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

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02258

Eaton Vance Series Trust II

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

June 30

Date of Fiscal Year End

December 31, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric

Tax-Managed Emerging Markets Fund

Semiannual Report

December 31, 2020

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser and Parametric Portfolio Associates LLC (Parametric), sub-adviser to the Fund, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

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

Semiannual Report December 31, 2020

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
Board of Trustees’ Contract Approval	32
Officers and Trustees	37
Important Notices	38

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Performance^1,2

Portfolio Managers Thomas C. Seto, Paul W. Bouchey, CFA and Jennifer Sireklove, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Institutional Class at NAV		06/30/1998		06/30/1998		25.89	%		4.46	%		7.76	%		1.72	%
MSCI Emerging Markets Index		—		—		31.14	%		18.31	%		12.79	%		3.63	%
% After-Tax Returns			Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Return After Taxes on Distributions				06/30/1998		06/30/1998			4.41	%		7.56	%		1.53	%
Return After Taxes on Distributions and Sales of Fund Shares				—		—			3.34			6.58			1.54
% Total Annual Operating Expense Ratio3														Institutional Class
															0.96	%

See Endnotes and Additional Disclosures in this report.

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

2

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Fund Profile

Sector Allocation (% of net assets)⁴

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁴

Tencent Holdings, Ltd.	1.2	%
Samsung Electronics Co., Ltd.	1.0
Delta Electronics (Thailand) PCL	1.0
Taiwan Semiconductor Manufacturing Co., Ltd.	0.9
Naspers, Ltd., Class N	0.7
America Movil SAB de CV, Series L	0.7
Alibaba Group Holding, Ltd. ADR	0.6
Xiaomi Corp., Class B	0.6
MercadoLibre, Inc.	0.6
Yandex NV, Class A	0.5
Total	7.8	%

See Endnotes and Additional Disclosures in this report.

3

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

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. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

³  Source: Fund prospectus. The expense ratios 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.

4

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2020 – December 31, 2020).

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

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

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

	Beginning Account Value (7/1/20)		Ending Account Value (12/31/20)		Expenses Paid During Period* (7/1/20 – 12/31/20)		Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	1,258.90	$	5.47		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, 2020.

5

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited)

Common Stocks — 99.8%
Security	Shares		Value
Argentina — 0.8%
Banco BBVA Argentina S.A.(1)		76,594	$	82,052
Banco Macro S.A., Class B(1)		130,676		209,128
IRSA Inversiones y Representaciones S.A.(1)		119,544		54,123
IRSA Propiedades Comerciales S.A.		2,120		4,863
Ledesma SAAI(1)		259,501		54,242
MercadoLibre, Inc.(1)		3,131		5,245,114
Molinos Agro S.A.		18,283		85,754
Molinos Rio de la Plata S.A., Class B(1)		75,026		45,915
Pampa Energia S.A. ADR(1)(2)		10,175		140,211
Ternium Argentina S.A.(1)		2,005,200		648,856
Transportadora de Gas del Sur S.A.(1)		262,657		281,831
			$	6,852,089
Bahrain — 0.8%
Ahli United Bank BSC		5,761,255	$	4,310,108
Al Salam Bank-Bahrain BSC		6,187,186		1,198,363
GFH Financial Group BSC		1,581,727		262,848
Ithmaar Holding BSC(1)		21,954,746		1,514,320
			$	7,285,639
Bangladesh — 0.6%
Al-Arafah Islami Bank, Ltd.		329,780	$	86,054
Bangladesh Export Import Co., Ltd.		972,613		655,849
Beximco Pharmaceuticals, Ltd.		79,073		177,879
British American Tobacco Bangladesh Co., Ltd.		22,713		316,559
Grameenphone, Ltd.		129,381		530,228
Heidelberger Cement Bangladesh, Ltd.(1)		32,500		57,151
Islami Bank Bangladesh, Ltd.		194,041		61,330
Jamuna Oil Co., Ltd.		73,522		144,080
Khulna Power Co., Ltd.		231,595		123,845
LafargeHolcim Bangladesh, Ltd.		194,809		109,851
LankaBangla Finance, Ltd.		859,779		317,602
Meghna Petroleum, Ltd.		59,059		138,042
Olympic Industries, Ltd.		99,202		223,936
Padma Oil Co., Ltd.(1)		75,914		183,553
Pubali Bank, Ltd.		1,761,286		510,740
Social Islami Bank, Ltd.		1,264,818		194,082
Southeast Bank, Ltd.		60,387		8,904
Square Pharmaceuticals, Ltd.		292,370		756,886
Summit Power, Ltd.		597,049		279,114
Titas Gas Transmission & Distribution Co., Ltd.		302,869		110,204
Unique Hotel & Resorts, Ltd.		394,668		184,824
United Commercial Bank, Ltd.		1,467,687		247,224
			$	5,417,937

Security	Shares		Value
Botswana — 0.6%
Absa Bank Botswana, Ltd.		773,249	$	363,984
Botswana Insurance Holdings, Ltd.		560,747		907,709
First National Bank of Botswana, Ltd.		5,711,600		1,157,773
Letshego Holdings, Ltd.		4,193,706		279,695
Sechaba Breweries Holdings, Ltd.		1,086,400		2,075,160
			$	4,784,321
Brazil — 4.8%
Aliansce Sonae Shopping Centers S.A.(1)		29,996	$	169,164
AMBEV S.A.		307,425		929,387
Atacadao S.A.		41,200		153,623
B2W Cia Digital(1)		32,528		473,692
B3 S.A. - Brasil Bolsa Balcao		56,285		673,888
Banco Bradesco S.A., PFC Shares		162,083		852,495
Banco do Brasil S.A.		56,600		425,501
BR Malls Participacoes S.A.(1)		79,954		152,965
Braskem S.A., PFC Shares		39,300		179,104
BRF S.A.(1)		48,966		208,368
CCR S.A.		160,000		416,240
Centrais Eletricas Brasileiras S.A., PFC Shares		65,766		471,941
Cia Brasileira de Distribuicao		17,556		253,836
Cia de Saneamento Basico do Estado de Sao Paulo ADR		48,898		420,034
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		54,852		294,289
Cielo S.A.		523,500		404,563
Cosan S.A.		18,884		275,802
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		64,624		368,538
EDP-Energias do Brasil S.A.		91,800		349,100
Embraer S.A. ADR(1)(2)		3,652		24,870
Engie Brasil Energia S.A.		30,425		258,446
Equatorial Energia S.A.		54,600		244,632
Ez Tec Empreendimentos e Participacoes S.A.		37,357		310,325
Fleury S.A.		70,600		368,413
Gol Linhas Aereas Inteligentes S.A., PFC Shares(1)		103,400		496,139
Hapvida Participacoes e Investimentos S.A.(3)		290,500		857,049
Hypera S.A.		162,000		1,071,358
Iguatemi Empresa de Shopping Centers S.A.		12,000		86,170
Instituto Hermes Pardini S.A.		81,900		357,417
Itau Unibanco Holding S.A., PFC Shares		100,193		613,191
Itausa S.A., PFC Shares		110,154		249,975
JBS S.A.		96,402		439,369
Klabin S.A., PFC Shares		498,200		498,846
Linx S.A.		60,800		440,277
Localiza Rent a Car S.A.		65,232		869,371
Lojas Americanas S.A., PFC Shares		142,784		722,742

6 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Brazil (continued)
Lojas Renner S.A.		82,050	$	689,918
Magazine Luiza S.A.		225,872		1,083,093
MRV Engenharia e Participacoes S.A.		75,500		276,464
Multiplan Empreendimentos Imobiliarios S.A.		44,500		202,311
Natura & Co. Holding S.A.(1)		58,700		595,902
Notre Dame Intermedica Participacoes S.A.		183,700		2,784,640
Odontoprev S.A.		109,000		305,725
Pagseguro Digital, Ltd., Class A(1)		72,200		4,106,736
Petroleo Brasileiro S.A., PFC Shares		764,791		4,151,943
Raia Drogasil S.A.		89,500		430,233
Rumo S.A.(1)		174,299		644,619
StoneCo, Ltd., Class A(1)		49,200		4,128,864
Suzano S.A.(1)		31,841		357,577
Telefonica Brasil S.A.		74,605		670,766
TIM S.A.		266,675		755,720
Totvs S.A.		206,500		1,144,066
Transmissora Alianca de Energia Electrica S.A.		73,176		470,617
Ultrapar Participacoes S.A.		73,348		335,775
Vale S.A.		127,518		2,146,286
Weg S.A.		96,014		1,402,268
			$	42,064,643
Bulgaria — 0.2%
Bulgartabak Holding(1)		3,450	$	9,805
CB First Investment Bank AD(1)		54,000		62,079
Chimimport AD(1)		697,285		409,649
Industrial Holding Bulgaria PLC(1)		576,865		285,585
Petrol AD(1)		19,052		3,665
Sopharma AD		303,500		606,376
			$	1,377,159
Chile — 2.5%
Banco de Chile		12,373,880	$	1,262,976
Banco de Credito e Inversiones S.A.		12,617		495,771
Banco Santander Chile ADR		43,749		830,794
Besalco S.A.		309,151		158,676
CAP S.A.		25,648		344,849
Cencosud S.A.		381,660		680,067
Cencosud Shopping S.A.		328,092		526,726
Cia Cervecerias Unidas S.A. ADR		59,200		870,240
Cia Sud Americana de Vapores S.A.(1)		27,760,187		1,120,685
Colbun S.A.		2,705,331		477,721
Embotelladora Andina S.A., Series B ADR		34,372		513,641
Empresa Nacional de Telecomunicaciones S.A.		61,526		382,250
Empresas CMPC S.A.		387,590		1,020,556

Security	Shares		Value
Chile (continued)
Empresas COPEC S.A.		284,657	$	2,883,317
Enel Americas S.A.		4,048,040		660,098
Enel Americas S.A. ADR(2)		37,771		310,478
Enel Chile S.A.		2,225,685		173,250
Enel Chile S.A. ADR		116,106		451,652
Engie Energia Chile S.A.		272,651		333,878
Falabella S.A.		657,442		2,433,877
Inversiones Aguas Metropolitanas S.A.		204,719		169,852
Parque Arauco S.A.		795,081		1,304,001
Plaza S.A.		195,358		307,238
Quinenco S.A.		108,178		190,130
Ripley Corp. S.A.		711,208		221,332
Salfacorp S.A.		244,063		140,140
Sociedad Matriz SAAM S.A.		4,132,200		326,494
Sociedad Quimica y Minera de Chile S.A. ADR		37,400		1,835,966
Sonda S.A.		466,435		286,069
Vina Concha y Toro S.A.		351,578		610,547
			$	21,323,271
China — 19.5%
21Vianet Group, Inc. ADR(1)		8,500	$	294,865
3SBio, Inc.(1)(3)		527,000		481,105
AAC Technologies Holdings, Inc.(2)		86,000		476,689
AECC Aviation Power Co., Ltd.		66,500		604,439
Agile Group Holdings, Ltd.		178,000		236,921
Air China, Ltd., Class H		466,000		367,377
Aisino Corp.		73,800		142,265
Alibaba Group Holding, Ltd. ADR(1)		24,100		5,608,793
Aluminum Corp. of China, Ltd., Class H(1)		1,578,000		555,551
Anhui Conch Cement Co., Ltd., Class H		318,000		1,992,926
ANTA Sports Products, Ltd.		69,143		1,097,099
AVIC Xi’an Aircraft Industry Group Co., Ltd., Class A		162,200		910,969
Baidu, Inc. ADR(1)		7,900		1,708,296
Bank of Beijing Co., Ltd.		395,520		292,835
Bank of China, Ltd., Class H		927,275		313,839
Bank of Ningbo Co., Ltd., Class A		42,571		230,155
BBMG Corp., Class H		1,283,000		248,422
BeiGene, Ltd. ADR(1)		4,425		1,143,376
Beijing Capital International Airport Co., Ltd., Class H		596,000		497,454
Beijing Enterprises Holdings, Ltd.		95,500		311,879
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A		123,928		735,751
Beijing Originwater Technology Co., Ltd., Class A		171,376		200,734
Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A		459,880		399,842
Beijing Tongrentang Co., Ltd.		47,000		171,915

