Eaton Vance Series Trust Ii N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02258

Eaton Vance Series Trust II

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

June 30

Date of Fiscal Year End

June 30, 2013

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric Tax-Managed Emerging Markets Fund

Annual Report

June 30, 2013

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and is not subject to the CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Annual Report June 30, 2013

Parametric Tax-Managed Emerging Markets Fund

Table of Contents

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

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended June 30, 2013, emerging-market equities were generally characterized by dramatic price swings and volatility, along with country-specific themes such as political unrest, inflationary pressures and fiscal challenges. The 12-month period also saw a pronounced shift in investor attitudes toward emerging markets. What started as strong optimism in the latter half of 2012 based on a perception that the U.S. and eurozone economies were improving, gave way to pessimism during the first half of 2013, as it seemed many investors began to question the growth potential of the emerging-market economies.

One of the biggest factors to negatively impact the outlook for emerging-market economies in 2013 was the mounting evidence of weakening economic growth in China. To many investors, it appeared that the multiyear period of double-digit gross domestic product (GDP) growth in China may have run its course. This, in turn, caused many investors to reevaluate their forward-looking estimates of economic growth in other emerging-market economies, especially those in Southeast Asia. In addition, a global decline in commodity prices had an adverse effect across the emerging markets, given the extent to which many of these economies rely on the export of gold, copper, coffee and other raw materials.

Frontier markets (as measured by the MSCI Frontier Markets Index) provided a contrasting picture to the broader emerging markets category (as measured by the MSCI Emerging Markets Index), underperforming emerging markets in the second half of 2012 and strongly outperforming emerging markets in the first half of 2013. Much of the recent strength in frontier-market equity returns can likely be attributed to the rapid growth of the Gulf states of the United Arab Emirates and Qatar, as well as the sub-Saharan countries of Ghana and Nigeria.

Fund Performance

For the 12-month period ended June 30, 2013, Parametric Tax-Managed Emerging Markets Fund (the Fund) Institutional Class shares had a total return of 6.14% at net asset value, outperforming the Fund’s benchmark, the MSCI Emerging Markets Index (the Index)², which had a total return of 2.87% for the same period.

The largest contributor to performance versus the Index was the Fund’s underweight in Brazil, whose equity market fell 11.10%, as measured by the MSCI Brazil Index, over

the 12-month period amid growing concerns about the country’s inflationary pressures and declining prices for many of its commodity exports. In addition, the Fund’s exposure to frontier-market countries benefited relative performance versus the Index, with the United Arab Emirates, Qatar and Nigeria among the key contributors. The largest detractor from the Fund’s relative performance versus the Index was its underweight in Taiwan, where equities have rallied more or less in tandem with the U.S. economic recovery, due to healthy demand for many of the country’s telecommunication and information technology products. Overweights in Morocco and the Czech Republic also hurt the Fund’s relative performance versus the Index.

See Endnotes and Additional Disclosures in this report.

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, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month end, please refer to www.eatonvance.com.

2

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Performance^2,3

Portfolio Managers David Stein, Ph.D. and Thomas Seto, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Institutional Class at NAV		06/30/1998		06/30/1998		6.14	%		0.95	%		15.88	%
Institutional Class at NAV with redemption fee		—		—		4.06			0.58			15.69
MSCI Emerging Markets Index		—		—		2.87	%		–0.43	%		13.65	%
% After-Tax Returns with Redemption Fee	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Institutional Class After Taxes on Distributions		06/30/1998		06/30/1998		3.91	%		0.49	%		15.34	%
Institutional Class After Taxes on Distributions and Sale of Fund Shares		—		—		3.07			0.72			13.51
% Total Annual Operating Expense Ratio4											Institutional Class
												0.96	%

Growth of $50,000

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

See Endnotes and Additional Disclosures in this report.

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, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month end, please refer to www.eatonvance.com.

3

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Fund Profile

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

America Movil SAB de CV, Series L	1.3	%
MTN Group, Ltd.	1.3
Samsung Electronics Co., Ltd.	1.1
China Mobile, Ltd.	0.8
OAO Gazprom ADR	0.8
Taiwan Semiconductor Manufacturing Co., Ltd.	0.7
Sberbank of Russia	0.6
OTP Bank Rt.	0.6
LUKOIL OAO ADR	0.6
Grupo Financiero Banorte SAB de CV, Class O	0.6
Total	8.4	%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

4

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  MSCI Frontier Markets Index is an unmanaged index that measures the performance of stock markets with less-developed economies and financial markets than emerging markets, and that typically have more restrictions on foreign stock ownership. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI Brazil Index is designed to measure the performance of the large- and mid-cap segments of the Brazilian equity market. MSCI indices are 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, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  Institutional Class shares are offered at NAV. Institutional Class 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. Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. 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. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

⁴  Source: Fund prospectus.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

5

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

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, 2013 – June 30, 2013).

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 Account Value (1/1/13)		Ending Account Value (6/30/13)		Expenses Paid During Period* (1/1/13 – 6/30/13)		Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	944.20	$	4.58		0.95	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	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, 2012.

6

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments

Common Stocks — 97.4%
Security	Shares		Value
Argentina — 0.8%
Arcos Dorados Holdings, Inc., Class A		208,500	$	2,435,280
Banco Macro SA, Class B(1)		130,676		266,871
Banco Macro SA, Class B ADR(1)		109,200		1,567,020
BBVA Banco Frances SA(1)		76,594		137,226
BBVA Banco Frances SA ADR(1)		59,599		223,496
Cresud SA ADR		145,131		1,078,323
Grupo Financiero Galicia SA, Class B ADR		218,800		1,122,444
IRSA Inversiones y Representaciones SA		119,544		133,166
IRSA Inversiones y Representaciones SA ADR		57,300		425,739
Ledesma SAAI		259,501		228,848
MercadoLibre, Inc.		70,600		7,607,856
Molinos Rio de la Plata SA, Class B		93,310		391,517
Petrobras Energia SA ADR		551,378		1,995,988
Siderar SAIC		1,803,100		642,739
Telecom Argentina SA ADR		279,000		4,151,520
Telecom Argentina SA, Class B		229,824		998,446
Transportadora de Gas del Sur SA		252,923		122,089
			$	23,528,568
Bangladesh — 0.3%
Aftab Automobiles, Ltd.(1)		206,700	$	312,700
Bangladesh Export Import Co., Ltd.(1)		2,192,100		1,212,484
BSRM Steels, Ltd.		499,000		522,574
City Bank, Ltd. (The)(1)		1,039,200		279,576
Grameenphone, Ltd.		403,400		958,174
Islami Bank Bangladesh, Ltd.		538,100		271,099
Khulna Power Co., Ltd.		1,150,800		786,221
Lankabangla Finance, Ltd.(1)		500,000		399,740
Malek Spinning Mills, Ltd.(1)		1,020,000		323,029
National Bank, Ltd.		3,298,900		580,303
People’s Leasing and Financial Services, Ltd.		549,900		207,765
Pubali Bank, Ltd.		1,225,900		496,532
Social Islami Bank, Ltd.		1,351,000		277,932
Square Pharmaceuticals, Ltd.		303,550		870,854
Summit Power, Ltd.(1)		682,900		357,117
Titas Gas Transmission & Distribution Co., Ltd.		711,500		753,961
United Airways Bangladesh, Ltd.(1)		6,875,100		1,719,330
United Commercial Bank, Ltd.		885,650		198,651
			$	10,528,042
Botswana — 0.4%
Barclays Bank of Botswana		1,308,506	$	1,022,387
Botswana Insurance Holdings Ltd.		470,826		577,467

Security	Shares		Value
Botswana (continued)
First National Bank of Botswana		7,511,600	$	3,201,262
Letshego Holdings, Ltd.		15,329,252		4,117,675
Sechaba Breweries Ltd.		1,086,400		2,158,828
Sefalana Holding Co.		991,000		569,002
Standard Chartered Bank Botswana		850,790		1,132,167
			$	12,778,788
Brazil — 5.7%
AES Tiete SA, PFC Shares		121,216	$	1,132,657
All America Latina Logistica SA (Units)		437,900		1,854,552
Anhanguera Educacional Participacoes SA		167,700		981,541
B2W Companhia Global do Varejo(1)		65,600		194,035
Banco Bradesco SA		81,182		1,114,759
Banco Bradesco SA ADR, PFC Shares		235,428		3,062,918
Banco Bradesco SA, PFC Shares		524,096		6,752,755
Banco do Brasil SA		373,999		3,705,881
Banco Santander Brasil SA		168,400		1,023,373
Banco Santander Brasil SA ADR		166,200		1,033,764
BM&F Bovespa SA		652,400		3,581,643
Bombril SA, PFC Shares		92,000		292,531
BR Malls Participacoes SA		167,900		1,501,156
BR Properties SA		85,700		727,817
Bradespar SA, PFC Shares		77,600		696,934
Braskem SA, PFC Shares		61,000		448,885
BRF-Brasil Foods SA		231,666		5,006,357
BRF-Brasil Foods SA ADR		25,600		555,776
Centrais Eletricas Brasileiras SA		254,882		992,639
CETIP SA -  Mercados Organizados		107,000		1,088,534
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR, PFC Shares		14,300		650,078
Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares		31,056		1,391,942
Cia de Bebidas das Americas, PFC Shares		396,825		14,791,017
Cia de Concessoes Rodoviarias SA (CCR)		704,100		5,604,148
Cia de Saneamento Basico do Estado de Sao Paulo		187,800		1,939,145
Cia de Saneamento Basico do Estado de Sao Paulo ADR		63,300		658,953
Cia de Saneamento de Minas Gerais-COPASA		42,400		687,491
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		25,863		386,899
Cia Energetica de Minas Gerais SA, PFC Shares		390,190		3,465,869
Cia Energetica de Sao Paulo, PFC Shares		170,800		1,478,095
Cia Hering		77,400		1,093,004
Cia Paranaense de Energia-Copel, PFC Shares		71,800		888,108
Cia Siderurgica Nacional SA		161,700		436,253
Cia Siderurgica Nacional SA ADR		62,200		172,294
Cielo SA		278,550		6,980,759

7 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Brazil (continued)
Contax Participacoes SA, PFC Shares		151,000	$	276,102
Cosan SA Industria e Comercio		52,100		1,004,011
CPFL Energia SA		168,500		1,541,258
Cyrela Brazil Realty SA		166,624		1,145,500
Diagnosticos da America SA		179,800		930,688
Duratex SA		153,167		874,514
EcoRodovias Infraestrutura e Logistica SA		135,000		944,428
EDP-Energias do Brasil SA		162,000		811,688
Eletropaulo Metropolitana SA, Class B, PFC Shares		148,868		420,982
Embraer SA		432,832		3,961,023
Embraer SA ADR		26,152		964,747
Embratel Participacoes SA		37,424,000		162,017
Embratel Participacoes SA, PFC Shares		67,000,000		309,125
Fibria Celulose SA(1)		24,585		272,695
Fibria Celulose SA ADR(1)		54,900		608,841
Gafisa SA(1)		271,300		347,735
Gerdau SA ADR		170,900		975,839
Gerdau SA, PFC Shares		161,400		914,288
Gol Linhas Aereas Inteligentes SA, PFC Shares		98,300		319,832
Hypermarcas SA		168,500		1,093,455
Iochpe-Maxion SA		63,000		685,240
Itau Unibanco Holding SA ADR, PFC Shares		123,948		1,601,408
Itau Unibanco Holding SA, PFC Shares		668,620		8,620,879
Itausa-Investimentos Itau SA, PFC Shares		1,344,604		4,971,422
JBS SA		444,227		1,276,131
Klabin SA, PFC Shares		196,300		963,311
Light SA		83,200		578,692
LLX Logistica SA(1)		451,900		202,523
Localiza Rent a Car SA		114,025		1,613,270
Lojas Americanas SA, PFC Shares		375,714		2,614,936
Lojas Renner SA		59,200		1,695,598
Marcopolo SA, PFC Shares		316,500		1,812,746
Metalurgica Gerdau SA, PFC Shares		110,200		784,268
MPX Energia SA(1)		177,600		600,132
MRV Engenharia e Participacoes SA		178,000		524,902
Natura Cosmeticos SA		90,600		1,981,437
OGX Petroleo e Gas Participacoes SA(1)		425,400		150,611
Oi SA ADR		111,652		200,974
Oi SA, PFC Shares		802,742		1,431,830
PDG Realty SA Empreendimentos e Participacoes		920,600		858,157
Petroleo Brasileiro SA		275,200		1,829,034
Petroleo Brasileiro SA ADR		501,900		7,357,854
Petroleo Brasileiro SA, PFC Shares		978,600		7,113,582
Randon Participacoes SA, PFC Shares		169,450		909,009
Souza Cruz SA		169,300		2,090,311
Suzano Papel e Celulose SA		150,500		553,073

Security	Shares		Value
Brazil (continued)
Telefonica Brasil SA ADR		25,500	$	581,910
Telefonica Brasil SA, PFC Shares		207,905		4,695,065	��
Tim Participacoes SA		615,744		2,254,522
Totvs SA		126,500		1,970,052
Tractebel Energia SA		111,600		1,735,005
Ultrapar Participacoes SA		128,848		3,080,665
Usinas Siderurgicas de Minas Gerais SA, PFC Shares		169,000		565,012
Vale SA		189,400		2,470,047
Vale SA ADR, PFC Shares		337,600		4,105,216
Vale SA, PFC Shares		530,292		6,426,197
Vigor Alimentos SA		7		21
Weg SA		177,000		2,234,562
			$	177,390,934
Bulgaria — 0.1%
Albena Invest Holding PLC		19,550	$	70,255
Bulgartabak Holding		3,450		234,206
CB First Investment Bank AD(1)		54,000		69,492
Chimimport AD(1)		487,988		433,769
Corporate Commercial Bank AD(1)		19,900		1,149,679
Industrial Holding Bulgaria PLC(1)		576,865		340,593
Olovno Tzinkov Komplex AD(1)		33,800		3,453
Petrol AD(1)		76,205		239,617
Sopharma AD		303,500		635,602
			$	3,176,666
Chile — 3.0%
Administradora de Fondos de Pensiones Provida SA ADR		14,000	$	1,194,200
AES Gener SA		2,591,600		1,688,455
Aguas Andinas SA, Series A		3,047,500		2,170,830
Almendral SA		7,092,000		875,245
Antarchile SA, Series A		61,900		913,788
Banco de Chile		36,265,142		5,232,231
Banco de Chile ADR		20,126		1,752,572
Banco de Credito e Inversiones		61,625		3,626,905
Banco Santander Chile SA ADR		195,549		4,781,173
Besalco SA		494,500		708,097
Cap SA		85,300		1,893,877
Cencosud SA		1,069,300		5,324,927
Cia Cervecerias Unidas SA ADR		73,000		2,088,530
Cia Electro Metalurgica SA		10,000		255,880
Cia General de Electricidad SA		116,110		719,903
Cia Sud Americana de Vapores SA(1)		3,776,256		250,487
Colbun SA		6,397,700		1,679,861

