EATON VANCE SERIES TRUST II (Form: N-CSR, Received: 08/26/2020 12:45:08)

Name and Year of Birth

Trust
Position(s)

Officer
Since⁽²⁾

Principal Occupation(s)
During Past Five Years

Principal Officers who are not Trustees (continued)

Richard F. Froio

1968

Chief Compliance Officer

Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Parametric

Tax-Managed Emerging Markets Fund

Annual Report

June 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/ppafunddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-260-0761. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

LOGO

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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser and Parametric, sub-adviser to the Fund, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.

Annual Report June 30, 2020

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			34
Federal Tax Information			35
Board of Trustees’ Contract Approval			36
Liquidity Risk Management Program			40
Management and Organization			41
Important Notices			44

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended June 30, 2020, emerging market equities posted a loss, declining -3.39% as measured by the MSCI Emerging Markets Index (the Index). The full-year result masked sharp swings in emerging market equities during a period of heightened volatility.

Fears of a trade war between the U.S. and China took center stage in the second half of 2019.

Weakness in China amid escalating trade war fears, as well as weak economic data, weighed on the largest Index constituent during much of the second half of 2019, driving broader benchmark results down. The course changed late in 2019, as a Phase One trade deal and central bank cuts drove a strong rally in emerging market equities to end the year.

Gains were short-lived, however, as growing fears of a coronavirus outbreak led to widespread risk-off sentiment and a broad sell-off, resulting in the first quarter posting the worst quarterly result for the asset class since the global financial crisis more than 10 years ago. Stocks in Latin America were some of the hardest hit, with many countries falling over 30% in local terms as investors reacted to the many unknowns of COVID-19. Much of the selling pressure was instigated by foreign participants, which put further pressure on currencies in the region as capital was repatriated into hard currencies such as the U.S. dollar. Despite experiencing a steep drop early in the coronavirus sell-off, China delivered the best results out of any country in the first quarter amid a V-shaped recovery from coronavirus-driven lows following targeted stimulus measures enacted by the central authority and the quick measures implemented to slow the coronavirus spread.

In another sharp reversal, emerging market equities experienced a strong rebound in the second quarter (Q2) 2020, posting the best quarterly result for the asset class since the global financial crisis. Coming off a very challenging first quarter, stocks in Latin America rebounded to post some of the strongest results in Q2. Latin American equities benefited from a rally in commodity prices, particularly in oil. China’s rebound slowed during the quarter, as concerns that the central authority hadn’t done enough to cushion the economy from the slowdown caused by the pandemic weighed on the country’s equity markets.

Fund Performance

For the 12-month period ended June 30, 2020, Parametric Tax-Managed Emerging Markets Fund (the Fund) had a total return of -14.61% for Institutional Class shares at net asset value (NAV), underperforming the Fund’s benchmark, the Index, which had a total return of -3.39% for the same period.

An underweight to China was the top detractor from performance relative to the Index during the period, as Chinese stocks were supported by targeted stimulus measures from Beijing and expectations of a V-shaped economic recovery from the coronavirus. An underweight to Taiwan further detracted from returns versus the Index. The Taiwanese market was supported by strong returns from the technology sector amid expectations of resilient chip demand for the year. An overweight to South Africa also detracted from relative performance, as weakness in the financial and materials sectors, along with a sharp drop in the rand, weighed heavily on U.S. dollar-based returns.

An underweight to Brazil was the top contributor to results relative to the Index. Expectations of an economic contraction this year triggered a sell-off in local equities and the real. In addition, an underweight to India enhanced relative returns, as concerns that the country’s fragile health care system would not be able to handle the COVID-19 pandemic sent stocks lower. Additionally, the sector diversification process within Saudi Arabia benefited relative performance during the period.

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.


		2

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Performance^2,3

Portfolio Managers Thomas C. Seto, Paul W. Bouchey, CFA and Jennifer Sireklove, CFA, 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		–14.61	%		–0.63	%		1.86	%



MSCI Emerging Markets Index		—		—		–3.39	%		2.86	%		3.27	%

% After-Tax Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years

After Taxes on Distributions		06/30/1998		06/30/1998		–14.88	%		–0.84	%		1.65	%
After Taxes on Distributions and Sales of Fund Shares		—		—		–7.89			–0.27			1.71

% 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 Institutional Class of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

LOGO

See Endnotes and Additional Disclosures in this report.


		3

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Fund Profile

Sector Allocation (% of net assets)⁵

LOGO

Geographic Allocation (% of common stocks)

LOGO

Top 10 Holdings (% of net assets)⁵


Tencent Holdings, Ltd.	1.3	%

Sberbank of Russia PJSC	0.8

Naspers, Ltd., Class N	0.7

America Movil SAB de CV, Series L	0.7

Yandex NV, Class A	0.6

Alibaba Group Holding, Ltd. ADR	0.5

CNOOC, Ltd.	0.5

Credicorp, Ltd.	0.5

Samsung Electronics Co., Ltd.	0.5

Fomento Economico Mexicano SAB de CV, Series UBD	0.5

Total	6.6	%

See Endnotes and Additional Disclosures in this report.


		4

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Endnotes and Additional Disclosures

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.

MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes 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.

Institutional Class shares are offered at net asset value (NAV). Prior to September 1, 2016, Institutional Class shares were subject to a 2% redemption fee at the time of exchange or redemption. Returns are historical and are calculated by determining the percentage change in NAV 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. The expense ratio for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Excludes cash and cash equivalents.

Fund	profile subject to change due to active management.


		5

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

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; distribution and/or service 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, 2020 – June 30, 2020).

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 (1/1/20)		Ending Account Value (6/30/20)		Expenses Paid During Period* (1/1/20 – 6/30/20)		Annualized Expense Ratio

Actual
Institutional Class	$	1,000.00	$	829.80	$	4.41		0.97	%

Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,020.00	$	4.87		0.97	%

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 182/366 (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, 2019.


		6

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments


Common Stocks — 99.4%
Security	Shares		Value

Argentina — 0.6%

Adecoagro S.A.⁽¹⁾		25,800	$	111,972

Banco Macro S.A., Class B		130,676		246,040

BBVA Banco Frances S.A.⁽¹⁾		76,594		98,613

Grupo Financiero Galicia S.A., Class B ADR		34,600		335,620

IRSA Inversiones y Representaciones S.A.⁽¹⁾		119,544		36,968

IRSA Propiedades Comerciales S.A.		1,808		2,971

Ledesma SAAI⁽¹⁾		259,501		53,785

MercadoLibre, Inc.⁽¹⁾		4,142		4,083,059

Molinos Agro S.A.		18,283		79,240

Molinos Rio de la Plata S.A., Class B⁽¹⁾		75,026		67,655

Pampa Energia S.A. ADR⁽¹⁾⁽²⁾		18,475		193,803

Telecom Argentina S.A. ADR		15,930		142,573

Ternium Argentina S.A.		2,005,200		619,143

Transportadora de Gas del Sur S.A.		262,657		286,455

YPF S.A. ADR		17,514		100,705

			$	6,458,602

Bahrain — 0.6%

Ahli United Bank BSC		8,019,131	$	4,607,171

Al Salam Bank-Bahrain BSC		7,288,538		1,258,613

GFH Financial Group BSC		1,581,727		243,639

Ithmaar Holding BSC⁽¹⁾		21,954,746		751,302

			$	6,860,725

Bangladesh — 0.8%

Aftab Automobiles, Ltd.		378,354	$	104,793

Al-Arafah Islami Bank, Ltd.		329,780		57,327

Bangladesh Export Import Co., Ltd.		972,613		148,617

Bangladesh Submarine Cable Co., Ltd.		178,728		182,268

Beximco Pharmaceuticals, Ltd.		71,885		57,799

BRAC Bank, Ltd.⁽¹⁾		585,089		219,365

British American Tobacco Bangladesh Co., Ltd.		86,051		919,948

BSRM Steels, Ltd.		1,375,000		543,187

Grameenphone, Ltd.		196,120		550,431

Heidelberger Cement Bangladesh, Ltd.		103,700		167,374

Islami Bank Bangladesh, Ltd.		1,059,602		217,802

Jamuna Oil Co., Ltd.		171,088		279,036

Khulna Power Co., Ltd.		1,070,095		570,708

LafargeHolcim Bangladesh, Ltd.⁽¹⁾		396,773		168,455

LankaBangla Finance, Ltd.⁽¹⁾		818,838		123,842

Meghna Petroleum, Ltd.		165,562		306,568

Olympic Industries, Ltd.		254,557		449,231

Padma Oil Co., Ltd.		175,100		342,129

Pubali Bank, Ltd.		1,761,286		431,245

Renata, Ltd.		16,746		202,332


Security	Shares		Value

Bangladesh (continued)

Singer Bangladesh, Ltd.		181,170	$	313,256

Social Islami Bank, Ltd.⁽¹⁾		1,204,589		167,842

Southeast Bank, Ltd.⁽¹⁾		2,415,517		321,170

Square Pharmaceuticals, Ltd.		278,448		565,344

Summit Power, Ltd.		597,049		246,756

Titas Gas Transmission & Distribution Co., Ltd.		884,903		310,050

Unique Hotel & Resorts, Ltd.		1,004,743		466,695

United Airways Bangladesh, Ltd.⁽¹⁾		7,278,815		121,418

United Commercial Bank, Ltd.⁽¹⁾		1,397,798		192,399

			$	8,747,387

Botswana — 0.6%

Absa Bank Botswana, Ltd.		1,308,506	$	604,147

Botswana Insurance Holdings, Ltd.		560,747		831,658

First National Bank of Botswana, Ltd.		5,711,600		1,161,891

Letshego Holdings, Ltd.		16,310,999		968,272

Sechaba Breweries Holdings, Ltd.		1,086,400		1,988,742

Sefalana Holding Co.		730,596		562,886

Standard Chartered Bank Botswana, Ltd.		850,790		100,225

			$	6,217,821

Brazil — 5.2%

Aliansce Sonae Shopping Centers S.A.⁽¹⁾		76,496	$	401,604

AMBEV S.A.		815,625		2,120,766

Atacadao S.A.		74,200		269,478

B2W Cia Digital⁽¹⁾		30,506		600,516

B3 S.A. - Brasil Bolsa Balcao		134,185		1,359,345

Banco Bradesco S.A., PFC Shares		443,283		1,687,346

Banco do Brasil S.A.		56,600		334,619

BR Malls Participacoes S.A.		688,754		1,276,666

Braskem S.A., PFC Shares		39,300		167,806

BRF S.A.⁽¹⁾		48,966		191,430

CCR S.A.		160,000		426,620

Centrais Eletricas Brasileiras S.A., PFC Shares		183,166		1,085,907

Cia Brasileira de Distribuicao		33,756		440,595

Cia de Saneamento Basico do Estado de Sao Paulo ADR		96,498		1,014,194

Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		158,652		610,032

Cia Hering		88,700		233,571

Cia Siderurgica Nacional S.A. ADR⁽²⁾		62,200		121,912

Cosan S.A.		25,284		329,737

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		107,524		451,798

EDP-Energias do Brasil S.A.		183,700		588,451

Embraer S.A. ADR⁽¹⁾		3,652		21,839

Engie Brasil Energia S.A.		120,125		929,748


		7		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

Brazil (continued)

