Overview

Relative to peers, the Fund has had lower volatility, higher risk-adjusted returns and better drawdown protection.3

Since Fund inception ended 06/30/2015

  • A Shares at NAV
  • Lipper Flexible Portfolio Funds Classification Average

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
08/31/2015
Fund at NAV -4.30 -5.41 -3.16 -4.48 4.72 6.44
Fund w/Max Sales Charge -9.79 -10.84 -8.72 -9.96 2.67 4.84
Barclays U.S. Aggregate Bond Index4 -0.14 -0.55 0.45 1.56 1.53 2.98 2.44
MSCI All Country World Index5 -6.86 -8.26 -3.54 -6.29 9.40 9.59 11.56
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index -2.83 -3.65 -1.03 -1.52 4.73 5.83 6.20
06/30/2015
Fund at NAV -2.70 -2.10 -0.40 -1.53 6.32 7.54
Fund w/Max Sales Charge -8.30 -7.76 -6.11 -7.18 4.26 5.86
Barclays U.S. Aggregate Bond Index4 -1.09 -1.68 -0.10 1.86 1.83 3.35 2.40
MSCI All Country World Index5 -2.35 0.35 2.66 0.71 13.01 11.92 14.00
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index -1.60 -0.86 1.08 1.49 6.27 6.96 7.08
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 Factsas of Jul 31, 2015

Class A Inception 09/30/2011
Investment Objective Total return
Total Net Assets $503.4M
Minimum Investment $1000
Expense Ratio6 1.40%
CUSIP 277902490


Portfolio Management

Richard Bernstein Managed Fund since inception

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund performance is 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. In emerging countries, these risks may be more significant. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
07/31/2015
Fund at NAV 1.59 -0.70 1.19 1.84 6.56 7.81
Fund w/Max Sales Charge -4.26 -6.43 -4.62 -4.03 4.48 6.16
Barclays U.S. Aggregate Bond Index4 0.70 -0.64 0.59 2.82 1.60 3.27 2.53
MSCI All Country World Index5 0.87 -1.63 3.55 2.83 12.83 10.37 13.92
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.76 -1.04 1.85 2.92 6.06 6.31 7.13
06/30/2015
Fund at NAV -2.70 -2.10 -0.40 -1.53 6.32 7.54
Fund w/Max Sales Charge -8.30 -7.76 -6.11 -7.18 4.26 5.86
Barclays U.S. Aggregate Bond Index4 -1.09 -1.68 -0.10 1.86 1.83 3.35 2.40
MSCI All Country World Index5 -2.35 0.35 2.66 0.71 13.01 11.92 14.00
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index -1.60 -0.86 1.08 1.49 6.27 6.96 7.08
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 7.59 13.50 3.08
Barclays U.S. Aggregate Bond Index4 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97
MSCI All Country World Index5 10.84 20.95 11.66 -42.19 34.63 12.67 -7.35 16.13 22.80 4.16
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 5.83 10.79 8.96 -16.34 17.28 9.55 1.92 9.10 7.38 5.31

Fund Facts

Expense Ratio6 1.40%
Class A Inception 09/30/2011
Distribution Frequency Annually


Morningstar™ Ratingsas of Jul 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Conservative Allocation
Category
Overall ** **** 682
3 Years ** **** 682
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.

© 2015 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 02, 2015 $12.17 $0.13
Sep 01, 2015 $12.04 $-0.21
Aug 31, 2015 $12.25 $-0.07
Aug 28, 2015 $12.32 $0.01
Aug 27, 2015 $12.31 $0.13
Aug 26, 2015 $12.18 $0.21
Aug 25, 2015 $11.97 $-0.01
Aug 24, 2015 $11.98 $-0.32
Aug 21, 2015 $12.30 $-0.22
Aug 20, 2015 $12.52 $-0.17

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 23, 2014 $0.05380 $12.72
Dec 23, 2013 $0.04710 $12.31
Dec 20, 2012 $0.10720 $11.12
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 History7

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 23, 2014 $0.03810 $0.08170 $12.72
Dec 23, 2013 $0.01950 $0.06820 $12.31
Dec 20, 2012 $0.03970 $0.00600 $11.12
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 performance is 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. In emerging countries, these risks may be more significant. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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 (%)8,9,10as of Jun 30, 2015

Equity 61.8
U.S. Equity 33.8
Non-U.S. Equity 28.0
Fixed Income 26.1
U.S. Treasuries 12.3
Short (0-3 Yrs.) 4.3
Intermediate (3-10 Yrs.) 7.9
Long (10+ Yrs.) 0.0
High Yield Corporates 0.0
Investment Grade Corporates 0.0
Non-U.S. Sovereign 0.0
High Yield Munis 13.8
Cash 12.1

Portfolio Statisticsas of Jun 30, 2015

Median Market Cap $37.08B
Price/Earnings Ratio 18.32
Number of Equity Holdings 246
Price/Book Ratio 2.30
Number of Holdings 293
Average Maturity 12.95 yrs.
Effective Duration 6.72 yrs.