7 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
BOE Technology Group Co., Ltd., Class A		911,100	$	837,506
BYD Co., Ltd., Class H(2)		13,672		359,960
BYD Electronic (International) Co., Ltd.(2)		92,500		485,282
CGN Power Co., Ltd., Class H(3)		1,844,000		397,654
Changchun High & New Technology Industry Group, Inc., Class A		11,600		796,345
Chaozhou Three-Circle Group Co., Ltd., Class A		49,900		284,682
China Aoyuan Group, Ltd.		236,000		229,624
China Bluechemical, Ltd., Class H		674,000		107,062
China Communications Services Corp., Ltd., Class H		560,000		247,387
China Conch Venture Holdings, Ltd.		173,000		841,829
China Construction Bank Corp., Class H		2,509,745		1,893,048
China Dongxiang Group Co., Ltd.		878,000		91,865
China Eastern Airlines Corp., Ltd., Class H		1,436,000		622,341
China Everbright Environment Group, Ltd.		875,148		494,349
China Evergrande Group		378,000		726,542
China Fortune Land Development Co., Ltd.		68,120		134,746
China Gas Holdings, Ltd.		517,200		2,049,508
China International Marine Containers Co., Ltd.		496,574		723,116
China Jinmao Holdings Group, Ltd.		422,000		194,378
China Life Insurance Co., Ltd., Class H		146,000		321,416
China Longyuan Power Group Corp., Ltd., Class H		678,000		681,730
China Mengniu Dairy Co., Ltd.		294,000		1,772,569
China Merchants Bank Co., Ltd., Class H		96,500		610,463
China Merchants Port Holdings Co., Ltd.		424,000		519,005
China Merchants Shekou Industrial Zone Holdings Co., Ltd.(4)		935,251		0
China Minsheng Banking Corp., Ltd., Class H		359,420		204,887
China Mobile, Ltd.		139,920		797,607
China Modern Dairy Holdings, Ltd.(1)(2)		1,762,000		422,447
China Molybdenum Co., Ltd., Class H		1,020,000		667,383
China National Building Material Co., Ltd., Class H		872,000		1,049,618
China National Nuclear Power Co., Ltd.		227,000		170,835
China Northern Rare Earth Group High-Tech Co., Ltd.(1)		185,300		371,460
China Oilfield Services, Ltd., Class H		1,274,000		1,079,893
China Overseas Land & Investment, Ltd.		355,860		773,104
China Pacific Insurance (Group) Co., Ltd., Class H		74,600		291,684
China Petroleum & Chemical Corp., Class H		5,166,200		2,300,715
China Railway Construction Corp., Ltd., Class H		442,500		242,498
China Railway Group, Ltd., Class H		1,372,000		605,471
China Resources Beer Holdings Co., Ltd.		214,000		1,967,903
China Resources Cement Holdings, Ltd.		712,000		795,257
China Resources Gas Group, Ltd.		198,000		1,052,457
China Resources Land, Ltd.		307,111		1,265,570
China Resources Pharmaceutical Group, Ltd.(3)		278,000		142,952
China Shenhua Energy Co., Ltd., Class H		371,074		699,469

Security	Shares		Value
China (continued)
China Shipbuilding Industry Co., Ltd.(1)		375,300	$	240,404
China Southern Airlines Co., Ltd., Class H(1)(2)		846,500		505,968
China State Construction Engineering Corp., Ltd.		331,520		252,098
China Tourism Group Duty Free Corp., Ltd.		11,076		479,398
China United Network Communications, Ltd., Class A		421,766		287,927
China Vanke Co., Ltd., Class H		293,517		1,013,282
China Yangtze Power Co., Ltd.		236,900		693,927
Chinasoft International, Ltd.		294,000		328,578
CIFI Holdings Group Co., Ltd.		514,000		435,568
CITIC Guoan Information Industry Co., Ltd., Class A(1)		585,250		211,486
CNOOC, Ltd.		1,737,316		1,593,851
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		1,068,000		420,349
COSCO SHIPPING Holdings Co., Ltd., Class H(1)		597,150		715,914
Country Garden Holdings Co., Ltd.		859,000		1,185,655
Country Garden Services Holdings Co., Ltd.		153,425		1,038,006
CSPC Pharmaceutical Group, Ltd.		1,538,560		1,566,469
Daqin Railway Co., Ltd.		370,862		366,444
Daqo New Energy Corp. ADR(1)		9,500		544,920
Dawning Information Industry Co., Ltd., Class A		30,316		158,880
Digital China Holdings, Ltd.(2)		225,000		184,789
Dong-E-E-Jiao Co., Ltd., Class A		25,300		149,760
Dongfeng Motor Group Co., Ltd., Class H		586,000		684,759
East Money Information Co., Ltd., Class A		55,145		261,283
Financial Street Holdings Co., Ltd., Class A		173,966		171,629
Ganfeng Lithium Co., Ltd., Class A		31,100		481,973
GD Power Development Co., Ltd.		566,200		194,962
GDS Holdings, Ltd. ADR(1)		8,900		833,396
GEM Co., Ltd., Class A		217,400		232,588
Gemdale Corp.		128,201		264,529
GoerTek, Inc., Class A		251,200		1,435,607
Golden Eagle Retail Group, Ltd.		203,000		184,423
Gotion High-tech Co., Ltd., Class A(1)		63,830		382,659
Great Wall Motor Co., Ltd., Class H		561,759		1,932,782
Gree Electric Appliances, Inc. of Zhuhai, Class A		94,600		896,663
Guangdong Baolihua New Energy Stock Co., Ltd., Class A		257,300		287,345
Guangdong Investment, Ltd.		646,829		1,166,030
Guanghui Energy Co., Ltd.(1)		682,345		295,625
Guangzhou Automobile Group Co., Ltd., Class H		709,199		790,943
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		210,000		513,801
Guosen Securities Co., Ltd., Class A		94,600		197,287
Haier Smart Home Co., Ltd.		135,829		608,117
Han’s Laser Technology Industry Group Co., Ltd., Class A		46,800		306,410
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		102,900		763,649
Hansoh Pharmaceutical Group Co., Ltd.(1)(3)		56,000		271,390
Hengan International Group Co., Ltd.		144,000		1,019,605

8 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
Hengtong Optic-electric Co., Ltd.		98,560	$	211,118
Hesteel Co., Ltd., Class A(1)		1,141,600		391,442
Hua Hong Semiconductor, Ltd.(1)(2)(3)		58,000		330,204
Huadong Medicine Co., Ltd., Class A		53,160		215,974
Hualan Biological Engineering, Inc., Class A		59,670		385,788
Huaneng Power International, Inc., Class H		1,338,000		488,413
Huayu Automotive Systems Co., Ltd.		82,100		362,547
Hubei Energy Group Co., Ltd., Class A		272,100		161,449
Huishan Dairy(2)(4)		1,750,000		0
Hundsun Technologies, Inc.		37,433		601,085
Iflytek Co., Ltd., Class A		37,950		237,427
Industrial & Commercial Bank of China, Ltd., Class H		2,308,000		1,482,865
Industrial Bank Co., Ltd.		93,482		298,561
Inner Mongolia BaoTou Steel Union Co., Ltd.(1)		737,800		132,098
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		34,300		232,759
Innovent Biologics, Inc.(1)(3)		122,000		1,288,333
JD.com, Inc. ADR(1)		16,000		1,406,400
Jiangsu Expressway Co., Ltd., Class H		480,000		536,879
Jiangsu Hengrui Medicine Co., Ltd.		72,310		1,231,971
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		15,400		556,076
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A		81,550		351,891
Jiangxi Copper Co., Ltd., Class H		255,000		401,402
Jinke Properties Group Co., Ltd., Class A		244,151		264,634
Jinyu Bio-Technology Co., Ltd.		73,710		235,392
Jizhong Energy Resources Co., Ltd., Class A		283,400		180,510
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd.		41,300		420,912
Kangde Xin Composite Material Group Co., Ltd., Class A(1)(4)		56,492		0
Kingboard Holdings., Ltd.		71,200		300,407
Kingboard Laminates Holdings, Ltd.		180,500		294,921
Kingdee International Software Group Co., Ltd.		296,000		1,208,437
Kingsoft Corp, Ltd.		98,000		633,643
Kunlun Energy Co., Ltd.		330,000		286,006
Kweichow Moutai Co., Ltd.		9,410		2,875,682
KWG Group Holdings, Ltd.		165,500		226,119
KWG Living Group Holdings, Ltd.(1)		82,750		67,246
Lee & Man Paper Manufacturing, Ltd.		876,000		718,809
Lenovo Group, Ltd.		632,000		597,487
Lepu Medical Technology Beijing Co., Ltd., Class A		69,200		287,636
Li Ning Co., Ltd.		70,312		483,828
Logan Group Co., Ltd.		232,000		380,057
Longfor Group Holdings, Ltd.(3)		161,000		941,765
LONGi Green Energy Technology Co., Ltd.		123,033		1,737,098
Lonking Holdings, Ltd.		1,300,000		402,283
Luxshare Precision Industry Co., Ltd., Class A		205,651		1,767,427

Security	Shares		Value
China (continued)
Luye Pharma Group, Ltd.(2)(3)		1,117,000	$	519,592
Luzhou Laojiao Co., Ltd., Class A		31,300		1,082,896
Maanshan Iron & Steel Co., Ltd., Class H		2,099,000		579,939
MMG, Ltd.(1)		2,016,000		877,758
NARI Technology Co., Ltd.		85,600		348,409
NetEase, Inc. ADR		11,000		1,053,470
New Oriental Education & Technology Group, Inc. ADR(1)		6,105		1,134,370
Nine Dragons Paper Holdings, Ltd.		473,000		672,392
Oceanwide Holdings Co., Ltd., Class A		270,200		135,542
OneConnect Financial Technology Co., Ltd. ADR(1)		7,900		155,709
Oriental Pearl Group Co., Ltd., Class A		171,295		234,418
Ourpalm Co., Ltd., Class A(1)		213,800		167,166
Perfect World Co. Ltd., Class A		54,600		246,492
PetroChina Co., Ltd., Class H		5,480,300		1,696,939
Ping An Bank Co., Ltd., Class A		161,100		476,715
Ping An Insurance (Group) Co. of China, Ltd., Class H		158,046		1,923,359
Pingdingshan Tianan Coal Mining Co., Ltd.		262,515		238,365
Poly Developments and Holdings Group Co., Ltd., Class A		132,100		319,131
Poly Property Group Co., Ltd.		482,000		140,921
Qingling Motors Co., Ltd., Class H		1,448,966		288,065
SAIC Motor Corp., Ltd.		135,500		507,026
Sanan Optoelectronics Co., Ltd.		132,000		545,700
SDIC Power Holdings Co., Ltd.		112,800		149,028
Seazen Group, Ltd.		316,000		263,962
Semiconductor Manufacturing International Corp.(1)		388,200		1,088,612
Shandong Gold Mining Co., Ltd.		86,844		314,163
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		328,000		742,072
Shanghai Electric Group Co., Ltd., Class H(1)		1,644,000		505,304
Shanghai Fosun Pharmaceutical Group Co., Ltd.		232,500		1,111,354
Shanghai Industrial Holdings, Ltd.		291,000		397,698
Shanghai Industrial Urban Development Group, Ltd.		58,200		6,163
Shanghai Pudong Development Bank Co., Ltd., Class A		153,926		227,913
Shanxi Coking Coal Energy Group Co., Ltd., Class A		301,730		260,572
Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		151,520
Shenergy Co., Ltd.		227,799		181,817
Shengyi Technology Co., Ltd., Class A		46,800		201,946
Shenwan Hongyuan Group Co., Ltd., Class A		357,100		288,416
Shenzhen Energy Group Co., Ltd., Class A		290,352		270,421
Shenzhen Inovance Technology Co., Ltd., Class A		60,600		865,433
Shenzhen Salubris Pharmaceuticals Co., Ltd., Class A		56,300		243,688
Shenzhen Sunway Communication Co., Ltd., Class A		52,400		287,955
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		219,739		162,132
Shimao Group Holdings, Ltd.		137,000		436,387
Sichuan Chuantou Energy Co., Ltd.		152,000		233,711
Sino Biopharmaceutical, Ltd.		1,654,750		1,595,825

