Eaton Vance NextShares Trust II (EVLMC) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:811-22983

Eaton Vance NextShares 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)

September 30

Date of Fiscal Year End

March 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Oaktree Diversified Credit NextShares (OKDCC)

Listing Exchange:  The NASDAQ Stock Market LLC

Semiannual Report

March 31, 2019

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/nextsharesdocuments), 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. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a financial advisor, broker-dealer or bank).

You may elect to receive all future Fund shareholder reports in paper free of charge. You can 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 funds held through your financial intermediary.

NextShares^® is a registered trademark of NextShares Solutions LLC. All rights reserved.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. 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 is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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 in NextShares, investors should consider carefully the investment objectives, risks, charges and expenses. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual ReportMarch 31, 2019

Eaton Vance

Oaktree Diversified Credit NextShares

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Officers and Trustees	27
Important Notices	28

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Performance^1,2

Portfolio ManagerBruce A. Karsh, of Oaktree Capital Management, L.P.

% Average Annual Total Returns	Fund Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Fund Inception
Fund at NAV		11/15/2017		11/15/2017		1.27	%		4.42	%		—			3.92	%
Fund at Market Price		11/15/2017		11/15/2017		1.27			4.42			—			3.92
ICE BofAMLNon-Financial Developed Markets High Yield Constrained Index – Hedged USD		—		—		2.38	%		5.71	%		4.84	%		4.57	%
Blended Index		—		—		1.40			4.34			4.24			4.13
% Total Annual Operating Expense Ratios3
Gross															1.29	%
Net															0.90
% Distribution Rates/Yields4
Distribution Rate at NAV															3.24	%
SEC30-day Yield – Subsidized															4.89
SEC30-day Yield – Unsubsidized															4.32

Fund Profile

Credit Quality (% of total investments)^5,6

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than indicated. The Fund’s performance at market price will differ from its results at net asset value (NAV). The market price used to calculate the Market Price return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. If you trade your shares at another time during the day, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Returns are before taxes unless otherwise noted. Performance less than or equal to one year is cumulative. For performance as of the most recentmonth-end, including historical trading premiums/discounts relative to NAV, please refer to eatonvance.com

2

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Endnotes and Additional Disclosures

¹  ICE BofAMLNon-Financial Developed Markets High Yield Constrained Index — Hedged USD is an unmanaged index of below investment grade corporate bonds from developed market countries. The index excludes financial companies, limits issuer exposure to 2%, and is hedged to the US Dollar. ICE^® BofAML^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. S&P/LSTA Leveraged Loan Index is an unmanaged index of the institutional leverage loan market. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. The Blended Index consists of 50% ICE BofAMLNon-Financial Developed Markets High Yield Constrained Index — Hedged USD and 50% S&P/LSTA Leveraged Loan Index. 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. Performance since inception for an index, if presented, is the performance since the Fund’s inception.

²  Shares of NextShares funds are normally bought and sold in the secondary market through a broker, and may not be individually purchased or redeemed from the fund. In the secondary market, buyers and sellers transact with each other, rather than with the fund. NextShares funds issue and redeem shares only in specified creation unit quantities in transactions by or through Authorized Participants. In such transactions, a fund issues and redeems shares in exchange for the basket of securities, other instruments and/or cash that the fund specifies each business day. By transacting in kind, a NextShares fund can lower its trading costs and enhance fund tax efficiency by avoiding forced sales of securities to meet redemptions. Redemptions may be effected partially or entirely in cash whenin-kind delivery is not practicable or deemed not in the best interests of shareholders. A fund’s basket is not intended to be representative of the fund’s current portfolio positions and may vary significantly from current positions. As exchange-traded securities, NextShares can operate with low transfer agency expenses by utilizing the same highly efficient share processing system as used for exchange-listed stocks and ETFs.

Market trading prices of NextShares are linked to the fund’s next-computed net asset value (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero. Buyers and sellers of NextShares will not know the value of their purchases and sales until after the fund’s NAV is determined at the end of the trading day. Market trading prices may vary significantly from anticipated levels. NextShares do not offer investors the opportunity to buy and sell intraday based on current (versusend-of-day) determinations of fund value. NextShares trade execution prices will fluctuate based on changes in NAV. Although limit orders may be used to control trading costs, they cannot be used to control or limit trade execution prices. As a new type of fund, NextShares have a limited operating history and may initially be available through a limited number of brokers. There can be no guarantee that an active trading market for NextShares will develop or be maintained, or that their listing will continue unchanged. Buying and selling NextShares may require payment of brokerage commissions and expose transacting shareholders to other trading costs. Frequent trading may detract from realized investment returns. The return on a shareholder’s NextShares investment will be reduced if the shareholder sells shares at a greater discount or narrower premium to NAV than he or she acquired the shares.

³  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 1/31/20. Without the reimbursement, performance would have been lower. The expense ratio for the current reporting period can be found in the Financial Highlights section of this report.

⁴  The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes astax-exempt income, qualified andnon-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form1099-DIV and provided to the shareholder shortly after eachyear-end. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. The SEC Yield is a standardized measure based on the estimated yield to maturity of a fund’s investments over a30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the Fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements.

⁵  Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the lowest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above.

⁶  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

3

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2018 – March 31, 2019).

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 brokerage commissions on purchases and sales of Fund shares. 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 (10/1/18)		Ending Account Value (3/31/19)		Expenses Paid During Period* (10/1/18 – 3/31/19)			Annualized Expense Ratio
Actual
	$	1,000.00	$	1,012.70	$	4.52	**		0.90	%
Hypothetical
(5% return per year before expenses)
	$	1,000.00	$	1,020.40	$	4.53	**		0.90	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2018.

** Absent an allocation of certain expenses to an affiliate, expenses would be higher.

4

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited)

Senior Floating-Rate Loans — 26.3%(1)
Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 1.5%
TransDigm, Inc.
Term Loan, 5.00%, (1 mo. USD LIBOR + 2.50%), Maturing May 30, 2025			743	$	724,286
				$	724,286
Building and Development — 0.7%
Forest City Enterprises L.P.
Term Loan, 6.48%, (1 mo. USD LIBOR + 4.00%), Maturing December 7, 2025			369	$	371,382
				$	371,382
Business Equipment and Services — 5.8%
Blitz F18-675 GmbH
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 31, 2025	EUR		450	$	506,865
Fugue Finance B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing September 1, 2024	EUR		400		443,492
Mayfield Agency Borrower, Inc.
Term Loan, 7.00%, (1 mo. USD LIBOR + 4.50%), Maturing February 28, 2025			993		970,170
PI US MergerCo, Inc.
Term Loan, 6.00%, (1 mo. USD LIBOR + 3.50%), Maturing December 20, 2024			495		487,033
Trans Union, LLC
Term Loan, 4.50%, (1 mo. USD LIBOR + 2.00%), Maturing June 19, 2025			496		490,434
				$	2,897,994
Cable and Satellite Television — 1.5%
CSC Holdings, LLC
Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing January 25, 2026			741	$	725,697
				$	725,697
Chemicals and Plastics — 0.9%
U.S. Silica Company
Term Loan, 6.50%, (1 mo. USD LIBOR + 4.00%), Maturing May 1, 2025			496	$	470,188
				$	470,188

