pfizer may take over the company. Nexteer Automotive’s high-yield bonds also outperformed on strong auto sales and growing demand for its electronic power steering.

Detractors 

Factors detracting from the Fund’s relative performance:

  • Equity sleeve (relative to the Index): Unfavorable stock selection in the materials sector detracted from the Fund’s performance versus the Index.
  • At the individual stock level, the biggest relative performance detractors included two information technology companies (Cypress Semiconductor and Microsoft), a financial holding (Discover Financial Services), a consumer staples name (Reynolds American Inc.) and an energy holding (Occidental Petroleum).
  • Fixed-income sleeve (relative to the Barclays U.S Aggregate Bond Index): Sector allocation detracted from performance versus the benchmark, largely due to the Fund’s investments in interest-rate management hedges and its overweight in high-yield bonds.
  • The energy sector continued to experience volatility during the quarter, putting pressure on the high-yield bonds of Pacific Rubiales and Odebrecht, both of which detracted from Fund performance.

Investment Outlook And Fund Positioning 

Equity market volatility may continue in the coming months, as investors await a widely expected interest-rate hike by the Fed. U.S. corporate earnings may remain under pressure from the strong dollar, potentially adding to stocks’ volatility. Many investors will be closely tracking the progress of the U.S. economy, including key indicators for the jobs and housing markets. The manufacturing sector may also be under investor scrutiny for signs of recovery after the first quarter’s unusually harsh winter weather.

Overseas, the impact of the European Central Bank’s bond-buying stimulus program on the region’s lagging economy will be carefully monitored by many investors. Similarly, in China, the outlook for economic improvement and continued stock market gains will likely depend in part on the success of government stimulus initiatives. Stimulus efforts in other key emerging markets (e.g., India and Russia) and in Japan will also bear watching in the period ahead.

On the fixed-income side, as the FOMC prepares to tighten monetary policy, financial markets are likely to transition to higher volatility, rising interest rates and a flatter yield curve in the period ahead.

Top 10 Holdings (%)5,6 as of Mar 31, 2015

United States Treasury Note/Bond 4.05
Apple Inc 2.09
United States Treasury Note/Bond 1.75
General Electric Co 1.68
Google Inc Class C 1.53
Microsoft Corp 1.35
United Technologies Corp 1.34
Verizon Communications Inc 1.31
Dollar General Corp 1.25
Fannie Mae Pool 1.21
Total 17.57


The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. 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.

About Risk 

Fund share values are sensitive to stock market volatility. 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. As interest rates rise, the value of certain income investments is likely to decline. 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 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. 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.


Attribution

No attribution information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. 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.

About Risk 

Fund share values are sensitive to stock market volatility. 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. As interest rates rise, the value of certain income investments is likely to decline. 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 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. 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.


Management

Biography
Charles Gaffney

Charles Gaffney

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Charles Gaffney is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global core team. He is responsible for buy and sell decisions, portfolio construction and risk management for a number of the firm’s global core equity strategies. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 2003.

Charlie began his career in the investment management industry in 1996. Before joining Eaton Vance, he was affiliated with Brown Brothers Harriman as a sector portfolio manager and Morgan Stanley Dean Witter as a senior equity analyst.

Charlie earned a B.A. from Bowdoin College in 1995 and an MBA from Fordham University in 2002.

Education
  • B.A. Bowdoin College
  • M.B.A. Graduate School of Business, Fordham University
Experience
  • Managed Fund since 2009
Biography
Thomas H. Luster, CFA

Thomas H. Luster, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1995

Tom Luster is a vice president of Eaton Vance Management, director of Investment-Grade Fixed Income and portfolio manager on Eaton Vance's investment-grade fixed-income team.

Tom joined Eaton Vance in 1995. Prior to joining Eaton Vance, Tom was associated with Deloitte & Touche Consulting and the Naval Center for Space Technology.

Tom earned a B.S. in mechanical engineering from George Washington University and an M.B.A. in finance from the University of Chicago. He is a CFA charterholder. Tom is also a member of the Fixed Income Management Society of Boston and the Boston Security Analysts Society, and was formerly chairman and a Governor's appointee to the Board of Trustees of Health Care Security, which oversees the investment of Tobacco Litigation Settlement funds for the Commonwealth of Massachusetts.

Tom's commentary has appeared in The Wall Street Journal, Reuters, Investor's Business Daily and American Banker, and he has been featured on New England Cable News and Bloomberg Radio.

Education
  • B.S. George Washington University
  • M.B.A. Booth School of Business, University of Chicago
Experience
  • Managed Fund since 2010
Biography
Bernard Scozzafava, CFA

Bernard Scozzafava, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Bernard Scozzafava is a vice president of Eaton Vance Management, director of investment-grade quantitative research and portfolio manager on Eaton Vance’s investment- grade fixed-income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s core fixed-income portfolios. He joined Eaton Vance in 2006.

Bernie began his career in the investment management industry in 1984. Before joining Eaton Vance, he was a portfolio manager and credit analyst with MFS Investment Management.

Bernie earned a B.A. from Hamilton College and an M.S. from the MIT Sloan School of Management. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.S. Hamilton College
  • M.S. Sloan School of Management, Massachusetts Institute of Technology
Experience
  • Managed Fund since 2010
Other funds managed
 

Fund Literature

Fund Literature

Annual Report

Commentary

Fact Sheet

Full Prospectus

Holdings-1st or 3rd fiscal quarters-www.sec.gov

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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