Eaton Vance Series Trust II

Eaton Vance
Parametric Tax-Managed Emerging Markets Fund
June 30, 2011

Management’s Discussion of Fund Performance


Portfolio Managers		Thomas Seto, Co-Portfolio Manager, Director of Portfolio Management, Parametric Portfolio Associates LLC;
		David Stein, Ph.D., Co-Portfolio Manager, Chief Investment Officer, Parametric Portfolio Associates LLC

For the fiscal year ending June 30, 2011, Eaton Vance Parametric Tax-Managed Emerging Markets Fund had a total return of 28.74%. In comparison, its benchmark, the MSCI Emerging Markets Index (the Index) gained 27.80%, while the Lipper Emerging Markets Funds Classification had an average return of 26.98%.1 Additional information about Fund performance appears on the next page.

Economic and Market Conditions

Global equity markets turned in positive performance during the fiscal year ending June 30, 2011, with much of the gains occurring in the first six months of the period. The period began with market volatility in developed countries, driven by a variety of concerns, including the European credit crisis, an overheating Chinese economy and U.S. political uncertainties leading up to the mid-term Congressional elections in November 2010. However, emerging-market countries generally showed strong growth during this period, benefiting in part from a global economy that continued to demand raw materials.

In the first half of 2011—the second half of the Fund’s fiscal year—emerging markets had just slightly positive performance, for several reasons, including turmoil in the Middle East and North Africa, persistent worries about sovereign debt in the eurozone, inflation in emerging markets countries, and political inertia in the United States. Egypt, along with the other Gulf Cooperation Council (GCC) countries, performed especially poorly during this period due to the significant political upheaval that took place in the first several months of 2011.

The U.S. market, as represented by the S&P 500 Index, rose 30.69% for the fiscal year, while other developed economies of the world, as measured by the MSCI EAFE Index, returned 30.36%.1 Within the Index, the largest gains came from Poland, Russia, Korea and Thailand. In contrast, China, India, Peru and Egypt were laggards, with Egypt turning in the only negative country performance.

Management Discussion

The Fund outperformed its benchmark largely due to its allocations in China and Brazil. In both countries, not only was the Fund underweighted, which was beneficial, but its holdings outperformed those in the Index. In the Philippines, the Fund’s holdings outperformed those in the Index by a large margin, while in India, the Fund’s underweighted allocation proved beneficial. Finally, the Fund’s relative performance benefited from favorable allocations in Chile, Mexico, Poland, Argentina, Romania, and the Czech Republic.

The Fund’s overweight to Egypt and other GCC countries detracted from relative performance. The Fund also had negative performance in the non-benchmark countries of Lebanon, Jordan and Vietnam. An underweighted position in strong-performing South Korea further limited the Fund’s returns for the fiscal year.

Parametric’s emerging market investment strategy relies on a systematic investment process, in combination with a rebalancing discipline to avoid concentration, aimed to enhance returns and capture a higher long-term growth rate than the cap-weighted indices.

See Endnotes and Additional Disclosures on page 5.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. Returns are before taxes unless otherwise noted. For performance as of the most recent month end, please refer to www.eatonvance.com.

Eaton Vance
Parametric Tax-Managed Emerging Markets Fund
June 30, 2011

Performance²

Class I Shares
Symbol: EITEX
Inception Date: 6/30/98


% Average Annual Total Returns	One Year		Five Years		Ten Years

At net asset value (NAV)		28.74		12.68		18.94
At NAV with redemption fee		26.21		12.27		18.75


% After-Tax Returns at NAV with redemption fee³	One Year		Five Years		Ten Years

Return After Taxes on Distributions		25.91		12.06		18.26
Return After Taxes on Distributions and Sale of Fund Shares		17.51		10.83		16.93


% Total Annual Operating Expense Ratio⁴	Class I

		0.96


% Comparative Performance¹	One Year		Five Years		Ten Years

MSCI Emerging Markets Index^*		27.80		11.42		16.19
Lipper Emerging Markets Funds Average^*		26.98		9.50		14.95


^*		Source: MSCI; Lipper.

Performance of $50,000

This graph shows the change in value of a hypothetical investment of $50,000 in Class I of the Fund for the period indicated. For comparison, the same investment is shown in the indicated Index.

See Endnotes and Additional Disclosures on page 5.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in NAV or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. Returns are before taxes unless otherwise noted. For performance as of the most recent month end, please refer to www.eatonvance.com.

Eaton Vance
Parametric Tax-Managed Emerging Markets Fund
June 30, 2011

Endnotes and Additional Disclosures


^1.		S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. This index is net of foreign withholding taxes. Source: 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. Unless otherwise stated, indices do not reflect any applicable sales charges, commissions, leverage, taxes or other expenses of investing. It is not possible to invest directly in an index or Lipper classification. Lipper Average reflects the average annual total return of funds in the same Lipper classification as the Fund.

^2.		Class I shares are offered at NAV. Class I shares are subject to a 2% redemption fee at the time of exchange or redemption. Fund performance prior to 2/6/04 is that of its predecessor, the PIMCO PPA Tax-Efficient Structured Emerging Markets Fund.

^3.		After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the 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 shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares 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.

^4.		Source: Fund prospectus.

^5.		Excludes cash and cash equivalents.

		Fund profile subject to change due to active management.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 – June 30, 2011).

Actual Expenses: The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes: The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.


	Beginning		Ending		Expenses Paid		Annualized
	Account Value		Account Value		During Period*		Expense
	(1/1/11)		(6/30/11)		(1/1/11 – 6/30/11)		Ratio


Actual
Class I	$	1,000.00	$	1,009.60	$	4.73		0.95	%





Hypothetical
(5% return per year before expenses)
Class I	$	1,000.00	$	1,020.10	$	4.76		0.95	%


*	Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2010.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments

Common Stocks — 97.1%

Security Shares Value

Argentina — 0.7%

Banco Macro SA, Class B
130,676 $ 510,490

Banco Macro SA, Class B ADR
30,000 1,132,200

BBVA Banco Frances SA
76,594 268,457

BBVA Banco Frances SA ADR
59,599 613,870

Cresud SA ADR
145,131 2,356,927

Grupo Financiero Galicia SA, Class B ADR
103,000 1,394,620

IRSA Inversiones y Representaciones SA
119,544 168,470

IRSA Inversiones y Representaciones SA ADR
57,300 788,448

Ledesma SAAI
259,501 574,774

MercadoLibre, Inc.
64,000 5,077,760

Molinos Rio de la Plata SA, Class B
93,310 726,767

Petrobras Energia SA ADR
72,987 1,413,758

Siderar SAIC⁽¹⁾
138,700 1,058,353

Telecom Argentina SA ADR
128,200 3,340,892

Telecom Argentina SA, Class B
229,824 1,236,245

Transportadora de Gas del Sur SA
252,923 198,226

$ 20,860,257

Botswana — 0.5%

Barclays Bank of Botswana
1,191,347 $ 1,119,409

Botswana Insurance Holdings Ltd.
400,865 589,846

First National Bank of Botswana
7,511,600 3,132,779

Letshego
15,329,252 4,104,407

Sechaba Breweries Ltd.
1,086,400 1,928,143

Sefalana Holding Co.
991,000 454,869

Standard Chartered Bank Botswana
850,790 1,223,606

$ 12,553,059

Brazil — 6.3%

AES Tiete SA, PFC Shares
53,416 $ 865,253

All America Latina Logistica SA (Units)
255,200 2,147,039

Anhanguera Educacional Participacoes SA
39,000 830,154

B2W Companhia Global do Varejo
33,500 408,916

Banco Bradesco SA
73,802 1,266,407

Banco Bradesco SA, PFC Shares
357,660 7,264,808

Banco do Brasil SA
174,099 3,123,552

Banco Santander Brasil SA
144,000 1,688,527

BM&F Bovespa SA
479,000 3,170,519

Bombril SA, PFC Shares
100,000 588,216

BR Malls Participacoes SA
62,500 714,846

Bradespar SA, PFC Shares
56,500 1,433,633

Brasil Telecom SA, PFC Shares
116,635 1,121,023

Braskem SA, PFC Shares
61,000 871,233

BRF-Brasil Foods SA
208,066 3,532,982

Centrais Eletricas Brasileiras SA
44,000 588,960

Centrais Eletricas Brasileiras SA, Class B, PFC Shares
148,982 2,518,275

Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares
31,056 1,435,742

Cia de Bebidas das Americas, PFC Shares
347,325 11,423,569

Cia de Companhia de Concessoes Rodoviarias (CCR)
78,800 2,345,343

Cia de Saneamento Basico do Estado de Sao Paulo
41,800 1,244,907

Cia de Saneamento de Minas Gerais-Copasa MG
20,000 401,115

Cia de Transmissao de Energia Eletrica Paulista, PFC Shares
25,863 831,746

Cia Energetica de Minas Gerais, PFC Shares
155,450 3,154,520

Cia Energetica de Sao Paulo, PFC Shares
76,200 1,496,511

Cia Hering
42,700 982,238

Cia Paranaense de Energia-Copel, PFC Shares
36,800 978,567

Cia Siderurgica Nacional SA (CSN)
161,700 1,988,289

Cielo SA
125,766 3,142,840

Contax Participacoes SA, PFC Shares
30,200 454,746

Cosan SA Industria e Comercio
52,100 821,235

CPFL Energia SA
121,200 1,731,817

Cyrela Brazil Realty SA
85,724 816,785

Diagnosticos da America SA
77,600 1,044,180

Duratex SA
139,243 1,178,611

EcoRodovias Infraestrutura e Logistica SA
48,000 416,749

EDP-Energias do Brasil SA
27,800 669,772

Eletropaulo Metropolitana SA, Class B, PFC Shares
33,568 728,294

Embratel Participacoes SA
37,424,000 227,808

Embratel Participacoes SA, PFC Shares
67,000,000 407,843

Empresa Brasileira de Aeronautica SA
322,032 2,455,503

Fibria Celulose SA
24,585 323,725

Gafisa SA
137,300 653,663

Gerdau SA, PFC Shares
161,400 1,685,721

Gol Linhas Aereas Inteligentes SA, PFC Shares
37,000 441,681

Hypermarcas SA
125,600 1,183,045

Itau Unibanco Holding SA, PFC Shares
494,292 11,544,512

Itausa-Investimentos Itau SA, PFC Shares
932,392 7,163,285

JBS SA⁽¹⁾
231,100 796,667

Klabin SA, PFC Shares
147,000 546,311

Light SA
41,500 780,726

LLX Logistica SA⁽¹⁾
154,000 473,649

Localiza Rent a Car SA
40,900 731,176

Lojas Americanas SA, PFC Shares
293,896 2,852,994

Lojas Renner SA
38,700 1,475,443

Lupatech SA⁽¹⁾
64,400 491,052

Marcopolo SA, PFC Shares
257,100 1,153,173

Metalurgica Gerdau SA, PFC Shares
72,500 929,100

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Brazil (continued)

MPX Energia SA⁽¹⁾
20,100 $ 502,033

MRV Engenharia e Participacoes SA
117,600 976,578

Natura Cosmeticos SA
55,400 1,384,423

OGX Petroleo e Gas Participacoes SA⁽¹⁾
245,500 2,295,098

PDG Realty SA Empreendimentos e Participacoes
346,400 1,951,018

Petroleo Brasileiro SA
275,200 4,628,841

Petroleo Brasileiro SA ADR
187,400 5,749,432

Petroleo Brasileiro SA, PFC Shares
715,000 10,867,139

Randon Participacoes SA, PFC Shares
95,550 759,184

Redecard SA
194,800 2,935,761

Souza Cruz SA
144,500 1,838,830

Suzano Papel e Celulose SA
62,800 454,306

TAM SA, PFC Shares
32,800 704,066

Tele Norte Leste Participacoes SA
11,200 194,842

Tele Norte Leste Participacoes SA, PFC Shares
95,800 1,470,163

Tele Norte Leste Participacoes SA ADR, PFC Shares
26,608 413,488

Telemar Norte Leste SA, PFC Shares
22,900 761,548

Telesp-Telecomunicacoes de Sao Paulo SA, PFC Shares
137,605 4,002,990

Tim Participacoes SA
75,000 427,706

Tim Participacoes SA, PFC Shares
302,932 1,465,503

Totvs SA
77,700 1,433,864

Tractebel Energia SA
56,300 992,055

Ultrapar Participacoes SA, PFC Shares
103,648 1,836,329

Usinas Siderurgicas de Minas Gerais SA
20,700 311,432

Usinas Siderurgicas de Minas Gerais SA, PFC Shares
107,800 946,311

Vale SA
189,400 6,006,091

Vale SA, PFC Shares
458,592 13,117,321

Weg SA
130,700 1,490,699

$ 175,656,047

Bulgaria — 0.2%

Albena Invest Holding PLC
19,550 $ 93,931

Bulgarian American Credit Bank JSCO⁽¹⁾
38,300 150,542

Bulgartabak Holding
3,450 87,376

CB First Investment Bank AD⁽¹⁾
54,000 123,683

Chimimport AD⁽¹⁾
487,988 1,001,051

Corporate Commercial Bank AD⁽¹⁾
19,900 1,123,402

Doverie Holding AD⁽¹⁾
40,000 86,338

Industrial Holding Bulgaria PLC⁽¹⁾
210,365 148,650

Olovno Tzinkov Komplex AD⁽¹⁾
33,800 201,299

Petrol AD⁽¹⁾
76,205 237,037

Sopharma AD⁽¹⁾
303,500 879,139

Vivacom⁽¹⁾
32,300 101,787

$ 4,234,235

Chile — 3.1%

Administradora de Fondos de Pensiones Provida SA ADR
14,500 $ 1,036,025

AES Gener SA
1,922,700 1,184,393

Almendral SA
7,092,000 1,092,594

Antarchile SA, Series A
28,200 602,799

Banco de Chile
18,815,895 2,733,307

Banco de Chile ADR
22,359 1,930,700

Banco de Credito e Inversiones
51,624 3,435,341

Banco Santander Chile SA ADR
44,322 4,157,847

Besalco SA
494,500 877,160

Cap SA
47,300 2,256,959

Cencosud SA
734,900 5,291,406

Cia Cervecerias Unidas SA ADR
32,100 1,887,159

Cia Electro Metalurgica SA
17,500 409,088

Cia General de Electricidad SA
116,110 665,828

Cia Sud Americana de Vapores SA
609,456 382,744

Colbun SA
5,518,200 1,569,207

Corpbanca SA
83,071,400 1,306,462

Corpbanca SA ADR
56,666 1,354,317

Embotelladora Andina SA, Series A ADR
25,100 628,253

Embotelladora Andina SA, Series B ADR
28,200 813,570

Empresa Nacional de Electricidad SA ADR
75,059 4,286,619

Empresas CMPC SA
74,700 3,986,344

Empresas Copec SA
385,000 7,290,575

Empresas La Polar SA
219,000 328,020

Enersis SA
1,248,200 576,626

Enersis SA ADR
151,871 3,508,220

ENTEL SA
77,200 1,567,456

Grupo Security SA
1,066,690 456,484

Invercap SA
51,300 658,607

Inversiones Aguas Metropolitanas SA
211,100 322,962

Lan Airlines SA
21,000 598,524

Lan Airlines SA ADR
148,300 4,229,516

Madeco SA⁽¹⁾
15,429,800 746,151

Masisa SA
5,792,050 810,528

Minera Valparaiso SA
28,200 1,061,988

Parque Arauco SA
498,800 1,115,323

Quinenco SA
324,000 1,143,896

Ripley Corp. SA
752,000 936,496

S.A.C.I. Falabella SA
761,300 8,014,542

Salfacorp SA
620,700 2,337,503

Sigdo Koppers SA
179,600 360,852

Sociedad de Inversiones Pampa Calichera SA, Class A
834,400 1,544,359

Sociedad Quimica y Minera de Chile SA
20,950 1,299,989

Sociedad Quimica y Minera de Chile SA, Series B ADR
45,500 2,944,760

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Chile (continued)

