Overview

Growth of $10,000

10-year period ended 06/30/2017

  • Class A at NAV

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.70 3.15 6.59 8.11 5.58 10.00 5.52
S&P 500 Index2 0.62 3.09 9.34 17.90 9.60 14.62 7.18
Bloomberg Barclays U.S. Aggregate Bond Index3 -0.10 1.45 2.27 -0.31 2.48 2.21 4.47
60% S&P 500 / 40% Bloomberg Barclays U.S. Aggregate Bond Index 0.33 2.43 6.48 10.33 6.85 9.64 6.40
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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Fund Factsas of Jun 30, 2017

Class I Inception 09/28/2012
Performance Inception 04/01/1932
Investment Objective Current income and long-term growth of capital
Total Net Assets $846.7M
Minimum Investment $250000
Expense Ratio (Gross)4 0.76%
Expense Ratio (Net)4,5 0.73%
CUSIP 277905253

Top 10 Holdings (%)6,7as of Jun 30, 2017

United States Treasury Note/Bond
Apple Inc
United States Treasury Note/Bond
JPMorgan Chase & Co
Alphabet Inc - CL C
United States Treasury Note/Bond
Wells Fargo & Co
Chubb Ltd
Facebook Inc
Verizon Communications Inc
Total 18.34

Morningstar Rating™as of Jun 30, 2017

Time Period Rating Funds in
Allocation--50% to 70% Equity
Category
Overall **** 727
3 Years **** 727
5 Years ***** 653
10 Years *** 429
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

Portfolio Management

Charles Gaffney Managed Fund since 2009
Vishal Khanduja, CFA Managed Fund since 2017
Brian S. Ellis, CFA Managed Fund since 2017

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio 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

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.70 3.15 6.59 8.11 5.58 10.00 5.52
S&P 500 Index2 0.62 3.09 9.34 17.90 9.60 14.62 7.18
Bloomberg Barclays U.S. Aggregate Bond Index3 -0.10 1.45 2.27 -0.31 2.48 2.21 4.47
60% S&P 500 / 40% Bloomberg Barclays U.S. Aggregate Bond Index 0.33 2.43 6.48 10.33 6.85 9.64 6.40
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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 16.10 -30.27 22.99 8.92 1.31 11.42 21.42 9.89 2.88 4.86
S&P 500 Index2 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96
Bloomberg Barclays U.S. Aggregate Bond Index3 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55 2.65
60% S&P 500 / 40% Bloomberg Barclays U.S. Aggregate Bond Index 6.22 -22.06 18.40 12.13 4.69 11.31 17.56 10.62 1.28 8.31

Fund Facts

Expense Ratio (Gross)4 0.76%
Expense Ratio (Net)4,5 0.73%
Class I Inception 09/28/2012
Performance Inception 04/01/1932
Distribution Frequency Quarterly

Yield Information8as of Jun 30, 2017

Distribution Rate at NAV 1.91%
SEC 30-day Yield 1.39%

Risk Measures (3 Year)9as of Jun 30, 2017

Alpha (%) 0.09
Beta 0.57
R-Squared (%) 88.89
Standard Deviation (%) 6.26
Sharpe Ratio 0.86

Morningstar Rating™as of Jun 30, 2017

Time Period Rating Funds in
Allocation--50% to 70% Equity
Category
Overall **** 727
3 Years **** 727
5 Years ***** 653
10 Years *** 429
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Jul 24, 2017 $9.00 -$0.01
Jul 21, 2017 $9.01 $0.00
Jul 20, 2017 $9.01 $0.00
Jul 19, 2017 $9.01 $0.04
Jul 18, 2017 $8.97 $0.01
Jul 17, 2017 $8.96 $0.00
Jul 14, 2017 $8.96 $0.03
Jul 13, 2017 $8.93 $0.01
Jul 12, 2017 $8.92 $0.05
Jul 11, 2017 $8.87 -$0.01

