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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Investment Objective</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund’s investment objective is to seek long-term,
after-tax returns for its shareholders.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Fees and Expenses of the Fund</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund.  </p>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Portfolio Turnover</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the portfolio).  A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not
reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Principal Investment Strategies</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund normally invests at least 80% of its net assets in
equity securities of companies located in emerging market countries, which are those considered to be developing (the “80%
Policy”).  A company will be considered to be located in an emerging market country if it is domiciled in or derives
more than 50% of its revenues or profits from emerging market countries.  Emerging market countries are generally countries
not considered to be developed market countries, and therefore not included in the MSCI World Index.   The Fund invests primarily
in securities of companies located in countries included in the MSCI Emerging Markets Index or the MSCI Frontier Markets Index.
  Securities acquired by the Fund are typically listed on stock exchanges in emerging market countries, but also may include
securities traded in markets outside these countries, including securities trading in the form of depositary receipts.  For
purposes of the Fund’s 80% Policy, depositary receipts are considered as being located in emerging markets if the company
is domiciled in or derives more than 50% of its revenues or profits from emerging market countries.  The Fund invests in companies
with a broad range of market capitalizations including smaller companies. The Fund is ordinarily exposed to over 30 emerging market
countries at all times and typically invests in more than 500 stocks.  More than 25% of the Fund’s total assets may
be denominated in any single currency.  The Fund may invest directly in foreign currencies.  The Fund may also invest
in other pooled investment vehicles and may lend its securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund may engage in derivative transactions as a substitute
for the purchase or sale of securities or currencies or to attempt to mitigate the adverse effects of foreign currency fluctuations.
 Such transactions may include forward foreign currency exchange contracts, options and equity-linked securities (such as
participation notes, equity swaps and zero strike calls and warrants).  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">In managing the Fund, the portfolio managers seek to balance
investment considerations and tax considerations and taking into account the taxes payable by shareholders in connection with distributions
of investment income and net realized gains.  The Fund seeks to minimize income distributions and distributions of realized
short-term gains that are taxed as ordinary income, as well as distributions of realized long-term gains (taxed as long-term capital
gains).  The Fund seeks to employ a top-down, disciplined and structured investment process that emphasizes broad exposure
and diversification among emerging market countries, economic sectors and issuers.  This rules-based strategy utilizes targeted
allocation and systematic rebalancing to take advantage of certain quantitative and behavioral characteristics of emerging markets
identified by the portfolio managers.  The portfolio managers select and allocate across countries based on factors such as
size, liquidity, level of economic development, local economic diversification, and perceived risk and potential for growth. The
Fund maintains a bias to broad inclusion; that is, the Fund intends to allocate its portfolio holdings to more emerging market
countries rather than fewer emerging market countries. Relative to capitalization-weighted country indexes, individual country
allocation targets emphasize the less represented emerging market countries and attempt to reduce concentration risks relative
to a capitalization-weighted index. The Fund’s country allocations are rebalanced to their target weights if they exceed
a pre-determined overweight.  This has the effect of reducing exposure to countries with strong relative performance and increasing
exposure to countries which have underperformed. The frequency of rebalancing depends on the volatility and trading costs of the
individual country.   Within each country, the Fund seeks to maintain exposure across key economic sectors, such as industrial/technology,
consumer, utilities, basic industry/resource and financial. Relative to capitalization-weighted country indexes, the portfolio
managers target weights to these sectors to emphasize the less represented sectors. The portfolio managers select individual securities
as representatives of their economic sectors and generally weight them by their relative capitalization within that sector.  </p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Principal Risks</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Equity Investing 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.  The
prices of stocks may decline in response to conditions affecting the general economy; overall market changes; local, regional or
global political, social or economic instability; and currency, interest rate and commodity price fluctuations, as well as issuer
or sector specific events.  Market conditions may affect certain types of stocks to a greater extent than other types of stocks.
 If the stock market declines, the value of Fund shares will also likely decline and, although stock values can rebound, there
is no assurance that values will return to previous levels.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Tax-Managed Investing Risk.  Market conditions may limit
the Fund’s ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund’s tax-managed
strategy may cause the Fund to hold a security in order to achieve more favorable tax-treatment or to sell a security in order
to create tax losses. The Fund’s ability to utilize various tax-management techniques may be curtailed or eliminated in the
future by tax legislation or regulation.  Tax code provisions applicable to tax-favored dividends are effective for taxable
years beginning on or before December 31, 2012.   Thereafter, dividends will be taxable as ordinary income unless further
legislative action is taken.   Although the Fund expects that a smaller portion of its total return will consist of taxable
distributions to shareholders as compared to equity mutual funds that are managed without regard to tax considerations, there can
be no assurance about the size of taxable distributions to shareholders.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Foreign and Emerging Market Investment Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>Because
the Fund invests a significant portion of its assets in foreign instruments, the value of Fund shares can be adversely affected
by changes in currency exchange rates and political, economic and market developments abroad.  In emerging or less developed
countries, these risks can be more significant.  Investment markets in emerging market countries are typically substantially
smaller, less liquid and more volatile than the major markets in developed countries.  As a result, Fund share values may
be more volatile than if the Fund invested only in developed markets.  Emerging market countries may have relatively unstable
governments and economies.  Emerging market investments often are subject to speculative trading, which typically contributes
to volatility.  Trading in foreign and emerging markets typically involves higher expense than trading in the United States.
The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. The value of investments denominated
in foreign currencies can be adversely affected by changes in foreign currency exchange rates. Depositary receipts are subject
to many of the risks associated with investing directly in foreign securities including political, economic and market risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Small Company Equity Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>The
stocks of small and emerging companies are generally subject to greater price fluctuations, limited liquidity, higher transaction
costs and higher investment risk.  Small and emerging companies may have limited product lines, markets or financial resources,
may be dependent on a limited management group, and may lack substantial capital reserves or an established performance record.
