Overview

Emerging markets have become a larger percentage of the world's GDP.2

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

  • Emerging Markets
  • Advanced Economies

Not based on the return of any specific fund.

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 1.69 -2.56 14.36 14.36 -3.01 -2.77
MSCI Emerging Markets Index3 0.22 -4.16 11.19 11.19 -2.55 1.27 -2.40
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

Institutional Class Inception 09/25/2013
Investment Objective Long-term capital appreciation
Total Net Assets $9.6M
Minimum Investment $50000
Expense Ratio (Gross)4 3.04%
Expense Ratio (Net)4,5 0.90%
CUSIP 27826A862

Top 10 Holdings (%)6,7as of Sep 30, 2016

Samsung Electronic
Naspers Ltd.
Taiwan Semiconductor Man.
China Mobile Limited
Sberbank
Tencent Holdings Ltd.
Gazprom
America Movil SA
Magnit
Reliance Industries
Total 10.63

Portfolio Management

Thomas Seto Managed Fund since inception
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 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. 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 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 1.69 -2.56 14.36 14.36 -3.01 -2.77
MSCI Emerging Markets Index3 0.22 -4.16 11.19 11.19 -2.55 1.27 -2.40
Morningstar™ Diversified Emerging Mkts Category8 0.01 -5.30 8.47 8.47 -3.18 1.61
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 -4.02 -16.89 14.36
MSCI Emerging Markets Index3 39.39 -53.33 78.51 18.88 -18.42 18.22 -2.60 -2.19 -14.92 11.19

Fund Facts

Expense Ratio (Gross)4 3.04%
Expense Ratio (Net)4,5 0.90%
Institutional Class Inception 09/25/2013
Distribution Frequency Annually

Morningstar™ Ratingsas of Dec 31, 2016

Time Period Rating Funds in
Diversified Emerging Mkts
Category
Overall *** 606
3 Years *** 606
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 $8.75 $0.01
Jan 12, 2017 $8.74 $0.07
Jan 11, 2017 $8.67 $0.04
Jan 10, 2017 $8.63 $0.03
Jan 09, 2017 $8.60 -$0.03
Jan 06, 2017 $8.63 -$0.02
Jan 05, 2017 $8.65 $0.07
Jan 04, 2017 $8.58 $0.06
Jan 03, 2017 $8.52 $0.06
Dec 30, 2016 $8.46 $0.00

Distribution History9

Ex-Date Distribution Reinvest NAV
Dec 28, 2016 $0.16120 $8.36
Dec 29, 2015 $0.13340 $7.63
Dec 29, 2014 $0.18120 $9.35
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 History9

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 29, 2015 $0.00020 $0.06670 $7.63
Dec 29, 2014 $0.08880 $9.35
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. 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 (%)7as of Sep 30, 2016

Foreign Common Stocks 98.22
Cash & Other Assets 1.78
Total 100.00

Portfolio Statisticsas of Sep 30, 2016

Median Market Cap $4.1B
Price/Earnings Ratio 14.13
Price/Book Ratio 1.32
Number of Holdings 750
Countries Represented 24

GICS Sector Breakdown (%)7as of Sep 30, 2016

Sector Fund MSCI Emerging Markets Index3
Consumer Discretionary 10.45 10.61
Consumer Staples 9.43 7.88
Energy 9.99 7.30
Financials 17.18 23.74
Health Care 3.52 2.56
Industrials 8.99 5.92
Information Technology 10.25 23.94
Materials 10.97 6.40
Real Estate 2.05 2.62
Telecom Services 9.39 6.11
Utilities 6.00 2.92
Cash 1.78 0.00

Assets by Country (%)7as of Sep 30, 2016

China 11.16
Brazil 7.86
Taiwan 7.76
Korea 7.57
Russia 7.20
South Africa 7.17
India 6.84
Mexico 6.39
Indonesia 3.92
Thailand 3.52
View All

Geographic Mix (%)7as of Sep 30, 2016

Asia/Pacific 49.04
Latin America 21.25
Eastern Europe 15.70
Africa 7.17
Middle East 5.03
Europe except U.K. 1.80

Fund Holdings (%)7,10as of Nov 30, 2016

Holding % of Net Assets
Samsung Electronics Co Ltd 1.66%
Taiwan Semiconductor Manufacturing Co Ltd 1.34%
China Mobile Ltd 1.22%
Naspers Ltd 1.21%
Sberbank of Russia PJSC 1.18%
EV Cash Reserves Fund LLC 1.11%
Gazprom PJSC 1.03%
Tencent Holdings Ltd 0.95%
America Movil SAB de CV 0.86%
Magnit PJSC 0.75%
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. 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

No commentary information is currently available.

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. 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.

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. 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

Thomas Seto is head of investment management for Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for all portfolio management and trading activity at Parametric's Seattle Investment Center, including tax-managed core, CPM and institutional equity strategies. He joined Parametric in 1998.

Tom began his career in the investment management industry in 1991. Before joining Parametric, he was the head of U.S. equity index investments at Barclays Global Investors.

Tom earned a B.S. in electrical engineering from the University of Washington and an MBA from the University of Chicago's Booth School of Business.

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.

Before joining Parametric, Tim was affiliated with Russell Investments in its manager research unit, performing due diligence duties for the firm's consulting clients, and in its 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 holds the FCAS designation from the Casualty Actuarial Society and is a CFA charterholder.

Education
  • B.A. Reed College
  • Ph.D. Dartmouth College

Experience
  • Managed Fund since 2014


Literature

Literature

Fact Sheet

Download - Last updated: Dec 31, 2016

Annual Report

Download - Last updated: Aug 31, 2016

Full Prospectus

Download - Last updated: Jan 1, 2017

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

Download

SAI

Download - Last updated: Jan 1, 2017

Semi-Annual Report

Download - Last updated: Feb 29, 2016

Summary Prospectus

Download - Last updated: Jan 1, 2017

MSCI: China A-shares still not ready for prime time

Download - Last updated: Jul 1, 2016

Currency hedging in the emerging markets: All pain, no gain

Download - Last updated: Apr 30, 2016

EXCLUSIVE CONTENT

Importance of Country Allocation: Developed vs. Emerging Markets

Download - Last updated: Feb 1, 2016

XBRL

Download - Last updated: Jan 6, 2017