8 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Chile (continued)
Corpbanca SA		83,071,400	$	956,535
Corpbanca SA ADR		56,666		968,989
Embotelladora Andina SA, Series A ADR		25,100		685,230
Embotelladora Andina SA, Series B ADR		28,200		969,516
Empresa Nacional de Electricidad SA ADR		94,359		4,167,837
Empresas CMPC SA		1,473,900		4,546,012
Empresas Copec SA		532,000		6,963,488
Empresas La Polar SA(1)		560,300		143,370
Enersis SA		2,469,700		813,754
Enersis SA ADR		266,371		4,357,830
ENTEL SA		96,700		1,617,853
Inversiones Aguas Metropolitanas SA		345,300		674,213
Latam Airlines Group SA		106,700		1,810,151
Latam Airlines Group SA ADR		118,400		1,999,776
Latam Airlines Group SA BDR		29,520		477,855
Madeco SA		15,429,800		535,130
Masisa SA		5,792,050		524,425
Parque Arauco SA		898,700		1,963,502
Quinenco SA		324,000		892,825
Ripley Corp. SA		1,302,000		1,145,545
S.A.C.I. Falabella SA		906,300		9,811,337
Salfacorp SA		783,700		1,010,380
Sigdo Koppers SA		852,743		1,695,079
Sociedad Matriz SAAM SA		3,562,881		375,188
Sociedad Quimica y Minera de Chile SA, Series A		20,950		849,464
Sociedad Quimica y Minera de Chile SA, Series B ADR		97,600		3,943,040
Sonda SA		872,100		2,540,514
Vina Concha y Toro SA ADR		25,800		1,005,168
			$	92,600,967
China — 8.6%
Agile Property Holdings, Ltd.		486,000	$	518,443
Agricultural Bank of China, Ltd., Class H		6,416,000		2,622,785
Air China, Ltd., Class H		1,342,000		957,274
Aluminum Corp. of China, Ltd., Class H(1)		2,052,000		656,897
Angang Steel Co., Ltd., Class H(1)		704,000		344,856
Anhui Conch Cement Co., Ltd., Class H		546,500		1,465,706
Anta Sports Products, Ltd.		711,000		619,906
AsiaInfo-Linkage, Inc.(1)		37,500		432,750
Baidu, Inc. ADR(1)		109,700		10,369,941
Bank of China, Ltd., Class H		16,490,000		6,755,371
Bank of Communications, Ltd., Class H		2,201,300		1,410,600
BBMG Corp., Class H		591,000		362,165
Beijing Capital International Airport Co., Ltd., Class H		596,000		388,059
Beijing Enterprises Holdings, Ltd.		223,500		1,611,282

Security	Shares		Value
China (continued)
BOE Technology Group Co., Ltd., Class B(1)		1,686,360	$	389,563
BYD Co., Ltd., Class H(1)		575,000		1,881,688
Chaoda Modern Agriculture Holdings, Ltd.(1)(2)		2,619,660		0
China Agri-Industries Holdings, Ltd.		1,292,000		563,006
China Bluechemical, Ltd., Class H		850,000		514,570
China CITIC Bank Corp., Ltd., Class H		3,411,000		1,566,954
China Coal Energy Co., Class H		1,856,000		965,439
China Communications Construction Co., Ltd., Class H		1,677,000		1,303,590
China Communications Services Corp., Ltd., Class H		718,000		450,412
China Construction Bank Corp., Class H		20,529,580		14,426,511
China COSCO Holdings Co., Ltd., Class H(1)		1,621,650		708,900
China Dongxiang (Group) Co., Ltd.		3,981,000		637,304
China Eastern Airlines Corp., Ltd., Class H(1)		1,436,000		445,359
China Everbright International, Ltd.		1,156,000		891,005
China Everbright, Ltd.		456,000		594,788
China High Speed Transmission Equipment Group Co., Ltd.(1)		672,000		303,055
China International Marine Containers Co., Ltd., Class B(1)		413,812		709,373
China Life Insurance Co., Ltd., Class H		2,107,000		4,893,421
China Longyuan Power Group Corp., Class H		1,303,000		1,339,677
China Mengniu Dairy Co., Ltd.		743,000		2,652,195
China Merchants Bank Co., Ltd., Class H		1,204,500		1,996,773
China Merchants Holdings (International) Co., Ltd.		824,000		2,548,944
China Merchants Property Development Co., Ltd., Class B		588,654		1,678,948
China Minsheng Banking Corp., Ltd., Class H		1,858,000		1,809,298
China Mobile, Ltd.		2,510,400		26,064,040
China National Building Material Co., Ltd., Class H		1,336,000		1,191,912
China Oilfield Services, Ltd., Class H		756,000		1,470,334
China Overseas Land & Investment, Ltd.		1,148,360		2,975,007
China Pacific Insurance (Group) Co., Ltd., Class H		412,000		1,306,155
China Petroleum & Chemical Corp., Class H		10,425,800		7,295,605
China Railway Construction Corp., Class H		947,500		819,362
China Railway Group, Ltd., Class H		2,265,000		1,040,657
China Resources Enterprise, Ltd.		610,000		1,901,548
China Resources Land, Ltd.		536,000		1,452,795
China Resources Power Holdings Co., Ltd.		949,000		2,272,389
China Shenhua Energy Co., Ltd., Class H		1,278,500		3,233,629
China Shipping Container Lines Co., Ltd., Class H(1)		2,352,000		609,578
China Shipping Development Co., Ltd., Class H(1)		736,000		320,372
China Southern Airlines Co., Ltd., Class H		2,064,500		830,164
China Taiping Insurance Holdings Co., Ltd.(1)		277,000		426,076
China Telecom Corp., Ltd., Class H		6,998,000		3,337,563
China Travel International Investment Hong Kong, Ltd.		1,660,000		311,065
China Unicom (Hong Kong), Ltd.		2,326,290		3,067,112

9 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
China Vanke Co., Ltd., Class B		1,185,417	$	2,106,389
China Yurun Food Group, Ltd.(1)		926,000		561,912
Chongqing Changan Automobile Co., Ltd., Class B		1,301,443		1,534,939
Citic Pacific, Ltd.		628,000		668,846
CNOOC, Ltd.		6,099,500		10,216,153
Cosco Pacific, Ltd.		802,000		1,024,446
Country Garden Holdings Co.		664,000		342,511
Ctrip.com International, Ltd. ADR(1)		126,200		4,117,906
Datang International Power Generation Co., Ltd., Class H		1,504,000		610,796
Dazhong Transportation Group Co., Ltd., Class B		633,875		392,184
Dongfeng Motor Group Co., Ltd., Class H		1,748,000		2,318,407
FU JI Food and Catering Services Holdings, Ltd.(1)(2)		13,300		0
Golden Eagle Retail Group, Ltd.		516,000		683,976
Great Wall Motor Co., Ltd., Class H		836,750		3,564,970
Guangdong Investment, Ltd.		954,000		829,094
Guangzhou Automobile Group Co., Ltd., Class H		1,506,857		1,414,043
Guangzhou R&F Properties Co., Ltd., Class H		793,200		1,134,801
Hangzhou Steam Turbine Co., Ltd., Class B		426,359		590,910
Huaneng Power International, Inc., Class H		1,972,000		1,956,812
Industrial & Commercial Bank of China, Ltd., Class H		21,755,000		13,634,550
Inner Mongolia Eerduosi Cashmere Products Co., Ltd., Class B		392,000		360,181
Inner Mongolia Yitai Coal Co., Ltd., Class B		212,000		1,017,117
Jiangsu Expressway Co., Ltd., Class H		796,000		820,435
Jiangxi Copper Co., Ltd., Class H		519,000		878,256
Kingboard Chemical Holdings, Ltd.		421,200		862,777
Kunlun Energy Co., Ltd.		1,386,000		2,450,271
Lee & Man Paper Manufacturing, Ltd.		876,000		519,497
Lenovo Group, Ltd.		2,596,000		2,349,952
Li Ning Co., Ltd.(1)		1,335,750		662,446
Lianhua Supermarket Holdings Ltd., Class H		378,000		205,445
Lonking Holdings, Ltd.(1)		2,438,000		479,772
Maanshan Iron & Steel Co., Ltd., Class H(1)		1,389,000		310,955
Mindray Medical International, Ltd. ADR		51,000		1,909,950
NetEase.com, Inc. ADR		41,300		2,608,921
New Oriental Education & Technology Group, Inc. ADR		228,500		5,061,275
Nine Dragons Paper Holdings, Ltd.		820,000		525,593
Parkson Retail Group, Ltd.		1,024,000		425,011
PetroChina Co., Ltd., Class H		7,392,300		8,015,880
PICC Property & Casualty Co., Ltd., Class H		926,000		1,039,469
Ping An Insurance (Group) Co. of China, Ltd., Class H		509,000		3,397,925
Poly Property Group Co., Ltd.		502,000		270,582
Qingling Motors Co., Ltd., Class H		1,448,966		359,139
Renhe Commercial Holdings Co., Ltd.(1)		4,180,000		238,761
Semiconductor Manufacturing International Corp.(1)		12,412,000		911,902

Security	Shares		Value
China (continued)
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,320,000	$	1,434,728
Shanghai Diesel Engine Co., Ltd., Class B		854,400		651,986
Shanghai Electric Group Co., Ltd., Class H		1,644,000		549,694
Shanghai Haixin Group Co., Ltd., Class B(1)		545,000		284,210
Shanghai Industrial Holdings, Ltd.		291,000		896,350
Shanghai Jin Jiang International Hotels Development Co., Ltd., Class B		574,800		740,165
Shanghai Zhenhua Heavy Industry Co., Ltd., Class B(1)		863,200		308,623
Shimao Property Holdings, Ltd.		532,000		1,049,229
SINA Corp.(1)		25,700		1,432,261
Sino-Ocean Land Holdings, Ltd.		1,370,500		735,276
Sinofert Holdings, Ltd.		1,300,000		216,158
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,628,000		541,832
Sinopec Yizheng Chemical Fibre Co., Ltd., Class H		3,201,000		897,670
Sinopharm Group Co., Ltd., Class H		472,400		1,180,608
Sohu.com, Inc.(1)		27,300		1,682,226
Tencent Holdings, Ltd.		379,100		14,802,796
Tingyi (Cayman Islands) Holding Corp.		1,184,000		3,088,193
Travelsky Technology, Ltd., Class H		1,218,000		771,838
Tsingtao Brewery Co., Ltd., Class H		1,124,000		8,023,839
Want Want China Holdings, Ltd.		3,531,000		4,958,264
Weichai Power Co., Ltd., Class H		226,800		662,553
Wumart Stores, Inc., Class H		360,000		655,766
Yangzijiang Shipbuilding Holdings, Ltd.		1,652,000		1,078,233
Yantai Changyu Pioneer Wine Co., Ltd., Class B		135,132		620,107
Yanzhou Coal Mining Co., Ltd., Class H		846,000		600,240
Zhejiang Expressway Co., Ltd., Class H		870,000		708,348
Zhuzhou CSR Times Electric Co., Ltd., Class H		288,000		721,325
Zijin Mining Group Co., Ltd., Class H		3,148,000		558,930
ZTE Corp., Class H(1)		590,616		940,597
			$	265,889,373
Colombia — 1.6%
Almacenes Exito SA		483,055	$	8,043,857
Banco Davivienda SA, PFC Shares		91,700		1,105,161
Banco de Bogota		47,700		1,712,716
Bancolombia SA ADR, PFC Shares		127,200		7,186,800
Bolsa de Valores de Colombia		11,328,600		167,422
Cementos Argos SA		284,000		1,179,340
Cia Colombiana de Inversiones SA		566,260		1,429,142
Corporacion Financiera Colombiana SA		71,226		1,334,317
Ecopetrol SA		2,283,100		4,847,333
Empresa de Energia de Bogota SA		1,704,472		1,215,145
Empresa de Telecommunicaciones de Bogota SA		2,267,738		475,571
Fabricato SA(1)		34,115,900		212,150

10 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Colombia (continued)
Grupo Argos SA		341,000	$	3,407,010
Grupo Argos SA, PFC Shares		106,740		1,072,019
Grupo Aval Acciones y Valores SA		1,723,100		1,214,976
Grupo de Inversiones Suramericana		238,300		4,637,815
Grupo Nutresa SA		236,463		2,950,735
Grupo Odinsa SA		108,356		505,218
Interconexion Electrica SA		661,500		2,605,815
ISAGEN SA ESP(1)		1,706,300		2,286,391
Tableros y Maderas de Caldas		76,861,529		269,779
			$	47,858,712
Croatia — 0.4%
Adris Grupa DD, PFC Shares		45,000	$	2,218,241
Atlantic Grupa DD		3,250		324,519
Atlantska Plovidba DD(1)		15,437		867,525
Croatia Osiguranje DD(1)		160		191,540
Dalekovod DD(1)		20,940		74,322
Ericsson Nikola Tesla		5,610		1,424,046
Hrvatski Telekom DD		159,850		4,984,224
Institut IGH DD(1)		2,210		71,268
Koncar-Elektroindustrija DD		3,504		436,569
Kras DD		4,595		331,363
Petrokemija DD(1)		17,450		604,430
Podravka Prehrambena Industrija DD(1)		25,750		1,057,945
Privredna Banka Zagreb DD		3,310		277,850
Zagrebacka Banka DD(1)		30,550		167,881
			$	13,031,723
Czech Republic — 1.5%
CEZ AS		675,170	$	16,185,468
Komercni Banka AS		75,140		13,948,624
Komercni Banka AS GDR		27,154		1,680,447
New World Resources PLC, Class A		860,500		780,080
Pegas Nonwovens SA		48,000		1,244,506
Philip Morris CR AS		6,510		3,653,038
Telefonica 02 Czech Republic AS		466,500		6,414,658
Unipetrol AS(1)		419,700		3,611,920
			$	47,518,741
Egypt — 1.3%
Alexandria Mineral Oils Co.		100,200	$	898,095
Arab Cotton Ginning		1,880,400		653,062
Citadel Capital Co.(1)		1,207,400		427,034
Commercial International Bank		1,516,590		6,191,103
Eastern Tobacco		55,400		720,884

Security	Shares		Value
Egypt (continued)
Egypt Kuwaiti Holding Co.		1,268,451	$	887,330
Egyptian Financial & Industrial Co.(1)		137,064		155,796
Egyptian Financial Group-Hermes Holding SAE(1)		884,525		930,423
Egyptian International Pharmaceutical Industrial Co.		153,932		938,625
Egyptian Resorts Co.(1)		4,213,900		419,205
El Ezz Aldekhela Steel Alexa Co.		4,750		291,896
El Kahera Housing & Development Co. SAE		234,800		163,740
El Sewedy Cables Holding Co.		102,921		256,520
El Watany Bank of Egypt		19,900		42,160
Ezz Steel		1,247,000		1,375,096
Ghabbour Auto		345,862		1,329,484
Juhayna Food Industries		1,967,600		2,621,062
Maridive & Oil Services SAE(1)		689,196		620,901
Medinet Nasr for Housing(1)		64,686		201,150
Misr Cement (Qena)		18,251		172,318
National Societe General Bank		219,998		807,487
Nile Cotton Ginning Co.(1)(2)		125,000		0
Orascom Construction Industries (OCI)(1)		253,201		8,657,454
Orascom Telecom Holding SAE(1)		9,908,210		5,370,141
Orascom Telecom Media and Technology Holding SAE		7,318,810		406,007
Oriental Weavers Co.		255,681		730,953
Pioneers Holding(1)		1,151,800		467,123
Sidi Kerir Petrochemicals Co.		679,500		1,199,177
Six of October Development & Investment Co.(1)		126,753		271,948
South Valley Cement(1)		485,000		219,264
Suez Cement Co.		138,000		405,736
Talaat Moustafa Group(1)		2,751,160		1,581,901
Telecom Egypt		1,323,400		2,174,228
			$	41,587,303
Estonia — 0.4%
AS Baltika(1)		226,000	$	273,033
AS Merko Ehitus		75,000		627,762
AS Nordecon International(1)		223,282		318,418
AS Olympic Entertainment Group		803,899		1,902,996
AS Tallink Group		5,354,470		6,498,572
AS Tallinna Kaubamaja		202,800		1,498,296
AS Tallinna Vesi		35,235		460,304
			$	11,579,381
Ghana — 0.3%
Aluworks Ghana, Ltd.(1)		5,176,100	$	152,988
CAL Bank, Ltd.		4,406,554		1,793,342
Ghana Commercial Bank, Ltd.		1,384,370		3,136,538
HFC Bank Ghana, Ltd.		3,899,473		1,056,507

