Overview

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2016
Fund at NAV 4.10 1.66 7.18 5.17 8.33 13.67 6.56
Fund 4.10 1.66 7.18 5.17 8.33 13.67 6.56
Return After Taxes on Dist 4.82 7.97 13.31 6.18
Return After Taxes on Dist & Sales of Fund Shares 3.20 6.43 10.95 5.26
S&P 500 Index2 3.70 1.83 9.79 8.06 9.06 14.43 6.88
09/30/2016
Fund at NAV -0.38 4.03 5.03 12.78 10.35 15.56 6.80
Fund -0.38 4.03 5.03 12.78 10.35 15.56 6.80
Return After Taxes on Dist 12.39 9.98 15.19 6.42
Return After Taxes on Dist & Sales of Fund Shares 7.53 8.04 12.55 5.47
S&P 500 Index2 0.02 3.85 7.84 15.43 11.15 16.35 7.23
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. The share class has no sales charge.

Fund Factsas of Oct 31, 2016

Class EXCH Inception 03/29/1966
Investment Objective Long-term, after-tax return
Total Net Assets3 $2.8B
CUSIP 277919205

Top 10 Holdings (%)4,5as of Oct 31, 2016

Apple Inc
Facebook Inc
Exxon Mobil Corp
Amazon.com Inc
Alphabet Inc - CL C
Intel Corp
JPMorgan Chase & Co
Alphabet Inc - CL A
Johnson & Johnson
Wells Fargo & Co
Total 23.08

Portfolio Management

Lewis R. Piantedosi Managed Fund since 2006
Michael A. Allison, CFA Managed Fund since 2008
Yana S. Barton, CFA Managed Fund since 2008

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund performance is sensitive to stock market volatility. 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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2016
Fund at NAV -1.97 -2.07 2.96 1.86 8.01 12.80 6.29
Fund -1.97 -2.07 2.96 1.86 8.01 12.80 6.29
Return After Taxes on Dist 1.51 7.64 12.44 5.91
Return After Taxes on Dist & Sales of Fund Shares 1.33 6.19 10.24 5.05
S&P 500 Index2 -1.82 -1.67 5.87 4.51 8.83 13.55 6.69
Morningstar™ Large Blend Category6 -1.90 -1.80 4.03 2.12 6.60 11.90 5.80
09/30/2016
Fund at NAV -0.38 4.03 5.03 12.78 10.35 15.56 6.80
Fund -0.38 4.03 5.03 12.78 10.35 15.56 6.80
Return After Taxes on Dist 12.39 9.98 15.19 6.42
Return After Taxes on Dist & Sales of Fund Shares 7.53 8.04 12.55 5.47
S&P 500 Index2 0.02 3.85 7.84 15.43 11.15 16.35 7.23
Morningstar™ Large Blend Category6 -0.08 3.80 6.01 12.03 8.75 14.71 6.34
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. The share class has no sales charge.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 13.62 4.70 -32.74 23.37 12.78 0.78 15.41 32.33 12.72 2.47
S&P 500 Index2 15.79 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38

Fund Facts

Class EXCH Inception 03/29/1966
Distribution Frequency Quarterly

Risk Measures (3 Year)7as of Nov 30, 2016

Alpha (%) -0.72
Beta 1.01
R-Squared (%) 98.38
Standard Deviation (%) 10.94
Sharpe Ratio 0.75

Morningstar™ Ratingsas of Oct 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Large Blend
Category
Overall **** 1384
3 Years **** 1384
5 Years *** 1216
10 Years **** 912
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 $930.48 -$0.86
Dec 01, 2016 $931.34 -$2.50
Nov 30, 2016 $933.84 -$0.20
Nov 29, 2016 $934.04 $1.47
Nov 28, 2016 $932.57 -$5.69
Nov 25, 2016 $938.26 $2.90
Nov 23, 2016 $935.36 $0.71
Nov 22, 2016 $934.65 $1.09
Nov 21, 2016 $933.56 $6.46
Nov 18, 2016 $927.10 -$2.22

