Asian Small Companies Fund (A)

Overview

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	10 Years
Fund at NAV	3.34	11.57	-11.78	23.32	-7.56	9.13
Fund w/Max Sales Charge	-2.62	5.16	-16.84	20.93	-8.65	8.48
MSCI All Country Asia ex Japan Small Cap Index¹	-0.77	10.03	-18.07	31.18	4.32	12.29
12/31/2011	as of Dec 31, 2011
Fund at NAV	3.31	-24.61	-24.61	16.34	-8.99	8.83
Fund w/Max Sales Charge	-2.65	-28.93	-28.93	14.06	-10.05	8.19
MSCI All Country Asia ex Japan Small Cap Index¹	-0.74	-26.89	-26.89	24.62	2.38	12.07
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. Max Sales Charge: 5.75%.

Fund Facts as of Jan 31, 2012
Class A Inception	03/01/1999
Investment Objective	Capital growth
Total Net Assets of Fund	$31.2M
Total Net Assets of Portfolio²	$73.4M
Minimum Investment	$1000
Expense Ratio (Gross)³	2.24%
Expense Ratio (Net)^3,4	2.09%
CUSIP	277902854

Top 10 Holdings (%)^5,6 as of Dec 31, 2011
Supermax Corp. Bhd.
OSIM International Ltd.
AMVIG Holdings Ltd.
Youyuan International Holdings
Mudajaya Group Bhd.
Bank Bukopin Tbk.
Aeon Co (M) Bhd.
Clipan Finance Indonesia
CDL Hospitality Trusts
Uni-President China Hldgs.
Total	31.82

Portfolio Management
Christopher Darling			Managed Fund since 2008
Ng Guan Mean, CFA, CPA			Managed Fund since 2008

Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings. 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. 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. In emerging countries, these risks may be more significant. Asian economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in the Asia region. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. 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. MSCI All Country Asia ex Japan Small Cap Index is an unmanaged index representing the small-cap segment of Asia, excluding Japan. 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. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
2. Fund total net assets equals the sum of the net assets of each of the Fund's share classes. Portfolio total net assets includes fund total net assets plus any additional assets invested in the Portfolio.
3. Source: Fund prospectus.
4. Net expense ratio reflects a contractual expense reimbursement that continues through 4/28/13. 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	10 Years
Fund at NAV	3.34	11.57	-11.78	23.32	-7.56	9.13
Fund w/Max Sales Charge	-2.62	5.16	-16.84	20.93	-8.65	8.48
MSCI All Country Asia ex Japan Small Cap Index¹	-0.77	10.03	-18.07	31.18	4.32	12.29
12/31/2011	as of Dec 31, 2011
Fund at NAV	3.31	-24.61	-24.61	16.34	-8.99	8.83
Fund w/Max Sales Charge	-2.65	-28.93	-28.93	14.06	-10.05	8.19
MSCI All Country Asia ex Japan Small Cap Index¹	-0.74	-26.89	-26.89	24.62	2.38	12.07
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. Max Sales Charge: 5.75%.

Calendar Year Returns (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	0.15	85.28	0.17	36.39	47.30	16.41	-65.94	80.73	15.56	-24.61
MSCI All Country Asia ex Japan Small Cap Index¹	-3.64	50.65	15.20	25.11	32.86	43.13	-59.38	112.94	24.32	-26.89

Fund Facts
Expense Ratio (Gross)³	2.24%
Expense Ratio (Net)^3,4	2.09%
Class A Inception	03/01/1999
Distribution Frequency	Annually

Risk Measures (3 Year)⁷ as of Jan 31, 2012
Alpha	-3.76
Beta	0.91
R-Squared	94.43
Standard Deviation	28.76
Sharpe Ratio	0.81

Morningstar™ Ratings as of Jan 31, 2012
Time Period	Rating	Rating (Load Waived)	Funds in Pacific/Asia ex-Japan Stk Category
Overall			65
3 Years			65
5 Years			41
10 Years			35
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	$14.92	$0.08
Feb 16, 2012	$14.84	$0.03
Feb 15, 2012	$14.81	$0.04
Feb 14, 2012	$14.77	$0.01
Feb 13, 2012	$14.76	$0.15
Feb 10, 2012	$14.61	$-0.26
Feb 09, 2012	$14.87	$0.01
Feb 08, 2012	$14.86	$0.23
Feb 07, 2012	$14.63	$-0.03

Distribution History⁸
Ex-Date	Distribution	Reinvest NAV
Dec 28, 2011	$0.36840	$12.69
May 12, 2011	$0.15320	$17.69
Dec 29, 2010	$0.57670	$17.51
Dec 30, 2009	$0.54110	$15.67
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.

Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings. 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. 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. In emerging countries, these risks may be more significant. Asian economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in the Asia region. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. 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. MSCI All Country Asia ex Japan Small Cap Index is an unmanaged index representing the small-cap segment of Asia, excluding Japan. 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. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
3. Source: Fund prospectus.
4. Net expense ratio reflects a contractual expense reimbursement that continues through 4/28/13. 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 (%)^5,6 as of Dec 31, 2011
Foreign Common Stocks and ADR's	94.90
Cash & Equivalents	5.10
Total	100.00

Portfolio Statistics as of Dec 31, 2011
Median Market Cap:	$0.9B
Price/Earnings Ratio:	13.03
Number of Holdings:	54
Price/Book Ratio:	2.11

GICS Sector Breakdown (%)^5,6 as of Dec 31, 2011
Sector	Fund	MSCI All Country Asia ex Japan Small Cap Index¹
Consumer Discretionary	19.42	18.88
Consumer Staples	22.27	6.71
Energy	1.62	3.03
Financials	20.09	18.43
Health Care	10.01	5.08
Industrials	7.28	15.61
Information Technology	5.58	16.97
Materials	6.44	11.64
Telecom Services	1.14	1.32
Utilities	1.05	2.33
Cash	5.10	0.00

Assets by Country (%)⁵ as of Dec 31, 2011
Singapore	19.50
China	18.04
Malaysia	17.00
Taiwan	9.37
Korea	7.83
Indonesia	6.91
Hong Kong	6.60
India	6.37
US	4.17
Thailand	2.71
Total	100.00
View All

Geographic Mix (%)^5,6 as of Dec 31, 2011
Asia/Pacific	95.83
United States	4.17

Fund Holdings (%)^5,9 as of Dec 31, 2011
Holding	% of Net Assets
Supermax Corp Bhd	4.4189%
STATE STREET EURO DLR TIME DEP CDN INCORP	4.2216%
OSIM International Ltd	3.7890%
AMVIG Holdings Ltd	3.6700%
Youyuan International Holdings Ltd	3.6076%
Mudajaya Group Bhd	3.1640%
Bank Bukopin Tbk PT	2.9467%
Aeon Co M Bhd	2.7341%
Clipan Finance Indonesia Tbk PT	2.5399%
CDL Hospitality Trusts	2.4800%
View All

Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings. 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. 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. In emerging countries, these risks may be more significant. Asian economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in the Asia region. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. 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. MSCI All Country Asia ex Japan Small Cap Index is an unmanaged index representing the small-cap segment of Asia, excluding Japan. 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. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
5. Percent of total net assets.
6. Top 10 holdings exclude cash and equivalents.
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.

Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings. 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. 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. In emerging countries, these risks may be more significant. Asian economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in the Asia region. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. 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.

Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings. 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. 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. In emerging countries, these risks may be more significant. Asian economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in the Asia region. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. 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

Christopher Darling

Director of Asian Research, Lloyd George Investment Management (Bermuda) Limited
Joined Lloyd George Management 2006

Christopher Darling of Lloyd George Management is a portfolio manager.

He joined Lloyd George Investment Management (Bermuda), an Eaton Vance investment subadviser, in 2006 as director of Asian Research. Christopher worked as a member of the Asian equities team at Capel Cure Myers in London, before joining Guardian Royal Exchange in 1991. He spent eight years at Lobard Odier from 1995, where he managed Japanese portfolios for institutional clients, as well as other Asia Pacific components. Immediately prior to joining Lloyd George Management in Hong Kong in 2006, Christopher worked in Hong Kong with the investment banking boutique, Fox-Pitt, Kelton Ltd, specializing in Asian and Japanese financials.

Christopher graduated from University College London and then earned an MSc in economic history from the London School of Economics.

Education

University College of London
MSc Economic History, London School of Economics

Experience

Managed Fund since 2008

Other funds managed

Greater India Fund

Biography

Ng Guan Mean, CFA, CPA

Head of Singapore Office, Lloyd George Investment Management (Bermuda) Limited
Joined Lloyd George Management 2007

Ng Guan Mean is a portfolio manager of Lloyd George Management.

Guan Mean joined Lloyd George Management, an Eaton Vance investment adviser, in May 2007. He worked as a portfolio manager at DBS Asset Management in Singapore from 2006 till 2007. There he was the lead manager for the Singapore Fund Inc, a NYSE-listed closed-end fund. In addition, he had portfolio management responsibilities for funds focusing on Hong Kong, China and Vietnam. Prior to that, he spent six years in the investment department of The Asia Life Assurance Society Limited (a Singapore-based life insurer rated A+ by Standard & Poor's), where his last designation was Assistant Investment Manager and where small-cap opportunities formed part of the universe under his coverage. He started his career at Ernst & Young, Singapore.

Guan Mean graduated from Nanyang Technological University in Singapore in 1998.

Lloyd George Management, founded in 1991, comprises a group of highly-qualified and experienced investment professionals. Individually and collectively, they have extensive hands-on experience in the securities markets of the Asian region, including the management of several regional mutual funds.