9 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
Sino-Ocean Group Holding, Ltd.		739,000	$	147,495
Sinopec Oilfield Service Corp., Class H(1)		2,725,500		214,825
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,272,000		270,971
Sinopharm Group Co., Ltd., Class H		398,400		966,448
Sunac China Holdings, Ltd.		267,000		986,957
Sunac Services Holdings, Ltd.(1)(3)		8,590		19,014
Sunny Optical Technology Group Co., Ltd.		68,800		1,503,176
TBEA Co., Ltd.		168,219		261,448
TCL Technology Group Corp., Class A		372,800		403,857
Tencent Holdings, Ltd.		141,211		10,160,664
Tianqi Lithium Corp., Class A(1)		41,411		248,887
Tingyi (Cayman Islands) Holding Corp.		366,000		626,047
Tonghua Dongbao Pharmaceutical Co., Ltd.		106,833		218,573
Tongling Nonferrous Metals Group Co., Ltd., Class A		443,200		174,330
TravelSky Technology, Ltd., Class H		93,000		224,680
Trip.com Group, Ltd. ADR(1)		12,900		435,117
Tsingtao Brewery Co., Ltd., Class H		98,000		1,026,736
Uni-President China Holdings, Ltd.		290,000		295,300
United Laboratories International Holdings, Ltd. (The)		362,000		256,570
Wanhua Chemical Group Co., Ltd.		52,720		734,592
Want Want China Holdings, Ltd.		1,092,000		789,497
Weichai Power Co., Ltd., Class H		222,200		446,781
Weimob, Inc.(1)(2)(3)		164,000		295,643
Wens Foodstuffs Group Co., Ltd., Class A		90,033		251,234
WH Group, Ltd.(3)		1,203,500		1,009,197
Will Semiconductor Co., Ltd. Shanghai, Class A		6,500		230,099
Wuliangye Yibin Co., Ltd., Class A		31,400		1,402,335
Wuxi Biologics Cayman, Inc.(1)(3)		309,000		4,097,751
Xiaomi Corp., Class B(1)(3)		1,303,400		5,539,813
Xinjiang Zhongtai Chemical Co., Ltd., Class A		388,800		366,124
Xinyi Solar Holdings, Ltd.		488,000		1,279,637
Yang Quan Coal Industry Group Co., Ltd.		189,257		162,581
Yangzijiang Shipbuilding Holdings, Ltd.		316,000		228,437
Yanzhou Coal Mining Co., Ltd., Class H		1,388,000		1,112,393
Yihai International Holding, Ltd.		81,000		1,202,916
Yonghui Superstores Co., Ltd.		140,200		154,038
Yonyou Network Technology Co., Ltd., Class A		37,300		250,467
Yuexiu Property Co., Ltd.		1,520,000		305,836
Yunnan Baiyao Group Co., Ltd., Class A		19,521		339,271
Zhaojin Mining Industry Co., Ltd., Class H		409,500		487,989
Zhejiang Dahua Technology Co., Ltd., Class A		94,600		287,860
Zhejiang Expressway Co., Ltd., Class H		274,000		231,681
Zhejiang Huahai Pharmaceutical Co., Ltd.		77,088		398,970
Zhejiang Longsheng Group Co., Ltd.		220,600		459,897
Zhongjin Gold Corp., Ltd.		120,570		162,614
Zhuzhou CRRC Times Electric Co., Ltd., Class H		60,800		265,673

Security	Shares		Value
China (continued)
Zijin Mining Group Co., Ltd., Class H		1,382,000	$	1,565,769
ZTE Corp., Class H(2)		172,939		435,571
ZTO Express Cayman, Inc. ADR		40,900		1,192,644
			$	168,972,094
Colombia — 1.2%
Banco Davivienda S.A., PFC Shares		28,259	$	302,217
Bancolombia S.A.		54,507		560,554
Bancolombia S.A. ADR, PFC Shares		23,100		928,158
Celsia S.A. ESP		192,204		267,059
Cementos Argos S.A.		409,358		743,120
Corporacion Financiera Colombiana S.A.(1)		20,792		197,611
Ecopetrol S.A.		1,958,138		1,292,719
Ecopetrol S.A. ADR(2)		104,000		1,342,640
Grupo Argos S.A.		311,062		1,270,540
Grupo Aval Acciones y Valores S.A., PFC Shares		733,748		257,271
Grupo de Inversiones Suramericana S.A.		65,118		484,034
Grupo Energia Bogota S.A. ESP		707,211		549,399
Grupo Nutresa S.A.		205,474		1,446,634
Interconexion Electrica S.A.		125,281		944,526
			$	10,586,482
Croatia — 0.6%
AD Plastik DD(1)		38,787	$	1,004,210
Adris Grupa DD, PFC Shares(1)		19,843		1,227,296
Atlantic Grupa DD		2,582		559,837
Ericsson Nikola Tesla DD		2,151		522,190
Hrvatski Telekom DD		29,021		852,023
Koncar-Elektroindustrija DD(1)		2,519		236,626
Podravka Prehrambena Ind DD		1,386		108,821
Valamar Riviera DD(1)		132,515		634,877
Zagrebacka Banka DD(1)		30,550		268,060
			$	5,413,940
Czech Republic — 0.6%
CEZ AS		131,110	$	3,144,555
Komercni Banka AS(1)		43,654		1,334,739
New World Resources PLC, Class A(1)(4)		860,500		0
O2 Czech Republic AS		29,400		343,451
Philip Morris CR AS		807		563,230
			$	5,385,975
Egypt — 0.5%
Commercial International Bank Egypt SAE		375,498	$	1,418,488
Eastern Co. SAE		996,298		829,219

10 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Egypt (continued)
Egypt Kuwait Holding Co. SAE		594,062	$	606,678
Egyptian Financial Group-Hermes Holding Co.(1)		182,934		167,947
Egyptian International Pharmaceuticals EIPICO		37,035		101,632
ElSewedy Electric Co.		557,611		343,996
Medinet Nasr Housing		624,187		150,880
Oriental Weavers		872,035		377,509
Six of October Development & Investment Co.		151,330		142,692
Talaat Moustafa Group		1,012,938		418,616
			$	4,557,657
Estonia — 0.6%
AS Merko Ehitus(1)		10,598	$	122,529
AS Tallink Grupp(1)		3,453,838		3,116,355
AS Tallinna Kaubamaja Grupp		149,458		1,670,093
AS Tallinna Vesi		35,235		570,728
			$	5,479,705
Ghana — 0.3%
Aluworks, Ltd.(1)		5,176,100	$	96,997
CalBank PLC		5,036,062		591,673
Ghana Commercial Bank, Ltd.		1,285,170		875,348
Societe Generale Ghana, Ltd.		1,345,362		146,769
Standard Chartered Bank of Ghana, Ltd.		283,150		796,321
Unilever Ghana PLC(1)		249,000		351,654
			$	2,858,762
Greece — 1.2%
Aegean Airlines S.A.(1)		37,740	$	237,352
Athens Water Supply & Sewage Co. S.A.		36,893		309,721
Costamare, Inc.		34,966		289,518
Eurobank Ergasias Services and Holdings S.A.(1)		834,244		586,079
FF Group(1)(4)		43,721		0
GEK Terna Holding Real Estate Construction S.A.(1)		51,756		496,190
Hellenic Exchanges - Athens Stock Exchange S.A.		32,613		154,790
Hellenic Petroleum S.A.		55,867		367,904
Hellenic Telecommunications Organization S.A.		69,932		1,124,549
Holding Co. ADMIE IPTO S.A.		39,952		129,446
JUMBO S.A.		70,998		1,224,361
LAMDA Development S.A.(1)		23,069		200,147
Motor Oil (Hellas) Corinth Refineries S.A.		75,521		1,085,811
Mytilineos S.A.		75,802		1,100,384
National Bank of Greece S.A.(1)		121,470		332,550
OPAP S.A.		114,774		1,534,521
Piraeus Bank S.A.(1)		169,722		266,208
Public Power Corp. S.A.(1)		35,851		325,539

Security	Shares		Value
Greece (continued)
Terna Energy S.A.		5,946	$	95,904
Titan Cement International S.A.		29,410		494,102
			$	10,355,076
Hungary — 0.6%
Magyar Telekom Telecommunications PLC		60,229	$	77,115
MOL Hungarian Oil & Gas PLC(1)		225,304		1,661,080
OTP Bank Nyrt.(1)		35,063		1,580,099
Richter Gedeon Nyrt.		86,654		2,174,631
			$	5,492,925
India — 4.8%
ABB India, Ltd.		13,800	$	229,051
ACC, Ltd.		10,684		237,184
Adani Enterprises, Ltd.		58,300		381,491
Adani Gas, Ltd.		119,200		615,511
Adani Ports and Special Economic Zone, Ltd.		56,675		373,618
Adani Power, Ltd.(1)		277,511		188,870
Apollo Hospitals Enterprise, Ltd.		10,409		342,496
Ashok Leyland, Ltd.		170,067		223,261
Asian Paints, Ltd.		22,272		842,420
Aurobindo Pharma, Ltd.		41,848		526,235
Axis Bank, Ltd.(1)		50,638		430,020
Bajaj Auto, Ltd.		13,052		614,410
Bharat Forge, Ltd.		38,772		278,997
Bharat Petroleum Corp., Ltd.		36,600		191,387
Bharti Airtel, Ltd.		214,317		1,496,119
Biocon, Ltd.(1)		105,688		672,335
Bosch, Ltd.		1,400		245,192
Cadila Healthcare, Ltd.		39,469		257,549
Century Textiles & Industries, Ltd.		50,000		281,804
CESC, Ltd.		24,742		208,237
Cipla, Ltd.		84,769		950,872
Colgate-Palmolive (India), Ltd.		7,700		165,153
Container Corp. of India, Ltd.		67,087		365,937
Dabur India, Ltd.		16,400		119,792
Divi’s Laboratories, Ltd.		13,619		715,526
DLF, Ltd.		86,670		275,641
Dr. Reddy’s Laboratories, Ltd.		13,678		975,503
GAIL (India), Ltd.		158,191		267,728
GlaxoSmithKline Pharmaceuticals, Ltd.		16,000		355,138
Glenmark Pharmaceuticals, Ltd.		49,900		336,333
Godrej Consumer Products, Ltd.		21,460		218,162
Grasim Industries, Ltd.		39,759		502,891
Havells India, Ltd.		26,800		336,536

11 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
India (continued)
HCL Technologies, Ltd.		73,177	$	950,008
HDFC Bank, Ltd.(1)		10,638		209,845
Hero MotoCorp, Ltd.		11,538		491,113
Hindustan Petroleum Corp., Ltd.		84,030		252,838
Hindustan Unilever, Ltd.		29,373		963,723
Hindustan Zinc, Ltd.		79,702		261,119
Housing Development Finance Corp., Ltd.		21,092		736,465
ICICI Bank, Ltd.(1)		69,167		507,613
Indian Oil Corp., Ltd.		221,690		276,417
Indus Towers, Ltd.		49,905		157,495
Infosys, Ltd.		220,039		3,765,172
Ipca Laboratories, Ltd.		14,898		447,459
ITC, Ltd.		113,658		325,653
Jindal Steel & Power, Ltd.(1)		90,000		329,595
JSW Steel, Ltd.		71,838		380,632
Kotak Mahindra Bank, Ltd.(1)		23,341		637,861
Larsen & Toubro, Ltd.		63,749		1,126,515
Lupin, Ltd.		27,586		369,537
Mahindra & Mahindra, Ltd.		64,285		636,124
Maruti Suzuki India, Ltd.		6,387		670,500
Mphasis, Ltd.		18,625		393,262
Nestle India, Ltd.		1,800		453,320
NTPC, Ltd.		154,160		210,117
Petronet LNG, Ltd.		70,400		238,728
Piramal Enterprises, Ltd.		18,076		352,251
Power Grid Corporation of India, Ltd.		217,950		562,583
Reliance Industries, Ltd.		120,312		3,267,788
Siemens, Ltd.		19,300		415,404
State Bank of India GDR(1)(5)		8,912		334,682
Sun Pharmaceutical Industries, Ltd.		107,380		869,016
Tata Communications, Ltd.		33,686		507,297
Tata Consultancy Services, Ltd.		63,547		2,497,099
Tata Consumer Products, Ltd.		50,772		411,298
Tata Motors, Ltd.(1)		97,516		245,564
Tech Mahindra, Ltd.		51,695		691,497
Titan Co., Ltd.		26,876		574,820
Torrent Pharmaceuticals, Ltd.		7,307		280,113
UPL, Ltd.		25,559		163,544
Voltas, Ltd.		52,121		585,999
Wipro, Ltd.		147,018		778,241
WNS Holdings, Ltd. ADR(1)		6,100		439,505
			$	41,989,211
Indonesia — 2.5%
Ace Hardware Indonesia Tbk PT		2,611,600	$	319,199
Adaro Energy Tbk PT		8,410,800		857,148

