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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02258

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

December 31, 2018

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric

Tax-Managed Emerging Markets Fund

Semiannual Report

December 31, 2018

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

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

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

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.

Semiannual ReportDecember 31, 2018

Parametric

Tax-Managed Emerging Markets Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Special Meeting of Shareholders	37
Officers and Trustees	38
Important Notices	39

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Performance^1,2

Portfolio ManagersThomas 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		Six Months			One Year			Five Years			Ten Years
Institutional Class at NAV		06/30/1998		06/30/1998		–6.59	%		–13.20	%		0.08	%		7.67	%
MSCI Emerging Markets Index		—		—		–8.49	%		–14.58	%		1.65	%		8.02	%
%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			–13.25	%		–0.14	%		7.48	%
After Taxes on Distributions and Sales of Fund Shares				—		—			–7.08			0.22			6.68
% Total Annual Operating Expense Ratio3														Institutional Class
															0.95	%

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 recentmonth-end, please refer to eatonvance.com.

2

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Fund Profile

Sector Allocation (% of net assets)⁴

Top 10 Holdings (% of net assets)⁴

America Movil SAB de CV, Series L	1.1	%
Sberbank of Russia PJSC	0.8
Naspers, Ltd., Class N	0.8
China Mobile, Ltd.	0.7
Lukoil PJSC ADR	0.7
Credicorp, Ltd.	0.6
Sasol, Ltd.	0.5
Petroleo Brasileiro SA, PFC Shares	0.5
Samsung Electronics Co., Ltd.	0.5
Ahli United Bank BSC	0.4
Total	6.6	%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

3

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Endnotes and Additional Disclosures

¹  MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  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. Actualafter-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 intax-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’safter-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

³  Source: Fund prospectus. The expense ratio for the current reporting period can be found in the Financial Highlights section of this report.

⁴ Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

   Important Notice to Shareholders

Effective May 1, 2019, the portfolio managers of the Fund will be Thomas C. Seto, Paul Bouchey, CFA and Jennifer Sireklove, CFA, each of Parametric Portfolio Associates LLC.

4

Parametric

Tax-Managed Emerging Markets Fund

December 31, 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; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2018 – December 31, 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 (7/1/18)		Ending Account Value (12/31/18)		Expenses Paid During Period* (7/1/18 – 12/31/18)		Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	934.10	$	4.68		0.96	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,020.40	$	4.89		0.96	%

* 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 184/365 (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 June 30, 2018.

5

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited)

Common Stocks — 99.7%
Security	Shares		Value
Argentina — 0.7%
Adecoagro SA(1)		128,000	$	890,880
Arcos Dorados Holdings, Inc., Class A		105,900		836,610
Banco Macro SA, Class B		130,676		568,888
BBVA Banco Frances SA		76,594		287,787
BBVA Banco Frances SA ADR		32,200		364,826
Cresud SA ADR		19,400		235,710
Grupo Financiero Galicia SA, Class B ADR		71,100		1,960,227
IRSA Inversiones y Representaciones SA		119,544		153,743
IRSA Propiedades Comerciales SA		1,325		6,705
Ledesma SAAI(1)		259,501		84,066
MercadoLibre, Inc.		17,500		5,124,875
Molinos Agro SA		18,283		103,406
Molinos Rio de la Plata SA, Class B(1)		75,026		73,711
Pampa Energia SA ADR(1)		77,260		2,457,641
Telecom Argentina SA ADR		102,600		1,596,456
Ternium Argentina SA		2,005,200		700,169
Transportadora de Gas del Sur SA		252,923		738,755
YPF SA ADR		101,600		1,360,424
			$	17,544,879
Bahrain — 0.8%
Ahli United Bank BSC		16,892,374	$	11,330,992
Al Salam Bank-Bahrain BSC		14,953,766		3,634,642
GFH Financial Group BSC		11,232,727		2,765,098
Ithmaar Holding BSC(1)		21,954,746		1,810,607
			$	19,541,339
Bangladesh — 0.8%
ACI, Ltd.		129,325	$	506,860
Aftab Automobiles, Ltd.		378,354		207,537
Al-Arafah Islami Bank, Ltd.		2,174,488		513,308
Bangladesh Export Import Co., Ltd.		3,361,221		927,203
Bangladesh Submarine Cable Co., Ltd.		178,728		199,814
Beximco Pharmaceuticals, Ltd.		361,957		342,286
BRAC Bank, Ltd.(1)		477,896		411,215
British American Tobacco Bangladesh Co., Ltd.		41,583		1,767,556
BSRM Steels, Ltd.		1,375,000		986,972
City Bank, Ltd. (The)		933,797		339,732
Grameenphone, Ltd.		511,299		2,259,893
Heidelberger Cement Bangladesh, Ltd.		103,700		416,362
Islami Bank Bangladesh, Ltd.		1,587,087		460,268
Jamuna Oil Co., Ltd.		212,850		487,282
Khulna Power Co., Ltd.		1,070,095		748,147
LafargeHolcim Bangladesh, Ltd.		396,773		207,287

Security	Shares		Value
Bangladesh (continued)
LankaBangla Finance, Ltd.		1,102,357	$	302,971
Malek Spinning Mills, Ltd.		1,020,000		213,743
Meghna Petroleum, Ltd.		210,100		471,578
National Bank, Ltd.(1)		3,654,721		405,719
Olympic Industries, Ltd.		311,098		794,850
Padma Oil Co., Ltd.		175,100		467,366
Pubali Bank, Ltd.		2,018,443		630,177
Renata, Ltd.		30,361		416,199
Singer Bangladesh, Ltd.		165,593		437,356
Social Islami Bank, Ltd.(1)		2,833,792		518,134
Southeast Bank, Ltd.(1)		2,195,925		405,969
Square Pharmaceuticals, Ltd.		552,572		1,669,948
Summit Power, Ltd.		767,049		360,365
Titas Gas Transmission & Distribution Co., Ltd.		1,339,434		580,481
Unique Hotel & Resorts, Ltd.		1,004,743		636,024
United Airways Bangladesh, Ltd.(1)		7,278,815		251,284
United Commercial Bank, Ltd.		1,270,726		264,290
			$	19,608,176
Botswana — 0.4%
Barclays Bank of Botswana, Ltd.		1,308,506	$	637,377
Botswana Insurance Holdings, Ltd.		825,133		1,348,622
First National Bank of Botswana, Ltd.		7,511,600		1,716,097
Letshego Holdings, Ltd.		16,310,999		2,468,740
Sechaba Breweries Holdings, Ltd.		1,086,400		2,028,309
Sefalana Holding Co.		991,000		812,236
Standard Chartered Bank Botswana, Ltd.(1)		850,790		301,801
			$	9,313,182
Brazil — 6.0%
Aliansce Shopping Centers SA		161,000	$	794,251
AMBEV SA		2,062,925		8,186,231
Atacadao Distribuicao Comercio e Industria Ltda		144,200		673,051
B2W Cia Digital(1)		149,500		1,620,845
B3 SA - Brasil Bolsa Balcao		404,085		2,795,206
Banco Bradesco SA, PFC Shares		547,338		5,458,199
Banco do Brasil SA		56,600		678,923
BR Malls Participacoes SA		1,230,400		4,149,217
BR Properties SA		113,000		239,076
Braskem SA, PFC Shares		82,200		1,004,873
BRF SA(1)		48,966		277,062
CCR SA		160,000		462,362
Centrais Eletricas Brasileiras SA, PFC Shares		448,866		3,262,480
Cia Brasileira de Distribuicao, PFC Shares		52,556		1,098,106
Cia de Saneamento Basico do Estado de Sao Paulo		61,700		501,464

6 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Brazil (continued)
Cia de Saneamento Basico do Estado de Sao Paulo ADR		372,098	$	3,002,831
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		39,663		707,963
Cia Hering		155,800		1,175,409
Cia Siderurgica Nacional SA(1)		84,900		193,644
Cia Siderurgica Nacional SA ADR(1)		62,200		136,218
Cielo SA		545,438		1,251,098
Construtora Tenda SA		62,686		519,020
Cosan SA		123,000		1,061,880
CPFL Energia SA		265,091		1,973,263
CVC Brasil Operadora e Agencia de Viagens SA		91,021		1,436,797
Cyrela Brazil Realty SA Empreendimentos e Participacoes		191,224		763,268
Duratex SA		271,983		830,177
EcoRodovias Infraestrutura e Logistica SA		98,900		239,355
EDP-Energias do Brasil SA		331,900		1,263,117
Embraer SA		268,332		1,500,984
Embraer SA ADR		3,652		80,819
Engie Brasil Energia SA		120,125		1,023,422
Equatorial Energia SA		197,000		3,789,801
Estacio Participacoes SA		246,300		1,509,924
Ez Tec Empreendimentos e Participacoes SA		111,094		717,170
Fibria Celulose SA		24,585		428,806
Fibria Celulose SA ADR		54,900		944,829
Fleury SA		191,500		977,326
Gafisa SA(1)		64,286		280,316
Gerdau SA, PFC Shares		227,900		871,439
Gol Linhas Aereas Inteligentes SA, PFC Shares		242,400		1,569,823
Hypera SA		541,800		4,221,727
Iguatemi Empresa de Shopping Centers SA		125,100		1,342,749
Instituto Hermes Pardini SA		81,900		395,157
Itau Unibanco Holding SA, PFC Shares		661,993		6,063,536
Itausa-Investimentos Itau SA, PFC Shares		961,354		2,996,364
JBS SA		569,502		1,703,032
Klabin SA, PFC Shares		981,500		716,673
Linx SA		60,800		511,406
Localiza Rent a Car SA		768,528		5,899,170
LOG Commercial Properties e Participacoes SA(1)		34,401		159,947
Lojas Americanas SA, PFC Shares		440,490		2,238,961
Lojas Renner SA		327,591		3,583,786
M Dias Branco SA		60,700		670,312
Magazine Luiza SA		53,508		2,499,824
Marcopolo SA, PFC Shares		696,300		732,995
MRV Engenharia e Participacoes SA		476,800		1,520,544
Multiplan Empreendimentos Imobiliarios SA		864,600		5,423,060
Natura Cosmeticos SA		143,300		1,663,807

Security	Shares		Value
Brazil (continued)
Odontoprev SA		779,700	$	2,766,142
Oi SA ADR		315,800		81,919
Oi SA, PFC Shares		248,684		80,847
Pagseguro Digital, Ltd., Class A(1)		225,100		4,216,123
Petroleo Brasileiro SA, PFC Shares		2,190,277		12,816,999
Raia Drogasil SA		107,800		1,589,568
Randon SA Implementos e Participacoes, PFC Shares		198,512		474,288
Rumo SA(1)		387,599		1,700,105
Sao Martinho SA		133,410		626,131
Suzano Papel e Celulose SA		156,400		1,536,660
Telefonica Brasil SA, PFC Shares		74,605		889,889
TIM Participacoes SA		1,575,044		4,815,654
Totvs SA		91,400		640,266
Transmissora Alianca de Energia Electrica SA		444,093		2,704,146
Ultrapar Participacoes SA		103,648		1,422,711
Usinas Siderurgicas de Minas Gerais SA, Class A, PFC Shares		226,900		539,771
Vale SA		715,518		9,415,318
Weg SA		1,175,096		5,317,986
			$	153,427,618
Bulgaria — 0.1%
Albena AD		3,379	$	86,979
Bulgartabak Holding(1)		3,450		32,098
CB First Investment Bank AD(1)		54,000		106,549
Chimimport AD		825,588		962,801
Industrial Holding Bulgaria PLC(1)		576,865		345,734
Petrol AD(1)		19,052		8,928
Sopharma AD		303,500		626,379
			$	2,169,468
Chile — 2.9%
AES Gener SA		1,713,702	$	477,812
Aguas Andinas SA, Series A		2,872,891		1,575,081
Almendral SA		7,092,000		423,068
AntarChile SA		44,419		583,079
Banco de Chile		30,328,153		4,330,283
Banco de Chile ADR		12,399		354,611
Banco de Credito e Inversiones SA		46,945		3,048,043
Banco Santander Chile ADR		118,249		3,535,645
Besalco SA		596,000		523,948
Cap SA		86,946		761,717
Cencosud SA		1,993,533		3,590,658
Cia Cervecerias Unidas SA ADR		119,300		2,998,009
Cia Sud Americana de Vapores SA(1)		10,829,733		311,316

7 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Chile (continued)
Colbun SA		5,553,984	$	1,120,400
Embotelladora Andina SA, Series A ADR		6,700		124,084
Embotelladora Andina SA, Series A, PFC Shares		179,519		581,962
Embotelladora Andina SA, Series B ADR		49,672		1,133,515
Empresa Nacional de Telecomunicaciones SA		300,687		2,339,640
Empresas CMPC SA		1,260,049		3,999,112
Empresas COPEC SA		751,567		9,016,638
Enel Americas SA		7,896,770		1,388,193
Enel Americas SA ADR		140,171		1,250,325
Enel Chile SA		4,683,503		451,142
Enel Chile SA ADR		257,006		1,272,180
Engie Energia Chile SA		253,400		460,429
Forus SA		64,662		177,029
Inversiones Aguas Metropolitanas SA		613,640		893,050
Itau CorpBanca		145,664,426		1,363,872
Latam Airlines Group SA		169,643		1,689,683
Latam Airlines Group SA ADR		248,748		2,562,104
Parque Arauco SA		818,312		1,817,148
Quinenco SA		288,948		753,180
Ripley Corp. SA		1,334,100		1,105,342
S.A.C.I. Falabella		1,179,842		8,626,787
Salfacorp SA		1,194,378		1,695,191
Sigdo Koppers SA		678,341		1,020,346
Sociedad Matriz SAAM SA		6,677,681		573,472
Sociedad Quimica y Minera de Chile SA ADR		103,800		3,975,540
Sonda SA		1,554,424		2,418,988
Vina Concha y Toro SA		146,373		283,297
Vina Concha y Toro SA ADR(1)		26,701		1,033,567
			$	75,639,486
China — 11.8%
3SBio, Inc.(2)		527,000	$	673,728
AECC Aviation Power Co., Ltd.		66,500		211,020
Agile Group Holdings, Ltd.		486,000		573,339
Agricultural Bank of China, Ltd., Class H		1,705,000		746,784
Air China, Ltd., Class H		1,770,000		1,532,014
Aisino Corp.		73,800		246,565
Alibaba Group Holding, Ltd. ADR(1)		19,000		2,604,330
Aluminum Corp. of China, Ltd., Class H(1)		5,922,000		1,895,062
Angang Steel Co., Ltd., Class H		1,148,000		791,939
Anhui Conch Cement Co., Ltd., Class H		1,034,500		5,002,605
ANTA Sports Products, Ltd.		676,000		3,236,254
AVIC Aircraft Co., Ltd., Class A		162,200		313,572
Baidu, Inc. ADR(1)		13,700		2,172,820
Bank of Beijing Co., Ltd.		395,520		323,530
Bank of China, Ltd., Class H		5,324,000		2,295,189

