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)

Deidre E. Walsh

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, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric

Tax-Managed Emerging Markets Fund

Semiannual Report

December 31, 2021

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, 2021

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
Officers and Trustees	32
Privacy Notice	33
Important Notices	35

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Performance^1,2

Portfolio Manager(s) 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		–4.50	%		4.61	%		6.28	%		4.24	%
MSCI Emerging Markets Index		—		—		–9.30	%		–2.54	%		9.87	%		5.48	%
% 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			2.97	%		5.78	%		3.87	%
Return After Taxes on Distributions and Sales of Fund Shares				—		—			4.87			5.35			3.64
% 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, 2021

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.	0.9
Taiwan Semiconductor Manufacturing Co., Ltd.	0.8
America Movil SAB de CV, Series L	0.8
Ahli United Bank BSC	0.8
Delta Electronics (Thailand) PCL	0.6
Turkiye Petrol Rafinerileri AS	0.6
Naspers, Ltd., Class N	0.6
Southern Copper Corp.	0.6
Yandex NV, Class A	0.6
Total	7.5	%

See Endnotes and Additional Disclosures in this report.

3

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

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 ratio for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

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, 2021 – December 31, 2021).

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 (7/1/21)		Ending Account Value (12/31/21)		Expenses Paid During Period* (7/1/21 – 12/31/21)		Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	955.00	$	4.73		0.96	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,020.37	$	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, 2021.

5

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited)

Common Stocks — 101.3%
Security	Shares		Value
Argentina — 0.6%
Banco BBVA Argentina S.A.(1)		1	$	1
Banco BBVA Argentina S.A. ADR(1)		25,531		80,423
Banco Macro S.A. ADR(1)(2)		13,067		183,199
Banco Macro S.A., Class B(1)		6		8
IRSA Inversiones y Representaciones S.A.(1)		4		2
IRSA Inversiones y Representaciones S.A. ADR(1)		11,954		50,924
IRSA Propiedades Comerciales S.A. ADR(1)		2,276		5,144
Ledesma SAAI		259,501		86,363
MercadoLibre, Inc.(1)		1,336		1,801,462
Molinos Agro S.A.		18,283		109,947
Molinos Rio de la Plata S.A., Class B		75,026		45,457
Pampa Energia S.A. ADR(1)		10,175		214,794
Ternium Argentina S.A.(1)		2,005,200		1,227,772
Transportadora de Gas del Sur S.A.(1)		2		2
Transportadora de Gas del Sur S.A. ADR(1)(2)		52,531		233,238
			$	4,038,736
Bahrain — 1.1%
Ahli United Bank BSC		5,628,000	$	5,176,959
Al Salam Bank BSC(1)		5,250,000		1,342,221
GFH Financial Group BSC		1,622,257		523,616
Ithmaar Holding BSC(1)		11,549,752		719,839
			$	7,762,635
Bangladesh — 0.6%
Al-Arafah Islami Bank, Ltd.		329,780	$	102,000
Bangladesh Export Import Co., Ltd.		247,636		428,588
Beximco Pharmaceuticals, Ltd.		79,073		177,477
British American Tobacco Bangladesh Co., Ltd.		21,052		156,104
Grameenphone, Ltd.		72,336		295,159
Jamuna Oil Co., Ltd.		50,340		100,550
Khulna Power Co., Ltd.		231,595		81,037
LafargeHolcim Bangladesh, Ltd.		194,809		161,141
LankaBangla Finance, Ltd.		629,970		273,851
Meghna Petroleum, Ltd.		38,062		87,351
MJL Bangladesh, Ltd.		62,177		64,061
Olympic Industries, Ltd.		99,202		187,941
Padma Oil Co., Ltd.		25,811		63,973
Pubali Bank, Ltd.		399,988		125,858
Social Islami Bank, Ltd.		1,328,058		229,072
Square Pharmaceuticals, Ltd.		292,370		729,956
Summit Power, Ltd.		372,759		169,024
Titas Gas Transmission & Distribution Co., Ltd.		163,853		69,244