11 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Ghana (continued)
Produce Buying Co., Ltd.		650,000	$	76,847
SG-SSB, Ltd.		740,000		313,498
Standard Chartered Bank of Ghana, Ltd.		207,600		1,430,735
Unilever Ghana, Ltd.		249,000		1,846,034
			$	9,806,489
Hungary — 1.7%
EGIS Pharmaceuticals PLC		22,378	$	2,159,754
Magyar Telekom Rt.		3,899,234		5,844,926
Magyar Telekom Rt. ADR		37,300		279,750
MOL Hungarian Oil & Gas Rt.		192,245		14,350,142
OTP Bank Rt.		916,700		19,174,733
Richter Gedeon Rt.		77,822		11,632,920
			$	53,442,225
India — 6.1%
ABB, Ltd.		23,000	$	238,133
ACC, Ltd.		28,800		593,736
Adani Enterprises, Ltd.		139,500		488,447
Adani Ports and Special Economic Zone, Ltd.		551,200		1,407,401
Adani Power, Ltd.(1)		700,600		485,812
Aditya Birla Nuvo, Ltd.		14,406		256,047
Allahabad Bank, Ltd.		271,700		413,680
Andhra Bank		192,000		264,943
Apollo Hospitals Enterprise, Ltd.		61,400		1,095,560
Ashok Leyland, Ltd.		614,926		206,373
Asian Paints, Ltd.		20,200		1,567,969
Axis Bank, Ltd.		150,000		3,335,306
Bajaj Auto, Ltd.		42,600		1,376,339
Bajaj Holdings & Investment, Ltd.		11,100		150,286
Balrampur Chini Mills, Ltd.(1)		332,600		216,669
Bank of India		165,100		641,939
Bharat Forge, Ltd.		42,200		157,177
Bharat Heavy Electricals, Ltd.		452,800		1,326,032
Bharat Petroleum Corp., Ltd.		134,400		829,508
Bharti Airtel, Ltd.		1,511,800		7,362,713
Biocon, Ltd.		78,400		369,801
Cairn India, Ltd.		328,800		1,597,023
Canara Bank, Ltd.		130,000		793,185
Century Textiles & Industries, Ltd.		50,000		222,453
Cipla, Ltd.		207,400		1,361,355
Coal India, Ltd.		372,500		1,893,187
Colgate-Palmolive (India), Ltd.		23,100		528,039
Container Corp. of India, Ltd.		46,600		866,024
Cummins India, Ltd.		68,800		526,547

Security	Shares		Value
India (continued)
Dabur India, Ltd.		278,000	$	729,534
Divi’s Laboratories, Ltd.		24,900		416,155
Dr. Reddy’s Laboratories, Ltd.		24,300		907,505
Dr. Reddy’s Laboratories, Ltd. ADR		26,800		1,013,576
Essar Oil, Ltd.(1)		347,500		354,015
GAIL (India), Ltd.		250,150		1,330,335
GAIL (India), Ltd. GDR(3)		25,050		822,892
GlaxoSmithKline Pharmaceuticals, Ltd.		8,000		313,793
Glenmark Pharmaceuticals, Ltd.		114,000		1,043,135
GMR Infrastructure, Ltd.(1)		1,192,200		350,963
Grasim Industries, Ltd. GDR(3)		13,300		614,418
Great Eastern Shipping Co., Ltd. (The)		56,700		205,557
Gujarat Ambuja Cements, Ltd.		429,400		1,342,747
HCL Technologies, Ltd.		110,800		1,436,777
HDFC Bank, Ltd.		562,500		6,273,656
Hero MotoCorp, Ltd.		51,542		1,443,826
Hindalco Industries, Ltd.		491,910		816,737
Hindustan Petroleum Corp., Ltd.		98,600		420,426
Hindustan Unilever, Ltd.		588,309		5,783,938
Hindustan Zinc, Ltd.		199,000		343,664
Housing Development & Infrastructure, Ltd.(1)		814,901		507,782
Housing Development Finance Corp., Ltd.		730,700		10,609,758
ICICI Bank, Ltd.		246,100		4,370,973
ICICI Bank, Ltd. ADR		29,200		1,116,900
IDBI Bank, Ltd.		346,300		413,372
Idea Cellular, Ltd.(1)		1,065,701		2,556,765
IDFC, Ltd.		924,800		1,980,819
Indiabulls Infrastructure and Power, Ltd.(1)		620,095		35,839
Indiabulls Real Estate, Ltd.		618,600		652,500
Indian Hotels Co., Ltd.		173,820		141,382
Indian Oil Corp., Ltd.		221,900		873,300
Infosys, Ltd.		340,151		14,164,787
ITC, Ltd.		1,223,800		6,627,400
Jain Irrigation Systems, Ltd.		169,800		147,439
Jaiprakash Associates, Ltd.		1,049,550		943,902
Jindal Steel & Power, Ltd.		257,300		931,973
JSW Energy, Ltd.		590,877		430,440
JSW Steel, Ltd.		73,900		811,045
Kotak Mahindra Bank, Ltd.		208,400		2,530,529
Lanco Infratech, Ltd.(1)		2,031,400		232,362
Larsen & Toubro, Ltd.		51,600		1,217,619
Larsen & Toubro, Ltd. GDR(3)		48,000		1,125,177
LIC Housing Finance, Ltd.		295,400		1,261,899
Lupin, Ltd.		97,200		1,273,050
Mahindra & Mahindra, Ltd.		167,400		2,720,271
Maruti Suzuki India, Ltd.		50,500		1,299,906

12 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
India (continued)
Motor Industries Co., Ltd.		3,900	$	588,909
Mphasis, Ltd.		53,500		332,638
Nestle India, Ltd.		12,100		988,075
NHPC, Ltd.		2,174,100		678,438
Nicholas Piramal India, Ltd.		41,782		399,874
NTPC, Ltd.		1,722,800		4,169,195
Oil & Natural Gas Corp., Ltd.		1,236,700		6,855,719
Oracle Financial Service Software, Ltd.(1)		4,000		181,155
Petronet LNG, Ltd.		216,300		453,168
Power Grid Corporation of India, Ltd.		1,297,000		2,420,056
Punjab National Bank, Ltd.		13,000		141,920
Ranbaxy Laboratories, Ltd.(1)		26,000		135,328
Ranbaxy Laboratories, Ltd. GDR(1)(3)		70,500		377,444
Reliance Capital, Ltd.		177,900		1,004,592
Reliance Communications, Ltd.		945,300		1,869,125
Reliance Industries, Ltd.		866,412		12,489,683
Reliance Industries, Ltd. GDR(4)		42,816		1,229,888
Reliance Infrastructure, Ltd.		234,800		1,378,037
Reliance Power, Ltd.(1)		950,100		1,031,926
Satyam Computer Services, Ltd.(1)		487,300		1,000,004
Sesa Goa, Ltd.		232,700		561,148
Siemens India, Ltd.		57,800		548,607
State Bank of India		31,300		1,025,240
State Bank of India GDR		28,800		1,920,949
Steel Authority of India, Ltd.		409,100		348,283
Sterlite Industries (India), Ltd.		557,900		794,357
Sun Pharmaceuticals Industries, Ltd.		248,000		4,202,311
Tata Chemicals, Ltd.		58,600		277,462
Tata Communications, Ltd.		47,000		126,559
Tata Consultancy Services, Ltd.		342,480		8,751,113
Tata Motors, Ltd.		514,600		2,403,476
Tata Motors, Ltd. ADR		19,800		464,112
Tata Power Co., Ltd.		1,253,200		1,814,278
Tata Steel, Ltd.		230,900		1,061,297
Tata Tea, Ltd.		156,000		353,589
Titan Industries, Ltd.		248,000		928,963
UltraTech Cement, Ltd.		37,900		1,194,950
United Phosphorus, Ltd.		237,900		544,585
United Spirits, Ltd.		47,500		1,738,490
Voltas, Ltd.		224,100		306,087
Wipro, Ltd.		432,540		2,539,734
Wipro, Ltd. ADR		24,173		175,979
Zee Entertainment Enterprises, Ltd.		413,300		1,645,335
			$	186,964,600

Security	Shares		Value
Indonesia — 3.3%
Adaro Energy Tbk PT		17,548,000	$	1,508,687
Agis Tbk PT(1)		9,301,000		374,139
AKR Corporindo Tbk PT		3,335,000		1,770,453
Aneka Tambang Tbk PT		8,587,500		863,645
Astra Argo Lestari Tbk PT		326,500		645,782
Astra International Tbk PT		11,815,000		8,305,765
Bakrieland Development Tbk PT(1)		28,008,000		140,425
Bank Central Asia Tbk PT		9,364,000		9,387,238
Bank Danamon Indonesia Tbk PT		2,391,681		1,406,503
Bank Mandiri Tbk PT		5,382,500		4,854,671
Bank Negara Indonesia Persero Tbk PT		4,837,000		2,081,913
Bank Pan Indonesia Tbk PT(1)		3,525,272		251,638
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		3,752,000		444,442
Bank Rakyat Indonesia Tbk PT		6,872,500		5,335,804
Barito Pacific Tbk PT(1)		5,662,500		221,648
Bhakti Investama Tbk PT		14,228,500		682,396
Bumi Resources Tbk PT		19,365,000		1,063,474
Charoen Pokphand Indonesia Tbk PT		1,868,500		964,736
Delta Dunia Makmur Tbk PT(1)		18,948,000		254,772
Gudang Garam Tbk PT		386,000		1,962,484
Harum Energy Tbk PT		961,000		291,274
Holcim Indonesia Tbk PT		1,828,000		449,835
Indah Kiat Pulp & Paper Corp. Tbk PT(1)		3,326,500		373,316
Indo Tambangraya Megah Tbk PT		389,500		1,100,417
Indocement Tunggal Prakarsa Tbk PT		2,019,000		4,957,643
Indofood CBP Sukses Makmur Tbk PT		1,273,000		1,559,141
Indofood Sukses Makmur Tbk PT		3,477,000		2,564,715
Indosat Tbk PT		2,085,500		1,100,436
Jasa Marga (Persero) Tbk PT		3,247,500		1,971,331
Kalbe Farma Tbk PT		19,815,000		2,860,432
Lippo Karawaci Tbk PT		11,794,000		1,801,912
Matahari Putra Prima Tbk PT		1,600,000		470,067
Medco Energi Internasional Tbk PT		1,397,000		237,064
Perusahaan Gas Negara Tbk PT		11,929,000		6,896,038
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		4,008,000		692,288
Ramayana Lestari Sentosa Tbk PT		6,516,500		849,555
Semen Gresik (Persero) Tbk PT		3,258,000		5,595,598
Surya Semesta Internusa Tbk PT		9,232,000		1,203,242
Tambang Batubara Bukit Asam Tbk PT		948,000		1,261,680
Telekomunikasi Indonesia Tbk PT		11,745,160		13,080,094
Trada Maritime Tbk PT(1)		4,447,500		625,381
Unilever Indonesia Tbk PT		801,700		2,475,995
United Tractors Tbk PT		2,543,500		4,643,410

13 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Indonesia (continued)
Vale Indonesia Tbk PT		2,462,000	$	499,666
XL Axiata Tbk PT		2,104,500		1,020,898
			$	101,102,043
Jordan — 0.8%
Arab Bank PLC		1,011,165	$	9,487,670
Arab Potash Co. PLC		54,500		3,321,355
Bank of Jordan		262,189		855,468
Capital Bank of Jordan(1)		550,456		846,850
Jordan Ahli Bank(1)		356,510		575,201
Jordan Petroleum Refinery		215,375		1,481,283
Jordan Phosphate Mines		84,500		1,179,748
Jordan Steel		269,400		584,591
Jordan Telecom Corp.		207,500		1,307,171
Jordanian Electric Power Co.		467,701		2,074,885
Royal Jordanian Airlines(1)		209,700		189,887
Taameer Jordan Holdings PSC(1)		1,153,700		228,929
Union Land Development(1)		360,100		2,117,787
			$	24,250,825
Kazakhstan — 0.7%
Eurasian Natural Resources Corp.		1,165,200	$	3,632,376
Halyk Savings Bank of Kazakhstan JSC GDR(3)		716,100		5,283,840
Kazakhmys PLC		733,100		2,893,626
Kazkommertsbank JSC GDR(1)(3)		228,600		401,283
KazMunaiGas Exploration Production GDR(3)		420,226		6,347,157
Kcell JSC GDR(3)		217,746		3,253,948
Zhaikmunai, LP GDR(3)		101,200		1,113,218
			$	22,925,448
Kenya — 0.9%
Athi River Mining, Ltd.		2,806,000	$	2,152,962
Bamburi Cement Co., Ltd.		460,041		1,149,975
Barclays Bank of Kenya, Ltd.		6,659,520		1,219,345
Centum Investment Co., Ltd.(1)		977,680		251,302
Co-operative Bank of Kenya, Ltd. (The)		8,812,080		1,588,562
East African Breweries, Ltd.		1,791,940		7,075,890
Equity Bank, Ltd.		6,675,000		2,421,214
KenolKobil, Ltd.		3,831,500		391,851
Kenya Airways, Ltd.		1,598,400		185,183
Kenya Commercial Bank, Ltd.		5,812,860		2,505,746
Kenya Electricity Generating Co., Ltd.		1,449,600		252,410
Kenya Power & Lighting, Ltd.		8,246,893		1,370,113
Mumias Sugar Co., Ltd.		3,556,814		170,312

Security	Shares		Value
Kenya (continued)
Nation Media Group, Ltd.		363,576	$	1,273,018
NIC Bank, Ltd.		775,432		482,323
Safaricom, Ltd.		72,568,900		5,583,769
Standard Chartered Bank Kenya, Ltd.		309,721		1,045,373
			$	29,119,348
Kuwait — 1.7%
Abyaar Real Estate Development(1)		1,440,000	$	294,593
Agility Public Warehousing Co. KSC		997,500		2,209,991
Ahli United Bank		230,422		605,799
Al Ahli Bank of Kuwait KSC		122,180		224,309
Al Safwa Group Holding Co. KSC(1)(2)		7,920,000		0
Al-Mazaya Holding Co.(1)		520,000		227,382
Al-Qurain Petrochemicals Co.		1,460,000		1,054,491
Boubyan Petrochemicals Co.		1,875,000		4,066,223
Burgan Bank SAK		729,061		1,535,713
Combined Group Contracting Co.		119,185		531,240
Commercial Bank of Kuwait SAK(1)		845,000		2,033,776
Commercial Real Estate Co. KSCC		2,369,266		801,281
Gulf Bank(1)		1,340,325		1,836,177
Gulf Cable and Electrical Industries Co.		165,000		585,016
Hits Telecom Holding KSC(1)		1,320,000		310,979
Kuwait Finance House KSC		2,126,635		4,901,690
Kuwait Foods Co. (Americana)		462,500		3,475,124
Kuwait International Bank		818,000		875,253
Kuwait Pipes Industries & Oil Services Co.(1)		800,000		301,532
Kuwait Portland Cement Co.		192,500		733,141
Kuwait Projects Co. Holdings KSC		918,926		1,614,697
Kuwait Real Estate Co.(1)		1,720,000		495,149
Mabanee Co. SAKC		796,070		3,006,744
Mena Holding Group(1)(2)		30,000		0
Mobile Telecommunications Co.		3,110,000		7,254,962
National Bank of Kuwait SAK		2,319,496		7,620,998
National Industries Group Holding(1)		3,447,500		3,046,889
National Investment Co.(1)		645,000		371,787
National Real Estate Co.(1)		598,290		363,563
Sultan Center Food Products Co.(1)		2,160,000		848,749
			$	51,227,248
Latvia — 0.0%(5)
Grindeks(1)		12,000	$	139,884
Latvian Shipping Co.(1)		96,000		52,312
			$	192,196