 There may be generally less publicly available information about such companies than for larger, more established companies.
Stocks of these companies frequently have lower trading volumes making them more volatile and potentially more difficult to value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Derivatives Risk. <i> </i>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.  Derivatives may create economic leverage in the
Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position
held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance
may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose
for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill
and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative
instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the
value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of
Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.
 The loss on derivative transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Securities Lending Risk.  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 value of Fund
shares could also fall if a loan is called and the Fund is required to liquidate reinvested collateral at a loss or if the investment
adviser is unable to reinvest cash collateral at rates that exceed the costs involved.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Structured Management Risks.   The sub-adviser uses proprietary
investment techniques and analyses in making investment decisions for the Fund , seeking to achieve its investment objective while
minimizing exposure to market risk.  The strategy seeks to take advantage of certain quantitative and behavioral market characteristics
identified by the sub-adviser , utilizing a rules-based country weighting process, a structured sector allocation methodology and
a disciplined rebalancing model.  The Fund’s strategy has not been independently tested or validated, and there can
be no assurance that it will achieve the desired results.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective.   In addition, the redemption by one or more large shareholders
or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.
  Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines
in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency, entity or person.  Mutual funds, investment advisers, other market participants
and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes
to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the
Fund’s ability to execute its investment strategy.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Performance</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The following bar chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s
average annual returns over time compare with those of a broad-based securities market index. The Fund’s performance shown
below includes the performance of its predecessor registered investment company.  On February 6, 2004, the Fund merged with
PIMCO PPA Tax-Efficient Structured Emerging Markets Fund (the “Predecessor Fund”), which was a series of PIMCO Funds:
Multi-Manager Series, and assumed its operating history and performance record.  The performance for any period prior to
February 6, 2004 is that of the Predecessor Fund.  The returns in the bar chart do not reflect any purchase or redemption
fees.  If these fees were reflected, returns would be lower.  Past performance (both before and after taxes) is no guarantee
of future results.  Updated Fund performance information can be obtained by visiting  www.eatonvance.com.</p>
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0
0
-0.0200
306
531
775
1475
98
306
531
1178
0.0144
0.6274
0.3159
0.3383
0.3799
0.4018
-0.5101
0.6820
0.2334
-0.1805
-0.1842
-0.1966
-0.1963
-0.1232
0.0240
0.0277
0.0264
0.0255
0.1385
0.1650
0.1611
0.1495
0.0045
0.0051
0.0096
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Example.<font style="font-family: NewsGoth Lt BT"> </font></p>
<p style="font: 10pt NewsGoth Lt BT; margin: 0 0 6pt"> This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for
the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that
your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs may
be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Annual Fund Operating Expenses<sup> </sup>(expenses
that you pay each year as a percentage of the value of your investment)</p>
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<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 11.2pt 0 5.6pt">The returns in the table reflect the maximum 2%
redemption fee.  (Source for the MSCI Emerging Markets Index:  MSCI.  MSCI data may not be reproduced or used for
any other purpose.  MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.)
 Investors cannot invest directly in an Index.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">After-tax returns are calculated using the highest historical
individual federal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend
on a shareholder’s tax situation and 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 to shares held by non-taxable entities.  Return
After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period.  Also, Return After Taxes on Distributions and Sale of Fund Shares for a period 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.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
0.04
The Fund normally invests at least 80% of its net assets in
equity securities of companies located in emerging market countries, which are those considered to be developing (the “80%
Policy”).  A company will be considered to be located in an emerging market country if it is domiciled in or derives
more than 50% of its revenues or profits from emerging market countries.  Emerging market countries are generally countries
not considered to be developed market countries, and therefore not included in the MSCI World Index.   The Fund invests primarily
in securities of companies located in countries included in the MSCI Emerging Markets Index or the MSCI Frontier Markets Index.
  Securities acquired by the Fund are typically listed on stock exchanges in emerging market countries, but also may include
securities traded in markets outside these countries, including securities trading in the form of depositary receipts.  For
purposes of the Fund’s 80% Policy, depositary receipts are considered as being located in emerging markets if the company
is domiciled in or derives more than 50% of its revenues or profits from emerging market countries.  The Fund invests in companies
with a broad range of market capitalizations including smaller companies. The Fund is ordinarily exposed to over 30 emerging market
countries at all times and typically invests in more than 500 stocks.  More than 25% of the Fund’s total assets may
be denominated in any single currency.  The Fund may invest directly in foreign currencies.  The Fund may also invest
in other pooled investment vehicles and may lend its securities.
The Fund is not a complete
investment program and you may lose money by investing in the Fund.
An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency, entity or person.
The following bar chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s
average annual returns over time compare with those of a broad-based securities market index.
 Past performance (both before and after taxes) is no guarantee of future
results.
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">www.eatonvance.com</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">During the ten years ended December 31, 2011 , the highest
quarterly total return was </p>
0.3644
2009-06-30
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt"> and the lowest quarterly total return was</p>
-0.2994
2008-12-31
After-tax returns are calculated using the highest historical
individual federal income tax rates and do not reflect the impact of state and local taxes.
 After-tax
returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 0 0 5.6pt">Also, Return After Taxes on Distributions and Sale of Fund Shares for a period 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.</p>
During the ten years ended December 31, 2011 , the highest
quarterly total return was 36.44% for the quarter ended June 30, 2009, and the lowest quarterly total return was –29.94%
for the quarter ended December 31, 2008.  The Fund’s year-to-date total return through the end of the most recent calendar
quarter (December 31, 2011 to September 30, 2012 ) was 13.60 %.
EITEX