Security	Shares		Value
Bangladesh (continued)
Unique Hotel & Resorts, Ltd.		394,668	$	231,189
United Commercial Bank, Ltd.		1,077,628		192,179
			$	3,925,755
Botswana — 0.6%
Absa Bank Botswana, Ltd.		525,892	$	207,078
Botswana Insurance Holdings, Ltd.(1)		560,747		834,111
First National Bank of Botswana, Ltd.		5,345,500		1,136,130
Letshego Holdings, Ltd.		2,688,951		319,772
Sechaba Breweries Holdings, Ltd.		1,086,400		1,542,145
			$	4,039,236
Brazil — 4.0%
Aliansce Sonae Shopping Centers S.A.		29,996	$	116,375
Alpargatas S.A., PFC Shares		22,500		149,011
AMBEV S.A.		334,325		935,517
Americanas S.A.(1)		58,229		328,123
B3 S.A. - Brasil Bolsa Balcao		106,655		212,391
Banco Bradesco S.A., PFC Shares		178,291		618,101
Banco do Brasil S.A.		32,900		170,040
BR Malls Participacoes S.A.(1)		158,800		236,240
Braskem S.A., PFC Shares		28,900		305,426
BRF S.A.(1)		26,866		108,913
CCR S.A.		160,000		332,175
Centrais Eletricas Brasileiras S.A., PFC Shares		65,766		388,580
Cia Brasileira de Distribuicao		17,556		69,933
Cia de Saneamento Basico do Estado de Sao Paulo ADR(2)		48,898		358,911
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		54,852		239,298
Cosan S.A.		75,536		296,774
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		64,624		182,284
EDP-Energias do Brasil S.A.		91,800		344,962
Engie Brasil Energia S.A.		30,425		209,646
Equatorial Energia S.A.		54,600		221,404
Ez Tec Empreendimentos e Participacoes S.A.		37,357		136,698
Fleury S.A.		35,300		113,732
Gol Linhas Aereas Inteligentes S.A., PFC Shares(1)		63,140		190,315
Hapvida Participacoes e Investimentos S.A.(4)		290,500		539,244
Hypera S.A.		91,700		464,222
Iguatemi S.A.(1)		33,843		109,792
Itau Unibanco Holding S.A., PFC Shares		100,193		377,591
Itausa S.A., PFC Shares		115,661		184,989
JBS S.A.		51,902		354,129
Klabin S.A., PFC Shares		235,000		210,653
Localiza Rent a Car S.A.		65,232		618,905
Locaweb Servicos de Internet S.A.(1)(4)		36,000		83,521

6 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Brazil (continued)
Lojas Americanas S.A., PFC Shares		142,784	$	150,394
Lojas Renner S.A.		90,255		390,591
Magazine Luiza S.A.		378,972		488,488
Marfrig Global Foods S.A.		28,300		111,710
MRV Engenharia e Participacoes S.A.		75,500		162,443
Natura & Co. Holding S.A.(1)		58,700		270,671
Notre Dame Intermedica Participacoes S.A.		183,700		1,983,169
Pagseguro Digital, Ltd., Class A(1)(2)		63,100		1,654,482
Petroleo Brasileiro S.A., PFC Shares		688,591		3,498,141
Raia Drogasil S.A.		66,300		288,651
Rede D’Or Sao Luiz S.A.(4)		180,800		1,452,174
Rumo S.A.(1)		96,199		306,196
Sendas Distribuidora S.A.		35,780		83,459
StoneCo, Ltd. BDR(1)		467		7,859
StoneCo, Ltd., Class A(1)		70,900		1,195,374
Suzano S.A.(1)		31,841		343,917
Telefonica Brasil S.A.		90,505		785,679
TIM S.A.		95,075		225,204
TOTVS S.A.		206,500		1,049,450
Transmissora Alianca de Energia Electrica S.A.		73,176		478,403
Ultrapar Participacoes S.A.		73,348		194,480
Vale S.A.		100,618		1,401,941
Vibra Energia S.A.		101,700		389,944
Weg S.A.		192,028		1,131,075
XP, Inc. BDR(1)		2,313		66,645
XP, Inc., Class A(1)		3,300		94,842
YDUQS Participacoes S.A.		51,900		190,678
			$	27,603,955
Bulgaria — 0.2%
Bulgartabak Holding(1)		3,450	$	19,480
CB First Investment Bank AD(1)		54,000		50,813
Chimimport AD(1)		337,600		168,226
Industrial Holding Bulgaria PLC(1)		576,865		711,932
Sopharma AD(1)		303,500		788,663
			$	1,739,114
Chile — 2.2%
AES Andes S.A.		1,079,559	$	169,182
Banco de Chile		9,839,682		768,466
Banco de Credito e Inversiones S.A.		13,221		385,887
Banco Santander Chile ADR		28,749		468,321
CAP S.A.		17,941		174,558
Cencosud S.A.		381,660		638,190
Cencosud Shopping S.A.		249,118		295,245

