Overview

Growth of $10,000

10-year period ended 06/30/2017

  • Class A at NAV

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV -0.36 3.03 1.54 -2.04 7.04 8.35 6.27
Fund w/Max Sales Charge -6.07 -2.90 -4.32 -7.68 4.96 7.07 5.65
Dow Jones U.S. Select Real Estate Securities Index2 -0.79 2.57 1.48 -3.13 6.99 8.65 5.59
06/30/2017
Fund at NAV 2.28 1.23 0.81 -2.75 7.82 8.51 5.98
Fund w/Max Sales Charge -3.60 -4.60 -5.02 -8.35 5.71 7.23 5.35
Dow Jones U.S. Select Real Estate Securities Index2 2.45 1.64 1.36 -2.43 8.01 8.97 5.32
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, 2017

Class A Inception 06/09/2010
Performance Inception 04/28/2006
Investment Objective Total return
Total Net Assets $54.3M
Minimum Investment $1000
Expense Ratio (Gross)3 1.48%
Expense Ratio (Net)3,4 1.25%
CUSIP 277905311

Top 10 Holdings (%)5,6as of Jun 30, 2017

Simon Property Group Inc
Public Storage
Equity Residential
AvalonBay Communities Inc
Boston Properties Inc
GGP Inc
Essex Property Trust Inc
Prologis Inc
Mid-America Apartment Communities Inc
Welltower Inc
Total 49.08

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, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
08/31/2017
Fund at NAV -0.36 3.03 1.54 -2.04 7.04 8.35 6.27
Fund w/Max Sales Charge -6.07 -2.90 -4.32 -7.68 4.96 7.07 5.65
Dow Jones U.S. Select Real Estate Securities Index2 -0.79 2.57 1.48 -3.13 6.99 8.65 5.59
Morningstar Real Estate Category7 -0.13 3.01 4.37 0.32 6.81 8.52 5.59
06/30/2017
Fund at NAV 2.28 1.23 0.81 -2.75 7.82 8.51 5.98
Fund w/Max Sales Charge -3.60 -4.60 -5.02 -8.35 5.71 7.23 5.35
Dow Jones U.S. Select Real Estate Securities Index2 2.45 1.64 1.36 -2.43 8.01 8.97 5.32
Morningstar Real Estate Category7 1.93 1.85 2.89 -0.61 7.25 8.49 5.19
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 (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV -17.33 -33.88 28.17 28.15 9.15 15.54 0.41 31.19 6.40 4.94
Dow Jones U.S. Select Real Estate Securities Index2 -17.66 -39.83 29.01 28.47 8.87 17.09 1.31 31.85 4.46 6.65

Fund Facts

Expense Ratio (Gross)3 1.48%
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, 2017

Alpha (%) 0.34
Beta 0.95
R-Squared (%) 99.15
Standard Deviation (%) 14.53
Sharpe Ratio 0.47

Morningstar Rating™as of Aug 31, 2017

Time Period Rating Funds in
Real Estate
Category
Overall *** 230
3 Years *** 230
5 Years *** 199
10 Years **** 139
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Sep 21, 2017 $13.73 -$0.02
Sep 20, 2017 $13.75 -$0.04
Sep 19, 2017 $13.79 -$0.17
Sep 18, 2017 $13.96 -$0.07
Sep 15, 2017 $14.03 $0.02
Sep 14, 2017 $14.01 $0.15
Sep 13, 2017 $13.86 -$0.01
Sep 12, 2017 $13.87 -$0.18
Sep 11, 2017 $14.05 $0.09
Sep 08, 2017 $13.96 $0.03

Distribution History9

Ex-Date Distribution Reinvest NAV
Sep 19, 2017 $0.06950 $13.79
Jun 20, 2017 $0.07710 $13.75
Mar 21, 2017 $0.06240 $13.46
Dec 13, 2016 $0.06520 $13.60
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
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
Dec 13, 2016 $0.33320 $13.60
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
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, 2017

U.S. Common Stocks 98.07
Cash 1.93
Total 100.00

Portfolio Statisticsas of Jun 30, 2017

Average Market Cap $19.7B
Number of Holdings 48

Sector Breakdown (%)6as of Jun 30, 2017

Sector Fund Dow Jones U.S. Select Real Estate Securities Index2
Diversified, Specialty & Other 12.65 10.77
Health Care 7.06 12.53
Hotels, Restaurants & Leisure 6.44 7.59
Industrial 6.53 6.66
Malls & Factory Outlets 14.48 12.26
Multifamily 23.23 21.24
Office 10.31 13.62
Self Storage 9.49 7.53
Strip Centers 7.87 7.79
Cash 1.93 0.00

Fund Holdings (%)6,11as of Jul 31, 2017

Holding % of Net Assets
Simon Property Group Inc 9.72%
Public Storage 6.51%
Equity Residential 6.34%
AvalonBay Communities Inc 5.31%
Boston Properties Inc 4.93%
GGP Inc 3.44%
Mid-America Apartment Communities Inc 3.29%
Essex Property Trust Inc 3.29%
Prologis Inc 3.10%
Welltower Inc 2.82%
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

J. Scott Craig is a vice president of Eaton Vance Management and portfolio manager of the firm’s real estate equity strategies. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s real estate equity portfolios. 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 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, 2017

Annual Report

Download - Last updated: Dec 31, 2016

Full Prospectus

Download - Last updated: May 1, 2017

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

Download

SAI

Download - Last updated: May 1, 2017

Semi-Annual Report

Download - Last updated: Jun 30, 2017

Summary Prospectus

Download - Last updated: May 1, 2017

XBRL

Download - Last updated: May 17, 2017