Atlanta Capital Focused Growth Fund (A)

Overview


Over the past five years, the Fund has outperformed its peer group.¹ For the 5-year period ended 12/31/11. Fund Morningstar Large-Cap Growth Category Average

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	1.28	9.42	-1.07	19.82	2.34	3.18
Fund w/Max Sales Charge	-4.50	3.08	-6.76	17.50	1.14	2.55
Russell 1000 Growth Index²	5.62	5.97	6.07	22.31	3.17	4.46
12/31/2011	as of Dec 31, 2011
Fund at NAV	3.28	-5.96	-5.96	13.75	0.81	2.25
Fund w/Max Sales Charge	-2.70	-11.34	-11.34	11.53	-0.37	1.62
Russell 1000 Growth Index²	10.61	2.64	2.64	18.02	2.50	3.87
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	11/28/2003
Performance Inception	04/30/2002
Investment Objective	Long-term capital growth
Total Net Assets of Fund	$113.2M
Total Net Assets of Portfolio³	$115.8M
Minimum Investment	$1000
Expense Ratio (Gross)⁴	1.36%
Expense Ratio (Net)^4,5	1.25%
CUSIP	277902664

Top 10 Holdings (%)^6,7 as of Dec 31, 2011
Apple Inc.
Monsanto Co.
Qualcomm Inc.
Priceline.com
Cognizant Tech Solutions
Expeditors Int'l of WA
Suncor Energy Inc.
Intercontinental Exchange
Schlumberger Ltd.
National Oilwell Varco
Total	53.48

Portfolio Management
Richard England, CFA			Managed Fund since 2008
Paul Marshall, CFA			Managed Fund since inception

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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified 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. Source: Zephyr. The Morningstar Large Growth category is defined by stocks within the large-cap market capitalization, typically with high growth rates, high prices ratios, and low dividend yields.
2. Russell 1000 Growth Index is an unmanaged index of 1,000 U.S. large-cap growth stocks. 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. 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.
4. Source: Fund prospectus.
5. Net expense ratio reflects a contractual expense reimbursement that continues through 1/31/13. 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 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	1.28	9.42	-1.07	19.82	2.34	3.18
Fund w/Max Sales Charge	-4.50	3.08	-6.76	17.50	1.14	2.55
Russell 1000 Growth Index²	5.62	5.97	6.07	22.31	3.17	4.46
12/31/2011	as of Dec 31, 2011
Fund at NAV	3.28	-5.96	-5.96	13.75	0.81	2.25
Fund w/Max Sales Charge	-2.70	-11.34	-11.34	11.53	-0.37	1.62
Russell 1000 Growth Index²	10.61	2.64	2.64	18.02	2.50	3.87
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	—	24.83	5.76	3.62	8.44	12.10	-36.89	33.04	17.65	-5.96
Russell 1000 Growth Index²	-27.88	29.75	6.30	5.26	9.07	11.81	-38.44	37.21	16.71	2.64

Fund Facts
Expense Ratio (Gross)⁴	1.68%
Expense Ratio (Net)^4,5	1.25%
Class A Inception	11/28/2003
Performance Inception	04/30/2002
Distribution Frequency	Annually

Risk Measures (3 Year)⁸ as of Jan 31, 2012
Alpha	-4.19
Beta	1.13
R-Squared	90.83
Standard Deviation	21.07
Sharpe Ratio	0.93

Morningstar™ Ratings as of Jan 31, 2012
Time Period	Rating	Rating (Load Waived)	Funds in Large Growth Category
Overall			1472
3 Years			1472
5 Years			1275
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	$11.67	$-0.07
Feb 16, 2012	$11.74	$0.15
Feb 15, 2012	$11.59	$-0.03
Feb 14, 2012	$11.62	$0.03
Feb 13, 2012	$11.59	$0.13
Feb 10, 2012	$11.46	$-0.07
Feb 09, 2012	$11.53	$0.05
Feb 08, 2012	$11.48	$0.04
Feb 07, 2012	$11.44	$-0.03

Distribution History⁹
Ex-Date	Distribution	Reinvest NAV
Dec 23, 2009	$0.04620	$9.11
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.

