Overview

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

Since Fund inception ended 09/30/2016

  • 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
Fund at NAV 1.73 0.58 7.07 7.07 3.16 6.14 6.78
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. The share class has no sales charge.

Fund Factsas of Dec 31, 2016

Class I Inception 09/30/2011
Investment Objective Total return
Total Net Assets $536.3M
Minimum Investment $250000
Expense Ratio6 1.13%
CUSIP 277902474

Morningstar™ Ratingsas of Dec 31, 2016

Time Period Rating Funds in
Tactical Allocation
Category
Overall **** 251
3 Years **** 251
5 Years **** 169
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) 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.

©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. Past performance is no guarantee of future results.

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
Fund at NAV 1.73 0.58 7.07 7.07 3.16 6.14 6.78
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. 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 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 1.13%
Class I Inception 09/30/2011
Distribution Frequency Annually

Morningstar™ Ratingsas of Dec 31, 2016

Time Period Rating Funds in
Tactical Allocation
Category
Overall **** 251
3 Years **** 251
5 Years **** 169
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) 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.

©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. Past performance is no guarantee of future results.

NAV History

Date NAV NAV Change
Jan 13, 2017 $13.42 $0.03
Jan 12, 2017 $13.39 -$0.04
Jan 11, 2017 $13.43 $0.07
Jan 10, 2017 $13.36 $0.03
Jan 09, 2017 $13.33 -$0.03
Jan 06, 2017 $13.36 -$0.01
Jan 05, 2017 $13.37 $0.01
Jan 04, 2017 $13.36 $0.08
Jan 03, 2017 $13.28 $0.10
Dec 30, 2016 $13.18 -$0.05

Distribution History7

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 History7

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 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 Sep 30, 2016

Equity 71.8
U.S. Equity 45.7
Non-U.S. Equity 26.1
Fixed Income 25.3
U.S. Treasuries 7.3
Short (0-3 Yrs.) 7.3
Intermediate (3-10 Yrs.) 0.0
Long (10+ Yrs.) 0.0
High Yield Corporates 0.0
Investment Grade Corporates 0.0
Non-U.S. Sovereign 0.0
High Yield Munis 15.8
Other 2.2
Cash 2.9

Portfolio Statisticsas of Sep 30, 2016

Median Market Cap $26.7B
Price/Earnings Ratio 21.42
Number of Equity Holdings 316
Price/Book Ratio 2.12
Number of Holdings 335
Average Maturity 13.33 yrs.
Effective Duration 5.52 yrs.

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

Sector Fund MSCI
ACWI5
Consumer Discretionary 10.82 12.29
Consumer Staples 4.84 10.42
Energy 7.58 6.86
Financials 24.83 16.88
Health Care 2.13 11.72
Industrials 8.54 10.42
Information Technology 21.75 15.87
Materials 11.86 5.14
Real Estate 1.67 3.34
Telecom Services 2.17 3.75
Utilities 0.90 3.31
Cash 2.90 0.00

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

Fund (%) MSCI All Country
World Index (%)
Regions
US. 64 53
Developed 25 36
Emerging 11 11
Style
Growth 52 54
Value 48 46
Size
Large Cap 74 86
Midcap 17 14
Small Cap 9 0

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

United States 71.02
United Kingdom 3.70
Switzerland 2.60
Canada 2.84
Germany 1.94
France 1.96
China 2.07
Korea, Republic of 1.12
Netherlands 0.92
Cash & Other Assets 2.90
View All

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

United States 71.02
Europe 11.19
Asia/Pacific 6.00
United Kingdom 3.70
Northern America except US 2.84
Latin America 1.03
Africa 0.66
Eastern Europe 0.51
Middle East 0.14
Cash & Other Assets 2.90

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

Holding % of Net Assets
EV Cash Reserves Fund LLC 8.49%
mini MSCI Emg Mkt Dec16 7.05%
Guggenheim BulletShares 2018 High Yield Corporate Bond ETF 6.95%
iShares 0-5 Year High Yield Corporate Bond ETF 6.95%
iShares MBS ETF 3.47%
VanEck Vectors Junior Gold Miners ETF 2.96%
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund 2.15%
Russell 2000 Mini Dec16 1.41%
Apple Inc 1.36%
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 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 Sep 30, 2016

Global stock markets moved higher in the third quarter of 2016 amid continued low interest rates and diminishing concern about Britain's vote to leave the European Union.

