Balanced 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	3.58	3.33	3.20	13.88	2.17	4.98
Fund w/Max Sales Charge	-2.34	-2.59	-2.74	11.66	0.97	4.36
S&P 500 Index¹	5.32	4.48	4.22	19.24	0.33	3.52
12/31/2011	as of Dec 31, 2011
Fund at NAV	6.73	1.31	1.31	10.72	1.90	4.40
Fund w/Max Sales Charge	0.54	-4.47	-4.47	8.53	0.71	3.79
S&P 500 Index¹	11.82	2.11	2.11	14.11	-0.25	2.92
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	04/01/1932
Investment Objective	Current income and long-term growth of capital
Total Net Assets of Fund	$201.1M
Minimum Investment	$1000
Expense Ratio:²	1.19%
CUSIP	277905865

Portfolio Management
Charles Gaffney			Managed Fund since 2009
Thomas H. Luster, CFA			Managed Fund since 2010
Bernard Scozzafava, CFA			Managed Fund since 2010

Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. 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. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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

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	3.58	3.33	3.20	13.88	2.17	4.98
Fund w/Max Sales Charge	-2.34	-2.59	-2.74	11.66	0.97	4.36
S&P 500 Index¹	5.32	4.48	4.22	19.24	0.33	3.52
12/31/2011	as of Dec 31, 2011
Fund at NAV	6.73	1.31	1.31	10.72	1.90	4.40
Fund w/Max Sales Charge	0.54	-4.47	-4.47	8.53	0.71	3.79
S&P 500 Index¹	11.82	2.11	2.11	14.11	-0.25	2.92
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	-14.70	22.05	11.57	5.35	14.47	16.10	-30.27	22.99	8.92	1.31
S&P 500 Index¹	-22.10	28.68	10.88	4.91	15.79	5.49	-37.00	26.46	15.06	2.11

Fund Facts
Expense Ratio:²	1.19%
Class A Inception	04/01/1932
Distribution Frequency	Quarterly

Risk Measures (3 Year)³ as of Jan 31, 2012
Alpha	0.86
Beta	0.67
R-Squared	96.54
Standard Deviation	12.39
Sharpe Ratio	1.11

Morningstar™ Ratings as of Jan 31, 2012
Time Period	Rating	Rating (Load Waived)	Funds in Moderate Allocation Category
Overall			837
3 Years			837
5 Years			739
10 Years			391
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	$7.30	$0.01
Feb 16, 2012	$7.29	$0.04
Feb 15, 2012	$7.25	$-0.02
Feb 14, 2012	$7.27	$0.00
Feb 13, 2012	$7.27	$0.03
Feb 10, 2012	$7.24	$-0.03
Feb 09, 2012	$7.27	$0.01
Feb 08, 2012	$7.26	$0.02
Feb 07, 2012	$7.24	$0.01

Distribution History⁴
Ex-Date	Distribution	Reinvest NAV
Dec 28, 2011	$0.02700	$6.87
Sep 09, 2011	$0.03200	$6.62
Jun 09, 2011	$0.03330	$7.08
Mar 09, 2011	$0.02830	$7.16
Dec 29, 2010	$0.02590	$6.94
Sep 09, 2010	$0.02360	$6.36
Jun 09, 2010	$0.02780	$6.17
Mar 09, 2010	$0.02230	$6.58
Dec 30, 2009	$0.01670	$6.52
Sep 09, 2009	$0.01600	$6.16
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 History⁴
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

1. 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.
2. Source: Fund prospectus.
3. 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.
4. 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
U.S. Common Stocks	59.83
U.S. Corporate Bonds	12.41
U.S. Govt Agency Mortgage Backed Securities	11.09
U.S. Treasuries	9.52
U.S. Commercial Mortgage Backed Securities	2.72
Cash & Equivalents	2.18
Foreign Common Stocks and ADR's	1.70
Preferred Stock	0.29
Asset Backed Securities	0.27
Total	100.00

Portfolio Allocations (%)⁵ as of Dec 31, 2011
Large-Cap Core Research Portfolio	63
Investment Grade Income Portfolio	37

Large-Cap Core Research Portfolio - 63%

Large-Cap Core Research Portfolio investment details below:

Portfolio Statistics as of Dec 31, 2011
Number of Issues	108
P/E Ratio	12.67
Price/Book Ratio	2.15
Median Market Capitalization	$30.8B

Top 10 Holdings (%)^5,6 as of Dec 31, 2011
Apple Inc.
Exxon Mobil Corp.
Johnson & Johnson
Philip Morris International
AT&T Inc.
Wells Fargo & Co.
Google Inc.
ConocoPhillips
Boeing Co.
Coca-Cola Co.
Total	24.47

GICS Sector Breakdown (%)⁵ as of Dec 31, 2011
Sector	Fund	S&P 500 Index¹
Consumer Discretionary	11.16	10.67
Consumer Staples	9.91	11.54
Energy	12.41	12.27
Financials	13.76	13.64
Health Care	12.43	11.85
Industrials	8.59	10.69
Information Technology	19.77	19.02
Materials	2.49	3.50
Telecom Services	3.06	2.96
Utilities	3.92	3.87
Cash	2.50	0.00

Investment Grade Income - 37%

Investment Grade Income Portfolio investment details below:

Portfolio Statistics as of Dec 31, 2011
Number of Issuers	141
Average Maturity	6.90 yrs.
Average Price	$109.91
Average Duration	4.70 yrs.
Average Effective Maturity	6.89 yrs.