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Containers and Glass Products — 0.5%
CCP Lux Holding S.a.r.l.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing January 10, 2025	EUR		200	$	224,140
				$	224,140
Ecological Services and Equipment — 1.9%
ExGen Renewables IV, LLC
Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing November 28, 2024			488	$	458,414
GFL Environmental, Inc.
Term Loan, 5.50%, (1 mo. USD LIBOR + 3.00%), Maturing May 30, 2025			497		483,191
				$	941,605
Electronics / Electrical — 2.5%
Financial & Risk US Holdings, Inc.
Term Loan, 4.00%, (6 mo. EURIBOR + 4.00%), Maturing October 1, 2025	EUR		100	$	111,440
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing October 1, 2025			532		516,659
Marcel LUX IV S.a.r.l.
Term Loan, Maturing September 26, 2025(2)	EUR		130		145,387
TriTech Software Systems
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing August 29, 2025			499		492,204
				$	1,265,690
Financial Intermediaries — 0.4%
Peer Holding III B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 8, 2025	EUR		200	$	220,401
				$	220,401
Food Products — 0.4%
Refresco Group B.V.
Term Loan, 3.25%, (3 mo. EURIBOR + 3.25%), Maturing March 28, 2025	EUR		200	$	220,999
				$	220,999
Health Care — 4.7%
Auris Luxembourg III S.a.r.l.
Term Loan, Maturing February 27, 2026(2)	EUR		380	$	428,830
CTC AcquiCo GmbH
Term Loan, 5.63%, (3 mo. USD LIBOR + 3.00%), Maturing March 7, 2025			191		188,618

5 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Health Care (continued)
Envision Healthcare Corporation
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing October 10, 2025			499	$	467,474
Gentiva Health Services, Inc.
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing July 2, 2025			276		275,881
Innoviva, Inc.
Term Loan, 7.14%, (3 mo. USD LIBOR + 4.50%), Maturing August 11, 2022			41		40,837
Pearl Intermediate Parent, LLC
Term Loan, 4.23%, (1 mo. USD LIBOR + 2.75%), Maturing February 14, 2025(3)			226		214,368
Term Loan, 5.24%, (1 mo. USD LIBOR + 2.75%), Maturing February 14, 2025			765		724,837
				$	2,340,845
Industrial Equipment — 0.3%
TI Luxembourg S.A.
Term Loan, 3.50%, (3 mo. EURIBOR + 3.50%), Maturing February 14, 2025	EUR		140	$	156,731
				$	156,731
Leisure Goods / Activities / Movies — 0.3%
Amer Sports Oyj
Term Loan, Maturing February 26, 2026(2)	EUR		150	$	166,820
				$	166,820
Lodging and Casinos — 0.9%
Alpha Group S.a.r.l.
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing January 31, 2025	EUR		200	$	222,854
Stars Group Holdings B.V. (The)
Term Loan, 3.75%, (3 mo. EURIBOR + 3.75%), Maturing July 10, 2025	EUR		200		225,612
				$	448,466
Nonferrous Metals / Minerals — 1.0%
American Rock Salt Company, LLC
Term Loan, 6.25%, (1 mo. USD LIBOR + 3.75%), Maturing March 21, 2025			495	$	494,072
				$	494,072

Borrower/Tranche Description		Principal Amount* (000’s omitted)		Value
Oil and Gas — 1.0%
HFOTCO, LLC
Term Loan, 5.25%, (1 mo. USD LIBOR + 2.75%), Maturing June 26, 2025			496	$	491,598
				$	491,598
Retailers (Except Food and Drug) — 0.4%
EG Group Limited
Term Loan, 5.60%, (3 mo. GBP LIBOR + 4.75%), Maturing February 6, 2025	GBP		149	$	188,578
				$	188,578
Telecommunications — 1.1%
Securus Technologies Holdings, Inc.
Term Loan, Maturing November 1, 2024(2)			400	$	398,127
TDC A/S
Term Loan, 2.75%, (1 mo. EURIBOR + 2.75%), Maturing June 4, 2025	EUR		131		146,976
				$	545,103
Utilities — 0.5%
Brookfield WEC Holdings, Inc.
Term Loan - Second Lien, 9.25%, (1 mo. USD LIBOR + 6.75%), Maturing August 3, 2026			250	$	251,094
				$	251,094
Total Senior Floating-Rate Loans (identified cost $13,561,727)				$	13,145,689
Corporate Bonds & Notes — 37.6%
Security		Principal Amount* (000’s omitted)		Value
Aerospace & Defense — 0.4%
TransDigm, Inc.
6.25%, 3/15/26(4)			170	$	176,800
				$	176,800
Agriculture — 0.4%
MHP SE
7.75%, 5/10/24(5)			200	$	202,388
				$	202,388

6 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Apparel — 0.2%
Samsonite Finco S.a.r.l.
3.50%, 5/15/26(5)	EUR		110	$	123,701
				$	123,701
Automotive & Parts — 0.2%
IHO Verwaltungs GmbH
2.75%, (2.75% cash or 3.50% PIK), 9/15/21(5)(6)	EUR		105	$	119,506
				$	119,506
Building Materials — 0.4%
Summit Materials, LLC/Summit Materials Finance Corp.
6.125%, 7/15/23			206	$	211,325
				$	211,325
Chemicals — 1.2%
Axalta Coating Systems Dutch Holding B B.V.
3.75%, 1/15/25(5)	EUR		105	$	122,661
Braskem Finance, Ltd.
7.375% to 2/14/19(5)(7)			75		76,219
Chemours Co. (The)
4.00%, 5/15/26	EUR		100		113,880
Kraton Polymers, LLC/Kraton Polymers Capital Corp.
5.25%, 5/15/26(5)	EUR		105		119,920
Monitchem HoldCo 3 S.A.
5.25%, 6/15/21(5)	EUR		150		168,823
				$	601,503
Coal — 0.5%
SunCoke Energy Partners, L.P./SunCoke Energy Partners Finance Corp.
7.50%, 6/15/25(4)			224	$	227,360
				$	227,360
Commercial Services — 2.8%
Arena Luxembourg Finance S.a.r.l.
2.875%, 11/1/24(5)	EUR		105	$	120,893
Blitz F18-674 GmbH
6.00%, 7/30/26(4)	EUR		100		116,547
Carriage Services, Inc.
6.625%, 6/1/26(4)			193		198,307
Herc Rentals, Inc.
7.50%, 6/1/22(4)			166		173,470
7.75%, 6/1/24(4)			45		47,869