About Risk

Portfolio

Asset Mix (%)^6,7 as of Dec 31, 2011
U.S. Common Stocks	92.09
Foreign Common Stocks and ADR's	7.46
Cash & Equivalents	0.45
Total	100.00

Portfolio Statistics as of Dec 31, 2011
Median Market Cap:	$23.3B
Price/Earnings Ratio:	15.00
Number of Holdings:	30
Price/Book Ratio:	3.20

GICS Sector Breakdown (%)^6,7 as of Dec 31, 2011
Sector	Fund	Russell 1000 Growth Index²
Consumer Discretionary	11.37	14.19
Consumer Staples	0.74	12.84
Energy	13.94	11.07
Financials	7.81	4.24
Health Care	8.41	10.66
Industrials	10.11	12.66
Information Technology	40.03	28.04
Materials	7.14	5.34
Telecom Services	0.00	0.87
Utilities	0.00	0.09
Cash	0.45	0.00

Market Cap Breakdown (%)^6,10 as of Dec 31, 2011
Less than $2 Billion	0.00
Between $2 Billion and $12 Billion	26.21
More than $12 Billion	73.79

Fund Holdings (%)^6,11 as of Dec 31, 2011
Holding	% of Net Assets
Apple Inc	8.8983%
Monsanto Co	7.1473%
QUALCOMM Inc	7.0967%
priceline.com Inc	4.9507%
Cognizant Technology Solutions Corp	4.5541%
Expeditors International of Washington Inc	4.4563%
Suncor Energy Inc	4.3066%
IntercontinentalExchange Inc	4.2431%
Schlumberger Ltd	4.1103%
National Oilwell Varco Inc	3.7650%
View All

About Risk

Insights & Analysis

Quarterly Commentary

A Word On The Markets as of Dec 31, 2011

Political irresolution characterized most of the developed world during the fourth quarter of 2011, creating an atmosphere of uncertainty that subjected global equity markets to dramatic volatility. In the U.S., the congressional Super Committee failed to identify $1.2 trillion in federal spending cuts in November. Then, in December, Congress waffled once more and failed to approve until the twelfth hour a two-month extension of unemployment benefits and the payroll-tax holiday. In Europe, EU officials were unable to convince the markets that they had a viable plan to stem the region's sovereign debt crisis.

In spite of this, the U.S. economy displayed signs of economic growth in the fourth quarter, spurred largely by lower energy prices. Looking globally, manufacturing data showed expansion, including in China, where there have been concerns about slowing.

Despite extreme volatility during the fourth quarter, global equity markets generally posted solid positive returns. The MSCI EAFE Index¹² rose 3.33%, while the broader-based MSCI All Country World Index¹³ rose 7.18% during the quarter. In the U.S., the S&P 500 Index¹⁴ added 11.82% during the quarter to finish up 2.11% for the calendar year, while the blue chip Dow Jones Industrial Average¹⁵ jumped 12.78%, posting a return of 8.38% for the year. Small-cap stocks outperformed large-caps during the quarter, with the Russell 2000 Index¹⁶ gaining 15.47% compared to 11.84% for the large-cap Russell 1000 Index¹⁷. Across capitalizations, value stocks outperformed growth stocks.

Performance Summary

For the fourth quarter of 2011, Atlanta Capital Focused Growth Fund (the Fund) underformed the benchmark, the Russell 1000 Growth Index² at NAV.

Stocks rebounded in the final months of 2011, erasing much of the severe correction in prices that occurred last summer. While economic growth in the emerging markets and Europe slowed as the year unwound, U.S. economic growth appeared surprisingly resilient. As a result, the U.S. market outperformed most major foreign stock markets in 2011.
The best performance within the benchmark during the quarter came from the economically sensitive sectors of the market-energy, industrials and materials-which were up more than 15%. All of the sectors within the benchmark posted gains; the defensive utilities sector had the lowest return of 3.8%.
Relative to the benchmark, the Fund's performance for the quarter underperformed due primarily to stock selection, especially within the information technology and consumer staples sectors.
Relative to the benchmark, contributions from sector weightings detracted from Fund performance for the quarter. An overweight in the underperforming information technology sector and an underweight in the industrials sector detracted from Fund performance.