Equatorial Energia S.A.		159,400	$	680,618

Ez Tec Empreendimentos e Participacoes S.A.		64,357		472,195

Fleury S.A.		130,600		590,547

Gol Linhas Aereas Inteligentes S.A., PFC Shares		103,400		352,710

Hypera S.A.		407,800		2,497,148

Iguatemi Empresa de Shopping Centers S.A.		88,100		540,287

Instituto Hermes Pardini S.A.		81,900		331,630

Itau Unibanco Holding S.A., PFC Shares		326,393		1,527,501

Itausa-Investimentos Itau S.A., PFC Shares		273,754		482,761

JBS S.A.		165,002		641,730

Klabin S.A., PFC Shares		498,200		375,613

Linx S.A.		60,800		283,311

Localiza Rent a Car S.A.		164,032		1,233,988

Lojas Americanas S.A., PFC Shares		142,784		844,925

Lojas Renner S.A.		145,450		1,118,003

M Dias Branco S.A.		32,600		243,446

Magazine Luiza S.A.		100,168		1,319,769

Marcopolo S.A., PFC Shares		353,932		190,695

MRV Engenharia e Participacoes S.A.		140,300		464,390

Multiplan Empreendimentos Imobiliarios S.A.		240,700		907,366

Natura & Co. Holding S.A.		126,300		926,678

Odontoprev S.A.		692,900		1,813,127

Pagseguro Digital, Ltd., Class A⁽¹⁾⁽²⁾		122,900		4,343,286

Petroleo Brasileiro S.A., PFC Shares		1,188,091		4,708,145

Raia Drogasil S.A.		41,900		852,316

Rumo S.A.⁽¹⁾		387,599		1,602,968

Suzano S.A.⁽¹⁾		80,641		545,555

Telefonica Brasil S.A., PFC Shares		74,605		658,921

TIM Participacoes S.A.		1,275,975		3,331,834

Totvs S.A.		274,200		1,167,270

Transmissora Alianca de Energia Electrica S.A.		140,276		724,841

Ultrapar Participacoes S.A.		152,348		514,914

Vale S.A.		409,418		4,210,047

Weg S.A.		204,014		1,898,668

YDUQS Participacoes S.A.		72,329		447,559

			$	57,508,742

Bulgaria — 0.1%

Albena AD		3,379	$	57,817

Bulgartabak Holding⁽¹⁾		3,450		10,807

CB First Investment Bank AD⁽¹⁾		54,000		79,309

Chimimport AD		825,588		498,850

Industrial Holding Bulgaria PLC⁽¹⁾		576,865		252,446

Petrol AD⁽¹⁾		19,052		4,515

Sopharma AD		303,500		558,726

			$	1,462,470


Security	Shares		Value

Chile — 2.5%

AES Gener S.A.		1,713,702	$	246,186

Aguas Andinas S.A., Series A		1,080,625		365,997

Almendral S.A.		5,119,951		252,445

Banco de Chile		18,104,601		1,597,983

Banco de Credito e Inversiones S.A.		32,457		1,102,487

Banco Santander Chile ADR		65,849		1,079,924

Besalco S.A.		596,000		305,873

Cencosud S.A.		854,449		1,196,270

Cia Cervecerias Unidas S.A. ADR		78,300		1,121,256

Cia Sud Americana de Vapores S.A.⁽¹⁾		7,802,824		178,779

Colbun S.A.		3,273,829		522,123

Embotelladora Andina S.A., Series B ADR⁽²⁾		34,372		523,142

Empresa Nacional de Telecomunicaciones S.A.		166,728		1,075,796

Empresas CMPC S.A.		719,303		1,429,148

Empresas COPEC S.A.		549,988		3,689,352

Enel Americas S.A.		7,896,770		1,192,110

Enel Americas S.A. ADR		140,171		1,052,684

Enel Chile S.A.		2,225,685		166,371

Enel Chile S.A. ADR		152,606		575,325

Engie Energia Chile S.A.		253,400		339,039

Falabella S.A.		897,402		2,840,571

Inversiones Aguas Metropolitanas S.A.		364,224		313,497

Itau CorpBanca Chile S.A.		76,460,274		206,556

Latam Airlines Group S.A. ADR⁽¹⁾⁽²⁾		133,807		180,639

Parque Arauco S.A.		818,312		1,484,398

Ripley Corp. S.A.		1,334,100		433,656

Salfacorp S.A.		383,783		201,386

Sociedad Matriz SAAM S.A.		6,677,681		434,935

Sociedad Quimica y Minera de Chile S.A. ADR		68,000		1,772,760

Sonda S.A.		741,285		487,331

Vina Concha y Toro S.A.		553,316		862,241

			$	27,230,260

China — 19.4%

3SBio, Inc.⁽¹⁾⁽⁴⁾		527,000	$	670,762

AAC Technologies Holdings, Inc.⁽²⁾		141,000		870,787

AECC Aviation Power Co., Ltd.		66,500		221,855

Agile Group Holdings, Ltd.		340,000		403,018

Agricultural Bank of China, Ltd., Class H		1,705,000		690,089

Air China, Ltd., Class H		982,000		590,380

Aisino Corp.		73,800		170,098

Alibaba Group Holding, Ltd. ADR⁽¹⁾		28,000		6,039,600

Aluminum Corp. of China, Ltd., Class H⁽¹⁾		2,606,000		491,522

Angang Steel Co., Ltd., Class H⁽²⁾		1,492,400		367,042

Anhui Conch Cement Co., Ltd., Class H		419,500		2,842,594

ANTA Sports Products, Ltd.		183,093		1,628,992


		8		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

China (continued)

AVIC Aircraft Co., Ltd., Class A		162,200	$	408,977

Baidu, Inc. ADR⁽¹⁾		11,200		1,342,768

Bank of Beijing Co., Ltd.		395,520		274,507

Bank of China, Ltd., Class H		3,518,000		1,303,183

Bank of Communications, Ltd., Class H		1,454,300		900,460

Bank of Nanjing Co., Ltd.		294,427		305,943

Bank of Ningbo Co., Ltd., Class A		87,300		325,316

BBMG Corp., Class H⁽²⁾		1,283,000		251,620

BeiGene, Ltd. ADR⁽¹⁾		11,325		2,133,630

Beijing Capital International Airport Co., Ltd., Class H		596,000		373,000

Beijing Enterprises Holdings, Ltd.		223,500		750,529

Beijing Enterprises Water Group, Ltd.		3,052,000		1,197,658

Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A		82,619		476,485

Beijing Originwater Technology Co., Ltd., Class A		171,376		197,471

Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A		459,880		279,214

Beijing Tongrentang Co., Ltd.		47,000		180,637

BOE Technology Group Co., Ltd., Class A		911,100		605,870

BYD Co., Ltd., Class H⁽²⁾		193,000		1,504,686

BYD Electronic (International) Co., Ltd.⁽²⁾		92,500		213,694

CGN Power Co., Ltd., Class H⁽⁴⁾		4,236,000		878,259

Changchun High & New Technology Industry Group, Inc., Class A		11,600		713,834

Changjiang Securities Co., Ltd., Class A		141,300		134,837

Chengdu Xingrong Environment Co., Ltd., Class A		238,200		155,278

China Aoyuan Group, Ltd.		236,000		288,442

China Bluechemical, Ltd., Class H		2,720,000		406,449

China Cinda Asset Management Co., Ltd., Class H		949,000		187,197

China CITIC Bank Corp., Ltd., Class H		997,000		436,893

China Coal Energy Co., Ltd., Class H		1,005,000		229,494

China Communications Construction Co., Ltd., Class H		1,076,000		610,287

China Communications Services Corp., Ltd., Class H		560,000		350,943

China Construction Bank Corp., Class H		4,549,580		3,700,549

China Dongxiang Group Co., Ltd.		3,981,000		355,518

China Eastern Airlines Corp., Ltd., Class H⁽¹⁾⁽²⁾		1,436,000		517,024

China Everbright Bank Co., Ltd.		341,400		173,154

China Everbright International, Ltd.		875,148		464,329

China Evergrande Group⁽²⁾		596,000		1,550,878

China Fortune Land Development Co., Ltd.		52,400		170,116

China Gas Holdings, Ltd.		768,000		2,379,161

China International Marine Containers Co., Ltd.		496,574		404,870

China Jinmao Holdings Group, Ltd.		1,186,000		844,030

China Life Insurance Co., Ltd., Class H		382,000		770,785

China Longyuan Power Group Corp., Ltd., Class H		2,055,000		1,158,620

China Medical System Holdings, Ltd.		702,000		830,192

China Mengniu Dairy Co., Ltd.⁽¹⁾		818,000		3,136,686


Security	Shares		Value

China (continued)

China Merchants Bank Co., Ltd., Class H		220,500	$	1,021,828

China Merchants Port Holdings Co., Ltd.		424,000		502,922

China Merchants Shekou Industrial Zone Holdings Co., Ltd.⁽⁵⁾		935,251		0

China Minsheng Banking Corp., Ltd., Class H		359,420		247,410

China Mobile, Ltd.		229,120		1,547,031

China Modern Dairy Holdings, Ltd.⁽¹⁾		2,514,000		283,781

China Molybdenum Co., Ltd., Class H		2,334,000		770,594

China National Building Material Co., Ltd., Class H		1,270,000		1,362,206

China National Nuclear Power Co., Ltd.		227,000		131,636

China Northern Rare Earth Group High-Tech Co., Ltd.		185,300		245,490

China Oilfield Services, Ltd., Class H		930,000		847,506

China Overseas Land & Investment, Ltd.		524,360		1,601,101

China Pacific Insurance (Group) Co., Ltd., Class H		198,600		533,774

China Petroleum & Chemical Corp., Class H		9,169,800		3,835,350

China Power International Development, Ltd.		2,268,000		417,410

China Railway Construction Corp., Ltd., Class H		947,500		750,512

China Railway Group, Ltd., Class H		1,826,000		942,559

China Resources Beer Holdings Co., Ltd.		268,000		1,495,976

China Resources Cement Holdings, Ltd.		870,000		1,072,991

China Resources Gas Group, Ltd.		362,000		1,771,197

China Resources Land, Ltd.		385,111		1,471,969

China Resources Medical Holdings Co., Ltd.		803,000		459,468

China Resources Pharmaceutical Group, Ltd.⁽⁴⁾		278,000		161,034

China Resources Power Holdings Co., Ltd.		751,000		885,874

China Shenhua Energy Co., Ltd., Class H		1,488,500		2,310,114

China Shipbuilding Industry Co., Ltd.		375,300		213,030

China Southern Airlines Co., Ltd., Class H⁽²⁾		846,500		378,538

China State Construction Engineering Corp., Ltd.		331,520		224,360

China Telecom Corp., Ltd., Class H		483,392		135,783

China Tourism Group Duty Free Corp., Ltd.		47,276		1,036,115

China Tower Corp., Ltd., Class H⁽⁴⁾		1,018,000		180,904

China Unicom (Hong Kong), Ltd.		406,290		221,061

China Union Holdings, Ltd., Class A		211,510		132,210

China United Network Communications, Ltd., Class A		421,766		289,969

China Vanke Co., Ltd., Class H		368,117		1,174,902

China Yangtze Power Co., Ltd.		236,900		636,097

CIFI Holdings Group Co., Ltd.		514,000		404,909

CITIC Guoan Information Industry Co., Ltd., Class A⁽¹⁾		585,250		197,943

CITIC, Ltd.		901,000		850,801

CNOOC, Ltd.		5,141,500		5,770,445

COSCO SHIPPING Development Co., Ltd., Class H		3,803,000		364,883

COSCO SHIPPING Energy Transportation Co., Ltd., Class H		1,016,000		455,047

COSCO SHIPPING Holdings Co., Ltd., Class H⁽¹⁾		1,905,650		550,359

COSCO SHIPPING Ports, Ltd.		528,000		284,804

Country Garden Holdings Co., Ltd.		1,126,000		1,396,577


		9		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

China (continued)

Country Garden Services Holdings Co., Ltd.		279,425	$	1,304,455

CSPC Pharmaceutical Group, Ltd.		1,509,600		2,859,010

Daqin Railway Co., Ltd.		370,862		369,714

Dong-E-E-Jiao Co., Ltd., Class A		25,300		128,364

Dongfeng Motor Group Co., Ltd., Class H		1,218,000		734,568

East Money Information Co., Ltd., Class A		163,814		470,219

Financial Street Holdings Co., Ltd., Class A		173,966		163,823

Ganfeng Lithium Co., Ltd., Class A		103,400		786,959

GD Power Development Co., Ltd.		566,200		148,502

GDS Holdings, Ltd. ADR⁽¹⁾		13,700		1,091,342

GEM Co., Ltd., Class A		217,400		153,761

Gemdale Corp.		128,201		249,283

GoerTek, Inc., Class A		307,800		1,287,147

Golden Eagle Retail Group, Ltd.		366,000		350,004

Gotion High-tech Co., Ltd., Class A		63,830		243,622

Great Wall Motor Co., Ltd., Class H		1,056,750		665,086

Gree Electric Appliances, Inc. of Zhuhai, Class A		94,600		759,784

Greentown China Holdings, Ltd.		436,000		438,849

Guangdong Baolihua New Energy Stock Co., Ltd., Class A		257,300		172,128

Guangdong Investment, Ltd.		1,315,177		2,268,533

Guanghui Energy Co., Ltd.		682,345		261,339

Guangzhou Automobile Group Co., Ltd., Class H		709,199		516,700

Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		210,000		530,401

Guangzhou R&F Properties Co., Ltd., Class H		178,400		209,943

Guosen Securities Co., Ltd., Class A		191,500		306,883

Haier Smart Home Co., Ltd.		135,829		341,144

Han’s Laser Technology Industry Group Co., Ltd., Class A		46,800		239,361

Hangzhou Hikvision Digital Technology Co., Ltd., Class A		51,300		221,651

Hengan International Group Co., Ltd.		240,000		1,889,090

Hengtong Optic-electric Co., Ltd.		98,560		230,083

Hesteel Co., Ltd., Class A		1,141,600		330,590

Huadian Power International Corp., Ltd., Class H		2,642,000		763,528

Huadong Medicine Co., Ltd., Class A		53,160		190,710

Hualan Biological Engineering, Inc., Class A		59,670		423,771

Huaneng Power International, Inc., Class H		2,928,000		1,104,364

Huayu Automotive Systems Co., Ltd.		82,100		243,155

Hubei Energy Group Co., Ltd., Class A		272,100		135,622

Huishan Dairy⁽²⁾⁽⁵⁾		1,750,000		0

Hundsun Technologies, Inc.		37,433		572,935

Iflytek Co., Ltd., Class A		37,950		202,115

Industrial & Commercial Bank of China, Ltd., Class H		3,844,000		2,323,958

Industrial Bank Co., Ltd.		179,000		400,715

Inner Mongolia BaoTou Steel Union Co., Ltd.		737,800		112,923

Inner Mongolia Yili Industrial Group Co., Ltd., Class A		34,300		151,453


Security	Shares		Value

China (continued)

JD.com, Inc. ADR⁽¹⁾		39,400	$	2,371,092

Jiangsu Expressway Co., Ltd., Class H		480,000		564,155

Jiangsu Hengrui Medicine Co., Ltd.		72,310		945,022

Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		15,400		229,855

Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A		81,550		419,409

Jiangxi Copper Co., Ltd., Class H		982,000		1,000,550

Jinke Properties Group Co., Ltd., Class A		244,151		282,623

Jinyu Bio-Technology Co., Ltd.		73,710		290,634

Jizhong Energy Resources Co., Ltd., Class A		283,400		121,524

Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd.		41,300		342,462

Kangde Xin Composite Material Group Co., Ltd., Class A⁽¹⁾⁽⁵⁾		56,492		0

Kingboard Holdings., Ltd.		169,200		441,647

Kingdee International Software Group Co., Ltd.⁽¹⁾		367,000		858,737

Kingsoft Corp, Ltd.⁽¹⁾		150,000		702,607

Kunlun Energy Co., Ltd.		330,000		216,126

Kweichow Moutai Co., Ltd.		9,410		1,954,151

KWG Group Holdings, Ltd.		165,500		281,194

Lee & Man Paper Manufacturing, Ltd.		876,000		476,135

Lenovo Group, Ltd.		2,596,000		1,448,416

Lepu Medical Technology Beijing Co., Ltd., Class A		69,200		357,533

Leyou Technologies Holdings, Ltd.⁽¹⁾		715,000		236,056

Li Ning Co., Ltd.		70,312		225,170

Logan Group Co., Ltd.		232,000		414,495

Longfor Group Holdings, Ltd.⁽⁴⁾		208,000		995,662

LONGi Green Energy Technology Co., Ltd.		123,033		711,686

Lonking Holdings, Ltd.		1,300,000		395,992

Luxshare Precision Industry Co., Ltd., Class A		205,651		1,503,597

Luye Pharma Group, Ltd.⁽²⁾⁽⁴⁾		1,117,000		686,775

Luzhou Laojiao Co., Ltd., Class A		31,300		405,004

Maanshan Iron & Steel Co., Ltd., Class H		2,099,000		565,219

MMG, Ltd.⁽¹⁾⁽²⁾		2,016,000		421,260

NARI Technology Co., Ltd.		85,600		246,675

NetEase, Inc. ADR		2,800		1,202,264

New Oriental Education & Technology Group, Inc. ADR⁽¹⁾		10,205		1,328,997

Nine Dragons Paper Holdings, Ltd.		759,000		693,952

Oceanwide Holdings Co., Ltd., Class A		270,200		144,659

Offshore Oil Engineering Co., Ltd.		168,800		109,353

Oriental Pearl Group Co., Ltd., Class A		300,595		411,619

Ourpalm Co., Ltd., Class A⁽¹⁾		363,500		378,096

Perfect World Co. Ltd, Class A		59,700		488,717

PetroChina Co., Ltd., Class H		6,846,300		2,289,339

PICC Property & Casualty Co., Ltd., Class H		513,000		426,336

Ping An Bank Co., Ltd., Class A		161,100		292,646

Ping An Insurance (Group) Co. of China, Ltd., Class H		279,500		2,786,332


		10		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

China (continued)