Security		Principal Amount* (000’s omitted)		Value
Commercial Services (continued)
Intertrust Group B.V.
3.375%, 11/15/25(5)	EUR		105	$	120,827
Nexi Capital SpA
4.125%, 11/1/23(4)	EUR		105		122,684
Prime Security Services Borrower, LLC/ Prime Finance, Inc.
9.25%, 5/15/23(4)			206		216,815
TMS International Corp.
7.25%, 8/15/25(4)			176		170,900
Verisure Holding AB
3.50%, 5/15/23(5)	EUR		105		122,070
				$	1,410,382
Computers — 0.8%
NCR Corp.
6.375%, 12/15/23			370	$	381,352
				$	381,352
Distribution & Wholesale — 0.3%
LKQ Italia Bondco SpA
3.875%, 4/1/24(5)	EUR		105	$	125,970
				$	125,970
Diversified Financial Services — 0.8%
LHC3 PLC
4.125%, (4.125% cash or 4.875% PIK), 8/15/24(5)(6)	EUR		125	$	142,497
Lincoln Financing S.a.r.l.
3.625%, 4/1/24(4)(8)	EUR		100		113,367
Vantiv, LLC/Vanity Issuer Corp.
3.875%, 11/15/25(5)	GBP		110		149,434
				$	405,298
Electric — 1.7%
AES Corp. (The)
6.00%, 5/15/26			45	$	47,924
Clearway Energy Operating, LLC
5.75%, 10/15/25(4)			200		201,500
Genneia S.A.
8.75%, 1/20/22(4)			91		82,810
8.75%, 1/20/22(5)			322		293,020
Pampa Energia SA
7.50%, 1/24/27(5)			240		213,048
				$	838,302

7 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Electrical Components & Equipment — 0.3%
Energizer Gamma Acquisition B.V.
4.625%, 7/15/26(5)	EUR		140	$	161,748
				$	161,748
Energy – Alternate Sources — 0.3%
Rio Energy S.A./UGEN S.A./UENSA S.A.
6.875%, 2/1/25(5)			200	$	152,240
				$	152,240
Entertainment — 0.8%
Cedar Fair L.P./Canada’s Wonderland Co./ Magnum Management Corp.
5.375%, 6/1/24			120	$	123,143
CPUK Finance, Ltd.
4.25%, 2/28/47(5)	GBP		110		143,185
WMG Acquisition Corp.
5.00%, 8/1/23(4)			45		45,956
4.125%, 11/1/24(5)	EUR		90		106,100
				$	418,384
Environmental Control — 0.5%
Covanta Holding Corp.
5.875%, 3/1/24			231	$	237,352
				$	237,352
Foods — 0.5%
Ingles Markets, Inc.
5.75%, 6/15/23			125	$	127,969
Sigma Holdco B.V.
5.75%, 5/15/26(5)	EUR		115		121,589
				$	249,558
Forest Products & Paper — 0.9%
Mercer International, Inc.
7.375%, 1/15/25(4)			310	$	326,275
WEPA Hygieneprodukte GmbH
3.75%, 5/15/24(5)	EUR		110		125,243
				$	451,518
Health Care – Services — 0.6%
CHS/Community Health Systems, Inc.
6.25%, 3/31/23			104	$	98,020

Security		Principal Amount* (000’s omitted)		Value
Health Care – Services (continued)
MPH Acquisition Holdings, LLC
7.125%, 6/1/24(4)			227	$	227,000
				$	325,020
Home Builders — 1.0%
Century Communities, Inc.
5.875%, 7/15/25			250	$	238,750
KB Home
6.875%, 6/15/27			250		258,125
				$	496,875
Household Products — 0.7%
Diamond BC B.V.
5.625%, 8/15/25(5)	EUR		120	$	126,803
Prestige Brands, Inc.
6.375%, 3/1/24(4)			203		207,567
				$	334,370
Insurance — 1.0%
Hub International, Ltd.
7.00%, 5/1/26(4)			177	$	175,672
Nationstar Mortgage Holdings, Inc.
8.125%, 7/15/23(4)			294		303,555
				$	479,227
Iron & Steel — 1.0%
Metinvest B.V.
8.50%, 4/23/26(4)			500	$	492,685
				$	492,685
Machinery – Diversified — 0.4%
Tennant Co.
5.625%, 5/1/25			176	$	178,200
				$	178,200
Media — 1.7%
Altice France S.A.
5.625%, 5/15/24(5)	EUR		100	$	115,990
Sirius XM Radio, Inc.
5.375%, 4/15/25(4)			95		97,850
Tele Columbus AG
3.875%, 5/2/25(5)	EUR		110		110,911

8 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Media (continued)
Telenet Finance VI Luxembourg SCA
4.875%, 7/15/27(5)	EUR		117	$	141,343
UPCB Finance IV, Ltd.
4.00%, 1/15/27(5)	EUR		104		121,833
Virgin Media Receivables Financing Notes I DAC
5.50%, 9/15/24(5)	GBP		100		131,368
Ziggo Bond Co., B.V.
4.625%, 1/15/25(5)	EUR		100		115,563
				$	834,858
Metal Fabricate & Hardware — 0.7%
Grinding Media, Inc./Moly-Cop AltaSteel, Ltd.
7.375%, 12/15/23(4)			379	$	365,735
				$	365,735
Oil & Gas — 3.9%
Archrock Partners L.P./Archrock Partners Finance Corp.
6.875%, 4/1/27(4)			50	$	51,110
CITGO Petroleum Corp.
6.25%, 8/15/22(4)			375		374,062
Comstock Escrow Corp.
9.75%, 8/15/26(4)			160		148,000
Northern Oil and Gas, Inc.
9.50%, (8.50% cash and 1.00% PIK), 5/15/23			190		197,600
Oasis Petroleum, Inc.
6.875%, 1/15/23			199		199,498
Rio Oil Finance Trust
8.20%, 4/6/28(5)			250		271,190
UGI International, LLC
3.25%, 11/1/25(5)	EUR		105		122,466
YPF S.A.
8.75%, 4/4/24(5)			142		143,065
6.95%, 7/21/27(5)			508		453,009
				$	1,960,000
Packaging & Containers — 1.7%
ARD Finance S.A.
6.625%, (6.625% cash or 7.375% PIK), 9/15/23(6)	EUR		100	$	113,901
BWAY Holding Co.
5.50%, 4/15/24(4)			256		255,117
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC
7.00%, 7/15/24(4)			329		339,528

