Overview

Growth of $10,000

10-year period ended 9/30/14

  • Class A at NAV

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
11/30/2014
Fund at NAV 2.03 3.68 9.39 12.50 15.99 12.88 7.02
Fund w/Max Sales Charge -3.83 -2.31 3.08 6.06 13.74 11.55 6.39
Russell 1000 Growth Index1 3.17 4.35 14.24 17.50 20.53 16.76 9.02
09/30/2014
Fund at NAV -1.93 0.07 3.47 16.61 16.81 12.26 6.82
Fund w/Max Sales Charge -7.59 -5.70 -2.50 9.87 14.52 10.93 6.19
Russell 1000 Growth Index1 -1.45 1.49 7.89 19.15 22.43 16.49 8.93
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. Max Sales Charge: 5.75%.

Fund Facts as of Nov 30, 2014

Class A Inception 11/28/2003
Performance Inception 04/30/2002
Investment Objective Long-term capital growth
Total Net Assets $191.8M
Minimum Investment $1000
Expense Ratio2 1.12%
CUSIP 277902664

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

Apple Inc
Gilead Sciences Inc
Monsanto Co
Google Inc
Schlumberger Ltd
Philip Morris International Inc
Costco Wholesale Corp
Starbucks Corp
Qualcomm Inc
Danaher Corp
Total 52.58


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 nondiversified 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 Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
11/30/2014
Fund at NAV 2.03 3.68 9.39 12.50 15.99 12.88 7.02
Fund w/Max Sales Charge -3.83 -2.31 3.08 6.06 13.74 11.55 6.39
Russell 1000 Growth Index1 3.17 4.35 14.24 17.50 20.53 16.76 9.02
Morningstar™ Large Growth Category5 2.57 3.18 10.79 14.10 19.28 15.01 8.14
09/30/2014
Fund at NAV -1.93 0.07 3.47 16.61 16.81 12.26 6.82
Fund w/Max Sales Charge -7.59 -5.70 -2.50 9.87 14.52 10.93 6.19
Russell 1000 Growth Index1 -1.45 1.49 7.89 19.15 22.43 16.49 8.93
Morningstar™ Large Growth Category5 -1.89 0.68 5.40 16.24 21.28 14.60 8.26
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. 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 Nov 30, 2014

Alpha (%) -7.42
Beta 1.21
R-Squared (%) 87.31
Standard Deviation (%) 12.55
Sharpe Ratio 1.27


Morningstar™ Ratings as of Nov 30, 2014

Time Period Rating Rating (Load Waived) Funds in
Large Growth
Category
Overall ** ** 1496
3 Years * * 1496
5 Years * ** 1324
10 Years ** ** 905
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
Dec 18, 2014 $14.81 $0.30
Dec 17, 2014 $14.51 $0.27
Dec 16, 2014 $14.24 $-0.18
Dec 15, 2014 $14.42 $-0.08
Dec 12, 2014 $14.50 $-0.25
Dec 11, 2014 $14.75 $-1.09
Dec 10, 2014 $15.84 $-0.25
Dec 09, 2014 $16.09 $0.04
Dec 08, 2014 $16.05 $-0.07
Dec 05, 2014 $16.12 $0.03

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 11, 2014 $0.00790 $14.75
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 11, 2014 $0.22530 $0.91980 $14.75
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 nondiversified 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 Sep 30, 2014

U.S. Common Stocks 98.81
Cash & Other Assets 1.19
Total 100.00

Portfolio Statistics as of Sep 30, 2014

Average Market Cap $136.0B
Price/Earnings Ratio 18.78
Number of Holdings 31
Price/Book Ratio 3.89


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

Sector Fund Russell 1000 Growth Index1
Consumer Discretionary 15.83 18.25
Consumer Staples 9.06 10.35
Energy 5.44 5.68
Financials 4.04 5.13
Health Care 17.42 13.64
Industrials 7.46 11.85
Information Technology 31.06 28.42
Materials 8.50 4.23
Telecom Services 0.00 2.37
Utilities 0.00 0.09
Cash 1.19 0.00


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

> $150 Billion 23.67
$50-150 Billion 58.34
$15-50 Billion 13.17
$5-15 Billion 4.83


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

Holding % of Net Assets
Monsanto Co 6.62%
Apple Inc 6.13%
Gilead Sciences Inc 6.09%
Schlumberger Ltd 5.06%
Costco Wholesale Corp 4.56%
Google Inc Class C 3.92%
Starbucks Corp 3.87%
Qualcomm Inc 3.74%
Celgene Corp 3.52%
Danaher Corp 3.34%
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 nondiversified 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 Sep 30, 2014

Major global stock markets delivered mixed returns for the third quarter of 2014, as U.S. equities recorded modest gains, while some overseas equity markets retreated. Late in the quarter, most stock markets worldwide fell amid renewed worries about the global economy, mounting international tensions and elevated equity valuations.

In the U.S., stocks stalled early in the period, then pulled back sharply in late July on geopolitical and economic concerns. However, many investors viewed the pullback as a buying opportunity, allowing stocks to soon resume their upward trend. In their generally steady rise until the period’s final two weeks, U.S. stocks drew support from the Federal Reserve’s (the Fed) ongoing low-interest-rate policy, along with some positive economic reports.