Sonda SA
736,300 $ 2,030,792

Vina Concha y Toro SA ADR
25,800 1,350,372

$ 87,122,663

China — 8.9%

Agile Property Holdings, Ltd.
486,000 $ 756,370

Agricultural Bank of China, Ltd., Class H
4,310,000 2,281,357

Air China, Ltd., Class H
1,342,000 1,400,535

Alibaba.com, Ltd.
523,500 837,412

Aluminum Corp. of China, Ltd., Class H
1,358,000 1,169,766

Angang Steel Co., Ltd., Class H
428,000 469,927

Anhui Conch Cement Co., Ltd., Class H
435,000 2,058,328

Anta Sports Products, Ltd.
448,000 801,988

AsiaInfo-Linkage, Inc.⁽¹⁾
10,500 173,880

Baidu, Inc. ADR⁽¹⁾
86,600 12,135,258

Bank of China, Ltd., Class H
14,203,000 6,970,111

Bank of Communications, Ltd., Class H
1,413,000 1,361,263

BBMG Corp., Class H
425,000 638,387

Beijing Capital International Airport Co., Ltd., Class H⁽¹⁾
596,000 279,663

Beijing Enterprises Holdings, Ltd.
185,500 969,452

Beijing North Star Co., Ltd., Class H
1,580,000 370,474

BOE Technology Group Co., Ltd., Class B⁽¹⁾
1,686,360 318,561

BYD Co., Ltd., Class H⁽¹⁾
266,000 864,539

Chaoda Modern Agriculture Holdings, Ltd.
1,433,660 619,419

China Agri-Industries Holdings, Ltd.
725,000 771,257

China Bluechemical, Ltd., Class H
850,000 705,772

China CITIC Bank Corp., Ltd., Class H⁽¹⁾
2,186,000 1,365,714

China Coal Energy Co., Class H
1,233,000 1,669,995

China Communications Construction Co., Ltd., Class H
1,677,000 1,450,347

China Communications Services Corp., Ltd., Class H
718,000 425,144

China Construction Bank Corp., Class H
16,564,580 13,811,141

China COSCO Holdings Co., Ltd., Class H
1,621,650 1,277,054

China Dongxiang (Group) Co., Ltd.
703,000 223,752

China Eastern Airlines Corp., Ltd., Class H⁽¹⁾
1,436,000 641,213

China Everbright International, Ltd.
675,000 262,166

China Everbright, Ltd.
456,000 872,249

China Foods, Ltd.
460,000 383,216

China High Speed Transmission Equipment Group Co., Ltd.
310,000 341,875

China International Marine Containers Co., Ltd., Class B
413,812 674,247

China Life Insurance Co., Ltd., Class H
1,753,000 6,052,634

China Longyuan Power Group Corp., Class H
1,303,000 1,262,417

China Mengniu Dairy Co., Ltd.
603,000 2,036,269

China Merchants Bank Co., Ltd., Class H
949,500 2,309,792

China Merchants Holdings (International) Co., Ltd.
824,000 3,202,718

China Merchants Property Development Co., Ltd., Class B
588,654 965,705

China Minsheng Banking Corp, Ltd., Class H
1,041,500 963,168

China Mobile, Ltd.
2,471,400 23,040,140

China National Building Material Co., Ltd., Class H
660,000 1,302,995

China National Materials Co., Ltd., Class H
596,000 490,514

China Oilfield Services, Ltd., Class H
564,000 1,033,272

China Overseas Land & Investment, Ltd.
978,360 2,107,262

China Pacific Insurance (Group) Co., Ltd., Class H
286,800 1,193,327

China Petroleum & Chemical Corp., Class H
4,906,000 4,992,765

China Railway Construction Corp., Class H
240,000 201,575

China Railway Group, Ltd., Class H
890,000 419,432

China Resources Enterprise, Ltd.
532,000 2,179,841

China Resources Land, Ltd.
536,000 968,786

China Resources Power Holdings Co., Ltd.
949,000 1,857,964

China Shenhua Energy Co., Ltd., Class H
804,000 3,863,092

China Shipping Container Lines Co., Ltd., Class H⁽¹⁾
2,352,000 796,199

China Shipping Development Co., Ltd., Class H
736,000 679,229

China Southern Airlines Co., Ltd., Class H⁽¹⁾
876,500 471,463

China Taiping Insurance Holdings Co., Ltd.⁽¹⁾
277,000 625,784

China Telecom Corp., Ltd., Class H
6,998,000 4,559,440

China Travel International Investment Hong Kong, Ltd.
1,660,000 286,751

China Unicom, Ltd.
2,326,290 4,728,429

China Vanke Co., Ltd., Class B
1,185,417 1,596,460

China Yurun Food Group, Ltd.
556,000 1,572,119

China Zhongwang Holdings, Ltd.
541,200 243,877

Chongqing Changan Automobile Co., Ltd., Class B
723,024 518,567

Citic Pacific, Ltd.
628,000 1,577,167

CNOOC, Ltd.
4,433,500 10,465,583

Cosco Pacific, Ltd.
802,000 1,415,828

Ctrip.com International, Ltd. ADR⁽¹⁾
61,900 2,666,652

Datang International Power Generation Co., Ltd., Class H
1,504,000 511,945

Dazhong Transportation Group Co., Ltd., Class B
633,875 361,702

Dongfeng Motor Corp., Class H
1,298,000 2,470,855

Focus Media Holding, Ltd. ADR⁽¹⁾
55,700 1,732,270

FU JI Food & Catering Services⁽¹⁾⁽²⁾
133,000 0

Golden Eagle Retail Group, Ltd.
327,000 835,079

Great Wall Motor Co., Ltd., Class H
411,250 680,904

Guangdong Investment, Ltd.
954,000 513,188

Guangzhou Automobile Group Co., Ltd., Class H
896,857 1,099,779

Guangzhou R&F Properties Co., Ltd., Class H
242,400 333,070

Hangzhou Steam Turbine Co., Ltd., Class B
355,299 510,387

Hidili Industry International Development, Ltd.
304,000 262,705

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

China (continued)

Huaneng Power International, Inc., Class H
1,972,000 $ 1,046,201

Industrial & Commercial Bank of China, Ltd., Class H
12,549,000 9,571,699

Inner Mongolia Eerduosi Cashmere Products Co., Ltd., Class B
392,000 620,398

Inner Mongolia Yitai Coal Co., Ltd., Class B
212,000 1,239,289

Jiangsu Expressway Co., Ltd., Class H
352,000 322,687

Jiangxi Copper Co., Ltd., Class H
432,000 1,447,257

Kingboard Chemical Holdings, Ltd.
224,000 1,042,121

Kunlun Energy Co., Ltd.
574,000 991,666

Lee & Man Paper Manufacturing, Ltd.
431,000 262,265

Lenovo Group, Ltd.
1,700,000 977,317

Li Ning Co., Ltd.
108,000 186,560

Lianhua Supermarket Holdings Ltd., Class H
234,000 535,327

Lonking Holdings, Ltd.
1,070,000 587,962

Maanshan Iron & Steel Co., Ltd., Class H
1,389,000 641,197

Metallurgical Corp. of China, Ltd., Class H
795,000 308,497

Mindray Medical International, Ltd. ADR
31,500 883,575

NetEase.com, Inc. ADR⁽¹⁾
46,000 2,074,140

New Oriental Education & Technology Group Inc. ADR⁽¹⁾
14,900 1,664,628

Nine Dragons Paper Holdings, Ltd.
545,000 477,230

Parkson Retail Group, Ltd.
750,500 1,103,297

PetroChina Co., Ltd., Class H
5,962,300 8,741,942

PICC Property & Casualty Co., Ltd., Class H⁽¹⁾
600,000 1,024,860

Ping An Insurance (Group) Co. of China, Ltd., Class H
385,500 4,000,768

Qingling Motors Co., Ltd., Class H
1,448,966 448,181

Renhe Commercial Holdings Co., Ltd.
2,626,000 503,838

Semiconductor Manufacturing International Corp.⁽¹⁾
5,725,000 463,491

Shanda Interactive Entertainment, Ltd. ADR⁽¹⁾
12,000 465,720

Shandong Weigao Group Medical Polymer Co., Ltd., Class H
512,000 743,319

Shanghai Diesel Engine Co., Ltd., Class B
534,000 476,363

Shanghai Electric Group Co., Ltd., Class H
934,000 494,945

Shanghai Haixin Group Co., Ltd., Class B⁽¹⁾
545,000 293,765

Shanghai Industrial Holdings, Ltd.
175,000 646,864

Shanghai Jin Jiang International Hotels Development Co., Ltd., Class B
574,800 872,247

Shanghai Jin Jiang International Hotels Group Co., Ltd., Class H
1,000,000 177,746

Shanghai Zhenhua Heavy Industry Co., Ltd., Class B⁽¹⁾
863,200 464,939

Shenzhen Chiwan Wharf Holdings, Ltd., Class B
153,115 210,988

Shimao Property Holdings, Ltd.
532,000 659,172

SINA Corp.⁽¹⁾
25,700 2,675,370

Sino-Ocean Land Holdings, Ltd.
1,370,500 703,353

Sinofert Holdings, Ltd.
650,000 285,770

Sinopec Shanghai Petrochemical Co., Ltd., Class H
1,628,000 732,528

Sinopec Yizheng Chemical Fibre Co., Ltd., Class H
3,201,000 1,136,040

Sinopharm Group Co., Ltd., Class H
316,000 1,063,007

Sohu.com, Inc.⁽¹⁾
10,500 758,835

Sound Global, Ltd.
378,000 206,929

Suntech Power Holdings Co., Ltd. ADR⁽¹⁾
48,000 377,760

Tencent Holdings, Ltd.
269,400 7,359,527

Tingyi (Cayman Islands) Holding Corp.
1,184,000 3,673,185

Travelsky Technology, Ltd., Class H
1,218,000 768,521

Tsingtao Brewery Co., Ltd., Class H
1,124,000 6,491,017

Want Want China Holdings, Ltd.
2,990,000 2,903,156

Weichai Power Co., Ltd., Class H
114,000 668,569

Wumart Stores, Inc., Class H
244,000 604,536

Yangzijiang Shipbuilding Holdings, Ltd.
697,000 831,569

Yantai Changyu Pioneer Wine Co., Ltd., Class B
103,948 1,162,948

Yanzhou Coal Mining Co., Ltd., Class H
548,000 2,114,953

Zhejiang Expressway Co., Ltd., Class H
870,000 656,816

Zhuzhou CSR Times Electric Co., Ltd., Class H
185,000 624,667

Zijin Mining Group Co., Ltd., Class H
1,620,000 817,451

ZTE Corp., Class H
590,616 2,140,678

$ 246,740,578

Colombia — 1.6%

Almacenes Exito SA
359,734 $ 4,982,184

Banco de Bogota
14,000 421,504

Bancolombia SA ADR, PFC Shares
104,500 6,973,285

Bolsa de Valores de Colombia
11,328,600 263,843

Cementos Argos SA
284,000 1,810,921

Cia Colombiana de Inversiones SA
566,260 1,622,916

Cia de Cemento Argos SA
341,000 3,681,797

Corporacion Financiera Colombiana SA
17,074 327,740

Ecopetrol SA
2,214,400 4,806,838

Empresa de Energia de Bogota SA
710,000 622,103

Empresa de Telecommunicaciones de Bogota SA
2,267,738 903,762

Grupo Aval Acciones y Valores SA
1,723,100 1,266,269

Grupo de Inversiones Suramericana
220,000 4,700,961

Grupo Nutresa SA
222,900 2,948,479

Grupo Odinsa SA
47,100 234,302

Interconexion Electrica SA
661,500 4,808,869

ISAGEN SA ESP
1,417,300 1,918,843

Promigas SA
27,000 428,276

Tableros y Maderas de Caldas
94,854,700 697,067

Textiles Fabricato Tejicondor SA⁽¹⁾
34,115,900 1,253,552

$ 44,673,511

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Croatia — 0.7%

Adris Grupa DD, PFC Shares
41,150 $ 2,077,425

Atlantic Grupa DD⁽¹⁾
3,250 444,978

Atlantska Plovidba DD⁽¹⁾
15,437 2,013,956

Croatia Osiguranje DD⁽¹⁾
160 178,832

Dalekovod DD⁽¹⁾
20,940 950,233

Ericsson Nikola Tesla
5,610 1,572,557

Hrvatski Telekom DD
152,650 7,677,329

Institut IGH DD⁽¹⁾
2,210 724,945

Koncar-Elektroindustrija DD
2,370 297,955

Kras DD
1,645 150,563

Petrokemija DD⁽¹⁾
17,450 701,332

Podravka Prehrambena Industrija DD⁽¹⁾
21,750 1,392,834

Privredna Banka Zagreb DD
3,310 373,875

Riviera Holding DD⁽¹⁾
3,830 169,279

$ 18,726,093

Czech Republic — 1.6%

CEZ AS
314,770 $ 16,205,138

Komercni Banka AS
34,200 8,333,538

Komercni Banka AS GDR
27,154 2,203,629

New World Resources PLC, Class A
491,200 7,219,631

Pegas Nonwovens SA
33,000 926,776

Philip Morris CR AS
3,060 1,769,835

Telefonica 02 Czech Republic AS
192,400 5,007,593

Unipetrol AS⁽¹⁾
322,100 3,333,652

$ 44,999,792

Egypt — 1.5%

Alexandria Mineral Oils Co.
89,300 $ 984,652

Arab Cotton Ginning
1,880,400 1,294,886

Citadel Capital Co.⁽¹⁾
237,700 225,572

Commercial International Bank
987,190 4,958,693

Eastern Tobacco
55,400 977,302

Egypt Kuwaiti Holding Co.
1,101,751 1,408,510

Egyptian Financial & Industrial Co.⁽¹⁾
137,064 332,986

Egyptian Financial Group-Hermes Holding SAE
466,500 1,571,620

Egyptian for Tourism Resorts⁽¹⁾
4,213,900 854,181

Egyptian International Pharmaceutical Industrial Co.
89,132 560,773

El Ezz Aldekhela Steel Alexa Co.⁽¹⁾
4,750 508,099

El Kahera Housing & Development Co. SAE
234,800 212,487

El Sewedy Cables Holding Co.
79,170 486,549

El Watany Bank of Egypt
43,866 174,920

Ezz Steel⁽¹⁾
723,500 1,326,792

Ghabbour Auto
280,700 1,435,471

International Hotel Holdings⁽¹⁾⁽²⁾
11,863 0

Juhayna Food Industries⁽¹⁾
1,685,000 1,580,869

Maridive & Oil Services SAE
445,440 1,515,459

Medinet Nasr for Housing⁽¹⁾
59,062 203,968

Misr Cement (Qena)
18,251 304,260

MobiNil-Egyptian Co. for Mobil Services
63,078 1,354,297

National Societe General Bank
149,751 900,729

Nile Cotton Ginning Co.⁽¹⁾
125,000 247,297

Olympic Group Financial Investments
67,971 403,758

Orascom Construction Industries (OCI)
170,301 7,667,623

Orascom Telecom Holding SAE⁽¹⁾
5,153,810 3,514,452

Oriental Weavers Co.
70,181 346,857

Pioneers Holding
547,300 399,637

Sidi Kerir Petrochemicals Co.
679,500 1,669,480

Six of October Development & Investment Co.
21,701 221,984

South Valley Cement
485,000 352,605

Suez Cement Co.
138,000 908,577

Talaat Moustafa Group⁽¹⁾
1,658,860 1,368,247

Telecom Egypt
815,300 2,074,311

$ 42,347,903

Estonia — 0.4%

AS Baltika⁽¹⁾
226,000 $ 214,993

AS Merko Ehitus
75,000 853,776

AS Nordecon International⁽¹⁾
223,282 416,397

AS Olympic Entertainment Group⁽¹⁾
803,899 1,560,710

AS Tallink Group, Ltd.⁽¹⁾
5,354,470 5,401,773

AS Tallinna Kaubamaja
202,800 1,522,506

AS Tallinna Vesi
35,235 378,110

$ 10,348,265

Ghana — 0.3%

Aluworks Ghana, Ltd.⁽¹⁾
1,810,900 $ 221,024

CAL Bank, Ltd.
3,266,254 646,463

Ghana Commercial Bank, Ltd.
1,384,370 2,739,970

HFC Bank Ghana, Ltd.
3,899,473 977,602

Produce Buying Co., Ltd.
650,000 120,072

SG-SSB, Ltd.
740,000 244,103

Standard Chartered Bank of Ghana, Ltd.
34,600 1,483,754

Unilever Ghana, Ltd.
249,000 1,222,207

$ 7,655,195

Hungary — 1.7%

EGIS Rt.
12,478 $ 1,341,412

FHB Mortgage Bank Rt.⁽¹⁾
61,300 310,990

Magyar Telekom Rt.
1,937,834 6,227,008

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Hungary (continued)

