nvcsrs

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09915

Small-Cap Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)

Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

June 30, 2010

Date of Reporting Period

Item 1. Reports to Stockholders

Small-Cap Portfolio as of June 30, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Common Stocks — 96.0%

Security	Shares		Value



Aerospace & Defense — 3.3%

Aerovironment, Inc.⁽¹⁾		107,440	$	2,334,672
DigitalGlobe, Inc.⁽¹⁾		94,190		2,477,197


			$	4,811,869




Air Freight & Logistics — 1.5%

HUB Group, Inc., Class A⁽¹⁾		71,510	$	2,146,015


			$	2,146,015




Auto Components — 1.6%

Dana Holding Corp.⁽¹⁾		228,510	$	2,285,100


			$	2,285,100




Biotechnology — 1.8%

Martek Biosciences Corp.⁽¹⁾		109,911	$	2,605,990


			$	2,605,990




Building Products — 1.5%

Armstrong World Industries, Inc.⁽¹⁾		73,770	$	2,226,379


			$	2,226,379




Capital Markets — 2.5%

Affiliated Managers Group, Inc.⁽¹⁾		35,570	$	2,161,589
Lazard, Ltd., Class A		55,030		1,469,851


			$	3,631,440




Chemicals — 2.8%

Calgon Carbon Corp.⁽¹⁾		167,230	$	2,214,125
Intrepid Potash, Inc.⁽¹⁾		93,620		1,832,144


			$	4,046,269




Commercial Banks — 4.0%

Boston Private Financial Holdings, Inc.		97,650	$	627,890
IBERIABANK Corp.		20,390		1,049,677
SVB Financial Group⁽¹⁾		26,360		1,086,823
TCF Financial Corp.		69,000		1,146,090
Webster Financial Corp.		60,930		1,093,084
Wilmington Trust Corp.		72,890		808,350


			$	5,811,914



Commercial Services & Supplies — 3.2%

Clean Harbors, Inc.⁽¹⁾		42,690	$	2,835,043
Team, Inc.⁽¹⁾		142,981		1,865,902


			$	4,700,945




Communications Equipment — 1.5%

Brocade Communications Systems, Inc.⁽¹⁾		440,330	$	2,272,103


			$	2,272,103




Construction & Engineering — 1.8%

Shaw Group, Inc. (The)⁽¹⁾		78,070	$	2,671,555


			$	2,671,555




Containers & Packaging — 3.2%

Graham Packaging Co., Inc.⁽¹⁾		189,420	$	2,267,358
Temple-Inland, Inc.		117,960		2,438,233


			$	4,705,591




Distributors — 1.6%

LKQ Corp.⁽¹⁾		123,940	$	2,389,563


			$	2,389,563




Electronic Equipment, Instruments & Components — 5.1%

FLIR Systems, Inc.⁽¹⁾		90,750	$	2,639,917
National Instruments Corp.		76,810		2,441,022
Trimble Navigation, Ltd.⁽¹⁾		85,050		2,381,400


			$	7,462,339




Energy Equipment & Services — 3.3%

CARBO Ceramics, Inc.		36,000	$	2,598,840
Rowan Cos., Inc.⁽¹⁾		99,380		2,180,397


			$	4,779,237




Food Products — 6.0%

Corn Products International, Inc.		72,130	$	2,185,539
Flowers Foods, Inc.		95,190		2,325,492
Green Mountain Coffee Roasters, Inc.⁽¹⁾		81,010		2,081,957
Ralcorp Holdings, Inc.⁽¹⁾		41,240		2,259,952


			$	8,852,940

See notes to financial statements

Small-Cap Portfolio as of June 30, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Security	Shares		Value



Health Care Equipment & Supplies — 3.2%

West Pharmaceutical Services, Inc.		63,145	$	2,304,161
Wright Medical Group, Inc.⁽¹⁾		144,480		2,399,813


			$	4,703,974




Health Care Providers & Services — 3.2%

Hanger Orthopedic Group, Inc.⁽¹⁾		134,420	$	2,414,183
VCA Antech, Inc.⁽¹⁾		91,480		2,265,045