Security	Shares		Value
China (continued)
Bank of Communications, Ltd., Class H		2,201,300	$	1,718,846
Bank of Nanjing Co., Ltd.		294,427		277,381
Bank of Ningbo Co., Ltd., Class A		87,300		206,526
BBMG Corp., Class H		3,378,000		1,063,753
BeiGene, Ltd. ADR(1)		24,425		3,425,850
Beijing Capital International Airport Co., Ltd., Class H		596,000		632,550
Beijing Enterprises Holdings, Ltd.		223,500		1,185,095
Beijing Enterprises Water Group, Ltd.		3,456,000		1,764,028
Beijing Orient Landscape & Environment Co., Ltd., Class A		94,800		96,486
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A		82,619		156,288
Beijing Originwater Technology Co., Ltd., Class A		292,776		333,908
Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A		60,580		87,117
Beijing Tongrentang Co., Ltd.		47,000		188,812
Beijing Water Business Doctor Co., Ltd., Class A		73,000		81,888
Beijing Xinwei Technology Group Co., Ltd.(1)(3)		93,610		0
Beiqi Foton Motor Co., Ltd.		407,100		108,148
BOE Technology Group Co., Ltd., Class A		911,100		350,186
BYD Co., Ltd., Class H		575,000		3,683,113
Cangzhou Mingzhu Plastic Co., Ltd., Class A		165,750		102,122
CGN Power Co., Ltd., Class H(2)		6,329,000		1,502,687
Changchun High & New Technology Industry Group, Inc., Class A		10,400		265,566
Changjiang Securities Co., Ltd., Class A		141,300		106,282
Chengdu Xingrong Environment Co., Ltd., Class A		238,200		140,121
China Agri-Industries Holdings, Ltd.		2,380,000		847,681
China Baoan Group Co., Ltd., Class A		175,040		110,079
China Bluechemical, Ltd., Class H		1,348,000		423,509
China Cinda Asset Management Co., Ltd., Class H		3,202,000		776,077
China CITIC Bank Corp., Ltd., Class H		1,627,000		987,079
China Coal Energy Co., Ltd., Class H		1,005,000		395,368
China Communications Construction Co., Ltd., Class H		1,677,000		1,581,131
China Communications Services Corp., Ltd., Class H		2,166,000		1,795,897
China Construction Bank Corp., Class H		6,290,580		5,151,060
China Dongxiang Group Co., Ltd.		3,981,000		609,426
China Eastern Airlines Corp., Ltd., Class H		1,436,000		796,517
China Everbright Bank Co., Ltd.		341,400		184,156
China Everbright International, Ltd.		1,584,148		1,419,599
China Everbright, Ltd.		456,000		808,256
China Evergrande Group		757,000		2,261,543
China Fortune Land Development Co., Ltd.		52,400		194,930
China Gas Holdings, Ltd.		1,086,000		3,872,449
China Gezhouba Group Co., Ltd.		152,700		141,016
China Huishan Dairy Holdings Co., Ltd.(1)(3)		1,750,000		0

8 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares			Value
China (continued)
China International Marine Containers Co., Ltd.		413,812		$	397,112
China International Travel Service Corp., Ltd.		62,976			553,031
China Life Insurance Co., Ltd., Class H		178,000			376,424
China Longyuan Power Group Corp., Ltd., Class H		2,519,000			1,719,586
China Medical System Holdings, Ltd.		702,000			655,317
China Mengniu Dairy Co., Ltd.		1,601,000	��		4,981,545
China Merchants Bank Co., Ltd., Class H		512,500			1,871,543
China Merchants Port Holdings Co., Ltd.		790,000			1,420,429
China Merchants Shekou Industrial Zone Holdings Co., Ltd.(3)		935,251			0
China Minsheng Banking Corp., Ltd., Class H		1,036,920			715,179
China Mobile, Ltd.		1,910,400			18,486,163
China Modern Dairy Holdings, Ltd.(1)		2,514,000			250,222
China Molybdenum Co., Ltd., Class H		4,218,000			1,553,293
China National Building Material Co., Ltd., Class H		2,156,000			1,475,264
China National Nuclear Power Co., Ltd.		227,000			174,527
China Northern Rare Earth Group High-Tech Co., Ltd.		185,300			237,452
China Oilfield Services, Ltd., Class H		1,832,000			1,576,595
China Overseas Land & Investment, Ltd.		760,360			2,621,577
China Pacific Insurance (Group) Co., Ltd., Class H		282,800			913,858
China Petroleum & Chemical Corp., Class H		11,161,800			7,956,236
China Power International Development, Ltd.		2,268,000			514,678
China Railway Construction Corp., Ltd., Class H		947,500			1,316,047
China Railway Group, Ltd., Class H		2,265,000			2,063,817
China Resources Beer Holdings Co., Ltd.		968,000			3,384,308
China Resources Cement Holdings, Ltd.		870,000			784,509
China Resources Gas Group, Ltd.		610,000			2,417,164
China Resources Land, Ltd.		537,111			2,066,090
China Resources Medical Holdings Co., Ltd.		803,000			523,946
China Resources Pharmaceutical Group, Ltd.(2)		278,000			362,059
China Resources Power Holdings Co., Ltd.		1,087,000			2,090,772
China Shenhua Energy Co., Ltd., Class H		1,654,500			3,608,373
China Shipbuilding Industry Co., Ltd.		375,300			232,799
China South City Holdings, Ltd.		1,106,000			156,691
China Southern Airlines Co., Ltd., Class H		2,064,500			1,265,864
China Sports Industry Group Co., Ltd.		69,000			89,727
China State Construction Engineering Corp., Ltd.		331,520			275,850
China Taiping Insurance Holdings Co., Ltd.		277,000			761,578
China Telecom Corp., Ltd., Class H		7,572,000			3,879,641
China Travel International Investment Hong Kong, Ltd.		1,660,000			442,991
China Unicom (Hong Kong), Ltd.		2,590,290			2,759,713
China Union Holdings, Ltd., Class A		306,600			246,850
China United Network Communications, Ltd., Class A		983,766			742,492
China Vanke Co., Ltd., Class H		723,217			2,449,273
China Yangtze Power Co., Ltd.		236,900			548,441
Chongqing Changan Automobile Co., Ltd., Class A		98,738			94,962

Security	Shares		Value
China (continued)
CIFI Holdings Group Co., Ltd.		990,000	$	524,764
CITIC Guoan Information Industry Co., Ltd., Class A		585,250		288,509
CITIC, Ltd.		1,614,000		2,532,657
CNOOC, Ltd.		5,344,500		8,232,255
COFCO Tunhe Sugar Co., Ltd.		116,500		125,212
COSCO SHIPPING Development Co., Ltd., Class H(1)		3,803,000		387,695
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		1,778,000		885,599
COSCO SHIPPING Holdings Co., Ltd., Class H(1)		2,729,150		1,024,877
COSCO SHIPPING Ports, Ltd.		528,000		519,085
Country Garden Holdings Co., Ltd.		2,431,000		2,951,978
Country Garden Services Holdings Co., Ltd.(1)		279,425		442,397
CSPC Pharmaceutical Group, Ltd.		2,054,000		2,948,456
Ctrip.com International, Ltd. ADR(1)		108,700		2,941,422
Daqin Railway Co., Ltd.		164,362		197,261
Datang International Power Generation Co., Ltd., Class H		3,276,000		770,512
Deluxe Family Co., Ltd.		311,800		138,829
DHC Software Co., Ltd., Class A		183,200		186,179
Dong-E-E-Jiao Co., Ltd., Class A		55,200		318,790
Dongfeng Motor Group Co., Ltd., Class H		1,748,000		1,588,731
Dr Peng Telecom & Media Group Co., Ltd.		473,778		487,152
East Money Information Co., Ltd., Class A		113,760		201,022
Financial Street Holdings Co., Ltd., Class A		298,166		280,366
Fullshare Holdings, Ltd.		3,655,000		840,111
GD Power Development Co., Ltd.		566,200		211,511
GEM Co., Ltd., Class A		217,400		121,971
Gemdale Corp.		247,101		346,933
GoerTek, Inc., Class A		307,800		308,932
Golden Eagle Retail Group, Ltd.		366,000		379,251
Great Wall Motor Co., Ltd., Class H		2,510,250		1,443,228
Gree Electric Appliances, Inc. of Zhuhai, Class A(1)		129,000		673,514
Greentown China Holdings, Ltd.		235,500		177,103
Guangdong Baolihua New Energy Stock Co., Ltd., Class A		257,300		252,531
Guangdong Golden Dragon Development, Inc., Class A		98,800		130,994
Guangdong Investment, Ltd.		2,320,000		4,482,656
Guangdong Shaoneng Group Co., Ltd., Class A		732,110		397,648
Guanghui Energy Co., Ltd.		682,345		374,862
Guangzhou Automobile Group Co., Ltd., Class H		2,451,199		2,443,767
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		210,000		751,678
Guangzhou R&F Properties Co., Ltd., Class H		670,400		1,014,467
Guosen Securities Co., Ltd., Class A		176,600		216,079
Guoxuan High-Tech Co., Ltd., Class A		63,830		107,825
Guoyuan Securities Co., Ltd., Class A		159,500		162,689
Han’s Laser Technology Industry Group Co., Ltd., Class A		46,800		207,851

9 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		111,200	$	419,603
Harbin Pharmaceutical Group Co., Ltd.		150,695		86,868
Henan Shuanghui Investment & Development Co., Ltd., Class A		61,400		211,686
Hengan International Group Co., Ltd.		403,000		2,925,928
Hengtong Optic-electric Co., Ltd.		98,560		244,946
Hesteel Co., Ltd., Class A		284,800		118,213
Huabao International Holdings, Ltd.		492,000		208,566
Huadian Fuxin Energy Corp., Ltd.		820,000		199,527
Huadian Power International Corp., Ltd., Class H		2,642,000		1,191,530
Huadong Medicine Co., Ltd., Class A		44,300		171,159
Hualan Biological Engineering, Inc., Class A		62,200		297,925
Huaneng Power International, Inc., Class H		6,520,000		4,138,502
Huaneng Renewables Corp., Ltd., Class H		2,704,000		726,728
Huaxia Bank Co., Ltd.		287,622		309,964
Huayi Brothers Media Corp., Class A		312,765		214,226
Huayu Automotive Systems Co., Ltd.		82,100		220,438
Hubei Energy Group Co., Ltd., Class A		272,100		145,804
Humanwell Healthcare Group Co., Ltd.		69,600		103,213
Hundsun Technologies, Inc.		33,750		256,497
Iflytek Co., Ltd., Class A		37,950		136,849
iKang Healthcare Group, Inc. ADR(1)		14,800		301,624
Industrial & Commercial Bank of China, Ltd., Class H		4,715,000		3,353,589
Industrial Bank Co., Ltd.		179,000		390,104
Inner Mongolia BaoTou Steel Union Co., Ltd.		737,800		159,273
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		113,200		378,220
JD.com, Inc. ADR(1)		39,400		824,642
Jiangsu Changjiang Electronics Technology Co., Ltd.		76,294		91,875
Jiangsu Expressway Co., Ltd., Class H		796,000		1,111,072
Jiangsu Hengrui Medicine Co., Ltd.		64,116		494,371
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		25,000		346,455
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A		81,550		233,224
Jiangxi Copper Co., Ltd., Class H		1,415,000		1,662,962
Jiangxi Ganfeng Lithium Co., Ltd., Class A		103,400		334,323
Jilin Aodong Pharmaceutical Group Co., Ltd., Class A		64,100		134,977
Jinke Properties Group Co., Ltd., Class A		361,000		326,315
Jinyu Bio-Technology Co., Ltd.		73,710		178,764
Jizhong Energy Resources Co., Ltd., Class A		283,400		156,048
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd.		41,300		177,804
Kaidi Ecological and Environmental Technology Co., Ltd., Class A(1)		321,500		56,950
Kangde Xin Composite Material Group Co., Ltd., Class A		113,300		125,797
Kangmei Pharmaceutical Co., Ltd.		106,000		142,790

Security	Shares		Value
China (continued)
Kingboard Holdings., Ltd.		169,200	$	451,382
Kingfa Sci & Tech Co., Ltd.		171,400		123,947
Kweichow Moutai Co., Ltd.		10,010		864,651
KWG Group Holdings, Ltd.		618,500		548,004
Lee & Man Paper Manufacturing, Ltd.		876,000		741,354
Lenovo Group, Ltd.		2,596,000		1,753,694
Lepu Medical Technology Beijing Co., Ltd., Class A		69,200		210,121
Leyou Technologies Holdings, Ltd.(1)		1,240,000		345,084
Li Ning Co., Ltd.(1)		1,892,312		2,032,712
Liaoning Cheng Da Co., Ltd.		72,015		110,025
Longfor Group Holdings, Ltd.		841,000		2,501,223
LONGi Green Energy Technology Co., Ltd.		94,641		240,837
Lonking Holdings, Ltd.		2,438,000		629,912
Luxshare Precision Industry Co., Ltd., Class A		199,290		409,206
Luye Pharma Group, Ltd.(2)		1,117,000		777,439
Luzhou Laojiao Co., Ltd., Class A		31,300		185,880
Maanshan Iron & Steel Co., Ltd., Class H		2,099,000		926,042
Midea Group Co., Ltd., Class A		96,300		520,135
MMG, Ltd.(1)		796,000		341,964
NARI Technology Co., Ltd.		85,600		231,570
NavInfo Co., Ltd., Class A		64,800		133,713
NetEase, Inc. ADR		5,200		1,223,924
Neusoft Corp.		74,400		125,616
New Hope Liuhe Co., Ltd., Class A		264,326		280,654
New Oriental Education & Technology Group, Inc. ADR(1)		50,300		2,756,943
Nine Dragons Paper Holdings, Ltd.		1,412,000		1,304,352
O-film Tech Co., Ltd., Class A		65,793		88,380
Oceanwide Holdings Co., Ltd., Class A		270,200		183,983
Offshore Oil Engineering Co., Ltd.		168,800		120,385
Oriental Energy Co., Ltd., Class A		310,600		365,436
Ourpalm Co., Ltd., Class A		363,500		187,971
Parkson Retail Group, Ltd.		664,500		47,391
Perfect World Co. Ltd/China, Class A		59,700		242,608
PetroChina Co., Ltd., Class H		2,088,300		1,295,782
PICC Property & Casualty Co., Ltd., Class H		513,000		523,447
Ping An Bank Co., Ltd., Class A		457,200		625,627
Ping An Insurance (Group) Co. of China, Ltd., Class H		477,500		4,212,512
Pingdingshan Tianan Coal Mining Co., Ltd.(1)		262,515		135,095
Poly Developments and Holdings Group Co., Ltd., Class A		292,400		503,748
Poly Property Group Co., Ltd.		1,579,000		493,845
Power Construction Corp. of China, Ltd.		186,917		132,515
Qingdao Haier Co., Ltd.		135,829		274,826
Qinghai Salt Lake Industry Co., Ltd., Class A(1)		106,500		108,631
Qingling Motors Co., Ltd., Class H		1,448,966		372,295
RiseSun Real Estate Development Co., Ltd., Class A		223,100		258,836

10 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
SAIC Motor Corp., Ltd.		135,500	$	527,182
Sanan Optoelectronics Co., Ltd.		132,000		218,008
SDIC Power Holdings Co., Ltd.		112,800		132,390
Semiconductor Manufacturing International Corp.(1)		1,241,200		1,082,149
Shandong Gold Mining Co., Ltd.		44,309		194,524
Shandong Nanshan Aluminum Co., Ltd.		532,350		163,989
Shanghai Dazhong Public Utilities Group Co., Ltd., Class A		220,886		151,019
Shanghai Electric Group Co., Ltd., Class H		1,644,000		525,854
Shanghai Fosun Pharmaceutical Group Co., Ltd.		545,000		1,593,226
Shanghai Industrial Holdings, Ltd.		291,000		588,308
Shanghai Oriental Pearl Group Co., Ltd., Class A		300,595		449,495
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		756,400		1,535,890
Shanghai Pudong Development Bank Co., Ltd., Class A		221,426		316,480
Shanghai Zhangjiang High-Tech Park Development Co., Ltd., Class A		75,400		164,014
Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		148,111
Shanxi Securities Co., Ltd., Class A		168,700		145,884
Shanxi Xishan Coal & Electricity Power Co., Ltd., Class A		232,100		186,091
Shenergy Co., Ltd.		227,799		162,071
Shenwan Hongyuan Group Co., Ltd., Class A		357,100		212,235
Shenzhen Energy Group Co., Ltd., Class A		241,960		185,423
Shenzhen Inovance Technology Co., Ltd., Class A		60,600		178,359
Shenzhen Investment, Ltd.		1,384,000		457,482
Shenzhen Overseas Chinese Town Co., Ltd., Class A		176,600		163,688
Shenzhen Salubris Pharmaceuticals Co., Ltd., Class A		56,300		171,842
Shenzhen Sunway Communication Co., Ltd., Class A		52,400		165,271
Shenzhen World Union Properties Consultancy, Inc., Class A		291,100		216,355
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		219,739		126,852
Shimao Property Holdings, Ltd.		214,500		571,302
Shui On Land, Ltd.		1,556,500		346,589
Siasun Robot & Automation Co., Ltd., Class A		69,900		134,945
Sichuan Changhong Electric Co., Ltd.		307,800		103,881
Sichuan Chuantou Energy Co., Ltd.		152,000		192,246
Sihuan Pharmaceutical Holdings Group, Ltd.		928,000		162,069
SINA Corp.(1)		8,700		466,668
Sino Biopharmaceutical, Ltd.		3,257,500		2,144,374
Sino-Ocean Group Holding, Ltd.		1,881,500		829,751
Sinopec Oilfield Service Corp., Class H(1)		4,801,500		368,185
Sinopec Shanghai Petrochemical Co., Ltd., Class H		3,662,000		1,603,002
Sinopharm Group Co., Ltd., Class H		756,800		3,186,321
SOHO China, Ltd.(1)		381,500		136,249

