# EDGAR Filing Document

**Accession Number:** 0000745463
**File Stem:** 0001133228-26-002484
**Filing Date:** 2026-2
**Character Count:** 36219
**Document Hash:** 88579b0fcd637e3ed8e8c5cfa2b26d1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002484.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001133228-26-002484

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Mutual Funds Trust
- **CENTRAL INDEX KEY:** 0000745463

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-90946
- **FILM NUMBER:** 26695537

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 19950711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE GOVERNMENT OBLIGATIONS TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Eaton Vance Tax-Managed Equity Asset Allocation Fund (Series ID: S000005292)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000014463 | Eaton Vance Tax-Managed Equity Asset Allocation Fund Class A | EAEAX           |
| C000014465 | Eaton Vance Tax-Managed Equity Asset Allocation Fund Class C | ECEAX           |
| C000162692 | Eaton Vance Tax-Managed Equity Asset Allocation Fund Class I | EIEAX           |

![](sp17388img002.jpg) <br>

**Eaton Vance Tax-Managed Equity Asset** **Allocation Fund**

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**Summary Prospectus** \| March 1, 2026<br>

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| | | |
|:---|:---|:---|
| **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** |
| Class A | Class C | Class I |
| EAEAX | ECEAX | EIEAX |

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This Summary Prospectus is designed to provide investors with key fund information in a clear and concise format. Before you invest, you may want to review the Fund's Prospectus and Statement of Additional Information, which contain more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated March 1, 2026, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus, Statement of Additional Information, annual and semi-annual shareholder reports, and other information about the Fund, go to http://www.eatonvance.com/funddocuments, email a request to contacteatonvance@morganstanley.com, call 1-800-262-1122, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund. Unless otherwise noted, page number references refer to the current Prospectus for this Fund.

**Investment** **Objective**

The Fund's investment objective is to achieve long-term, after-tax returns for its shareholders.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may also pay** **commissions or other fees to their financial intermediary, which are not reflected below.** You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in the Fund's Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 47 of the Fund's Prospectus and page 24 of the Fund's Statement of Additional Information.

**Shareholder Fees** (fees paid directly from your investment)

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| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 5.25% |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at time of purchase or redemption) | None<sup>1</sup> | 1.00% |  |

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| | |
|:---|:---|
| 1 | Class A shares purchased at net asset value in amounts of $1 million or more are subject to a 1.00% contingent deferred sales charge if redeemed within 12 months of purchase. |

---

![](sp17388img003.jpg) <br>

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Eaton Vance Tax-Managed Equity Asset Allocation Fund \| **Fund Summary**

Eaton Vance Tax-Managed Equity Asset Allocation Fund (Con't)

**Annual Fund Operating Expenses** (expenses you pay each year as a percentage of the value of your investment)

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| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** |
| Management Fees | 0.81% | 0.81% | 0.81% |
| Distribution and Service (12b-1) Fees | 0.25% | 1.00% |  |
| Other Expenses | 0.09% | 0.09% | 0.09% |
| Acquired Fund Fees and Expenses | 0.58% | 0.58% | 0.58% |
| Total Annual Fund Operating Expenses | 1.73% | 2.48% | 1.48% |
| Advisory Fee Reduction<sup>1</sup> | -0.53% | -0.53% | -0.53% |
| Total Annual Fund Operating Expenses After Expense Reduction | 1.20% | 1.95% | 0.95% |

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1 Pursuant to the Fund's investment advisory agreement, the Fund's investment advisory fee is reduced by the Fund's allocable portion of the advisory fees of the Portfolios in which it invests.

