Overview

For every incremental loss, the return required to get back to even gets exponentially higher.2

If an investors' portfolio loses 10% of its value, the portfolio will need to return 11% to make up for the original loss. An investor would need a 67% return to make up for a 40% loss.

  • Gain
  • Loss

Not based on the return of any specific fund.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
10/31/2014
Fund at NAV 0.25 1.00 3.26 7.36 7.69 4.23 2.76
Fund w/Max Sales Charge -5.50 -4.83 -2.63 1.22 5.57 3.01 1.85
S&P 500 Index3 2.44 5.05 10.99 17.27 19.75 16.68 8.34
09/30/2014
Fund at NAV -1.35 -0.74 3.00 10.08 8.44 4.10 2.76
Fund w/Max Sales Charge -7.04 -6.50 -2.87 3.75 6.30 2.88 1.84
S&P 500 Index3 -1.40 1.13 8.34 19.73 22.97 15.69 8.05
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 Oct 31, 2014

Class A Inception 02/29/2008
Investment Objective Total return
Total Net Assets $34.9M
Minimum Investment $1000
Expense Ratio (Gross)4 1.84%
Expense Ratio (Net)4,5 1.15%
CUSIP 277905477

Top 10 Holdings (%)6,7 as of Sep 30, 2014

Google Inc Class C
Apple Inc
Altria Group Inc
Merck & Co Inc
Amazon.com Inc
Corning Inc
Costco Wholesale Corp
Discover Financial Services
Microsoft Corp
JPMorgan Chase & Co
Total 27.39


Portfolio Management

Charles Gaffney Managed Fund since 2014

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. 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. 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
10/31/2014
Fund at NAV 0.25 1.00 3.26 7.36 7.69 4.23 2.76
Fund w/Max Sales Charge -5.50 -4.83 -2.63 1.22 5.57 3.01 1.85
S&P 500 Index3 2.44 5.05 10.99 17.27 19.75 16.68 8.34
Morningstar™ Long/Short Equity Category8 0.61 0.32 2.05 4.80 7.93 7.98
09/30/2014
Fund at NAV -1.35 -0.74 3.00 10.08 8.44 4.10 2.76
Fund w/Max Sales Charge -7.04 -6.50 -2.87 3.75 6.30 2.88 1.84
S&P 500 Index3 -1.40 1.13 8.34 19.73 22.97 15.69 8.05
Morningstar™ Long/Short Equity Category8 -2.00 -1.52 1.54 6.37 9.54 7.27
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 6.36 -1.45 -4.15 3.95 16.55
S&P 500 Index3 10.88 4.91 15.79 5.49 -37.00 26.46 15.06 2.11 16.00 32.39

Fund Facts

Expense Ratio (Gross)4 1.84%
Expense Ratio (Net)4,5 1.15%
Class A Inception 02/29/2008
Distribution Frequency Annually


Morningstar™ Ratings as of Oct 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Long/Short Equity
Category
Overall ** ** 149
3 Years *** *** 149
5 Years ** ** 78
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
Nov 25, 2014 $8.14 $-0.01
Nov 24, 2014 $8.15 $0.01
Nov 21, 2014 $8.14 $0.02
Nov 20, 2014 $8.12 $0.01
Nov 19, 2014 $8.11 $0.00
Nov 18, 2014 $8.11 $0.01
Nov 17, 2014 $8.10 $-0.02
Nov 14, 2014 $8.12 $0.00
Nov 13, 2014 $8.12 $0.00
Nov 12, 2014 $8.12 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
May 20, 2014 $0.11500 $7.84
Nov 19, 2013 $0.11500 $7.73
May 21, 2013 $0.11500 $7.51
Nov 20, 2012 $0.11500 $6.85
May 21, 2012 $0.11500 $6.95
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
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. 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. 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 Sep 30, 2014

U.S. Common Stocks 96.70
Foreign Common Stocks 3.38
Cash & Other Assets -0.08
Total 100.00

Portfolio Statistics as of Sep 30, 2014

Average Market Cap $121.9B
Price/Earnings Ratio 17.44
Number of Holdings 62
Number of Equity Holdings 62
Price/Book Ratio 2.82
Average Duration of Index Calls 0.48 mos.
Average Duration of Index Puts 0.48 mos.
% of Stock Portfolio with Put Options 91.9
% of Stock Portfolio with Call Options 91.9


GICS Sector Breakdown (%)6,10 as of Sep 30, 2014

Sector Fund S&P 500 Index3
Consumer Discretionary 11.90 11.70
Consumer Staples 9.35 9.55
Energy 9.32 9.70
Financials 16.51 16.34
Health Care 13.63 13.89
Industrials 10.97 10.28
Information Technology 21.16 19.66
Materials 1.95 3.45
Telecom Services 2.26 2.43
Utilities 3.04 3.00
Cash -0.09 0.00


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. 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. 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

No commentary 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. 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. 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. 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. 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
Charles Gaffney

Charles Gaffney

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Charles Gaffney is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global core team. He is responsible for buy and sell decisions, portfolio construction and risk management for a number of the firm’s global core equity strategies. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 2003.

Charlie began his career in the investment management industry in 1996. Before joining Eaton Vance, he was affiliated with Brown Brothers Harriman as a sector portfolio manager and Morgan Stanley Dean Witter as a senior equity analyst.

Charlie earned a B.A. from Bowdoin College in 1995 and an MBA from Fordham University in 2002.

Education
  • B.A. Bowdoin College
  • M.B.A. Graduate School of Business, Fordham University
Experience
  • Managed Fund since 2014

Fund Literature

Fund Literature

Report of Organizational Actions Affecting Basis of Securities

Annual Report

Fact Sheet

Full Prospectus

Risk-Managed Equity Option Holdings

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

SAI

Semi-Annual Report

Summary Prospectus

XBRL


 

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