Security	Shares		Value
China (continued)
Sohu.com, Ltd. ADR(1)		8,700	$	151,554
Sun Art Retail Group, Ltd.		1,281,000		1,302,692
Sunac China Holdings, Ltd.		750,000		2,434,022
Suning.com Co., Ltd, Class A		138,200		198,742
Talkweb Information System Co., Ltd., Class A		380,500		234,630
Tasly Pharmaceutical Group Co., Ltd.		82,976		232,527
TBEA Co., Ltd.		168,219		166,932
TCL Corp., Class A		372,800		133,502
Tencent Holdings, Ltd.		242,900		9,735,510
Tianqi Lithium Corp., Class A		31,855		136,923
Tibet Water Resources, Ltd.(1)		528,000		184,779
Tingyi (Cayman Islands) Holding Corp.		1,198,000		1,604,490
Tonghua Dongbao Pharmaceutical Co., Ltd.		106,833		216,910
Tongling Nonferrous Metals Group Co., Ltd., Class A		443,200		127,384
TravelSky Technology, Ltd., Class H		984,000		2,521,949
Tsinghua Tongfang Co., Ltd.		106,100		150,668
Tsingtao Brewery Co., Ltd., Class H		654,000		2,639,543
Tus-Sound Environmental Resources Co., Ltd., Class A		78,680		119,481
Uni-President China Holdings, Ltd.		290,000		251,127
United Laboratories International Holdings, Ltd. (The)		362,000		191,728
Wanhua Chemical Group Co., Ltd.		52,720		215,389
Want Want China Holdings, Ltd.		3,646,000		2,550,992
Weibo Corp. ADR(1)		5,140		300,330
Weichai Power Co., Ltd., Class H		907,200		1,038,615
Wens Foodstuffs Group Co., Ltd., Class A		134,928		515,838
Western Mining Co., Ltd.		274,000		232,725
Western Securities Co., Ltd., Class A		166,539		186,523
WH Group, Ltd.(2)		3,991,500		3,065,658
Wintime Energy Co., Ltd.(1)		659,389		128,459
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd., Class A		133,400		184,230
Wuliangye Yibin Co., Ltd., Class A		31,400		233,499
Xinhu Zhongbao Co., Ltd.		301,800		127,865
Xinjiang Zhongtai Chemical Co., Ltd., Class A		104,700		107,884
Yang Quan Coal Industry Group Co., Ltd.		189,257		139,379
Yango Group Co., Ltd., Class A		259,600		196,722
Yangzijiang Shipbuilding Holdings, Ltd.		1,652,000		1,517,926
Yanzhou Coal Mining Co., Ltd., Class H		1,652,000		1,334,220
Yonghui Superstores Co., Ltd.		140,200		160,762
Yonyou Network Technology Co., Ltd., Class A		59,400		185,026
Youngor Group Co., Ltd.		201,880		211,945
Yuan Longping High-tech Agriculture Co., Ltd., Class A		84,332		182,128
Yuexiu Property Co., Ltd.		3,386,000		622,263
Yunnan Baiyao Group Co., Ltd., Class A		19,521		210,447

11 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
Yunnan Chihong Zinc & Germanium Co., Ltd.		222,100	$	132,874
Zhaojin Mining Industry Co., Ltd., Class H		409,500		415,509
Zhejiang China Commodities City Group Co., Ltd.		354,157		180,389
Zhejiang Dahua Technology Co., Ltd., Class A		94,600		158,813
Zhejiang Expressway Co., Ltd., Class H		870,000		754,762
Zhejiang Huahai Pharmaceutical Co., Ltd.		70,080		113,930
Zhejiang Longsheng Group Co., Ltd.		155,000		218,474
Zhejiang Wanfeng Auto Wheel Co., Ltd., Class A		84,800		96,310
Zhejiang Zheneng Electric Power Co., Ltd.		246,600		170,238
Zhengzhou Yutong Bus Co., Ltd.		66,400		114,989
Zhongjin Gold Corp., Ltd.		120,570		150,254
Zhuzhou CRRC Times Electric Co., Ltd., Class H		288,000		1,599,068
Zijin Mining Group Co., Ltd., Class H		7,732,000		2,930,177
ZTE Corp., Class H(1)		708,739		1,337,306
			$	304,902,447
Colombia — 1.3%
Almacenes Exito SA		519,955	$	1,985,356
Avianca Holdings SA, PFC Shares		554,449		283,414
Banco Davivienda SA, PFC Shares		164,849		1,569,555
Banco de Bogota SA		43,116		740,838
Bancolombia SA		86,292		807,784
Bancolombia SA ADR, PFC Shares		85,000		3,238,500
Bolsa de Valores de Colombia		121,383		446,660
Celsia SA ESP		773,260		952,437
Cementos Argos SA		409,358		877,331
Cementos Argos SA, PFC Shares		190,626		343,391
Cemex Latam Holdings SA(1)		206,452		235,219
Corporacion Financiera Colombiana SA(1)		115,019		580,850
Ecopetrol SA		4,480,900		3,649,571
Ecopetrol SA ADR		251,500		3,993,820
Empresa de Telecommunicaciones de Bogota SA(1)		1,017,738		79,131
Fabricato SA(1)		29,115,900		52,404
Grupo Argos SA		396,460		2,063,179
Grupo Argos SA, PFC Shares		140,122		625,641
Grupo Aval Acciones y Valores SA		1,683,100		494,694
Grupo Aval Acciones y Valores SA, PFC Shares		1,817,548		559,116
Grupo de Inversiones Suramericana SA		238,579		2,359,710
Grupo Energia Bogota SA ESP		2,027,382		1,104,993
Grupo Nutresa SA		426,615		3,087,129
Interconexion Electrica SA		945,400		4,069,805
Odinsa SA(3)		53,817		174,004
Organizacion Terpel SA		13,768		41,124
			$	34,415,656

Security	Shares		Value
Croatia — 0.8%
AD Plastik DD		48,858	$	1,328,713
Adris Grupa DD, PFC Shares		45,976		2,963,368
Atlantic Grupa DD		13,246		2,388,038
Atlantska Plovidba DD(1)		11,069		568,612
Ericsson Nikola Tesla DD		5,610		873,426
Hrvatski Telekom DD		254,249		5,918,369
Koncar-Elektroindustrija DD		6,024		498,126
Kras DD		3,067		177,429
Ledo DD(1)(3)		983		0
Petrokemija DD(1)		1,183		5,576
Podravka Prehrambena Industrija DD		40,146		2,324,348
Privredna Banka Zagreb DD		3,310		377,695
Valamar Riviera DD		298,489		1,695,996
Zagrebacka Banka DD		30,550		269,408
			$	19,389,104
Czech Republic — 0.7%
CEZ AS		348,557	$	8,308,959
Komercni Banka AS		219,211		8,277,092
New World Resources PLC, Class A(1)(3)		860,500		0
O2 Czech Republic AS		29,400		316,092
Philip Morris CR AS		2,867		1,793,904
			$	18,696,047
Egypt — 0.7%
Alexandria Mineral Oils Co.		1,324,759	$	460,354
Commercial International Bank Egypt SAE		1,068,329		4,465,525
Eastern Tobacco		2,141,120		1,958,623
Egypt Kuwait Holding Co. SAE		873,388		938,040
Egyptian Financial Group-Hermes Holding Co.(1)		591,772		496,001
Egyptian International Pharmaceuticals EIPICO		85,424		509,624
Egyptian Resorts Co.(1)		2,375,648		230,590
ElSewedy Electric Co.		2,422,800		2,448,064
Ezz Steel Co SAE(1)		740,231		745,705
Global Telecom Holding SAE(1)		6,446,866		1,319,689
Juhayna Food Industries		1,017,936		638,724
Maridive & Oil Services SAE(1)		787,652		249,175
Medinet Nasr Housing(1)		2,227,743		832,972
Orascom Investment Holding(1)		8,189,110		264,703
Oriental Weavers Co.		756,427		438,806
Pioneers Holding for Financial Investments SAE (1)		670,829		229,087
Sidi Kerir Petrochemicals Co.		342,234		328,228
Six of October Development & Investment Co.(1)		275,153		205,445
Talaat Moustafa Group		2,918,560		1,613,173
Telecom Egypt		1,189,277		835,732
			$	19,208,260

12 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Estonia — 0.4%
AS Baltika(1)		226,000	$	42,549
AS Merko Ehitus		75,000		792,161
AS Tallink Grupp		5,354,470		6,236,611
AS Tallinna Kaubamaja Grupp		202,800		1,955,525
AS Tallinna Vesi		35,235		387,364
Nordecon AS		223,282		226,797
			$	9,641,007
Ghana — 0.2%
Aluworks Ghana, Ltd.(1)		5,176,100	$	84,508
CAL Bank, Ltd.(1)		5,036,062		1,006,781
Ghana Commercial Bank, Ltd.		1,588,070		1,492,791
Societe Generale Ghana, Ltd.(1)		1,345,362		206,147
Standard Chartered Bank of Ghana, Ltd.(1)		283,150		1,211,815
Unilever Ghana, Ltd.		249,000		908,308
			$	4,910,350
Greece — 1.5%
Aegean Airlines SA		64,124	$	542,344
Alpha Bank AE(1)		1,763,300		2,217,966
Athens Water Supply & Sewage Co. SA		210,831		1,205,105
Costamare, Inc.		34,966		153,501
Diana Shipping, Inc.(1)		226,620		720,652
Eurobank Ergasias SA(1)		2,774,000		1,714,110
FF Group(1)(3)		43,721		0
GasLog, Ltd.		92,216		1,517,875
GEK Terna Holding Real Estate Construction SA(1)		120,661		661,938
Grivalia Properties REIC AE		33,405		319,591
Hellenic Exchanges - Athens Stock Exchange SA		114,224		484,017
Hellenic Petroleum SA		132,875		1,123,225
Hellenic Telecommunications Organization SA		527,055		5,750,654
Holding Co. ADMIE IPTO SA		970,278		1,719,485
JUMBO SA		161,400		2,346,263
LAMDA Development SA(1)		39,369		256,885
Marfin Investment Group Holdings SA(1)		1,699,487		138,515
Motor Oil (Hellas) Corinth Refineries SA		142,800		3,438,843
Mytilineos Holdings SA		240,653		2,005,252
National Bank of Greece SA(1)		121,470		152,872
Navios Maritime Holdings, Inc.(1)		455,437		124,790
OPAP SA		328,441		2,856,540
Piraeus Bank SA(1)		169,722		163,208
Public Power Corp. SA(1)		854,178		1,264,317
Safe Bulkers, Inc.(1)		43,997		78,315
Star Bulk Carriers Corp.(1)		62,600		572,164
StealthGas, Inc.(1)		81,587		225,180

Security	Shares		Value
Greece (continued)
Terna Energy SA		83,956	$	537,802
Titan Cement Co. SA		193,774		4,307,227
Tsakos Energy Navigation, Ltd.		159,400		424,004
Viohalco SA(1)		184,517		557,664
			$	37,580,304
Hungary — 0.7%
Magyar Telekom Telecommunications PLC		922,636	$	1,451,123
MOL Hungarian Oil & Gas PLC		528,136		5,795,953
OTP Bank Nyrt		147,778		5,972,165
Richter Gedeon Nyrt.		279,405		5,411,995
			$	18,631,236
India — 5.9%
ABB India, Ltd.		33,400	$	635,838
ACC, Ltd.		33,034		712,938
Adani Enterprises, Ltd.		207,300		475,771
Adani Gas, Ltd.(1)		119,200		171,249
Adani Green Energy, Ltd.(1)		90,711		54,320
Adani Ports and Special Economic Zone, Ltd.		451,245		2,495,161
Adani Power, Ltd.(1)		518,864		378,684
Aditya Birla Fashion and Retail, Ltd.(1)		137,831		397,656
Ambuja Cements, Ltd.		238,323		767,301
Apollo Hospitals Enterprise, Ltd.		61,400		1,103,040
Ashok Leyland, Ltd.		820,626		1,203,660
Asian Paints, Ltd.		86,989		1,704,123
Aurobindo Pharma, Ltd.		142,400		1,493,109
Axis Bank, Ltd.(1)		157,800		1,399,224
Bajaj Auto, Ltd.		23,052		898,894
Bajaj Holdings & Investment, Ltd.		11,100		468,989
Bharat Forge, Ltd.		139,872		1,018,034
Bharat Heavy Electricals, Ltd.		555,450		580,281
Bharat Petroleum Corp., Ltd.		141,600		737,003
Bharti Airtel, Ltd.		1,131,005		5,051,726
Bharti Infratel, Ltd.		588,600		2,182,331
Biocon, Ltd.		79,799		719,217
Bosch, Ltd.		3,900		1,097,570
Cadila Healthcare, Ltd.		153,669		766,586
Century Textiles & Industries, Ltd.		50,000		659,114
CESC, Ltd.		24,742		236,866
Cipla, Ltd.		180,487		1,340,859
Coal India, Ltd.		302,500		1,042,862
Colgate-Palmolive (India), Ltd.		18,900		365,902
Container Corp. of India, Ltd.		174,750		1,719,735
Cummins India, Ltd.		79,700		966,341

13 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
India (continued)
Dabur India, Ltd.		142,300	$	876,102
Divi’s Laboratories, Ltd.		49,800		1,055,316
DLF, Ltd.		576,442		1,461,274
Dr. Reddy’s Laboratories, Ltd.		24,300		910,487
Dr. Reddy’s Laboratories, Ltd. ADR		12,700		478,790
Eicher Motors, Ltd.		4,779		1,579,040
GAIL (India), Ltd.		514,228		2,644,483
GlaxoSmithKline Pharmaceuticals, Ltd.		16,000		345,840
Glenmark Pharmaceuticals, Ltd.		114,000		1,130,432
Godrej Consumer Products, Ltd.		43,125		500,840
Grasim Industries, Ltd.		39,759		470,718
Great Eastern Shipping Co., Ltd. (The)		36,164		163,420
Havells India, Ltd.		119,300		1,180,554
HCL Technologies, Ltd.		99,291		1,371,824
HDFC Bank, Ltd.		142,131		4,323,906
Hero MotoCorp, Ltd.		31,338		1,386,123
Hindalco Industries, Ltd.		436,910		1,409,647
Hindustan Petroleum Corp., Ltd.		139,450		506,409
Hindustan Unilever, Ltd.		298,009		7,757,598
Hindustan Zinc, Ltd.		193,759		769,385
Housing Development & Infrastructure, Ltd.(1)		785,700		296,697
Housing Development Finance Corp., Ltd.		137,559		3,869,031
ICICI Bank, Ltd.		316,326		1,635,226
Indiabulls Real Estate, Ltd.(1)		834,325		1,040,080
Indian Hotels Co., Ltd. (The)		208,584		441,076
Indian Oil Corp., Ltd.		457,990		900,764
Infosys, Ltd.		650,470		6,151,913
ITC, Ltd.		769,250		3,101,120
Jindal Steel & Power, Ltd.(1)		90,000		212,096
JSW Energy, Ltd.(1)		1,072,483		1,055,220
JSW Steel, Ltd.		289,100		1,272,150
Kotak Mahindra Bank, Ltd.		93,299		1,673,692
Larsen & Toubro, Ltd.		107,049		2,206,642
Larsen & Toubro, Ltd. GDR(4)		55,759		1,139,946
LIC Housing Finance, Ltd.		62,800		436,965
Lupin, Ltd.		97,200		1,173,776
Mahindra & Mahindra, Ltd.		168,585		1,942,049
Maruti Suzuki India, Ltd.		28,553		3,045,449
Mphasis, Ltd.		34,428		502,970
Nestle India, Ltd.		6,300		1,000,706
NHPC, Ltd.		1,887,800		702,796
NTPC, Ltd.		1,631,410		3,472,950
Oberoi Realty, Ltd.		69,496		441,661
Oil & Natural Gas Corp., Ltd.		509,063		1,092,059
Omaxe, Ltd.		79,785		243,809
Oracle Financial Services Software, Ltd.		8,100		429,267