14 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Lebanon — 0.2%
Banque Audi sal-Audi Saradar Group		246,610	$	1,528,095
Byblos Bank		838,110		1,280,010
Solidere, Class A		275,848		3,095,720
Solidere, Class B		5,516		61,827
			$	5,965,652
Lithuania — 0.1%
Apranga PVA		363,680	$	1,153,848
Bankas Snoras(2)		1,114,759		0
Invalda Privatus Kapitalas AB		32,177		110,990
Invalda PVA(1)		38,623		133,078
Klaipedos Nafta PVA		1,576,663		701,426
Lesto AB		338,936		284,155
Lietuvos Dujos		200,000		155,067
Panevezio Statybos Trestas		323,592		478,332
Pieno Zvaigzdes		94,000		251,340
Rokiskio Suris		177,000		344,893
Siauliu Bankas		880,702		302,823
			$	3,915,952
Malaysia — 3.5%
Aeon Co. (M) Bhd		184,200	$	863,588
Affin Holdings Bhd		236,000		324,865
Airasia Bhd		1,089,900		1,096,653
Alliance Financial Group Bhd		330,800		554,196
AMMB Holdings Bhd		615,900		1,427,727
Axiata Group Bhd		1,791,575		3,752,158
Batu Kawan Bhd		100,300		592,920
Berjaya Corp. Bhd		2,498,100		461,483
Berjaya Sports Toto Bhd		454,988		629,356
Boustead Holdings Bhd		412,500		683,794
British American Tobacco Malaysia Bhd		89,100		1,676,255
Bumi Armada Bhd(1)		465,200		570,910
Bursa Malaysia Bhd		224,600		536,534
CIMB Group Holdings Bhd		1,425,966		3,717,255
Dialog Group Bhd		2,232,664		1,988,292
Digi.com Bhd		1,538,000		2,313,117
Felda Global Ventures Holdings Bhd		1,136,300		1,624,543
Gamuda Bhd		1,983,700		2,972,026
Genting Bhd		1,303,300		4,291,762
Genting Plantations Bhd		261,000		761,013
Hong Leong Bank Bhd		256,700		1,125,938
Hong Leong Financial Group Bhd		136,200		621,264
IGB Corp. Bhd		315,120		248,133
IHH Healthcare Bhd(1)		1,459,900		1,825,009

Security	Shares		Value
Malaysia (continued)
IJM Corp. Bhd		1,328,220	$	2,372,193
IOI Corp. Bhd		1,684,968		2,903,458
KLCC Property Holdings Bhd		250,000		538,060
KNM Group Bhd(1)		3,198,075		464,656
Kuala Lumpur Kepong Bhd		293,050		2,012,551
Kulim (Malaysia) Bhd		792,800		865,298
Lafarge Malayan Cement Bhd		789,960		2,542,568
Landmarks Bhd(1)		576,800		202,224
Malayan Banking Bhd		1,462,286		4,797,517
Malaysia Airports Holdings Bhd		200,000		399,735
Malaysian Airline System Bhd(1)		7,714,733		742,678
Malaysian Resources Corp. Bhd		1,861,700		898,118
Maxis Bhd		1,255,300		2,728,562
Media Prima Bhd		567,300		499,302
MISC Bhd(1)		638,440		1,028,716
MMC Corp. Bhd		662,000		563,577
Muhibbah Engineering (M) Bhd		1,581,000		867,473
Multi-Purpose Holdings Bhd		617,940		704,808
Parkson Holdings Bhd		570,622		705,006
Petronas Chemicals Group Bhd		2,816,700		5,898,490
Petronas Dagangan Bhd		422,400		3,376,807
Petronas Gas Bhd		268,500		1,775,102
PPB Group Bhd		300,400		1,344,489
Public Bank Bhd		706,298		3,806,800
Resorts World Bhd		1,977,000		2,427,374
RHB Capital Bhd		497,700		1,355,847
Sapurakencana Petroleum Bhd(1)		3,722,052		4,802,121
Sime Darby Bhd		3,012,009		9,107,417
Sunway Bhd		378,040		422,290
Sunway Real Estate Investment Trust		1,028,200		501,079
Supermax Corp. Bhd		500,000		311,470
Ta Ann Holdings Bhd		355,899		430,725
Tan Chong Motor Holdings Bhd		219,000		454,223
Telekom Malaysia Bhd		1,020,100		1,742,991
Tenaga Nasional Bhd		1,261,531		3,310,169
Top Glove Corp. Bhd		210,000		414,539
UEM Land Holdings Bhd		584,700		575,239
UMW Holdings Bhd		391,900		1,806,036
Unisem (M) Bhd		1,851,400		554,906
Wah Seong Corp. Bhd		688,956		397,002
WCT Bhd		804,425		724,739
YTL Corp. Bhd		2,626,518		1,376,050
YTL Power International Bhd		1,521,299		768,798
			$	108,179,994

15 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Mauritius — 0.6%
CIM Financial Services, Ltd.		1,310,985	$	264,369
Ireland Blyth, Ltd.		64,209		183,932
LUX Island Resorts, Ltd.(1)		720,980		509,303
Mauritius Commercial Bank		1,535,695		9,182,999
New Mauritius Hotels, Ltd.(1)		1,267,600		2,854,905
Rogers & Co., Ltd.		48,555		282,194
State Bank of Mauritius, Ltd.		138,974,900		4,604,810
Sun Resorts, Ltd.(1)		656,202		613,678
Terra Mauricia, Ltd.		464,700		619,032
United Basalt Products, Ltd.		102,150		322,537
			$	19,437,759
Mexico — 6.2%
Alfa SAB de CV, Series A		4,733,120	$	11,382,179
America Movil SAB de CV, Series L		35,916,722		39,083,753
Bolsa Mexicana de Valores SAB de CV		520,000		1,293,032
Cemex SAB de CV, Series CPO(1)		13,206,124		14,003,692
Coca-Cola Femsa SA de CV, Series L		124,400		1,750,775
Compartamos SAB de CV		2,866,100		4,948,092
Embotelladoras Arca SAB de CV		368,800		2,826,885
Empresas ICA SAB de CV(1)		952,500		1,800,991
Fibra Uno Administracion SA de CV		432,100		1,450,955
Fomento Economico Mexicano SAB de CV, Series UBD		1,424,800		14,756,620
Genomma Lab Internacional SA de CV(1)		885,300		1,748,402
Grupo Aeroportuario del Pacifico SAB de CV, Class B		217,800		1,108,376
Grupo Aeroportuario del Sureste SAB de CV, Class B		207,626		2,317,024
Grupo Bimbo SA de CV, Series A		1,783,208		5,408,477
Grupo Carso SA de CV, Series A1		927,400		4,424,626
Grupo Comercial Chedraui SA de CV		208,900		775,468
Grupo Elektra SA de CV		49,226		1,633,591
Grupo Financiero Banorte SAB de CV, Class O		2,962,300		17,694,996
Grupo Financiero Inbursa SAB de CV, Class O		4,395,216		9,667,308
Grupo Mexico SAB de CV, Series B		3,476,974		10,062,669
Grupo Televisa SAB, Series CPO		1,715,518		8,540,883
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		1,134,930		2,714,383
Industrias CH SAB de CV, Series B(1)		158,452		1,047,995
Industrias Penoles SA de CV		127,829		3,808,101
Inmuebles Carso SAB de CV(1)		927,400		823,086
Kimberly-Clark de Mexico SAB de CV, Class A		1,292,610		4,239,717
Mexichem SAB de CV		1,029,307		4,268,175
Minera Frisco SAB de CV(1)		873,200		2,616,072
Organizacion Soriana SAB de CV, Class B		166,700		625,891
Promotora y Operadora de Infraestructura SAB de CV(1)		221,200		2,031,309
Ternium SA ADR		21,000		475,230

Security	Shares		Value
Mexico (continued)
TV Azteca SAB de CV, Series CPO		1,018,565	$	539,254
Wal-Mart de Mexico SAB de CV, Series V		4,372,764		12,256,948
			$	192,124,955
Morocco — 0.9%
Alliances Developpement Immobilier SA		19,684	$	988,599
Attijariwafa Bank		114,300		4,384,049
Banque Centrale Populaire		97,200		2,171,125
Banque Marocaine du Commerce Exterieur (BMCE)		98,500		2,304,633
Banque Marocaine pour le Commerce et l’Industrie (BMCI)		3,830		354,302
Compagnie Generale Immobiliere		8,100		507,781
Cosumar Compagnie Sucriere Marocaine et de Raffinage		2,337		505,132
Delta Holding SA		35,000		114,396
Douja Promotion Groupe Addoha SA		294,373		1,648,451
Holcim Maroc SA		6,422		1,162,407
Label Vie(1)		3,700		640,605
Lafarge Ciments		10,400		1,184,310
Managem		7,900		1,250,747
Maroc Telecom		630,216		7,316,544
Samir(1)		19,247		565,568
SONASID (Societe Nationale de Siderurgie)(1)		5,872		393,069
Wafa Assurance		3,400		1,133,863
			$	26,625,581
Nigeria — 1.0%
Access Bank PLC		19,508,511	$	1,306,127
Afriland Properties PLC(1)(2)		1,112,557		0
Ashaka Cement PLC		2,905,875		434,795
Cadbury Nigeria PLC		1,333,333		468,330
Dangote Cement PLC		2,384,961		2,694,411
Dangote Sugar Refinery PLC		7,275,654		510,268
Diamond Bank PLC(1)		12,314,600		456,882
Ecobank Transnational, Inc.		8,985,992		823,597
First Bank of Nigeria PLC		25,692,210		2,819,254
First City Monument Bank PLC(1)		15,346,235		446,515
Flour Mills of Nigeria PLC		710,208		370,858
Guaranty Trust Bank PLC		25,044,700		3,734,839
Guiness Nigeria PLC		507,134		796,937
Lafarge Cement WAPCO Nigeria PLC		2,504,600		1,292,809
Nestle Nigeria PLC		275,100		1,637,725
Nigerian Breweries PLC		3,079,300		2,955,422
Oando PLC(1)		8,603,569		686,848
PZ Cussons Nigeria PLC		2,463,540		604,929

16 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Nigeria (continued)
Skye Bank PLC		16,739,600	$	491,480
UAC of Nigeria PLC		5,041,100		1,732,341
Unilever Nigeria PLC		2,750,000		980,921
Union Bank of Nigeria PLC(1)		2,936,181		224,464
United Bank for Africa PLC		36,714,397		1,835,872
Zenith Bank PLC		25,112,737		3,057,398
			$	30,363,022
Oman — 0.9%
Bank Dhofar SAOG		1,309,123	$	1,228,821
Bank Muscat SAOG		3,751,865		5,681,025
Bank Sohar SAOG		3,584,090		1,792,036
Dhofar International Development & Investment Holding Co.		256,825		338,611
Galfar Engineering & Contracting SAOG		1,240,540		1,171,356
HSBC Bank Oman SAOG		1,838,477		912,859
National Bank of Oman SAOG		1,669,660		1,168,146
Oman Cables Industry SAOG		112,400		543,726
Oman Cement Co. SAOG		768,532		1,461,225
Oman Flour Mills Co. SAOG		543,700		895,276
Oman Telecommunications Co. SAOG		1,316,260		5,132,778
Omani Qatari Telecommunications Co. SAOG		671,100		854,560
Ominvest		1,000,405		1,139,555
Raysut Cement Co. SAOG		548,810		2,740,562
Renaissance Services SAOG(1)		1,210,599		1,876,428
Shell Oman Marketing Co. SAOG		66,100		372,941
			$	27,309,905
Pakistan — 0.8%
Adamjee Insurance Co., Ltd.		235,620	$	179,614
Attock Petroleum, Ltd.		99,000		561,870
Bank Alfalah, Ltd.		2,732,394		501,283
D.G. Khan Cement Co., Ltd.		850,320		713,224
Engro Corp., Ltd.(1)		542,116		661,860
Fauji Fertilizer Bin Qasim, Ltd.		841,000		316,657
Fauji Fertilizer Co., Ltd.		1,336,114		1,441,718
Habib Bank, Ltd.		241,576		288,958
Hub Power Co., Ltd.		5,718,400		3,534,556
Kot Addu Power Co., Ltd.		1,343,500		835,209
Lucky Cement, Ltd.		620,400		1,302,456
Millat Tractors, Ltd.		49,390		260,568
Muslim Commercial Bank, Ltd.		1,949,832		4,739,163
National Bank of Pakistan		1,361,026		561,523
Nishat Mills, Ltd.		1,037,980		979,575
Oil & Gas Development Co., Ltd.		1,601,500		3,663,783

Security	Shares		Value
Pakistan (continued)
Pakistan Oil Fields, Ltd.		273,700	$	1,370,354
Pakistan Petroleum, Ltd.		926,852		1,960,037
Pakistan State Oil Co., Ltd.		276,716		886,555
Pakistan Telecommunication Co., Ltd.(1)		1,293,500		285,622
United Bank, Ltd.		870,825		939,419
			$	25,984,004
Peru — 1.6%
Alicorp SA		2,371,021	$	7,968,744
Banco Continental SA		304,362		692,528
Cia de Minas Buenaventura SA		82,880		1,236,348
Cia de Minas Buenaventura SA ADR		235,876		3,481,530
Cia Minera Milpo SA		808,171		371,840
Credicorp, Ltd. ADR		87,296		11,170,396
Edegel SA		2,361,911		2,317,763
Ferreyros SA		3,475,413		2,623,425
Grana y Montero SA		1,391,282		5,506,116
Intergroup Financial Services Corp.		40,900		1,349,700
Luz del Sur SAA		83,400		296,786
Minsur SA		1,384,773		647,090
Sociedad Minera Cerro Verde SAA(1)		47,600		1,094,800
Sociedad Minera el Brocal SA		32,370		204,785
Southern Copper Corp.		291,755		8,058,273
Volcan Cia Minera SA, Class B		3,906,420		1,825,430
			$	48,845,554
Philippines — 1.6%
Aboitiz Equity Ventures, Inc.		3,304,400	$	3,833,100
Aboitiz Power Corp.		1,264,300		1,017,397
Alliance Global Group, Inc.		4,258,400		2,289,394
Ayala Corp.		134,638		1,797,976
Ayala Land, Inc.		3,534,608		2,472,413
Ayala Land, Inc., PFC Shares(2)		3,534,608		8,182
Bank of the Philippine Islands		854,921		1,897,075
BDO Unibank, Inc.		1,008,420		1,976,572
DMCI Holdings, Inc.		511,300		608,461
Energy Development Corp.		5,342,650		714,303
Filinvest Land, Inc.		16,105,546		631,936
First Gen Corp.(1)		499,460		195,991
First Philippine Holdings Corp.		153,000		258,487
Globe Telecom, Inc.		22,170		825,487
GMA Holdings, Inc. PDR		1,242,100		255,411
International Container Terminal Services, Inc.		551,900		1,106,245
JG Summit Holding, Inc.		2,641,000		2,438,179
Jollibee Foods Corp.		325,300		1,112,249

