Focused Value Opportunities Fund (I)

Overview


A focused portfolio the Eaton Vance way. A focus on research and risk management.

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	Life of Fund
Fund at NAV	6.80	11.59	-0.12	—	—	2.92
Russell 1000 Value Index¹	5.98	9.99	1.03	18.30	-1.72	4.79
3/31/2012	as of Mar 31, 2012
Fund at NAV	11.48	11.48	2.45	—	—	3.06
Russell 1000 Value Index¹	11.12	11.12	4.79	22.80	-0.81	6.18
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.

Fund Facts as of Apr 30, 2012
Class I Inception	03/07/2011
Investment Objective	Total return
Total Net Assets of Fund	$10.4M
Minimum Investment	$250000
Expense Ratio (Gross)²	1.05%
Expense Ratio (Net)^2,3	1.00%
CUSIP	277902516

Top 10 Holdings (%)^4,5 as of Mar 31, 2012
Sempra Energy
Apple Inc.
Exxon Mobil Corp.
TJX Cos.
CVS Caremark Corp.
Vodafone Group PLC ADS
ACE Ltd.
AvalonBay Communities Inc.
Wells Fargo & Co.
Boeing Co.
Total	42.63

Portfolio Management
John D. Crowley			Managed Fund since inception
Michael R. Mach, CFA			Managed Fund since inception
Matthew F. Beaudry, CMFC, CIMA			Managed Fund since inception
Stephen J. Kaszynski, CFA			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. 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. Russell 1000 Value Index is an unmanaged index of U.S. large-cap value 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.
2. Source: Fund prospectus.
3. Net expense ratio reflects a contractual expense reimbursement that continues through 6/30/12. Without the reimbursement, performance would have been lower.
4. Percent of total net assets.
5. Top 10 holdings exclude cash and equivalents.

Performance

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	Life of Fund
Fund at NAV	6.80	11.59	-0.12	—	—	2.92
Russell 1000 Value Index¹	5.98	9.99	1.03	18.30	-1.72	4.79
3/31/2012	as of Mar 31, 2012
Fund at NAV	11.48	11.48	2.45	—	—	3.06
Russell 1000 Value Index¹	11.12	11.12	4.79	22.80	-0.81	6.18
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.

Calendar Year Returns (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	—	—	—	—	—	—	—	—	—	—
Russell 1000 Value Index¹	-15.52	30.03	16.49	7.05	22.25	-0.17	-36.85	19.69	15.51	0.39

Fund Facts
Expense Ratio (Gross)²	1.05%
Expense Ratio (Net)^2,3	1.00%
Class I Inception	03/07/2011
Distribution Frequency	Annually

NAV History
Date	NAV	NAV Change
May 15, 2012	$9.64	$-0.08
May 14, 2012	$9.72	$-0.11
May 11, 2012	$9.83	$-0.08
May 10, 2012	$9.91	$0.05
May 09, 2012	$9.86	$-0.09
May 08, 2012	$9.95	$-0.03
May 07, 2012	$9.98	$-0.01
May 04, 2012	$9.99	$-0.15
May 03, 2012	$10.14	$-0.10
May 02, 2012	$10.24	$-0.06

Distribution History⁶
Ex-Date	Distribution	Reinvest NAV
Dec 21, 2011	$0.11280	$9.06
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 History⁶
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. 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. Russell 1000 Value Index is an unmanaged index of U.S. large-cap value 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.
2. Source: Fund prospectus.
3. Net expense ratio reflects a contractual expense reimbursement that continues through 6/30/12. Without the reimbursement, performance would have been lower.
6. 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 (%)⁴ as of Mar 31, 2012
Cash & Cash Equivalents	1.17
U.S. Common Stocks	93.38
Foreign Common Stocks and ADR's	5.45

Portfolio Statistics as of Mar 31, 2012
Number of Holdings	30
P/E Ratio	12.29
Average Price/Book Ratio	1.86
Median Market Capitalization	$59.7B

GICS Sector Breakdown (%)⁴ as of Mar 31, 2012
Sector	Fund	Russell 1000 Value Index¹
Consumer Discretionary	8.96	9.28
Consumer Staples	7.45	7.69
Energy	11.01	11.63
Financials	26.20	26.77
Health Care	15.43	12.31
Industrials	7.03	9.25
Information Technology	11.15	9.10
Materials	2.55	2.64
Telecom Services	3.91	4.43
Utilities	5.14	6.90
Cash	1.17	0.00

