Overview

Growth of $10,000

Since Fund inception ended 06/30/2016

  • Investor Class at NAV

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -1.82 -0.51 -0.25 -4.11 4.22 2.75 4.39
MSCI EAFE Index1 -3.36 -1.46 -4.42 -10.16 2.06 1.68 3.21
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.

Fund Factsas of Jun 30, 2016

Investor Class Inception 04/01/2010
Investment Objective Long-term capital appreciation
Total Net Assets $120.4M
Minimum Investment $1000
Expense Ratio (Gross)2 1.20%
Expense Ratio (Net)2,3 0.90%
CUSIP 277923413

Top 10 Holdings (%)4,5as of Jun 30, 2016

Nestle SA
Vodafone Group PLC
National Grid PLC
KDDI Corporation
Telstra Corporation Limited
Deutsche Telekom AG
Total SA
GlaxoSmithKline PLC
Unilever NV Cert. of SHS
Air Liquide SA
Total 8.16

Morningstar™ Ratingsas of Jun 30, 2016

Time Period Rating Rating (Load Waived) Funds in
Foreign Large Blend
Category
Overall **** 720
3 Years ***** 720
5 Years **** 631
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.

Portfolio Management

Thomas Seto Managed Fund since inception
Paul Bouchey, CFA Managed Fund since 2014

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. 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 Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -1.82 -0.51 -0.25 -4.11 4.22 2.75 4.39
MSCI EAFE Index1 -3.36 -1.46 -4.42 -10.16 2.06 1.68 3.21
Morningstar™ Foreign Large Blend Category6 -2.56 -1.08 -3.03 -9.94 1.68 1.10
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.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV -10.14 16.83 18.05 -3.98 2.00
MSCI EAFE Index1 26.34 11.17 -43.38 31.78 7.75 -12.14 17.32 22.78 -4.90 -0.81

Fund Facts

Expense Ratio (Gross)2 1.20%
Expense Ratio (Net)2,3 0.90%
Investor Class Inception 04/01/2010
Distribution Frequency Annually

Risk Measures (3 Year)7as of Jun 30, 2016

Alpha (%) 2.30
Beta 0.88
R-Squared (%) 96.31
Standard Deviation (%) 11.96
Sharpe Ratio 0.35

Morningstar™ Ratingsas of Jun 30, 2016

Time Period Rating Rating (Load Waived) Funds in
Foreign Large Blend
Category
Overall **** 720
3 Years ***** 720
5 Years **** 631
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
Jul 25, 2016 $11.45 $0.02
Jul 22, 2016 $11.43 $0.00
Jul 21, 2016 $11.43 -$0.03
Jul 20, 2016 $11.46 $0.09
Jul 19, 2016 $11.37 -$0.06
Jul 18, 2016 $11.43 $0.02
Jul 15, 2016 $11.41 -$0.08
Jul 14, 2016 $11.49 $0.09
Jul 13, 2016 $11.40 $0.00
Jul 12, 2016 $11.40 $0.11
View All

Distribution History8

Ex-Date Distribution Reinvest NAV
Jun 15, 2016 $0.00240 $11.02
Dec 29, 2015 $0.26570 $11.43
Dec 29, 2014 $0.25080 $11.45
Dec 26, 2013 $0.22970 $12.29
Aug 01, 2013 $0.00730 $11.60
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 History8

Ex-Date Short-Term Long-Term Reinvest NAV
Jun 15, 2016 $0.00950 $11.02
Dec 29, 2015 $0.00410 $11.43
Dec 29, 2014 $0.41210 $11.45
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

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 as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

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. 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 (%)5as of Jun 30, 2016

Foreign Common Stocks 99.17
Cash & Other Assets 0.83
Total 100.00

Portfolio Statisticsas of Jun 30, 2016

Median Market Cap $3.3B
Price/Earnings Ratio 16.97
Price/Book Ratio 1.64
Number of Holdings 1,068
Countries Represented 21