Security	Shares		Value
Chile (continued)
Cia Cervecerias Unidas S.A. ADR		59,200	$	971,472
Cia Sud Americana de Vapores S.A.		22,967,994		1,969,845
Colbun S.A.		1,359,215		110,525
Embotelladora Andina S.A., Series B ADR(2)		23,172		298,687
Empresa Nacional de Telecomunicaciones S.A.		61,526		207,779
Empresas CMPC S.A.		228,924		383,366
Empresas COPEC S.A.		237,066		1,833,391
Enel Americas S.A.		4,030,806		440,453
Enel Americas S.A. ADR(2)		23,541		128,063
Enel Chile S.A.		2,652,095		92,938
Enel Chile S.A. ADR(2)		39,306		71,144
Falabella S.A.		536,889		1,750,256
Forus S.A.		97,755		126,132
Parque Arauco S.A.(1)		498,951		550,186
Plaza S.A.		232,430		256,132
Quinenco S.A.		153,449		297,144
Ripley Corp. S.A.		1,139,224		183,974
Sociedad Matriz SAAM S.A.		2,516,270		165,080
Sociedad Quimica y Minera de Chile S.A. ADR		37,400		1,886,082
Sonda S.A.		210,171		61,380
Vina Concha y Toro S.A.		226,199		347,647
			$	15,031,525
China — 19.7%
A-Living Smart City Services Co., Ltd.(4)		58,000	$	99,086
AAC Technologies Holdings, Inc.		86,000		338,941
AECC Aviation Power Co., Ltd.		66,500		662,261
Agricultural Bank of China, Ltd., Class H		1,257,000		432,455
Air China, Ltd., Class H(1)		466,000		325,455
Akeso, Inc.(1)(4)		44,000		191,887
Alibaba Group Holding, Ltd. ADR(1)		19,900		2,363,921
Aluminum Corp. of China, Ltd., Class H(1)		534,000		294,237
Angang Steel Co., Ltd., Class H		348,000		155,173
Anhui Conch Cement Co., Ltd., Class H		244,500		1,222,931
ANTA Sports Products, Ltd.		69,143		1,038,413
Baidu, Inc., ADR(1)		7,900		1,175,441
Bank of China, Ltd., Class H		2,730,275		982,261
Bank of Communications, Ltd., Class H		686,000		414,695
Bank of Ningbo Co., Ltd., Class A		46,828		281,224
Baoshan Iron & Steel Co., Ltd., Class A		221,000		249,115
BeiGene, Ltd. ADR(1)		4,425		1,198,865
Beijing Capital International Airport Co., Ltd., Class H(1)		360,000		220,617
Beijing Enterprises Holdings, Ltd.		95,500		329,489
Beijing Enterprises Water Group, Ltd.		752,000		292,187
Beijing Originwater Technology Co., Ltd., Class A		171,376		193,495
Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A(1)		399,380		497,360