Recovering from their sharp pullback following Britain's "Brexit" vote in late June 2016, stocks advanced for much of the summer. Major U.S. stock indexes reached multiple record highs during August 2016, as an upturn in oil prices also boosted stocks.

In the final month of the period, U.S. equity markets turned choppy, as investors worried about the likelihood of an interest-rate hike by the U.S. Federal Reserve (the Fed). Declining corporate profits and overall U.S. economic health also weighed on markets. Retail sales dipped in August after a slight gain in July. Home sales also fell in August, while durable goods orders were flat.
The Fed's decision at its September meeting to leave rates unchanged sent stocks higher. U.S stocks also got a brief boost late in the period after OPEC nations reached an initial agreement to cut oil production. Stocks along with oil prices reacted with solid gains.

Globally, low interest rates helped drive most stock markets higher during the three-month period. Signs of strength in China's beleaguered economy, including improved business and consumer confidence, also cheered investors.

The prospect of continued low interest rates helped global equity markets deliver solid gains for the three-month period. The Dow Jones Industrial Average15 recorded a 2.78% gain, while the broader S&P 500 Index16 rose 3.85%. The technology-laden NASDAQ Composite Index17 added 9.69%. Globally, the MSCI EAFE Index18 gained 6.43% in the quarter. Small-cap stocks outperformed their large-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 that ended September 30, 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 up 4.37% while the Index's performance was up 0.46%. The Fund's blended Index (40% MSCI All Country World Index5 60% Bloomberg Barclays U.S. Aggregate Bond Index4 ("The Blended Index") was up 2.39%.

  • We believe the Fed may be more cautious when raising rates than investors have been expecting. Earlier in the year, the Fund was repositioned to accentuate cyclical sectors within equities, as a result of our belief that profits cycles seem to have formed a trough in certain regions of the world. This targeted allocation to overweight global equities continued to help the Fund outperform the Index.
  • Currency hedging was another aspect of asset allocation that was beneficial during the quarter.
  • As pointed out in a January Insight piece titled "Asset Allocation 2.0,"19 we consider high yield corporates to be low-beta equities because they typically correlate more highly with equities than Treasurys. There have been record flows into this space. But should these investments be successful, we believe they will underperform equities.

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.53 4.51 6.45 9.90 4.62 7.01 7.01
Bloomberg Barclays U.S. Aggregate Bond Index4 -0.06 0.46 5.80 5.19 4.02 3.08 3.08
MSCI All Country World Index5 0.61 5.30 6.60 11.96 5.17 10.62 10.62
60% Bloomberg Barclays U.S. Aggregate Bond Index / 40% MSCI All Country World Index 0.21 2.39 6.27 8.08 4.65 6.24 6.24
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 Sep 30, 2016

Class I Inception 09/30/2011
Expense Ratio6 1.13%

Contributors 

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

  • The largest contributor to the Fund during the quarter was an asset allocation decision to overweight equities (particularly within the United States) vs. fixed income.
  • Within equities, the decision to tilt towards cyclical names benefiting from a trough in profits positively contributed during the quarter.
  • The two best GICS sectors within equities for the Fund were information technology and financials, both helping the Fund outperform over the period.
  • Hedging the British pound positively contributed post-Brexit.

Detractors 

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

  • The Fund's concentration in short-term Treasurys proved to be a slight drag on performance. However, there were diversification benefits from holding Treasurys.
  • The Fund was underweight equities in emerging markets and Japan which outperformed over the period, dragging down relative performance.
  • The Fund was underweight United States fixed income securities which had a positive absolute return last quarter. In particular, corporate bonds fared well during the period.

Investment Outlook And Fund Positioning 

Now in the second longest equity 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 are not seeing signs the probability of a bear equity market is increasing: central banks withdrawing liquidity, a profits recession, or overly bullish sentiment. This negative consensus suggests the current 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 benefiting the Fund. Our absence from Japanese equities exemplifies how our concerns over profits and monetary policy force us to look elsewhere.

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

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

Download - Last updated: Sep 30, 2016

Commentary

Download - Last updated: Sep 30, 2016

Attribution

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

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SAI

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Think Performance Think Eaton Vance

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XBRL

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