Special Equities 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	2.45	4.00	-3.29	21.24	2.55	3.56
Fund w/Max Sales Charge	-3.41	-1.98	-8.85	18.88	1.35	2.96
Russell 2500 Index¹	6.52	6.65	2.60	24.84	2.01	7.39
12/31/2011	as of Dec 31, 2011
Fund at NAV	10.67	-4.33	-4.33	17.01	2.56	2.61
Fund w/Max Sales Charge	4.31	-9.82	-9.82	14.72	1.35	2.01
Russell 2500 Index¹	14.52	-2.51	-2.51	18.41	1.24	6.57
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	04/22/1968
Investment Objective	Growth of capital
Total Net Assets of Fund	$56.0M
Minimum Investment	$1000
Expense Ratio:²	1.39%
CUSIP	277905105

Top 10 Holdings (%)^3,4 as of Dec 31, 2011
Church & Dwight Co.
Perrigo Co.
Quanta Services Inc.
New Jersey Resources Corp.
Mednax Inc.
Ametek Inc.
Kirby Corp.
Nielsen Holdings
Teradata Corp.
GNC Holdings Inc.
Total	22.93

Portfolio Management
Nancy B. Tooke, CFA			Managed Fund since 2006

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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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	2.45	4.00	-3.29	21.24	2.55	3.56
Fund w/Max Sales Charge	-3.41	-1.98	-8.85	18.88	1.35	2.96
Russell 2500 Index¹	6.52	6.65	2.60	24.84	2.01	7.39
12/31/2011	as of Dec 31, 2011
Fund at NAV	10.67	-4.33	-4.33	17.01	2.56	2.61
Fund w/Max Sales Charge	4.31	-9.82	-9.82	14.72	1.35	2.01
Russell 2500 Index¹	14.52	-2.51	-2.51	18.41	1.24	6.57
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	-32.88	30.95	3.72	6.96	16.97	22.17	-42.02	35.08	23.95	-4.33
Russell 2500 Index¹	-17.80	45.51	18.29	8.11	16.17	1.38	-36.79	34.39	26.71	-2.51

Fund Facts
Expense Ratio:²	1.39%
Class A Inception	04/22/1968
Distribution Frequency	Annually

Risk Measures (3 Year)⁵ as of Jan 31, 2012
Alpha	1.15
Beta	0.80
R-Squared	94.13
Standard Deviation	19.07
Sharpe Ratio	1.11

Morningstar™ Ratings as of Jan 31, 2012
Time Period	Rating	Rating (Load Waived)	Funds in Mid-Cap Growth Category
Overall			659
3 Years			659
5 Years			595
10 Years			415
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	$16.61	$-0.03
Feb 16, 2012	$16.64	$0.28
Feb 15, 2012	$16.36	$-0.06
Feb 14, 2012	$16.42	$0.02
Feb 13, 2012	$16.40	$0.12
Feb 10, 2012	$16.28	$-0.20
Feb 09, 2012	$16.48	$0.05
Feb 08, 2012	$16.43	$0.07
Feb 07, 2012	$16.36	$0.05

Distribution History⁶
Ex-Date	Distribution	Reinvest NAV
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.

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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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 2500 Index is an unmanaged index of approximately 2,500 small- and mid-cap U.S. 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.
5. 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.
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 (%)³ as of Dec 31, 2011
U.S. Common Stocks	89.04
Foreign Common Stocks and ADR's	6.47
Cash & Equivalents	4.49
Total	100.00

Portfolio Statistics as of Dec 31, 2011
Median Market Cap:	$3.8B
Price/Earnings Ratio:	15.83
Number of Holdings:	59
Price/Book Ratio:	2.57

GICS Sector Breakdown (%)³ as of Dec 31, 2011
Sector	Fund	Russell 2500 Index¹
Consumer Discretionary	11.34	13.64
Consumer Staples	4.69	3.51
Energy	11.00	6.68
Financials	11.97	21.25
Health Care	11.55	10.60
Industrials	17.59	15.61
Information Technology	19.37	15.41
Materials	5.65	6.53
Telecom Services	0.00	1.00
Utilities	2.35	5.79
Cash	4.49	0.00

Fund Holdings (%)^3,7 as of Sep 30, 2011
Holding	% of Net Assets
EV CASH RESERVES FUND	6.8909%
Perrigo Co	3.1569%
Church & Dwight Co Inc	2.7538%
Teradata Corp	2.5847%
Cabot Oil & Gas Corp	2.5388%
Catalyst Health Solutions Inc	2.3161%
IAMGOLD Corp	2.3090%
Quanta Services Inc	2.1851%
Advance Auto Parts Inc	2.1387%
New Jersey Resources Corp	2.1135%
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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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 2500 Index is an unmanaged index of approximately 2,500 small- and mid-cap U.S. 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. 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.

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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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.

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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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

Nancy B. Tooke, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2006

Nancy Tooke is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's small-/mid-cap team. She also manages separate accounts for institutional and high-net-worth clients in both small- and mid-capitalization stocks.

Nancy began her investment career in 1969 with Brown Brothers Harriman & Co. and has since been affiliated with State Street Bank and Trust Co., Equitable Life Assurance Society, Baker Weeks & Co. and E.F. Hutton & Co. in a variety of investment management positions. Prior to joining Eaton Vance in 2006, she was senior managing director and portfolio manager for more than $800 million of small- and mid-capitalization institutional assets at ForstmannLeff Associates. Nancy began managing small- and mid-capitalization strategies at Wertheim Asset Management in 1989, continuing through an acquisition by Schroders, PLC in 1994 and a 2004 sale to ForstmannLeff.

Nancy earned a B.A. from Smith College.