7 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
Bilibili, Inc. ADR(1)(2)		2,800	$	129,920
BOE Technology Group Co., Ltd., Class A		353,900		280,456
BYD Co., Ltd., Class H		13,672		462,447
BYD Electronic (International) Co., Ltd.(2)		92,500		338,600
Changchun High & New Technology Industry Group, Inc., Class A		11,600		494,368
Chaozhou Three-Circle Group Co., Ltd., Class A		49,900		349,381
China CITIC Bank Corp., Ltd., Class H		396,000		171,773
China Conch Venture Holdings, Ltd.		173,000		846,184
China Construction Bank Corp., Class H		1,088,745		754,442
China Everbright Environment Group, Ltd.		875,148		702,925
China Gas Holdings, Ltd.		517,200		1,075,819
China International Marine Containers Co., Ltd.		70,174		126,075
China Life Insurance Co., Ltd., Class H		370,000		613,338
China Longyuan Power Group Corp., Ltd., Class H		678,000		1,583,684
China Mengniu Dairy Co., Ltd.(1)		294,000		1,666,648
China Merchants Bank Co., Ltd., Class H		115,000		894,652
China Merchants Port Holdings Co., Ltd.		84,000		153,306
China Merchants Shekou Industrial Zone Holdings Co., Ltd.(5)		935,251		0
China Molybdenum Co., Ltd., Class H		1,020,000		538,807
China National Building Material Co., Ltd., Class H		410,000		503,373
China Northern Rare Earth Group High-Tech Co., Ltd.		77,200		555,017
China Oilfield Services, Ltd., Class H		266,000		233,332
China Overseas Land & Investment, Ltd.		478,360		1,133,139
China Overseas Property Holdings, Ltd.		135,000		143,174
China Pacific Insurance (Group) Co., Ltd., Class H		116,600		316,788
China Petroleum & Chemical Corp., Class H		6,062,200		2,823,899
China Railway Group, Ltd., Class H		400,000		211,662
China Resources Beer Holdings Co., Ltd.		214,000		1,752,460
China Resources Cement Holdings, Ltd.		354,000		267,741
China Resources Gas Group, Ltd.		198,000		1,118,812
China Resources Land, Ltd.		307,111		1,294,042
China Resources Mixc Lifestyle Services, Ltd.(4)		44,200		206,248
China Resources Power Holdings Co., Ltd.		272,000		909,740
China Shenhua Energy Co., Ltd., Class H		953,574		2,231,632
China Southern Airlines Co., Ltd., Class H(1)(2)		846,500		507,173
China Tourism Group Duty Free Corp., Ltd., Class A		11,076		381,829
China Vanke Co., Ltd., Class H		293,517		683,469
China Yangtze Power Co., Ltd.		236,900		843,407
Chinasoft International, Ltd.(1)		294,000		383,390
CIFI Holdings Group Co., Ltd.		514,000		309,198
CITIC Securities Co., Ltd., Class H		90,500		236,374
CITIC, Ltd.		415,000		410,575
Contemporary Amperex Technology Co., Ltd., Class A		5,900		543,476
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		1,068,000		407,114