Security		Principal Amount* (000’s omitted)		Value
Packaging & Containers (continued)
Silgan Holdings, Inc.
3.25%, 3/15/25	EUR		105	$	121,965
				$	830,511
Pharmaceuticals — 1.0%
Bausch Health Companies, Inc.
5.875%, 5/15/23(4)			159	$	161,186
8.50%, 1/31/27(4)			45		47,813
Grifols S.A.
3.20%, 5/1/25(5)	EUR		150		171,480
Nidda Healthcare Holding GmbH
3.50%, 9/30/24(5)	EUR		130		145,038
				$	525,517
Pipelines — 0.8%
Transportadora de Gas del Sur S.A.
6.75%, 5/2/25(5)			450	$	425,700
				$	425,700
Real Estate — 1.5%
Hunt Cos., Inc.
6.25%, 2/15/26(4)			258	$	241,230
Kennedy-Wilson, Inc.
5.875%, 4/1/24			525		524,344
				$	765,574
Real Estate Investment Trusts (REITs) — 0.3%
Geo Group, Inc. (The)
5.125%, 4/1/23			152	$	135,660
				$	135,660
Retail — 0.7%
FirstCash, Inc.
5.375%, 6/1/24(4)			95	$	97,613
Suburban Propane Partners L.P./Suburban Energy Finance Corp.
5.50%, 6/1/24			160		156,656
5.75%, 3/1/25			100		97,250
				$	351,519
Software — 0.9%
First Data Corp.
5.75%, 1/15/24(4)			95	$	98,040

9 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Software (continued)
InterXion Holding N.V.
4.75%, 6/15/25(4)	EUR		105	$	125,204
TeamSystem SpA
4.00%, (3 mo. EURIBOR + 4.00%), 4/15/23(4)(9)	EUR		200		225,472
				$	448,716
Telecommunications — 5.1%
CommScope, Inc.
5.50%, 3/1/24(4)			40	$	41,012
5.50%, 6/15/24(4)			231		227,038
Frontier Communications Corp.
8.50%, 4/1/26(4)			135		125,719
8.00%, 4/1/27(4)			90		93,150
Intelsat Jackson Holdings S.A.
8.00%, 2/15/24(4)			241		251,845
8.50%, 10/15/24(4)			70		68,425
Level 3 Financing, Inc.
5.375%, 1/15/24			273		278,760
Oi S.A.
10.00%, (10.00% cash or 8.00% cash and 4.00% PIK), 7/27/25(6)			497		526,820
Plantronics, Inc.
5.50%, 5/31/23(4)			381		382,905
SES S.A.
4.625% to 1/2/22(5)(7)(10)	EUR		100		117,634
Sprint Communications, Inc.
6.00%, 11/15/22			99		100,020
Sprint Corp.
7.125%, 6/15/24			197		200,447
Telecom Italia SpA
3.25%, 1/16/23(5)	EUR		105		123,387
				$	2,537,162
Transportation — 0.9%
Moto Finance PLC
4.50%, 10/1/22(5)	GBP		100	$	128,128
Watco Cos., LLC/Watco Finance Corp.
6.375%, 4/1/23(4)			323		326,230
				$	454,358

Security	Principal Amount* (000’s omitted)		Value
Trucking & Leasing — 0.7%
DAE Funding, LLC
5.25%, 11/15/21(4)		362	$	370,145
			$	370,145
Total Corporate Bonds & Notes (identified cost $18,862,824)			$	18,806,519
Foreign Government Bonds — 1.3%
Security	Principal Amount (000’s omitted)		Value
Argentina — 1.3%
Province of Neuquen, 8.625%, 5/12/28(5)	$	150	$	142,500
Provincia de Buenos Aires, 6.50%, 2/15/23(5)		225		183,937
Provincia del Chubut Argentina, 7.75%, 7/26/26(5)		150		118,875
Republic of Argentina, 5.875%, 1/11/28		100		77,013
Republic of Argentina, 6.625%, 7/6/28		150		118,464
Total Foreign Government Bonds (identified cost $668,268)			$	640,789
Convertible Bonds — 8.7%
Security	Principal Amount* (000’s omitted)		Value
Banks — 0.1%
Hope Bancorp, Inc.
2.00%, 5/15/38(4)		60	$	53,086
			$	53,086
Biotechnology — 0.1%
Acorda Therapeutics, Inc.
1.75%, 6/15/21		55	$	48,812
			$	48,812
Building Materials — 0.2%
Cemex SAB de CV
3.72%, 3/15/20		50	$	49,883
Patrick Industries, Inc.
1.00%, 2/1/23		65		58,338
			$	108,221

10 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Commercial Services — 0.5%
Cardtronics, Inc.
1.00%, 12/1/20		60	$	59,587
Euronet Worldwide, Inc.
0.75%, 3/15/49(4)		11		11,876
FTI Consulting, Inc.
2.00%, 8/15/23(4)		20		20,475
Huron Consulting Group, Inc.
1.25%, 10/1/19		80		78,979
Macquarie Infrastructure Corp.
2.00%, 10/1/23		90		79,540
			$	250,457
Computers — 0.2%
Western Digital Corp.
1.50%, 2/1/24(4)		95	$	83,791
			$	83,791
Diversified Financial Services — 0.3%
Encore Capital Group, Inc.
2.875%, 3/15/21		75	$	69,286
PRA Group, Inc.
3.00%, 8/1/20		90		87,096
3.50%, 6/1/23		15		13,473
			$	169,855
Electric — 0.4%
China Yangtze Power International BVI1, Ltd.
0.00%, 11/9/21(5)		200	$	219,050
			$	219,050
Electronics — 0.0%(11)
OSI Systems, Inc.
1.25%, 9/1/22		15	$	15,244
			$	15,244
Energy – Alternate Sources — 0.3%
Green Plains, Inc.
4.125%, 9/1/22		50	$	47,969
NextEra Energy Partners, L.P.
1.50%, 9/15/20(4)		22		21,955
Pattern Energy Group, Inc.
4.00%, 7/15/20		40		40,275

Security		Principal Amount* (000’s omitted)		Value
Energy – Alternate Sources (continued)
Tesla Energy Operations, Inc.
1.625%, 11/1/19			45	$	43,561
				$	153,760
Health Care – Services — 0.2%
Korian S.A.
2.50% to 1/1/23(5)(7)(10)	EUR		80	$	97,963
				$	97,963
Holding Company – Diversified — 0.4%
RWT Holdings, Inc.
5.625%, 11/15/19			60	$	60,527
Seven Group Holdings, Ltd.
2.20%, 3/5/25(5)	AUD		200		138,636
				$	199,163
Internet — 0.4%
Ctrip.com International, Ltd.
1.25%, 9/15/22			55	$	55,934
Twitter, Inc.
0.25%, 9/15/19			45		44,365
0.25%, 6/15/24(4)			10		9,279
Zillow Group, Inc.
2.00%, 12/1/21			10		10,252
1.50%, 7/1/23			60		54,947
				$	174,777
Investment Companies — 0.1%
New Mountain Finance Corp.
5.00%, 6/15/19			40	$	40,102
				$	40,102
Iron & Steel — 0.5%
Angang Steel Co., Ltd.
0.00%, 5/25/23(5)	HKD		2,000	$	250,306
				$	250,306
Media — 0.1%
DISH Network Corp.
2.375%, 3/15/24			50	$	41,431

