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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02258

Eaton Vance Series Trust II

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

June 30

Date of Fiscal Year End

June 30, 2018

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric Tax-Managed Emerging Markets Fund

Annual Report

June 30, 2018

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, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.

Annual Report June 30, 2018

Parametric Tax-Managed Emerging Markets Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	40
Federal Tax Information	41
Board of Trustees’ Contract Approval	42
Management and Organization	45
Important Notices	47

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended June 30, 2018, emerging market equities advanced over 8%, as measured by the MSCI Emerging Markets Index (the Index),² despite facing notable performance deterioration during the first half of 2018.

Emerging market equities experienced a sharp, broad-based rally in the latter half of 2017 based on dramatic returns in the technology sector of China, Taiwan, and South Korea, as well as a strong rebound in Russia and other oil exporters on the back of the rally in crude oil prices. Through January of 2018, investors continued to be attracted to the asset class, due to its appealing valuations and strong earnings growth, with their enthusiasm overcoming fears of a North Korean crisis and further tightening moves by the U.S. Federal Reserve (the Fed). Historically, emerging market equities have suffered in times of Fed tightening.

However, early 2018 saw a marked increase in the dispersion of country-level results amid a heightening of volatility. While U.S. investors continued to be attracted to the emerging markets, flows began to slow due to growing concerns around the increasingly likely tariffs being floated by the U.S. government, and their implications on the export-driven economies of the emerging markets. As the year progressed, these concerns fed into a broad decline, as investors reacted to the continued escalation of the U.S.-China trade war and its implications on global trade. While the Chinese tariff situation was the most visible, the U.S. tariffs on steel and aluminum also impacted South Korea’s export-driven economy. In addition, the trade implications of an increasingly tenuous state of the North American Free Trade Agreement (NAFTA) hurt Mexican equities. Additionally, with the Fed raising interest rates, investors re-assessed the balance sheets of a number of developing countries, sparking a broad currency crisis across the emerging markets, providing further headwinds to emerging market equity returns.

Frontier markets (as measured by the MSCI Frontier Markets Index) generally delivered moderately lower returns than emerging markets (as measured by the Index).

Fund Performance

For the 12-month period ended June 30, 2018, Parametric Tax-Managed Emerging Markets Fund (the Fund) had a total return of 3.63% for Institutional Class shares at net asset

value (NAV), underperforming the Fund’s benchmark, the Index, which had a total return of 8.20% for the same period.

An underweight to China detracted from relative performance as Chinese markets continued to rally on strong economic growth for most of the period. An overweight to Mexico also hurt relative returns as markets underperformed on investor fears that the NAFTA would be modified or canceled. An overweight to Turkey further detracted from performance due to recent drops in the lira and the country’s unstable political environment.

An underweight to South Korea contributed to relative performance as markets have lagged due to signs of an economic slowdown, as well as concerns around U.S. steel tariffs. An underweight to Taiwan also aided relative results, partially due to weakness in the country’s semiconductor industry, and an overall slowdown in economic growth. The inclusion of Vietnam and Kazakhstan, both non-Index countries, also contributed to returns.

See Endnotes and Additional Disclosures in this report.

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

2

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Performance^2,3

Portfolio Managers Thomas C. Seto and Timothy W. Atwill, Ph.D., CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Institutional Class at NAV		06/30/1998		06/30/1998		3.63	%		3.08	%		2.01	%
MSCI Emerging Markets Index		—		—		8.20	%		5.01	%		2.26	%
% After-Tax Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
After Taxes on Distributions		06/30/1998		06/30/1998		3.32	%		2.80	%		1.83	%
After Taxes on Distributions and Sales of Fund Shares		—		—		2.63			2.56			1.76
% Total Annual Operating Expense Ratio4											Institutional Class
												0.95	%

Growth of $50,000

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

See Endnotes and Additional Disclosures in this report.

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

3

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Fund Profile

Sector Allocation (% of net assets)⁵

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁵

America Movil SAB de CV, Series L	1.2	%
Naspers, Ltd., Class N	1.0
Sberbank of Russia PJSC	0.8
China Mobile, Ltd.	0.7
Lukoil PJSC ADR	0.6
Credicorp, Ltd.	0.6
Samsung Electronics Co., Ltd.	0.6
MTN Group, Ltd.	0.5
Sasol, Ltd.	0.5
Gazprom PJSC ADR	0.5
Total	7.0	%

See Endnotes and Additional Disclosures in this report.

4

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Endnotes and Additional Disclosures

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

²  MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI Frontier Markets Index is an unmanaged index that measures the performance of stock markets with less-developed economies and financial markets than emerging markets, and that typically have more restrictions on foreign stock ownership. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³ Institutional Class shares are offered at net asset value (NAV). Prior to September 1, 2016, Institutional Class shares were subject to a 2% redemption fee at the time of exchange or redemption. Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/ local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

⁴ Source: Fund prospectus. The expense ratio for the current reporting period can be found in the Financial Highlights section of this report.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

5

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2018 – June 30, 2018).

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

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

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

	Beginning Account Value (1/1/18)		Ending Account Value (6/30/18)		Expenses Paid During Period* (1/1/18 – 6/30/18)		Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	929.20	$	4.54		0.95	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,020.10	$	4.76		0.95	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2017.

6

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments

Common Stocks — 98.7%
Security	Shares		Value
Argentina — 0.5%
Adecoagro SA(1)		128,000	$	1,017,600
Arcos Dorados Holdings, Inc., Class A		465,200		3,233,140
Banco Macro SA, Class B		130,676		761,241
Cresud SA ADR		18,602		275,682
Grupo Financiero Galicia SA, Class B ADR		37,200		1,226,856
IRSA Inversiones y Representaciones SA		119,544		204,992
Ledesma SAAI(1)		259,501		107,658
MercadoLibre, Inc.		18,200		5,440,526
Molinos Agro SA		18,283		135,898
Molinos Rio de la Plata SA, Class B(1)		75,026		111,534
Pampa Energia SA ADR(1)		67,360		2,409,467
Ternium Argentina SA		2,005,200		925,477
Transportadora de Gas del Sur SA(1)		252,923		594,598
YPF SA ADR		101,600		1,379,728
			$	17,824,397
Bahrain — 0.6%
Ahli United Bank BSC		16,892,374	$	10,145,133
Al Salam Bank-Bahrain BSC		14,953,766		4,748,533
GFH Financial Group BSC		11,232,727		4,016,485
Ithmaar Holding BSC(1)		21,954,746		2,288,950
			$	21,199,101
Bangladesh — 0.7%
ACI, Ltd.		124,952	$	520,429
Aftab Automobiles, Ltd.		378,354		239,221
Al-Arafah Islami Bank, Ltd.		2,174,488		584,273
Bangladesh Export Import Co., Ltd.		4,835,385		1,512,781
Bangladesh Submarine Cable Co., Ltd.		274,602		338,521
BBVA Banco Frances SA		76,594		315,114
Beximco Pharmaceuticals, Ltd.		522,666		593,014
BRAC Bank, Ltd.(1)		477,896		411,194
British American Tobacco Bangladesh Co., Ltd.		41,583		1,719,406
BSRM Steels, Ltd.		1,250,000		1,082,079
City Bank, Ltd. (The)		933,797		376,152
Grameenphone, Ltd.		656,933		3,059,327
Heidelberger Cement Bangladesh, Ltd.		103,700		452,207
Islami Bank Bangladesh, Ltd.		1,587,087		449,784
Jamuna Oil Co., Ltd.		212,850		475,880
Khulna Power Co., Ltd.		972,814		784,922
LafargeHolcim Bangladesh, Ltd.		396,773		268,301
LankaBangla Finance, Ltd.		1,102,357		356,295
Malek Spinning Mills, Ltd.		1,020,000		208,141

Security	Shares		Value
Bangladesh (continued)
Meghna Petroleum, Ltd.		210,100	$	476,194
National Bank, Ltd.(1)		5,261,530		615,988
Olympic Industries, Ltd.		351,256		943,962
Padma Oil Co., Ltd.		175,100		478,983
Pubali Bank, Ltd.		2,018,443		556,867
Renata, Ltd.		26,401		408,535
Singer Bangladesh, Ltd.		165,593		357,052
Social Islami Bank, Ltd.(1)		2,833,792		545,161
Southeast Bank, Ltd.(1)		2,195,925		408,991
Square Pharmaceuticals, Ltd.		609,170		2,140,453
Summit Power, Ltd.		1,464,390		664,688
Titas Gas Transmission & Distribution Co., Ltd.		1,570,295		730,999
Unique Hotel & Resorts, Ltd.		1,004,743		623,204
United Airways Bangladesh, Ltd.(1)		7,278,815		330,866
United Commercial Bank, Ltd.		1,270,726		265,633
			$	23,294,617
Botswana — 0.3%
Barclays Bank of Botswana, Ltd.		1,308,506	$	703,908
Botswana Insurance Holdings, Ltd.		801,726		1,356,749
First National Bank of Botswana, Ltd.		7,511,600		1,604,619
Letshego Holdings, Ltd.		16,310,999		2,888,548
Sechaba Breweries Holdings, Ltd.		1,086,400		2,007,667
Sefalana Holding Co.		991,000		842,442
Standard Chartered Bank Botswana, Ltd.(1)		850,790		345,979
			$	9,749,912
Brazil — 5.9%
Aliansce Shopping Centers SA		206,800	$	791,824
AMBEV SA		2,062,925		9,570,120
Atacadao Distribuicao Comercio e Industria Ltda		144,200		563,294
B2W Cia Digital(1)		263,000		1,825,376
B3 SA - Brasil Bolsa Balcao		554,763		2,927,150
Banco Bradesco SA, PFC Shares		849,538		5,896,297
Banco do Brasil SA		56,600		418,394
BR Malls Participacoes SA(1)		1,876,400		4,696,144
BR Properties SA		113,000		265,316
Braskem SA, PFC Shares		119,600		1,566,380
BRF SA(1)		48,966		227,411
BRF SA ADR(1)		25,600		119,808
CCR SA		160,000		417,777
Centrais Eletricas Brasileiras SA, PFC Shares(1)		671,366		2,347,161
Cia Brasileira de Distribuicao ADR, PFC Shares		14,300		285,714
Cia Brasileira de Distribuicao, PFC Shares		64,756		1,301,385
Cia de Saneamento Basico do Estado de Sao Paulo		125,400		753,549

7 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Brazil (continued)
Cia de Saneamento Basico do Estado de Sao Paulo ADR		372,098	$	2,236,309
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		39,663		593,551
Cia Hering		155,800		572,831
Cia Siderurgica Nacional SA(1)		147,100		298,318
Cia Siderurgica Nacional SA ADR(1)		62,200		125,644
Cielo SA		2,324,338		9,907,260
Construtora Tenda SA(1)		62,686		384,777
Cosan SA Industria e Comercio		137,900		1,251,712
CPFL Energia SA		468,491		2,619,416
CVC Brasil Operadora e Agencia de Viagens SA		143,121		1,669,114
Cyrela Brazil Realty SA Empreendimentos e Participacoes		191,224		542,724
Duratex SA		335,583		753,292
EcoRodovias Infraestrutura e Logistica SA		146,900		280,477
EDP-Energias do Brasil SA		344,100		1,231,418
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA(1)		205,868		2,231,974
Embraer SA		805,332		5,040,922
Embraer SA ADR		26,152		651,185
Engie Brasil Energia SA		96,100		848,740
Equatorial Energia SA		197,000		2,886,063
Estacio Participacoes SA		275,300		1,731,746
Even Construtora e Incorporadora SA(1)		652,400		614,400
Ez Tec Empreendimentos e Participacoes SA		143,494		597,190
Fibria Celulose SA		24,585		460,332
Fibria Celulose SA ADR		54,900		1,020,591
Fleury SA		310,300		2,117,638
Gafisa SA(1)		126,986		338,782
Gerdau SA, PFC Shares		227,900		817,929
Gol Linhas Aereas Inteligentes SA, PFC Shares(1)		242,400		651,695
Hypera SA		541,800		3,859,665
Iguatemi Empresa de Shopping Centers SA		191,000		1,519,819
Instituto Hermes Pardini SA		81,900		371,913
Itau Unibanco Holding SA, PFC Shares		646,567		6,729,669
Itausa-Investimentos Itau SA, PFC Shares		1,233,454		2,921,527
JBS SA		653,902		1,569,061
Klabin SA		190,200		961,858
Klabin SA, PFC Shares		981,500		792,645
Linx SA		60,800		277,665
Localiza Rent a Car SA		768,528		4,705,456
Lojas Americanas SA, PFC Shares		642,690		2,764,276
Lojas Renner SA		602,691		4,567,125
M Dias Branco SA		60,700		585,740
Magazine Luiza SA		53,508		1,767,010
Marcopolo SA, PFC Shares		786,900		680,156

Security	Shares		Value
Brazil (continued)
MRV Engenharia e Participacoes SA		476,800	$	1,481,177
Multiplan Empreendimentos Imobiliarios SA		288,200		4,238,509
Natura Cosmeticos SA		143,300		1,119,188
Odontoprev SA		779,700		2,629,344
Oi SA ADR(1)		315,800		262,114
Oi SA, PFC Shares(1)		548,684		409,133
Pagseguro Digital, Ltd., Class A(1)		225,100		6,246,525
Petroleo Brasileiro SA		92,600		463,986
Petroleo Brasileiro SA ADR		187,400		1,656,616
Petroleo Brasileiro SA, PFC Shares		3,577,077		15,865,304
Qualicorp Consultoria e Corretora de Seguros SA		633,900		3,019,233
Raia Drogasil SA		107,800		1,846,848
Randon SA Implementos e Participacoes, PFC Shares		198,512		316,021
Rumo SA(1)		387,599		1,410,087
Sao Martinho SA		133,410		614,428
Suzano Papel e Celulose SA		156,400		1,814,696
Telefonica Brasil SA ADR		568,800		6,751,656
Telefonica Brasil SA, PFC Shares		214,905		2,536,220
TIM Participacoes SA		2,024,444		6,884,389
Totvs SA		298,000		2,091,363
Transmissora Alianca de Energia Electrica SA		444,093		2,142,692
Ultrapar Participacoes SA		103,648		1,228,827
Usinas Siderurgicas de Minas Gerais SA, Class A, PFC Shares		226,900		428,538
Vale SA		944,787		12,088,496
Weg SA		1,175,096		4,926,868
			$	192,994,973
Bulgaria — 0.1%
Albena AD(1)		3,379	$	114,754
Bulgartabak Holding		3,450		32,364
CB First Investment Bank AD(1)		54,000		114,175
Chimimport AD		825,588		1,116,560
Industrial Holding Bulgaria PLC(1)		576,865		334,115
Petrol AD(1)		19,052		11,318
Sopharma AD		303,500		737,007
			$	2,460,293
Chile — 2.9%
AES Gener SA		1,713,702	$	424,626
Aguas Andinas SA, Series A		2,872,891		1,569,242
Almendral SA		7,092,000		520,996
AntarChile SA		73,000		1,173,215
Banco de Chile		29,664,258		4,585,419
Banco de Chile ADR		4,043		375,837

8 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Chile (continued)
Banco de Credito e Inversiones SA		61,015	$	4,060,694
Banco Santander Chile ADR		118,249		3,716,566
Besalco SA		596,000		547,295
Cap SA		86,946		864,663
Cencosud SA		1,993,533		4,927,426
Cia Cervecerias Unidas SA ADR		119,300		2,975,342
Cia Sud Americana de Vapores SA(1)		10,829,733		306,629
Colbun SA		5,553,984		1,145,826
Embotelladora Andina SA, Series A ADR		25,100		510,785
Embotelladora Andina SA, Series A, PFC Shares		179,519		631,921
Embotelladora Andina SA, Series B ADR		49,672		1,143,449
Empresa Nacional de Telecomunicaciones SA		300,687		2,761,197
Empresas CMPC SA		1,633,649		5,950,588
Empresas COPEC SA		887,267		13,579,200
Enel Americas SA		7,896,770		1,395,783
Enel Americas SA ADR		140,171		1,234,907
Enel Chile SA		4,683,503		462,118
Enel Chile SA ADR		257,006		1,254,189
Engie Energia Chile SA		253,400		465,385
Forus SA		64,662		206,734
Inversiones Aguas Metropolitanas SA		613,640		937,184
Itau CorpBanca		145,664,426		1,422,546
Latam Airlines Group SA		169,643		1,674,634
Latam Airlines Group SA ADR		248,748		2,460,118
Masisa SA		3,179,276		199,497
Parque Arauco SA		818,312		2,301,911
Quinenco SA		457,241		1,329,676
Ripley Corp. SA		1,334,100		1,265,914
S.A.C.I. Falabella		1,179,842		10,812,593
Salfacorp SA		1,194,378		1,846,419
Sigdo Koppers SA		678,341		1,095,383
Sociedad Matriz SAAM SA		6,677,681		610,133
Sociedad Quimica y Minera de Chile SA ADR		107,600		5,170,180
Sociedad Quimica y Minera de Chile SA, Series A		19,125		918,956
Sonda SA		1,859,824		2,761,009
Vina Concha y Toro SA		146,373		301,306
Vina Concha y Toro SA ADR		26,701		1,111,029
			$	93,008,520
China — 11.0%
3SBio, Inc.(2)		527,000	$	1,190,843
AECC Aviation Power Co., Ltd.		66,500		223,642
Agile Group Holdings, Ltd.		486,000		826,902
Agricultural Bank of China, Ltd., Class H		1,705,000		795,773
Air China, Ltd., Class H		1,770,000		1,701,690

