Overview

Since inception, Hedged Stock has helped investors mitigate losses in market downturns.

The Fund outperformed the S&P 500 on each of its 30 worst days since 2008.

  • Class A at NAV
  • Benchmark

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
08/31/2016
Fund at NAV -0.24 1.09 0.60 1.45 5.52 5.15 2.62
Fund w/Max Sales Charge -5.95 -4.78 -5.21 -4.44 3.46 3.91 1.91
S&P 500 Index1 0.14 4.10 7.82 12.55 12.29 14.67 7.91
06/30/2016
Fund at NAV 0.24 0.97 -0.24 -1.19 5.56 4.39 2.58
Fund w/Max Sales Charge -5.57 -4.82 -6.00 -6.83 3.52 3.17 1.85
S&P 500 Index1 0.26 2.46 3.84 3.99 11.64 12.09 4.56
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 or equal to one year is cumulative. Max Sales Charge: 5.75%.

Fund Factsas of Aug 31, 2016

Class A Inception 02/29/2008
Investment Objective Total return
Total Net Assets $61.5M
Minimum Investment $1000
Expense Ratio (Gross)2 1.79%
Expense Ratio (Net)2,3 1.15%
CUSIP 277905477

Top 10 Holdings (%)4,5as of Jun 30, 2016

Alphabet Inc - CL C
Johnson & Johnson
Wells Fargo & Co
Verizon Communications Inc
Apple Inc
General Electric Co
Chubb Ltd
United Technologies Corp
Lowe's Cos Inc
PepsiCo Inc
Total 28.41

Portfolio Management

Charles Gaffney Managed Fund since 2014

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

About Risk 

Fund performance is sensitive to stock market volatility. 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. 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

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
08/31/2016
Fund at NAV -0.24 1.09 0.60 1.45 5.52 5.15 2.62
Fund w/Max Sales Charge -5.95 -4.78 -5.21 -4.44 3.46 3.91 1.91
S&P 500 Index1 0.14 4.10 7.82 12.55 12.29 14.67 7.91
Morningstar™ Option Writing Category6 0.06 1.84 2.78 3.38 3.89 5.71
06/30/2016
Fund at NAV 0.24 0.97 -0.24 -1.19 5.56 4.39 2.58
Fund w/Max Sales Charge -5.57 -4.82 -6.00 -6.83 3.52 3.17 1.85
S&P 500 Index1 0.26 2.46 3.84 3.99 11.64 12.09 4.56
Morningstar™ Option Writing Category6 0.29 1.41 1.15 -0.80 3.69 4.56
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 or equal to one year is cumulative. Max Sales Charge: 5.75%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 6.36 -1.45 -4.15 3.95 16.55 3.51 3.08
S&P 500 Index1 15.79 5.49 -37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38

Fund Facts

Expense Ratio (Gross)2 1.79%
Expense Ratio (Net)2,3 1.15%
Class A Inception 02/29/2008
Distribution Frequency Annually

Morningstar™ Ratingsas of Aug 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Option Writing
Category
Overall ** *** 68
3 Years *** **** 68
5 Years ** ** 30
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.

© 2016 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 29, 2016 $8.27 -$0.05
Sep 28, 2016 $8.32 $0.03
Sep 27, 2016 $8.29 $0.03
Sep 26, 2016 $8.26 -$0.05
Sep 23, 2016 $8.31 -$0.04
Sep 22, 2016 $8.35 $0.03
Sep 21, 2016 $8.32 $0.06
Sep 20, 2016 $8.26 $0.01
Sep 19, 2016 $8.25 -$0.01
Sep 16, 2016 $8.26 -$0.02
View All

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 23, 2015 $0.02960 $8.36
May 20, 2014 $0.11500 $7.84
Nov 19, 2013 $0.11500 $7.73
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 History7

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

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

About Risk 

Fund performance is sensitive to stock market volatility. 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. 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 (%)5,8as of Jun 30, 2016

U.S. Common Stocks 95.02
Foreign Common Stocks 4.30
Cash 0.68
Total 100.00

Portfolio Statisticsas of Jun 30, 2016

Average Market Cap $129.2B
Price/Earnings Ratio 16.00
Number of Holdings 95
Number of Equity Holdings 68
Price/Book Ratio 3.04
Average Duration of Index Calls 0.47 mos.
Average Duration of Index Puts 0.47 mos.
% of Stock Portfolio with Put Options 96.3
% of Stock Portfolio with Call Options 96.3

GICS Sector Breakdown (%)5,8as of Jun 30, 2016

Sector Fund S&P 500 Index1
Consumer Discretionary 11.58 12.28
Consumer Staples 10.63 10.56
Energy 7.45 7.40
Financials 15.45 15.75
Health Care 14.75 15.03
Industrials 10.29 9.85
Information Technology 19.78 19.77
Materials 2.78 2.82
Telecom Services 2.99 2.91
Utilities 3.63 3.63
Cash 0.68 0.00

Fund Holdings (%)5,9as of Jul 31, 2016

Holding % of Net Assets
Alphabet Inc - CL C 4.43%
Johnson & Johnson 3.34%
Wells Fargo & Co 3.15%
Apple Inc 3.06%
Verizon Communications Inc 2.82%
General Electric Co 2.44%
Lowe's Cos Inc 2.43%
PepsiCo Inc 2.38%
United Technologies Corp 2.37%
Time Warner Inc 2.33%
View All

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

About Risk 

Fund performance is sensitive to stock market volatility. 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. 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

Commentary

No commentary information is currently available.

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

About Risk 

Fund performance is sensitive to stock market volatility. 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. 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 currently available.

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

About Risk 

Fund performance is sensitive to stock market volatility. 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. 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
Charles Gaffney

Charles Gaffney

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Charles Gaffney is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global core team. He is responsible for buy and sell decisions, portfolio construction and risk management for a number of the firm’s global core equity strategies. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 2003.

Charlie began his career in the investment management industry in 1996. Before joining Eaton Vance, he was affiliated with Brown Brothers Harriman as a sector portfolio manager and Morgan Stanley Dean Witter as a senior equity analyst.

Charlie earned a B.A. from Bowdoin College in 1995 and an MBA from Fordham University in 2002.

Education
  • B.A. Bowdoin College
  • M.B.A. Graduate School of Business, Fordham University
Experience
  • Managed Fund since 2014

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2016

Three Ways to Access Our Best Ideas

Download - Last updated: Jun 30, 2016

Report of Organizational Actions Affecting Basis of Securities

Download - Last updated: Nov 30, 2012

Annual Report

Download - Last updated: Nov 30, 2015

Full Prospectus

Download - Last updated: Apr 1, 2016

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

Download

SAI

Download - Last updated: Apr 1, 2016

Think Performance Think Eaton Vance

Download - Last updated: Jun 30, 2016

Semi-Annual Report

Download - Last updated: May 31, 2016

Summary Prospectus

Download - Last updated: Apr 1, 2016

XBRL

Download - Last updated: Apr 11, 2016