Overview

 

Over the last 10 years, Large-Cap Value Fund has generated excess returns over its peers with less volatility.1

For the 10-year period ended 6/30/14.

  • A Shares at NAV
  • Morningstar Large Value Category Average

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 3.89 4.63 10.07 24.39 19.00 13.54 8.07
Fund w/Max Sales Charge -2.10 -1.38 3.74 17.25 16.68 12.21 7.43
Russell 1000 Value Index2 3.68 4.57 10.35 24.43 21.55 16.61 8.23
06/30/2014
Fund at NAV 2.75 5.23 8.09 23.22 14.62 15.62 7.82
Fund w/Max Sales Charge -3.16 -0.81 1.87 16.13 12.37 14.27 7.18
Russell 1000 Value Index2 2.61 5.10 8.28 23.81 16.90 19.22 8.02
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 Aug 31, 2014

Class A Inception 09/23/1931
Investment Objective Total return
Total Net Assets $5.2B
Minimum Investment $1000
Expense Ratio3 0.99%
CUSIP 277905808

Top 10 Holdings (%)4,5 as of Jun 30, 2014

ConocoPhillips
Occidental Petroleum Corp
Chevron Corp
Citigroup Inc
JPMorgan Chase & Co
Bank of America Corp
Merck & Co Inc
CVS Caremark Corp
Pfizer Inc
NextEra Energy Inc
Total 26.58


Portfolio Management

Edward J. Perkin, CFA Managed Fund since 2014
John D. Crowley Managed Fund since 2009

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.


Performance

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 3.89 4.63 10.07 24.39 19.00 13.54 8.07
Fund w/Max Sales Charge -2.10 -1.38 3.74 17.25 16.68 12.21 7.43
Russell 1000 Value Index2 3.68 4.57 10.35 24.43 21.55 16.61 8.23
Morningstar™ Large Value Category6 3.55 3.93 8.72 22.17 19.16 14.97 7.61
06/30/2014
Fund at NAV 2.75 5.23 8.09 23.22 14.62 15.62 7.82
Fund w/Max Sales Charge -3.16 -0.81 1.87 16.13 12.37 14.27 7.18
Russell 1000 Value Index2 2.61 5.10 8.28 23.81 16.90 19.22 8.02
Morningstar™ Large Value Category6 2.24 4.53 6.96 22.21 14.88 17.27 7.30
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 15.68 11.47 18.81 9.99 -34.47 17.01 10.05 -4.48 15.77 29.34
Russell 1000 Value Index2 16.49 7.05 22.25 -0.17 -36.85 19.69 15.51 0.39 17.51 32.53

Fund Facts

Expense Ratio3 0.99%
Class A Inception 09/23/1931
Distribution Frequency Quarterly


Risk Measures (3 Year)7 as of Aug 31, 2014

Alpha (%) -1.53
Beta 0.97
R-Squared (%) 97.60
Standard Deviation (%) 11.82
Sharpe Ratio 1.60


Morningstar™ Ratings as of Aug 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Large Value
Category
Overall ** *** 1086
3 Years ** *** 1086
5 Years * ** 958
10 Years *** *** 630
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
Sep 15, 2014 $25.87 $0.03
Sep 12, 2014 $25.84 $-0.16
Sep 11, 2014 $26.00 $0.06
Sep 10, 2014 $25.94 $0.03
Sep 09, 2014 $25.91 $-0.25
Sep 08, 2014 $26.16 $-0.08
Sep 05, 2014 $26.24 $0.14
Sep 04, 2014 $26.10 $-0.07
Sep 03, 2014 $26.17 $0.02
Sep 02, 2014 $26.15 $0.00

Distribution History8

Ex-Date Distribution Reinvest NAV
Sep 09, 2014 $0.08000 $25.91
Jun 10, 2014 $0.08000 $25.49
Mar 11, 2014 $0.08000 $24.36
Dec 19, 2013 $0.04630 $23.39
Sep 10, 2013 $0.06460 $22.82
Jun 11, 2013 $0.07960 $22.24
Mar 11, 2013 $0.07520 $21.19
Dec 19, 2012 $0.10110 $19.65
Sep 11, 2012 $0.08380 $19.41
Jun 11, 2012 $0.08390 $17.55
View All
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 History8

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 19, 2013 $0.99290 $23.39
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. 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.


