Overview

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 0.02 2.81 11.16 14.89 8.74 13.56 7.17
Return After Taxes on Dist 14.53 8.39 13.21 6.87
Return After Taxes on Dist & Sales of Fund Shares 8.69 6.74 10.85 5.77
S&P 500 Index2 0.31 3.01 11.93 16.23 9.53 14.33 7.61
06/30/2017
Fund at NAV 0.91 3.03 9.11 17.76 8.92 13.88 6.82
Return After Taxes on Dist 17.38 8.56 13.53 6.51
Return After Taxes on Dist & Sales of Fund Shares 10.33 6.88 11.12 5.47
S&P 500 Index2 0.62 3.09 9.34 17.90 9.60 14.62 7.18
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 Aug 31, 2017

Class I Inception 07/02/1999
Performance Inception 03/29/1966
Investment Objective Long-term, after-tax return
Total Net Assets3 $3.1B
Minimum Investment $250000
Expense Ratio4 0.56%
CUSIP 277911681

Top 10 Holdings (%)5,6as of Aug 31, 2017

Apple Inc
Facebook Inc
Amazon.com Inc
Alphabet Inc - CL C
JPMorgan Chase & Co
Wells Fargo & Co
Alphabet Inc - CL A
Johnson & Johnson
Exxon Mobil Corp
Microsoft Corp
Total 23.53

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 Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV 0.02 2.81 11.16 14.89 8.74 13.56 7.17
Return After Taxes on Dist 14.53 8.39 13.21 6.87
Return After Taxes on Dist & Sales of Fund Shares 8.69 6.74 10.85 5.77
S&P 500 Index2 0.31 3.01 11.93 16.23 9.53 14.33 7.61
Morningstar Large Blend Category7 0.02 2.61 10.57 14.83 7.53 12.89 6.70
06/30/2017
Fund at NAV 0.91 3.03 9.11 17.76 8.92 13.88 6.82
Return After Taxes on Dist 17.38 8.56 13.53 6.51
Return After Taxes on Dist & Sales of Fund Shares 10.33 6.88 11.12 5.47
S&P 500 Index2 0.62 3.09 9.34 17.90 9.60 14.62 7.18
Morningstar Large Blend Category7 0.76 2.92 8.65 17.17 7.60 13.35 6.21
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 (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 4.73 -32.77 23.16 12.49 0.65 15.35 32.27 12.62 2.41 8.93
S&P 500 Index2 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96

Fund Facts

Expense Ratio4 0.56%
Class I Inception 07/02/1999
Performance Inception 03/29/1966

Morningstar Rating™as of Aug 31, 2017

Time Period Rating Funds in
Large Blend
Category
Overall **** 1231
3 Years *** 1231
5 Years *** 1094
10 Years **** 798
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
Sep 21, 2017 $44.68 -$0.11
Sep 20, 2017 $44.79 $0.07
Sep 19, 2017 $44.72 $0.11
Sep 18, 2017 $44.61 $0.09
Sep 15, 2017 $44.52 $0.08
Sep 14, 2017 $44.44 -$0.04
Sep 13, 2017 $44.48 $0.10
Sep 12, 2017 $44.38 $0.21
Sep 11, 2017 $44.17 $0.49
Sep 08, 2017 $43.68 -$0.10

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 15, 2016 $0.55170 $40.03
Dec 17, 2015 $0.51780 $36.83
Dec 19, 2014 $0.50180 $36.62
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 (%)6,9as of Aug 31, 2017

U.S. Common Stocks 96.08
Foreign Common Stocks 2.56
Cash 1.36
Total 100.00

Portfolio Statisticsas of Aug 31, 2017

Average Market Cap $205.2B
Price/Earnings Ratio 19.60
Number of Issuers 490
Price/Book Ratio 3.34

GICS Sector Breakdown (%)6as of Aug 31, 2017

Sector Fund S&P 500 Index2
Consumer Discretionary 13.61 12.06
Consumer Staples 9.18 8.48
Energy 5.43 5.67
Financials 17.63 14.23
Health Care 13.41 14.66
Industrials 10.92 10.10
Information Technology 25.89 23.51
Materials 1.78 2.90
Real Estate 0.04 2.98
Telecom Services 0.26 2.14
Utilities 0.22 3.26
Cash 1.36

Fund Holdings (%)6,10as of Jul 31, 2017

Holding % of Net Assets
Apple Inc 3.57%
Facebook Inc 3.20%
Amazon.com Inc 2.44%
Alphabet Inc - CL C 2.20%
JPMorgan Chase & Co 2.18%
Wells Fargo & Co 2.10%
Exxon Mobil Corp 1.93%
Alphabet Inc - CL A 1.93%
Johnson & Johnson 1.91%
Microsoft Corp 1.72%
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, director of growth equity and team leader of Eaton Vance's growth team, where he also serves as a portfolio manager. 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 in 1993. Prior to rejoining Eaton Vance in 1999, he served as partner, portfolio manager and equity analyst with Freedom Capital Management. Previously, he was a research analyst with Eaton Vance Management.

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, a director of equity strategy implementation and a structured equity portfolio manager on a number of Eaton Vance’s global and domestic equity income and tax-managed equity portfolios. On those funds, he is responsible for portfolio construction, tax oversight and risk management. 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. University of Florida

Experience
  • Managed Fund since 2008


Literature

Literature

Annual Report

Download - Last updated: Dec 31, 2016

Full Prospectus

Download - Last updated: May 1, 2017

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

Download

SAI

Download - Last updated: May 1, 2017

Semi-Annual Report

Download - Last updated: Jun 30, 2017

Summary Prospectus

Download - Last updated: May 1, 2017

XBRL

Download - Last updated: May 10, 2017