Pingdingshan Tianan Coal Mining Co., Ltd.⁽¹⁾		262,515	$	139,739

Poly Developments and Holdings Group Co., Ltd., Class A		132,100		276,952

Poly Property Group Co., Ltd.		1,264,000		382,955

Power Construction Corp. of China, Ltd.		186,917		91,833

Qingling Motors Co., Ltd., Class H		1,448,966		264,552

RiseSun Real Estate Development Co., Ltd., Class A		147,265		169,342

SAIC Motor Corp., Ltd.		135,500		326,971

Sanan Optoelectronics Co., Ltd.		132,000		469,016

SDIC Power Holdings Co., Ltd.		112,800		125,717

Seazen Group, Ltd.⁽¹⁾		316,000		274,393

Semiconductor Manufacturing International Corp.⁽¹⁾⁽²⁾		638,700		2,240,529

Shandong Gold Mining Co., Ltd.		62,032		325,983

Shanghai Electric Group Co., Ltd., Class H		1,644,000		468,846

Shanghai Fosun Pharmaceutical Group Co., Ltd.		232,500		779,470

Shanghai Industrial Holdings, Ltd.		291,000		449,477

Shanghai Pharmaceuticals Holding Co., Ltd., Class H		756,400		1,271,223

Shanghai Pudong Development Bank Co., Ltd., Class A		221,426		331,908

Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		120,525

Shanxi Xishan Coal & Electricity Power Co., Ltd., Class A		301,730		160,709

Shenergy Co., Ltd.		227,799		190,636

Shenwan Hongyuan Group Co., Ltd., Class A		357,100		255,808

Shenzhen Energy Group Co., Ltd., Class A		290,352		191,178

Shenzhen Inovance Technology Co., Ltd., Class A		60,600		326,713

Shenzhen Investment, Ltd.		944,000		300,532

Shenzhen Salubris Pharmaceuticals Co., Ltd., Class A		56,300		236,575

Shenzhen Sunway Communication Co., Ltd., Class A⁽¹⁾		52,400		395,482

Shenzhen World Union Group, Inc., Class A		291,100		115,313

Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		219,739		116,145

Shimao Group Holdings, Ltd.		137,000		585,711

Shui On Land, Ltd.		1,556,500		262,440

Siasun Robot & Automation Co., Ltd., Class A⁽¹⁾		69,900		135,701

Sichuan Chuantou Energy Co., Ltd.		152,000		199,617

Sino Biopharmaceutical, Ltd.		1,742,500		3,284,255

Sino-Ocean Group Holding, Ltd.		1,559,000		375,199

Sinopec Oilfield Service Corp., Class H⁽¹⁾		4,801,500		312,649

Sinopec Shanghai Petrochemical Co., Ltd., Class H		3,662,000		881,762

Sinopharm Group Co., Ltd., Class H		611,200		1,571,369

Sun Art Retail Group, Ltd.		948,500		1,627,268

Sunac China Holdings, Ltd.		379,000		1,603,923

Suning.com Co., Ltd, Class A		138,200		171,968

Sunny Optical Technology Group Co., Ltd.		99,300		1,598,182

Tasly Pharmaceutical Group Co., Ltd.		82,976		190,707

TBEA Co., Ltd.		168,219		161,946

TCL Technology Group Corp., Class A		372,800		328,525


Security	Shares		Value

China (continued)

Tencent Holdings, Ltd.		227,700	$	14,590,531

Tianqi Lithium Corp., Class A		41,411		135,251

Tingyi (Cayman Islands) Holding Corp.		822,000		1,280,482

Tonghua Dongbao Pharmaceutical Co., Ltd.		106,833		264,179

Tongling Nonferrous Metals Group Co., Ltd., Class A		443,200		121,457

TravelSky Technology, Ltd., Class H		984,000		1,742,205

Trip.com Group, Ltd. ADR⁽¹⁾		45,600		1,181,952

Tsingtao Brewery Co., Ltd., Class H		254,000		1,895,643

Uni-President China Holdings, Ltd.		290,000		290,088

United Laboratories International Holdings, Ltd. (The)		362,000		313,497

Wanhua Chemical Group Co., Ltd.		52,720		373,964

Want Want China Holdings, Ltd.		2,132,000		1,619,485

Weichai Power Co., Ltd., Class H		667,200		1,257,091

Wens Foodstuffs Group Co., Ltd., Class A		90,033		278,518

WH Group, Ltd.⁽⁴⁾		1,675,000		1,447,525

Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A		70,700		469,347

Wuliangye Yibin Co., Ltd., Class A		31,400		762,924

Wuxi Biologics Cayman, Inc.⁽¹⁾⁽⁴⁾		67,000		1,229,825

Xiaomi Corp., Class B⁽¹⁾⁽⁴⁾		1,984,000		3,296,915

Xinhu Zhongbao Co., Ltd.		301,800		127,828

Xinjiang Zhongtai Chemical Co., Ltd., Class A		388,800		249,934

Xinyi Solar Holdings, Ltd.		684,000		657,756

Yang Quan Coal Industry Group Co., Ltd.		189,257		113,379

Yango Group Co., Ltd., Class A		259,600		233,699

Yangzijiang Shipbuilding Holdings, Ltd.		919,000		618,665

Yanzhou Coal Mining Co., Ltd., Class H		746,000		561,834

Yihai International Holding, Ltd.		81,000		834,709

Yonghui Superstores Co., Ltd.		140,200		186,383

Yuexiu Property Co., Ltd.		1,520,000		272,634

Yunnan Baiyao Group Co., Ltd., Class A		19,521		259,686

Zhaojin Mining Industry Co., Ltd., Class H		409,500		486,371

Zhejiang Dahua Technology Co., Ltd., Class A		94,600		258,496

Zhejiang Expressway Co., Ltd., Class H		870,000		617,847

Zhejiang Huahai Pharmaceutical Co., Ltd.⁽¹⁾		77,088		371,741

Zhejiang Longsheng Group Co., Ltd.		220,600		400,700

Zhongjin Gold Corp., Ltd.		120,570		157,465

Zhuzhou CRRC Times Electric Co., Ltd., Class H		165,500		424,410

Zijin Mining Group Co., Ltd., Class H		3,690,000		1,743,251

ZTE Corp., Class H⁽¹⁾		476,139		1,469,593

ZTO Express Cayman, Inc. ADR		40,900		1,501,439

			$	213,628,485

Colombia — 1.3%

Almacenes Exito S.A.		322,685	$	858,661

Banco Davivienda S.A., PFC Shares		67,155		500,357


		11		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

Colombia (continued)

Bancolombia S.A.		86,292	$	551,093

Bancolombia S.A. ADR, PFC Shares		40,900		1,076,079

Celsia S.A. ESP		604,310		661,718

Cementos Argos S.A.		409,358		370,361

Corporacion Financiera Colombiana S.A.⁽¹⁾		56,012		414,054

Ecopetrol S.A.		2,625,909		1,449,910

Ecopetrol S.A. ADR		104,000		1,157,520

Grupo Argos S.A.		396,460		1,044,426

Grupo Argos S.A., PFC Shares		71,908		146,380

Grupo Aval Acciones y Valores S.A.		361,818		90,021

Grupo Aval Acciones y Valores S.A., PFC Shares		733,748		162,057

Grupo de Inversiones Suramericana S.A.		88,881		440,857

Grupo Energia Bogota S.A. ESP⁽¹⁾		2,027,382		1,259,696

Grupo Nutresa S.A.		320,215		1,780,866

Interconexion Electrica S.A.		383,281		1,917,425

			$	13,881,481

Croatia — 0.7%

AD Plastik DD⁽¹⁾		38,787	$	804,304

Adris Grupa DD, PFC Shares		21,558		1,219,163

Atlantic Grupa DD⁽¹⁾		3,592		661,721

Ericsson Nikola Tesla DD⁽¹⁾		3,223		579,702

Hrvatski Telekom DD⁽¹⁾		60,081		1,580,298

Koncar-Elektroindustrija DD⁽¹⁾		5,014		347,981

Podravka Prehrambena Industrija DD⁽¹⁾		16,353		1,011,528

Privredna Banka Zagreb DD⁽¹⁾		1,319		168,880

Valamar Riviera DD⁽¹⁾		132,515		508,310

Zagrebacka Banka DD⁽¹⁾		30,550		226,162

			$	7,108,049

Czech Republic — 0.7%

CEZ AS⁽²⁾		149,289	$	3,196,615

Komercni Banka AS⁽¹⁾		126,429		2,949,184

New World Resources PLC, Class A⁽¹⁾⁽⁵⁾		860,500		0

O2 Czech Republic AS		29,400		271,766

Philip Morris CR AS		1,279		717,956

			$	7,135,521

Egypt — 0.7%

Commercial International Bank Egypt SAE		628,398	$	2,528,467

Eastern Co. SAE		1,523,398		1,192,876

Egypt Kuwait Holding Co. SAE		594,062		660,991

Egyptian Financial Group-Hermes Holding Co.		182,934		156,847

Egyptian International Pharmaceuticals EIPICO		106,780		359,627

ElSewedy Electric Co.		1,039,911		429,047


Security	Shares		Value

Egypt (continued)

Ezz Steel Co SAE⁽¹⁾		455,231	$	171,069

Medinet Nasr Housing		2,041,806		345,688

Oriental Weavers		872,035		298,170

Six of October Development & Investment Co.		275,153		152,396

Talaat Moustafa Group		1,519,795		550,787

Telecom Egypt		379,043		308,309

			$	7,154,274

Estonia — 0.5%

AS Merko Ehitus		50,388	$	479,625

AS Tallink Grupp		3,712,816		3,226,958

AS Tallinna Kaubamaja Grupp		170,252		1,580,091

AS Tallinna Vesi		35,235		523,790

			$	5,810,464

Ghana — 0.3%

Aluworks, Ltd.⁽¹⁾		5,176,100	$	98,422

CAL Bank, Ltd.		5,036,062		634,907

Ghana Commercial Bank, Ltd.		1,588,070		932,633

Societe Generale Ghana, Ltd.⁽¹⁾		1,345,362		139,500

Standard Chartered Bank of Ghana, Ltd.		283,150		762,502

Unilever Ghana, Ltd.		249,000		601,732

			$	3,169,696

Greece — 1.3%

Aegean Airlines S.A.		64,124	$	288,215

Alpha Bank AE⁽¹⁾		592,718		445,268

Athens Water Supply & Sewage Co. S.A.		132,934		1,042,421

Costamare, Inc.		34,966		194,411

Diana Shipping, Inc.⁽¹⁾		167,420		251,130

Eurobank Ergasias Services and Holdings S.A.⁽¹⁾		1,466,944		679,289

FF Group⁽¹⁾⁽⁵⁾		43,721		0

GasLog, Ltd.		16		45

GEK Terna Holding Real Estate Construction S.A.⁽¹⁾		51,756		352,662

Hellenic Exchanges - Athens Stock Exchange S.A.		32,613		116,355

Hellenic Petroleum S.A.		83,519		557,685

Hellenic Telecommunications Organization S.A.		169,031		2,283,269

Holding Co. ADMIE IPTO S.A.		404,295		1,041,260

JUMBO S.A.		70,998		1,278,724

LAMDA Development S.A.⁽¹⁾		39,369		265,517

Motor Oil (Hellas) Corinth Refineries S.A.		82,221		1,135,776

Mytilineos S.A.		124,177		1,022,250

National Bank of Greece S.A.⁽¹⁾		121,470		171,890

OPAP S.A.		114,774		1,093,783

Piraeus Bank S.A.⁽¹⁾		169,722		301,496


		12		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

Greece (continued)

Public Power Corp. S.A.⁽¹⁾		56,152	$	219,989

Star Bulk Carriers Corp.		62,600		413,160

Terna Energy S.A.		5,946		64,205

Titan Cement International S.A.⁽¹⁾		62,010		743,785

Tsakos Energy Navigation, Ltd.		95,900		192,759

Viohalco S.A.⁽¹⁾		33,566		87,999

			$	14,243,343

Hungary — 0.6%

Magyar Telekom Telecommunications PLC		195,115	$	237,005

MOL Hungarian Oil & Gas PLC		344,513		2,036,805

OTP Bank Nyrt.⁽¹⁾		83,160		2,923,514

Richter Gedeon Nyrt.		86,654		1,798,041

			$	6,995,365

India — 5.3%

ABB India, Ltd.		33,400	$	419,561

ABB Power Products and Systems India, Ltd.⁽¹⁾		6,680		74,321

ACC, Ltd.		23,740		420,206

Adani Enterprises, Ltd.		207,300		434,142

Adani Gas, Ltd.		119,200		241,869

Adani Ports and Special Economic Zone, Ltd.		161,017		736,340

Adani Power, Ltd.⁽¹⁾		518,864		247,027

Aditya Birla Fashion and Retail, Ltd.⁽¹⁾		137,831		228,397

Apollo Hospitals Enterprise, Ltd.		41,309		741,438

Ashok Leyland, Ltd.		820,626		512,803

Asian Paints, Ltd.		59,041		1,319,638

Axis Bank, Ltd.		123,238		667,754

Bajaj Auto, Ltd.		23,052		864,775

Bajaj Holdings & Investment, Ltd.		7,251		244,872

Bharat Forge, Ltd.		99,172		417,527

Bharat Petroleum Corp., Ltd.		103,900		514,855

Bharti Airtel, Ltd.⁽¹⁾		695,178		5,166,756

Bharti Infratel, Ltd.		49,905		146,520

Biocon, Ltd.		105,688		544,687

Bosch, Ltd.		1,400		211,346

Cadila Healthcare, Ltd.		39,469		184,890

Century Textiles & Industries, Ltd.		50,000		195,434

CESC, Ltd.		24,742		203,440

Cipla, Ltd.		50,587		429,308

Colgate-Palmolive (India), Ltd.		18,900		351,471

Container Corp. of India, Ltd.		104,687		579,018

Cummins India, Ltd.		79,700		415,016

Dabur India, Ltd.		54,000		334,279

Divi’s Laboratories, Ltd.		17,865		539,139


Security	Shares		Value

India (continued)