Portfolio

Asset Mix (%)4,9 as of Jun 30, 2014

U.S. Common Stocks 88.12
Foreign Common Stocks 7.95
Cash & Other Assets 3.93
Total 100.00

Portfolio Statistics as of Jun 30, 2014

Average Market Cap $113.2B
Price/Earnings Ratio 14.87
Number of Holdings 62
Price/Book Ratio 2.01


GICS Sector Breakdown (%)4 as of Jun 30, 2014

Sector Fund Russell 1000 Value Index2
Consumer Discretionary 7.77 6.28
Consumer Staples 4.49 6.87
Energy 16.90 13.91
Financials 27.19 28.48
Health Care 13.80 13.15
Industrials 9.58 10.47
Information Technology 9.17 8.91
Materials 1.18 3.35
Telecom Services 1.83 2.28
Utilities 4.16 6.30
Cash 3.93 0.00


Market Cap Breakdown (%)4,10 as of Jun 30, 2014

> $150 Billion 25.72
$50-150 Billion 36.84
$15-50 Billion 33.34
$5-15 Billion 4.10


Fund Holdings (%)4,11 as of Jul 31, 2014

Holding % of Net Assets
Bank of America Corp 3.36%
ConocoPhillips 3.12%
Citigroup Inc 3.03%
Occidental Petroleum Corp 2.89%
Chevron Corp 2.85%
Simon Property Group Inc 2.51%
JPMorgan Chase & Co 2.50%
Merck & Co Inc 2.49%
Verizon Communications Inc 2.25%
Exxon Mobil Corp 2.13%
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.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Jun 30, 2014

Major world equity markets moved higher in the second quarter of 2014, supported by continued low interest rates, which has created ample liquidity, and some signs of global economic improvement. In the U.S., a gradually strengthening economy along with the Federal Reserve’s (the Fed) renewed commitment to low interest rates helped drive key equity indexes to multiple record highs during the quarter. For the most part, investors shrugged off the first-quarter economic contraction, which was largely blamed on harsh winter weather, and drew confidence from several economic reports, including further labor and housing market gains, rising industrial production and stronger auto sales.

U.S. stock market volatility during the quarter was quite low by historical standards and downturns short-lived, as many investors perceived buying opportunities. In June, the outbreak of hostilities in Iraq sent stocks lower, but investors returned to equities a few days later after the Fed reiterated its pledge to maintain low interest rates and downplayed inflation fears. The major indexes quickly rebounded, with some reaching new highs, before falling back in the final week of the period.

Globally, Europe’s sluggish economic recovery faced a new challenge from rising oil prices amid the turmoil in the Middle East. In China, a positive manufacturing report offered some encouragement following recent government initiatives to bolster the country’s slowing economic growth.

In this slow but steady environment, most major market indexes delivered respectable returns for the three-month period. The Dow Jones Industrial Average12 returned 2.83%, while the broader S&P 500 Index13 rose 5.23%. In general, large-cap U.S. stocks outperformed their small-cap counterparts for the quarter. Within the large-cap space, growth stocks generally outperformed value stocks, while the opposite was true within the small-cap space. Overseas, the MSCI EAFE Index14 of developed-market equities advanced 4.09%.

Performance Summary 

Eaton Vance Large-Cap Value Fund (the Fund) outperformed its benchmark, the Russell 1000 Value Index (the Index),2 for the quarter ended June 30, 2014, returning 5.23% for Class A shares at net asset value versus the Index’s 5.10% return.

