Overview

Historical Returns (%) as of Mar 31, 2024

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: 5.25%.
 

Fund Facts as of Mar 31, 2024

Performance Inception 04/01/1932
Investment Objective Current income and long-term growth of capital
Total Net Assets $905.4M
Expense Ratio4 0.97%
CUSIP 277905865

Top 10 Holdings (%)5,6 as of Mar 31, 2024

Microsoft Corp 5.69
NVIDIA Corp 3.98
Apple Inc 3.78
Amazon.com Inc 3.33
Alphabet Inc - CL C 2.80
FNMA TBA 30 YR 5 SINGLE FAMILY MORTGAGE 2.15
Meta Platforms Inc 2.02
AbbVie Inc 1.88
Visa Inc 1.61
Eli Lilly & Co 1.57
Total 28.81
 

Morningstar Rating™ as of Mar 31, 2024

Time Period Rating Funds in
Moderate Allocation
Category
Overall 686
3 Years 686
5 Years 646
10 Years 487
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. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

Portfolio Management

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

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

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The Fund invests in other underlying funds in a fund-of-funds structure. The Fund’s performance is dependent upon the performance of the underlying funds and the Fund is subject to all of the risks of the underlying funds. The value of equity securities is sensitive to stock market volatility. As interest rates rise, the value of certain income investments is likely to decline. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. Contractual restrictions may impede the Fund's ability to buy or sell loans and loans may be subject to an extended settlement process. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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.


1. Prior to 5/1/15, Portfolio name was Eaton Vance Investment Grade Income Portfolio.
2. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
3. Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
4. Source: Fund prospectus.
5. Top 10 Holdings excludes cash and equivalents.
6. Percent of total net assets.

Performance

Historical Returns (%) as of Mar 31, 2024

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: 5.25%.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 9.62 2.65 4.60 13.53 -3.43 23.63 14.20 14.01 -15.58 16.05
S&P 500® Index2 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 26.29
Bloomberg U.S. Aggregate Bond Index3 5.97 0.55 2.65 3.54 0.01 8.72 7.51 -1.54 -13.01 5.53
60% S&P 500® / 40% Bloomberg U.S. Aggregate Bond Index 10.62 1.28 8.31 14.21 -2.35 22.18 14.73 15.86 -15.79 17.67
 

Fund Facts

Performance Inception 04/01/1932
Expense Ratio4 0.97%
Distribution Frequency Quarterly

Yield Information as of Mar 31, 2024

Distribution Rate at NAV 1.34%
SEC 30-day Yield7 1.33%
 

Risk Measures (3 Year)8 as of Mar 31, 2024

Alpha (%) -2.02
Beta 0.67
R-Squared (%) 94.32
Standard Deviation (%) 12.21
Sharpe Ratio 0.26
 

Morningstar Rating™ as of Mar 31, 2024

Time Period Rating Funds in
Moderate Allocation
Category
Overall 686
3 Years 686
5 Years 646
10 Years 487
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. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2024 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
Apr 17, 2024 $10.86 -$0.03
Apr 16, 2024 $10.89 -$0.03
Apr 15, 2024 $10.92 -$0.12
Apr 12, 2024 $11.04 -$0.08
Apr 11, 2024 $11.12 $0.06
Apr 10, 2024 $11.06 -$0.09
Apr 09, 2024 $11.15 $0.01
Apr 08, 2024 $11.14 -$0.01
Apr 05, 2024 $11.15 $0.08
Apr 04, 2024 $11.07 -$0.09
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Mar 11, 2024 $0.03770 $11.06
Dec 11, 2023 $0.04210 $10.15
Sep 11, 2023 $0.03810 $9.94
Jun 09, 2023 $0.03620 $9.67
Mar 09, 2023 $0.03840 $9.20
Dec 09, 2022 $0.04000 $9.35
Sep 09, 2022 $0.03460 $9.97
Jun 09, 2022 $0.03000 $9.92
Mar 09, 2022 $0.02580 $10.52
Dec 09, 2021 $0.05580 $11.37
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 History9

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 11, 2023 $0.05540 $10.15
Dec 09, 2022 $0.40000 $9.35
Dec 09, 2021 $0.08820 $0.72990 $11.37
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.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The Fund invests in other underlying funds in a fund-of-funds structure. The Fund’s performance is dependent upon the performance of the underlying funds and the Fund is subject to all of the risks of the underlying funds. The value of equity securities is sensitive to stock market volatility. As interest rates rise, the value of certain income investments is likely to decline. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. Contractual restrictions may impede the Fund's ability to buy or sell loans and loans may be subject to an extended settlement process. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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.


2. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
3. Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
4. Source: Fund prospectus.
7. SEC 30-day yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC 30-day yield is not based on the distributions made by the fund, which may differ. Distribution Rate at NAV is calculated by dividing the last distribution paid per share (annualized) by NAV. The Fund's monthly distribution may be comprised of ordinary income, net realized capital gains and returns of capital.
8. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R-Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
9. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)6 as of Mar 31, 2024

Stocks 67.33
U.S. Common Stocks 65.11
Foreign Common Stocks 2.12
Preferred Stock 0.10
Fixed Income 31.86
Investment Grade Corporate Bonds 9.17
U.S. Treasuries 9.58
Asset Backed Securities 3.04
Mortgage Backed Securities 5.68
Commercial Mortgage Backed Securities 2.33
Collateralized Mortgage Obligations 0.43
Other 1.64
Cash 0.81
Total 100.00

GICS Sector Breakdown (%)10 as of Mar 31, 2024

 

Portfolio Statistics - Stock Portfolio as of Mar 31, 2024

Average Market Cap $870.4B
Price/Earnings Ratio 26.90
Price/Book 6.87

Portfolio Statistics - Core Bond Portfolio as of Mar 31, 2024

Average Coupon 3.75%
Average Maturity 13.60 yrs.
Duration 6.01 yrs.
 