**Example.** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **If you SOLD Your Shares** |  |  |  |  |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A shares | $641 | $886 | $1150 | $1903 |
| Class C shares | $298 | $612 | $1052 | $2080 |
| Class I shares | $97 | $303 | $525 | $1166 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **If you HELD Your Shares** |  |  |  |  |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A shares | $641 | $886 | $1150 | $1903 |
| Class C shares | $198 | $612 | $1052 | $2080 |
| Class I shares | $97 | $303 | $525 | $1166 |

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**Portfolio Turnover**

The Fund and the Portfolios in which it invests (see below) pay transaction costs, such as commissions, when they buy and sell securities (or "turn over" the portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in tax-managed portfolios sponsored by Eaton Vance Management and its affiliates ("Tax-Managed Portfolios") that invest at least 80% of their net assets in equity securities. The Fund may invest up to 25% of its total assets in Tax-Managed Portfolios that primarily invest in small or emerging companies and up to 35% of its total assets in Tax-Managed Portfolios that primarily invest in foreign securities. The Fund may also invest directly in preferred stocks and other preferred and hybrid securities of U.S. and foreign issuers of any rating category including those rated below investment grade, or unrated.

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities (the "80% Policy"), including common and preferred stocks held directly or through the Tax-Managed Portfolios. The Fund may also invest up to 20% of its net assets in other types of preferred and hybrid securities, including those designated as debt by their issuer. The Fund may also invest directly in exchange-traded funds ("ETFs") that invest in preferred securities and similar instruments. Preferred and other hybrid securities may be issued predominantly by companies in the utilities and financial services sectors and may also be issued by issuers in the real estate industry, including real estate investment trusts ("REITs"). The Fund may also lend its securities. The Fund will at all times allocate its assets among at least three different Tax-Managed Portfolios and normally intends to invest in the five Tax-Managed Portfolios described below.

**2**

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Eaton Vance Tax-Managed Equity Asset Allocation Fund \| **Fund Summary**

Eaton Vance Tax-Managed Equity Asset Allocation Fund (Con't)

**Tax-Managed Growth Portfolio.** Tax-Managed Growth Portfolio's investment objective is to achieve long-term, after-tax returns for shareholders through investing in a diversified portfolio of equity securities. The Portfolio invests primarily in common stocks of growth companies that are considered by the investment adviser to be high in quality and attractive in their long-term investment prospects. Although it invests primarily in domestic securities, the Portfolio may invest up to 25% of assets in foreign securities, some of which may be issued by companies domiciled in emerging market countries.

**Tax-Managed Multi-Cap Growth Portfolio.** Tax-Managed Multi-Cap Growth Portfolio's investment objective is to achieve long-term, after-tax returns for its shareholders through investing in a portfolio of equity securities. The Portfolio invests primarily in common stocks of companies that are expected, over the long term, to have earnings growth that is faster than the growth of the U.S. economy and the U.S. stock market as a whole. Although it invests primarily in U.S. companies, the Portfolio may invest up to 25% of its total assets in foreign securities issued by companies domiciled in developed or emerging market countries.

**Tax-Managed Small-Cap Portfolio.** Tax-Managed Small-Cap Portfolio's investment objective is to achieve long-term, after-tax returns for its shareholders. The Portfolio invests primarily in a diversified portfolio of common stocks of small-cap companies that, in the opinion of the investment adviser, are expected to achieve earnings growth over the long term that exceeds the average of all publicly-traded small-cap companies in the United States. The portfolio managers generally consider small-cap companies to be companies having a market capitalization that falls: (i) within or below the range of companies in the current Russell 2000® Index (the Index); or (ii) below the three-year average maximum market cap of companies in the Index as of December 31 of the three preceding years. The market capitalizations of companies within the Index are subject to change. The Portfolio normally will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-cap companies. Although it invests primarily in U.S. companies, the Portfolio may invest up to 25% of its total assets in foreign securities issued by companies domiciled in developed or emerging market countries.

**Tax-Managed Value Portfolio**. Tax-Managed Value Portfolio's investment objective is to achieve long-term, after-tax returns for its shareholders. The Portfolio normally invests primarily in value stocks. Value stocks are common stocks that, in the opinion of the investment adviser, are undervalued or inexpensive relative to their intrinsic value or to the overall stock market. Although it invests primarily in common stocks of U.S. companies, the Portfolio may invest up to 25% of its total assets in foreign securities issued by companies domiciled in developed or emerging market countries.

**Eaton Vance Global Equity Income Fund.** Global Equity Income Fund's investment objective is to achieve after-tax total return for its shareholders. The Portfolio seeks to invest primarily in common stocks and, in the investment adviser's discretion, preferred stocks of U.S. and foreign companies that pay dividends that qualify for federal income taxation at long-term capital gain rates. Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in dividend-paying common and preferred stocks.

Eaton Vance has broad discretion to allocate and reallocate the Fund's assets among the Tax-Managed Portfolios and other investments consistent with the Fund's investment objective and policies. In allocating the Fund's assets, the portfolio manager seeks to maintain broad diversification and to emphasize market sectors that Eaton Vance believes offer relatively attractive risk-adjusted return prospects, based on its assessment of current and future market trends and conditions. In addition, the buy and sell decisions for preferred and other hybrid securities are also affected to a larger degree by the structure and features of the securities and the current and expected interest rate environment. To the extent possible, adjustments in allocations among market sectors will be made in a tax-efficient manner, generally by investing Fund cash inflows into underweighted allocations and by withdrawing cash from overweighted allocations to reinvest in underweighted allocations. There can be no assurance that there will always be sufficient Fund cash inflows or available cash to alter the Fund's asset allocation without tax consequences to shareholders. When deemed by the investment adviser to be relevant to its evaluation of a company's financial performance and when applicable information is available, the investment adviser considers financially material environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer or long-term stock price performance of a company. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund's portfolio. The investment adviser does not exclude any company, industry or sector from consideration based on ESG criteria. Eaton Vance may be subject to certain conflicts of interest in fulfilling its duties to the Fund and each Tax-Managed Portfolio. In making allocation decisions, the portfolio managers must make determinations on the basis of the best interests of the Fund and its shareholders. Additional information about the Tax-Managed Portfolios can be found in each Portfolio's Feeder Fund Summary Prospectus or in this Prospectus under "Further Information about the Portfolios."

**3**

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Eaton Vance Tax-Managed Equity Asset Allocation Fund \| **Fund Summary**

Eaton Vance Tax-Managed Equity Asset Allocation Fund (Con't)

**Principal Risks**

**Fund-of-Funds Structure.** The Fund invests in Tax-Managed Portfolios ("underlying funds") in a fund-of-funds structure. The Fund's asset allocation strategy and its selection of particular underlying funds may cause the Fund to underperform funds with similar investment objectives. 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 risks discussed herein are the principal risks applicable to the Fund either directly or through its investment in the underlying funds and accordingly, references to the Fund below may be to the Fund or one or more underlying funds.

**Market Risk.** The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund's investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility.

**Equity Securities Risk.** The value of equity securities and related instruments may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer and sector-specific considerations; unexpected trading activity among retail investors; or other factors. Market conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock market declines in value, the value of the Fund's equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return to previous levels.

**Tax-Managed Investing Risk.** Market conditions may limit the Fund's ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. Although the Fund expects that a smaller portion of its total return will consist of taxable distributions to shareholders as compared to equity mutual funds that are managed without regard to tax considerations, there can be no assurance about the size of taxable distributions to shareholders.

**Foreign Investment Risk.** Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country against a particular country or countries, organizations, entities and/or individuals. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund's investments. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States and, as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Depositary receipts are subject to many of the risks associated with investing directly in foreign instruments, including the political and economic risks of the underlying issuer's country and, in the case of depositary receipts traded on foreign markets, currency risk.

**Emerging Markets Investment Risk.** Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets.

**Growth Risk.** Because the Fund may invest in stocks of growth companies, it is subject to the risk of underperforming the overall stock market during periods in which stocks of such companies are out of favor and generate lower returns than the market as a whole.

