Overview

The Fund has outperformed its benchmark with less volatility since inception.3

As of 9/30/14

  • A Shares at NAV
  • Benchmark

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
11/30/2014
Fund at NAV 1.36 -0.27 4.43 6.63 15.28 10.63
Fund w/Max Sales Charge -4.44 -6.01 -1.59 0.52 13.05 9.06
MSCI All Country World Index4 1.67 -0.93 6.21 8.04 14.75 10.04 10.11
09/30/2014
Fund at NAV -3.09 -3.28 1.48 9.81 16.38 10.30
Fund w/Max Sales Charge -8.67 -8.84 -4.37 3.46 14.11 8.67
MSCI All Country World Index4 -3.24 -2.31 3.73 11.32 16.59 10.07 9.91
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. Max Sales Charge: 5.75%.

Fund Facts as of Nov 30, 2014

Class A Inception 10/12/2010
Investment Objective Total return
Total Net Assets $1.2B
Minimum Investment $1000
Expense Ratio5 1.33%
CUSIP 277902599

Top 10 Holdings (%)6 as of Sep 30, 2014

MSCI Emerging Markets Mini (US, USD) - MME - DEC 2014
Vanguard Energy ETF
Apple Inc.
Microsoft Corp.
EV Cash Reserves Fund
Exxon Mobil Corp.
Nestle SA
Toyota Motor Corp.
Chevron Corp.
Pfizer Inc.
Total 19.75


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. 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 Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
11/30/2014
Fund at NAV 1.36 -0.27 4.43 6.63 15.28 10.63
Fund w/Max Sales Charge -4.44 -6.01 -1.59 0.52 13.05 9.06
MSCI All Country World Index4 1.67 -0.93 6.21 8.04 14.75 10.04 10.11
Morningstar™ World Stock Category7 1.36 -1.14 4.54 6.67 14.45 10.56
09/30/2014
Fund at NAV -3.09 -3.28 1.48 9.81 16.38 10.30
Fund w/Max Sales Charge -8.67 -8.84 -4.37 3.46 14.11 8.67
MSCI All Country World Index4 -3.24 -2.31 3.73 11.32 16.59 10.07 9.91
Morningstar™ World Stock Category7 -3.32 -3.27 2.26 9.78 16.68 10.46
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 -6.40 12.69 29.48
MSCI All Country World Index4 15.23 10.84 20.95 11.66 -42.19 34.63 12.67 -7.35 16.13 22.80

Fund Facts

Expense Ratio5 1.33%
Class A Inception 10/12/2010
Distribution Frequency Annually


Risk Measures (3 Year)8 as of Nov 30, 2014

Alpha (%) 3.90
Beta 0.75
R-Squared (%) 82.58
Standard Deviation (%) 8.73
Sharpe Ratio 1.74


Morningstar™ Ratings as of Nov 30, 2014

Time Period Rating Rating (Load Waived) Funds in
World Stock
Category
Overall *** **** 833
3 Years *** **** 833
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
Dec 19, 2014 $14.67 $0.06
Dec 18, 2014 $14.61 $0.28
Dec 17, 2014 $14.33 $0.28
Dec 16, 2014 $14.05 $-0.05
Dec 15, 2014 $14.10 $-0.16
Dec 12, 2014 $14.26 $-0.24
Dec 11, 2014 $14.50 $0.03
Dec 10, 2014 $14.47 $-0.27
Dec 09, 2014 $14.74 $-0.01
Dec 08, 2014 $14.75 $-0.16

Distribution History9

Ex-Date Distribution Reinvest NAV
Dec 23, 2013 $0.06380 $14.04
Dec 20, 2012 $0.12900 $11.14
Dec 28, 2011 $0.05750 $9.84
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History9

Ex-Date Short-Term Long-Term Reinvest NAV
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. 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 (%)6,10 as of Sep 30, 2014

U.S. Common Stocks 59.21
Foreign Common Stocks 39.73
Cash & Equivalents 1.06
Total 100.00

Portfolio Statistics as of Sep 30, 2014

Median Market Cap $21.7B
Price/Earnings Ratio 17.05
Number of Holdings 338
Price/Book Ratio 2.17


GICS Sector Breakdown (%)6,10 as of Sep 30, 2014

Sector Fund MSCI All Country World Index4
Consumer Discretionary 9.10 11.44
Consumer Staples 13.65 9.54
Energy 8.72 9.41
Financials 12.45 21.56
Health Care 12.14 11.31
Industrials 14.46 10.44
Information Technology 14.10 13.38
Materials 3.98 5.73
Telecom Services 4.56 3.91
Utilities 5.77 3.29
Cash 1.06 0.00