Security	Shares		Value
China (continued)
Aisino Corp.		73,800	$	280,989
Alibaba Group Holding, Ltd. ADR(1)		19,000		3,525,070
Aluminum Corp. of China, Ltd., Class H(1)		5,922,000		2,595,482
Angang Steel Co., Ltd., Class H		1,148,000		1,031,454
Anhui Conch Cement Co., Ltd., Class H		1,034,500		5,899,652
ANTA Sports Products, Ltd.		676,000		3,564,755
AVIC Aircraft Co., Ltd., Class A		162,200		382,293
Baidu, Inc. ADR(1)		13,700		3,329,100
Bank of Beijing Co., Ltd.		395,520		360,155
Bank of China, Ltd., Class H		5,324,000		2,640,301
Bank of Communications, Ltd., Class H		2,201,300		1,684,786
Bank of Nanjing Co., Ltd.		294,427		343,151
Bank of Ningbo Co., Ltd., Class A		87,300		214,360
BBMG Corp., Class H		3,378,000		1,241,418
BeiGene, Ltd. ADR(1)		24,425		3,754,855
Beijing Capital Co., Ltd.		323,000		205,906
Beijing Capital International Airport Co., Ltd., Class H		596,000		626,056
Beijing Enterprises Holdings, Ltd.		223,500		1,085,163
Beijing Enterprises Water Group, Ltd.		3,456,000		1,879,248
Beijing Orient Landscape & Environment Co., Ltd., Class A(3)		94,800		215,061
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A		82,619		211,775
Beijing Originwater Technology Co., Ltd., Class A		82,900		173,922
Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A(1)		46,600		157,373
Beijing Tongrentang Co., Ltd.		47,000		249,856
Beijing Water Business Doctor Co., Ltd., Class A		73,000		126,345
Beijing Xinwei Technology Group Co., Ltd.(1)(3)		80,600		0
Beiqi Foton Motor Co., Ltd.		407,100		124,556
BOE Technology Group Co., Ltd., Class A		911,100		485,303
BYD Co., Ltd., Class H		575,000		3,545,817
Cangzhou Mingzhu Plastic Co., Ltd., Class A		165,750		146,430
CGN Power Co., Ltd., Class H(2)		6,329,000		1,634,214
Changchun High & New Technology Industries, Inc., Class A		10,400		356,932
Changjiang Securities Co., Ltd., Class A		141,300		115,726
Chengdu Xingrong Environment Co., Ltd., Class A		238,200		145,786
China Agri-Industries Holdings, Ltd.		2,380,000		907,668
China Baoan Group Co., Ltd., Class A		175,040		129,423
China Bluechemical, Ltd., Class H		1,348,000		494,939
China Cinda Asset Management Co., Ltd., Class H		3,202,000		1,025,425
China CITIC Bank Corp., Ltd., Class H		1,627,000		1,016,144
China Coal Energy Co., Ltd., Class H		1,005,000		414,771
China Communications Construction Co., Ltd., Class H		1,677,000		1,615,027
China Communications Services Corp., Ltd., Class H		2,166,000		1,368,740

9 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
China Construction Bank Corp., Class H		6,290,580	$	5,756,137
China Dongxiang Group Co., Ltd.		3,981,000		730,480
China Eastern Airlines Corp., Ltd., Class H		1,436,000		968,675
China Everbright Bank Co., Ltd.		341,400		188,385
China Everbright International, Ltd.		1,156,000		1,488,788
China Everbright, Ltd.		456,000		834,297
China Evergrande Group(1)		757,000		1,921,990
China Fortune Land Development Co., Ltd.		52,400		202,896
China Gas Holdings, Ltd.		1,086,000		4,353,984
China Gezhouba Group Co., Ltd.		152,700		165,508
China Huishan Dairy Holdings Co., Ltd.(1)(3)		1,750,000		0
China International Marine Containers Co., Ltd.		413,812		540,807
China International Travel Service Corp., Ltd.		62,976		611,589
China Life Insurance Co., Ltd., Class H		178,000		456,657
China Longyuan Power Group Corp., Ltd., Class H		2,519,000		2,023,540
China Medical System Holdings, Ltd.		702,000		1,398,277
China Mengniu Dairy Co., Ltd.		1,601,000		5,399,812
China Merchants Bank Co., Ltd., Class H		512,500		1,885,185
China Merchants Port Holdings Co., Ltd.		790,000		1,599,974
China Merchants Securities Co., Ltd.		76,998		158,794
China Merchants Shekou Industrial Zone Holdings Co., Ltd.(3)		935,251		0
China Minsheng Banking Corp., Ltd., Class H		1,036,920		740,972
China Mobile, Ltd.		2,416,900		21,445,019
China Modern Dairy Holdings, Ltd.(1)		2,514,000		471,833
China Molybdenum Co., Ltd., Class H		4,218,000		2,032,967
China National Building Material Co., Ltd., Class H		2,156,000		2,122,057
China National Nuclear Power Co., Ltd.		227,000		192,967
China Northern Rare Earth Group High-Tech Co., Ltd.		185,300		317,765
China Oilfield Services, Ltd., Class H		1,832,000		1,725,405
China Overseas Land & Investment, Ltd.		760,360		2,495,655
China Pacific Insurance (Group) Co., Ltd., Class H		282,800		1,089,348
China Petroleum & Chemical Corp., Class H		11,161,800		9,991,117
China Power International Development, Ltd.		2,268,000		522,396
China Railway Construction Corp., Ltd., Class H		947,500		958,472
China Railway Group, Ltd., Class H		2,265,000		1,707,764
China Resources Beer Holdings Co., Ltd.		968,000		4,687,494
China Resources Cement Holdings, Ltd.		870,000		875,555
China Resources Gas Group, Ltd.		610,000		2,637,149
China Resources Land, Ltd.		537,111		1,804,185
China Resources Pharmaceutical Group, Ltd.(2)		278,000		384,377
China Resources Phoenix Healthcare Holdings Co., Ltd.		803,000		980,128
China Resources Power Holdings Co., Ltd.		1,087,000		1,910,314
China Shenhua Energy Co., Ltd., Class H		1,654,500		3,913,298
China Shipbuilding Industry Co., Ltd.(1)		375,300		228,336
China South City Holdings, Ltd.		1,106,000		214,952

Security	Shares		Value
China (continued)
China Southern Airlines Co., Ltd., Class H		2,064,500	$	1,617,755
China Sports Industry Group Co., Ltd.(3)		69,000		96,981
China State Construction Engineering Corp., Ltd.		331,520		273,086
China Taiping Insurance Holdings Co., Ltd.		277,000		861,211
China Telecom Corp., Ltd., Class H		7,572,000		3,553,067
China Travel International Investment Hong Kong, Ltd.		1,660,000		645,482
China Unicom (Hong Kong), Ltd.		2,590,290		3,228,757
China United Network Communications, Ltd., Class A		808,166		597,350
China Vanke Co., Ltd., Class H		723,217		2,522,204
China Yangtze Power Co., Ltd.		236,900		575,923
Chongqing Changan Automobile Co., Ltd., Class A		98,738		133,928
CIFI Holdings Group Co., Ltd.		990,000		627,117
CITIC Guoan Information Industry Co., Ltd., Class A		138,800		98,726
CITIC, Ltd.		1,614,000		2,270,480
CNOOC, Ltd.		5,344,500		9,158,038
COFCO Tunhe Sugar Co., Ltd.		116,500		132,080
COSCO SHIPPING Development Co., Ltd., Class H(1)		3,803,000		633,257
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		1,778,000		854,731
COSCO SHIPPING Holdings Co., Ltd., Class H(1)		2,729,150		1,247,494
COSCO SHIPPING Ports, Ltd.		528,000		439,156
Country Garden Holdings Co., Ltd.		2,431,000		4,261,536
Country Garden Services Holdings Co., Ltd.(1)		279,425		358,292
CSPC Pharmaceutical Group, Ltd.		2,054,000		6,167,752
Ctrip.com International, Ltd. ADR(1)		108,700		5,177,381
Daqin Railway Co., Ltd.		164,362		203,587
Datang International Power Generation Co., Ltd., Class H(1)		3,276,000		999,545
Deluxe Family Co., Ltd.		311,800		183,347
DHC Software Co., Ltd., Class A		183,200		237,048
Dong-E-E-Jiao Co., Ltd., Class A		55,200		447,304
Dongfeng Motor Group Co., Ltd., Class H		1,748,000		1,842,417
Dr Peng Telecom & Media Group Co., Ltd.		145,878		263,377
East Money Information Co., Ltd., Class A		113,760		225,540
Fullshare Holdings, Ltd.		3,655,000		1,805,495
GD Power Development Co., Ltd.		566,200		224,591
GEM Co., Ltd., Class A		217,400		197,898
Gemdale Corp.		247,101		379,821
GoerTek, Inc., Class A		63,700		97,646
Golden Eagle Retail Group, Ltd.		366,000		439,466
Great Wall Motor Co., Ltd., Class H		2,510,250		1,910,593
Gree Electric Appliances, Inc. of Zhuhai, Class A		129,000		914,913
Greentown China Holdings, Ltd.		235,500		314,678
Guangdong Baolihua New Energy Stock Co., Ltd., Class A		257,300		269,919
Guangdong Golden Dragon Development, Inc., Class A		98,800		148,630

10 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
Guangdong Investment, Ltd.		2,320,000	$	3,671,711
Guangdong Shaoneng Group Co., Ltd., Class A		215,400		142,637
Guangdong Wens Foodstuffs Group Co., Ltd., Class A		188,528		625,993
Guanghui Energy Co., Ltd.		682,345		421,373
Guangzhou Automobile Group Co., Ltd., Class H		2,451,199		2,384,800
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		210,000		924,064
Guangzhou R&F Properties Co., Ltd., Class H		670,400		1,345,463
Guosen Securities Co., Ltd., Class A		176,600		241,866
Guoxuan High-Tech Co., Ltd., Class A		63,830		135,109
Guoyuan Securities Co., Ltd., Class A		159,500		177,913
Han’s Laser Technology Industry Group Co., Ltd., Class A		46,800		374,504
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		111,200		621,508
Harbin Pharmaceutical Group Co., Ltd.		150,695		90,170
Henan Shuanghui Investment & Development Co., Ltd., Class A		61,400		244,139
Hengan International Group Co., Ltd.		403,000		3,865,514
Hengtong Optic-electric Co., Ltd.		98,560		326,911
Hesteel Co., Ltd., Class A		284,800		126,568
Huabao International Holdings, Ltd.		492,000		313,377
Huadian Fuxin Energy Corp., Ltd.		820,000		191,732
Huadian Power International Corp., Ltd., Class H		2,642,000		1,042,538
Huadong Medicine Co., Ltd., Class A		97,500		708,415
Hualan Biological Engineering, Inc., Class A		62,200		301,371
Huaneng Power International, Inc., Class H		6,520,000		4,308,412
Huaneng Renewables Corp., Ltd., Class H		2,704,000		896,277
Huatai Securities Co., Ltd.		73,700		166,402
Huaxia Bank Co., Ltd.		287,622		323,199
Huayu Automotive Systems Co., Ltd.		82,100		293,391
Hubei Energy Group Co., Ltd., Class A		272,100		168,579
Humanwell Healthcare Group Co., Ltd.		69,600		138,663
Hundsun Technologies, Inc.		33,750		268,775
Iflytek Co., Ltd., Class A		37,950		182,935
iKang Healthcare Group, Inc. ADR(1)		14,800		302,808
Industrial & Commercial Bank of China, Ltd., Class H		4,715,000		3,516,635
Industrial Bank Co., Ltd.		179,000		388,843
Inner Mongolia BaoTou Steel Union Co., Ltd.(1)		737,800		173,546
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		113,200		475,454
JD.com, Inc. ADR(1)		39,400		1,534,630
Jiangsu Changjiang Electronics Technology Co., Ltd.		76,294		194,145
Jiangsu Expressway Co., Ltd., Class H		796,000		947,863
Jiangsu Hengrui Medicine Co., Ltd.		64,116		731,606
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		25,000		494,596
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A		81,550		238,996
Jiangxi Copper Co., Ltd., Class H		1,415,000		1,796,729

Security	Shares		Value
China (continued)
Jiangxi Ganfeng Lithium Co., Ltd., Class A		36,900	$	214,246
Jilin Aodong Pharmaceutical Group Co., Ltd., Class A		64,100		173,626
Jinyu Bio-Technology Co., Ltd.		73,710		189,994
Jizhong Energy Resources Co., Ltd., Class A		283,400		175,652
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd.		90,800		383,252
Kaidi Ecological and Environmental Technology Co., Ltd., Class A(1)(3)		321,500		121,073
Kangde Xin Composite Material Group Co., Ltd., Class A(1)(3)		113,300		233,670
Kangmei Pharmaceutical Co., Ltd.		106,000		365,195
Kingboard Chemical Holdings, Ltd.		169,200		616,245
Kingfa Sci & Tech Co., Ltd.		171,400		134,878
Kweichow Moutai Co., Ltd.		10,010		1,102,438
KWG Property Holding, Ltd.		618,500		772,538
Lee & Man Paper Manufacturing, Ltd.		876,000		883,776
Lenovo Group, Ltd.		2,596,000		1,397,323
Lepu Medical Technology Beijing Co., Ltd., Class A		69,200		382,221
Leyou Technologies Holdings, Ltd.(1)		1,240,000		381,921
Li Ning Co., Ltd.(1)		1,892,312		2,081,607
Liaoning Cheng Da Co., Ltd.(1)		72,015		164,747
Longfor Properties Co., Ltd.		841,000		2,261,162
LONGi Green Energy Technology Co., Ltd.		94,641		237,363
Lonking Holdings, Ltd.		2,438,000		1,116,546
Luxshare Precision Industry Co., Ltd., Class A		153,300		519,799
Luye Pharma Group, Ltd.		1,117,000		1,141,311
Luzhou Laojiao Co., Ltd., Class A		31,300		287,267
Maanshan Iron & Steel Co., Ltd., Class H(1)		2,099,000		928,768
Midea Group Co., Ltd., Class A		96,300		756,477
MMG, Ltd.(1)		796,000		554,159
NARI Technology Co., Ltd.		85,600		203,740
NavInfo Co., Ltd., Class A		64,800		197,414
NetEase, Inc. ADR		5,200		1,313,884
Neusoft Corp.		74,400		146,439
New Hope Liuhe Co., Ltd., Class A		264,326		252,660
New Oriental Education & Technology Group, Inc. ADR		50,300		4,761,398
Nine Dragons Paper Holdings, Ltd.		1,412,000		1,791,559
O-film Tech Co., Ltd., Class A		65,793		159,818
Offshore Oil Engineering Co., Ltd.		168,800		133,722
Oriental Energy Co., Ltd., Class A		137,900		202,867
Parkson Retail Group, Ltd.(1)		664,500		81,223
PetroChina Co., Ltd., Class H		2,088,300		1,590,896
PICC Property & Casualty Co., Ltd., Class H		513,000		551,743
Ping An Bank Co., Ltd., Class A		457,200		626,318
Ping An Insurance (Group) Co. of China, Ltd., Class H		477,500		4,372,789
Pingdingshan Tianan Coal Mining Co., Ltd.(1)		262,515		165,696

11 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
Poly Property Group Co., Ltd.		1,579,000	$	649,695
Poly Real Estate Group Co., Ltd., Class A		292,400		536,254
Power Construction Corp. of China, Ltd.		186,917		150,494
Qingdao Haier Co., Ltd.		135,829		393,608
Qinghai Salt Lake Industry Co., Ltd., Class A(1)		106,500		173,427
Qingling Motors Co., Ltd., Class H		1,448,966		444,331
SAIC Motor Corp., Ltd.		90,100		474,645
Sanan Optoelectronics Co., Ltd.		132,000		381,467
Sany Heavy Industry Co., Ltd.		219,800		296,389
SDIC Power Holdings Co., Ltd.		200,900		220,222
Semiconductor Manufacturing International Corp.(1)		1,241,200		1,608,128
Shandong Gold Mining Co., Ltd.		44,309		161,088
Shandong Nanshan Aluminum Co., Ltd.		409,500		167,906
Shanghai Dazhong Public Utilities Group Co., Ltd., Class A		220,886		124,140
Shanghai Electric Group Co., Ltd., Class H(1)		1,644,000		552,554
Shanghai Fosun Pharmaceutical Group Co., Ltd.		545,000		2,979,615
Shanghai Industrial Holdings, Ltd.		291,000		676,080
Shanghai Jahwa United Co., Ltd., Class A		50,376		300,995
Shanghai Oriental Pearl Group Co., Ltd., Class A		65,600		148,956
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		756,400		2,081,836
Shanghai Pudong Development Bank Co., Ltd., Class A		221,426		319,871
Shanghai Zhangjiang High-Tech Park Development Co., Ltd., Class A		75,400		130,662
Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		212,385
Shanxi Securities Co., Ltd., Class A		168,700		171,326
Shanxi Xishan Coal & Electricity Power Co., Ltd., Class A		232,100		262,467
Shenergy Co., Ltd.		227,799		172,842
Shenwan Hongyuan Group Co., Ltd., Class A		357,100		235,093
Shenzhen Energy Group Co., Ltd., Class A		241,960		180,103
Shenzhen Inovance Technology Co., Ltd., Class A		60,600		299,523
Shenzhen Investment, Ltd.		1,384,000		502,885
Shenzhen Overseas Chinese Town Co., Ltd., Class A		176,600		192,238
Shenzhen Salubris Pharmaceuticals Co., Ltd., Class A		56,300		315,319
Shenzhen Sunway Communication Co., Ltd., Class A		52,400		242,045
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		219,739		160,869
Shimao Property Holdings, Ltd.		214,500		559,244
Shui On Land, Ltd.		1,556,500		393,605
Siasun Robot & Automation Co., Ltd., Class A		69,900		182,996
Sichuan Changhong Electric Co., Ltd.		307,800		132,675
Sichuan Chuantou Energy Co., Ltd.		152,000		199,899
Sihuan Pharmaceutical Holdings Group, Ltd.		928,000		206,089
SINA Corp.(1)		8,700		736,803
Sino Biopharmaceutical, Ltd.		3,257,500		4,974,873
Sino-Ocean Group Holding, Ltd.		1,881,500		1,088,796