Magyar Telekom Rt. ADR
37,300 $ 596,800

MOL Hungarian Oil & Gas Rt.⁽¹⁾
111,345 12,759,318

OTP Bank Rt.
534,800 17,403,055

Richter Gedeon Rt.
44,322 8,753,908

$ 47,392,491

India — 6.2%

ABB, Ltd.
23,000 $ 450,941

ACC, Ltd.
28,800 613,596

Adani Enterprises, Ltd.
109,100 1,747,661

Adani Power, Ltd.⁽¹⁾
403,400 994,757

Aditya Birla Nuvo, Ltd.
14,406 290,424

Allahabad Bank, Ltd.
139,000 613,975

Andhra Bank
192,000 574,671

Apollo Hospitals Enterprise, Ltd.
61,400 656,894

Ashok Leyland, Ltd.
307,463 336,009

Asian Paints, Ltd.
8,000 566,646

Axis Bank, Ltd.
88,800 2,560,337

Bajaj Auto, Ltd.
33,200 1,048,452

Bajaj Auto, Ltd. GDR⁽³⁾
14,404 453,395

Bajaj Finserv, Ltd. GDR⁽³⁾
7,202 83,439

Bajaj Holdings & Investment, Ltd.
11,100 180,520

Balrampur Chini Mills, Ltd.⁽¹⁾
332,600 461,350

Bank of India
91,100 845,165

Bharat Electronics, Ltd.
5,000 181,110

Bharat Forge, Ltd.
42,200 292,201

Bharat Heavy Electricals, Ltd.
42,500 1,953,006

Bharat Petroleum Corp., Ltd.
36,000 522,733

Bharti Airtel, Ltd.
1,109,900 9,789,700

Biocon, Ltd.
78,400 622,358

Cairn India, Ltd.⁽¹⁾
141,400 990,868

Canara Bank, Ltd.
55,300 651,845

Century Textiles & Industries, Ltd.
50,000 395,921

Cipla, Ltd.
207,400 1,527,619

Coal India, Ltd.
202,600 1,781,602

Colgate-Palmolive (India), Ltd.
23,100 510,497

Container Corp. of India, Ltd.
20,800 483,457

Corporation Bank
17,000 199,927

Crompton Greaves, Ltd.
67,900 394,216

Cummins India, Ltd.
23,000 347,846

Dabur India, Ltd.
278,000 711,610

Divi’s Laboratories, Ltd.
14,000 247,062

Dr. Reddy’s Laboratories, Ltd.
24,300 832,976

Dr. Reddy’s Laboratories, Ltd. ADR
26,800 920,044

Educomp Solutions, Ltd.
38,500 338,652

Essar Oil, Ltd.⁽¹⁾
178,500 497,386

GAIL (India), Ltd.
174,650 1,722,549

GAIL (India), Ltd. GDR⁽³⁾
25,050 1,524,292

GlaxoSmithKline Pharmaceuticals, Ltd.
8,000 421,023

Glenmark Pharmaceuticals, Ltd.
114,000 818,612

GMR Infrastructure⁽¹⁾
1,192,200 876,895

Grasim Industries, Ltd. GDR⁽³⁾
13,300 622,986

Great Eastern Shipping Co., Ltd. (The)
56,700 370,432

GTL, Ltd.
34,000 69,862

Gujarat Ambuja Cements, Ltd.
159,800 478,101

HCL Technologies, Ltd.
49,700 551,361

HDFC Bank, Ltd.
72,900 4,097,942

HDFC Bank, Ltd. ADR
7,700 1,358,203

Hero Honda Motors, Ltd.
51,542 2,147,196

Hindalco Industries, Ltd.
256,210 1,037,235

Hindustan Construction, Ltd.
431,600 307,114

Hindustan Petroleum Corp., Ltd.
42,500 378,105

Hindustan Unilever, Ltd.
588,309 4,490,683

Hindustan Zinc, Ltd.
199,000 610,432

Housing Development & Infrastructure, Ltd.⁽¹⁾
254,301 912,083

Housing Development Finance Corp., Ltd.
445,000 7,015,979

I-Flex Solutions, Ltd.⁽¹⁾
4,000 206,179

ICICI Bank, Ltd.
135,100 3,308,819

ICICI Bank, Ltd. ADR
50,200 2,474,860

IDBI Bank, Ltd.
219,000 670,654

Idea Cellular, Ltd.⁽¹⁾
1,065,701 1,900,036

Indiabulls Real Estate, Ltd.⁽¹⁾
304,000 770,352

Indiabulls Wholesale Services, Ltd.
38,000 50,445

Indian Hotels Co., Ltd.
173,820 301,200

Indian Oil Corp., Ltd.
176,300 1,326,359

Infosys, Ltd.
174,151 11,333,017

Infrastructure Development Finance Co., Ltd.
492,900 1,447,690

ITC, Ltd.
1,223,800 5,569,465

Jain Irrigation Systems, Ltd.
63,500 242,794

Jaiprakash Associates, Ltd.
448,250 814,531

Jammu & Kashmir Bank, Ltd.
12,000 225,200

Jindal Steel & Power, Ltd.
131,700 1,912,044

JSW Energy, Ltd.
590,877 887,699

JSW Steel, Ltd.
30,700 610,624

Kotak Mahindra Bank, Ltd.
154,400 1,662,458

Lanco Infratech, Ltd.⁽¹⁾
599,000 317,821

Larsen & Toubro, Ltd.
38,200 1,569,637

Larsen & Toubro, Ltd. GDR⁽³⁾
48,000 1,962,971

LIC Housing Finance, Ltd.
150,000 816,192

Lupin, Ltd.
71,500 721,293

Mahindra & Mahindra, Ltd.
167,400 2,628,111

Maruti Suzuki India, Ltd.
50,500 1,309,896

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

India (continued)

Motor Industries Co., Ltd.
3,900 $ 597,626

Mphasis, Ltd.
53,500 520,027

Mundra Port & Special Economic Zone, Ltd.
475,400 1,725,023

National Aluminium Co., Ltd.
96,000 178,302

Nestle India, Ltd.
12,100 1,115,385

Neyveli Lignite Corp., Ltd.
78,000 169,208

NHPC, Ltd.
2,174,100 1,169,668

Nicholas Piramal India, Ltd.
41,782 375,643

NTPC, Ltd.
1,000,700 4,194,239

Oil & Natural Gas Corp., Ltd.
592,400 3,640,403

Patni Computer Systems, Ltd.
37,000 268,272

Petronet LNG, Ltd.
94,000 285,425

Power Grid Corporation of India, Ltd.
916,500 2,255,541

Punjab National Bank, Ltd.
13,000 316,301

Ranbaxy Laboratories, Ltd.
26,000 314,682

Ranbaxy Laboratories, Ltd. GDR⁽³⁾
70,500 853,050

Reliance Capital, Ltd.
82,700 1,078,094

Reliance Industries, Ltd.
447,512 8,980,976

Reliance Industries, Ltd. GDR⁽⁴⁾
42,816 1,726,165

Reliance Infrastructure, Ltd.⁽¹⁾
89,700 1,077,398

Reliance Infrastructure, Ltd. GDR⁽¹⁾
5,900 207,680

Reliance Power, Ltd.⁽¹⁾
446,200 1,163,933

Satyam Computer Services, Ltd.⁽¹⁾
220,900 416,035

Sesa Goa, Ltd.
143,000 906,405

Siemens India, Ltd.
37,200 740,713

State Bank of India
17,700 951,331

State Bank of India GDR
25,100 2,763,510

Steel Authority of India, Ltd.
241,000 740,776

Sterlite Industries (India), Ltd.
293,200 1,097,784

Sun Pharmaceuticals Industries, Ltd.
222,000 2,488,563

Tata Chemicals, Ltd.
58,600 490,511

Tata Communications, Ltd.⁽¹⁾
47,000 208,160

Tata Consultancy Services, Ltd.
163,380 4,325,270

Tata Motors, Ltd.
47,700 1,061,359

Tata Motors, Ltd. ADR
19,800 445,698

Tata Power Co., Ltd.
88,600 2,600,032

Tata Steel, Ltd.
81,000 1,112,223

Tata Tea, Ltd.
156,000 338,338

Titan Industries, Ltd.
248,000 1,188,461

Torrent Power, Ltd.
65,000 348,458

UltraTech Cement, Ltd.⁽¹⁾
14,600 301,093

United Phosphorus, Ltd.
112,000 382,069

United Spirits, Ltd.
47,500 1,039,933

Voltas, Ltd.
86,500 309,962

Wipro, Ltd.
152,666 1,425,828

Wipro, Ltd. ADR
21,833 287,541

Zee Entertainment Enterprises, Ltd.
413,300 1,250,181

$ 170,955,575

Indonesia — 3.4%

Adaro Energy PT
3,850,000 $ 1,103,446

Aneka Tambang Tbk PT
8,587,500 2,086,091

Astra Argo Lestari Tbk PT
319,000 876,299

Astra International Tbk PT
1,469,000 10,919,759

Bakrie Sumatera Plantations Tbk PT
10,258,500 504,247

Bakrieland Development Tbk PT⁽¹⁾
28,008,000 485,025

Bank Central Asia Tbk PT
8,850,500 7,915,043

Bank Danamon Indonesia Tbk PT
2,391,681 1,678,138

Bank Mandiri Tbk PT
5,487,000 4,621,652

Bank Negara Indonesia Persero Tbk PT
2,149,000 974,350

Bank Pan Indonesia Tbk PT⁽¹⁾
3,525,272 374,815

Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT
3,752,000 522,061

Bank Rakyat Indonesia PT
8,580,000 6,526,335

Barito Pacific Tbk PT⁽¹⁾
5,662,500 655,172

Bumi Resources Tbk PT
14,544,000 5,021,400

Charoen Pokphand Indonesia Tbk PT
5,000,000 1,162,597

Delta Dunia Makmur Tbk PT⁽¹⁾
2,681,500 317,124

Gudang Garam Tbk PT
420,000 2,444,422

Indah Kiat Pulp & Paper Corp. Tbk PT⁽¹⁾
3,326,500 501,266

Indo Tambangraya Megah Tbk PT
90,000 470,544

Indocement Tunggal Prakarsa Tbk PT
1,149,500 2,289,482

Indofood CBP Sukses Makmur Tbk PT
770,000 485,734

Indofood Sukses Makmur Tbk PT
3,225,500 2,168,178

Indosat Tbk PT
2,085,500 1,243,408

International Nickel Indonesia Tbk PT
2,462,000 1,295,789

Jasa Marga Tbk PT
3,247,500 1,375,664

Kalbe Farma Tbk PT
3,420,000 1,349,516

Lippo Karawaci Tbk PT
11,794,000 895,135

Matahari Putra Prima Tbk PT
1,600,000 226,283

Medco Energi Internasional Tbk PT
1,397,000 384,039

Perusahaan Gas Negara PT
12,555,000 5,905,024

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT
2,270,000 617,575

Ramayana Lestari Sentosa Tbk PT
4,100,000 373,457

Semen Gresik (Persero) Tbk PT
2,655,000 2,976,575

Tambang Batubara Bukit Asam Tbk PT
948,000 2,304,925

Telekomunikasi Indonesia Tbk PT
11,443,160 9,853,791

Unilever Indonesia Tbk PT
969,700 1,687,498

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Indonesia (continued)

United Tractors Tbk PT
3,099,500 $ 9,024,864

XL Axiata Tbk PT
1,042,500 748,679

$ 94,365,402

Jordan — 0.7%

Arab Bank PLC
711,675 $ 8,404,543

Arab Potash Co. PLC
54,500 3,190,276

Bank of Jordan
262,189 824,112

Capital Bank of Jordan⁽¹⁾
500,415 976,031

Jordan Ahli Bank
79,695 192,280

Jordan Petroleum Refinery
142,800 876,993

Jordan Phosphate Mines
62,700 1,183,670

Jordan Steel
269,400 818,438

Jordan Telecom Corp.
150,600 1,189,926

Jordanian Electric Power Co.
243,901 1,042,709

Royal Jordanian Airlines Co. (The)⁽¹⁾
209,700 405,346

Taameer Jordan Holdings PSC⁽¹⁾
1,153,700 604,002

Union Land Development⁽¹⁾
156,800 358,400

United Arab Investors⁽¹⁾
1,294,200 292,963

$ 20,359,689

Kazakhstan — 0.8%

Eurasian Natural Resources Corp.
338,000 $ 4,241,053

Halyk Savings Bank of Kazakhstan JSC GDR⁽¹⁾⁽³⁾
561,500 5,020,792

Kazakhmys PLC
280,500 6,217,842

Kazkommertsbank JSC GDR⁽¹⁾
154,600 850,300

KazMunaiGas Exploration Production GDR
230,826 4,605,100

$ 20,935,087

Kenya — 0.7%

Athi River Mining, Ltd.
561,200 $ 1,144,438

Bamburi Cement Co., Ltd.
366,541 735,116

Barclays Bank of Kenya, Ltd.
6,659,520 1,281,282

Co-operative Bank of Kenya, Ltd. (The)
2,149,300 388,595

East African Breweries, Ltd.
1,812,440 3,956,628

Equity Bank, Ltd.
4,992,400 1,439,175

ICDC Investment Co.⁽¹⁾
888,800 228,854

KenolKobil, Ltd.
2,380,000 309,074

Kenya Airways, Ltd.
1,598,400 666,559

Kenya Commercial Bank, Ltd.
9,436,560 2,509,021

Kenya Electricity Generating Co., Ltd.
1,449,600 219,083

Kenya Power & Lighting, Ltd.
7,330,572 1,764,425

Mumias Sugar Co., Ltd.
3,556,814 284,705

Nation Media Group, Ltd.
302,980 563,053

NIC Bank, Ltd.
704,939 347,241

Safaricom, Ltd.
54,387,000 2,435,466

Standard Chartered Bank Kenya, Ltd.
309,721 819,494

$ 19,092,209

Kuwait — 1.5%

Abyaar Real Estate Development⁽¹⁾
1,440,000 $ 145,723

Agility DGS
620,000 746,443

Ahli United Bank
199,500 567,712

Al Ahli Bank of Kuwait KSC
78,750 188,184

Al Safat Investment Co. KSC⁽¹⁾
1,140,000 353,521

Al Safwa Group Holding Co. KSC⁽¹⁾
7,920,000 505,655

Al-Mazaya Holding Co.⁽¹⁾
520,000 142,284

Al-Qurain Petrochemicals Co.⁽¹⁾
1,460,000 1,056,111

Boubyan Bank KSC⁽¹⁾
607,500 1,329,807

Boubyan Petrochemicals Co.
1,875,000 4,035,936

Burgan Bank SAK⁽¹⁾
661,280 1,230,401

Combined Group Contracting Co.
108,350 715,805

Commercial Bank of Kuwait SAK
240,000 783,656

Commercial Real Estate Co. KSCC⁽¹⁾
1,009,266 284,837

Gulf Bank⁽¹⁾
1,030,000 2,029,186

Gulf Cable & Electrical Industries
110,000 626,049

Hits Telecom Holding KSC⁽¹⁾
1,320,000 264,867

Investment Dar Co. (The)⁽¹⁾⁽²⁾
125,000 16,873

Kuwait Finance House KSC
1,084,341 3,956,005

Kuwait Foods Co. (Americana)
285,000 1,628,291

Kuwait International Bank⁽¹⁾
818,000 925,137

Kuwait Pipes Industries & Oil Services Co.⁽¹⁾
800,000 523,415

Kuwait Portland Cement Co.
192,500 828,712

Kuwait Projects Co. Holdings KSC
385,875 513,843

Kuwait Real Estate Co.⁽¹⁾
840,000 152,640

Mabanee Co. SAKC⁽¹⁾
517,000 1,640,970

Mena Holding Group⁽¹⁾⁽²⁾
30,000 2,846

Mobile Telecommunications Co.
1,980,000 7,512,587

National Bank of Kuwait SAK
1,508,222 6,434,275

National Industries Group Holding⁽¹⁾
2,077,500 1,738,627

National Investment Co.⁽¹⁾
365,000 306,761

National Mobile Telecommunication Co. KSC
90,000 643,561

National Real Estate Co.⁽¹⁾
569,800 174,619

Sultan Center Food Products Co.⁽¹⁾
580,000 220,066

$ 42,225,405

Latvia — 0.0%⁽⁵⁾

Grindeks⁽¹⁾
12,000 $ 167,201

Latvian Shipping Co.⁽¹⁾
96,000 78,332

$ 245,533

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Lebanon — 0.3%

Banque Audi sal-Audi Saradar Group
246,610 $ 1,621,461

Byblos Bank
838,110 1,408,025

Solidere
266,950 4,644,930

$ 7,674,416

Lithuania — 0.2%

Apranga PVA
363,680 $ 853,877

Bankas Snoras⁽¹⁾
2,505,608 1,215,183

Invalda PVA⁽¹⁾
70,800 246,409

Klaipedos Nafta PVA⁽¹⁾
1,576,663 993,789

Lesto AB
100,536 112,260

Lietuvos Dujos
200,000 191,068

Lietuvos Energija
14,857 11,650

LITGRID Turtas AB⁽¹⁾
18,780 12,691

Panevezio Statybos Trestas
323,592 851,195

Pieno Zvaigzdes
94,000 215,376

Rokiskio Suris
177,000 369,614

Sanitas⁽¹⁾
17,500 242,604

Siauliu Bankas⁽¹⁾
827,358 379,135

$ 5,694,851

Malaysia — 3.0%

Aeon Co.(M) Bhd
184,200 $ 441,708

Affin Holdings Bhd
236,000 260,583

Airasia Bhd
851,000 995,046

Alliance Financial Group Bhd
330,800 348,785

AMMB Holdings Bhd
615,900 1,330,149

Axiata Group Bhd
1,505,175 2,501,325

Batu Kawan Bhd
100,300 569,057

Berjaya Corp. Bhd
2,498,100 1,003,308

Berjaya Sports Toto Bhd
445,097 662,182

Boustead Holdings Bhd
375,000 768,652

British American Tobacco Malaysia Bhd
73,000 1,129,028

Bursa Malaysia Bhd
224,600 576,374

CIMB Group Holdings Bhd
1,417,266 4,197,775

Dialog Group Bhd
1,556,164 1,426,031

Digi.com Bhd
133,400 1,283,541

Gamuda Bhd
1,965,800 2,510,031

Genting Bhd
1,174,900 4,376,065

Genting Plantations Bhd
261,000 685,661

Hong Leong Bank Bhd
252,400 1,119,339

Hong Leong Financial Group Bhd
61,500 268,793

IGB Corp. Bhd
315,120 223,469

IJM Corp. Bhd
1,007,020 2,152,511

IOI Corp. Bhd
1,671,268 2,936,559

Kencana Petroleum Bhd
1,456,000 1,357,511

Kinsteel Bhd
1,475,000 354,847

KLCC Property Holdings Bhd
250,000 277,364

KNM Group Bhd
973,075 607,635

Kuala Lumpur Kepong Bhd
227,650 1,672,332

Kulim (Malaysia) Bhd
792,800 933,501

Lafarge Malayan Cement Bhd
468,660 1,157,602

Landmarks Bhd⁽¹⁾
576,800 275,870

Lion Industries Corp. Bhd
436,600 272,462

Malayan Banking Bhd
1,152,486 3,416,910

Malaysia Airports Holdings Bhd
200,000 428,548

Malaysian Airline System Bhd⁽¹⁾
683,133 349,026

Malaysian Bulk Carriers Bhd
205,000 144,201

Malaysian Resources Corp. Bhd
1,188,000 879,605

Maxis Bhd
1,245,600 2,261,843

Media Prima Bhd
567,300 545,220

MISC Bhd
638,440 1,554,872

MMC Corp. Bhd
662,000 619,008

Muhibbah Engineering(M) Bhd
639,400 301,624

Multi-Purpose Holdings Bhd
430,540 432,663

Parkson Holdings Bhd
570,622 1,139,113

Petronas Chemicals Group Bhd⁽¹⁾
984,600 2,315,785

Petronas Dagangan Bhd
374,700 1,999,070

Petronas Gas Bhd
135,300 592,848

PLUS Expressways Bhd
700,900 1,049,203

PPB Group Bhd
300,400 1,714,565

Proton Holdings Bhd
222,800 244,581

Public Bank Bhd
702,398 3,086,681

Resorts World Bhd
1,613,100 1,926,685

RHB Capital Bhd
260,500 791,097

SapuraCrest Petroleum Bhd
650,000 905,560

Shell Refining Co. Bhd
201,100 697,973

Sime Darby Bhd
2,280,809 6,979,235

Sino Hua-An International Bhd
2,699,600 291,293

SP Setia Bhd
570,150 789,577

Sunway Holdings Bhd⁽¹⁾
508,900 458,983

Sunway Real Estate Investment Trust
1,028,200 378,107

Supermax Corp. Bhd
250,000 307,712

Ta Ann Holdings Bhd
197,683 362,543

Tan Chong Motor Holdings Bhd
219,000 344,289

Telekom Malaysia Bhd
845,000 1,106,908

Tenaga Nasional Bhd
1,057,531 2,373,831

Top Glove Corp. Bhd
210,000 365,474

UMW Holdings Bhd
239,000 572,162

Unisem (M) Bhd
799,500 422,325

Wah Seong Corp. Bhd
682,750 554,377

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Malaysia (continued)