			$	4,679,228




Hotels, Restaurants & Leisure — 1.4%

Bally Technologies, Inc.⁽¹⁾		61,800	$	2,001,702


			$	2,001,702




Household Durables — 1.9%

Tempur-Pedic International, Inc.⁽¹⁾		90,620	$	2,786,565


			$	2,786,565




Household Products — 1.5%

Church & Dwight Co., Inc.		35,975	$	2,255,992


			$	2,255,992




Insurance — 0.9%

HCC Insurance Holdings, Inc.		54,700	$	1,354,372


			$	1,354,372




IT Services — 1.4%

Euronet Worldwide, Inc.⁽¹⁾		159,985	$	2,046,208


			$	2,046,208




Life Sciences Tools & Services — 1.5%

Bruker Corp.⁽¹⁾		186,070	$	2,262,611


			$	2,262,611




Machinery — 3.4%

Astec Industries, Inc.⁽¹⁾		52,434	$	1,453,995
Greenbrier Cos., Inc.⁽¹⁾		61,337		686,974
RBC Bearings, Inc.⁽¹⁾		44,550		1,291,505
Tennant Co.		47,800		1,616,596


			$	5,049,070



Metals & Mining — 1.6%

Compass Minerals International, Inc.		32,690	$	2,297,453


			$	2,297,453




Multi-Utilities — 1.6%

CMS Energy Corp.		159,340	$	2,334,331


			$	2,334,331




Multiline Retail — 1.7%

Big Lots, Inc.⁽¹⁾		76,430	$	2,452,639


			$	2,452,639




Oil, Gas & Consumable Fuels — 6.2%

Brigham Exploration Co.⁽¹⁾		136,230	$	2,095,217
Forest Oil Corp.⁽¹⁾		90,300		2,470,608
James River Coal Co.⁽¹⁾		138,540		2,205,557
Rosetta Resources, Inc.⁽¹⁾		113,730		2,252,991


			$	9,024,373




Paper & Forest Products — 1.5%

Clearwater Paper Corp.⁽¹⁾		39,199	$	2,146,537


			$	2,146,537




Personal Products — 1.7%

Mead Johnson Nutrition Co., Class A		50,774	$	2,544,793


			$	2,544,793




Professional Services — 3.6%

FTI Consulting, Inc.⁽¹⁾		61,960	$	2,700,836
Kelly Services, Inc., Class A⁽¹⁾		171,272		2,546,815


			$	5,247,651




Road & Rail — 3.6%

Genesee & Wyoming, Inc., Class A⁽¹⁾		70,910	$	2,645,652
Kansas City Southern⁽¹⁾		71,340		2,593,209


			$	5,238,861




Semiconductors & Semiconductor Equipment — 3.4%

Cirrus Logic, Inc.⁽¹⁾		166,760	$	2,636,476
Cypress Semiconductor Corp.⁽¹⁾		231,450		2,323,758


			$	4,960,234

See notes to financial statements

Small-Cap Portfolio as of June 30, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Security	Shares		Value



Software — 3.1%

Mentor Graphics Corp.⁽¹⁾		258,880	$	2,291,088
Parametric Technology Corp.⁽¹⁾		144,520		2,264,628


			$	4,555,716




Specialty Retail — 2.7%

Jo-Ann Stores, Inc.⁽¹⁾		44,290	$	1,661,318
RadioShack Corp.		115,290		2,249,308


			$	3,910,626




Textiles, Apparel & Luxury Goods — 1.5%

Hanesbrands, Inc.⁽¹⁾		93,374	$	2,246,578


			$	2,246,578




Thrifts & Mortgage Finance — 0.7%

NewAlliance Bancshares, Inc.		94,780	$	1,062,484


			$	1,062,484



Total Common Stocks
(identified cost $132,249,080)			$	140,561,247


Short-Term Investments — 4.9%

	Interest
Description	(000’s omitted)		Value


Eaton Vance Cash Reserves Fund, LLC, 0.25%⁽²⁾	$	7,145	$	7,145,452



Total Short-Term Investments
(identified cost $7,145,452)			$	7,145,452



Total Investments — 100.9%
(identified cost $139,394,532)			$	147,706,699



Other Assets, Less Liabilities — (0.9)%			$	(1,274,385	)



Net Assets — 100.0%			$	146,432,314

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.


