Overview

Growth of $10,000

10-year period ended 03/31/2017

  • Class A at NAV

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2017
Fund at NAV 2.01 6.36 8.54 17.51 4.01 10.07 6.63
Return After Taxes on Dist 17.51 0.70 7.19 4.95
Return After Taxes on Dist & Sales of Fund Shares 9.91 2.77 7.74 5.24
MSCI World Small Cap Index3 2.01 4.95 7.36 17.44 6.72 11.15 5.48
03/31/2017
Fund at NAV 1.73 6.40 6.40 15.30 2.66 9.59 6.70
Return After Taxes on Dist 15.30 -0.60 6.73 5.02
Return After Taxes on Dist & Sales of Fund Shares 8.66 1.78 7.39 5.32
MSCI World Small Cap Index3 0.74 5.24 5.24 17.83 5.42 10.55 5.61
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. 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. Prior to 8/7/15, Fund was called Eaton Vance Tax-Managed Small-Cap Value Fund and employed a different investment strategy. Please see prospectus for more details. 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 Apr 30, 2017

Class I Inception 10/01/2009
Performance Inception 03/04/2002
Investment Objective Long-term, after-tax return
Total Net Assets $23.1M
Minimum Investment $250000
Expense Ratio (Gross)4 1.93%
Expense Ratio (Net)4,5 1.15%
CUSIP 277923512

Top 10 Holdings (%)6,7as of Mar 31, 2017

First Republic Bank/CA
Pinnacle Foods Inc
Balchem Corp
Hexcel Corp
Multi-Color Corp
IWG PLC
ServiceMaster Global Holdings Inc
Bright Horizons Family Solutions Inc
Melrose Industries PLC
UDG Healthcare PLC
Total 12.19

Portfolio Management

Aidan M. Farrell Managed Fund since 2015

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 performance is sensitive to stock market volatility. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. 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 Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
04/30/2017
Fund at NAV 2.01 6.36 8.54 17.51 4.01 10.07 6.63
Return After Taxes on Dist 17.51 0.70 7.19 4.95
Return After Taxes on Dist & Sales of Fund Shares 9.91 2.77 7.74 5.24
MSCI World Small Cap Index3 2.01 4.95 7.36 17.44 6.72 11.15 5.48
Morningstar™ World Small/Mid Stock Category8 2.62 6.75 10.06 18.14 5.01 9.87 4.59
03/31/2017
Fund at NAV 1.73 6.40 6.40 15.30 2.66 9.59 6.70
Return After Taxes on Dist 15.30 -0.60 6.73 5.02
Return After Taxes on Dist & Sales of Fund Shares 8.66 1.78 7.39 5.32
MSCI World Small Cap Index3 0.74 5.24 5.24 17.83 5.42 10.55 5.61
Morningstar™ World Stock Category9 1.69 7.34 7.34 13.68 4.12 8.27 4.11
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. 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. Prior to 8/7/15, Fund was called Eaton Vance Tax-Managed Small-Cap Value Fund and employed a different investment strategy. Please see prospectus for more details. 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 3.53 -24.59 24.69 18.57 2.23 8.32 38.04 5.01 -6.76 8.27
MSCI World Small Cap Index3 0.79 -41.88 44.12 26.13 -9.06 17.55 32.38 1.90 -0.31 12.71

Fund Facts

Expense Ratio (Gross)4 1.93%
Expense Ratio (Net)4,5 1.15%
Class I Inception 10/01/2009
Performance Inception 03/04/2002
Distribution Frequency Annually

Risk Measures (3 Year)10as of Apr 30, 2017

Alpha (%) -1.97
Beta 0.91
R-Squared (%) 85.79
Standard Deviation (%) 11.87
Sharpe Ratio 0.32

