Overview

Strong Morningstar Ratings as of 12/31/2015.2

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
01/31/2016
Fund at NAV -2.20 -3.14 -2.20 0.63 8.77 8.19 5.96
Fund w/Max Sales Charge -7.82 -8.66 -7.82 -5.10 6.64 6.91 5.33
S&P 500 Index3 -4.96 -6.18 -4.96 -0.67 11.30 10.90 6.48
Barclays U.S. Aggregate Bond Index4 1.38 0.78 1.38 -0.16 2.15 3.50 4.65
12/31/2015
Fund at NAV -1.08 3.98 2.65 2.65 10.82 8.98 6.67
Fund w/Max Sales Charge -6.71 -2.01 -3.29 -3.29 8.67 7.71 6.05
S&P 500 Index3 -1.58 7.04 1.38 1.38 15.13 12.56 7.30
Barclays U.S. Aggregate Bond Index4 -0.32 -0.57 0.55 0.55 1.44 3.25 4.51
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 Factsas of Dec 31, 2015

Class A Inception 04/01/1932
Investment Objective Current income and long-term growth of capital
Total Net Assets $510.8M
Minimum Investment $1000
Expense Ratio (Gross)5 1.14%
Expense Ratio (Net)5,6 0.98%
CUSIP 277905865

Top 10 Holdings (%)7,8as of Dec 31, 2015

United States Treasury Note/Bond
Alphabet Inc - CL C
Apple Inc
United States Treasury Note/Bond
Microsoft Corp
General Electric Co
Johnson & Johnson
Walt Disney Co
United States Treasury Inflation Indexed Bonds
United States Treasury Note/Bond
Total 19.46

Morningstar™ Ratingsas of Jan 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Moderate Allocation
Category
Overall **** ***** 860
3 Years **** ***** 860
5 Years **** ***** 742
10 Years *** **** 501
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.

© 2015 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 performance is 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 Dec 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
01/31/2016
Fund at NAV -2.20 -3.14 -2.20 0.63 8.77 8.19 5.96
Fund w/Max Sales Charge -7.82 -8.66 -7.82 -5.10 6.64 6.91 5.33
S&P 500 Index3 -4.96 -6.18 -4.96 -0.67 11.30 10.90 6.48
Barclays U.S. Aggregate Bond Index4 1.38 0.78 1.38 -0.16 2.15 3.50 4.65
Morningstar™ Moderate Allocation Category9 -3.44 -5.33 -3.44 -4.54 4.62 5.50 4.60
12/31/2015
Fund at NAV -1.08 3.98 2.65 2.65 10.82 8.98 6.67
Fund w/Max Sales Charge -6.71 -2.01 -3.29 -3.29 8.67 7.71 6.05
S&P 500 Index3 -1.58 7.04 1.38 1.38 15.13 12.56 7.30
Barclays U.S. Aggregate Bond Index4 -0.32 -0.57 0.55 0.55 1.44 3.25 4.51
Morningstar™ Moderate Allocation Category9 -1.76 2.57 -1.93 -1.93 6.96 6.51 5.23
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 (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 14.47 16.10 -30.27 22.99 8.92 1.31 11.50 20.96 9.62 2.65
S&P 500 Index3 15.79 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38
Barclays U.S. Aggregate Bond Index4 4.33 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55

Fund Facts

Expense Ratio (Gross)5 1.14%
Expense Ratio (Net)5,6 0.98%
Class A Inception 04/01/1932
Distribution Frequency Quarterly

Risk Measures (3 Year)10as of Jan 31, 2016

Alpha (%) 1.69
Beta 0.62
R-Squared (%) 91.66
Standard Deviation (%) 7.05
Sharpe Ratio 1.24

Morningstar™ Ratingsas of Jan 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Moderate Allocation
Category
Overall **** ***** 860
3 Years **** ***** 860
5 Years **** ***** 742
10 Years *** **** 501
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.

