Overview

Strong Morningstar Ratings as of 06/30/2016.2

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV -0.35 2.65 4.99 6.90 9.32 10.14 6.68
Fund w/Max Sales Charge -6.06 -3.27 -1.05 0.78 7.19 8.84 6.05
S&P 500 Index3 0.14 4.10 7.82 12.55 12.29 14.67 7.50
Barclays U.S. Aggregate Bond Index4 -0.11 2.32 5.86 5.97 4.37 3.24 4.88
60% S&P 500 / 40% Barclays U.S. Aggregate Bond Index 0.04 3.40 7.14 10.09 9.23 10.17 6.76
06/30/2016
Fund at NAV 0.96 1.82 3.27 3.02 9.34 8.81 6.72
Fund w/Max Sales Charge -4.86 -3.99 -2.67 -2.88 7.22 7.52 6.08
S&P 500 Index3 0.26 2.46 3.84 3.99 11.64 12.09 7.42
Barclays U.S. Aggregate Bond Index4 1.80 2.21 5.31 6.00 4.06 3.76 5.13
60% S&P 500 / 40% Barclays U.S. Aggregate Bond Index 0.87 2.37 4.52 5.04 8.73 8.90 6.81
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 Aug 31, 2016

Class A Inception 04/01/1932
Investment Objective Current income and long-term growth of capital
Total Net Assets $830.9M
Minimum Investment $1000
Expense Ratio (Gross)5 1.02%
Expense Ratio (Net)5,6 0.98%
CUSIP 277905865

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

United States Treasury Note/Bond
United States Treasury Note/Bond
Alphabet Inc - CL C
United States Treasury Note/Bond
United States Treasury Inflation Indexed Bonds
United States Treasury Note/Bond
Johnson & Johnson
Wells Fargo & Co
United States Treasury Note/Bond
Verizon Communications Inc
Total 20.99

Morningstar™ Ratingsas of Aug 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Allocation--50% to 70% Equity
Category
Overall **** ***** 829
3 Years **** ***** 829
5 Years **** ***** 718
10 Years *** **** 491
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 Jun 30, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV -0.35 2.65 4.99 6.90 9.32 10.14 6.68
Fund w/Max Sales Charge -6.06 -3.27 -1.05 0.78 7.19 8.84 6.05
S&P 500 Index3 0.14 4.10 7.82 12.55 12.29 14.67 7.50
Barclays U.S. Aggregate Bond Index4 -0.11 2.32 5.86 5.97 4.37 3.24 4.88
60% S&P 500 / 40% Barclays U.S. Aggregate Bond Index 0.04 3.40 7.14 10.09 9.23 10.17 6.76
06/30/2016
Fund at NAV 0.96 1.82 3.27 3.02 9.34 8.81 6.72
Fund w/Max Sales Charge -4.86 -3.99 -2.67 -2.88 7.22 7.52 6.08
S&P 500 Index3 0.26 2.46 3.84 3.99 11.64 12.09 7.42
Barclays U.S. Aggregate Bond Index4 1.80 2.21 5.31 6.00 4.06 3.76 5.13
60% S&P 500 / 40% Barclays U.S. Aggregate Bond Index 0.87 2.37 4.52 5.04 8.73 8.90 6.81
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 Aug 31, 2016

Distribution Rate at NAV 1.42%
SEC 30-day Yield 1.02%

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

Alpha (%) 1.88
Beta 0.60
R-Squared (%) 91.55
Standard Deviation (%) 6.80
Sharpe Ratio 1.36

Morningstar™ Ratingsas of Aug 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Allocation--50% to 70% Equity
Category
Overall **** ***** 829
3 Years **** ***** 829
5 Years **** ***** 718
10 Years *** **** 491
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
Sep 30, 2016 $8.48 $0.03
Sep 29, 2016 $8.45 -$0.04
Sep 28, 2016 $8.49 $0.02
Sep 27, 2016 $8.47 $0.03
Sep 26, 2016 $8.44 -$0.03
Sep 23, 2016 $8.47 -$0.03
Sep 22, 2016 $8.50 $0.03
Sep 21, 2016 $8.47 $0.06
Sep 20, 2016 $8.41 $0.01
Sep 19, 2016 $8.40 -$0.01
View All

