Richard Bernstein All Asset Strategy Fund (I)

Overview

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	Life of Fund
Fund at NAV	1.88	3.93	—	—	—	8.91
Barclays Capital U.S. Aggregate Index¹	0.53	1.41	7.54	7.05	6.36	2.55
MSCI All Country World Index²	4.52	10.60	-5.73	15.88	-1.28	18.54
3/31/2012	as of Mar 31, 2012
Fund at NAV	3.06	3.06	—	—	—	8.00
Barclays Capital U.S. Aggregate Index¹	0.30	0.30	7.71	6.83	6.24	1.43
MSCI All Country World Index²	11.88	11.88	-0.73	20.73	-0.19	19.91
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.

Fund Facts as of Apr 30, 2012
Class I Inception	09/30/2011
Investment Objective	Total return
Total Net Assets of Fund	$33.1M
Minimum Investment	$250000
Expense Ratio (Gross)³	1.29%
Expense Ratio (Net)^3,4	1.20%
CUSIP	277902474

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.

1. Barclays Capital U.S. Aggregate Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. 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.
2. MSCI All Country World Index is an unmanaged free float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. 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. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
3. Source: Fund prospectus.
4. Net expense ratio reflects a contractual expense reimbursement that continues through 12/31/12. Without the reimbursement, performance would have been lower.

Performance

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	Life of Fund
Fund at NAV	1.88	3.93	—	—	—	8.91
Barclays Capital U.S. Aggregate Index¹	0.53	1.41	7.54	7.05	6.36	2.55
MSCI All Country World Index²	4.52	10.60	-5.73	15.88	-1.28	18.54
3/31/2012	as of Mar 31, 2012
Fund at NAV	3.06	3.06	—	—	—	8.00
Barclays Capital U.S. Aggregate Index¹	0.30	0.30	7.71	6.83	6.24	1.43
MSCI All Country World Index²	11.88	11.88	-0.73	20.73	-0.19	19.91
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.

Calendar Year Returns (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	—	—	—	—	—	—	—	—	—	—
Barclays Capital U.S. Aggregate Index¹	10.25	4.10	4.34	2.43	4.33	6.97	5.24	5.93	6.54	7.84
MSCI All Country World Index²	-19.32	33.99	15.23	10.84	20.95	11.66	-42.19	34.63	12.67	-7.35

Fund Facts
Expense Ratio (Gross)³	1.29%
Expense Ratio (Net)^3,4	1.20%
Class I Inception	09/30/2011
Distribution Frequency	Annually

NAV History
Date	NAV	NAV Change
May 15, 2012	$10.70	$-0.03
May 14, 2012	$10.73	$-0.03
May 11, 2012	$10.76	$0.00
May 10, 2012	$10.76	$0.02
May 09, 2012	$10.74	$-0.04
May 08, 2012	$10.78	$0.00
May 07, 2012	$10.78	$0.01
May 04, 2012	$10.77	$-0.05
May 03, 2012	$10.82	$-0.04
May 02, 2012	$10.86	$0.00

Distribution History⁵
Ex-Date	Distribution	Reinvest NAV
Dec 28, 2011	$0.03900	$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 History⁵
Ex-Date	Short-Term	Long-Term	Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years. Fund prospectus



Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month end, please refer to 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.

About Risk

Portfolio

Asset Mix (%)⁶ as of Mar 31, 2012
Equity	46.8
U.S. Equity	37.9
Non-U.S. Equity	8.9
Fixed Income	51.5
U.S. Treasuries	31.6
Short (1-3 Yrs.)	2.3
Intermediate (3-10 Yrs.)	24.3
Long (10+ Yrs.)	4.9
High Yield	8.2
Munis	4.9
Corporates	3.9
Non-U.S. Sovereign	2.8
Cash	1.8

Portfolio Statistics as of Mar 31, 2012
Median Market Capitalization	$25.8B
Price/Earnings Ratio	15.46
Number of Holdings	316
Number of Equity Holdings	232
Price/Book Ratio	2.52
Average Maturity	9.0 yrs.
Effective Duration	6.9 yrs.

GICS Sector Breakdown (%)⁷ as of Mar 31, 2012
	Fund (%)	MSCI ACWI (%)
Consumer Discretionary	11.8	10.5
Consumer Staples	18.0	10.2
Energy	6.4	11.4
Financials	7.5	19.4
Health Care	22.1	8.9
Industrials	5.2	10.5
Information Technology	8.7	13.1
Materials	3.5	7.9
Telecom Services	4.2	4.4
Utilities	10.8	3.6
Cash	1.8	0.0

Assets by Country (%)⁶ as of Mar 31, 2012
US	91.3
Japan	2.1
UK	1.9
Switzerland	1
Other	3.7

Fund Holdings (%)^6,8 as of Mar 31, 2012
Holding	% of Net Assets
iShares S&P National Municipal Bond Fund	4.8803%
iShares iBoxx $ High Yield Corporate Bond Fund	4.1528%
SPDR Barclays Capital High Yield Bond ETF	4.1317%
iShares iBoxx Investment Grade Corporate Bond Fund	3.9518%
SPDR Barclays Capital International Treasury Bond ETF	2.8261%
Consumer Discretionary Select Sector SPDR Fund	2.5853%
Vanguard Extended Market ETF	2.5484%
United States Treasury Note/Bond	2.1195%
EV CASH RESERVES FUND	1.8094%
United States Treasury Note/Bond	1.6392%
View All

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

About Risk

6. Percent of total net assets.
7. Percent of equity holdings and cash & equivalents.
8. Includes unaudited securities holdings (which exclude any derivatives positions.) Portfolio characteristic information (such as sector weightings, top ten holdings, etc.) presented for the Fund or Portfolio (if applicable) may differ slightly from the information listed if presented as of trade date. Due to rounding, holdings of less than 0.00005% may show as 0.0000%. Portfolio profile subject to change due to active management.

Insights & Analysis

Quarterly Commentary

No commentary information is available.

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

Attribution

No attribution information is available.

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

About Risk

Management

Biography

Richard Bernstein

Founder, CEO and Chief Investment Officer Richard Bernstein Advisors LLC

Richard Bernstein is chief executive officer of Richard Bernstein Advisors LLC, a multimarket equity strategy subadvisor of Eaton Vance Management.

Rich has over 30 years of experience on Wall Street, including most recently as chief investment strategist at Merrill Lynch & Co. Previously, he was affiliated with E.F. Hutton and Chase Econometrics/IDC. He was voted to Institutional Investor magazine's annual "All-American Research Team" 18 times, including 10 as the top-ranked analyst in his category. He was also twice named to Fortune magazine's "All-Star Analysts" and SmartMoney magazine's "Power 30." He is the author of Style Investing - Unique Insight into Equity Management, widely viewed as the seminal book on style-oriented investment strategies, and Navigate the Noise: Investing in the New Age of Media and Hype, profits from both of which are donated to charity.

Rich earned a B.A. in economics from Hamilton College and an M.B.A. in finance, with honors, from New York University. He is an adjunct professor of finance at the NYU/Stern School of Business, where he also sits on the Executive Committee, and has lectured on finance and economics at numerous colleges and universities. He is a trustee of Hamilton College and the Alfred P. Sloan Foundation, and is a member of the Endowment Investment Committees of both. Rich also sits on the editorial board of the Journal of Portfolio Management.