Top 10 Holdings (%)^5,6 as of Dec 31, 2011
U.S. Treasury Note
U.S. Treasury Note
U.S. Treasury Bond
U.S. Treasury Bond
FHLMC Gold Pass Thru
FNMA Pass Thru Pool
U.S. Treasury Note
FHLMC Gold Pass Thru
United States Treasury Note
FNMA Pass Thru Pool
Total	31.90

Sector Breakdown (%)⁵ as of Dec 31, 2011
U.S. Corporate Bonds	33.64
U.S. Govt Agency Mortgage Backed Securities	30.05
U.S. Treasuries	25.82
U.S. Commercial Mortgage Backed Securities	7.36
Preferred Stock	0.78
Asset Backed Securities	0.72

Credit Quality (%)⁷ as of Dec 31, 2011
Government	26.24
Government Agency	29.42
AAA	6.06
AA	2.01
A	12.19
BBB	18.76
BB	3.78
B	0.76
CCC	0.00
Equity/Other	0.78
Total	100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

Maturity Distribution (%)⁵ as of Dec 31, 2011
Less Than 1 Year	4.73
1 To 3 Years	32.49
3 To 5 Years	23.97
5 To 10 Years	25.12
10 To 20 Years	5.13
20 To 30 Years	7.78
More Than 30 Years	0.78
Total	100

Fund Holdings^5,8 as of Dec 31, 2011
Holding	Coupon Rate	Maturity Date	Weighting
Apple Inc			3.9126%
United States Treasury Note/Bond		11/15/2013	2.2334%
Exxon Mobil Corp			2.1053%
EV CASH RESERVES FUND	0.00%	01/18/2012	2.0264%
United States Treasury Note/Bond		02/15/2015	1.7814%
Johnson & Johnson			1.4842%
Philip Morris International Inc			1.4499%
United States Treasury Note/Bond	3.88%	08/15/2040	1.3917%
AT&T Inc			1.3083%
United States Treasury Note/Bond		08/15/2025	1.2803%
View All

About Risk

1. 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.
5. Percent of total net assets.
6. Top 10 holdings exclude cash and equivalents.
7. Percent of bond holdings.
8. 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.

About Risk

Attribution

No attribution information is available.

About Risk

Management

Biography

Charles Gaffney

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Charlie Gaffney is a vice president of Eaton Vance Management, director of equity research, portfolio manager on Eaton Vance's large-cap core/equity income team and a member of the firm's Equity Strategy Committee.

Charlie joined Eaton Vance in December 2003 as an equity analyst covering the global energy and utilities sectors. From 1997 to 2003, he was employed at Brown Brothers Harriman as a sector portfolio manager and senior equity analyst. Charlie began his investment career at Morgan Stanley Dean Witter.

Charlie is a member of the Eaton Vance Proxy Committee. He earned a B.A. from Bowdoin College in 1995 and an M.B.A. from Fordham University in 2002.

Education

B.A. Bowdoin College
M.B.A. Graduate School of Business, Fordham University

Experience

Managed Fund since 2009

Other funds managed

Biography

Thomas H. Luster, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1995

Tom Luster is a vice president of Eaton Vance Management, director of Investment-Grade Fixed Income and portfolio manager on Eaton Vance's investment-grade fixed-income team.

Tom joined Eaton Vance in 1995. Prior to joining Eaton Vance, Tom was associated with Deloitte & Touche Consulting and the Naval Center for Space Technology.

Tom earned a B.S. in mechanical engineering from George Washington University and an M.B.A. in finance from the University of Chicago. He is a CFA charterholder. Tom is also a member of the Fixed Income Management Society of Boston and the Boston Security Analysts Society, and was formerly chairman and a Governor's appointee to the Board of Trustees of Health Care Security, which oversees the investment of Tobacco Litigation Settlement funds for the Commonwealth of Massachusetts.

Tom's commentary has appeared in The Wall Street Journal, Reuters, Investor's Business Daily and American Banker, and he has been featured on New England Cable News and Bloomberg Radio.

Education

B.S. George Washington University
M.B.A. Booth School of Business, University of Chicago

Experience

Managed Fund since 2010

Other funds managed

Biography

Bernard Scozzafava, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Bernie Scozzafava is a vice president of Eaton Vance Management, director of Investment Grade Quantitative Research and portfolio manager on Eaton Vance's investment-grade fixed-income team.

Bernie earned a B.A. in economics and mathematics from Hamilton College and an M.S. from the MIT Sloan School of Management. He is a CFA charterholder (1992) and is a member of the Boston Security Analysts Society.