Portfolio Characteristics (%)11 as of Sep 30, 2014

Fund (%) MSCI All Country
World Index (%)
Regions
US. 60 50
Developed 30 39
Emerging 10 11
Style
Growth 49 50
Value 51 50
Size
Large Cap 80 86
Midcap 13 14
Small Cap 7 0


Assets by Country (%)6,10 as of Sep 30, 2014

United States 60.26
Japan 11.18
United Kingdom 3.03
France 2.96
Switzerland 2.89
Germany 2.47
Spain 2.22
China 1.98
Korea 1.55
Other 6.93
View All

Geographic Mix (%)6,10 as of Sep 30, 2014

United States 60.26
Europe 14.83
Japan 11.18
Asia/Pacific 6.73
United Kingdom 3.03
Latin America 1.92
Eastern Europe 0.83
Africa 0.76
Northern America except US 0.32
Middle East 0.14


Fund Holdings (%)6,12 as of Oct 31, 2014

Holding % of Net Assets
EV Cash Reserves Fund 10.49%
mini MSCI Emg Mkt Dec14 10.40%
Apple Inc 1.69%
Vanguard Energy ETF 1.56%
Microsoft Corp 1.10%
Exxon Mobil Corp 1.02%
Nestle SA 0.83%
Toyota Motor Corp 0.80%
Chevron Corp 0.74%
Pfizer Inc 0.73%
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. 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 Sep 30, 2014

Major global stock markets delivered mixed returns for the third quarter of 2014, as U.S. equities recorded modest gains, while some overseas equity markets retreated. Late in the quarter, most stock markets worldwide fell amid renewed worries about the global economy, mounting international tensions and elevated equity valuations.

In the U.S., stocks stalled early in the period, then pulled back sharply in late July on geopolitical and economic concerns. However, many investors viewed the pullback as a buying opportunity, allowing stocks to soon resume their upward trend. In their generally steady rise until the period’s final two weeks, U.S. stocks drew support from the Federal Reserve’s (the Fed) ongoing low-interest-rate policy, along with some positive economic reports.

A number of economic indicators pointed to continued gradual improvement in the U.S. economy, including upbeat data on retail sales, manufacturing activity, construction spending, new home starts and revised GDP growth for the second quarter of 2014. On the employment front, hiring indicators turned up in September after lower-than-expected job creation numbers for August. Overseas, weakening economies in Europe led the European Central Bank (ECB) to adopt further stimulus measures late in the quarter. In China, disappointing economic data for August sparked fresh worries about slowing growth in the world’s second-largest economy.

Among major world equity indexes, after hitting an all-time high during the quarter, the Dow Jones Industrial Average13 finished the period with a modest gain of 1.9%. The broader S&P 500 Index14 rose 1.1% after also attaining a record high during the quarter. Large-cap U.S. equities generally outperformed their small-cap counterparts during the quarter, with growth stocks outpacing value stocks within both the large- and small-cap space. Overseas, the MSCI EAFE Index15 of developed-market international stocks fell 5.9%, while the MSCI Emerging Markets Index16 lost 3.5%.

Performance Summary 

Eaton Vance Richard Bernstein Equity Strategy Fund (the Fund) underperformed its benchmark, the MSCI All Country World Index (the Index),4 for the quarter ended September 30, 2014, returning -3.28% for Class A shares at net asset value versus the Index’s -2.31% return.

  • The Fund seeks to capture several themes, one of which (Japanese exporters) positively contributed to Fund performance during the quarter, primarily driven by a weakening yen. Another theme embedded within the Fund, American Industrial Renaissance (AIR) companies (U.S. small- and mid-cap industrial firms), had a negative impact on Fund performance.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -3.09 -3.28 1.48 9.81 16.38 10.30
Fund w/Max Sales Charge -8.67 -8.84 -4.37 3.46 14.11 8.67
MSCI All Country World Index4 -3.24 -2.31 3.73 11.32 16.59 10.07 9.91
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. Max Sales Charge: 5.75%.

Fund Facts as of Sep 30, 2014

Class A Inception 10/12/2010
Expense Ratio5 1.33%


Contributors 

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

  • Several regions where the Fund was underweight led to positive contributions for the quarter. The Fund was most underweight Asia ex-Japan and Europe; both regional positioning tilts positively impacted Fund performance.
  • The Fund’s underweight positions in the energy and materials sectors also contributed positively to Fund performance.