Security	Shares		Value
Indonesia (continued)
Aneka Tambang Tbk		4,809,500	$	663,301
Astra Argo Lestari Tbk PT		213,500		187,546
Astra International Tbk PT		8,932,100		3,839,204
Bank Central Asia Tbk PT		447,700		1,079,194
Bank Mandiri Persero Tbk PT		1,991,000		898,437
Bank Negara Indonesia Persero Tbk PT		849,200		373,934
Bank Rakyat Indonesia Persero Tbk PT		3,280,900		975,422
Bukit Asam Tbk PT		1,322,400		264,896
Charoen Pokphand Indonesia Tbk PT		1,280,500		595,515
Gudang Garam Tbk PT(1)		100,500		293,354
Hanson International Tbk PT(1)(4)		110,720,800		0
Indah Kiat Pulp & Paper Corp. Tbk PT		912,300		677,887
Indocement Tunggal Prakarsa Tbk PT		778,500		802,667
Indofood CBP Sukses Makmur Tbk PT		340,600		232,212
Indofood Sukses Makmur Tbk PT		819,000		399,463
Jasa Marga (Persero) Tbk PT		1,299,900		428,595
Kalbe Farma Tbk PT		11,037,700		1,162,890
Mitra Keluarga Karyasehat Tbk PT		935,900		181,942
Pakuwon Jati Tbk PT(1)		7,972,000		289,412
Perusahaan Gas Negara Tbk PT		2,389,000		281,797
Semen Indonesia Persero Tbk PT		863,000		763,897
Sigmagold Inti Perkasa Tbk PT(1)(4)		27,503,000		0
Telkom Indonesia Persero Tbk PT		14,162,300		3,338,972
Unilever Indonesia Tbk PT		1,096,200		573,756
United Tractors Tbk PT		680,600		1,289,939
Vale Indonesia Tbk PT(1)		1,492,700		542,862
			$	21,313,441
Jordan — 0.5%
Arab Bank PLC(1)		398,340	$	2,317,152
Arab Potash Co. PLC		42,467		1,258,564
Bank of Jordan(1)		129,775		353,405
Capital Bank of Jordan(4)		81,573		112,648
Jordan Islamic Bank(1)		32,236		140,237
Jordan Petroleum Refinery		80,389		283,517
Jordanian Electric Power Co.		150,431		256,693
			$	4,722,216
Kazakhstan — 0.6%
Halyk Savings Bank of Kazakhstan JSC GDR(5)		86,823	$	1,011,952
KAZ Minerals PLC		278,195		2,496,933
Kcell JSC GDR(5)		262,322		1,828,141
			$	5,337,026

12 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Kenya — 0.6%
ABSA Bank Kenya PLC		1,204,620	$	104,046
ARM Cement, Ltd.(1)(4)		1,677,000		0
East African Breweries, Ltd.		900,076		1,286,068
Equity Group Holdings PLC(1)		1,017,400		340,356
KCB Group, Ltd.		1,031,560		363,683
Safaricom PLC		8,590,600		2,686,360
Standard Chartered Bank Kenya, Ltd.		76,415		100,394
			$	4,880,907
Kuwait — 1.1%
Agility Public Warehousing Co. KSC		655,535	$	1,459,104
Boubyan Petrochemicals Co. KSCP		276,626		583,677
Gulf Bank KSCP		303,877		218,923
Humansoft Holding Co. KSC(1)		35,701		446,373
Kuwait Finance House KSCP		683,049		1,522,128
Kuwait International Bank KSCP		372,153		254,855
Mabanee Co. KPSC		190,212		410,600
Mobile Telecommunications Co. KSCP		832,348		1,659,900
National Bank of Kuwait SAK		1,010,293		2,793,789
National Industries Group Holding SAK		477,963		277,417
			$	9,626,766
Lebanon — 0.0%
Bank Audi SAL GDR(1)(4)(5)		15,000	$	0
			$	0
Lithuania — 0.3%
Apranga PVA(1)		257,243	$	565,710
Klaipedos Nafta AB		1,576,663		616,726
Panevezio Statybos Trestas(1)		201,949		140,733
Rokiskio Suris		177,000		631,482
Siauliu Bankas(1)		1,523,204		925,800
			$	2,880,451
Malaysia — 2.2%
Axiata Group Bhd		392,075	$	364,873
Berjaya Sports Toto Bhd		473,582		258,041
Bursa Malaysia Bhd		117,800		243,707
Capitaland Malaysia Mall Trust		488,900		75,881
CIMB Group Holdings Bhd		205,024		219,511
Dialog Group Bhd		1,499,650		1,287,695
Digi.com Bhd		243,800		251,089
Fraser & Neave Holdings Bhd		26,000		207,661
Gamuda Bhd		558,200		541,054

Security	Shares		Value
Malaysia (continued)
Genting Bhd		391,000	$	434,292
Genting Malaysia Bhd		569,900		382,084
Globetronics Technology Bhd		839,766		565,556
Hartalega Holdings Bhd		324,500		982,180
Hong Leong Bank Bhd		56,700		256,824
IHH Healthcare Bhd		593,400		812,469
IJM Corp. Bhd		818,440		352,907
Inari Amertron Bhd		1,714,650		1,180,692
Kossan Rubber Industries		319,200		358,865
KPJ Healthcare Bhd		870,300		216,401
Kuala Lumpur Kepong Bhd		39,450		232,376
Magnum Bhd		624,119		354,166
Malayan Banking Bhd		188,486		396,799
Maxis Bhd		161,200		202,542
MISC Bhd		172,240		294,635
Muhibbah Engineering (M) Bhd		1,044,500		260,483
My EG Services Bhd		2,351,600		1,125,615
Pavilion Real Estate Investment Trust		771,100		287,486
Petronas Dagangan Bhd		122,000		649,962
Petronas Gas Bhd		50,974		217,876
PPB Group Bhd		54,460		250,876
Press Metal Aluminium Holdings Bhd		323,700		676,276
Public Bank Bhd		93,598		479,933
RHB Bank Bhd		70,159		95,207
Sapura Energy Bhd(1)		8,974,600		279,381
Serba Dinamik Holdings Bhd		719,500		315,857
Sime Darby Bhd		531,945		306,177
Sime Darby Plantation Bhd		207,609		258,054
Sunway Real Estate Investment Trust		512,000		191,018
Supermax Corp. Bhd(1)		334,368		502,338
Tenaga Nasional Bhd		117,331		304,364
Top Glove Corp. Bhd		866,420		1,323,817
UMW Holdings Bhd		92,500		78,378
VS Industry Bhd		850,875		550,344
Yinson Holdings Bhd		270,700		387,607
			$	19,013,349
Mauritius — 0.6%
Alteo, Ltd.		628,964	$	329,408
Attitude Property, Ltd.		629,246		180,866
CIEL, Ltd.		5,598,020		527,965
CIM Financial Services, Ltd.		2,411,765		390,052
ENL, Ltd.		508,787		193,258
IBL, Ltd.		309,981		370,325
Lavastone, Ltd.		2,649,077		102,431
MCB Group, Ltd.		148,006		887,609

13 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Mauritius (continued)
Phoenix Beverages, Ltd.		33,742	$	502,642
Rogers & Co., Ltd.		608,300		344,791
SBM Holdings, Ltd.		3,504,538		317,858
Terra Mauricia, Ltd.		506,473		252,918
United Basalt Products, Ltd.		187,150		571,190
			$	4,971,313
Mexico — 4.9%
Alfa SAB de CV, Series A		1,398,720	$	1,006,541
America Movil SAB de CV, Series L		8,221,090		5,986,261
Arca Continental SAB de CV		162,800		778,514
Cemex SAB de CV, Series CPO(1)		2,836,418		1,466,707
Coca-Cola Femsa SAB de CV, Series L		82,400		379,505
Concentradora Fibra Danhos S.A. de CV		357,100		439,657
Controladora Nemak SAB de CV(1)(2)		1,398,720		185,563
Corp. Inmobiliaria Vesta SAB de CV		384,400		753,366
El Puerto de Liverpool SAB de CV(1)		71,700		251,281
Empresas ICA SAB de CV(1)(2)(4)		2,075,736		0
Fibra Uno Administracion S.A. de CV		895,567		1,013,051
Fomento Economico Mexicano SAB de CV, Series UBD		462,200		3,505,608
Genomma Lab Internacional SAB de CV(1)(2)		1,018,000		958,172
Grupo Aeroportuario del Centro Norte SAB de CV(1)		78,300		505,107
Grupo Aeroportuario del Pacifico SAB de CV, Class B(1)		183,900		2,051,599
Grupo Aeroportuario del Sureste SAB de CV, Class B(1)		119,944		1,987,805
Grupo Bimbo SAB de CV, Series A		527,108		1,142,979
Grupo Carso SAB de CV, Series A1(1)		467,500		1,549,367
Grupo Cementos de Chihuahua SAB de CV		66,700		403,964
Grupo Elektra SAB de CV(2)		34,564		2,288,403
Grupo Financiero Banorte SAB de CV, Class O(1)		149,800		825,426
Grupo Financiero Inbursa SAB de CV, Class O(1)		629,516		633,328
Grupo Mexico SAB de CV, Series B		882,456		3,742,328
Grupo Televisa SAB, Series CPO(1)		260,471		426,974
Industrias Penoles SAB de CV		51,449		874,655
Infraestructura Energetica Nova SAB de CV(1)		79,200		310,639
Kimberly-Clark de Mexico SAB de CV, Class A		506,510		864,652
Macquarie Mexico Real Estate Management S.A. de CV(3)		321,500		453,989
Orbia Advance Corp., SAB de CV		485,267		1,141,016
PLA Administradora Industrial S de RL de CV		211,200		325,192
Prologis Property Mexico S.A. de CV		240,200		540,886
Promotora y Operadora de Infraestructura SAB de CV		125,065		1,108,896
Telesites SAB de CV(1)(2)		879,564		950,307
Ternium S.A. ADR(1)		15,322		445,564
Wal-Mart de Mexico SAB de CV, Series V		1,121,364		3,150,041
			$	42,447,343

Security	Shares		Value
Morocco — 0.6%
Attijariwafa Bank		13,579	$	644,566
Bank of Africa		11,215		195,826
Banque Centrale Populaire		4,384		122,701
Banque Marocaine Pour Le Commerce et L’Industrie(1)		1,376		98,473
Co Sucrerie Marocaine et de Raffinage		25,202		593,765
Label Vie		406		145,989
LafargeHolcim Maroc S.A.		4,384		786,323
Lesieur Cristal		8,686		157,706
Managem S.A.(1)		2,645		339,900
Maroc Telecom		75,590		1,226,542
Societe d’Exploitation des Ports		23,655		556,935
TAQA Morocco S.A.		1,963		201,651
			$	5,070,377
Nigeria — 1.0%
Access Bank PLC(4)		32,908,148	$	597,081
Dangote Cement PLC(4)		4,167,837		1,974,662
Dangote Sugar Refinery PLC(4)		4,385,654		165,179
FBN Holdings PLC(4)		21,879,762		335,194
Guaranty Trust Bank PLC(4)		13,844,766		960,965
Lafarge Africa PLC(4)		3,044,633		138,644
Lekoil, Ltd.(1)		1,110,205		26,292
Nestle Nigeria PLC(4)		496,712		1,537,110
Nigerian Breweries PLC(4)		5,467,425		655,158
SEPLAT Petroleum Development Co. PLC(3)		435,022		386,410
Stanbic IBTC Holdings PLC(4)		3,126,624		297,226
Transnational Corp. of Nigeria PLC(4)		22,334,373		43,004
United Bank for Africa PLC(4)		20,664,553		385,466
Zenith Bank PLC(4)		17,411,456		927,725
			$	8,430,116
Oman — 0.6%
Bank Dhofar SAOG		1,038,913	$	261,846
Bank Muscat SAOG		1,061,296		1,093,220
Bank Nizwa SAOG(1)		941,624		235,093
Dhofar International Development & Investment Holding SAOG(1)		286,164		214,131
National Bank of Oman SAOG		368,936		153,330
Oman Cement Co. SAOG		367,946		235,089
Oman Flour Mills Co. SAOG		283,279		550,541
Oman Telecommunications Co. SAOG		534,354		1,004,087
Omani Qatari Telecommunications Co. SAOG		539,969		551,949
Renaissance Services SAOG		128,153		113,658
Sembcorp Salalah Power & Water Co.		377,934		97,196
Sohar International Bank SAOG		1,477,945		349,605
			$	4,859,745

14 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Pakistan — 0.5%
Bank Alfalah, Ltd.		611,933	$	135,243
Engro Corp., Ltd.		173,692		334,653
Fauji Fertilizer Co., Ltd.		369,388		251,738
Frieslandcampina Engro Pakistan, Ltd.(1)		186,100		96,096
Habib Bank, Ltd.		357,983		297,326
Hub Power Co., Ltd. (The)		149,215		73,819
Lucky Cement, Ltd.(1)		111,546		486,222
Mari Petroleum Co., Ltd.		35,322		297,748
MCB Bank, Ltd.		239,187		281,023
Millat Tractors, Ltd.		51,326		350,279
Nishat Mills, Ltd.		593,280		373,401
Oil & Gas Development Co., Ltd.		568,127		369,169
Pakistan Petroleum, Ltd.		1,196,818		672,409
Pakistan State Oil Co., Ltd.(1)		332,619		445,964
Searle Co., Ltd. (The)		189,244		294,426
			$	4,759,516
Panama — 0.2%
Banco Latinoamericano de Comercio Exterior S.A., Class E		49,900	$	789,917
Copa Holdings S.A., Class A		14,608		1,128,176
			$	1,918,093
Peru — 1.2%
Cia de Minas Buenaventura SAA ADR		192,956	$	2,352,134
Credicorp, Ltd.		20,396		3,345,352
Enel Generacion Peru SAA		277,207		154,302
Ferreycorp SAA		872,283		416,864
Southern Copper Corp.		66,255		4,314,525
			$	10,583,177
Philippines — 2.3%
Aboitiz Equity Ventures, Inc.		590,350	$	580,374
Aboitiz Power Corp.		1,105,000		611,801
Alliance Global Group, Inc.		764,400		168,766
Ayala Corp.		57,648		991,899
Ayala Land, Inc.		988,108		841,970
Ayala Land, Inc. GDR, PFC Shares(4)		3,534,608		0
Bank of the Philippine Islands		409,653		693,239
BDO Unibank, Inc.		241,429		537,532
Bloomberry Resorts Corp.		2,458,700		415,244
Century Pacific Food, Inc.		1,007,500		367,244
Cosco Capital, Inc.		920,800		108,566
Filinvest Land, Inc.		6,230,546		145,347
First Philippine Holdings Corp.		203,730		326,850

