Overview

Emerging markets have become a larger percentage of the world's GDP.1

The International Monetary Fund expects emerging markets to account for a higher percentage of GDP in the coming years.

  • Emerging Markets
  • Advanced Economies

Not based on the return of any specific fund.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
05/31/2015
Fund at NAV -3.26 -0.15 2.61 -6.63 5.99 4.83 9.64
Fund w/Redemption Fee -5.19 -2.14 0.56 -8.46 5.32 4.44 9.46
Return After Taxes on Dist w/Redemption Fee -8.83 5.03 4.23 9.24
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee -4.33 4.30 3.68 8.05
MSCI Emerging Markets Index2 -4.00 1.91 5.69 -0.01 5.96 4.08 8.76
03/31/2015
Fund at NAV -3.02 -0.35 -0.35 -5.15 0.88 2.43 9.33
Fund w/Redemption Fee -4.96 -2.34 -2.34 -7.01 0.24 2.05 9.15
Return After Taxes on Dist w/Redemption Fee -7.38 -0.03 1.84 8.93
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee -3.48 0.38 1.81 7.79
MSCI Emerging Markets Index2 -1.42 2.24 2.24 0.44 0.31 1.75 8.47
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. Performance less than one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund's performance prior to February 6, 2004 is that of its predecessor, PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. Institutional shares for this fund are subject to a 2% redemption fee when exchanged or redeemed.

Fund Factsas of May 31, 2015

Institutional Class Inception 06/30/1998
Investment Objective Long-term, after-tax return
Total Net Assets $3.8B
Minimum Investment $50000
Expense Ratio3 0.95%
CUSIP 277907606

Top 10 Holdings (%)4,5as of May 31, 2015

America Movil SA
China Mobile Ltd.
MTN Group Ltd.
Samsung Electronic
Tencent Holdings Ltd.
Gazprom
Taiwan Semiconductor Man.
Sberbank
Lukoil OAO
Grupo Televisa SAB
Total 8.58


Portfolio Management

Thomas Seto Managed Fund since 2007
Timothy W. Atwill, Ph.D., CFA Managed Fund since 2014

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
05/31/2015
Fund at NAV -3.26 -0.15 2.61 -6.63 5.99 4.83 9.64
Fund w/Redemption Fee -5.19 -2.14 0.56 -8.46 5.32 4.44 9.46
Return After Taxes on Dist w/Redemption Fee -8.83 5.03 4.23 9.24
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee -4.33 4.30 3.68 8.05
MSCI Emerging Markets Index2 -4.00 1.91 5.69 -0.01 5.96 4.08 8.76
Morningstar™ Diversified Emerging Mkts Category6 -2.73 1.33 4.21 -2.14 5.89 3.87 7.84
03/31/2015
Fund at NAV -3.02 -0.35 -0.35 -5.15 0.88 2.43 9.33
Fund w/Redemption Fee -4.96 -2.34 -2.34 -7.01 0.24 2.05 9.15
Return After Taxes on Dist w/Redemption Fee -7.38 -0.03 1.84 8.93
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee -3.48 0.38 1.81 7.79
MSCI Emerging Markets Index2 -1.42 2.24 2.24 0.44 0.31 1.75 8.47
Morningstar™ Diversified Emerging Mkts Category6 -1.67 1.13 1.13 -1.18 0.63 1.45 7.59
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. Performance less than one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund's performance prior to February 6, 2004 is that of its predecessor, PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. Institutional shares for this fund are subject to a 2% redemption fee when exchanged or redeemed.

Calendar Year Returns (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV 33.83 37.99 40.18 -51.01 68.20 23.34 -18.05 20.04 2.21 -3.61
MSCI Emerging Markets Index2 34.00 32.17 39.39 -53.33 78.51 18.88 -18.42 18.22 -2.60 -2.19

Fund Facts

Expense Ratio3 0.95%
Institutional Class Inception 06/30/1998
Distribution Frequency Annually


Risk Measures (3 Year)7as of May 31, 2015

Alpha (%) 0.67
Beta 0.89
R-Squared (%) 90.89
Standard Deviation (%) 11.62
Sharpe Ratio 0.51


Morningstar™ Ratingsas of May 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Diversified Emerging Mkts
Category
Overall **** 550
3 Years *** 550
5 Years **** 350
10 Years **** 163
Based on Risk-Adjusted Returns.