Distribution History10

Ex-Date Distribution Reinvest NAV
Jun 09, 2017 $0.04230 $8.87
Mar 09, 2017 $0.04030 $8.60
Dec 13, 2016 $0.03380 $8.47
Sep 09, 2016 $0.03400 $8.39
Jun 09, 2016 $0.03530 $8.39
Mar 09, 2016 $0.04030 $8.06
Dec 15, 2015 $0.03090 $8.16
Sep 09, 2015 $0.03470 $8.15
Jun 09, 2015 $0.04330 $8.41
Mar 10, 2015 $0.02670 $8.55
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 History10

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 13, 2016 $0.03160 $8.47
Dec 15, 2015 $0.03400 $0.09880 $8.16
May 21, 2015 $0.12200 $0.12620 $8.59
Dec 16, 2014 $0.04960 $0.47550 $8.23
Sep 09, 2014 $0.04990 $0.10770 $8.90
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio 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 (%)7as of Jun 30, 2017

Stocks 60.78
U.S. Common Stocks 58.11
Foreign Common Stocks 2.67
Fixed Income 38.98
Investment Grade Corporate Bonds 11.16
U.S. Treasuries 10.01
Mortgage Backed Securities 9.79
Asset Backed Securities 3.47
Commercial Mortgage Backed Securities 1.57
Collateralized Mortgage Obligations 1.37
High Yield Corporate Bonds 1.09
Other 0.52
Cash 0.25
Total 100.00

Portfolio Statisticsas of Jun 30, 2017

Average Market Cap $137.4B
Price/Earnings Ratio 18.09
Price/Book 2.84
Average Coupon 3.38%
Average Maturity 15.36 yrs.
Average Duration 2.43 yrs.

GICS Sector Breakdown (%)11as of Jun 30, 2017

Sector Fund S&P 500 Index2
Consumer Discretionary 12.40 12.27
Consumer Staples 9.26 9.05
Energy 5.90 6.01
Financials 14.53 14.55
Health Care 14.41 14.51
Industrials 10.13 10.28
Information Technology 22.17 22.26
Materials 2.96 2.85
Real Estate 2.84 2.93
Telecom Services 2.21 2.14
Utilities 3.19 3.16

Credit Quality (%)12as of Jun 30, 2017

AAA 62.29
AA 0.97
A 13.49
BBB 20.09
BB 2.79
Not Rated 0.37
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 Holdings7,13as of May 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 2.63% 08/15/2020 2.98%
Apple Inc 0.00% 2.95%
United States Treasury Note/Bond 3.88% 08/15/2040 2.30%
Alphabet Inc - CL C 0.00% 1.87%
United States Treasury Note/Bond 3.63% 02/15/2044 1.66%
Johnson & Johnson 0.00% 1.64%
JPMorgan Chase & Co 0.00% 1.62%
Facebook Inc 0.00% 1.42%
Wells Fargo & Co 0.00% 1.42%
Chubb Ltd 0.00% 1.39%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio 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, 2017

Global equity markets delivered solid gains in the first quarter of 2017 despite a pullback by U.S. stocks late in the period amid dimming prospects for President Donald Trump's pro-business agenda.

U.S. stocks advanced for much of the period, extending the rally that began with President Trump's election in November. Responding to continued economic growth, the U.S. Federal Reserve (the Fed) raised its benchmark interest rate in March and indicated that further rate hikes would be coming in 2017. Taking the Fed action as a vote of confidence in the U.S. economy, stocks rose following the rate hike. Bank stocks led the advance on expectations that bank earnings would benefit from higher rates. Strong manufacturing and jobs data also boosted equity markets. During February, the U.S. added 235,000 new jobs, topping forecasts, while the unemployment rate remained steady at 4.7%.

But U.S stocks reversed course after President Trump's health care bill was withdrawn from Congress. The health care failure raised concerns about the prospects for the president's future economic initiatives, including tax reduction and infrastructure spending. Equities recouped some of the lost ground in the final days of the three-month period.

