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.
Fund at NAV 2.61 3.42 7.95 7.95 1.68 9.36 6.26
Fund w/Max Sales Charge -3.28 -2.56 1.72 1.72 -0.31 8.07 5.63
Return After Taxes on Dist w/Max Sales Charge 1.72 -3.53 5.20 3.94
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.98 -0.34 6.29 4.50
MSCI World Small Cap Index3 2.38 2.74 12.71 12.71 4.61 12.23 5.60
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. Max Sales Charge: 5.75%.

Fund Factsas of Dec 31, 2016

Class A Inception 03/04/2002
Investment Objective Long-term, after-tax return
Total Net Assets $22.1M
Minimum Investment $1000
Expense Ratio (Gross)4 1.76%
Expense Ratio (Net)4,5 1.40%
CUSIP 277911236

Top 10 Holdings (%)6,7as of Dec 31, 2016

First Republic Bank/CA
Balchem Corp
Multi-Color Corp
Pinnacle Foods Inc
PDC Energy Inc
Hexcel Corp
ServiceMaster Global Holdings Inc
AMETEK Inc
Kirby Corp
Melrose Industries PLC
Total 13.44

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 Dec 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 2.61 3.42 7.95 7.95 1.68 9.36 6.26
Fund w/Max Sales Charge -3.28 -2.56 1.72 1.72 -0.31 8.07 5.63
Return After Taxes on Dist w/Max Sales Charge 1.72 -3.53 5.20 3.94
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 0.98 -0.34 6.29 4.50
MSCI World Small Cap Index3 2.38 2.74 12.71 12.71 4.61 12.23 5.60
Morningstar™ World Stock Category8 1.51 -0.37 5.54 5.54 2.10 9.24 3.66
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. Max Sales Charge: 5.75%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 3.53 -24.59 24.60 18.28 1.97 8.10 37.69 4.79 -7.06 7.95
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 1.76%
Expense Ratio (Net)4,5 1.40%
Class A Inception 03/04/2002
Distribution Frequency Annually

Risk Measures (3 Year)9as of Dec 31, 2016

Alpha (%) -2.38
Beta 0.91
R-Squared (%) 85.19
Standard Deviation (%) 12.26
Sharpe Ratio 0.13

Morningstar™ Ratingsas of Dec 31, 2016

Time Period Rating Funds in
World Stock
Category
Overall **** 848
3 Years *** 848
5 Years *** 669
10 Years ***** 372
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 $12.00 $0.05
Jan 12, 2017 $11.95 -$0.04
Jan 11, 2017 $11.99 $0.02
Jan 10, 2017 $11.97 $0.04
Jan 09, 2017 $11.93 -$0.04
Jan 06, 2017 $11.97 -$0.04
Jan 05, 2017 $12.01 $0.03
Jan 04, 2017 $11.98 $0.14
Jan 03, 2017 $11.84 $0.03
Dec 30, 2016 $11.81 $0.02

Distribution History10

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 History10

Ex-Date Short-Term Long-Term Reinvest NAV
Nov 20, 2015 $5.31810 $11.18
Dec 11, 2014 $1.46260 $17.14
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 (%)7,11as of Dec 31, 2016

U.S. Common Stocks 58.22
Foreign Common Stocks 41.65
Cash 0.13
Total 100.00

Portfolio Statisticsas of Dec 31, 2016

Average Market Cap $3.7B
Price/Earnings Ratio 21.31
Number of Holdings 160
Price/Book Ratio 2.53

GICS Sector Breakdown (%)7as of Dec 31, 2016

Sector Fund MSCI World Small Cap Index3
Consumer Discretionary 11.60 13.79
Consumer Staples 4.93 4.61
Energy 5.68 4.68
Financials 14.71 14.82
Health Care 10.49 8.78
Industrials 19.71 17.74
Information Technology 12.92 13.24
Materials 6.22 7.90
Real Estate 11.93 10.89
Telecom Services 0.00 0.75
Utilities 1.67 2.82
Cash 0.13 0.00

Assets by Country (%)7as of Dec 31, 2016

United States 58.22
Japan 11.61
United Kingdom 5.87
Canada 5.44
Australia 2.65
Italy 2.41
Switzerland 2.08
Ireland 1.42
Netherlands 1.40
Sweden 1.33
Total 100.00
View All

Fund Holdings (%)7,12as of Nov 30, 2016

Holding % of Net Assets
First Republic Bank/CA 1.54%
Balchem Corp 1.54%
Hexcel Corp 1.46%
PDC Energy Inc 1.34%
ServiceMaster Global Holdings Inc 1.29%
Multi-Color Corp 1.23%
AMETEK Inc 1.22%
Pinnacle Foods Inc 1.21%
LKQ Corp 1.20%
Diamondback Energy Inc 1.16%
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
Joined Eaton Vance 2015

Aidan Farrell is a vice president of Eaton Vance Management (International) Limited and global small-cap portfolio manager. 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.

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

Experience
  • Managed Fund since 2015


Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2016

Annual Report

Download - Last updated: Oct 31, 2016

Full Prospectus

Download - Last updated: Mar 1, 2016

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

Download

SAI

Download - Last updated: Mar 1, 2016

Semi-Annual Report

Download - Last updated: Apr 30, 2016

Summary Prospectus

Download - Last updated: Sep 30, 2016

XBRL

Download - Last updated: Mar 22, 2016