Parametric Tax-Managed Emerging Markets Fund (I)

Overview

Average Annual Returns (%) as of Dec 31, 2011
1/31/2012	as of Jan 31, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years
Fund at NAV	2.47	9.67	-7.92	27.42	4.81	17.11
Return After Taxes on Dist w/Max Sales Charge	—	—	-9.71	26.52	4.29	16.53
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-5.86	23.48	3.96	15.32
MSCI Emerging Markets Index¹	2.67	11.34	-6.64	27.25	4.85	14.70
12/31/2011	as of Dec 31, 2011
Fund at NAV	2.66	-18.05	-18.05	19.35	3.15	16.69
Return After Taxes on Dist w/Max Sales Charge	—	—	-19.63	18.51	2.64	16.11
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-12.32	16.36	2.55	14.95
MSCI Emerging Markets Index¹	4.42	-18.42	-18.42	20.07	2.40	13.85
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Performance less than one year is cumulative. 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 performance prior to February 6, 2004 is that of its predecessor, PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. Institutional shares for this fund are subject to a 2% redemption fee when exchanged or redeemed.

Fund Facts as of Jan 31, 2012
Class I Inception	06/30/1998
Investment Objective	Long-term, after-tax returns
Total Net Assets of Fund	$2.6B
Minimum Investment	$50000
Expense Ratio:²	0.95%
CUSIP	277907606

Top 10 Holdings (%)^3,4 as of Jan 31, 2012
America Movil SA
Gazprom
Samsung Electronic
China Mobile Limited
Sberbank
MTN Group Ltd.
Petroleo Brasileiro
Cia Vale Do Rio Doce
Taiwan Semiconductor Man.
OTP Bank
Total	9.05

Portfolio Management
David Stein, Ph.D			Managed Fund since 2007
Thomas Seto			Managed Fund since 2007

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Performance

Average Annual Returns (%) as of Dec 31, 2011
1/31/2012	as of Jan 31, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years
Fund at NAV	2.47	9.67	-7.92	27.42	4.81	17.11
Return After Taxes on Dist w/Max Sales Charge	—	—	-9.71	26.52	4.29	16.53
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-5.86	23.48	3.96	15.32
MSCI Emerging Markets Index¹	2.67	11.34	-6.64	27.25	4.85	14.70
12/31/2011	as of Dec 31, 2011
Fund at NAV	2.66	-18.05	-18.05	19.35	3.15	16.69
Return After Taxes on Dist w/Max Sales Charge	—	—	-19.63	18.51	2.64	16.11
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge	—	—	-12.32	16.36	2.55	14.95
MSCI Emerging Markets Index¹	4.42	-18.42	-18.42	20.07	2.40	13.85
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Performance less than one year is cumulative. 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 performance prior to February 6, 2004 is that of its predecessor, PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. Institutional shares for this fund are subject to a 2% redemption fee when exchanged or redeemed.

Calendar Year Returns (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	1.44	62.74	31.59	33.83	37.99	40.18	-51.01	68.20	23.34	-18.05
MSCI Emerging Markets Index¹	-6.17	55.82	25.55	34.00	32.17	39.39	-53.33	78.51	18.88	-18.42

Fund Facts
Expense Ratio:²	0.95%
Class I Inception	06/30/1998
Distribution Frequency	Annually

Risk Measures (3 Year)⁵ as of Jan 31, 2012
Alpha	2.25
Beta	0.91
R-Squared	97.13
Standard Deviation	24.21
Sharpe Ratio	1.13

Morningstar™ Ratings as of Jan 31, 2012
Time Period	Rating	Rating (Load Waived)	Funds in Diversified Emerging Mkts Category
Overall		—	352
3 Years		—	352
5 Years		—	241
10 Years		—	145
Based on Risk-Adjusted Returns. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. © 2011 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History
Date	NAV	NAV Change
Feb 17, 2012	$47.25	$0.27
Feb 16, 2012	$46.98	$0.30
Feb 15, 2012	$46.68	$0.05
Feb 14, 2012	$46.63	$-0.25
Feb 13, 2012	$46.88	$0.57
Feb 10, 2012	$46.31	$-0.73
Feb 09, 2012	$47.04	$0.04
Feb 08, 2012	$47.00	$0.37
Feb 07, 2012	$46.63	$0.03

Distribution History⁶
Ex-Date	Distribution	Reinvest NAV
Dec 28, 2011	$0.63090	$40.98
Dec 29, 2010	$0.89610	$50.64
Dec 30, 2009	$0.42450	$42.07
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years. Fund prospectus

