Real Estate Fund (A)

Overview


Historically, income returns from real estate investments have outpaced inflation.¹ Real Estate Income Return Inflation Not based on the return of any specific fund.

Average Annual Returns (%) as of Dec 31, 2011
1/31/2012	as of Jan 31, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	Life of Fund
Fund at NAV	6.40	6.33	12.30	32.11	-0.86	4.52
Fund w/Max Sales Charge	0.28	0.19	5.80	29.50	-2.03	3.45
Dow Jones U.S. Select Real Estate Securities Index²	6.98	6.50	12.04	32.91	-2.68	2.64
12/31/2011	as of Dec 31, 2011
Fund at NAV	14.49	9.15	9.15	21.48	-0.40	3.46
Fund w/Max Sales Charge	7.95	2.84	2.84	19.10	-1.58	2.39
Dow Jones U.S. Select Real Estate Securities Index²	15.33	8.87	8.87	21.74	-2.22	1.55
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 one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class that invests in the same Portfolio. 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 Facts as of Jan 31, 2012
Class A Inception	06/09/2010
Performance Inception	04/28/2006
Investment Objective	Total return
Total Net Assets of Fund	$17.3M
Minimum Investment	$1000
Expense Ratio (Gross)³	5.94%
Expense Ratio (Net)^3,4	1.40%
CUSIP	277905311

Top 10 Holdings (%)^5,6 as of Dec 31, 2011
Simon Property Group Inc.
AvalonBay Communities Inc.
Equity Residential
Boston Properties Inc.
Public Storage
Vornado Realty Trust
Prologis Inc.
Ventas Inc.
Federal Realty Investment Trust
Mid-America Apartment Communities
Total	54.62

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 share values are 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 non-diversified 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.

1. Source: Zephyr, Lipper. Real estate income return is represented by DJ U.S. Select Real Estate Securities Index (excludes capital appreciation) and inflation is represented by Consumer Price Index (CPI).
2. Dow Jones U.S. Select Real Estate Securities Index is an unmanaged index of publicly traded real estate securities. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
3. Source: Fund prospectus.
4. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/12. Without the reimbursement, performance would have been lower.
5. Percent of total net assets.
6. Top 10 holdings exclude cash and equivalents.

Performance

Average Annual Returns (%) as of Dec 31, 2011
1/31/2012	as of Jan 31, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	Life of Fund
Fund at NAV	6.40	6.33	12.30	32.11	-0.86	4.52
Fund w/Max Sales Charge	0.28	0.19	5.80	29.50	-2.03	3.45
Dow Jones U.S. Select Real Estate Securities Index²	6.98	6.50	12.04	32.91	-2.68	2.64
12/31/2011	as of Dec 31, 2011
Fund at NAV	14.49	9.15	9.15	21.48	-0.40	3.46
Fund w/Max Sales Charge	7.95	2.84	2.84	19.10	-1.58	2.39
Dow Jones U.S. Select Real Estate Securities Index²	15.33	8.87	8.87	21.74	-2.22	1.55
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 one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class that invests in the same Portfolio. 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 (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	—	—	—	—	—	-17.33	-33.88	28.17	28.15	9.15
Dow Jones U.S. Select Real Estate Securities Index²	2.66	37.08	34.83	13.82	35.67	-17.66	-39.83	29.01	28.47	8.87

Fund Facts
Expense Ratio (Gross)³	5.94%
Expense Ratio (Net)^3,4	1.40%
Class A Inception	06/09/2010
Performance Inception	04/28/2006
Distribution Frequency	Quarterly

Risk Measures (3 Year)⁷ as of Jan 31, 2012
Alpha	1.00
Beta	0.93
R-Squared	99.41
Standard Deviation	29.12
Sharpe Ratio	1.10

