Overview

Strong Morningstar Ratings as of 03/31/2016.2

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2016
Fund at NAV 0.00 3.71 1.43 1.09 8.50 7.98 6.17
Fund w/Max Sales Charge -5.70 -2.27 -4.41 -4.72 6.37 6.71 5.54
S&P 500 Index3 0.39 7.05 1.74 1.21 11.24 11.00 6.90
Barclays U.S. Aggregate Bond Index4 0.38 2.02 3.43 2.72 2.28 3.59 4.95
60% S&P 500 / 40% Barclays U.S. Aggregate Bond Index 0.39 5.05 2.50 2.05 7.76 8.20 6.43
03/31/2016
Fund at NAV 4.36 1.43 1.43 1.21 8.99 8.49 6.23
Fund w/Max Sales Charge -1.69 -4.41 -4.41 -4.62 6.86 7.21 5.61
S&P 500 Index3 6.78 1.35 1.35 1.78 11.81 11.57 7.00
Barclays U.S. Aggregate Bond Index4 0.92 3.03 3.03 1.96 2.50 3.77 4.89
60% S&P 500 / 40% Barclays U.S. Aggregate Bond Index 4.44 2.11 2.11 2.09 8.18 8.61 6.47
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 or equal to one year is cumulative. Max Sales Charge: 5.75%.

Fund Factsas of Apr 30, 2016

Class A Inception 04/01/1932
Investment Objective Current income and long-term growth of capital
Total Net Assets $670.2M
Minimum Investment $1000
Expense Ratio (Gross)5 1.02%
Expense Ratio (Net)5,6 0.98%
CUSIP 277905865

Top 10 Holdings (%)7,8as of Mar 31, 2016

United States Treasury Note/Bond
Apple Inc
General Electric Co
United States Treasury Inflation Indexed Bonds
Johnson & Johnson
Microsoft Corp
Walt Disney Co
Verizon Communications Inc
United States Treasury Note/Bond
Alphabet Inc - CL C
Total 19.14

Morningstar™ Ratingsas of Apr 30, 2016

Time Period Rating Rating (Load Waived) Funds in
Allocation--50% to 70% Equity
Category
Overall **** ***** 817
3 Years **** ***** 817
5 Years **** ***** 695
10 Years *** **** 464
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

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2016
Fund at NAV 0.00 3.71 1.43 1.09 8.50 7.98 6.17
Fund w/Max Sales Charge -5.70 -2.27 -4.41 -4.72 6.37 6.71 5.54
S&P 500 Index3 0.39 7.05 1.74 1.21 11.24 11.00 6.90
Barclays U.S. Aggregate Bond Index4 0.38 2.02 3.43 2.72 2.28 3.59 4.95
60% S&P 500 / 40% Barclays U.S. Aggregate Bond Index 0.39 5.05 2.50 2.05 7.76 8.20 6.43
03/31/2016
Fund at NAV 4.36 1.43 1.43 1.21 8.99 8.49 6.23
Fund w/Max Sales Charge -1.69 -4.41 -4.41 -4.62 6.86 7.21 5.61
S&P 500 Index3 6.78 1.35 1.35 1.78 11.81 11.57 7.00
Barclays U.S. Aggregate Bond Index4 0.92 3.03 3.03 1.96 2.50 3.77 4.89
60% S&P 500 / 40% Barclays U.S. Aggregate Bond Index 4.44 2.11 2.11 2.09 8.18 8.61 6.47
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 or equal to 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
60% S&P 500 / 40% Barclays U.S. Aggregate Bond Index 11.12 6.22 -22.06 18.40 12.13 4.69 11.31 17.56 10.62 1.28

Fund Facts

Expense Ratio (Gross)5 1.02%
Expense Ratio (Net)5,6 0.98%
Class A Inception 04/01/1932
Distribution Frequency Quarterly

Yield Information9as of Apr 30, 2016

Distribution Rate at NAV 1.74%
SEC 30-day Yield 1.08%

Risk Measures (3 Year)10as of Apr 30, 2016

Alpha (%) 1.43
Beta 0.62
R-Squared (%) 92.01
Standard Deviation (%) 7.34
Sharpe Ratio 1.15

