Overview

Growth of $10,000

10-year period ended 12/31/2016

  • Class A at NAV

Historical Returns (%)as of Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
01/31/2017
Fund at NAV 0.14 11.97 0.14 27.69 8.06 12.17 8.39
Russell 2000® Index1 0.39 14.72 0.39 33.53 7.88 12.98 6.92
12/31/2016
Fund at NAV 2.80 10.26 19.70 19.70 6.64 13.00 8.78
Russell 2000® Index1 2.80 8.83 21.31 21.31 6.74 14.44 7.06
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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Fund Factsas of Jan 31, 2017

Class I Inception 09/02/2008
Performance Inception 01/02/1997
Investment Objective Long-term capital appreciation
Total Net Assets $78.0M
Minimum Investment $250000
Expense Ratio2 1.18%
CUSIP 277905444

Top 10 Holdings (%)3,4as of Dec 31, 2016

Balchem Corp
ServiceMaster Global Holdings Inc
Kirby Corp
Pinnacle Foods Inc
West Pharmaceutical Services Inc
Euronet Worldwide Inc
Blackbaud Inc
Hexcel Corp
Bank of the Ozarks Inc
Essent Group Ltd
Total 23.35

Portfolio Management

J. Griffith Noble, CFA Managed Fund since 2015
Michael D. McLean, CFA Managed Fund since 2015

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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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. 10 Yrs.
01/31/2017
Fund at NAV 0.14 11.97 0.14 27.69 8.06 12.17 8.39
Russell 2000® Index1 0.39 14.72 0.39 33.53 7.88 12.98 6.92
Morningstar™ Small Growth Category5 2.14 11.27 2.14 25.71 5.05 11.38 7.09
12/31/2016
Fund at NAV 2.80 10.26 19.70 19.70 6.64 13.00 8.78
Russell 2000® Index1 2.80 8.83 21.31 21.31 6.74 14.44 7.06
Morningstar™ Small Growth Category5 0.80 3.34 11.20 11.20 3.55 12.33 7.08
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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 20.09 -36.57 39.88 25.15 -5.58 12.08 35.63 3.99 -2.57 19.70
Russell 2000® Index1 -1.57 -33.79 27.17 26.85 -4.18 16.35 38.82 4.89 -4.41 21.31

Fund Facts

Expense Ratio2 1.18%
Class I Inception 09/02/2008
Performance Inception 01/02/1997
Distribution Frequency Annually

Risk Measures (3 Year)6as of Jan 31, 2017

Alpha (%) 1.57
Beta 0.80
R-Squared (%) 90.79
Standard Deviation (%) 13.34
Sharpe Ratio 0.59

Morningstar™ Ratingsas of Jan 31, 2017

Time Period Rating Funds in
Small Growth
Category
Overall **** 599
3 Years **** 599
5 Years **** 531
10 Years **** 387
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) 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. Star ratings do not reflect the effect of any applicable sales load.

©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.

NAV History

Date NAV NAV Change
Feb 24, 2017 $14.28 $0.01
Feb 23, 2017 $14.27 $0.00
Feb 22, 2017 $14.27 -$0.05
Feb 21, 2017 $14.32 $0.10
Feb 17, 2017 $14.22 $0.05
Feb 16, 2017 $14.17 -$0.05
Feb 15, 2017 $14.22 $0.06
Feb 14, 2017 $14.16 -$0.02
Feb 13, 2017 $14.18
Feb 10, 2017 $14.14 $0.07

Distribution History7

Ex-Date Distribution Reinvest NAV
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 13, 2016 $1.35670 $13.98
Jun 15, 2016 $0.41140 $13.17
Dec 15, 2015 $1.48440 $13.15
May 21, 2015 $0.08960 $1.26270 $16.17
Dec 16, 2014 $0.46290 $2.79710 $15.52
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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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 (%)4,8as of Dec 31, 2016

U.S. Common Stocks 97.50
Cash 2.50
Total 100.00

Portfolio Statisticsas of Dec 31, 2016

Average Market Cap $3.2B
Price/Earnings Ratio 23.58
Number of Holdings 69
Price/Book Ratio 3.01

GICS Sector Breakdown (%)4as of Dec 31, 2016

Sector Fund Russell 2000® Index1
Consumer Discretionary 10.27 12.55
Consumer Staples 3.60 2.97
Energy 4.74 3.76
Financials 19.92 19.88
Health Care 14.49 12.15
Industrials 16.89 14.61
Information Technology 17.10 16.99
Materials 4.41 4.88
Real Estate 6.08 7.93
Telecom Services 0.00 0.75
Utilities 0.00 3.54
Cash 2.50 0.00

Fund Holdings (%)4,9as of Sep 30, 2016

Holding % of Net Assets
Balchem Corp 3.16%
Pinnacle Foods Inc 3.00%
ICU Medical Inc 2.99%
Euronet Worldwide Inc 2.60%
RBC Bearings Inc 2.55%
Kirby Corp 2.51%
First American Financial Corp 2.43%
Hexcel Corp 2.35%
Essent Group Ltd 2.31%
ServiceMaster Global Holdings Inc 2.30%
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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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