Security	Shares		Value
Philippines (continued)
Globe Telecom, Inc.		15,745	$	666,275
International Container Terminal Services, Inc.		184,440		474,379
JG Summit Holdings, Inc.		814,632		1,216,339
Jollibee Foods Corp.		369,150		1,501,847
Manila Electric Co.		130,884		796,687
Megaworld Corp.		2,140,300		181,780
Metropolitan Bank & Trust Co.		401,959		410,661
Nickel Asia Corp.		4,696,888		548,980
PLDT, Inc.		46,600		1,301,179
Puregold Price Club, Inc.		617,440		527,712
Robinsons Land Corp.		526,315		232,157
San Miguel Corp.		135,700		361,797
Semirara Mining & Power Corp.		1,187,120		340,760
SM Investments Corp.		101,960		2,228,397
SM Prime Holdings, Inc.		1,912,250		1,533,309
Universal Robina Corp.		498,530		1,582,251
			$	19,693,342
Poland — 2.5%
AmRest Holdings SE(1)		68,905	$	511,450
Asseco Poland S.A.		67,757		1,235,895
Bank Millennium S.A.(1)		355,533		311,505
Bank Polska Kasa Opieki S.A.(1)		28,994		476,240
Budimex S.A.		22,305		1,839,643
CCC S.A.(1)		27,466		645,700
CD Projekt S.A.(1)(2)		18,361		1,353,947
Ciech S.A.(1)		21,668		187,367
Cyfrowy Polsat S.A.		79,099		644,921
Dino Polska S.A.(1)(3)		15,869		1,230,698
Enea S.A.(1)		145,490		256,038
Eurocash S.A.(1)		82,861		311,779
Globe Trade Centre S.A.(1)		139,840		270,627
Grupa Azoty S.A.(1)		14,855		109,576
Grupa Lotos S.A.		55,743		618,841
KGHM Polska Miedz S.A.(1)		46,738		2,302,341
LPP S.A.(1)		1,027		2,286,317
mBank S.A.(1)		4,424		213,419
Orange Polska S.A.(1)		240,332		426,029
PGE S.A.(1)		122,861		214,714
Polski Koncern Naftowy ORLEN S.A.		166,523		2,578,005
Polskie Gornictwo Naftowe i Gazownictwo S.A.		891,505		1,331,193
Powszechna Kasa Oszczednosci Bank Polski S.A.(1)		168,792		1,302,972
Powszechny Zaklad Ubezpieczen S.A.(1)		48,144		418,265
Tauron Polska Energia S.A.(1)		992,903		725,702
			$	21,803,184

15 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Qatar — 1.1%
Al Meera Consumer Goods Co.		27,717	$	155,682
Barwa Real Estate Co.		735,909		679,762
Commercial Bank PSQC (The)		183,085		218,725
Gulf International Services QSC(1)		697,440		324,852
Gulf Warehousing Co.		90,829		125,952
Industries Qatar		655,447		1,933,225
Masraf Al Rayan QSC		315,573		387,917
Medicare Group		133,820		321,629
Ooredoo QPSC		309,240		630,266
Qatar Electricity & Water Co. QSC		73,498		355,899
Qatar Gas Transport Co., Ltd.		1,461,437		1,259,903
Qatar Insurance Co.		278,111		178,078
Qatar International Islamic Bank		65,027		159,550
Qatar Islamic Bank		106,122		492,696
Qatar National Bank QPSC		343,273		1,659,984
Qatar National Cement Co. QSC		133,280		150,150
United Development Co. QSC		491,981		220,619
Vodafone Qatar QSC		665,921		242,156
			$	9,497,045
Romania — 0.9%
Banca Transilvania S.A.		1,580,646	$	894,552
BRD-Groupe Societe Generale S.A.(1)		115,089		430,060
NEPI Rockcastle PLC		488,356		3,088,605
OMV Petrom S.A.		17,932,392		1,635,522
Societatea Energetica Electrica S.A.		76,047		240,834
Societatea Nationala de Gaze Naturale ROMGAZ S.A.		117,669		830,223
Societatea Nationala Nuclearelectrica S.A.		48,496		217,672
Transelectrica S.A.		41,350		266,026
Transgaz S.A. Medias		6,563		467,136
			$	8,070,630
Russia — 4.8%
Aeroflot PJSC(1)		91,240	$	88,464
Etalon Group PLC GDR(5)		78,319		135,408
Evraz PLC		192,475		1,230,093
Federal Grid Co. Unified Energy System PJSC		267,560,600		811,768
Gazprom PJSC ADR		591,852		3,304,390
Globaltrans Investment PLC GDR(5)(6)		136,358		813,963
Globaltrans Investment PLC GDR(5)(6)		77		460
Inter RAO UES PJSC		26,529,001		1,916,915
Lukoil PJSC ADR		36,448		2,478,938
Magnit PJSC		38,428		2,949,932
Magnitogorsk Iron & Steel Works PJSC		873,600		662,139
Mail.Ru Group, Ltd. GDR(1)(5)		29,865		782,689

Security	Shares		Value
Russia (continued)
MMC Norilsk Nickel PJSC ADR(6)		100,172	$	3,122,219
MMC Norilsk Nickel PJSC ADR(6)		2,948		92,803
Mobile TeleSystems PJSC		215,893		966,637
Moscow Exchange MICEX-RTS PJSC		127,251		274,437
Mosenergo PJSC		12,772,962		358,715
Novatek PJSC GDR(5)		10,758		1,751,914
Novolipetskiy Metallurgicheskiy Kombinat PAO GDR		36,499		1,009,863
OGK-2 PJSC		20,114,000		199,433
PhosAgro PJSC GDR(5)		44,866		611,855
PIK Group PJSC		113,450		918,514
Polymetal International PLC		34,770		800,413
QIWI PLC ADR(2)		13,700		141,110
Rosneft Oil Co. PJSC GDR(5)		111,200		627,017
Rosseti PJSC		19,631,873		469,493
Rostelecom PJSC(1)		154,538		202,843
RusHydro PJSC		30,272,952		322,639
Sberbank of Russia PJSC		542,510		1,989,251
Severstal PAO GDR(5)		44,425		780,801
Sistema PJSFC		595,500		232,792
Sistema PJSFC GDR(5)		33,906		253,547
Surgutneftegas PJSC ADR		104,795		484,101
Surgutneftegas PJSC, PFC Shares		954,217		537,956
Tatneft PJSC ADR		26,223		1,067,888
Transneft PJSC, PFC Shares		233		444,658
Unipro PJSC		4,995,000		189,245
VEON, Ltd. ADR		97,500		147,225
X5 Retail Group NV GDR(5)(6)		92,747		3,349,013
X5 Retail Group NV GDR(5)(6)		10,696		386,339
Yandex NV, Class A(1)(2)		65,800		4,578,364
			$	41,486,244
Saudi Arabia — 4.4%
Abdullah Al Othaim Markets Co.		20,923	$	685,163
Advanced Petrochemical Co.		12,100		216,211
Al Babtain Power & Telecommunication Co.		16,768		141,500
Al Hammadi Co. for Development and Investment(1)		40,420		311,986
Al Rajhi Bank		62,545		1,227,655
Alandalus Property Co.		48,435		273,181
Aldrees Petroleum and Transport Services Co.		53,394		924,171
Alinma Bank(1)		81,556		351,665
Almarai Co. JSC		111,419		1,632,596
Arabian Centres Co., Ltd.		49,400		330,196
Arriyadh Development Co.		70,726		324,027
Ayyan Investment Co.(1)		51,400		271,682
Bank AlBilad		24,288		183,607
Banque Saudi Fransi		14,851		125,161

16 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Saudi Arabia (continued)
Batic Investments and Logistic Co.(1)		28,296	$	263,429
Bawan Co.		29,236		193,551
Dallah Healthcare Co.		27,634		356,324
Dar Al Arkan Real Estate Development Co.(1)		348,064		801,632
Dr Sulaiman Al Habib Medical Services Group Co.		33,300		966,077
Dur Hospitality Co.		59,246		452,521
Emaar Economic City(1)		321,925		790,092
Etihad Etisalat Co.(1)		109,257		834,231
Fawaz Abdulaziz Al Hokair & Co.(1)		41,797		243,099
Herfy Food Services Co.		12,431		197,566
Jarir Marketing Co.		48,115		2,224,498
Leejam Sports Co. JSC		13,120		270,183
Maharah Human Resources Co.		11,400		229,536
Middle East Healthcare Co.(1)		36,220		338,778
Mouwasat Medical Services Co.		29,966		1,101,823
National Agriculture Development Co. (The)(1)		21,203		168,322
National Commercial Bank		48,831		564,190
National Gas & Industrialization Co.		15,924		129,475
National Medical Care Co.		37,993		542,292
Rabigh Refining & Petrochemical Co.(1)		144,000		530,773
Riyad Bank		68,732		370,314
Riyad REIT Fund		60,724		137,612
Sahara International Petrochemical Co.		69,037		318,783
Samba Financial Group		42,224		343,964
Saudi Airlines Catering Co.		25,239		518,779
Saudi Arabian Fertilizer Co.		17,133		368,180
Saudi Arabian Mining Co.(1)		32,944		355,964
Saudi Arabian Oil Co.(3)		385,399		3,596,670
Saudi Automotive Services Co.		34,664		284,510
Saudi Basic Industries Corp.		80,149		2,167,379
Saudi Cement Co.		15,800		258,689
Saudi Ceramic Co.(1)		11,075		141,720
Saudi Chemical Co. Holding(1)		44,268		412,366
Saudi Co. for Hardware CJSC		14,700		228,200
Saudi Electricity Co.		336,759		1,913,314
Saudi Ground Services Co.(1)		47,512		406,014
Saudi Industrial Investment Group		49,800		363,977
Saudi Industrial Services Co.		15,031		129,970
Saudi Kayan Petrochemical Co.(1)		56,284		214,754
Saudi Public Transport Co.(1)		35,777		170,929
Saudi Real Estate Co.(1)		60,549		243,722
Saudi Research & Marketing Group(1)		12,391		259,493
Saudi Telecom Co.		119,820		3,387,333
Saudia Dairy & Foodstuff Co.		4,822		225,168
Savola Group (The)		112,367		1,273,639
Seera Group Holding(1)		121,028		611,546

Security	Shares		Value
Saudi Arabia (continued)
United Electronics Co.		30,155	$	695,201
United International Transportation Co.		24,521		248,263
Yanbu National Petrochemical Co.		21,617		368,153
			$	38,211,799
Slovenia — 0.6%
Cinkarna Celje DD		574	$	124,713
KRKA DD		33,464		3,739,932
Luka Koper		8,004		180,012
Petrol		772		305,628
Pozavarovalnica Sava DD(1)		21,534		486,791
Zavarovalnica Triglav DD(1)		6,869		251,345
			$	5,088,421
South Africa — 4.5%
Anglo American Platinum, Ltd.		5,100	$	501,849
AngloGold Ashanti, Ltd.		35,047		807,779
AngloGold Ashanti, Ltd. ADR		5,299		119,863
Aspen Pharmacare Holdings, Ltd.(1)		224,102		1,916,216
AVI, Ltd.		121,529		606,502
Bid Corp., Ltd.		70,947		1,274,951
Bidvest Group, Ltd. (The)		297,624		3,186,759
Clicks Group, Ltd.		60,244		1,034,668
DataTec, Ltd.(1)		131,630		220,008
Discovery, Ltd.		41,702		435,964
Equites Property Fund, Ltd.		201,368		238,480
Exxaro Resources, Ltd.		36,655		347,796
FirstRand, Ltd.		405,123		1,411,614
Fortress REIT, Ltd., Class A		808,158		749,374
Gold Fields, Ltd.		81,557		757,101
Growthpoint Properties, Ltd.		784,159		671,737
Hyprop Investments, Ltd.(1)		193,251		388,935
Impala Platinum Holdings, Ltd.		99,325		1,367,120
Imperial Logistics, Ltd.		96,084		243,889
JSE, Ltd.		21,700		164,882
Kumba Iron Ore, Ltd.		7,137		303,605
Life Healthcare Group Holdings, Ltd.(1)		374,426		427,463
Mediclinic International PLC		148,487		576,230
MiX Telematics, Ltd. ADR(2)		11,300		142,267
Momentum Metropolitan Holdings		137,550		147,541
Mr Price Group, Ltd.		16,841		195,441
MTN Group, Ltd.(2)		326,923		1,349,268
MultiChoice Group, Ltd.		222,122		2,027,603
Naspers, Ltd., Class N		31,431		6,436,270
Netcare, Ltd.		141,074		119,547