Security	Shares		Value
China (continued)
Sinopec Oilfield Service Corp., Class H(1)		4,801,500	$	640,604
Sinopec Shanghai Petrochemical Co., Ltd., Class H		3,662,000		2,226,188
Sinopharm Group Co., Ltd., Class H		756,800		3,041,660
SOHO China, Ltd.		381,500		180,970
Sohu.com, Ltd. ADR(1)		8,700		308,850
Sun Art Retail Group, Ltd.		1,281,000		1,671,157
Sunac China Holdings, Ltd.		750,000		2,608,506
Suning.com Co., Ltd, Class A		138,200		292,914
Tasly Pharmaceutical Group Co., Ltd.		82,976		322,830
TBEA Co., Ltd.		168,219		175,665
TCL Corp., Class A		372,800		162,881
Tencent Holdings, Ltd.		242,900		12,197,314
Tianqi Lithium Corp., Class A		31,855		237,931
Tibet Water Resources, Ltd.(1)		528,000		199,807
Tingyi (Cayman Islands) Holding Corp.		1,198,000		2,775,076
Tonghua Dongbao Pharmaceutical Co., Ltd.		106,833		385,663
Tongling Nonferrous Metals Group Co., Ltd., Class A		443,200		147,652
TravelSky Technology, Ltd., Class H		984,000		2,856,192
Tsinghua Tongfang Co., Ltd.		106,100		140,331
Tsingtao Brewery Co., Ltd., Class H		654,000		3,583,313
Tus-Sound Environmental Resources Co., Ltd., Class A		78,680		207,163
Uni-President China Holdings, Ltd.		290,000		372,070
United Laboratories International Holdings, Ltd. (The)		362,000		376,394
Wanhua Chemical Group Co., Ltd.		52,720		360,180
Want Want China Holdings, Ltd.		3,646,000		3,242,123
Weibo Corp. ADR(1)		5,140		456,226
Weichai Power Co., Ltd., Class H		907,200		1,246,383
Western Mining Co., Ltd.		274,000		259,418
Western Securities Co., Ltd., Class A		166,539		189,360
WH Group, Ltd.(2)		3,991,500		3,229,868
Wintime Energy Co., Ltd.		659,389		175,703
Wuliangye Yibin Co., Ltd., Class A		107,600		1,229,109
Xinhu Zhongbao Co., Ltd.(1)		301,800		174,205
Xinjiang Zhongtai Chemical Co., Ltd., Class A		104,700		151,953
Yang Quan Coal Industry Group Co., Ltd.(1)		189,257		203,458
Yangzijiang Shipbuilding Holdings, Ltd.		1,652,000		1,093,406
Yanzhou Coal Mining Co., Ltd., Class H		1,652,000		2,151,232
Yonghui Superstores Co., Ltd.		140,200		161,184
Youngor Group Co., Ltd.		201,880		234,413
Yuan Longping High-tech Agriculture Co., Ltd., Class A		84,332		239,740
Yuexiu Property Co., Ltd.		3,386,000		644,747
Yunnan Baiyao Group Co., Ltd., Class A		40,421		651,475
Yunnan Chihong Zinc & Germanium Co., Ltd.		222,100		182,209
Zhaojin Mining Industry Co., Ltd., Class H		409,500		313,259
Zhejiang China Commodities City Group Co., Ltd.		354,157		229,432
Zhejiang Dahua Technology Co., Ltd., Class A		94,600		320,988

12 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
Zhejiang Expressway Co., Ltd., Class H		870,000	$	774,815
Zhejiang Huahai Pharmaceutical Co., Ltd.		70,080		281,642
Zhejiang Longsheng Group Co., Ltd.		155,000		278,958
Zhejiang Wanfeng Auto Wheel Co., Ltd., Class A		84,800		120,271
Zhejiang Zheneng Electric Power Co., Ltd.		246,600		172,887
Zhengzhou Yutong Bus Co., Ltd.		66,400		192,318
Zhongjin Gold Corp., Ltd.		120,570		125,113
Zhuzhou CRRC Times Electric Co., Ltd., Class H		288,000		1,365,828
Zijin Mining Group Co., Ltd., Class H		7,732,000		2,964,204
ZTE Corp., Class H(1)		708,739		1,071,610
			$	358,760,042
Colombia — 1.7%
Almacenes Exito SA		569,955	$	3,150,158
Avianca Holdings SA, PFC Shares		614,449		493,689
Banco Davivienda SA, PFC Shares		190,600		2,406,032
Banco de Bogota SA		49,573		1,151,779
Bancolombia SA		86,292		1,039,844
Bancolombia SA ADR, PFC Shares		127,200		6,077,616
Bolsa de Valores de Colombia		171,383		657,220
Celsia SA ESP		833,260		1,320,514
Cementos Argos SA		509,458		1,703,379
Cementos Argos SA, PFC Shares		190,626		559,316
Cemex Latam Holdings SA(1)		266,452		754,525
Corporacion Financiera Colombiana SA		161,465		1,398,128
Ecopetrol SA		4,549,600		4,695,430
Ecopetrol SA ADR		425,800		8,750,190
Empresa de Telecommunicaciones de Bogota SA(1)		2,267,738		300,194
Fabricato SA(1)		34,115,900		84,561
Grupo Argos SA		466,160		3,158,574
Grupo Argos SA, PFC Shares		147,122		893,458
Grupo Aval Acciones y Valores SA		1,723,100		711,332
Grupo Aval Acciones y Valores SA, PFC Shares		3,247,601		1,362,839
Grupo de Inversiones Suramericana SA		295,106		3,785,669
Grupo Energia Bogota SA ESP		2,602,208		1,811,127
Grupo Nutresa SA		450,615		4,150,937
Interconexion Electrica SA		945,400		4,676,925
Odinsa SA(3)		53,817		192,790
Organizacion Terpel SA		13,768		54,066
			$	55,340,292
Croatia — 0.7%
AD Plastik DD		51,587	$	1,602,464
Adris Grupa DD, PFC Shares		45,976		3,081,077
Atlantic Grupa DD		15,350		2,362,698
Atlantska Plovidba DD(1)		13,025		980,041

Security	Shares		Value
Croatia (continued)
Ericsson Nikola Tesla DD		5,610	$	926,235
Hrvatski Telekom DD		284,978		6,806,752
Koncar-Elektroindustrija DD		7,227		757,591
Kras DD		3,067		190,521
Ledo DD(1)(3)		983		48,246
Petrokemija DD(1)		5,816		8,170
Podravka Prehrambena Industrija DD		50,437		2,565,120
Privredna Banka Zagreb DD		3,310		392,943
Valamar Riviera DD		643,639		4,117,803
Zagrebacka Banka DD		30,550		292,658
			$	24,132,319
Czech Republic — 0.6%
CEZ AS		348,557	$	8,258,438
Komercni Banka AS		237,911		9,991,744
New World Resources PLC, Class A(1)(3)		860,500		0
Philip Morris CR AS		2,867		1,968,520
			$	20,218,702
Egypt — 0.8%
Alexandria Mineral Oils Co.		1,324,759	$	863,257
Commercial International Bank Egypt SAE		1,127,929		5,339,612
Eastern Tobacco		285,483		2,836,132
Egypt Kuwait Holding Co. SAE		873,388		1,005,718
Egyptian Financial Group-Hermes Holding Co.(1)		473,418		612,415
Egyptian International Pharmaceuticals EIPICO		85,424		644,963
Egyptian Resorts Co.(1)		2,375,648		252,023
ElSewedy Electric Co.		281,540		3,135,601
Ezz Steel(1)		740,231		1,212,454
Global Telecom Holding SAE(1)		6,446,866		1,683,263
Juhayna Food Industries		1,017,936		687,598
Maridive & Oil Services SAE(1)		787,652		385,752
Medinet Nasr Housing(1)		1,851,070		1,104,113
Orascom Telecom Media and Technology Holding SAE(1)		8,189,110		326,718
Oriental Weavers Co.		756,427		518,679
Pioneers Holding(1)		516,023		236,507
Sidi Kerir Petrochemicals Co.		616,480		891,576
Six of October Development & Investment Co.(1)		275,153		366,563
Talaat Moustafa Group		3,963,160		2,597,982
Telecom Egypt		1,189,277		936,695
			$	25,637,621
Estonia — 0.3%
AS Baltika(1)		226,000	$	55,364
AS Merko Ehitus		75,000		858,411

13 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Estonia (continued)
AS Tallink Grupp		5,354,470	$	6,697,053
AS Tallinna Kaubamaja Grupp		202,800		2,179,059
AS Tallinna Vesi		35,235		421,487
Nordecon AS		223,282		281,463
			$	10,492,837
Ghana — 0.2%
Aluworks Ghana, Ltd.(1)		5,176,100	$	97,269
CAL Bank, Ltd.(1)		5,036,062		1,346,523
Ghana Commercial Bank, Ltd.		1,384,370		1,493,822
Societe Generale Ghana, Ltd.(1)		949,667		248,694
Standard Chartered Bank of Ghana, Ltd.(1)		242,700		1,367,262
Unilever Ghana, Ltd.		249,000		924,706
			$	5,478,276
Greece — 1.4%
Aegean Airlines SA		64,124	$	630,958
Alpha Bank AE(1)		1,763,300		3,929,298
Athens Water Supply & Sewage Co. SA		210,831		1,377,169
Costamare, Inc.		34,966		279,029
Diana Shipping, Inc.(1)		226,620		1,090,042
Eurobank Ergasias SA(1)		2,774,000		2,884,337
FF Group(1)(3)		43,721		196,060
GasLog, Ltd.		92,216		1,761,326
GEK Terna Holding Real Estate Construction SA(1)		120,661		721,309
Grivalia Properties REIC AE		18,430		184,819
Hellenic Exchanges - Athens Stock Exchange SA		114,224		618,495
Hellenic Petroleum SA		132,875		1,108,641
Hellenic Telecommunications Organization SA		527,055		6,502,206
Holding Co. ADMIE IPTO SA(1)		970,278		1,958,382
JUMBO SA		138,902		2,285,017
LAMDA Development SA(1)		26,908		193,115
Marfin Investment Group Holdings SA(1)		1,699,487		203,301
Motor Oil (Hellas) Corinth Refineries SA		142,800		2,866,958
Mytilineos Holdings SA		240,653		2,408,858
National Bank of Greece SA(1)		1,214,700		370,695
Navios Maritime Holdings, Inc.(1)		455,437		387,987
OPAP SA		328,441		3,703,147
Piraeus Bank SA(1)		169,722		574,292
Public Power Corp. SA(1)		854,178		1,837,723
Safe Bulkers, Inc.(1)		43,997		149,590
Star Bulk Carriers Corp.(1)		62,600		805,036
StealthGas, Inc.(1)		81,587		320,637
Terna Energy SA		83,956		503,429
Titan Cement Co. SA		193,774		4,901,088

Security	Shares		Value
Greece (continued)
Tsakos Energy Navigation, Ltd.		159,400	$	592,968
Viohalco SA(1)		184,517		737,741
			$	46,083,653
Hungary — 0.7%
Magyar Telekom Telecommunications PLC		1,327,936	$	1,888,560
MOL Hungarian Oil & Gas PLC		740,736		7,127,816
OTP Bank Nyrt		226,778		8,187,863
Richter Gedeon Nyrt.		309,705		5,639,578
			$	22,843,817
India — 6.4%
ABB India, Ltd.		33,400	$	581,143
ACC, Ltd.		54,200		1,058,474
Adani Enterprises, Ltd.		119,200		196,293
Adani Green Energy, Ltd.(1)		90,711		35,813
Adani Ports and Special Economic Zone, Ltd.		719,546		3,916,858
Adani Power, Ltd.(1)		518,864		122,055
Aditya Birla Capital, Ltd.(1)		55,662		108,247
Aditya Birla Fashion and Retail, Ltd.(1)		137,831		276,463
Ambuja Cements, Ltd.		468,923		1,423,843
Apollo Hospitals Enterprise, Ltd.		61,400		946,068
Ashok Leyland, Ltd.		820,626		1,511,231
Asian Paints, Ltd.		182,388		3,365,373
Aurobindo Pharma, Ltd.		119,800		1,059,055
Axis Bank, Ltd.		157,800		1,172,005
Bajaj Auto, Ltd.		42,600		1,746,143
Bajaj Holdings & Investment, Ltd.		11,100		466,786
Balrampur Chini Mills, Ltd.		262,700		243,505
Bharat Forge, Ltd.		86,272		773,592
Bharat Heavy Electricals, Ltd.		555,450		582,939
Bharat Petroleum Corp., Ltd.		183,600		1,008,156
Bharti Airtel, Ltd.		1,940,801		10,812,830
Bharti Infratel, Ltd.		158,000		694,223
Biocon, Ltd.		235,200		2,119,774
Bosch, Ltd.		3,900		998,576
Cadila Healthcare, Ltd.(1)		78,069		431,559
Century Textiles & Industries, Ltd.		50,000		648,509
CESC, Ltd.		24,742		331,600
Cipla, Ltd.		207,400		1,867,091
Coal India, Ltd.		372,500		1,436,078
Colgate-Palmolive (India), Ltd.		46,200		798,839
Container Corp. Of India, Ltd.		174,750		1,657,186
Cummins India, Ltd.		79,700		756,828
Dabur India, Ltd.		278,000		1,580,884

14 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
India (continued)
Divi’s Laboratories, Ltd.		49,800	$	755,270
DLF, Ltd.		853,042		2,350,983
Dr. Reddy’s Laboratories, Ltd.		24,300		790,010
Dr. Reddy’s Laboratories, Ltd. ADR		12,700		408,940
Eicher Motors, Ltd.		5,359		2,245,240
GAIL (India), Ltd.		744,070		3,698,038
GlaxoSmithKline Pharmaceuticals, Ltd.		8,000		326,419
Glenmark Pharmaceuticals, Ltd.		114,000		973,357
Godrej Consumer Products, Ltd.		28,750		512,398
Grasim Industries, Ltd.		39,759		584,620
Great Eastern Shipping Co., Ltd. (The)		56,700		233,604
Havells India, Ltd.		93,600		742,101
HCL Technologies, Ltd.		193,371		2,614,676
HDFC Bank, Ltd.		198,400		6,119,037
Hero MotoCorp, Ltd.		51,542		2,609,070
Hindalco Industries, Ltd.		436,910		1,469,429
Hindustan Petroleum Corp., Ltd.		302,850		1,147,453
Hindustan Unilever, Ltd.		546,109		13,040,193
Hindustan Zinc, Ltd.		244,148		992,411
Housing Development & Infrastructure, Ltd.(1)		785,700		236,353
Housing Development Finance Corp., Ltd.		239,575		6,675,657
ICICI Bank, Ltd.		585,238		2,347,923
Idea Cellular, Ltd.(1)		1,996,679		1,721,540
Indiabulls Real Estate, Ltd.(1)		834,325		1,900,565
Indian Hotels Co., Ltd. (The)		208,584		402,059
Indian Oil Corp., Ltd.		755,390		1,725,297
Infosys, Ltd.		532,890		10,242,994
ITC, Ltd.		1,537,650		5,948,430
Jindal Steel & Power, Ltd.(1)		90,000		292,854
JSW Energy, Ltd.(1)		1,158,270		1,102,384
JSW Steel, Ltd.		602,000		2,871,021
Kotak Mahindra Bank, Ltd.		204,617		4,018,862
Larsen & Toubro, Ltd.		168,867		3,143,733
Larsen & Toubro, Ltd. GDR(4)		108,000		1,970,563
LIC Housing Finance, Ltd.		62,800		429,636
Lupin, Ltd.		97,200		1,285,664
Mahindra & Mahindra, Ltd.		281,200		3,680,689
Maruti Suzuki India, Ltd.		39,964		5,144,643
Mphasis, Ltd.		34,428		542,660
Nestle India, Ltd.		12,100		1,732,907
NHPC, Ltd.		1,887,800		648,244
NTPC, Ltd.		2,100,300		4,888,889
Oil & Natural Gas Corp., Ltd.		937,863		2,162,783
Omaxe, Ltd.		79,785		255,128
Oracle Financial Services Software, Ltd.(1)		8,100		482,018
Petronet LNG, Ltd.		185,900		598,389

Security	Shares		Value
India (continued)
Piramal Enterprises, Ltd.		43,598	$	1,610,190
Power Grid Corporation of India, Ltd.		1,419,700		3,886,949
Reliance Communications, Ltd.(1)		2,089,059		415,907
Reliance Industries, Ltd.		855,696		12,167,047
Reliance Infrastructure, Ltd.		171,400		980,082
Reliance Power, Ltd.(1)		546,400		255,228
Siemens, Ltd.		72,300		1,034,026
State Bank of India GDR(1)(4)		49,600		1,862,370
Sun Pharmaceutical Industries, Ltd.		473,300		3,899,743
Tata Chemicals, Ltd.		58,600		595,387
Tata Communications, Ltd.		124,400		1,081,310
Tata Consultancy Services, Ltd.		235,214		6,334,147
Tata Global Beverages, Ltd.		156,000		612,663
Tata Motors, Ltd.(1)		305,826		1,200,464
Tata Power Co., Ltd. (The)		1,002,648		1,078,412
Tata Steel, Ltd.		173,884		1,439,477
Tata Steel, Ltd. (partially paid shares)		11,992		24,206
Tech Mahindra, Ltd.		143,648		1,369,088
Titan Co., Ltd.		169,235		2,166,422
UltraTech Cement, Ltd.		34,391		1,907,729
Unitech, Ltd.(1)		2,242,680		137,792
United Spirits, Ltd.(1)		107,665		1,044,606
UPL, Ltd.		156,642		1,415,224
Vedanta, Ltd.		656,840		2,266,711
Voltas, Ltd.		224,100		1,705,466
Wipro, Ltd.		309,642		1,178,011
Zee Entertainment Enterprises, Ltd.		316,895		2,518,193
			$	206,980,003
Indonesia — 2.7%
Adaro Energy Tbk PT		28,006,600	$	3,494,551
Adhi Karya Persero Tbk PT		1,270,800		158,552
AKR Corporindo Tbk PT		4,660,500		1,396,053
Alam Sutera Realty Tbk PT		12,514,600		285,595
Aneka Tambang Tbk		8,587,500		532,046
Astra Argo Lestari Tbk PT		654,000		510,575
Astra International Tbk PT		16,668,000		7,673,855
Bank Central Asia Tbk PT		3,787,000		5,655,618
Bank Danamon Indonesia Tbk PT		3,237,181		1,441,136
Bank Mandiri Persero Tbk PT		6,199,200		2,965,870
Bank Negara Indonesia Persero Tbk PT		3,878,700		1,905,838
Bank Pan Indonesia Tbk PT(1)		6,253,772		370,548
Bank Rakyat Indonesia Persero Tbk PT		17,541,500		3,469,548
Bukit Asam Tbk PT		10,799,500		2,982,847
Bumi Serpong Damai Tbk PT(1)		8,439,700		920,786

