Overview

 

Since inception the fund has had strong returns relative to its peers with lower volatility, thereby providing higher risk-adjusted returns.1

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

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
08/31/2014
Fund at NAV 2.04 1.17 4.50 13.30 10.46
Fund w/Max Sales Charge -3.85 -4.62 -1.51 6.76 8.24
Barclays U.S. Aggregate Bond Index2 1.10 0.90 4.81 5.66 2.91 4.48 2.74
06/30/2014
Fund at NAV 0.93 2.29 4.26 12.74 11.04
Fund w/Max Sales Charge -4.84 -3.57 -1.74 6.26 8.68
Barclays U.S. Aggregate Bond Index2 0.05 2.04 3.93 4.37 3.66 4.85 2.60
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%.

Fund Facts as of Aug 31, 2014

Class A Inception 09/30/2011
Investment Objective Total return
Total Net Assets $438.5M
Minimum Investment $1000
Expense Ratio (Gross)3 1.57%
Expense Ratio (Net)3,4 1.47%
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 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. 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 non–payment 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. Derivatives 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, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
08/31/2014
Fund at NAV 2.04 1.17 4.50 13.30 10.46
Fund w/Max Sales Charge -3.85 -4.62 -1.51 6.76 8.24
Barclays U.S. Aggregate Bond Index2 1.10 0.90 4.81 5.66 2.91 4.48 2.74
Morningstar™ Conservative Allocation Category5 1.58 1.48 5.38 10.78 7.56 8.12
06/30/2014
Fund at NAV 0.93 2.29 4.26 12.74 11.04
Fund w/Max Sales Charge -4.84 -3.57 -1.74 6.26 8.68
Barclays U.S. Aggregate Bond Index2 0.05 2.04 3.93 4.37 3.66 4.85 2.60
Morningstar™ Conservative Allocation Category5 1.01 2.97 4.90 10.80 6.50 9.48
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 7.59 13.50
Barclays U.S. Aggregate Bond Index2 4.34 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 -2.02

Fund Facts

Expense Ratio (Gross)3 1.57%
Expense Ratio (Net)3,4 1.47%
Class A Inception 09/30/2011
Distribution Frequency Annually


NAV History

Date NAV NAV Change
Sep 12, 2014 $12.89 $-0.06
Sep 11, 2014 $12.95 $0.01
Sep 10, 2014 $12.94 $0.02
Sep 09, 2014 $12.92 $-0.06
Sep 08, 2014 $12.98 $-0.04
Sep 05, 2014 $13.02 $0.04
Sep 04, 2014 $12.98 $-0.04
Sep 03, 2014 $13.02 $0.03
Sep 02, 2014 $12.99 $-0.01

Distribution History6

Ex-Date Distribution Reinvest NAV
Dec 23, 2013 $0.04710 $12.31
Dec 20, 2012 $0.10720 $11.12
Dec 28, 2011 $0.03710 $10.39
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 History6

Ex-Date Short-Term Long-Term Reinvest NAV
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 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. 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 non–payment 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. Derivatives 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 (%)7,8 as of Jun 30, 2014

Equity 63.3
U.S. Equity 37.1
Non-U.S. Equity 26.2
Fixed Income 27.2
U.S. Treasuries 12.6
Short (0-3 Yrs.) 2.2
Intermediate (3-10 Yrs.) 10.4
Long (10+ Yrs.) 0.0
High Yield Corporates 0.0
Investment Grade Corporates 0.0
Non-U.S. Sovereign 0.0
Munis 14.6
Cash 9.4

Portfolio Statistics as of Jun 30, 2014

Median Market Cap $15.0B
Price/Earnings Ratio 15.48
Number of Equity Holdings 384
Number of Holdings 445
Price/Book Ratio 2.17
Average Maturity 13.33 yrs.
Effective Duration 7.24 yrs.


