Overview

Strong Morningstar Ratings as of 09/30/2016.2

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2016
Fund at NAV -1.41 -2.00 3.25 2.26 6.51 9.44 5.95
Fund w/Max Sales Charge -7.11 -7.62 -2.69 -3.57 4.44 8.16 5.33
S&P 500 Index3 -1.82 -1.67 5.87 4.51 8.83 13.55 6.69
Bloomberg Barclays U.S. Aggregate Bond Index4 -0.76 -0.94 4.99 4.37 3.48 2.90 4.64
60% S&P 500 / 40% Bloomberg Barclays U.S. Aggregate Bond Index -1.40 -1.37 5.63 4.57 6.82 9.33 6.18
09/30/2016
Fund at NAV -0.25 1.42 4.73 8.90 8.19 11.14 6.51
Fund w/Max Sales Charge -5.98 -4.39 -1.29 2.63 6.09 9.82 5.88
S&P 500 Index3 0.02 3.85 7.84 15.43 11.15 16.35 7.23
Bloomberg Barclays U.S. Aggregate Bond Index4 -0.06 0.46 5.80 5.19 4.02 3.08 4.79
60% S&P 500 / 40% Bloomberg Barclays U.S. Aggregate Bond Index -0.01 2.49 7.13 11.43 8.41 11.05 6.56
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 Oct 31, 2016

Class A Inception 04/01/1932
Investment Objective Current income and long-term growth of capital
Total Net Assets $830.1M
Minimum Investment $1000
Expense Ratio (Gross)5 1.02%
Expense Ratio (Net)5,6 0.98%
CUSIP 277905865

Top 10 Holdings (%)7,8as of Sep 30, 2016

Apple Inc
Alphabet Inc - CL C
United States Treasury Note/Bond
United States Treasury Inflation Indexed Bonds
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
United States Treasury Note/Bond
Verizon Communications Inc
JPMorgan Chase & Co
Total 19.74

Morningstar™ Ratingsas of Oct 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Allocation--50% to 70% Equity
Category
Overall **** ***** 831
3 Years **** ***** 831
5 Years **** ***** 717
10 Years *** **** 497
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.

© 2016 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 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 Sep 30, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2016
Fund at NAV -1.41 -2.00 3.25 2.26 6.51 9.44 5.95
Fund w/Max Sales Charge -7.11 -7.62 -2.69 -3.57 4.44 8.16 5.33
S&P 500 Index3 -1.82 -1.67 5.87 4.51 8.83 13.55 6.69
Bloomberg Barclays U.S. Aggregate Bond Index4 -0.76 -0.94 4.99 4.37 3.48 2.90 4.64
60% S&P 500 / 40% Bloomberg Barclays U.S. Aggregate Bond Index -1.40 -1.37 5.63 4.57 6.82 9.33 6.18
09/30/2016
Fund at NAV -0.25 1.42 4.73 8.90 8.19 11.14 6.51
Fund w/Max Sales Charge -5.98 -4.39 -1.29 2.63 6.09 9.82 5.88
S&P 500 Index3 0.02 3.85 7.84 15.43 11.15 16.35 7.23
Bloomberg Barclays U.S. Aggregate Bond Index4 -0.06 0.46 5.80 5.19 4.02 3.08 4.79
60% S&P 500 / 40% Bloomberg Barclays U.S. Aggregate Bond Index -0.01 2.49 7.13 11.43 8.41 11.05 6.56
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
Bloomberg 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% Bloomberg 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 Oct 31, 2016

Distribution Rate at NAV 1.37%
SEC 30-day Yield 0.98%

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

Alpha (%) 0.60
Beta 0.57
R-Squared (%) 88.00
Standard Deviation (%) 6.56
Sharpe Ratio 0.87

Morningstar™ Ratingsas of Oct 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Allocation--50% to 70% Equity
Category
Overall **** ***** 831
3 Years **** ***** 831
5 Years **** ***** 717
10 Years *** **** 497
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.

