Tax-Managed Small-Cap Fund (A)

Overview


The Fund has not distributed a capital gain since its inception.¹ Tax-managed equity investing may help cushion the effect of future increases in income tax and capital gains rates.

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	5.02	4.00	-3.07	22.47	3.87	4.19
Fund w/Max Sales Charge	-1.04	-2.01	-8.62	20.06	2.66	3.58
Return After Taxes on Dist w/Max Sales Charge	—	—	-8.62	20.06	2.66	3.58
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-5.60	17.47	2.27	3.11
Russell 2000 Index²	7.38	7.07	2.86	23.03	1.19	6.45
12/31/2011	as of Dec 31, 2011
Fund at NAV	13.73	-5.55	-5.55	18.03	3.89	3.32
Fund w/Max Sales Charge	7.20	-10.98	-10.98	15.74	2.67	2.71
Return After Taxes on Dist w/Max Sales Charge	—	—	-10.98	15.74	2.67	2.71
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-7.14	13.65	2.28	2.35
Russell 2000 Index²	15.47	-4.18	-4.18	15.63	0.15	5.62
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	09/25/1997
Investment Objective	Long-term, after-tax returns
Total Net Assets of Fund	$125.8M
Total Net Assets of Portfolio³	$166.7M
Minimum Investment	$1000
Expense Ratio:⁴	1.28%
CUSIP	277911814

Top 10 Holdings (%)^5,6 as of Dec 31, 2011
Team Inc.
LKQ Corp.
Church & Dwight Co.
Mentor Graphics Corp.
Mednax Inc.
RBC Bearings Inc.
Fred's Inc.
Analogic Corp.
Kirby Corp.
New Jersey Resources Corp.
Total	22.38

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. 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. 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: Lipper. Percentage of funds based on number of funds within the Lipper Small-Cap Core Funds Category and the percentage of those that distributed a capital gain during the calendar year. Although the Fund is tax-managed, it may make taxable distributions.
2. Russell 2000 Index is an unmanaged index of 2,000 U.S. small-cap 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. 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. Percent of total net assets.
6. 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	5.02	4.00	-3.07	22.47	3.87	4.19
Fund w/Max Sales Charge	-1.04	-2.01	-8.62	20.06	2.66	3.58
Return After Taxes on Dist w/Max Sales Charge	—	—	-8.62	20.06	2.66	3.58
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-5.60	17.47	2.27	3.11
Russell 2000 Index²	7.38	7.07	2.86	23.03	1.19	6.45
12/31/2011	as of Dec 31, 2011
Fund at NAV	13.73	-5.55	-5.55	18.03	3.89	3.32
Fund w/Max Sales Charge	7.20	-10.98	-10.98	15.74	2.67	2.71
Return After Taxes on Dist w/Max Sales Charge	—	—	-10.98	15.74	2.67	2.71
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-7.14	13.65	2.28	2.35
Russell 2000 Index²	15.47	-4.18	-4.18	15.63	0.15	5.62
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 (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	-31.60	29.97	4.03	6.87	15.94	22.42	-39.89	38.75	25.48	-5.55
Russell 2000 Index²	-20.48	47.25	18.33	4.55	18.37	-1.57	-33.79	27.17	26.85	-4.18

Fund Facts
Expense Ratio:⁴	1.28%
Class A Inception	09/25/1997
Distribution Frequency	Annually

Risk Measures (3 Year)⁷ as of Jan 31, 2012
Alpha	3.19
Beta	0.81
R-Squared	94.96
Standard Deviation	20.30
Sharpe Ratio	1.10

Morningstar™ Ratings as of Jan 31, 2012
Time Period	Rating	Rating (Load Waived)	Funds in Small Growth Category
Overall			673
3 Years			673
5 Years			580
10 Years			366
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	$16.93	$-0.02
Feb 16, 2012	$16.95	$0.36
Feb 15, 2012	$16.59	$-0.06
Feb 14, 2012	$16.65	$-0.04
Feb 13, 2012	$16.69	$0.17
Feb 10, 2012	$16.52	$-0.25
Feb 09, 2012	$16.77	$0.00
Feb 08, 2012	$16.77	$0.08
Feb 07, 2012	$16.69	$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. 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. 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. 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.

2. Russell 2000 Index is an unmanaged index of 2,000 U.S. small-cap 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. Source: Fund prospectus.
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 (%)^5,6 as of Dec 31, 2011
U.S. Common Stocks	88.96
Foreign Common Stocks and ADR's	6.63
Cash & Equivalents	4.41
Total	100.00

Portfolio Statistics as of Dec 31, 2011
Median Market Cap:	$2.0B
Price/Earnings Ratio:	16.90
Number of Holdings:	60
Price/Book Ratio:	2.15

GICS Sector Breakdown (%)^5,6 as of Dec 31, 2011
Sector	Fund	Russell 2000 Index²
Consumer Discretionary	12.93	13.06
Consumer Staples	4.28	3.66
Energy	10.06	6.72
Financials	18.11	22.16
Health Care	11.56	12.66
Industrials	18.46	15.66
Information Technology	14.57	17.16
Materials	3.54	4.46
Telecom Services	0.00	0.79
Utilities	2.08	3.68
Cash	4.41	0.00

Fund Holdings (%)^5,9 as of Sep 30, 2011
Holding	% of Net Assets
EV CASH RESERVES FUND	7.9462%
Cabot Oil & Gas Corp	2.7907%
Church & Dwight Co Inc	2.5058%
American Campus Communities Inc	2.2727%
LKQ Corp	2.1618%
Catalyst Health Solutions Inc	2.1269%
Team Inc	2.0220%
Tennant Co	2.0120%
New Jersey Resources Corp	1.9714%
RBC Bearings Inc	1.9503%
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. 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. 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.

2. Russell 2000 Index is an unmanaged index of 2,000 U.S. small-cap 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.
5. Percent of total net assets.
6. Top 10 holdings exclude cash and equivalents.
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. 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. 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. 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. 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. 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.