Overview

 

Growth of $10,000

10-year period ended 6/30/14

  • Class A at NAV

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 3.75 3.40 5.51 23.63 12.65 13.67 7.15
Fund w/Max Sales Charge -2.21 -2.58 -0.58 16.56 10.44 12.34 6.52
Russell 1000 Growth Index1 4.58 4.99 9.48 26.29 19.93 17.81 9.20
06/30/2014
Fund at NAV 1.33 3.83 3.40 24.45 9.24 15.44 6.60
Fund w/Max Sales Charge -4.52 -2.12 -2.56 17.33 7.10 14.07 5.97
Russell 1000 Growth Index1 1.95 5.13 6.31 26.92 16.24 19.23 8.19
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 one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 5.75%.

Fund Facts as of Aug 31, 2014

Class A Inception 11/28/2003
Performance Inception 04/30/2002
Investment Objective Long-term capital growth
Total Net Assets $194.6M
Minimum Investment $1000
Expense Ratio2 1.12%
CUSIP 277902664

Top 10 Holdings (%)3,4 as of Jun 30, 2014

Monsanto Co
Apple Inc
Gilead Sciences Inc
Schlumberger Ltd
Qualcomm Inc
Philip Morris International Inc
Costco Wholesale Corp
Starbucks Corp
Danaher Corp
Walt Disney Co
Total 50.31


Portfolio Management

Richard England, CFA Managed Fund since 2008
Paul Marshall, CFA Managed Fund since 2003

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund share values are sensitive to stock market volatility. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 3.75 3.40 5.51 23.63 12.65 13.67 7.15
Fund w/Max Sales Charge -2.21 -2.58 -0.58 16.56 10.44 12.34 6.52
Russell 1000 Growth Index1 4.58 4.99 9.48 26.29 19.93 17.81 9.20
Morningstar™ Large Growth Category5 4.21 5.14 7.41 24.43 18.56 16.10 8.75
06/30/2014
Fund at NAV 1.33 3.83 3.40 24.45 9.24 15.44 6.60
Fund w/Max Sales Charge -4.52 -2.12 -2.56 17.33 7.10 14.07 5.97
Russell 1000 Growth Index1 1.95 5.13 6.31 26.92 16.24 19.23 8.19
Morningstar™ Large Growth Category5 2.46 4.18 4.68 26.22 14.42 17.64 7.77
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 one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 5.75%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 5.76 3.62 8.44 12.10 -36.89 33.04 17.65 -5.96 17.64 26.85
Russell 1000 Growth Index1 6.30 5.26 9.07 11.81 -38.44 37.21 16.71 2.64 15.26 33.48

Fund Facts

Expense Ratio2 1.12%
Class A Inception 11/28/2003
Performance Inception 04/30/2002
Distribution Frequency Annually


Risk Measures (3 Year)6 as of Aug 31, 2014

Alpha (%) -10.15
Beta 1.25
R-Squared (%) 90.95
Standard Deviation (%) 15.99
Sharpe Ratio 0.79


Morningstar™ Ratings as of Aug 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Large Growth
Category
Overall * ** 1500
3 Years * * 1500
5 Years * ** 1329
10 Years * ** 906
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2014 Morningstar, Inc. 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 is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Sep 15, 2014 $15.19 $-0.07
Sep 12, 2014 $15.26 $-0.09
Sep 11, 2014 $15.35 $-0.06
Sep 10, 2014 $15.41 $0.10
Sep 09, 2014 $15.31 $-0.11
Sep 08, 2014 $15.42 $-0.04
Sep 05, 2014 $15.46 $0.06
Sep 04, 2014 $15.40 $-0.06
Sep 03, 2014 $15.46 $-0.07
Sep 02, 2014 $15.53 $0.02

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 12, 2013 $0.02630 $14.11
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 History7

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 12, 2013 $0.04460 $0.27180 $14.11
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

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 as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund share values are sensitive to stock market volatility. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)3,8 as of Jun 30, 2014

U.S. Common Stocks 96.94
Cash & Other Assets 3.06
Total 100.00

Portfolio Statistics as of Jun 30, 2014

Average Market Cap $133.6B
Price/Earnings Ratio 19.61
Number of Holdings 30
Price/Book Ratio 3.93


