Parametric Launches Defensive Equity Fund

SEATTLE, Feb. 16, 2017

The Fund's investment objective is total return.  The Fund invests in a base portfolio generally comprising an approximately equal mix of U.S. equity securities and cash and cash equivalents.  The Fund sells call options on the S&P 500 Index (or a substitute) on substantially the full value of the Fund's equity securities, and put options on the S&P 500 Index (or a substitute) on substantially the full value of the Fund's cash position.   By applying a systematic, rules-based options strategy, the Fund seeks to take advantage of the tendency for volatility priced into options to be higher, on average, than the volatility actually experienced on the securities underlying the option.  Actual, or realized, volatility may be higher or lower than anticipated. The Fund also intends to engage in a systematic program of tax-loss harvesting within its equity portfolio.

"We are excited to offer a strategy intended to meet the growing demand for strategies that seek to provide reduced volatility relative to a long equity portfolio," said Brian Langstraat, Chief Executive Officer, Parametric.

Parametric focuses on the delivery of engineered portfolio solutions, including rules-based alpha-seeking equity, alternative and options strategies, as well as implementation services including custom core equity, futures overlay and centralized portfolio management. As of December 31, 2016, Parametric managed approximately $178.6 billion in total assets on behalf of institutions, high-net-worth individuals and fund investors in the U.S. and internationally. Parametric's principal investment centers are in Seattle, Minneapolis, and Westport, Connecticut. For more information about Parametric, visit parametricportfolio.com.

Eaton Vance (NYSE: EV) is a leading global asset manager whose history dates to 1924. With offices in North America, Europe, Asia and Australia, Eaton Vance and its affiliates managed $354.3 billion in assets as of December 31, 2016, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit eatonvance.com.

About Risk: The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options.  This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund.  Fund performance is sensitive to stock market volatility.  Calls and puts written by the Fund are based on the S&P 500 Index or a substitute therefor. If the S&P 500 Index appreciates or depreciates sufficiently over the period to offset the net premiums received, the Fund will incur a net loss. Exchange-traded funds (ETFs) are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Derivatives instruments can be used to take both long and short positions, may be highly volatile, may result in economic leverage (which can increase both the risk and return potential of the Fund) and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk.  The Fund may engage in other investment practices that may involve additional risks, and you should review the Fund prospectus for a complete description. No Fund is a complete investment program, and you may lose money investing in the Fund.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of the Fund. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing.