Overview

Strong Morningstar Ratings as of 03/31/2015.1

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 -0.50 5.80 5.80 19.16 18.29 13.65
Fund w/Max Sales Charge -6.21 -0.31 -0.31 12.33 15.98 12.01
Russell 1000 Growth Index2 -1.14 3.84 3.84 16.09 16.34 15.63 15.09
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 Mar 31, 2015

Class A Inception 03/07/2011
Investment Objective Long-term capital growth
Total Net Assets $77.9M
Minimum Investment $1000
Expense Ratio (Gross)3 1.72%
Expense Ratio (Net)3,4 1.05%
CUSIP 277902565

Top 10 Holdings (%)5,6 as of Mar 31, 2015

Apple Inc
Google Inc Class C
Priceline Group Inc
Amazon.com Inc
Facebook Inc
Biogen Inc
Medtronic PLC
Celgene Corp
Avago Technologies Ltd
salesforce.com inc
Total 41.20


Morningstar™ Ratings as of Mar 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Large Growth
Category
Overall **** ***** 1551
3 Years **** ***** 1551
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.

Portfolio Management

Lewis R. Piantedosi Managed Fund since inception
Yana S. Barton, CFA Managed Fund since inception

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. 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. 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
Fund at NAV -0.50 5.80 5.80 19.16 18.29 13.65
Fund w/Max Sales Charge -6.21 -0.31 -0.31 12.33 15.98 12.01
Russell 1000 Growth Index2 -1.14 3.84 3.84 16.09 16.34 15.63 15.09
Morningstar™ Large Growth Category7 -0.96 3.45 3.45 13.30 15.06 13.86
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 (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 18.78 33.27 14.20
Russell 1000 Growth Index2 5.26 9.07 11.81 -38.44 37.21 16.71 2.64 15.26 33.48 13.05

Fund Facts

Expense Ratio (Gross)3 1.72%
Expense Ratio (Net)3,4 1.05%
Class A Inception 03/07/2011
Distribution Frequency Annually


Risk Measures (3 Year)8 as of Mar 31, 2015

Alpha (%) 0.67
Beta 1.07
R-Squared (%) 89.01
Standard Deviation (%) 11.21
Sharpe Ratio 1.62


Morningstar™ Ratings as of Mar 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Large Growth
Category
Overall **** ***** 1551
3 Years **** ***** 1551
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
Apr 23, 2015 $16.18 $0.02
Apr 22, 2015 $16.16 $0.14
Apr 21, 2015 $16.02 $0.03
Apr 20, 2015 $15.99 $0.18
Apr 17, 2015 $15.81 $-0.26
Apr 16, 2015 $16.07 $0.02
Apr 15, 2015 $16.05 $0.03
Apr 14, 2015 $16.02 $-0.04
Apr 13, 2015 $16.06 $-0.06
Apr 10, 2015 $16.12 $0.02

Distribution History9

Ex-Date Distribution Reinvest NAV
Dec 13, 2012 $0.00280 $10.38
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 History9

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 11, 2014 $0.12140 $0.23510 $14.83
Sep 09, 2014 $0.17670 $14.89
Dec 12, 2013 $0.10420 $0.20050 $13.10
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. 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. 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 (%)6,10 as of Mar 31, 2015

U.S. Common Stocks 90.80
Foreign Common Stocks 5.19
Cash & Other Assets 4.01
Total 100.00

Portfolio Statistics as of Mar 31, 2015

Average Market Cap $129.2B
Price/Earnings Ratio 22.44
Number of Holdings 35
Price/Book Ratio 4.62


GICS Sector Breakdown (%)6 as of Mar 31, 2015

Sector Fund Russell 1000 Growth Index2
Consumer Discretionary 20.92 18.82
Consumer Staples 7.67 10.58
Energy 0.77 4.49
Financials 5.16 5.22
Health Care 17.95 14.31
Industrials 8.46 11.85
Information Technology 32.80 28.55
Materials 2.27 3.94
Telecom Services 0.00 2.16
Utilities 0.00 0.09
Cash 4.00 0.00

Assets by Country (%)6 as of Mar 31, 2015

United States 90.80
Singapore 3.34
Netherlands 1.86
Cash & Other Assets 4.00
Total 100.00


Fund Holdings (%)6,11 as of Feb 28, 2015

Holding % of Net Assets
Apple Inc 6.34%
Google Inc Class C 5.33%
Priceline Group Inc 4.29%
EV Cash Reserves Fund 4.14%
Amazon.com Inc 4.12%
Facebook Inc 3.92%
Avago Technologies Ltd 3.92%
salesforce.com inc 3.58%
Celgene Corp 3.48%
Tableau Software Inc 3.33%
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. 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. 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

Amid volatile markets, U.S. stocks delivered modest gains in the first quarter of 2015, while major overseas equity markets advanced more strongly. In the U.S., the three-month period began with mixed economic signals. While the job market continued to improve and consumer confidence increased, domestic stocks swung sharply in January on worries about a possible interest-rate hike by the U.S. Federal Reserve (Fed), slowing growth overseas and some weakening of corporate earnings. In particular, many large U.S. companies felt the impact of the rising U.S. dollar on exports and overseas profits.

As market volatility eased in February, U.S. stocks climbed to new all-time highs. Volatility returned in the final month of the period on renewed anxiety over Fed policy, as well as geopolitical tensions and further signs of global economic weakness. At its March meeting, while the Fed opened the door to a potential rate hike later in the year, it simultaneously indicated caution amid evidence of moderating U.S. economic growth.

