Overview

Growth of $10,000

10-year period ended 06/30/2016

  • Class A at NAV

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV 0.09 1.08 3.02 2.79 4.86 9.80 6.43
Fund w/Max Sales Charge -5.69 -4.73 -2.93 -3.14 2.82 8.50 5.80
Return After Taxes on Dist w/Max Sales Charge -10.57 -1.37 5.51 3.99
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 4.26 2.13 6.76 4.70
MSCI World Small Cap Index4 0.14 3.66 8.09 7.85 8.03 10.41 6.19
Russell 2000 Value Index5 2.49 8.34 14.58 13.80 8.50 12.62 5.80
06/30/2016
Fund at NAV -2.60 -0.64 -0.73 -8.11 4.54 6.67 5.92
Fund w/Max Sales Charge -8.20 -6.38 -6.46 -13.37 2.50 5.41 5.29
Return After Taxes on Dist w/Max Sales Charge -20.02 -1.67 2.50 3.50
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.82 2.05 4.38 4.35
MSCI World Small Cap Index4 -1.90 1.61 2.29 -3.76 7.59 6.83 5.59
Russell 2000 Value Index5 0.30 4.31 6.08 -2.58 6.35 8.14 5.15
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 Aug 31, 2016

Class A Inception 03/04/2002
Investment Objective Long-term, after-tax return
Total Net Assets $23.4M
Minimum Investment $1000
Expense Ratio (Gross)6 1.76%
Expense Ratio (Net)6,7 1.40%
CUSIP 277911236

Top 10 Holdings (%)8,9as of Jun 30, 2016

Integra LifeSciences Holdings Corp
Cypress Semiconductor Corp
Diamondback Energy Inc
NVR Inc
Pinnacle Foods Inc
Multi-Color Corp
Armstrong World Industries Inc
Team Inc
Hexcel Corp
Eagle Bancorp Inc
Total 13.25

Portfolio Management

Aidan M. Farrell Managed Fund since 2015
Patrick J. O'Brien Managed Fund since 2013

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 Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2016
Fund at NAV 0.09 1.08 3.02 2.79 4.86 9.80 6.43
Fund w/Max Sales Charge -5.69 -4.73 -2.93 -3.14 2.82 8.50 5.80
Return After Taxes on Dist w/Max Sales Charge -10.57 -1.37 5.51 3.99
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 4.26 2.13 6.76 4.70
MSCI World Small Cap Index4 0.14 3.66 8.09 7.85 8.03 10.41 6.19
Russell 2000 Value Index5 2.49 8.34 14.58 13.80 8.50 12.62 5.80
Morningstar™ World Stock Category10 0.33 3.35 4.91 5.89 6.26 8.33 4.61
06/30/2016
Fund at NAV -2.60 -0.64 -0.73 -8.11 4.54 6.67 5.92
Fund w/Max Sales Charge -8.20 -6.38 -6.46 -13.37 2.50 5.41 5.29
Return After Taxes on Dist w/Max Sales Charge -20.02 -1.67 2.50 3.50
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge -1.82 2.05 4.38 4.35
MSCI World Small Cap Index4 -1.90 1.61 2.29 -3.76 7.59 6.83 5.59
Russell 2000 Value Index5 0.30 4.31 6.08 -2.58 6.35 8.14 5.15
Morningstar™ World Stock Category10 -1.08 0.78 0.40 -4.17 5.63 5.33 4.33
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 (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 13.33 3.53 -24.59 24.60 18.28 1.97 8.10 37.69 4.79 -7.06
MSCI World Small Cap Index4 17.20 0.79 -41.88 44.12 26.13 -9.06 17.55 32.38 1.90 -0.31
Russell 2000 Value Index5 23.48 -9.78 -28.92 20.58 24.50 -5.50 18.05 34.52 4.22 -7.47

Fund Facts

Expense Ratio (Gross)6 1.76%
Expense Ratio (Net)6,7 1.40%
Class A Inception 03/04/2002
Distribution Frequency Annually