11 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Media (continued)
Liberty Media Corp.
1.00%, 1/30/23			11	$	12,347
2.25%, 12/1/48(4)			15		16,778
				$	70,556
Mining — 0.1%
SSR Mining, Inc.
2.875%, 2/1/33			30	$	30,156
				$	30,156
Miscellaneous Manufacturing — 0.5%
CRRC Corp., Ltd.
0.00%, 2/5/21(5)			250	$	263,080
				$	263,080
Oil & Gas — 0.3%
Chesapeake Energy Corp.
5.50%, 9/15/26			18	$	16,724
Ensco Jersey Finance, Ltd.
3.00%, 1/31/24			70		54,167
Whiting Petroleum Corp.
1.25%, 4/1/20			90		87,224
				$	158,115
Oil & Gas Services — 0.1%
SEACOR Holdings, Inc.
3.00%, 11/15/28			65	$	63,697
				$	63,697
Pharmaceuticals — 0.3%
Herbalife Nutrition, Ltd.
2.625%, 3/15/24			10	$	10,591
Teva Pharmaceutical Finance Co., LLC
0.25%, 2/1/26			50		46,346
Toho Holdings Co., Ltd.
0.00%, 6/23/23(5)	JPY		10,000		93,747
				$	150,684
Pipelines — 0.1%
Cheniere Energy, Inc.
4.875%, (0.00% cash and 4.875% PIK), 5/28/21(4)(6)			20	$	20,880
				$	20,880

Security		Principal Amount* (000’s omitted)		Value
Real Estate — 0.5%
Consus Real Estate AG
4.00%, 11/29/22(5)	EUR		100	$	98,446
Forestar Group, Inc.
3.75%, 3/1/20			65		64,935
Nexity S.A.
0.125%, 1/1/23(5)	EUR		85		62,657
				$	226,038
Real Estate Investment Trusts (REITs) — 1.8%
Arbor Realty Trust, Inc.
5.25%, 7/1/21(4)			50	$	52,078
Blackstone Mortgage Trust, Inc.
4.375%, 5/5/22			25		25,317
Colony Capital, Inc.
3.875%, 1/15/21			326		311,758
Cromwell SPV Finance Pty, Ltd.
2.50%, 3/29/25(5)	EUR		100		110,913
Empire State Realty OP L.P.
2.625%, 8/15/19(4)			50		49,818
Extra Space Storage L.P.
3.125%, 10/1/35(4)			20		23,024
KKR Real Estate Finance Trust, Inc.
6.125%, 5/15/23(4)			80		82,016
New York Mortgage Trust, Inc.
6.25%, 1/15/22			75		75,128
PennyMac Corp.
5.375%, 5/1/20			85		85,393
Two Harbors Investment Corp.
6.25%, 1/15/22			65		65,806
				$	881,251
Retail — 0.5%
Carrefour S.A.
0.00%, 3/27/24(5)			200	$	188,700
Vitamin Shoppe, Inc.
2.25%, 12/1/20			45		40,333
				$	229,033
Semiconductors — 0.5%
STMicroelectronics N.V.
0.25%, 7/3/24(5)			200	$	207,008
Veeco Instruments, Inc.
2.70%, 1/15/23			65		55,769
				$	262,777

12 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Software — 0.1%
Guidewire Software, Inc.
1.25%, 3/15/25		15	$	16,365
Nuance Communications, Inc.
1.25%, 4/1/25		19		18,894
Pluralsight, Inc.
0.375%, 3/1/24(4)		11		11,795
			$	47,054
Telecommunications — 0.0%(11)
Viavi Solutions, Inc.
1.00%, 3/1/24		10	$	11,295
			$	11,295
Transportation — 0.0%(11)
Air Transport Services Group, Inc.
1.125%, 10/15/24		15	$	15,036
			$	15,036
Venture Capital — 0.1%
Hercules Capital, Inc.
4.375%, 2/1/22		55	$	53,854
			$	53,854
Total Convertible Bonds (identified cost $4,363,486)			$	4,348,093
Asset-Backed Securities — 12.2%
Security	Principal Amount (000’s omitted)		Value
BlueMountain CLO, Ltd.
Series 2013-2A, Class ER, 9.061%, (3 mo. USD LIBOR + 6.30%), 10/22/30(4)(9)	$	350	$	331,383
BSPRT Issuer, Ltd.
Series 2017-FL1, Class C, 6.74%, (1 mo. USD LIBOR + 4.25%), 6/15/27(4)(9)		168		168,279
CIFC Funding, Ltd.
Series 2018-4X, Class E, 10.28%, (3 mo. USD LIBOR + 7.70%), 10/17/31(5)(9)		325		298,051
InSite Issuer, LLC
Series 2018-1A, Class C, 6.115%, 12/15/48(4)		305		314,464

Security	Principal Amount (000’s omitted)		Value
MidOcean Credit CLO
Series 2014-3A, Class ER, 8.961%, (3 mo. USD LIBOR + 6.20%), 4/21/31(4)(9)	$	500	$	472,922
Series 2017-7A, Class F, 10.887%, (3 mo. USD LIBOR + 8.10%), 7/15/29(4)(9)		750		704,847
Nassau, Ltd.
Series 2017-IIA, Class D, 5.467%, (3 mo. USD LIBOR + 2.68%), 1/15/30(4)(9)		550		511,925
Octagon Investment Partners XIV, Ltd.
Series 2012-1A, Class ER, 11.137%, (3 mo. USD LIBOR + 8.35%), 7/15/29(4)(9)		750		706,278
OZLM, Ltd.
Series 2017-17A, Class D, 8.751%, (3 mo. USD LIBOR + 5.99%), 7/20/30(4)(9)		250		242,506
Regatta X Funding, Ltd.
Series 2017-3A, Class D, 5.523%, (3 mo. USD LIBOR + 2.75%), 1/17/31(4)(9)		250		238,821
Saranac CLO VII, Ltd.
Series 2014-2A, Class ER, 9.364%, (3 mo. USD LIBOR + 6.72%), 11/20/29(4)(9)		100		97,559
Shackleton CLO, Ltd.
Series 2013-3A, Class ER, 8.667%, (3 mo. USD LIBOR + 5.88%), 7/15/30(4)(9)		250		236,820
THL Credit Wind River
Series 2019-1A, Class E, (3 mo. USD LIBOR + 6.72%), 4/20/31(4)(8)(9)		350		345,453
TICP CLO I, Ltd.
Series 2015-1A, Class DR, 5.261%, (3 mo. USD LIBOR + 2.50%), 7/20/27(4)(9)		500		482,767
Tralee CLO IV, Ltd.
Series 2017-4A, Class E, 8.861%, (3 mo. USD LIBOR + 6.10%), 1/20/30(4)(9)		1,000		945,422
Total Asset-Backed Securities (identified cost $6,315,095)			$	6,097,497
Commercial Mortgage-Backed Securities — 9.8%
Security	Principal Amount (000’s omitted)		Value
BHMS
Series 2018-ATLS, Class E, 5.484%, (1 mo. USD LIBOR + 3.00%), 7/15/35(4)(9)	$	300	$	298,239
BX Trust
Series 2017-IMC, Class G, 7.984%, (1 mo. USD LIBOR + 5.50%), 10/15/32(4)(9)		125		124,757
CFCRE Commercial Mortgage Trust
Series 2018-TAN, Class E, 6.446%, 2/15/33(4)		660		678,865