Security	Shares		Value
China (continued)
COSCO SHIPPING Holdings Co., Ltd., Class H(1)(2)		776,294	$	1,505,202
Country Garden Holdings Co., Ltd.		859,000		762,856
Country Garden Services Holdings Co., Ltd.		153,425		921,150
CRRC Corp., Ltd., Class H		327,000		140,575
CSPC Pharmaceutical Group, Ltd.		1,538,560		1,675,319
Daqo New Energy Corp. ADR(1)		5,500		221,760
Dongfeng Motor Group Co., Ltd., Class H(1)		586,000		487,141
East Money Information Co., Ltd., Class A		66,174		385,771
ESR Cayman, Ltd.(1)(4)		108,600		367,351
Evergrande Property Services Group, Ltd.(1)(2)(4)		520,500		176,403
Financial Street Holdings Co., Ltd., Class A		173,966		154,567
Foshan Haitian Flavouring & Food Co., Ltd., Class A		22,830		376,191
Ganfeng Lithium Co., Ltd., Class A		16,500		370,635
Ganfeng Lithium Co., Ltd., Class H(4)		20,600		324,378
GDS Holdings, Ltd. ADR(1)		8,900		419,724
GEM Co., Ltd., Class A		124,200		202,087
Gemdale Corp.		128,201		261,172
Genscript Biotech Corp.(1)		68,000		300,862
GoerTek, Inc., Class A		251,200		2,135,434
Gotion High-tech Co., Ltd., Class A(1)		63,830		513,966
Great Wall Motor Co., Ltd., Class H		561,759		1,929,876
Greentown Service Group Co., Ltd.		156,000		144,047
Guangdong Investment, Ltd.		646,829		822,226
Guanghui Energy Co., Ltd.(1)		306,545		315,100
Guangzhou Automobile Group Co., Ltd., Class H		709,199		699,926
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		210,000		604,950
Guosen Securities Co., Ltd., Class A		94,600		170,479
Haier Smart Home Co., Ltd.		135,829		637,183
Haitong Securities Co., Ltd., Class H		163,200		144,685
Han’s Laser Technology Industry Group Co., Ltd., Class A		46,800		396,728
Hesteel Co., Ltd., Class A		861,400		332,920
Hua Hong Semiconductor, Ltd.(1)(4)		58,000		320,327
Huabao International Holdings, Ltd.		147,000		271,676
Huadong Medicine Co., Ltd., Class A		53,160		335,826
Hualan Biological Engineering, Inc., Class A		59,670		272,519
Huayu Automotive Systems Co., Ltd.		82,100		364,597
Hundsun Technologies, Inc.		17,826		174,096
Iflytek Co., Ltd., Class A		37,950		312,665
Industrial & Commercial Bank of China, Ltd., Class H		1,485,000		837,663
Industrial Bank Co., Ltd.		93,482		279,221
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		34,300		223,249
Innovent Biologics, Inc.(1)(4)		122,000		755,469
JD.com, Inc. ADR(1)		16,000		1,121,120
Jiangsu Expressway Co., Ltd., Class H		480,000		491,607
Jiangsu Hengrui Medicine Co., Ltd., Class A		86,772		691,392

8 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		15,400	$	398,619
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A		81,550		483,480
Jiangxi Copper Co., Ltd., Class H		255,000		409,667
Jinke Properties Group Co., Ltd., Class A		244,151		171,737
JinkoSolar Holding Co., Ltd. ADR(1)		6,100		280,356
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd.		41,300		245,891
KE Holdings, Inc. ADR(1)		21,500		432,580
Kingboard Holdings., Ltd.		71,200		346,891
Kingboard Laminates Holdings, Ltd.		180,500		306,999
Kingdee International Software Group Co., Ltd.(1)		319,000		981,932
Kingsoft Corp, Ltd.		98,000		431,039
Kuaishou Technology(1)(4)		29,200		270,727
Kunlun Energy Co., Ltd.		330,000		309,648
Kweichow Moutai Co., Ltd., Class A		9,410		3,023,978
KWG Group Holdings, Ltd.(1)		165,500		108,387
KWG Living Group Holdings, Ltd.		82,750		34,027
Lee & Man Paper Manufacturing, Ltd.		491,000		341,431
Lenovo Group, Ltd.		816,000		937,817
Lens Technology Co., Ltd., Class A		59,900		216,062
Lepu Medical Technology Beijing Co., Ltd., Class A		69,200		245,993
Li Ning Co., Ltd.		70,312		771,325
Longfor Group Holdings, Ltd.(4)		181,500		856,090
LONGi Green Energy Technology Co., Ltd.(1)		172,246		2,330,503
Lonking Holdings, Ltd.		1,300,000		365,475
Luxshare Precision Industry Co., Ltd., Class A		205,651		1,588,342
Luzhou Laojiao Co., Ltd., Class A		31,300		1,247,574
Maanshan Iron & Steel Co., Ltd., Class H		1,305,000		479,795
Maxscend Microelectronics Co., Ltd., Class A		4,200		215,593
Meituan, Class B(1)(4)		33,000		954,277
Microport Scientific Corp.(2)		54,100		197,194
MMG, Ltd.(1)		1,232,000		396,303
NARI Technology Co., Ltd.		102,720		645,902
NetEase, Inc. ADR		11,000		1,119,580
New Oriental Education & Technology Group, Inc. ADR(1)		61,050		128,205
Nine Dragons Paper Holdings, Ltd.(1)		473,000		507,966
Nongfu Spring Co., Ltd., Class H(4)		127,800		844,152
Oceanwide Holdings Co., Ltd., Class A(1)		270,200		79,741
Perfect World Co., Ltd., Class A		54,600		174,051
PetroChina Co., Ltd., Class H		5,480,300		2,427,200
PICC Property & Casualty Co., Ltd., Class H		238,000		194,551
Ping An Bank Co., Ltd., Class A		161,100		416,510
Ping An Insurance (Group) Co. of China, Ltd., Class H		90,546		652,485
Pingdingshan Tianan Coal Mining Co., Ltd.		262,515		345,672
Poly Developments and Holdings Group Co., Ltd., Class A		132,100		324,119
Postal Savings Bank of China Co., Ltd., Class H(4)		333,000		233,848

