Overview

Strong Morningstar Ratings as of 9/30/14.1

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
11/30/2014
Fund at NAV 1.85 2.65 14.72 17.91 21.61 13.37
Fund w/Max Sales Charge -3.98 -3.26 8.12 11.10 19.25 11.58
Russell 1000 Growth Index2 3.17 4.35 14.24 17.50 20.53 16.76 15.69
09/30/2014
Fund at NAV -2.27 2.80 9.22 19.95 23.16 12.47
Fund w/Max Sales Charge -7.90 -3.10 2.94 13.09 20.74 10.62
Russell 1000 Growth Index2 -1.45 1.49 7.89 19.15 22.43 16.49 14.63
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 03/07/2011
Investment Objective Long-term capital growth
Total Net Assets $53.9M
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 Sep 30, 2014

Google Inc Class C
Apple Inc
Avago Technologies Ltd
Amgen Inc
FMC Technologies Inc
Amazon.com Inc
Citigroup Inc
Facebook Inc
Priceline Group Inc
EMC Corp
Total 39.78


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 Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
11/30/2014
Fund at NAV 1.85 2.65 14.72 17.91 21.61 13.37
Fund w/Max Sales Charge -3.98 -3.26 8.12 11.10 19.25 11.58
Russell 1000 Growth Index2 3.17 4.35 14.24 17.50 20.53 16.76 15.69
Morningstar™ Large Growth Category7 2.57 3.18 10.79 14.10 19.28 15.01
09/30/2014
Fund at NAV -2.27 2.80 9.22 19.95 23.16 12.47
Fund w/Max Sales Charge -7.90 -3.10 2.94 13.09 20.74 10.62
Russell 1000 Growth Index2 -1.45 1.49 7.89 19.15 22.43 16.49 14.63
Morningstar™ Large Growth Category7 -1.89 0.68 5.40 16.24 21.28 14.60
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 18.78 33.27
Russell 1000 Growth Index2 6.30 5.26 9.07 11.81 -38.44 37.21 16.71 2.64 15.26 33.48

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 Nov 30, 2014

Alpha (%) -0.14
Beta 1.06
R-Squared (%) 88.89
Standard Deviation (%) 10.87
Sharpe Ratio 1.98


Morningstar™ Ratings as of Nov 30, 2014

Time Period Rating Rating (Load Waived) Funds in
Large Growth
Category
Overall *** **** 1496
3 Years *** **** 1496
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 $15.02 $0.36
Dec 17, 2014 $14.66 $0.32
Dec 16, 2014 $14.34 $-0.19
Dec 15, 2014 $14.53 $-0.10
Dec 12, 2014 $14.63 $-0.20
Dec 11, 2014 $14.83 $-0.27
Dec 10, 2014 $15.10 $-0.28
Dec 09, 2014 $15.38 $0.09
Dec 08, 2014 $15.29 $-0.11
Dec 05, 2014 $15.40 $0.00

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 (%)5,10 as of Sep 30, 2014

U.S. Common Stocks 90.27
Foreign Common Stocks 5.48
Cash & Other Assets 4.25
Total 100.00

Portfolio Statistics as of Sep 30, 2014

Average Market Cap $119.7B
Price/Earnings Ratio 18.48
Number of Holdings 35
Price/Book Ratio 3.83


GICS Sector Breakdown (%)5 as of Sep 30, 2014

Sector Fund Russell 1000 Growth Index2
Consumer Discretionary 16.13 18.25
Consumer Staples 6.62 10.35
Energy 3.72 5.68
Financials 7.47 5.13
Health Care 17.84 13.64
Industrials 9.33 11.85
Information Technology 31.01 28.42
Materials 3.63 4.23
Telecom Services 0.00 2.37
Utilities 0.00 0.09
Cash 4.25 0.00

Assets by Country (%)5 as of Sep 30, 2014

United States 90.27
Singapore 3.98
Switzerland 1.49
Cash & Other Assets 4.26
Total 100.00


