Overview

Relative to peers, the Fund has had lower volatility, higher risk-adjusted returns and better drawdown protection.3

Since Fund inception ended 06/30/2016

  • Class A at NAV
  • Lipper Flexible Portfolio Funds Classification Average

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
07/31/2016
Fund at NAV 3.34 4.17 5.09 2.90 4.17 6.77
Fund w/Max Sales Charge -2.62 -1.81 -0.91 -3.01 2.13 5.48
Barclays U.S. Aggregate Bond Index4 0.63 2.47 5.98 5.94 4.23 3.56 3.22
MSCI All Country World Index5 4.31 3.81 5.59 -0.44 5.86 6.61 10.79
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 2.10 3.02 5.97 3.64 5.06 5.03 6.40
06/30/2016
Fund at NAV -0.08 2.61 1.70 1.16 3.94 6.16
Fund w/Max Sales Charge -5.84 -3.31 -4.12 -4.67 1.91 4.85
Barclays U.S. Aggregate Bond Index4 1.80 2.21 5.31 6.00 4.06 3.76 3.14
MSCI All Country World Index5 -0.61 0.99 1.23 -3.73 6.03 5.37 10.01
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.84 1.73 3.79 2.28 5.02 4.65 6.05
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 Jul 31, 2016

Class A Inception 09/30/2011
Investment Objective Total return
Total Net Assets $492.5M
Minimum Investment $1000
Expense Ratio6 1.38%
CUSIP 277902490

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 performance is 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. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. 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 nonpayment 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. 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

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
07/31/2016
Fund at NAV 3.34 4.17 5.09 2.90 4.17 6.77
Fund w/Max Sales Charge -2.62 -1.81 -0.91 -3.01 2.13 5.48
Barclays U.S. Aggregate Bond Index4 0.63 2.47 5.98 5.94 4.23 3.56 3.22
MSCI All Country World Index5 4.31 3.81 5.59 -0.44 5.86 6.61 10.79
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 2.10 3.02 5.97 3.64 5.06 5.03 6.40
06/30/2016
Fund at NAV -0.08 2.61 1.70 1.16 3.94 6.16
Fund w/Max Sales Charge -5.84 -3.31 -4.12 -4.67 1.91 4.85
Barclays U.S. Aggregate Bond Index4 1.80 2.21 5.31 6.00 4.06 3.76 3.14
MSCI All Country World Index5 -0.61 0.99 1.23 -3.73 6.03 5.37 10.01
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.84 1.73 3.79 2.28 5.02 4.65 6.05
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 7.59 13.50 3.08 -0.92
Barclays U.S. Aggregate Bond Index4 4.33 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55
MSCI All Country World Index5 20.95 11.66 -42.19 34.63 12.67 -7.35 16.13 22.80 4.16 -2.36
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 10.79 8.96 -16.34 17.28 9.55 1.92 9.10 7.38 5.31 -0.39

Fund Facts

Expense Ratio6 1.38%
Class A Inception 09/30/2011
Distribution Frequency Annually

Morningstar™ Ratingsas of Jul 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Tactical Allocation
Category
Overall *** **** 284
3 Years *** **** 284
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
Aug 25, 2016 $13.09 $0.02
Aug 24, 2016 $13.07 -$0.07
Aug 23, 2016 $13.14 $0.02
Aug 22, 2016 $13.12 -$0.03
Aug 19, 2016 $13.15 -$0.04
Aug 18, 2016 $13.19 $0.05
Aug 17, 2016 $13.14 -$0.01
Aug 16, 2016 $13.15 -$0.05
Aug 15, 2016 $13.20 $0.04
Aug 12, 2016 $13.16 $0.00
View All

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 23, 2015 $0.16370 $12.42
Dec 23, 2014 $0.05380 $12.72
Dec 23, 2013 $0.04710 $12.31
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
Dec 23, 2014 $0.03810 $0.08170 $12.72
Dec 23, 2013 $0.01950 $0.06820 $12.31
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. 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. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. 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 nonpayment 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. 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 (%)8,9,10,11as of Jun 30, 2016