17 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Africa (continued)
Northam Platinum, Ltd.(1)		36,209	$	517,977
Pick’n Pay Stores, Ltd.		105,331		359,445
PSG Group, Ltd.		114,733		470,753
Redefine Properties, Ltd.		3,215,829		736,090
Resilient REIT, Ltd.		127,790		369,055
Reunert, Ltd.		83,241		204,196
Sanlam, Ltd.		47,771		190,672
Santam, Ltd.		14,928		258,022
Sasol, Ltd.(1)		83,836		762,500
Shoprite Holdings, Ltd.		141,928		1,349,789
Sibanye Stillwater, Ltd.		294,669		1,187,609
SPAR Group, Ltd. (The)		55,560		715,434
Standard Bank Group, Ltd.		30,572		264,783
Telkom S.A. SOC, Ltd.		209,252		437,214
Tiger Brands, Ltd.		40,729		578,972
Vodacom Group, Ltd.		224,500		1,896,139
Vukile Property Fund, Ltd.		351,912		191,256
Wilson Bayly Holmes-Ovcon, Ltd.(1)		43,265		266,976
Woolworths Holdings, Ltd.		68,586		184,669
			$	39,112,273
South Korea — 5.0%
Alteogen, Inc.(1)		1,600	$	265,132
AMOREPACIFIC Corp.		3,554		674,837
AMOREPACIFIC Group		5,071		256,579
Bukwang Pharmaceutical Co., Ltd.		8,877		230,123
Celltrion Healthcare Co., Ltd.(1)		5,343		803,427
Celltrion Pharm, Inc.(1)		1,986		436,921
Celltrion, Inc.(1)		5,698		1,886,024
Chabiotech Co., Ltd.(1)		12,772		236,126
Cheil Worldwide, Inc.		11,267		214,062
CJ CheilJedang Corp.		810		284,489
CJ Corp.		2,998		254,510
Coway Co., Ltd.(1)		3,444		230,800
Daelim Industrial Co., Ltd.		4,257		328,135
Daewoo Industrial Development Co., Ltd.(1)		3,501		13,391
Dong-A ST Co., Ltd.		3,213		262,171
E-MART, Inc.		1,921		268,252
Genexine Inc.(1)		2,500		286,978
GS Engineering & Construction Corp.		9,470		330,045
GS Holdings Corp.		7,122		246,416
Hana Financial Group, Inc.		6,353		202,352
Hankook Tire and Technology Co., Ltd.		9,517		345,755
Hanmi Pharm Co., Ltd.		1,284		433,891
Hanmi Science Co., Ltd.		3,060		214,691
Hanwha Corp.		10,423		272,200

Security	Shares		Value
South Korea (continued)
Hanwha Solutions Corp.		8,434	$	372,850
HLB, Inc.(1)		2,300		196,143
Hotel Shilla Co., Ltd.		5,077		385,165
Hugel, Inc.(1)		1,400		242,208
Hyosung TNC Co., Ltd.		2,316		450,774
Hyundai Engineering & Construction Co., Ltd.		7,403		255,630
Hyundai Glovis Co., Ltd.		2,728		462,892
Hyundai Mobis Co., Ltd.		2,818		663,261
Hyundai Motor Co.(1)		7,190		1,274,449
Ilyang Pharmaceutical Co., Ltd.		3,500		212,399
Kangwon Land, Inc.		9,384		203,330
KB Financial Group, Inc.(1)		4,943		196,321
Kia Motors Corp.		15,362		885,108
KIWOOM Securities Co., Ltd.		2,085		243,570
KMW Co., Ltd.(1)		3,700		275,081
Korea Shipbuilding & Offshore Engineering Co., Ltd.(1)		1,784		178,671
Korea Zinc Co., Ltd.		995		368,468
Korean Air Lines Co., Ltd.(1)		6,176		155,015
KT&G Corp.(1)		9,317		713,362
Kumho Petrochemical Co., Ltd.		2,530		338,492
LG Chem, Ltd.		1,592		1,210,583
LG Corp.		5,822		469,794
LG Display Co., Ltd.(1)		15,100		258,106
LG Electronics, Inc.(1)		5,219		649,878
LG Household & Health Care, Ltd.		582		868,649
LG Innotek Co., Ltd.		1,400		235,817
LG Uplus Corp.		22,484		243,465
Lotte Chemical Corp.		1,508		383,970
LS Corp.		3,961		260,983
LS Electric Co., Ltd.		4,500		261,957
MedPacto, Inc.(1)		2,253		244,730
Medytox, Inc.		1,518		245,128
Mezzion Pharma Co., Ltd.(1)		1,300		210,750
Naver Corp.		5,654		1,524,143
NCsoft Corp.		883		758,101
Nong Shim Co., Ltd.		480		132,691
Orion Corp. of Republic of Korea		1,101		125,737
Pharmicell Co., Ltd.(1)		12,700		202,685
POSCO		3,029		756,885
S-Oil Corp.		8,414		536,442
S1 Corp.		2,867		224,488
Samsung Biologics Co., Ltd.(1)(3)		1,264		962,369
Samsung C&T Corp.		5,241		667,148
Samsung Electro-Mechanics Co., Ltd.		2,349		385,760
Samsung Electronics Co., Ltd.		116,024		8,664,147
Samsung SDI Co., Ltd.(1)		1,221		707,628

18 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
Samsung SDS Co., Ltd.		1,271	$	209,199
Seegene, Inc.		1,939		345,077
Shin Poong Pharmaceutical Co., Ltd.(1)		2,300		262,584
Shinhan Financial Group Co., Ltd.(1)		5,915		175,516
Shinsegae, Inc.		779		172,062
SK Chemicals Co., Ltd.		770		279,072
SK Holdings Co., Ltd.		1,665		369,396
SK Hynix, Inc.(1)		11,063		1,208,394
SK Innovation Co., Ltd.		6,751		1,184,128
SK Telecom Co., Ltd.		2,557		561,940
Yuhan Corp.		3,178		220,055
Zyle Motor Sales Corp.(1)		4,895		5,407
			$	43,235,360
Sri Lanka — 0.6%
Access Engineering PLC		1,978,107	$	263,625
Ceylon Tobacco Co. PLC		96,609		536,020
Chevron Lubricants Lanka PLC		216,091		125,982
Commercial Bank of Ceylon PLC		602,056		262,635
Dialog Axiata PLC		10,448,265		701,025
Hatton National Bank PLC		284,990		194,552
Hemas Holdings PLC		342,755		184,988
John Keells Holdings PLC		1,826,099		1,474,957
National Development Bank PLC		493,898		208,035
Nations Trust Bank PLC		295,833		95,961
Nestle Lanka PLC		15,593		107,267
Sampath Bank PLC		308,671		230,211
Teejay Lanka PLC		1,870,121		384,323
			$	4,769,581
Taiwan — 4.9%
Adimmune Corp.(1)		79,000	$	156,928
Advantech Co., Ltd.		15,357		191,707
ASE Technology Holding Co., Ltd.		133,247		386,526
Asia Cement Corp.		126,967		195,550
Asustek Computer, Inc.		18,174		162,307
AU Optronics Corp.(1)		597,000		298,706
Catcher Technology Co., Ltd.		27,100		199,267
Cathay Financial Holding Co., Ltd.		142,351		214,349
Center Laboratories, Inc.		81,709		201,342
Cheng Shin Rubber Industry Co., Ltd.		394,010		618,631
China Airlines, Ltd.(1)		452,963		194,754
China Petrochemical Development Corp.		691,199		287,284
China Steel Corp.		579,815		511,152
Chunghwa Telecom Co., Ltd.		510,780		1,981,494

Security	Shares		Value
Taiwan (continued)
Clevo Co.		107,579	$	115,418
Delta Electronics, Inc.		46,356		434,724
E.Sun Financial Holding Co., Ltd.		240,859		219,225
EVA Airways Corp.		442,334		207,610
Evergreen Marine Corp.(1)		1,295,283		1,880,706
Far Eastern Department Stores, Ltd.		288,642		246,791
Far Eastern New Century Corp.		688,313		710,398
Far EasTone Telecommunications Co., Ltd.		188,776		411,552
Feng Hsin Steel Co., Ltd.		116,000		293,744
First Financial Holding Co., Ltd.		176,565		134,360
Formosa Chemicals & Fibre Corp.		295,755		892,397
Formosa Petrochemical Corp.		262,153		932,372
Formosa Plastics Corp.		220,959		758,934
Formosa Taffeta Co., Ltd.		364,000		402,776
Fubon Financial Holding Co., Ltd.		121,439		202,239
Giant Manufacturing Co., Ltd.		69,531		681,312
Globalwafers Co., Ltd.		14,000		353,665
Great Wall Enterprise Co., Ltd.		211,329		382,418
Highwealth Construction Corp.		112,811		184,186
Hiwin Technologies Corp.		73,487		1,008,869
Hon Hai Precision Industry Co., Ltd.		264,806		868,284
Hotai Motor Co., Ltd.		42,000		963,831
Hua Nan Financial Holdings Co., Ltd.		198		129
Innolux Corp.		402,000		202,316
Largan Precision Co., Ltd.		2,042		232,711
Lite-On Technology Corp.		89,048		157,992
MediaTek, Inc.		31,664		844,393
Medigen Vaccine Biologics Corp.(1)		52,925		192,648
Mega Financial Holding Co., Ltd.		178,688		189,657
Merida Industry Co., Ltd.		53,907		452,998
Micro-Star International Co., Ltd.		20,000		94,536
Nan Kang Rubber Tire Co., Ltd.		100,819		150,815
Nan Ya Plastics Corp.		263,378		674,748
Nanya Technology Corp.		51,165		158,627
Novatek Microelectronics Corp., Ltd.		15,479		203,677
OBI Pharma, Inc.(1)		42,000		207,686
Parade Technologies, Ltd.		5,000		197,957
Pegatron Corp.		81,486		195,630
Pharmally International Holding Co., Ltd.(1)(4)		38,000		38,273
Pou Chen Corp.		501,309		560,819
President Chain Store Corp.		85,716		813,451
Quanta Computer, Inc.		66,000		190,438
Radiant Opto-Electronics Corp.		41,350		168,414
Realtek Semiconductor Corp.		27,542		383,700
Ruentex Development Co., Ltd.		124,114		180,780
Ruentex Industries, Ltd.		83,016		206,123

19 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Taiwan (continued)
Sanyang Motor Co., Ltd.		479,000	$	609,179
Savior Lifetec Corp.(1)		147,000		181,864
ScinoPharm Taiwan, Ltd.		157,000		161,615
Simplo Technology Co., Ltd.		12,652		157,974
St. Shine Optical Co., Ltd.		17,000		169,698
Synnex Technology International Corp.		117,569		196,986
TaiMed Biologics, Inc.(1)		56,000		168,144
Tainan Spinning Co., Ltd.		734,407		392,640
Taishin Financial Holding Co., Ltd.		282,671		133,510
Taiwan Cement Corp.		370,565		570,519
Taiwan Mobile Co., Ltd.		236,858		833,720
Taiwan Semiconductor Manufacturing Co., Ltd.		413,747		7,827,043
Taiwan Tea Corp.(1)		382,711		243,965
Teco Electric & Machinery Co., Ltd.		604,000		595,232
Tong Yang Industry Co., Ltd.		95,199		132,418
TTY Biopharm Co., Ltd.		167,780		409,744
U-Ming Marine Transport Corp.		202,000		265,733
Uni-President Enterprises Corp.		719,588		1,730,735
United Microelectronics Corp.		252,323		424,347
Vanguard International Semiconductor Corp.		54,544		225,678
Walsin Lihwa Corp.		1,085,980		747,720
Wan Hai Lines, Ltd.		339,570		640,785
Win Semiconductors Corp.		18,000		222,181
Yageo Corp.		14,362		265,837
Yieh Phui Enterprise Co., Ltd.(1)		447,348		216,858
Yuanta Financial Holding Co., Ltd.		323,694		237,135
YungShin Global Holding Corp.		119,000		189,502
Zhen Ding Technology Holding, Ltd.		42,000		170,913
			$	42,706,001
Thailand — 5.2%
Advanced Info Service PCL(7)		221,200	$	1,300,163
Airports of Thailand PCL(7)		1,043,700		2,165,806
Amata Corp. PCL(7)		203,300		110,332
AP Thailand PCL(7)		1,506,660		363,926
Bangkok Bank PCL(7)		64,400		254,644
Bangkok Chain Hospital PCL(7)		1,548,300		702,833
Bangkok Dusit Medical Services PCL(7)		4,109,900		2,846,176
Bangkok Expressway & Metro PCL(7)		2,095,654		580,022
Banpu PCL(7)		695,700		255,602
Berli Jucker PCL(7)		219,700		254,498
BTS Group Holdings PCL(7)		1,650,200		512,359
Bumrungrad Hospital PCL(7)		371,500		1,487,128
Central Pattana PCL(7)		527,700		840,198
Central Retail Corp. PCL(1)(7)		846,100		869,426
CH. Karnchang PCL(1)(7)		194,800		107,868