Morningstar™ Ratingsas of Apr 30, 2016

Time Period Rating Rating (Load Waived) Funds in
Allocation--50% to 70% Equity
Category
Overall **** ***** 817
3 Years **** ***** 817
5 Years **** ***** 695
10 Years *** **** 464
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
May 27, 2016 $8.34 $0.02
May 26, 2016 $8.32 $0.01
May 25, 2016 $8.31 $0.02
May 24, 2016 $8.29 $0.07
May 23, 2016 $8.22 -$0.02
May 20, 2016 $8.24 $0.04
May 19, 2016 $8.20 -$0.02
May 18, 2016 $8.22 -$0.02
May 17, 2016 $8.24 -$0.04
May 16, 2016 $8.28 $0.04
View All

Distribution History11

Ex-Date Distribution Reinvest NAV
Mar 09, 2016 $0.03590 $8.06
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
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 Mar 31, 2016

Stocks 59.06
U.S. Common Stocks 54.48
Foreign Common Stocks 4.58
Fixed Income 38.80
Investment Grade Corporate Bonds 12.31
U.S. Treasuries 12.11
Mortgage Backed Securities 8.67
Asset Backed Securities 2.93
U.S. Commercial Mortgage Backed Securities 2.48
Other 0.30
Cash 2.15
Total 100.00

Portfolio Statisticsas of Mar 31, 2016

Average Market Cap $135.1B
Price/Earnings Ratio 16.46
Price/Book 2.82
Average Coupon 3.53%
Average Maturity 7.88 yrs.
Average Duration 5.57 yrs.

GICS Sector Breakdown (%)12as of Mar 31, 2016

Sector Fund S&P 500 Index3
Consumer Discretionary 12.36 12.90
Consumer Staples 10.27 10.40
Energy 6.60 6.76
Financials 15.28 15.63
Health Care 13.91 14.28
Industrials 9.96 10.13
Information Technology 20.16 20.83
Materials 2.79 2.83
Telecom Services 2.69 2.79
Utilities 3.40 3.45
Cash 2.58 0.00

Credit Quality (%)13as of Mar 31, 2016

AAA 61.75
AA 3.53
A 16.31
BBB 15.59
BB 2.04
B 0.19
CCC or Lower 0.00
Not Rated 0.58
Total 100.00
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 Holdings8,14as of Mar 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 3.50% 02/15/2018 3.28%
EV Cash Reserves Fund 0.12% 03/31/2016 2.13%
Apple Inc 0.00% 1.98%
General Electric Co 0.00% 1.97%
United States Treasury Inflation Indexed Bonds 2.38% 01/15/2025 1.92%
Johnson & Johnson 0.00% 1.83%
Microsoft Corp 0.00% 1.80%
Walt Disney Co 0.00% 1.67%
Verizon Communications Inc 0.00% 1.61%
United States Treasury Note/Bond 3.88% 08/15/2040 1.56%
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 Mar 31, 2016

Global equities finished a turbulent first quarter of 2016 with mixed returns after bouncing back from sharp losses early in the period.

In the U.S., stocks slid in January 2016, as worries about falling oil prices, declining interest rates and weakening global growth raised fears of a possible recession. Investor concern focused particularly on China's slowing economy and its potential impact on economies worldwide. The adoption of negative interest rates in Japan added to the specter of an impending global recession.

In mid-February, however, U.S. stocks began a strong rebound that overcame the earlier setbacks. Coinciding with the move was a turnaround in crude oil prices, which rose during the second half of the three-month period. The equity market rally got a further boost in March from the U.S. Federal Reserve (Fed), when it held interest rates steady and pared back plans for future rate hikes.

The U.S. labor market remained a bright spot throughout the period. Strong job creation data for February helped power the stock market rally into March. After stalling in late March, the rally resumed near quarter-end following Fed President Janet Yellen's comments reiterating her support for slower interest-rate hikes.

For the full three-month period, the Dow Jones Industrial Average15 delivered a total return of 2.20%, while the broader S&P 500 Index3, rose 1.35%. The technology-laden NASDAQ Composite Index16 fell -2.75%.

Overseas equity markets followed a similarly turbulent pattern during the quarter amid concerns about sluggish growth and China's economic weakness. The MSCI World Index17, a proxy for global equities, lost -0.35%, while the MSCI EAFE Index18 of developed-market international stocks declined -3.01%. Emerging markets were notable outperformers for the period, with the MSCI Emerging Markets Index19 advancing 5.71%.

Performance Summary 

Eaton Vance Balanced Fund (the Fund) returned 1.48% for Class I shares at net asset value for the quarter ended March 31, 2016. In comparison, the S&P 500 Index3 returned 1.35%, while the Barclays U.S. Aggregate Bond Index4 returned 3.03%.