© 2016 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
Dec 02, 2016 $8.36 $0.02
Dec 01, 2016 $8.34 -$0.03
Nov 30, 2016 $8.37 -$0.03
Nov 29, 2016 $8.40 $0.01
Nov 28, 2016 $8.39 -$0.01
Nov 25, 2016 $8.40 $0.01
Nov 23, 2016 $8.39 $0.00
Nov 22, 2016 $8.39 $0.02
Nov 21, 2016 $8.37 $0.04
Nov 18, 2016 $8.33 -$0.02

Distribution History11

Ex-Date Distribution Reinvest NAV
Sep 09, 2016 $0.02860 $8.39
Jun 09, 2016 $0.03030 $8.39
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
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

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 (%)8as of Sep 30, 2016

Stocks 55.01
U.S. Common Stocks 54.35
Foreign Common Stocks 0.65
Fixed Income 43.43
Investment Grade Corporate Bonds 14.20
U.S. Treasuries 11.93
Mortgage Backed Securities 11.07
Asset Backed Securities 2.65
U.S. Commercial Mortgage Backed Securities 2.27
High Yield Corporate Bonds 1.09
Other 0.22
Cash 1.56
Total 100.00

Portfolio Statisticsas of Sep 30, 2016

Average Market Cap $152.4B
Price/Earnings Ratio 16.35
Price/Book 2.93
Average Coupon 3.37%
Average Maturity 7.99 yrs.
Average Duration 5.64 yrs.

GICS Sector Breakdown (%)12as of Sep 30, 2016

Sector Fund S&P 500 Index3
Consumer Discretionary 12.18 12.53
Consumer Staples 9.76 9.88
Energy 7.45 7.28
Financials 11.96 12.78
Health Care 14.53 14.68
Industrials 9.65 9.73
Information Technology 20.92 21.24
Materials 2.93 2.90
Real Estate 3.12 3.06
Telecom Services 2.64 2.64
Utilities 3.28 3.28
Cash 1.58 0.00

Credit Quality (%)13as of Sep 30, 2016

AAA 60.95
AA 2.65
A 15.02
BBB 18.54
BB 2.40
B 0.00
CCC or Lower 0.00
Not Rated 0.44
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 Oct 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 2.63% 08/15/2020 4.38%
United States Treasury Note/Bond 1.50% 05/31/2019 3.35%
United States Treasury Note/Bond 3.88% 08/15/2040 2.94%
Apple Inc 0.00% 2.92%
EV Cash Reserves Fund LLC 0.00% 2.07%
Alphabet Inc - CL C 0.00% 1.96%
JPMorgan Chase & Co 0.00% 1.59%
Johnson & Johnson 0.00% 1.37%
Verizon Communications Inc 0.00% 1.37%
Chubb Ltd 0.00% 1.33%
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 Sep 30, 2016

Global stock markets moved higher in the third quarter of 2016 amid continued low interest rates and diminishing concern about Britain's vote to leave the European Union.

Recovering from their sharp pullback following Britain's "Brexit" vote in late June 2016, stocks advanced for much of the summer. Major U.S. stock indexes reached multiple record highs during August 2016, as an upturn in oil prices also boosted stocks.

In the final month of the period, U.S. equity markets turned choppy, as investors worried about the likelihood of an interest-rate hike by the U.S. Federal Reserve (the Fed). Declining corporate profits and overall U.S. economic health also weighed on markets. Retail sales dipped in August after a slight gain in July. Home sales also fell in August, while durable goods orders were flat.

The Fed's decision at its September meeting to leave rates unchanged sent stocks higher. U.S stocks also got a brief boost late in the period after OPEC nations reached an initial agreement to cut oil production. Stocks along with oil prices reacted with solid gains.

Globally, low interest rates helped drive most stock markets higher during the three-month period. Signs of strength in China's beleaguered economy, including improved business and consumer confidence, also cheered investors.

The prospect of continued low interest rates helped global equity markets deliver solid gains for the three-month period. The Dow Jones Industrial Average15 recorded a 2.78% gain, while the broader S&P 500 Index3 rose 3.85%. The technology-laden NASDAQ Composite Index16 added 9.69%. Globally, the MSCI EAFE Index17 gained 6.43% in the quarter. Small-cap stocks outperformed their large-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 1.6% for Class I shares at net asset value for the quarter ended September 30, 2016. In comparison, the S&P 500 Index3 returned 3.85%, while the Bloomberg Barclays U.S. Aggregate Bond Index4 returned 0.46%.