Security	Shares		Value
Thailand (continued)
Charoen Pokphand Foods PCL(7)		487,600	$	435,338
Chularat Hospital PCL(7)		5,372,700		441,150
CP ALL PCL(1)(7)		474,700		922,565
Delta Electronics (Thailand) PCL(7)		525,600		8,514,979
Electricity Generating PCL(7)		33,200		213,100
Energy Absolute PCL(7)		295,900		484,118
Global Power Synergy PCL(7)		116,000		284,852
Gulf Energy Development PCL(7)		927,900		1,059,149
Hana Microelectronics PCL(7)		1,138,400		1,509,929
Home Product Center PCL(7)		1,565,760		713,267
Indorama Ventures PCL(7)		540,871		667,803
Intouch Holdings PCL(7)		233,071		437,344
Jasmine International PCL(7)		2,504,800		266,076
Kasikornbank PCL(7)		117,400		442,657
Kiatnakin Phatra Bank PCL(7)		144,700		249,787
Krung Thai Bank PCL(7)		1,007,025		372,806
Land & Houses PCL(7)		1,957,300		519,719
Mega Lifesciences PCL(7)		487,100		579,418
Minor International PCL(1)(7)		2,887,336		2,478,228
PTT Exploration & Production PCL(7)		391,616		1,284,283
PTT Global Chemical PCL(7)		431,705		843,282
PTT PCL(7)		1,998,600		2,837,441
Quality House PCL(7)		3,330,683		257,980
Ratch Group PCL(7)		101,600		179,432
Siam Cement PCL(7)		110,911		1,399,140
Siam Commercial Bank PCL(7)		150,900		440,367
Siam Global House PCL(7)		477,600		270,596
Sino-Thai Engineering & Construction PCL(7)		241,100		102,111
Star Petroleum Refining PCL(7)		881,700		236,920
Supalai PCL(7)		473,400		323,766
SVI PCL(7)		1,450,800		207,112
Thai Beverage PCL(7)		1,328,700		739,677
Thai Oil PCL(7)		175,500		304,348
Thai Union Group PCL(7)		480,092		218,100
TOA Paint Thailand PCL(7)		174,300		195,032
Total Access Communication PCL(7)		96,800		107,345
TPI Polene PCL(7)		2,914,200		178,878
True Corp. PCL(7)		5,185,982		595,241
TTW PCL(7)		544,700		225,526
VGI PCL(7)		1,361,600		302,493
WHA Corp. PCL(7)		4,338,900		439,499
			$	44,931,835
Tunisia — 0.6%
Attijari Bank(1)		28,110	$	289,865
Banque de Tunisie(1)		118,510		299,240

20 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Tunisia (continued)
Banque Internationale Arabe de Tunisie(1)		18,636	$	651,949
Banque Nationale Agricole(1)		25,291		82,976
Carthage Cement(1)		469,841		331,778
Euro Cycles S.A.		38,028		361,840
Poulina Group		112,565		433,596
Societe d’Articles Hygieniques S.A.		120,815		551,515
Societe Frigorifique et Brasserie de Tunis S.A.		190,193		1,341,641
Telnet Holding		121,453		379,755
Union Internationale de Banques S.A.(1)		42,491		270,460
			$	4,994,615
Turkey — 2.4%
Akbank T.A.S.(1)		630,171	$	584,484
Aksa Akrilik Kimya Sanayii AS		99,477		195,291
Anadolu Efes Biracilik ve Malt Sanayii AS		77,000		239,876
Arcelik AS(1)		254,719		1,043,504
Aselsan Elektronik Sanayi Ve Ticaret AS		155,921		382,291
Aygaz AS		124,388		245,524
Bera Holding AS(1)		79,200		215,730
BIM Birlesik Magazalar AS		140,277		1,418,832
Coca-Cola Icecek AS(1)		32,819		290,226
Dogan Sirketler Grubu Holding AS		250,600		103,245
EGE Endustri VE Ticaret AS		1,386		329,090
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,653,095		475,140
Enerjisa Enerji AS(3)		148,893		250,672
Enka Insaat ve Sanayi AS		555,226		551,134
Eregli Demir ve Celik Fabrikalari TAS		426,593		856,116
Ford Otomotiv Sanayi AS		57,565		976,746
Haci Omer Sabanci Holding AS		188,084		289,705
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1)		241,900		427,022
Is Gayrimenkul Yatirim Ortakligi AS(1)		1,173,115		400,510
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		383,016		296,606
KOC Holding AS		286,812		813,953
Koza Altin Isletmeleri AS(1)		28,400		369,246
Koza Anadolu Metal Madencilik Isletmeleri AS(1)		124,600		259,483
Logo Yazilim Sanayi Ve Ticaret AS(1)		15,901		268,584
Mavi Giyim Sanayi Ve Ticaret AS, Class B(1)(3)		57,200		401,516
Migros Ticaret AS(1)		33,597		193,596
MLP Saglik Hizmetleri AS(1)(3)		225,692		600,972
Petkim Petrokimya Holding AS(1)		631,618		422,584
Sasa Polyester Sanayi AS(1)		96,200		262,279
Selcuk Ecza Deposu Ticaret ve Sanayi AS		243,000		447,052
TAV Havalimanlari Holding AS		59,867		171,337
Tekfen Holding AS		122,106		270,973
Tofas Turk Otomobil Fabrikasi AS		105,830		483,168
Turk Hava Yollari AO(1)		185,117		321,627

Security	Shares		Value
Turkey (continued)
Turk Telekomunikasyon AS		323,392	$	370,391
Turkcell Iletisim Hizmetleri AS		885,893		1,913,768
Turkiye Petrol Rafinerileri AS(1)		197,685		2,869,328
Turkiye Sise ve Cam Fabrikalari AS		405,026		398,526
Ulker Biskuvi Sanayi AS(1)		66,561		206,409
Vestel Elektronik Sanayi ve Ticaret AS(1)		94,007		266,416
Yapi ve Kredi Bankasi AS(1)		422,243		174,839
			$	21,057,791
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		534,173	$	904,068
Abu Dhabi National Hotels		357,043		272,130
Agthia Group PJSC		268,661		310,330
Air Arabia PJSC		646,580		225,766
Aldar Properties PJSC		1,543,088		1,326,073
Dana Gas PJSC		1,556,182		303,176
Dubai Investments PJSC		1,379,272		546,399
Emaar Properties PJSC(1)		1,388,701		1,338,857
Emirates Telecommunications Group Co. PJSC		608,255		2,801,831
First Abu Dhabi Bank PJSC		645,518		2,276,288
			$	10,304,918
Vietnam — 1.2%
Bank for Foreign Trade of Vietnam JSC		146,769	$	623,705
Bank for Investment and Development of Vietnam JSC		40,630		84,508
Development Investment Construction Corp.(1)		9		11
FLC Faros Construction JSC(1)		6		1
HAGL JSC(1)		505,340		114,972
Hoa Phat Group JSC		1,362,179		2,452,437
KIDO Group Corp.		40,276		64,615
Kinh Bac City Development Share Holding Corp.(1)		245,370		259,506
Masan Group Corp.		181,260		698,484
PetroVietnam Drilling & Well Services JSC(1)		8		6
PetroVietnam Gas JSC		65,130		244,906
PetroVietnam Technical Services Corp.		297,972		230,349
SSI Securities Corp.		2		3
Vietjet Aviation JSC(1)		196,894		1,066,994
Vietnam Construction and Import-Export JSC		87,800		175,325
Vietnam Dairy Products JSC		250,848		1,183,508
Vietnam National Petroleum Group		71,730		169,970
Vincom Retail JSC(1)		170,213		231,942
Vingroup JSC(1)		560,804		2,632,705
Vinh Son - Song Hinh Hydropower JSC(1)		77,420		63,130
			$	10,297,077
Total Common Stocks (identified cost $510,301,980)			$	866,270,838

21 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Portfolio of Investments (Unaudited) — continued

Rights (1) — 0.0%
Security	Shares		Value
Banque Nationale Agricole, Exp. 4/15/49		35	$	0
Telnet Holding, Exp. 7/1/49		2		0
Total Rights (identified cost $0)			$	0
Short-Term Investments — 0.5%
Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.08%(8)		4,614,273	$	4,614,273
Total Short-Term Investments (identified cost $4,614,273)			$	4,614,273
Total Investments — 100.3% (identified cost $514,916,253)			$	870,885,111
Other Assets, Less Liabilities — (0.3)%			$	(2,566,336	)
Net Assets — 100.0%			$	868,318,775

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

⁽¹⁾  Non-income producing security.

⁽²⁾  All or a portion of this security was on loan at December 31, 2020. The aggregate market value of securities on loan at December 31, 2020 was $14,722,378.

⁽³⁾  Security exempt from registration under Rule 144A of 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, 2020, the aggregate value of these securities is $24,074,758 or 2.8% of the Fund’s net assets.

⁽⁴⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁵⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At December 31, 2020, the aggregate value of these securities is $12,667,781 or 1.5% of the Fund’s net assets.

⁽⁶⁾  Securities are traded on separate exchanges for the same entity.

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

⁽⁸⁾  Represents investment of cash collateral received in connection with securities lending.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		11.9	%	$	103,611,432
Materials		11.2			97,557,145
Information Technology		10.5			91,082,711
Consumer Staples		10.5			90,691,077
Industrials		10.3			89,102,899
Consumer Discretionary		9.9			85,551,506
Communication Services		9.2			80,186,841
Energy		8.6			74,734,354
Health Care		8.3			71,965,817
Real Estate		5.0			43,475,833
Utilities		4.4			38,311,223
Short-Term Investments		0.5			4,614,273
Total Investments		100.3	%	$	870,885,111

Abbreviations:

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

22 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	December 31, 2020
Unaffiliated investments, at value including $14,722,378 of securities on loan (identified cost, $514,916,253)	$	870,885,111
Cash		44,850
Foreign currency, at value (identified cost, $6,921,166)		6,353,469
Dividends receivable		907,084
Receivable for investments sold		7,074,060
Receivable for Fund shares sold		99,923
Securities lending income receivable		15,024
Tax reclaims receivable		119,080
Total assets	$	885,498,601
Liabilities
Demand note payable	$	8,100,000
Collateral for securities loaned		4,614,273
Payable for investments purchased		1,120,115
Payable for Fund shares redeemed		789,589
Payable to affiliates:
Investment adviser fee		328,467
Administration fee		364,963
Accrued foreign capital gains taxes		1,845,801
Accrued expenses		16,618
Total liabilities	$	17,179,826
Net Assets	$	868,318,775
Sources of Net Assets
Paid-in capital	$	541,897,548
Distributable earnings		326,421,227
Total	$	868,318,775
Institutional Class Shares
Net Assets	$	868,318,775
Shares Outstanding		17,393,176
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	49.92

23 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended December 31, 2020
Dividends (net of foreign taxes, $1,314,077)	$	10,115,476
Securities lending income, net		73,553
Total investment income	$	10,189,029
Expenses
Investment adviser fee	$	1,988,544
Administration fee		2,209,493
Interest expense and fees		52,594
Total expenses	$	4,250,631
Net investment income	$	5,938,398
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $42,374)	$	89,817,695
Foreign currency transactions		(662,426	)
Net realized gain	$	89,155,269
Change in unrealized appreciation (depreciation) —
Investments (including net increase in accrued foreign capital gains taxes of $1,282,231)	$	109,978,080
Foreign currency		(441,492	)
Net change in unrealized appreciation (depreciation)	$	109,536,588
Net realized and unrealized gain	$	198,691,857
Net increase in net assets from operations	$	204,630,255

