Tax-Managed Multi-Cap Growth 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	4.40	6.14	1.68	21.53	2.23	5.53
Fund w/Max Sales Charge	-1.63	0.08	-4.18	19.16	1.03	4.91
Return After Taxes on Dist w/Max Sales Charge	—	—	-4.18	19.16	0.46	4.55
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-2.72	16.67	0.78	4.23
Russell 3000 Growth Index¹	5.70	6.09	5.98	22.53	3.17	3.54
12/31/2011	as of Dec 31, 2011
Fund at NAV	10.79	-1.96	-1.96	17.52	1.62	4.52
Fund w/Max Sales Charge	4.42	-7.60	-7.60	15.23	0.43	3.90
Return After Taxes on Dist w/Max Sales Charge	—	—	-7.60	15.23	-0.13	3.55
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-4.94	13.20	0.29	3.35
Russell 3000 Growth Index¹	10.94	2.18	2.18	18.09	2.46	2.74
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 5.75%.

Fund Facts as of Jan 31, 2012
Class A Inception	06/30/2000
Investment Objective	Long-term, after-tax returns
Total Net Assets of Fund	$58.3M
Total Net Assets of Portfolio²	$102.9M
Minimum Investment	$1000
Expense Ratio:³	1.48%
CUSIP	277911616

Top 10 Holdings (%)^4,5 as of Sep 30, 2011
Apple Inc.
Qualcomm Inc.
Dell Inc.
Amazon.com Inc.
Precision Castparts Corp.
Rackspace Hosting Inc.
EMC Corp.
Yum! Brands Inc.
Cypress Semiconductor Corp.
Google Inc. Cl A
Total	25.39

Portfolio Management
Kwang Kim			Managed Fund since 2010
Gerald Moore, CFA			Managed Fund since 2010
G. R. Nelson			Managed Fund since 2010

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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 3000 Growth Index is an unmanaged index of the broad growth segment of the U.S. equity universe. 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. 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.
3. Source: Fund prospectus.
4. Percent of total net assets.
5. 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	10 Years
Fund at NAV	4.40	6.14	1.68	21.53	2.23	5.53
Fund w/Max Sales Charge	-1.63	0.08	-4.18	19.16	1.03	4.91
Return After Taxes on Dist w/Max Sales Charge	—	—	-4.18	19.16	0.46	4.55
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-2.72	16.67	0.78	4.23
Russell 3000 Growth Index¹	5.70	6.09	5.98	22.53	3.17	3.54
12/31/2011	as of Dec 31, 2011
Fund at NAV	10.79	-1.96	-1.96	17.52	1.62	4.52
Fund w/Max Sales Charge	4.42	-7.60	-7.60	15.23	0.43	3.90
Return After Taxes on Dist w/Max Sales Charge	—	—	-7.60	15.23	-0.13	3.55
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-4.94	13.20	0.29	3.35
Russell 3000 Growth Index¹	10.94	2.18	2.18	18.09	2.46	2.74
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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. Max Sales Charge: 5.75%.

Calendar Year Returns (%)
	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010
Fund at NAV	-8.78	-25.26	37.40	15.02	1.53	19.73	31.12	-49.08	51.04	9.61
Russell 3000 Growth Index¹	-19.63	-28.03	30.97	6.93	5.17	9.46	11.40	-38.44	37.01	17.64
Russell MidCap Growth Index⁶	-20.15	-27.41	42.71	15.48	12.10	10.66	11.43	-44.32	46.29	26.38

Fund Facts
Expense Ratio:³	1.48%
Class A Inception	06/30/2000
Distribution Frequency	Annually

Risk Measures (3 Year)⁷ as of Jan 31, 2012
Alpha	-2.91
Beta	1.13
R-Squared	88.64
Standard Deviation	21.74
Sharpe Ratio	0.98

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	$13.96	$-0.03
Feb 16, 2012	$13.99	$0.18
Feb 15, 2012	$13.81	$-0.09
Feb 14, 2012	$13.90	$0.07
Feb 13, 2012	$13.83	$0.14
Feb 10, 2012	$13.69	$-0.10
Feb 09, 2012	$13.79	$0.06
Feb 08, 2012	$13.73	$0.01
Feb 07, 2012	$13.72	$0.05