Security	Shares		Value
China (continued)
Qingling Motors Co., Ltd., Class H		1,448,966	$	293,792
Sanan Optoelectronics Co., Ltd.		53,900		318,114
SDIC Power Holdings Co., Ltd.		112,800		203,047
Seazen Group, Ltd.(1)		316,000		213,733
Shandong Gold Mining Co., Ltd.		86,844		256,807
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		112,000		139,630
Shanghai Fosun Pharmaceutical Group Co., Ltd.(2)		232,500		1,023,635
Shanghai Industrial Holdings, Ltd.		138,000		201,114
Shanghai Industrial Urban Development Group, Ltd.		58,200		5,669
Shanxi Coking Coal Energy Group Co., Ltd., Class A		301,730		392,161
Shenergy Co., Ltd.		227,799		263,338
Shenwan Hongyuan Group Co., Ltd., Class A		357,100		286,923
Shenzhen Energy Group Co., Ltd., Class A		290,352		369,659
Shenzhen Inovance Technology Co., Ltd., Class A		90,900		979,402
Shenzhen Salubris Pharmaceuticals Co., Ltd., Class A(1)		56,300		241,540
Shimao Group Holdings, Ltd.(2)		137,000		89,691
Sichuan Chuantou Energy Co., Ltd.		152,000		298,118
Sino Biopharmaceutical, Ltd.		1,654,750		1,161,292
Sinopec Oilfield Service Corp., Class H(1)		2,725,500		227,455
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,272,000		292,181
Sinopharm Group Co., Ltd., Class H		316,000		687,759
SITC International Holdings Co., Ltd.		110,000		397,836
Smoore International Holdings, Ltd.(2)(4)		78,000		398,302
Sunac China Holdings, Ltd.		267,000		403,900
Sunac Services Holdings, Ltd.(1)(4)		85,590		87,362
Sunny Optical Technology Group Co., Ltd.		87,300		2,765,189
TBEA Co., Ltd.		168,219		557,911
TCL Technology Group Corp., Class A		372,800		361,086
Tencent Holdings, Ltd.		141,211		8,239,818
Tingyi (Cayman Islands) Holding Corp.		366,000		752,712
Tonghua Dongbao Pharmaceutical Co., Ltd.		106,833		183,785
Tongling Nonferrous Metals Group Co., Ltd., Class A		241,300		132,085
TravelSky Technology, Ltd., Class H		93,000		156,320
Trip.com Group, Ltd. ADR(1)		12,900		317,598
Tsingtao Brewery Co., Ltd., Class H		98,000		917,069
Uni-President China Holdings, Ltd.		290,000		281,111
United Laboratories International Holdings, Ltd. (The)		362,000		202,074
Wanhua Chemical Group Co., Ltd.		52,720		835,111
Want Want China Holdings, Ltd.		1,092,000		1,002,226
Weichai Power Co., Ltd., Class H		222,200		435,782
WH Group, Ltd.(4)		1,053,160		661,124
Will Semiconductor Co., Ltd. Shanghai, Class A		6,500		316,903
Wuliangye Yibin Co., Ltd., Class A		31,400		1,096,843
WuXi AppTec Co., Ltd., Class H(4)		19,800		342,110
Wuxi Biologics Cayman, Inc.(1)(4)		205,000		2,426,973