DLF, Ltd.		182,242	$	359,279

Dr. Reddy’s Laboratories, Ltd.		11,600		608,421

GAIL (India), Ltd.		856,204		1,159,942

GlaxoSmithKline Pharmaceuticals, Ltd.		16,000		314,262

Glenmark Pharmaceuticals, Ltd.		49,900		296,924

Godrej Consumer Products, Ltd.		43,125		395,568

Grasim Industries, Ltd.		39,759		325,196

Havells India, Ltd.		85,200		654,262

HCL Technologies, Ltd.		65,282		481,905

HDFC Bank, Ltd.		129,433		1,820,272

Hemisphere Properties India, Ltd.⁽¹⁾⁽⁵⁾		167,800		264,111

Hero MotoCorp, Ltd.		11,538		390,538

Hindustan Petroleum Corp., Ltd.		84,030		242,316

Hindustan Unilever, Ltd.		72,710		2,099,209

Hindustan Zinc, Ltd.		193,759		506,088

Housing Development Finance Corp., Ltd.		57,263		1,336,305

ICICI Bank, Ltd.		126,781		591,997

Indiabulls Real Estate, Ltd.⁽¹⁾		515,025		338,594

Indian Hotels Co., Ltd. (The)		208,584		221,705

Indian Oil Corp., Ltd.		221,690		251,959

Infosys, Ltd.		235,670		2,283,875

ITC, Ltd.		364,858		945,000

Jindal Steel & Power, Ltd.⁽¹⁾		90,000		195,766

JSW Energy, Ltd.		365,260		228,422

JSW Steel, Ltd.		289,100		731,207

Kotak Mahindra Bank, Ltd.		34,199		613,594

Larsen & Toubro, Ltd.		78,349		984,687

LIC Housing Finance, Ltd.		62,800		221,008

Lupin, Ltd.		69,886		842,766

Mahindra & Mahindra, Ltd.		131,868		894,994

Maruti Suzuki India, Ltd.		15,572		1,203,746

Mphasis, Ltd.		18,625		214,892

Nestle India, Ltd.		3,000		680,195

NHPC, Ltd.		1,887,800		502,761

NTPC, Ltd.		566,574		717,061

Oberoi Realty, Ltd.		27,096		130,463

Omaxe, Ltd.		79,785		149,457

Oracle Financial Services Software, Ltd.		2,000		75,858

Petronet LNG, Ltd.		70,400		242,841

Piramal Enterprises, Ltd.		18,076		324,910

Power Grid Corporation of India, Ltd.		1,019,794		2,364,621

Reliance Industries, Ltd.		195,097		4,446,612

Siemens, Ltd.		19,300		280,539

State Bank of India GDR⁽¹⁾⁽⁶⁾		8,912		209,235

Sun Pharmaceutical Industries, Ltd.		118,800		745,691

Tata Chemicals, Ltd.		23,900		98,959


		13		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

India (continued)

Tata Communications, Ltd.		33,686	$	279,731

Tata Consultancy Services, Ltd.		74,270		2,047,317

Tata Consumer Products, Ltd.		85,946		442,011

Tata Motors, Ltd.⁽¹⁾		232,316		306,240

Tech Mahindra, Ltd.		39,367		283,355

Titan Co., Ltd.		67,687		854,412

UltraTech Cement, Ltd.		25,118		1,297,478

United Spirits, Ltd.⁽¹⁾		74,765		585,218

UPL, Ltd.		139,381		789,300

Voltas, Ltd.		77,385		559,389

Wipro, Ltd.		147,018		429,260

			$	58,248,553

Indonesia — 2.5%

Adaro Energy Tbk PT		8,410,800	$	591,725

Alam Sutera Realty Tbk PT⁽¹⁾		12,514,600		113,594

Aneka Tambang Tbk		8,587,500		366,565

Astra Argo Lestari Tbk PT		363,300		211,053

Astra International Tbk PT		9,736,700		3,293,317

Bank Central Asia Tbk PT		2,019,600		4,040,817

Bank Mandiri Persero Tbk PT		3,096,000		1,075,023

Bank Negara Indonesia Persero Tbk PT		1,583,800		511,732

Bank Pan Indonesia Tbk PT⁽¹⁾		3,629,372		208,640

Bank Rakyat Indonesia Persero Tbk PT		10,249,100		2,187,599

Bukit Asam Tbk PT		3,127,300		446,910

Bumi Serpong Damai Tbk PT⁽¹⁾		4,484,800		234,481

Charoen Pokphand Indonesia Tbk PT		1,971,300		772,980

Gudang Garam Tbk PT		100,500		332,793

Hanson International Tbk PT⁽¹⁾⁽⁵⁾		110,720,800		0

Indah Kiat Pulp & Paper Corp. Tbk PT		1,196,500		504,771

Indo Tambangraya Megah Tbk PT		265,600		133,071

Indocement Tunggal Prakarsa Tbk PT		778,500		646,245

Indofood CBP Sukses Makmur Tbk PT		523,400		343,504

Indofood Sukses Makmur Tbk PT		1,279,100		587,363

Jasa Marga (Persero) Tbk PT		2,532,000		782,613

Kalbe Farma Tbk PT		15,891,300		1,630,268

Mitra Keluarga Karyasehat Tbk PT		935,900		148,882

Pakuwon Jati Tbk PT		7,972,000		233,616

Perusahaan Gas Negara Tbk PT		5,057,400		405,383

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		3,674,800		215,388

PP Persero Tbk PT		4,793,002		294,903

Semen Indonesia Persero Tbk PT		1,534,000		1,039,325

Sigmagold Inti Perkasa Tbk PT⁽¹⁾⁽⁵⁾		27,503,000		0

Summarecon Agung Tbk PT		3,982,700		164,549

Telekomunikasi Indonesia Persero Tbk PT		15,280,500		3,273,271


Security	Shares		Value

Indonesia (continued)

Unilever Indonesia Tbk PT		1,589,400	$	881,996

United Tractors Tbk PT		967,100		1,125,332

Vale Indonesia Tbk PT⁽¹⁾		2,860,400		568,424

Wijaya Karya Persero Tbk PT		4,794,600		405,066

			$	27,771,199

Jordan — 0.6%

Al-Eqbal Investment Co. PLC⁽¹⁾		82,422	$	1,526,547

Arab Bank PLC⁽¹⁾		461,340		2,683,906

Arab Potash Co. PLC		46,407		1,046,842

Bank of Jordan⁽¹⁾		90,019		220,775

Jordan Ahli Bank⁽¹⁾		219,567		243,813

Jordan Islamic Bank⁽¹⁾		92,748		338,235

Jordan Petroleum Refinery		36,981		146,486

Jordan Telecommunications Co.		102,248		197,392

Jordanian Electric Power Co.		232,333		409,850

			$	6,813,846

Kazakhstan — 0.7%

Halyk Savings Bank of Kazakhstan JSC GDR⁽⁶⁾		86,823	$	1,082,718

KAZ Minerals PLC		767,275		4,727,063

Kcell JSC GDR⁽⁶⁾		356,002		2,101,819

Nostrum Oil & Gas PLC⁽¹⁾		494,453		83,127

			$	7,994,727

Kenya — 0.6%

ABSA Bank Kenya PLC		1,858,220	$	174,735

ARM Cement, Ltd.⁽¹⁾⁽⁵⁾		1,677,000		0

Bamburi Cement Co., Ltd.		360,541		94,573

British American Tobacco Kenya PLC		26,700		79,885

Co-operative Bank of Kenya, Ltd. (The)		2,991,492		341,487

Diamond Trust Bank Kenya, Ltd.		77,200		51,699

East African Breweries, Ltd.		1,158,040		1,739,765

Equity Group Holdings PLC		3,104,500		1,004,921

KCB Group, Ltd.		2,011,560		680,174

Safaricom PLC		8,590,600		2,324,683

Standard Chartered Bank Kenya, Ltd.		66,278		106,019

			$	6,597,941

Kuwait — 1.4%

Agility Public Warehousing Co. KSC		769,173	$	1,847,180

Al-Mazaya Holding Co. KSCP⁽¹⁾		1,077,409		180,979

ALAFCO Aviation Lease and Finance Co. KSCP		361,135		197,552

Boubyan Petrochemicals Co. KSCP		276,626		557,426

Commercial Bank of Kuwait KPSC⁽¹⁾		266,594		439,608


		14		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

Kuwait (continued)

Gulf Bank KSCP		303,877	$	210,052

Humansoft Holding Co. KSC⁽¹⁾		74,234		674,467

Kuwait Finance House KSCP		1,254,382		2,514,620

Kuwait International Bank KSCP		372,153		212,936

Kuwait Real Estate Co. KSC⁽¹⁾		733,440		192,970

Mabanee Co. SAK		301,476		665,477

Mobile Telecommunications Co.		1,461,204		2,646,759

National Bank of Kuwait SAK		1,661,999		4,449,476

National Industries Group Holding SAK		477,963		254,942

National Real Estate Co. KPSC⁽¹⁾		150,920		37,010

			$	15,081,454

Latvia — 0.0%⁽³⁾

Grindeks		12,000	$	189,584

			$	189,584

Lebanon — 0.0%⁽³⁾

Bank Audi SAL GDR⁽⁶⁾		15,000	$	6,150

			$	6,150

Lithuania — 0.2%

Apranga PVA⁽¹⁾		257,243	$	501,106

Klaipedos Nafta AB		1,576,663		655,085

Panevezio Statybos Trestas⁽¹⁾		201,949		139,856

Rokiskio Suris		177,000		503,735

Siauliu Bankas⁽¹⁾		1,523,204		701,660

			$	2,501,442

Malaysia — 2.7%

Aeon Co. (M) Bhd		1,017,000	$	240,772

Astro Malaysia Holdings Bhd		599,200		116,850

Axiata Group Bhd		906,875		755,100

Berjaya Sports Toto Bhd		468,894		241,519

Bursa Malaysia Bhd		117,800		201,097

Capitaland Malaysia Mall Trust		1,763,200		327,326

CIMB Group Holdings Bhd		441,624		368,419

Dialog Group Bhd		2,178,050		1,845,871

Digi.com Bhd		559,200		564,216

Eco World Development Group Bhd⁽¹⁾		738,100		72,265

Fraser & Neave Holdings Bhd		45,500		345,551

Gamuda Bhd		805,300		688,062

Genting Bhd		735,700		708,599

Genting Malaysia Bhd		1,614,000		959,927

Genting Plantations Bhd		45,600		105,275

Globetronics Technology Bhd		839,766		422,816


Security	Shares		Value

Malaysia (continued)

Hartalega Holdings Bhd		242,800	$	740,613

Hong Leong Bank Bhd		56,700		187,193

IGB Real Estate Investment Trust		373,600		156,097

IHH Healthcare Bhd		539,300		695,207

IJM Corp. Bhd		818,440		347,990

Inari Amertron Bhd		3,678,750		1,466,705

IOI Corp. Bhd		357,868		363,604

IOI Properties Group Bhd		752,554		172,671

KLCCP Stapled Group		229,688		426,489

Kossan Rubber Industries		257,000		513,538

KPJ Healthcare Bhd		1,612,800		316,645

Kuala Lumpur Kepong Bhd		77,150		399,541

LBS Bina Group Bhd		1,814,340		157,453

Magnum Bhd		617,940		318,401

Malakoff Corp. Bhd		749,800		159,970

Malayan Banking Bhd		458,186		805,079

Malaysian Resources Corp. Bhd		853,000		94,390

Maxis Bhd		586,600		736,795

MISC Bhd		314,240		562,948

MMC Corp. Bhd		662,000		113,883

Muhibbah Engineering (M) Bhd		1,581,000		348,451

My EG Services Bhd		2,943,700		984,026

Nestle Malaysia Bhd		10,400		339,918

Pavilion Real Estate Investment Trust		771,100		288,043

Petronas Chemicals Group Bhd		980,600		1,428,778

Petronas Dagangan Bhd		122,000		587,981

Petronas Gas Bhd		225,500		892,556

PPB Group Bhd		100,260		417,277

Press Metal Aluminium Holdings Bhd		1,232,000		1,310,843

Public Bank Bhd		188,398		727,474

RHB Bank Bhd		233,159		261,348

Sime Darby Bhd		1,019,709		514,128

Sime Darby Plantation Bhd		545,409		629,640

Sunway Bhd		1,390,588		446,328

Sunway Real Estate Investment Trust		1,041,600		394,218

Telekom Malaysia Bhd		464,200		450,914

Tenaga Nasional Bhd		548,931		1,492,605

Top Glove Corp. Bhd		211,340		797,581

UEM Sunrise Bhd⁽¹⁾		940,900		96,455

UMW Holdings Bhd		92,500		55,553

UOA Development Bhd		377,700		163,478

VS Industry Bhd		850,875		194,937

YTL Corp. Bhd		560,345		108,997

			$	29,630,406


		15		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

Mauritius — 0.7%

Alteo, Ltd.		901,317	$	341,120

Attitude Property, Ltd.		629,246		180,917

CIEL, Ltd.		6,221,454		537,624

CIM Financial Services, Ltd.		2,411,765		365,181

ENL, Ltd.		656,564		298,031

IBL, Ltd.		309,981		397,998

Lavastone, Ltd.		2,649,077		93,386

MCB Group, Ltd.		388,806		2,286,925

Phoenix Beverages, Ltd.		33,742		524,708

Rogers & Co., Ltd.		608,300		326,835

SBM Holdings, Ltd.		9,818,054		950,071

Terra Mauricia, Ltd.		506,473		247,871

United Basalt Products, Ltd.		187,150		601,989

			$	7,152,656

Mexico — 5.1%

Alfa SAB de CV, Series A⁽²⁾		1,971,520	$	1,107,369

Alsea SAB de CV⁽¹⁾		222,700		219,071

America Movil SAB de CV, Series L		12,109,490		7,781,643

Arca Continental SAB de CV		213,000		935,052

Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand⁽²⁾		434,800		319,510

Bolsa Mexicana de Valores SAB de CV⁽²⁾		253,400		474,839

Cemex SAB de CV, Series CPO		5,699,218		1,606,776

Coca-Cola Femsa SAB de CV, Series L		147,400		643,354

El Puerto de Liverpool SAB de CV⁽²⁾		99,481		244,542

Empresas ICA SAB de CV^(1)(2)(5)		2,075,736		0

Fibra Uno Administracion S.A. de CV		2,059,767		1,629,209

Fomento Economico Mexicano SAB de CV, Series UBD		858,100		5,326,421

Genomma Lab Internacional SAB de CV⁽¹⁾⁽²⁾		1,481,500		1,525,040

Gentera SAB de CV⁽²⁾		715,562		347,749

Grupo Aeroportuario del Centro Norte SAB de CV		143,800		668,370

Grupo Aeroportuario del Pacifico SAB de CV, Class B		320,200		2,311,453

Grupo Aeroportuario del Sureste SAB de CV, Class B		173,844		1,947,609

Grupo Bimbo SAB de CV, Series A⁽²⁾		1,006,908		1,689,242

Grupo Carso SAB de CV, Series A1		685,800		1,328,664

Grupo Elektra SAB de CV⁽²⁾		65,174		3,572,809

Grupo Financiero Banorte SAB de CV, Class O		1,141,500		3,949,770

Grupo Financiero Inbursa SAB de CV, Class O		762,916		530,086

Grupo Mexico SAB de CV, Series B		2,128,756		4,945,749

Grupo Televisa SAB, Series CPO⁽¹⁾⁽²⁾		504,871		530,033

Industrias CH SAB de CV, Series B⁽²⁾		175,968		663,196

Industrias Penoles SAB de CV		51,449		528,469

Infraestructura Energetica Nova SAB de CV		250,400		720,222

Kimberly-Clark de Mexico SAB de CV, Class A		633,710		987,876

Megacable Holdings SAB de CV, Series CPO		40,500		118,833


Security	Shares		Value

Mexico (continued)