15 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Indonesia (continued)
Charoen Pokphand Indonesia Tbk PT		4,000,700	$	1,026,673
Ciputra Development Tbk PT		7,986,900		567,107
Gudang Garam Tbk PT		498,500		2,335,761
Hanson International Tbk PT(1)		110,720,800		1,018,693
Indah Kiat Pulp & Paper Corp. Tbk PT		3,326,500		4,313,521
Indo Tambangraya Megah Tbk PT		1,269,200		1,979,607
Indocement Tunggal Prakarsa Tbk PT		2,045,500		1,945,090
Indofood CBP Sukses Makmur Tbk PT		2,546,000		1,573,055
Indofood Sukses Makmur Tbk PT		4,080,900		1,893,180
Indosat Tbk PT		1,322,500		293,117
Jasa Marga (Persero) Tbk PT		3,247,500		945,987
Kalbe Farma Tbk PT		52,943,300		4,503,215
Lippo Karawaci Tbk PT		26,506,000		627,489
Matahari Putra Prima Tbk PT(1)		5,148,000		84,632
Mitra Keluarga Karyasehat Tbk PT(1)		935,900		122,730
Pakuwon Jati Tbk PT		21,726,100		802,854
Perusahaan Gas Negara Persero Tbk PT		20,779,500		2,884,011
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,099,000		489,438
PP Persero Tbk PT		4,793,002		664,742
Semen Indonesia Persero Tbk PT		4,703,500		2,337,985
Sigmagold Inti Perkasa Tbk PT(1)(3)		27,503,000		47,981
Summarecon Agung Tbk PT		3,982,700		251,048
Telekomunikasi Indonesia Persero Tbk PT		39,828,600		10,430,900
Unilever Indonesia Tbk PT		918,500		2,951,675
United Tractors Tbk PT		3,148,000		6,931,617
Vale Indonesia Tbk PT(1)		4,748,000		1,336,400
Waskita Karya Persero Tbk PT		1,713,400		229,542
Wijaya Karya Persero Tbk PT		6,352,000		586,497
			$	86,937,965
Jordan — 0.8%
Al-Eqbal Investment Co. PLC(1)		71,512	$	3,134,998
Alia The Royal Jordanian Airlines PLC(1)		115,334		73,361
Arab Bank PLC		1,185,444		11,511,441
Arab Potash Co. PLC		67,492		1,425,415
Bank of Jordan		314,674		1,086,411
Cairo Amman Bank		276,535		584,689
Capital Bank of Jordan		470,740		586,233
Jordan Ahli Bank		364,735		596,376
Jordan Islamic Bank		260,193		1,212,760
Jordan Kuwait Bank		51,749		226,104
Jordan Petroleum Refinery		591,748		2,144,788
Jordan Phosphate Mines(1)		83,990		384,690
Jordan Steel(1)		269,400		185,983
Jordan Telecommunications Co.		245,934		609,731

Security	Shares		Value
Jordan (continued)
Jordanian Electric Power Co.		494,491	$	970,789
Union Investment Corp. PLC(1)		252,817		417,182
			$	25,150,951
Kazakhstan — 0.7%
Halyk Savings Bank of Kazakhstan JSC GDR(4)(5)		40,294	$	487,557
Halyk Savings Bank of Kazakhstan JSC GDR(4)(5)		716,100		8,661,924
KAZ Minerals PLC(1)		819,418		9,057,001
Kcell JSC GDR(4)		544,503		2,336,509
Nostrum Oil & Gas PLC(1)		390,353		994,723
			$	21,537,714
Kenya — 0.7%
ARM Cement, Ltd.(1)		1,677,000	$	51,241
Bamburi Cement Co., Ltd.		460,041		838,646
Barclays Bank of Kenya, Ltd.		6,031,120		701,133
British American Tobacco Kenya, Ltd.		26,700		162,587
Centum Investment Co., Ltd.		1,020,080		381,810
Co-operative Bank of Kenya, Ltd. (The)		5,428,092		942,963
Diamond Trust Bank Kenya, Ltd.		436,900		860,109
East African Breweries, Ltd.		2,150,740		4,683,604
Equity Group Holdings, Ltd.		6,543,000		2,992,651
KCB Group, Ltd.		5,401,360		2,468,488
KenolKobil, Ltd.		3,645,800		649,892
Kenya Airways PLC(1)		2,398,400		260,892
Kenya Electricity Generating Co., Ltd.(1)		1,875,100		130,118
Kenya Power & Lighting, Ltd.		5,995,293		403,847
Nation Media Group PLC		442,376		394,921
NIC Group PLC		938,272		331,293
Safaricom PLC		22,455,700		6,511,152
Standard Chartered Bank Kenya, Ltd.		278,178		545,155
			$	23,310,502
Kuwait — 1.7%
Abyaar Real Estate Development Co. KSC(1)		8,191,080	$	486,622
Agility Public Warehousing Co. KSC		2,506,207		6,522,190
Ahli United Bank		347,787		327,544
Al-Mazaya Holding Co.		2,215,009		647,207
ALAFCO Aviation Lease and Finance Co. KSCP		361,135		418,094
Boubyan Petrochemicals Co.		2,067,187		5,731,567
Burgan Bank SAK		1,015,432		888,284
Combined Group Contracting Co. KSC		183,221		253,879
Commercial Bank of Kuwait KSCP		1,203,013		1,962,054
Commercial Real Estate Co. KSCC		2,487,729		599,939
Gulf Bank		1,477,708		1,155,770

16 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Kuwait (continued)
Gulf Cable & Electrical Industries Co. KSCP		165,000	$	204,088
Gulf National Holding Co.(3)		340,656		0
Human Soft Holding Co. KSC		132,306		1,532,024
KGL Logistics Co. KSCC(1)		1,191,030		162,582
Kuwait Finance House KSCP		3,518,372		6,263,399
Kuwait International Bank		818,000		607,708
Kuwait Portland Cement Co. KSC		212,231		732,707
Kuwait Projects Co. Holdings KSC		1,013,115		832,622
Kuwait Real Estate Co. KSC(1)		4,262,083		697,982
Mabanee Co. SAKC		1,536,866		3,189,859
Mezzan Holding Co. KSCC		217,400		513,433
Mobile Telecommunications Co.		5,091,747		7,306,686
National Bank of Kuwait SAK		3,152,747		7,809,961
National Industries Group Holding SAK		3,619,875		1,891,446
National Investment Co.		645,000		191,889
National Real Estate Co. KPSC(1)		1,711,537		612,207
Qurain Petrochemical Industries Co. KSC		1,460,000		1,624,055
Salhia Real Estate Co. KSCP		243,824		270,739
Sultan Center Food Products Co.(1)		2,160,000		499,422
VIVA Kuwait Telecom Co.		209,914		486,418
			$	54,422,377
Latvia — 0.0%(6)
Grindeks		12,000	$	102,818
			$	102,818
Lebanon — 0.0%(6)
Bank Audi SAL GDR(4)		15,000	$	76,500
Solidere GDR(1)(4)		32,539		235,257
			$	311,757
Lithuania — 0.1%
Apranga PVA		363,680	$	993,307
Energijos Skirstymo Operatorius AB		370,141		369,382
Klaipedos Nafta AB		1,576,663		949,653
Panevezio Statybos Trestas		323,592		339,629
Pieno Zvaigzdes(1)		94,000		128,510
Rokiskio Suris		177,000		559,274
Siauliu Bankas		1,784,952		1,049,954
			$	4,389,709
Malaysia — 3.1%
Aeon Co. (M) Bhd		1,017,000	$	571,143
Alliance Bank Malaysia Bhd		330,800		331,020
AMMB Holdings Bhd		276,900		256,878

Security	Shares		Value
Malaysia (continued)
Astro Malaysia Holdings Bhd		599,200	$	235,540
Axiata Group Bhd		2,471,675		2,325,872
Batu Kawan Bhd		100,300		444,949
Berjaya Corp. Bhd(1)		2,573,043		190,336
Berjaya Sports Toto Bhd		468,894		284,175
Boustead Holdings Bhd		577,500		351,834
British American Tobacco Malaysia Bhd		109,600		944,173
Bumi Armada Bhd(1)		7,146,500		1,272,535
Bursa Malaysia Bhd		336,900		613,053
Capitaland Malaysia Mall Trust		1,763,200		523,719
CIMB Group Holdings Bhd		1,113,066		1,500,676
Datasonic Group Bhd		1,594,400		342,679
Dialog Group Bhd		2,846,250		2,173,598
Digi.com Bhd		1,971,300		2,026,079
Eco World Development Group Bhd(1)		738,100		224,452
Felda Global Ventures Holdings Bhd		1,136,300		424,547
Fraser & Neave Holdings Bhd		45,500		439,689
Gamuda Bhd		1,487,900		1,202,745
Genting Bhd		1,560,000		3,245,375
Genting Malaysia Bhd		2,380,000		2,873,968
Genting Plantations Bhd		261,000		609,078
Globetronics Technology Bhd		839,766		459,331
Hartalega Holdings Bhd		1,658,800		2,461,192
Hong Leong Bank Bhd		167,700		756,066
Hong Leong Financial Group Bhd		136,200		606,903
IGB Real Estate Investment Trust		1,938,000		834,170
IHH Healthcare Bhd		3,346,700		5,058,486
IJM Corp. Bhd		1,497,540		663,858
Inari Amertron Bhd		3,678,750		2,051,177
IOI Corp. Bhd		2,220,568		2,499,351
IOI Properties Group Bhd		2,239,484		886,699
KLCCP Stapled Group		515,300		1,019,961
KNM Group Bhd(1)		7,927,875		353,611
Kossan Rubber Industries		458,100		957,243
KPJ Healthcare Bhd		1,612,800		406,612
Kuala Lumpur Kepong Bhd		270,750		1,620,184
Lafarge Malaysia Bhd(1)		895,660		686,712
LBS Bina Group Bhd		1,814,340		392,464
Magnum Bhd		617,940		319,566
Mah Sing Group Bhd		1,024,700		271,640
Malakoff Corp. Bhd		749,800		153,082
Malayan Banking Bhd		992,786		2,211,134
Malaysian Resources Corp. Bhd		853,000		126,464
Maxis Bhd		1,255,300		1,698,183
Media Prima Bhd		567,300		67,480
MISC Bhd		314,240		460,372

17 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Malaysia (continued)
MMC Corp. Bhd		662,000	$	219,041
Muhibbah Engineering (M) Bhd		1,581,000		1,169,227
My EG Services Bhd		8,886,600		2,119,864
Nestle Malaysia Bhd		27,000		985,246
Pavilion Real Estate Investment Trust		771,100		339,989
Petronas Chemicals Group Bhd		3,014,400		6,278,952
Petronas Dagangan Bhd		588,000		3,613,215
Petronas Gas Bhd		268,500		1,147,963
PPB Group Bhd		357,300		1,739,252
Press Metal Aluminium Holdings Bhd		2,604,000		2,807,797
Public Bank Bhd		620,198		3,587,791
QL Resources Bhd		339,170		503,907
RHB Bank Bhd		404,959		546,261
Sapura Energy Bhd(1)		7,478,652		1,182,040
Silverlake Axis, Ltd.		1,586,300		609,947
Sime Darby Bhd		1,019,709		617,922
Sime Darby Plantation Bhd		1,019,709		1,341,313
Sime Darby Property Bhd		1,019,709		302,070
Sona Petroleum Bhd(1)(3)		1,449,600		0
SP Setia Bhd		2,486,760		1,911,042
Sunway Bhd		1,363,189		522,768
Sunway Real Estate Investment Trust		2,043,200		894,560
Supermax Corp. Bhd		1,466,700		1,513,446
Ta Ann Holdings Bhd		427,078		278,047
Telekom Malaysia Bhd		1,280,400		985,445
Tenaga Nasional Bhd		1,724,331		6,251,401
Top Glove Corp. Bhd		857,800		2,572,046
UEM Sunrise Bhd		2,038,500		357,431
UMW Holdings Bhd		549,600		813,535
Unisem (M) Bhd		3,101,700		1,772,428
UOA Development Bhd		377,700		222,222
Velesto Energy Bhd(1)		3,181,847		220,529
VS Industry Bhd		850,875		325,758
YTL Corp. Bhd		2,679,048		749,554
YTL Power International Bhd		2,374,522		604,660
			$	99,536,723
Mauritius — 0.8%
Alteo, Ltd.		901,317	$	661,897
Attitude Property, Ltd.		1,092,500		388,825
CIEL, Ltd.		8,671,097		1,747,072
CIM Financial Services, Ltd.		3,733,385		1,047,293
ENL Land, Ltd.		783,385		939,592
IBL, Ltd.		309,981		443,867
MCB Group, Ltd.		1,641,506		13,032,186
Phoenix Beverages, Ltd.		33,742		580,850

Security	Shares		Value
Mauritius (continued)
Rogers & Co., Ltd.		608,300	$	593,260
SBM Holdings, Ltd.		17,661,817		3,688,736
Sun, Ltd., Class A(1)		100,851		147,045
Terra Mauricia, Ltd.		1,029,130		793,211
United Basalt Products, Ltd.		187,150		673,858
			$	24,737,692
Mexico — 5.7%
Alfa SAB de CV, Series A		5,949,820	$	6,908,415
Alpek SAB de CV		210,700		311,802
Alsea SAB de CV		1,605,700		5,531,753
America Movil SAB de CV, Series L		48,525,790		40,510,950
Arca Continental SAB de CV		288,500		1,771,507
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		652,200		878,127
Bolsa Mexicana de Valores SAB de CV		915,200		1,540,521
Cemex SAB de CV, Series CPO(1)		14,611,718		9,615,949
Coca-Cola Femsa SAB de CV, Series L		286,300		1,614,994
Controladora Vuela Cia de Aviacion SAB de CV(1)		363,200		185,072
El Puerto de Liverpool SAB de CV		262,181		1,677,489
Empresas ICA SAB de CV(1)(3)		2,075,736		0
Fibra Uno Administracion SA de CV		2,059,767		3,002,493
Fomento Economico Mexicano SAB de CV, Series UBD		1,289,700		11,334,411
Genomma Lab Internacional SAB de CV(1)		2,311,200		1,935,286
Gentera SAB de CV		2,673,100		2,355,421
Gruma SAB de CV, Class B		98,200		1,199,350
Grupo Aeroportuario del Centro Norte SAB de CV		143,800		750,994
Grupo Aeroportuario del Pacifico SAB de CV, Class B		476,800		4,424,629
Grupo Aeroportuario del Sureste SAB de CV, Class B		297,709		4,729,406
Grupo Bimbo SAB de CV, Series A		1,495,508		2,914,924
Grupo Carso SAB de CV, Series A1		1,023,400		3,462,305
Grupo Comercial Chedraui SA de CV		208,900		483,851
Grupo Elektra SAB de CV		140,026		3,815,766
Grupo Financiero Banorte SAB de CV, Class O		2,252,300		13,243,720
Grupo Financiero Inbursa SAB de CV, Class O		3,477,016		4,884,568
Grupo Mexico SAB de CV, Series B		4,413,035		12,507,886
Grupo Sanborns SAB de CV		223,900		214,202
Grupo Televisa SAB, Series CPO		4,213,471		15,981,711
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		1,134,930		1,739,518
Industrias CH SAB de CV, Series B(1)		194,112		840,555
Industrias Penoles SAB de CV		137,229		2,463,941
Infraestructura Energetica Nova SAB de CV		250,400		1,122,247
Kimberly-Clark de Mexico SAB de CV, Class A		944,910		1,597,192
Megacable Holdings SAB de CV, Series CPO		40,500		166,872
Mexichem SAB de CV		1,515,367		4,378,181

18 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Mexico (continued)
Minera Frisco SAB de CV(1)		873,200	$	328,435
Nemak SAB de CV(2)		325,400		223,648
Organizacion Soriana SAB de CV, Class B(1)		166,700		294,114
Promotora y Operadora de Infraestructura SAB de CV		416,700		3,729,691
Telesites SAB de CV(1)		2,436,230		1,777,469
Ternium SA ADR		70,322		2,448,612
TV Azteca SAB de CV, Series CPO		1,018,565		123,601
Wal-Mart de Mexico SAB de CV, Series V		3,059,664		8,075,809
			$	187,097,387
Morocco — 0.8%
Attijariwafa Bank		81,912	$	4,056,771
Banque Centrale Populaire		74,120		2,203,166
BMCE Bank		66,776		1,458,836
Cosumar		49,362		1,403,366
Delta Holding SA		35,000		129,492
Douja Promotion Groupe Addoha SA		372,601		695,743
Label Vie		5,348		1,184,033
LafargeHolcim Maroc SA		18,125		3,261,509
Lesieur Cristal		38,360		649,452
Managem SA		8,618		1,431,524
Maroc Telecom		358,271		5,229,696
Marocaine Pour Le Commerce et L’Industrie Banque		3,030		276,232
Samir(1)(3)		19,247		0
Societe d’Exploitation des Ports		28,600		495,141
Sonasid(1)		5,872		355,362
Taqa Morocco		26,192		2,421,164
Wafa Assurance		716		321,727
			$	25,573,214
Nigeria — 0.7%
Access Bank PLC		32,908,148	$	939,540
Afriland Properties PLC(1)(3)		1,223,812		0
Dangote Cement PLC		3,518,191		2,215,678
Dangote Sugar Refinery PLC		4,385,654		230,641
Ecobank Transnational, Inc.(1)		12,099,560		667,719
FBN Holdings PLC		63,919,199		1,874,053
FCMB Group PLC		21,258,724		133,124
Fidelity Bank PLC		37,069,799		234,900
Flour Mills of Nigeria PLC		2,929,523		263,070
Forte Oil PLC(1)		2,086,402		189,425
Guaranty Trust Bank PLC		29,136,638		3,266,229
Guiness Nigeria PLC		1,245,140		336,574
Lafarge Africa PLC		6,063,199		701,749
Lekoil, Ltd.(1)		1,110,205		263,380