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 Jun 30, 2016

Stocks 54.46
U.S. Common Stocks 52.15
Foreign Common Stocks 2.31
Fixed Income 44.25
U.S. Treasuries 14.30
Investment Grade Corporate Bonds 12.19
Mortgage Backed Securities 10.99
U.S. Commercial Mortgage Backed Securities 2.65
Asset Backed Securities 2.64
High Yield Corporate Bonds 1.19
Other 0.28
Cash 1.28
Total 100.00

Portfolio Statisticsas of Jun 30, 2016

Average Market Cap $129.3B
Price/Earnings Ratio 16.00
Price/Book 3.04
Average Coupon 3.41%
Average Maturity 8.18 yrs.
Average Duration 5.68 yrs.

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

Sector Fund S&P 500 Index3
Consumer Discretionary 11.37 12.28
Consumer Staples 10.47 10.56
Energy 7.33 7.40
Financials 15.15 15.75
Health Care 14.46 15.03
Industrials 10.09 9.85
Information Technology 19.46 19.77
Materials 2.72 2.82
Telecom Services 2.95 2.91
Utilities 3.56 3.63
Cash 2.45 0.00

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

AAA 64.83
AA 3.30
A 14.25
BBB 14.46
BB 2.54
B 0.15
CCC or Lower 0.00
Not Rated 0.46
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 Jul 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
Alphabet Inc - CL C 0.00% 2.42%
United States Treasury Note/Bond 1.50% 05/31/2019 2.29%
United States Treasury Note/Bond 2.63% 08/15/2020 2.27%
EV Cash Reserves Fund 0.12% 07/25/2016 2.24%
United States Treasury Note/Bond 3.88% 08/15/2040 1.98%
United States Treasury Inflation Indexed Bonds 2.38% 01/15/2025 1.87%
United States Treasury Note/Bond 3.63% 02/15/2044 1.87%
Johnson & Johnson 0.00% 1.81%
Wells Fargo & Co 0.00% 1.72%
Apple Inc 0.00% 1.67%
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 Jun 30, 2016

Turmoil following Britain's vote to exit the European Union left major global equity markets with mixed results for the second quarter of 2016.
The outcome of the June 23 "Brexit" vote sent stocks into a two-day tailspin. However, the market's subsequent rebound regained much of the lost ground, leaving some indexes in the black for the three-month period. The British referendum capped a quarter marked by rising stock market volatility, as a range of economic and geopolitical factors had investors on edge. By quarter-end, the yield on the 10-year U.S. Treasury had fallen below 1.5% amid many investors' flight to quality assets.

U.S. stocks advanced early in the period on positive economic news, including strong retail sales, job market gains and higher energy prices. The continued slow-but-steady economic growth led to expectations that the U.S. Federal Reserve (Fed) would likely raise interest rates at its June meeting. But, after a disappointing May jobs report, the Fed left rates unchanged amid new doubts about the health of the economy. U.S. stocks mounted a brief recovery in the days following the Fed announcement, only to fall sharply in the wake of the Brexit vote.

For the full three-month period, the Dow Jones Industrial Average15 recorded a 2.07% gain, while the broader S&P 500 Index3 advanced 2.46%. The technology-laden NASDAQ Composite Index16 fell 0.56%. In general, small-cap U.S. stocks outperformed their large-cap counterparts during the quarter.

Globally, Brexit loomed over equity markets in the months leading up to the June 23 vote and continued to dominate investor concerns in the aftermath of the referendum. European stocks, which rose early in the period, suffered heavier post-Brexit losses than U.S. shares, fueling a 1.46% decline in the MSCI EAFE Index17 of developed-market international equities. By contrast, China's post-Brexit stock market losses were relatively moderate.

Performance Summary 

Eaton Vance Balanced Fund (the Fund) returned 1.88% for Class I shares at net asset value for the quarter ended June 30, 2016. In comparison, the S&P 500 Index3 returned 2.46%, while the Barclays U.S. Aggregate Bond Index4 returned 2.21%.