Orbia Advance Corp., SAB de CV		717,867	$	1,060,973

Promotora y Operadora de Infraestructura SAB de CV⁽¹⁾		226,655		1,636,862

Telesites SAB de CV⁽¹⁾⁽²⁾		1,437,164		909,776

Ternium S.A. ADR		40,022		607,134

Wal-Mart de Mexico SAB de CV, Series V		2,166,064		5,180,384

			$	56,048,085

Morocco — 0.7%

Attijariwafa Bank		33,379	$	1,219,343

Bank of Africa		18,365		264,178

Banque Centrale Populaire		28,916		656,367

Banque Marocaine Pour Le Commerce et L’Industrie		3,030		173,232

Cosumar		40,032		841,301

Douja Promotion Groupe Addoha S.A.⁽¹⁾		113,229		81,616

Label Vie		563		183,768

LafargeHolcim Maroc S.A.		4,868		676,106

Lesieur Cristal		23,202		373,128

Managem S.A.		5,763		396,788

Maroc Telecom		106,513		1,520,034

Societe d’Exploitation des Ports		28,600		565,704

TAQA Morocco S.A.		5,003		451,147

Wafa Assurance		377		142,772

			$	7,545,484

Nigeria — 0.6%

Access Bank PLC		32,908,148	$	564,845

Dangote Cement PLC		4,167,837		1,362,809

Dangote Sugar Refinery PLC		4,385,654		133,860

FBN Holdings PLC		21,879,762		298,958

Guaranty Trust Bank PLC		13,844,766		801,731

Lafarge Africa PLC		3,044,633		80,948

Lekoil, Ltd.⁽¹⁾		1,110,205		30,705

Nestle Nigeria PLC		496,712		1,542,820

Nigerian Breweries PLC		5,467,425		512,932

SEPLAT Petroleum Development Co. PLC⁽²⁾⁽⁴⁾		435,022		309,820

Stanbic IBTC Holdings PLC		3,126,624		231,997

Transnational Corp. of Nigeria PLC		22,334,373		37,690

United Bank for Africa PLC		20,664,553		340,106

Zenith Bank PLC		17,411,456		738,011

			$	6,987,232

Oman — 0.7%

Bank Dhofar SAOG		1,435,768	$	388,159

Bank Muscat SAOG		1,864,642		1,625,525

Bank Nizwa SAOG⁽¹⁾		941,624		232,604


		16		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

Oman (continued)

Dhofar International Development & Investment Holding SAOG⁽¹⁾		302,227	$	232,162

HSBC Bank Oman SAOG		1,406,377		317,214

National Bank of Oman SAOG		756,234		341,772

Oman Cables Industry SAOG		94,762		119,843

Oman Cement Co. SAOG		705,641		422,703

Oman Flour Mills Co. SAOG		477,774		1,002,954

Oman Telecommunications Co. SAOG		687,780		1,146,310

Omani Qatari Telecommunications Co. SAOG		539,969		570,809

Renaissance Services SAOG		591,625		615,201

Sembcorp Salalah Power & Water Co.		554,425		154,016

Sohar International Bank SAOG		1,953,192		411,025

			$	7,580,297

Pakistan — 0.6%

Bank Alfalah, Ltd.		1,623,333	$	325,923

Engro Corp., Ltd.		308,167		534,995

Engro Foods, Ltd.⁽¹⁾		380,600		168,823

Fauji Fertilizer Co., Ltd.		902,614		593,735

Habib Bank, Ltd.		357,983		205,370

Hub Power Co., Ltd. (The)⁽¹⁾		2,275,509		982,279

Lucky Cement, Ltd.		233,019		642,713

Mari Petroleum Co., Ltd.		35,322		265,411

MCB Bank, Ltd.		622,225		600,573

Millat Tractors, Ltd.		114,576		486,661

Nishat Mills, Ltd.		593,280		277,355

Oil & Gas Development Co., Ltd.		568,127		383,143

Pakistan Petroleum, Ltd.		1,196,818		624,946

Pakistan State Oil Co., Ltd.		332,619		317,604

Searle Co., Ltd. (The)		189,244		223,575

SUI Northern Gas Pipelines, Ltd.		406,275		131,814

United Bank, Ltd.		295,025		181,433

			$	6,946,353

Panama — 0.2%

Banco Latinoamericano de Comercio Exterior S.A., Class E		72,000	$	828,000

Copa Holdings S.A., Class A		31,308		1,582,932

			$	2,410,932

Peru — 1.2%

Cia de Minas Buenaventura S.A. ADR		252,256	$	2,305,620

Credicorp, Ltd.		42,396		5,667,073

Enel Generacion Peru SAA		532,740		296,335

Ferreycorp SAA		872,283		394,074


Security	Shares		Value

Peru (continued)

Nexa Resources Peru SAA⁽¹⁾		296,346	$	202,495

Sociedad Minera Cerro Verde SAA		2,761		51,079

Southern Copper Corp.		115,255		4,583,691

			$	13,500,367

Philippines — 2.7%

Aboitiz Equity Ventures, Inc.		902,350	$	825,318

Aboitiz Power Corp.		1,485,400		806,511

Alliance Global Group, Inc.⁽¹⁾		1,575,800		216,024

Altus San Nicolas Corp.		22,835		19,065

Ayala Corp.		83,548		1,311,412

Ayala Land, Inc.		1,663,508		1,134,585

Ayala Land, Inc., PFC Shares⁽⁵⁾		3,534,608		0

Bank of the Philippine Islands		838,453		1,214,918

BDO Unibank, Inc.		774,029		1,527,372

Bloomberry Resorts Corp.		3,844,500		577,319

Century Pacific Food, Inc.		1,007,500		295,686

Cosco Capital, Inc.		1,868,100		189,445

D&L Industries, Inc.		2,442,200		245,262

Filinvest Land, Inc.		9,742,546		193,984

First Gen Corp.		951,160		469,524

First Philippine Holdings Corp.		316,560		388,988

Globe Telecom, Inc.		32,025		1,331,074

International Container Terminal Services, Inc.		364,300		749,637

JG Summit Holdings, Inc.		1,035,450		1,351,536

Jollibee Foods Corp.		432,790		1,221,918

Manila Electric Co.		276,584		1,492,807

Megaworld Corp.		3,984,300		245,078

Metro Pacific Investments Corp.		4,073,300		304,513

Metropolitan Bank & Trust Co.		836,559		624,952

Nickel Asia Corp.		8,018,888		294,034

PLDT, Inc.		89,805		2,236,068

Puregold Price Club, Inc.		1,109,200		1,035,168

Robinsons Land Corp.		1,186,015		418,622

San Miguel Corp.		135,700		272,920

Semirara Mining & Power Corp.		2,179,120		556,692

SM Investments Corp.		162,460		3,085,409

SM Prime Holdings, Inc.		3,546,650		2,281,044

Universal Robina Corp.		901,400		2,359,706

Vista Land & Lifescapes, Inc.		1,670,700		124,111

			$	29,400,702

Poland — 2.7%

AmRest Holdings SE⁽¹⁾		90,405	$	524,863

Asseco Poland S.A.		153,587		2,571,634

Bank Handlowy w Warszawie S.A.		10,543		102,534


		17		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

Poland (continued)

Bank Millennium S.A.⁽¹⁾		355,533	$	273,770

Bank Polska Kasa Opieki S.A.		58,516		801,786

Budimex S.A.		45,676		2,474,865

CCC S.A.⁽²⁾		27,466		418,205

CD Projekt S.A.		30,697		3,093,441

Ciech S.A.⁽¹⁾		21,668		175,860

Cyfrowy Polsat S.A.		180,464		1,205,797

Enea S.A.⁽¹⁾		145,490		265,053

Eurocash S.A.		188,203		826,311

Globe Trade Centre S.A.		183,554		304,773

Grupa Azoty S.A.⁽¹⁾		31,054		241,685

Grupa Lotos S.A.		41,820		637,468

KGHM Polska Miedz S.A.⁽¹⁾		153,622		3,569,467

LPP S.A.		1,628		2,484,371

mBank S.A.⁽¹⁾		6,124		358,081

Orange Polska S.A.⁽¹⁾		240,332		380,093

PGE S.A.⁽¹⁾		593,858		1,038,394

Polski Koncern Naftowy ORLEN S.A.		139,175		2,211,704

Polskie Gornictwo Naftowe i Gazownictwo S.A.		769,898		887,724

Powszechna Kasa Oszczednosci Bank Polski S.A.		320,872		1,868,523

Powszechny Zaklad Ubezpieczen S.A.		219,963		1,618,860

Santander Bank Polska S.A.⁽¹⁾		9,348		417,362

Tauron Polska Energia S.A.⁽¹⁾		992,903		597,740

			$	29,350,364

Qatar — 1.3%

Aamal Co. QSC		970,220	$	196,782

Al Meera Consumer Goods Co.		64,060		318,152

Barwa Real Estate Co.		1,144,909		953,750

Commercial Bank PSQC (The)		364,085		377,064

Gulf International Services QSC⁽¹⁾		697,440		285,085

Gulf Warehousing Co.		196,617		277,808

Industries Qatar		692,420		1,455,877

Masraf Al Rayan QSC		713,873		744,588

Medicare Group		133,820		250,441

Ooredoo QPSC		551,440		985,071

Qatar Electricity & Water Co. QSC		297,198		1,282,986

Qatar Gas Transport Co., Ltd.		2,488,337		1,774,582

Qatar Insurance Co.		278,111		144,609

Qatar International Islamic Bank		109,238		242,135

Qatar Islamic Bank		209,348		900,204

Qatar National Bank QPSC		639,046		3,039,327

Qatar National Cement Co. QSC		133,280		135,067

United Development Co. QSC		1,123,181		349,410

Vodafone Qatar QSC		1,309,321		400,937

			$	14,113,875


Security	Shares		Value

Romania — 0.6%

Banca Transilvania S.A.		3,941,251	$	1,955,495

BRD-Groupe Societe Generale S.A.⁽¹⁾		243,730		655,983

OMV Petrom S.A.		17,932,392		1,354,258

Societatea Energetica Electrica S.A.		402,232		968,043

Societatea Nationala de Gaze Naturale ROMGAZ S.A.		117,669		873,414

Societatea Nationala Nuclearelectrica S.A.		108,082		394,031

Transelectrica S.A.⁽¹⁾		79,950		377,162

Transgaz S.A. Medias		6,563		445,760

			$	7,024,146

Russia — 5.1%

Aeroflot PJSC		91,240	$	105,616

Etalon Group PLC GDR⁽⁶⁾		78,319		105,691

Evraz PLC		192,475		681,955

Federal Grid Co. Unified Energy System PJSC		147,070,600		386,024

Gazprom PJSC ADR		753,752		4,070,206

Globaltrans Investment PLC GDR⁽⁶⁾⁽⁷⁾		136,358		735,921

Globaltrans Investment PLC GDR⁽⁶⁾⁽⁷⁾		77		415

Inter RAO UES PJSC		19,191,001		1,321,530

Lukoil PJSC ADR		52,973		3,937,701

Magnitogorsk Iron & Steel Works PJSC		873,600		457,897

Mail.ru Group, Ltd. GDR⁽¹⁾		40,365		910,493

MMC Norilsk Nickel PJSC ADR⁽⁷⁾		152,947		3,997,815

MMC Norilsk Nickel PJSC ADR⁽⁷⁾		2,948		77,621

Mobile TeleSystems PJSC		527,103		2,471,822

Moscow Exchange MICEX-RTS PJSC		557,241		890,827

Mosenergo PJSC		12,772,962		399,126

Novatek PJSC GDR⁽⁶⁾		15,758		2,233,577

Novolipetsk Steel PJSC GDR		48,499		965,311

PhosAgro PJSC GDR⁽⁶⁾		44,866		554,093

PIK Group PJSC		113,450		680,633

Polymetal International PLC		66,598		1,333,342

QIWI PLC ADR		13,700		237,284

Rosseti PJSC		19,631,873		416,251

Rosneft Oil Co. PJSC GDR⁽⁶⁾		322,520		1,620,893

Rostelecom PJSC⁽¹⁾		554,268		687,560

RusHydro PJSC		49,176,952		507,838

Sberbank of Russia PJSC		3,012,210		8,648,227

Severstal PAO GDR⁽⁶⁾		68,066		823,706

Sistema PJSFC		1,307,600		317,707

Sistema PJSFC GDR⁽⁶⁾		58,906		278,182

Surgutneftegas PJSC ADR, PFC Shares		73,700		360,393

Surgutneftegas PJSC, PFC Shares		1,442,017		713,585

Surgutneftegas PJSC ADR		204,695		1,103,185

Tatneft PJSC ADR		43,523		2,026,894

Transneft PJSC, PFC Shares		541		1,019,745


		18		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

Russia (continued)

