Overview

 

International exposure can be critical for building a diversified portfolio.2

Non-U.S. companies have continued to become a greater presence in the world markets.

  • United States
  • World ex U.S.

Not based on the return of any specific fund.

Average Annual Returns (%) as of Mar 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
4/30/2013
Fund at NAV 3.75 4.79 8.91 16.78 4.84 -4.93 7.35
Return After Taxes on Dist w/Max Sales Charge — — — 10.07 2.87 -5.96 6.82
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge — — — 6.70 2.61 -4.07 5.85
MSCI EAFE Index3 5.21 5.07 10.61 19.39 7.44 -0.93 9.22
3/31/2013
Fund at NAV 2.14 4.98 4.98 11.34 2.69 -4.72 7.74
Return After Taxes on Dist w/Max Sales Charge — — — 4.89 0.78 -5.74 7.21
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge — — — 3.76 1.02 -3.90 6.20
MSCI EAFE Index3 0.82 5.13 5.13 11.25 4.99 -0.89 9.68
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. 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. Before-tax and after-tax returns for other classes of shares offered by the Fund are different.

Fund Facts as of Apr 30, 2013

Investor Class Inception 04/22/1998
Investment Objective Long-term, after-tax returns
Total Net Assets of Fund $44.7M
Total Net Assets of Portfolio4 $111.7M
Minimum Investment $1000
Expense Ratio (Gross)5 1.73%
Expense Ratio (Net)5,6 1.50%
CUSIP 277911731

Top 10 Holdings (%)7,8 as of Mar 31, 2013

Royal Dutch Shell PLC (CL A)
Nestle SA
SAP AG
Anheuser-Busch InBev
ENI S.p.A.
L'Oreal SA
Novo Nordisk A/S
DBS Group Holdings Ltd.
AstraZeneca PLC
Roche Holding AG
Total 14.50


Portfolio Management

David Stein, Ph.D Managed Fund since 2012
Thomas Seto Managed Fund since 2012

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. 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.


1. Prior to 3/1/13, the Fund name was Eaton Vance Tax-Managed International Equity Fund, the Investor Class was named Class A (and was sold subject to a sales charge) and the Institutional Class was named Class I.
2. Source: World Bank using most recently available data. Listed companies are the domestically incorporated companies listed on the country's stock exchange at the end of the year. Market capitalization is the total dollar market value of all of a company's outstanding shares.
3. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
4. Fund total net assets equals the sum of the net assets of each of the Fund's share classes. Portfolio total net assets includes fund total net assets plus any additional assets invested in the Portfolio.
5. Source: Fund prospectus.
6. Net expense ratio reflects a contractual expense reimbursement that continues through 2/28/14. Without the reimbursement, performance would have been lower.
7. Percent of total net assets.
8. Top 10 holdings exclude cash and equivalents.

Performance

Average Annual Returns (%) as of Mar 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
4/30/2013
Fund at NAV 3.75 4.79 8.91 16.78 4.84 -4.93 7.35
Return After Taxes on Dist w/Max Sales Charge — — — 10.07 2.87 -5.96 6.82
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge — — — 6.70 2.61 -4.07 5.85
MSCI EAFE Index3 5.21 5.07 10.61 19.39 7.44 -0.93 9.22
3/31/2013
Fund at NAV 2.14 4.98 4.98 11.34 2.69 -4.72 7.74
Return After Taxes on Dist w/Max Sales Charge — — — 4.89 0.78 -5.74 7.21
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge — — — 3.76 1.02 -3.90 6.20
MSCI EAFE Index3 0.82 5.13 5.13 11.25 4.99 -0.89 9.68
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. 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. Before-tax and after-tax returns for other classes of shares offered by the Fund are different.

Calendar Year Returns (%)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Fund at NAV 26.92 16.20 17.30 28.29 20.96 -45.98 21.62 3.68 -15.87 18.42
MSCI EAFE Index3 38.59 20.25 13.54 26.34 11.17 -43.38 31.78 7.75 -12.14 17.32

Fund Facts

Expense Ratio (Gross)5 1.73%
Expense Ratio (Net)5,6 1.50%
Investor Class Inception 04/22/1998
Distribution Frequency Annually


Risk Measures (3 Year)9 as of Apr 30, 2013

Alpha -2.53
Beta 1.04
R-Squared 95.04
Standard Deviation 20.86
Sharpe Ratio 0.23


Morningstar™ Ratings as of Apr 30, 2013

Time Period Rating Rating (Load Waived) Funds in
Foreign Large Blend
Category
Overall ** — 707
3 Years ** — 707
5 Years * — 600
10 Years ** — 321
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.

