Overview

A hedge against inflation, and diversification for a portfolio.2

Commodities have shown a high correlation to inflation, but negative correlation to stocks and bonds. (January 1973-December 2014)

  • Commodities
  • Stocks
  • Bonds

Not based on the return of any specific fund.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.16 2.29 -3.70 -23.53 -8.06 -9.98
Bloomberg Commodity Index Total Return3 1.73 4.66 -1.56 -23.71 -8.76 -3.91 -10.72
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative.

Fund Factsas of Jun 30, 2015

Institutional Class Inception 05/25/2011
Investment Objective Total return
Total Net Assets $108.6M
Minimum Investment $50000
Expense Ratio (Gross)4 0.99%
Expense Ratio (Net)4,5 0.70%
CUSIP 277923223


Portfolio Management

Thomas Seto Managed Fund since inception
Timothy W. Atwill, Ph.D., CFA Managed Fund since 2014

About Risk 

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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.16 2.29 -3.70 -23.53 -8.06 -9.98
Bloomberg Commodity Index Total Return3 1.73 4.66 -1.56 -23.71 -8.76 -3.91 -10.72
Morningstar™ Commodities Broad Basket Category6 0.80 3.49 -2.43 -24.74 -8.84 -3.38
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative.

Calendar Year Returns (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 2.30 -10.39 -14.62
Bloomberg Commodity Index Total Return3 21.36 2.07 16.23 -35.65 18.91 16.83 -13.32 -1.06 -9.52 -17.01

Fund Facts

Expense Ratio (Gross)4 0.99%
Expense Ratio (Net)4,5 0.70%
Institutional Class Inception 05/25/2011
Distribution Frequency Annually


Morningstar™ Ratingsas of Jun 30, 2015

Time Period Rating Rating (Load Waived) Funds in
Commodities Broad Basket
Category
Overall **** 103
3 Years **** 103
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Jul 28, 2015 $5.78 $0.05
Jul 27, 2015 $5.73 $-0.05
Jul 24, 2015 $5.78 $-0.06
Jul 23, 2015 $5.84 $-0.05
Jul 22, 2015 $5.89 $-0.05
Jul 21, 2015 $5.94 $-0.01
Jul 20, 2015 $5.95 $-0.05
Jul 17, 2015 $6.00 $-0.04
Jul 16, 2015 $6.04 $-0.02
Jul 15, 2015 $6.06 $-0.05

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 20, 2012 $0.32410 $8.46
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 20, 2012 $0.00210 $8.46
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

About Risk 

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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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

Portfolio Statisticsas of Jun 30, 2015

Average Duration 0.48 yrs.

Commodity Exposure (%)8as of Jun 30, 2015

Agriculture 25.20
Cocoa 1.69
Coffee 3.41
Corn 3.73
Cotton 1.76
Kansas Wheat 0.03
Soybean Meal 0.08
Soybean Oil 3.41
Soybeans 3.50
Sugar 3.75
Wheat 3.83
Energy 24.74
Crude Oil-Brent 1.76
Crude Oil-WTI 1.80
Gas Oil 7.01
Heating Oil 0.12
Natural Gas 6.89
Unleaded Gas 7.16
Industrial Metals 23.99
Aluminum 7.08
Copper 7.10
Lead 1.74
New York Copper 0.20
Nickel 3.36
Tin 0.89
Zinc 3.60
Livestock 8.20
Feeder Cattle 0.81
Lean Hogs 3.84
Live Cattle 3.56
Precious Metals 17.88
Gold 7.15
Palladium 1.79
Platinum 1.74
Silver 7.19


About Risk 

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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & analysis

Quarterly Commentary

A Word On The Markets  as of Jun 30, 2015

The commodity markets, as measured by the Bloomberg Commodity Index Total Return (the Index)3, returned 4.66% for the second quarter of 2015. This increase in commodity prices was mixed across the commodity universe for the quarter with a number of situations creating volatility from one month to the next.

Energy prices were up broadly for the quarter, with strong returns in April followed by lackluster results the remainder of the period. Two standouts, WTI crude oil and gasoline, both posted gains over 17% on supply-driven concerns over political events in the Middle East and declining rig counts in North American oil fields.

Both industrial and precious metals fell during the quarter. Most market participants attribute the pullback in industrial metals to a continued slowing of growth in China. Gold prices were also down, as the U.S. Federal Reserve continued to signal the likelihood of higher interest rates in 2015.

Grain prices saw declines during the first two months of the quarter followed by a tremendous rally during the month of June, as heavy rains in the U.S. coupled with dry conditions elsewhere triggered concerns around global supplies.

Performance Summary 

Parametric Commodity Strategy Fund (the Fund) underperformed the Index at net asset value for the quarter.