Unipro PJSC		7,701,000	$	302,435

VEON, Ltd. ADR		97,500		175,500

X5 Retail Group NV GDR⁽⁶⁾		121,490		4,308,956

Yandex NV, Class A⁽¹⁾		135,000		6,752,700

			$	56,618,657

Saudi Arabia — 2.8%

Abdullah Al Othaim Markets Co.		13,898	$	416,746

Advanced Petrochemical Co.		22,110		315,251

Al Babtain Power & Telecommunication Co.		16,768		100,105

Al Hammadi Co. for Development and Investment⁽¹⁾		40,420		238,427

Al Rajhi Bank		65,233		986,351

Alandalus Property Co.		95,913		389,782

Aldrees Petroleum and Transport Services Co.		53,394		900,468

Alinma Bank⁽¹⁾		81,556		316,864

Almarai Co. JSC		83,155		1,152,567

Arriyadh Development Co.		182,126		717,433

Bank AlBilad		48,187		285,386

Banque Saudi Fransi		42,651		325,838

Batic Investments and Logistic Co.⁽¹⁾		28,296		173,405

Bawan Co.⁽¹⁾		29,236		101,784

Dallah Healthcare Co.		23,029		289,164

Dar Al Arkan Real Estate Development Co.⁽¹⁾		570,219		1,082,125

Dur Hospitality Co.		23,004		152,155

Emaar Economic City⁽¹⁾		321,925		585,913

Etihad Etisalat Co.⁽¹⁾		86,185		612,682

Fawaz Abdulaziz Al Hokair & Co.⁽¹⁾		41,797		211,545

Herfy Food Services Co.		12,431		148,955

Jarir Marketing Co.		29,466		1,155,073

Leejam Sports Co. JSC		13,120		204,677

Middle East Healthcare Co.⁽¹⁾		36,220		294,348

Mouwasat Medical Services Co.		34,266		827,042

National Agriculture Development Co. (The)⁽¹⁾		45,961		342,482

National Commercial Bank		48,831		486,964

National Gas & Industrialization Co.		33,024		249,923

National Medical Care Co.		25,900		292,309

Rabigh Refining & Petrochemical Co.⁽¹⁾		144,000		519,123

Riyad Bank		68,732		309,906

Riyad REIT Fund		60,724		129,753

Samba Financial Group		63,588		457,228

Saudi Airlines Catering Co.		25,239		522,571

Saudi Arabian Fertilizer Co.		18,433		367,098

Saudi Arabian Mining Co.⁽¹⁾		32,944		309,000

Saudi Arabian Oil Co.⁽⁴⁾		224,000		1,944,494

Saudi Automotive Services Co.		34,664		239,177

Saudi Basic Industries Corp.		67,616		1,592,398


Security	Shares		Value

Saudi Arabia (continued)

Saudi Cement Co.		15,800	$	223,606

Saudi Ceramic Co.⁽¹⁾		42,675		380,299

Saudi Chemical Co. Holding⁽¹⁾		72,268		443,512

Saudi Electricity Co.		572,917		2,388,741

Saudi Ground Services Co.		73,286		549,226

Saudi Industrial Investment Group		49,800		269,301

Saudi Industrial Services Co.		58,231		323,927

Saudi Kayan Petrochemical Co.⁽¹⁾		56,284		123,753

Saudi Public Transport Co.⁽¹⁾		35,777		134,997

Saudi Real Estate Co.⁽¹⁾		60,549		204,739

Saudi Research & Marketing Group⁽¹⁾		12,391		208,902

Saudi Telecom Co.		105,020		2,782,280

Saudia Dairy & Foodstuff Co.		7,948		350,165

Savola Group (The)		111,294		1,254,606

Seera Group Holding		79,228		338,141

United Electronics Co.		13,011		191,942

United International Transportation Co.		24,521		200,254

Yanbu National Petrochemical Co.		21,617		296,180

			$	30,411,083

Slovenia — 0.7%

Cinkarna Celje DD		1,111	$	216,982

KRKA DD		36,464		3,400,273

Luka Koper		17,047		365,841

Petrol		5,272		1,908,018

Pozavarovalnica Sava DD		31,684		569,422

Telekom Slovenije DD		4,557		241,432

Zavarovalnica Triglav DD		25,419		787,813

			$	7,489,781

South Africa — 5.0%

Anglo American Platinum, Ltd.		15,100	$	1,098,943

AngloGold Ashanti, Ltd.		70,634		2,078,208

AngloGold Ashanti, Ltd. ADR		15,799		465,912

Aspen Pharmacare Holdings, Ltd.⁽¹⁾		195,268		1,621,950

Astral Foods, Ltd.		26,100		220,354

AVI, Ltd.		228,000		927,341

Barloworld, Ltd.⁽²⁾		291,997		1,164,002

Bid Corp., Ltd.		200,103		3,285,854

Bidvest Group, Ltd. (The)		455,103		3,734,033

Clicks Group, Ltd.		181,449		2,202,907

DataTec, Ltd.		171,404		262,809

Discovery, Ltd.		71,495		431,896

Exxaro Resources, Ltd.		92,500		698,192

FirstRand, Ltd.		1,077,171		2,368,785

Foschini Group, Ltd. (The)		104,323		387,764


		19		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

South Africa (continued)

Gold Fields, Ltd.		195,651	$	1,847,374

Grindrod, Ltd.		350,600		61,771

Growthpoint Properties, Ltd.		1,244,700		961,603

Hosken Consolidated Investments, Ltd.		33,700		60,544

Hyprop Investments, Ltd.		65,400		84,530

Impala Platinum Holdings, Ltd.		99,325		668,911

Imperial Logistics, Ltd.		130,900		296,312

Investec, Ltd.		156,600		312,842

JSE, Ltd.		45,700		321,109

Kumba Iron Ore, Ltd.		22,200		593,646

Liberty Holdings, Ltd.		67,700		259,306

Life Healthcare Group Holdings, Ltd.		504,488		485,968

Massmart Holdings, Ltd.⁽¹⁾⁽²⁾		48,804		64,748

Momentum Metropolitan Holdings		324,050		329,772

Mr Price Group, Ltd.		188,400		1,557,896

MTN Group, Ltd.⁽²⁾		744,362		2,279,712

MultiChoice Group, Ltd.⁽¹⁾		74,460		455,339

Naspers, Ltd., Class N		43,636		8,019,437

Netcare, Ltd.		659,100		516,707

Northam Platinum, Ltd.⁽¹⁾		146,366		987,174

Oceana Group, Ltd.		53,675		220,659

Pick’n Pay Stores, Ltd.		213,731		629,041

Rand Merchant Investment Holdings, Ltd.		449,000		756,014

Remgro, Ltd.		140,505		811,202

Reunert, Ltd.		152,405		300,031

RMB Holdings, Ltd.⁽²⁾		371,667		35,234

Sanlam, Ltd.		353,352		1,201,991

Santam, Ltd.		27,610		426,793

Sasol, Ltd.⁽¹⁾		83,836		643,759

Shoprite Holdings, Ltd.		166,153		1,020,964

Sibanye Stillwater, Ltd.⁽¹⁾		637,754		1,384,736

SPAR Group, Ltd. (The)		79,260		784,179

Standard Bank Group, Ltd.		211,120		1,274,369

Tiger Brands, Ltd.		62,016		638,116

Vodacom Group, Ltd.⁽²⁾		418,386		2,968,686

Wilson Bayly Holmes-Ovcon, Ltd.		69,217		403,437

Woolworths Holdings, Ltd.		355,542		679,512

			$	55,292,374

South Korea — 5.5%

AMOREPACIFIC Corp.		7,213	$	1,008,935

AMOREPACIFIC Group		5,071		219,562

BNK Financial Group, Inc.		55,807		234,414

Bukwang Pharmaceutical Co., Ltd.		41,644		1,178,926

Celltrion, Inc.⁽¹⁾		13,862		3,547,808

Chabiotech Co., Ltd.⁽¹⁾		12,772		213,204


Security	Shares		Value

South Korea (continued)

Cheil Worldwide, Inc.		38,050	$	525,173

CJ CheilJedang Corp.		3,500		955,658

CJ Corp.		4,433		320,303

CJ Logistics Corp.⁽¹⁾		1,278		168,447

Coway Co., Ltd.		11,460		692,808

Daelim Industrial Co., Ltd.		4,257		292,832

Daewoo Industrial Development Co., Ltd.⁽¹⁾		3,501		3,769

DB Insurance Co., Ltd.		9,442		338,643

Dong-A ST Co., Ltd.		5,069		366,765

Doosan Co., Ltd.		4,167		133,014

Doosan Solus Co., Ltd.⁽¹⁾		7,681		216,137

E-MART, Inc.		1,921		169,855

Green Cross Holdings Corp.		9,800		197,206

GS Engineering & Construction Corp.		9,470		194,978

GS Holdings Corp.		14,622		442,904

Hana Financial Group, Inc.		25,088		570,560

Hanjin Kal Corp.		6,295		422,547

Hankook Tire and Technology Co., Ltd.		9,517		196,966

Hanmi Pharm Co., Ltd.		3,223		657,629

Hanwha Corp.		15,488		289,246

Hanwha Solutions Corp.		38,320		622,139

HDC Hyundai Development Co-Engineering & Construction, Class E		15,492		273,934

Hotel Shilla Co., Ltd.		8,537		507,736

Hyosung Corp.		3,701		194,465

Hyosung TNC Co., Ltd.		2,316		217,325

Hyundai Engineering & Construction Co., Ltd.		7,403		205,072

Hyundai Glovis Co., Ltd.		2,728		231,930

Hyundai Marine & Fire Insurance Co., Ltd.		14,350		275,470

Hyundai Mobis Co., Ltd.		6,218		998,108

Hyundai Motor Co.		18,890		1,551,688

InBody Co., Ltd.		11,574		154,880

Kangwon Land, Inc.		25,384		457,458

KB Financial Group, Inc.		42,803		1,211,735

Kia Motors Corp.		28,562		771,818

KIWOOM Securities Co., Ltd.		5,067		370,456

Korea Electric Power Corp.⁽¹⁾		55,748		909,108

Korea Gas Corp.		15,047		330,386

Korea Investment Holdings Co., Ltd.		6,307		236,457

Korea Shipbuilding & Offshore Engineering Co., Ltd.⁽¹⁾		1,784		131,325

Korea Zinc Co., Ltd.		2,495		699,088

Korean Air Lines Co., Ltd.⁽¹⁾		18,577		272,364

Korean Reinsurance Co.		52,474		322,713

KT&G Corp.⁽²⁾		22,009		1,437,328

Kumho Petrochemical Co., Ltd.		4,900		306,442

LG Chem, Ltd.		6,510		2,686,540


		20		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

South Korea (continued)

LG Corp.		15,677	$	935,622

LG Electronics, Inc.		9,019		477,968

LG Hausys, Ltd.		4,611		248,301

LG Household & Health Care, Ltd.		1,714		1,921,068

LG Uplus Corp.		65,624		670,626

Lotte Chemical Corp.		4,801		670,973

Lotte Corp.		5,150		136,200

LOTTE Fine Chemical Co., Ltd.		10,800		311,731

LS Corp.		7,030		205,090

LS Electric Co., Ltd.		4,500		181,240

Medy-Tox, Inc.		2,760		337,249

Mirae Asset Daewoo Co., Ltd.		19,799		111,074

Naver Corp.		15,655		3,522,112

NCsoft Corp.		2,242		1,667,884

NH Investment & Securities Co., Ltd.		22,719		158,051

Nong Shim Co., Ltd.		1,100		335,232

Orion Corp. of Republic of Korea		7,895		883,843

POSCO		8,290		1,207,492

Posco International Corp.		10,502		122,543

S-Oil Corp.⁽²⁾		12,214		651,146

S1 Corp.		5,530		396,277

Samsung Biologics Co., Ltd.⁽¹⁾⁽⁴⁾		1,064		690,278

Samsung C&T Corp.		7,152		695,725

Samsung Electro-Mechanics Co., Ltd.		4,232		459,130

Samsung Electronics Co., Ltd.		127,776		5,656,341

Samsung Fire & Marine Insurance Co., Ltd.		4,963		729,682

Samsung SDI Co., Ltd.		1,421		434,487

Seegene, Inc.⁽²⁾		2,900		270,080

Shinhan Financial Group Co., Ltd.		57,719		1,394,849

Shinsegae, Inc.		2,179		403,493

SK Chemicals Co., Ltd.		6,265		673,478

SK Holdings Co., Ltd.		3,766		915,900

SK Hynix, Inc.⁽²⁾		14,579		1,040,918

SK Innovation Co., Ltd.		17,651		1,951,339

SK Telecom Co., Ltd.		5,946		1,047,199

Woori Financial Group, Inc.		20,809		153,384

Yuhan Corp.		6,650		281,734

Zyle Motor Sales Corp.⁽¹⁾		4,895		4,782

			$	60,888,775

Sri Lanka — 0.7%

Access Engineering PLC		1,978,107	$	199,320

Ceylon Tobacco Co. PLC		96,609		499,749

Chevron Lubricants Lanka PLC		1,084,580		392,475

Commercial Bank of Ceylon PLC		2,010,031		852,209

DFCC Bank PLC⁽¹⁾		652,842		232,796


Security	Shares		Value

Sri Lanka (continued)

Dialog Axiata PLC		10,448,265	$	662,329

Distilleries Co. of Sri Lanka PLC		663,573		53,363

Hatton National Bank PLC		1,047,895		640,779

Hemas Holdings PLC		940,509		322,244

John Keells Holdings PLC		2,653,977		1,757,361

Melstacorp PLC		6,203,001		1,033,076

National Development Bank PLC		1,206,142		503,218

Nations Trust Bank PLC		656,411		228,998

Nestle Lanka PLC		15,593		90,614

Sampath Bank PLC⁽¹⁾		613,836		419,064

Teejay Lanka PLC		1,870,121		303,268

			$	8,190,863

Taiwan — 5.4%

Advantech Co., Ltd.		13,963	$	140,520

ASE Technology Holding Co., Ltd.		133,247		306,869

Asia Cement Corp.		291,967		433,015

Asustek Computer, Inc.		18,174		133,531

Catcher Technology Co., Ltd.		27,100		205,368

Cathay Financial Holding Co., Ltd.		654,151		930,520

Cathay Real Estate Development Co., Ltd.		346,500		233,884

Chang Hwa Commercial Bank, Ltd.		704,591		463,576

Cheng Shin Rubber Industry Co., Ltd.		394,010		452,756

Chicony Electronics Co., Ltd.		61,318		177,736

China Airlines, Ltd.		940,963		262,735

China Development Financial Holding Corp.		917,368		294,994

China Life Insurance Co., Ltd.⁽¹⁾		519,639		386,056

China Petrochemical Development Corp.		1,057,199		298,825

China Steel Corp.		1,259,542		887,012

Chong Hong Construction Co., Ltd.		165,761		489,426

Chunghwa Telecom Co., Ltd.		1,114,577		4,426,490

Clevo Co.		206,579		208,236

CTBC Financial Holding Co., Ltd.		978,273		677,980

Delta Electronics, Inc.		44,356		253,113

E.Sun Financial Holding Co., Ltd.		899,954		852,444

Eternal Materials Co., Ltd.		162,561		172,437

EVA Airways Corp.		1,218,334		465,556

Evergreen Marine Corp.⁽¹⁾		1,295,283		473,879

Far Eastern Department Stores, Ltd.		842,642		713,155

Far Eastern New Century Corp.		688,313		653,685

Far EasTone Telecommunications Co., Ltd.		555,776		1,283,188

Feng Hsin Steel Co., Ltd.		172,000		304,059

First Financial Holding Co., Ltd.		693,911		534,967

Formosa Chemicals & Fibre Corp.		393,278		1,012,937

Formosa Petrochemical Corp.		577,153		1,746,862

Formosa Plastics Corp.		419,724		1,249,717


		21		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

Taiwan (continued)

