Overview

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

3-year period ended 03/31/2015

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

Average Annual Returns (%)as of Jun 30, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -2.70 -2.10 -0.40 -1.53 6.32 7.54
Fund w/Max Sales Charge -8.30 -7.76 -6.11 -7.18 4.26 5.86
40% MSCI All Country World Index / 60% Barclays U.S. Aggregate Bond Index -1.60 -0.86 1.08 1.49 6.27 6.96 7.08
Barclays U.S. Aggregate Bond Index4 -1.09 -1.68 -0.10 1.86 1.83 3.35 2.40
MSCI All Country World Index5 -2.35 0.35 2.66 0.71 13.01 11.92 14.00
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 Factsas of May 31, 2015

Class A Inception 09/30/2011
Investment Objective Total return
Total Net Assets $503.0M
Minimum Investment $1000
Expense Ratio6 1.40%
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 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. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. 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

Average Annual Returns (%)as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
05/31/2015
Fund at NAV 0.47 0.16 2.37 2.15 8.07 8.53
Fund w/Max Sales Charge -5.34 -5.61 -3.50 -3.69 5.95 6.79
40% MSCI All Country World Index / 60% Barclays U.S. Aggregate Bond Index -0.20 0.40 2.72 3.94 7.55 7.24 7.72
Barclays U.S. Aggregate Bond Index4 -0.24 -0.14 1.00 3.03 2.21 3.90 2.76
MSCI All Country World Index5 -0.13 1.17 5.14 5.08 15.76 11.75 15.08
03/31/2015
Fund at NAV -0.46 1.74 1.74 2.88 7.54 8.76
Fund w/Max Sales Charge -6.20 -4.10 -4.10 -3.01 5.43 6.94
40% MSCI All Country World Index / 60% Barclays U.S. Aggregate Bond Index -0.34 1.96 1.96 5.68 6.26 6.52 7.87
Barclays U.S. Aggregate Bond Index4 0.46 1.61 1.61 5.72 3.10 4.41 3.07
MSCI All Country World Index5 -1.55 2.31 2.31 5.42 10.75 8.99 14.95
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 (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 7.59 13.50 3.08
40% MSCI All Country World Index / 60% Barclays U.S. Aggregate Bond Index 5.83 10.79 8.96 -16.34 17.28 9.55 1.92 9.10 7.38 5.31
Barclays U.S. Aggregate Bond Index4 2.43 4.33 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97
MSCI All Country World Index5 10.84 20.95 11.66 -42.19 34.63 12.67 -7.35 16.13 22.80 4.16

Fund Facts

Expense Ratio6 1.40%
Class A Inception 09/30/2011
Distribution Frequency Annually


Morningstar™ Ratingsas of May 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Conservative Allocation
Category
Overall ** **** 679
3 Years ** **** 679
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
Jul 01, 2015 $12.66 $0.06
Jun 30, 2015 $12.60 $0.01
Jun 29, 2015 $12.59 $-0.21
Jun 26, 2015 $12.80 $-0.01
Jun 25, 2015 $12.81 $-0.03
Jun 24, 2015 $12.84 $-0.05
Jun 23, 2015 $12.89 $0.03
Jun 22, 2015 $12.86 $0.09
Jun 19, 2015 $12.77 $-0.03
Jun 18, 2015 $12.80 $0.06

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 23, 2014 $0.05380 $12.72
Dec 23, 2013 $0.04710 $12.31
Dec 20, 2012 $0.10720 $11.12
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
Dec 20, 2012 $0.03970 $0.00600 $11.12
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. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. 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 (%)8,9,10as of Mar 31, 2015

Equity 58.0
U.S. Equity 36.1
Non-U.S. Equity 21.9
Fixed Income 33.4
U.S. Treasuries 18.3
Short (0-3 Yrs.) 3.6
Intermediate (3-10 Yrs.) 9.4
Long (10+ Yrs.) 5.2
High Yield Corporates 0.0
Investment Grade Corporates 0.0
Non-U.S. Sovereign 0.0
High Yield Munis 15.1
Cash 8.6

Portfolio Statisticsas of Mar 31, 2015

Median Market Cap $21.30B
Price/Earnings Ratio 18.10
Number of Equity Holdings 312
Price/Book Ratio 2.24
Number of Holdings 367
Average Maturity 15.65 yrs.
Effective Duration 8.64 yrs.


GICS Sector Breakdown (%)9,10,11as of Mar 31, 2015

Sector Fund MSCI
ACWI5
Consumer Discretionary 14.01 12.54
Consumer Staples 12.56 9.67
Energy 1.39 7.52
Financials 11.22 21.55
Health Care 13.00 12.19
Industrials 13.39 10.48
Information Technology 16.55 13.92
Materials 1.07 5.31
Telecom Services 3.37 3.65
Utilities 4.85 3.18
Cash 8.59 0.00

Portfolio Characteristics (%)12as of Mar 31, 2015

Fund (%) MSCI All Country
World Index (%)
Regions
US. 62 52
Developed 29 38
Emerging 9 10
Style
Growth 51 51
Value 49 49
Size
Large Cap 81 87
Midcap 13 13
Small Cap 6 0


Assets by Country (%)8,9,10as of Mar 31, 2015

United States 69.53
Japan 6.76
Korea 3.19
France 1.73
Germany 1.59
United Kingdom 1.48
Switzerland 1.32
Spain 1.06
Netherlands 0.76
Cash & Other Assets 8.59
View All

Geographic Mix (%)8,9,10as of Mar 31, 2015

United States 69.53
Europe except U.K. 8.14
Japan 6.76
Asia/Pacific 4.59
United Kingdom 1.48
Latin America 0.36
Africa 0.20
Eastern Europe 0.17
Northern America except U.S. 0.15
Middle East 0.04
Cash & Other Assets 8.59