Equity 73.5
U.S. Equity 47.5
Non-U.S. Equity 26.0
Fixed Income 24.2
U.S. Treasuries 7.9
Short (0-3 Yrs.) 7.9
Intermediate (3-10 Yrs.) 0.0
Long (10+ Yrs.) 0.0
High Yield Corporates 0.0
Investment Grade Corporates 0.0
Non-U.S. Sovereign 0.0
High Yield Munis 16.3
Cash 2.3

Portfolio Statisticsas of Jun 30, 2016

Median Market Cap $23.3B
Price/Earnings Ratio 19.94
Number of Equity Holdings 349
Price/Book Ratio 2.06
Number of Holdings 369
Average Maturity 14.25 yrs.
Effective Duration 5.66 yrs.

GICS Sector Breakdown (%)9,10,11,12as of Jun 30, 2016

Sector Fund MSCI
ACWI5
Consumer Discretionary 11.21 12.28
Consumer Staples 4.41 11.00
Energy 8.14 6.99
Financials 27.53 19.70
Health Care 2.83 12.21
Industrials 8.65 10.39
Information Technology 19.55 14.87
Materials 13.05 4.92
Telecom Services 1.68 4.03
Utilities 0.67 3.61
Cash 2.27 0.00

Portfolio Characteristics (%)11,13as of Jun 30, 2016

Fund (%) MSCI All Country
World Index (%)
Regions
US. 65 53
Developed 35 36
Emerging 0 11
Style
Growth 48 51
Value 52 49
Size
Large Cap 70 85
Midcap 17 15
Small Cap 13 0

Assets by Country (%)8,9,10,11as of Jun 30, 2016

United States 71.70
Switzerland 4.46
United Kingdom 3.91
France 3.56
Germany 3.51
Canada 2.68
Netherlands 1.70
Sweden 1.06
Spain 0.98
Cash & Other Assets 2.27
View All

Geographic Mix (%)8,9,10,11as of Jun 30, 2016

United States 71.70
Europe 18.83
United Kingdom 3.91
Northern America except US 2.68
Asia/Pacific 0.46
Africa 0.10
Latin America 0.03
Eastern Europe 0.02
Cash & Other Assets 2.27

Fund Holdings (%)8,14as of Jun 30, 2016

Holding % of Net Assets
Market Vectors High Yield Municipal Index ETF 16.21%
Sell USD Buy EUR160705 FWD-20160705-.899078 12.43%
VanEck Vectors Junior Gold Miners ETF 3.91%
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund 2.29%
Apple Inc 1.25%
United States Treasury Note/Bond 1.12%
United States Treasury Note/Bond 1.11%
United States Treasury Note/Bond 1.04%
Exxon Mobil Corp 0.96%
Microsoft Corp 0.96%
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. 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. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. 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 nonpayment 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. 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

Commentary

A Word On The Markets as of Jun 30, 2016

Turmoil following Britain's vote to exit the European Union left major global equity markets with mixed results for the second quarter of 2016.

The outcome of the June 23 "Brexit" vote sent stocks into a two-day tailspin. However, the market's subsequent rebound regained much of the lost ground, leaving some indexes in the black for the three-month period. The British referendum capped a quarter marked by rising stock market volatility, as a range of economic and geopolitical factors had investors on edge. By quarter-end, the yield on the 10-year U.S. Treasury had fallen below 1.5% amid many investors' flight to quality assets.

U.S. stocks advanced early in the period on positive economic news, including strong retail sales, job market gains and higher energy prices. The continued slow-but-steady economic growth led to expectations that the U.S. Federal Reserve (Fed) would likely raise interest rates at its June meeting. But, after a disappointing May jobs report, the Fed left rates unchanged amid new doubts about the health of the economy. U.S. stocks mounted a brief recovery in the days following the Fed announcement, only to fall sharply in the wake of the Brexit vote.

For the full three-month period, the Dow Jones Industrial Average15 recorded a 2.07% gain, while the broader S&P 500 Index16 advanced 2.46%. The technology-laden NASDAQ Composite Index17 fell 0.56%. In general, small-cap U.S. stocks outperformed their large-cap counterparts during the quarter.

