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 -3.28 5.63 8.78 21.15 15.98 12.49 6.96
Fund w/Max Sales Charge -8.84 -0.47 2.54 14.21 13.71 11.17 6.33
Dow Jones U.S. Select Real Estate Securities Index2 -3.38 7.36 11.72 24.12 16.24 13.28 6.11
06/30/2016
Fund at NAV 5.63 3.34 8.78 21.53 13.51 11.69 7.63
Fund w/Max Sales Charge -0.47 -2.62 2.54 14.55 11.30 10.38 7.00
Dow Jones U.S. Select Real Estate Securities Index2 6.47 5.42 10.79 22.72 13.50 12.16 6.75
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. 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. Max Sales Charge: 5.75%.

Fund Factsas of Aug 31, 2016

Class A Inception 06/09/2010
Performance Inception 04/28/2006
Investment Objective Total return
Total Net Assets $52.9M
Minimum Investment $1000
Expense Ratio (Gross)3 1.55%
Expense Ratio (Net)3,4 1.25%
CUSIP 277905311

Top 10 Holdings (%)5,6as of Jun 30, 2016

Simon Property Group Inc
Public Storage
Equity Residential
AvalonBay Communities Inc
Boston Properties Inc
Essex Property Trust Inc
Federal Realty Investment Trust
General Growth Properties Inc
Welltower Inc
Camden Property Trust
Total 51.64

Portfolio Management

J. Scott Craig Managed Fund since inception

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. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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. 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 -3.28 5.63 8.78 21.15 15.98 12.49 6.96
Fund w/Max Sales Charge -8.84 -0.47 2.54 14.21 13.71 11.17 6.33
Dow Jones U.S. Select Real Estate Securities Index2 -3.38 7.36 11.72 24.12 16.24 13.28 6.11
Morningstar™ Real Estate Category7 -2.98 6.77 11.43 21.50 14.72 12.41 5.85
06/30/2016
Fund at NAV 5.63 3.34 8.78 21.53 13.51 11.69 7.63
Fund w/Max Sales Charge -0.47 -2.62 2.54 14.55 11.30 10.38 7.00
Dow Jones U.S. Select Real Estate Securities Index2 6.47 5.42 10.79 22.72 13.50 12.16 6.75
Morningstar™ Real Estate Category7 5.86 5.51 10.46 19.50 12.11 11.17 6.42
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. 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. Max Sales Charge: 5.75%.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV -17.33 -33.88 28.17 28.15 9.15 15.54 0.41 31.19 6.40
Dow Jones U.S. Select Real Estate Securities Index2 35.67 -17.66 -39.83 29.01 28.47 8.87 17.09 1.31 31.85 4.46

Fund Facts

Expense Ratio (Gross)3 1.55%
Expense Ratio (Net)3,4 1.25%
Class A Inception 06/09/2010
Performance Inception 04/28/2006
Distribution Frequency Quarterly

Risk Measures (3 Year)8as of Aug 31, 2016

Alpha (%) 0.67
Beta 0.94
R-Squared (%) 99.12
Standard Deviation (%) 14.22
Sharpe Ratio 1.12

Morningstar™ Ratingsas of Aug 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Real Estate
Category
Overall ** *** 244
3 Years ** **** 244
5 Years ** *** 214
10 Years **** **** 154
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 23, 2016 $14.64 $0.02
Sep 22, 2016 $14.62 $0.25
Sep 21, 2016 $14.37 $0.16
Sep 20, 2016 $14.21 -$0.11
Sep 19, 2016 $14.32 $0.11
Sep 16, 2016 $14.21 $0.01
Sep 15, 2016 $14.20 $0.06
Sep 14, 2016 $14.14 $0.06
Sep 13, 2016 $14.08 -$0.34
Sep 12, 2016 $14.42 $0.18
View All

Distribution History9

Ex-Date Distribution Reinvest NAV
Sep 20, 2016 $0.11900 $14.21
Jun 21, 2016 $0.06680 $14.21
Mar 21, 2016 $0.15150 $14.00
Dec 15, 2015 $0.04210 $13.48
Sep 21, 2015 $0.06600 $13.27
Jun 19, 2015 $0.06450 $13.32
Mar 19, 2015 $0.05460 $14.75
Dec 16, 2014 $0.08860 $13.63
Sep 19, 2014 $0.05780 $12.65
Jun 19, 2014 $0.06020 $12.89
View All
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 History9

Ex-Date Short-Term Long-Term Reinvest NAV
Jun 21, 2016 $0.00210 $0.02770 $14.21
Dec 15, 2015 $0.38780 $13.48
May 21, 2015 $0.47680 $13.61
Dec 16, 2014 $0.16490 $13.63
Sep 19, 2014 $0.04940 $12.65
Dec 19, 2013 $0.02490 $11.01
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.

About Risk 

Fund performance is sensitive to stock market volatility. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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. 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 (%)6,10as of Jun 30, 2016

U.S. Common Stocks 98.09
Cash 1.91
Total 100.00

Portfolio Statisticsas of Jun 30, 2016

Average Market Cap $22.5B
Number of Holdings 51

Sector Breakdown (%)6as of Jun 30, 2016

Sector Fund Dow Jones U.S. Select Real Estate Securities Index2
Diversified, Specialty & Other 8.84 9.74
Health Care 7.53 12.36
Hotels, Restaurants & Leisure 6.80 5.32
Industrial 6.55 5.57
Malls & Factory Outlets 16.69 16.51
Multifamily 22.24 19.56
Office 9.36 12.02
Self Storage 9.64 9.08
Strip Centers 10.46 9.84
Cash 1.91 0.00

Fund Holdings (%)6,11as of Jul 31, 2016

Holding % of Net Assets
Simon Property Group Inc 11.25%
Public Storage 6.88%
Equity Residential 6.61%
AvalonBay Communities Inc 5.15%
Boston Properties Inc 4.60%
Essex Property Trust Inc 3.76%
Federal Realty Investment Trust 3.47%
General Growth Properties Inc 3.13%
Welltower Inc 2.95%
Camden Property Trust 2.78%
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. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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. 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.

About Risk 

Fund performance is sensitive to stock market volatility. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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. 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. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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. 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. Scott Craig

J. Scott Craig

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Scott Craig is a vice president of Eaton Vance Management, portfolio manager of the firm’s real estate equity strategies and equity analyst on Eaton Vance’s value team. As a portfolio manager, he is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s real estate equity portfolios. As an equity analyst, he is responsible for coverage of the real estate industry. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 2005.

Scott began his career in the investment management industry in 1990. Before joining Eaton Vance, he was a director of real estate equities with Northwestern Mutual Life Insurance Company. He was also affiliated with Charles E. Smith Residential Realty, Inc.

Scott earned a B.B.A. from the College of William and Mary and an MBA from the Kellogg School of Business at Northwestern University.

Education
  • B.B.A College of William and Mary
  • M.B.A Kellogg School of Business, Northwestern University
Experience
  • Managed Fund since inception
 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2016

Annual Report

Download - Last updated: Dec 31, 2015

Full Prospectus

Download - Last updated: May 1, 2016

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

Download

SAI

Download - Last updated: May 1, 2016

Think Performance Think Eaton Vance

Download - Last updated: Jun 30, 2016

Semi-Annual Report

Download - Last updated: Jun 30, 2016

Summary Prospectus

Download - Last updated: May 1, 2016

XBRL

Download - Last updated: May 12, 2016