**Currency Risk.** Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks.

**Smaller Company Risk.** The stocks of smaller, less seasoned companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than the stocks of larger, more established companies. Such companies may have limited product lines, markets or financial resources, may be dependent on a limited management group, and may lack substantial capital reserves or an established performance record. There may be generally less publicly available information about such companies than for larger, more established companies. Stocks of these companies frequently have lower trading volumes making them more volatile and potentially less liquid and more difficult to value.

**4**

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Eaton Vance Tax-Managed Equity Asset Allocation Fund \| **Fund Summary**

Eaton Vance Tax-Managed Equity Asset Allocation Fund (Con't)

**Preferred Stock Risk.** Although preferred stocks represent an ownership interest in an issuer, preferred stocks generally do not have voting rights or have limited voting rights and have economic characteristics similar to fixed-income securities. Preferred stocks are subject to issuer-specific risks generally applicable to equity securities and credit and interest rate risks generally applicable to fixed-income securities. The value of preferred stock generally declines when interest rates rise and may react more significantly than bonds and other debt instruments to actual or perceived changes in the company's financial condition or prospects.

**Hybrid Securities** **Risk.** Hybrid securities (including preferred and convertible instruments) generally possess certain characteristics of both equity and debt securities. In addition to risks associated with investing in income securities, such as interest rate and credit risks, hybrid securities may be subject to issuer-specific and market risks generally applicable to equity securities. Convertible securities may also react to changes in the value of the common stock into which they convert, and are thus subject to equity investing and market risks. A convertible security may be converted at an inopportune time, which may decrease the Fund's return.

**Lower Rated Investments Risk.** Investments rated below investment grade and comparable unrated investments (sometimes referred to as "junk") are speculative because of increased credit risk relative to other fixed income investments. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.

**Real Estate Risk.** Real estate investments are subject to risks associated with owning real estate, including declines in real estate values, increases in property taxes, fluctuations in interest rates, limited availability of mortgage financing, decreases in revenues from underlying real estate assets, declines in occupancy rates, changes in government regulations affecting zoning, land use, and rents, environmental liabilities, and risks related to the management skill and creditworthiness of the issuer. Companies in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws, among others. REITs must satisfy specific requirements for favorable tax treatment and can involve unique risks in addition to the risks generally affecting the real estate industry. Changes in underlying real estate values may have an exaggerated effect to the extent that investments are concentrated in particular geographic regions or property types.

**ETF Risk.** ETFs are subject to the risks of investing in the underlying securities or other investments. ETF shares may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests.

**Liquidity Risk.** 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. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund's performance. These effects may be exacerbated during times of financial or political stress.

**Securities Lending Risk.** Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund also may lose rights in the collateral if the borrower fails financially. The Fund could also lose money if the value of the collateral decreases or if the value of any investments made with cash collateral declines.

**Risks Associated with** **Active** **Management.** The success of the Fund's investment strategy depends on portfolio management's successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no guarantee that such decisions will produce the desired results or expected returns.

**Focused Investment Risk.** To the extent the Fund has substantial investments in a relatively small number of securities or issuers, or a particular market, industry, group of industries, country, region, group of countries, asset class or sector, the Fund's performance will be more susceptible to any single economic, market, political, or regulatory occurrence affecting those particular securities or issuers or that particular market, industry, group of industries, country, region, group of countries, assets class, or sector than a fund that invests more broadly.

**Sector Risk.** Because the Fund may, under certain market conditions, invest a significant portion of its assets in one or more sectors, the value of Fund shares may be affected by events that adversely affect a particular sector and may fluctuate more than that of a more broadly diversified fund.

**Information Technology Sector Risk.** The value of Fund shares may be particularly impacted by events that adversely affect the information technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and competition, and may fluctuate more than that of a fund that does not concentrate in companies in the information technology sector.