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

© 2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Jun 26, 2015 $46.64 $-0.10
Jun 25, 2015 $46.74 $-0.11
Jun 24, 2015 $46.85 $-0.16
Jun 23, 2015 $47.01 $0.07
Jun 22, 2015 $46.94 $0.52
Jun 19, 2015 $46.42 $-0.34
Jun 18, 2015 $46.76 $0.35
Jun 17, 2015 $46.41 $0.12
Jun 16, 2015 $46.29 $0.08
Jun 15, 2015 $46.21 $-0.30

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 29, 2014 $0.98090 $46.22
Dec 26, 2013 $0.85430 $48.30
Dec 27, 2012 $0.94120 $48.19
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 History8

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 (%)5as of May 31, 2015

Foreign Common Stocks 99.48
Cash & Other Assets 0.52
Total 100.00

Portfolio Statisticsas of May 31, 2015

Median Market Cap $2.4B
Price/Earnings Ratio 15.02
Price/Book Ratio 1.67
Number of Holdings 1643
Countries Represented 50


GICS Sector Breakdown (%)5as of May 31, 2015

Sector Fund MSCI Emerging Markets Index2
Consumer Discretionary 8.78 9.06
Consumer Staples 9.26 7.99
Energy 9.87 8.41
Financials 24.29 29.26
Health Care 3.78 2.27
Industrials 9.64 6.92
Information Technology 8.25 18.46
Materials 9.93 7.10
Telecom Services 10.22 7.18
Utilities 5.46 3.33
Cash 0.52 0.00

Assets by Country (%)5as of May 31, 2015

China 10.45
Russia 6.76
Korea 6.54
Taiwan 6.43
South Africa 5.98
India 5.98
Mexico 5.94
Brazil 5.43
Chile 3.16
Indonesia 2.98
View All


Geographic Mix (%)5as of May 31, 2015

Asia/Pacific 43.86
Latin America 18.50
Eastern Europe 17.52
Africa 9.39
Middle East 9.33
Europe except U.K. 1.40


Fund Holdings (%)5,9as of Apr 30, 2015

Holding % of Net Assets
China Mobile Ltd 1.10%
MTN Group Ltd 1.08%
America Movil SAB de CV 1.08%
Samsung Electronics Co Ltd 0.98%
Gazprom OAO 0.87%
Tencent Holdings Ltd 0.83%
Taiwan Semiconductor Manufacturing Co Ltd 0.75%
Sberbank of Russia 0.72%
Lukoil OAO 0.68%
Naspers Ltd 0.62%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & analysis

Quarterly Commentary

A Word On The Markets  as of Mar 31, 2015

Emerging-market equities rose in the first quarter of 2015, with the MSCI Emerging Markets Index2 up 2.24% for the three-month period. However, the Index return disguised a dispersion of country-level results, with roughly an equal number of countries within the Index posting gains as those realizing losses.

Notable gains were seen in several larger emerging-market countries (e.g. China, Russia and South Africa). China’s equity markets continued its recent growth trend, despite the economy growing at its slowest rate in 20 years. Russia also saw strong returns, as its market bounced back from a sharp drop in 2014. Notable losers included Brazil, which saw continued declines due to stalled economic growth, record budget deficits and continued fallout from a corruption scandal at Petrobras, Brazil’s state-run petroleum company.

In general, frontier-market countries strongly underperformed emerging-market countries during the quarter. This was broad-based, with several countries dropping more than 15% for the period.

Performance Summary 

Parametric Tax-Managed Emerging Markets Fund (the Fund) underperformed its benchmark, the MSCI Emerging Markets Index (the Index),2 for the quarter ended March 31, 2015, returning -0.35% for Institutional Class shares at net asset value versus the Index’s 2.24% return.