Morningstar™ Ratingsas of Apr 30, 2017

Time Period Rating Funds in
World Small/Mid Stock
Category
Overall *** 127
3 Years *** 127
5 Years *** 109
10 Years ***** 56
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
May 26, 2017 $13.45 -$0.03
May 25, 2017 $13.48 $0.01
May 24, 2017 $13.47 $0.03
May 23, 2017 $13.44 $0.02
May 22, 2017 $13.42 $0.08
May 19, 2017 $13.34 $0.12
May 18, 2017 $13.22 $0.02
May 17, 2017 $13.20 -$0.19
May 16, 2017 $13.39 $0.03
May 15, 2017 $13.36 $0.10

Distribution History11

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 History11

Ex-Date Short-Term Long-Term Reinvest NAV
Nov 20, 2015 $5.31810 $11.49
Dec 11, 2014 $1.46260 $17.42
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. 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 performance is sensitive to stock market volatility. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. 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 (%)7,12as of Mar 31, 2017

U.S. Common Stocks 56.89
Foreign Common Stocks 41.98
Cash 1.12
Total 100.00

Portfolio Statisticsas of Mar 31, 2017

Average Market Cap $4.0B
Price/Earnings Ratio 20.77
Number of Holdings 163
Price/Book Ratio 2.46

GICS Sector Breakdown (%)7as of Mar 31, 2017

Sector Fund MSCI World Small Cap Index3
Consumer Discretionary 10.92 13.69
Consumer Staples 5.44 4.62
Energy 4.17 4.12
Financials 14.50 14.30
Health Care 10.61 9.43
Industrials 19.70 17.79
Information Technology 13.98 13.59
Materials 6.09 8.14
Real Estate 11.31 10.72
Telecom Services 0.41 0.73
Utilities 1.75 2.87
Cash 1.12

Assets by Country (%)7as of Mar 31, 2017

United States 56.89
Japan 11.73
United Kingdom 6.78
Canada 4.22
Australia 2.50
Switzerland 2.33
Italy 2.09
Germany 2.01
France 1.57
Ireland 1.45
Total 100.00
View All

Fund Holdings (%)7,13as of Mar 31, 2017

Holding % of Net Assets
First Republic Bank/CA 1.62%
Pinnacle Foods Inc 1.36%
Balchem Corp 1.27%
Hexcel Corp 1.24%
Multi-Color Corp 1.18%
IWG PLC 1.13%
EV Cash Reserves Fund LLC 1.12%
ServiceMaster Global Holdings Inc 1.11%
Bright Horizons Family Solutions Inc 1.10%
Melrose Industries PLC 1.10%
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 performance is sensitive to stock market volatility. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. 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. 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 performance is sensitive to stock market volatility. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. 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. 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 performance is sensitive to stock market volatility. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. 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
Aidan M. Farrell

Aidan M. Farrell

Vice President, Eaton Vance Management (International) Limited
Joined Eaton Vance 2015

Aidan Farrell is a vice president of Eaton Vance Management (International) Limited and director of global small-cap equity. He is responsible for managing global and international small-cap equity portfolios, leading a team of analysts and working alongside the director of global equity to expand the global equity business. He joined Eaton Vance in 2015.

Aidan began his career in the financial services industry in 1996. Before joining Eaton Vance, he was managing director and a lead portfolio manager for Goldman Sachs Asset Management (GSAM). Prior to June 2008, he served as the director of European equities for Investment Insight (formerly the asset management arm of Halifax Bank of Scotland).

Aidan earned a B.A. in economics from the University College Dublin and a postgraduate diploma in business studies from the University College Dublin Michael Smurfit Graduate Business School. Aidan is an associate of the CFA Society of the UK.

Education
  • B.A. University College Dublin
  • Pg.Dip. University College Dublin

Experience
  • Managed Fund since 2015


Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2017

Annual Report

Download - Last updated: Oct 31, 2016

Full Prospectus

Download - Last updated: Mar 1, 2017

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

Download

SAI

Download - Last updated: Mar 1, 2017

Semi-Annual Report

Download - Last updated: Apr 30, 2016

Summary Prospectus

Download - Last updated: Mar 1, 2017

XBRL

Download - Last updated: Mar 21, 2017