Risk Measures (3 Year)11as of Aug 31, 2016

Alpha (%) -2.31
Beta 0.92
R-Squared (%) 84.90
Standard Deviation (%) 12.64
Sharpe Ratio 0.38

Morningstar™ Ratingsas of Aug 31, 2016

Time Period Rating Rating (Load Waived) Funds in
World Stock
Category
Overall *** **** 942
3 Years ** ** 942
5 Years *** **** 735
10 Years **** **** 424
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2016 Morningstar, Inc. 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 is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Sep 30, 2016 $11.42 $0.07
Sep 29, 2016 $11.35 -$0.11
Sep 28, 2016 $11.46 $0.12
Sep 27, 2016 $11.34 $0.02
Sep 26, 2016 $11.32 -$0.04
Sep 23, 2016 $11.36 -$0.07
Sep 22, 2016 $11.43 $0.12
Sep 21, 2016 $11.31 $0.15
Sep 20, 2016 $11.16 -$0.02
Sep 19, 2016 $11.18 $0.06
View All

Distribution History12

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 History12

Ex-Date Short-Term Long-Term Reinvest NAV
Nov 20, 2015 $5.31810 $11.18
Dec 11, 2014 $1.46260 $17.14
Dec 12, 2013 $2.09550 $17.28
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. 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 (%)9,13as of Jun 30, 2016

U.S. Common Stocks 56.81
Foreign Common Stocks 41.89
Cash 1.30
Total 100.00

Portfolio Statisticsas of Jun 30, 2016

Average Market Cap $3.1B
Price/Earnings Ratio 17.87
Number of Holdings 150
Price/Book Ratio 2.12

GICS Sector Breakdown (%)9as of Jun 30, 2016

Sector Fund MSCI World Small Cap Index4
Consumer Discretionary 13.32 14.06
Consumer Staples 4.98 4.97
Energy 4.68 4.29
Financials 24.91 24.72
Health Care 11.93 9.90
Industrials 18.77 17.38
Information Technology 13.10 13.17
Materials 6.28 7.55
Telecom Services 0.00 0.82
Utilities 0.73 3.14
Cash 1.30 0.00

Assets by Country (%)9as of Jun 30, 2016

United States 56.81
Japan 12.55
United Kingdom 7.04
Canada 4.81
Australia 2.88
Italy 2.62
France 1.88
Switzerland 1.80
Germany 1.33
Cash & Other Assets 1.30
Total 100.00
View All

Fund Holdings (%)9,14as of Jul 31, 2016

Holding % of Net Assets
Pinnacle Foods Inc 1.37%
First Republic Bank/CA 1.27%
Balchem Corp 1.27%
Hexcel Corp 1.27%
AMETEK Inc 1.26%
LKQ Corp 1.19%
ServiceMaster Global Holdings Inc 1.17%
Diamondback Energy Inc 1.11%
ICU Medical Inc 1.09%
Sabre Corp 1.08%
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
Biography
Patrick J. O'Brien

Patrick J. O'Brien

Vice President, Eaton Vance Management
Joined Eaton Vance 2012

Patrick O’Brien is a vice president of Eaton Vance Management and an equity portfolio manager on Eaton Vance’s global equity team. He is responsible for buy and sell decisions, portfolio construction and risk management. He joined Eaton Vance in 2015.

Patrick began his career in the investment management industry in 1978. Before joining Eaton Vance, he was an equity portfolio manager with Fox Asset Management LLC. Previously, he was manager and analyst with Brown Advisory/ABIM. He was previously affiliated with Delaware Management Company, Prudential Investments, Schneider Capital Management and Wellington Management Company.

Patrick earned a B.S. from Ohio State University and an MBA from Columbia University Graduate School of Business.

Education
  • B.S. Ohio State University
  • M.B.A. Columbia University Graduate School of Business
Experience
  • Managed Fund since 2013
Other funds managed
 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2016

Annual Report

Download - Last updated: Oct 31, 2015

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

Think Performance Think Eaton Vance

Download - Last updated: Jun 30, 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