  • The Fund’s emphasis on diversification10 via a system of target country weights and systematic rebalancing back to these target weights drove most of the underperformance relative to the Index. The diversification targets consistently have the Fund underweight large countries and overweight smaller countries.
  • During the quarter, many countries with larger Index representations (e.g., China and South Africa) outperformed the Index, while many with smaller Index representations underperformed. Combined, these two sources of relative return accounted for a material part of the Fund’s underperformance. In addition, frontier-market countries included in the Fund, but not in the Index, detracted further from relative performance.
  • In addition, the continued momentum of country returns during the quarter meant that the Fund’s rebalancing process also detracted from relative performance, in that the Fund systematically sold out of countries that continued to experience positive relative returns.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -3.02 -0.35 -0.35 -5.15 0.88 2.43 9.33
Fund w/Redemption Fee -4.96 -2.34 -2.34 -7.01 0.24 2.05 9.15
Return After Taxes on Dist w/Redemption Fee -7.38 -0.03 1.84 8.93
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee -3.48 0.38 1.81 7.79
MSCI Emerging Markets Index2 -1.42 2.24 2.24 0.44 0.31 1.75 8.47
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. Performance less than one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund's performance prior to February 6, 2004 is that of its predecessor, PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. Institutional shares for this fund are subject to a 2% redemption fee when exchanged or redeemed.

Fund Factsas of Mar 31, 2015

Institutional Class Inception 06/30/1998
Expense Ratio3 0.95%


Contributors 

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

  • An underweight in Brazil contributed to the Fund’s performance versus the Index. Brazilian securities fell on continued signs of weakness in the nation’s commodity-based economy, paired with a widening political scandal involving Petrobras, the state-controlled oil company.
  • An overweight in Russia also lifted the Fund’s performance relative to the Index, as this market rebounded strongly in the first quarter due to a perceived improvement in the Ukraine situation and stabilization in the price of crude oil.
  • An overweight in Argentina further aided the Fund’s relative performance, as this market continued its meteoric rise, despite recent fallout from the country’s debt default.

Detractors 

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

  • An underweight in China detracted from the Fund’s performance versus the Index, as the Chinese market rose during the quarter on continued predictions of economic stimulus from the central government, as well as an increasing use of margin accounts by domestic investors.
  • An overweight in Mexico also detracted from the Fund’s performance relative to the Index, as this market fell on news of slowing economic growth, primarily due to the impact of falling crude oil prices on the nation’s energy sector.
  • An underweight in South Africa also detracted from the Fund’s performance relative to the Index.

Investment Outlook And Fund Positioning 

Commentators have expressed a wide range of opinions regarding the emerging-market asset class. Regardless of the near term forecast, many observers believe that persistent demographic and economic trends give emerging-market economies a long-term advantage. While emerging-market equities may continue to demonstrate heightened volatility, they may do so against a backdrop of generally rising prices.

How does one invest in this space with so much short-term uncertainty? We believe that managing risk by broadly diversifying, avoiding concentrations and portfolio rebalancing are all key aspects that help address thoughtful investment decisions. Parametric’s emerging market investment strategy relies on a rules based approach, in combination with a systematic rebalancing discipline, to reduce concentrations, while emphasizing broad diversification in seeking its objective of long-term after-tax returns.

Top 10 Holdings (%)4,5as of Mar 31, 2015

America Movil SA 1.12
China Mobile Limited 1.07
Samsung Electronic 1.04
MTN Group Ltd. 0.96
Tencent Holdings Ltd. 0.81
Taiwan Semiconductor Man. 0.76
Gazprom 0.75
Lukoil OAO 0.65
Naspers Ltd. N-Shares 0.64
Sberbank 0.63
Total 8.46


The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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