GICS Sector Breakdown (%)5as of Jun 30, 2016

Sector Fund MSCI EAFE Index1
Consumer Discretionary 10.89 12.11
Consumer Staples 11.48 13.33
Energy 6.21 5.21
Financials 12.19 22.34
Health Care 10.15 12.38
Industrials 11.75 13.33
Information Technology 9.17 5.35
Materials 10.00 6.88
Telecom Services 9.74 5.15
Utilities 7.58 3.93
Cash 0.83 0.00

Assets by Country (%)5as of Jun 30, 2016

United Kingdom 16.50
Japan 15.71
France 8.06
Australia 7.81
Switzerland 7.67
Germany 7.55
Spain 4.05
Italy 4.03
Netherlands 4.01
Sweden 4.01
View All

Geographic Mix (%)5as of Jun 30, 2016

Europe except U.K. 51.09
United Kingdom 16.50
Japan 15.71
Asia/Pacific 14.74
Middle East 1.95

Fund Holdings (%)5,9as of May 31, 2016

Holding % of Net Assets
EV Cash Reserves Fund 6.45%
Nestle SA 1.04%
Vodafone Group PLC 0.91%
National Grid PLC 0.84%
Deutsche Telekom AG 0.79%
KDDI Corp 0.77%
Telstra Corp Ltd 0.74%
GlaxoSmithKline PLC 0.72%
Cie Financiere Richemont SA 0.72%
TOTAL SA 0.69%
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. 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

A Word On The Markets as of Mar 31, 2016

Developed equity markets outside the U.S. fell moderately in the first quarter of 2016, down -3.01% (as measured by the MSCI EAFE Index)1. The moderate negative return disguised considerable market turbulence over the past three months. Investor concerns about a slowing global economy and collapsing commodity prices pushed global stock markets into correction territory early in the quarter. Beginning in mid-February, stocks rallied on news of increased stimulus by central banks, a dovish U.S. Federal Reserve (Fed) announcement and a commodity turnaround that buoyed stock prices through March.

Two-thirds of the countries in the Index posted negative returns for the quarter. Japanese equities were the largest detractors from Index performance, as the Bank of Japan's introduction of negative interest rates failed to have the desired effect. Natural resource-sensitive New Zealand posted the highest absolute country return, while Italy had the weakest return amid concerns surrounding its banking sector.

Performance by sector was mixed during the period. With the rebound in commodity prices during the first quarter, the energy and materials sectors posted the strongest positive returns. The weakest returns came from the financial sectors, as ongoing turmoil in the banking sector of many large Index constituents weighed negatively on stock prices. During the first quarter, MSCI EAFE small-capitalization stocks outperformed large-capitalization stocks, while growth stocks outperformed value stocks.

Performance Summary 

Parametric International Equity Fund (the Fund) outperformed its benchmark, the MSCI EAFE Index (the Index),1 for the quarter ended March 31, 2016, returning 0.27% for Investor Class shares at net asset value versus the Index's -3.01% return.

  • The Fund's emphasis on diversification10 via a system of country target weights contributed to performance relative to the Index. The diversification targets consistently have the Fund underweight large countries and overweight smaller countries.
  • Within each country, diversification among sectors is also maintained via a set of sector target weights. During the first quarter, this sector diversification strongly contributed to relative Fund performance.
  • In addition, the Fund's emphasis on diversification via a system of broad security representation with an emphasis on minimizing portfolio risk was a solid contributor to the Fund's outperformance versus the Index.

Historical Returns (%)as of Mar 31, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 6.81 0.27 0.27 -2.56 3.28 3.24 4.67
MSCI EAFE Index1 6.51 -3.01 -3.01 -8.27 2.23 2.29 3.60
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.