Security	Shares		Value
India (continued)
Petronet LNG, Ltd.		111,100	$	355,650
Phoenix Mills, Ltd. (The)		30,232		243,760
Piramal Enterprises, Ltd.		43,598		1,482,691
Power Grid Corporation of India, Ltd.		1,419,700		4,006,479
Reliance Communications, Ltd.(1)		4,956,415		1,022,349
Reliance Industries, Ltd.		617,137		9,939,792
Reliance Infrastructure, Ltd.		171,400		773,154
Reliance Power, Ltd.(1)		546,400		223,906
RP-SG Business Process Services, Ltd.(1)		4,948		26,640
RP-SG Retail, Ltd.(1)		14,845		26,641
Siemens, Ltd.		72,300		1,084,411
State Bank of India GDR(1)(4)		23,880		1,019,339
Sun Pharmaceutical Industries, Ltd.		473,300		2,914,237
Tata Chemicals, Ltd.		58,600		592,741
Tata Communications, Ltd.		167,800		1,261,668
Tata Consultancy Services, Ltd.		158,085		4,290,301
Tata Global Beverages, Ltd.		58,700		184,411
Tata Motors, Ltd.(1)		481,916		1,188,514
Tata Power Co., Ltd. (The)		1,002,648		1,101,008
Tata Steel, Ltd.		120,340		897,219
Tech Mahindra, Ltd.		76,867		794,441
Titan Co., Ltd.		114,848		1,525,588
UltraTech Cement, Ltd.		34,391		1,963,838
Unitech, Ltd.(1)		2,242,680		67,347
United Spirits, Ltd.(1)		107,665		973,754
UPL, Ltd.		138,500		1,503,379
Vedanta, Ltd.		587,914		1,700,470
Vodafone Idea, Ltd.(1)		2,831,552		1,527,581
Voltas, Ltd.		160,095		1,270,489
Wipro, Ltd.		250,542		1,184,934
Zee Entertainment Enterprises, Ltd.		557,395		3,800,926
			$	151,594,340
Indonesia — 3.0%
Adaro Energy Tbk PT		25,759,300	$	2,179,221
Adhi Karya Persero Tbk PT		1,270,800		140,343
AKR Corporindo Tbk PT		4,660,500		1,391,516
Alam Sutera Realty Tbk PT(1)		12,514,600		271,936
Aneka Tambang Tbk		8,587,500		457,598
Astra Argo Lestari Tbk PT		654,000		538,678
Astra International Tbk PT		14,916,500		8,545,533
Bank Central Asia Tbk PT		3,787,000		6,848,593
Bank Danamon Indonesia Tbk PT		3,237,181		1,711,544
Bank Mandiri Persero Tbk PT		6,199,200		3,180,008
Bank Negara Indonesia Persero Tbk PT		3,878,700		2,379,134
Bank Pan Indonesia Tbk PT(1)		6,253,772		498,141

14 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Indonesia (continued)
Bank Rakyat Indonesia Persero Tbk PT		17,541,500	$	4,468,840
Bukit Asam Tbk PT		4,892,300		1,465,625
Bumi Serpong Damai Tbk PT(1)		8,439,700		738,534
Charoen Pokphand Indonesia Tbk PT		4,000,700		2,012,439
Ciputra Development Tbk PT		7,986,900		562,218
Gudang Garam Tbk PT		276,100		1,608,748
Hanson International Tbk PT(1)		110,720,800		916,620
Indah Kiat Pulp & Paper Corp. Tbk PT		2,767,500		2,222,233
Indo Tambangraya Megah Tbk PT		789,800		1,113,855
Indocement Tunggal Prakarsa Tbk PT		1,829,200		2,349,187
Indofood CBP Sukses Makmur Tbk PT		1,367,200		994,788
Indofood Sukses Makmur Tbk PT		2,791,000		1,445,512
Jasa Marga (Persero) Tbk PT		3,247,500		967,344
Kalbe Farma Tbk PT		30,931,500		3,268,104
Lippo Karawaci Tbk PT		26,506,000		469,561
Mitra Keluarga Karyasehat Tbk PT(1)		935,900		102,556
Pakuwon Jati Tbk PT		21,726,100		936,829
Perusahaan Gas Negara Persero Tbk PT		12,436,900		1,837,567
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		5,384,900		469,324
PP Persero Tbk PT		4,793,002		602,684
Semen Indonesia Persero Tbk PT		3,266,400		2,611,733
Sigmagold Inti Perkasa Tbk PT(1)(3)		27,503,000		30,601
Summarecon Agung Tbk PT		3,982,700		223,226
Telekomunikasi Indonesia Persero Tbk PT		33,423,400		8,737,994
Unilever Indonesia Tbk PT		601,800		1,903,868
United Tractors Tbk PT		2,041,500		3,886,510
Vale Indonesia Tbk PT(1)		4,748,000		1,077,698
Waskita Karya Persero Tbk PT		1,713,400		200,720
Wijaya Karya Persero Tbk PT		6,352,000		732,671
			$	76,099,834
Jordan — 0.7%
Al-Eqbal Investment Co. PLC(1)		109,424	$	2,000,426
Alia The Royal Jordanian Airlines PLC(1)		115,334		60,280
Arab Bank PLC		1,023,606		8,944,961
Arab Potash Co. PLC		67,492		1,522,158
Bank of Jordan		244,874		845,508
Cairo Amman Bank		276,535		517,747
Capital Bank of Jordan		393,566		511,886
Jordan Ahli Bank		364,735		555,000
Jordan Islamic Bank		212,374		861,353
Jordan Kuwait Bank		51,749		211,247
Jordan Petroleum Refinery		325,755		1,042,013
Jordan Phosphate Mines(1)		31,290		125,360
Jordan Steel(1)		269,400		158,796

Security	Shares		Value
Jordan (continued)
Jordan Telecommunications Co.		245,934	$	481,404
Jordanian Electric Power Co.		494,491		830,019
			$	18,668,158
Kazakhstan — 0.8%
Halyk Savings Bank of Kazakhstan JSC GDR(4)(5)		40,294	$	417,043
Halyk Savings Bank of Kazakhstan JSC GDR(4)(5)		716,100		7,448,789
KAZ Minerals PLC		1,215,218		8,267,561
Kcell JSC GDR(4)		544,503		2,593,664
Nostrum Oil & Gas PLC(1)		494,453		647,262
			$	19,374,319
Kenya — 0.7%
ARM Cement, Ltd.(1)(3)		1,677,000	$	45,669
Bamburi Cement Co., Ltd.		460,041		600,951
Barclays Bank of Kenya, Ltd.		6,031,120		645,999
British American Tobacco Kenya, Ltd.		26,700		189,975
Centum Investment Co., Ltd.		1,020,080		278,896
Co-operative Bank of Kenya, Ltd. (The)		5,428,092		727,230
Diamond Trust Bank Kenya, Ltd.		436,900		669,581
East African Breweries, Ltd.		2,150,740		3,678,448
Equity Group Holdings PLC		6,543,000		2,236,039
KCB Group, Ltd.		5,401,360		1,991,682
KenolKobil, Ltd.		3,645,800		679,294
Kenya Airways PLC(1)		599,600		53,047
Kenya Electricity Generating Co. PLC		1,875,100		132,711
Kenya Power & Lighting, Ltd.(1)		5,995,293		241,114
Nation Media Group PLC		442,376		295,253
NIC Group PLC		938,272		266,249
Safaricom PLC		22,455,700		4,892,033
Standard Chartered Bank Kenya, Ltd.		278,178		531,222
			$	18,155,393
Kuwait — 1.5%
Abyaar Real Estate Development Co. KSC(1)		8,191,080	$	408,488
Agility Public Warehousing Co. KSC		1,447,007		3,823,001
Ahli United Bank		347,787		340,696
Al-Mazaya Holding Co.		2,215,009		511,024
ALAFCO Aviation Lease and Finance Co. KSCP		361,135		415,678
Boubyan Petrochemicals Co. KSCP		1,735,987		5,567,622
Burgan Bank SAK		455,532		417,129
Combined Group Contracting Co. KSC		183,221		192,439
Commercial Bank of Kuwait KSCP		1,153,013		1,991,494
Commercial Real Estate Co. KSCC		1,287,729		390,343
Gulf Bank		844,008		699,728

15 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Kuwait (continued)
Gulf Cable & Electrical Industries Co. KSCP		165,000	$	190,062
Gulf National Holding Co.(3)		340,657		0
Humansoft Holding Co. KSC		74,234		801,283
Kuwait Finance House KSCP		1,624,771		3,267,264
Kuwait International Bank KSCP		340,800		295,961
Kuwait Portland Cement Co. KSC		212,231		795,483
Kuwait Projects Co. Holdings KSC		382,496		262,503
Kuwait Real Estate Co. KSC(1)		3,050,583		544,554
Mabanee Co. SAKC		1,295,866		2,590,614
Mezzan Holding Co. KSCC		217,400		357,892
Mobile Telecommunications Co.		3,164,347		4,675,157
National Bank of Kuwait SAK		1,911,597		5,247,238
National Industries Group Holding SAK		1,875,275		973,642
National Investment Co.		645,000		174,943
National Real Estate Co. KPSC(1)		1,711,537		511,505
Qurain Petrochemical Industries Co. KSC		1,460,000		1,731,565
Salhia Real Estate Co. KSCP		243,824		265,149
Sultan Center Food Products Co.(1)		2,132,359		371,269
VIVA Kuwait Telecom Co.		209,914		553,688
			$	38,367,414
Latvia — 0.0%(6)
Grindeks		12,000	$	89,155
			$	89,155
Lebanon — 0.0%(6)
Bank Audi SAL GDR(4)		15,000	$	73,200
			$	73,200
Lithuania — 0.1%
Apranga PVA		363,680	$	666,552
Energijos Skirstymo Operatorius AB		370,141		274,657
Klaipedos Nafta AB		1,576,663		741,090
Panevezio Statybos Trestas		323,592		279,028
Pieno Zvaigzdes(1)		94,000		100,408
Rokiskio Suris		177,000		516,711
Siauliu Bankas		1,784,952		817,595
			$	3,396,041
Malaysia — 2.9%
Aeon Co. (M) Bhd		1,017,000	$	361,557
Alliance Bank Malaysia Bhd		330,800		321,915
AMMB Holdings Bhd		276,900		290,283
Astro Malaysia Holdings Bhd		599,200		188,695

Security	Shares		Value
Malaysia (continued)
Axiata Group Bhd		2,471,675	$	2,348,275
Batu Kawan Bhd		100,300		404,809
Berjaya Corp. Bhd(1)		2,573,043		177,584
Berjaya Sports Toto Bhd		468,894		239,391
Boustead Holdings Bhd		577,500		197,136
British American Tobacco Malaysia Bhd		62,600		545,925
Bumi Armada Bhd(1)		4,001,700		150,396
Bursa Malaysia Bhd		336,900		557,057
Capitaland Malaysia Mall Trust		1,763,200		430,628
CIMB Group Holdings Bhd		641,366		885,596
Datasonic Group Bhd		1,594,400		156,450
Dialog Group Bhd		2,846,250		2,142,607
Digi.com Bhd		1,971,300		2,142,070
Eco World Development Group Bhd(1)		738,100		161,789
Fraser & Neave Holdings Bhd		45,500		368,307
Gamuda Bhd		1,487,900		840,150
Genting Bhd		1,560,000		2,301,442
Genting Malaysia Bhd		2,380,000		1,737,818
Genting Plantations Bhd		199,400		475,257
Globetronics Technology Bhd		839,766		355,526
Hartalega Holdings Bhd		1,018,200		1,510,997
Hong Leong Bank Bhd		108,500		535,239
Hong Leong Financial Group Bhd		66,200		297,022
IGB Real Estate Investment Trust		1,938,000		811,666
IHH Healthcare Bhd		2,144,900		2,792,502
IJM Corp. Bhd		1,497,540		587,212
Inari Amertron Bhd		3,678,750		1,335,604
IOI Corp. Bhd		1,346,668		1,446,978
IOI Properties Group Bhd		2,239,484		833,988
KLCCP Stapled Group		515,300		955,136
KNM Group Bhd(1)		7,927,875		143,697
Kossan Rubber Industries		430,700		452,517
KPJ Healthcare Bhd		1,612,800		407,029
Kuala Lumpur Kepong Bhd		173,350		1,036,234
Lafarge Malaysia Bhd(1)		895,660		393,143
LBS Bina Group Bhd		1,814,340		281,158
Magnum Bhd		617,940		291,697
Mah Sing Group Bhd		1,024,700		226,917
Malakoff Corp. Bhd		749,800		145,092
Malayan Banking Bhd		848,386		1,948,875
Malaysian Resources Corp. Bhd		853,000		126,833
Maxis Bhd		1,255,300		1,622,753
Media Prima Bhd(1)		567,300		47,219
MISC Bhd		314,240		509,131
MMC Corp. Bhd		662,000		132,541
Muhibbah Engineering (M) Bhd		1,581,000		1,069,739

16 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Malaysia (continued)
My EG Services Bhd		8,886,600	$	2,099,962
Nestle Malaysia Bhd		18,600		662,418
Pavilion Real Estate Investment Trust		771,100		305,528
Petronas Chemicals Group Bhd		1,596,500		3,586,495
Petronas Dagangan Bhd		588,000		3,763,480
Petronas Gas Bhd		268,500		1,247,447
PPB Group Bhd		281,060		1,192,088
Press Metal Aluminium Holdings Bhd		2,232,800		2,605,235
Public Bank Bhd		347,998		2,083,377
QL Resources Bhd		339,170		558,795
RHB Bank Bhd		233,159		298,141
Silverlake Axis, Ltd.		1,586,300		482,341
Sime Darby Bhd		1,019,709		592,162
Sime Darby Plantation Bhd		1,019,709		1,172,032
Sime Darby Property Bhd		1,019,709		245,487
Sona Petroleum Bhd(3)		1,449,600		0
SP Setia Bhd		2,486,760		1,401,217
Sunway Bhd		1,363,189		484,982
Sunway Real Estate Investment Trust		2,043,200		855,431
Supermax Corp. Bhd		349,000		293,748
Ta Ann Holdings Bhd		427,078		279,022
Telekom Malaysia Bhd		1,280,400		825,652
Tenaga Nasional Bhd		1,515,431		4,992,678
Top Glove Corp. Bhd		1,285,200		1,742,333
UEM Sunrise Bhd		2,038,500		328,050
UMW Holdings Bhd		549,600		728,107
Unisem (M) Bhd		3,101,700		2,463,822
UOA Development Bhd		377,700		193,440
Velesto Energy Bhd(1)		3,181,847		138,230
VS Industry Bhd		850,875		150,281
YTL Corp. Bhd		2,679,048		653,863
YTL Power International Bhd		2,374,522		476,870
			$	74,624,296
Mauritius — 0.7%
Alteo, Ltd.		901,317	$	611,399
Attitude Property, Ltd.		1,092,500		406,483
CIEL, Ltd.		7,678,024		1,451,510
CIM Financial Services, Ltd.		2,649,077		829,571
ENL Land, Ltd.		783,385		1,303,852
IBL, Ltd.		309,981		469,145
MCB Group, Ltd.		1,148,214		9,115,022
Phoenix Beverages, Ltd.		33,742		559,450
Rogers & Co., Ltd.		608,300		617,745
SBM Holdings, Ltd.		15,114,956		2,620,697
Sun, Ltd., Class A		100,851		142,884