Country Attributionas of Mar 31, 2015

Fund MSCI Emerging Markets Index2 Attribution
Country Average Weight Total Return Contrib. to Return Average Weight Total Return Contrib. to Return Allocation Effect Selection Effect Total Effect
3 Month Attribution
Brazil 5.47 -16.27 -0.97 8.10 -14.64 -1.25 0.44 -0.11 0.34
Argentina 0.81 21.14 0.16 0.00 0.00 0.00 0.14 0.00 0.14
Russia 5.83 14.02 0.76 3.53 18.61 0.59 0.33 -0.20 0.13
Hungary 1.09 12.11 0.13 0.18 14.01 0.03 0.10 -0.02 0.08
Malaysia 2.80 0.20 0.00 3.51 -1.60 -0.07 0.03 0.05 0.08
Thailand 3.14 3.29 0.10 2.45 2.37 0.06 0.01 0.03 0.04
Philippines 2.56 7.93 0.18 1.35 9.90 0.12 0.09 -0.05 0.04
Kenya 0.82 5.88 0.05 0.00 0.00 0.00 0.03 0.00 0.03
India 6.48 6.02 0.37 7.54 5.40 0.37 -0.01 0.04 0.03
Ukraine 0.16 8.86 0.01 0.00 0.00 0.00 0.01 0.00 0.01
Estonia 0.25 4.68 0.01 0.00 0.00 0.00 0.01 0.00 0.01
Qatar 1.50 -0.58 -0.01 0.84 -3.27 -0.03 -0.04 0.04 0.00
Lebanon 0.17 4.04 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Latvia 0.00 -11.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lithuania 0.09 -2.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Saudi Arabia 0.70 1.37 0.01 0.00 0.00 0.00 -0.01 0.00 -0.01
Panama 0.32 -1.88 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01
Bulgaria 0.06 -15.76 -0.01 0.00 0.00 0.00 -0.01 0.00 -0.01
Botswana 0.37 -2.16 -0.01 0.00 0.00 0.00 -0.02 0.00 -0.02
Oman 0.74 -0.68 0.00 0.00 0.00 0.00 -0.02 0.00 -0.02
Poland 2.80 -1.54 -0.05 1.50 -3.00 -0.05 -0.07 0.04 -0.03
Chile 3.04 -0.11 0.00 1.39 -0.10 -0.01 -0.03 0.00 -0.03
Ghana 0.20 -15.26 -0.03 0.00 0.00 0.00 -0.04 0.00 -0.04
Czech Republic 1.19 -1.85 -0.02 0.20 -3.12 -0.01 -0.05 0.01 -0.04
Korea 6.31 6.20 0.37 14.84 4.28 0.61 -0.16 0.12 -0.04
U.A.E. 1.40 -4.34 -0.06 0.63 -5.31 -0.04 -0.06 0.01 -0.04
Morocco 0.79 -4.29 -0.03 0.00 0.00 0.00 -0.05 0.00 -0.05
Jordan 0.78 -4.52 -0.04 0.00 0.00 0.00 -0.06 0.00 -0.06
Vietnam 0.81 -4.45 -0.04 0.00 0.00 0.00 -0.06 0.00 -0.06
Bangladesh 0.80 -5.29 -0.04 0.00 0.00 0.00 -0.06 0.00 -0.06
Pakistan 0.77 -6.88 -0.05 0.00 0.00 0.00 -0.07 0.00 -0.07
Greece 1.45 -11.96 -0.18 0.39 -29.34 -0.14 -0.34 0.27 -0.07
Bahrain 0.52 -9.62 -0.06 0.00 0.00 0.00 -0.07 0.00 -0.07
Romania 0.75 -7.56 -0.06 0.00 0.00 0.00 -0.08 0.00 -0.08
Sri Lanka 0.65 -8.70 -0.07 0.00 0.00 0.00 -0.08 0.00 -0.08
Croatia 0.65 -10.58 -0.07 0.00 0.00 0.00 -0.09 0.00 -0.09
Slovenia 0.70 -10.19 -0.08 0.00 0.00 0.00 -0.09 0.00 -0.09
Indonesia 3.23 -0.62 -0.03 2.72 2.36 0.06 0.00 -0.10 -0.10
Kuwait 1.46 -4.49 -0.07 0.00 0.00 0.00 -0.10 0.00 -0.10