Credit Quality (%)12 as of Mar 31, 2024

AAA 54.79
AA 6.76
A 15.81
BBB 23.20
BB 2.31
B 0.89
CCC or Lower 0.18
Not Rated 2.11
Cash -6.05
Total 100.00
Ratings are based on Moody’s, S&P or Fitch, or Kroll for securitized debt instruments only (such as asset-backed securities and mortgage-backed securities), as applicable. If securities are rated differently by the ratings agencies, the highest 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 an issuance 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, Fitch or Kroll (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 Holdings6,13 as of Feb 29, 2024

Holding Coupon Rate Maturity Date % of Net Assets
Microsoft Corp 0.80% 5.41%
Apple Inc 0.00% 3.92%
NVIDIA Corp 0.00% 3.37%
Amazon.com Inc 0.00% 3.16%
Alphabet Inc - CL C 0.00% 2.69%
FNMA TBA 30 YR 5 SINGLE FAMILY MORTGAGE 5.00% 03/01/2054 2.07%
Meta Platforms Inc 0.00% 1.97%
AbbVie Inc 0.00% 1.76%
Eli Lilly & Co 1.96% 1.63%
Visa Inc 0.60% 1.58%
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.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The Fund invests in other underlying funds in a fund-of-funds structure. The Fund’s performance is dependent upon the performance of the underlying funds and the Fund is subject to all of the risks of the underlying funds. The value of equity securities is sensitive to stock market volatility. As interest rates rise, the value of certain income investments is likely to decline. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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. Contractual restrictions may impede the Fund's ability to buy or sell loans and loans may be subject to an extended settlement process. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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.


6. Percent of total net assets.
10. Percent of total net assets for Stock Portfolio.
11. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
12. Percent of bond holdings for the Core Bond Portfolio.
13. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

Management

Charles Gaffney

Charles Gaffney

Managing Director, Portfolio Manager
Joined Eaton Vance 2003

Biography

Charlie is a managing director of Morgan Stanley and a portfolio manager on the Eaton Vance Core/Growth team. He is responsible for buy and sell decisions, portfolio construction and risk management for a number of Eaton Vance U.S. core equity strategies. He is a member of the Eaton Vance Equity Strategy Committee. He is also a vice president and portfolio manager for Calvert Research and Management. He joined Eaton Vance in 2003. Morgan Stanley acquired Eaton Vance in March 2021.

Charlie began his career in the investment management industry in 1996. Before joining Eaton Vance, he was a sector portfolio manager with Brown Brothers Harriman and a senior equity analyst with Morgan Stanley Dean Witter.

Charlie earned a B.A. from Bowdoin College and an MBA from Fordham University.

Education
  • B.A. Bowdoin College
  • M.B.A. Graduate School of Business, Fordham University

Experience
  • Managed Fund since 2009

Other funds managed
 
Vishal Khanduja, CFA

Vishal Khanduja, CFA

Co-Head, Broad Markets Fixed Income, Portfolio Manager
Joined Eaton Vance 2016

Biography

Vishal is a managing director of Morgan Stanley Investment Management, Co-Head of the Broad Markets Fixed Income team and a portfolio manager. He is responsible for buy and sell decisions and portfolio construction. He joined Calvert Research and Management's predecessor organization Calvert Investment Management in 2012. Eaton Vance acquired Calvert Investment Management in 2016. Morgan Stanley acquired Eaton Vance in March 2021.

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

Vishal earned a bachelor of engineering from VJTI, Mumbai, India and an MBA from the Tippie School of Management at the University of Iowa. He is a member of the CFA Institute and CFA Society Boston. He is a CFA charterholder.

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

Experience
  • Managed Fund since 2017

Other funds managed
 
Brian S. Ellis, CFA

Brian S. Ellis, CFA

Executive Director, Portfolio Manager
Joined Eaton Vance 2016

Biography

Brian is an executive director of Morgan Stanley Investment Management and a portfolio manager on the Broad Markets Fixed Income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's Broad Markets strategies, including Calvert Research and Management Multi-Sector strategies. He joined Calvert Research and Management's predecessor organization Calvert Investment Management in 2009. Eaton Vance acquired Calvert Investment Management in 2016. Morgan Stanley acquired Eaton Vance in March 2021.

Brian began his career in the investment management industry in 2006. Before joining Eaton Vance, he worked as a portfolio manager of fixed-income strategies for Calvert Investments. He was previously affiliated with Legg Mason Capital Management (now ClearBridge Investments).

Brian earned a B.S. in finance from Salisbury University. He is a CFA charterholder and an FSA credential holder. He is a member of the CFA Institute and the CFA Society Boston.

Education
  • B.S. Salisbury University

Experience
  • Managed Fund since 2017

Other funds managed
 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Mar 31, 2024

Annual Report

Download Annual Report - Last updated: Dec 31, 2023

Full Prospectus

Download Full Prospectus - Last updated: May 1, 2023

Q1 Holdings

Download Q1 Holdings - Last updated: Mar 31, 2023

Q3 Holdings

Download Q3 Holdings - Last updated: Sep 30, 2023

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: May 1, 2023

Semi-Annual Report

Download Semi-Annual Report - Last updated: Jun 30, 2023

Summary Prospectus

Download Summary Prospectus - Last updated: May 1, 2023