Overview

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

Since Fund inception ended 12/31/2016

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

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
01/31/2017
Fund at NAV 1.86 3.70 1.86 10.12 3.33 5.07 5.99
Fund w/Max Sales Charge 0.86 2.70 0.86 9.12 3.33 5.07 5.99
Bloomberg Barclays U.S. Aggregate Bond Index4 0.20 -2.04 0.20 1.45 2.59 2.09 2.34
MSCI All Country World Index5 2.73 5.75 2.73 17.93 5.48 8.71 10.72
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 1.21 1.03 1.21 7.85 3.89 4.87 4.97
12/31/2016
Fund at NAV 1.57 0.31 5.90 5.90 2.14 5.08 5.72
Fund w/Max Sales Charge 0.57 -0.69 4.90 4.90 2.14 5.08 5.72
Bloomberg Barclays U.S. Aggregate Bond Index4 0.14 -2.98 2.65 2.65 3.03 2.23 2.34
MSCI All Country World Index5 2.16 1.19 7.86 7.86 3.13 9.35 10.34
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.95 -1.31 4.87 4.87 3.23 5.20 4.81
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: 1%.

Fund Factsas of Jan 31, 2017

Class C Inception 09/30/2011
Investment Objective Total return
Total Net Assets $547.4M
Minimum Investment $1000
Expense Ratio6 2.13%
CUSIP 277902482

Morningstar™ Ratingsas of Jan 31, 2017

Time Period Rating Funds in
Tactical Allocation
Category
Overall **** 250
3 Years **** 250
5 Years **** 169
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

Portfolio Management

Richard Bernstein Managed Fund since inception
Matthew Griswold, CFA Managed Fund since 2017
Henry Timmons, CFA Managed Fund since 2017

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 Dec 31, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
01/31/2017
Fund at NAV 1.86 3.70 1.86 10.12 3.33 5.07 5.99
Fund w/Max Sales Charge 0.86 2.70 0.86 9.12 3.33 5.07 5.99
Bloomberg Barclays U.S. Aggregate Bond Index4 0.20 -2.04 0.20 1.45 2.59 2.09 2.34
MSCI All Country World Index5 2.73 5.75 2.73 17.93 5.48 8.71 10.72
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 1.21 1.03 1.21 7.85 3.89 4.87 4.97
12/31/2016
Fund at NAV 1.57 0.31 5.90 5.90 2.14 5.08 5.72
Fund w/Max Sales Charge 0.57 -0.69 4.90 4.90 2.14 5.08 5.72
Bloomberg Barclays U.S. Aggregate Bond Index4 0.14 -2.98 2.65 2.65 3.03 2.23 2.34
MSCI All Country World Index5 2.16 1.19 7.86 7.86 3.13 9.35 10.34
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.95 -1.31 4.87 4.87 3.23 5.20 4.81
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: 1%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 6.83 12.57 2.26 -1.61 5.90
Bloomberg Barclays U.S. Aggregate Bond Index4 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55 2.65
MSCI All Country World Index5 11.66 -42.19 34.63 12.67 -7.35 16.13 22.80 4.16 -2.36 7.86
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 8.96 -16.34 17.28 9.55 1.92 9.10 7.38 5.31 -0.39 4.87

Fund Facts

Expense Ratio6 2.13%
Class C Inception 09/30/2011
Distribution Frequency Annually

Morningstar™ Ratingsas of Jan 31, 2017

Time Period Rating Funds in
Tactical Allocation
Category
Overall **** 250
3 Years **** 250
5 Years **** 169
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Feb 24, 2017 $13.48 -$0.03
Feb 23, 2017 $13.51 -$0.01
Feb 22, 2017 $13.52 -$0.01
Feb 21, 2017 $13.53 $0.06
Feb 17, 2017 $13.47 -$0.02
Feb 16, 2017 $13.49 $0.00
Feb 15, 2017 $13.49 $0.04
Feb 14, 2017 $13.45 $0.04
Feb 13, 2017 $13.41
Feb 10, 2017 $13.37 $0.05

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 23, 2015 $0.06970 $12.26
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 $0.02790 $0.08170 $12.56
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 Dec 31, 2016

Equity 72.7
U.S. Equity 49.1
Non-U.S. Equity 23.6
Fixed Income 26.0
U.S. Treasuries 6.0
Short (0-3 Yrs.) 6.0
Intermediate (3-10 Yrs.) 0.0
Long (10+ Yrs.) 0.0
High Yield Corporates 13.5
Investment Grade Corporates 2.5
Non-U.S. Sovereign 0.0
Securitized Mortgages 3.3
Other 0.6
Cash 1.4

Portfolio Statisticsas of Dec 31, 2016

Median Market Cap $28.3B
Price/Earnings Ratio 21.1
Number of Equity Holdings 294
Price/Book Ratio 2.3
Number of Holdings 312
Average Maturity 2.41 yrs.
Effective Duration 2.03 yrs.

