Overview

A hedge against inflation, and diversification for a portfolio.1

Commodities have a high correlation to inflation, but negative correlation to stocks and bonds. (January 1973-December 2014)

  • Commodities
  • Stocks
  • Bonds

Not based on the return of any specific fund.

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
08/31/2015
Fund at NAV -1.05 -10.03 -13.15 -27.87 -15.33 -7.44 -7.71
Fund w/Max Sales Charge -5.68 -14.26 -17.26 -31.28 -16.69 -8.34 -8.54
Bloomberg Commodity Index Total Return2 -0.92 -9.91 -12.82 -28.14 -14.56 -6.95 -7.00
06/30/2015
Fund at NAV 1.27 3.70 -2.23 -23.73 -9.68 -4.51 -5.85
Fund w/Max Sales Charge -3.49 -1.19 -6.86 -27.37 -11.15 -5.44 -6.72
Bloomberg Commodity Index Total Return2 1.73 4.66 -1.56 -23.71 -8.76 -3.91 -5.04
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: 4.75%.

Fund Factsas of Aug 31, 2015

Class A Inception 04/08/2010
Investment Objective Total return
Total Net Assets $102.2M
Minimum Investment $1000
Expense Ratio (Gross)3 1.51%
Expense Ratio (Net)3,4 1.50%
CUSIP 277905345


Portfolio Management

John B. Brynjolfsson, CFA Managed Fund since inception

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

About Risk 

The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. The Fund's performance may not match or correlate to that of its Index, either on a daily or aggregate basis due to factors such as Fund expenses, imperfect correlation, rounding of share prices, changes to the composition of the Index, regulatory policies, high portfolio turnover and the use of leverage (if any). Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
07/31/2015
Fund at NAV -10.22 -11.29 -12.22 -28.00 -14.59 -7.76 -7.65
Fund w/Max Sales Charge -14.52 -15.53 -16.38 -31.44 -15.95 -8.65 -8.49
Bloomberg Commodity Index Total Return2 -10.62 -11.53 -12.01 -28.23 -13.93 -7.26 -6.95
Morningstar™ Commodities Broad Basket Category5 -9.96 -11.84 -12.19 -29.18 -13.65 -6.60
06/30/2015
Fund at NAV 1.27 3.70 -2.23 -23.73 -9.68 -4.51 -5.85
Fund w/Max Sales Charge -3.49 -1.19 -6.86 -27.37 -11.15 -5.44 -6.72
Bloomberg Commodity Index Total Return2 1.73 4.66 -1.56 -23.71 -8.76 -3.91 -5.04
Morningstar™ Commodities Broad Basket Category5 0.80 3.49 -2.43 -24.74 -8.84 -3.38
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: 4.75%.

Calendar Year Returns (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV -13.83 -0.92 -11.60 -17.16
Bloomberg Commodity Index Total Return2 21.36 2.07 16.23 -35.65 18.91 16.83 -13.32 -1.06 -9.52 -17.01

Fund Facts

Expense Ratio (Gross)3 1.51%
Expense Ratio (Net)3,4 1.50%
Class A Inception 04/08/2010
Distribution Frequency Annually


Morningstar™ Ratingsas of Jul 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Commodities Broad Basket
Category
Overall ** ** 109
3 Years ** *** 109
5 Years ** ** 70
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.

© 2015 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 03, 2015 $5.55 $0.03
Sep 02, 2015 $5.52 $0.01
Sep 01, 2015 $5.51 $-0.14
Aug 31, 2015 $5.65 $0.10
Aug 28, 2015 $5.55 $0.10
Aug 27, 2015 $5.45 $0.16
Aug 26, 2015 $5.29 $-0.06
Aug 25, 2015 $5.35 $0.03
Aug 24, 2015 $5.32 $-0.13
Aug 21, 2015 $5.45 $-0.09

Distribution History6

Ex-Date Distribution Reinvest NAV
May 21, 2015 $0.13310 $6.42
Dec 19, 2014 $0.05570 $6.90
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 History6

Ex-Date Short-Term Long-Term Reinvest NAV
Aug 01, 2013 $0.00060 $0.03490 $8.20
Dec 20, 2012 $0.00530 $0.00400 $9.16
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 

The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. The Fund's performance may not match or correlate to that of its Index, either on a daily or aggregate basis due to factors such as Fund expenses, imperfect correlation, rounding of share prices, changes to the composition of the Index, regulatory policies, high portfolio turnover and the use of leverage (if any). Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 (%)7,8,9as of Jun 30, 2015

Cash Equivalents 64.6
U.S. Govt Agency Bonds 19.5
Corporate Bonds 11.5
Common Stocks 4.1
Other Net Assets 0.3

Portfolio Statisticsas of Jun 30, 2015

Average Duration 0.2 yrs.