GICS Sector Breakdown (%)9,10,11as of Jun 30, 2015

Sector Fund MSCI
ACWI5
Consumer Discretionary 16.86 12.72
Consumer Staples 13.33 9.50
Energy 0.73 7.37
Financials 6.06 21.94
Health Care 16.19 12.31
Industrials 8.73 10.35
Information Technology 16.65 13.79
Materials 0.87 5.26
Telecom Services 3.48 3.72
Utilities 4.98 3.06
Cash 12.12 0.00

Portfolio Characteristics (%)12as of Jun 30, 2015

Fund (%) MSCI All Country
World Index (%)
Regions
US. 55 51
Developed 35 38
Emerging 10 11
Style
Growth 56 51
Value 44 49
Size
Large Cap 87 86
Midcap 11 14
Small Cap 2 0


Assets by Country (%)8,9,10as of Jun 30, 2015

United States 59.85
Japan 8.66
Korea 4.10
United Kingdom 2.44
Germany 2.05
France 1.88
Switzerland 1.73
Spain 1.32
Netherlands 0.87
Cash & Other Assets 12.12
View All

Geographic Mix (%)8,9,10as of Jun 30, 2015

United States 59.85
Europe except U.K. 9.81
Japan 8.66
Asia/Pacific 6.15
United Kingdom 2.44
Latin America 0.40
Africa 0.22
Eastern Europe 0.19
Northern America except U.S. 0.10
Middle East 0.05
Cash & Other Assets 12.12


Fund Holdings (%)8,13as of Jul 31, 2015

Holding % of Net Assets
EV Cash Reserves Fund 15.70%
Market Vectors High Yield Municipal Index ETF 13.70%
Sell USD Buy JPY150803 FWD-20150803-123.83 8.66%
Sell USD Buy EUR150803 FWD-20150803-.907606 6.98%
S&P500 EMINI FUT Sep15 3.54%
Sell USD Buy KRW150803 FWD-20150803-1158.5 3.51%
mini MSCI Emg Mkt Sep15 2.59%
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund 2.19%
Apple Inc 1.14%
United States Treasury Note/Bond 1.12%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund performance is 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. In emerging countries, these risks may be more significant. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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, 2015

Equity markets turned choppy in the second quarter of 2015, buffeted by conflicting economic signals and ongoing geopolitical issues.

While first-quarter U.S. GDP growth was disappointing, this was likely due to a harsh winter and other transitory factors, and it appears that the economy accelerated in the second quarter. The job market continued to strengthen, while retail sales, auto sales and consumer confidence all rose during the three-month period. The housing market also rebounded, as new and existing home sales hit multiyear highs, as did building permits. Manufacturing output dropped, reflecting spending cuts in the weak energy sector, as well as the strong U.S. dollar dampening exports.

The uneven pattern of economic growth led the U.S. Federal Reserve (Fed) to reassure investors that eventual interest-rate hikes would be gradual and would proceed slowly. U.S. stocks advanced following the Fed’s reassurance, with the technology-laden NASDAQ reaching a new record high. Near quarter-end, however, U.S. equities faltered after efforts to resolve Greece’s worsening debt crisis failed.

Similarly, many foreign equity markets fell late in the quarter after rising for much of the period. China’s stock market, a top global performer earlier in 2015, plunged in June on worries about slowing economic growth and excessive equity valuations. In Europe, stimulus measures by the European Central Bank spurred stock gains early in the period, before shares retreated amid mounting anxiety over the Greek crisis. Many major equity indexes ended the quarter essentially unchanged. In the U.S., the S&P 500 Index rose marginally after hitting all-time highs during the quarter, while the Dow Jones Industrial Average fell slightly. In general, small-cap U.S. stocks narrowly outperformed their large-cap counterparts. Overseas, the MSCI EAFE Index of developed-market international equities posted a modest gain, as did the MSCI Emerging Markets Index.

Performance Summary 

Eaton Vance Richard Bernstein All Asset Strategy Fund (the Fund) underperformed its primary benchmark, the Barclays U.S. Aggregate Bond Index (the Index),4 for the quarter ended June 30, 2015, returning -2.10% for Class A shares at net asset value versus the Index’s -1.68% return. The Fund’s secondary blended benchmark (40% MSCI All Country World Index/60% Barclays U.S. Aggregate Bond Index) returned -0.86%.

  • The Fund had missteps in all asset categories with its existing investments, from equities to fixed income and currencies. Despite the disappointing results, management had high conviction in these positions and believes improved performance is forthcoming.
  • On the positive side, the Fund’s overweight position in equities (and its underweight position in fixed income) helped alleviate some of the negative performance, as the MSCI All Country World Index outperformed the Index.