Security	Shares		Value
Nigeria (continued)
Nestle Nigeria PLC		388,412	$	1,696,198
Nigerian Breweries PLC		6,771,862		2,143,021
Oando PLC(1)		14,592,401		257,999
PZ Cussons Nigeria PLC		950,083		51,773
SEPLAT Petroleum Development Co. PLC(2)		728,540		1,326,607
Stanbic IBTC Holdings PLC		3,126,624		450,048
Transnational Corp. of Nigeria PLC		22,334,373		87,230
UAC of Nigeria PLC		4,061,181		152,712
Unilever Nigeria PLC		2,074,728		301,227
United Bank for Africa PLC		44,535,174		1,309,281
Zenith Bank PLC		41,708,535		2,890,445
			$	21,982,623
Oman — 0.6%
Al Anwar Ceramic Tiles Co.		166,191	$	47,488
Al Maha Petroleum Products Marketing Co., LLC		36,500		72,093
Bank Dhofar SAOG		2,134,153		942,476
Bank Muscat SAOG		3,421,569		3,358,516
Bank Nizwa SAOG(1)		941,624		220,084
Bank Sohar SAOG		5,258,914		1,870,392
Dhofar International Development & Investment Holding SAOG		316,407		256,433
Galfar Engineering & Contracting SAOG(1)		1,569,283		448,039
HSBC Bank Oman SAOG		2,331,977		683,138
National Bank of Oman SAOG		2,801,885		1,273,609
Oman Cables Industry SAOG		192,264		443,477
Oman Cement Co. SAOG		956,735		965,246
Oman Flour Mills Co. SAOG		543,700		1,119,242
Oman Telecommunications Co. SAOG		1,348,933		2,607,580
Ominvest		1,684,394		1,573,440
Ooredoo		1,374,678		1,864,108
Raysut Cement Co. SAOG		523,326		815,210
Renaissance Services SAOG(1)		1,561,017		1,717,926
Sembcorp Salalah Power & Water Co.		554,425		324,094
Shell Oman Marketing Co. SAOG		66,100		262,606
			$	20,865,197
Pakistan — 1.4%
Adamjee Insurance Co., Ltd.		1,019,644	$	407,028
Attock Petroleum, Ltd.		103,400		502,079
Attock Refinery, Ltd.		220,400		390,030
Bank AL Habib, Ltd.		309,500		203,744
Bank Alfalah, Ltd.		1,609,394		688,867
Bank of Punjab, (The)(1)		4,272,000		424,135
Cherat Cement Co., Ltd.		236,000		188,812

19 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Pakistan (continued)
D.G. Khan Cement Co., Ltd.		726,520	$	684,573
Engro Corp., Ltd.		858,916		2,219,470
Engro Fertilizers, Ltd.		1,343,500		825,576
Engro Foods, Ltd.		467,100		342,920
Fatima Fertilizer Co., Ltd.		952,500		246,967
Fauji Cement Co., Ltd.		2,344,000		440,467
Fauji Fertilizer Bin Qasim, Ltd.		841,000		267,365
Fauji Fertilizer Co., Ltd.		1,963,614		1,595,405
Habib Bank, Ltd.		1,632,733		2,236,995
Hascol Petroleum, Ltd.		281,500		727,259
Honda Atlas Cars Pakistan, Ltd.		90,279		233,851
Hub Power Co., Ltd.		3,945,400		2,986,409
Indus Motor Co., Ltd.		52,160		603,223
International Steels, Ltd.		486,900		407,638
K-Electric, Ltd.(1)		10,456,000		489,273
Kot Addu Power Co., Ltd.		1,728,500		769,076
Lucky Cement, Ltd.		600,550		2,510,237
Maple Leaf Cement Factory, Ltd.		1,092,750		455,948
Mari Petroleum Co., Ltd.		29,192		366,385
MCB Bank, Ltd.		1,447,325		2,352,819
Millat Tractors, Ltd.		137,549		1,369,830
National Bank of Pakistan(1)		1,144,026		447,736
National Refinery, Ltd.		58,850		214,544
Nishat Mills, Ltd.		2,017,480		2,340,665
Oil & Gas Development Co., Ltd.		1,665,700		2,125,764
Packages, Ltd.		93,450		374,577
Pak Elektron, Ltd.		3,166,500		924,413
Pak Suzuki Motor Co., Ltd.		121,600		393,957
Pakistan Oilfields, Ltd.		315,500		1,749,067
Pakistan Petroleum, Ltd.		1,382,202		2,444,860
Pakistan State Oil Co., Ltd.		621,986		1,630,141
Pakistan Telecommunication Co., Ltd.		2,767,500		262,100
Searle Co., Ltd. (The)		789,214		2,189,601
SUI Northern Gas Pipelines, Ltd.		3,033,800		2,503,308
SUI Southern Gas Co., Ltd.(1)		4,210,152		1,137,404
Thal, Ltd.		121,600		485,981
TRG Pakistan(1)		4,839,587		1,140,775
United Bank, Ltd.		1,255,325		1,740,284
			$	47,041,558
Panama — 0.2%
Banco Latinoamericano de Comercio Exterior SA, Class E		15,500	$	381,455
Copa Holdings SA, Class A		74,108		7,012,099
			$	7,393,554

Security	Shares		Value
Peru — 1.5%
Alicorp SAA		2,359,563	$	7,939,455
BBVA Banco Continental SA		548,774		696,829
Cementos Pacasmayo SAA		174,644		415,870
Cia de Minas Buenaventura SA ADR		280,456		3,822,615
Cia Minera Milpo SA		624,959		829,726
Credicorp, Ltd.		88,396		19,899,708
Enel Generacion Peru SAA		2,224,210		1,252,981
Ferreycorp SAA		2,431,897		1,740,243
Grana y Montero SAA(1)		1,475,743		934,697
Intercorp Financial Services, Inc.		18,537		740,553
Luz del Sur SAA		54,936		200,406
Minsur SA		1,034,898		488,457
Sociedad Minera Cerro Verde SAA		24,521		595,860
Southern Copper Corp.		203,455		9,535,936
Union Andina de Cementos SAA		167,128		145,041
			$	49,238,377
Philippines — 2.4%
Aboitiz Equity Ventures, Inc.		2,284,250	$	2,335,644
Aboitiz Power Corp.		3,401,900		2,215,663
Alliance Global Group, Inc.(1)		2,897,300		630,697
Ayala Corp.		201,738		3,477,492
Ayala Land, Inc.		4,584,708		3,255,157
Ayala Land, Inc., PFC Shares(3)		3,534,608		0
Bank of the Philippine Islands		1,474,853		2,446,883
BDO Unibank, Inc.		1,400,019		3,291,790
Bloomberry Resorts Corp.		14,372,500		2,623,706
CEMEX Holdings Philippines, Inc.(1)(2)		3,723,800		220,749
Century Pacific Food, Inc.		1,007,500		301,762
Cosco Capital, Inc.		1,868,100		212,935
D&L Industries, Inc.		4,542,000		864,523
DMCI Holdings, Inc.		2,556,500		502,950
Emperador, Inc.		3,420,000		473,601
Energy Development Corp.(1)		14,742,350		1,445,385
Filinvest Land, Inc.		16,105,546		422,654
First Gen Corp.		2,648,860		717,605
First Philippine Holdings Corp.		403,650		461,547
Global Ferronickel Holdings, Inc.(1)		7,655,294		315,915
Globe Telecom, Inc.		68,575		1,979,876
GT Capital Holdings, Inc.		54,000		920,927
International Container Terminal Services, Inc.		551,900		799,547
JG Summit Holdings, Inc.		2,048,150		1,918,848
Jollibee Foods Corp.		1,132,220		5,582,352
Lopez Holdings Corp.		8,390,900		563,070
LT Group, Inc.		1,987,400		674,609

20 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Philippines (continued)
Manila Electric Co.		464,684	$	3,096,164
Manila Water Co.		1,474,000		773,247
Megaworld Corp.		10,700,000		858,772
Melco Resorts and Entertainment (Philippines) Corp.(1)		10,101,200		983,466
Metro Pacific Investments Corp.		10,567,300		911,015
Metropolitan Bank & Trust Co.		1,006,867		1,383,912
Nickel Asia Corp.		9,129,938		794,360
Petron Corp.		2,395,000		398,459
Philex Mining Corp.		3,645,900		307,112
PLDT, Inc.		203,575		4,873,750
Puregold Price Club, Inc.		1,964,200		1,714,785
Robinsons Land Corp.		1,636,615		570,585
Robinsons Retail Holdings, Inc.		1,077,190		1,604,833
San Miguel Corp.		484,300		1,250,970
Security Bank Corp.		248,900		930,808
Semirara Mining & Power Corp.		3,919,320		2,224,522
SM Investments Corp.		354,720		5,819,168
SM Prime Holdings, Inc.		9,291,350		6,258,878
Travellers International Hotel Group, Inc.(1)		3,644,200		331,431
Universal Robina Corp.		1,964,140		4,445,915
Vista Land & Lifescapes, Inc.		6,128,000		703,615
			$	78,891,654
Poland — 2.7%
Alior Bank SA(1)		98,462	$	1,743,578
AmRest Holdings SE(1)		24,441		2,874,000
Asseco Poland SA		309,112		3,293,080
Bank Handlowy w Warszawie SA		44,485		839,932
Bank Millennium SA(1)		697,490		1,487,126
Bank Polska Kasa Opieki SA		150,085		4,517,481
Bank Zachodni WBK SA		19,704		1,744,513
Boryszew SA(1)		350,000		593,306
Budimex SA		50,276		1,653,614
CCC SA		27,466		1,511,032
CD Projekt SA(1)		49,801		2,135,668
Ciech SA		40,900		584,069
Cyfrowy Polsat SA		551,626		3,396,052
Enea SA		145,490		354,035
Energa SA		389,300		926,118
Eurocash SA		288,203		1,664,768
Getin Noble Bank SA(1)		530,473		141,159
Globe Trade Centre SA		183,554		450,471
Grupa Azoty SA		31,054		356,462
Grupa Lotos SA		116,903		1,771,211
ING Bank Slaski SA		15,900		757,853
Jastrzebska Spolka Weglowa SA(1)		164,142		3,338,771

Security	Shares		Value
Poland (continued)
KGHM Polska Miedz SA		230,446	$	5,401,860
KRUK SA		21,183		1,128,879
LPP SA		1,852		4,177,407
Lubelski Wegiel Bogdanka SA		10,688		153,808
mBank SA		22,522		2,393,811
Netia SA(1)		284,937		383,049
Orange Polska SA(1)		2,339,445		2,888,541
Orbis SA		131,300		3,102,601
PGE SA(1)		2,425,400		6,027,224
Polski Koncern Naftowy ORLEN SA		312,755		7,004,778
Polskie Gornictwo Naftowe i Gazownictwo SA		2,209,947		3,364,534
Powszechna Kasa Oszczednosci Bank Polski SA(1)		792,665		7,787,324
Powszechny Zaklad Ubezpieczen SA		531,731		5,512,724
Tauron Polska Energia SA(1)		3,658,454		2,230,834
			$	87,691,673
Qatar — 1.5%
Aamal Co. QSC		97,022	$	239,484
Al Khalij Commercial Bank PQSC		23,006		67,701
Al Meera Consumer Goods Co.		16,300		678,326
Barwa Real Estate Co.		295,049		2,766,570
Commercial Bank PQSC (The)		194,625		2,031,874
Doha Bank QPSC		154,273		1,131,463
Gulf International Services QSC(1)		169,144		790,511
Gulf Warehousing Co.		32,900		375,207
Industries Qatar		204,177		5,989,867
Masraf Al Rayan QSC		348,259		3,333,661
Mazaya Qatar Real Estate Development QSC(1)		137,946		253,758
Medicare Group		34,182		590,533
Ooredoo QPSC		233,532		4,651,792
Qatar Electricity & Water Co. QSC		75,180		3,870,308
Qatar First Bank(1)		153,900		217,734
Qatar Gas Transport Co., Ltd.		751,391		3,256,024
Qatar Insurance Co.		148,358		1,445,131
Qatar International Islamic Bank		32,210		467,979
Qatar Islamic Bank		69,898		2,220,890
Qatar National Bank QPSC		218,657		9,107,482
Qatar National Cement Co. QSC		32,334		489,410
Qatar Navigation QSC		79,551		1,416,737
Qatari Investors Group		63,900		523,889
Salam International Investment, Ltd. QSC(1)		30,886		44,129
United Development Co. QSC		435,762		1,668,308
Vodafone Qatar QSC(1)		694,900		1,680,027
			$	49,308,795

21 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Romania — 0.7%
Antibiotice SA		1,843,129	$	237,195
Banca Transilvania SA		14,216,968		8,536,617
BRD-Groupe Societe Generale SA		1,094,113		3,586,342
OMV Petrom SA		50,671,803		4,061,192
Societatea Energetica Electrica SA		487,300		1,195,968
Societatea Nationala de Gaze Naturale ROMGAZ SA		342,084		3,193,680
Societatea Nationala Nuclearelectrica SA		322,130		604,430
Transelectrica SA		247,700		1,374,586
Transgaz SA Medias		14,233		1,166,921
			$	23,956,931
Russia — 6.2%
Aeroflot PJSC		1,448,730	$	3,230,080
Alrosa PJSC		2,707,900		4,311,262
Etalon Group PLC GDR(4)		98,319		268,541
Evraz PLC		315,476		2,105,621
Federal Grid Co. Unified Energy System PJSC		1,250,240,600		3,727,494
Gazprom PJSC ADR		3,665,307		16,061,925
Globaltrans Investment PLC GDR(4)(5)		35,100		358,020
Globaltrans Investment PLC GDR(4)(5)		236,017		2,406,427
Inter RAO UES PJSC		28,782,000		1,872,880
Lenta, Ltd. GDR(1)(4)		371,877		2,043,360
LSR Group PJSC GDR(4)		62,005		166,953
Lukoil PJSC ADR		294,861		20,080,574
Luxoft Holding, Inc.(1)		15,500		571,175
Magnit PJSC		108,764		7,998,740
Magnitogorsk Iron & Steel Works PJSC		1,708,700		1,160,828
Mail.ru Group, Ltd. GDR(1)(4)		216,510		6,253,537
MegaFon PJSC GDR(4)		191,915		1,692,933
MMC Norilsk Nickel PJSC ADR(5)		59,048		1,064,635
MMC Norilsk Nickel PJSC ADR(5)		645,862		11,543,650
Mobile TeleSystems PJSC		2,194,143		9,712,193
Moscow Exchange MICEX-RTS PJSC		1,645,350		2,861,869
Mosenergo PJSC		12,772,962		476,026
Novatek PJSC GDR(4)		47,573		7,031,858
Novolipetsk Steel PJSC GDR		118,024		2,859,736
PhosAgro PJSC GDR(4)		93,673		1,197,575
PIK Group PJSC(1)		113,450		605,092
Polymetal International PLC		300,059		2,651,225
QIWI PLC ADR		134,500		2,118,375
Rosneft Oil Co. PJSC GDR(4)		864,657		5,357,723
Rosseti PJSC		159,516,873		2,009,679
Rostelecom PJSC		808,238		944,675
Rostelecom PJSC ADR		31,284		221,647
RusHydro PJSC		301,400,952		3,249,119

Security	Shares		Value
Russia (continued)
Sberbank of Russia PJSC		7,246,770	$	25,107,475
Severstal PJSC GDR(4)		219,504		3,196,623
Sistema PJSFC		6,888,800		977,180
Sistema PJSFC GDR(4)		166,806		454,554
Surgutneftegas OJSC ADR		736,684		3,269,250
Surgutneftegas OJSC ADR, PFC Shares		73,700		363,341
Surgutneftegas OJSC, PFC Shares		5,393,317		2,683,404
Tatneft PJSC ADR		163,295		10,266,191
Transneft PJSC, PFC Shares		1,225		3,261,604
Unipro PJSC		9,801,000		452,059
United Wagon Co. PJSC(1)		29,700		304,879
VEON, Ltd. ADR		921,930		2,194,193
VTB Bank PJSC		1,899,530,000		1,466,420
VTB Bank PJSC GDR(4)		486,602		739,825
X5 Retail Group NV GDR(4)		226,978		5,994,576
Yandex NV, Class A(1)		408,400		14,661,560
			$	203,608,561
Slovenia — 0.9%
Cinkarna Celje DD		5,206	$	1,513,185
Gorenje DD		120,554		1,618,127
KRKA DD		158,974		10,726,623
Luka Koper		34,436		1,282,871
Petrol		15,934		6,488,355
Pozavarovalnica Sava DD		64,657		1,344,813
Telekom Slovenije DD		27,595		2,957,376
Zavarovalnica Triglav DD		70,194		2,477,574
			$	28,408,924
South Africa — 5.8%
AECI, Ltd.		108,017	$	833,009
African Rainbow Minerals, Ltd.		33,300		264,404
Anglo American Platinum, Ltd.		15,100		393,828
AngloGold Ashanti, Ltd.		70,634		579,079
AngloGold Ashanti, Ltd. ADR		79,199		650,224
Aspen Pharmacare Holdings, Ltd.		301,772		5,666,042
Assore, Ltd.		24,358		521,193
Astral Foods, Ltd.		26,100		543,226
AVI, Ltd.		228,000		1,800,876
Barclays Africa Group, Ltd.		203,773		2,366,151
Barloworld, Ltd.		463,800		4,374,112
Bid Corp., Ltd.		455,103		9,113,002
Bidvest Group, Ltd. (The)		455,103		6,517,060
Clicks Group, Ltd.		218,200		3,115,547
DataTec, Ltd.		305,900		474,040