24 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
From operations —
Net investment income	$	5,938,398		$	44,815,292
Net realized gain (loss)		89,155,269			(57,538,384	)
Net change in unrealized appreciation (depreciation)		109,536,588			(318,911,414	)
Net increase (decrease) in net assets from operations	$	204,630,255		$	(331,634,506	)
Distributions to shareholders —
Institutional Class	$	(15,418,818	)	$	(54,952,373	)
Total distributions to shareholders	$	(15,418,818	)	$	(54,952,373	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	14,832,619		$	156,113,242
Net asset value of shares issued to shareholders in payment of distributions declared		12,356,736			47,680,561
Cost of shares redeemed		(449,540,900	)		(1,057,428,277	)
Net decrease in net assets from Fund share transactions	$	(422,351,545	)	$	(853,634,474	)
Net decrease in net assets	$	(233,140,108	)	$	(1,240,221,353	)
Net Assets
At beginning of period	$	1,101,458,883		$	2,341,680,236
At end of period	$	868,318,775		$	1,101,458,883

25 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Financial Highlights

	Institutional Class
	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	40.370		$	48.520		$	48.590		$	47.740		$	41.370		$	46.230
Income (Loss) From Operations
Net investment income(1)	$	0.300		$	1.100		$	1.042		$	0.967		$	0.777		$	0.799
Net realized and unrealized gain (loss)		10.143			(7.971	)		(0.110	)		0.811			6.232			(5.019	)
Total income (loss) from operations	$	10.443		$	(6.871	)	$	0.932		$	1.778		$	7.009		$	(4.220	)
Less Distributions
From net investment income	$	(0.893	)	$	(1.279	)	$	(1.002	)	$	(0.939	)	$	(0.699	)	$	(0.802	)
Total distributions	$	(0.893	)	$	(1.279	)	$	(1.002	)	$	(0.939	)	$	(0.699	)	$	(0.802	)
Redemption fees(1)(2)	$	—		$	—		$	—		$	0.011	(3)	$	0.060		$	0.162
Net asset value — End of period	$	49.920		$	40.370		$	48.520		$	48.590		$	47.740		$	41.370
Total Return(4)		25.89	%(5)		(14.61	)%		2.12	%		3.63	%		17.34	%		(8.64	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	868,319		$	1,101,459		$	2,341,680		$	3,257,773		$	3,410,698		$	2,850,969
Ratios (as a percentage of average daily net assets):
Expenses		0.96	%(6)		0.96	%		0.96	%		0.95	%		0.95	%		0.95	%
Net investment income		1.35	%(6)		2.46	%		2.21	%		1.86	%		1.75	%		1.99	%
Portfolio Turnover		14	%(5)		2	%		4	%		6	%		8	%		2	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Represents redemption fees that were inadvertently not charged in prior years that were paid to the Fund by the investment adviser.

⁽⁴⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

26 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

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.

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

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

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

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. 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.

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.

As of December 31, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

27

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Notes to Financial Statements (Unaudited) — continued

E  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

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

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

I  Interim Financial Statements — The interim financial statements relating to December 31, 2020 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, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $96,518,626 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at June 30, 2020, $20,115,142 are short-term and $76,403,484 are long-term.

The cost and unrealized appreciation (depreciation) of investments, of the Fund at December 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	539,350,231
Gross unrealized appreciation	$	390,876,948
Gross unrealized depreciation		(59,342,068	)
Net unrealized appreciation	$	331,534,880

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., 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, 2020, the investment adviser fee amounted to $1,988,544. Pursuant to a

28

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Notes to Financial Statements (Unaudited) — continued

sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund.

The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.50% of the Fund’s average daily net assets. For the six months ended December 31, 2020, the administration fee amounted to $2,209,493. 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.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM are paid for their services to the Fund by EVM and may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended December 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $126,296,111 and $555,628,149, respectively, for the six months ended December 31, 2020.

5  Shares of Beneficial Interest

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

	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
Sales		335,948			3,784,063
Issued to shareholders electing to receive payments of distributions in Fund shares		249,681			980,275
Redemptions		(10,475,365	)		(25,746,578	)
Net decrease		(9,889,736	)		(20,982,240	)

6  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. 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, 2020, the Fund had a balance outstanding pursuant to this line of credit of $8,100,000 at an annual interest rate of 1.34%. 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, 2020. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 8) at December 31, 2020. Average borrowings and the average annual interest rate (excluding fees) for the six months ended December 31, 2020 were $8,075,543 and 1.14%, respectively.

7  Securities Lending Agreement

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion

29

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Notes to Financial Statements (Unaudited) — continued

allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.

At December 31, 2020, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $14,722,378 and $15,482,125, respectively. Collateral received was comprised of cash of $4,614,273 and U.S. government and/or agencies securities of $10,867,852. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2020.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Common Stocks	$	4,614,273	$	—	$	—	$	—	$	4,614,273

The carrying amount of the liability for collateral for securities loaned at December 31, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at December 31, 2020.

8  Fair Value Measurements

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

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

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

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

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, 2020, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	17,199,902	$	415,197,595		$	38,273	$	432,435,770
Emerging Europe		5,649,289		128,242,212			0		133,891,501
Latin America		76,098,011		59,677,087			0		135,775,098
Middle East/Africa		3,693,650		152,344,757			8,130,062		164,168,469
Total Common Stocks	$	102,640,852	$	755,461,651	**	$	8,168,335	$	866,270,838
Rights	$	0	$	0		$	—	$	0
Short-Term Investments		4,614,273		—			—		4,614,273
Total Investments	$	107,255,125	$	755,461,651		$	8,168,335	$	870,885,111

* 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.

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Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Notes to Financial Statements (Unaudited) — continued

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, 2020 is not presented.

9  Risks and Uncertainties

Risks Associated with Foreign Investments

Investments in foreign issuers could be affected by factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, lack of uniform accounting and auditing standards, less publicly available financial and other information, and potential difficulties in enforcing contractual obligations. Settlements of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than in the United States. Evidence of ownership of certain foreign investments may be held outside the United States, and the Fund may be subject to the risks associated with the holding of such property overseas. Foreign issuers may become subject to sanctions imposed by the United States or another country, which could result in the immediate freeze of the foreign issuers’ assets or securities. Trading in certain foreign markets is also subject to liquidity risk. Political events in foreign countries may cause market disruptions.

The risks of foreign investments can be more significant in emerging markets. Political and economic structures in emerging market countries generally lack the social, political and economic stability of developed countries. Securities markets within emerging market countries may experience low or non-existent trading volume. Governmental actions can have a significant effect on the economic conditions in emerging market countries. In particular, trade disputes may result in governmental actions, including but not limited to restrictions on investments in, or required divestment of, particular issuers or industries. There may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets. The laws of emerging market countries relating to the limited liability of corporate shareholders, fiduciary duties of officers and directors, and bankruptcy of state enterprises are generally less developed than or different from such laws in the United States. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. The prices at which investments may be acquired may be affected by trading by persons with information that is not publicly available and by securities transactions by brokers in anticipation of transactions in particular securities. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility. These foregoing risks may be even greater in frontier markets.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

10  Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory agreement and a new sub-advisory agreement. The new investment advisory agreement and new sub-advisory agreement were approved by Fund shareholders at a joint special meeting of shareholders held on February 18, 2021, and would take effect upon consummation of the transaction.

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Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Parametric Tax-Managed Emerging Markets Fund.

Fund	Investment Adviser	Investment Sub-Adviser
Parametric Tax-Managed Emerging Markets Fund	Eaton Vance Management	Parametric Portfolio Associates LLC

At a meeting held on November 24, 2020 (the “November Meeting”), the Board of each Eaton Vance open-end Fund and portfolios in which each such Fund invests, as applicable (each, a “Fund” and, collectively, the “Funds”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds, Eaton Vance Management (“EVM”) or Boston Management and Research (“BMR” and, together with EVM, the “Advisers”), voted to approve a new investment advisory agreement between each Fund and either EVM or BMR (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between an Adviser and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”⁽¹⁾ and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below), as more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by the Advisers, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendation. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from the Advisers and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by the Advisers and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020, November 10, 2020, November 13, 2020, November 17, 2020 and November 24, 2020.

During its meetings on November 10, 2020 and November 17, 2020, the Contract Review Committee further discussed the approval of the New Agreements with senior representatives of the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley. The representatives from the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review Committee considered the Advisers’, the Affiliated Sub-Advisers’ and Morgan Stanley’s responses related to the Transaction and specifically to the Funds, as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

Information about the Transaction and its Terms

• Information about the material terms and conditions, and expected impacts, of the Transaction that relate to the Funds, including the expected impacts on the businesses conducted by the Advisers, the Affiliated Sub-Advisers and Eaton Vance Distributors, Inc., as the distributor of Fund shares;

• Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

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Board of Trustees’ Contract Approval — continued

• A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

• A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

• A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

• Information with respect to personnel and/or other resources of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as a result of the Transaction, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

• Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

• Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

• Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

• Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as they relate to the Funds;

• Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

• Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements for Funds

• A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

• Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and its Adviser (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between a Fund and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

• Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

• A report from an independent data provider comparing the investment performance of each Fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

• A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the Advisers in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

• Comparative information concerning the fees charged and services provided by the Adviser and the Sub-Adviser to each Fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such Fund(s), if any;

• Profitability analyses of the Advisers and the Affiliated Sub-Advisers, as applicable, with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;

Information about Portfolio Management and Trading

• Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Transaction, as well as each of the Funds’ investment strategies and policies;

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

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Tax-Managed Emerging Markets Fund

December 31, 2020

Board of Trustees’ Contract Approval — continued

• Information about any changes to the policies and practices of the Advisers and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information regarding the impact on trading and access to capital markets associated with the Funds’ affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about the Advisers and the Sub-Advisers

• Information about the financial results and condition of the Advisers and the Affiliated Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

• Information regarding contemplated changes to the individual investment professionals whose responsibilities include portfolio management and investment research for the Funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable, post-Closing;

• The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the Advisers and their affiliates, including the Affiliated Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• A description of the Advisers’ oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by the Advisers and their affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by EVM and/or administrator to each of the Funds;

• Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

• Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

• Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

• Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of the Advisers and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the Funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the Funds, and received and participated in reports and presentations provided by the Advisers and their affiliates, including the Affiliated Sub-Advisers, with respect to such matters.

The Contract Review Committee was advised throughout the evaluation process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating the New Agreements and the weight to be given to each such factor. The conclusions reached with respect to the New Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Independent Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the New Agreements.

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

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Tax-Managed Emerging Markets Fund

December 31, 2020

Board of Trustees’ Contract Approval — continued

The Board also considered the financial resources of Morgan Stanley and the Advisers and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and the Advisers’ commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered the Advisers’ and the Sub-Advisers’ management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of the Advisers’ and, as applicable, the Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Advisers and other factors, including the reputation and resources of the Advisers to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and the Advisers regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from the Advisers and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers or their affiliates may be subject in managing the Funds and in connection with the Transaction.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Advisers and their affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of the Advisers and the Sub-Advisers, the Board noted information regarding the impacts of the Transaction, as well as the Advisers’ and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by the Advisers and their affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and, where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanation from the applicable Adviser concerning the Fund’s relative performance versus its peer group.

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, the Advisers and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by the Advisers and their affiliates, including the Affiliated Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of the Advisers and their affiliates, including the Affiliated Sub-Advisers, to provide those services. The Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered

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Tax-Managed Emerging Markets Fund

December 31, 2020

Board of Trustees’ Contract Approval — continued

each Fund’s management fees and total expense ratio over various periods, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by the Advisers and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services the Advisers and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Advisers and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by the Advisers and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers, in providing investment advisory and administrative services to the Funds and to all Eaton Vance funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Advisers and their affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Advisers and their affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and the Advisers are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from the Advisers and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by the Advisers and their affiliates, including the Affiliated Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Advisers and their affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by the Advisers and their affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by the Advisers and their affiliates in connection with services provided pursuant to the Current Advisory Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of the Advisers and their affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

Economies of Scale

The Board also considered the extent to which the Advisers and their affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific Fund or group of funds. As part of the 2020 Annual Approval Process, the Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Advisers and their affiliates may have been affected by such increases or decreases.

The Board noted that Morgan Stanley and the Advisers are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the Funds and recommended that shareholders approve the New Agreements.

36

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2020

Officers and Trustees

Officers of Parametric Tax-Managed Emerging Markets Fund

Eric A. Stein

President

Deidre E. Walsh

Vice President

Maureen A. Gemma

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

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

37

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers including auditors, accountants, and legal counsel. Eaton Vance may share your personal information with our affiliates. Eaton Vance may also share your information as required or permitted by applicable law.

• We have adopted a Privacy Program we believe is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to your information.

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

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance WaterOak Advisors, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

38

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

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    12.31.20

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 Form N-CSR.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Series Trust II
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	February 24, 2021

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 24, 2021
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	February 24, 2021