Fund Holdings (%)5,11 as of Oct 31, 2014

Holding % of Net Assets
EV Cash Reserves Fund 8.32%
Apple Inc 6.31%
Google Inc Class C 5.62%
Amgen Inc 3.66%
TJX Cos Inc 3.39%
FMC Technologies Inc 3.39%
Priceline Group Inc 3.34%
Avago Technologies Ltd 3.28%
Amazon.com Inc 3.19%
Citigroup Inc 3.01%
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 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 Average12 finished the period with a modest gain of 1.9%. The broader S&P 500 Index13 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 Index14 of developed-market international stocks fell 5.9%, while the MSCI Emerging Markets Index15 lost 3.5%.

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 September 30, 2014, returning 2.80% for Class A shares at net asset value versus the Index’s 1.49% return.

  • The Fund’s outperformance relative to the Index was due to both favorable stock selection and, to a lesser degree, positive sector allocation.
  • The top-performing economic sectors in the Index were health care, information technology and telecommunication services, while the worst-performing Index sectors were energy, utilities and industrials.
  • Five of the 10 sectors in the Index posted positive returns for the quarter, while the Fund posted positive returns in four of the eight sectors in which it was invested.
  • Among U.S. large-cap equities, growth stocks outperformed value stocks during the quarter. High-quality stocks generally outperformed low-quality stocks during the quarter.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -2.27 2.80 9.22 19.95 23.16 12.47
Fund w/Max Sales Charge -7.90 -3.10 2.94 13.09 20.74 10.62
Russell 1000 Growth Index2 -1.45 1.49 7.89 19.15 22.43 16.49 14.63
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 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, aided by stock selection in health care and financials.
  • From a sector allocation standpoint, the Fund’s overweight position in the strong-performing health care sector boosted relative performance, as did an underweight in the lagging energy sector.
  • At the individual stock level, semiconductor firm Avago Technologies was the Fund’s leading performance contributor.
  • Biopharmaceutical companies Gilead Sciences and Amgen Inc. were the Fund’s second- and third-largest individual contributors, respectively.
  • Other notable individual contributors included financial services giant Citigroup, social media leader Facebook and technology company EMC.

Detractors 

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

  • Stock selection in the industrials and consumer discretionary sectors detracted meaningfully from the Fund’s performance relative to the Index.
  • At the individual stock level, auto parts maker Dana Holding Corp. was the biggest detractor from the Fund’s relative performance.
  • Other notable individual detractors included oil & gas equipment and services firm FMC Technologies, farm and construction machinery leader Caterpillar and snack food and beverage company Mondelez International.
  • The Fund’s lack of exposure to Microsoft, which outperformed for the quarter, also hurt performance versus the Index.

Investment Outlook And Fund Positioning 

Global stock-market volatility late in the third quarter raised some concerns about the near-term outlook for stocks, with many observers expecting more market turbulence in the coming months.

In the U.S., the approaching corporate earnings season and the midterm elections in November could trigger some short-term volatility. In addition, many investors will be closely monitoring equity valuations in the wake of U.S. stocks’ long rise. Looking ahead to 2015, investors will weigh the potential impact on stocks if the Fed, as widely expected, begins to raise short-term interest rates. On the positive side, many observers cite the prospect of ongoing gradual U.S. economic growth as a reason for continued optimism regarding U.S. stocks.

Overseas, geopolitical issues remain a source of concern. Investors worried about deflation and recession risks in Europe will be watching for further stimulus initiatives by the ECB. In China, investors will look for a resolution of policy debates around additional economic stimulus, as well as any signs of accelerating growth.

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 Sep 30, 2014

Google Inc Class C 5.84
Apple Inc 5.66
Avago Technologies Ltd 3.98
Amgen Inc 3.82
FMC Technologies Inc 3.72
Amazon.com Inc 3.59
Citigroup Inc 3.51
Facebook Inc 3.28
Priceline Group Inc 3.19
EMC Corp 3.19
Total 39.78


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 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

Estimated Capital Gains: Estimates as of October 15, 2014

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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