Globally, Brexit loomed over equity markets in the months leading up to the June 23 vote and continued to dominate investor concerns in the aftermath of the referendum. European stocks, which rose early in the period, suffered heavier post-Brexit losses than U.S. shares, fueling a 1.46% decline in the MSCI EAFE Index18 of developed-market international equities. By contrast, China's post-Brexit stock market losses were relatively moderate.

Performance Summary 

In the quarter that ended June 30, 2016, Eaton Vance Richard Bernstein All Asset Strategy Fund (the Fund) outperformed its benchmark, the Barclays U.S. Aggregate Bond Index4 (the Index), at NAV. The Fund's A share performance was up 2.61%, while the Index's performance was up 2.21%. The Fund's blended index (40% MSCI All Country World Index5/ 60% Barclays U.S. Aggregate Bond Index) was up 1.73%.

  • Our indicators suggest that profits cycles seem to be forming a trough. Holdings data suggest other portfolio managers have been increasing their defensive positioning. We have been doing the exact opposite. To navigate this changing environment, the Fund was repositioned to accentuate cyclical sectors.
  • The quarter's biggest headline was likely Brexit. After a surprising result, markets were in free fall, investors were panicked and prognosticators were forecasting the end of the bull market, the end of Europe's economy, the end of globalization or worse. Rather than reacting to this event, we preferred to remain dispassionate, rigorous and out-of-consensus.
  • We consider high-yield corporates to be low-beta19 equities because they typically correlate more highly with equities than with Treasurys. There have been record flows into this space. But, should these investments be successful, we believe they will underperform equities.

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -0.08 2.61 1.70 1.16 3.94 6.16
Fund w/Max Sales Charge -5.84 -3.31 -4.12 -4.67 1.91 4.85
Barclays U.S. Aggregate Bond Index4 1.80 2.21 5.31 6.00 4.06 3.76 3.14
MSCI All Country World Index5 -0.61 0.99 1.23 -3.73 6.03 5.37 10.01
60% Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.84 1.73 3.79 2.28 5.02 4.65 6.05
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 Jun 30, 2016

Class A Inception 09/30/2011
Expense Ratio6 1.38%

Contributors 

Factors contributing to the Fund's relative performance compared to the blended index during the quarter:

  • We aren't "gold bugs" but have added gold exposure to ballast equity volatility, as gold recently became negatively correlated with equities. This was the largest contributor during the quarter.
  • As previously mentioned, the Fund tilted toward cyclical names. U.S. cyclical equities were a large contributor.
  • High-yield municipals continue to serve their purpose and have been a play on the continuing improvement in the U.S. economy.
  • The Fund's equity exposure to the euro was hedged, helping performance as the U.S. dollar strengthened and the euro weakened.

Detractors 

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

  • As previously mentioned, the Fund tilted more toward cyclical equity names during the period. The Fund was also overweight European equities. This European cyclical equity tilt was the largest detractor from performance over the period.
  • The Fund's cash position was a small detractor from the Fund's overall performance for the quarter.

Investment Outlook And Fund Positioning 

So far, this equity bull market is the second-longest of the post-war period, and we still believe it will ultimately be one for the record books. Our valuation, sentiment, liquidity and profits research is certainly not as bullish as it was seven years ago, but is supportive of our current positioning.

Should the next leg be an earnings-driven equity market, we believe our recent repositioning into cyclical equities should continue to benefit the Fund. Our lack of exposure to Japanese equities is an example of where our concern over corporate profits and being mystified by monetary policy forces us to look for opportunities elsewhere.

Rather than react emotionally to events such as Brexit, we follow our indicators. As they change, we update our views and position the Fund appropriately.

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 performance is 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. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. 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 nonpayment 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. 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

Attribution available in Fund Literature tab.

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. 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. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. 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 nonpayment 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. 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

Literature

Literature

Fact Sheet

Commentary

Annual Report

Full Prospectus

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

Black Widow Returns- Bernstein insight

Global Investing is Changing

SAI

EXCLUSIVE CONTENT

A Go-Anywhere Asset Allocation Fund

Semi-Annual Report

Summary Prospectus

XBRL


 

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