13 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
CGGS Commercial Mortgage Trust
Series 2018-WSS, Class E, 5.634%, (1 mo. USD LIBOR + 3.15%), 2/15/37(4)(9)	$	300	$	300,239
Citigroup Commercial Mortgage Trust
Series 2018-TBR, Class F, 6.134%, (1 mo. USD LIBOR + 3.65%), 12/15/36(4)(9)		400		403,253
Cosmopolitan Hotal Trust Mortgage Trust
Series 2017-CSMO, Class F, 6.225%, (1 mo. USD LIBOR + 3.74%), 11/15/36(4)(9)		1,000		1,006,948
DBCCRE Mortgage Trust
Series 2014-ARCP, Class E, 4.935%, 1/10/34(4)(12)		200		190,676
GS Mortgage Securities Corp. Trust
Series 2018-RIVR, Class H, 5.88%, (1 mo. USD LIBOR + 3.40%), 7/15/35(4)(9)		300		297,325
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2018-BCON, Class F, 3.756%, 1/5/31(4)		240		230,509
Series 2018-PTC, Class D, 5.604%, (1 mo. USD LIBOR + 3.12%), 4/15/31(4)(9)		400		401,852
Rosslyn Portfolio Trust
Series 2017-ROSS, Class F, 6.234%, (1 mo. USD LIBOR + 3.75%), 6/15/33(4)(9)		354		352,661
Toorak Mortgage Corp., Ltd.
Series 2018-1, Class A2, 4.949% to 4/25/21, 8/25/21(4)(13)		150		149,253
UBS Commercial Mortgage Trust
Series 2018-NYCH, Class F, 6.305%, (1 mo. USD LIBOR + 3.82%), 2/15/32(4)(9)		500		502,702
Total Commercial Mortgage-Backed Securities (identified cost $4,884,871)			$	4,937,279

Short-Term Investments — 3.2%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.59%(14)		1,589,684	$	1,589,684
Total Short-Term Investments (identified cost $1,589,684)			$	1,589,684
Total Investments — 99.1% (identified cost $50,245,955)			$	49,565,550
Less Unfunded Loan Commitments — (0.1)%			$	(53,917	)
Net Investments — 99.0% (identified cost $50,192,038)			$	49,511,633
Other Assets, Less Liabilities — 1.0%			$	495,388
Net Assets — 100.0%			$	50,007,021

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate.

⁽²⁾  This Senior Loan will settle after March 31, 2019, at which time the interest rate will be determined.

⁽³⁾  Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1G for description.

⁽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 March 31, 2019, the aggregate value of these securities is $19,335,144 or 38.7% of the Fund’s net assets.

⁽⁵⁾  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 March 31, 2019, the aggregate value of these securities is $8,469,859 or 16.9% of the Fund’s net assets.

⁽⁶⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

14 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited) — continued

⁽⁷⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁸⁾  When-issued security. For a variable rate security, interest rate will be determined after March 31, 2019.

⁽⁹⁾  Variable rate security. The stated interest rate represents the rate in effect at March 31, 2019.

⁽¹⁰⁾  Security converts to floating rate after the indicated fixed-rate coupon period.

⁽¹¹⁾  Amount is less than 0.05%.

⁽¹²⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at March 31, 2019.

⁽¹³⁾  Step coupon bond. Interest rate represents the rate in effect at March 31, 2019.

⁽¹⁴⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2019.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		80.9	%	$	40,484,626
Euro		15.7			7,857,542
British Pound Sterling		1.5			740,693
Other currency, less than 1% each		1.0			482,689
Total Investments		99.1	%	$	49,565,550

Country Concentration of Portfolio
Country	Percentage of Net Assets			Value
United States		57.7	%	$	28,837,731
Cayman Islands		11.5			5,761,693
Argentina		4.8			2,403,681
Luxembourg		4.0			2,018,289
Netherlands		3.4			1,696,916
Germany		3.3			1,634,028
United Kingdom		2.6			1,318,348
Canada		2.1			1,065,234
Ukraine		1.4			695,073
Italy		1.2			597,513
China		1.1			569,320
Brazil		1.1			526,820
France		0.9			465,310
United Arab Emirates		0.7			370,145
New Zealand		0.7			339,528
Australia		0.5			249,549
British Virgin Islands		0.4			219,050
Spain		0.4			171,480
Finland		0.3			166,820
Denmark		0.3			146,976
Sweden		0.3			122,070
Japan		0.2			93,747
Mexico		0.1			49,883
Israel		0.1			46,346
Total Investments		99.1	%	$	49,565,550

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
AUD	5,200	USD	3,694	State Street Bank and Trust Company		4/18/19	$	—	$	(1	)
EUR	13,800	USD	15,803	State Street Bank and Trust Company		4/18/19		—		(302	)
EUR	42,600	USD	48,590	State Street Bank and Trust Company		4/18/19		—		(738	)
EUR	98,200	USD	112,137	State Street Bank and Trust Company		4/18/19		—		(1,832	)
JPY	10,900,000	USD	98,873	State Street Bank and Trust Company		4/18/19		—		(387	)
JPY	11,414,000	USD	104,133	State Street Bank and Trust Company		4/18/19		—		(1,003	)
USD	133,731	AUD	185,477	State Street Bank and Trust Company		4/18/19		1,990		—
USD	7,460	AUD	10,500	State Street Bank and Trust Company		4/18/19		2		—
USD	4,613	AUD	6,500	State Street Bank and Trust Company		4/18/19		—		(4	)
USD	3,321,797	EUR	2,883,655	State Street Bank and Trust Company		4/18/19		82,668		—
USD	3,319,579	EUR	2,881,729	State Street Bank and Trust Company		4/18/19		82,612		—
USD	555,063	EUR	482,364	State Street Bank and Trust Company		4/18/19		13,236		—
USD	660,259	EUR	584,053	State Street Bank and Trust Company		4/18/19		4,208		—
USD	185,303	EUR	162,914	State Street Bank and Trust Company		4/18/19		2,307		—
USD	107,811	EUR	94,500	State Street Bank and Trust Company		4/18/19		1,662		—

