Large-Cap Core Research Fund (I)

Overview


Discipline and a consistent approach has paid off.¹ Large-Cap Core Research Fund has outperformed its benchmark in every rolling 5-year period since its inception.

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	10 Years
Fund at NAV	7.26	12.56	2.42	16.33	2.11	5.36
S&P 500 Index²	7.08	11.88	4.76	19.44	1.00	4.70
3/31/2012	as of Mar 31, 2012
Fund at NAV	13.48	13.48	5.91	19.30	3.07	4.99
S&P 500 Index²	12.59	12.59	8.54	23.39	2.01	4.12
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.

Fund Facts as of Apr 30, 2012
Class I Inception	09/03/2008
Performance Inception	11/01/2001
Investment Objective	Long-term capital appreciation
Total Net Assets of Fund	$55.6M
Total Net Assets of Portfolio³	$214.0M
Minimum Investment	$250000
Expense Ratio (Gross)⁴	1.21%
Expense Ratio (Net)^4,5	1.00%
CUSIP	277923744

Top 10 Holdings (%)^6,7 as of Mar 31, 2012
Apple Inc.
ConocoPhillips
JPMorgan Chase & Co.
AT&T Inc.
Philip Morris International Inc.
Wells Fargo & Co.
Microsoft Corp.
Citigroup Inc.
Comcast Corp.
Qualcomm Inc.
Total	28.29

Portfolio Management
Charles Gaffney			Managed Fund since 2007

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. 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.
2. 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.
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 4/30/13. 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 Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years
Fund at NAV	7.26	12.56	2.42	16.33	2.11	5.36
S&P 500 Index²	7.08	11.88	4.76	19.44	1.00	4.70
3/31/2012	as of Mar 31, 2012
Fund at NAV	13.48	13.48	5.91	19.30	3.07	4.99
S&P 500 Index²	12.59	12.59	8.54	23.39	2.01	4.12
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.

Calendar Year Returns (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	-20.80	24.69	12.27	9.29	13.98	13.36	-32.08	24.94	10.41	-1.86
S&P 500 Index²	-22.10	28.68	10.88	4.91	15.79	5.49	-37.00	26.46	15.06	2.11

Fund Facts
Expense Ratio (Gross)⁴	1.21%
Expense Ratio (Net)^4,5	1.00%
Class I Inception	09/03/2008
Performance Inception	11/01/2001
Distribution Frequency	Annually

Risk Measures (3 Year)⁸ as of Apr 30, 2012
Alpha	-2.87
Beta	1.02
R-Squared	99.36
Standard Deviation	15.92
Sharpe Ratio	1.02

Morningstar™ Ratings as of Apr 30, 2012
Time Period	Rating	Rating (Load Waived)	Funds in Large Blend Category
Overall		—	1572
3 Years		—	1572
5 Years		—	1379
10 Years		—	842
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
May 15, 2012	$13.86	$-0.07
May 14, 2012	$13.93	$-0.18
May 11, 2012	$14.11	$-0.06
May 10, 2012	$14.17	$0.05
May 09, 2012	$14.12	$-0.09
May 08, 2012	$14.21	$-0.07
May 07, 2012	$14.28	$0.02
May 04, 2012	$14.26	$-0.26
May 03, 2012	$14.52	$-0.13
May 02, 2012	$14.65	$-0.04

Distribution History⁹
Ex-Date	Distribution	Reinvest NAV
Mar 13, 2012	$0.00960	$14.63
Dec 28, 2011	$0.12330	$12.89
Mar 15, 2011	$0.00790	$13.55
Dec 29, 2010	$0.07610	$13.37
Mar 16, 2010	$0.00070	$12.61
Dec 30, 2009	$0.09990	$12.28
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

2. 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.
4. Source: Fund prospectus.
5. Net expense ratio reflects a contractual expense reimbursement that continues through 4/30/13. Without the reimbursement, performance would have been lower.
8. 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.
9. 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 (%)⁶ as of Mar 31, 2012
U.S. Common Stocks	97.25
Foreign Common Stocks and ADR's	2.68
Cash & Equivalents	0.07
Total	100.00

Portfolio Statistics as of Mar 31, 2012
Median Market Cap	$35.0B
Price/Earnings Ratio	13.53
Number of Holdings	90
Price/Book Ratio	2.25

GICS Sector Breakdown (%)⁶ as of Mar 31, 2012
Sector	Fund	S&P 500 Index²
Consumer Discretionary	11.07	10.94
Consumer Staples	9.66	10.76
Energy	11.44	11.24
Financials	15.12	14.94
Health Care	12.22	11.43
Industrials	10.05	10.55
Information Technology	20.58	20.53
Materials	3.39	3.46
Telecom Services	2.95	2.77
Utilities	3.45	3.37
Cash	0.07	0.00

Fund Holdings (%)^6,10 as of Mar 31, 2012
Holding	% of Net Assets
Apple Inc	7.5316%
ConocoPhillips	6.4415%
JPMorgan Chase & Co	2.2030%
AT&T Inc	1.9976%
Philip Morris International Inc	1.8649%
Wells Fargo & Co	1.7557%
Microsoft Corp	1.7479%
Citigroup Inc	1.5994%
Comcast Corp	1.5874%
QUALCOMM Inc	1.5617%
View All

About Risk

Insights & Analysis

Quarterly Commentary

No commentary information is available.

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.