Assets by Country (%)⁴ as of Mar 31, 2012
US	94.49
UK	3.96
Australia	1.55
Total	100.00

Fund Holdings (%)^4,7 as of Mar 31, 2012
Holding	% of Net Assets
Sempra Energy	5.1395%
Apple Inc	5.0880%
Exxon Mobil Corp	4.8333%
TJX Cos Inc	4.3808%
CVS Caremark Corp	3.9611%
Vodafone Group PLC	3.9134%
ACE Ltd	3.8691%
AvalonBay Communities Inc	3.8644%
Wells Fargo & Co	3.8172%
Boeing Co/The	3.7638%
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. 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. Russell 1000 Value Index is an unmanaged index of U.S. large-cap value 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.
4. Percent of total net assets.
7. 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.

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. 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. 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

John D. Crowley

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

John Crowley is a vice president of Eaton Vance Management, a member of the Equity Strategy Committee and portfolio manager on Eaton Vance's large-cap value team. Additionally, John serves as lead portfolio manager on Eaton Vance's focused large-cap value team.

John began his career in the investment management industry in 1998 when he joined Eaton Vance.

John earned a B.A. and an M.A. from the Catholic University of America in Washington, D.C. and an M.B.A. from Babson College's Olin Graduate School of Business. He is a member of the CFA Institute and the Boston Security Analysts Society.

Education

B.A.,M.A. Catholic University of America
M.B.A. F.W. Olin Graduate School of Business, Babson College

Experience

Managed Fund since inception

Other funds managed

Biography

Michael R. Mach, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1999

Mike Mach is a vice president of Eaton Vance Management, a member of the Equity Strategy Committee and lead portfolio manager of Eaton Vance's large-cap value team.

Mike's experience in the investment management industry dates to 1976. Prior to joining Eaton Vance in 1999, Mike was a portfolio manager with Putnam Investments, Freedom Capital and Delaware Investment Advisers.

Mike earned a B.B.A. in marketing and psychology from the University of Wisconsin, an M.A. in social sciences with a concentration in psychology from the University of Chicago, and an M.B.A. with concentrations in finance, economics and international business from the University of Chicago Booth School of Business.

His commentary has appeared in Barron's, the Chicago Tribune, Financial Times, Investor's Business Daily, Practical Accountant, USA Today and The Wall Street Journal. He is a past director and officer of the Boston Security Analysts Society and is a CFA charterholder.

Education

B.B.A. University of Wisconsin
M.A.,M.B.A. Booth School of Business, University of Chicago

Experience

Managed Fund since inception

Other funds managed

Biography

Matthew F. Beaudry, CMFC, CIMA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Matt Beaudry is a vice president of Eaton Vance Management, a member of the Equity Strategy Committee and portfolio manager on Eaton Vance's large-cap value team.

Matt's experience in the investment management industry dates to 1984. Prior to joining Eaton Vance in 2006, he was a director and senior portfolio manager at AllianceBernstein Investment Research and Management. Matt has additional investment experience with State Street Research and Management Company, Financial Research Corporation, Putnam Investments and PricewaterhouseCoopers.

Matt earned a B.A. from the College of the Holy Cross. He is a Certified Public Accountant (CPA), a Chartered Mutual Fund Consultant (CMFC) and a Certified Investment Management Analyst (CIMA).

Education

B.A. College of the Holy Cross

Experience

Managed Fund since inception

Other funds managed

Biography

Stephen J. Kaszynski, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Steve Kaszynski is a vice president of Eaton Vance Management, a member of the firm's Equity Strategy Committee and portfolio manager on Eaton Vance's large-cap value team.

Steve's experience in the investment management industry dates to 1976. Prior to joining Eaton Vance in 2008, he was managing director and head of U.S. Equities for Credit Suisse Asset Management. Steve has additional investment experience with INVESCO and Gardner & Preston Moss.

Steve earned a B.A. with honors in economics from Knox College and an M.B.A. from the University of Chicago Graduate Booth School of Business. He is a CFA charterholder and is a member of the Boston Security Analysts Society.