Kazakhstan 0.72 -12.75 -0.09 0.00 0.00 0.00 -0.11 0.00 -0.11
Nigeria 0.73 -12.04 -0.09 0.00 0.00 0.00 -0.11 0.00 -0.11
Taiwan 6.23 3.60 0.21 12.72 3.95 0.47 -0.10 -0.02 -0.12
Egypt 1.75 -5.19 -0.08 0.25 1.36 0.00 -0.01 -0.12 -0.13
Mauritius 0.70 -15.46 -0.12 0.00 0.00 0.00 -0.14 0.00 -0.14
Colombia 1.45 -18.98 -0.28 0.70 -19.12 -0.15 -0.15 0.00 -0.15
Turkey 2.87 -14.31 -0.40 1.68 -15.80 -0.27 -0.21 0.04 -0.17
Peru 1.45 -11.21 -0.17 0.43 -5.99 -0.03 -0.09 -0.08 -0.17
Mexico 5.67 -4.67 -0.27 4.76 -1.95 -0.08 -0.04 -0.16 -0.19
South Africa 6.45 -2.60 -0.15 7.99 3.22 0.26 -0.01 -0.37 -0.38
China 9.66 6.54 0.63 22.29 8.12 1.81 -0.73 -0.15 -0.88
Cash 0.70 -1.55 -0.01 0.00 0.00 0.00 -0.02 0.00 -0.02
Total 100.00 -0.66 -0.66 100.00 2.24 2.24 -2.17 -0.73 -2.90
1 Year Attribution
Brazil 5.78 -29.28 -1.89 10.03 -28.63 -2.87 1.01 -0.07 0.94
Korea 6.11 -1.61 -0.02 15.09 -5.24 -0.69 0.49 0.21 0.70
Argentina 0.82 38.08 0.28 0.00 0.00 0.00 0.27 0.00 0.27
Thailand 3.44 14.49 0.38 2.34 11.03 0.19 0.12 0.11 0.22
Qatar 1.54 7.90 0.09 0.56 -18.88 -0.15 0.05 0.15 0.20
India 6.62 24.31 1.34 7.06 20.70 1.20 -0.01 0.19 0.18
Philippines 1.89 26.62 0.41 1.15 25.52 0.25 0.17 0.00 0.17
Turkey 3.25 -0.01 0.11 1.69 -4.61 -0.04 0.03 0.12 0.15
Kenya 0.79 15.52 0.10 0.00 0.00 0.00 0.10 0.00 0.10
Malaysia 2.89 -12.19 -0.35 3.75 -11.73 -0.46 0.10 -0.01 0.09
U.A.E. 1.48 -11.05 -0.13 0.49 -30.76 -0.24 0.02 0.06 0.07
Pakistan 0.81 5.84 0.05 0.00 0.00 0.00 0.05 0.00 0.05
Bangladesh 0.77 5.05 0.01 0.00 0.00 0.00 0.02 0.00 0.02
Botswana 0.37 5.27 0.01 0.00 0.00 0.00 0.01 0.00 0.01
Spain 0.00 0.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Latvia 0.00 -40.45 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lebanon 0.17 -1.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Sri Lanka 0.38 12.11 -0.02 0.00 0.00 0.00 -0.01 0.00 -0.01
Lithuania 0.10 -15.27 -0.01 0.00 0.00 0.00 -0.01 0.00 -0.01
Estonia 0.26 -13.35 -0.03 0.00 0.00 0.00 -0.04 0.00 -0.04
Romania 0.72 -5.40 -0.04 0.00 0.00 0.00 -0.04 0.00 -0.04
Oman 0.73 -6.36 -0.05 0.00 0.00 0.00 -0.05 0.00 -0.05
Egypt 1.75 0.89 -0.03 0.23 20.05 0.03 0.24 -0.29 -0.05
Ghana 0.21 -24.17 -0.06 0.00 0.00 0.00 -0.06 0.00 -0.06
Bulgaria 0.09 -56.94 -0.07 0.00 0.00 0.00 -0.07 0.00 -0.07
Morocco 0.79 -8.39 -0.07 0.00 0.00 0.00 -0.08 0.00 -0.08
Saudi Arabia 0.77 -10.53 -0.08 0.00 0.00 0.00 -0.08 0.00 -0.08
Panama 0.29 -28.31 -0.08 0.00 0.00 0.00 -0.08 0.00 -0.08
Hungary 1.21 -8.61 -0.09 0.21 -9.38 -0.02 -0.09 0.01 -0.08
Kazakhstan 0.76 -12.67 -0.09 0.00 0.00 0.00 -0.09 0.00 -0.09