(1)		Non-income producing security.


(2)		Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2010. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC and Cash Management Portfolio, an affiliated investment company, for the six months ended June 30, 2010 was $5,991 and $0, respectively.

See notes to financial statements

Small-Cap Portfolio as of June 30, 2010

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities


As of June 30, 2010

Assets

Unaffiliated investments, at value (identified cost, $132,249,080)	$	140,561,247
Affiliated investment, at value (identified cost, $7,145,452)		7,145,452
Dividends receivable		54,627
Interest receivable from affiliated investment		1,817


Total assets	$	147,763,143





Liabilities

Payable for investments purchased	$	1,178,783
Payable to affiliates:
Investment adviser fee		96,552
Trustees’ fees		973
Accrued expenses		54,521


Total liabilities	$	1,330,829


Net Assets applicable to investors’ interest in Portfolio	$	146,432,314





Sources of Net Assets

Net proceeds from capital contributions and withdrawals	$	138,120,147
Net unrealized appreciation		8,312,167


Total	$	146,432,314

Statement of Operations


For the Six Months Ended
June 30, 2010

Investment Income

Dividends	$	272,775
Interest allocated from affiliated investments		9,060
Expenses allocated from affiliated investments		(3,069	)


Total investment income	$	278,766





Expenses

Investment adviser fee	$	581,105
Trustees’ fees and expenses		1,940
Custodian fee		56,044
Legal and accounting services		20,131
Miscellaneous		3,730


Total expenses	$	662,950



Net investment loss	$	(384,184	)





Realized and Unrealized Gain (Loss)

Net realized gain (loss) —
Investment transactions	$	6,049,167
Investment transactions allocated from affiliated investments		1,334


Net realized gain	$	6,050,501


Change in unrealized appreciation (depreciation) —
Investments	$	(9,731,621	)


Net change in unrealized appreciation (depreciation)	$	(9,731,621	)



Net realized and unrealized loss	$	(3,681,120	)



Net decrease in net assets from operations	$	(4,065,304	)

See notes to financial statements

Small-Cap Portfolio as of June 30, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets


	Six Months Ended
Increase (Decrease)	June 30, 2010			Year Ended
in Net Assets	(Unaudited)			December 31, 2009

From operations —
Net investment loss	$	(384,184	)	$	(232,578	)
Net realized gain (loss) from investment transactions		6,050,501			(4,161,969	)
Net change in unrealized appreciation (depreciation) from investments		(9,731,621	)		32,714,180


Net increase (decrease) in net assets from operations	$	(4,065,304	)	$	28,319,633


Capital transactions —
Contributions	$	59,002,414		$	32,699,645
Withdrawals		(10,401,102	)		(20,893,853	)


Net increase from capital transactions	$	48,601,312		$	11,805,792



Net increase in net assets	$	44,536,008		$	40,125,425





Net Assets

At beginning of period	$	101,896,306		$	61,770,881


At end of period	$	146,432,314		$	101,896,306

See notes to financial statements

Small-Cap Portfolio as of June 30, 2010

FINANCIAL STATEMENTS CONT’D

Supplementary Data


	Six Months Ended			Year Ended December 31,
	June 30, 2010
	(Unaudited)			2009			2008			2007			2006			2005



Ratios/Supplemental Data

Ratios (as a percentage of average daily net assets):
Expenses⁽¹⁾		0.86	%⁽²⁾		0.88	%		0.97	%		0.97	%		1.07	%⁽³⁾		1.14	%⁽³⁾
Net investment loss		(0.50	)%⁽²⁾		(0.29	)%		(0.20	)%		(0.26	)%		(0.29	)%		(0.59	)%
Portfolio Turnover		53	%⁽⁴⁾		91	%		94	%		75	%		103	%		218	%


Total Return		(2.38	)%⁽⁴⁾		40.31	%		(37.89	)%		21.13	%		16.33	%		7.02	%



Net assets, end of period (000’s omitted)	$	146,432		$	101,896		$	61,771		$	38,657		$	25,863		$	29,045


(1)		Excludes the effect of custody fee credits, if any, of less than 0.005%.