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -2.70 -2.10 -0.40 -1.53 6.32 7.54
Fund w/Max Sales Charge -8.30 -7.76 -6.11 -7.18 4.26 5.86
Barclays U.S. Aggregate Bond Index4 -1.09 -1.68 -0.10 1.86 1.83 3.35 2.40
MSCI All Country World Index5 -2.35 0.35 2.66 0.71 13.01 11.92 14.00
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index -1.60 -0.86 1.08 1.49 6.27 6.96 7.08
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 Factsas of Jun 30, 2015

Class A Inception 09/30/2011
Expense Ratio6 1.40%


Contributors 

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

  • The Fund’s overweight in the health care sector was a small positive for the Fund during the quarter.
  • Another positive for the Fund during the quarter was its use of dollar hedging for currency exposure to the Japanese yen.

Detractors 

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

  • Three themes embedded in the equity sleeve of the Fund fared poorly. One, expectations of Korean exporters gaining additional market share were not met, as a MERS virus outbreak occurred, along with an unsupportive monetary policy. Two, the American Industrial Renaissance has sputtered. Three, although high-beta names were cheap relative to low beta, the dispersion widened.
  • The Fund’s fixed-income sleeve fared poorly, with two themes underperforming the Index. Treasurys suffered (the 30-year yield increased from 2.5% to 3.1%), while high-yield municipals made headlines amid Puerto Rico’s recent woes.
  • The Fund hedged currency exposure to the euro. This hedge underperformed during the quarter.

Investment Outlook And Fund Positioning 

Our outlook is based on investment viewpoints embedded within the Fund. We believe that global overcapacity will cause a worldwide fight for market share, which could benefit Japanese and Korean exporters. Furthermore, we believe the developing secular trend in U.S. dollar strength should benefit currency-hedged strategies. We see the U.S. equity bull market continuing as we approach a normal midcycle environment that is fairly valued considering market capitalization versus corporate profits. However, energy remains a vulnerable sector, as oil prices have continued to plunge. We reiterate our belief that U.S. Treasurys offer diversification benefits, while high-yield municipals offer the best credit opportunity in the world. We believe the Fund is well-positioned to continue benefiting from one of the biggest bull markets of our careers.

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 performance is 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. In emerging countries, these risks may be more significant. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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

Attribution available in Fund Literature tab.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund performance is 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. In emerging countries, these risks may be more significant. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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
Richard Bernstein

Richard Bernstein

Founder, CEO and Chief Investment Officer
Richard Bernstein Advisors LLC

Richard Bernstein is the chief executive officer/chief investment officer of Richard Bernstein Advisors LLC.

Mr. Bernstein founded Richard Bernstein Advisors LLC (RBA) in 2009. The firm utilizes a unique top-down approach to investing, focusing on macro trends rather than individual stock selection. RBA manages several accounts in partnership with several leading financial institutions. Mr. Bernstein has over 30 years’ experience on Wall Street, most recently as the chief investment strategist at Merrill Lynch & Co. Prior to joining Merrill Lynch in 1988, he held positions at E.F. Hutton and Chase Econometrics/IDC.

A much-noted expert on equity, style and asset allocation, Mr. Bernstein was voted to Institutional Investor magazine’s annual “All-America Research Team” 18 times, and is one of only 49 analysts inducted into the Institutional Investor “Hall of Fame.” He was also twice named to both Fortune magazine’s “All-Star Analysts” and to Smart Money magazine’s “Power 30”, and was a member of Registered Rep’s “Ten to watch” for 2012. His book “Style Investing: Unique Insight into Equity Management” is widely viewed as the seminal book on style-oriented investment strategies. He donates the profits from that and his other book, “Navigate the Noise: Investing in the New Age of Media and Hype,” to charity.

Mr. Bernstein is co-chair of the Alfred P. Sloan Foundation endowment’s Investment Committee (~$1.8 billion) and sits on the Hamilton College endowment’s Investment Committee (~$700 million); he is a trustee of both institutions. He is also an Adjunct Professor of Finance at the NYU/Stern Graduate School of business, and is a member of the Journal of Portfolio Management’s Advisory Committee. Rich holds an MBA in finance, with Beta Gamma Sigma distinction, from New York University, and a BA in economics from Hamilton College. He has lectured on finance and economics at numerous colleges, universities and professional forums.

Education
  • B.A. Hamilton College
  • M.B.A. Stern School of Business, New York University
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

Black Widow Returns- Bernstein insight

Global Investing is Changing

Time to look at South Korea

Valuation Normal for Midcycle Period

A year later: Where does Richard Bernstein stand on his 2014 themes?

Richard Bernstein: Grease and Greece

Market Insight

Market Insight

Market Insight

Are you managing volatility or is it managing you?

SAI

EXCLUSIVE CONTENT

A Go-Anywhere Asset Allocation Fund (EARAX)

Semi-Annual Report

Summary Prospectus

XBRL


 

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