Overview

Historical Returns (%) as of Sep 30, 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 Nov 30, 2024

Class I Inception 02/28/2001
Performance Inception 03/29/1966
Investment Objective Long-term, after-tax return
2
Minimum Investment $1000000
Expense Ratio3 0.64%
CUSIP 277911459

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

Apple Inc 7.62
NVIDIA Corp 6.49
Microsoft Corp 6.32
Amazon.com Inc 4.74
Meta Platforms Inc 3.79
Alphabet Inc - CL C 2.58
Alphabet Inc - CL A 2.51
JPMorgan Chase & Co 1.95
Eli Lilly & Co 1.79
Berkshire Hathaway Inc 1.73
Total 39.53
 

Morningstar Rating™ as of Oct 31, 2024

Time Period Rating Funds in
Large Blend
Category
Overall 1288
3 Years 1288
5 Years 1186
10 Years 892
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 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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


Performance

Historical Returns (%) as of Sep 30, 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 12.42 2.28 8.77 22.44 -5.25 29.61 23.13 24.77 -20.01 28.37
S&P 500® Index1 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 26.29
 

Fund Facts

Class I Inception 02/28/2001
Performance Inception 03/29/1966
Expense Ratio3 0.64%
Distribution Frequency Annually

Risk Measures (3 Year)7 as of Nov 30, 2024

Alpha (%) -0.35
Beta 1.00
R-Squared (%) 99.00
Standard Deviation (%) 17.46
Sharpe Ratio 0.42
 

Morningstar Rating™ as of Oct 31, 2024

Time Period Rating Funds in
Large Blend
Category
Overall 1288
3 Years 1288
5 Years 1186
10 Years 892
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
Dec 02, 2024 $55.11 $0.20
Nov 29, 2024 $54.91 $0.28
Nov 27, 2024 $54.63 -$0.19
Nov 26, 2024 $54.82 $0.40
Nov 25, 2024 $54.42 $0.21
Nov 22, 2024 $54.21 $0.09
Nov 21, 2024 $54.12 $0.25
Nov 20, 2024 $53.87 $0.07
Nov 19, 2024 $53.80 $0.18
Nov 18, 2024 $53.62 $0.13
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 28, 2023 $0.28630 $42.92
Dec 20, 2022 $0.24790 $33.42
Dec 21, 2021 $0.16540 $41.45
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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


Portfolio

Asset Mix (%)5,9 as of Oct 31, 2024

Portfolio Statistics as of Oct 31, 2024

Average Market Cap $1086.1B
Price/Earnings Ratio 25.50
Number of Issuers 151
Price/Book Ratio 5.55
Active Share10 34.43%
 

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

 

Fund Holdings (%)5,11 as of Oct 31, 2024

Holding % of Net Assets
Apple Inc 7.62%
NVIDIA Corp 6.49%
Microsoft Corp 6.32%
Amazon.com Inc 4.74%
Meta Platforms Inc 3.79%
Alphabet Inc - CL C 2.58%
Alphabet Inc - CL A 2.51%
JPMorgan Chase & Co 1.96%
Eli Lilly & Co 1.79%
Berkshire Hathaway Inc 1.73%
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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


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

 
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

 

Literature

Literature

Fact Sheet

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Annual Financial Statements and Add'l Information

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Semi-Annual Financial Statements and Add'l Information

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Annual Report

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Full Prospectus

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Q1 Holdings

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Q3 Holdings

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Holdings - Form N-PORT

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Semi-Annual Report

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Summary Prospectus

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