  • The Fund’s outperformance versus the Index was due to favorable stock selection. Overall, sector allocation had a negative impact on the Fund’s relative performance.
  • Among U.S. large-cap equities, there was little dispersion between style and market capitalization groups. Value stocks performed essentially in line with their growth counterparts during the quarter. Additionally, as it relates to the value style, there was no clear gap between high- and low-quality stock performance during the quarter.
  • The best-performing Index sectors were energy, information technology and utilities, while the weakest were telecommunication services, consumer staples and financials. Within both the Index and the Fund, all 10 economic sectors delivered positive returns for the quarter.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 2.75 5.23 8.09 23.22 14.62 15.62 7.82
Fund w/Max Sales Charge -3.16 -0.81 1.87 16.13 12.37 14.27 7.18
Russell 1000 Value Index2 2.61 5.10 8.28 23.81 16.90 19.22 8.02
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 Jun 30, 2014

Class A Inception 09/23/1931
Expense Ratio3 0.99%


Contributors 

Stock selection across a number of sectors contributed to the Fund’s relative performance during the quarter. Stock selection gains were greatest in the health care sector, while stock selection in the energy and consumer staples sectors also contributed notably to relative performance.

  • At the individual stock level, multinational pharmaceutical company Shire PLC, an out-of-Index holding, was the Fund’s top contributor to relative performance versus the Index.
  • Integrated energy leader ConocoPhillips was also among the Fund’s top individual contributors. In addition to outperforming the Index, the stock was overweighted in the Fund’s portfolio.
  • Other strong-performing individual stocks included biopharmaceutical firm Gilead Sciences and chemical company LyondellBasell Industries, both out-of-Index positions.

Detractors 

Unfavorable stock selection in the information technology sector was the biggest detractor from the Fund’s performance relative to the Index. Stock selection in the consumer discretionary and financials sectors also detracted from performance versus the Index.

  • At the individual stock level, financial services giant Bank of America was the Fund’s biggest detractor during the quarter.
  • Other notable detractors included off-price clothing retailer TJX and multinational telecommunications services company LM Ericsson Telefon, both out-of-Index holdings.
  • Banking firm Regions Financial also hurt relative results due to its underperformance versus the Index as well as the Fund’s overweight position in the stock.

Investment Outlook And Fund Positioning 

The Fed’s continued accommodative stance, the prospect of gradual economic improvement and many investors’ seeming willingness to buy stocks on short-term pullbacks have raised expectations for modest equity market gains in the coming months.

However, investors will be keeping a close eye on equity valuations going forward, especially after Fed Chair Janet Yellen cautioned that elevated stock prices and low volatility may indicate excessive investor complacency. Along with valuation levels, investors will also be monitoring stocks’ reaction if second-quarter corporate profits disappoint, or if U.S. inflation continues to edge higher and leads the Fed to signal a possible change in policy.

Globally, investors will be looking for evidence that recent government stimulus efforts are having a beneficial impact on the key economies of China, Europe and Japan. Ongoing geopolitical tensions in Iraq, Syria and Ukraine will also bear watching in the period ahead.

As always, we are committed to identifying companies with strong franchises and growth prospects and intend to maintain our discipline of investing in such companies only at what we regard as attractive valuations. We believe that our research-driven investment process, steadfast focus on risk management and commitment to a long-term investment perspective should serve clients well for the remainder of 2014 and beyond.

Top 10 Holdings (%)4,5 as of Jun 30, 2014

ConocoPhillips 3.20
Occidental Petroleum Corp 3.00
Chevron Corp 2.84
Citigroup Inc 2.76
JPMorgan Chase & Co 2.74
Bank of America Corp 2.57
Merck & Co Inc 2.52
CVS Caremark Corp 2.44
Pfizer Inc 2.34
NextEra Energy Inc 2.17
Total 26.58


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. 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