© 2015 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
Feb 04, 2016 $7.93
Feb 03, 2016 $7.93
Feb 02, 2016 $7.93 $-0.07
Feb 01, 2016 $8.00 $-0.01
Jan 29, 2016 $8.01 $0.13
Jan 28, 2016 $7.88 $0.04
Jan 27, 2016 $7.84 $-0.04
Jan 26, 2016 $7.88 $0.06
Jan 25, 2016 $7.82 $-0.06
Jan 22, 2016 $7.88 $0.10

Distribution History11

Ex-Date Distribution Reinvest NAV
Dec 15, 2015 $0.02580 $8.16
Sep 09, 2015 $0.02980 $8.15
Jun 09, 2015 $0.03800 $8.41
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
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 History11

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 15, 2015 $0.03400 $0.09880 $8.16
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 performance is 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 (%)8as of Dec 31, 2015

U.S. Common Stocks 54.34
U.S. Treasuries 13.23
Investment Grade Corporate Bonds 9.21
Mortgage Backed Securities 8.25
Foreign Common Stocks 5.04
Asset Backed Securities 3.21
Cash 3.15
U.S. Commercial Mortgage Backed Securities 2.34
High Yield Corporate Bonds 0.99
Other 0.24
Total 100.00

Portfolio Statisticsas of Dec 31, 2015

Average Maturity 7.38 yrs.

GICS Sector Breakdown (%)12as of Dec 31, 2015

Sector Fund S&P 500 Index3
Consumer Discretionary 12.55 12.89
Consumer Staples 9.84 10.06
Energy 6.37 6.50
Financials 16.05 16.47
Health Care 14.86 15.16
Industrials 9.85 10.05
Information Technology 20.16 20.69
Materials 2.71 2.76
Telecom Services 2.29 2.43
Utilities 2.83 2.99
Cash 2.48 0.00

Fund Holdings8,13as of Dec 31, 2015

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 3.50% 02/15/2018 3.94%
EV Cash Reserves Fund 0.12% 12/31/2015 3.11%
Alphabet Inc - CL C 0.00% 1.94%
Apple Inc 0.00% 1.91%
United States Treasury Note/Bond 3.88% 08/15/2040 1.87%
Microsoft Corp 0.00% 1.76%
General Electric Co 0.00% 1.69%
Johnson & Johnson 0.00% 1.67%
Walt Disney Co 0.00% 1.62%
United States Treasury Inflation Indexed Bonds 1.38% 01/15/2020 1.61%
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 performance is 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

Commentary

A Word On The Markets  as of Dec 31, 2015

Major stock markets worldwide recorded gains for the fourth quarter of 2015, despite a spike in volatility late in the period.

U.S. stocks began the three-month period on the upswing, buoyed by positive economic data. In addition to continued gains in the U.S. job market, other indicators, including housing and auto sales, also showed strength. Expressing confidence in the economy, the U.S. Federal Reserve (Fed) made its long-anticipated move in mid-December 2015, raising interest rates for first time since June 2006. After initially advancing following the Fed announcement, U.S. stocks fell back amid renewed concerns about sluggish global economic growth, falling energy prices and weak corporate profits. In particular, the strong U.S. dollar constrained profits for many multinational firms. While consumer spending rose during the quarter, it failed to meet some expectations for a spending surge driven by savings at the gas pump. In the final month of the period, equity market volatility increased markedly amid weak commodity prices and uncertainty over future interest rates. Globally, China's economic slowdown and falling energy prices weighed on other world economies, particularly large emerging markets such as South Korea, Brazil and South Africa.

Despite the late-period volatility, major stock indexes finished up for the quarter. In the U.S., the Dow Jones Industrial Average14 advanced 7.70%, while the broader S&P 500 Index3 rose 7.04%. Large-cap U.S. stocks outperformed their small-cap counterparts during the quarter, with growth stocks outpacing value stocks in both the large- and small-cap categories. Globally, the MSCI EAFE Index15 of developed-market international equities returned 4.71% for the period, while the MSCI Emerging Markets Index16 eked out a 0.66% gain.

Performance Summary 

Eaton Vance Balanced Fund (the Fund) underperformed its benchmark, the S&P 500 Index (the Index)3, for the quarter ended December 31, 2015, returning 3.98% for Class A shares at net asset value versus the Index's 7.04% return. The Barclays U.S. Aggregate Bond Index (the Barclays Agg)4 returned -0.57% for the quarter.