22 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
South Africa (continued)
Discovery, Ltd.		221,254	$	2,374,624
Exxaro Resources, Ltd.		92,500		844,530
FirstRand, Ltd.		956,285		4,442,324
Foschini Group, Ltd. (The)		104,323		1,320,661
Gold Fields, Ltd.		255,380		903,747
Grindrod Shipping Holdings, Ltd.(1)		8,765		92,011
Grindrod, Ltd.(1)		350,600		239,681
Growthpoint Properties, Ltd.		1,244,700		2,417,414
Hosken Consolidated Investments, Ltd.		33,700		341,763
Hyprop Investments, Ltd.		65,400		487,224
Impala Platinum Holdings, Ltd.(1)		133,586		196,324
Imperial Holdings, Ltd.		130,900		1,867,149
Investec, Ltd.		156,600		1,092,765
JSE, Ltd.		45,700		538,548
Kumba Iron Ore, Ltd.		22,200		475,150
Liberty Holdings, Ltd.		67,700		574,760
Life Healthcare Group Holdings, Ltd.		709,548		1,282,860
Massmart Holdings, Ltd.		48,804		395,330
MMI Holdings, Ltd.		554,133		713,958
Mondi, Ltd.		134,531		3,643,978
Mr Price Group, Ltd.		188,400		3,091,922
MTN Group, Ltd.		2,099,580		16,501,024
Murray & Roberts Holdings, Ltd.		689,700		885,869
Nampak, Ltd.(1)		677,282		775,069
Naspers, Ltd., Class N		125,876		31,738,851
Nedbank Group, Ltd.		141,600		2,571,778
Netcare, Ltd.		659,100		1,321,465
Northam Platinum, Ltd.(1)		298,659		800,366
Novus Holdings, Ltd.		43,537		10,544
Pick’n Pay Stores, Ltd.		213,731		1,165,172
Rand Merchant Investment Holdings, Ltd.		449,000		1,220,405
Redefine Properties, Ltd.		1,959,096		1,497,283
Remgro, Ltd.		237,905		3,534,934
Reunert, Ltd.		401,800		2,356,690
RMB Holdings, Ltd.		520,200		2,862,185
Sanlam, Ltd.		883,390		4,488,185
Santam, Ltd.		27,610		572,732
Sappi, Ltd.		593,587		3,949,536
Sasol, Ltd.		446,059		16,221,744
Shoprite Holdings, Ltd.		419,647		6,726,400
Sibanye Gold, Ltd.(1)		1,116,045		668,673
SPAR Group, Ltd. (The)		79,260		1,070,644
Standard Bank Group, Ltd.		605,849		8,458,971
Steinhoff International Holdings NV(1)		1,020,600		97,443
Telkom SA SOC, Ltd.		333,000		1,187,795
Tiger Brands, Ltd.		207,487		5,011,183

Security	Shares		Value
South Africa (continued)
Tongaat Hulett, Ltd.		25,322	$	147,780
Truworths International, Ltd.		299,341		1,673,647
Vodacom Group, Ltd.		444,200		3,970,475
Wilson Bayly Holmes-Ovcon, Ltd.		111,180		1,206,051
Woolworths Holdings, Ltd.		355,542		1,433,561
			$	188,674,971
South Korea — 6.2%
AMOREPACIFIC Corp.		10,613	$	3,072,190
AMOREPACIFIC Group		19,571		2,169,463
BNK Financial Group, Inc.		55,807		467,611
Bukwang Pharmaceutical Co., Ltd.		37,016		781,645
Cell Biotech Co., Ltd.		7,242		236,977
Celltrion, Inc.(1)		32,608		8,859,102
Chabiotech Co., Ltd.(1)		115,772		1,720,536
Cheil Worldwide, Inc.		38,050		704,674
CJ CheilJedang Corp.		3,500		1,108,064
CJ Corp.		7,083		902,483
CJ Logistics Corp.(1)		4,378		660,254
CJ O Shopping Co., Ltd.		1,122		281,296
Coway Co., Ltd.		15,560		1,210,165
Daelim Industrial Co., Ltd.		6,870		471,938
Daesang Corp.		29,700		708,022
Daewoo Engineering & Construction Co., Ltd.(1)		60,100		316,731
Daewoo Industrial Development Co., Ltd.(1)		3,501		7,649
DB Insurance Co., Ltd.		9,442		500,031
DGB Financial Group Co., Ltd.		64,880		596,706
Dong-A ST Co., Ltd.		5,069		398,458
Doosan Corp.		4,600		429,560
E-MART, Inc.		8,311		1,896,595
Green Cross Corp.		2,863		530,642
Green Cross Holdings Corp.		9,800		292,794
GS Engineering & Construction Corp.		35,833		1,481,104
GS Holdings Corp.		47,154		2,300,498
Hana Financial Group, Inc.		64,225		2,466,288
Hanjin Kal Corp.		8,977		136,084
Hanjin Transportation Co., Ltd.		10,500		200,795
Hankook Tire Co., Ltd.		27,617		1,043,493
Hanmi Pharmaceutical Co., Ltd.		3,099		1,169,626
Hanmi Science Co., Ltd.		24,915		1,444,045
Hanwha Chemical Corp.		65,820		1,290,085
Hanwha Corp.		27,900		789,332
HDC Holdings Co., Ltd.		11,087		284,475
HDC Hyundai Development Co-Engineering & Construction, Class E(1)		15,492		749,249
Hotel Shilla Co., Ltd.		12,750		1,412,261

23 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
Hyosung Corp.(3)		18,800	$	2,260,386
Hyundai Construction Equipment Co., Ltd.(1)		224		28,380
Hyundai Department Store Co., Ltd.		5,600		580,525
Hyundai Engineering & Construction Co., Ltd.		26,794		1,384,343
Hyundai Glovis Co., Ltd.		11,450		1,186,347
Hyundai Heavy Industries Co., Ltd.(1)		1,784		163,147
Hyundai Marine & Fire Insurance Co., Ltd.		14,350		434,531
Hyundai Mobis Co., Ltd.		12,626		2,401,475
Hyundai Motor Co.		33,990		3,820,266
Hyundai Motor Co., Second PFC Shares		3,773		307,102
Hyundai Steel Co.		49,615		2,340,501
Hyundai Wia Corp.		6,700		244,847
InBody Co., Ltd.		11,574		332,841
Industrial Bank of Korea		71,500		986,109
Kangwon Land, Inc.		36,658		860,226
KB Financial Group, Inc.		81,707		3,846,090
KB Financial Group, Inc. ADR		7,488		348,042
KCC Corp.		1,710		503,308
Kia Motors Corp.		64,887		1,792,796
KIWOOM Securities Co., Ltd.		8,011		779,268
Korea Electric Power Corp.		262,607		7,532,175
Korea Gas Corp.(1)		15,047		864,912
Korea Investment Holdings Co., Ltd.		10,700		806,775
Korea Zinc Co., Ltd.		5,700		1,974,293
Korean Air Lines Co., Ltd.		18,577		470,657
Korean Reinsurance Co.		52,474		557,283
KT Corp.		87,949		2,163,092
KT&G Corp.		49,980		4,802,321
Kumho Petrochemical Co., Ltd.		4,900		511,935
LG Chem, Ltd.		23,459		7,021,472
LG Corp.		45,183		2,921,060
LG Display Co., Ltd.		33,200		544,662
LG Electronics, Inc.		9,019		671,512
LG Hausys, Ltd.		4,611		287,195
LG Household & Health Care, Ltd.		3,800		4,761,673
LG Uplus Corp.		278,220		3,494,462
Lotte Chemical Corp.		10,200		3,179,658
Lotte Corp.(1)		5,150		264,362
LOTTE Fine Chemical Co., Ltd.		10,800		629,446
Lotte Shopping Co., Ltd.		4,018		757,613
LS Corp.		7,030		473,318
LS Industrial Systems Co., Ltd.		4,500		284,924
Macrogen, Inc.(1)		13,950		439,416
Medy-Tox, Inc.		4,331		2,977,539
Mirae Asset Daewoo Co., Ltd.		118,556		905,949
Naver Corp.		3,131		2,142,558

Security	Shares		Value
South Korea (continued)
NCsoft Corp.		5,300	$	1,763,760
NH Investment & Securities Co., Ltd.		51,222		686,191
Nong Shim Co., Ltd.		1,100		320,848
Orion Corp./Republic of Korea		7,895		1,054,096
Osstem Implant Co., Ltd.(1)		12,166		555,620
POSCO		23,524		6,940,985
Posco Daewoo Corp.		10,502		201,671
S-Oil Corp.		24,372		2,393,377
S1 Corp.		10,130		880,267
Samsung Biologics Co., Ltd.(1)(2)		8,264		3,093,162
Samsung C&T Corp.		21,421		2,239,796
Samsung Card Co., Ltd.		10,660		366,501
Samsung Electro-Mechanics Co., Ltd.		16,480		2,194,131
Samsung Electronics Co., Ltd.		435,500		18,242,906
Samsung Fire & Marine Insurance Co., Ltd.		8,763		2,076,310
Samsung Life Insurance Co., Ltd.		23,664		2,088,985
Samsung SDI Co., Ltd.		7,925		1,520,081
Samsung Securities Co., Ltd.		14,212		443,607
Seegene, Inc.(1)		19,291		482,773
Shinhan Financial Group Co., Ltd.		102,298		3,960,787
Shinsegae, Inc.		2,179		783,674
SK Chemicals Co., Ltd.(1)		6,265		521,666
SK Discovery Co., Ltd.		5,834		192,956
SK Holdings Co., Ltd.		6,366		1,478,152
SK Hynix, Inc.		58,370		4,480,435
SK Innovation Co., Ltd.		67,596		12,243,548
SK Telecom Co., Ltd.		33,743		7,052,606
SK Telecom Co., Ltd. ADR		19,826		462,342
ViroMed Co., Ltd.(1)		12,347		2,605,981
Woori Bank		20,809		303,513
Yuhan Corp.		7,463		1,456,108
Zyle Daewoo Motor Sales Corp.(1)		4,895		7,071
			$	202,225,619
Sri Lanka — 0.7%
Access Engineering PLC		3,828,963	$	383,713
Aitken Spence PLC		867,213		282,120
Ceylon Tobacco Co. PLC		96,609		689,525
Chevron Lubricants Lanka PLC		1,378,614		665,644
Commercial Bank of Ceylon PLC		3,183,469		2,475,453
DFCC Bank PLC		648,984		430,604
Dialog Axiata PLC		15,786,381		1,437,122
Distilleries Co. of Sri Lanka PLC		1,837,926		243,818
Hatton National Bank PLC		1,697,949		2,412,883
Hemas Holdings PLC		1,663,050		1,177,100
John Keells Holdings PLC		5,864,940		5,460,904

24 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Sri Lanka (continued)
Melstacorp PLC(1)		6,203,001	$	2,043,523
National Development Bank PLC		1,130,024		876,726
Nations Trust Bank PLC(1)		958,472		548,669
Nestle Lanka PLC		14,336		158,657
Sampath Bank PLC(1)		904,643		1,733,318
Teejay Lanka PLC		1,870,121		365,920
			$	21,385,699
Taiwan — 6.4%
Acer, Inc.		948,490	$	773,473
Advantech Co., Ltd.		225,963		1,487,945
Altek Corp.		206,437		271,585
ASE Technology Holding Co., Ltd.		669,415		1,572,072
Asia Cement Corp.		1,183,967		1,299,679
Asia Optical Co., Inc.		187,913		578,210
Asustek Computer, Inc.		216,174		1,972,720
AU Optronics Corp.		3,013,925		1,276,930
AU Optronics Corp. ADR		33,754		142,779
Capital Securities Corp.		605,143		223,927
Catcher Technology Co., Ltd.		215,100		2,401,655
Cathay Financial Holding Co., Ltd.		2,145,019		3,778,241
Cathay Real Estate Development Co., Ltd.		462,000		242,400
Chang Hwa Commercial Bank, Ltd.		2,075,275		1,203,262
Cheng Shin Rubber Industry Co., Ltd.		1,781,251		2,679,198
Cheng Uei Precision Industry Co., Ltd.		149,516		159,269
Chicony Electronics Co., Ltd.		160,516		361,376
China Airlines, Ltd.(1)		940,963		293,462
China Development Financial Holding Corp.		5,090,106		1,858,145
China Life Insurance Co., Ltd.		490,226		515,521
China Motor Corp.		1,026,930		954,061
China Petrochemical Development Corp.(1)		1,522,857		648,414
China Steel Corp.		6,433,886		4,997,941
Chipbond Technology Corp.		240,000		496,579
Chong Hong Construction Co., Ltd.		165,761		510,825
Chunghwa Telecom Co., Ltd.		2,476,909		8,926,359
Clevo Co.		206,579		232,093
Compal Electronics, Inc.		1,488,557		936,567
Coretronic Corp.		169,387		236,090
CTBC Financial Holding Co., Ltd.		6,143,273		4,414,048
Delta Electronics, Inc.		434,356		1,556,882
E.Sun Financial Holding Co., Ltd.		2,823,431		1,965,864
Elan Microelectronics Corp.		142,410		242,853
Epistar Corp.(1)		321,439		401,319
Eternal Materials Co., Ltd.		363,142		331,527
EVA Airways Corp.		1,821,478		880,444
Evergreen Marine Corp.(1)		1,171,314		498,670

Security	Shares		Value
Taiwan (continued)
Everlight Chemical Industrial Corp.		379,054	$	231,122
Everlight Electronics Co., Ltd.		103,212		129,955
Far Eastern Department Stores, Ltd.		1,496,944		959,381
Far Eastern International Bank		1,036,926		343,298
Far Eastern New Century Corp.		2,069,313		1,959,388
Far EasTone Telecommunications Co., Ltd.		1,199,364		3,098,152
Faraday Technology Corp.		262,329		513,183
Feng Hsin Steel Co., Ltd.		172,000		329,861
FIH Mobile, Ltd.(1)		1,168,000		181,292
First Financial Holding Co., Ltd.		3,547,918		2,395,433
Formosa Chemicals & Fibre Corp.		1,780,214		7,084,018
Formosa International Hotels Corp.		40,132		196,073
Formosa Petrochemical Corp.		985,153		3,952,317
Formosa Plastics Corp.		2,620,853		9,658,619
Formosa Taffeta Co., Ltd.		545,000		595,616
Formosan Rubber Group, Inc.		364,500		173,271
Foxconn Technology Co., Ltd.		340,221		831,907
Fubon Financial Holding Co., Ltd.		1,538,833		2,574,645
Giant Manufacturing Co., Ltd.		228,093		963,597
Gintech Energy Corp.(1)		320,371		136,403
Goldsun Building Materials Co., Ltd.(1)		617,053		189,681
Great Wall Enterprise Co., Ltd.		321,362		428,637
Highwealth Construction Corp.		325,556		482,691
Hiwin Technologies Corp.		188,603		2,221,918
Hon Hai Precision Industry Co., Ltd.		2,050,636		5,588,119
Hotai Motor Co., Ltd.		98,000		862,598
HTC Corp.(1)		246,311		459,060
Hua Nan Financial Holdings Co., Ltd.		2,980,039		1,733,525
Huaku Development Co., Ltd.		187,010		406,083
Innolux Corp.		2,855,987		1,024,533
Inventec Corp.		1,330,753		1,043,603
King Yuan Electronics Co., Ltd.		711,274		646,638
Kinsus Interconnect Technology Corp.		166,280		284,771
Largan Precision Co., Ltd.		21,042		3,091,225
LCY Chemical Corp.		253,644		391,831
Lite-On Technology Corp.		751,508		908,046
Macronix International Corp., Ltd.(1)		499,741		708,681
MediaTek, Inc.		325,371		3,193,871
Mega Financial Holding Co., Ltd.		3,731,240		3,289,821
Merida Industry Co., Ltd.		435,907		2,178,253
Mitac Holdings Corp.		325,498		352,535
Nan Kang Rubber Tire Co., Ltd.		889,819		782,416
Nan Ya Plastics Corp.		3,006,303		8,586,472
Nanya Technology Corp.		311,276		844,949
Novatek Microelectronics Corp., Ltd.		263,479		1,185,720
Oriental Union Chemical Corp.		453,200		488,102