Security	Shares		Value
Mauritius (continued)
Terra Mauricia, Ltd.		584,124	$	373,945
United Basalt Products, Ltd.		187,150		685,587
			$	19,187,290
Mexico — 5.5%
Alfa SAB de CV, Series A		5,496,920	$	6,542,570
Alsea SAB de CV		1,398,400		3,646,190
America Movil SAB de CV, Series L		41,602,890		29,616,926
Arca Continental SAB de CV		213,000		1,191,176
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		652,200		808,457
Bolsa Mexicana de Valores SAB de CV		766,900		1,307,321
Cemex SAB de CV, Series CPO(1)		12,220,018		5,907,371
Coca-Cola Femsa SAB de CV, Series L		192,600		1,169,414
Controladora Vuela Cia de Aviacion SAB de CV(1)		363,200		194,059
El Puerto de Liverpool SAB de CV		262,181		1,683,412
Empresas ICA SAB de CV(1)(3)		2,075,736		0
Fibra Uno Administracion SA de CV		2,059,767		2,290,173
Fomento Economico Mexicano SAB de CV, Series UBD		1,139,100		9,794,808
Genomma Lab Internacional SAB de CV(1)		2,039,300		1,215,169
Gentera SAB de CV		2,038,862		1,504,370
Grupo Aeroportuario del Centro Norte SAB de CV		143,800		686,300
Grupo Aeroportuario del Pacifico SAB de CV, Class B		370,800		3,021,609
Grupo Aeroportuario del Sureste SAB de CV, Class B		260,494		3,929,199
Grupo Bimbo SAB de CV, Series A		1,312,108		2,617,306
Grupo Carso SAB de CV, Series A1		972,200		3,482,293
Grupo Comercial Chedraui SA de CV		56,308		113,150
Grupo Elektra SAB de CV		110,870		5,345,264
Grupo Financiero Banorte SAB de CV, Class O		1,973,100		9,631,686
Grupo Financiero Inbursa SAB de CV, Class O		3,006,516		4,340,319
Grupo Mexico SAB de CV, Series B		3,812,235		7,870,158
Grupo Sanborns SAB de CV		223,900		201,663
Grupo Televisa SAB, Series CPO		4,153,171		10,442,234
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		1,134,930		1,876,944
Industrias CH SAB de CV, Series B(1)		194,112		839,497
Industrias Penoles SAB de CV		112,429		1,373,056
Infraestructura Energetica Nova SAB de CV		250,400		930,411
Kimberly-Clark de Mexico SAB de CV, Class A		633,710		1,009,331
Megacable Holdings SAB de CV, Series CPO		40,500		181,337
Mexichem SAB de CV		1,247,467		3,168,221
Minera Frisco SAB de CV(1)		873,200		231,500
Nemak SAB de CV(2)		325,400		243,076
Organizacion Soriana SAB de CV, Class B(1)		166,700		244,896
Promotora y Operadora de Infraestructura SAB de CV		352,255		3,367,007
Telesites SAB de CV(1)		2,436,230		1,449,211

17 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Mexico (continued)
Ternium SA ADR		40,022	$	1,084,596
TV Azteca SAB de CV, Series CPO		1,018,565		121,284
Wal-Mart de Mexico SAB de CV, Series V		2,523,064		6,416,871
			$	141,089,835
Morocco — 0.7%
Attijariwafa Bank		69,194	$	3,282,720
Banque Centrale Populaire		67,410		1,974,448
BMCE Bank		46,412		887,961
Cosumar		74,043		1,356,308
Delta Holding SA		35,000		116,008
Douja Promotion Groupe Addoha SA		372,601		660,903
Label Vie		5,348		1,091,022
LafargeHolcim Maroc SA		12,159		2,274,630
Lesieur Cristal		38,360		542,045
Managem SA		8,618		810,196
Maroc Telecom		226,171		3,348,685
Marocaine Pour Le Commerce et L’Industrie Banque		3,030		227,668
Samir(1)(3)		19,247		0
Societe d’Exploitation des Ports		28,600		490,937
Sonasid(1)		5,872		285,972
Taqa Morocco		14,348		1,334,541
Wafa Assurance		716		298,681
			$	18,982,725
Nigeria — 0.7%
Access Bank PLC		32,908,148	$	617,459
Afriland Properties PLC(1)(3)		1,223,812		0
Dangote Cement PLC		4,680,691		2,435,524
Dangote Sugar Refinery PLC		4,385,654		181,029
Ecobank Transnational, Inc.(1)		12,099,560		513,292
FBN Holdings PLC		63,919,199		1,363,981
Fidelity Bank PLC		37,069,799		204,397
Flour Mills of Nigeria PLC		2,929,523		184,026
Forte Oil PLC(1)		2,086,402		161,206
Guaranty Trust Bank PLC		29,136,638		2,744,855
Guiness Nigeria PLC		1,245,140		230,532
Lafarge Africa PLC		6,063,228		208,285
Lekoil, Ltd.(1)		1,110,205		109,929
Nestle Nigeria PLC		496,712		2,016,646
Nigerian Breweries PLC		9,809,462		2,307,052
Oando PLC(1)		14,592,401		192,432
SEPLAT Petroleum Development Co. PLC(2)		728,540		1,060,834
Stanbic IBTC Holdings PLC		3,126,624		414,445
Transnational Corp. of Nigeria PLC		22,334,373		80,546

Security	Shares		Value
Nigeria (continued)
Unilever Nigeria PLC		2,074,728	$	210,801
United Bank for Africa PLC		44,535,174		932,673
Zenith Bank PLC		41,708,535		2,629,005
			$	18,798,949
Oman — 0.7%
Al Maha Petroleum Products Marketing Co., LLC		36,500	$	88,365
Bank Dhofar SAOG		2,134,153		884,509
Bank Muscat SAOG		3,421,569		3,590,861
Bank Nizwa SAOG(1)		941,624		222,346
Bank Sohar SAOG		3,976,382		1,135,149
Dhofar International Development & Investment Holding SAOG		316,407		226,959
HSBC Bank Oman SAOG		2,331,977		721,362
National Bank of Oman SAOG		2,801,885		1,327,147
Oman Cables Industry SAOG		192,264		486,845
Oman Cement Co. SAOG		956,735		747,898
Oman Flour Mills Co. SAOG		543,700		961,168
Oman Telecommunications Co. SAOG		1,348,933		2,722,136
Ominvest		774,771		701,190
Ooredoo		1,374,678		2,010,558
Raysut Cement Co. SAOG		523,326		511,852
Renaissance Services SAOG(1)		1,561,017		1,490,277
Sembcorp Salalah Power & Water Co.		554,425		254,866
Shell Oman Marketing Co. SAOG		66,100		239,419
			$	18,322,907
Pakistan — 0.8%
Adamjee Insurance Co., Ltd.		692,644	$	211,974
Attock Petroleum, Ltd.		63,130		197,550
Bank Alfalah, Ltd.		1,770,333		518,486
D.G. Khan Cement Co., Ltd.		355,620		205,357
Engro Corp., Ltd.		407,516		855,313
Engro Fertilizers, Ltd.		845,500		424,244
Engro Foods, Ltd.		467,100		267,173
Fauji Cement Co., Ltd.		1,178,000		177,536
Fauji Fertilizer Bin Qasim, Ltd.		841,000		225,660
Fauji Fertilizer Co., Ltd.		1,373,114		920,071
Habib Bank, Ltd.		1,021,733		867,432
Hascol Petroleum, Ltd.		190,975		203,506
Hub Power Co., Ltd. (The)		3,121,900		1,931,352
Indus Motor Co., Ltd.		52,160		446,216
International Steels, Ltd.		486,900		231,209
K-Electric, Ltd.(1)		10,456,000		447,413
Kot Addu Power Co., Ltd.		1,347,500		482,667

18 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Pakistan (continued)
Lucky Cement, Ltd.		270,250	$	846,405
Maple Leaf Cement Factory, Ltd.		567,750		166,272
Mari Petroleum Co., Ltd.		32,111		276,989
MCB Bank, Ltd.		941,025		1,315,995
Millat Tractors, Ltd.		137,549		822,080
National Bank of Pakistan(1)		1,144,026		346,304
Nishat Mills, Ltd.		1,380,080		1,258,454
Oil & Gas Development Co., Ltd.		862,600		794,587
Packages, Ltd.		93,450		260,063
Pak Elektron, Ltd.		1,445,000		259,432
Pakistan Oilfields, Ltd.		158,600		487,177
Pakistan Petroleum, Ltd.		1,491,432		1,606,320
Pakistan State Oil Co., Ltd.		394,283		641,027
Searle Co., Ltd. (The)		714,796		1,246,704
SUI Northern Gas Pipelines, Ltd.		1,530,800		852,153
SUI Southern Gas Co., Ltd.(1)		3,059,652		509,547
Thal, Ltd.		90,600		280,897
TRG Pakistan(1)		3,036,087		488,799
United Bank, Ltd.		758,625		678,705
			$	21,751,069
Panama — 0.3%
Banco Latinoamericano de Comercio Exterior SA, Class E		72,000	$	1,245,600
Copa Holdings SA, Class A		79,608		6,265,946
			$	7,511,546
Peru — 1.5%
Alicorp SAA		1,960,434	$	5,790,803
BBVA Banco Continental SA		505,510		591,275
Cementos Pacasmayo SAA		174,644		334,408
Cia de Minas Buenaventura SA ADR		280,456		4,548,996
Credicorp, Ltd.		69,596		15,427,345
Enel Generacion Peru SAA		2,013,664		1,192,596
Ferreycorp SAA		2,154,997		1,624,964
Grana y Montero SAA(1)		1,475,743		867,440
Intercorp Financial Services, Inc.		8,901		373,842
Luz del Sur SAA		54,936		178,581
Minsur SA(1)		1,034,898		440,872
Nexa Resources Peru SAA(1)		624,959		779,228
Sociedad Minera Cerro Verde SAA		24,521		510,037
Southern Copper Corp.		181,855		5,595,678
			$	38,256,065
Philippines — 2.9%
Aboitiz Equity Ventures, Inc.		1,976,750	$	2,060,233

Security	Shares		Value
Philippines (continued)
Aboitiz Power Corp.		3,401,900	$	2,268,221
Alliance Global Group, Inc.		2,897,300		654,579
Ayala Corp.		170,638		2,917,323
Ayala Land, Inc.		4,006,908		3,097,036
Ayala Land, Inc., PFC Shares(3)		3,534,608		0
Bank of the Philippine Islands		1,474,853		2,634,011
BDO Unibank, Inc.		1,188,919		2,956,775
Bloomberry Resorts Corp.		13,018,400		2,327,881
CEMEX Holdings Philippines, Inc.(1)(2)		3,723,800		134,126
Century Pacific Food, Inc.		1,007,500		291,246
Cosco Capital, Inc.		1,868,100		238,440
D&L Industries, Inc.		4,542,000		949,611
DMCI Holdings, Inc.		2,556,500		621,158
Emperador, Inc.		3,420,000		462,701
Filinvest Land, Inc.		16,105,546		430,519
First Gen Corp.		2,648,860		1,007,433
First Philippine Holdings Corp.		403,650		496,910
Global Ferronickel Holdings, Inc.(1)		7,533,659		238,402
Globe Telecom, Inc.		68,575		2,472,066
GT Capital Holdings, Inc.		55,890		1,035,927
International Container Terminal Services, Inc.		551,900		1,048,857
JG Summit Holdings, Inc.		2,048,150		2,164,730
Jollibee Foods Corp.		1,063,900		5,903,593
Lopez Holdings Corp.		8,390,900		636,483
LT Group, Inc.		1,987,400		627,101
Manila Electric Co.		464,684		3,358,135
Manila Water Co.		1,474,000		789,773
Megaworld Corp.		10,700,000		963,126
Metro Pacific Investments Corp.		10,567,300		930,017
Metropolitan Bank & Trust Co.		1,006,867		1,554,495
Nickel Asia Corp.		16,433,888		685,868
Petron Corp.		2,395,000		350,707
Philex Mining Corp.		3,645,900		214,478
PLDT, Inc.		203,575		4,371,337
Puregold Price Club, Inc.		1,964,200		1,604,565
Robinsons Land Corp.		1,636,615		629,669
Robinsons Retail Holdings, Inc.		1,077,190		1,643,650
San Miguel Corp.		414,610		1,160,251
Security Bank Corp.		248,900		733,950
Semirara Mining & Power Corp.		3,919,320		1,721,285
SM Investments Corp.		354,720		6,188,342
SM Prime Holdings, Inc.		7,618,550		5,181,209
Travellers International Hotel Group, Inc.(1)		3,644,200		369,005
Universal Robina Corp.		1,964,140		4,732,743
Vista Land & Lifescapes, Inc.		6,128,000		632,007
			$	75,489,974

19 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Poland — 3.0%
Alior Bank SA(1)		98,462	$	1,401,876
AmRest Holdings SE(1)		244,410		2,632,662
Asseco Poland SA		300,227		3,703,976
Bank Handlowy w Warszawie SA		38,385		708,720
Bank Millennium SA(1)		697,490		1,653,599
Bank Polska Kasa Opieki SA		103,885		3,028,686
Boryszew SA(1)		315,000		395,255
Budimex SA		50,276		1,528,581
CCC SA		27,466		1,424,972
CD Projekt SA(1)		49,801		1,937,453
Ciech SA		40,900		484,626
Cyfrowy Polsat SA(1)		551,626		3,337,443
Enea SA(1)		145,490		385,565
Energa SA(1)		389,300		930,093
Eurocash SA		188,203		887,596
Globe Trade Centre SA		183,554		401,380
Grupa Azoty SA		31,054		260,204
Grupa Lotos SA		103,490		2,451,989
ING Bank Slaski SA		15,900		765,399
Jastrzebska Spolka Weglowa SA(1)		141,722		2,562,308
KGHM Polska Miedz SA(1)		162,911		3,864,938
KRUK SA		21,183		887,927
LPP SA		1,852		3,893,791
Lubelski Wegiel Bogdanka SA(1)		10,688		147,446
mBank SA		13,753		1,561,892
Netia SA(1)		284,937		381,555
Orange Polska SA(1)		1,739,445		2,232,391
Orbis SA		131,300		3,175,156
PGE SA(1)		1,925,400		5,162,738
Polski Koncern Naftowy ORLEN SA		223,522		6,476,269
Polskie Gornictwo Naftowe i Gazownictwo SA		1,655,926		3,061,761
Powszechna Kasa Oszczednosci Bank Polski SA		657,733		6,947,999
Powszechny Zaklad Ubezpieczen SA		470,776		5,546,490
Santander Bank Polska SA		19,704		1,893,874
Tauron Polska Energia SA(1)		2,458,454		1,441,238
			$	77,557,848
Qatar — 1.4%
Aamal Co. QSC		97,022	$	234,775
Al Meera Consumer Goods Co.		6,406		259,536
Barwa Real Estate Co.		226,249		2,469,773
Commercial Bank PQSC (The)		89,065		958,204
Doha Bank QPSC		81,869		498,465
Gulf International Services QSC(1)		69,744		323,918
Gulf Warehousing Co.		32,900		345,635
Industries Qatar		142,655		5,203,616
Masraf Al Rayan QSC		179,314		2,043,736