(2)		Annualized.

(3)		The investment adviser voluntarily waived a portion of its investment adviser fee (equal to less than 0.01% of average daily net assets for the years ended December 31, 2006 and 2005, respectively).

(4)		Not annualized.

See notes to financial statements

Small-Cap Portfolio as of June 30, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1 Significant Accounting Policies

Small-Cap Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to seek long-term capital appreciation. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At June 30, 2010, Eaton Vance Small-Cap Fund and Eaton Vance Equity Asset Allocation Fund held an interest of 91.3% and 1.4%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America.

A Investment Valuation — Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. Short-term debt securities purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s value, or the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities based on available market quotations provided by a third party pricing service.

B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

Small-Cap Portfolio as of June 30, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

D Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and any other items of income, gain, loss, deduction or credit.

As of June 30, 2010, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Portfolio’s federal tax returns filed in the 3-year period ended December 31, 2009 remains subject to examination by the Internal Revenue Service.

E Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Portfolio. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Portfolio maintains with SSBT. All credit balances, if any, used to reduce the Portfolio’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

F Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I Interim Financial Statements — The interim financial statements relating to June 30, 2010 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.75% of the Portfolio’s average daily net assets up to $500 million and at reduced rates on daily net assets of $500 million or more, and is payable monthly. Prior to its liquidation in February 2010, the portion of the adviser fee payable by Cash Management Portfolio, an affiliated investment company, on the Portfolio’s investment of cash therein was credited against the Portfolio’s investment adviser fee. The Portfolio currently invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. For the six months ended June 30, 2010, the Portfolio’s investment adviser fee totaled $583,584 of which $2,479 was allocated from Cash Management Portfolio and $581,105 was paid or accrued directly by the Portfolio. For

Small-Cap Portfolio as of June 30, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

the six months ended June 30, 2010, the Portfolio’s investment adviser fee, including the portion allocated from Cash Management Portfolio, was 0.75% (annualized) of the Portfolio’s average daily net assets.

Except for Trustees of the Portfolio who are not members of EVM’s or BMR’s organizations, officers and Trustees receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended June 30, 2010, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $118,408,874 and $74,523,247, respectively, for the six months ended June 30, 2010.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at June 30, 2010, as determined on a federal income tax basis, were as follows:


Aggregate cost	$	139,539,745


Gross unrealized appreciation	$	15,388,877
Gross unrealized depreciation		(7,221,923	)


Net unrealized appreciation	$	8,166,954

5 Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $450 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended June 30, 2010.

6 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.


	•	Level 1 – quoted prices in active markets for identical investments

	•	Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

	•	Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At June 30, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:


	Quoted
	Prices in
	Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Assets		Inputs		Inputs

Asset Description	(Level 1)		(Level 2)		(Level 3)		Total

Common Stocks	$	140,561,247	$	—	$	—	$	140,561,247
Short-Term Investments		—		7,145,452		—		7,145,452


Total Investments	$	140,561,247	$	7,145,452	$	—	$	147,706,699

The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The Portfolio held no investments or other financial instruments as of December 31, 2009 whose fair value was determined using Level 3 inputs.

Eaton Vance Small-Cap Fund

BOARD OF TRUSTEES’ ANNUAL CONTRACT APPROVAL

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 26, 2010, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held between February and April 2010. Such information included, among other things, the following:

Information about Fees, Performance and Expenses


	•	An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
	•	An independent report comparing each fund’s total expense ratio and its components to comparable funds;
	•	An independent report comparing the investment performance of each fund (including yield where relevant) to the investment performance of comparable funds over various time periods;
	•	Data regarding investment performance in comparison to relevant peer groups of similarly managed funds and appropriate indices;
	•	For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing such fund;
	•	Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management


	•	Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;
	•	Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;
	•	Data relating to portfolio turnover rates of each fund;
	•	The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Information about each Adviser


	•	Reports detailing the financial results and condition of each adviser;
	•	Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
	•	Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
	•	Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;
	•	Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
	•	Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;
	•	A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers;

Other Relevant Information


	•	Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
	•	Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and
	•	The terms of each advisory agreement.

