Portfolio Diversification
Hedging Rising Rates
Tax EfficiencyOverview
 For every incremental loss, the return required to get back to even gets exponentially higher.2 If an investors' portfolio loses 10% of its value, the portfolio will need to return 11% to make up for the original loss. An investor would need a 67% return to make up for a 40% loss.
Not based on the return of any specific fund. |
| 3 Months | YTD | 1 Year | 3 Years | 5 Years | Life of Fund | |
| 4/30/2012 | ||||||
|---|---|---|---|---|---|---|
| Fund at NAV | 2.26 | 3.72 | -1.96 | 3.28 | — | -0.14 |
| Fund w/Max Sales Charge | -3.60 | -2.29 | -7.63 | 1.28 | — | -1.55 |
| S&P 500 Index3 | 7.08 | 11.88 | 4.76 | 19.44 | 1.00 | 3.44 |
| 3/31/2012 | ||||||
| Fund at NAV | 3.15 | 3.15 | -1.45 | 2.57 | — | -0.28 |
| Fund w/Max Sales Charge | -2.83 | -2.83 | -7.09 | 0.56 | — | -1.71 |
| S&P 500 Index3 | 12.59 | 12.59 | 8.54 | 23.39 | 2.01 | 3.67 |
| 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%. | ||||||
| Class A Inception | 02/29/2008 |
| Investment Objective | Total return |
| Total Net Assets of Fund | $76.6M |
| Minimum Investment | $1000 |
| Expense Ratio (Gross)4 | 1.63% |
| Expense Ratio (Net)4,5 | 1.50% |
| CUSIP | 277905477 |
| Apple Inc. | |
| Exxon Mobil Corp. | |
| Qualcomm Inc. | |
| Philip Morris International Inc. | |
| Danaher Corp. | |
| Coca-Cola Co. | |
| ConocoPhillips | |
| JPMorgan Chase & Co. | |
| Nike Inc. | |
| Google Inc. | |
| Total | 29.61 |
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. 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. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.
Performance
| 3 Months | YTD | 1 Year | 3 Years | 5 Years | Life of Fund | |
| 4/30/2012 | ||||||
|---|---|---|---|---|---|---|
| Fund at NAV | 2.26 | 3.72 | -1.96 | 3.28 | — | -0.14 |
| Fund w/Max Sales Charge | -3.60 | -2.29 | -7.63 | 1.28 | — | -1.55 |
| S&P 500 Index3 | 7.08 | 11.88 | 4.76 | 19.44 | 1.00 | 3.44 |
| 3/31/2012 | ||||||
| Fund at NAV | 3.15 | 3.15 | -1.45 | 2.57 | — | -0.28 |
| Fund w/Max Sales Charge | -2.83 | -2.83 | -7.09 | 0.56 | — | -1.71 |
| S&P 500 Index3 | 12.59 | 12.59 | 8.54 | 23.39 | 2.01 | 3.67 |
| 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%. | ||||||
| 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
| Fund at NAV | — | — | — | — | — | — | — | 6.36 | -1.45 | -4.15 |
| S&P 500 Index3 | -22.10 | 28.68 | 10.88 | 4.91 | 15.79 | 5.49 | -37.00 | 26.46 | 15.06 | 2.11 |
| Expense Ratio (Gross)4 | 1.63% |
| Expense Ratio (Net)4,5 | 1.50% |
| Class A Inception | 02/29/2008 |
| Distribution Frequency | Semi-Annually |
| Time Period | Rating | Rating (Load Waived) | Funds in Long-Short Equity Category |
| Overall |  |
|
73 |
| 3 Years | |
|
73 |
|
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. © 2011 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. |
|||
| Date | NAV | NAV Change |
| May 15, 2012 | $7.11 | $-0.01 |
| May 14, 2012 | $7.12 | $-0.03 |
| May 11, 2012 | $7.15 | $-0.02 |
| May 10, 2012 | $7.17 | $0.02 |
| May 09, 2012 | $7.15 | $-0.01 |
| May 08, 2012 | $7.16 | $-0.02 |
| May 07, 2012 | $7.18 | $0.00 |
| May 04, 2012 | $7.18 | $-0.06 |
| May 03, 2012 | $7.24 | $-0.01 |
| May 02, 2012 | $7.25 | $0.00 |
| Ex-Date | Distribution | Reinvest NAV |
| May 19, 2011 | $0.11500 | $7.37 |
| Feb 22, 2011 | $0.11500 | $7.44 |
| Nov 19, 2010 | $0.15000 | $7.40 |
| Aug 19, 2010 | $0.15000 | $7.39 |
| May 19, 2010 | $0.15000 | $7.72 |
| Feb 19, 2010 | $0.15000 | $7.94 |
| Nov 19, 2009 | $0.15000 | $8.16 |
| Aug 19, 2009 | $0.15000 | $7.94 |
|
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years. Fund prospectus |
||
| 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
Fund share values are sensitive to stock market volatility. 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. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.
