Overview

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
10/31/2017
Fund at NAV 1.71 3.27 12.67 14.89 6.16 7.32 7.92
Bloomberg Barclays U.S. Aggregate Bond Index3 0.06 0.47 3.20 0.90 2.40 2.03 2.54
MSCI All Country World Index4 2.08 4.45 19.69 23.20 7.91 10.79 12.12
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.87 2.06 9.54 9.35 4.73 5.59 6.45
09/30/2017
Fund at NAV 1.46 3.91 10.77 11.42 5.86 6.79 7.74
Bloomberg Barclays U.S. Aggregate Bond Index3 -0.48 0.85 3.14 0.07 2.71 2.06 2.57
MSCI All Country World Index4 1.93 5.18 17.25 18.65 7.43 10.19 11.91
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.49 2.57 8.60 7.18 4.73 5.38 6.39
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. The share class has no sales charge.

Fund Factsas of Oct 31, 2017

Class I Inception 09/30/2011
Investment Objective Total return
Total Net Assets $649.6M
Minimum Investment $250000
Expense Ratio5 1.08%
CUSIP 277902474

Morningstar Rating™as of Oct 31, 2017

Time Period Rating Funds in
Tactical Allocation
Category
Overall **** 256
3 Years **** 256
5 Years **** 197
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 increase both the risk and return potential of the Fund), 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 Sep 30, 2017

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
10/31/2017
Fund at NAV 1.71 3.27 12.67 14.89 6.16 7.32 7.92
Bloomberg Barclays U.S. Aggregate Bond Index3 0.06 0.47 3.20 0.90 2.40 2.03 2.54
MSCI All Country World Index4 2.08 4.45 19.69 23.20 7.91 10.79 12.12
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.87 2.06 9.54 9.35 4.73 5.59 6.45
09/30/2017
Fund at NAV 1.46 3.91 10.77 11.42 5.86 6.79 7.74
Bloomberg Barclays U.S. Aggregate Bond Index3 -0.48 0.85 3.14 0.07 2.71 2.06 2.57
MSCI All Country World Index4 1.93 5.18 17.25 18.65 7.43 10.19 11.91
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.49 2.57 8.60 7.18 4.73 5.38 6.39
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. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 7.87 13.80 3.30 -0.74 7.07
Bloomberg Barclays U.S. Aggregate Bond Index3 6.97 5.24 5.93 6.54 7.84 4.21 -2.02 5.97 0.55 2.65
MSCI All Country World Index4 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 Ratio5 1.08%
Class I Inception 09/30/2011
Distribution Frequency Annually

Morningstar Rating™as of Oct 31, 2017

Time Period Rating Funds in
Tactical Allocation
Category
Overall **** 256
3 Years **** 256
5 Years **** 197
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
Nov 21, 2017 $14.96 $0.10
Nov 20, 2017 $14.86 $0.03
Nov 17, 2017 $14.83 $0.00
Nov 16, 2017 $14.83 $0.11
Nov 15, 2017 $14.72 -$0.04
Nov 14, 2017 $14.76 -$0.04
Nov 13, 2017 $14.80 $0.00
Nov 10, 2017 $14.80 -$0.03
Nov 09, 2017 $14.83 -$0.06
Nov 08, 2017 $14.89 $0.02

Distribution History6

Ex-Date Distribution Reinvest NAV
Dec 22, 2016 $0.09620 $13.16
Dec 23, 2015 $0.19670 $12.46
Dec 23, 2014 $0.08310 $12.76
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 History6

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 23, 2014 $0.03810 $0.08170 $12.76
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 increase both the risk and return potential of the Fund), 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 (%)7,8,9,10as of Sep 30, 2017

Equity 71.1
U.S. Equity 41.2
Non-U.S. Equity 29.9
Fixed Income 26.9
U.S. Treasuries 7.5
Short (0-3 Yrs.) 7.5
Intermediate (3-10 Yrs.) 0.0
Long (10+ Yrs.) 0.0
High Yield Corporates 14.3
Securitized Mortgages 2.9
Investment Grade Corporates 1.8
Other 0.4
Cash 1.9

Portfolio Statisticsas of Sep 30, 2017

Median Market Cap $40.1B
Price/Earnings Ratio 19.3
Number of Holdings 242
Number of Equity Holdings 219
Price/Book Ratio 2.3
Average Maturity 2.1 yrs.
Effective Duration 1.8 yrs.