9 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
Xiaomi Corp., Class B(1)(4)		229,800	$	557,049
Xinjiang Zhongtai Chemical Co., Ltd., Class A		283,800		425,431
Xinyi Glass Holdings, Ltd.		127,000		318,112
Xinyi Solar Holdings, Ltd.		552,000		937,155
Yangzijiang Shipbuilding Holdings, Ltd.		316,000		313,973
Yankuang Energy Group Co., Ltd., Class H(2)		758,000		1,506,529
Yuexiu Property Co., Ltd.		304,000		268,119
Yunnan Baiyao Group Co., Ltd., Class A		19,521		320,748
Zai Lab, Ltd. ADR(1)		6,500		408,525
Zhaojin Mining Industry Co., Ltd., Class H		278,000		237,967
Zhejiang Dahua Technology Co., Ltd., Class A		94,600		348,666
Zhejiang Expressway Co., Ltd., Class H		274,000		244,197
Zhejiang Huahai Pharmaceutical Co., Ltd.		77,088		262,018
Zhejiang Longsheng Group Co., Ltd.		220,600		437,559
Zhongjin Gold Corp., Ltd.		120,570		155,951
Zhuzhou CRRC Times Electric Co., Ltd., Class H		60,800		352,415
Zijin Mining Group Co., Ltd., Class H		844,000		1,007,979
ZTE Corp., Class H		172,939		473,855
ZTO Express Cayman, Inc. ADR		45,300		1,278,366
			$	135,446,107
Colombia — 1.2%
Banco Davivienda S.A., PFC Shares(1)		19,986	$	156,317
Bancolombia S.A.		51,859		442,555
Bancolombia S.A. ADR, PFC Shares		22,200		701,298
Cementos Argos S.A.		289,674		435,254
Corp. Financiera Colombiana S.A.(1)		12,601		88,643
Ecopetrol S.A.		1,555,821		1,027,638
Ecopetrol S.A. ADR(2)		104,000		1,340,560
Geopark, Ltd.		27,700		317,165
Grupo Argos S.A.		204,163		679,734
Grupo Aval Acciones y Valores S.A., PFC Shares		819,952		213,420
Grupo de Inversiones Suramericana S.A.		51,089		376,877
Grupo Energia Bogota S.A. ESP		707,211		434,586
Grupo Nutresa S.A.		158,358		1,115,161
Interconexion Electrica S.A.		116,965		643,575
			$	7,972,783
Croatia — 0.6%
AD Plastik DD		32,849	$	823,257
Adris Grupa DD, PFC Shares		14,469		908,237
Atlantic Grupa DD		1,814		461,385
Ericsson Nikola Tesla DD		1,470		409,619
Hrvatski Telekom DD		25,633		720,103
Koncar-Elektroindustrija DD		1,354		184,375

