Overview

 

Historically, income returns from real estate investments have outpaced inflation.2

  • Real Estate Income Return
  • Inflation

Not based on the return of any specific fund.

Average Annual Returns (%) as of Mar 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
4/30/2013
Fund at NAV 6.26 8.57 11.74 13.66 15.56 6.93 6.61
Fund w/Max Sales Charge 0.16 2.32 5.31 7.10 13.28 5.67 5.71
Dow Jones U.S. Select Real Estate Securities Index3 6.87 10.64 14.41 17.28 16.68 6.05 5.57
3/31/2013
Fund at NAV 2.18 5.16 5.16 9.69 16.00 6.90 5.76
Fund w/Max Sales Charge -3.70 -0.89 -0.89 3.39 13.73 5.64 4.86
Dow Jones U.S. Select Real Estate Securities Index3 2.71 7.05 7.05 13.05 16.74 5.91 4.63
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. 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 Apr 30, 2013

Class A Inception 06/09/2010
Performance Inception 04/28/2006
Investment Objective Total return
Total Net Assets of Fund $36.7M
Minimum Investment $1000
Expense Ratio (Gross)4 1.53%
Expense Ratio (Net)4,5 1.25%
CUSIP 277905311

Top 10 Holdings (%)6,7 as of Mar 31, 2013

Simon Property Group Inc
Public Storage
Equity Residential
AvalonBay Communities Inc
Boston Properties Inc
Ventas Inc
Federal Realty Investment Trust
Health Care REIT Inc
Vornado Realty Trust
Prologis Inc
Total 50.38


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. Diversification cannot assure a profit or eliminate the risk of loss.
2. 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).
3. Dow Jones U.S. Select Real Estate Securities Index is an unmanaged index of publicly traded real estate securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. 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.
4. Source: Fund prospectus.
5. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/14. Without the reimbursement, performance would have been lower.
6. Percent of total net assets.
7. Top 10 holdings exclude cash and equivalents.

Performance

Average Annual Returns (%) as of Mar 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
4/30/2013
Fund at NAV 6.26 8.57 11.74 13.66 15.56 6.93 6.61
Fund w/Max Sales Charge 0.16 2.32 5.31 7.10 13.28 5.67 5.71
Dow Jones U.S. Select Real Estate Securities Index3 6.87 10.64 14.41 17.28 16.68 6.05 5.57
3/31/2013
Fund at NAV 2.18 5.16 5.16 9.69 16.00 6.90 5.76
Fund w/Max Sales Charge -3.70 -0.89 -0.89 3.39 13.73 5.64 4.86
Dow Jones U.S. Select Real Estate Securities Index3 2.71 7.05 7.05 13.05 16.74 5.91 4.63
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. 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 (%)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Fund at NAV — — — — -17.33 -33.88 28.17 28.15 9.15 15.54
Dow Jones U.S. Select Real Estate Securities Index3 37.08 34.83 13.82 35.67 -17.66 -39.83 29.01 28.47 8.87 17.09

Fund Facts

Expense Ratio (Gross)4 1.53%
Expense Ratio (Net)4,5 1.25%
Class A Inception 06/09/2010
Performance Inception 04/28/2006
Distribution Frequency Quarterly


Risk Measures (3 Year)8 as of Apr 30, 2013

Alpha -0.10
Beta 0.94
R-Squared 99.23
Standard Deviation 16.40
Sharpe Ratio 0.94


Morningstar™ Ratings as of Apr 30, 2013

Time Period Rating Rating (Load Waived) Funds in
Real Estate
Category
Overall *** **** 224
3 Years ** *** 224
5 Years *** **** 204
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.

© 2013 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
May 23, 2013 $12.54 $-0.18
May 22, 2013 $12.72 $-0.30
May 21, 2013 $13.02 $0.08
May 20, 2013 $12.94 $0.03
May 17, 2013 $12.91 $0.08
May 16, 2013 $12.83 $-0.07
May 15, 2013 $12.90 $0.11
May 14, 2013 $12.79 $0.04
May 13, 2013 $12.75 $0.05
May 10, 2013 $12.70 $0.06

Distribution History9

Ex-Date Distribution Reinvest NAV
Mar 19, 2013 $0.05260 $11.63
Dec 19, 2012 $0.07170 $11.15
Sep 19, 2012 $0.04600 $11.52
Jun 19, 2012 $0.04370 $11.03
Mar 20, 2012 $0.04230 $10.88
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
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
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.


3. Dow Jones U.S. Select Real Estate Securities Index is an unmanaged index of publicly traded real estate securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. 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.
4. Source: Fund prospectus.
5. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/14. Without the reimbursement, performance would have been lower.
8. 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.
9. 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 (%)6 as of Mar 31, 2013

U.S. Common Stocks 98.82
Cash & Equivalents 1.18
Total 100.00

Portfolio Statistics as of Mar 31, 2013

Median Market Cap $5.2B
Price/Earnings Ratio 44.59
Number of Holdings 50
Price/Book Ratio 2.76


Sector Breakdown (%)6 as of Mar 31, 2013

Sector Fund Dow Jones U.S. Select Real Estate Securities Index3
Diversified, Specialty & Other 10.05 8.83
Health Care 9.66 15.98
Hotels, Restaurants & Leisure 7.63 5.90
Industrial 5.53 5.38
Malls & Factory Outlets 16.60 18.56
Multifamily 21.08 17.71
Office 12.02 13.13
Self Storage 7.76 6.70
Strip Centers 8.49 7.81
Cash 1.18 0.00


Fund Holdings (%)6,10 as of Mar 31, 2013

Holding % of Net Assets
Simon Property Group Inc 10.83%
Public Storage 6.60%
Equity Residential 6.00%
AvalonBay Communities Inc 5.93%
Boston Properties Inc 5.02%
Ventas Inc 3.96%
Federal Realty Investment Trust 3.14%
Health Care REIT Inc 3.14%
Vornado Realty Trust 2.99%
Prologis Inc 2.77%
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.


3. Dow Jones U.S. Select Real Estate Securities Index is an unmanaged index of publicly traded real estate securities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. 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.
6. Percent of total net assets.
10. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

Insights & Analysis

Quarterly Commentary

 

No commentary 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.


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

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.

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

Fund Literature

Fund Literature

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

Fact Sheet

Think Performance Think Eaton Vance.pdf

Summary Prospectus

Full Prospectus

XBRL

Annual Report

Semi-Annual Report

SAI

Actively Managed Equities


 

Symbol:  

NAV as of  
  0.00%

Consider for:
Portfolio Diversification
All Weather
Hedging Rising Rates
Tax Efficiency
Inflation Protection
Investment Income