Security	Shares		Value
Qatar (continued)
Mazaya Qatar Real Estate Development QSC(1)		137,946	$	294,950
Medicare Group		13,382		230,955
Ooredoo QPSC		147,432		3,028,446
Qatar Electricity & Water Co. QSC		60,415		3,063,993
Qatar First Bank(1)		153,900		171,723
Qatar Gas Transport Co., Ltd.		396,212		1,941,274
Qatar Insurance Co.		84,259		827,432
Qatar International Islamic Bank		21,319		385,141
Qatar Islamic Bank		49,298		2,046,677
Qatar National Bank QPSC		190,957		10,145,657
Qatar National Cement Co. QSC		13,328		217,769
Qatar Navigation QSC		35,689		643,012
United Development Co. QSC		197,574		797,071
Vodafone Qatar QSC(1)		409,304		875,512
			$	37,007,270
Romania — 0.6%
Antibiotice SA		1,843,129	$	220,757
Banca Transilvania SA		10,708,865		5,281,717
BRD-Groupe Societe Generale SA		747,156		2,091,174
OMV Petrom SA		37,364,539		2,751,196
Societatea Energetica Electrica SA		487,300		1,161,179
Societatea Nationala de Gaze Naturale ROMGAZ SA		276,835		1,897,618
Societatea Nationala Nuclearelectrica SA		322,130		648,154
Transelectrica SA(1)		247,700		1,309,784
Transgaz SA Medias		14,233		1,106,429
			$	16,468,008
Russia — 5.9%
Aeroflot PJSC		948,730	$	1,375,577
Alrosa PJSC		1,861,500		2,622,152
Etalon Group PLC GDR(4)		78,319		128,275
Evraz PLC		315,476		1,931,810
Federal Grid Co. Unified Energy System PJSC		1,250,240,600		2,658,352
Gazprom PJSC ADR		2,056,796		9,106,086
Globaltrans Investment PLC GDR(4)(5)		35,100		318,006
Globaltrans Investment PLC GDR(4)(5)		236,017		2,135,089
Inter RAO UES PJSC		28,782,001		1,597,607
Lenta, Ltd. GDR(1)(4)		311,877		961,349
LSR Group PJSC GDR(4)		32,005		53,618
Lukoil PJSC ADR		252,061		18,051,265
Magnitogorsk Iron & Steel Works PJSC		1,708,700		1,056,165
Mail.ru Group, Ltd. GDR(1)(4)		203,512		4,794,907
MegaFon PJSC GDR(4)		191,915		1,762,285
MMC Norilsk Nickel PJSC ADR(5)		59,048		1,112,464
MMC Norilsk Nickel PJSC ADR(5)		512,989		9,626,522

20 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Russia (continued)
Mobile TeleSystems PJSC		1,677,693	$	5,732,752
Moscow Exchange MICEX-RTS PJSC(1)		1,352,520		1,576,617
Mosenergo PJSC		12,772,962		375,518
Novatek PJSC GDR(4)		47,573		8,128,548
Novolipetsk Steel PJSC GDR		89,024		2,040,605
PhosAgro PJSC GDR(4)		93,673		1,195,621
PIK Group PJSC		113,450		608,242
Polymetal International PLC		180,959		1,898,456
QIWI PLC ADR(1)		94,500		1,336,230
Rosneft Oil Co. PJSC GDR(4)		864,657		5,335,447
Rosseti PJSC		129,516,873		1,445,464
Rostelecom PJSC		554,268		582,632
Rostelecom PJSC ADR		31,284		189,268
RusHydro PJSC		241,400,952		1,684,596
Sberbank of Russia PJSC		7,246,770		19,556,533
Severstal PJSC GDR(4)		219,504		2,997,470
Sistema PJSFC		3,087,600		354,383
Sistema PJSFC GDR(4)		136,806		317,670
Surgutneftegas PJSC ADR		656,684		2,493,854
Surgutneftegas PJSC, PFC Shares		5,393,317		3,044,096
Surgutneftegas PJSC ADR, PFC Shares		73,700		404,613
Tatneft PJSC ADR		163,295		10,283,861
Transneft PJSC, PFC Shares		1,225		3,005,498
Unipro PJSC		7,701,000		288,146
United Wagon Co. PJSC(1)		23,700		137,363
VEON, Ltd. ADR		471,930		1,104,316
VTB Bank PJSC GDR(4)		486,602		540,867
X5 Retail Group NV GDR(4)		226,978		5,631,371
Yandex NV, Class A(1)		342,000		9,353,700
			$	150,935,266
Saudi Arabia — 1.5%
Abdullah Al Othaim Markets Co.		41,082	$	768,178
Al Hammadi Co. for Development and Investment		34,517		230,271
Al Rajhi Bank		126,533		2,948,766
Al Tayyar Travel Group Holding Co.		131,482		700,272
Alandalus Property Co.		102,343		390,061
Aldrees Petroleum and Transport Services Co.		20,900		205,522
Alinma Bank		119,259		729,493
Almarai Co. JSC		127,964		1,635,065
Arab National Bank		48,974		416,180
Arriyadh Development Co.		44,700		208,920
Bank AlBilad		38,550		279,235
Banque Saudi Fransi		65,833		550,817
Batic Investments and Logistic Co.(1)		18,171		184,105
Co. for Cooperative Insurance (The)(1)		16,075		258,207
Dallah Healthcare Co.		21,424		320,696

Security	Shares		Value
Saudi Arabia (continued)
Dar Al Arkan Real Estate Development Co.		931,720	$	2,237,419
Emaar Economic City(1)		396,410		835,729
Etihad Etisalat Co.(1)		233,523		1,028,151
Fawaz Abdulaziz Al Hokair & Co.(1)		92,338		540,425
Jarir Marketing Co.		56,342		2,278,016
Middle East Healthcare Co.		30,400		261,888
Mobile Telecommunications Co. Saudi Arabia(1)		186,447		410,694
Mouwasat Medical Services Co.		39,812		852,812
National Agriculture Development Co. (The)(1)		38,301		300,958
National Commercial Bank		48,831		620,909
National Industrialization Co.(1)		65,180		261,735
National Medical Care Co.		25,900		347,807
Rabigh Refining & Petrochemical Co.		176,700		897,869
Riyad Bank		137,000		722,110
Sahara Petrochemical Co.		50,710		204,573
Samba Financial Group		89,776		752,852
Saudi Airlines Catering Co.		35,452		765,173
Saudi Arabian Amiantit Co.(1)		156,819		243,767
Saudi Arabian Fertilizer Co.		24,333		499,036
Saudi Arabian Mining Co.(1)		45,000		590,032
Saudi Automotive Services Co.		44,564		200,161
Saudi Basic Industries Corp.		60,743		1,881,275
Saudi British Bank (The)		48,469		421,291
Saudi Ceramic Co.(1)		42,675		220,543
Saudi Chemical Co.		54,201		448,746
Saudi Co. For Hardware CJSC		10,741		189,808
Saudi Electricity Co.		658,277		2,653,157
Saudi Ground Services Co.		69,126		567,790
Saudi Industrial Investment Group		49,800		303,311
Saudi Industrial Services Co.		93,777		270,867
Saudi International Petrochemical Co.		22,570		119,909
Saudi Kayan Petrochemical Co.(1)		82,300		289,411
Saudi Pharmaceutical Industries & Medical Appliances Corp.		15,099		118,395
Saudi Public Transport Co.		89,877		334,000
Saudi Telecom Co.		128,106		3,131,823
Saudia Dairy & Foodstuff Co.		5,419		145,012
Savola Group (The)		202,528		1,441,792
United Electronics Co.		26,771		454,654
United International Transportation Co.		52,824		369,120
Yamama Cement Co.(1)		23,300		78,958
Yanbu National Petrochemical Co.		17,800		302,762
			$	38,420,528
Slovenia — 0.8%
Cinkarna Celje DD		3,106	$	641,791
KRKA DD		130,011		8,608,746

21 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Slovenia (continued)
Luka Koper		26,836	$	802,358
Petrol		14,032		4,999,250
Pozavarovalnica Sava DD		64,657		1,130,079
Telekom Slovenije DD		22,982		1,553,935
Zavarovalnica Triglav DD		54,756		1,902,592
			$	19,638,751
South Africa — 5.9%
Absa Group, Ltd.		203,773	$	2,287,082
AECI, Ltd.		108,017		625,197
African Rainbow Minerals, Ltd.		33,300		329,347
Anglo American Platinum, Ltd.		15,100		562,969
AngloGold Ashanti, Ltd.		70,634		897,315
AngloGold Ashanti, Ltd. ADR		79,199		993,947
Aspen Pharmacare Holdings, Ltd.		301,772		2,823,901
Assore, Ltd.		24,358		492,381
Astral Foods, Ltd.		26,100		290,315
AVI, Ltd.		228,000		1,616,980
Barloworld, Ltd.		463,800		3,718,111
Bid Corp., Ltd.		455,103		8,372,033
Bidvest Group, Ltd. (The)		455,103		6,537,392
Clicks Group, Ltd.		218,200		2,900,840
DataTec, Ltd.		305,900		577,862
Discovery, Ltd.		221,254		2,456,741
Exxaro Resources, Ltd.		92,500		892,323
FirstRand, Ltd.		956,285		4,355,753
Foschini Group, Ltd. (The)		104,323		1,204,733
Gold Fields, Ltd.		255,380		884,506
Grindrod Shipping Holdings, Ltd.(1)		8,765		45,921
Grindrod, Ltd.(1)		350,600		150,380
Growthpoint Properties, Ltd.		1,244,700		2,023,214
Hosken Consolidated Investments, Ltd.		33,700		290,662
Hyprop Investments, Ltd.		65,400		370,074
Impala Platinum Holdings, Ltd.(1)		133,586		340,758
Imperial Logistics, Ltd.		130,900		619,029
Investec, Ltd.		156,600		855,520
JSE, Ltd.		45,700		525,979
Kumba Iron Ore, Ltd.		22,200		436,592
Liberty Holdings, Ltd.		67,700		515,490
Life Healthcare Group Holdings, Ltd.		709,548		1,304,672
Massmart Holdings, Ltd.		48,804		352,367
MMI Holdings, Ltd.(1)		554,133		657,995
Mondi, Ltd.		134,531		2,897,874
Motus Holdings, Ltd.(1)		130,900		800,730
Mr Price Group, Ltd.		188,400		3,218,764
MTN Group, Ltd.		1,173,530		7,253,895
Murray & Roberts Holdings, Ltd.		689,700		689,235

Security	Shares		Value
South Africa (continued)
Nampak, Ltd.(1)		677,282	$	652,837
Naspers, Ltd., Class N		97,460		19,513,095
Nedbank Group, Ltd.		141,600		2,700,662
Netcare, Ltd.		659,100		1,206,153
Northam Platinum, Ltd.(1)		298,659		896,235
Novus Holdings, Ltd.		43,537		12,350
Pick’n Pay Stores, Ltd.		213,731		1,008,301
Rand Merchant Investment Holdings, Ltd.		449,000		1,134,556
Redefine Properties, Ltd.		1,959,096		1,318,636
Remgro, Ltd.		237,905		3,219,496
Reunert, Ltd.		401,800		1,980,592
RMB Holdings, Ltd.		520,200		2,849,812
Sanlam, Ltd.		789,334		4,372,269
Santam, Ltd.		27,610		568,576
Sappi, Ltd.		593,587		3,367,247
Sasol, Ltd.		446,059		13,255,313
Shoprite Holdings, Ltd.		419,647		5,543,377
Sibanye Gold, Ltd.(1)		1,116,045		811,730
SPAR Group, Ltd. (The)		79,260		1,141,873
Standard Bank Group, Ltd.		505,102		6,275,644
Steinhoff International Holdings NV(1)		1,020,600		116,386
Telkom SA SOC, Ltd.		333,000		1,466,378
Tiger Brands, Ltd.		207,487		3,945,976
Tongaat Hulett, Ltd.		25,322		97,839
Truworths International, Ltd.		299,341		1,830,542
Vodacom Group, Ltd.		444,200		4,085,470
Wilson Bayly Holmes-Ovcon, Ltd.		111,180		1,021,635
Woolworths Holdings, Ltd.		355,542		1,361,665
			$	151,923,524
South Korea — 5.8%
AMOREPACIFIC Corp.		10,613	$	1,996,895
AMOREPACIFIC Group		19,571		1,277,070
BNK Financial Group, Inc.		55,807		366,496
Bukwang Pharmaceutical Co., Ltd.		48,120		1,073,846
Cell Biotech Co., Ltd.		7,242		182,648
Celltrion, Inc.(1)		20,612		4,140,718
Chabiotech Co., Ltd.(1)		12,772		232,826
Cheil Worldwide, Inc.		38,050		766,882
CJ CheilJedang Corp.		3,500		1,037,466
CJ Corp.		7,083		772,528
CJ Corp., PFC Shares		1,062		46,246
CJ ENM Co., Ltd.		1,122		203,093
CJ Logistics Corp.(1)		4,378		654,859
Coway Co., Ltd.		15,560		1,028,909
Daelim Industrial Co., Ltd.		6,870		631,120
Daesang Corp.		29,700		669,025

22 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
Daewoo Engineering & Construction Co., Ltd.(1)		60,100	$	290,176
Daewoo Industrial Development Co., Ltd.(1)		3,501		8,989
DB Insurance Co., Ltd.		9,442		594,652
DGB Financial Group Co., Ltd.		64,880		483,307
Dong-A ST Co., Ltd.		5,069		474,869
Doosan Corp.		4,600		459,636
E-MART, Inc.		8,311		1,357,272
Green Cross Corp.		2,863		349,207
Green Cross Holdings Corp.		9,800		221,021
GS Engineering & Construction Corp.		30,870		1,210,723
GS Holdings Corp.		47,154		2,178,974
Hana Financial Group, Inc.		58,027		1,887,202
Hanjin Kal Corp.		8,977		240,244
Hanjin Transportation Co., Ltd.		10,500		505,773
Hankook Tire Co., Ltd.		27,617		992,605
Hanmi Pharm Co., Ltd.		3,160		1,319,105
Hanmi Science Co., Ltd.		22,491		1,594,557
Hanwha Chemical Corp.(1)		65,820		1,193,882
Hanwha Corp.		27,900		783,701
HDC Holdings Co., Ltd.		11,087		171,324
HDC Hyundai Development Co-Engineering & Construction, Class E(1)		15,492		670,974
Hotel Shilla Co., Ltd.		12,750		874,550
Hyosung Advanced Materials Corp.(1)		2,398		221,576
Hyosung Chemical Corp.(1)		1,707		217,848
Hyosung Corp.(1)		7,385		331,366
Hyosung Heavy Industries Corp.(1)		4,991		184,776
Hyosung TNC Co., Ltd.(1)		2,316		382,483
Hyundai Department Store Co., Ltd.		5,600		453,492
Hyundai Engineering & Construction Co., Ltd.		22,703		1,111,893
Hyundai Glovis Co., Ltd.		9,736		1,124,968
Hyundai Heavy Industries Co., Ltd.(1)		1,784		205,767
Hyundai Marine & Fire Insurance Co., Ltd.		14,350		526,982
Hyundai Mobis Co., Ltd.		12,626		2,154,176
Hyundai Motor Co.		33,990		3,608,389
Hyundai Motor Co., Second PFC Shares		3,773		260,356
Hyundai Steel Co.		18,270		742,932
Hyundai Wia Corp.		6,700		217,705
InBody Co., Ltd.		11,574		226,007
Industrial Bank of Korea(1)		71,500		900,475
Kangwon Land, Inc.		36,658		1,049,453
KB Financial Group, Inc.(1)		70,107		2,924,640
KCC Corp.		1,710		472,544
Kia Motors Corp.		64,887		1,955,815
KIWOOM Securities Co., Ltd.		5,067		356,379
Korea Electric Power Corp.(1)		106,430		3,152,629
Korea Gas Corp.(1)		15,047		650,386