Contributors

Selection was most additive within materials, with a strong contribution to performance from a stock within the agricultural and chemical industry. The Fund's underweight positions in the consumer discretionary, consumer staples and health care sectors benefited performance as did the overweight positions in the energy, financials and materials sectors.

Monsanto, an agriculture and chemical company, was the largest overweight position and the largest contributor to Fund performance during the quarter.
MercadoLibre, an Internet software and services company, was the second largest contributor after reporting better than expected earnings.
Rounding out the top five contributors were Qualcomm, CarMax and T. Rowe Price.

Detractors

The Fund underperformed the benchmark for the quarter due primarily to stock selection, especially within the information technology and consumer staples sectors. Sector weightings also hurt Fund performance for the quarter. An overweight in the underperforming information technology sector and an underweight in the industrials sector detracted from performance.

Several Cloud Computing companies within information technology suffered during the quarter. Acme Packet, Salesforce.com and Broadcom were among the top five detractors.
Green Mountain Coffee Roasters also detracted from Fund performance for the quarter after missing revenue expectations.
Rounding out the bottom five detractors was information technology company, Oracle.

Investment Outlook And Fund Positioning

We remain positive on our outlook for U.S. stocks. In our view, many of the risks facing investors today were at least partially priced into the market in last summer's bear market. Despite the European sovereign debt crisis, the U.S. economy gained momentum in 2011. Moderate global economic growth combined with what we believe to be attractive stock valuations may create a more favorable environment in 2012.

As of quarter end, the Fund maintained broad diversification across eight of the 10 sectors in the benchmark. The Fund had no exposure to utilities or telecommunications services, which, combined, account for less than 1% of the benchmark.

Top 10 Holdings (%)^6,7 as of Dec 31, 2011
Apple Inc.	8.89
Monsanto Co.	7.14
Qualcomm Inc.	7.09
Priceline.com	4.95
Cognizant Tech Solutions	4.55
Expeditors Int'l of WA	4.45
Suncor Energy Inc.	4.30
Intercontinental Exchange	4.24
Schlumberger Ltd.	4.11
National Oilwell Varco	3.76
Total	53.48

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.

About Risk

2. Russell 1000 Growth Index is an unmanaged index of 1,000 U.S. large-cap growth stocks. 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.
7. Top 10 holdings exclude cash and equivalents.
12. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. 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.
13. MSCI All Country World Index is an unmanaged free float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. 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.
14. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. 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.
15. Dow Jones Industrial Average is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. 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.
16. Russell 2000 Index is an unmanaged index of 2,000 U.S. small-cap stocks. 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.
17. Russell 1000 Index is an unmanaged index of 1,000 U.S. large-cap stocks. 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.