17 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Philippines (continued)
Lopez Holdings Corp.		10,209,700	$	1,205,922
Manila Electric Co.		191,504		1,458,284
Manila Water Co.		481,700		360,907
Megaworld Corp.		10,700,000		813,638
Metro Pacific Investments Corp.		8,364,300		1,018,286
Metropolitan Bank & Trust Co.		613,479		1,569,360
Nickel Asia Corp.		2,017,312		719,446
Petron Corp.		1,515,500		455,247
Philex Mining Corp.		3,645,900		838,959
Philex Petroleum Corp.(1)		691,700		167,090
Philippine Long Distance Telephone Co.		62,460		4,241,938
Robinsons Land Corp.		1,290,000		603,667
San Miguel Corp.		418,370		895,637
Semirara Mining Corp.		248,600		1,590,854
SM Investments Corp.		208,362		5,132,655
SM Prime Holdings, Inc.		4,514,550		1,695,939
Universal Robina Corp.		829,600		2,393,182
Vista Land & Lifescapes, Inc.		6,128,000		795,746
			$	49,395,615
Poland — 3.2%
Agora SA		69,000	$	178,414
AmRest Holdings SE(1)		30,208		725,564
Asseco Poland SA		256,570		3,282,055
Bank Handlowy w Warszawie SA		38,385		1,072,373
Bank Millennium SA(1)		697,490		1,094,297
Bank Pekao SA		142,785		6,444,566
Bioton SA(1)		19,451,400		175,623
Boryszew SA(1)		3,500,000		421,055
BRE Bank SA		24,950		2,866,306
Budimex SA		43,576		1,228,233
Cinema City International NV(1)		53,500		462,919
Cyfrowy Polsat SA(1)		709,480		3,958,376
Eurocash SA		288,203		5,088,849
Getin Holding SA		333,533		280,395
Getin Noble Bank SA(1)		1,591,418		890,364
Globe Trade Centre SA(1)		364,288		899,761
Grupa Lotos SA(1)		176,940		1,908,295
Jastrzebska Spolka Weglowa SA		55,400		1,069,073
Kernel Holding SA(1)		13,100		188,781
KGHM Polska Miedz SA		169,118		6,150,796
KOPEX SA(1)		104,700		355,607
LPP SA		2,402		4,734,433
Lubelski Wegiel Bogdanka SA		43,100		1,305,986
Netia SA(1)		610,010		763,992

Security	Shares		Value
Poland (continued)
NG2 SA		45,300	$	1,157,771
Orbis SA		138,180		1,486,815
Polimex-Mostostal SA(1)		3,573,572		236,899
Polish Oil & Gas(1)		2,342,566		4,092,495
Polska Grupa Energetyczna SA		1,898,400		8,794,259
Polski Koncern Naftowy Orlen SA(1)		406,795		5,699,488
Powszechna Kasa Oszczednosci Bank Polski SA		968,082		10,370,377
Powszechny Zaklad Ubezpieczen SA		69,100		8,513,998
Rovese SA(1)		808,777		379,313
Tauron Polska Energia SA		2,765,200		3,580,576
Telekomunikacja Polska SA		2,094,345		4,805,142
Telekomunikacja Polska SA GDR(3)		169,000		388,092
Telekomunikacja Polska SA GDR(4)		76,100		174,756
TVN SA		906,566		2,726,025
			$	97,952,119
Qatar — 1.6%
Al Meera Consumer Goods Co.		16,300	$	608,343
Barwa Bank(2)		152,394		269,123
Barwa Real Estate Co.		248,543		1,835,563
Doha Bank, Ltd.		79,773		1,031,309
Gulf International Services QSC		223,380		2,544,709
Industries Qatar		242,477		10,537,923
Masraf Al Rayan		552,200		4,205,545
Qatar Electricity & Water Co.		60,800		2,622,552
Qatar Fuel		10,625		736,940
Qatar Gas Transport Co., Ltd. (NAKILAT)		550,956		2,776,941
Qatar Insurance Co.		42,348		711,532
Qatar International Islamic Bank		32,210		467,964
Qatar Islamic Bank		81,415		1,521,431
Qatar National Bank		220,086		9,593,630
Qatar National Cement Co.		12,559		340,483
Qatar National Navigation		55,051		1,085,591
Qatar Telecom QSC		144,795		4,796,086
United Development Co.		196,618		1,249,678
Vodafone Qatar(1)		872,000		2,164,271
			$	49,099,614
Romania — 0.6%
Antibiotice SA		1,559,438	$	216,982
Banca Transilvania(1)		16,176,784		5,805,414
Biofarm Bucuresti		8,097,100		581,526
BRD-Group Societe Generale(1)		2,483,100		5,419,106
OMV Petrom SA		43,591,503		5,349,019

18 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Romania (continued)
Transelectrica SA		101,000	$	385,516
TRANSGAZ SA Medias		5,376		282,234
			$	18,039,797
Russia — 6.0%
Aeroflot-Russian Airlines		749,030	$	1,291,972
AvtoVAZ(1)		2,100,000		613,397
CTC Media, Inc.		529,200		5,884,704
Evraz PLC		216,250		319,018
Federal Grid Co. Unified Energy System JSC(1)		400,770,600		1,242,389
Federal Hydrogenerating Co. JSC		185,700,426		2,849,573
Gazprom Neft		77,000		275,062
Globaltrans Investment PLC GDR(3)		28,300		388,964
IDGC Holding JSC(1)		26,309,700		871,088
LUKOIL OAO ADR		322,900		18,527,445
Magnit OJSC		53,200		12,226,980
Magnitogorsk Iron & Steel Works GDR(3)		58,800		174,143
Mail.ru Group, Ltd. GDR(3)		105,100		3,014,259
Mechel ADR(1)		203,500		586,080
MMC Norilsk Nickel ADR		385,737		5,558,115
Mobile TeleSystems ADR		101,500		1,922,410
Mobile TeleSystems OJSC		1,435,719		11,430,128
Mosenergo		7,630,462		248,234
NovaTek OAO GDR(3)		71,800		8,569,066
Novolipetsk Steel GDR(3)		66,700		876,166
OAO Gazprom ADR(1)		3,595,600		23,611,277
OAO Inter Rao Ues(1)		1,993,581,189		789,458
OAO TMK GDR(3)		42,000		485,620
PIK Group GDR(1)(3)		100,000		194,958
Polymetal International PLC		102,900		712,139
Rosneft Oil Co. GDR(3)		796,600		5,450,647
Rostelecom		898,900		2,410,083
Rostelecom ADR		63,133		1,000,658
Sberbank of Russia		6,931,380		19,735,219
Sberbank of Russia ADR(1)		488,350		5,541,069
Sberbank of Russia, PFC Shares		862,200		1,833,479
Severstal OAO GDR(3)		100,900		644,184
Sistema JSFC GDR(3)		151,800		2,996,221
Surgutneftegas OJSC ADR(1)		698,200		5,464,463
Surgutneftegas OJSC ADR, PFC Shares(1)		277,600		1,701,688
Tatneft ADR(1)		167,432		6,080,688
Transneft, PFC Shares		1,000		2,180,812
Uralkali OJSC		370,000		2,473,211
Uralkali OJSC GDR(3)		70,400		2,324,275
VimpelCom, Ltd. ADR		464,130		4,669,148

Security	Shares		Value
Russia (continued)
VTB Bank OJSC GDR(1)(3)		1,712,874	$	4,842,875
X5 Retail Group NV GDR(1)(3)		474,600		8,581,893
Yandex NV, Class A(1)		174,800		4,829,724
			$	185,422,982
Slovenia — 0.5%
Gorenje DD		80,554	$	420,954
KRKA DD		120,682		7,996,091
Luka Koper(1)		34,436		403,632
Mercator Poslovni Sistem(1)		8,724		1,189,741
Nova Kreditna Banka Maribor(1)		156,914		104,647
Petrol		5,072		1,387,672
Sava DD(1)		2,986		11,445
Telekom Slovenije DD		21,671		2,936,966
Zavarovalnica Triglav DD		64,022		1,487,560
			$	15,938,708
South Africa — 6.8%
ABSA Group, Ltd.		173,873	$	2,609,192
Adcock Ingram Holdings, Ltd.		72,016		473,527
AECI, Ltd.		48,300		558,872
African Bank Investments, Ltd.		799,015		1,318,755
African Oxygen, Ltd. (AFROX)		143,280		305,116
African Rainbow Minerals, Ltd.		76,200		1,152,388
Anglo Platinum, Ltd.(1)		41,100		1,226,798
AngloGold Ashanti, Ltd.		211,134		3,018,243
AngloGold Ashanti, Ltd. ADR		79,199		1,132,546
Arcelormittal South Africa, Ltd.(1)		69,201		223,373
Aspen Pharmacare Holdings, Ltd.(1)		195,268		4,488,781
Astral Foods, Ltd.		26,100		237,224
Aveng, Ltd.		828,596		2,512,671
AVI, Ltd.		228,000		1,373,317
Barloworld, Ltd.		411,300		3,390,529
Bidvest Group, Ltd.		455,103		11,275,588
Capital Property Fund		592,025		638,373
Clicks Group, Ltd.		218,200		1,223,582
DataTec, Ltd.		285,500		1,586,497
Discovery Holdings, Ltd.		221,254		1,881,067
FirstRand, Ltd.		1,633,485		4,779,879
Foschini, Ltd.		104,323		1,041,048
Gold Fields, Ltd.		552,280		2,894,422
Grindrod, Ltd.		416,000		884,049
Group Five, Ltd.		115,500		427,160
Growthpoint Properties, Ltd.		942,500		2,514,986
Harmony Gold Mining Co., Ltd.		280,500		1,046,751

19 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
South Africa (continued)
Hosken Consolidated Investments, Ltd.		33,700	$	426,376
Hyprop Investments, Ltd.		65,400		516,562
Illovo Sugar, Ltd.		51,000		164,531
Impala Platinum Holdings, Ltd.		407,686		3,839,651
Imperial Holdings, Ltd.		130,900		2,778,762
Investec, Ltd.		156,600		1,012,189
JSE, Ltd.		45,700		327,373
Kumba Iron Ore, Ltd.		57,100		2,664,710
Kumba Resources, Ltd.		97,100		1,431,948
Lewis Group, Ltd.		39,800		253,601
Liberty Holdings, Ltd.		67,700		820,066
Life Healthcare Group Holdings, Ltd.		582,421		2,209,033
Massmart Holdings, Ltd.		48,804		884,039
Mediclinic International, Ltd.		161,590		1,120,625
MMI Holdings, Ltd.		554,133		1,240,743
Mondi, Ltd.		36,955		470,157
Mr. Price Group, Ltd.		188,400		2,568,029
MTN Group, Ltd.		2,099,580		39,050,952
Murray & Roberts Holdings, Ltd.(1)		706,700		1,798,576
Nampak, Ltd.		411,500		1,368,756
Naspers, Ltd., Class N		233,376		17,225,873
Nedbank Group, Ltd.		141,600		2,513,666
Netcare, Ltd.		659,100		1,535,462
Northam Platinum, Ltd.(1)		130,300		420,765
Pick’n Pay Holdings, Ltd.		125,270		229,172
Pick’n Pay Stores, Ltd.		152,660		611,538
PPC, Ltd.		305,614		919,260
Redefine Properties, Ltd.		1,959,096		2,078,551
Remgro, Ltd.		299,505		5,753,551
Reunert, Ltd.		373,200		2,601,589
RMB Holdings, Ltd.		520,200		2,076,211
RMI Holdings		449,000		1,143,341
Sanlam, Ltd.		1,154,590		5,365,724
Santam, Ltd.		27,610		534,103
Sappi, Ltd.(1)		418,500		1,031,601
Sasol, Ltd.		353,036		15,370,388
Shoprite Holdings, Ltd.		201,153		3,778,543
Sibanye Gold, Ltd.(1)		710,580		520,005
Spar Group, Ltd. (The)		79,260		961,821
Standard Bank Group, Ltd.		784,949		8,845,367
Steinhoff International Holdings, Ltd.(1)		1,020,600		2,531,232
Sun International, Ltd.		33,860		327,207
Telkom South Africa, Ltd.(1)		333,000		559,491
Tiger Brands, Ltd.		115,816		3,458,315
Tongaat-Hulett		25,322		321,748
Truworths International, Ltd.		299,341		2,634,751

Security	Shares		Value
South Africa (continued)
Vodacom Group (Pty), Ltd.		444,200	$	14,713,865
Wilson Bayly Holmes-Ovcon, Ltd.		99,880		1,555,365
Woolworths Holdings, Ltd.		355,542		2,317,482
			$	211,097,400
South Korea — 6.2%
AMOREPACIFIC Corp.		1,183	$	947,745
AMOREPACIFIC Group, Inc.		2,641		803,956
BS Financial Group, Inc.		73,284		922,200
Celltrion, Inc.		24,236		881,744
Cheil Industries, Inc.		26,000		2,030,504
Cheil Worldwide, Inc.(1)		38,050		816,809
CJ CheilJedang Corp.		3,500		793,043
CJ Corp.		9,583		950,206
CJ O Shopping Co., Ltd.		1,122		337,442
Daelim Industrial Co., Ltd.		6,870		517,848
Daesang Corp.		29,700		806,545
Daewoo Engineering & Construction Co., Ltd.(1)		60,100		371,037
Daewoo Industrial Development Co., Ltd.(1)(2)		3,501		25,183
Daewoo International Corp.		10,502		323,059
Daewoo Securities Co., Ltd.		86,759		755,695
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		31,080		680,975
DGB Financial Group Co., Ltd.		64,880		881,836
Dong-A Pharmaceutical Co., Ltd.		1,569		149,343
Dong-A ST Co., Ltd.(1)		2,658		276,960
Dongbu Insurance Co., Ltd.		27,320		1,152,132
Dongkuk Steel Mill Co., Ltd.		18,400		173,585
Doosan Corp.		4,600		515,707
Doosan Heavy Industries & Construction Co., Ltd.		18,350		679,552
Doosan Infracore Co., Ltd.(1)		22,060		205,018
E-Mart Co., Ltd.		5,011		880,015
GS Engineering & Construction Corp.		28,600		698,597
GS Holdings Corp.		32,154		1,439,156
Hana Financial Group, Inc.		113,771		3,291,576
Hanjin Shipping Co., Ltd.(1)		74,800		465,546
Hanjin Transportation Co., Ltd.		10,500		207,123
Hankook Tire Co., Ltd.		27,617		1,271,884
Hanwha Chemical Corp.		65,820		955,735
Hanwha Corp.		27,900		713,218
Hanwha Securities Co., Ltd.(1)		49,695		158,933
Hite-Jinro Co., Ltd.		17,806		485,134
Honam Petrochemical Corp.		10,200		1,266,822
Hotel Shilla Co., Ltd.		12,750		678,770
Hynix Semiconductor, Inc.(1)		129,670		3,519,587
Hyosung Corp.		13,800		709,174
Hyundai Department Store Co., Ltd.		5,600		732,804