Globally, signs of economic gains across a broad spectrum of regions encouraged investors during the period. In Asia, rising demand for semiconductors and other electronics boosted growth in the region's export-oriented economies. In Europe, positive economic data and receding political risks helped push stocks higher. Even countries long mired in recession, such as Russia and Brazil, showed signs of recovery during the period.

For the three-month period, the Dow Jones Industrial Average14 recorded a 5.19% gain, while the broader S&P 500 Index2 rose 6.07%. The technology-laden NASDAQ Index15 added 9.82%. Globally, the MSCI EAFE Index16 rose 7.25% in the quarter. Large-cap stocks outperformed their small-cap counterparts during the quarter. In terms of investing style, growth stocks topped value stocks in both the large-cap and small-cap categories.

Performance Summary 

Eaton Vance Balanced Fund (the Fund) returned 3.34% for Class I shares at net asset value for the quarter ended March 31, 2017. In comparison, the S&P 500 Index2 returned 6.07%, while the Bloomberg Barclays U.S. Aggregate Bond Index3 returned 0.82%.

  • The equity portion of the Fund underperformed its benchmark, the S&P 500 Index. Meanwhile, the fixed income allocation outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.
  • Within the equity sleeve, the underperformance (relative to the S&P 500 Index) was due primarily to negative stock selection. Unfavorable stock selection in utilities, energy and financials had a negative impact on relative performance for the quarter.
  • Security selection, yield curve positioning and asset allocation all contributed to the relative outperformance for the fixed income sleeve of the Fund.

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV -0.11 3.34 3.34 6.77 6.16 8.82 5.82
S&P 500 Index2 0.12 6.07 6.07 17.17 10.36 13.29 7.50
Bloomberg Barclays U.S. Aggregate Bond Index3 -0.05 0.82 0.82 0.44 2.68 2.34 4.27
60% S&P 500 / 40% Bloomberg Barclays U.S. Aggregate Bond Index 0.05 3.95 3.95 10.26 7.38 8.94 6.52
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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Fund Factsas of Mar 31, 2017

Class I Inception 09/28/2012
Performance Inception 04/01/1932
Expense Ratio (Gross)4 0.76%
Expense Ratio (Net)4,5 0.73%

Contributors 

Equity Portfolio (relative to S&P 500 Index):

  • Of the 11 economic sectors in the Index, nine posted positive returns for the quarter. The stock portfolio had positive returns in seven sectors.
  • At the individual stock level, the top three contributors to relative performance were Zimmer-Biomet Holdings, Apple and Exxon. Both Zimmer-Biomet Holdings and Apple reported strong first quarter results, boosting their respective share prices. Investors were encouraged by Apple's better-than-expected revenue and iPhone unit growth. Zimmer-Biomet Holdings also reported revenues above expectations. Lastly, the Fund benefited from not owning Exxon Mobil during the period. The energy company has a meaningful weighting in the benchmark, and Exxon shares finished down for the quarter as oil prices fell and their quarterly results disappointed.
  • Fixed Income Portfolio (relative to Bloomberg Barclays U.S. Aggregate Bond Index):
  • Allocations to investment grade corporates, non-U.S. government-related securities, high yield bonds and commercial mortgage-backed securities all contributed to relative returns. In addition to these positive allocation effects, security selection and yield curve positioning had a positive impact on Fund performance.

Detractors 

Equity Portfolio (relative to S&P 500 Index):

  • Unfavorable stock selection in energy, utilities and financials had a negative impact on relative performance for the quarter.
  • At the individual stock level, Verizon Communications, Chevron Corporation and Macy's came under pressure for the period. Verizon's shares were punished after reporting a disappointing fourth quarter and guiding lower for the rest of 2017. Chevron also had a material earnings miss. These results, combined with falling oil prices, pressured company shares during the quarter. Lastly, Macy's shares fell following weaker-than-expected holiday sales and growing long-term competition concerns.
  • Fixed Income Portfolio (relative to Bloomberg Barclays U.S. Aggregate Bond Index):
  • Being underweight to foreign government-related bonds was a detractor from relative performance, as domestic high-grade bonds underperformed both foreign developed and emerging market bonds.