  • The Fund's allocation during the quarter remained at 60%/40% equities versus fixed income, falling in line with its historical average. The equity portfolio outperformed its benchmark, while the fixed-income portfolio slightly underperformed its benchmark.
  • Within the equity sleeve, the Fund's outperformance relative to the Index was entirely due to stock selection, while sector allocation was neutral overall. Stock selection within the following sectors helped relative performance: consumer staples, industrials, information technology, health care and utilities.
  • Within the fixed-income sleeve, the core bond portfolio performed in line with its benchmark, the Barclays Agg, led by strong security selection in the corporate bond sector and a favorable sector allocation to lower-rated corporate bonds that outperformed during the quarter.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -1.08 3.98 2.65 2.65 10.82 8.98 6.67
Fund w/Max Sales Charge -6.71 -2.01 -3.29 -3.29 8.67 7.71 6.05
S&P 500 Index3 -1.58 7.04 1.38 1.38 15.13 12.56 7.30
Barclays U.S. Aggregate Bond Index4 -0.32 -0.57 0.55 0.55 1.44 3.25 4.51
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 Factsas of Dec 31, 2015

Class A Inception 04/01/1932
Expense Ratio (Gross)5 1.14%
Expense Ratio (Net)5,6 0.98%

Contributors 

Factors contributing positively to the Fund's relative performance:

  • Equity sleeve (relative to the Index): Stock selection was positive in seven of the 10 equity sectors in which the Fund was invested: consumer staples, health care, industrials, information technology, materials, telecommunication services, utilities and consumer discretionary.
  • At the individual stock level, the Fund's top relative performance contributors included information technology names Alphabet Inc. (formerly Google) and components supplier Belden Inc., consumer staples company Sprouts Farmers Markets, consumer discretionary giant Amazon and industrial leader General Electric.
  • Fixed-income sleeve (relative to the Barclays Agg): The Fund's allocation to lower-rated corporate bonds, which outperformed during the quarter, contributed positively, as did corporate bonds, particularly in the financials sector (e.g., Morgan Stanley).

Detractors 

Factors detracting from the Fund's relative performance:

  • Equity sleeve (relative to the Index): Unfavorable stock selection in the information technology, consumer discretionary, energy and financials sectors detracted from the Fund's performance versus the Index.
  • At the individual stock level, the biggest relative performance detractors included IT software firm Mentor Graphics, consumer discretionary names Harley Davidson and Restoration Hardware, energy giant Royal Dutch Shell, and financial firm Credit Suisse.
  • Fixed-income sleeve (relative to the Barclays Agg): The portfolio's interest-rate hedges in the fixed-income portfolio were a slight performance detractor, as declining volatility hurt their overall value. On the corporate side, energy names such as Pioneer Natural Resources detracted from the Fund's performance.

Investment Outlook And Fund Positioning 

Equity market volatility may continue in the coming months, as investors monitor conflicting trends in the U.S. and global economies. In the U.S., much attention will be on the Fed for indications regarding its next interest-rate move. While on a "gradual" trajectory, further improvement in U.S. economic data may prompt the Fed to hike rates sooner rather than later. Investors will also consider the potential impact on the U.S. economy from slowing overseas growth and continued weak oil prices. In addition, concern over slipping corporate profits is likely to keep investor focus on stock valuations, as continued dollar strength would put further pressure on U.S. multinational companies.

Overseas, prospects for near-term improvement in China's huge economy remain dim, which likely means further distress for developed and emerging markets worldwide. Investors will look for any positive signs from China's effort to move toward a more consumer-and services-driven economy.

The portfolio managers have maintained the Fund's 60%/40% allocation. The respective teams have continued to focus on bottom-up security selection in an effort to add alpha to the portfolio and may adjust the 60%/40% allocation when they see attractive opportunities.

Top 10 Holdings (%)7,8as of Dec 31, 2015

United States Treasury Note/Bond 3.94
Alphabet Inc - CL C 1.94
Apple Inc 1.91
United States Treasury Note/Bond 1.87
Microsoft Corp 1.76
General Electric Co 1.69
Johnson & Johnson 1.67
Walt Disney Co 1.62
United States Treasury Inflation Indexed Bonds 1.61
United States Treasury Note/Bond 1.46
Total 19.46

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 performance is 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 performance is 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
 

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