WCT Bhd
699,500 $ 716,438

YTL Corp. Bhd
1,949,455 1,001,843

YTL Power International Bhd
1,521,299 1,108,909

$ 84,205,783

Mauritius — 0.8%

Ireland Blyth, Ltd.
64,209 $ 181,831

Mauritius Commercial Bank
1,535,695 10,219,846

Naiade Resorts, Ltd.⁽¹⁾
219,280 260,031

New Mauritius Hotels, Ltd.
1,267,600 4,621,692

Rogers & Co., Ltd.
48,555 515,628

Shell Mauritius, Ltd.
25,800 148,864

State Bank of Mauritius, Ltd.
1,389,749 4,727,462

Sun Resorts, Ltd.
656,202 1,463,389

United Basalt Products, Ltd.
102,150 488,150

$ 22,626,893

Mexico — 6.2%

Alfa SAB de CV, Series A
571,272 $ 8,514,068

America Movil SAB de CV, Series L
24,552,322 33,111,087

Bolsa Mexicana de Valores SAB de CV
240,000 482,111

Carso Infraestructura y Construccion SA⁽¹⁾
830,000 528,121

Cemex SAB de CV, Series CPO⁽¹⁾
10,896,318 9,362,169

Coca-Cola Femsa SA de CV, Series L
102,000 949,479

Compartamos SAB de CV
2,460,800 4,466,157

Consorcio ARA SA de CV
562,100 284,206

Controladora Comercial Mexicana SA de CV⁽¹⁾
352,600 589,649

Corporacion GEO SA de CV, Series B⁽¹⁾
316,700 730,316

Desarrolladora Homex SAB de CV⁽¹⁾
149,900 627,331

Embotelladoras Arca SAB de CV
100,000 715,719

Empresas ICA SAB de CV⁽¹⁾
1,151,300 2,658,851

Fomento Economico Mexicano SA de CV, Series UBD
1,540,500 10,242,809

Genomma Lab Internacional SA de CV⁽¹⁾
438,500 1,116,052

Grupo Aeroportuario del Pacifico SA de CV, Class B
125,800 515,943

Grupo Aeroportuario del Sureste SAB de CV, Class B
179,726 1,057,618

Grupo Bimbo SA de CV, Series A
1,682,508 3,894,262

Grupo Carso SA de CV, Series A1
927,400 3,073,248

Grupo Comercial Chedraui SA de CV
132,800 416,712

Grupo Elektra SA de CV
49,226 2,522,578

Grupo Financiero Banorte SA de CV, Class O
3,433,000 15,586,820

Grupo Financiero Inbursa SA de CV, Class O
2,016,408 10,331,325

Grupo Iusacell SA de CV⁽¹⁾⁽²⁾
142,465 0

Grupo Mexico SAB de CV, Series B
3,973,061 13,118,550

Grupo Modelo SA de CV, Series C
447,600 2,706,587

Grupo Televisa SA, Series CPO
1,105,518 5,441,432

Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1⁽¹⁾
1,268,730 2,221,375

Industrias CH SA, Series B⁽¹⁾
158,452 595,455

Industrias Penoles SA de CV
127,829 4,825,590

Inmuebles Carso SAB de CV⁽¹⁾
927,400 933,063

Kimberly-Clark de Mexico SA de CV
395,170 2,598,803

Mexichem SA de CV
1,191,673 4,826,334

Minera Frisco SAB de CV⁽¹⁾
927,400 4,445,120

Organizacion Soriana SAB de CV, Class B
166,700 499,879

Promotora y Operadora de Infraestructura SA de CV⁽¹⁾
207,900 1,001,457

Telefonos de Mexico SA de CV, Series L
3,656,760 3,026,349

TV Azteca SAB de CV, Series CPO
1,018,565 830,789

Urbi Desarrollos Urbanos SA de CV⁽¹⁾
427,700 938,796

Wal-Mart de Mexico SAB de CV, Series V
3,765,364 11,175,334

$ 170,961,544

Morocco — 1.5%

Alliances Developpement Immobilier SA
5,300 $ 451,075

Attijariwafa Bank
174,500 7,983,208

Banque Centrale Populaire
48,600 2,484,250

Banque Marocaine du Commerce Exterieur (BMCE)
139,800 3,573,026

Banque Marocaine pour le Commerce et l’Industrie (BMCI)
8,040 934,967

Centrale Laitiere
4,200 707,130

Ciments du Maroc
9,810 1,309,031

Compagnie Generale Immobiliere
5,300 891,991

Cosumar Compagnie Sucriere Marocaine et de Raffinage
1,637 414,203

Credit Immobilier et Hotelier
17,500 614,992

Delta Holding SA
30,000 331,617

Douja Promotion Groupe Addoha SA
249,100 3,119,599

Holcim Maroc SA
7,282 2,224,066

Label Vie
3,700 560,298

Lafarge Ciments
9,200 1,963,375

Managem
12,400 1,424,559

Maroc Telecom
526,641 9,691,169

Samir⁽¹⁾
20,347 1,651,099

Societe des Brasseries du Maroc
1,829 544,121

SONASID (Societe Nationale de Siderurgie)
5,872 1,112,073

Wafa Assurance
1,500 552,535

$ 42,538,384

Nigeria — 0.8%

Access Bank PLC
16,694,470 $ 777,251

African Petroleum PLC⁽¹⁾
1,797,328 239,133

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Nigeria (continued)

Ashaka Cement PLC⁽¹⁾
2,905,875 $ 442,836

Cadbury Nigeria PLC⁽¹⁾
1,333,333 157,001

Dangote Cement PLC
1,667,438 1,382,060

Dangote Sugar Refinery PLC
7,275,654 610,678

Diamond Bank PLC
12,642,700 426,950

Ecobank Transnational, Inc.⁽¹⁾
5,323,600 502,688

First Bank of Nigeria PLC
22,404,910 1,836,468

First City Monument Bank PLC
12,831,301 602,440

Flour Mills of Nigeria PLC
726,008 452,267

Guaranty Trust Bank PLC
23,900,800 2,441,800

Guiness Nigeria PLC
597,934 953,754

Lafarge Cement WAPCO Nigeria PLC
2,810,500 832,461

Nestle Foods Nigeria PLC
258,000 676,721

Nigerian Breweries PLC
3,376,900 1,917,636

Oando PLC
3,620,123 1,016,008

Oceanic Bank International PLC⁽¹⁾
17,943,850 168,260

PZ Cussons Nigeria PLC
2,770,832 719,126

Skye Bank PLC
10,043,800 486,054

UAC of Nigeria PLC
3,101,250 793,513

Unilever Nigeria PLC
3,750,000 662,939

Union Bank of Nigeria PLC⁽¹⁾
15,659,632 278,913

United Bank for Africa PLC
23,536,507 872,306

Zenith Bank, Ltd.
25,292,637 2,431,410

$ 21,680,673

Oman — 0.8%

Bank Dhofar SAOG
725,634 $ 1,064,753

Bank Muscat SAOG
2,634,640 5,029,114

Bank Sohar
2,501,900 921,411

Dhofar International Development & Investment Holding Co.
256,825 283,471

Galfar Engineering & Contracting SAOG
930,340 1,042,633

National Bank of Oman, Ltd.
845,230 702,438

Oman Cables Industry SAOG
112,400 266,806

Oman Cement Co. SAOG
412,000 600,924

Oman Flour Mills Co., Ltd. SAOG
543,700 734,253

Oman International Bank SAOG
1,429,706 965,391

Oman Telecommunications Co.
1,262,260 3,595,882

Omani Qatari Telecommunications Co. SAOG
671,100 1,174,647

Ominvest
603,724 729,079

Raysut Cement Co. SAOG
356,710 984,762

Renaissance Holdings Co.
1,085,940 2,383,117

Shell Oman Marketing Co.
66,100 409,541

$ 20,888,222

Pakistan — 0.7%

Adamjee Insurance Co., Ltd.
235,620 $ 179,517

Arif Habib Securities, Ltd.⁽¹⁾
631,600 192,411

Attock Petroleum, Ltd.
99,000 431,684

Bank Alfalah, Ltd.
1,396,394 155,769

D.G. Khan Cement Co., Ltd.⁽¹⁾
850,320 228,084

Engro Corp., Ltd.
612,336 1,165,529

Fauji Fertilizer Bin Qasim, Ltd.
841,000 413,806

Fauji Fertilizer Co., Ltd.
788,243 1,380,824

Habib Bank, Ltd.
199,650 270,527

Hub Power Co., Ltd.
4,246,500 1,857,876

ICI Pakistan, Ltd.
167,800 297,656

Indus Motor Co., Ltd.
112,000 286,612

Jahangir Siddiqui & Co., Ltd.⁽¹⁾
1,947,364 148,368

Kot Addu Power Co., Ltd.
392,500 195,360

Lucky Cement, Ltd.
515,900 424,266

Muslim Commercial Bank, Ltd.
1,355,153 3,136,855

National Bank of Pakistan
1,522,946 893,892

Nishat Mills, Ltd.
1,529,980 896,063

Oil & Gas Development Co., Ltd.
1,601,500 2,850,174

Pakistan Oil Fields, Ltd.
200,200 837,035

Pakistan Petroleum, Ltd.
905,420 2,182,718

Pakistan State Oil Co., Ltd.
204,800 638,437

Pakistan Telecommunication Co., Ltd.
3,237,500 532,868

United Bank, Ltd.
1,302,825 940,660

$ 20,536,991

Peru — 1.5%

Alicorp SA
1,922,461 $ 3,775,701

Banco Continental SA
252,000 531,588

Cia de Minas Buenaventura SA
82,880 3,104,797

Cia de Minas Buenaventura SA ADR
171,176 6,501,264

Cia Minera Milpo SA
808,170 1,807,691

Credicorp, Ltd. ADR
93,700 8,067,570

Edegel SA
2,023,411 1,111,239

Ferreyros SA
566,774 540,079

Grana y Montero SA
965,092 1,839,273

Intergroup Financial Services Corp.
40,900 944,790

Luz del Sur SAA
83,400 188,063

Minsur SA
1,384,773 1,561,301

Sociedad Minera Cerro Verde SAA
47,600 1,642,200

Sociedad Minera el Brocal SA
32,370 441,489

Southern Copper Corp.
227,494 7,477,728

Volcan Cia Minera SA, Class B
1,836,677 1,850,371

$ 41,385,144

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Philippines — 1.6%

Aboitiz Equity Ventures, Inc.
12,558,000 $ 12,190,070

Aboitiz Power Corp.
2,050,000 1,484,660

ABS-CBN Holdings Corp. PDR
236,200 226,673

Alliance Global Group, Inc.
6,821,000 1,730,212

Ayala Corp.
211,838 1,559,394

Ayala Land, Inc.
5,663,008 2,044,284

Banco De Oro
873,000 1,103,431

Bank of the Philippine Islands
1,532,721 2,074,335

Filinvest Land, Inc.
16,105,546 436,248

First Gen Corp.⁽¹⁾
1,129,760 370,652

First Philippine Holdings Corp.
274,000 375,090

Globe Telecom, Inc.
17,000 351,189

Holcim Philippines, Inc.
2,124,000 585,073

International Container Terminal Services, Inc.
887,100 1,030,199

JG Summit Holding, Inc.
2,893,700 1,775,727

Jollibee Foods Corp.
467,000 955,702

Lopez Holdings Corp.⁽¹⁾
11,450,000 1,521,958

Manila Electric Co.
465,214 2,948,660

Manila Water Co.
481,700 207,197

Megaworld Corp.
10,700,000 493,554

Metropolitan Bank & Trust Co.
747,479 1,209,146

Philex Mining Corp.
1,875,000 1,009,490

Philippine Long Distance Telephone Co.
66,260 3,568,737

PNOC Energy Development Corp.
6,776,250 1,033,663

Robinsons Land Corp.
1,290,000 357,930

Semirara Mining Corp.
122,900 606,253

SM Investments Corp.
111,232 1,374,153

SM Prime Holdings, Inc.
4,912,040 1,339,406

Universal Robina Corp.
1,148,700 1,082,867

Vista Land & Lifescapes, Inc.
9,352,000 684,051

$ 45,730,004

Poland — 3.0%

Agora SA
69,000 $ 453,074

AmRest Holdings SE⁽¹⁾
16,908 480,831

Asseco Poland SA
183,670 3,319,443

Bank Handlowy w Warszawie SA
24,785 785,796

Bank Millennium SA
697,490 1,373,271

Bank Pekao SA
96,585 5,714,923

Bioton SA⁽¹⁾
19,451,400 1,063,771

BRE Bank SA⁽¹⁾
24,950 2,960,155

Budimex SA
43,576 1,454,656

Cersanit SA⁽¹⁾
170,700 619,245

Cinema City International NV⁽¹⁾
19,500 251,677

Cyfrowy Polsat SA
374,380 2,252,177

Echo Investment SA⁽¹⁾
240,000 433,266

Eurocash SA
167,303 1,799,416

Getin Holding SA⁽¹⁾
218,933 1,019,927

Globe Trade Centre SA⁽¹⁾
76,488 518,801

Grupa Lotos SA⁽¹⁾
176,940 2,912,700

KGHM Polska Miedz SA
152,118 10,925,458

KOPEX SA⁽¹⁾
57,700 490,558

LC Corp. SA⁽¹⁾
608,300 306,057

LPP SA
1,462 1,193,282

Mostostal-Warszawa SA
10,400 119,592

Netia SA⁽¹⁾
639,700 1,344,178

NG2 SA
12,000 251,490

Orbis SA⁽¹⁾
60,680 835,353

PBG SA⁽¹⁾
17,656 892,552

Polimex-Mostostal SA
1,016,072 1,192,851

Polish Oil & Gas
1,159,466 1,778,606

Polnord SA
19,500 182,347

Polska Grupa Energetyczna SA
618,800 5,412,113

Polski Koncern Naftowy Orlen SA⁽¹⁾
284,795 5,376,251

Powszechna Kasa Oszczednosci Bank Polski SA
584,282 8,942,057

Powszechny Zaklad Ubezpieczen SA
27,500 3,758,885

Tauron Polska Energia SA
870,400 2,090,016

Telekomunikacja Polska SA
1,027,645 6,248,232

Telekomunikacja Polska SA GDR
169,000 1,025,594

Telekomunikacja Polska SA GDR⁽⁴⁾
76,100 461,821

TVN SA
679,266 4,028,015

$ 84,268,437

Qatar — 1.6%

Barwa Real Estate Co.
126,643 $ 1,048,432

Commercial Bank of Qatar
72,232 1,434,094

Doha Bank, Ltd.
63,819 900,809

First Finance Co.⁽¹⁾⁽²⁾
98,957 269,031

Gulf International Services QSC
185,800 1,507,728

Industries Qatar
284,707 10,679,892

Masraf Al Rayan⁽¹⁾
507,800 3,251,295

Qatar Electricity & Water Co.
60,800 2,412,058

Qatar Fuel
13,200 922,798

Qatar Gas Transport Co., Ltd. (NAKILAT)
486,556 2,423,900

Qatar Insurance Co.
24,508 541,148

Qatar International Islamic Bank
32,210 412,063

Qatar Islamic Bank
63,415 1,364,737

Qatar National Bank
225,897 8,761,260

Qatar National Cement Co.
12,559 401,304

Qatar National Navigation
93,351 2,055,536

Qatar Telecom QSC
99,778 4,194,978

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Qatar (continued)

