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Short Term Real Return Fund (A)

NAV 1	09/01/2010 Quote 9.99 0.02
POP 2	09/01/2010 Quote 10.49 0.02
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 real return (real return is defined as total return less the estimated cost of inflation (typically measured by the change in an official inflation measure)).

About Risk

Economic and other events (whether real or perceived) can reduce the demand for certain income investments (including fixed-income securities and floating-rate loans), or for investments generally, which may reduce market prices and cause the value of Fund shares to fall. Inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of an inflation-linked security tends to decrease when real interest rates increase and can increase when real interest rates decrease. As interest rates rise, the value of certain income investments is likely to decline. Conversely, when interest rates decline, the value of such investments is likely to rise. Investments with longer maturities typically offer higher yields, but involve greater risk because the prices of such investments are more sensitive to changes in interest rates than investments with shorter maturities. Income securities are subject to the risk of non-payment of scheduled principal and interest. 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. A financial institution or other counterparty with whom the Fund does business may decline in financial condition and become unable to honor its commitments. This could cause the value of Fund shares to decline and/or the Fund could experience delays in the return or delivery of collateral or other assets held by the counterparty. Investments rated below investment grade and comparable unrated securities (commonly referred to as “junk bonds”) 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. While certain U.S. Government-sponsored agencies (such as Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association) may be charted or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Borrowing to increase investments ("leverage") may exaggerate the effect on the Fund’s net asset value of any increase or decrease in the value of the security purchased with the borrowings. In the event of the bankruptcy of the counterparty to a repurchase agreement, recovery of cash may be delayed. Securities purchased on a when-issued or forward commitment basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price. The Fund is “non-diversified” which means it may invest a greater percentage of its assets in the securities of a single issuer than funds are “diversified.” The Fund is an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the sub-adviser to develop and effectively implement strategies that achieve the Fund’s investment objective. 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 Inflation-Protected Bond 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 June 30, 2010

Cash & Equivalents 2.88% Domestic Common Stock 0.20% US Treasury Notes/Bonds 63.41% Asset Backed 0.04% Domestic Corp. Bonds (non-conv.) 0.20% Loan Participations 33.08% Other 0.19%

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

Credit Quality (% of TGA) as of June 30, 2010

Short-Term 0.93% Government 64.68% BBB 0.74% BB 15.28% B 12.14% CCC 1.53% Not Rated 4.12% Equity/Other 0.58% TOTAL 100.00%

By total portfolio gross assets. Portfolio information is subject to change due to active management. Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

Portfolio Characteristics as of June 30, 2010

Number of Issues 436 Average Maturity 3.26 yrs. Average Duration 2.20 Average Coupon 2.99%

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

Additional Information
Total Net Assets of the Fund (share classes only) as of June 30, 2010	$ 2.95 million
Fund Total Net Assets equals the sum of the net assets of each of the Fund’s share classes.

Portfolio Management
Thomas H. Luster (since 3/31/2010)	Vice President, Eaton Vance Management Joined Eaton Vance in 1994 Director of Eaton Vance Investment Grade Fixed Income Group B.S. from George Washington University; M.B.A. in Finance from University of Chicago
Stewart D. Taylor (since 3/31/2010)	Vice President, Eaton Vance Management Joined Eaton Vance in 2005 Previously, a senior vice president with Government Perspectives, LLC

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.

Eaton Vance does not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision.

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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