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Structured International Equity Fund (A)

NAV 1	09/01/2010 Quote 9.63 0.32
POP 2	09/01/2010 Quote 10.22 0.34
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

Fund Holdings (1st or 3rd fiscal quarters)

Portfolio Holdings as of 6/30/2010

Sales Charge Information

Investment Objective

The Fund’s investment objective is to seek long-term capital appreciation.

About Risk

The Fund’s shares are sensitive to stock market volatility and the stocks in which the Fund invests may be more volatile than the stock market as a whole. Because the Fund can invest a portion of its assets in foreign securities, the value of Fund shares can be adversely affected by changes in currency exchange rates and political and economic developments abroad. In emerging or less developed countries, these risks can be significant. Smaller, less seasoned companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk. 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. Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. As a result, the value of Fund shares may fall and there may be a delay in recovering the loaned securities. The Fund relies on its investment adviser to achieve its investment objective. The investment adviser uses quantitative investment techniques and analyses in making investment decisions for the Fund, but there can be no assurance that these will achieve the desired results. The Fund is not a complete investment program and you may lose money by investing in the Fund.

General Data

Morningstar Rating

Morningstar Ratings™ as of July 31, 2010 Foreign Large Blend 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.

Asset Distribution as of July 31, 2010

Cash & Equivalents 0.48% Domestic Common Stock 99.52%

By total portfolio net assets. Portfolio information is subject to change due to active management.

Portfolio Characteristics as of July 31, 2010

Number of Issues 361 P/E Ratio 17.49 Average Price/Book Ratio 2.41 Median Market Capitalization $7.49 billion

By total portfolio net assets. Portfolio information is subject to change due to active management.

Top Ten Holdings as of July 31, 2010

Novo Nordisk A/S BASF SE Commonwealth Bank of Australia Telefonica, SA Hennes & Mauritz AB Novartis AG SAP AG Royal Dutch Shell PLC (CL A) HSBC Holdings PLC Teva Pharmaceutical Industries      Percent in Top Five Holdings 5.85%      Percent in Top Ten Holdings 11.03%

By total portfolio net assets. Excludes cash equivalents. Portfolio information is subject to change due to active management.

Top Ten Sectors as of July 31, 2010

Financials 16.57% Consumer Staples 11.33% Industrials 11.18% Consumer Discretionary 10.55% Health Care 9.64% Materials 9.43% Telecommunication Services 9.22% Energy 8.11% Utilities 7.95% Information Technology 6.02%

By total portfolio net assets. Portfolio information is subject to change due to active management. In some cases, the Fund may invest in less than 10 sectors.

Assets by Country as of July 31, 2010

Australia 5.27% Austria 0.65% Denmark 3.16% Finland 4.29% France 7.80% Germany 6.36% Greece 0.87% Hong Kong 5.32% Ireland 1.02% Israel 2.23% Italy 3.49% Japan 13.36% Netherlands 4.48% New Zealand 0.49% Portugal 1.60% Singapore 5.28% Spain 5.03% Sweden 4.05% Switzerland 6.80% UK 13.15% Other Europe 5.30%

By total portfolio net assets. Portfolio information is subject to change due to active management.

Additional Information
Total Net Assets of the Fund (share classes only) as of July 31, 2010	$ 24.25 million
Fund Total Net Assets equals the sum of the net assets of each of the Fund’s share classes.

Portfolio Management
Thomas Seto (since 3/31/2010)	Director of Portfolio Management, Parametric Portfolio Associates Previously, Head of U.S. equity Index Investments at Barclays Global Investors M.B.A. from Chicago Graduate School of Business
David Stein (since 3/31/2010)	Ph.D., Chief Investment Officer, Managing Director, Parametric Portfolio Associates Previously, Director of Investment Research at GTE Investment Management Corporation; Director of Active Investments at Vanguard Group; Director of Quantitative Portfolio Management and Research at IBM Retirement Funds Ph.D. from Harvard University

Before investing in any Eaton Vance fund, prospective investors should consider carefully the fund's investment objective(s), risks, and charges and expenses. For open-end mutual funds, the fund's current prospectus contains this and other information about the fund. To obtain a fund prospectus or summary prospectus, if available, and the most recent annual and semiannual shareholder reports, contact your financial advisor or download a copy here. Read the prospectus carefully before you invest or send money. For closed-end funds, you should contact your financial advisor. To obtain the most recent annual and semi-annual shareholder report for a closed-end fund contact your financial advisor or download a copy here. Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus containing this and other information, contact your investment or insurance professional. Read the prospectus carefully before investing.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

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©Eaton Vance Investment Managers. All rights reserved. Eaton Vance open-end mutual funds are offered through Eaton Vance Distributors, Inc. Two International Place, Boston, MA 02110.

Publication details: 2010-09-02 09:53