Commodity Exposure (%)10as of Jun 30, 2015

Fund7 Benchmark
Agriculture 29.55 29.50
Cocoa 0.30
Coffee 1.10 1.63
Corn 7.33 7.52
Cotton 1.96 1.66
Kansas Wheat 0.58 1.12
Soybean Meal 2.90 2.61
Soybean Oil 2.35 2.81
Soybeans 5.93 5.43
Sugar 2.80 3.28
Wheat 3.84 3.44
White Sugar 0.46
Energy 33.66 35.70
Crude Oil-Brent 7.79 8.57
Crude Oil-WTI 8.16 9.31
Gas Oil
Heating Oil 3.62 4.16
Natural Gas 8.21 8.44
Unleaded Gas 5.88 5.22
Industrial Metals 14.41 14.98
Aluminum 3.94 4.23
Copper 6.26 6.96
Lead -0.18
Nickel 2.03 1.59
Zinc 2.36 2.20
Precious Metals 16.98 15.14
Gold 13.15 11.22
Palladium 0.18
Platinum -0.20
Silver 3.85 3.92
Livestock 4.86 4.66
Feeder Cattle 0.20
Lean Hogs 2.03 1.77
Live Cattle 2.63 2.89


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

About Risk 

The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. The Fund's performance may not match or correlate to that of its Index, either on a daily or aggregate basis due to factors such as Fund expenses, imperfect correlation, rounding of share prices, changes to the composition of the Index, regulatory policies, high portfolio turnover and the use of leverage (if any). Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 Jun 30, 2015

The broad commodity market gained 4.66% in the second quarter, as measured by the Bloomberg Commodity Index Total Return (the Index).2 The market's return, while positive, was not particularly significant in the context of the big price moves that have occurred since mid-2014. It was also not supported by fundamentals. With the exception of grains, commodity supplies are abundant, and forecasts suggest that global growth is slowing. Given these supply-demand dynamics, we would characterize the second quarter rise in the commodity market as simply a modest rebound off of low levels.

Some market observers will likely attribute the increase in commodity prices to a weaker U.S. dollar, since many commodities are traded in dollars. While the dollar did weaken against most major foreign currencies, we do not believe that dollar moves cause opposite moves in commodity prices; the historical data does not support this. We think dollar weakness was driven by an unwinding of long positions as various market participants reduced risk, and as a spike in eurozone bond yields made U.S. yields look relatively less attractive.

Within the commodity market, rising oil prices contributed to a gain in the energy sector. Although refinery demand was better than expected, we think most of oil's advance was related to capital flows from hedge funds and other market participants. The agriculture sector also generated a positive return, as suboptimal U.S. weather created uncertainty about crop yields. On the minus side, industrial metals declined on concerns about slowing growth in China. Precious metals also traded modestly lower, despite global risk events such as the Greek debt crisis.

Performance Summary 

Eaton Vance Commodity Strategy Fund (the Fund) underperformed the Index at net asset value (NAV) for the quarter.

  • The Fund’s broad commodity-market exposure via total return swaps on the Index continued to provide the majority of returns, and tracking error to the Index remained minimal. As the return of the Index was positive for the quarter, so was the Fund's total return.
  • The Fund seeks to add value to the Index by employing three primary alpha-generating strategies. Of the three, hedged exposure to emerging-market and high-yield debt and equities was the main detractor from relative results, driven by select equity positions.
  • The Fund's allocation to inflation-linked bonds favorably impacted relative returns. Treasury Inflation-Protected Securities (TIPS) outperformed Treasurys during the quarter, so exposure to TIPS while hedging out duration within the Fund's collateral portfolio was a plus.
  • Active commodity investing – the third alpha-generating strategy – did not have a meaningful impact on relative returns, as individual commodity positions that helped were largely offset by others that hurt.

