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 Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
04/30/2015
Fund at NAV 4.95 2.18 -1.05 -24.74 -10.54 -5.81 -5.81
Fund w/Max Sales Charge 0.00 -2.67 -5.74 -28.32 -11.97 -6.73 -6.72
Bloomberg Commodity Index Total Return2 5.73 2.89 -0.55 -24.69 -9.73 -5.02 -5.01
03/31/2015
Fund at NAV -4.72 -5.72 -5.72 -26.62 -12.19 -6.81
Fund w/Max Sales Charge -9.28 -10.19 -10.19 -30.12 -13.61 -7.72
Bloomberg Commodity Index Total Return2 -5.14 -5.94 -5.94 -27.04 -11.52 -5.71 -6.15
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 Facts as of Apr 30, 2015

Class A Inception 04/08/2010
Investment Objective Total return
Total Net Assets $314.4M
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 Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
04/30/2015
Fund at NAV 4.95 2.18 -1.05 -24.74 -10.54 -5.81 -5.81
Fund w/Max Sales Charge 0.00 -2.67 -5.74 -28.32 -11.97 -6.73 -6.72
Bloomberg Commodity Index Total Return2 5.73 2.89 -0.55 -24.69 -9.73 -5.02 -5.01
Morningstar™ Commodities Broad Basket Category5 5.69 3.24 -0.37 -23.33 -10.35 -5.33
03/31/2015
Fund at NAV -4.72 -5.72 -5.72 -26.62 -12.19 -6.81
Fund w/Max Sales Charge -9.28 -10.19 -10.19 -30.12 -13.61 -7.72
Bloomberg Commodity Index Total Return2 -5.14 -5.94 -5.94 -27.04 -11.52 -5.71 -6.15
Morningstar™ Commodities Broad Basket Category5 -5.02 -5.74 -5.74 -26.05 -12.38 -6.19
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. 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™ Ratings as of Apr 30, 2015

Time Period Rating Rating (Load Waived) Funds in
Commodities Broad Basket
Category
Overall ** *** 98
3 Years ** *** 98
5 Years ** *** 50
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
May 26, 2015 $6.27 $-0.09
May 22, 2015 $6.36 $-0.06
May 21, 2015 $6.42 $-0.10
May 20, 2015 $6.52 $0.01
May 19, 2015 $6.51 $-0.13
May 18, 2015 $6.64 $-0.01
May 15, 2015 $6.65 $-0.01
May 14, 2015 $6.66 $0.03
May 13, 2015 $6.63 $0.02

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 (%)7,8,9 as of Mar 31, 2015

Cash Equivalents 74.2
U.S. Govt Agency Bonds 18.9
Corporate Bonds 4.8
Common Stocks 4.5
Other Net Assets -2.4

Portfolio Statistics as of Mar 31, 2015

Average Duration 0.4 yrs.


Commodity Exposure (%)10 as of Mar 31, 2015

Fund7 Benchmark
Agriculture 28.76 28.64
Cocoa 0.18
Coffee 1.72 1.74
Corn 7.11 7.11
Cotton 1.62 1.63
Kansas Wheat 0.63 1.09
Soybean Meal 2.66 2.62
Soybean Oil 2.28 2.67
Soybeans 6.06 5.41
Sugar 2.96 3.33
Wheat 3.13 3.04
White Sugar 0.41
Energy 33.39 33.17
Crude Oil-Brent 8.22 8.10
Crude Oil-WTI 7.75 7.87
Gas Oil -0.25
Heating Oil 3.97 3.96
Natural Gas 8.28 8.33
Unleaded Gas 5.42 4.91
Industrial Metals 16.52 16.65
Aluminum 4.58 4.74
Copper 7.39 7.74
Lead 0.36
Nickel 1.90 1.74
Zinc 2.29 2.43
Precious Metals 18.25 16.47
Gold 13.60 12.03
Palladium 0.14
Platinum -0.15
Silver 4.66 4.44
Livestock 5.32 5.08
Feeder Cattle 0.16
Lean Hogs 1.90 1.92
Live Cattle 3.26 3.16


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 Mar 31, 2015

The broad commodity market returned -5.94% in the first quarter, as measured by the Bloomberg Commodity Index Total Return (the Index).2 Nearly every commodity in the Index was weak, although prices generally bounced back toward the end of the period.