Sector Attribution as of Jun 30, 2014

Fund Russell 1000 Value Index2 Attribution
Sectors Average Weight Total Return Contrib. to Return Average Weight Total Return Contrib. to Return Allocation Effect Selection Effect Total Effect
3 Month Attribution
Consumer Discretionary 7.53 2.15 0.18 6.40 6.00 0.38 0.01 -0.29 -0.28
Consumer Staples 4.60 4.93 0.24 5.77 1.73 0.11 0.03 0.15 0.19
Energy 14.89 13.68 1.96 15.11 10.47 1.56 -0.02 0.43 0.41
Financials 28.72 1.07 0.25 28.48 1.95 0.53 -0.02 -0.26 -0.28
Health Care 14.33 8.15 1.13 13.34 3.35 0.43 -0.02 0.67 0.65
Industrials 10.41 5.35 0.56 10.26 4.08 0.42 0.02 0.13 0.15
Information Technology 9.11 6.57 0.61 9.06 10.55 0.94 0.01 -0.35 -0.34
Materials 2.54 5.76 0.22 2.95 5.79 0.17 -0.02 0.12 0.10
Telecom Services 1.87 3.99 0.08 2.47 2.93 0.08 0.01 0.02 0.03
Utilities 4.13 8.39 0.34 6.16 7.85 0.48 -0.05 0.02 -0.03
Cash 1.87 0.01 0.00 0.00 0.00 0.00 -0.15 0.00 -0.15
Total 100.00 5.56 5.56 100.00 5.10 5.10 -0.20 0.65 0.46
1 Year Attribution
Consumer Discretionary 7.12 19.43 1.40 6.42 24.94 1.62 0.03 -0.37 -0.34
Consumer Staples 4.25 29.70 1.22 5.87 17.88 1.11 0.07 0.44 0.51
Energy 14.76 29.80 4.34 14.91 25.38 3.73 0.00 0.64 0.64
Financials 30.02 17.72 5.57 28.96 18.20 5.44 -0.03 -0.06 -0.09
Health Care 14.14 35.04 4.68 13.20 27.14 3.52 0.06 0.91 0.96
Industrials 11.03 27.13 2.95 10.14 29.80 2.96 0.11 -0.30 -0.19
Information Technology 8.54 22.32 1.87 8.95 35.09 2.97 -0.02 -0.99 -1.00
Materials 2.79 48.57 1.34 2.89 35.54 0.98 -0.02 0.43 0.41
Telecom Services 1.94 1.16 0.03 2.53 9.00 0.23 0.07 -0.15 -0.07
Utilities 4.34 29.85 1.17 6.11 21.25 1.26 0.03 0.33 0.36
Cash 1.08 0.04 0.00 0.00 0.00 0.00 -0.42 0.00 -0.42
Total 100.00 24.58 24.58 100.00 23.81 23.81 -0.12 0.89 0.77


Additional Notes 

Source: Factset.

Attribution analysis shows the contribution of indicated factor exposures to a portfolio's relative total return versus a designated benchmark. Results are based on each day's ending holdings, and linked to generate attribution over longer periods. Portfolio returns do not reflect applicable expenses and trading costs, or variations in transaction prices from end of day values.

Allocation Effect 

Measures portfolio's excess return due to over or under-weighting a sector.

Selection Effect 

Measures portfolio's excess return from selecting individual stocks within each sector.

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
Edward J. Perkin, CFA

Edward J. Perkin, CFA

Vice President, Chief Equity Investment Officer, Eaton Vance Management
Joined Eaton Vance 2014

Edward Perkin is a vice president and chief equity investment officer of Eaton Vance Management, and team leader of Eaton Vance’s Value Team. Additionally, he serves as lead portfolio manager of Eaton Vance’s Large-Cap Value strategy.

Eddie began his career in the investment management industry in 1995. Prior to joining Eaton Vance in April 2014, Eddie served as chief investment officer (international and emerging-market equity) as well as managing director/portfolio manager (Europe, EAFE and global) at Goldman Sachs Asset Management (GSAM) in London. Before relocating to London in 2008, Eddie was a portfolio manager and analyst on GSAM’s U.S. value equity team in New York. Eddie was previously associated with FISERV and American Retirement Insurance Services.

Eddie earned a B.A. from the University of California, Santa Barbara, and an MBA from Columbia Business School. He is a CFA charterholder.

Education
  • B.A. University of California, Santa Barbara
  • M.B.A. Columbia University
Experience
  • Managed Fund since 2014
Biography
John D. Crowley

John D. Crowley

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

John Crowley is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s Value Team. Additionally, he serves as lead portfolio manager of Eaton Vance’s Focused Value strategy.

John began his career in the investment management industry in 1998 when he joined Eaton Vance.

John earned a B.A. and an M.A. from the Catholic University of America in Washington, D.C. and an MBA from Babson College. He is a member of the CFA Institute and the Boston Security Analysts Society.

Education
  • B.A.,M.A. Catholic University of America
  • M.B.A. F.W. Olin Graduate School of Business, Babson College
Experience
  • Managed Fund since 2009

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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    Symbol:  

    NAV as of