20 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
Hyundai Development Co.		26,580	$	577,341
Hyundai Engineering & Construction Co., Ltd.		20,070		975,979
Hyundai Glovis Co., Ltd.		11,450		1,936,043
Hyundai Heavy Industries Co., Ltd.		11,813		1,884,342
Hyundai Hysco Co., Ltd.		21,200		632,831
Hyundai Marine & Fire Insurance Co., Ltd.		34,950		925,388
Hyundai Merchant Marine Co., Ltd.(1)		46,400		580,295
Hyundai Mipo Dockyard Co., Ltd.		2,620		286,320
Hyundai Mobis		17,000		4,047,234
Hyundai Motor Co.		37,690		7,392,162
Hyundai Motor Co., PFC Shares		12,900		1,125,524
Hyundai Securities Co., Ltd.		48,800		271,047
Hyundai Steel Co.		32,500		1,819,706
Hyundai Wia Corp.		6,700		990,402
Industrial Bank of Korea		71,500		682,051
Kangwon Land, Inc.		36,658		1,010,240
KB Financial Group, Inc.		123,629		3,666,545
KB Financial Group, Inc. ADR		48,488		1,436,699
KCC Corp.		1,710		488,839
Kia Motors Corp.		66,000		3,564,147
KIWOOM Securities Co., Ltd.		8,011		385,758
Korea Electric Power Corp.(1)		170,310		3,917,303
Korea Express Co., Ltd.(1)		4,378		364,531
Korea Gas Corp.		12,900		593,449
Korea Investment Holdings Co., Ltd.		15,600		563,246
Korea Zinc Co., Ltd.		6,700		1,622,972
Korean Air Lines Co., Ltd.(1)		23,066		618,289
Korean Reinsurance Co.		51,446		471,242
KT Corp.		87,949		2,749,790
KT&G Corp.		35,480		2,302,163
KTB Securities Co., Ltd.(1)		80,000		218,920
Kumho Petro Chemical Co., Ltd.		11,100		797,355
LG Chem, Ltd.		22,204		4,889,701
LG Corp.		31,873		1,764,630
LG Display Co., Ltd.(1)		55,400		1,321,835
LG Electronics, Inc.		28,896		1,836,591
LG Hausys, Ltd.		4,611		426,548
LG Household & Health Care, Ltd.		2,800		1,363,868
LG Life Sciences, Ltd.(1)		9,500		397,881
LG Uplus Corp.(1)		106,713		1,115,750
LIG Insurance Co., Ltd.		23,590		480,551
Lotte Shopping Co., Ltd.		4,500		1,393,796
LS Corp.		7,030		425,049
LS Industrial Systems Co., Ltd.		4,500		224,887
Mirae Asset Securities Co., Ltd.		14,770		535,852
Namhae Chemical Corp.		32,500		218,814

Security	Shares		Value
South Korea (continued)
NCsoft Corp.		5,300	$	747,006
NHN Corp.		11,358		2,883,630
Nong Shim Co., Ltd.		1,100		254,598
OCI Co., Ltd.		10,020		1,168,681
ORION Corp.		1,200		999,868
POSCO		40,700		10,608,707
S-Oil Corp.		24,372		1,553,961
S1 Corp.		10,130		555,676
Samsung C&T Corp.		35,130		1,648,547
Samsung Card Co., Ltd.		22,360		758,755
Samsung Electro-Mechanics Co., Ltd.		16,480		1,250,993
Samsung Electronics Co., Ltd.		29,330		34,281,601
Samsung Electronics Co., Ltd., PFC Shares		620		478,130
Samsung Engineering Co., Ltd.		7,400		476,518
Samsung Fine Chemicals Co., Ltd.		10,800		399,287
Samsung Fire & Marine Insurance Co., Ltd.		19,274		3,925,135
Samsung Heavy Industries Co., Ltd.		51,300		1,596,284
Samsung Life Insurance Co., Ltd.		47,800		4,511,681
Samsung SDI Co., Ltd.		9,900		1,175,179
Samsung Securities Co., Ltd.		30,712		1,231,324
Samsung Techwin Co., Ltd.		11,085		629,854
Shinhan Financial Group Co., Ltd.		210,862		6,913,737
Shinsegae Co., Ltd.		3,270		601,973
SK Chemicals Co., Ltd.		12,100		430,772
SK Holdings Co., Ltd.		8,641		1,278,007
SK Innovation Co., Ltd.		28,371		3,342,228
SK Networks Co., Ltd.		40,500		226,916
SK Telecom Co., Ltd.		18,500		3,402,250
SK Telecom Co., Ltd. ADR		25,326		514,878
TONGYANG Securities, Inc.		47,500		149,944
Woongjin Coway Co., Ltd.		15,560		756,127
Woori Finance Holdings Co., Ltd.		164,500		1,510,534
Woori Investment & Securities Co., Ltd.		65,922		642,134
Yuhan Corp.		4,370		703,723
Zyle Motor Sales Corp.(1)(2)		4,895		25,183
			$	190,399,925
Taiwan — 6.5%
Acer, Inc.(1)		873,380	$	620,858
Advanced Semiconductor Engineering, Inc.		1,687,281		1,404,572
Advantech Co., Ltd.		186,849		886,213
Altek Corp.		294,911		171,701
Ambassador Hotel		221,000		220,841
AmTRAN Technology Co., Ltd.		376,765		306,693
Asia Cement Corp.		1,137,993		1,397,608
Asia Optical Co., Inc.(1)		187,913		197,067

21 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Taiwan (continued)
Asustek Computer, Inc.		216,174	$	1,849,322
AU Optronics Corp.(1)		2,203,925		782,675
AU Optronics Corp. ADR(1)		33,754		116,789
Capital Securities Corp.		605,143		205,121
Catcher Technology Co., Ltd.		215,100		1,111,993
Cathay Financial Holding Co., Ltd.		3,296,785		4,480,439
Cathay Real Estate Development Co., Ltd.		660,000		416,502
Chang Hwa Commercial Bank		1,596,664		877,553
Cheng Shin Rubber Industry Co., Ltd.		1,548,914		4,865,956
Cheng Uei Precision Industry Co., Ltd.		149,516		293,444
Chicony Electronics Co., Ltd.		155,791		404,872
Chimei Innolux Corp.(1)		2,121,389		1,047,526
China Airlines, Ltd.(1)		940,963		352,477
China Development Financial Holding Corp.(1)		6,528,106		1,825,848
China Life Insurance Co., Ltd.(1)		1,028,646		1,011,311
China Motor Corp.		1,026,930		903,525
China Petrochemical Development Corp.		1,522,857		772,263
China Steel Corp.		5,886,864		4,813,022
Chinatrust Financial Holding Co., Ltd.		5,481,396		3,383,232
Chipbond Technology Corp.		240,000		584,004
Chong Hong Construction Co., Ltd.		150,351		540,302
Chunghwa Telecom Co., Ltd.		2,476,909		8,287,735
Clevo Co.		206,579		349,247
CMC Magnetics Corp.(1)		1,370,000		248,474
Compal Electronics, Inc.		1,488,557		832,259
Coretronic Corp.		282,312		229,535
D-Link Corp.		359,590		219,248
Delta Electronics, Inc.		566,603		2,573,217
Dynapack International Technology Corp.		67,666		203,545
E Ink Holdings, Inc.		249,000		142,264
E.Sun Financial Holding Co., Ltd.		2,042,891		1,241,887
Elan Microelectronics Corp.		142,410		317,384
Epistar Corp.		321,439		560,036
Eternal Chemical Co., Ltd.		310,905		263,017
EVA Airways Corp.(1)		1,467,999		835,028
Evergreen International Storage & Transport Corp.		266,000		163,861
Evergreen Marine Corp.(1)		1,159,717		631,714
Everlight Chemical Industrial Corp.		311,850		214,461
Everlight Electronics Co., Ltd.		103,212		168,399
Far Eastern Department Stores, Ltd.		1,424,848		1,348,674
Far Eastern International Bank		860,164		346,862
Far Eastern New Century Corp.		1,227,162		1,324,239
Far EasTone Telecommunications Co., Ltd.		1,199,364		3,214,420
Faraday Technology Corp.		437,215		446,485
Feng Hsin Iron & Steel Co., Ltd.		172,000		303,039
First Financial Holding Co., Ltd.		2,742,676		1,616,462

Security	Shares		Value
Taiwan (continued)
Formosa Chemicals & Fibre Corp.		1,728,364	$	4,226,891
Formosa International Hotels Corp.		30,598		358,087
Formosa Petrochemical Corp.		985,153		2,500,110
Formosa Plastics Corp.		2,310,436		5,573,028
Formosa Taffeta Co., Ltd.		545,000		516,195
Formosan Rubber Group, Inc.		450,000		369,554
Foxconn International Holdings, Ltd.(1)		1,168,000		638,511
Foxconn Technology Co., Ltd.		302,512		728,106
Fubon Financial Holding Co., Ltd.		2,872,833		3,902,188
Giant Manufacturing Co., Ltd.		228,093		1,563,468
Gintech Energy Corp.(1)		266,294		248,193
Goldsun Development & Construction Co., Ltd.		617,053		243,736
Great Wall Enterprise Co., Ltd.		247,202		211,047
HannStar Display Corp.(1)		926,742		393,489
Highwealth Construction Corp.		166,952		349,188
Hon Hai Precision Industry Co., Ltd.		2,997,019		7,324,803
Hotai Motor Co., Ltd.		98,000		1,050,662
HTC Corp.		208,311		1,650,434
Hua Nan Financial Holdings Co., Ltd.		2,326,792		1,299,742
Huaku Development Co., Ltd.		187,010		537,753
Inotera Memories, Inc.(1)		2,102,619		1,084,248
Inventec Co., Ltd.		817,753		452,938
King Yuan Electronics Co., Ltd.		711,274		521,697
Kinsus Interconnect Technology Corp.		166,280		628,329
Largan Precision Co., Ltd.		45,042		1,429,134
Lee Chang Yung Chemical Industry Corp.		253,644		315,585
Lite-On Technology Corp.		736,684		1,287,693
Macronix International Co., Ltd.		1,015,868		234,178
MediaTek, Inc.		378,371		4,362,081
Mega Financial Holding Co., Ltd.		4,171,507		3,151,286
Merida Industry Co., Ltd.		415,150		2,450,907
Mitac International Corp.		626,073		223,101
Nan Kang Rubber Tire Co., Ltd.		889,819		1,024,564
Nan Ya Plastics Corp.		2,976,538		6,232,077
Nanya Technology Corp.(1)		2,813,575		545,997
Novatek Microelectronics Corp., Ltd.		160,479		773,167
Oriental Union Chemical Corp.		453,200		417,825
Pegatron Corp.(1)		553,486		909,010
Phison Electronics Corp.		43,692		357,519
Pou Chen Corp.		2,168,764		2,048,525
Powertech Technology, Inc.		366,725		684,319
President Chain Store Corp.		619,120		4,047,076
Quanta Computer, Inc.		905,065		1,946,752
Radiant Opto-Electronics Corp.		200,340		653,450
Radium Life Tech Co., Ltd.		322,376		226,427
Realtek Semiconductor Corp.		163,903		385,969

22 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Taiwan (continued)
RichTek Technology Corp.		87,497	$	386,174
Ritek Corp.(1)		968,757		182,375
Ruentex Development Co., Ltd.		303,019		545,806
Ruentex Industries, Ltd.		1,061,071		2,330,826
Sanyang Industrial Co., Ltd.(1)		1,509,000		1,391,296
Shin Kong Financial Holding Co., Ltd.(1)		2,904,234		973,230
Shin Kong Synthetic Fibers Corp.		965,996		306,082
Siliconware Precision Industries Co., Ltd.		431,260		542,945
Siliconware Precision Industries Co., Ltd. ADR		74,607		467,786
Simplo Technology Co., Ltd.		123,820		533,616
Sincere Navigation		188,000		165,763
Sino-American Silicon Products, Inc.		183,259		232,673
SinoPac Financial Holdings Co., Ltd.		3,020,375		1,428,401
Solar Applied Materials Technology Corp.		329,817		311,792
Synnex Technology International Corp.		651,960		846,968
Tainan Spinning Co., Ltd.		1,368,506		640,195
Taishin Financial Holdings Co., Ltd.		2,806,509		1,232,158
Taiwan Business Bank(1)		1,596,551		473,929
Taiwan Cement Corp.		1,724,118		2,112,426
Taiwan Cooperative Financial Holding Co., Ltd.		1,759,005		971,759
Taiwan Fertilizer Co., Ltd.		436,000		1,048,254
Taiwan Glass Industry Corp.		252,874		227,142
Taiwan Life Insurance Co., Ltd.(1)		361,770		275,419
Taiwan Mobile Co., Ltd.		1,170,052		4,609,597
Taiwan Semiconductor Manufacturing Co., Ltd.		6,125,873		22,176,236
Taiwan Tea Corp.		661,346		383,133
Tatung Co., Ltd.(1)		1,214,645		303,997
Teco Electric & Machinery Co., Ltd.		989,000		984,473
Tong Yang Industry Co., Ltd.		370,562		438,839
TPK Holding Co., Ltd.		83,515		1,328,538
Transcend Information, Inc.		63,886		197,018
Tripod Technology Corp.		152,979		328,253
TSRC Corp.		362,940		694,584
TTY Biopharm Co., Ltd.		264,428		886,417
Tung Ho Steel Enterprise Corp.		293,385		265,945
U-Ming Marine Transport Corp.		202,000		316,124
Uni-President Enterprises Corp.		3,299,514		6,413,819
Unimicron Technology Corp.		527,171		502,061
United Microelectronics Corp.		3,348,361		1,602,484
United Microelectronics Corp. ADR		93,397		217,615
Vanguard International Semiconductor Corp.		784,175		881,178
Walsin Lihwa Corp.(1)		1,085,980		305,636
Wan Hai Lines, Ltd.(1)		606,375		311,259
Waterland Financial Holdings		1,455,302		484,300
Wintek Corp.(1)		706,482		307,973
Wistron Corp.		823,123		829,962