Detractors 

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

  • The Fund was overweight the United States, consistent with the AIR theme. The selection of AIR-related securities in the U.S. contributed negatively to the Fund’s performance.
  • On a sector basis, industrials was the largest detractor. The Fund’s tilt toward industrials was designed to take advantage of the AIR theme. Although this theme underperformed for the quarter, we believe it continues to represent an opportunity in the equity market.
  • In terms of market capitalizations, the AIR theme exposed the Fund to small- and mid-cap securities. These names underperformed during the quarter and detracted from the Fund’s performance.
  • During the quarter, the Fund decreased its exposure to early-cycle European mid-cap securities. However, before the Fund reduced these weightings, the securities were negative contributors to Fund performance.
  • The Fund’s U.S. small bank positions also detracted from performance during the quarter.

Investment Outlook And Fund Positioning 

Despite a growing consensus that a bear market is on the horizon and investors seek downside risk protection, we do not believe the Fed, investors or corporations are sowing the seeds for the next recession. Investors remain pessimistic, but ongoing uncertainty suggests to us that the current cycle is not overextended. Traditional equity risk appears undervalued, whereas “disruptor” stocks seem expensive. High-beta stocks within the S&P 500 Index have recently been trading at their cheapest relative valuations in 30 years. A broad swath of data, focused on investors and corporations, continues to indicate uncertainty.

We believe this may be an elongated cycle that still offers opportunities. We further believe the Fund is well-positioned to benefit from one of the strongest bull markets of our careers, focusing on U.S. mid-cycle and undervalued high-beta securities.

Top 10 Holdings (%)6 as of Sep 30, 2014

MSCI Emerging Markets Mini (US, USD) - MME - DEC 2014 10.32
Vanguard Energy ETF 1.63
Apple Inc. 1.58
Microsoft Corp. 1.09
EV Cash Reserves Fund 1.06
Exxon Mobil Corp. 0.99
Nestle SA 0.83
Toyota Motor Corp. 0.79
Chevron Corp. 0.74
Pfizer Inc. 0.72
Total 19.75


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. 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

Sector Attribution as of Sep 30, 2014

Fund MSCI All Country World Index4 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 8.79 -6.40 -0.65 11.52 -3.67 -0.42 -0.24
Consumer Staples 11.05 -2.01 -0.15 9.52 -2.29 -0.21 0.08
Energy 8.00 -9.55 -0.78 9.86 -9.27 -0.92 0.12
Financials 11.45 -2.23 -0.36 21.52 -1.72 -0.39 -0.20
Health Care 10.40 3.62 0.40 10.80 3.58 0.37 0.00
Industrials 15.10 -4.59 -0.93 10.47 -3.83 -0.40 -0.37
Information Technology 11.87 2.94 0.34 13.14 2.23 0.28 0.03
Materials 3.64 -4.74 -0.19 6.03 -6.90 -0.41 0.19
Telecom Services 3.20 -4.13 -0.13 3.88 -0.72 -0.03 -0.12
Utilities 4.19 -6.14 -0.12 3.27 -4.85 -0.16 0.03
Futures 11.24 -2.31 -0.32 0.00 0.00 0.00 -0.03
Cash 1.09 0.01 0.00 0.00 0.00 0.00 -0.08
Total 100.00 -2.89 -2.89 100.00 -2.30 -2.30 -0.58
1 Year Attribution
Consumer Discretionary 10.52 5.45 0.72 11.70 5.50 0.69 0.04
Consumer Staples 9.94 12.62 1.25 9.70 8.47 0.85 0.49
Energy 5.48 3.43 -0.16 9.80 8.11 0.86 -0.28
Financials 15.83 9.52 1.85 21.57 8.89 1.95 0.26
Health Care 9.49 27.59 2.26 10.54 24.88 2.40 0.05
Industrials 18.85 11.51 2.06 10.70 7.92 0.90 0.26
Information Technology 11.57 19.85 2.05 12.68 23.36 2.72 -0.41
Materials 3.86 9.45 0.39 6.11 2.18 0.18 0.50
Telecom Services 2.70 8.56 0.18 3.97 9.06 0.36 0.00
Utilities 2.94 12.90 0.38 3.24 12.34 0.41 0.07
Futures 6.36 2.43 0.38 0.00 0.00 0.00 -0.12
Cash 2.46 0.04 0.00 0.00 0.00 0.00 -0.82
Total 100.00 11.35 11.35 100.00 11.32 11.32 0.03


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.

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. 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

Income, Volatility and Taxes Guide

Commentary

Fact Sheet

Volatility: Managing risk with a range of strategies

Estimated Capital Gains: Estimates as of October 15, 2014

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

EXCLUSIVE CONTENT

Flexible Approach to Navigate Uncertain Markets

EXCLUSIVE CONTENT

Follow the opportunities, not the crowd

Semi-Annual Report

Summary Prospectus

XBRL


 

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