Overview

 

Discipline and a consistent approach has paid off.1

Large-Cap Core Research Fund has outperformed its peer group in every rolling 5-year period since its inception.

Average Annual Returns (%) as of Mar 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
4/30/2013
Fund at NAV 1.57 5.97 11.93 15.02 9.81 4.18 8.42
Fund w/Max Sales Charge -4.30 -0.13 5.52 8.41 7.67 2.96 7.77
S&P 500 Index2 1.93 7.18 12.74 16.89 12.79 5.21 7.88
3/31/2013
Fund at NAV 3.67 10.20 10.20 12.33 9.50 4.86 8.99
Fund w/Max Sales Charge -2.26 3.89 3.89 5.85 7.35 3.63 8.35
S&P 500 Index2 3.75 10.61 10.61 13.96 12.66 5.81 8.53
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 Apr 30, 2013

Class A Inception 11/01/2001
Investment Objective Long-term capital appreciation
Total Net Assets of Fund $57.0M
Total Net Assets of Portfolio3 $201.2M
Minimum Investment $1000
Expense Ratio (Gross)4 1.46%
Expense Ratio (Net)4,5 1.25%
CUSIP 277911285

Top 10 Holdings (%)6,7 as of Mar 31, 2013

Apple Inc
Pfizer Inc
International Business Machines Corp
Gilead Sciences Inc
Wells Fargo & Co
Google Inc
Qualcomm Inc
Celgene Corp
JPMorgan Chase & Co
Walt Disney Co
Total 23.32


Portfolio Management

Charles Gaffney Managed Fund since 2007

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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.


1. Source: Zephyr. The Morningstar Large Blend category includes funds who invest in large cap stocks without distinctive growth or value characteristics.
2. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
3. Fund total net assets equals the sum of the net assets of each of the Fund's share classes. Portfolio total net assets includes fund total net assets plus any additional assets invested in the Portfolio.
4. Source: Fund prospectus.
5. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/14. Without the reimbursement, performance would have been lower.
6. Percent of total net assets.
7. Top 10 holdings exclude cash and equivalents.

Performance

Average Annual Returns (%) as of Mar 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
4/30/2013
Fund at NAV 1.57 5.97 11.93 15.02 9.81 4.18 8.42
Fund w/Max Sales Charge -4.30 -0.13 5.52 8.41 7.67 2.96 7.77
S&P 500 Index2 1.93 7.18 12.74 16.89 12.79 5.21 7.88
3/31/2013
Fund at NAV 3.67 10.20 10.20 12.33 9.50 4.86 8.99
Fund w/Max Sales Charge -2.26 3.89 3.89 5.85 7.35 3.63 8.35
S&P 500 Index2 3.75 10.61 10.61 13.96 12.66 5.81 8.53
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 (%)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Fund at NAV 24.69 12.27 9.29 13.98 13.36 -32.15 24.57 10.11 -2.06 15.59
S&P 500 Index2 28.68 10.88 4.91 15.79 5.49 -37.00 26.46 15.06 2.11 16.00

Fund Facts

Expense Ratio (Gross)4 1.46%
Expense Ratio (Net)4,5 1.25%
Class A Inception 11/01/2001
Distribution Frequency Annually


Risk Measures (3 Year)8 as of Apr 30, 2013

Alpha -3.02
Beta 1.03
R-Squared 99.34
Standard Deviation 15.57
Sharpe Ratio 0.62


Morningstar™ Ratings as of Apr 30, 2013

Time Period Rating Rating (Load Waived) Funds in
Large Blend
Category
Overall *** **** 1451
3 Years ** *** 1451
5 Years *** *** 1305
10 Years **** **** 807
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.

© 2013 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 16, 2013 $15.48 $-0.10
May 15, 2013 $15.58 $0.07
May 14, 2013 $15.51 $0.15
May 13, 2013 $15.36 $0.02
May 10, 2013 $15.34 $0.05
May 09, 2013 $15.29 $-0.04
May 08, 2013 $15.33 $0.10
May 07, 2013 $15.23 $0.09
May 06, 2013 $15.14 $0.04
May 03, 2013 $15.10 $0.17

Distribution History9

Ex-Date Distribution Reinvest NAV
Dec 20, 2012 $0.09210 $13.47
Mar 13, 2012 $0.00960 $14.62
Dec 28, 2011 $0.08710 $12.90
Mar 15, 2011 $0.00790 $13.55
Dec 29, 2010 $0.04950 $13.37
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 20, 2012 $1.58880 $13.47
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 www.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. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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.


2. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
4. Source: Fund prospectus.
5. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/14. Without the reimbursement, performance would have been lower.
8. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R—Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
9. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)6 as of Mar 31, 2013

U.S. Common Stocks 92.46
Foreign Common Stocks 7.23
Cash & Equivalents 0.31
Total 100.00

Portfolio Statistics as of Mar 31, 2013

Median Market Cap $39.0B
Price/Earnings Ratio 14.23
Number of Holdings 106
Price/Book Ratio 2.36


GICS Sector Breakdown (%)6 as of Mar 31, 2013

Sector Fund S&P 500 Index2
Consumer Discretionary 11.84 11.62
Consumer Staples 10.03 10.96
Energy 10.55 10.92
Financials 15.35 15.93
Health Care 13.17 12.53
Industrials 10.35 10.11
Information Technology 18.16 18.02
Materials 3.56 3.43
Telecom Services 3.02 2.97
Utilities 3.66 3.51
Cash 0.31 0.00


Fund Holdings (%)6,10 as of Mar 31, 2013

Holding % of Net Assets
Apple Inc 4.41%
Pfizer Inc 3.12%
International Business Machines Corp 2.62%
Gilead Sciences Inc 2.26%
Wells Fargo & Co 1.98%
Google Inc 1.90%
Qualcomm Inc 1.82%
Celgene Corp 1.81%
JPMorgan Chase & Co 1.78%
Walt Disney Co 1.62%
View All

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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.


2. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
6. Percent of total net assets.
10. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

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. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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
Charles Gaffney

Charles Gaffney

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Charlie Gaffney is a vice president of Eaton Vance Management, director of equity research, portfolio manager on Eaton Vance's large-cap core/equity income team and a member of the firm's Equity Strategy Committee.

Charlie joined Eaton Vance in December 2003 as an equity analyst covering the global energy and utilities sectors. From 1997 to 2003, he was employed at Brown Brothers Harriman as a sector portfolio manager and senior equity analyst. Charlie began his investment career at Morgan Stanley Dean Witter.

Charlie is a member of the Eaton Vance Proxy Committee. He earned a B.A. from Bowdoin College in 1995 and an M.B.A. from Fordham University in 2002.

Education
  • B.A. Bowdoin College
  • M.B.A. Graduate School of Business, Fordham University
Experience
  • Managed Fund since 2007
Other funds managed
 

Fund Literature

Fund Literature

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

Fact Sheet

Think Performance Think Eaton Vance.pdf

Summary Prospectus

Full Prospectus

Annual Report

Semi-Annual Report

SAI

Opportunity Knocking: The long-term case for equity investing


 

Symbol:  

NAV as of  
  0.00%

Consider for:
Portfolio Diversification
All Weather
Hedging Rising Rates
Tax Efficiency
Inflation Protection
Investment Income