Portfolio
| U.S. Common Stocks | 96.58 |
| Foreign Common Stocks and ADR's | 1.63 |
| Other | 1.54 |
| Cash & Equivalents | 0.25 |
| Total | 100.00 |
| Median Market Capitalization | $47.2B |
| Price/Earnings Ratio | 17.13 |
| Number of Holdings | 74 |
| Price/Book Ratio | 2.56 |
| Average Duration of Index Calls | 0.54 yrs. |
| Average Duration of Index Puts | 6.95 yrs. |
| % of Portfolio with Call Options | 61.74 |
| % of Portfolio with Put Options | 88.20 |
| Sector | Fund | S&P 500 Index3 |
| Consumer Discretionary | 11.34 | 10.94 |
| Consumer Staples | 11.34 | 10.76 |
| Energy | 11.81 | 11.24 |
| Financials | 11.94 | 14.94 |
| Health Care | 13.47 | 11.43 |
| Industrials | 7.43 | 10.55 |
| Information Technology | 20.44 | 20.53 |
| Materials | 4.03 | 3.46 |
| Telecom Services | 2.99 | 2.77 |
| Utilities | 3.42 | 3.37 |
| Cash | 0.25 | 0.00 |
| Holding | % of Net Assets |
| Apple Inc | 4.2005% |
| Exxon Mobil Corp | 4.1508% |
| QUALCOMM Inc | 2.8899% |
| Philip Morris International Inc | 2.7815% |
| Danaher Corp | 2.6542% |
| Coca-Cola Co/The | 2.5325% |
| ConocoPhillips | 2.4834% |
| JPMorgan Chase & Co | 2.4521% |
| NIKE Inc | 2.4385% |
| Google Inc | 2.1501% |
| 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. 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. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.
Insights & Analysis
Quarterly Commentary
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
Fund share values are sensitive to stock market volatility. 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. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.
Attribution
No attribution information is available.
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. 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. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.
Management
Biography
Walter A. Row III, CFA, CMT
Vice President, Eaton Vance Management
Joined Eaton Vance 1996
Walter Row is a vice president of Eaton Vance Management, a member of the firm's Equity Strategy Committee, head of structured equity portfolios and portfolio manager on Eaton Vance's structured equity team.
Walter joined Eaton Vance in 1996 and from 2000-2007, was director of research at the firm. His experience in the investment management industry dates to 1981. Prior to joining Eaton Vance, he worked as an equity analyst and portfolio manager with State Street Research & Management. He had additional experience as a financial consultant with Advest, Inc.
Walter earned a B.S. in administrative science from Yale University and an M.B.A from Harvard University Graduate School of Business Administration. He is a CFA charterholder and a Chartered Market Technician (CMT).
Education
- B.S. Yale University
- M.B.A. Harvard Business School
Experience
- Managed Fund since inception
Biography
Michael A. Allison, CFA
Vice President, Eaton Vance Management
Joined Eaton Vance 2000
Mike Allison is a vice president of Eaton Vance Management, a member of the Equity Strategy Committee and portfolio manager on Eaton Vance's structured equity team.
Mike joined Eaton Vance in 2000. Previously, beginning in 1988, he was an equity analyst for Schroders Investment Management, North America. From 1993 to 1998, he served as an equity research analyst for Fleet Investment Advisors. Other experience includes serving as an investment analyst for Phoenix Home Life Mutual Fund Insurance Co. in Hartford, CT, from 1991 to 1993.
Mike earned a B.S.B.A. from the University of Denver in 1990. He is a CFA charterholder and is a member of the Boston Security Analysts Society and the Association for Investment Management and Research.
Education
- B.S.B.A., The University of Denver
Experience
- Managed Fund since inception
Other funds managed
Biography
Ken Everding, Ph.D
Managing Director, Parametric Risk Advisors, LLC
Joined Parametric Risk Advisors 2005
Ken Everding is managing director of Parametric Risk Advisors, an investment adviser and subsidiary of Parametric Portfolio Associates, LLC, a majority-owned subsidiary of Eaton Vance Corp.
Prior to joining Parametric in 2005, Ken was a managing director at Zurich Capital Markets and BNP Paribas, following Zurich's acquisition. At Zurich, Ken's team was the pioneer in creating structured hedge fund products. Before Zurich, Ken was a founding member of Donaldson, Lufkin & Jenrette's credit derivative group and subsequently moved to London to form and run DLJ's European credit derivatives business. There, he was responsible for its trading, structuring and marketing efforts.
Ken earned a B.S. with honors in physics from Iowa State University and holds a doctorate in theoretical particle physics from Yale University. The title of his Ph.D. thesis is Aspects of Non-Perturbative Quantum Electrodynamics, excerpts of which have been published in leading academic journals.
Education
- B.S. Iowa State University
- Ph.D. Yale University
Experience
- Managed Fund since inception
Other funds managed
Biography
Jonathan Orseck
Managing Director, Parametric Risk Advisors, LLC
Joined Parametric Risk Advisors 2006
Jon Orseck is managing director of Parametric Risk Advisors, an investment adviser and subsidiary of Parametric Portfolio Associates, LLC, a majority-owned subsidiary of Eaton Vance Corp.
Prior to joining Parametric in 2006, Jon was a managing director at Banc of America Securities, where he founded and managed the Equity Linked Solutions Group. He was responsible for the development, structuring, marketing and sales of equity and commodity index-linked structured investments. Before Bank of America, Jon was an executive director at Morgan Stanley responsible for structuring and marketing structured notes to institutional clients. He also managed their high- net-worth, over-the-counter equity derivative business for hedging and investment purposes for the eastern half of North America. From 1993-1996, Jon held similar roles at Kidder, Peabody and Royal Bank of Canada.
Jon earned a B.S. in computer science from the University of Pennsylvania and an M.B.A. from New York University Stern School of Business.
Education
- B.S. University of Pennsylvania
- M.B.A. Stern School of Business, New York University
Experience
- Managed Fund since inception
Other funds managed
Fund Literature
Fund Literature
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