Overview

Growth of $10,000

10-year period ended 09/30/2017

  • Class A at NAV

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2017
Fund at NAV 1.30 4.90 11.68 24.28 9.37 13.28 7.02
Return After Taxes on Dist 22.64 8.29 12.61 6.71
Return After Taxes on Dist & Sales of Fund Shares 14.86 7.11 10.54 5.64
Russell 2000® Index1 0.85 5.78 11.89 27.85 10.12 14.48 7.63
09/30/2017
Fund at NAV 4.81 4.26 10.24 20.66 10.50 12.95 7.45
Return After Taxes on Dist 19.07 9.40 12.28 7.13
Return After Taxes on Dist & Sales of Fund Shares 12.80 8.01 10.27 6.01
Russell 2000® Index1 6.24 5.67 10.94 20.74 12.16 13.78 7.84
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. 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 Oct 31, 2017

Class I Inception 10/01/2009
Performance Inception 09/25/1997
Investment Objective Long-term, after-tax return
Total Net Assets $118.1M
Minimum Investment $250000
Expense Ratio2 0.97%
CUSIP 277923538

Top 10 Holdings (%)3,4as of Sep 30, 2017

iShares Russell 2000 ETF
RealPage Inc
Hexcel Corp
Ligand Pharmaceuticals Inc
ServiceMaster Global Holdings Inc
Dolby Laboratories Inc
Integra LifeSciences Holdings Corp
ACI Worldwide Inc
Balchem Corp
West Pharmaceutical Services Inc
Total 22.89

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. 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. 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. 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

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2017
Fund at NAV 1.30 4.90 11.68 24.28 9.37 13.28 7.02
Return After Taxes on Dist 22.64 8.29 12.61 6.71
Return After Taxes on Dist & Sales of Fund Shares 14.86 7.11 10.54 5.64
Russell 2000® Index1 0.85 5.78 11.89 27.85 10.12 14.48 7.63
Morningstar Small Growth Category5 1.69 6.31 17.92 28.98 9.84 14.02 7.35
09/30/2017
Fund at NAV 4.81 4.26 10.24 20.66 10.50 12.95 7.45
Return After Taxes on Dist 19.07 9.40 12.28 7.13
Return After Taxes on Dist & Sales of Fund Shares 12.80 8.01 10.27 6.01
Russell 2000® Index1 6.24 5.67 10.94 20.74 12.16 13.78 7.84
Morningstar Small Growth Category5 4.99 5.62 15.93 20.40 11.15 13.02 7.57
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. 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 22.42 -39.89 38.85 25.84 -5.35 12.26 36.08 3.29 -2.68 19.17
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 0.97%
Class I Inception 10/01/2009
Performance Inception 09/25/1997
Distribution Frequency Annually

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

Alpha (%) 1.40
Beta 0.78
R-Squared (%) 89.27
Standard Deviation (%) 11.58
Sharpe Ratio 0.78

Morningstar Rating™as of Oct 31, 2017

Time Period Rating Funds in
Small Growth
Category
Overall *** 598
3 Years *** 598
5 Years *** 530
10 Years *** 397
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
Nov 17, 2017 $28.08 -$0.01
Nov 16, 2017 $28.09 $0.28
Nov 15, 2017 $27.81 -$0.17
Nov 14, 2017 $27.98 $0.00
Nov 13, 2017 $27.98 $0.09
Nov 10, 2017 $27.89 $0.01
Nov 09, 2017 $27.88 -$0.10
Nov 08, 2017 $27.98 $0.09
Nov 07, 2017 $27.89 -$0.25
Nov 06, 2017 $28.14 $0.01

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 22, 2016 $1.47410 $25.10
Dec 23, 2015 $1.20540 $22.53
Dec 23, 2014 $0.45560 $24.28
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. 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. 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 (%)4,8as of Sep 30, 2017

U.S. Common Stocks 96.50
Other 2.61
Cash 0.89
Total 100.00

Portfolio Statisticsas of Sep 30, 2017

Average Market Cap $4.7B
Price/Earnings Ratio 23.62
Number of Holdings 76
Price/Book Ratio 2.92

GICS Sector Breakdown (%)4as of Sep 30, 2017

Sector Fund Russell 2000® Index1
Consumer Discretionary 9.40 11.87
Consumer Staples 4.09 2.68
Energy 2.74 3.73
Financials 21.46 18.09
Health Care 13.65 15.71
Industrials 19.59 15.03
Information Technology 16.77 16.80
Materials 3.87 4.41
Real Estate 4.39 7.24
Telecom Services 0.83
Utilities 0.53 3.61
Other 2.61
Cash 0.89

Fund Holdings (%)4,9as of Jun 30, 2017

Holding % of Net Assets
ServiceMaster Global Holdings Inc 2.47%
RealPage Inc 2.43%
Integra LifeSciences Holdings Corp 2.42%
iShares Russell 2000 ETF 2.42%
Balchem Corp 2.24%
Ligand Pharmaceuticals Inc 2.20%
Hexcel Corp 2.16%
West Pharmaceutical Services Inc 2.06%
Dolby Laboratories Inc 1.99%
ACI Worldwide Inc 1.99%
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. 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. 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

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. 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. 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 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. 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. 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
J. Griffith Noble, CFA

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: Sep 30, 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, 2017

Summary Prospectus

Download - Last updated: Mar 1, 2017

XBRL

Download - Last updated: Mar 21, 2017