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.

After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions 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 Facts as of Mar 31, 2024

Class FUND Inception 03/29/1966
Investment Objective Long-term, after-tax return
Total Net Assets3 $5.2B
CUSIP 277919205

Top 10 Holdings (%)4,5 as of Mar 31, 2024

Microsoft Corp 6.91
Apple Inc 6.11
NVIDIA Corp 4.94
Amazon.com Inc 4.63
Meta Platforms Inc 3.43
Alphabet Inc - CL C 2.70
Alphabet Inc - CL A 2.34
Eli Lilly & Co 1.99
JPMorgan Chase & Co 1.86
Berkshire Hathaway Inc 1.70
Total 36.61
 

Morningstar Rating™ as of Mar 31, 2024

Time Period Rating Funds in
Large Blend
Category
Overall 1293
3 Years 1293
5 Years 1179
10 Years 888
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

Yana S. Barton, CFA Managed Fund since 2008
Kenneth D. Zinner, CFA Managed Fund since 2021

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.

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 value of equity securities 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, currency exchange rates 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 by tax legislation regulation or interpretation. 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. 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. These shares are not available for new investments.
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. Total Net Assets equals the sum of the net assets of all share classes of Tax-Managed Growth Fund 1.0, Tax-Managed Growth Fund 1.1 and Tax-Managed Growth Fund 1.2.
4. Top 10 Holdings excludes cash and equivalents.
5. 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.

After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions 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 (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 12.72 2.47 9.00 22.73 -5.04 29.83 23.49 25.04 -19.92 28.62
S&P 500® Index2 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 26.29
 

Fund Facts

Class FUND Inception 03/29/1966
Distribution Frequency Quarterly

Risk Measures (3 Year)7 as of Mar 31, 2024

Alpha (%) -0.59
Beta 1.00
R-Squared (%) 99.07
Standard Deviation (%) 17.62
Sharpe Ratio 0.47
 

Morningstar Rating™ as of Mar 31, 2024

Time Period Rating Funds in
Large Blend
Category
Overall 1293
3 Years 1293
5 Years 1179
10 Years 888
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 15, 2024 $2271.58 -$25.90
Apr 12, 2024 $2297.48 -$34.13
Apr 11, 2024 $2331.61 $19.90
Apr 10, 2024 $2311.71 -$17.35
Apr 09, 2024 $2329.06 $3.34
Apr 08, 2024 $2325.72 -$2.74
Apr 05, 2024 $2328.46 $28.79
Apr 04, 2024 $2299.67 -$28.54
Apr 03, 2024 $2328.21 $0.99
Apr 02, 2024 $2327.22 -$14.55
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Mar 19, 2024 $4.00000 $2317.80
Dec 28, 2023 $4.35000 $2118.18
Sep 19, 2023 $4.10000 $1961.42
Jun 22, 2023 $4.35000 $1917.77
Mar 21, 2023 $4.65000 $1744.70
Mar 21, 2022 $3.65000 $1929.81
Sep 21, 2021 $3.10000
Jun 21, 2021 $3.15000 $1887.32
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.

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 value of equity securities 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, currency exchange rates 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 by tax legislation regulation or interpretation. 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. 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.
6. The Morningstar Large Growth Category includes funds that invest primarily in U.S. large-cap companies with growth characteristics such as high earnings growth and high valuations (high price ratios and low dividend yields).
7. 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.
8. 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 (%)5,9 as of Mar 31, 2024

Portfolio Statistics as of Mar 31, 2024

Average Market Cap $870.3B
Price/Earnings Ratio 23.60
Number of Issuers 185
Price/Book Ratio 5.30
Active Share10 33.14%
 

GICS Sector Breakdown (%)5 as of Mar 31, 2024

 

Fund Holdings (%)5,11 as of Feb 29, 2024

Holding % of Net Assets
Microsoft Corp 6.98%
Apple Inc 6.62%
Amazon.com Inc 4.66%
NVIDIA Corp 4.45%
Meta Platforms Inc 3.55%
Alphabet Inc - CL C 2.54%
Alphabet Inc - CL A 2.20%
Eli Lilly & Co 2.01%
JPMorgan Chase & Co 1.78%
Berkshire Hathaway Inc 1.70%
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.

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 value of equity securities 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, currency exchange rates 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 by tax legislation regulation or interpretation. 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. 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.
5. Percent of total net assets.
9. A delay in transaction settlement may result in a negative cash position.
10. Active Share is a measure of the differentiation of the holdings of a portfolio from the holdings of its appropriate benchmark index. It is calculated as one half of the sum of the absolute value of the differences found between the portfolio weights and the benchmark weights.
11. 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

Yana S. Barton, CFA

Yana S. Barton, CFA

Managing Director, Director of Specialty Solutions
Joined Eaton Vance 1997

Biography

Yana is a managing director of Morgan Stanley and Director of Specialty Solutions, where she is a portfolio manager on the Eaton Vance Equity team on a number of tax-managed equity portfolios and specialty offerings. She is responsible for investment management decisions, portfolio construction and risk management for these strategies. Yana is a member of Eaton Vance's Equity Strategy Committee and Morgan Stanley's Global Diversity Council. She was also a founding member and the first chair of Eaton Vance's Women's Leadership Exchange. Yana is an active spokesperson on behalf of the company in various media outlets. She has been featured on CNBC, Bloomberg TV, Bloomberg Radio, Barron's, The Wall Street Journal and The Washington Post as well as BNN. Yana began her career in the investment management industry with Eaton Vance in 1997. Morgan Stanley acquired Eaton Vance in March 2021.

Yana earned a Bachelor of Science in business administration from the University of Florida. She is a member of the CFA Institute, CFA Society Boston and is a CFA charterholder.

Education
  • B.S. University of Florida

Experience
  • Managed Fund since 2008

Other funds managed
 
Kenneth D. Zinner, CFA

Kenneth D. Zinner, CFA

Managing Director, Portfolio Manager
Joined Eaton Vance 2011

Biography

Ken is a managing director of Morgan Stanley and a portfolio manager on the Eaton Vance Specialty Solutions team. He is responsible for buy and sell decisions, portfolio construction and risk management for Eaton Vance tax-managed equity strategies. He joined Eaton Vance in 2011. Morgan Stanley acquired Eaton Vance in March 2021.

Ken began his career in the investment management industry in 1998. Before joining Eaton Vance, he was affiliated with Invesco, most recently as a senior equity analyst.

Ken earned a B.A. from Brandeis University and an MBA from The University of Texas at Austin McCombs School of Business. He is a CFA charterholder.

Education
  • B.A. Brandeis University
  • M.B.A. University of Texas

Experience
  • Managed Fund since 2021

Other funds managed
 

Literature

Literature

Annual Report

Download Annual Report - Last updated: Dec 31, 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

Semi-Annual Report

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