Distribution History⁸
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 History⁸
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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 3000 Growth Index is an unmanaged index of the broad growth segment of the U.S. equity universe. 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. Source: Fund prospectus.
6. Russell MidCap Growth Index is an unmanaged index of U.S. mid-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.
7. 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.
8. 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 Sep 30, 2011
Domestic Common Stock	96.07
Cash & Equivalents	4.86
Other	-0.93
Total	100.00

Portfolio Statistics as of Sep 30, 2011
Median Market Capitalization	$7.0B
Price/Earnings Ratio	17.91
Number of Issues	91
Price/Book Ratio	3.16

GICS Sector Breakdown (%)⁴ as of Sep 30, 2011
Sector	Fund	Russell 3000 Growth Index¹
Consumer Discretionary	14.09	14.47
Consumer Staples	7.81	12.38
Energy	9.34	10.13
Financials	3.34	4.11
Health Care	13.53	11.76
Industrials	15.21	12.36
Information Technology	29.27	28.43
Materials	3.48	5.03
Telecom Services	0.00	1.24
Utilities	0.00	0.09
Cash	4.86	0.00

Fund Holdings (%)^4,9 as of Dec 31, 2011
Holding	% of Net Assets
Apple Inc	5.8208%
Google Inc	2.8563%
EV CASH RESERVES FUND	2.6490%
Yum! Brands Inc	2.2656%
Precision Castparts Corp	1.9543%
Monsanto Co	1.8521%
WW Grainger Inc	1.8437%
QUALCOMM Inc	1.8252%
Allergan Inc/United States	1.7989%
Ross Stores Inc	1.7770%
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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 3000 Growth Index is an unmanaged index of the broad growth segment of the U.S. equity universe. 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.
9. 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.

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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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

Kwang Kim

Vice President, Eaton Vance Management
Joined Eaton Vance 2004

Kwang Kim is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's multi-cap growth team. He is also an equity analyst covering small- and mid-cap telecom and technology companies.

Kwang joined Eaton Vance in 2004 with experience in the investment management industry dating to 1997. Prior to joining the firm, he was affiliated with Gartmore Global Investments and BlackRock Financial. At Gartmore Global Investments, he was a technology/media/telecom portfolio manager, and managed a long only and sector neutral hedge fund.

Kwang earned a B.A. from Oberlin College.

Education

B.A. Oberlin College

Experience

Managed Fund since 2010

Other funds managed

Multi-Cap Growth Fund

Biography

Gerald Moore, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2010

Gerald Moore is a vice president of Eaton Vance Management, a portfolio manager on Eaton Vance's multi-cap growth team, and an equity analyst covering small- and mid-cap healthcare companies.

Prior to joining Eaton Vance in 2010, Gerald was associated with Putnam Investments from 1997-2010 in various capacities, including most recently as managing director/senior portfolio manager. He held other positions while at Putnam, such as senior vice president/senior portfolio manager and senior vice president/senior equity analyst. Previous experience includes affiliations with The Boston Company Asset Management, Cowen and Company, and Texas Instruments, Inc.

Gerald earned a B.S. in electrical engineering from the University of Wisconsin, Madison and an M.B.A. from the Amos Tuck School of Business Administration at Dartmouth College. He is involved with Youth Enrichment Services (YES) in Boston, acting as treasurer, board of directors and previously sat on the organization's board of trustees. Gerald has both U.S. and British citizenship, and was raised in Switzerland. He is a CFA charterholder.

Education

B.S. University of Wisconsin, Madison
M.B.A. Amost Tuck School of Business Administration, Dartmouth College

Experience

Managed Fund since 2010

Other funds managed

Multi-Cap Growth Fund

Biography

G. R. Nelson

Vice President, Eaton Vance Management
Joined Eaton Vance 2004

G.R. Nelson is a vice president of Eaton Vance Management andportfolio manager on Eaton Vance's multi-cap growth team. He is also an equity analyst covering household products, tobacco, personal finance, and computer and business services companies.

G.R.'s experience in the investment industry dates to 1997. Before joining Eaton Vance in 2004, he worked for Alex Brown, One Equity Partners and Bank One. He also completed internships with McKinsey and Company and Fayez Sarofim & Company.

G.R. earned a B.B.A. in finance, magna cum laude, from the University of Notre Dame and an M.B.A., with distinction, from Harvard University's Graduate School of Business, where he co-wrote a case on the Chicago Board of Options Exchange.