  • The equity portion of the Fund underperformed its index during the quarter, while the fixed income sleeve outperformed its benchmark.
  • Within the equity allocation, the underperformance (relative to the S&P 500 Index) was due primarily to negative stock selection. Unfavorable stock selection in financials, healthcare and industrials had a negative impact on relative performance for the quarter.
  • Sector allocation was the main driver of the Core Bond portfolio's relative outperformance. Fund managers were able to navigate an environment of rising interest rates by allocating to segments where the negative impact of rates was offset by narrowing credit spreads.

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV -0.25 1.42 4.73 8.90 8.19 11.14 6.51
Fund w/Max Sales Charge -5.98 -4.39 -1.29 2.63 6.09 9.82 5.88
S&P 500 Index3 0.02 3.85 7.84 15.43 11.15 16.35 7.23
Bloomberg Barclays U.S. Aggregate Bond Index4 -0.06 0.46 5.80 5.19 4.02 3.08 4.79
60% S&P 500 / 40% Bloomberg Barclays U.S. Aggregate Bond Index -0.01 2.49 7.13 11.43 8.41 11.05 6.56
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 Sep 30, 2016

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

Contributors 

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

  • Of the 11 economic sectors in the Index, seven posted positive returns for the quarter. The Stock Portfolio had positive returns in six sectors.
  • At the individual stock level, commerce leader Ebay was the largest contributor to relative performance for the quarter. Also contributing was internet company Alphabet, as momentum in both the mobile and YouTube business segments have been applauded by the market. During the quarter, both companies reported earnings and revenues that beat Street consensus estimates.
  • Fixed Income Portfolio (relative to Bloomberg Barclays U.S. Aggregate Bond Index):
  • The portfolio benefited from an overweight to corporate bonds and commercial-mortgage-backed-securities (CMBS), two of the best performing sectors of the domestic investment grade bond market. An allocation to U.S. Treasury Inflation Protected Securities (TIPS) and away from U.S. Treasury notes was a positive contributor to performance, as inflation breakevens moved higher with a recovery in commodity prices.
  • Security selection, especially in the automotive and technology sectors, also helped relative performance.

Detractors 

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

  • Unfavorable stock selection in financials, health care and industrials was the reason they were the worst relative performing sectors for the quarter.
  • At the individual stock level, supermarket operator Kroger Co. detracted from the Fund's relative performance. Facing the pressure of lower food prices, management lowered the company's full year guidance. Also hurting relative performance was home improvement retailer Lowes Companies. It reported a second quarter earnings miss and management talked down future expectations. As a result, shares of both companies finished lower for the quarter.
  • Fixed Income Portfolio (relative to Bloomberg Barclays U.S. Aggregate Bond Index):
  • Interest rate management slightly detracted from performance as our preference for 10 year maturity corporate bonds and TIPS resulted in an overweight to intermediate rates, which lagged during the period.

Investment Outlook And Fund Positioning 

All eyes will be on the Fed in coming months, as investors gauge the likelihood of an interest hike. The prolonged low-interest rate environment has raised fears of a stock bubble, as investors bid up stocks in search of dividend yield.

In the U.S., the continuing slump in corporate profits has added to investor worries, along with signs that job market gains may be leveling off. Investors who cheered OPEC's move toward oil production curbs will closely monitor progress toward a final agreement in November.

Globally, observers will focus on China's economic indicators for signs of continued strengthening that would benefit not only China, but also its emerging market trading partners. Japan will also be on investors' radar, as they assess the impact of the government's aggressive stimulus measures

The Fund's underweight in equity and overweight in fixed income reflects the portfolio managers' conservative positioning.

Top 10 Holdings (%)7,8as of Sep 30, 2016

Apple Inc 2.85
Alphabet Inc - CL C 2.48
United States Treasury Note/Bond 2.21
United States Treasury Inflation Indexed Bonds 2.19
United States Treasury Note/Bond 2.02
United States Treasury Note/Bond 1.82
United States Treasury Note/Bond 1.71
United States Treasury Note/Bond 1.61
Verizon Communications Inc 1.47
JPMorgan Chase & Co 1.37
Total 19.74

Credit Quality (%)13as of Sep 30, 2016

AAA 60.95
AA 2.65
A 15.02
BBB 18.54
BB 2.40
B 0.00
CCC or Lower 0.00
Not Rated 0.44
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
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
 

Literature

Literature

Fact Sheet

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Commentary

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Brochure

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Annual Report

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Full Prospectus

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

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SAI

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Semi-Annual Report

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Summary Prospectus

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XBRL

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