United Development Co.⁽¹⁾
110,370 $ 622,725

Vodafone Qatar⁽¹⁾
770,600 1,656,100

$ 44,859,888

Romania — 0.9%

Antibiotice SA
1,559,438 $ 267,190

Banca Transilvania⁽¹⁾
12,535,580 5,379,042

Biofarm Bucuresti
8,097,100 550,572

BRD-Group Societe Generale
2,316,900 11,143,973

OMV Petrom SA
39,759,206 5,213,674

Transelectrica SA
101,000 763,307

TRANSGAZ SA Medias
5,376 423,600

$ 23,741,358

Russia — 6.1%

Aeroflot-Russian Airlines
749,030 $ 1,890,146

AvtoVAZ⁽¹⁾
2,100,000 2,387,431

CTC Media, Inc.
140,500 2,995,460

Evraz Group SA GDR⁽¹⁾⁽³⁾
35,750 1,113,011

Federal Grid Co. Unified Energy System JSC
37,815,100 505,853

Federal Hydrogenerating Co.⁽¹⁾
549,606 25,892

Federal Hydrogenerating Co. ADR⁽¹⁾
91,259,220 4,366,936

Gazprom Neft
77,000 362,200

IDGC Holding JSC⁽¹⁾
2,300,000 308,200

Irkutskenergo OJSC ADR
13,500 507,263

JSC Scientific Production Corp. Irkut ADR
18,333 169,237

LUKOIL OAO ADR
66,100 4,213,875

LUKOIL OAO GDR
91,400 5,822,411

Magnitogorsk Iron & Steel Works GDR⁽¹⁾⁽³⁾
58,800 670,334

Mechel ADR
103,700 2,477,393

MMC Norilsk Nickel ADR⁽¹⁾
129,000 3,379,800

MMC Norilsk Nickel GDR⁽¹⁾
200,400 5,251,257

Mobile TeleSystems
1,268,800 10,440,001

Mobile TeleSystems ADR
101,500 1,930,530

Mobile TeleSystems OJSC
166,919 1,373,648

Mosenergo
7,630,462 682,942

NovaTek OAO GDR⁽³⁾
61,800 8,546,486

Novolipetsk Steel GDR⁽³⁾
35,000 1,364,798

OAO Gazprom ADR⁽¹⁾
2,192,800 32,010,378

OAO Inter Rao Ues
334,270,138 447,925

OAO TMK
4,106 19,130

OAO TMK GDR⁽³⁾
10,400 194,216

PIK Group GDR⁽¹⁾
100,000 381,845

Polymetal GDR⁽¹⁾
48,800 941,840

Rosneft Oil Co. GDR⁽³⁾
796,600 6,715,602

Rostelecom ADR
63,133 2,556,887

Sberbank of Russia⁽³⁾
6,569,380 23,592,141

Sberbank of Russia ADR⁽¹⁾
201,050 2,907,183

Sberbank of Russia, PFC Shares
862,200 2,329,498

Sistema JSFC GDR⁽³⁾
14,500 372,650

Surgutneftegas OJSC ADR⁽¹⁾
176,000 1,724,800

Surgutneftegas OJSC ADR, PFC Shares⁽¹⁾
245,000 1,217,650

Surgutneftegas OJSC GDR⁽¹⁾
522,200 5,171,171

Tatneft ADR
167,432 7,216,319

TGK-2⁽¹⁾
47,290,846 9,505

Transneft
200 289,102

Uralkali
329,500 2,955,096

Uralkali GDR⁽¹⁾⁽³⁾
18,000 809,448

Vimpel-Communications ADR
328,130 4,186,939

VTB Bank OJSC GDR⁽³⁾
1,317,874 8,137,993

X5 Retail Group NV GDR⁽¹⁾⁽³⁾
123,700 4,845,110

$ 169,817,532

Slovenia — 0.7%

Gorenje DD⁽¹⁾
80,554 $ 1,068,861

KRKA DD
103,282 8,986,461

Luka Koper⁽¹⁾
34,436 630,971

Mercator Poslovni Sistem
7,524 1,754,729

Nova Kreditna Banka Maribor⁽¹⁾
156,914 1,545,056

Petrol
4,172 1,361,255

Sava DD⁽¹⁾
2,986 173,206

Telekom Slovenije DD
19,971 2,025,632

Zavarovalnica Triglav DD
57,322 1,209,052

$ 18,755,223

South Africa — 5.7%

ABSA Group, Ltd.
120,173 $ 2,397,027

Adcock Ingram Holdings, Ltd.
72,016 632,741

AECI, Ltd.
48,300 602,986

African Bank Investments, Ltd.
344,515 1,754,526

African Oxygen, Ltd. (AFROX)
143,280 416,376

African Rainbow Minerals, Ltd.
44,100 1,231,125

Anglo Platinum, Ltd.
20,700 1,926,222

AngloGold Ashanti, Ltd.
124,034 5,232,253

AngloGold Ashanti, Ltd. ADR
25,699 1,081,671

Arcelormittal South Africa, Ltd.
69,201 809,687

Aspen Pharmacare Holdings, Ltd.⁽¹⁾
195,268 2,427,559

Astral Foods, Ltd.
26,100 494,070

Aveng, Ltd.
419,996 2,224,127

AVI, Ltd.
228,000 1,052,028

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

South Africa (continued)

Barloworld, Ltd.
231,700 $ 2,362,466

Bidvest Group, Ltd.
316,503 7,049,827

Capital Property Fund
592,025 721,448

Clicks Group, Ltd.
218,200 1,366,336

DataTec, Ltd.
285,500 1,628,099

Discovery Holdings, Ltd.
160,754 916,590

FirstRand, Ltd.
1,382,585 4,063,636

Foschini, Ltd.
104,323 1,361,683

Gold Fields, Ltd.
276,680 4,058,126

Grindrod, Ltd.
416,000 858,165

Group Five, Ltd.
115,500 511,852

Growthpoint Properties, Ltd.
479,900 1,298,254

Harmony Gold Mining Co., Ltd.
149,600 1,977,751

Hyprop Investments, Ltd.
65,400 526,296

Illovo Sugar, Ltd.
51,000 193,236

Impala Platinum Holdings, Ltd.
189,168 5,104,569

Imperial Holdings, Ltd.
61,800 1,109,104

Investec, Ltd.
106,800 881,475

JSE, Ltd.
45,700 429,168

Kumba Iron Ore, Ltd.
30,100 2,157,456

Kumba Resources, Ltd.
72,500 1,919,056

Lewis Group, Ltd.
39,800 499,128

Liberty Holdings, Ltd.
52,100 554,831

Life Healthcare Group Holdings, Ltd.
98,721 256,811

Massmart Holdings, Ltd.
48,804 1,010,477

Medi-Clinic Corp., Ltd.
161,590 740,822

MMI Holdings, Ltd.
413,933 1,041,458

Mondi, Ltd.
36,200 353,369

Mr. Price Group, Ltd.
188,400 1,900,180

MTN Group, Ltd.
1,298,180 27,656,235

Murray & Roberts Holdings, Ltd.
315,200 1,398,626

Nampak, Ltd.
246,700 826,304

Naspers, Ltd., Class N
162,276 9,164,404

Nedbank Group, Ltd.
101,000 2,187,796

Netcare, Ltd.
395,900 877,145

Northam Platinum, Ltd.
77,300 486,791

Pick’n Pay Holdings, Ltd.
125,270 320,132

Pick’n Pay Stores, Ltd.
152,660 937,071

Pretoria Portland Cement Co., Ltd.
183,714 729,682

Redefine Properties, Ltd.
1,093,296 1,270,019

Remgro, Ltd.
168,605 2,780,918

Reunert, Ltd.
257,600 2,328,831

RMB Holdings, Ltd.
309,000 1,218,655

RMI Holdings
309,000 564,369

Sanlam, Ltd.
618,590 2,522,889

Santam, Ltd.
27,610 534,903

Sappi, Ltd.⁽¹⁾
209,600 1,070,498

Sasol, Ltd.
189,036 9,972,452

Shoprite Holdings, Ltd.
166,153 2,501,498

Spar Group, Ltd.
79,260 1,058,733

Standard Bank Group, Ltd.
467,049 6,906,831

Steinhoff International Holdings, Ltd.⁽¹⁾
297,500 1,012,567

Sun International, Ltd.
33,860 458,691

Telkom South Africa, Ltd.
333,000 1,812,298

Tiger Brands, Ltd.
72,016 2,106,588

Tongaat-Hulett
25,322 333,293

Truworths International, Ltd.
115,241 1,250,423

Vodacom Group (Pty), Ltd.
224,500 2,791,903

Wilson Bayly Holmes-Ovcon, Ltd.
65,280 1,065,309

Woolworths Holdings, Ltd.
230,542 1,015,674

$ 158,295,595

South Korea — 6.4%

Amorepacific Corp.
783 $ 871,263

BS Financial Group, Inc.⁽¹⁾
73,284 1,036,471

Celltrion, Inc.
28,100 1,165,845

Cheil Industries, Inc.
15,000 1,798,984

Cheil Worldwide, Inc.
21,650 322,194

CJ CheilJedang Corp.
2,100 464,074

CJ Corp.
9,583 654,360

CJ O Shopping Co., Ltd.
1,122 242,898

Daelim Industrial Co., Ltd.
6,870 831,079

Daesang Corp.
29,700 315,174

Daewoo Engineering & Construction Co., Ltd.⁽¹⁾
60,100 604,486

Daewoo International Corp.
10,502 374,155

Daewoo Motor Sales Corp.⁽¹⁾
100,000 177,961

Daewoo Securities Co., Ltd.
35,260 593,398

Daewoo Shipbuilding & Marine Engineering Co., Ltd.
19,880 846,464

Daishin Securities Co.
14,000 179,713

DGB Financial Group Co., Ltd.⁽¹⁾
50,580 767,476

Dong-A Pharmaceutical Co., Ltd.
4,228 375,813

Dongbu Insurance Co., Ltd.
16,120 841,696

Dongkuk Steel Mill Co., Ltd.
18,400 710,742

Doosan Corp.
4,600 540,561

Doosan Heavy Industries & Construction Co., Ltd.
10,750 570,775

Doosan Infracore Co., Ltd.⁽¹⁾
22,060 492,377

E-Mart Co., Ltd.⁽¹⁾
5,011 1,147,557

Eugene Investment & Securities Co., Ltd.⁽¹⁾
287,000 148,117

GLOVIS Co., Ltd.
7,450 1,205,057

GS Engineering & Construction Corp.
6,000 733,978

GS Holdings Corp.
14,654 1,077,571

Hana Financial Group, Inc.
81,500 2,859,819

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

South Korea (continued)

Hanjin Shipping Co., Ltd.
15,600 $ 328,141

Hanjin Transportation Co., Ltd.
10,500 262,041

Hankook Tire Co., Ltd.
33,930 1,451,597

Hanwha Chemical Corp.
65,820 3,126,951

Hanwha Corp.
17,300 794,155

Hanwha Securities Co., Ltd.
49,695 284,648

Hite Brewery Co., Ltd.
2,378 249,815

Honam Petrochemical Corp.
6,600 2,458,315

Hotel Shilla Co., Ltd.
12,750 324,221

Hynix Semiconductor, Inc.
90,370 2,135,156

Hyosung Corp.
8,400 724,399

Hyundai Department Store Co., Ltd.
3,900 635,007

Hyundai Development Co.
13,980 392,983

Hyundai Engineering & Construction Co., Ltd.
14,670 1,188,972

Hyundai Heavy Industries Co., Ltd.
11,813 4,930,252

Hyundai Marine & Fire Insurance Co., Ltd.
17,150 512,445

Hyundai Merchant Marine Co., Ltd.
30,100 895,666

Hyundai Mipo Dockyard Co., Ltd.
2,620 418,032

Hyundai Mobis
17,000 6,396,331

Hyundai Motor Co.
37,690 8,402,368

Hyundai Motor Co., PFC Shares
12,900 997,446

Hyundai Securities Co., Ltd.
48,800 547,212

Hyundai Steel Co.
15,700 1,913,835

Industrial Bank of Korea
71,500 1,253,851

Kangwon Land, Inc.
36,658 984,151

KB Financial Group, Inc.
65,229 3,100,860

KB Financial Group, Inc. ADR
48,488 2,317,726

KCC Corp.
1,710 537,098

Kia Motors Corp.
59,700 4,061,277

KIWOOM Securities Co., Ltd.
8,011 423,022

Korea Electric Power Corp.⁽¹⁾
112,610 2,991,283

Korea Exchange Bank
82,200 741,794

Korea Express Co., Ltd.⁽¹⁾
4,378 444,714

Korea Gas Corp.
12,900 447,829

Korea Investment Holdings Co., Ltd.
10,400 353,545

Korea Zinc Co., Ltd.
4,500 1,733,466

Korean Air Lines Co., Ltd.
16,966 1,111,170

Korean Reinsurance Co.
26,418 345,948

KT Corp.
87,949 3,353,370

KT&G Corp.
35,480 2,206,596

KTB Securities Co., Ltd.⁽¹⁾
80,000 218,394

LG Chem, Ltd.
11,904 5,470,457

LG Corp.
19,570 1,478,001

LG Display Co., Ltd.
39,300 1,096,927

LG Electronics, Inc.
22,196 1,730,643

LG Hausys, Ltd.
4,611 326,320

LG Household & Health Care, Ltd.
2,300 988,807

LG Life Sciences, Ltd.⁽¹⁾
9,500 432,864

LG Uplus Corp.
55,513 301,294

LIG Insurance Co., Ltd.
14,790 379,245

Lotte Shopping Co., Ltd.
4,500 2,150,176

LS Corp.
7,030 727,278

LS Industrial Systems Co., Ltd.
4,500 325,648

MegaStudy Co., Ltd.
2,500 336,305

Mirae Asset Securities Co., Ltd.
10,170 428,948

Namhae Chemical Corp.
32,500 392,884

NCsoft Corp.
5,300 1,447,991

NHN Corp.⁽¹⁾
9,658 1,712,236

Nong Shim Co., Ltd.
1,100 250,878

OCI Co., Ltd.
4,420 1,676,361

ORION Corp.
1,000 427,106

Pacific Corp.
2,641 536,784

POSCO
19,700 8,558,782

S-Oil Corp.
10,872 1,409,401

S1 Corp.
10,130 524,494

Samsung C&T Corp.
24,930 1,921,850

Samsung Card Co., Ltd.
14,260 773,590

Samsung Electro-Mechanics Co., Ltd.
16,480 1,429,459

Samsung Electronics Co., Ltd.
28,830 22,407,516

Samsung Electronics Co., Ltd., PFC Shares
620 326,145

Samsung Engineering Co., Ltd.
5,300 1,271,023

Samsung Fine Chemicals Co., Ltd.
10,800 695,503

Samsung Fire & Marine Insurance Co., Ltd.
12,674 2,949,072

Samsung Heavy Industries Co., Ltd.
34,100 1,528,183

Samsung Life Insurance Co., Ltd.
29,900 2,667,569

Samsung SDI Co., Ltd.
7,200 1,107,997

Samsung Securities Co., Ltd.
17,412 1,296,035

Samsung Techwin Co., Ltd.
8,485 741,112

Shinhan Financial Group Co., Ltd.
140,762 6,731,181

Shinsegae Co., Ltd.
1,770 562,839

SK Chemicals Co., Ltd.
7,300 491,291

SK Energy Co., Ltd.
18,071 3,412,062

SK Holdings Co., Ltd.
6,541 1,140,235

SK Networks Co., Ltd.
40,500 415,185

SK Telecom Co., Ltd.
14,400 2,178,242

SK Telecom Co., Ltd. ADR
25,326 473,596

STX Pan Ocean Co., Ltd.
39,400 277,095

Tong Yang Securities, Inc.
47,500 278,470

Woongjin Coway Co., Ltd.
15,560 554,939

Woori Finance Holdings Co., Ltd.
104,000 1,365,805

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

South Korea (continued)