Security	Shares		Value
South Korea (continued)
Korea Investment Holdings Co., Ltd.		10,700	$	572,260
Korea Zinc Co., Ltd.		5,700		2,207,079
Korean Air Lines Co., Ltd.		18,577		550,628
Korean Reinsurance Co.		52,474		407,092
KT Corp.(1)		16,507		440,160
KT&G Corp.(1)		49,980		4,550,506
Kumho Petrochemical Co., Ltd.		4,900		383,656
LG Chem, Ltd.		13,706		4,272,417
LG Corp.		32,997		2,066,533
LG Display Co., Ltd.(1)		33,200		538,760
LG Electronics, Inc.(1)		9,019		505,725
LG Hausys, Ltd.		4,611		233,982
LG Household & Health Care, Ltd.		3,800		3,755,600
LG Uplus Corp.		278,220		4,397,040
Lotte Chemical Corp.		7,483		1,860,513
Lotte Corp.(1)		5,150		243,315
LOTTE Fine Chemical Co., Ltd.		10,800		397,796
Lotte Shopping Co., Ltd.		4,018		758,623
LS Corp.		7,030		309,809
LS Industrial Systems Co., Ltd.		4,500		197,704
Macrogen, Inc.(1)		13,950		367,437
Medy-Tox, Inc.		3,045		1,582,381
Mirae Asset Daewoo Co., Ltd.		19,799		116,235
Naver Corp.		15,655		1,715,723
NCsoft Corp.		5,300		2,221,602
NH Investment & Securities Co., Ltd.		51,222		600,369
Nong Shim Co., Ltd.		1,100		250,161
Orion Corp. of Republic of Korea		7,895		846,716
Osstem Implant Co., Ltd.(1)		12,166		584,911
POSCO		22,605		4,944,427
Posco Daewoo Corp.		10,502		171,456
S-Oil Corp.		24,372		2,125,868
S1 Corp.		10,130		910,150
Samsung Biologics Co., Ltd.(1)		5,364		1,865,786
Samsung C&T Corp.		7,152		676,973
Samsung Card Co., Ltd.		10,660		329,332
Samsung Electro-Mechanics Co., Ltd.		12,680		1,182,050
Samsung Electronics Co., Ltd.		334,200		11,634,066
Samsung Fire & Marine Insurance Co., Ltd.		6,363		1,530,042
Samsung Life Insurance Co., Ltd.		16,204		1,185,713
Samsung SDI Co., Ltd.(1)		7,925		1,557,721
Samsung Securities Co., Ltd.		14,212		401,911
Seegene, Inc.(1)		19,291		277,426
Shinhan Financial Group Co., Ltd.(1)		84,070		2,980,793
Shinsegae, Inc.		2,179		500,307
SK Chemicals Co., Ltd.(1)		6,265		392,985
SK Discovery Co., Ltd.		5,834		136,423

23 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
SK Holdings Co., Ltd.		6,366	$	1,485,391
SK Hynix, Inc.(1)		43,670		2,380,735
SK Innovation Co., Ltd.		49,396		7,928,765
SK Telecom Co., Ltd.		30,943		7,465,921
ViroMed Co., Ltd.(1)		8,815		2,019,411
Woori Bank(1)		20,809		290,991
Yuhan Corp.		7,836		1,438,035
Zyle Motor Sales Corp.(1)		4,895		7,239
			$	149,131,057
Sri Lanka — 0.7%
Access Engineering PLC		3,828,963	$	294,667
Aitken Spence PLC		867,213		225,392
Ceylon Tobacco Co. PLC		96,609		753,388
Chevron Lubricants Lanka PLC		1,378,614		549,180
Commercial Bank of Ceylon PLC		4,171,069		2,609,951
DFCC Bank PLC		648,984		329,512
Dialog Axiata PLC		15,786,381		872,387
Distilleries Co. of Sri Lanka PLC		1,837,926		161,749
Hatton National Bank PLC		1,908,949		2,232,632
Hemas Holdings PLC		1,663,050		809,416
John Keells Holdings PLC		6,067,440		5,265,088
Melstacorp PLC(1)		6,203,001		1,704,784
National Development Bank PLC		1,531,324		893,272
Nations Trust Bank PLC(1)		958,472		474,116
Nestle Lanka PLC		15,593		145,090
Sampath Bank PLC(1)		904,643		1,161,227
Teejay Lanka PLC		1,870,121		331,796
			$	18,813,647
Taiwan — 5.9%
Advantech Co., Ltd.		133,963	$	915,168
ASE Technology Holding Co., Ltd.		669,415		1,268,445
Asia Cement Corp.		1,183,967		1,309,409
Asia Optical Co., Inc.		114,000		246,026
Asustek Computer, Inc.		118,174		774,493
AU Optronics Corp.		2,104,000		836,027
Capital Securities Corp.		647,503		188,481
Catcher Technology Co., Ltd.		113,100		828,097
Cathay Financial Holding Co., Ltd.		2,145,019		3,283,659
Cathay Real Estate Development Co., Ltd.		346,500		224,782
Chang Hwa Commercial Bank, Ltd.		2,158,286		1,208,660
Cheng Shin Rubber Industry Co., Ltd.		1,410,951		1,876,776
Chicony Electronics Co., Ltd.		161,318		328,501
China Airlines, Ltd.		940,963		336,615

Security	Shares		Value
Taiwan (continued)
China Development Financial Holding Corp.		5,090,106	$	1,611,875
China Life Insurance Co., Ltd.		519,639		471,530
China Motor Corp.		1,026,930		810,947
China Petrochemical Development Corp.(1)		1,006,857		359,079
China Steel Corp.		6,433,886		5,080,622
Chipbond Technology Corp.		240,000		481,912
Chong Hong Construction Co., Ltd.		165,761		416,276
Chunghwa Telecom Co., Ltd.		2,476,909		9,043,602
Clevo Co.		206,579		204,239
Compal Electronics, Inc.		465,000		263,720
Coretronic Corp.		169,387		211,271
CTBC Financial Holding Co., Ltd.		4,106,273		2,700,832
Delta Electronics, Inc.		265,356		1,116,836
E.Sun Financial Holding Co., Ltd.		2,996,398		1,960,145
Elan Microelectronics Corp.		99,687		244,824
Eternal Materials Co., Ltd.		388,561		295,917
EVA Airways Corp.		1,912,551		982,691
Evergreen Marine Corp.		1,229,879		476,875
Everlight Chemical Industrial Corp.		259,054		137,147
Far Eastern Department Stores, Ltd.		1,096,944		559,975
Far Eastern International Bank		1,065,026		346,018
Far Eastern New Century Corp.		2,069,313		1,879,258
Far EasTone Telecommunications Co., Ltd.		1,199,364		2,979,176
Faraday Technology Corp.		192,000		264,022
Feng Hsin Steel Co., Ltd.		172,000		327,184
First Financial Holding Co., Ltd.		2,808,397		1,829,625
Formosa Chemicals & Fibre Corp.		1,496,214		5,118,611
Formosa Petrochemical Corp.		985,153		3,495,835
Formosa Plastics Corp.		1,651,853		5,429,625
Formosa Taffeta Co., Ltd.		545,000		613,085
Formosan Rubber Group, Inc.		214,500		108,950
Foxconn Technology Co., Ltd.		236,305		466,585
Fubon Financial Holding Co., Ltd.		1,538,833		2,361,026
Giant Manufacturing Co., Ltd.		228,093		1,070,569
Goldsun Building Materials Co., Ltd.		617,053		167,674
Great Wall Enterprise Co., Ltd.		343,857		374,100
Highwealth Construction Corp.		325,556		476,298
Hiwin Technologies Corp.		194,261		1,401,506
Hon Hai Precision Industry Co., Ltd.		1,094,108		2,518,020
Hotai Motor Co., Ltd.		98,000		812,153
Hua Nan Financial Holdings Co., Ltd.		3,114,140		1,773,501
Huaku Development Co., Ltd.		187,010		414,358
Innolux Corp.		330,262		104,660
Inventec Corp.		1,330,753		952,186
King Yuan Electronics Co., Ltd.		711,274		534,954
Largan Precision Co., Ltd.		12,042		1,256,522

24 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Taiwan (continued)
LCY Chemical Corp.		253,644	$	435,341
Lite-On Technology Corp.		478,048		631,283
Macronix International Corp., Ltd.		249,322		147,983
MediaTek, Inc.		103,664		771,519
Mega Financial Holding Co., Ltd.		2,383,240		2,011,982
Merida Industry Co., Ltd.		435,907		1,953,384
Mitac Holdings Corp.		374,240		298,910
Nan Kang Rubber Tire Co., Ltd.		759,819		638,680
Nan Ya Plastics Corp.		2,404,303		5,913,009
Nanya Technology Corp.		247,165		442,627
Novatek Microelectronics Corp., Ltd.		198,479		916,316
Oriental Union Chemical Corp.		453,200		380,535
Pegatron Corp.		553,486		926,612
Phison Electronics Corp.		43,692		325,313
Pou Chen Corp.		2,168,764		2,297,367
Powertech Technology, Inc.		366,725		788,396
President Chain Store Corp.		619,120		6,237,638
Quanta Computer, Inc.		782,065		1,338,521
Radiant Opto-Electronics Corp.		206,350		569,762
Realtek Semiconductor Corp.		165,542		767,773
Ruentex Development Co., Ltd.		243,743		355,159
Ruentex Industries, Ltd.		697,171		1,782,796
Sanyang Motor Co., Ltd.		1,509,000		979,468
Shin Kong Financial Holding Co., Ltd.		3,317,472		970,167
Shin Kong Synthetic Fibers Corp.		965,996		362,090
Simplo Technology Co., Ltd.		38,652		262,075
Sino-American Silicon Products, Inc.		120,857		240,400
SinoPac Financial Holdings Co., Ltd.		4,420,980		1,479,547
Synnex Technology International Corp.		684,558		808,836
Tainan Spinning Co., Ltd.		1,445,010		561,625
Taishin Financial Holding Co., Ltd.		4,114,940		1,749,616
Taiwan Business Bank		2,084,051		701,679
Taiwan Cement Corp.		1,896,529		2,188,996
Taiwan Cooperative Financial Holding Co., Ltd.		2,624,357		1,507,641
Taiwan Mobile Co., Ltd.		1,170,052		4,052,001
Taiwan Semiconductor Manufacturing Co., Ltd.		1,401,873		10,179,321
Taiwan Tea Corp.		382,711		191,997
Tatung Co., Ltd.(1)		1,214,645		1,022,708
Teco Electric & Machinery Co., Ltd.		989,000		562,805
Tong Yang Industry Co., Ltd.		379,826		454,244
Tripod Technology Corp.		152,979		398,894
TSRC Corp.		271,887		239,396
TTY Biopharm Co., Ltd.		307,255		765,576
Tung Ho Steel Enterprise Corp.		293,385		181,367
U-Ming Marine Transport Corp.		202,000		212,191
Uni-President Enterprises Corp.		3,855,626		8,747,096

Security	Shares		Value
Taiwan (continued)
United Microelectronics Corp.		1,596,361	$	577,238
Vanguard International Semiconductor Corp.		321,175		622,950
Walsin Lihwa Corp.		1,085,980		593,243
Wan Hai Lines, Ltd.		339,570		176,396
Waterland Financial Holdings		1,665,009		516,020
WPG Holdings Co., Ltd.		504,285		605,091
Yageo Corp.		35,362		366,273
YFY, Inc.		866,414		317,170
Yieh Phui Enterprise Co., Ltd.		1,096,420		367,271
Yuanta Financial Holding Co., Ltd.		4,019,729		2,020,838
Yulon Motor Co., Ltd.		512,420		303,499
			$	153,347,586
Thailand — 2.9%
Advanced Info Service PCL(7)		560,800	$	2,973,912
Airports of Thailand PCL(7)		2,309,500		4,561,602
AP Thailand PCL(7)		4,609,660		850,904
Bangkok Bank PCL(7)		198,400		1,238,229
Bangkok Dusit Medical Services PCL(7)		5,604,200		4,265,333
Bangkok Expressway & Metro PCL(7)		3,422,254		1,020,484
Banpu PCL(7)		2,037,000		926,968
BEC World PCL(1)(7)		1,693,300		250,833
Berli Jucker PCL(7)		497,900		776,680
Bumrungrad Hospital PCL(7)		559,800		3,222,284
Cal-Comp Electronics (Thailand) PCL(7)		1,957,091		106,480
Central Pattana PCL(7)		972,200		2,233,855
Charoen Pokphand Foods PCL(7)		1,619,600		1,224,043
CP ALL PCL(7)		1,593,800		3,365,496
Delta Electronics (Thailand) PCL(7)		1,516,370		3,238,128
Electricity Generating PCL(7)		382,000		2,911,383
Glow Energy PCL(7)		803,700		2,197,564
Hana Microelectronics PCL(7)		1,416,900		1,437,211
Home Product Center PCL(7)		1,565,760		730,678
Indorama Ventures PCL(7)		1,161,671		1,938,607
Intouch Holdings PCL(7)		927,871		1,360,761
IRPC PCL(7)		4,225,800		746,458
Italian-Thai Development PCL(1)(7)		4,014,629		264,040
Kasikornbank PCL(7)		364,900		2,075,750
KCE Electronics PCL(7)		656,600		529,207
Kiatnakin Bank PCL(7)		306,200		623,577
Krung Thai Bank PCL(7)		1,610,225		950,056
Land & Houses PCL(7)		896,600		272,960
Major Cineplex Group PCL(7)		1,583,200		1,002,135
Minor International PCL(7)		3,179,761		3,322,856
Precious Shipping PCL(1)(7)		933,750		248,412
PTT Exploration & Production PCL(7)		370,516		1,285,828

25 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Thailand (continued)
PTT Global Chemical PCL(7)		956,405	$	2,095,574
PTT PCL(7)		2,284,700		3,222,067
Quality House PCL(7)		9,121,583		734,876
Ratchaburi Electricity Generating Holding PCL(7)		578,300		901,805
Samart Corp. PCL(7)		718,600		140,196
Siam Cement PCL(7)		153,811		2,060,517
Siam City Cement PCL(7)		84,087		529,614
Siam Commercial Bank PCL(7)		439,500		1,804,057
Sino-Thai Engineering & Construction PCL(1)(7)		972,300		609,646
Super Energy Corp. PCL(1)(7)		8,463,500		137,916
SVI PCL(7)		1,450,800		217,583
Thai Airways International PCL(1)(7)		1,290,500		479,930
Thai Beverage PCL(7)		3,247,700		1,455,883
Thai Oil PCL(7)		462,600		940,174
Thai Union Group PCL(7)		1,779,692		886,216
Thanachart Capital PCL(7)		460,200		703,646
Thoresen Thai Agencies PCL(7)		2,257,887		360,930
TMB Bank PCL(7)		5,321,200		359,840
Total Access Communication PCL(7)		496,800		660,417
TPI Polene PCL(7)		14,633,600		889,974
True Corp. PCL(7)		7,849,382		1,255,274
TTW PCL(7)		4,040,000		1,538,876
WHA Corp. PCL(7)		2,277,900		299,872
			$	74,437,597
Tunisia — 0.2%
Attijari Bank		54,723	$	751,565
Banque de Tunisie		160,285		428,522
Banque Internationale Arabe de Tunisie		23,438		937,908
Banque Nationale Agricole(1)		93,315		437,722
Carthage Cement(1)(3)		469,841		324,581
Euro Cycles SA		34,571		213,204
Poulina Group		173,437		723,629
Societe D’Articles Hygieniques SA(1)		114,457		436,937
Societe Frigorifique et Brasserie de Tunis SA		135,340		1,069,443
Telnet Holding		110,412		355,231
Union Internationale de Banques SA		79,769		631,070
			$	6,309,812
Turkey — 3.0%
AG Anadolu Grubu Holding AS		107,100	$	207,466
Akbank T.A.S.		1,840,745		2,374,676
Aksa Akrilik Kimya Sanayii AS		335,654		473,075
Aksa Enerji Uretim AS(1)		1,312,563		663,227
Alarko Holding AS		404,315		158,157