Security	Shares		Value
Taiwan (continued)
WPG Holdings Co., Ltd.		548,136	$	644,652
Yageo Corp.(1)		1,003,000		339,118
Yang Ming Marine Transport(1)		1,116,288		460,378
Yieh Phui Enterprise		955,867		265,052
Yuanta Financial Holding Co., Ltd.		4,619,071		2,393,845
Yuen Foong Yu Paper Manufacturing Co., Ltd.		1,451,414		661,063
Yulon Motor Co., Ltd.		1,212,420		1,932,763
			$	201,097,587
Thailand — 3.4%
Advanced Info Service PCL(6)		1,279,600	$	11,568,134
Airports of Thailand PCL(6)		383,300		2,071,418
AP Thailand PCL(6)		2,209,200		460,992
Bangkok Bank PCL		104,400		681,490
Bangkok Bank PCL(6)		264,800		1,763,649
Bangkok Bank PCL NVDR		35,000		228,469
Bangkok Dusit Medical Services PCL(6)		781,000		3,945,560
Bangkok Expressway PCL(6)		895,900		1,028,852
Bank of Ayudhya PCL(6)		1,814,000		2,063,034
Banpu PCL(6)		135,800		1,051,756
BEC World PCL(6)		1,531,300		2,897,260
Berli Jucker PCL(6)		725,500		1,162,630
Big C Supercenter PCL(6)		113,000		674,627
Bumrungrad Hospital PCL(6)		368,300		904,898
Cal-Comp Electronics (Thailand) PCL(6)		1,800,000		158,358
Central Pattana PCL(6)		1,081,400		1,560,566
Charoen Pokphand Foods PCL(6)		2,276,500		1,884,918
CP ALL PCL(6)		3,026,100		3,790,812
Delta Electronics (Thailand) PCL(6)		1,147,270		1,475,960
Electricity Generating PCL(6)		189,500		823,260
G Steel PCL(6)		23,786,500		144,330
Glow Energy PCL(6)		377,600		870,884
Hana Microelectronics PCL(6)		1,416,900		883,143
Indorama Ventures PCL(6)		1,287,100		736,856
IRPC PCL(6)		3,989,000		422,125
Italian-Thai Development PCL(1)(6)		5,763,400		919,832
Kasikornbank PCL(6)		1,026,000		6,431,953
Kiatnakin Bank PCL(6)		350,000		594,296
Krung Thai Bank PCL(6)		2,520,125		1,637,748
Land & Houses PCL(6)		6,197,300		2,252,900
Major Cineplex Group PCL(6)		754,100		508,227
Minor International PCL(6)		2,431,691		1,931,141
Precious Shipping PCL(6)		622,500		354,774
PTT Exploration & Production PCL(6)		1,106,816		5,629,608
PTT Global Chemical PCL(6)		882,250		1,947,873
PTT PCL(6)		605,700		6,513,555

23 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
Thailand (continued)
Quality House PCL(6)		5,102,500	$	506,624
Ratchaburi Electricity Generating Holding PCL(6)		578,300		957,701
Sahaviriya Steel Industries PCL(1)(6)		10,773,660		138,946
Shin Corp. PCL(6)		426,000		1,185,026
Siam Cement PCL(6)		263,800		3,870,857
Siam City Cement PCL(6)		42,900		527,318
Siam Commercial Bank PCL(6)		1,090,500		6,004,960
Siam Makro PCL(6)		157,600		3,952,701
Sino Thai Engineering & Construction PCL(6)		2,724,300		1,702,039
Thai Airways International PCL(6)		1,290,500		1,025,219
Thai Beverage PCL		3,621,000		1,683,547
Thai Oil PCL(6)		490,400		988,820
Thai Tap Water Supply Co., Ltd.(6)		3,000,000		975,412
Thai Union Frozen Products PCL(6)		860,498		1,612,993
Thanachart Capital PCL(6)		523,300		645,687
Thoresen Thai Agencies PCL(1)(6)		1,007,986		533,855
TMB Bank PCL(6)		15,227,400		1,090,687
Total Access Communication PCL(6)		1,135,000		4,256,154
TPI Polene PCL(6)		1,130,500		405,872
True Corp. PCL(1)(6)		7,010,292		1,502,119
			$	105,542,425
Turkey — 3.1%
Akbank TAS		1,453,081	$	5,912,983
Akcansa Cimento AS		55,100		323,976
Akenerji Elektrik Uretim AS(1)		524,095		377,506
Aksa Akrilik Kimya Sanayii AS		228,054		800,448
Alarko Holding AS		207,704		622,284
Anadolu Anonim Turk Sigorta Sirketi(1)		368,571		236,482
Anadolu Efes Biracilik ve Malt Sanayii AS		221,148		3,208,065
Arcelik AS		325,221		2,148,213
Asya Katilim Bankasi AS(1)		874,200		810,393
Aygaz AS		177,606		815,471
Bagfas Bandirma Gubre Fabrikalari AS		17,600		382,953
BIM Birlesik Magazalar AS		223,992		4,858,311
Cimsa Cimento Sanayi ve Ticaret AS		64,400		438,579
Coca-Cola Icecek AS		65,400		1,880,332
Dogan Sirketler Grubu Holding AS(1)		2,058,552		1,033,984
Dogus Otomotiv Servis ve Ticaret AS		140,556		712,684
Eczacibasi Ilac Sanayi ve Ticaret AS		331,500		358,179
Enka Insaat ve Sanayi AS		1,749,857		4,389,325
Eregli Demir ve Celik Fabrikalari TAS		2,804,083		2,887,966
Gubre Fabrikalari TAS(1)		96,700		686,244
Haci Omer Sabanci Holding AS		848,449		4,460,660
Ihlas Holding AS(1)		1,888,400		801,562
Is Gayrimenkul Yatirim Ortakligi AS		429,658		311,373

Security	Shares		Value
Turkey (continued)
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		2,019,018	$	1,506,423
KOC Holding AS		906,743		4,345,296
Koza Altin Isletmeleri AS		84,800		1,033,550
Net Holding AS		282,129		365,478
Petkim Petrokimya Holding AS(1)		807,341		1,182,626
Sekerbank TAS(1)		658,499		638,639
Selcuk Ecza Deposu Ticaret ve Sanayi AS		243,000		229,189
TAV Havalimanlari Holding AS		257,200		1,504,338
Tekfen Holding AS		307,071		1,049,205
Tofas Turk Otomobil Fabrikasi AS		172,700		1,077,217
Trakya Cam Sanayii AS		406,738		555,971
Tupras-Turkiye Petrol Rafinerileri AS		203,541		4,970,080
Turcas Petrolculuk AS		350,729		579,167
Turk Hava Yollari Anonim Ortakligi (THY) AS		1,051,542		4,085,528
Turk Sise ve Cam Fabrikalari AS		600,783		840,334
Turk Telekomunikasyon AS		804,700		3,114,461
Turkcell Iletisim Hizmetleri AS(1)		996,794		5,734,287
Turkcell Iletisim Hizmetleri AS ADR(1)		38,494		553,159
Turkiye Garanti Bankasi AS		2,006,174		8,744,884
Turkiye Halk Bankasi AS		422,200		3,577,293
Turkiye Is Bankasi		1,315,506		3,882,714
Turkiye Sinai Kalkinma Bankasi AS		885,476		876,439
Turkiye Vakiflar Bankasi TAO		615,021		1,531,443
Ulker Gida Sanayi ve Ticaret AS		204,629		1,483,954
Vestel Elektronik Sanayi ve Ticaret AS(1)		209,707		253,883
Yapi ve Kredi Bankasi AS		725,093		1,648,409
Yazicilar Holding AS		39,000		476,628
			$	94,298,568
Ukraine — 0.1%
Astarta Holding NV(1)		17,054	$	311,004
Avangardco Investments Public, Ltd. GDR(1)		17,607		154,620
Ferrexpo PLC		603,145		1,224,610
MHP SA GDR(3)		83,821		1,425,798
			$	3,116,032
United Arab Emirates — 1.8%
Aabar Investments (PJSC)(2)		3,577,200	$	0
Abu Dhabi Commercial Bank (PJSC)		3,871,886		5,297,732
Abu Dhabi National Hotels		832,200		469,374
Agthia Group (PJSC)		550,000		487,004
Air Arabia (PJSC)		11,948,600		3,467,801
Ajman Bank (PJSC)(1)		1,582,800		919,248
Aldar Properties (PJSC)		3,816,500		2,223,756

24 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Shares		Value
United Arab Emirates (continued)
Arabtec Holding Co.		9,132,474	$	5,037,125
Aramex (PJSC)		1,800,210		1,206,679
Dana Gas(1)		15,977,987		2,359,770
DP World, Ltd.		539,236		8,339,553
Dubai Financial Market(1)		2,934,100		1,366,985
Dubai Investments (PJSC)		1,158,168		408,321
Emaar Properties (PJSC)		5,962,400		8,469,616
First Gulf Bank (PJSC)		1,394,394		6,066,399
National Bank of Abu Dhabi (PJSC)		1,929,757		5,930,766
National Central Cooling Co. (Tabreed)		1,050,547		497,784
Ras Al Khaimah Co.		684,200		263,618
Ras Al Khaimah Properties (PJSC)		2,084,600		312,357
Union National Bank		1,123,893		1,419,248
Waha Capital (PJSC)		2,068,608		455,912
			$	54,999,048
Vietnam — 0.6%
Bank for Foreign Trade of Vietnam JSC		441,540	$	582,604
Baoviet Holdings		371,340		736,671
Development Investment Construction Corp.		404,260		197,567
FPT Corp.		523,082		1,029,002
Gemadept Corp.(1)		108,333		128,680
Hagl JSC(1)		1,048,800		1,023,833
Hoa Phat Group JSC		999,900		1,326,337
Kim Long Securities Corp.(1)		1,311,300		517,093
Kinh Bac City Development Share Holding Corp.(1)		590,200		204,207
Kinhdo Corp.		322,680		714,967
Masan Group Corp.(1)		238,000		995,656
PetroVietnam Construction JSC(1)		870,460		205,316
PetroVietnam Drilling and Well Services JSC		538,346		1,196,286
PetroVietnam Fertilizer and Chemical JSC		721,940		1,361,564
Refrigeration Electrical Engineering Corp.		487,200		555,962
Saigon Securities, Inc.		719,620		595,425
Song Da Urban & Industrial Zone Investment and Development JSC(1)		339,950		222,658
Tan Tao Investment Industry Co.(1)		953,417		304,368
Vietnam Construction and Import-Export JSC(1)		459,600		250,456
Vietnam Dairy Products JSC		514,642		3,195,584
Vietnam Joint Stock Commercial Bank for Industry and Trade(1)		528,249		497,268
Vincom JSC(1)		929,687		2,736,362
			$	18,577,866
Total Common Stocks (identified cost $2,451,471,220)			$	3,010,229,684

Corporate Bonds — 0.0%(5)
Security	Principal Amount (000’s omitted)		Value
India — 0.0%(5)
Dr. Reddy’s Laboratories, Ltd., 9.25%, 3/24/14	INR	729	$	12,396
Total Corporate Bonds (identified cost $16,136)			$	12,396

Equity-Linked Securities(7) — 0.9%
Security	Maturity Date		Shares		Value
Saudi Arabia — 0.9%
Abdullah Al Othaim Markets(4)		8/13/14		14,800	$	448,393
Al Rajhi Bank(4)		2/16/15		116,800		2,230,641
Al Tayyar(4)		7/2/15		37,350		642,353
Alinma Bank(4)		2/23/15		182,900		669,341
Almarai Co.(4)		11/24/14		46,947		884,075
Arab National Bank(4)		5/11/15		81,600		667,961
Bank Albilad(4)		4/30/15		78,800		538,933
Banque Saudi Fransi(4)		2/23/15		49,375		428,528
Company for Cooperative Insurance (The)(4)		5/11/15		21,600		175,374
Dar Al Arkan Real Estate Development(4)		8/10/15		70,500		197,379
Etihad Etissalat Co(4)		12/5/14		119,020		2,518,987
Fawaz Abdulaziz Alhokair Co.(4)		2/23/15		21,500		900,754
Fitaihi Holding Group(4)		9/24/15		57,200		231,065
Jarir Marketing Co.(4)		5/4/15		11,400		588,177
Mobile Telecommunications Co.(4)		5/4/15		88,722		238,338
Mohammad Al-Mojil Group(2)(4)		1/6/16		38,000		0
National Industrialization Co.(4)		5/4/15		117,783		824,393
Rabigh Refining and Petrochemicals Co.(4)		10/13/14		28,700		121,483
Rabigh Refining and Petrochemicals Co.(4)		5/4/15		55,300		234,077
Riyad Bank(4)		12/15/14		68,500		455,248
Sahara Petrochemical Co.(4)		9/21/15		101,700		389,135
Samba Financial Group(4)		2/10/15		70,600		929,936
Saudi Airlines Catering Co.(4)		8/3/15		14,700		468,391
Saudi Arabian Amiantit Co.(4)		5/11/15		82,700		307,611
Saudi Arabian Fertilizer Co.(4)		5/11/15		19,466		750,009
Saudi Arabian Mining Co.(4)		5/11/15		45,000		351,562
Saudi Basic Industries Corp(4)		2/23/15		91,400		2,223,826
Saudi British Bank(4)		10/4/13		63,533		630,177
Saudi Cable Co.(4)		8/10/15		56,000		198,593
Saudi Cement Co.(4)		8/10/15		20,250		548,042
Saudi Ceramic Co.(4)		4/13/15		9,000		266,972
Saudi Chemical Co.(4)		5/1/15		28,700		352,017

25 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Security	Maturity Date		Shares		Value
Saudi Arabia (continued)
Saudi Electricity Co.(4)		3/27/15		277,000	$	949,085
Saudi Industrial Investment Group(4)		3/27/15		49,800		338,605
Saudi International Petrochemical Co.(4)		3/27/15		67,870		412,609
Saudi Kayan Petrochemical Co.(4)		3/27/15		145,500		444,211
Saudi Pharmaceutical Industries and Medical Appliance Corp.(4)		9/24/15		33,074		449,757
Saudi Telecom Co.(4)		5/11/15		86,900		924,520
Savola Group(4)		2/2/15		93,100		1,218,856
Yamamah Saudi Cement Co. Ltd.(4)		2/2/15		23,300		315,293
Yanbu National Petrochemical Co.(4)		3/9/15		42,500		634,597
Total Equity-Linked Securities (identified cost $24,870,455)					$	26,099,304

Investment Funds — 0.2%
Security	Shares		Value
Vietnam Enterprise Investments, Ltd.(1)		3,319,633	$	7,170,407
Vietnam Growth Fund, Ltd.(1)		15,639		255,698
Total Investment Funds (identified cost $7,976,610)			$	7,426,105
Rights(1) — 0.0%(5)
Security	Shares		Value
Galfar Engineering & Contracting SAOG		186,081	$	40,116
Polimex-Mostostal SA		3,573,572		0
Total Rights (identified cost $0)			$	40,116
Warrants(1) — 0.0%(5)
Security	Shares		Value
Thoresen Thai Agencies PCL, Exp. 9/12/15, Strike THB 17.00		143,998	$	20,243
WCT Bhd, Exp. 12/11/17, Strike MYR 2.25		139,900		19,483
Total Warrants (identified cost $10,824)			$	39,726

Short-Term Investments — 0.8%
Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Euro Time Deposit, 0.01%, 7/1/13	$	24,405	$	24,405,398
Total Short-Term Investments (identified cost $24,405,398)			$	24,405,398
Total Investments — 99.3% (identified cost $2,508,750,643)			$	3,068,252,729
Other Assets, Less Liabilities — 0.7%			$	21,848,146
Net Assets — 100.0%			$	3,090,100,875

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

ADR	–	American Depositary Receipt
BDR	–	Brazilian 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
MYR	–	Malaysian Ringgit
THB	–	Thai Baht

⁽¹⁾  Non-income producing security.

⁽²⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

⁽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. At June 30, 2013, the aggregate value of these securities is $59,696,538 or 1.9% of the Fund’s net assets.

⁽⁴⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At June 30, 2013, the aggregate value of these securities is $27,503,948 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.