Woori Investment & Securities Co., Ltd.
31,000 $ 501,402

Yuhan Corp.
2,370 299,804

$ 178,853,170

Taiwan — 6.0%

Acer, Inc.
531,380 $ 928,966

Advanced Semiconductor Engineering, Inc.
994,912 1,097,020

Advantech Co., Ltd.
169,863 578,427

Altek Corp.
291,957 424,462

Ambassador Hotel
221,000 359,631

AmTRAN Technology Co., Ltd.
367,302 314,277

Asia Cement Corp.
785,260 1,124,596

Asia Optical Co., Inc.⁽¹⁾
187,913 321,685

Asustek Computer, Inc.⁽¹⁾
119,815 1,192,522

AU Optronics Corp.⁽¹⁾
909,925 623,949

AU Optronics Corp. ADR⁽¹⁾
33,754 232,228

Capital Securities Corp.
596,200 288,347

Catcher Technology Co., Ltd.
100,100 633,722

Cathay Financial Holding Co., Ltd.
2,217,400 3,441,332

Cathay Real Estate Development Co., Ltd.
660,000 343,143

Chang Hwa Commercial Bank
1,369,000 1,128,465

Cheng Shin Rubber Industry Co., Ltd.
651,868 1,876,711

Cheng Uei Precision Industry Co., Ltd.
146,579 383,985

Chicony Electronics Co., Ltd.
145,433 282,030

Chimei Innolux Corp.⁽¹⁾
1,090,725 781,201

China Airlines, Ltd.⁽¹⁾
856,844 583,140

China Development Financial Holding Corp.
3,752,885 1,526,602

China Life Insurance Co., Ltd.
912,047 1,210,108

China Motor Corp.
385,930 397,991

China Petrochemical Development Corp.⁽¹⁾
779,000 893,906

China Steel Corp.
3,448,149 4,158,332

Chinatrust Financial Holding Co., Ltd.
3,136,086 2,738,648

Chipbond Technology Corp.⁽¹⁾
240,000 342,730

Chong Hong Construction Co., Ltd.
147,390 406,397

Chunghwa Telecom Co., Ltd.
1,795,909 6,179,938

Clevo Co.
191,178 372,034

CMC Magnetics Corp.⁽¹⁾
1,370,000 311,075

Compal Electronics, Inc.
1,023,557 1,257,601

Coretronic Corp.
282,312 446,891

D-Link Corp.
359,590 329,885

Delta Electronics, Inc.
430,603 1,586,327

Dynapack International Technology Corp.
67,666 302,544

E Ink Holdings, Inc.⁽¹⁾
249,000 469,400

E.Sun Financial Holding Co., Ltd.
1,123,236 799,756

Elan Microelectronics Corp.
142,410 163,130

Epistar Corp.
138,439 412,327

Eternal Chemical Co., Ltd.
296,100 334,731

EVA Airways Corp.⁽¹⁾
667,272 681,985

Evergreen International Storage & Transport Corp.
266,000 228,361

Evergreen Marine Corp.⁽¹⁾
754,292 608,425

Everlight Chemical Industrial Corp.
270,000 254,779

Everlight Electronics Co., Ltd.
103,212 277,998

Far Eastern Department Stores, Ltd.
544,275 1,093,609

Far Eastern International Bank
776,567 387,809

Far Eastern New Century Corp.
886,194 1,385,408

Far EasTone Telecommunications Co., Ltd.
1,012,364 1,615,789

Faraday Technology Corp.
111,650 169,603

Feng Hsin Iron & Steel Co., Ltd.
172,000 327,236

First Financial Holding Co., Ltd.
1,817,551 1,507,328

First Steamship Co., Ltd.
119,084 276,907

Formosa Chemicals & Fibre Corp.
1,174,364 4,382,413

Formosa International Hotels Corp.
25,289 479,711

Formosa Petrochemical Corp.
985,153 3,473,715

Formosa Plastics Corp.
1,691,436 6,112,682

Formosa Taffeta Co., Ltd.
545,000 599,190

Formosan Rubber Group, Inc.
450,000 475,627

Foxconn International Holdings, Ltd.⁽¹⁾
522,000 230,986

Foxconn Technology Co., Ltd.
190,579 792,626

Fubon Financial Holding Co., Ltd.
1,522,422 2,346,430

Giant Manufacturing Co., Ltd.
168,093 677,386

Gintech Energy Corp.
71,709 176,780

Goldsun Development & Construction Co., Ltd.
610,944 307,102

Great Wall Enterprise Co., Ltd.
224,435 258,467

HannStar Display Corp.⁽¹⁾
1,853,485 277,463

Highwealth Construction Corp.
208,691 490,728

Hon Hai Precision Industry Co., Ltd.
1,692,248 5,826,060

Hotai Motor Co., Ltd.
98,000 368,923

HTC Corp.
166,011 5,613,036

Hua Nan Financial Holdings Co., Ltd.
1,580,492 1,230,913

Huaku Development Co., Ltd.
183,344 545,114

Inotera Memories, Inc.⁽¹⁾
566,619 175,670

Inventec Co., Ltd.
790,100 413,519

KGI Securities Co., Ltd.
1,145,000 606,449

King Yuan Electronics Co., Ltd.⁽¹⁾
711,274 367,893

Kinsus Interconnect Technology Corp.
166,280 679,954

Largan Precision Co., Ltd.
45,042 1,448,825

Lee Chang Yung Chemical Industry Corp.
226,956 513,878

Lite-On Technology Corp.
537,299 709,233

Macronix International Co., Ltd.
978,697 601,363

MediaTek, Inc.
236,371 2,574,602

Mega Financial Holding Co., Ltd.
3,393,000 2,972,456

Merida Industry Co., Ltd.
161,000 366,685

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Taiwan (continued)

Mitac International Corp.
626,073 $ 274,415

Motech Industries, Inc.
100,999 392,147

Nan Kang Rubber Tire Co., Ltd.⁽¹⁾
400,400 653,746

Nan Ya Plastics Corp.
1,960,538 5,243,829

Nan Ya Printed Circuit Board Corp.
97,032 369,329

Nanya Technology Corp.⁽¹⁾
640,575 181,589

Neo Solar Power Corp.
144,016 270,257

Novatek Microelectronics Corp., Ltd.
160,479 518,349

Oriental Union Chemical Corp.
412,000 604,110

Pan-International Industrial Co., Ltd.
142,844 144,068

Pegatron Corp.⁽¹⁾
322,486 335,056

Phison Electronics Corp.
43,692 248,540

Polaris Securities Co., Ltd.
928,295 681,605

Pou Chen Corp.
1,355,764 1,253,668

Powerchip Technology Corp.⁽¹⁾
1,182,434 148,274

Powertech Technology, Inc.
146,114 491,851

President Chain Store Corp.
619,120 3,586,995

Qisda Corp.⁽¹⁾
619,000 298,597

Quanta Computer, Inc.
782,065 1,858,040

Radiant Opto-Electronics Corp.
194,505 630,707

Radium Life Tech Co., Ltd.
275,000 361,144

Realtek Semiconductor Corp.
160,675 310,986

RichTek Technology Corp.
26,497 182,395

Ritek Corp.⁽¹⁾
968,757 268,199

Ruentex Development Co., Ltd.
246,000 346,532

Ruentex Industries, Ltd.
322,000 800,724

Sanyang Industrial Co., Ltd.
700,000 426,754

Shin Kong Financial Holding Co., Ltd.⁽¹⁾
2,132,234 919,838

Shin Kong Synthetic Fibers Corp.
915,255 382,277

Siliconware Precision Industries Co.
431,260 550,723

Siliconware Precision Industries Co. ADR
74,607 464,056

Simplo Technology Co., Ltd.
53,240 430,317

Sincere Navigation
188,000 214,420

Sino-American Silicon Products, Inc.
168,558 557,751

SinoPac Financial Holdings Co., Ltd.
2,243,000 970,746

Solar Applied Materials Technology Corp.
239,877 576,343

Synnex Technology International Corp.
651,960 1,585,089

Tainan Spinning Co., Ltd.
910,200 575,584

Taishin Financial Holdings Co., Ltd.⁽¹⁾
1,223,221 728,772

Taiwan Business Bank⁽¹⁾
1,469,040 562,029

Taiwan Cement Corp.
1,018,118 1,520,909

Taiwan Cooperative Bank
1,116,682 909,285

Taiwan Fertilizer Co., Ltd.
312,000 961,871

Taiwan Glass Industrial Corp.
219,987 388,325

Taiwan Kolin Co., Ltd.⁽¹⁾⁽²⁾
995,000 0

Taiwan Life Insurance Co., Ltd.
344,543 372,187

Taiwan Mobile Co., Ltd.
802,281 2,176,161

Taiwan Semiconductor Manufacturing Co., Ltd.
5,218,873 13,152,915

Taiwan Tea Corp.
305,346 209,878

Tatung Co., Ltd.⁽¹⁾
1,214,645 563,479

Teco Electric & Machinery Co., Ltd.
989,000 714,631

Tong Yang Industry Co., Ltd.⁽¹⁾
333,000 414,162

TPK Holding Co., Ltd.⁽¹⁾
22,000 673,171

Transcend Information, Inc.
63,886 188,529

Tripod Technology Corp.
137,819 573,066

TSRC Corp.
214,000 631,478

TTY Biopharm Co., Ltd.
87,200 441,233

Tung Ho Steel Enterprise Corp.
293,385 333,881

U-Ming Marine Transport Corp.
202,000 433,407

Uni-President Enterprises Corp.
2,909,112 4,225,819

Unimicron Technology Corp.
305,171 544,821

United Microelectronics Corp.
2,516,361 1,253,454

United Microelectronics Corp. ADR
93,397 239,096

Vanguard International Semiconductor Corp.
784,175 409,690

Walsin Lihwa Corp.⁽¹⁾
1,085,980 546,367

Wan Hai Lines, Ltd.⁽¹⁾
577,500 438,596

Waterland Financial Holdings
1,330,161 598,279

Wintek Corp.⁽¹⁾
235,000 313,307

Wistron Corp.
502,634 895,988

WPG Holdings Co., Ltd.
232,235 394,926

Yageo Corp.
1,003,000 457,245

Yang Ming Marine Transport⁽¹⁾
1,014,808 772,621

Yieh Phui Enterprise
892,500 360,986

Yuanta Financial Holding Co., Ltd.
2,527,030 1,755,674

Yuen Foong Yu Paper Manufacturing Co., Ltd.
853,610 393,033

Yulon Motor Co., Ltd.
525,420 1,293,853

$ 165,443,482

Thailand — 3.1%

Advanced Info Service PCL⁽⁶⁾
2,038,400 $ 6,915,925

Airports of Thailand PCL⁽⁶⁾
765,700 898,635

Asian Property Development PCL⁽⁶⁾
2,209,200 356,262

Bangkok Bank PCL
575,800 2,971,608

Bangkok Bank PCL⁽⁶⁾
264,800 1,370,341

Bangkok Bank PCL NVDR
35,000 180,629

Bangkok Dusit Medical Services PCL⁽⁶⁾
781,000 1,343,292

Bangkok Expressway PCL⁽⁶⁾
895,900 521,940

Bank of Ayudhya PCL⁽⁶⁾
1,814,000 1,689,653

Banpu PCL⁽⁶⁾
135,800 3,173,103

BEC World PCL⁽⁶⁾
2,033,100 2,291,337

Big C Supercenter PCL⁽⁶⁾
113,000 337,166

Bumrungrad Hospital PCL⁽⁶⁾
503,200 598,956

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Thailand (continued)

Cal-Comp Electronics (Thailand) PCL⁽⁶⁾
1,800,000 $ 191,265

Central Pattana PCL⁽⁶⁾
540,700 516,031

Charoen Pokphand Foods PCL⁽⁶⁾
5,627,300 5,418,280

CP ALL PCL⁽⁶⁾
4,567,700 6,593,905

Delta Electronics (Thailand) PCL⁽⁶⁾
934,670 755,282

Electricity Generating PCL⁽⁶⁾
189,500 577,601

G Steel PCL⁽¹⁾⁽⁶⁾
23,786,500 441,279

Glow Energy PCL⁽⁶⁾
797,100 1,300,273

Hana Microelectronics PCL⁽⁶⁾
1,084,100 824,170

IRPC PCL⁽⁶⁾
3,989,000 697,129

Italian-Thai Development PCL⁽⁶⁾
4,364,100 504,354

Kasikornbank PCL⁽⁶⁾
1,026,000 4,191,168

Kiatnakin Bank PCL⁽⁶⁾
350,000 376,650

Krung Thai Bank PCL⁽⁶⁾
2,016,100 1,238,655

Land & Houses PCL
697,800 130,972

Land & Houses PCL⁽⁶⁾
5,499,500 1,031,668

Major Cineplex Group PCL⁽⁶⁾
754,100 378,836

Minor International PCL⁽⁶⁾
3,079,174 1,145,498

Precious Shipping PCL⁽⁶⁾
622,500 300,082

PTT Aromatics & Refining PCL⁽⁶⁾
442,058 541,786

PTT Chemical PCL⁽⁶⁾
127,289 611,656

PTT Exploration & Production PCL⁽⁶⁾
925,600 5,169,390

PTT PCL⁽⁶⁾
693,500 7,587,831

Quality House PCL⁽⁶⁾
4,710,000 274,985

Ratchaburi Electricity Generating Holding PCL⁽⁶⁾
578,300 786,660

Sahaviriya Steel Industries PCL⁽¹⁾⁽⁶⁾
10,773,660 407,426

Samart Corp. PCL⁽⁶⁾
1,606,500 450,714

Shin Corp. PCL⁽⁶⁾
426,000 454,076

Siam Cement PCL⁽⁶⁾
393,600 5,235,414

Siam City Cement PCL⁽⁶⁾
42,900 299,092

Siam Commercial Bank PCL⁽⁶⁾
964,300 3,496,899

Siam Makro PCL⁽⁶⁾
157,600 1,005,357

Sino Thai Engineering & Construction PCL⁽⁶⁾
1,553,400 613,818

Thai Airways International PCL⁽⁶⁾
1,290,500 1,223,141

Thai Beverage PCL
3,621,000 810,676

Thai Oil PCL⁽⁶⁾
490,400 1,193,593

Thai Tap Water Supply Co., Ltd
3,000,000 537,444

Thai Union Frozen Products PCL⁽⁶⁾
915,915 1,434,187

Thanachart Capital PCL⁽⁶⁾
523,300 487,074

Thoresen Thai Agencies PCL⁽⁶⁾
719,990 439,314

TMB Bank PCL⁽⁶⁾
3,870,000 252,581

Total Access Communication PCL⁽⁶⁾
1,135,000 2,023,953

TPI Polene PCL⁽⁶⁾
1,130,500 431,693

True Corp. PCL ⁽¹⁾⁽⁶⁾
12,466,592 1,582,299

$ 86,613,004

Turkey — 3.1%

Adana Cimento Sanayii TAS
82,728 $ 236,002

Akbank TAS
1,293,081 5,981,826

Akcansa Cimento AS
38,000 168,829

Akenerji Elektrik Uretim AS⁽¹⁾
270,121 624,571

Aksa Akrilik Kimya Sanayii AS
228,054 781,257

Alarko Holding AS
207,704 441,220

Anadolu Anonim Turk Sigorta Sirketi
368,571 255,021

Anadolu Efes Biracilik ve Malt Sanayii AS
221,148 2,990,880

Arcelik AS
325,221 1,663,510

Asya Katilim Bankasi AS⁽¹⁾
874,200 1,363,467

Aygaz AS
177,606 1,149,022

Bagfas Bandirma Gubre Fabrikalari AS
8,000 760,511

BIM Birlesik Magazalar AS
101,996 3,315,027

Cimsa Cimento Sanayi ve Ticaret AS
64,400 343,687

Coca-Cola Icecek AS
65,400 964,513

Dogan Sirketler Grubu Holding AS⁽¹⁾
2,058,552 1,141,021

Dogus Otomotiv Servis ve Ticaret AS⁽¹⁾
140,556 395,285

Eczacibasi Ilac Sanayi ve Ticaret AS
121,500 164,882

Enka Insaat ve Sanayi AS
1,222,076 3,738,546

Eregli Demir ve Celik Fabrikalari TAS
1,504,509 3,841,064

Fenerbahce Sportif Hizmetler Sanayi ve Ticaret AS
7,000 307,301

Gubre Fabrikalari TAS⁽¹⁾
59,700 533,364

Haci Omer Sabanci Holding AS
720,449 3,027,913

Ihlas Holding AS⁽¹⁾
666,400 471,169

Is Gayrimenkul Yatirim Ortakligi AS
409,199 309,931

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D⁽¹⁾
1,258,218 728,935

KOC Holding AS
1,246,375 5,358,569

Koza Altin Isletmeleri AS
68,700 923,842

Mondi Tire Kutsan Kagit Ve Ambalas Sanayii AS⁽¹⁾
457,200 420,255

Net Holding AS⁽¹⁾
282,129 267,532

Petkim Petrokimya Holding AS⁽¹⁾
606,041 915,678

Petrol Ofisi AS
123,246 451,760

Sekerbank TAS
658,499 454,998

Selcuk Ecza Deposu Ticaret ve Sanayi AS
243,000 325,120

TAV Havalimanlari Holding AS⁽¹⁾
257,200 1,289,962

Tekfen Holding AS
307,071 1,058,344

Tofas Turk Otomobil Fabrikasi AS
172,700 787,574

Trakya Cam Sanayii AS
353,686 754,007

Tupras-Turkiye Petrol Rafinerileri AS
171,141 4,203,170

Turcas Petrolculuk AS
159,229 387,166

Turk Hava Yollari Anonim Ortakligi (THY) AS⁽¹⁾
761,988 1,995,348

Turk Sise ve Cam Fabrikalari AS
541,985 1,185,488

Turk Telekomunikasyon AS
698,500 3,692,625

Turkcell Iletisim Hizmetleri AS⁽¹⁾
978,294 5,279,540

Turkcell Iletisim Hizmetleri AS ADR⁽¹⁾
38,494 521,594

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Security Shares Value

Turkey (continued)