Overseas, despite the renewed Greek debt crisis, European stocks rallied during the three-month period, as investor sentiment was buoyed by the European Central Bank’s announcement of a new bond-buying stimulus program. In China, stocks rose on hopes for additional stimulus measures to boost the country’s sluggish economy.

For the quarter, the Dow Jones Industrial Average12 gained 0.33%, while the broader U.S. stock market, as represented by the S&P 500 Index,13 added 0.95%. Globally, the MSCI World Index14 returned 1.82%. The MSCI EAFE Index of developed-market international equities advanced 4.88%, while the MSCI Emerging Markets Index15 rose 2.24%.

Performance Summary 

Eaton Vance Focused Growth Opportunities Fund (the Fund) outperformed its benchmark, the Russell 1000 Growth Index (the Index)2, for the quarter ended March 31, 2015, returning 5.80% for Class A shares at net asset value versus the Index’s 3.84% return.

  • The Fund outperformed the Index largely due to favorable stock selection. Overall, sector allocation also made a modest contribution to the Fund’s performance versus the Index.
  • The top-performing economic sectors in the Index were health care, telecommunication services and consumer discretionary, while the weakest-performing Index sectors were utilities, industrials and financials.
  • Nine of the 10 sectors in the Index posted positive returns for the quarter, while the Fund posted positive returns in five of the eight sectors in which it was invested.
  • Among U.S. large-cap equities, growth stocks outperformed value stocks during the quarter. Trends among quality tiers were mixed, leaving no clear winner.

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 -0.50 5.80 5.80 19.16 18.29 13.65
Fund w/Max Sales Charge -6.21 -0.31 -0.31 12.33 15.98 12.01
Russell 1000 Growth Index2 -1.14 3.84 3.84 16.09 16.34 15.63 15.09
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 Mar 31, 2015

Class A Inception 03/07/2011
Expense Ratio (Gross)3 1.72%
Expense Ratio (Net)3,4 1.05%


Contributors 

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

  • Stock selection in the information technology sector contributed significantly to the Fund’s performance relative to the Index. An overweight in the sector was also beneficial. In the consumer discretionary sector, the Fund benefited from both stock selection and an overweight. In the industrials sector, stock selection and an underweight aided relative Fund performance.
  • At the individual stock level, semiconductor company Avago Technologies Ltd. was the Fund’s top performance contributor.
  • The Fund’s holding in online retailer Amazon.com also boosted Fund performance relative to the Index.
  • In addition, aircraft builder Spirit AeroSystems Holdings, Inc. and biotechnology company Biogen, Inc. made solid contributions to the Fund’s relative performance.

Detractors 

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

  • Stock selection in the financials sector detracted meaningfully from the Fund’s performance relative to the Index. Stock selection and an underweight in the consumer staples sector also hampered relative Fund performance. In the lagging energy sector, a favorable underweight was more than offset by adverse stock selection.
  • At the individual stock level, credit card company Discover Financial Services was the biggest detractor from the Fund’s performance relative to the Index.
  • Other notable individual detractors included information technology leader EMC Corp. and money center bank Citigroup Inc.
  • Railroad company Union Pacific, which was hurt by falling crude oil shipments and disruptions at West Coast ports, also detracted from relative Fund performance.

Investment Outlook And Fund Positioning 

Equity market volatility may continue in the coming months, as investors await a widely expected interest-rate hike by the Fed. U.S. corporate earnings may remain under pressure from the strong dollar, potentially adding to stocks’ volatility. Many investors will be closely tracking the progress of the U.S. economy, including key indicators for the jobs and housing markets. The manufacturing sector may also be under investor scrutiny for signs of recovery after the first quarter’s unusually harsh winter weather.

Overseas, the impact of the European Central Bank’s bond-buying stimulus program on the region’s lagging economy will be carefully monitored by many investors. Similarly, in China, the outlook for economic improvement and continued stock market gains will likely depend in part on the success of government stimulus initiatives. Stimulus efforts in other key emerging markets (e.g., India and Russia) and in Japan will also bear watching in the period ahead.

As always, our process remains focused on identifying the most promising growth companies that appear to be selling at attractive valuations, while maintaining our disciplined risk parameters.

Top 10 Holdings (%)5,6 as of Mar 31, 2015

Apple Inc 6.42
Google Inc Class C 5.42
Priceline Group Inc 4.18
Amazon.com Inc 4.10
Facebook Inc 3.99
Biogen Inc 3.55
Medtronic PLC 3.52
Celgene Corp 3.38
Avago Technologies Ltd 3.34
salesforce.com inc 3.30
Total 41.20


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. 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. 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. 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. 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
Lewis R. Piantedosi

Lewis R. Piantedosi

Vice President, Eaton Vance Management
Joined Eaton Vance 1999

Lewis Piantedosi is a vice president of Eaton Vance Management, portfolio manager and team leader of Eaton Vance’s growth team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s growth equity strategies. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 1993.

Lew began his career in the investment management industry with Eaton Vance, where he worked for three years. He then served as partner, portfolio manager and equity analyst with Freedom Capital Management for another three years before rejoining Eaton Vance in 1999.

Lew earned a B.A. from Framingham State College and an MBA from Bentley University.

Education
  • B.A. Framingham State College
  • M.B.A McCallum Graduate School of Business, Bentley College
Experience
  • Managed Fund since inception
Biography
Yana S. Barton, CFA

Yana S. Barton, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Yana Barton is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s growth team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s growth equity strategies. She is a member of the firm’s Equity Strategy Committee. She began her career in the investment management industry with Eaton Vance in 1997.

Yana earned a B.S. from the University of Florida. She is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.S.B.A., The University of Florida
Experience
  • Managed Fund since inception

Fund Literature

Fund Literature

Annual Report

Attribution

Commentary

Fact Sheet

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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