  • While the Fund outperformed its Morningstar Moderate Allocation peer group, both the equity and fixed-income sleeves of the Fund underperformed their respective asset class benchmarks.
  • Within the equity sleeve, the underperformance of the Stock Fund (relative to the S&P 500 Index) was due to negative stock selection, while sector allocation was neutral overall. Stock selection in industrials, consumer staples and information technology detracted the most.
  • Within the fixed-income sleeve, the slight underperformance of the Core Bond Fund (relative to the Barclays U.S Aggregate Bond Index) was due to the volatility of credit spreads throughout the quarter. In this environment, certain sectors — like commercial mortgage-backed securities (CMBS) — underperformed, despite stable fundamentals.

Historic Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 4.36 1.43 1.43 1.21 8.99 8.49 6.23
Fund w/Max Sales Charge -1.69 -4.41 -4.41 -4.62 6.86 7.21 5.61
S&P 500 Index3 6.78 1.35 1.35 1.78 11.81 11.57 7.00
Barclays U.S. Aggregate Bond Index4 0.92 3.03 3.03 1.96 2.50 3.77 4.89
60% S&P 500 / 40% Barclays U.S. Aggregate Bond Index 4.44 2.11 2.11 2.09 8.18 8.61 6.47
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 or equal to one year is cumulative. Max Sales Charge: 5.75%.

Fund Factsas of Mar 31, 2016

Class A Inception 04/01/1932
Expense Ratio (Gross)5 1.02%
Expense Ratio (Net)5,6 0.98%

Contributors 

Factors contributing positively to the Fund's relative performance:

  • Equity sleeve (relative to the S&P 500 Index):
    Stock selection was flat or positive in five of the 10 equity sectors in which the Fund's portfolio was invested: financials, energy, materials, telecommunication services and health care.
  • At the individual stock level, the top relative contributors were spread among sectors, including a consumer discretionary name (Dollar General), a materials company (PPG Industries) and some utility holdings (Verizon and NextEra Energy). An underweight in banks within the financials was also a positive contributor.
  • Fixed-income sleeve (relative to the Barclays U.S Aggregate Bond Index):
    Sector allocation was the main contributor to Core Bond Fund performance, particularly the Fund's underweight to U.S. Treasurys.
  • Additionally, select individual securities (General Motors and Noble Energy) also contributed to the portfolio's relative performance.

Detractors 

Factors detracting from the Fund's relative performance:

  • Equity sleeve (relative to the S&P 500 Index):
    Unfavorable stock selection in various sectors — most notably, industrials, information technology and consumer staples — was the biggest detractor.
  • At the individual stock level, the top relative detractors included two information technology holdings (Verint Systems and Tableau Software), two health care names (Teva Pharmaceutical and McKesson Corp.) and a financial company, PNC Financial.
  • Fixed-income sleeve (relative to the Barclays U.S Aggregate Bond Index):
    The slight underperformance of the fixed-income sleeve was due largely to the Fund's investments in the commercial mortgage-backed securities sector. The rapid credit widening during the first part of the quarter especially hurt new vintage issues.
  • At the individual security level, two key detractors were Devon Energy and Seagate Technology.

Investment Outlook And Fund Positioning 

Global economic developments, interest rates and commodity prices are among the factors that will determine how stocks fare in the months ahead.

In deciding when to raise interest rates again, the Fed is likely to consider both the state of the U.S. economy and the broader global picture. Continued employment gains in the U.S., especially if accompanied by other positive economic indicators, could prompt the Fed to raise rates faster than expected. Yet, even with a strengthening U.S. economy, persistent weakness overseas could lead the Fed to stick with its more gradual course.

Investors will be closely watching crude oil prices after their rebound in March 2016. A return to falling oil prices could put pressure on global equities, especially emerging-market stocks. Corporate earnings will also be on many investors' radar amid warnings of a profits squeeze.

Top 10 Holdings (%)7,8as of Mar 31, 2016

United States Treasury Note/Bond 3.28
Apple Inc 1.98
General Electric Co 1.97
United States Treasury Inflation Indexed Bonds 1.92
Johnson & Johnson 1.83
Microsoft Corp 1.80
Walt Disney Co 1.67
Verizon Communications Inc 1.61
United States Treasury Note/Bond 1.56
Alphabet Inc - CL C 1.52
Total 19.14

Credit Quality (%)13as of Mar 31, 2016

AAA 61.75
AA 3.53
A 16.31
BBB 15.59
BB 2.04
B 0.19
CCC or Lower 0.00
Not Rated 0.58
Total 100.00
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.

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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