Attribution

Sector Attribution as of Dec 31, 2011
3 Month Attribution	as of Dec 31, 2011
	Fund			Russell 1000 Growth Index²			Attribution
Sectors	Average Weight	Total Return	Contrib. to Return	Average Weight	Total Return	Contrib. to Return	Allocation Effect	Selection Effect	Total Effect
Consumer Discretionary	11.55	6.67	1.01	14.39	9.34	1.38	-0.26	-0.14	-0.40
Consumer Staples	2.17	-51.74	-1.54	12.52	8.97	1.13	0.08	-1.74	-1.66
Energy	13.42	17.21	1.49	10.91	18.70	1.92	-0.15	-0.42	-0.57
Financials	9.08	7.57	0.42	4.18	12.18	0.49	-5.21	5.21	0.01
Health Care	3.96	3.77	0.36	10.54	7.36	0.79	0.17	-0.08	0.09
Industrials	7.35	2.73	0.25	12.54	15.93	1.91	-0.41	-0.86	-1.27
Information Technology	42.72	1.45	0.23	28.62	7.09	2.07	-0.39	-2.31	-2.71
Materials	6.84	17.23	1.17	5.38	15.60	0.84	0.00	0.07	0.06
Telecom Services	0.00	0.00	0.00	0.83	7.86	0.07	-0.03	0.00	-0.03
Utilities	0.00	0.00	0.00	0.08	3.85	0.00	-0.04	0.00	-0.04
Cash	2.92	0.00	0.00	0.00	0.00	0.00	-0.68	0.00	-0.68
Total	100.00	3.40	3.40	100.00	10.61	10.61	-6.93	-0.28	-7.21
1 Year Attribution	as of Dec 31, 2011
Consumer Discretionary	17.76	1.42	-0.55	14.35	4.79	0.70	0.13	-0.78	-0.65
Consumer Staples	3.19	29.51	1.57	11.01	15.14	1.51	-0.61	1.21	0.60
Energy	11.55	-17.06	-2.29	11.29	3.64	0.28	-0.26	-2.47	-2.72
Financials	9.61	-15.85	-1.41	4.62	-0.47	-0.01	-5.35	4.36	-0.99
Health Care	3.57	-4.24	-0.02	10.28	4.75	0.42	-0.06	-0.66	-0.72
Industrials	6.24	-11.69	-0.44	12.97	-2.67	-0.18	0.24	-0.75	-0.51
Information Technology	37.40	-5.83	-2.55	29.37	2.19	0.51	0.12	-3.20	-3.09
Materials	6.56	-0.95	0.20	5.33	-10.43	-0.58	-0.09	0.63	0.54
Telecom Services	0.00	0.00	0.00	0.68	-3.74	-0.02	0.03	0.00	0.03
Utilities	0.00	0.00	0.00	0.08	19.71	0.02	-0.02	0.00	-0.02
Cash	4.12	0.05	0.00	0.00	0.00	0.00	-0.61	0.00	-0.61
Total	100.00	-5.49	-5.49	100.00	2.65	2.65	-6.48	-1.65	-8.13

Additional Notes

Source: Factset.

Attribution analysis shows the contribution of indicated factor exposures to a portfolio's relative total return versus a designated benchmark. Results are based on each day's ending holdings, and linked to generate attribution over longer periods. Portfolio returns do not reflect applicable expenses and trading costs, or variations in transaction prices from end of day values.

Allocation Effect

Measures portfolio's excess return due to over or under-weighting a sector.

About Risk

Management

Biography

Richard England, CFA

Managing Director and Principal, Atlanta Capital Management
Joined Atlanta Capital 2004

Richard England is a managing director—growth equities and principal of Atlanta Capital Management Co., LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He serves as portfolio manager on the firm's large-cap growth equity team.

Prior to joining the firm in August 2004, Richard was affiliated with Putnam Investments in Boston, MA, where he was a senior portfolio manager on the Core Growth Equity team. Previously, he was affiliated with Aetna Equity Investors.

Richard earned a B.S. from the University of Florida and an M.B.A. from the Wharton School, University of Pennsylvania. He is a CFA charterholder.

Education

B.S. University of Florida
M.B.A. The Wharton School, University of Pennsylvania

Experience

Managed Fund since 2008

Other funds managed

Atlanta Capital Horizon Growth Fund

Biography

Paul Marshall, CFA

Vice President, Atlanta Capital Management
Joined Atlanta Capital 2000

Paul Marshall is a vice president and principal of Atlanta Capital Management Co., LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is a member of the large-cap growth equity portfolio management teams.

Prior to joining the firm in April 2000, Paul was a portfolio manager with Bank of America Capital Management and also served as an energy analyst supporting value, growth, balanced and equity income portfolios.

Paul earned a B.S. in economics from Vanderbilt University and an M.B.A. from the University of Notre Dame. He served as an officer in the United States Army and is a CFA charterholder.