  • The Fund primarily relies on three actions in pursuing its investment objectives: reweighting versus the Index, rebalancing and commodity curve positioning.9
  • The Fund’s reweighting decision negatively impacted relative returns during the quarter. The Fund’s underweight to crude oil and overweight to industrial metals were the dominant detractors to performance, with other positions having only incremental impact on the overall underperformance.
  • The Fund’s emphasis on rebalancing back to target weights moderately contributed to performance, due to the presence of reversion among commodities in the Index. Reversion describes the situation where recent relative outperformers become relative underperformers and vice versa. Rebalancing requires one to a sell a portion of the outperforming assets, and is beneficial during times of reversion.
  • Curve positioning also detracted from Fund performance during the quarter.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -0.16 2.29 -3.70 -23.53 -8.06 -9.98
Bloomberg Commodity Index Total Return3 1.73 4.66 -1.56 -23.71 -8.76 -3.91 -10.72
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative.

Fund Factsas of Jun 30, 2015

Institutional Class Inception 05/25/2011
Expense Ratio (Gross)4 0.99%
Expense Ratio (Net)4,5 0.70%


Contributors 

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

  • A non-Index position in cocoa was a mild contributor to performance relative to the Index. Prices rose as cocoa producer Ivory Coast experienced heavy rains disrupting their distribution channels over the quarter.
  • An overweight to gasoline also added to performance relative to the Index, as energy prices experienced robust returns for the quarter.
  • An underweight to gold also contributed to performance relative to the Index. Prices across precious metals continued to drop throughout the quarter due to weakening demand.

Detractors 

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

  • An underweight in crude oil contributed to the Fund’s underperformance relative to the Index. Despite a pullback in energy prices late in the quarter, early gains in April were strong enough to create a significant headwind for the long-term positioning of the Fund.
  • Overweights to both aluminum and silver detracted from performance relative to the Index. Prices for both industrial and precious metals continued to drop throughout the quarter due to weakening demand.
  • Finally, non Index positions were overall a moderate detractor to performance relative to the Index.

Investment Outlook And Fund Positioning 

Commentators demonstrate a wide range of opinions regarding the commodity asset class. Regardless of the near-term forecast, the secular trend of increasing demand for raw materials from emerging economies is believed by many to be a permanent feature in the global economy. While commodities may continue to demonstrate remarkable volatility, they may do so against a background of increasing prices.

How does one invest in this space with so much short-term uncertainty? We seek to manage risk through broad diversification, avoiding concentrations and by rebalancing – all key factors to consider when making investment decisions. Parametric’s commodity investment strategy relies on a rules based approach, in combination with a rebalancing discipline to avoid concentration, and is aimed to seek total return.

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.

About Risk 

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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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

No attribution information is currently available.

About Risk 

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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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
Thomas Seto

Thomas Seto

Head of Investment Management
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 1998

Tom Seto is head of investment management and a portfolio manager at Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for all portfolio management activity at Parametric, including tax-managed core, OverlayOne and institutional structured equity strategies.

Prior to joining Parametric in 1998, Tom served as the head of U.S. Equity Index Investments at Barclays Global Investors, where he was responsible for portfolio management of all U.S. equity index strategies.

Tom earned a B.S. in electrical engineering from the University of Washington in 1985 and an M.B.A. in finance from the University of Chicago Booth School of Business in 1991.

Education
  • B.S. University of Washington
  • M.B.A Booth School of Business, University of Chicago
Experience
  • Managed Fund since inception
Biography
Timothy W. Atwill, Ph.D., CFA

Timothy W. Atwill, Ph.D., CFA

Head of Investment Strategy
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 2010

Tim Atwill is head of investment strategy with Parametric Portfolio Associates, LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He leads Parametric's investment strategy team and is responsible for managing the continued evolution of Parametric’s investment strategies and communicating these strategies to external audiences.

Prior to his current role, Tim was affiliated with Russell Investments in their manager research unit, performing due diligence duties for the firm’s consulting clients, and in their trading group, implementing derivative strategies for institutional clients. Previously, he was a non-life actuary and portfolio manager at Safeco Insurance Company.

Tim earned a B.A. in mathematics from Reed College and a Ph.D. in mathematics from Dartmouth College. He is a CFA charterholder and holds the FCAS designation from the Casualty Actuarial Society.

Education
  • B.A. Reed College
  • Ph.D. Dartmouth College
Experience
  • Managed Fund since 2014

Fund Literature

Fund Literature

Report of Organizational Actions Affecting Basis of Securities

Annual Report

Commentary

Fact Sheet

Full Prospectus

Parametric Commodity Strategy Holdings

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

Timothy Atwill on Systematic Alpha Investing

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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    The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested. Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of overseas investments and the income therefrom to rise and fall.

    Information in this section may contain statements that are not historical facts, referred to as forward-looking statements. A Fund’s future results may differ significantly from those stated in forward-looking statements, 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 advisory, administrative and service contracts, and other risks.

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