Turkiye Garanti Bankasi AS
1,858,174 $ 8,432,031

Turkiye Halk Bankasi AS
278,700 2,090,561

Turkiye Is Bankasi
1,151,506 3,534,427

Turkiye Sinai Kalkinma Bankasi AS
544,909 871,556

Turkiye Vakiflar Bankasi TAO
615,021 1,390,593

Ulker Gida Sanayi ve Ticaret AS
204,629 711,095

Vestel Beyaz Esya Sanayi ve Ticaret AS
186,000 315,401

Vestel Elektronik Sanayi ve Ticaret AS⁽¹⁾
209,707 346,453

Yapi ve Kredi Bankasi AS⁽¹⁾
725,093 1,822,052

Yazicilar Holding AS
39,000 279,908

Zorlu Enerji Elektrik Uretim AS⁽¹⁾
124,509 177,212

$ 85,942,615

United Arab Emirates — 1.7%

Aabar Investments (PJSC)⁽¹⁾⁽²⁾
3,577,200 $ 706,090

Abu Dhabi Commercial Bank (PJSC)⁽¹⁾
3,871,886 3,120,278

Abu Dhabi National Hotels
832,200 568,696

Agthia Group (PJSC)
550,000 300,351

Air Arabia
11,206,000 2,024,280

Ajman Bank (PJSC)⁽¹⁾
1,582,800 368,444

Aldar Properties (PJSC)
3,233,500 1,097,392

Arabtec Holding Co.⁽¹⁾
10,827,750 3,800,844

Aramex (PJSC)
3,170,710 1,518,772

Dana Gas⁽¹⁾
24,909,987 4,356,962

DP World, Ltd.
539,236 6,657,912

Dubai Financial Market
5,958,200 1,905,863

Dubai Investments (PJSC)
2,251,568 485,976

Dubai Islamic Bank (PJSC)
2,312,900 1,270,323

Emaar Properties (PJSC)
8,426,100 6,973,280

Emirates NBD (PJSC)
260,000 293,765

First Gulf Bank (PJSC)
666,947 3,264,185

Gulf Navigation Holding⁽¹⁾
3,460,300 336,298

Islamic Arabic Insurance Co.⁽¹⁾
1,469,160 273,417

National Bank of Abu Dhabi (PJSC)
1,148,160 3,457,745

National Central Cooling Co. (Tabreed)⁽¹⁾
431,247 122,432

Ras Al Khaimah Co.
1,319,300 610,621

Ras Al Khaimah Properties (PJSC)⁽¹⁾
5,586,000 532,290

Sorouh Real Estate Co.⁽¹⁾
2,789,865 926,319

Union National Bank
1,070,375 1,047,332

Waha Capital (PJSC)
2,068,608 385,158

$ 46,405,025

Vietnam — 0.6%

Baoviet Holdings
287,600 $ 1,096,750

Development Investment Construction Corp.
282,700 251,319

FPT Corp.
418,466 975,777

Gemadept Corp.⁽¹⁾
108,333 134,199

Hagl JSC
760,000 1,439,883

Hoa Phat Group JSC
757,500 1,126,038

Kim Long Securities Corp.⁽¹⁾
1,311,300 694,349

Kinh Bac City Development Share Holding Corp.⁽¹⁾
333,700 270,721

Kinhdo Corp.
268,900 497,666

Masan Group Corp.⁽¹⁾
158,600 747,350

PetroVietnam Construction JSC
446,200 255,777

PetroVietnam Drilling and Well Services JSC
407,346 781,595

PetroVietnam Fertilizer and Chemical JSC
721,940 1,141,672

Refrigeration Electrical Engineering Corp.
487,200 265,079

Saigon Securities, Inc.⁽¹⁾
719,620 618,765

Song Da Urban & Industrial Zone Investment and Development JSC
192,850 295,107

Tan Tao Investment Industry Co.⁽¹⁾
733,399 378,402

Vietnam Construction and Import-Export JSC
459,600 304,518

Vietnam Dairy Products JSC
228,730 1,211,152

Vincom JSC
484,197 3,222,492

$ 15,708,611

Total Common Stocks

(identified cost $1,742,943,896)
$ 2,694,115,834

Corporate Bonds — 0.0%⁽⁵⁾

Principal

Amount

Security (000’s omitted) Value

India — 0.0%⁽⁵⁾

Dr. Reddy’s Laboratories, Ltd., 9.25%, 3/24/14
INR 729 $ 16,047

Total Corporate Bonds

(identified cost $16,135)
$ 16,047


Equity-Linked Securities⁽⁷⁾ — 0.9%

	Maturity
Security	Date		Shares		Value



Saudi Arabia — 0.9%

Abdullah Al Othaim Markets⁽⁴⁾		6/2/13		14,800	$	383,290
Al Rajhi Bank⁽⁴⁾		4/30/12		108,000		2,105,833
Alinma Bank⁽¹⁾⁽⁴⁾		6/4/12		102,800		272,055
Almarai Co., Ltd.⁽⁴⁾		3/27/12		37,000		936,024
Arab National Bank⁽⁴⁾		6/4/12		81,600		638,606
Bank Albilad⁽¹⁾⁽⁴⁾		9/21/12		59,100		302,961

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued

Maturity

Security Date Shares Value

Saudi Arabia (continued)

Banque Saudi Fransi⁽⁴⁾
4/30/12 39,500 $ 467,117

Company for Cooperative Insurance (The)⁽⁴⁾
6/22/12 16,200 271,605

Dar Al Arkan Real Estate Development⁽⁴⁾
8/13/12 70,500 147,098

Etihad Etisalat Co.⁽⁴⁾
4/2/12 150,600 2,113,249

Fawaz Abdulaziz Alhokair Co.⁽⁴⁾
4/4/12 21,500 271,451

Fitaihi Holding Group⁽¹⁾⁽⁴⁾
11/26/12 52,000 172,279

Jabal Omar Development Co.⁽¹⁾⁽⁴⁾
5/3/13 88,593 315,963

Jarir Marketing Co.⁽⁴⁾
6/4/12 7,600 357,941

Makkah Construction & Development Co.⁽⁴⁾
3/15/13 35,000 294,917

Mobile Telecommunications Co.⁽¹⁾⁽⁴⁾
6/4/12 115,000 210,824

Mohammad Al-Mojil Group⁽⁴⁾
1/7/13 38,000 230,768

National Industrialization Co.⁽⁴⁾
5/14/12 191,653 2,225,551

Rabigh Refining and Petrochemicals Co.⁽¹⁾⁽⁴⁾
4/2/12 28,700 205,476

Riyad Bank⁽⁴⁾
6/11/12 68,500 431,516

Sahara Petrochemical Co.⁽⁴⁾
11/26/12 67,800 472,752

Samba Financial Group⁽⁴⁾
4/30/12 70,600 945,962

Saudi Arabian Amiantit Co.⁽⁴⁾
6/25/12 32,700 157,164

Saudi Arabian Fertilizer Co.⁽⁴⁾
6/4/12 10,600 534,551

Saudi Arabian Mining Co.⁽¹⁾⁽⁴⁾
6/25/12 45,000 326,974

Saudi Basic Industries Corp.⁽⁴⁾
3/26/12 102,100 2,827,945

Saudi British Bank⁽⁴⁾
10/2/12 20,500 228,762

Saudi Cable Co.⁽⁴⁾
9/21/12 27,500 105,412

Saudi Cement Co.⁽⁴⁾
8/13/12 20,250 346,257

Saudi Ceramic Co.⁽⁴⁾
8/16/13 9,200 348,039

Saudi Chemical Co.⁽⁴⁾
11/26/12 28,700 350,113

Saudi Electricity Co.⁽⁴⁾
6/25/12 277,000 1,013,737

Saudi Industrial Investment Group⁽⁴⁾
6/11/12 49,800 305,747

Saudi International Petrochemicals Co.⁽⁴⁾
9/21/12 67,870 389,543

Saudi Kayan Petrochemical Co.⁽¹⁾⁽⁴⁾
6/4/12 77,300 379,779

Saudi Pharmaceutical Industries and Medical Appliances Corp.⁽⁴⁾
11/26/12 33,074 341,747

Saudi Telecom Co.⁽⁴⁾
5/21/12 86,900 844,603

Savola⁽⁴⁾
4/20/12 93,100 673,993

Yanbu National Petrochemicals Co.⁽¹⁾⁽⁴⁾
1/7/13 42,500 536,605

Total Equity-Linked Securities

(identified cost $21,177,955)
$ 23,484,209


Investment Funds — 0.2%

Security	Shares		Value


Vietnam Enterprise Investments, Ltd.⁽¹⁾		3,319,633	$	5,975,339
Vietnam Growth Fund, Ltd.⁽¹⁾		15,639		193,142



Total Investment Funds
(identified cost $7,976,611)			$	6,168,481




Rights⁽¹⁾ — 0.0%⁽⁵⁾

Security	Shares		Value


China CITIC Bank Corp., Ltd., Exp. 7/20/11		437,200	$	46,632
Grupo Nutresa SA, Exp. 7/1/11		12,807		18,932
Grupo Security SA, Exp. 7/10/11		188,239		0
JBS SA, Exp. 7/5/11		46,081		295
Madeco SA, Exp. 7/30/11		4,799,746		0
MPX Energia SA, Exp. 7/25/11		3,195		18,220



Total Rights
(identified cost $0)			$	84,079




Short-Term Investments — 0.7%

	Principal
	Amount
Description	(000’s omitted)		Value


State Street Bank and Trust Euro Time Deposit, 0.01%, 7/1/11	$	19,689	$	19,689,315



Total Short-Term Investments
(identified cost $19,689,315)			$	19,689,315



Total Investments — 98.9%
(identified cost $1,791,803,912)			$	2,743,557,965



Other Assets, Less Liabilities — 1.1%			$	31,350,096



Net Assets — 100.0%			$	2,774,908,061

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


ADR		- American Depositary Receipt
GDR		- Global Depositary Receipt
NVDR		- Non-Voting Depositary Receipt
PCL		- Public Company Ltd.
PDR		- Philippine Deposit Receipt
PFC Shares		- Preference Shares
INR		- Indian Rupee


⁽¹⁾		Non-income producing security.

⁽²⁾		Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

⁽³⁾		Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

⁽⁴⁾		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Portfolio of Investments — continued


		transactions (normally to qualified institutional buyers) and remain exempt from registration. At June 30, 2011, the aggregate value of these securities is $25,672,195 or 0.9% of the Fund’s net assets.

⁽⁵⁾		Amount is less than 0.05%.

⁽⁶⁾		Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁷⁾		Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (HSBC Bank plc) in addition to the market risk of the underlying security.


Currency Concentration of Portfolio

	Percentage
Currency	of Net Assets			Value


United States Dollar		13.9	%	$	384,481,864
Hong Kong Dollar		7.8			216,042,907
South Korean Won		6.3			176,061,848
Mexican Peso		6.2			170,961,544
Brazilian Real		6.1			169,511,642
New Taiwan Dollar		5.9			164,277,116
South African Rand		5.7			157,213,924
Indian Rupee		5.6			155,371,227
Indonesian Rupiah		3.4			94,365,402
New Turkish Lira		3.1			85,421,021
Thailand Baht		3.1			84,954,453
Malaysian Ringgit		3.0			84,205,783
Polish Zloty		3.0			82,781,022
Chilean Peso		2.1			58,995,305
Hungarian Forint		1.7			46,795,691
Philippine Peso		1.7			45,730,004
Qatari Riyal		1.6			44,859,888
Czech Koruna		1.5			42,796,163
Moroccan Dirham		1.5			42,538,384
Kuwaiti Dinar		1.5			42,225,405
United Arab Emirates Dirham		1.4			39,747,113
Egyptian Pound		1.4			39,423,934
Colombian Peso		1.4			37,719,158
Euro		1.3			34,798,340
Other currency, less than 1% each		8.7			242,278,827


Total Investments		98.9	%	$	2,743,557,965


Sector Classification of Portfolio

	Percentage
Sector	of Net Assets			Value


Financials		26.3	%	$	730,368,960
Materials		12.7			351,468,826
Industrials		10.5			291,916,672
Telecommunication Services		10.3			286,036,435
Energy		10.2			281,469,717
Consumer Staples		8.2			228,142,715
Consumer Discretionary		7.1			196,554,399
Information Technology		6.2			171,078,340
Utilities		4.7			129,995,407
Health Care		1.8			50,568,572
Other		0.7			19,789,441
Investment Funds		0.2			6,168,481


Total Investments		98.9	%	$	2,743,557,965

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Statement of Assets and Liabilities


Assets	June 30, 2011

Investments, at value (identified cost, $1,791,803,912)	$	2,743,557,965
Foreign currency, at value (identified cost, $12,644,138)		12,701,936
Dividends and interest receivable		9,242,327
Receivable for investments sold		22,741
Receivable for Fund shares sold		15,116,349
Tax reclaims receivable		72,485


Total assets	$	2,780,713,803





Liabilities

Payable for investments purchased	$	145,829
Payable for Fund shares redeemed		3,426,394
Payable to affiliates:
Investment adviser fee		1,007,591
Administration fee		1,119,546
Accrued foreign capital gains taxes		106,382


Total liabilities	$	5,805,742


Net Assets	$	2,774,908,061





Sources of Net Assets

Paid-in capital	$	1,919,044,688
Accumulated net realized loss		(96,384,125	)
Accumulated undistributed net investment income		475,759
Net unrealized appreciation		951,771,739


Total	$	2,774,908,061





Class I Shares

Net Assets	$	2,774,908,061
Shares Outstanding		53,764,596
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	51.61


*		Redemption price per share is equal to the net asset value less any applicable redemption fee.

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Statements of Changes in Net Assets


	Year Ended			Year Ended
Increase (Decrease) in Net Assets	June 30, 2011			June 30, 2010

From operations —
Net investment income	$	39,428,409		$	25,882,847
Net realized gain (loss) from investment and foreign currency transactions		14,219,334			(14,734,886	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		496,196,505			286,334,903


Net increase in net assets from operations	$	549,844,248		$	297,482,864


Distributions to shareholders —
From net investment income	$	(44,000,098	)	$	(17,001,447	)


Total distributions to shareholders	$	(44,000,098	)	$	(17,001,447	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	617,440,562		$	518,811,578
Net asset value of shares issued to shareholders in payment of distributions declared		29,600,150			11,129,509
Cost of shares redeemed		(231,192,398	)		(218,418,087	)
Redemption fees		4,109,591			3,749,690


Net increase in net assets from Fund share transactions	$	419,957,905		$	315,272,690



Net increase in net assets	$	925,802,055		$	595,754,107





Net Assets

At beginning of year	$	1,849,106,006		$	1,253,351,899


At end of year	$	2,774,908,061		$	1,849,106,006





Accumulated undistributed net investment income included in net assets

At end of year	$	475,759		$	5,146,731

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Financial Highlights


	Class I

	Year Ended June 30,

	2011			2010			2009			2008			2007

Net asset value — Beginning of year	$	40.800		$	33.060		$	47.940		$	47.670		$	31.600





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.794		$	0.634		$	0.731		$	0.857		$	0.700
Net realized and unrealized gain (loss)		10.829			7.439			(15.029	)		0.953			16.070


Total income (loss) from operations	$	11.623		$	8.073		$	(14.298	)	$	1.810		$	16.770





Less Distributions

From net investment income	$	(0.896	)	$	(0.425	)	$	(0.747	)	$	(0.933	)	$	(0.750	)
From net realized gain		—			—			—			(0.728	)		—


Total distributions	$	(0.896	)	$	(0.425	)	$	(0.747	)	$	(1.661	)	$	(0.750	)



Redemption fees⁽¹⁾	$	0.083		$	0.092		$	0.165		$	0.121		$	0.050



Net asset value — End of year	$	51.610		$	40.800		$	33.060		$	47.940		$	47.670



Total Return⁽²⁾		28.74	%		24.66	%		(29.00	)%		3.71	%		53.79	%





Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	2,774,908		$	1,849,106		$	1,253,352		$	1,456,200		$	1,168,050
Ratios (as a percentage of average daily net assets):
Expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.61	%		1.54	%		2.37	%		1.68	%		1.80	%
Portfolio Turnover		4	%		11	%		14	%		4	%		6	%


⁽¹⁾		Computed using average shares outstanding.
⁽²⁾		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

See Notes to Financial Statements.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Parametric Tax-Managed Emerging Markets Fund (formerly, Eaton Vance Tax-Managed Emerging Markets Fund) (the Fund) is a diversified series of Eaton Vance Series Trust II (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term, after-tax returns for its shareholders. The Fund offers Class I shares, which are offered at net asset value and are not subject to a sales charge.

The following is a summary of significant accounting policies of the Fund. 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 or closing 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. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations 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 Fund in a manner that most fairly reflects the security’s value, or the amount that the Fund 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.

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 Fund is informed of the ex-dividend date. Withholding taxes on foreign interest, dividends and capital gains have been provided for in accordance with the Fund’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.

D Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

The Fund is subject to a two percent transaction tax on foreign currency inflows for new investments in Brazil. For the year ended June 30, 2011, such tax amounted to $818,281 and is included in net realized gain (loss) on foreign currency.

At June 30, 2011, the Fund, for federal income tax purposes, had a capital loss carryforward of $92,758,051 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Notes to Financial Statements — continued

amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. Such capital loss carryforward will expire on June 30, 2018. In addition, such capital loss carryforward cannot be utilized prior to the utilization of new capital losses, if any, created after June 30, 2011.

During the year ended June 30, 2011, a capital loss carryforward of $11,210,730 was utilized to offset net realized gains by the Fund.

Additionally, at June 30, 2011, the Fund had a net capital loss of $1,400,262 attributable to security transactions incurred after October 31, 2010. This net capital loss is treated as arising on the first day of the Fund’s taxable year ending June 30, 2012.

As of June 30, 2011, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Fund’s federal tax returns filed in the 3-year period ended June 30, 2011 remains subject to examination by the Internal Revenue Service.

E Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

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

I Redemption Fees — Fund shares acquired on or after April 1, 2005 are subject to a redemption fee, at the time of exchange or redemption, equal to 2% of the net asset value of the shares exchanged or redeemed. Fund shares purchased prior to April 1, 2005 are subject to a redemption fee equal to 1% of the net asset value of the shares exchanged or redeemed, and were subject to a purchase fee of 1% of the net asset value of the shares purchased at the time they were purchased. Shares acquired on or before June 30, 1998 are not subject to a redemption fee. The redemption fee is accounted for as an addition to paid-in capital.

J Repurchase Agreements — The Fund may enter into repurchase agreements (the purchase of a security coupled with an agreement to resell at a specified date and price) with respect to its permitted investments. The terms of a repurchase agreement provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement, and will be marked to market daily. In the event of bankruptcy of the counterparty to a repurchase agreement, recovery of cash may be delayed. To the extent that, in the meantime, the value of the purchased securities may have decreased, a loss could result.

2 Distributions to Shareholders

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years, if any). Distributions to shareholders are recorded on the ex-dividend date. Shareholders may reinvest income and capital gain distributions in additional shares of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended June 30, 2011 and June 30, 2010 was as follows:


	Year Ended June 30,

	2011		2010


Distributions declared from:
Ordinary income	$	44,000,098	$	17,001,447

During the year ended June 30, 2011, accumulated net realized loss was increased by $128,159, accumulated undistributed net investment income was decreased by $99,283 and paid-in capital was increased by $227,442 due to differences between book and tax accounting, primarily for investments in passive foreign investment companies (PFICs) and foreign currency gain (loss). These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of June 30, 2011, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:





Undistributed ordinary income	$	25,859,482
Capital loss carryforward and post October losses	$	(94,158,313	)
Net unrealized appreciation	$	924,162,204

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales and investments in PFICs.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.45% of the Fund’s average daily net assets and is payable monthly. For the year ended June 30, 2011, the investment adviser fee amounted to $11,031,673. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM. EVM pays Parametric a portion of its advisory fee for sub-advisory services provided to the Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.50% of the Fund’s average daily net assets. For the year ended June 30, 2011, the administration fee amounted to $12,257,415. Pursuant to a sub-administrative services agreement with Parametric, EVM pays Parametric a portion of its administration fee for sub-administrative services provided to the Fund. EVM also pays all ordinary operating expenses of the Fund (excluding the investment adviser and administration fees). EVM serves as the sub-transfer agent of the Fund, at no additional cost to the Fund.