Sector Attributionas of Dec 31, 2016

Fund Russell 2000 Index Attribution
Sectors Average Weight Total Return Contrib. to Return Average Weight Total Return Contrib. to Return Allocation Effect Selection Effect Total Effect
3 Month Attribution
Consumer Discretionary 9.96 12.05 1.29 12.68 7.89 1.02 0.02 0.40 0.42
Consumer Staples 3.14 7.26 0.25 3.01 6.39 0.18 0.09 0.09 0.18
Energy 5.47 -2.74 -0.16 3.46 18.03 0.59 0.20 -1.06 -0.86
Financials 20.50 16.83 3.38 18.71 23.40 4.21 0.27 -1.22 -0.95
Health Care 14.86 9.12 1.37 13.02 -5.98 -0.93 -0.23 2.30 2.07
Industrials 18.48 15.45 3.14 14.46 12.52 1.88 0.25 0.49 0.74
Information Technology 15.05 5.05 0.66 17.47 5.06 0.82 0.12 0.03 0.14
Materials 4.57 17.73 0.76 4.85 11.45 0.60 -0.01 0.26 0.24
Real Estate 6.31 -1.46 -0.16 7.90 3.88 0.22 0.03 -0.36 -0.32
Telecommunication Services 0.00 0.00 0.00 0.74 9.12 0.06 0.00 0.00 0.00
Utilities 0.00 0.00 0.00 3.70 5.28 0.18 0.15 0.00 0.15
Cash 1.65 0.10 0.00 0.00 0.00 0.00 -0.11 0.00 -0.11
Total 100.00 10.54 10.54 100.00 8.84 8.84 0.77 0.93 1.70
1 Year Attribution
Consumer Discretionary 11.74 7.68 1.28 13.26 12.40 1.88 0.22 -0.75 -0.52
Consumer Staples 4.94 23.67 1.41 3.31 22.29 0.79 0.33 0.30 0.63
Energy 5.79 52.19 3.07 2.92 28.23 0.79 0.35 1.16 1.52
Financials 17.98 19.52 3.37 17.61 34.69 5.87 0.41 -2.59 -2.18
Health Care 13.89 17.58 2.36 13.88 -7.28 -2.13 -0.07 4.07 4.00
Industrials 16.83 20.13 4.04 13.53 32.06 4.59 0.40 -1.82 -1.42
Information Technology 16.27 28.75 4.03 17.75 23.65 4.07 -0.12 0.93 0.82
Materials 4.38 22.61 0.97 4.33 47.86 2.07 -0.09 -0.82 -0.90
Real Estate 6.04 5.73 0.46 8.62 22.47 2.08 -0.40 -1.04 -1.44
Telecommunication Services 0.00 0.00 0.00 0.78 20.53 0.19 -0.02 0.00 -0.02
Utilities 0.00 0.00 0.00 4.00 23.92 1.09 -0.14 0.00 -0.14
Cash 2.13 0.31 0.01 0.00 0.00 0.00 -0.66 0.00 -0.66
Total 100.00 20.99 20.99 100.00 21.29 21.29 0.24 -0.54 -0.30

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 performance is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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

J. Griffith Noble, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2012

J. Griffith Noble is a vice president of Eaton Vance Management, co-director of U.S. small-cap equity and a portfolio manager on Eaton Vance's small-/midcap team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's small- and midcap equity portfolios, as well as coverage of the energy and industrials sectors. He joined Eaton Vance in 2012.

Griff began his career in the investment management industry in 1996. Before joining Eaton Vance, he was an equity analyst with BlackRock, Inc. He was previously affiliated with Byram Capital Management, Emerson Investment Management, Deutsche Asset Management and Putnam Investments.

Griff earned a B.S. from the University of Vermont and an MBA from Babson College. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.S. University of Vermont
  • M.B.A. Babson College

Experience
  • Managed Fund since 2015

Biography
Michael D. McLean, CFA

Michael D. McLean, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2001

Michael McLean is a vice president of Eaton Vance Management, co-director of U.S. small-cap equity and a portfolio manager and equity analyst on Eaton Vance's small-/midcap team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's small- and midcap equity portfolios, as well as coverage of the consumer discretionary and consumer staples sectors. He began his career in the investment management industry with Eaton Vance in 2001.

Mike earned a B.S. from Providence College. He is a CFA charterholder.

Education
  • B.S. Providence College

Experience
  • Managed Fund since 2015


Literature

Literature

Fact Sheet

Download - Last updated: Dec 31, 2016

Attribution

Download - Last updated: Dec 31, 2016

Annual Report

Download - Last updated: Dec 31, 2015

Full Prospectus

Download - Last updated: May 1, 2016

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

Download

SAI

Download - Last updated: May 1, 2016

Performance Always Matters

Download - Last updated: Dec 31, 2016

Semi-Annual Report

Download - Last updated: Jun 30, 2016

Summary Prospectus

Download - Last updated: Nov 1, 2016

XBRL

Download - Last updated: May 12, 2016