Formosa Taffeta Co., Ltd.		545,000	$	675,123

Foxconn Technology Co., Ltd.		96,305		185,446

Fubon Financial Holding Co., Ltd.		420,833		628,311

Giant Manufacturing Co., Ltd.		114,531		1,029,468

Great Wall Enterprise Co., Ltd.		211,329		306,467

Highwealth Construction Corp.		325,556		482,290

Hiwin Technologies Corp.		200,088		2,006,121

Hon Hai Precision Industry Co., Ltd.		277,806		815,681

Hotai Motor Co., Ltd.		66,000		1,582,464

Hua Nan Financial Holdings Co., Ltd.		565,636		384,979

Huaku Development Co., Ltd.		187,010		535,362

Inventec Corp.		290,179		247,730

King Yuan Electronics Co., Ltd.		198,700		232,689

Largan Precision Co., Ltd.		2,042		283,920

Lite-On Technology Corp.		60,048		94,555

MediaTek, Inc.		44,664		883,035

Mega Financial Holding Co., Ltd.		529,240		556,309

Merida Industry Co., Ltd.		53,907		368,511

Mitac Holdings Corp.		215,376		238,001

Nan Kang Rubber Tire Co., Ltd.		100,819		152,554

Nan Ya Plastics Corp.		591,833		1,299,897

Nanya Technology Corp.		119,165		248,625

Novatek Microelectronics Corp., Ltd.		15,479		120,298

Oriental Union Chemical Corp.		453,200		259,403

Pegatron Corp.		125,486		273,702

Phison Electronics Corp.		20,692		208,225

Pou Chen Corp.		501,309		491,780

President Chain Store Corp.		244,645		2,461,047

Radiant Opto-Electronics Corp.		68,350		276,753

Realtek Semiconductor Corp.		27,542		280,722

Ruentex Development Co., Ltd.		243,743		423,557

Ruentex Industries, Ltd.		147,016		353,562

Sanyang Motor Co., Ltd.		977,000		704,350

Shin Kong Synthetic Fibers Corp.		420,996		160,931

Simplo Technology Co., Ltd.		12,652		138,030

SinoPac Financial Holdings Co., Ltd.		721,980		266,865

Synnex Technology International Corp.		117,569		166,568

Tainan Spinning Co., Ltd.		734,407		283,401

Taishin Financial Holding Co., Ltd.		707,280		321,569

Taiwan Business Bank		521,253		191,675

Taiwan Cement Corp.		516,492		751,513

Taiwan Cooperative Financial Holding Co., Ltd.		649,222		458,298

Taiwan Mobile Co., Ltd.		529,464		1,985,579

Taiwan Semiconductor Manufacturing Co., Ltd.		432,747		4,621,527

Taiwan Tea Corp.		382,711		206,041

Tatung Co., Ltd.⁽¹⁾		792,645		566,368


Security	Shares		Value

Taiwan (continued)

Teco Electric & Machinery Co., Ltd.		989,000	$	909,581

Tong Yang Industry Co., Ltd.		179,199		223,220

TTY Biopharm Co., Ltd.		229,780		595,925

U-Ming Marine Transport Corp.		202,000		215,569

Uni-President Enterprises Corp.		1,802,874		4,368,013

United Microelectronics Corp.		532,323		287,795

Vanguard International Semiconductor Corp.		97,544		259,367

Walsin Lihwa Corp.		1,085,980		538,757

Wan Hai Lines, Ltd.		339,570		190,218

Yageo Corp.		14,362		187,106

YFY, Inc.		389,414		183,112

Yieh Phui Enterprise Co., Ltd.		1,118,348		327,914

Yuanta Financial Holding Co., Ltd.		718,289		427,474

			$	59,048,881

Thailand — 2.7%

Advanced Info Service PCL⁽⁸⁾		213,800	$	1,286,705

Airports of Thailand PCL⁽⁸⁾		952,500		1,875,149

AP Thailand PCL⁽⁸⁾		3,282,060		630,322

Bangkok Bank PCL⁽⁸⁾		143,700		501,250

Bangkok Dusit Medical Services PCL⁽⁸⁾		2,357,700		1,717,435

Bangkok Expressway & Metro PCL⁽⁸⁾		2,095,654		646,635

Banpu PCL⁽⁸⁾		695,700		138,920

Berli Jucker PCL⁽⁸⁾		194,100		249,233

Bumrungrad Hospital PCL⁽⁸⁾		363,200		1,371,619

Central Pattana PCL⁽⁸⁾		773,000		1,228,746

Charoen Pokphand Foods PCL⁽⁸⁾		416,900		429,965

CP ALL PCL⁽¹⁾⁽⁸⁾		579,900		1,278,074

Electricity Generating PCL⁽⁸⁾		108,300		871,601

Hana Microelectronics PCL⁽⁸⁾		1,416,900		1,283,683

Home Product Center PCL⁽⁸⁾		1,565,760		786,497

Indorama Ventures PCL⁽⁸⁾		805,371		729,104

Intouch Holdings PCL⁽⁸⁾		380,471		696,209

Kasikornbank PCL⁽⁸⁾		293,700		891,746

Kiatnakin Bank PCL⁽⁸⁾		306,200		398,223

Krung Thai Bank PCL⁽⁸⁾		1,007,025		336,608

Land & Houses PCL⁽⁶⁾⁽⁸⁾		896,600		222,217

Major Cineplex Group PCL⁽⁸⁾		413,100		201,701

Minor International PCL⁽¹⁾⁽⁸⁾		3,179,761		2,101,469

PTT Exploration & Production PCL⁽⁸⁾		288,216		866,429

PTT Global Chemical PCL⁽⁸⁾		362,805		548,014

PTT PCL⁽⁸⁾		1,503,600		1,856,037

Quality House PCL⁽⁸⁾		9,121,583		664,184

Ratch Group PCL⁽⁸⁾		320,400		649,118

Siam Cement PCL⁽⁸⁾		103,111		1,233,410

Siam Commercial Bank PCL⁽⁸⁾		71,800		169,228


		22		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

Thailand (continued)

Sino-Thai Engineering & Construction PCL⁽⁸⁾		659,000	$	326,259

SVI PCL⁽⁸⁾		1,450,800		130,020

Thai Beverage PCL⁽⁸⁾		1,136,400		554,748

Thai Oil PCL⁽⁸⁾		182,400		264,715

Thai Union Group PCL⁽⁸⁾		832,192		350,309

Total Access Communication PCL⁽⁸⁾		256,000		326,721

TPI Polene PCL⁽⁸⁾		7,635,500		294,762

True Corp. PCL⁽⁸⁾		2,624,782		290,535

TTW PCL⁽⁸⁾		2,734,100		1,172,007

WHA Corp. PCL⁽⁸⁾		2,277,900		246,455

			$	29,816,062

Tunisia — 0.5%

Attijari Bank		54,723	$	566,416

Banque de Tunisie⁽¹⁾		160,285		393,213

Banque Internationale Arabe de Tunisie		23,438		798,713

Banque Nationale Agricole⁽¹⁾		95,011		294,398

Carthage Cement⁽¹⁾		469,841		247,345

Euro Cycles S.A.		38,028		303,937

Poulina Group		170,599		718,280

Societe d’Articles Hygieniques S.A.⁽¹⁾		120,815		475,907

Societe Frigorifique et Brasserie de Tunis S.A.		162,408		1,262,223

Telnet Holding		121,453		319,042

Union Internationale de Banques S.A.		79,769		465,083

			$	5,844,557

Turkey — 1.4%

Aksa Akrilik Kimya Sanayii AS		307,877	$	327,898

Arcelik AS⁽¹⁾		237,544		690,633

Aselsan Elektronik Sanayi Ve Ticaret AS		81,226		383,449

Aygaz AS		124,388		218,425

BIM Birlesik Magazalar AS		123,451		1,223,964

Coca-Cola Icecek AS		53,519		340,270

Emlak Konut Gayrimenkul Yatirim Ortakligi AS⁽¹⁾		1,508,915		450,303

Enerjisa Enerji AS⁽⁴⁾		342,437		429,656

Enka Insaat ve Sanayi AS		266,226		239,831

Eregli Demir ve Celik Fabrikalari TAS		721,814		904,229

Ford Otomotiv Sanayi AS		71,281		739,681

Haci Omer Sabanci Holding AS		297,539		400,642

Is Gayrimenkul Yatirim Ortakligi AS⁽¹⁾		1,173,115		334,603

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		1,222,022		579,307

KOC Holding AS		214,078		563,058

Koza Altin Isletmeleri AS⁽¹⁾		9,592		116,842

Migros Ticaret AS⁽¹⁾		66,613		374,890

Petkim Petrokimya Holding AS⁽¹⁾		526,349		326,931


Security	Shares		Value

Turkey (continued)

Selcuk Ecza Deposu Ticaret ve Sanayi AS		243,000	$	312,470

Soda Sanayii AS		166,303		148,491

TAV Havalimanlari Holding AS		59,867		169,608

Tekfen Holding AS		122,106		302,773

Tofas Turk Otomobil Fabrikasi AS		140,885		548,237

Tupras-Turkiye Petrol Rafinerileri AS⁽¹⁾		121,410		1,588,205

Turk Hava Yollari AO⁽¹⁾		245,786		447,392

Turk Sise ve Cam Fabrikalari AS		401,274		325,519

Turk Telekomunikasyon AS⁽¹⁾		323,392		382,770

Turkcell Iletisim Hizmetleri AS		681,799		1,625,484

Turkiye Garanti Bankasi AS⁽¹⁾		292,635		360,820

Turkiye Vakiflar Bankasi TAO, Class D⁽¹⁾		303,138		235,984

Ulker Biskuvi Sanayi AS⁽¹⁾		120,824		428,881

Vestel Elektronik Sanayi ve Ticaret AS⁽¹⁾		94,007		222,574

Yapi ve Kredi Bankasi AS⁽¹⁾		422,243		150,677

			$	15,894,497

United Arab Emirates — 1.2%

Abu Dhabi Commercial Bank PJSC		1,054,887	$	1,429,413

Abu Dhabi National Hotels		635,444		469,177

Agthia Group PJSC		535,788		410,467

Air Arabia PJSC		1,640,180		553,458

Al Waha Capital PJSC⁽¹⁾		1,401,285		258,144

Aldar Properties PJSC		2,546,600		1,246,628

Dana Gas PJSC		1,556,182		275,377

Dubai Investments PJSC		1,379,272		440,765

Dubai Islamic Bank PJSC		56,700		59,172

Emaar Properties PJSC⁽¹⁾		2,273,322		1,717,496

Emirates Telecommunications Group Co. PJSC		608,255		2,741,043

First Abu Dhabi Bank PJSC		1,213,353		3,763,769

			$	13,364,909

Vietnam — 1.4%

Bank for Foreign Trade of Vietnam JSC		407,769	$	1,426,847

Bank for Investment and Development of Vietnam JSC		435,010		720,166

Bao Viet Holdings		82,530		162,912

Development Investment Construction Corp.⁽¹⁾		9		5

FLC Faros Construction JSC⁽¹⁾		6		1

Gemadept Corp.		570,029		459,206

HAGL JSC⁽¹⁾		1,003,770		226,556

Hoa Phat Group JSC⁽¹⁾		2,196,858		2,561,965

KIDO Group Corp.		171,026		210,363

Kinh Bac City Development Share Holding Corp.		245,370		147,514

Masan Group Corp.⁽¹⁾		280,140		655,297

PetroVietnam Drilling & Well Services JSC⁽¹⁾		476,978		207,645

PetroVietnam Gas JSC		106,980		322,203


		23		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Portfolio of Investments — continued


Security	Shares		Value

Vietnam (continued)

PetroVietnam Technical Services Corp.		297,972	$	153,830

SSI Securities Corp.		166,622		107,427

Vietjet Aviation JSC		230,164		1,073,693

Vietnam Construction and Import-Export JSC		258,300		291,871

Vietnam Dairy Products JSC		282,440		1,380,641

Vietnam National Petroleum Group		71,730		138,071

Vincom Retail JSC		170,213		182,882

Vingroup JSC⁽¹⁾		1,104,624		4,263,622

Vinh Son - Song Hinh Hydropower JSC⁽¹⁾		350,200		266,359

			$	14,959,076

Total Common Stocks (identified cost $849,613,829)			$	1,094,327,995

Rights⁽¹⁾ — 0.0%⁽³⁾
Security	Shares		Value

Aditya Birla Fashion and Retail, Ltd., Exp. 7/22/20		16,110	$	3,264

Banque Internationale Arabe de Tunisie, Exp. 6/29/50		23,438		40,183

Banque Nationale Agricole, Exp. 4/15/49		35		2

Drepturi De Preferint		322,130		213

Euro Cycles S.A., Exp. 7/1/49		1		1

Greentown China Holdings, Ltd., Exp. 7/2/20		8,226		0

Korean Air Lines Co., Ltd., Exp. 7/10/20		12,292		17,628

Minor International PCL, Exp. 7/23/20		387,775		17,565

Telnet Holding, Exp. 7/1/49		2		0

Total Rights (identified cost $84,475)			$	78,856

Short-Term Investments — 0.4%
Description	Shares		Value

State Street Navigator Securities Lending Government Money Market Portfolio, 0.13%⁽⁹⁾		4,899,351	$	4,899,351

Total Short-Term Investments (identified cost $4,899,351)			$	4,899,351

Total Investments — 99.8% (identified cost $854,597,655)			$	1,099,306,202

Other Assets, Less Liabilities — 0.2%			$	2,152,681

Net Assets — 100.0%			$	1,101,458,883

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

⁽¹⁾	Non-income producing security.