Eaton Vance Small-Cap Fund

BOARD OF TRUSTEES’ ANNUAL CONTRACT APPROVAL CONT’D

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2010, with respect to one or more Funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met nine, thirteen, three, eight and fifteen times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective including, where relevant, the use of derivative instruments, as well as trading policies and procedures and risk management techniques.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreement of Small-Cap Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Small-Cap Fund (the “Fund”) invests, with Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Portfolio, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. The Board specifically noted the Adviser’s in-house equity research capabilities. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to the Portfolio by senior management.

The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Eaton Vance Small-Cap Fund

BOARD OF TRUSTEES’ ANNUAL CONTRACT APPROVAL CONT’D

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of comparable funds identified by an independent data provider as well as a peer group of similarly managed funds and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2009 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Portfolio and the Fund (referred to collectively as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2009, as compared to a group of similarly managed funds selected by an independent data provider. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions being taken to reduce expenses at the Eaton Vance fund complex level. The Board considered the fact that the Adviser had waived fees and/or paid expenses for the Fund.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Portfolio, the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with its relationship with the Portfolio and the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and the Fund. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Portfolio, the structure of the advisory fee, which includes breakpoints at several asset levels, can be expected to cause the Adviser and its affiliates and the Fund to continue to share such benefits equitably.

Eaton Vance Small-Cap Fund

OFFICERS AND TRUSTEES

Eaton Vance Small-Cap Fund


Officers Thomas E. Faust Jr. President and Trustee Michael A. Allison Vice President John Brynjolfsson Vice President Maria C. Cappellano Vice President J. Scott Craig Vice President Paul Dickson Vice President James H. Evans Vice President Gregory R. Greene Vice President Thomas H. Luster Vice President Michael R. Mach Vice President Robert J. Milmore Vice President J. Bradley Ohlmuller Vice President Duncan W. Richardson Vice President Walter A. Row, III Vice President Judith A. Saryan Vice President Stewart D. Taylor Vice President Michael W. Weilheimer Vice President Barbara E. Campbell Treasurer Maureen A. Gemma Secretary and Chief Legal Officer Paul M. O’Neil Chief Compliance Officer		Trustees Ralph F. Verni Chairman Benjamin C. Esty Allen R. Freedman William H. Park Ronald A. Pearlman Helen Frame Peters Heidi L. Steiger Lynn A. Stout

Eaton Vance Small-Cap Fund

OFFICERS AND TRUSTEES CONT’D

Small-Cap Portfolio


Officers Duncan W. Richardson President Nancy B. Tooke Vice President Barbara E. Campbell Treasurer Maureen A. Gemma Secretary and Chief Legal Officer Paul M. O’Neil Chief Compliance Officer		Trustees Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr. Allen R. Freedman William H. Park Ronald A. Pearlman Helen Frame Peters Heidi L. Steiger Lynn A. Stout

This Page Intentionally Left Blank

Investment Adviser of Small-Cap Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Small-Cap Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

BNY Mellon Asset Servicing

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Eaton Vance Small-Cap Fund

Two International Place

Boston, MA 02110

* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing the program is available to investors at www.FINRA.org.

This report must be preceded or accompanied by a current prospectus or summary prospectus, if available. Before investing, investors should consider carefully the Fund’s investment objective(s), risks, and charges and expenses. The Fund’s current prospectus or summary prospectus, if available, contains this and other information about the Fund and is available through your financial advisor. Please read the prospectus carefully before you invest or send money. For further information please call 1-800-262-1122.


164-8/10	SCGSRC

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not required in this filing.

Item 10. Submission of Matters to a Vote of Security Holders

No Material Changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Small-Cap Portfolio


By:		/s/ Duncan W. Richardson
		Duncan W. Richardson
		President

Date:		August 12, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Barbara E. Campbell Barbara E. Campbell
		Treasurer

Date:		August 12, 2010

By:		/s/ Duncan W. Richardson Duncan W. Richardson
		President

Date:		August 12, 2010