Eaton Vance Investment Managers - Commodity Strategy Fund (A)

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NAV ¹	09/01/2010 Quote 9.67 0.13
POP ²	09/01/2010 Quote 10.15 0.13
¹ Net Asset Value: without sales charge. ² Public Offering Price: with maximum sales charge. Year to Date (YTD) returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. The Fund's past performance is no guarantee of future results. Investment return and principal value of Fund shares 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 the quoted return. Performance is not shown for funds that have an inception date of less than one year.

Literature
Summary Prospectus
Prospectus
Statement of Additional Information
Semiannual Report
Fund Holdings (1st or 3rd fiscal quarters)
Sales Charge Information

Investment Objective
The Fund’s investment objective is total return. The Fund seeks to achieve its objective primarily through exposure to commodities-related investments.

About Risk

The value of commodities investments will generally be affected by overall market movements and factors specific to a particularly industry or commodity, which may include weather, embargoes, tariffs, and health, political, international and regulatory developments. Economic and other events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of Fund shares to fall. The use of derivatives can lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory constraints. The Fund's performance may not match or correlate to that of the Dow Jones-UBS Commodity Total Return Index, either on a daily basis or aggregate basis. Tracking error risk may cause the Fund's performance to be less than expected. Changes in the value of a hedging instrument may not match those of the investment being hedged. Commodity-linked structured notes may be structured in a way that results in the Fund's performance significantly diverging from the Dow Jones- UBS Commodity Total Return Index. As interest rates rise, the value of Fund shares is likely to decline. Conversely, when interest rates decline, the value of Fund shares is likely to rise. Duration measures the expected life of a fixed-income security, which can determine its sensitivity to changes in the general level of interest rates. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yield fall. Fixed income securities are subject to the risk of non-payment of scheduled principal and interest. Investments in obligations rated below investment grade and comparable unrated securities have speculative characteristics because of the credit risk associated with their issuers. Because the Fund can invest a portion of its asset in foreign securities, the value of Fund shares can be adversely affected by changes in currency exchange rates and political and economic developments abroad. Securities markets in emerging market countries are substantially smaller, less liquid and more volatile than the major securities markets in the United States or other developed countries, and as a result, the value of securities of emerging markets issuers will be more volatile. Certain derivative transactions give rise to a form of leverage. The use of when-issued, delayed delivery or forward commitment transactions may also give rise to leverage. Leveraged investments may also experience greater price volatility. Short sale risk includes, among other things, the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. The Fund will be indirectly exposed to the risks associated with the Subsidiary's investments, which are generally similar to those that are permitted to be held by the Fund. The Subsidiary is not registered under the Investment Company Act of 1940 as amended (1940 Act), and is not subject to all of the provisions of the 1940 Act. The tax treatment of commodity-linked notes, other commodity-linked derivatives and the Fund's investments in the Subsidiary may be adversely affected by future legislation, Treasury Regulations and/or guidance is sued by the IRS that could affect the character, timing and/or amount of the Fund's taxable income or any gains and distributions made by the Fund. The Fund is not a complete investment program and you may lose money by investing in the Fund.

General Data

Symbol

EACSX

CUSIP

277905345

Class Inception Date

4/8/2010

Minimum Investment

$1,000

Check Writing

Total Annual Operating Expenses
Gross	1.69%
Net*	1.5%

*Source: Prospectus dated 4/7/10. Net Expense Ratio reflects contractual expense limitation and an expense waiver. The expense limitation continues through April 30, 2011 and may be changed or terminated at any time, thereafter. The expense waiver may not be terminated, unless approved by the Fund's Board of Trustees. Without such expense limitation and waiver performance would have been lower.

Morningstar Rating

Morningstar Ratings™ as of July 31, 2010
Commodities Broad Basket Category

	Overall (0 Funds)
	N/A
Load Waived	N/A

(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.

© 2010 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.

Distribution and Cap Gain History Prospectus

Distributions are less than .0001 or distributions are not currently available.

Commodity Exposure as of June 30, 2010

Energy	31.84%
Crude Oil	14.33%
Natural Gas	10.19%
Unleaded Gasoline	3.68%
Heating Oil	3.64%
Agriculture	29.12%
Soybeans	7.60%
Corn	6.73%
Wheat	4.42%
Coffee	3.27%
Soybean Oil	3.01%
Cotton	2.29%
Sugar	1.81%
Industrial Metals	17.59%
Copper	7.18%
Aluminum	5.38%
Nickel	2.77%
Zinc	2.27%
Precious Metals	14.59%
Gold	10.93%
Silver	3.66%
Livestock	6.86%
Live Cattle	4.06%
Lean Hogs	2.79%

Additional Commodity Investments (% of TNA) as of June 30, 2010

Crude Oil	-0.25%
Natural Gas	0.15%
Gold	0.30%
Coffee	0.17%

By percent of total net assets. Portfolio composition subject to change. Fund statistics may not be representative of the Fund’s current or future investments and are subject to change due to active management.

Fund Collateral Investments Excluding Derivatives (% of TNA) as of June 30, 2010

Cash	81.23%
Government Agency Notes/Bonds	11.32%
Foreign Corp. Bonds (non-conv.)	3.50%
Other	3.95%
Total	100.00%

Additional Information
Total Net Assets of the Fund (share classes only) as of July 31, 2010	$ 55.09 million
Fund Total Net Assets equals the sum of the net assets of each of the Fund’s share classes.

Portfolio Management
John B. Brynjolfsson (since 4/7/2010)	Chief Investment Officer and a Managing Director of Armored Wolf
Paul Dickson (since 4/7/2010)	Managing Director of Armored Wolf