GICS Sector Breakdown (%)3 as of Jun 30, 2014

Sector Fund Russell 1000 Growth Index1
Consumer Discretionary 15.59 18.42
Consumer Staples 8.59 10.49
Energy 5.76 6.37
Financials 5.75 5.23
Health Care 13.29 12.84
Industrials 8.16 12.26
Information Technology 30.68 27.70
Materials 9.12 4.27
Telecom Services 0.00 2.33
Utilities 0.00 0.09
Cash 3.06 0.00


Market Cap Breakdown (%)3,9 as of Jun 30, 2014

> $150 Billion 19.33
$50-150 Billion 56.50
$15-50 Billion 19.62
$5-15 Billion 3.66
$1.5-5 Billion 0.89


Fund Holdings (%)3,10 as of Jul 31, 2014

Holding % of Net Assets
Apple Inc 6.94%
Monsanto Co 6.84%
Gilead Sciences Inc 6.79%
Schlumberger Ltd 5.85%
Qualcomm Inc 5.18%
Philip Morris International Inc 4.55%
Costco Wholesale Corp 4.23%
Starbucks Corp 3.67%
Walt Disney Co 3.23%
Danaher Corp 3.23%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund share values are sensitive to stock market volatility. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Jun 30, 2014

Major world equity markets moved higher in the second quarter of 2014, supported by continued low interest rates and some signs of global economic improvement. In the U.S., a gradually strengthening economy along with the Federal Reserve’s (the Fed) renewed commitment to low interest rates helped drive key equity indexes to multiple record highs during the quarter. For the most part, investors shrugged off the first-quarter economic contraction, which was largely blamed on harsh winter weather, and drew confidence from several economic reports, including further labor and housing market gains, rising industrial production and stronger auto sales.

U.S. stock market volatility during the quarter was quite low by historical standards and downturns short-lived, as many investors perceived buying opportunities. In June, the outbreak of hostilities in Iraq sent stocks lower, but investors returned to equities a few days later after the Fed reiterated its pledge to maintain low interest rates and downplayed inflation fears. The major indexes quickly rebounded, with some reaching new highs, before falling back in the final week of the period.

Globally, Europe’s sluggish economic recovery faced a new challenge from rising oil prices amid the turmoil in the Middle East. In China, a positive manufacturing report offered some encouragement following recent government initiatives to bolster the country’s slowing economic growth.

In this slow but steady environment, most major market indexes delivered respectable returns for the three-month period. The Dow Jones Industrial Average11 returned 2.83%, while the broader S&P 500 Index12 rose 5.23%. In general, large-cap U.S. stocks outperformed their small-cap counterparts for the quarter. Overseas, the MSCI EAFE Index13 of developed-market equities advanced 4.09%.

Performance Summary 

Eaton Vance Atlanta Capital Focused Growth Fund (the Fund) underperformed its benchmark, the Russell 1000 Growth Index (the Index)1, for the quarter ending June 30, 2014, returning 3.83% for Class A shares at net asset value versus the Index’s 5.13% return.

  • All 10 economic sectors within the Index posted gains for the quarter, led by energy, consumer staples and health care. Consumer discretionary and utilities had the weakest returns among Index sectors.
  • The Fund’s underperformance versus the Index for the quarter was primarily driven by stock selection. Stock selection results were positive in three of the eight sectors in which the Fund was invested: materials, energy and industrials. Stock selection results were weakest in health care, financials and information technology.
  • Overall, sector allocation had a negative impact on the Fund’s performance relative to the Index. The primary source of the allocation drag was the Fund’s cash position in a generally rising stock market. The Fund’s underweights in consumer discretionary and industrials proved beneficial.

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 1.33 3.83 3.40 24.45 9.24 15.44 6.60
Fund w/Max Sales Charge -4.52 -2.12 -2.56 17.33 7.10 14.07 5.97
Russell 1000 Growth Index1 1.95 5.13 6.31 26.92 16.24 19.23 8.19
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 one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 5.75%.

Fund Facts as of Jun 30, 2014

Class A Inception 11/28/2003
Performance Inception 04/30/2002
Expense Ratio2 1.12%


Contributors 

Factors contributing to the Fund’s relative performance compared to the Index during the quarter:

  • Stock selection in materials, energy and industrials contributed to the Fund’s performance relative to the Index. At the industry level, the Fund’s exposure to chemicals helped relative performance in materials. The Fund’s relative gains in energy equipment & services and electrical equipment aided returns in the energy and industrials sectors, respectively.
  • From a sector allocation standpoint, the Fund’s underweights in consumer discretionary and industrials boosted relative performance.
  • The Fund’s top five individual performance contributors included an energy name (Schlumberger), a health care company (Gilead Sciences, Inc.), a materials firm (Monsanto Co.) and an information technology holding (Apple Inc.). The Fund’s lack of exposure to IBM Corp. also contributed.