Distribution History8

Ex-Date Distribution Reinvest NAV
Sep 20, 2016 $3.15000 $906.18
Jun 21, 2016 $3.45000 $880.44
Mar 21, 2016 $3.15000 $871.09
Dec 17, 2015 $3.00000 $881.98
Sep 21, 2015 $2.85000 $841.76
Jun 19, 2015 $3.30000 $897.11
Mar 19, 2015 $3.10000 $887.28
Dec 19, 2014 $3.00000 $876.35
Sep 19, 2014 $2.80000 $851.28
Jun 19, 2014 $3.10000 $825.01
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 History8

Ex-Date Short-Term Long-Term Reinvest NAV
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 an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund performance is sensitive to stock market volatility. 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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 (%)5,9as of Oct 31, 2016

U.S. Common Stocks 97.35
Foreign Common Stocks 2.65
Total 100.00

Portfolio Statisticsas of Oct 31, 2016

Average Market Cap $168.1B
Price/Earnings Ratio 17.90
Number of Issuers 438
Price/Book Ratio 3.09

GICS Sector Breakdown (%)5as of Oct 31, 2016

Sector Fund S&P 500 Index2
Consumer Discretionary 14.69 12.25
Consumer Staples 10.24 10.04
Energy 6.58 7.20
Financials 16.23 13.31
Health Care 13.42 13.98
Industrials 10.47 9.91
Information Technology 23.96 21.63
Materials 1.94 2.88
Real Estate 0.04 2.95
Telecom Services 0.40 2.49
Utilities 0.25 3.38
Cash 1.79 0.00

Fund Holdings (%)5,10as of Oct 31, 2016

Holding % of Net Assets
Apple Inc 3.37%
Facebook Inc 2.88%
Exxon Mobil Corp 2.38%
Amazon.com Inc 2.31%
Alphabet Inc - CL C 2.14%
Intel Corp 2.06%
JPMorgan Chase & Co 2.03%
Alphabet Inc - CL A 2.01%
Johnson & Johnson 1.99%
Wells Fargo & Co 1.93%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund performance is sensitive to stock market volatility. 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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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

No commentary information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund performance is sensitive to stock market volatility. 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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund performance is sensitive to stock market volatility. 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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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
Lewis R. Piantedosi

Lewis R. Piantedosi

Vice President, Eaton Vance Management
Joined Eaton Vance 1999

Lewis Piantedosi is a vice president of Eaton Vance Management, portfolio manager and team leader of Eaton Vance’s growth team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s growth equity strategies. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 1993.

Lew began his career in the investment management industry with Eaton Vance, where he worked for three years. He then served as partner, portfolio manager and equity analyst with Freedom Capital Management for another three years before rejoining Eaton Vance in 1999.

Lew earned a B.A. from Framingham State College and an MBA from Bentley University.

Education
  • B.A. Framingham State College
  • M.B.A McCallum Graduate School of Business, Bentley College

Experience
  • Managed Fund since 2006

Biography
Michael A. Allison, CFA

Michael A. Allison, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Michael Allison 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 2000.

Mike began his career in the investment management industry in 1988. Before joining Eaton Vance, Mike was an equity analyst for Schroder Investment Management North America Inc. He was also affiliated with Fleet Investment Advisors and Phoenix Home Life Mutual Fund Insurance Co.

Mike earned a B.S.B.A. from the University of Denver. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.S.B.A., The University of Denver

Experience
  • Managed Fund since 2008

Biography
Yana S. Barton, CFA

Yana S. Barton, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Yana Barton is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s growth team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s growth equity strategies. She is a member of the firm’s Equity Strategy Committee. She began her career in the investment management industry with Eaton Vance in 1997.

Yana earned a B.S. from the University of Florida. She is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.S.B.A., The University of Florida

Experience
  • Managed Fund since 2008


Literature

Literature

Annual Report

Download - Last updated: Dec 31, 2015

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

Download

Semi-Annual Report

Download - Last updated: Jun 30, 2016