A number of economic indicators pointed to continued gradual improvement in the U.S. economy, including upbeat data on retail sales, manufacturing activity, construction spending, new home starts and revised GDP growth for the second quarter of 2014. On the employment front, hiring indicators turned up in September after lower-than-expected job creation numbers for August. Overseas, weakening economies in Europe led the European Central Bank (ECB) to adopt further stimulus measures late in the quarter. In China, disappointing economic data for August sparked fresh worries about slowing growth in the world’s second-largest economy.

Among major world equity indexes, after hitting an all-time high during the quarter, the Dow Jones Industrial Average11 finished the period with a modest gain of 1.9%. The broader S&P 500 Index12 rose 1.1% after also attaining a record high during the quarter. Large-cap U.S. equities generally outperformed their small-cap counterparts during the quarter, with growth stocks outpacing value stocks within both the large- and small-cap space. Overseas, the MSCI EAFE Index13 of developed-market international stocks fell 5.9%, while the MSCI Emerging Markets Index14 lost 3.5%.

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 ended September 30, 2014, returning 0.07% for Class A shares at net asset value versus the Index’s 1.49% return.

  • For the third quarter, health care was the best-performing Index sector, followed by information technology. Energy was the worst-performing Index sector, as oil prices declined amid turmoil in the Middle East and Russia/Ukraine. The utilities sector was the second-worst performer, as investors generally shunned higher-dividend-yielding stocks due to the prospect of higher U.S. interest rates in 2015.
  • The Fund’s underperformance versus the Index for the quarter was primarily driven by stock selection. Stock selection results were positive in two of the eight sectors in which the Fund was invested: health care and consumer staples. Stock selection results were weakest in information technology, materials and industrials.
  • Overall, sector allocation had a positive impact on the Fund’s performance relative to the Index. The Fund’s overweight in health care and its underweight in industrials proved beneficial. The Fund’s lack of exposure to telecommunication services was a drag on relative performance.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -1.93 0.07 3.47 16.61 16.81 12.26 6.82
Fund w/Max Sales Charge -7.59 -5.70 -2.50 9.87 14.52 10.93 6.19
Russell 1000 Growth Index1 -1.45 1.49 7.89 19.15 22.43 16.49 8.93
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. Max Sales Charge: 5.75%.

Fund Facts as of Sep 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:

  • Overall, sector allocation was a positive contributor to the Fund’s performance relative to the Index. Specifically, the Fund’s overweight in health care and its underweight in industrials boosted relative performance.
  • Stock selection was positive in health care and consumer staples. At the industry level, stock selection in biotechnology and food & staples retailing proved to be the most beneficial.
  • The Fund’s top five individual performance contributors included a health care company (Gilead Sciences), an information technology firm (eBay), a consumer discretionary name (Lowe’s) and a consumer staples holding (Costco Wholesale), along with lack of exposure to Walgreens.

Detractors 

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

  • The Fund’s underperformance for the quarter was largely attributable to stock selection, particularly within the information technology, materials and industrials sectors. Stock selection within consumer discretionary, energy and financials also had a negative impact on the Fund’s performance relative to the Index. At the industry level, areas of weakness included: chemicals in the materials sector, electrical equipment in industrials and software in information technology.
  • While sector allocation modestly boosted the Fund’s performance relative to the Index, an overweight in materials and lack of exposure to telecommunication services detracted from relative performance.
  • The Fund’s top five individual performance detractors included one materials company (Monsanto Co.), an energy name (Schulmberger), an industrials position (Eaton Corp.), a consumer discretionary holding (Michael Kors) and an information technology firm (Qualcomm).

Investment Outlook And Fund Positioning 

While most U.S. economic indicators have remained upbeat, there has been a growing list of global economic concerns weighing on investor sentiment. As a result, the U.S. dollar strengthened versus world currency markets and the U.S. stock market outperformed most foreign markets for the third quarter.

Going forward, we believe that earnings growth, not expanding price/earnings (P/E) ratios, is likely to drive stock prices. The equity market is unlikely to repeat the 30%-plus return of 2013, nor the 20% of the past year, but rather may return to a more “normal” 8% to 10% range over the next few years. Although the market as a whole may see a reduction in return levels, we believe quality stocks are well-positioned. The past several years’ outperformance of lower-quality stocks resulted in large-cap quality stocks being significantly undervalued, in our view. Our investment process remains focused on companies with consistent, durable earnings growth whose stocks appear to be trading at reasonable valuations. We expect these types of businesses to continue to perform well in rising markets, while potentially providing some downside protection in more volatile markets.

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 Fund was overweight materials, information technology and health care. The Fund was underweight industrials, consumer discretionary, consumer staples, energy and financials and had no positions in utilities or telecommunication services.

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

Apple Inc 7.26
Gilead Sciences Inc 7.07
Monsanto Co 6.75
Google Inc 5.97
Schlumberger Ltd 5.44
Philip Morris International Inc 4.59
Costco Wholesale Corp 4.47
Starbucks Corp 4.03
Qualcomm Inc 3.71
Danaher Corp 3.29
Total 52.58


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 nondiversified 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 currently 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 nondiversified 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

Estimated Capital Gains: Estimates as of October 15, 2014

Full Prospectus

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

SAI

Semi-Annual Report

Summary Prospectus

XBRL


 

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