GICS Sector Breakdown (%)8,9 as of Jun 30, 2014

Sector Fund MSCI
ACWI10
Consumer Discretionary 11.36 11.57
Consumer Staples 8.00 9.56
Energy 9.88 10.17
Financials 16.36 21.32
Health Care 7.14 10.64
Industrials 16.16 10.67
Information Technology 11.29 12.82
Materials 5.36 6.03
Telecom Services 2.46 3.85
Utilities 2.55 3.36
Cash 9.44 0.00

Assets by Country (%)7,8 as of Jun 30, 2014

US 73.79
UK 4.07
Japan 3.33
Germany 2.26
Switzerland 1.91
France 1.74
Sweden 1.43
China 1.26
South Korea 1.07
Other 9.12


Fund Holdings (%)7,11 as of Jul 31, 2014

Holding % of Net Assets
EV Cash Reserves Fund 23.61%
Market Vectors High Yield Municipal Index ETF 9.34%
mini MSCI Emg Mkt Sep14 6.82%
SPDR Nuveen S&P High Yield Municipal Bond ETF 4.74%
S&P500 EMINI FUT Sep14 2.77%
mini MSCI EAFE Sep14 2.29%
Vanguard Energy ETF 1.79%
Apple Inc 0.92%
United States Treasury Note/Bond 0.83%
United States Treasury Note/Bond 0.77%
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. 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 non–payment 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. Derivatives 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, 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 Richard Bernstein All Asset Strategy Fund (the Fund) outperformed its benchmark, the Barclays U.S. Aggregate Bond Index (the Index),2 for the quarter ended June 30, 2014, returning 2.29% for Class A shares at net asset value versus the Index’s 2.04% return.

  • The primary driver of the Fund’s outperformance relative to the Index was the allocation decision among equities and fixed income.
  • The two themes that most helped the Fund’s relative performance were management’s belief that: 1) high-yield municipals would lead the bond market; and 2) the U.S. Federal Reserve (Fed) would remain on hold much longer than investors expect.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.93 2.29 4.26 12.74 11.04
Fund w/Max Sales Charge -4.84 -3.57 -1.74 6.26 8.68
Barclays U.S. Aggregate Bond Index2 0.05 2.04 3.93 4.37 3.66 4.85 2.60
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%.

Fund Facts as of Jun 30, 2014

Class A Inception 09/30/2011
Expense Ratio (Gross)3 1.57%
Expense Ratio (Net)3,4 1.47%


Contributors 

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

  • The Fund’s largest positive contribution came from its holdings of high-yield municipal ETFs, based on management’s belief that high-yield municipals would lead the bond market.
  • The Fund’s overweight positioning in equities positively contributed to the Fund’s performance, as equities generally outperformed fixed income during the quarter.

Detractors 

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

  • Unlike the first quarter of 2014, several themes embedded within the Fund’s equity allocation detracted from performance, including American Industrial Renaissance15 companies (U.S. small- and mid-cap industrial firms), early-cycle Europe names and Japanese exporters.
  • The mix of U.S. Treasurys held by the Fund, both short- and intermediate-duration, underperformed the Index.
  • The Fund’s modest cash balance also limited Fund performance.

Investment Outlook And Fund Positioning 

We are now in the sixth year of the equity bull market, and recent data show no investor group taking excessive risk with regard to U.S. equities. High-beta16 stocks within the S&P 500 Index,13 which risk-seeking investors may flock to in market bubbles, were near historically low relative valuations as of quarter-end. Given no signs of tight liquidity, significantly deteriorating fundamentals or investor euphoria, we believe the probability of an equity bear market is low.

Emerging-market debt continues to draw inflows, even though weakening emerging-market currencies are not favorable for emerging-market debt investing, in our view. High inflation in some emerging nations has decreased the standard of living, leading to spreading civil unrest. Yet, many investors remain enamored with the emerging-market consumer investment theme.

We believe the Fund is well-positioned to benefit from one of the strongest equity 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 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. 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 non–payment 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. Derivatives 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 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. 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 non–payment 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. Derivatives 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

Income, Volatility and Taxes Guide

Commentary

Fact Sheet

Volatility: Managing risk with a range of strategies

Full Prospectus

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

Are you managing volatility or is it managing you?

Key Investment Themes for 2014- Bernstein Insight

A classic barometer- Bernstein Insight

Bernstein 13 for '13 Scorecard

SAI

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    Symbol:  

    NAV as of