25 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Taiwan (continued)
Pegatron Corp.		553,486	$	1,136,470
Phison Electronics Corp.		43,692		344,636
Pou Chen Corp.		2,168,764		2,516,363
Powertech Technology, Inc.		366,725		1,062,977
President Chain Store Corp.		619,120		7,015,506
Quanta Computer, Inc.		905,065		1,585,964
Radiant Opto-Electronics Corp.		206,350		412,236
Radium Life Tech Co., Ltd.(1)		342,068		125,538
Realtek Semiconductor Corp.		165,542		601,496
Ruentex Development Co., Ltd.(1)		406,239		468,743
Ruentex Industries, Ltd.		1,161,953		2,367,370
Sanyang Motor Co., Ltd.		1,509,000		1,080,345
Shin Kong Financial Holding Co., Ltd.		3,270,375		1,257,953
Shin Kong Synthetic Fibers Corp.		965,996		371,925
Simplo Technology Co., Ltd.		74,292		435,516
Sino-American Silicon Products, Inc.		183,259		735,916
SinoPac Financial Holdings Co., Ltd.		4,334,295		1,562,125
Solar Applied Materials Technology Corp.(1)		290,753		209,252
Synnex Technology International Corp.		684,558		1,032,247
Tainan Spinning Co., Ltd.		1,445,010		637,038
Taishin Financial Holding Co., Ltd.		3,940,238		1,859,449
Taiwan Business Bank		2,003,896		617,785
Taiwan Cement Corp.		1,724,118		2,392,266
Taiwan Cooperative Financial Holding Co., Ltd.		2,547,920		1,490,778
Taiwan Fertilizer Co., Ltd.		436,000		598,119
Taiwan Mobile Co., Ltd.		1,170,052		4,238,944
Taiwan Semiconductor Manufacturing Co., Ltd.		1,847,873		13,121,882
Taiwan Tea Corp.		661,346		325,063
Tatung Co., Ltd.(1)		1,214,645		1,077,014
Teco Electric & Machinery Co., Ltd.		1,226,000		920,077
Tong Yang Industry Co., Ltd.		379,826		584,429
TPK Holding Co., Ltd.(1)		83,515		175,881
Transcend Information, Inc.		63,886		177,170
Tripod Technology Corp.		152,979		420,116
TSRC Corp.		381,087		409,661
TTY Biopharm Co., Ltd.		307,255		981,363
Tung Ho Steel Enterprise Corp.		293,385		216,406
U-Ming Marine Transport Corp.		202,000		221,701
Uni-President Enterprises Corp.		3,855,626		9,773,332
Unimicron Technology Corp.		527,171		281,134
United Microelectronics Corp.		3,348,361		1,876,127
United Microelectronics Corp. ADR		93,397		263,380
Vanguard International Semiconductor Corp.		784,175		1,791,392
Walsin Lihwa Corp.		1,085,980		736,126
Wan Hai Lines, Ltd.		606,375		335,805
Waterland Financial Holdings		1,645,266		579,806

Security	Shares		Value
Taiwan (continued)
Wistron Corp.		963,584	$	714,537
WPG Holdings Co., Ltd.		548,136		776,092
Yageo Corp.		118,822		4,367,091
Yang Ming Marine Transport(1)		521,628		153,823
YFY, Inc.(1)		1,451,414		572,899
Yieh Phui Enterprise Co., Ltd.		1,064,486		361,113
Yuanta Financial Holding Co., Ltd.		4,019,729		1,830,577
Yulon Motor Co., Ltd.		1,212,420		838,308
			$	209,042,957
Thailand — 2.9%
Advanced Info Service PCL(7)		809,800	$	4,519,469
Airports of Thailand PCL(7)		2,701,000		5,134,685
AP Thailand PCL(7)		4,609,660		1,132,557
Bangkok Bank PCL(7)		198,400		1,171,397
Bangkok Dusit Medical Services PCL(7)		6,953,300		5,240,418
Bangkok Expressway & Metro PCL(7)		6,497,454		1,460,534
Banpu PCL(7)		2,037,000		1,198,151
BEC World PCL(7)		1,693,300		400,808
Berli Jucker PCL(7)		1,314,200		2,002,267
Bumrungrad Hospital PCL(7)		676,700		3,402,219
Cal-Comp Electronics (Thailand) PCL(7)		1,957,091		105,653
Central Pattana PCL(7)		972,200		2,046,454
Charoen Pokphand Foods PCL(7)		2,464,100		1,799,824
CP ALL PCL(7)		2,433,900		5,394,223
Delta Electronics (Thailand) PCL(7)		1,516,370		2,676,708
Electricity Generating PCL(7)		382,000		2,579,577
Glow Energy PCL(7)		803,700		2,298,550
Hana Microelectronics PCL(7)		1,416,900		1,408,539
Home Product Center PCL(7)		1,565,760		634,063
Indorama Ventures PCL(7)		1,721,800		2,843,035
Intouch Holdings PCL(7)		1,520,200		2,441,770
IRPC PCL(7)		8,405,400		1,470,052
Italian-Thai Development PCL(1)(7)		4,014,629		324,656
Kasikornbank PCL(7)		364,900		2,134,780
KCE Electronics PCL(7)		656,600		751,750
Kiatnakin Bank PCL(7)		555,000		1,134,857
Krung Thai Bank PCL(7)		1,610,225		811,118
Land & Houses PCL(7)		896,600		305,544
Major Cineplex Group PCL(7)		1,728,400		1,282,712
Minor International PCL(7)		3,179,761		3,118,427
Precious Shipping PCL(1)(7)		933,750		312,352
PTT Exploration & Production PCL(7)		861,016		3,644,844
PTT Global Chemical PCL(7)		1,519,650		3,345,141
PTT PCL(7)		3,921,000		5,668,867
Quality House PCL(7)		9,121,583		846,704

26 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Thailand (continued)
Ratchaburi Electricity Generating Holding PCL(7)		578,300	$	894,772
Samart Corp. PCL(7)		718,600		159,357
Siam Cement PCL(7)		254,100		3,172,770
Siam City Cement PCL(7)		84,087		509,974
Siam Commercial Bank PCL(7)		439,500		1,569,133
Sino-Thai Engineering & Construction PCL(1)(7)		1,387,400		757,553
Super Energy Corp. PCL(1)(7)		8,463,500		160,862
SVI PCL(7)		1,450,800		178,595
Thai Airways International PCL(1)(7)		1,290,500		490,800
Thai Beverage PCL(7)		5,055,800		2,670,256
Thai Oil PCL(7)		621,500		1,456,959
Thai Union Group PCL(7)		2,183,692		1,041,583
Thanachart Capital PCL(7)		460,200		649,405
Thoresen Thai Agencies PCL(7)		2,257,887		432,338
TMB Bank PCL(7)		5,321,200		369,771
Total Access Communication PCL(7)		790,500		875,436
TPI Polene PCL(7)		19,506,000		987,727
True Corp. PCL(7)		7,849,382		1,253,916
TTW PCL(7)		4,040,000		1,426,756
WHA Corp. PCL(7)		2,277,900		251,176
			$	94,351,844
Tunisia — 0.1%
Attijari Bank		33,925	$	654,510
Banque de Tunisie		160,285		520,787
Banque Internationale Arabe de Tunisie		12,093		767,678
Banque Nationale Agricole(1)		27,425		198,262
Carthage Cement(1)		335,567		260,468
Euro Cycles SA		34,571		411,401
Poulina Group		149,137		648,615
Societe D’Articles Hygieniques SA(1)		51,021		281,127
Societe Frigorifique et Brasserie de Tunis SA		34,283		293,474
Telnet Holding		40,433		149,506
Union Internationale de Banques SA		23,816		278,977
			$	4,464,805
Turkey — 3.1%
AG Anadolu Grubu Holding AS		107,100	$	496,014
Akbank Turk AS		1,840,745		3,008,509
Akcansa Cimento AS		90,700		189,067
Aksa Akrilik Kimya Sanayii AS		335,654		837,834
Aksa Enerji Uretim AS(1)		1,312,563		1,195,496
Alarko Holding AS		207,704		206,933
Anadolu Efes Biracilik ve Malt Sanayii AS		399,548		2,053,660
Arcelik AS		1,010,459		3,353,108

Security	Shares		Value
Turkey (continued)
Aselsan Elektronik Sanayi Ve Ticaret AS		154,326	$	775,888
Aygaz AS		330,198		787,311
BIM Birlesik Magazalar AS		449,892		6,570,273
Cimsa Cimento Sanayi ve Ticaret AS		116,200		276,043
Coca-Cola Icecek AS		161,900		1,191,362
Dogan Sirketler Grubu Holding AS(1)		2,165,468		457,874
Dogus Otomotiv Servis ve Ticaret AS		140,556		213,234
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		735,375		541,374
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		20,493,939		9,075,252
Enerjisa Enerji AS(2)		1,053,571		1,421,670
Enka Insaat ve Sanayi AS		1,566,921		1,591,877
Eregli Demir ve Celik Fabrikalari TAS		2,919,663		6,475,240
Ford Otomotiv Sanayi AS		260,260		3,463,496
Gubre Fabrikalari TAS(1)		386,800		297,818
Haci Omer Sabanci Holding AS		1,047,729		2,011,611
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1)		373,901		472,997
Is Gayrimenkul Yatirim Ortakligi AS		2,448,816		528,279
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1)		2,443,657		2,348,907
KOC Holding AS		1,034,806		3,197,452
Koza Altin Isletmeleri AS(1)		122,800		1,134,906
Migros Ticaret AS(1)		186,855		833,828
Net Holding AS(1)		1,199,227		511,348
Petkim Petrokimya Holding AS		1,541,912		1,624,106
Sekerbank TAS(1)		673,641		186,830
Selcuk Ecza Deposu Ticaret ve Sanayi AS		243,000		203,166
Soda Sanayii AS		149,673		201,937
TAV Havalimanlari Holding AS		212,009		1,037,674
Tekfen Holding AS		152,291		574,637
Tofas Turk Otomobil Fabrikasi AS		469,986		2,459,627
Trakya Cam Sanayii AS		817,924		739,885
Tupras-Turkiye Petrol Rafinerileri AS		462,917		10,912,039
Turk Hava Yollari AO(1)		748,507		2,207,527
Turk Sise ve Cam Fabrikalari AS		401,274		369,400
Turk Telekomunikasyon AS(1)		2,183,657		2,373,855
Turkcell Iletisim Hizmetleri AS		3,847,629		10,200,088
Turkcell Iletisim Hizmetleri AS ADR		38,494		251,751
Turkiye Garanti Bankasi AS		1,637,600		2,987,232
Turkiye Halk Bankasi AS		540,082		871,415
Turkiye Is Bankasi AS, Class C		1,157,493		1,436,094
Turkiye Sinai Kalkinma Bankasi AS		1,676,550		353,900
Turkiye Vakiflar Bankasi TAO, Class D		905,498		966,113
Ulker Biskuvi Sanayi AS(1)		357,929		1,401,691
Vestel Elektronik Sanayi ve Ticaret AS(1)		573,007		1,110,880
Yapi ve Kredi Bankasi AS(1)		1,927,043		1,037,086

27 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Shares		Value
Turkey (continued)
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS(1)		75,030	$	348,046
Zorlu Enerji Elektrik Uretim AS(1)		3,437,974		1,228,918
			$	100,602,558
United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank PJSC		2,035,444	$	3,913,473
Abu Dhabi National Hotels		832,200		600,365
Agthia Group PJSC		623,000		816,049
Air Arabia PJSC		6,041,100		1,610,951
Ajman Bank PJSC		700,948		183,250
Al Waha Capital PJSC		1,401,285		665,902
Aldar Properties PJSC		3,816,500		2,101,091
Arabtec Holding PJSC		1,822,819		948,137
Dana Gas PJSC		3,612,782		1,023,078
DP World, Ltd.		416,236		9,581,020
Dubai Financial Market PJSC		1,713,500		450,639
Dubai Investments PJSC		1,379,272		714,323
Dubai Islamic Bank PJSC		1,037,500		1,376,720
Emaar Properties PJSC		3,506,022		4,704,687
Emirates Telecommunications Group Co. PJSC		676,655		2,977,168
First Abu Dhabi Bank PJSC		3,150,589		10,426,824
National Bank of Ras Al-Khaimah PSC (The)		62,608		73,858
National Central Cooling Co. (Tabreed)		1,050,547		475,691
RAK Properties PJSC		1,262,100		219,785
Ras Al Khaimah Co. for White Cement & Construction Materials PSC		732,778		210,274
Union National Bank PJSC		1,180,087		1,194,926
			$	44,268,211
Vietnam — 1.4%
Bank for Foreign Trade of Vietnam JSC		1,367,969	$	3,448,256
Bank for Investment and Development of Vietnam JSC		599,090		677,199
Bao Viet Holdings		371,340		1,311,468
Danang Rubber JSC		277,686		283,830
Development Investment Construction Corp.		589,411		452,966
FLC Faros Construction JSC(1)		365,126		684,950
FPT Corp.		2		4
Gemadept Corp.		972,649		1,058,914
HAGL JSC(1)		1,003,770		227,295
Hoa Phat Group JSC(1)		4,228,193		7,043,193
KIDO Group Corp.		387,216		562,199
Kinh Bac City Development Share Holding Corp.(1)		590,200		306,913
Masan Group Corp.(1)		644,430		2,214,059
PetroVietnam Drilling & Well Services JSC(1)		824,017		487,556
PetroVietnam Fertilizer & Chemical JSC		342,540		256,335

Security	Shares		Value
Vietnam (continued)
PetroVietnam Gas JSC		942,580	$	3,614,641
PetroVietnam Technical Services Corp.		659,600		496,231
Pha Lai Thermal Power JSC		754,210		577,448
Saigon Securities, Inc.		143,640		177,478
Song Da Urban & Industrial Zone Investment and Development JSC		390,942		353,520
Tan Tao Investment & Industry JSC(1)		2,064,767		236,024
Vietjet Aviation JSC		348,144		2,142,490
Vietnam Construction and Import-Export JSC		459,600		329,575
Vietnam Dairy Products JSC		742,000		5,472,861
Vietnam Joint Stock Commercial Bank for Industry and Trade		684,823		721,614
Vietnam National Petroleum Group		309,590		786,540
Vincom Retail JSC(1)		138,950		233,867
Vingroup JSC(1)		2,013,874		9,379,190
Vinh Son - Song Hinh Hydropower JSC		750,120		565,628
			$	44,102,244
Total Common Stocks (identified cost $2,624,538,747)			$	3,217,114,939

Equity-Linked Securities(2)(8) — 0.8%
Security	Maturity Date		Shares		Value
Saudi Arabia — 0.8%
Abdullah Al Othaim Markets		7/20/20		17,067	$	342,218
Al Hammadi Development and Industrial Corp.		8/10/20		34,517		303,721
Al Rajhi Bank		1/19/21		126,533		2,911,674
Al Tayyar Travel Group Holding Co.		2/24/21		74,582		533,957
Alinma Bank		1/19/21		119,259		681,144
Almarai Co.		7/20/20		64,286		1,035,337
Arab National Bank		3/13/20		48,974		417,872
Bank Albilad		2/24/21		38,550		240,735
Banque Saudi Fransi		3/24/20		65,833		595,075
Company for Cooperative Insurance (The)		7/20/20		16,075		304,325
Dar Al Arkan Real Estate Development		7/20/18		318,297		894,543
Emaar Economic City		4/5/21		152,763		488,796
Etihad Etisalat Co.		11/9/20		156,722		818,221
Fawaz Abdulaziz Alhokair Co.		2/28/20		53,700		370,853
Fitaihi Holding Group		9/14/18		57,200		186,683
Jarir Marketing Co.		1/19/21		18,612		882,375
Mobile Telecommunication Co.		4/5/21		39,298		69,996
Mouwasat Medical Services Co.		2/24/21		23,596		591,418
National Agriculture Development Co. (The)		12/11/18		10,101		96,287
National Commercial Bank		11/9/20		48,831		632,791

28 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Security	Maturity Date		Shares		Value
Saudi Arabia (continued)
National Industrialization Co.		8/26/19		65,180	$	384,787
Rabigh Refining and Petrochemicals Co.		7/20/20		84,000		634,981
Riyad Bank		11/9/20		137,000		593,977
Sahara Petrochemical Co.		9/14/18		50,710		245,549
Samba Financial Group		5/6/20		89,776		777,986
Saudi Airlines Catering Co.		5/10/21		23,421		581,388
Saudi Arabian Fertilizer Co.		7/20/20		24,333		400,322
Saudi Arabian Mining Co.		4/5/21		45,000		686,336
Saudi Basic Industries Corp.		1/19/21		60,743		2,044,014
Saudi British Bank		3/24/20		48,469		407,748
Saudi Cable Co.(1)		7/20/18		75,238		168,718
Saudi Cement Co.		7/20/18		20,250		268,085
Saudi Ceramic Co.		2/24/21		42,675		231,903
Saudi Chemical Co.		4/05/21		11,900		113,119
Saudi Dairy & Foodstuff Co.		5/10/21		5,419		136,107
Saudi Electricity Co.		1/19/21		222,677		1,236,187
Saudi Ground Services Co.		6/27/19		33,401		321,497
Saudi Industrial Investment Group		12/12/19		49,800		388,404
Saudi International Petrochemical		1/19/21		22,570		134,926
Saudi Kayan Petrochemical Co.		1/19/21		82,300		346,286
Saudi Pharmaceutical Industries & Medical Appliances Corp.		1/27/21		15,099		128,430
Saudi Telecom Co.		4/5/21		79,600		1,903,854
Savola AB		1/24/20		93,100		924,707
Yamama Cement Co.		1/19/21		23,300		98,783
Yanbu National Petrochemicals Co.		7/20/20		17,800		353,594
Total Equity-Linked Securities (identified cost $22,540,016)					$	25,909,709

Rights(1)  — 0.0%(6)
Security	Shares		Value
Attijariwafa Bank, Exp. 7/2/18		18,542	$	9,228
Banque Nationale Agricole, Exp. 7/27/18		27,425		21,000
Oi SA, Exp. 7/12/18		2,309,682		5,959
Total Rights (identified cost $15,791)			$	36,187
Warrants(1)  — 0.0%(6)
Security	Shares		Value
Datasonic Group Bhd, Exp. 7/5/23, Strike MYR 1.09		797,200	$	0
Samart Corp. PCL, Exp. 5/17/21, Strike THB 15.00		239,533		2,169
Total Warrants (identified cost $0)			$	2,169

Short-Term Investments — 0.2%
Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Eurodollar Time Deposit, 0.28%, 7/2/18	$	6,119	$	6,119,339
Total Short-Term Investments (identified cost $6,119,339)			$	6,119,339
Total Investments — 99.7% (identified cost $2,653,213,893)			$	3,249,182,343
Other Assets, Less Liabilities — 0.3%			$	8,590,702
Net Assets — 100.0%			$	3,257,773,045

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

⁽¹⁾  Non-income producing security.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2018, the aggregate value of these securities is $38,634,847 or 1.2% of the Fund’s net assets.