Capital Gain History⁶
Ex-Date	Short-Term	Long-Term	Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years. Fund prospectus



Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month end, please refer to www.eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

1. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. 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.
2. Source: Fund prospectus.
5. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R—Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
6. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)^3,4 as of Jan 31, 2012
Foreign Common Stocks and ADR's	98.96
Cash & Equivalents	1.04
Total	100.00

Portfolio Statistics as of Jan 31, 2012
Median Market Cap:	$2.4B
Price/Earnings Ratio:	9.39
Number of Holdings:	1606
Price/Book Ratio:	1.45

GICS Sector Breakdown (%)^3,4 as of Jan 31, 2012
Sector	Fund	MSCI Emerging Markets Index¹
Consumer Discretionary	7.30	7.90
Consumer Staples	8.43	7.60
Energy	10.44	14.57
Financials	25.71	24.20
Health Care	1.86	1.02
Industrials	10.27	6.51
Information Technology	7.23	13.03
Materials	12.27	13.69
Telecom Services	10.68	7.86
Utilities	4.77	3.61
Cash	1.04	0.00

Assets by Country (%)³ as of Jan 31, 2012
China	9.06
Brazil	6.72
Russia	6.36
South Africa	6.32
India	6.32
Taiwan	6.25
Korea	6.13
Mexico	6.09
Thailand	3.65
Chile	3.17
View All

Geographic Mix (%)^3,4 as of Jan 31, 2012
Asia/Pacific	41.05
Latin America	20.06
Eastern Europe	18.07
Africa	10.72
Middle East	10.10

Fund Holdings (%)^3,7 as of Dec 31, 2011
Holding	% of Net Assets
America Movil SAB de CV	1.3059%
Samsung Electronics Co Ltd	1.1149%
Gazprom OAO	1.0919%
MTN Group Ltd	1.0595%
China Mobile Ltd	1.0254%
Sberbank of Russia	0.7157%
Taiwan Semiconductor Manufacturing Co Ltd	0.6435%
CEZ AS	0.6005%
Infosys Ltd	0.5499%
Cia de Bebidas das Americas	0.5268%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

1. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. 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.
3. Percent of total net assets.
4. Top 10 holdings exclude cash and equivalents.
7. Includes unaudited securities holdings (which exclude any derivatives positions.) Portfolio characteristic information (such as sector weightings, top ten holdings, etc.) presented for the Fund or Portfolio (if applicable) may differ slightly from the information listed if presented as of trade date. Due to rounding, holdings of less than 0.00005% may show as 0.0000%. Portfolio profile subject to change due to active management.

Insights & Analysis

Quarterly Commentary

No commentary information is available.

The views expressed in this report are those of 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 disclaims 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.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

Attribution

No attribution information is available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

Management

Biography

David Stein, Ph.D

Chief Investment Officer, Parametric Portfolio Associates
Joined Parametric Portfolio Associates 1996

David Stein is chief investment officer of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp., leading the firm's investment, research and technology activities. He maintains a focus on Parametric's intellectual capital, and is dedicated to advancing the art and science of investment management in the presence of taxes.

David's experience in the investment industry dates to 1987. Prior to joining Parametric in 1996, he held senior research, development and portfolio management positions at GTE Investment Management Corp., The Vanguard Group and IBM Retirement Funds. He has additional experience as a research scientist with IBM Research Laboratories, where he designed computer hardware and software systems.

David earned both a B.S. and an M.S. from the University of Witwatersrand, South Africa, and a Ph.D. in applied mathematics from Harvard University.

David holds a number of patents and is published in multiple academic journals, including Mathematics of Operations Research, The Journal of Wealth Management and the Journal of Portfolio Management, among others. He is on the After-Tax Subcommittee of the AIMR-PPS standards committee and on the advisory board of the Journal of Wealth Management.

Education

B.S. and M.S., University of Witwatersrand, South Africa
Ph.D. Harvard University

Experience

Managed Fund since 2007

Other funds managed

Biography

Thomas Seto

Director of Portfolio Management, Parametric Portfolio Associates
Joined Parametric Portfolio Associates 1998

Tom Seto is managing director of portfolio management and a portfolio manager at Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for all portfolio management activity at Parametric, including tax-managed core, OverlayOne and institutional structured equity strategies.

Prior to joining Parametric in 1998, Tom served as the head of U.S. Equity Index Investments at Barclays Global Investors, where he was responsible for portfolio management of all U.S. equity index strategies.

Tom earned a B.S. in electrical engineering from the University of Washington in 1985 and an M.B.A. in finance from the University of Chicago Booth School of Business in 1991.