The combination of rising supply and ebbing demand that triggered last year's selloff in oil continued into the first quarter. However, oil prices fell at a much slower rate than they had in the fourth quarter of 2014. Seasonal demand for heating fuel helped stabilize the market, as did optimism that lower prices might soon cause fundamentals to improve. Nonetheless, the strengthening U.S. dollar and uninspiring macroeconomic backdrop were headwinds for oil and other commodities. China's economy continued to expand at a slower rate, and data suggested that U.S. growth had stalled amid harsh weather in the Northeast and gridlock at West Coast ports. While the eurozone economy remained stagnant, a new bond-buying program from the European Central Bank eased deflation fears and worries about Greece's financial difficulties and violence in Ukraine.

Four of the five sectors in the Index declined: energy, agriculture, industrial metals and livestock. Beyond oil, the energy sector was impacted by weakness in natural gas prices, which slid on abundant supplies. Prices of most agricultural commodities fell due to healthy carry-over stocks from last season and favorable planting conditions. China's slowdown pressured industrial metals, while rising lean hog supplies hurt livestock. Precious metals advanced as downward revisions to the Federal Reserve's growth and inflation forecasts led some investors to believe that the central bank might hold off raising rates until the second half of 2015.

Performance Summary 

Eaton Vance Commodity Strategy Fund (the Fund) outperformed the Index at net asset value (NAV) during 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 negative for the quarter, so was the Fund's total return.
  • The Fund seeks to add value to the Index by employing three main alpha-generating strategies. Of the three, hedged investments in emerging-market and high-yield debt and equities bolstered relative results, helped by equity positions in airlines and other companies that benefit from lower fuel prices. In addition, we introduced exposure to high-yield energy bonds during the quarter. We view these bonds as relatively inexpensive because of the selloff in oil, and they rallied from depressed levels as oil prices stabilized.
  • The inflation-linked bond sleeve of the Fund was a slight detractor to relative results, as longer-term inflation expectations have remained well anchored despite accommodative monetary policy from most major central banks.
  • Active commodity investing – the third alpha-generating strategy – subtracted a few basis points from Fund performance versus the Index. Positioning on the oil futures curve and in select commodities detracted.

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -4.72 -5.72 -5.72 -26.62 -12.19 -6.81
Fund w/Max Sales Charge -9.28 -10.19 -10.19 -30.12 -13.61 -7.72
Bloomberg Commodity Index Total Return2 -5.14 -5.94 -5.94 -27.04 -11.52 -5.71 -6.15
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 Facts as of Mar 31, 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 overweight in gold added value. Gold was resilient as comments from Federal Reserve officials suggested that the central bank was in no hurry to raise interest rates.
  • An overweight in unleaded gasoline – one of the Index's few positive performers – was beneficial. Lower prices relative to last year boosted demand, while maintenance and outages at U.S. refineries curbed supply.
  • An underweight in wheat was a plus given expectations for robust global grain output in 2015.

Detractors 

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

  • An overweight in nickel was unfavorable. Nickel prices touched their lowest level in more than a year in response to weaker Chinese demand.
  • An underweight in copper was a drag on relative results. Copper was the most resilient industrial metal in the Index, supported by a work stoppage that shuttered the world's second-largest copper mine.
  • An underweight in aluminum detracted. Demand from automakers using aluminum to make more fuel-efficient cars helped cushion its price decline.

Investment Outlook And Fund Positioning 

Several dynamics could push commodity prices higher over the months ahead. U.S. oil producers have been cutting output, and some forecasts are calling for oil demand to accelerate due to improvement in the global economy – improvement that would benefit commodities broadly. In a repeat of 2014, the U.S. economy may rebound after a tough start to the year, and aggressive easing by foreign central banks could boost growth overseas.

Despite the potential upside, we would not be surprised if commodities traded in a relatively narrow range over the short term. Last year's collapse in oil has disrupted the energy sector, and the growth trajectory of the global economy is uncertain. As a result, we are being more cautious in our risk-taking in general but continue to pursue individual alpha opportunities in which we have high conviction.

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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