Vietnam 0.78 -12.64 -0.11 0.00 0.00 0.00 -0.10 0.00 -0.10
Jordan 0.77 -12.53 -0.09 0.00 0.00 0.00 -0.10 0.00 -0.10
Ukraine 0.14 -49.79 -0.13 0.00 0.00 0.00 -0.12 0.00 -0.12
Slovenia 0.69 -14.41 -0.13 0.00 0.00 0.00 -0.12 0.00 -0.12
Chile 2.97 -10.15 -0.26 1.46 -10.93 -0.15 -0.14 0.02 -0.12
Indonesia 3.20 1.59 0.05 2.65 6.93 0.17 0.03 -0.16 -0.13
Croatia 0.53 -20.21 -0.15 0.00 0.00 0.00 -0.13 0.00 -0.13
Mexico 5.87 -8.08 -0.44 5.08 -6.45 -0.30 -0.04 -0.10 -0.14
Czech Republic 1.33 -12.33 -0.17 0.22 -13.88 -0.04 -0.17 0.02 -0.16
Mauritius 0.71 -20.06 -0.16 0.00 0.00 0.00 -0.16 0.00 -0.16
Bahrain 0.43 -31.89 -0.17 0.00 0.00 0.00 -0.16 0.00 -0.16
Peru 1.45 -10.97 -0.17 0.44 -0.45 0.00 -0.01 -0.16 -0.17
Colombia 1.56 -35.00 -0.54 0.93 -38.31 -0.37 -0.26 0.07 -0.19
Nigeria 0.70 -28.14 -0.21 0.00 0.00 0.00 -0.21 0.00 -0.21
Kuwait 1.51 -15.77 -0.25 0.00 0.00 0.00 -0.26 0.00 -0.26
Poland 3.02 -18.47 -0.60 1.63 -19.56 -0.37 -0.30 0.03 -0.27
Russia 5.84 -28.26 -1.47 4.44 -25.51 -1.18 -0.15 -0.22 -0.37
Greece 1.45 -49.73 -0.90 0.58 -64.08 -0.54 -0.80 0.41 -0.39
South Africa 6.39 -3.69 -0.12 7.73 3.71 0.41 -0.05 -0.48 -0.53
Taiwan 5.99 8.68 0.47 12.22 12.44 1.37 -0.64 -0.19 -0.83
China 9.00 21.53 1.64 20.04 24.00 4.24 -2.25 -0.22 -2.47
Cash 0.90 -2.97 -0.02 0.00 0.00 0.00 -0.02 0.00 -0.02
Total 100.00 -4.28 -4.28 100.00 0.44 0.44 -4.22 -0.50 -4.72


Additional Notes 

Source: Factset.

Attribution analysis shows the contribution of indicated factor exposures to a portfolio's relative total return versus a designated benchmark. Results are based on each day's ending holdings, and linked to generate attribution over longer periods. Portfolio returns do not reflect applicable expenses and trading costs, or variations in transaction prices from end of day values.

Allocation Effect 

Measures portfolio's excess return due to over or under-weighting a sector.

Selection Effect 

Measures portfolio's excess return from selecting individual stocks within each sector.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk 

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 2007
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

Annual Report

Attribution

Commentary

Fact Sheet

Full Prospectus

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

Timothy Atwill on Systematic Alpha Investing

SAI

EXCLUSIVE CONTENT

Parametric Emerging and Tax-Managed Emerging Markets

Semi-Annual Report

Summary Prospectus

XBRL


 

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