15 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	20,457	GBP	15,499	State Street Bank and Trust Company		4/18/19	$	253	$	—
USD	535,831	GBP	415,289	State Street Bank and Trust Company		4/18/19		—		(5,501	)
USD	538,954	GBP	417,709	State Street Bank and Trust Company		4/18/19		—		(5,533	)
USD	240,948	HKD	1,884,860	State Street Bank and Trust Company		4/18/19		715		—
USD	6,388	HKD	50,000	State Street Bank and Trust Company		4/18/19		16		—
USD	6,505	HKD	51,000	State Street Bank and Trust Company		4/18/19		5		—
USD	303,828	JPY	32,782,000	State Street Bank and Trust Company		4/18/19		7,631		—
							$	197,305	$	(15,301	)

Abbreviations:

EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate
PIK	–	Payment In Kind

Currency Abbreviations:

AUD	–	Australian Dollar
EUR	–	Euro
GBP	–	British Pound Sterling
HKD	–	Hong Kong Dollar
JPY	–	Japanese Yen
USD	–	United States Dollar

16 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	March 31, 2019
Unaffiliated investments, at value (identified cost, $48,602,354)	$	47,921,949
Affiliated investment, at value (identified cost, $1,589,684)		1,589,684
Cash		245,808
Foreign currency, at value (identified cost, $1,055,047)		1,047,945
Interest receivable		516,913
Dividends receivable from affiliated investment		3,161
Receivable for investments sold		208,233
Receivable for open forward foreign currency exchange contracts		197,305
Receivable from affiliate		23,840
Total assets	$	51,754,838
Liabilities
Payable for investments purchased	$	1,149,813
Payable for when-issued securities		457,260
Payable for open forward foreign currency exchange contracts		15,301
Payable to affiliates:
Investment adviser fee		33,921
Operations agreement fee		2,120
Accrued expenses		89,402
Total liabilities	$	1,747,817
Net Assets	$	50,007,021
Sources of Net Assets
Paid-in capital	$	50,751,165
Accumulated loss		(744,144	)
Total	$	50,007,021
Net Asset Value Per Share
($50,007,021 ÷ 5,050,000 shares issued and outstanding)	$	9.90

17 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended March 31, 2019
Interest	$	1,474,948
Dividends from affiliated investment		19,445
Total investment income	$	1,494,393
Expenses
Investment adviser fee	$	199,250
Operations agreement fee		12,453
Trustees’ fees and expenses		1,616
Custodian fee		42,052
Transfer and dividend disbursing agent fees		4,961
Legal and accounting services		41,853
Printing and postage		6,134
Registration fees		68
Listing fee		3,590
Intraday pricing fee		5,984
Miscellaneous		793
Total expenses	$	318,754
Deduct —
Allocation of expenses to affiliate	$	94,559
Total expense reductions	$	94,559
Net expenses	$	224,195
Net investment income	$	1,270,198
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(266,029	)
Investment transactions — affiliated investment		(52	)
Foreign currency transactions		(1,152	)
Forward foreign currency exchange contracts		274,815
Net realized gain	$	7,582
Change in unrealized appreciation (depreciation) —
Investments	$	(768,047	)
Foreign currency		14,470
Forward foreign currency exchange contracts		103,870
Net change in unrealized appreciation (depreciation)	$	(649,707	)
Net realized and unrealized loss	$	(642,125	)
Net increase in net assets from operations	$	628,073

18 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended March 31, 2019 (Unaudited)			Period Ended September 30,  2018(1)
From operations —
Net investment income	$	1,270,198		$	1,623,089
Net realized gain		7,582			1,653
Net change in unrealized appreciation (depreciation)		(649,707	)		169,724
Net increase in net assets from operations	$	628,073		$	1,794,466
Distributions to shareholders	$	(1,679,043	)	$	(1,488,735	)
Transactions in Fund shares —
Proceeds from sale of shares	$	246,850		$	51,511,209
Cost of shares redeemed		(988,909	)		(250,897	)
Transaction fees		3,089			230,918
Net increase (decrease) in net assets from Fund share transactions	$	(738,970	)	$	51,491,230
Net increase (decrease) in net assets	$	(1,789,940	)	$	51,796,961
Net Assets
At beginning of period	$	51,796,961		$	—
At end of period	$	50,007,021		$	51,796,961
Changes in shares outstanding
Shares outstanding, beginning of period		5,125,000			—
Shares sold		25,000			5,150,000	(2)
Shares redeemed		(100,000	)		(25,000	)(2)
Shares outstanding, end of period		5,050,000			5,125,000	(2)

⁽¹⁾   For the period from the start of business, November 15, 2017, to September 30, 2018.

⁽²⁾  Shares reflect a 2-for-1 share split effective March 9, 2018.

19 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Financial Highlights

	Six Months Ended March 31, 2019 (Unaudited)			Period Ended September 30,  2018(1)(2)
Net asset value — Beginning of period	$	10.110		$	10.000
Income (Loss) From Operations
Net investment income(3)	$	0.250		$	0.321
Net realized and unrealized gain (loss)		(0.130	)		0.036
Total income from operations	$	0.120		$	0.357
Less Distributions
From net investment income	$	(0.331	)	$	(0.293	)
Total distributions	$	(0.331	)	$	(0.293	)
Transaction fees	$	0.001		$	0.046
Net asset value — End of period	$	9.900		$	10.110
Total Return on Net Asset Value(4)(6)		1.27	%(5)		4.10	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	50,007		$	51,797
Ratios (as a percentage of average daily net assets):
Expenses(6)		0.90	%(7)		0.90	%(7)
Net investment income		5.10	%(7)		3.65	%(7)
Portfolio Turnover		32	%(5)		152	%(5)

⁽¹⁾  For the period from the start of business, November 15, 2017, to September 30, 2018.

⁽²⁾  Per share data reflect a 2-for-1 share split effective March 9, 2018.

⁽³⁾  Computed using average shares outstanding.

⁽⁴⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of a market-determined premium or discount. Investment returns assume that all distributions have been reinvested at net asset value.

⁽⁵⁾  Not annualized.

⁽⁶⁾  The investment adviser reimbursed certain operating expenses (equal to 0.38% and 0.39% of average daily net assets for the six months ended March 31, 2019 and the period ended September 30, 2018). Absent this reimbursement, total return would be lower.

⁽⁷⁾  Annualized.