Morningstar™ Ratings as of Jan 31, 2012
Time Period	Rating	Rating (Load Waived)	Funds in Real Estate Category
Overall			212
3 Years			212
5 Years			195
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. © 2011 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
Feb 17, 2012	$10.68	$0.00
Feb 16, 2012	$10.68	$0.11
Feb 15, 2012	$10.57	$-0.04
Feb 14, 2012	$10.61	$-0.13
Feb 13, 2012	$10.74	$0.11
Feb 10, 2012	$10.63	$-0.09
Feb 09, 2012	$10.72	$-0.08
Feb 08, 2012	$10.80	$0.00
Feb 07, 2012	$10.80	$-0.01

Distribution History⁸
Ex-Date	Distribution	Reinvest NAV
Dec 28, 2011	$0.04660	$9.92
Sep 20, 2011	$0.03910	$9.46
Jun 21, 2011	$0.03830	$10.12
Mar 21, 2011	$0.04140	$9.67
Dec 29, 2010	$0.04150	$9.30
Sep 21, 2010	$0.03780	$8.97
Jun 21, 2010	$0.06400	$8.40
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
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 www.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 share values are 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 non-diversified 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.

2. Dow Jones U.S. Select Real Estate Securities Index is an unmanaged index of publicly traded real estate securities. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
3. Source: Fund prospectus.
4. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/12. Without the reimbursement, performance would have been lower.
7. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R—Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
8. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)⁵ as of Dec 31, 2011
U.S. Common Stocks	96.62
Cash & Equivalents	1.95
Foreign Common Stocks and ADR's	1.43
Total	100.00

Portfolio Statistics as of Dec 31, 2011
Median Market Cap:	$4.6B
Price/Earnings Ratio:	17.14
Number of Holdings:	49
Price/Book Ratio:	2.42

Sector Breakdown (%)⁵ as of Dec 31, 2011
Sector	Fund	Dow Jones U.S. Select Real Estate Securities Index²
Diversified Specialty	6.06	5.71
Health Care	8.18	13.86
Hotel	5.61	5.75
Industrial	5.56	5.00
Multifamily	21.27	19.57
Office	18.43	18.55
Real Estate Services	1.51	0.00
Regional Mall	14.58	16.63
Shopping Center	10.20	7.98
Storage	6.65	6.94
Cash	1.95	—

Fund Holdings (%)^5,9 as of Dec 31, 2011
Holding	% of Net Assets
Simon Property Group Inc	11.5031%
AvalonBay Communities Inc	6.6996%
Equity Residential	6.2682%
Boston Properties Inc	6.2194%
Public Storage	5.1715%
Vornado Realty Trust	4.4744%
ProLogis Inc	4.2789%
Ventas Inc	4.0114%
Federal Realty Investment Trust	3.5039%
EV CASH RESERVES FUND	2.6767%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

Fund share values are 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 non-diversified 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.

2. Dow Jones U.S. Select Real Estate Securities Index is an unmanaged index of publicly traded real estate securities. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
5. Percent of total net assets.
9. Includes unaudited securities holdings (which exclude any derivatives positions.) Portfolio characteristic information (such as sector weightings, top ten holdings, etc.) presented for the Fund or Portfolio (if applicable) may differ slightly from the information listed if presented as of trade date. Due to rounding, holdings of less than 0.00005% may show as 0.0000%. Portfolio profile subject to change due to active management.

Insights & Analysis

Quarterly Commentary

No commentary information is available.

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.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

Fund share values are 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 non-diversified 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 available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

Fund share values are 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 non-diversified 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

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Scott Craig is a vice president of Eaton Vance Management, portfolio manager on Eaton Vance's real estate investment team and an equity analyst covering the real estate, lodging and gaming industries.

Scott's experience in the investment management industry dates to 1990. Before joining Eaton Vance in 2005, Scott was a director of real estate equities with Northwestern Mutual Life Insurance Company. He has additional real estate experience with Charles E. Smith Residential Realty, Inc.

Scott earned a B.B.A. in accounting from the College of William and Mary and an M.B.A. in finance and marketing from the Kellogg School of Business at Northwestern University.