**5**

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Eaton Vance Tax-Managed Equity Asset Allocation Fund \| **Fund Summary**

Eaton Vance Tax-Managed Equity Asset Allocation Fund (Con't)

**General Fund Investing Risks.** The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various service providers, including the investment adviser and sub-adviser, if applicable, in its operations and is susceptible to operational, information security and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the services that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare with those of three broad-based securities market indices and with a blended index. The additional index(es) in the table provide a means to compare the Fund's average annual returns to a benchmark that the investment adviser believes is representative of the Fund's investment universe. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated Fund performance information can be obtained by visiting www.eatonvance.com.

<br>![](sp17388img001.jpg)

<br>During the period shown in the bar chart above:

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| | | |
|:---|:---|:---|
| **High Quarter** | June 30, 2020 | 19.62% |
| **Low Quarter** | March 31, 2020 | -21.69% |

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**Average Annual Total Return** (for the calendar periods ended December 31, 2025)

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| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| **Class A** Return Before Taxes | 6.18% | 8.43% | 10.28% |
| **Class A** Return After Taxes on Distributions | 5.15% | 8.00% | 9.86% |
| **Class A** Return After Taxes on Distributions and Sale of Class A Shares | 4.41% | 6.63% | 8.42% |
| **Class C** Return Before Taxes | 10.24% | 8.79% | 10.22% |
| **Class I** Return Before Taxes | 12.36% | 9.88% | 11.16% |
| Russell 3000® Index (reflects no deductions for fees, expenses or taxes) | 17.15% | 13.14% | 14.27% |
| MSCI Europe, Australasia and Far East (EAFE) Index (reflects net dividends, which reflect the deduction of withholding taxes) | 31.22% | 8.92% | 8.18% |
| ICE BofA Fixed Rate Preferred Securities Index (reflects no deductions for fees, expenses or taxes) | 5.13% | 1.61% | 3.96% |
| Blended Index (reflects no deductions for fees, expenses or taxes)<sup>1</sup> | 17.31% | 11.61% | 12.68% |

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| | |
|:---|:---|
| 1 | The Blended Index consists of 80% Russell 3000® Index, 10% MSCI EAFE Index and 10% ICE BofA Fixed Rate Preferred Securities Index, rebalanced monthly. |

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**6**

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Eaton Vance Tax-Managed Equity Asset Allocation Fund \| **Fund Summary**

Eaton Vance Tax-Managed Equity Asset Allocation Fund (Con't)

These returns reflect the maximum current sales charge for Class A (5.25%) and any applicable contingent deferred sales charge ("CDSC") for Class C. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. Class I performance shown above for the period prior to September 11, 2015 (commencement of operations) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. Investors cannot invest directly in an Index.

Source for MSCI EAFE Index: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.

ICE® BofA® indices are not for redistribution or other uses; provided "as is", without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance's products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries.

After-tax returns are calculated using the highest historical individual U.S. federal income tax rates and do not reflect the impact of state and 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 to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.

**Management**

**Investment Adviser.** Eaton Vance Management ("Eaton Vance").

**Portfolio** **Manager**

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| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date Began Managing Fund** |
| Douglas R. Rogers, CFA, CMT | Managing Director of Morgan Stanley and Vice President of Eaton Vance | July 2021 |

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**Purchase and Sale of Fund Shares**

You may purchase, redeem or exchange Fund shares on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange Fund shares either through your financial intermediary or (except for purchases of Class C shares by accounts with no specified financial intermediary) directly from the Fund either by writing to the Fund, P.O. Box 534439, Pittsburgh, PA 15253-4439, or by calling 1-800-262-1122. The minimum initial purchase or exchange into the Fund is $1,000 for each Class (with the exception of Class I) and $1,000,000 for Class I (waived in certain circumstances). There is no minimum for subsequent investments.

**Tax Information**

If your shares are held in a taxable account, the Fund's distributions will be taxed to you as ordinary income and/or capital gains, unless you are exempt from taxation. If your shares are held in a tax-advantaged account, you will generally be taxed only upon withdrawals from the account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund's shares through a broker-dealer or other financial intermediary (such as a bank) (collectively, "financial intermediaries"), the Fund, its principal underwriter and its affiliates may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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