  • The equity sleeve of the Fund underperformed its index during the quarter, while the fixed-income sleeve outperformed its index.
  • Within the equity sleeve, the underperformance (relative to the S&P 500 Index) was due to negative stock selection, while sector allocation was neutral overall. Unfavorable stock selection in financials, healthcare and information technology had a negative impact on relative performance for the quarter.
  • Within the fixed-income sleeve, the outperformance of the Core Bond Fund (relative to the Barclays U.S. Aggregate Bond Index) was due to an overweight in corporate bonds amid a recovery in that sector after an initial weak start to the year. While the portfolio's overall duration was largely in line with that of its benchmark, performance benefited from an overweight in intermediate-maturity bonds, as the U.K. referendum to leave the European Union sparked a flight to quality, causing interest rates to fall.

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.96 1.82 3.27 3.02 9.34 8.81 6.72
Fund w/Max Sales Charge -4.86 -3.99 -2.67 -2.88 7.22 7.52 6.08
S&P 500 Index3 0.26 2.46 3.84 3.99 11.64 12.09 7.42
Barclays U.S. Aggregate Bond Index4 1.80 2.21 5.31 6.00 4.06 3.76 5.13
60% S&P 500 / 40% Barclays U.S. Aggregate Bond Index 0.87 2.37 4.52 5.04 8.73 8.90 6.81
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 Jun 30, 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 positive in five of the 10 equity sectors in which the Fund was invested: consumer discretionary, consumer staples, energy, utilities and industrials.
  • At the individual stock level, McKesson Corporation, a health care distribution company, was the largest contributor to relative performance for the quarter. Also contributing were the Fund's position in financial company Chubb Ltd. and its out-of-index holding in energy name Royal Dutch Shell.
  • Fixed-income sleeve (relative to the Barclays U.S. Aggregate Bond Index):
    Security selection in the securitized sector was a major contributor to relative performance, with the portfolio's CMBS positions among its best performers.
  • Additionally, select individual securities (General Motors and Trinity Industries) 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 financials, healthcare and information technology had a negative impact on relative performance for the quarter.
  • At the individual stock level, the top relative detractors included consumer discretionary stock Goodyear Tire & Rubber Co., asset manager Invesco Ltd. and not owning oil conglomerate Exxon Mobil, which was one of the index's top-performing energy stocks for the quarter.
  • Fixed-income sleeve (relative to the Barclays U.S. Aggregate Bond Index):
    An allocation to Treasury Inflation-Protected securities (TIPS) detracted from relative performance, as concerns about global growth put pressure on inflation expectations.

Investment Outlook And Fund Positioning 

Given the political and economic uncertainties raised by the Brexit vote, investors should expect continued market turbulence in the coming months.

Many observers view the U.S. economy as relatively well-positioned to weather the potential storm due to its large size and relatively small trade exposure to Britain. In addition, the market turmoil following the Brexit vote appears to have reduced the likelihood of a Fed interest-rate hike in the near term.

Overseas, investors will closely monitor the British economy for a widely predicted slowdown. Many eurozone nations, particularly those with weaker economies, may also be hurt by Brexit fallout. In China, the government's ability to hold the yuan steady against the dollar and other rising currencies is likely to impact the country's stock market performance in the short term.

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

United States Treasury Note/Bond 2.99
United States Treasury Note/Bond 2.95
Alphabet Inc - CL C 2.24
United States Treasury Note/Bond 2.09
United States Treasury Inflation Indexed Bonds 2.02
United States Treasury Note/Bond 1.97
Johnson & Johnson 1.76
Wells Fargo & Co 1.70
United States Treasury Note/Bond 1.65
Verizon Communications Inc 1.63
Total 20.99

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

AAA 64.83
AA 3.30
A 14.25
BBB 14.46
BB 2.54
B 0.15
CCC or Lower 0.00
Not Rated 0.46
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

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Three Ways to Access Our Best Ideas

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

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SAI

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