GICS Sector Breakdown (%)8,9,10,11as of Sep 30, 2017

Sector Fund MSCI
ACWI4
Consumer Discretionary 13.3 11.9
Consumer Staples 3.7 8.8
Energy 3.8 6.4
Financials 31.4 18.7
Health Care 1.6 11.2
Industrials 5.6 10.8
Information Technology 27.8 17.5
Materials 7.3 5.3
Real Estate 0.6 3.1
Telecom Services 1.8 3.2
Utilities 1.1 3.1
Cash 1.9 0.0

Portfolio Characteristics (%)10,12as of Sep 30, 2017

Fund (%) MSCI All Country
World Index (%)
Regions
US. 58 52
Developed 17 36
Emerging 25 12
Style
Growth 51 53
Value 49 47
Size
Large Cap 84 89
Midcap 14 11
Small Cap 3 0

Assets by Country (%)7,8,9,10as of Sep 30, 2017

United States 68.1
China 7.0
Germany 2.7
Korea 2.6
Switzerland 2.2
Taiwan 2.0
France 1.8
India 1.7
Canada 1.4
Cash & Other Assets 1.9
View All

Geographic Mix (%)7,8,9,10as of Sep 30, 2017

United States 68.1
Asia/Pacific 14.6
Europe 10.2
Latin America 1.6
Northern America except US 1.4
Africa 1.0
Eastern Europe 0.8
Middle East 0.2
United Kingdom 0.1
Cash & Other Assets 1.9

Fund Holdings (%)7,13as of Sep 30, 2017

Holding % of Net Assets
EV Cash Reserves Fund LLC 13.41%
MSCI EmgMkt Dec17 12.20%
iShares 0-5 Year High Yield Corporate Bond ETF 8.85%
Guggenheim BulletShares 2018 High Yield Corporate Bond ETF 6.57%
iShares MBS ETF 2.81%
VanEck Vectors Junior Gold Miners ETF 2.35%
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund 1.75%
iShares MSCI China ETF 1.71%
Apple Inc 1.66%
Microsoft Corp 1.06%
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 increase both the risk and return potential of the Fund), 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, 2017

Global stock markets delivered solid results in the second quarter of 2017, as broad economic expansion continued to offset political uncertainties in some regions.

In the U.S., ongoing concerns about prospects for President Trump's economic policies restrained stocks during the first half of the three-month period. But equities subsequently shook off these worries amid positive economic data. In particular, manufacturing gains and a further decline in the jobless rate provided encouragement to investors. Consumer spending also rose, and would likely have been even higher but for the quarter's one flat note – a continued decline in auto sales from their post-recession peak.

Amid the encouraging economic data, the U.S. Federal Reserve (Fed) in June raised interest rates for the third time since December 2016. The Fed also said it would start gradually selling off the securities it bought during and after the financial crisis to boost the economy.

On a global basis, stronger economic growth aided stocks in Europe and Japan. The election of a new government in France helped to ease political uncertainties, although an election setback for British Prime Minister Theresa May added to confusion about Britain's plans to exit the European Union. In China, the success of the government's stimulus policies led it to raise interest rates to avoid economic overheating. China's upswing helped boost growth elsewhere, particularly in emerging markets.