Except for Trustees of the Fund who are not members of EVM’s organization, officers and Trustees receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM 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 year ended June 30, 2011, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM. Trustees’ fees incurred by the Fund for the year ended June 30, 2011 were paid by EVM.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $475,917,207 and $89,256,261, respectively, for the year ended June 30, 2011.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Notes to Financial Statements — continued

5 Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in Fund shares were as follows:


	Year Ended June 30,

	2011			2010


Sales		12,546,149			12,464,104
Issued to shareholders electing to receive payments of distributions in Fund shares		584,521			264,547
Redemptions		(4,682,529	)		(5,326,310	)



Net increase		8,448,141			7,402,341

For the years ended June 30, 2011 and June 30, 2010, the Fund received $4,109,591 and $3,749,690, respectively, in redemption fees.

6 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2011, as determined on a federal income tax basis, were as follows:


Aggregate cost	$	1,819,413,447



Gross unrealized appreciation	$	1,012,335,538
Gross unrealized depreciation		(88,191,020	)



Net unrealized appreciation	$	924,144,518

7 Line of Credit

The Fund 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 Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund 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 Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended June 30, 2011.

8 Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.

9 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)

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Notes to Financial Statements — continued

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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, 2011, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total


Common Stocks
Asia/Pacific	$	119,050,420	$	969,565,189		$	0	$	1,088,615,609
Emerging Europe		141,583,047		372,583,378			—		514,166,425
Latin America		540,659,166		—			0		540,659,166
Middle East/Africa		230,028,501		319,651,293			994,840		550,674,634



Total Common Stocks	$	1,031,321,134	$	1,661,799,860	*	$	994,840	$	2,694,115,834



Corporate Bonds	$	—	$	16,047		$	—	$	16,047
Equity-Linked Securities		—		23,484,209			—		23,484,209
Investment Funds		—		6,168,481			—		6,168,481
Rights		—		84,079			—		84,079
Short-Term Investments		—		19,689,315			—		19,689,315



Total Investments	$	1,031,321,134	$	1,711,241,991		$	994,840	$	2,743,557,965


*		Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments in
	Common Stocks


Balance as of June 30, 2010	$	0
Realized gains (losses)		(464,833	)
Change in net unrealized appreciation (depreciation)*		(1,172,990	)
Cost of purchases		—
Proceeds from sales		(193,558	)
Accrued discount (premium)		—
Transfers to Level 3**		2,826,221
Transfers from Level 3**		—



Balance as of June 30, 2011	$	994,840



Change in net unrealized appreciation (depreciation) on investments still held as of June 30, 2011*	$	(1,476,407	)


*		Amount is included in the related amount on investments in the Statement of Operations.
**		Transfers are reflected at the value of the securities at the beginning of the period. Transfers to Level 3 were due to a reduction in the availability of significant observable inputs in determining the fair value of these investments.

All Level 3 investments held at June 30, 2010 were valued at $0.

At June 30, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the year then ended was not significant.

10 Name Change

Effective November 1, 2010, the name of the Fund was changed from Eaton Vance Tax-Managed Emerging Markets Fund.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Series Trust II and Shareholders of Eaton Vance Parametric Tax-Managed Emerging Markets Fund (formerly Eaton Vance Tax-Managed Emerging Markets Fund):

We have audited the accompanying statement of assets and liabilities of Eaton Vance Parametric Tax-Managed Emerging Markets Fund (formerly Eaton Vance Tax-Managed Emerging Markets Fund) (the “Fund”) (one of the funds constituting Eaton Vance Series Trust II), including the portfolio of investments, as of June 30, 2011, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the year ended June 30, 2007, were audited by other auditors. Those auditors expressed an unqualified opinion on those financial highlights in their report dated August 15, 2007.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2011, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance Parametric Tax-Managed Emerging Markets Fund as of June 30, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

August 18, 2011

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Board of Trustees’ 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 25, 2011, 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 2011. 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 data and Sharpe and information ratios 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 about 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 client commission arrangements and/or the fund’s policies with respect to “soft dollar” arrangements;
	•	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.

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, 2011, with respect to one

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Board of Trustees’ Contract Approval — continued

or more funds, the Board met nine 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, fifteen, seven, eight and twelve 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 Eaton Vance Parametric Tax-Managed Emerging Markets Fund (formerly Eaton Vance Tax-Managed Emerging Markets Fund) (the “Fund”) with Eaton Vance Management (the “Adviser”) and the sub-advisory agreement with Parametric Portfolio Associates LLC (the “Sub-adviser”), including their fee structures, are in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each 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 agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and Sub-adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. In particular, the Board evaluated the abilities and experience of such investment personnel in analyzing factors such as special considerations relevant to investing in emerging markets. The Board noted the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect to the Adviser, the Board considered the Adviser’s responsibilities supervising the Sub-adviser. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management. With respect to the Sub-adviser, the Board took into account the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement and the Sub-adviser’s experience in managing equity portfolios.

The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. 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 the Adviser 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 and Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Board of Trustees’ Contract Approval — continued

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2010 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 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, 2010, 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, including the negotiation of reduced fees for transfer agency and custody services.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-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, including the Sub-adviser, in providing investment advisory and administrative services to 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 Fund, including the benefits of research services that may be available to the Adviser or Sub-adviser as a result of securities transactions effected for the Fund 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, including the Sub-adviser, 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, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund 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 Fund currently shares in the benefits from economies of scale.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Management and Organization

Fund Management. The Trustees of Eaton Vance Series Trust II (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, “Parametric” refers to Parametric Portfolio Associates LLC and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 179 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


	Position(s)
	with the	Length of	Principal Occupation(s) and Directorships
Name and Year of Birth	Trust	Service	During Past Five Years and Other Relevant Experience



Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 179 registered investment companies and 1 private investment company managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.⁽¹⁾ Director of EVC.

Noninterested Trustees

Benjamin C. Esty 1963	Trustee	Since 2005	Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration. Directorships in the Last Five Years.⁽¹⁾ None.

Allen R. Freedman 1940	Trustee	Since 2007	Private Investor. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Former Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). Former Chief Executive Officer of Assurant, Inc. (insurance provider) (1979-2000). Directorships in the Last Five Years.⁽¹⁾ Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).

William H. Park 1947	Trustee	Since 2003	Consultant and private investor. Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). Directorships in the Last Five Years.⁽¹⁾ None.

Ronald A. Pearlman 1940	Trustee	Since 2003	Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990). Directorships in the Last Five Years.⁽¹⁾ None.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

Management and Organization — continued

Position(s)

with the
Length of
Principal Occupation(s) and Directorships

Name and Year of Birth Trust Service During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

Helen Frame Peters
1948 Trustee Since 2008 Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).
Directorships in the Last Five Years.⁽¹⁾ Director of BJ’s Wholesale Club, Inc. (wholesale club retailer). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).

Lynn A. Stout
1957 Trustee Since 2001 Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Professor Stout teaches classes in corporate law and securities regulation and is the author of numerous academic and professional papers on these areas.
Directorships in the Last Five Years.⁽¹⁾ None.

Ralph F. Verni
1943 Chairman of
the Board
and Trustee Chairman of the Board since 2007 and Trustee since 2005 Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006).
Directorships in the Last Five Years.⁽¹⁾ None.

Principal Officers who are not Trustees


	Position(s)
	with the	Length of	Principal Occupation(s)
Name and Year of Birth	Trust	Service	During Past Five Years

Michael W. Weilheimer 1961	President	Since 2002	Vice President of EVM and BMR.

Duncan W. Richardson 1957	Vice President	Since 2011	Director of EVC and Executive Vice President and Chief Equity Investment Officer of EVC, EVM and BMR.

Barbara E. Campbell 1957	Treasurer	Since 2005	Vice President of EVM and BMR.

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR.

Paul M. O’Neil 1953	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR.


⁽¹⁾		During their respective tenures, the Trustees also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009).

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

Eaton Vance

Parametric Tax-Managed Emerging Markets Fund

June 30, 2011

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:


•	Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•	None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•	Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•	We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

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 Chief Financial Officer of Aveon Group, L.P. (an investment management firm). Previously, he served as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), 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

(a)-(d)

Eaton Vance Parametric Tax-Managed Emerging Markets Fund (formerly, Eaton Vance Tax-Managed Emerging Markets Fund) (the “Fund”), is a series of Eaton Vance Series Trust II (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 2 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Fund’s annual reports.

The following tables represent the aggregate fees billed to the Fund for the Fund’s fiscal years ended June 30, 2010 and June 30, 2011 by the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by the principal accountant during those periods.

Eaton Vance Parametric Tax-Managed Emerging Markets Fund


Fiscal Years Ended	6/30/2010		6/30/2011

Audit Fees	$	68,000	$	68,670

Audit-Related Fees⁽¹⁾	$	0	$	0

Tax Fees⁽²⁾	$	10,140	$	13,240

All Other Fees⁽³⁾	$	1,400	$	1,200


Total	$	79,540	$	83,110


⁽¹⁾		Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

⁽²⁾		Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾		All other fees consist of the aggregate fees billed for products and services provided by the registrant’s principal accountant other than audit, audit-related, and tax services.

The Series comprising the Trust have varying fiscal year ends (June 30 and October 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T, for the last two fiscal years of each Series.


Fiscal Years Ended	10/31/09		6/30/10		10/31/10		6/30/11

Audit Fees	$	15,520	$	68,000	$	15,520	$	68,670

Audit-Related Fees⁽¹⁾	$	0	$	0	$	0	$	0

Tax Fees⁽²⁾	$	11,890	$	10,140	$	11,890	$	13,240

All Other Fees⁽³⁾	$	1,500	$	1,400	$	1,400	$	1,200


Total	$	28,910	$	79,540	$	28,810	$	83,110


(1)		Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonable related to the performance of the audit of financial statements and are not reported under the category of audit fees.

(2)		Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.

(3)		All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to all of the Series in the Trust by each Series respective principal accountant for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by each Series respective principal accountant for the last two fiscal years of each Series.


Fiscal
Years Ended	10/31/09		6/30/10		10/31/10		6/30/11

Registrant⁽¹⁾	$	13,390	$	11,540	$	13,290	$	14,440

Eaton Vance⁽²⁾	$	280,861	$	322,118	$	278,901	$	263,431


⁽¹⁾		Includes all of the Series in the Trust.

⁽²⁾		Various subsidiaries of Eaton Vance Corp. act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable).

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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 applicable.

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

Not applicable.

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

Not applicable.

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

No Material Changes.


	Year Ended
Investment Income	June 30, 2011

Dividends (net of foreign taxes, $6,497,930)	$	62,849,460
Interest (net of foreign taxes, $61)		7,370


Total investment income	$	62,856,830





Expenses

Investment adviser fee	$	11,031,673
Administration fee		12,257,415
Stock dividend tax		139,333


Total expenses	$	23,428,421



Net investment income	$	39,428,409





Realized and Unrealized Gain (Loss)

Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $19,278)	$	14,488,589
Foreign currency transactions		(269,255	)


Net realized gain	$	14,219,334


Change in unrealized appreciation (depreciation) —
Investments (net of decrease in accrued foreign capital gains taxes of $2,096,478)	$	496,025,108
Foreign currency		171,397


Net change in unrealized appreciation (depreciation)	$	496,196,505



Net realized and unrealized gain	$	510,415,839



Net increase in net assets from operations	$	549,844,248


Eaton Vance Parametric Tax-Managed Emerging Markets Fund Annual Report June 30, 2011


Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
Endnotes and Additional Disclosures			5
Fund Expenses			6
Financial Statements			7
Report of Independent Registered Public Accounting Firm			37
Federal Tax Information			38
Board of Trustees’ Contract Approval			39
Management and Organization			42
Important Notices			44


Top 10 Holdings (% of net assets)⁵

America Movil SAB de CV, Series L			1.2
OAO Gazprom ADR			1.2
MTN Group, Ltd.			1.0
Sberbank of Russia			0.9
China Mobile, Ltd.			0.8
Samsung Electronics Co., Ltd.			0.8
OTP Bank Rt.			0.6
CEZ AS			0.6
Grupo Financiero Banorte SA de CV, Class O			0.6
China Construction Bank Corp., Class H			0.5

Total % of net assets			8.2


Common Stocks — 97.1%

Security	Shares		Value



Argentina — 0.7%

Banco Macro SA, Class B		130,676	$	510,490
Banco Macro SA, Class B ADR		30,000		1,132,200
BBVA Banco Frances SA		76,594		268,457
BBVA Banco Frances SA ADR		59,599		613,870
Cresud SA ADR		145,131		2,356,927
Grupo Financiero Galicia SA, Class B ADR		103,000		1,394,620
IRSA Inversiones y Representaciones SA		119,544		168,470
IRSA Inversiones y Representaciones SA ADR		57,300		788,448
Ledesma SAAI		259,501		574,774
MercadoLibre, Inc.		64,000		5,077,760
Molinos Rio de la Plata SA, Class B		93,310		726,767
Petrobras Energia SA ADR		72,987		1,413,758
Siderar SAIC⁽¹⁾		138,700		1,058,353
Telecom Argentina SA ADR		128,200		3,340,892
Telecom Argentina SA, Class B		229,824		1,236,245
Transportadora de Gas del Sur SA		252,923		198,226


			$	20,860,257




Botswana — 0.5%

Barclays Bank of Botswana		1,191,347	$	1,119,409
Botswana Insurance Holdings Ltd.		400,865		589,846
First National Bank of Botswana		7,511,600		3,132,779
Letshego		15,329,252		4,104,407
Sechaba Breweries Ltd.		1,086,400		1,928,143
Sefalana Holding Co.		991,000		454,869
Standard Chartered Bank Botswana		850,790		1,223,606


			$	12,553,059




Brazil — 6.3%

AES Tiete SA, PFC Shares		53,416	$	865,253
All America Latina Logistica SA (Units)		255,200		2,147,039
Anhanguera Educacional Participacoes SA		39,000		830,154
B2W Companhia Global do Varejo		33,500		408,916
Banco Bradesco SA		73,802		1,266,407
Banco Bradesco SA, PFC Shares		357,660		7,264,808
Banco do Brasil SA		174,099		3,123,552
Banco Santander Brasil SA		144,000		1,688,527
BM&F Bovespa SA		479,000		3,170,519
Bombril SA, PFC Shares		100,000		588,216
BR Malls Participacoes SA		62,500		714,846
Bradespar SA, PFC Shares		56,500		1,433,633
Brasil Telecom SA, PFC Shares		116,635		1,121,023
Braskem SA, PFC Shares		61,000		871,233
BRF-Brasil Foods SA		208,066		3,532,982
Centrais Eletricas Brasileiras SA		44,000		588,960
Centrais Eletricas Brasileiras SA, Class B, PFC Shares		148,982		2,518,275
Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares		31,056		1,435,742
Cia de Bebidas das Americas, PFC Shares		347,325		11,423,569
Cia de Companhia de Concessoes Rodoviarias (CCR)		78,800		2,345,343
Cia de Saneamento Basico do Estado de Sao Paulo		41,800		1,244,907
Cia de Saneamento de Minas Gerais-Copasa MG		20,000		401,115
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		25,863		831,746
Cia Energetica de Minas Gerais, PFC Shares		155,450		3,154,520
Cia Energetica de Sao Paulo, PFC Shares		76,200		1,496,511
Cia Hering		42,700		982,238
Cia Paranaense de Energia-Copel, PFC Shares		36,800		978,567
Cia Siderurgica Nacional SA (CSN)		161,700		1,988,289
Cielo SA		125,766		3,142,840
Contax Participacoes SA, PFC Shares		30,200		454,746
Cosan SA Industria e Comercio		52,100		821,235
CPFL Energia SA		121,200		1,731,817
Cyrela Brazil Realty SA		85,724		816,785
Diagnosticos da America SA		77,600		1,044,180
Duratex SA		139,243		1,178,611
EcoRodovias Infraestrutura e Logistica SA		48,000		416,749
EDP-Energias do Brasil SA		27,800		669,772
Eletropaulo Metropolitana SA, Class B, PFC Shares		33,568		728,294
Embratel Participacoes SA		37,424,000		227,808
Embratel Participacoes SA, PFC Shares		67,000,000		407,843
Empresa Brasileira de Aeronautica SA		322,032		2,455,503
Fibria Celulose SA		24,585		323,725
Gafisa SA		137,300		653,663
Gerdau SA, PFC Shares		161,400		1,685,721
Gol Linhas Aereas Inteligentes SA, PFC Shares		37,000		441,681
Hypermarcas SA		125,600		1,183,045
Itau Unibanco Holding SA, PFC Shares		494,292		11,544,512
Itausa-Investimentos Itau SA, PFC Shares		932,392		7,163,285
JBS SA⁽¹⁾		231,100		796,667
Klabin SA, PFC Shares		147,000		546,311
Light SA		41,500		780,726
LLX Logistica SA⁽¹⁾		154,000		473,649
Localiza Rent a Car SA		40,900		731,176
Lojas Americanas SA, PFC Shares		293,896		2,852,994
Lojas Renner SA		38,700		1,475,443
Lupatech SA⁽¹⁾		64,400		491,052
Marcopolo SA, PFC Shares		257,100		1,153,173
Metalurgica Gerdau SA, PFC Shares		72,500		929,100

(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.


By:		/s/ Michael W. Weilheimer
		Michael W. Weilheimer
		President

Date:		August 17, 2011


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

Date:		August 17, 2011

By:		/s/ Michael W. Weilheimer
		Michael W. Weilheimer
		President

Date:		August 17, 2011