⁽³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁴⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At June 30, 2018, the aggregate value of these securities is $52,793,185 or 1.6% of the Fund’s net assets.

⁽⁵⁾  Securities are traded on separate exchanges for the same entity.

⁽⁶⁾  Amount is less than 0.05%.

⁽⁷⁾  Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁸⁾  Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (HSBC Bank plc) in addition to the market risk of the underlying security.

29 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Portfolio of Investments — continued

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		10.1	%	$	327,742,260
Hong Kong Dollar		8.9			288,974,875
New Taiwan Dollar		6.4			208,455,506
Indian Rupee		6.2			202,738,130
South Korean Won		6.2			201,415,235
South African Rand		5.8			187,927,304
Mexican Peso		5.7			184,648,775
Brazilian Real		5.3			173,644,770
New Turkish Lira		3.1			100,350,807
Malaysian Ringgit		3.0			98,926,776
Thai Baht		2.8			91,683,757
Polish Zloty		2.7			87,691,673
Indonesian Rupiah		2.7			86,937,965
Euro		2.6			84,188,769
Philippine Peso		2.4			78,891,654
Russian Ruble		2.3			76,412,958
Chilean Peso		2.2			73,056,118
Kuwaiti Dinar		2.1			66,856,460
Qatari Riyal		1.5			49,308,795
Pakistani Rupee		1.4			47,041,558
Vietnamese Dong		1.4			44,102,244
Chinese Yuan Renminbi		1.3			43,672,048
United Arab Emirates Dirham		1.3			43,452,209
Colombian Peso		1.2			40,512,486
Other currency, less than 1% each		11.1			360,549,211
Total Investments		99.7	%	$	3,249,182,343

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		19.7	%	$	641,756,796
Materials		12.0			391,264,167
Consumer Staples		10.3			334,263,623
Energy		9.4			306,159,853
Industrials		9.0			292,257,726
Telecommunication Services		8.9			289,429,477
Consumer Discretionary		8.7			285,225,840
Information Technology		6.9			225,585,071
Utilities		5.8			189,821,834
Health Care		4.7			153,835,586
Real Estate		4.1			133,463,031
Short-Term Investments		0.2			6,119,339
Total Investments		99.7	%	$	3,249,182,343

Abbreviations:

ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PCL	–	Public Company Ltd.
PFC Shares	–	Preference Shares

Currency Abbreviations:

MYR	–	Malaysian Ringgit
THB	–	Thai Baht

30 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Statement of Assets and Liabilities

Assets	June 30, 2018
Unaffiliated investments, at value (identified cost, $2,653,213,893)	$	3,249,182,343
Cash		349,299
Foreign currency, at value (identified cost, $9,823,611)		9,754,299
Dividends and interest receivable		10,824,864
Receivable for Fund shares sold		1,174,057
Tax reclaims receivable		211,323
Total assets	$	3,271,496,185
Liabilities
Payable for investments purchased	$	174,911
Payable for Fund shares redeemed		7,766,829
Payable to affiliates:
Investment adviser fee		1,238,673
Administration fee		1,376,303
Accrued foreign capital gains taxes		3,155,038
Accrued expenses		11,386
Total liabilities	$	13,723,140
Net Assets	$	3,257,773,045
Sources of Net Assets
Paid-in capital	$	2,688,765,845
Accumulated distributions in excess of net investment income		(114,522	)
Accumulated net realized loss		(23,517,176	)
Net unrealized appreciation		592,638,898
Total	$	3,257,773,045
Institutional Class Shares
Net Assets	$	3,257,773,045
Shares Outstanding		67,047,118
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	48.59

31 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Statement of Operations

Investment Income	Year Ended June 30, 2018
Dividends (net of foreign taxes, $11,102,249)	$	101,735,831
Interest		16,665
Total investment income	$	101,752,496
Expenses
Investment adviser fee	$	16,255,960
Administration fee		18,062,178
Interest expense		93,977
Total expenses	$	34,412,115
Net investment income	$	67,340,381
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $175,987)	$	63,949,542
Foreign currency transactions		(1,319,764	)
Net realized gain	$	62,629,778
Change in unrealized appreciation (depreciation) —
Investments (including net increase in accrued foreign capital gains taxes of $606,906)	$	10,903,401
Foreign currency		128,651
Net change in unrealized appreciation (depreciation)	$	11,032,052
Net realized and unrealized gain	$	73,661,830
Net increase in net assets from operations	$	141,002,211

32 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Statements of Changes in Net Assets

	Year Ended June 30,
Increase (Decrease) in Net Assets	2018			2017
From operations —
Net investment income	$	67,340,381		$	54,297,351
Net realized gain (loss)		62,629,778			(31,929,481	)
Net change in unrealized appreciation (depreciation)		11,032,052			467,166,183
Net increase in net assets from operations	$	141,002,211		$	489,534,053
Distributions to shareholders —
From net investment income	$	(64,914,501	)	$	(47,871,238	)
Total distributions to shareholders	$	(64,914,501	)	$	(47,871,238	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	384,045,332		$	804,065,920
Net asset value of shares issued to shareholders in payment of distributions declared		59,165,671			39,655,320
Cost of shares redeemed		(672,980,908	)		(729,821,183	)
Redemption fees		756,888			4,166,207
Net increase (decrease) in net assets from Fund share transactions	$	(229,013,017	)	$	118,066,264
Net increase (decrease) in net assets	$	(152,925,307	)	$	559,729,079
Net Assets
At beginning of year	$	3,410,698,352		$	2,850,969,273
At end of year	$	3,257,773,045		$	3,410,698,352
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of year	$	(114,522	)	$	2,829,734

33 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Financial Highlights

	Institutional Class
	Year Ended June 30,
	2018			2017			2016			2015			2014
Net asset value — Beginning of year	$	47.740		$	41.370		$	46.230		$	52.430		$	45.870
Income (Loss) From Operations
Net investment income(1)	$	0.967		$	0.777		$	0.799		$	0.838		$	0.805
Net realized and unrealized gain (loss)		0.811			6.232			(5.019	)		(6.134	)		6.518
Total income (loss) from operations	$	1.778		$	7.009		$	(4.220	)	$	(5.296	)	$	7.323
Less Distributions
From net investment income	$	(0.939	)	$	(0.699	)	$	(0.802	)	$	(0.981	)	$	(0.854	)
Total distributions	$	(0.939	)	$	(0.699	)	$	(0.802	)	$	(0.981	)	$	(0.854	)
Redemption fees(1)(2)	$	0.011		$	0.060		$	0.162		$	0.077		$	0.091
Net asset value — End of year	$	48.590		$	47.740		$	41.370		$	46.230		$	52.430
Total Return(3)		3.63	%		17.34	%		(8.64	)%		(9.93	)%		16.30	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	3,257,773		$	3,410,698		$	2,850,969		$	3,697,968		$	3,886,328
Ratios (as a percentage of average daily net assets):
Expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.86	%		1.75	%		1.99	%		1.71	%		1.65	%
Portfolio Turnover		6	%		8	%		2	%		10	%		6	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Redemption fees were discontinued as of September 1, 2016.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

34 See Notes to Financial Statements.

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Notes to Financial Statements

1  Significant Accounting Policies

Parametric Tax-Managed Emerging Markets Fund (the Fund) is a diversified series of Eaton Vance Series Trust II (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term, after-tax returns for its shareholders. The Fund offers Institutional Class shares, which are sold at net asset value and are not subject to a sales charge.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices. Equity-linked securities are generally valued based on the value of the underlying equity security or instrument.

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 asked 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 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.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

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

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

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

In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain

35

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Notes to Financial Statements — continued

portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of June 30, 2018, 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  Equity-Linked Securities — Equity-linked securities are primarily used as an alternative means to more efficiently and effectively access the securities markets of emerging market countries and may also be known as participation notes, equity swaps, and zero strike calls and warrants. Equity-linked securities are privately issued securities whose investment results are designed to correspond generally to the performance of a specified stock index or “basket” of stocks, or a single stock. The Fund deposits an amount of cash with its custodian (or broker, if legally permitted) in an amount near or equal to the selling price of the underlying security in exchange for an equity-linked security. Upon sale, the Fund receives cash from the broker or custodian equal to the current value of the underlying security, less transactional costs. Aside from market risk of the underlying security, there is the risk that the issuer of an equity-linked security may default on its obligation under the security. In addition, the Fund may be unable to close out such a transaction with the other party or obtain an offsetting position with any other party, at any time prior to the end of the term of the underlying agreement. Income received on equity-linked securities is recorded as dividend income.

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  Redemption Fees — Fund shares acquired on or after April 1, 2005 were subject to a redemption fee, at the time of exchange or redemption, equal to 2% of the net asset value of the shares exchanged or redeemed. Fund shares purchased prior to April 1, 2005 were subject to a redemption fee equal to 1% of the net asset value of the shares exchanged or redeemed, and were subject to a purchase fee of 1% of the net asset value of the shares purchased at the time they were purchased. Shares acquired on or before June 30, 1998 were not subject to a redemption fee. The redemption fee was accounted for as an addition to paid-in capital. Effective September 1, 2016, Fund shares are no longer subject to a redemption fee.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years). Distributions to shareholders are recorded on the ex-dividend date. Shareholders may reinvest income and capital gain distributions in additional shares of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. 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.

36

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended June 30, 2018 and June 30, 2017 was as follows:

	Year Ended June 30,
	2018		2017
Distributions declared from:
Ordinary income	$	64,914,501	$	47,871,238

During the year ended June 30, 2018, accumulated net realized loss was increased by $204,578, accumulated undistributed net investment income was decreased by $5,370,136 and paid-in capital was increased by $5,574,714 due to expired capital loss carryforwards, the Fund’s use of equalization accounting and differences between book and tax accounting, primarily for foreign currency gain (loss), foreign capital gains taxes and investments in passive foreign investment companies (PFICs). Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of June 30, 2018, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$	32,852,416
Deferred capital losses	$	(20,119,829	)
Net unrealized appreciation	$	556,274,613

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales and investments in PFICs.

At June 30, 2018, the Fund, for federal income tax purposes, had deferred capital losses of $20,119,829 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 June 30, 2018, $8,424,903 are short-term and $11,694,926 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2018, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	2,689,578,178
Gross unrealized appreciation	$	977,935,576
Gross unrealized depreciation		(418,331,411	)
Net unrealized appreciation	$	559,604,165

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.45% of the Fund’s average daily net assets and is payable monthly. For the year ended June 30, 2018, the investment adviser fee amounted to $16,255,960. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.50% of the Fund’s average daily net assets. For the year ended June 30, 2018, the administration fee amounted to $18,062,178. Pursuant to a sub-administrative services agreement with Parametric, EVM pays Parametric a portion of its administration fee for sub-administrative services provided to the Fund. EVM also pays all ordinary operating expenses of the Fund (excluding the investment adviser and administration fees). EVM serves as the sub-transfer agent of the Fund, at no additional cost to the Fund.

EVM identified certain shareholder redemption transactions for which redemption fees, which were discontinued effective September 1, 2016, were inadvertently not charged that related to the year ended June 30, 2017 and prior years. Redemption fees identified during the year ended June 30, 2018

37

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Notes to Financial Statements — continued

aggregated $756,888, which were paid to the Fund by EVM. Redemption fees identified during the year ended June 30, 2017 aggregated $3.365 million, of which EVM paid $765,000 and a third party paid $2.6 million. Such payments have been included in redemption fees in the Statements of Changes in Net Assets.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended June 30, 2018, no significant amounts have been deferred. Trustees’ fees incurred by the Fund are paid by EVM. Certain officers and Trustees of the Fund are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $206,041,851 and $405,855,338, respectively, for the year ended June 30, 2018.

5  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in Fund shares were as follows:

	Year Ended June 30,
	2018			2017
Sales		7,355,274			18,114,199
Issued to shareholders electing to receive payments of distributions in Fund shares		1,143,077			957,395
Redemptions		(12,887,177	)		(16,556,946	)
Net increase (decrease)		(4,388,826	)		2,514,648

For the years ended June 30, 2018 and June 30, 2017, the Fund received $756,888 and $4,166,207, respectively, in redemption fees (see Note 3).

6  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 30, 2018. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended June 30, 2018.

7  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States. The foregoing risks of foreign investing can be more significant in less developed countries characterized as emerging market countries.

38

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Notes to Financial Statements — continued

8  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

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

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

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At June 30, 2018, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3*		Total
Common Stocks
Asia/Pacific	$	30,627,329	$	1,460,486,158	$	2,975,152	$	1,494,088,639
Emerging Europe		27,202,630		547,545,859		244,306		574,992,795
Latin America		601,785,754		918,956		192,790		602,897,500
Middle East/Africa		4,430,969		540,705,036		0		545,136,005
Total Common Stocks	$	664,046,682	$	2,549,656,009	$	3,412,248	$	3,217,114,939
Equity-Linked Securities — Saudi Arabia	$	—	$	25,909,709	$	—	$	25,909,709
Rights		36,187		—		—		36,187
Warrants		2,169		0		—		2,169
Short-Term Investments		—		6,119,339		—		6,119,339
Total Investments	$	664,085,038	$	2,581,685,057	$	3,412,248	$	3,249,182,343

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

** Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended June 30, 2018 is not presented. At June 30, 2018, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

39

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric Tax-Managed Emerging Markets Fund (the “Fund”) (one of the funds constituting Eaton Vance Series Trust II), including the portfolio of investments, as of June 30, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 17, 2018

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

40

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2019 will show the tax status of all distributions paid to your account in calendar year 2018. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the foreign tax credit.

Qualified Dividend Income.  For the fiscal year ended June 30, 2018, the Fund designates approximately $66,102,238, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit.  For the fiscal year ended June 30, 2018, the Fund paid foreign taxes of $11,008,657 and recognized foreign source income of $112,591,009.

41

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised by either Eaton Vance Management or its affiliate, Boston Management and Research, (the “Eaton Vance Funds”) held on April 24, 2018, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2018. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

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

• Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;

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

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

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the fund’s investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

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

• Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

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

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their responsibilities with respect to managing other mutual funds and investment accounts;

• The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

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

42

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Board of Trustees’ Contract Approval — continued

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2018, with respect to one or more funds, the Board met seven times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, thirteen, six, eight and nine times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Parametric Tax-Managed Emerging Markets Fund (the “Fund”) with Eaton Vance Management (the “Adviser”) and the sub-advisory agreement with Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. With respect to the Adviser, the Board considered the Adviser’s responsibilities overseeing the Sub-adviser. The Board noted the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in emerging markets. The Board took into account the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement and the experience of the Sub-adviser’s investment professionals in managing equity portfolios. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

43

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Board of Trustees’ Contract Approval — continued

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2017 for the Fund. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary benchmark index for the three-year period. In considering the Fund’s performance, the Board noted that the Fund’s underperformance relative to its benchmark was primarily attributable to underweights in certain larger emerging market countries as a result of the Fund’s systematic rules-based approach.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one year period ended September 30, 2017, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board noted that the Adviser pays all ordinary operating expenses of the Fund (except for management fees). The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of clients with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Fund as compared to other types of clients and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Fund and other types of clients.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in any benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund, and in light of the level of the Adviser’s 2017 profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not warranted at this time.

44

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Management and Organization

Fund Management.  The Trustees of Eaton Vance Series Trust II (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 173 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 173 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989); Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.

45

Parametric Tax-Managed Emerging Markets Fund

June 30, 2018

Management and Organization — continued

Name and Year of Birth		Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Helen Frame Peters 1948		Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) None.
Susan J. Sutherland 1957		Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Harriett Tee Taggart 1948		Trustee	2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Ms. Taggart has apprised the Board of Trustees that she intends to retire as a Trustee of all Eaton Vance Funds effective December 31, 2018. Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009).
Scott E. Wennerholm 1959		Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None
Name and Year of Birth		Position(s) with the Trust	Officer Since(3)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956		President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	��	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967		Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968		Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-260-0761.

46

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 funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

2050    6.30.18

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Parametric Tax-Managed Emerging Markets Fund (the “Fund”), is a series of Eaton Vance Series Trust II (the “Trust”), a Massachusetts business trust, which, including the Fund, contains a total of 2 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Fund’s annual reports.

(a)-(d)

The following table presents the aggregate fees billed to the Fund for the Fund’s fiscal years ended June 30, 2017 and June 30, 2018 by D&T, for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by the principal accountant during those periods.

Parametric Tax-Managed Emerging Markets Fund

Fiscal Years Ended	6/30/2017		6/30/2018
Audit Fees	$	78,070	$	78,070
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	14,854	$	20,654
All Other Fees(3)	$	0	$	0
Total(4)	$	92,924	$	98,724

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the registrant’s principal accountant other than audit, audit-related, and tax services.

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

The Series comprising the Trust have varying fiscal year ends (June 30 and October 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T, for the last two fiscal years of each Series.

Fiscal Years Ended	10/31/16		6/30/17			10/31/17		6/30/18
Audit Fees	$	26,520	$	78,070		$	26,520	$	78,070
Audit-Related Fees(1)	$	0	$	0		$	0	$	0
Tax Fees(2)	$	13,815	$	14,854		$	14,022	$	20,654
All Other Fees(3)	$	0	$	0		$	0	$	0
Total	$	40,335	$	92,924	(4)	$	40,542	$	98,724	(4)

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonable related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

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

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to all of the Series in the Trust by each Series respective principal accountant for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by each Series respective principal accountant for the last two fiscal years of each Series.

Fiscal Years Ended	10/31/16		6/30/17		10/31/17		6/30/18
Registrant(1)	$	13,815	$	14,854	$	14,022	$	20,654
Eaton Vance(2)	$	56,434	$	148,018	$	148,018	$	51,855

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

⁽²⁾ Various subsidiaries of Eaton Vance Corp. act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable).

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the 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 for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

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

Eaton Vance Series Trust II
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	August 21, 2018

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	August 21, 2018
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	August 21, 2018