GICS Sector Breakdown (%)9,10,11,12as of Dec 31, 2016

Sector Fund MSCI
ACWI5
Consumer Discretionary 10.64 12.12
Consumer Staples 4.41 9.47
Energy 7.91 7.35
Financials 27.13 18.68
Health Care 2.37 11.06
Industrials 9.05 10.60
Information Technology 21.89 15.54
Materials 10.24 5.26
Real Estate 1.63 3.13
Telecom Services 2.21 3.62
Utilities 1.15 3.16
Cash 1.36 0.00

Portfolio Characteristics (%)11,13as of Dec 31, 2016

Fund (%) MSCI All Country
World Index (%)
Regions
US. 68 54
Developed 18 36
Emerging 14 10
Style
Growth 50 52
Value 50 48
Size
Large Cap 71 86
Midcap 22 14
Small Cap 7 0

Assets by Country (%)8,9,10,11as of Dec 31, 2016

United States 75.08
United Kingdom 3.46
Canada 1.96
Switzerland 1.94
China 1.79
Korea, Republic of 1.59
France 1.53
Taiwan 1.43
Germany 1.34
Cash & Other Assets 1.36
View All

Geographic Mix (%)8,9,10,11as of Dec 31, 2016

United States 75.08
Europe 7.81
Asia/Pacific 6.89
United Kingdom 3.46
Northern America except US 1.96
Latin America 1.51
Eastern Europe 1.25
Africa 0.56
Middle East 0.13
Cash & Other Assets 1.36

Fund Holdings (%)8,14as of Dec 31, 2016

Holding % of Net Assets
EV Cash Reserves Fund LLC 10.84%
iShares 0-5 Year High Yield Corporate Bond ETF 7.74%
Guggenheim BulletShares 2018 High Yield Corporate Bond ETF 7.72%
mini MSCI Emg Mkt Mar17 6.73%
Russell 2000 Mini Mar17 3.42%
iShares MBS ETF 3.29%
VanEck Vectors Junior Gold Miners ETF 2.60%
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund 2.06%
Apple Inc 1.36%
Microsoft Corp 1.04%
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 Dec 31, 2016

Global stock markets delivered a mixed performance in the fourth quarter of 2016. While U.S stocks rose sharply following the U.S. presidential election to finish the period with solid gains, major international markets recorded more subdued or negative returns.

Stocks opened the period on the downside amid retreating oil prices, uncertainty about the U.S. presidential election and fears of a possible interest-rate increase by the U.S. Federal Reserve (the Fed). Donald Trump's victory in the U.S. presidential election marked a turning point for U.S. stocks, which soared following the November 8 election. The rally continued into December before stalling in the final weeks of the period.

The broad-based "Trump Bump" particularly favored financial stocks, which received another boost in mid-December when the Fed raised its benchmark interest rate. The Fed move came in response to continued improvement in the nation's economy, which helped boost stocks in the three-month period. Positive reports during the period included higher consumer spending, declining unemployment and stronger U.S. exports.

While U.S. stocks surged following the presidential election, global markets lagged amid uncertainty about U.S. trade policy under President-elect Trump. China's sluggish economy and geopolitical issues in Europe, especially Britain's planned exit from the European Union, also weighed on global stocks during the period.

For the three-month period, the Dow Jones Industrial Average15 recorded an 8.66% gain, while the broader S&P 500 Index,16 rose 3.82%. The technology-laden Nasdaq Index17 added 1.34%. Globally, the MSCI EAFE Index18 fell 0.71% in the quarter. Small-cap stocks outperformed their large-cap counterparts during the quarter. In terms of investing style, value stocks topped growth stocks in both the large-cap and small-cap categories.

Performance Summary 

For the quarter ending December 31, 2016 the Eaton Vance Richard Bernstein All Asset Strategy Fund (the Fund) outperformed the Bloomberg Barclays U.S. Aggregate Bond Index4 (the Index). The Fund's performance was 0.55% while the Index's performance was -2.98%. The Fund's blended Index (40% MSCI All Country World Index5 60% Bloomberg Barclays U.S. Aggregate Bond Index (the Blended Index) returned -1.31%.

Volatility surrounding the November election may have spurred some investors to adjust their portfolios. One of our key tenets is investing with longer time horizons and we prefer relying on our indicators to guide our positioning rather than reacting to short-term market volatility. Earlier in 2016, the Fund was repositioned to accentuate cyclical equity sectors, as we believed profits cycles had troughed in certain regions. This targeted allocation to hedged global equities continued to help the Fund outperform the Index, despite November's surprises.