Security	Shares		Value
Turkey (continued)
Anadolu Efes Biracilik ve Malt Sanayii AS		399,548	$	1,556,534
Arcelik AS		1,010,459		3,010,330
Aselsan Elektronik Sanayi Ve Ticaret AS		154,326		700,392
Aygaz AS		330,198		706,298
BIM Birlesik Magazalar AS		374,373		6,153,763
Cimsa Cimento Sanayi ve Ticaret AS		116,200		165,401
Coca-Cola Icecek AS		161,900		943,037
Dogan Sirketler Grubu Holding AS(1)		2,165,468		417,247
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		735,375		378,534
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		17,754,313		5,015,908
Enerjisa Enerji AS(2)		1,053,571		1,014,937
Enka Insaat ve Sanayi AS		1,566,921		1,356,504
Eregli Demir ve Celik Fabrikalari TAS		2,919,663		3,969,486
Ford Otomotiv Sanayi AS		260,260		2,455,219
Gubre Fabrikalari TAS(1)		386,800		215,961
Haci Omer Sabanci Holding AS		1,047,729		1,486,629
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1)		373,901		378,545
Is Gayrimenkul Yatirim Ortakligi AS		2,448,816		498,977
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1)		2,443,657		1,005,322
KOC Holding AS		1,034,806		2,769,628
Koza Altin Isletmeleri AS(1)		122,800		1,186,977
Migros Ticaret AS(1)		186,855		525,673
Net Holding AS(1)		1,199,227		443,744
Petkim Petrokimya Holding AS		1,696,103		1,611,787
Selcuk Ecza Deposu Ticaret ve Sanayi AS		243,000		127,972
Soda Sanayii AS		166,303		223,119
TAV Havalimanlari Holding AS		212,009		957,440
Tekfen Holding AS		152,291		594,837
Tofas Turk Otomobil Fabrikasi AS		469,986		1,500,200
Trakya Cam Sanayii AS		904,783		517,618
Tupras-Turkiye Petrol Rafinerileri AS		427,218		9,411,304
Turk Hava Yollari AO(1)		748,507		2,271,666
Turk Sise ve Cam Fabrikalari AS		401,274		429,729
Turk Telekomunikasyon AS(1)		2,183,657		1,607,138
Turkcell Iletisim Hizmetleri AS		3,847,629		8,823,101
Turkcell Iletisim Hizmetleri AS ADR		2,894		16,264
Turkiye Garanti Bankasi AS		1,637,600		2,454,559
Turkiye Halk Bankasi AS		540,082		713,698
Turkiye Is Bankasi AS, Class C		1,157,493		987,853
Turkiye Sinai Kalkinma Bankasi AS		1,676,550		256,041
Turkiye Vakiflar Bankasi TAO, Class D		905,498		664,923
Ulker Biskuvi Sanayi AS		357,929		991,879
Vestel Elektronik Sanayi ve Ticaret AS(1)		573,007		600,228

26 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Turkey (continued)
Yapi ve Kredi Bankasi AS(1)		1,927,043	$	581,862
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS(1)		262,604		221,949
Zorlu Enerji Elektrik Uretim AS(1)		3,437,974		799,209
			$	76,596,023
United Arab Emirates — 1.5%
Abu Dhabi Commercial Bank PJSC		2,035,444	$	4,515,032
Abu Dhabi National Hotels		832,200		663,997
Agthia Group PJSC		623,000		839,524
Air Arabia PJSC		6,041,100		1,677,637
Al Waha Capital PJSC		1,401,285		764,826
Aldar Properties PJSC		3,816,500		1,664,396
Arabtec Holding PJSC		1,822,819		944,546
Dana Gas PJSC		3,612,782		947,821
DP World, Ltd.		416,236		7,111,123
Dubai Financial Market PJSC		1,713,500		371,363
Dubai Investments PJSC		1,379,272		472,783
Dubai Islamic Bank PJSC		1,037,500		1,412,358
Emaar Properties PJSC		3,506,022		3,941,557
Emirates Telecommunications Group Co. PJSC		676,655		3,128,766
First Abu Dhabi Bank PJSC		2,246,889		8,624,869
National Central Cooling Co. (Tabreed)		1,050,547		494,813
RAK Properties PJSC		1,262,100		169,750
Ras Al Khaimah Co. for White Cement & Construction Materials PSC		732,778		198,670
			$	37,943,831
Vietnam — 1.4%
Bank for Foreign Trade of Vietnam JSC		1,367,969	$	3,167,768
Bank for Investment and Development of Vietnam JSC(1)		599,090		895,425
Bao Viet Holdings		371,340		1,427,737
Danang Rubber JSC		277,686		257,936
Development Investment Construction Corp.(1)		624,775		418,257
FLC Faros Construction JSC(1)		365,126		610,292
FPT Corp.		2		4
Gemadept Corp.		810,119		915,995
HAGL JSC(1)		1,003,770		211,747
Hoa Phat Group JSC(1)		4,228,193		5,659,306
KIDO Group Corp.		387,216		402,795
Kinh Bac City Development Share Holding Corp.(1)		590,200		336,659
Masan Group Corp.(1)		644,430		2,153,420
PetroVietnam Drilling & Well Services JSC(1)		824,017		516,454
PetroVietnam Fertilizer & Chemical JSC		342,540		329,483
PetroVietnam Gas JSC		537,240		2,009,051
PetroVietnam Technical Services Corp.		705,772		537,719

Security	Shares		Value
Vietnam (continued)
Pha Lai Thermal Power JSC		636,420	$	497,808
Saigon Securities, Inc.		143,640		165,381
Song Da Urban & Industrial Zone Investment and Development JSC		2		2
Tan Tao Investment & Industry JSC(1)		2,064,767		273,128
Vietjet Aviation JSC		268,574		1,386,635
Vietnam Construction and Import-Export JSC		459,600		447,396
Vietnam Dairy Products JSC		890,400		4,618,353
Vietnam Joint Stock Commercial Bank for Industry and Trade(1)		684,823		571,732
Vietnam National Petroleum Group		309,590		706,785
Vincom Retail JSC(1)		170,213		204,574
Vingroup JSC(1)		1,717,244		7,067,101
Vinh Son - Song Hinh Hydropower JSC		750,120		541,876
			$	36,330,819
Total Common Stocks (identified cost $2,145,764,237)			$	2,569,312,636
Rights(1)  — 0.0%(6)
Security	Shares		Value
Attijari Bank, Exp. 5/25/48		22	$	0
Banque Nationale Agricole, Exp. 6/20/48		5		0
Lafarge Africa PLC, Exp. 1/22/19		5,197,052		1,430
Marcopolo SA, Exp. 1/17/19		16,578		3,678
Societe D’Articles Hygieniques SA, Exp. 8/6/48		7		0
Societe D’Articles Hygieniques SA, Exp. 12/3/48		114,457		21,443
Total Rights (identified cost $29,021)			$	26,551
Warrants(1)  — 0.0%(6)
Security	Shares		Value
Datasonic Group Bhd, Exp. 7/5/23, Strike MYR 1.09		797,200	$	14,468
Total Warrants (identified cost $0)			$	14,468
Total Investments — 99.7% (identified cost $2,145,793,258)			$	2,569,353,655
Other Assets, Less Liabilities — 0.3%			$	7,629,328
Net Assets — 100.0%			$	2,576,982,983

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

27 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Portfolio of Investments (Unaudited) — continued

⁽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 December 31, 2018, the aggregate value of these securities is $8,834,544 or 0.3% 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 December 31, 2018, the aggregate value of these securities is $46,992,504 or 1.8% 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.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Hong Kong Dollar		9.7	%	$	248,643,701
United States Dollar		8.8			226,683,543
South African Rand		7.3			189,233,719
New Taiwan Dollar		5.9			153,347,586
South Korean Won		5.8			149,131,057
Indian Rupee		5.8			148,956,265
Brazilian Real		5.6			144,968,557
Mexican Peso		5.4			140,005,239
Polish Zloty		3.0			77,557,848
New Turkish Lira		3.0			76,579,759
Indonesian Rupiah		3.0			76,099,834
Philippine Peso		2.9			75,489,974
Malaysian Ringgit		2.9			74,156,423
Thai Baht		2.8			72,981,714
Euro		2.6			66,645,163
Chilean Peso		2.2			57,399,906
Kuwaiti Dinar		2.0			51,509,013
Russian Ruble		1.9			47,701,693
Chinese Yuan Renminbi		1.5			37,570,713
United Arab Emirates Dirham		1.4			37,232,448
Qatari Riyal		1.4			37,007,270
Vietnamese Dong		1.4			36,330,819
Colombian Peso		1.1			27,183,336
Other currency, less than 1% each		12.3			316,938,075
Total Investments		99.7	%	$	2,569,353,655

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		20.3	%	$	522,668,356
Communication Services		11.8			303,418,751
Materials		11.4			294,153,189
Consumer Staples		10.3			264,607,909
Industrials		9.9			254,175,497
Energy		9.1			235,070,552
Consumer Discretionary		7.6			195,530,922
Utilities		6.4			164,607,635
Real Estate		4.5			116,197,706
Health Care		4.3			111,685,073
Information Technology		4.1			107,238,065
Total Investments		99.7	%	$	2,569,353,655

Abbreviations:

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

Currency Abbreviations:

MYR – Malaysian Ringgit

28 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Statement of Assets and Liabilities (Unaudited)

Assets	December 31, 2018
Unaffiliated investments, at value (identified cost, $2,145,793,258)	$	2,569,353,655
Cash		204,242
Foreign currency, at value (identified cost, $5,627,571)		5,602,022
Dividends receivable		5,020,991
Receivable for investments sold		22,091,932
Receivable for Fund shares sold		3,864,557
Tax reclaims receivable		200,383
Total assets	$	2,606,337,782
Liabilities
Demand note payable	$	15,000,000
Payable for investments purchased		336,721
Payable for Fund shares redeemed		8,916,331
Payable to affiliates:
Investment adviser fee		1,027,654
Administration fee		1,141,838
Accrued foreign capital gains taxes		2,871,955
Accrued expenses		60,300
Total liabilities	$	29,354,799
Net Assets	$	2,576,982,983
Sources of Net Assets
Paid-in capital	$	2,267,418,022
Distributable earnings		309,564,961
Total	$	2,576,982,983
Institutional Class Shares
Net Assets	$	2,576,982,983
Shares Outstanding		58,070,478
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	44.38

29 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Statement of Operations (Unaudited)

Investment Income	Six Months Ended December 31, 2018
Dividends (net of foreign taxes, $6,454,219)	$	41,788,368
Interest		15,562
Total investment income	$	41,803,930
Expenses
Investment adviser fee	$	6,800,639
Administration fee		7,556,266
Interest expense and fees		105,001
Total expenses	$	14,461,906
Net investment income	$	27,342,024
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $271,615)	$	(56,020,442	)
Foreign currency transactions		(1,255,910	)
Net realized loss	$	(57,276,352	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $283,083)	$	(172,124,970	)
Foreign currency		117,594
Net change in unrealized appreciation (depreciation)	$	(172,007,376	)
Net realized and unrealized loss	$	(229,283,728	)
Net decrease in net assets from operations	$	(201,941,704	)

30 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
From operations —
Net investment income	$	27,342,024		$	67,340,381
Net realized gain (loss)		(57,276,352	)		62,629,778
Net change in unrealized appreciation (depreciation)		(172,007,376	)		11,032,052
Net increase (decrease) in net assets from operations	$	(201,941,704	)	$	141,002,211
Distributions to shareholders(1) —
Institutional Class	$	(57,500,535	)	$	(64,914,501	)
Distributions to shareholders	$	(57,500,535	)	$	(64,914,501	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	118,288,969		$	384,045,332
Net asset value of shares issued to shareholders in payment of distributions declared		51,412,970			59,165,671
Cost of shares redeemed		(591,049,762	)		(672,980,908	)
Redemption fees		—			756,888
Net decrease in net assets from Fund share transactions	$	(421,347,823	)	$	(229,013,017	)
Net decrease in net assets	$	(680,790,062	)	$	(152,925,307	)
Net Assets
At beginning of period	$	3,257,773,045		$	3,410,698,352
At end of period	$	2,576,982,983		$	3,257,773,045	(2)

⁽¹⁾   For the year ended June 30, 2018, the source of distributions was from net investment income. The current period presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018.

⁽²⁾  Includes accumulated distributions in excess of net investment income of $(114,522) at June 30, 2018. The requirement to disclose the corresponding amount as of December 31, 2018 was eliminated.

31 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Financial Highlights

	Institutional Class
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	48.590		$	47.740		$	41.370		$	46.230		$	52.430		$	45.870
Income (Loss) From Operations
Net investment income(1)	$	0.431		$	0.967		$	0.777		$	0.799		$	0.838		$	0.805
Net realized and unrealized gain (loss)		(3.639	)		0.811			6.232			(5.019	)		(6.134	)		6.518
Total income (loss) from operations	$	(3.208	)	$	1.778		$	7.009		$	(4.220	)	$	(5.296	)	$	7.323
Less Distributions
From net investment income	$	(1.002	)	$	(0.939	)	$	(0.699	)	$	(0.802	)	$	(0.981	)	$	(0.854	)
Total distributions	$	(1.002	)	$	(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 period	$	44.380		$	48.590		$	47.740		$	41.370		$	46.230		$	52.430
Total Return(3)		(6.59	)%(4)		3.63	%		17.34	%		(8.64	)%		(9.93	)%		16.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,576,983		$	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		0.96	%(5)(6)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.81	%(5)		1.86	%		1.75	%		1.99	%		1.71	%		1.65	%
Portfolio Turnover		2	%(4)		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.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

⁽⁶⁾  Includes interest expense of 0.01%.

32 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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

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

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

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

Short-Term Debt Securities. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued on the basis of valuations provided by a third party pricing service. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less are 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 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.

33

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Notes to Financial Statements (Unaudited) — continued

As of December 31, 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  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

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

I  Redemption Fees — Fund shares acquired on or after April 1, 2005 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.

J  Interim Financial Statements — The interim financial statements relating to December 31, 2018 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Shareholders may reinvest income and capital gain distributions in additional shares of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

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.

34

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2018, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	2,182,157,543
Gross unrealized appreciation	$	778,691,031
Gross unrealized depreciation		(391,494,919	)
Net unrealized appreciation	$	387,196,112

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 six months ended December 31, 2018, the investment adviser fee amounted to $6,800,639. 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 six months ended December 31, 2018, the administration fee amounted to $7,556,266. 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 aggregated $756,888, which were paid to the Fund by EVM. Such payment has 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 six months ended December 31, 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 $72,755,949 and $518,294,709, respectively, for the six months ended December 31, 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:

	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
Sales		2,541,431			7,355,274
Issued to shareholders electing to receive payments of distributions in Fund shares		1,166,885			1,143,077
Redemptions		(12,684,956	)		(12,887,177	)
Net decrease		(8,976,640	)		(4,388,826	)

For the year ended June 30, 2018, the Fund received $756,888 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 29, 2019. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated

35

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Notes to Financial Statements (Unaudited) — continued

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. At December 31, 2018, the Fund had a balance outstanding pursuant to this line of credit of $15,000,000 at an interest rate of 3.40%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at December 31, 2018. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 8) at December 31, 2018. Average borrowings and the average annual interest rate (excluding fees) for the six months ended December 31, 2018 were $4,638,000 and 3.27%, respectively.

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 a 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.

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 December 31, 2018, the hierarchy of inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	18,253,417	$	1,157,221,143		$	30,601	$	1,175,505,161
Emerging Europe		17,660,270		433,127,988			0		450,788,258
Latin America		466,517,066		1,194,015			174,004		467,885,085
Middle East/Africa		5,094,731		469,669,151			370,250		475,134,132
Total Common Stocks	$	507,525,484	$	2,061,212,297	**	$	574,855	$	2,569,312,636
Rights	$	25,121	$	1,430		$	—	$	26,551
Warrants		14,468		—			—		14,468
Total Investments	$	507,565,073	$	2,061,213,727		$	574,855	$	2,569,353,655

* 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 six months ended December 31, 2018 is not presented.

36

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Special Meeting of Shareholders (Unaudited)

The Fund held a Special Meeting of Shareholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to the Fund were as follows:

	Number of Shares
Nominee for Trustee	For		Withheld
Mark R. Fetting		36,704,985		2,172,136
Keith Quinton		36,706,694		2,170,428
Marcus L. Smith		36,341,683		2,535,439
Susan J. Sutherland		36,705,727		2,171,394
Scott E. Wennerholm		36,704,353		2,172,768

Results are rounded to the nearest whole number.

37

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2018

Officers and Trustees

Officers of Parametric Tax-Managed Emerging Markets Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Parametric Tax-Managed Emerging Markets Fund

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

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

38

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.

39

This Page Intentionally Left Blank

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

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.

7736    12.31.18

Item 2. Code of Ethics

Not required in this filing

Item 3. Audit Committee Financial Expert

Not required in this filing

Item 4. Principal Accountant Fees and Services

Not required in this filing

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1) Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i) Treasurer’s Section 302 certification.

(a)(2)(ii) President’s Section 302 certification.

(b) Combined Section 906 certification.

Signatures

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

Eaton Vance Series Trust II

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	February 25, 2019

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	February 25, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	February 25, 2019