Detractors 

Factors detracting from the Fund’s relative performance compared to the Index during the quarter:

  • Overall, stock selection had a negative impact on the Fund’s performance relative to the Index. Stock selection in pharmaceuticals and health care providers & services acted as drags in the health care sector. Within financials, the Fund’s holdings in the diversified financial services industry hampered relative performance, as did stock selection in software and Internet software & services within information technology.
  • Sector allocation also had a negative impact on the Fund’s performance relative to the Index, primarily due to the Fund’s cash position.
  • The Fund’s top five individual performance detractors included two information technology positions (VMware, Inc. and eBay Inc.), a financials company (Intercontinental Exchange, Inc.) and two health care holdings (Perrigo Co. Plc and Express Scripts Holding Co.).

Investment Outlook And Fund Positioning 

Over the past 12 months, stock prices (as measured by the S&P 500 Index) have advanced more than 20%, while earnings have grown by less than 10%. As a result, current price/earnings (P/E) ratios seem full to us. Given the prospect for modest increases in both inflation and interest rates in the year ahead, we believe that earnings growth, not expanding P/E ratios, is likely to drive stock prices going forward. Among the major world economies, the U.S. currently appears to have the strongest momentum. For the balance of 2014, we believe U.S. economic growth should accelerate as America’s industrial and energy renaissance continues to unfold.

As of quarter-end, the Fund contained 30 stocks representing eight of the 10 economic sectors comprising the Index. Relative to the sector weightings in the Index, the portfolio was overweight the financials, health care, information technology and materials sectors. The portfolio was underweight consumer discretionary, consumer staples, energy and industrials and had no positions in utilities or telecommunication services.

Top 10 Holdings (%)3,4 as of Jun 30, 2014

Monsanto Co 7.35
Apple Inc 7.14
Gilead Sciences Inc 5.99
Schlumberger Ltd 5.76
Qualcomm Inc 5.42
Philip Morris International Inc 4.56
Costco Wholesale Corp 4.03
Starbucks Corp 3.56
Danaher Corp 3.35
Walt Disney Co 3.14
Total 50.31


The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund share values are sensitive to stock market volatility. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Attribution

No attribution information is available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund share values are sensitive to stock market volatility. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
Richard England, CFA

Richard England, CFA

Managing Director and Principal, Atlanta Capital Management
Joined Atlanta Capital 2004

Richard England is a managing director—growth equities and principal of Atlanta Capital Management Co., LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He serves as portfolio manager on the firm's large-cap growth equity team.

Prior to joining the firm in August 2004, Richard was affiliated with Putnam Investments in Boston, MA, where he was a senior portfolio manager on the Core Growth Equity team. Previously, he was affiliated with Aetna Equity Investors.

Richard earned a B.S. from the University of Florida and an M.B.A. from the Wharton School, University of Pennsylvania. He is a CFA charterholder.

Education
  • B.S. University of Florida
  • M.B.A. The Wharton School, University of Pennsylvania
Experience
  • Managed Fund since 2008
 
Biography
Paul Marshall, CFA

Paul Marshall, CFA

Vice President, Atlanta Capital Management
Joined Atlanta Capital 2000

Paul Marshall is a vice president and principal of Atlanta Capital Management Co., LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is a member of the large-cap growth equity portfolio management teams.

Prior to joining the firm in April 2000, Paul was a portfolio manager with Bank of America Capital Management and also served as an energy analyst supporting value, growth, balanced and equity income portfolios.

Paul earned a B.S. in economics from Vanderbilt University and an M.B.A. from the University of Notre Dame. He served as an officer in the United States Army and is a CFA charterholder.

Education
  • B.S. Vanderbilt University
  • M.B.A Mendoza College of Business, University of Notre Dame
Experience
  • Managed Fund since 2003
 

Fund Literature

Fund Literature

Annual Report

Atlanta Capital Market Commentary

Commentary

Fact Sheet

Full Prospectus

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

SAI

Semi-Annual Report

Summary Prospectus

XBRL


 

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    Symbol:  

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