Fund Holdings (%)8,13as of May 31, 2015

Holding % of Net Assets
Market Vectors High Yield Municipal Index ETF 13.98%
EV Cash Reserves Fund 13.92%
mini MSCI Emg Mkt Jun15 3.94%
S&P500 EMINI FUT Jun15 3.85%
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund 2.19%
United States Treasury Note/Bond 1.35%
Apple Inc 1.23%
United States Treasury Note/Bond 1.15%
United States Treasury Note/Bond 1.11%
United States Treasury Note/Bond 1.07%
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. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. 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

Quarterly Commentary

A Word On The Markets  as of Mar 31, 2015

Amid volatile markets, U.S. stocks delivered modest gains in the first quarter of 2015, while major overseas equity markets advanced more strongly.

In the U.S., the three-month period began with mixed economic signals. While the job market continued to improve and consumer confidence increased, domestic stocks swung sharply in January on worries about a possible interest-rate hike by the U.S. Federal Reserve (Fed), slowing growth overseas and some weakening of corporate earnings. In particular, many large U.S. companies felt the impact of the rising U.S. dollar on exports and overseas profits.

As market volatility eased in February, U.S. stocks climbed to new all-time highs. Volatility returned in the final month of the period on renewed anxiety over Fed policy, as well as geopolitical tensions and further signs of global economic weakness. At its March meeting, while the Fed opened the door to a potential rate hike later in the year, it simultaneously indicated caution amid evidence of moderating U.S. economic growth.

Overseas, despite the renewed Greek debt crisis, European stocks rallied during the three-month period, as investor sentiment was buoyed by the European Central Bank’s announcement of a new bond-buying stimulus program. In China, stocks rose on hopes for additional stimulus measures to boost the country’s sluggish economy.

For the quarter, the Dow Jones Industrial Average14 gained 0.33%, while the broader U.S. stock market, as represented by the S&P 500 Index,15 added 0.95%. Globally, the MSCI World Index16 returned 1.82%. The MSCI EAFE Index of developed-market international equities advanced 4.88%, while the MSCI Emerging Markets Index17 rose 2.24%.

Performance Summary 

Eaton Vance Richard Bernstein All Asset Strategy Fund (the Fund) outperformed its benchmark, the Barclays U.S. Aggregate Bond Index (the Index),4 for the quarter ended March 31, 2015, returning 1.74% for Class A shares at net asset value versus the Index’s 1.61% return. The Fund’s blended Index (40% MSCI All Country World Index/60% Barclays U.S. Aggregate Bond Index) was up 1.96% for the quarter.

  • The Fund had mixed performance across its asset allocations and security selections. Highlights included the outperformance of the Fund’s fixed-income segment. However, the Fund’s equity positions underperformed the Index.
  • The decision to hedge some of the Fund’s foreign currency exposures proved beneficial during the period.
  • Recently, we have begun showcasing the Fund’s blended Index, which may serve as a more relevant benchmark against which to judge the Fund’s performance. This blended Index is based upon the Fund’s long-term strategic allocation policy among global equities and fixed income.

Average Annual Returns (%)as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.46 1.74 1.74 2.88 7.54 8.76
Fund w/Max Sales Charge -6.20 -4.10 -4.10 -3.01 5.43 6.94
40% MSCI All Country World Index / 60% Barclays U.S. Aggregate Bond Index -0.34 1.96 1.96 5.68 6.26 6.52 7.87
Barclays U.S. Aggregate Bond Index4 0.46 1.61 1.61 5.72 3.10 4.41 3.07
MSCI All Country World Index5 -1.55 2.31 2.31 5.42 10.75 8.99 14.95
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 Factsas of Mar 31, 2015

Class A Inception 09/30/2011
Expense Ratio6 1.40%


Contributors 

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

  • The Fund’s overweight position in Japan relative to the Index was the largest regional contributor to Fund performance for the quarter.
  • The Fund’s use of currency hedging contributed meaningfully to Fund performance, particularly as the euro weakened during the quarter.
  • The Fund’s overweight position in health care also helped Fund performance.
  • The Fund’s continued exposure to the high-yield municipal bond market further aided Fund performance.

Detractors 

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

  • The Fund’s exposure to emerging markets (namely Korean securities) negatively contributed to Fund performance for the quarter, as did the Fund’s tilt toward the U.S. equity market.
  • The Fund’s recent addition of long-term U.S. Treasurys also hampered Fund performance.
  • The Fund held a modest cash balance during the quarter, which further detracted from the Fund’s performance.

Investment Outlook And Fund Positioning 

Our outlook highlights several key viewpoints embedded within the Fund, including: Japanese and Korean exporters continuing to benefit from their falling currencies; Treasurys continuing to offer diversification; the continued attractiveness of high-yield municipal bonds; and U.S. large-cap, high-beta stocks appearing to be undervalued.

It seems that the marketplace has conflicting views of the environment, which we interpret as Uncertainty = Opportunity TM. Our own stance is based on an improving U.S. economy, low energy and gasoline prices, and a strong U.S. dollar, which is being supported by the deflation of the global credit bubble. We continue to believe the current cycle may be an elongated one offering opportunities, and that the Fund is well-positioned to benefit from one of the biggest bull markets of our careers.

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. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. 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 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. Investing in an exchange-traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. 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

Fund Literature

Fund Literature

Annual Report

Income, Volatility and Taxes Guide

Commentary

Fact Sheet

Volatility: Managing risk while seeking to grow client portfolios

Full Prospectus

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

Are you managing volatility or is it managing you?

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