Overview

 

For every incremental loss, the return required to get back to even gets exponentially higher.1

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.

  • Gain
  • Loss

Not based on the return of any specific fund.

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 2.13 2.64 4.41 14.31 7.73 4.59 3.01
Fund w/Max Sales Charge -3.77 -3.31 -1.55 7.72 5.63 3.36 2.07
S&P 500 Index2 4.00 4.69 9.89 25.25 20.59 16.87 8.39
06/30/2014
Fund at NAV 2.01 4.03 3.77 14.70 6.52 4.98 2.99
Fund w/Max Sales Charge -3.91 -1.92 -2.15 8.17 4.45 3.74 2.03
S&P 500 Index2 2.07 5.23 7.14 24.61 16.57 18.82 8.20
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 02/29/2008
Investment Objective Total return
Total Net Assets $36.0M
Minimum Investment $1000
Expense Ratio (Gross)3 1.99%
Expense Ratio (Net)3,4 1.40%
CUSIP 277905477

Top 10 Holdings (%)5,6 as of Jun 30, 2014

Google Inc Class C
Apple Inc
Gilead Sciences Inc
Merck & Co Inc
Constellation Brands Inc
Chevron Corp
Corning Inc
Rockwell Automation Inc
JPMorgan Chase & Co
Caterpillar Inc
Total 25.09


Portfolio Management

Walter A. Row III, CFA, CMT Managed Fund since inception
Michael A. Allison, CFA Managed Fund since inception
Ken Everding, Ph.D Managed Fund since inception
Jonathan Orseck 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. 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

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 2.13 2.64 4.41 14.31 7.73 4.59 3.01
Fund w/Max Sales Charge -3.77 -3.31 -1.55 7.72 5.63 3.36 2.07
S&P 500 Index2 4.00 4.69 9.89 25.25 20.59 16.87 8.39
Morningstar™ Long/Short Equity Category7 1.68 1.72 3.54 10.83 8.57 8.32
06/30/2014
Fund at NAV 2.01 4.03 3.77 14.70 6.52 4.98 2.99
Fund w/Max Sales Charge -3.91 -1.92 -2.15 8.17 4.45 3.74 2.03
S&P 500 Index2 2.07 5.23 7.14 24.61 16.57 18.82 8.20
Morningstar™ Long/Short Equity Category7 1.25 2.16 2.98 11.45 6.57 9.35
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 6.36 -1.45 -4.15 3.95 16.55
S&P 500 Index2 10.88 4.91 15.79 5.49 -37.00 26.46 15.06 2.11 16.00 32.39

Fund Facts

Expense Ratio (Gross)3 1.99%
Expense Ratio (Net)3,4 1.40%
Class A Inception 02/29/2008
Distribution Frequency Semi-Annually


Morningstar™ Ratings as of Aug 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Long/Short Equity
Category
Overall ** ** 148
3 Years ** *** 148
5 Years ** ** 74
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
Sep 16, 2014 $8.14 $0.04
Sep 15, 2014 $8.10 $-0.02
Sep 12, 2014 $8.12 $-0.04
Sep 11, 2014 $8.16 $0.00
Sep 10, 2014 $8.16 $0.02
Sep 09, 2014 $8.14 $-0.03
Sep 08, 2014 $8.17 $-0.01
Sep 05, 2014 $8.18 $0.02
Sep 04, 2014 $8.16 $-0.01
Sep 03, 2014 $8.17 $-0.01

Distribution History8

Ex-Date Distribution Reinvest NAV
May 20, 2014 $0.11500 $7.84
Nov 19, 2013 $0.11500 $7.73
May 21, 2013 $0.11500 $7.51
Nov 20, 2012 $0.11500 $6.85
May 21, 2012 $0.11500 $6.95
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 History8

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. 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

Asset Mix (%)5,9 as of Jun 30, 2014

U.S. Common Stocks 91.40
Foreign Common Stocks 6.04
Cash & Other Assets 2.56
Total 100.00

Portfolio Statistics as of Jun 30, 2014

Average Market Cap $117.7B
Price/Earnings Ratio 17.26
Number of Holdings 99
Number of Equity Holdings 75
Price/Book Ratio 2.80
Average Duration of Index Calls 0.48 mos.
Average Duration of Index Puts 0.48 mos.
% of Stock Portfolio with Put Options 94.4
% of Stock Portfolio with Call Options 94.4


GICS Sector Breakdown (%)5,9 as of Jun 30, 2014

Sector Fund S&P 500 Index2
Consumer Discretionary 12.00 11.85
Consumer Staples 8.75 9.51
Energy 9.10 10.86
Financials 15.23 16.05
Health Care 14.09 13.32
Industrials 11.72 10.51
Information Technology 17.70 18.83
Materials 3.67 3.51
Telecom Services 2.06 2.41
Utilities 3.13 3.15
Cash 2.55 0.00


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.

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

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, head of structured equity portfolios, portfolio manager and team leader of Eaton Vance’s Global Core Team.

Walter began his career in the investment management industry in 1981. Prior to joining Eaton Vance in 1996, 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. from Yale University and an MBA from Harvard University Graduate School of Business Administration. He is a CFA charterholder.

Education
  • B.S. Yale University
  • M.B.A. Harvard Business School
Experience
  • Managed Fund since inception
Biography
Michael A. Allison, CFA

Michael A. Allison, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Michael Allison is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s Global Core Team.

Mike began his career in the investment management industry in 1988. Prior to joining Eaton Vance in 2000, Mike was an equity analyst for Schroders Investment Management, North America. His other experience includes affiliations with Fleet Investment Advisors and Phoenix Home Life Mutual Fund Insurance Co.

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
Biography
Ken Everding, Ph.D

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
 
Biography
Jonathan Orseck

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
 

Fund Literature

Fund Literature

Report of Organizational Actions Affecting Basis of Securities

Annual Report

Fact Sheet

Full Prospectus

Risk-Managed Equity Option Holdings

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

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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