⁽²⁾	All or a portion of this security was on loan at June 30, 2020. The aggregate market value of securities on loan at June 30, 2020 was $25,615,364.

⁽³⁾	Amount is less than 0.05%.

⁽⁴⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2020, the aggregate value of these securities is $12,921,909 or 1.2% of the Fund’s net assets.

⁽⁵⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁶⁾

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, 2020, the aggregate value of these securities is $14,283,573 or 1.3% of the Fund’s net assets.

⁽⁷⁾	Securities are traded on separate exchanges for the same entity.

⁽⁸⁾	Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁹⁾	Represents investment of cash collateral received in connection with securities lending.


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value

Financials		17.2	%	$	189,399,600

Consumer Staples		11.5			126,813,042

Materials		11.0			121,219,244

Communication Services		10.7			118,022,474

Industrials		9.6			105,121,566

Consumer Discretionary		8.6			94,696,108

Energy		8.1			89,353,561

Utilities		6.2			68,353,156

Health Care		5.8			63,434,752

Information Technology		5.7			63,093,065

Real Estate		5.0			54,900,283

Short-Term Investments		0.4			4,899,351

Total Investments		99.8	%	$	1,099,306,202

Abbreviations:



ADR	–	American Depositary Receipt

GDR	–	Global Depositary Receipt

PCL	–	Public Company Ltd.

PFC Shares	–	Preference Shares


		24		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Statement of Assets and Liabilities


Assets	June 30, 2020

Unaffiliated investments, at value including $25,615,364 of securities on loan (identified cost, $854,597,655)	$	1,099,306,202

Cash		192,537

Foreign currency, at value (identified cost, $7,841,055)		7,812,971

Dividends receivable		4,687,624

Receivable for investments sold		2,830,924

Receivable for Fund shares sold		341,517

Securities lending income receivable		17,649

Tax reclaims receivable		105,120

Total assets	$	1,115,294,544

Liabilities

Demand note payable	$	5,400,000

Collateral for securities loaned		4,899,351

Payable for Fund shares redeemed		2,064,519

Payable to affiliates:

Investment adviser fee		418,372

Administration fee		464,857

Accrued foreign capital gains taxes		563,570

Accrued expenses		24,992

Total liabilities	$	13,835,661

Net Assets	$	1,101,458,883

Sources of Net Assets

Paid-in capital	$	964,249,093

Distributable earnings		137,209,790

Total	$	1,101,458,883

Institutional Class Shares

Net Assets	$	1,101,458,883

Shares Outstanding		27,282,912

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	40.37


		25		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Statement of Operations


Investment Income	Year Ended June 30, 2020

Dividends (net of foreign taxes, $6,098,999)	$	52,430,951

Non-cash dividends		7,336,386

Interest		7,201

Securities lending income, net		295,401

Other income		2,327,189

Total investment income	$	62,397,128

Expenses

Investment adviser fee	$	8,230,196

Administration fee		9,144,662

Interest expense and fees		206,978

Total expenses	$	17,581,836

Net investment income	$	44,815,292

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $96,108)	$	(55,337,001	)

Foreign currency transactions		(2,201,383	)

Net realized loss	$	(57,538,384	)

Change in unrealized appreciation (depreciation) —

Investments (including net decrease in accrued foreign capital gains taxes of $1,148,042)	$	(318,806,849	)

Foreign currency		(104,565	)

Net change in unrealized appreciation (depreciation)	$	(318,911,414	)

Net realized and unrealized loss	$	(376,449,798	)

Net decrease in net assets from operations	$	(331,634,506	)


		26		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Statements of Changes in Net Assets


	Year Ended June 30,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	44,815,292		$	60,672,132

Net realized loss		(57,538,384	)		(1,633,988	)

Net change in unrealized appreciation (depreciation)		(318,911,414	)		(29,704,232	)

Net increase (decrease) in net assets from operations	$	(331,634,506	)	$	29,333,912

Distributions to shareholders —

Institutional Class	$	(54,952,373	)	$	(57,500,535	)

Distributions to shareholders	$	(54,952,373	)	$	(57,500,535	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares	$	156,113,242		$	200,590,980

Net asset value of shares issued to shareholders in payment of distributions declared		47,680,561			51,412,970

Cost of shares redeemed		(1,057,428,277	)		(1,139,930,136	)

Net decrease in net assets from Fund share transactions	$	(853,634,474	)	$	(887,926,186	)

Net decrease in net assets	$	(1,240,221,353	)	$	(916,092,809	)

Net Assets

At beginning of year	$	2,341,680,236		$	3,257,773,045

At end of year	$	1,101,458,883		$	2,341,680,236


		27		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Financial Highlights


	Institutional Class

	Year Ended June 30,
	2020			2019			2018			2017			2016

Net asset value — Beginning of year	$	48.520		$	48.590		$	47.740		$	41.370		$	46.230

Income (Loss) From Operations

Net investment income⁽¹⁾	$	1.100		$	1.042		$	0.967		$	0.777		$	0.799

Net realized and unrealized gain (loss)		(7.971	)		(0.110	)		0.811			6.232			(5.019	)

Total income (loss) from operations	$	(6.871	)	$	0.932		$	1.778		$	7.009		$	(4.220	)

Less Distributions

From net investment income	$	(1.279	)	$	(1.002	)	$	(0.939	)	$	(0.699	)	$	(0.802	)

Total distributions	$	(1.279	)	$	(1.002	)	$	(0.939	)	$	(0.699	)	$	(0.802	)

Redemption fees⁽¹⁾⁽²⁾	$	—		$	—		$	0.011	⁽³⁾	$	0.060		$	0.162

Net asset value — End of year	$	40.370		$	48.520		$	48.590		$	47.740		$	41.370

Total Return⁽⁴⁾		(14.61	)%		2.12	%		3.63	%		17.34	%		(8.64	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	1,101,459		$	2,341,680		$	3,257,773		$	3,410,698		$	2,850,969

Ratios (as a percentage of average daily net assets):

Expenses		0.96	%		0.96	%		0.95	%		0.95	%		0.95	%

Net investment income		2.46	%		2.21	%		1.86	%		1.75	%		1.99	%

Portfolio Turnover		2	%		4	%		6	%		8	%		2	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Redemption fees were discontinued as of September 1, 2016.

⁽³⁾	Represents redemption fees that were inadvertently not charged in prior years that were paid to the Fund by the investment adviser.

⁽⁴⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.


		28		See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Notes to Financial Statements

1 Significant Accounting Policies

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 shares, which are sold 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 (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities 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 ask prices 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 ask prices.

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.

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

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 most fairly reflects the security’s “fair value”, which is 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 statements, 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. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended June 30, 2020, the Fund received approximately $2,327,000 from Poland for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D Federal and Other 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.


		29

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Notes to Financial Statements — continued

As of June 30, 2020, 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 U.S. GAAP 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, upon request by the shareholder, 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.

2 Distributions to Shareholders and Income Tax Information

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. 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. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are 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, 2020 and June 30, 2019 was as follows:


	Year Ended June 30,
	2020		2019

Ordinary income	$	54,952,373	$	57,500,535

During the year ended June 30, 2020, distributable earnings was decreased by $6,806,717 and paid-in capital was increased by $6,806,717 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of June 30, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	14,139,142

Deferred capital losses	$	(96,518,626	)

Net unrealized appreciation	$	219,589,274

At June 30, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $96,518,626 which would 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 would reduce the amount


		30

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Notes to Financial Statements — continued

of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at June 30, 2020, $20,115,142 are short-term and $76,403,484 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	879,031,633

Gross unrealized appreciation	$	401,970,107

Gross unrealized depreciation		(181,695,538	)

Net unrealized appreciation	$	220,274,569

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, 2020, the investment adviser fee amounted to $8,230,196. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser 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, 2020, the administration fee amounted to $9,144,662. 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.

During the year ended June 30, 2020, Parametric made a capital contribution of $234,648 to the Fund for losses attributed to certain shareholder transactions.

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 are paid for their services to the Fund by EVM and 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, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $31,252,431 and $894,985,576, respectively, for the year ended June 30, 2020.

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,
	2020			2019

Sales		3,784,063			4,288,507

Issued to shareholders electing to receive payments of distributions in Fund shares		980,275			1,166,885

Redemptions		(25,746,578	)		(24,237,358	)

Net decrease		(20,982,240	)		(18,781,966	)


		31

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Notes to Financial Statements — continued

6 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. 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 0.15% 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. At June 30, 2020, the Fund had a balance outstanding pursuant to this line of credit of $5,400,000 at an annual interest rate of 1.08%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at June 30, 2020. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 8) at June 30, 2020. Average borrowings and the average annual interest rate (excluding fees) for the year ended June 30, 2020 were $10,155,464 and 1.71%, respectively.

7 Securities Lending Agreement

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.

At June 30, 2020, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $25,615,364 and $27,270,495, respectively. Collateral received was comprised of cash of $4,899,351 and U.S. government and/or agencies securities of $22,371,144. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of June 30, 2020.


	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total

Securities lending Transactions

Common Stocks	$	4,899,351	$	—	$	—	$	—	$	4,899,351

The carrying amount of the liability for collateral for securities loaned at June 30, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at June 30, 2020.

8 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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


		32

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Notes to Financial Statements — continued

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At June 30, 2020, 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	$	18,569,414	$	536,437,944		$	264,111	$	555,271,469

Emerging Europe		8,659,933		153,163,750			0		161,823,683

Latin America		177,038,469		—			0		177,038,469

Middle East/Africa		3,630,646		196,563,728			0		200,194,374

Total Common Stocks	$	207,898,462	$	886,165,422	**	$	264,111	$	1,094,327,995

Rights	$	57,814	$	21,042		$	—	$	78,856

Short-Term Investments		4,899,351		—			—		4,899,351

Total Investments	$	212,855,627	$	886,186,464		$	264,111	$	1,099,306,202

*	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, 2020 is not presented.

9 Risks and Uncertainties

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. The foregoing risks of foreign investing can be more significant in less developed countries characterized as emerging market countries.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.


		33

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

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:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of 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, 2020, 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, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2020, and 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 19, 2020

We have served as the auditor of one or more Eaton Vance investment companies since 1959.


		34

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. 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. For the fiscal year ended June 30, 2020, the Fund designates approximately $38,900,624, 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. For the fiscal year ended June 30, 2020, the Fund paid foreign taxes of $3,295,476 and recognized foreign source income of $65,657,561.


		35

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

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 the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including 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 held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

•

A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

•

A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

•

A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

•

In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

•

Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

•

Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

•

Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

•

The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

•

Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

•

Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

•

Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

•

Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

•

Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

⁽¹⁾	Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.


		36

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

•

The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

•

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

•

Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

•

Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

•

A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

•

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

•

Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

•

For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

•

The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees 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, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement 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 investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Parametric Tax-Managed Emerging Markets Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, 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 for 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 processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. Regarding the Adviser, the Board considered the Adviser’s


		37

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

responsibilities with respect to oversight of the Sub-adviser. 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 considered the abilities and experience of the Sub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in emerging markets. The Board took into account the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement and the experience of the Sub-adviser’s investment professionals in managing equity portfolios. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen 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 fund complex offering exposure to a variety of asset classes and investment disciplines, as well as 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 that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. In considering the Fund’s performance, the Board noted that the Fund’s underperformance relative to its benchmark was primarily attributable to sector allocations within certain larger emerging market countries as a result of the Fund’s systematic rules-based approach. The Board also noted that actions are being taken by the Sub-adviser to adjust the Fund’s systematic rules-based approach in an effort to address changing conditions in the emerging markets universe and determined to continue to monitor and evaluate their effectiveness.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board noted that the Adviser pays all ordinary operating expenses of the Fund (except for management fees). The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Fund as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Fund and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering 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 and “Fall-Out” Benefits

The Board considered 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 marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

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 deemed not to be excessive.


		38

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective 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.

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 economies of scale, if any, 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, if any, when they are realized by the Adviser. The Board did not find that, in light of the level of the Adviser’s 2019 profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is warranted at this time.


		39

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.


		40

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

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 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 157 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 156 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	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	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 156 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. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).


		41

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Management and Organization — continued


Name and Year of Birth	Trust Position(s)	Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). 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) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	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). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.


Name and Year of Birth	Trust Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.


		42

Parametric

Tax-Managed Emerging Markets Fund

June 30, 2020

Management and Organization — continued

⁽¹⁾	Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾	Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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 1-800-260-0761.


		43

Eaton Vance Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

•

At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

•

On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

•

We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

•

We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information 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 (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

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 1-800-260-0761 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

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

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.

LOGO

2050 6.30.20

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he

served as a consultant, 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) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

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.

(a)-(d)

The following table presents the aggregate fees billed to the Fund for the Fund’s fiscal years ended June 30, 2019 and June 30, 2020 by the registrant’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	6/30/2019		6/30/2020
Audit Fees	$	79,250	$	79,250
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	20,977	$	13,667
All Other Fees⁽³⁾	$	0	$	0

Total⁽⁴⁾	$	100,227	$	92,917

⁽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	10/31/18		6/30/19			10/31/19		6/30/20
Audit Fees	$	26,520	$	79,250		$	26,850	$	79,250
Audit-Related Fees⁽¹⁾	$	0	$	0		$	0	$	0
Tax Fees⁽²⁾	$	14,022	$	20,977		$	13,632	$	13,667
All Other Fees⁽³⁾	$	0	$	0		$	0	$	0

Total	$	40,542	$	100,277	⁽⁴⁾	$	40,482	$	92,917

⁽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	10/31/18		6/30/19		10/31/19		6/30/20
Registrant⁽¹⁾	$	14,022	$	20,977	$	13,632	$	13,667
Eaton Vance⁽²⁾	$	126,485	$	60,130	$	59,903	$	103,703

⁽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 applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. 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/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date: August 24, 2020

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 24, 2020

By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date: August 24, 2020

Eaton Vance Series Trust II

FORM N-CSR

Exhibit 13(a)(2)(i)

CERTIFICATION

I, James F. Kirchner, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Series Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 24, 2020

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Eaton Vance Series Trust II

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, Payson F. Swaffield, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Series Trust II;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Form N-CSR Item 13(b) Exhibit

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Series Trust II (the “Trust”) that:

(a)	The Annual Report of the Trust on Form N-CSR for the period ended June 30, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b)	The information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Trust for such period.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

Eaton Vance Series Trust II

Date: August 24, 2020

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: August 24, 2020

/s/ Payson F. Swaffield

Payson F. Swaffield

President