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 1.27 3.70 -2.23 -23.73 -9.68 -4.51 -5.85
Fund w/Max Sales Charge -3.49 -1.19 -6.86 -27.37 -11.15 -5.44 -6.72
Bloomberg Commodity Index Total Return2 1.73 4.66 -1.56 -23.71 -8.76 -3.91 -5.04
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: 4.75%.

Fund Factsas of Jun 30, 2015

Class A Inception 04/08/2010
Expense Ratio (Gross)3 1.51%
Expense Ratio (Net)3,4 1.50%


Contributors 

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

  • An underweight in copper added value. The price of copper declined on worries about growth in China, the world's largest consumer of the metal.
  • An overweight in soybeans was a plus. Soybean prices climbed substantially higher as heat and rain in the United States created the potential for less-abundant crops.
  • The Fund’s strategy to partially hedge its commodity exposure by being underweight the currencies of some commodity-exporting countries within its emerging markets debt sleeve benefited relative results. Nearly all commodities remain well below year-ago levels – weakness that continues to take a toll on exporters.

Detractors 

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

  • An underweight in oil was unfavorable. Oil prices rose more than the Index, a gain we largely attribute to trading activity rather than any meaningful improvement in fundamentals.
  • An overweight in gold detracted. Gold continued to trade in a relatively narrow range and finished the quarter down slightly.
  • An overweight in nickel was a headwind. Slowing Chinese growth weighed on the prices of all industrial metals, including nickel.

Investment Outlook And Fund Positioning 

In the near term, we think oil prices could come under renewed pressure. Production in the U.S. has not declined, and Iran will likely ramp up oil exports if its recent nuclear deal with the West holds and sanctions on the country are lifted. We also think any further disappointment in Chinese growth would weigh additionally on commodities more broadly. As such, in the near term, we are inclined to be underweight oil and industrial metals – the most sensitive areas of the commodity market to these factors. That said, wage pressure is starting to build in the U.S. and U.K., which may mean higher commodity prices down the road, as wage inflation is generally an early indicator of goods inflation.

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 

The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. The Fund's performance may not match or correlate to that of its Index, either on a daily or aggregate basis due to factors such as Fund expenses, imperfect correlation, rounding of share prices, changes to the composition of the Index, regulatory policies, high portfolio turnover and the use of leverage (if any). Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 

The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. The Fund's performance may not match or correlate to that of its Index, either on a daily or aggregate basis due to factors such as Fund expenses, imperfect correlation, rounding of share prices, changes to the composition of the Index, regulatory policies, high portfolio turnover and the use of leverage (if any). Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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
John B. Brynjolfsson, CFA

John B. Brynjolfsson, CFA

Chief Investment Officer and Managing Director, Armored Wolf

John Brynjolfsson is a managing director, portfolio manager and chief investment officer of Armored Wolf, LLC, an Orange County, CA-based SEC registered investment advisor which manages a commodities investment subadvisory assignment for Eaton Vance Corp., an offshore global macro investment partnership and a variety of related institutional assignments for clients in California, Denver, New York, Paris, Chicago, Shenzhen and other financial centers.

John has 25 years of investment experience and is sought after as a manager of alternative real assets, with experience in areas including commodities, global inflation-linked bonds, asset allocation and risk management. During his 19-year tenure at PIMCO, John launched and grew the Real Return platform from $0 to $80 billion in third-party assets, including launching and managing PIMCO’s second, third and fourth largest public funds.

A popular and provocative communicator, John is a frequent guest on CNBC, Bloomberg TV, PBS’ Wealth Track and other prominent networks; is often quoted in The New York Times, The Wall Street Journal and other major broadsheets, was featured in Fortune magazine; is a member of industry advisor committees and has testified before the House Financial Services Committee as an expert on catastrophic risk transfer. John is co-author of Inflation-Protected Bonds and co-editor of The Handbook of Inflation-Indexed Bonds.

John earned an A.B. in physics and mathematics from Columbia College and an M.S. in finance and economics from the MIT Sloan School of Management. He is a CFA charterholder.

Education
  • A.B. Columbia College
  • M.S. Sloan School of Management, MIT
Experience
  • Managed Fund since inception
 

Fund Literature

Fund Literature

Annual Report

Commentary

Fact Sheet

Full Prospectus

Commodity Strategy Holdings

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

SAI

Semi-Annual Report

Summary Prospectus

XBRL


 

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