20 See Notes to Financial Statements.

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Oaktree Diversified Credit NextShares (the Fund) is a diversified series of Eaton Vance NextShares Trust II (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an exchange-traded managed fund operating pursuant to an order issued by the SEC granting an exemption from certain provisions of the 1940 Act. Individual shares of the Fund may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer that offers NextShares, and may not be directly purchased or redeemed from the Fund. Market trading prices for the Fund are directly linked to the Fund’s next-computed net asset value per share (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero. The Fund’s investment objective is total return.

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.

Senior Floating-Rate Loans. Interests in senior floating-rate loans (Senior Loans) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Fund based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Fund. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Fund. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained

21

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of March 31, 2019, 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  Unfunded Loan Commitments — The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At March 31, 2019, the Fund had sufficient cash and/or securities to cover these commitments.

H  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.

I  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

J  Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K  When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

L  Interim Financial Statements — The interim financial statements relating to March 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

22

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions 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 are paid in cash and cannot be automatically reinvested in additional shares of the Fund. Distributions to shareholders are recorded on the ex-dividend date. 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.

At September 30, 2018, the Fund, for federal income tax purposes, had deferred capital losses of $308,404 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 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 September 30, 2018, $308,404 are short-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at March 31, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	50,137,155
Gross unrealized appreciation	$	564,928
Gross unrealized depreciation		(1,008,446	)
Net unrealized depreciation	$	(443,518	)

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.80% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the six months ended March 31, 2019, the investment adviser fee amounted to $199,250 or 0.80% (annualized) of the Fund’s average daily net assets. EVM also serves as the administrator of the Fund, but receives no compensation. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Oaktree Capital Management, L.P. (Oaktree), a registered investment adviser. EVM pays Oaktree a portion of its investment adviser fee for sub-advisory services provided to the Fund.

The Trust, on behalf of the Fund, has entered into an operations agreement with EVM pursuant to which EVM provides the Fund with services required for it to operate as a NextShares exchange-traded managed fund in accordance with the exemptive order obtained by EVM and the Trust. Pursuant to the agreement, the Fund pays EVM a monthly fee at an annual rate of 0.05% of the Fund’s average daily net assets provided the average net assets of NextShares funds sponsored by EVM (“Covered Assets”) are less than $10 billion. The annual rate is reduced if Covered Assets are $10 billion and above. For the six months ended March 31, 2019, the operations agreement fee amounted to $12,453 or 0.05% (annualized) of the Fund’s average daily net assets.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.90% of the Fund’s average daily net assets through January 31, 2020. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM was allocated $94,559 of the Fund’s operating expenses for the six months ended March 31, 2019.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 2019, 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, and including maturities, paydowns and principal repayments on Senior Loans, aggregated $15,830,633 and $20,474,553, respectively, for the six months ended March 31, 2019.

23

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

5  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at March 31, 2019 is included in the Portfolio of Investments. At March 31, 2019, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objective. Because the Fund holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund enters into forward foreign currency exchange contracts.

The Fund enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At March 31, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $15,301. At March 31, 2019, there were no assets pledged by the Fund for such liability.

The over-the-counter (OTC) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative counterparty. The ISDA Master Agreement is a bilateral agreement between the Fund and the counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the ISDA Master Agreement. Under the ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. The ISDA Master Agreement allows the counterparty to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under the ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under the ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to the counterparty is subject to a minimum transfer threshold amount before a transfer is required. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by the counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at March 31, 2019 was as follows:

	Fair Value
Derivative	Asset Derivative(1)		Liability Derivative(2)
Forward foreign currency exchange contracts	$	197,305	$	(15,301	)

⁽¹⁾  Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts; Accumulated loss.

⁽²⁾  Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Accumulated loss.

24

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

The Fund’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of March 31, 2019.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
State Street Bank and Trust Company	$	197,305		$	(15,301	)	$	—	$	—	$	182,004
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
State Street Bank and Trust Company	$	(15,301	)	$	15,301		$	—	$	—	$	—

^(a)   In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)  Net amount represents the net amount due from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable to the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended March 31, 2019 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Forward foreign currency exchange contracts	$	274,815	$	103,870

⁽¹⁾   Statement of Operations location: Net realized gain (loss) – Forward foreign currency exchange contracts.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended March 31, 2019, which is indicative of the volume of this derivative type, was approximately $10,049,000.

6  Capital Share Transactions

The Trust may issue an unlimited number of shares of capital stock (no par value per share) in one or more series (such as the Fund). The Fund issues and redeems shares only in blocks of 25,000 shares or multiples thereof (“Creation Units”). The Fund issues and redeems Creation Units in return for the securities, other instruments and/or cash (the “Basket”) that the Fund specifies each business day. Creation Units may be purchased or redeemed only by or through Authorized Participants, which are broker-dealers or institutional investors that have entered into agreements with the Fund’s distributor for this purpose. The Fund imposes a transaction fee on Creation Units issued and redeemed to offset the estimated cost to the Fund of processing the transaction, which is paid by the Authorized Participants directly to a third-party administrator. In addition, Authorized Participants pay the Fund a variable charge for converting the Basket to or from the desired portfolio composition. Such variable charges are reflected as Transaction fees on the Statements of Changes in Net Assets.

At March 31, 2019, Eaton Vance Corporation and Oaktree owned in the aggregate 99.0% of the outstanding shares of the Fund.

25

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Notes to Financial Statements (Unaudited) — continued

7  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)

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 March 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)	$	—	$	13,091,772		$	—	$	13,091,772
Corporate Bonds & Notes		—		18,806,519			—		18,806,519
Foreign Government Bonds		—		640,789			—		640,789
Convertible Bonds		—		4,348,093			—		4,348,093
Asset-Backed Securities		—		6,097,497			—		6,097,497
Commercial Mortgage-Backed Securities		—		4,937,279			—		4,937,279
Short-Term Investments		—		1,589,684			—		1,589,684
Total Investments	$	—	$	49,511,633		$	—	$	49,511,633
Forward Foreign Currency Exchange Contracts	$	—	$	197,305		$	—	$	197,305
Total	$	—	$	49,708,938		$	—	$	49,708,938
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(15,301	)	$	—	$	(15,301	)
Total	$	—	$	(15,301	)	$	—	$	(15,301	)

26

Eaton Vance

Oaktree Diversified Credit NextShares

March 31, 2019

Officers and Trustees

Officers of Eaton Vance Oaktree Diversified Credit NextShares

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Oaktree Diversified Credit NextShares

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

⁽¹⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

27

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

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

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits delivery of only one copy of fund 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.Your broker may household the mailing of your documents indefinitely unless you instruct your broker otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact your broker. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by your broker.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

28

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Advisor

Oaktree Capital Management, L.P.

333 South Grand Ave.

Los Angeles, CA 90071

Distributor*

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer and Dividend Disbursing Agent

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

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.

28876    3.31.19

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

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 FormN-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities byClosed-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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-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 NextShares Trust II

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	May 24, 2019

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:	May 24, 2019

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	May 24, 2019