© 2013 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
May 23, 2013 $9.28 $-0.10
May 22, 2013 $9.38 $-0.07
May 21, 2013 $9.45 $0.00
May 20, 2013 $9.45 $0.04
May 17, 2013 $9.41 $0.01
May 16, 2013 $9.40 $-0.06
May 15, 2013 $9.46 $0.02
May 14, 2013 $9.44 $0.01
May 13, 2013 $9.43 $-0.02
May 10, 2013 $9.45 $0.04

Distribution History10

Ex-Date Distribution Reinvest NAV
Dec 27, 2012 $0.20590 $8.64
Dec 28, 2011 $0.11720 $7.37
Dec 29, 2010 $0.15510 $9.00
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 History10

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 www.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. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. 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.


3. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
5. Source: Fund prospectus.
6. Net expense ratio reflects a contractual expense reimbursement that continues through 2/28/14. Without the reimbursement, performance would have been lower.
9. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R—Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
10. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)7 as of Mar 31, 2013

Foreign Common Stocks 99.35
Cash & Equivalents 0.65
Total 100.00

Portfolio Statistics as of Mar 31, 2013

Median Market Cap $6.5B
Price/Earnings Ratio 14.76
Number of Holdings 341
Price/Book Ratio 1.89


GICS Sector Breakdown (%)7 as of Mar 31, 2013

Sector Fund MSCI EAFE Index3
Consumer Discretionary 11.10 10.95
Consumer Staples 12.63 12.32
Energy 8.15 7.16
Financials 16.09 24.88
Health Care 11.00 10.30
Industrials 11.75 12.59
Information Technology 6.52 4.35
Materials 9.23 8.86
Telecom Services 6.51 4.93
Utilities 6.36 3.66
Cash 0.65 0.00

Assets by Country (%)7 as of Mar 31, 2013

UK 13.31
Japan 12.23
Switzerland 7.16
France 7.07
Australia 7.05
Other Europe 6.81
Germany 6.73
Hong Kong 4.97
Singapore 4.71
Sweden 4.39
Total 100.00
View All


Fund Holdings (%)7,11 as of Mar 31, 2013

Holding % of Net Assets
Royal Dutch Shell PLC 2.11%
Nestle SA 1.95%
SAP AG 1.72%
Anheuser-Busch InBev NV 1.54%
Eni SpA 1.41%
L'Oreal SA 1.27%
Novo Nordisk A/S 1.24%
DBS Group Holdings Ltd 1.07%
AstraZeneca PLC 1.00%
Roche Holding AG 1.00%
View All

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. 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.


3. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
7. Percent of total net assets.
11. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

Insights & Analysis

Quarterly Commentary

 

No commentary information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. 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

 

No attribution information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. 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
David Stein, Ph.D

David Stein, Ph.D

Chief Investment Officer, Parametric Portfolio Associates
Joined Parametric Portfolio Associates 1996

David Stein is chief investment officer of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp., leading the firm's investment, research and technology activities. He maintains a focus on Parametric's intellectual capital, and is dedicated to advancing the art and science of investment management in the presence of taxes.

David's experience in the investment industry dates to 1987. Prior to joining Parametric in 1996, he held senior research, development and portfolio management positions at GTE Investment Management Corp., The Vanguard Group and IBM Retirement Funds. He has additional experience as a research scientist with IBM Research Laboratories, where he designed computer hardware and software systems.

David earned both a B.S. and an M.S. from the University of Witwatersrand, South Africa, and a Ph.D. in applied mathematics from Harvard University.

David holds a number of patents and is published in multiple academic journals, including Mathematics of Operations Research, The Journal of Wealth Management and the Journal of Portfolio Management, among others. He is on the After-Tax Subcommittee of the AIMR-PPS standards committee and on the advisory board of the Journal of Wealth Management.

Education
  • B.S. and M.S., University of Witwatersrand, South Africa
  • Ph.D. Harvard University
Experience
  • Managed Fund since 2012
 
Biography
Thomas Seto

Thomas Seto

Director of Portfolio Management, Parametric Portfolio Associates
Joined Parametric Portfolio Associates 1998

Tom Seto is managing director of portfolio 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 2012
 

Fund Literature

Fund Literature

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

Fact Sheet

Think Performance Think Eaton Vance.pdf

Summary Prospectus

Full Prospectus

XBRL

Annual Report

Semi-Annual Report

SAI

Actively Managed Equities

Tim Atwill on Systematic Alpha

Investing in a Rising Tax Environment


 

Symbol:  

NAV as of  
  0.00%

Consider for:
Portfolio Diversification
All Weather
Hedging Rising Rates
Tax Efficiency
Inflation Protection
Investment Income