For the three-month period, the Dow Jones Industrial Average14 recorded a 3.95% gain, while the broader S&P 500 Index15 rose 3.09 %. The technology-laden Nasdaq Composite Index16 rose 3.87%. Globally, the MSCI EAFE Index17 gained 6.12% in the quarter. Large-cap stocks outperformed their small-cap counterparts during the quarter. In terms of investing style, growth stocks topped value stocks in both the large-cap and small-cap categories.

Performance Summary 

In the quarter ending June 30th, 2017 the Eaton Vance Richard Bernstein All Asset Strategy Fund ("The Fund") outperformed the Bloomberg Barclays U.S. Aggregate Bond Index ("The Index").3 The Fund’s performance was +1.89% while the Index's performance was +1.45%. The Fund’s blended Index — 40% MSCI All Country World Index4 60% Bloomberg Barclays U.S. Aggregate Bond Index ("The Blended Index") — was +2.57%.

Amidst uncertainty (French elections, FBI Director Comey’s firing, North Korea tensions), there were signs of continued improvement: earnings continued strengthening, M&A activity remained robust, and the Fed hinted being comfortable with a slow roll down of its balance sheet while hiking rates again.
One of RBA’s key tenets is investing with longer time horizons and we prefer relying on our indicators to guide our positioning. In early 2016, the Fund was repositioned accentuating cyclical sectors, as we believed profits cycles troughed in certain regions. Through June, the annualized five-year return on the S&P 500 exceeded 14%. Though the Fund underperformed during the quarter, we believe investors have been too scared of the equity market. Our strategy remains positioned to potentially benefit should cyclicals outperform in the future.

  • Performance during Q2’17 was primarily hurt by our tilt towards cyclical market segments.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.50 1.96 6.60 12.06 3.90 6.59 7.37
Bloomberg Barclays U.S. Aggregate Bond Index3 -0.10 1.45 2.27 -0.31 2.48 2.21 2.53
MSCI All Country World Index4 0.45 4.27 11.48 18.78 4.82 10.54 11.48
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.12 2.57 5.88 6.98 3.56 5.60 6.21
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. The share class has no sales charge.

Fund Factsas of Jun 30, 2017

Class I Inception 09/30/2011
Expense Ratio5 1.08%

Contributors 

The Fund outperformed the Index, though fell short of the Blended Index during Q2’17.

  • Largest contributor stemmed from asset allocation decision to overweight equities (+21%).
  • Within equities, being overweight Financials (+11%) was the bright spot for the Fund during the quarter.
  • Overweight values are based on averaged exposures during the quarter.

Detractors 

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

  • Within equity regions, underweight Japan (-3%) detracted slightly from performance during the period.
  • Within equity sectors, being underweight Health Care (-3%) was a large detractor.
  • Hedging EUR and GBP were detractors as the U.S. Dollar Index declined over the period.
  • An allocation to junior gold mining stocks also detracted from performance.
  • Overweight and underweight values are based on averaged exposures during the quarter.

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 three major signs 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 may continue benefiting the Fund. One can observe a modest allocation to gold (~3%) stemming from anticipated 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 increase both the risk and return potential of the Fund), 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 increase both the risk and return potential of the Fund), 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 35 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 57 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 and sits on the Hamilton College endowment’s Investment Committee; he is a trustee of both institutions. He is also a former 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 asset allocation, portfolio construction, risk management and ETF research. 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 Cornell SC Johnson College of Business. He is a CFA charterholder.

Education
  • B.S. Cornell University
  • M.Eng Cornell University
  • M.B.A. Cornell SC Johnson College of Business

Experience
  • Managed Fund since 2017


Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2017

Commentary

Download - Last updated: Sep 30, 2017

Attribution

Download - Last updated: Sep 30, 2017

Annual Report

Download - Last updated: Aug 31, 2017

Full Prospectus

Download - Last updated: Jan 1, 2017

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

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SAI

Download - Last updated: Jan 1, 2017

Semi-Annual Report

Download - Last updated: Feb 28, 2017

Summary Prospectus

Download - Last updated: May 1, 2017

XBRL

Download - Last updated: Jan 11, 2017