26 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Portfolio of Investments — continued

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		13.9	%	$	429,002,047
Hong Kong Dollar		7.6			234,079,955
South African Rand		6.8			209,964,854
New Taiwan Dollar		6.4			199,656,886
Mexican Peso		6.2			191,649,725
South Korean Won		6.1			188,448,348
Indian Rupee		5.8			178,115,661
Brazilian Real		5.0			155,338,217
Malaysian Ringgit		3.5			108,199,477
Thai Baht		3.3			102,055,382
Indonesian Rupiah		3.3			101,102,043
Polish Zloty		3.2			97,700,275
New Turkish Lira		3.0			93,745,409
Chilean Peso		2.1			64,209,251
Hungarian Forint		1.7			53,162,475
Kuwaiti Dinar		1.7			51,227,248
Philippine Peso		1.6			49,395,615
Qatari Riyal		1.6			49,099,614
United Arab Emirates Dirham		1.5			46,659,495
Czech Koruna		1.5			45,838,294
Colombian Peso		1.3			40,671,912
Egyptian Pound		1.3			40,079,072
Euro		1.0			31,323,051
Other currency, less than 1% each		9.9			307,528,423
Total Investments		99.3	%	$	3,068,252,729

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		26.5	%	$	819,441,112
Telecommunication Services		10.7			329,517,843
Materials		10.1			311,869,763
Industrials		9.9			307,152,064
Energy		9.7			299,892,188
Consumer Staples		9.7			299,572,103
Consumer Discretionary		7.6			233,762,498
Information Technology		7.3			224,706,501
Utilities		4.5			140,611,105
Health Care		2.3			69,883,653
Other		0.8			24,417,794
Investment Funds		0.2			7,426,105
Total Investments		99.3	%	$	3,068,252,729

27 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Statement of Assets and Liabilities

Assets	June 30, 2013
Investments, at value (identified cost, $2,508,750,643)	$	3,068,252,729
Cash		315,133
Foreign currency, at value (identified cost, $9,519,901)		9,440,570
Dividends and interest receivable		14,901,220
Receivable for investments sold		1,008
Receivable for Fund shares sold		13,411,731
Tax reclaims receivable		26,234
Total assets	$	3,106,348,625
Liabilities
Payable for investments purchased	$	10,426,912
Payable for Fund shares redeemed		2,952,060
Payable to affiliates:
Investment adviser fee		1,150,098
Administration fee		1,277,886
Accrued foreign capital gains taxes		440,794
Total liabilities	$	16,247,750
Net Assets	$	3,090,100,875
Sources of Net Assets
Paid-in capital	$	2,567,367,585
Accumulated net realized loss		(53,970,920	)
Accumulated undistributed net investment income		17,940,029
Net unrealized appreciation		558,764,181
Total	$	3,090,100,875
Institutional Class Shares
Net Assets	$	3,090,100,875
Shares Outstanding		67,365,567
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	45.87

* Redemption price per share is equal to the net asset value less any applicable redemption fee.

28 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Statement of Operations

Investment Income	Year Ended June 30, 2013
Dividends (net of foreign taxes, $9,373,971)	$	87,003,105
Interest (net of foreign taxes, $222)		2,801
Total investment income	$	87,005,906
Expenses
Investment adviser fee	$	13,323,109
Administration fee		14,801,206
Stock dividend tax		212,660
Total expenses	$	28,336,975
Net investment income	$	58,668,931
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	8,166,858
Foreign currency transactions		(713,968	)
Net realized gain	$	7,452,890
Change in unrealized appreciation (depreciation) —
Investments (net of increase in accrued foreign capital gains taxes of $121,458)	$	74,311,624
Foreign currency		(245,977	)
Net change in unrealized appreciation (depreciation)	$	74,065,647
Net realized and unrealized gain	$	81,518,537
Net increase in net assets from operations	$	140,187,468

29 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Statements of Changes in Net Assets

	Year Ended June 30,
Increase (Decrease) in Net Assets	2013			2012
From operations —
Net investment income	$	58,668,931		$	49,976,077
Net realized gain from investment and foreign currency transactions		7,452,890			34,979,102
Net change in unrealized appreciation (depreciation) from investments and foreign currency		74,065,647			(467,073,205	)
Net increase (decrease) in net assets from operations	$	140,187,468		$	(382,118,026	)
Distributions to shareholders —
From net investment income	$	(57,016,207	)	$	(36,176,571	)
Total distributions to shareholders	$	(57,016,207	)	$	(36,176,571	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	608,795,770		$	512,442,738
Net asset value of shares issued to shareholders in payment of distributions declared		41,805,812			24,327,108
Cost of shares redeemed		(297,772,023	)		(248,795,121	)
Redemption fees		5,353,251			4,158,615
Net increase in net assets from Fund share transactions	$	358,182,810		$	292,133,340
Net increase (decrease) in net assets	$	441,354,071		$	(126,161,257	)
Net Assets
At beginning of year	$	2,648,746,804		$	2,774,908,061
At end of year	$	3,090,100,875		$	2,648,746,804
Accumulated undistributed net investment income included in net assets
At end of year	$	17,940,029		$	15,032,045

30 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Financial Highlights

	Institutional Class
	Year Ended June 30,
	2013			2012			2011			2010			2009
Net asset value — Beginning of year	$	44.060		$	51.610		$	40.800		$	33.060		$	47.940
Income (Loss) From Operations
Net investment income(1)	$	0.941		$	0.874		$	0.794		$	0.634		$	0.731
Net realized and unrealized gain (loss)		1.724			(7.866	)		10.829			7.439			(15.029	)
Total income (loss) from operations	$	2.665		$	(6.992	)	$	11.623		$	8.073		$	(14.298	)
Less Distributions
From net investment income	$	(0.941	)	$	(0.631	)	$	(0.896	)	$	(0.425	)	$	(0.747	)
Total distributions	$	(0.941	)	$	(0.631	)	$	(0.896	)	$	(0.425	)	$	(0.747	)
Redemption fees(1)	$	0.086		$	0.073		$	0.083		$	0.092		$	0.165
Net asset value — End of year	$	45.870		$	44.060		$	51.610		$	40.800		$	33.060
Total Return(2)		6.14	%		(13.32	)%		28.74	%		24.66	%		(29.00	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	3,090,101		$	2,648,747		$	2,774,908		$	1,849,106		$	1,253,352
Ratios (as a percentage of average daily net assets):
Expenses		0.96	%		0.96	%		0.95	%		0.95	%		0.95	%
Net investment income		1.98	%		1.94	%		1.61	%		1.54	%		2.37	%
Portfolio Turnover		5	%		4	%		4	%		11	%		14	%

⁽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.

31 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Notes to Financial Statements

1  Significant Accounting Policies

Parametric Tax-Managed Emerging Markets Fund (formerly, Eaton Vance Parametric 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 Institutional Class (renamed from Class I effective March 1, 2013) 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 — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. 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.

Debt Obligations. 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 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. 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 Fund’s 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.

Fair Valuation. 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 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 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 dividends, interest 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.

At June 30, 2013, the Fund, for federal income tax purposes, had a capital loss carryforward of $51,352,860 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 amount of

32

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Notes to Financial Statements — continued

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, 2013.

During the year ended June 30, 2013, a capital loss carryforward of $5,716,872 was utilized to offset net realized gains by the Fund.

As of June 30, 2013, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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.

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). 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.

The tax character of distributions declared for the years ended June 30, 2013 and June 30, 2012 was as follows:

	Year Ended June 30,
	2013		2012
Distributions declared from:
Ordinary income	$	57,016,207	$	36,176,571

33

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Notes to Financial Statements — continued

During the year ended June 30, 2013, accumulated net realized loss was increased by $1,255,260 and accumulated undistributed net investment income was increased by $1,255,260 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, 2013, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

Undistributed ordinary income	$	40,040,510
Capital loss carryforward	$	(51,352,860	)
Net unrealized appreciation	$	534,045,640

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, 2013, the investment adviser fee amounted to $13,323,109. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. 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, 2013, the administration fee amounted to $14,801,206. 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.

Trustees and officers of the Fund who are members of EVM’s organization 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, 2013, 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, 2013 were paid by EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $478,952,063 and $134,356,512 respectively, for the year ended June 30, 2013.

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,
	2013			2012
Sales		12,678,806			11,388,605
Issued to shareholders electing to receive payments of distributions in Fund shares		867,521			593,685
Redemptions		(6,294,197	)		(5,633,449	)
Net increase		7,252,130			6,348,841

For the years ended June 30, 2013 and June 30, 2012, the Fund received $5,353,251 and $4,158,615, respectively, in redemption fees.

34

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Notes to Financial Statements — continued

6  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2013, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	2,533,469,184
Gross unrealized appreciation	$	874,524,507
Gross unrealized depreciation		(339,740,962	)
Net unrealized appreciation	$	534,783,545

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $600 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 0.08% 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, 2013.

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.

Ÿ Level 1 – quoted prices in active markets for identical investments

Ÿ Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

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.

35

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Notes to Financial Statements — continued

At June 30, 2013, 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	$	36,285,056	$	1,201,333,866		$	58,548	$	1,237,677,470
Emerging Europe		28,448,827		519,176,263			0		547,625,090
Latin America		582,349,690		—			—		582,349,690
Middle East/Africa		5,719,368		636,588,943			269,123		642,577,434
Total Common Stocks	$	652,802,941	$	2,357,099,072	**	$	327,671	$	3,010,229,684
Corporate Bonds	$	—	$	12,396		$	—	$	12,396
Equity-Linked Securities		—		26,099,304			0		26,099,304
Investment Funds		—		7,426,105			—		7,426,105
Rights		—		40,116			—		40,116
Warrants		39,726		—			—		39,726
Short-Term Investments		—		24,405,398			—		24,405,398
Total Investments	$	652,842,667	$	2,415,082,391		$	327,671	$	3,068,252,729

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

** 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.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended June 30, 2013 is not presented.

At June 30, 2013, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

10  Name Change

Effective March 1, 2013, the name of Parametric Tax-Managed Emerging Markets Fund was changed from Eaton Vance Parametric Tax-Managed Emerging Markets Fund.

36

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Series Trust II and Shareholders of Parametric Tax-Managed Emerging Markets Fund (formerly Eaton Vance Parametric Tax-Managed Emerging Markets Fund):

We have audited the accompanying statement of assets and liabilities of Parametric Tax-Managed Emerging Markets Fund (formerly Eaton Vance Parametric 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, 2013, and 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 five 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.

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, 2013, 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, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Parametric Tax-Managed Emerging Markets Fund as of June 30, 2013, 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 five 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 21, 2013

37

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in January 2014 will show the tax status of all distributions paid to your account in calendar year 2013. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the foreign tax credit.

Qualified Dividend Income.  The Fund designates approximately $57,775,016, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit.  The Fund paid foreign taxes of $9,223,010 and recognized foreign source income of $95,848,218.

38

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

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 continuation 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 23, 2013, 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 by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2013, as well as information considered during prior meetings of the committee. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

Ÿ An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

Ÿ An independent report comparing each fund’s total expense ratio and its components to comparable funds;

Ÿ An independent report comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

Ÿ Data regarding investment performance in comparison to benchmark indices and customized peer groups, in each case as approved by the Board with respect to the funds;

Ÿ For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

Ÿ Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

Ÿ 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;

Ÿ 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 the fund’s policies with respect to “soft dollar” arrangements;

Ÿ Data relating to portfolio turnover rates of each fund;

Ÿ 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;

Ÿ Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

Ÿ Reports detailing the financial results and condition of each adviser;

Ÿ 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;

Ÿ 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;

Ÿ Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

Ÿ 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;

Ÿ Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Ÿ A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

39

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Board of Trustees’ Contract Approval — continued

Other Relevant Information

Ÿ Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

Ÿ Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

Ÿ 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, 2013, with respect to one or more funds, the Board met eight 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 eight, twenty-one, five, nine and thirteen times respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund. The Board and its Committees considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters.

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 continuation of the investment advisory agreement of Parametric Tax-Managed Emerging Markets Fund (formerly Eaton Vance Parametric 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”), an affiliate of Eaton Vance Management, including their fee structures, is 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 the 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. With respect to the Adviser, the Board considered the Adviser’s responsibilities supervising the Sub-adviser. In particular, the Board considered 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 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 took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board 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

40

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Board of Trustees’ Contract Approval — continued

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 Eaton Vance Management 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 the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

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, 2012 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 administrative fee rates, payable by the Fund (referred to 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, 2012, 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 taken by management in recent years 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, including the Sub-adviser, in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser or the 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. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund, and in light of the level of the Adviser’s profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time.

41

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

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 186 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.

Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) and Directorships 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 186 registered investment companies. 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 and Hexavest Inc.
Noninterested Trustees
Scott E. Eston 1956	Trustee	Since 2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997). Directorships in the Last Five Years. None.
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.

42

Parametric Tax-Managed Emerging Markets Fund

June 30, 2013

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) and Directorships 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) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). 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	Distinguished Professor of Corporate and Business Law, Jack G. Clarke Business Law Institute, Cornell University Law School. Formerly, the Paul Hastings Professor of Corporate and Securities Law (2006-2012) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Directorships in the Last Five Years.(1) None.
Harriett Tee Taggart 1948	Trustee	Since 2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
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
Name and Year of Birth	Position(s) with the Trust	Length of Service	Principal Occupation(s) 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.
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.
James F. Kirchner(2) 1967	Treasurer	Since 2013	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 (except Mr. Eston and Ms. Taggart) 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).

⁽²⁾  Prior to 2013, Mr. Kirchner served as Assistant Treasurer of the Trust since 2007.

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.

43

Eaton Vance Funds

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:

Ÿ 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.

Ÿ 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.

Ÿ Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

Ÿ 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.

44

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

2050-8/13 TMEMSRC

Item 2. Code of Ethics

Not required in this filing.

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 a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), 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)

Parametric Tax-Managed Emerging Markets Fund (formerly, Eaton Vance Parametric 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 Fund, 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, 2012 and June 30, 2013 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.

Parametric Tax-Managed Emerging Markets Fund

Fiscal Years Ended	6/30/2012		6/30/2013
Audit Fees	$	71,220	$	74,770
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	28,590	$	30,030
All Other Fees(3)	$	1,240	$	0
Total(4)	$	101,050	$	104,800

⁽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.

⁽⁴⁾  Fees are paid by the Fund’s administrator pursuant to the terms of its administrative services agreement.

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	10/31/11		6/30/12			10/31/12		6/30/13
Audit Fees	$	15,660	$	71,220		$	16,620	$	74,770
Audit-Related Fees(1)	$	0	$	0		$	0	$	0
Tax Fees(2)	$	12,110	$	28,590		$	12,460	$	30,030
All Other Fees(3)	$	300	$	1,240		$	310	$	0
Total	$	28,070	$	101,050	(4)	$	29,390	$	104,800	(4)

⁽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 and other related tax compliance/planning matters.

⁽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.

⁽⁴⁾  Fees are paid by the Fund’s administrator pursuant to the terms of its administrative services agreement.

(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	10/31/11		6/30/12		10/31/12		6/30/13
Registrant(1)	$	12,410	$	29,830	$	12,770	$	30,030
Eaton Vance(2)	$	226,431	$	579,130	$	566,619	$	261,151

⁽¹⁾  Includes all of the Series in the Trust. During the fiscal years reported above, certain of the Funds were “feeder” funds in a “master-feeder” fund structure or funds of funds.

⁽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 required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not required in this filing.

Item 10. Submission of Matters to a Vote of Security Holders

No Material Changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(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.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Series Trust II

By:	/s/ Michael W. Weilheimer
	Michael W. Weilheimer
	President
Date:	August 19, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	August 19, 2013
By:	/s/ Michael W. Weilheimer
	Michael W. Weilheimer
	President
Date:	August 19, 2013