  • In November, we published "The Opportunity Cost Keeps Growing and Growing." The U.S. equity market posted robust returns in over the past five years, yet investors have continued to shy away from equities. We believe they have been overpaying for downside protection.
  • Fund performance was helped by market segment allocation within the United States.
  • Avoiding defensive equity sectors was beneficial to the Fund over the period.

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 1.57 0.31 5.90 5.90 2.14 5.08 5.72
Fund w/Max Sales Charge 0.57 -0.69 4.90 4.90 2.14 5.08 5.72
Bloomberg Barclays U.S. Aggregate Bond Index4 0.14 -2.98 2.65 2.65 3.03 2.23 2.34
MSCI All Country World Index5 2.16 1.19 7.86 7.86 3.13 9.35 10.34
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.95 -1.31 4.87 4.87 3.23 5.20 4.81
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: 1%.

Fund Factsas of Dec 31, 2016

Class C Inception 09/30/2011
Expense Ratio6 2.13%

Contributors 

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

  • Our decision to overweight equities (particularly within the U.S.) was the largest contributor to the Fund's performance.
  • Within equities, tilting towards U.S. cyclical stocks positively contributed during the quarter.
  • Within fixed income, the biggest positive driver was our underweight in Treasurys, particularly in long-term maturities.
  • The largest contributing GICS sectors within equities resulted from overweights in financials and information technology.
  • Hedging the euro and British pound helped during the period.

Detractors 

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

  • The Fund's overweight in high yield municipal bonds was the largest detractor during the period.
  • The Fund's overweight in gold via junior gold miners was the second largest detractor.

Investment Outlook And Fund Positioning 

Now in the second longest bull market of the post-war period, investors (be they individuals, pensions, endowments, foundations or hedge funds) remain too fearful to invest in equities. We're not seeing any of the three major signs that the probability of a bear market is increasing: central banks withdrawing liquidity, a profits recession or overly bullish sentiment. This negative consensus suggests the equity bull market could continue considerably longer than most anticipate.

Should we experience an earnings-driven market, maintaining our positioning in cyclical equities should continue to benefit the Fund. The Fund's modest allocation to gold stems from rising inflation expectations and non-correlated behavior.

We continue to 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 (RBA), a registered independent investment adviser.

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

Biography
Matthew Griswold, CFA

Matthew Griswold, CFA

Director of Investments, Portfolio Manager, Richard Bernstein Advisors LLC

Matthew Griswold is the director of investments and a portfolio manager at Richard Bernstein Advisors LLC (RBA), a registered independent investment adviser. He oversees investment process design and implementation for all investment products. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s global equity and multiasset class funds. Matt joined RBA in 2010.

Matt began his career in the investment management industry in 1989. Previously, Matt was a vice president and portfolio manager at State Street Global Advisors, with responsibility for the design, execution and evaluation of both new and existing global investment strategies. His extensive portfolio management experience spans most major asset classes and includes both quantitative and fundamental investment disciplines. Matt assumed a wide variety of leadership positions within State Street in areas of portfolio construction, research, performance measurement, risk analysis, mutual fund administration and client service.

Matt earned a B.S. in industrial management from Carnegie Mellon University. He is a member of the Boston Security Analysts Society and a CFA charterholder.

Education
  • B.S. Carnegie Mellon University

Experience
  • Managed Fund since 2017

Biography
Henry Timmons, CFA

Henry Timmons, CFA

Senior Quantitative Analyst, Portfolio Manager, Richard Bernstein Advisors LLC

Henry Timmons is a senior quantitative analyst and portfolio manager at Richard Bernstein Advisors LLC (RBA), a registered independent investment adviser. He is responsible for buy and sell decisions, portfolio construction and risk management. Henry joined RBA in 2011.

Henry began his career in the investment management industry in 2005. Previously, he was a portfolio manager and quantitative analyst at Grantham, Mayo, Van Otterloo & Co. LLC. While at GMO, he evaluated quantitative and fundamental sources of alpha as potential inputs to the investment process, while assisting in constructing and managing portfolios. Prior to GMO, Henry was a management consultant at PricewaterhouseCoopers LLP, where he designed forecasting models improving supply-chain management processes for various clients.

Henry holds a B.S. in mechanical engineering and an MEng in systems engineering and engineering management from Cornell University, and an MBA in finance from the Johnson School at Cornell University. He is a CFA charterholder.

Education
  • B.S. Cornell University
  • M.Eng Cornell University
  • M.B.A. Johnson School, Cornell University

Experience
  • Managed Fund since 2017


Literature

Literature

Fact Sheet

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Commentary

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Attribution

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Annual Report

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Full Prospectus

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

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SAI

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Performance Always Matters

Download - Last updated: Dec 31, 2016

Semi-Annual Report

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Summary Prospectus

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XBRL

Download - Last updated: Jan 11, 2017