Fund Factsas of Mar 31, 2016

Investor Class Inception 04/01/2010
Expense Ratio (Gross)2 1.20%
Expense Ratio (Net)2,3 0.90%

Contributors 

Factors contributing to the Fund's relative performance compared to the Index during the quarter:

  • The Fund's underweight in Japan contributed to relative performance, as Japanese equities dropped amid slowing growth and worries that the Bank of Japan is running out of options. Further, the Fund's sector diversification process within Japan contributed to relative performance.
  • In addition, the sector diversification process in the United Kingdom aided the Fund's relative performance. The resulting underweight in financials left the Fund less exposed to a sector negatively impacted by the upcoming vote on a possible UK exit from the eurozone.
  • In Switzerland, the Fund's sector diversification process and the inclusion of a broad universe of shares with the objective of minimizing portfolio risk further contributed to relative performance.

Detractors 

Factors detracting from the Fund's relative performance compared to the Index during the quarter:

  • The most notable detractor from the Fund's performance relative to the Index was its overweight in Italy. Italian equities dropped during the quarter amid growing concerns over the increasing level of non-performing loans on Italian banks. Also, investors grew disappointed by the European Central Bank's stimulus program and its anticipated benefits to the Italian economy.
  • In addition, the Fund's overweight in Israel was a minor detractor from relative Fund performance.

Investment Outlook And Fund Positioning 

Markets around the world have been affected by ongoing uncertainty and concerns surrounding the combination of the economic slowdown in China, the direction of commodity prices, the pace of future Fed rate hikes, the upcoming U.S. presidential election and ongoing turmoil in many parts of the world.

How does one invest in this space with so much short-term uncertainty? We believe that managing risk by broadly diversifying, avoiding concentrations and portfolio rebalancing are all key aspects that help address thoughtful investment decisions. Parametric's developed international equity investment strategy relies on a rules-based approach, in combination with a systematic rebalancing discipline to reduce concentrations, while emphasizing broad diversification in seeking its objective of long-term capital appreciation.

Top 10 Holdings (%)4,5as of Mar 31, 2016

Nestle SA 1.04
Vodafone Group PLC 0.89
National Grid PLC 0.81
KDDI Corporation 0.79
Deutsche Telekom AG 0.76
Royal Dutch Shell PLC Class A 0.73
Air Liquide SA 0.73
Compagnie Financiere Richemont SA 0.73
Total SA 0.73
Iliad SA 0.72
Total 7.93

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission. Diversification cannot ensure a profit or eliminate the risk of loss.

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. 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

No attribution 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. 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
Thomas Seto

Thomas Seto

Head of Investment Management
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 1998

Thomas Seto is head of investment management for Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for all portfolio management and trading activity at Parametric's Seattle Investment Center, including tax-managed core, CPM and institutional equity strategies. He joined Parametric in 1998.

Tom began his career in the investment management industry in 1991. Before joining Parametric, he was the head of U.S. equity index investments at Barclays Global Investors.

Tom earned a B.S. in electrical engineering from the University of Washington and an MBA from the University of Chicago's Booth School of Business.

Education
  • B.S. University of Washington
  • M.B.A Booth School of Business, University of Chicago
Experience
  • Managed Fund since inception
Biography
Paul Bouchey, CFA

Paul Bouchey, CFA

Chief Investment Officer
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 2006

Paul Bouchey is chief investment officer of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. Paul Bouchey leads Parametric's Investment, Research and Strategy activities. He is responsible for setting the overall research agenda and new product development. He joined Parametric in 2006.

Paul began his career in the investment management industry in 1994. Before joining Parametric, Paul was a senior researcher at Russell Investment Group, where he focused on simulation, optimization and quantitative decision models for institutional and private clients.

Paul earned a B.A. in mathematics and physics from Whitman College and an M.S. in computational finance and risk management from the University of Washington. He holds a patent on cross-sectional volatility indexing and has authored more than 10 academic and practitioner articles in journals such as The Journal of Portfolio Management, The Journal of Wealth Management and The Journal of Index Investing. He is a CFA charterholder.

Education
  • B.A. Whitman College
  • M.S. University of Washington
Experience
  • Managed Fund since 2014

Literature

Literature

Fact Sheet

Commentary

Attribution

Annual Report

Full Prospectus

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

SAI

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