Investment Outlook And Fund Positioning 

Investors' attention will focus on the current administration's ability to deliver on their pro-growth promises such as tax reform, deregulation and infrastructure spending. The House of Representatives' recent disappointment on health care legislation may have created some suspicion over whether the new administration will be able to execute quickly on its agenda. We expect these challenges to have adverse effects on market sentiment, volatility and specific sectors.

Ultimately, it is our belief that we will see progress on these new pro-growth reforms, but they will likely take time. In the meantime, we will look to take advantage of volatility as positive reward-to-risk opportunities present themselves.

Top 10 Holdings (%)6,7as of Mar 31, 2017

United States Treasury Note/Bond 3.02
Apple Inc 2.91
United States Treasury Note/Bond 2.21
Johnson & Johnson 1.80
JPMorgan Chase & Co 1.78
Pfizer Inc 1.68
Alphabet Inc - CL C 1.66
Wells Fargo & Co 1.65
United States Treasury Note/Bond 1.60
Verizon Communications Inc 1.44
Total 19.74

Credit Quality (%)12as of Mar 31, 2017

AAA 62.31
AA 1.83
A 12.57
BBB 19.41
BB 3.41
B 0.00
CCC or Lower 0.00
Not Rated 0.45
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 invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio 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 invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Fund, including its pro rata share of each Portfolio 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
Vishal Khanduja, CFA

Vishal Khanduja, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2016

Vishal Khanduja is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's diversified fixed-income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's diversified fixed-income strategies. He joined Eaton Vance in 2016.

Vishal began his career in the investment management industry in 2005. Before joining Eaton Vance, he was a senior vice president, portfolio manager and head of taxable fixed income for Calvert Investments. Previously, he was a vice president and portfolio manager at Columbia Management and associate director of fixed-income analytics at Galliard Capital.

Vishal earned a bachelor of engineering from Veermata Jijabai Technological Institute in Mumbai, India and an MBA from the Tippie School of Management at the University of Iowa. He is a member of the CFA Institute, the CFA Society of Washington, D.C. and the Global Association of Risk Professionals. He is a CFA charterholder.

Education
  • B.Eng., Veermata Jijabai Technological Institute, Mumbai
  • M.B.A., Tippie School of Management, University of Iowa

Experience
  • Managed Fund since 2017

Other funds managed
 
Biography
Brian S. Ellis, CFA

Brian S. Ellis, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2016

Brian Ellis is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's diversified fixed-income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's diversified fixed-income strategies. He joined Eaton Vance in 2016.

Brian began his career in the investment management industry in 2006. Before joining Eaton Vance, he was a portfolio manager of fixed-income strategies for Calvert Investments. Previously, he was a software engineer and analyst at Legg Mason Capital Management (now ClearBridge Investments).

Brian earned a B.S. in finance from Salisbury University. He is a member of the CFA Institute and the CFA Society of Washington, D.C. He is a CFA charterholder.

Education
  • B.S., Salisbury University

Experience
  • Managed Fund since 2017

Other funds managed
 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2017

Commentary

Download - Last updated: Jun 30, 2017

Brochure

Download - Last updated: Mar 31, 2017

Annual Report

Download - Last updated: Dec 31, 2016

Full Prospectus

Download - Last updated: Jun 27, 2017

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

Download

SAI

Download - Last updated: Jun 27, 2017

Semi-Annual Report

Download - Last updated: Jun 30, 2016

Summary Prospectus

Download - Last updated: Jun 27, 2017

XBRL

Download - Last updated: May 17, 2017