Security	Shares		Value
Croatia (continued)
Podravka Prehrambena Ind DD		1,386	$	132,604
Valamar Riviera DD(1)		116,366		581,607
Zagrebacka Banka DD(1)		6,564		64,846
			$	4,286,033
Czech Republic — 0.6%
CEZ AS		72,947	$	2,760,949
Komercni Banka AS		20,023		856,101
O2 Czech Republic AS(1)		22,962		280,581
Philip Morris CR AS		303		223,233
			$	4,120,864
Egypt — 0.6%
Commercial International Bank Egypt SAE(1)		340,623	$	1,146,396
Eastern Co. SAE		996,298		680,120
Egypt Kuwait Holding Co. SAE(1)		650,203		856,369
Egyptian Financial Group-Hermes Holding Co.(1)		219,520		206,434
Egyptian International Pharmaceuticals EIPICO		37,035		98,739
ElSewedy Electric Co.		557,611		348,011
Medinet Nasr Housing		649,154		120,671
Oriental Weavers		643,368		354,977
Talaat Moustafa Group		583,273		335,599
			$	4,147,316
Estonia — 0.6%
AS Merko Ehitus		10,598	$	183,745
AS Tallink Grupp(1)		3,597,000		2,420,462
AS Tallinna Kaubamaja Grupp		126,000		1,610,130
			$	4,214,337
Ghana — 0.4%
Aluworks, Ltd.(1)		5,176,100	$	83,823
CalBank PLC		4,191,902		590,556
Ghana Commercial Bank, Ltd.		1,285,170		1,090,630
Societe Generale Ghana PLC		1,345,362		261,458
Standard Chartered Bank of Ghana, Ltd.		210,466		691,743
Unilever Ghana PLC(1)		249,000		240,341
			$	2,958,551
Greece — 1.2%
Aegean Airlines S.A.(1)		12,038	$	65,529
Alpha Services and Holdings S.A.(1)		115,150		141,117
Athens Water Supply & Sewage Co. S.A.(1)		17,071		151,639
Costamare, Inc.		23,466		296,845

10 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Greece (continued)
Eurobank Ergasias Services and Holdings S.A.(1)		588,544	$	596,258
GEK Terna Holding Real Estate Construction S.A.(1)		42,735		462,079
Hellenic Petroleum Holdings S.A.(1)		23,858		169,054
Hellenic Telecommunications Organization S.A.		69,932		1,291,933
Holding Co. ADMIE IPTO S.A.		39,952		109,605
JUMBO S.A.		58,356		837,306
LAMDA Development S.A.(1)		23,069		180,730
Motor Oil (Hellas) Corinth Refineries S.A.		47,980		751,494
Mytilineos S.A.		40,187		692,335
National Bank of Greece S.A.(1)		121,470		405,260
OPAP S.A.		90,102		1,276,157
Public Power Corp. S.A.(1)		35,851		384,683
Terna Energy S.A.		5,946		92,236
Titan Cement International S.A.(1)		22,557		343,101
			$	8,247,361
Hungary — 0.6%
Magyar Telekom Telecommunications PLC		60,229	$	76,538
MOL Hungarian Oil & Gas PLC		170,032		1,319,650
OTP Bank Nyrt.(1)		24,018		1,224,709
Richter Gedeon Nyrt.		49,734		1,336,397
			$	3,957,294
India — 4.8%
ABB India, Ltd.		6,017	$	180,916
ACC, Ltd.		3,567		106,466
Adani Enterprises, Ltd.		6,842		156,573
Adani Green Energy, Ltd.(1)		12,792		228,275
Adani Ports and Special Economic Zone, Ltd.		41,619		407,232
Adani Power, Ltd.(1)		69,213		92,571
Adani Total Gas, Ltd.		42,672		991,740
Apollo Hospitals Enterprise, Ltd.		10,412		702,477
Ashok Leyland, Ltd.		75,540		124,104
Asian Paints, Ltd.		13,099		595,400
Axis Bank, Ltd.(1)		25,838		235,246
Bajaj Auto, Ltd.		10,455		455,884
Bharat Forge, Ltd.		14,994		140,010
Bharat Petroleum Corp., Ltd.		36,600		189,259
Bharti Airtel, Ltd.(1)		160,000		1,470,008
Biocon, Ltd.(1)		105,688		516,218
Bosch, Ltd.		1,400		325,754
Cadila Healthcare, Ltd.		19,960		129,562
Cipla, Ltd.		39,454		500,422
Colgate-Palmolive (India), Ltd.		7,700		153,230
Container Corp. of India, Ltd.		11,788		97,105

Security	Shares		Value
India (continued)
Dabur India, Ltd.		16,400	$	127,673
Divi’s Laboratories, Ltd.		13,619		855,632
DLF, Ltd.		38,758		203,123
Dr. Reddy’s Laboratories, Ltd.		11,615		765,154
Fortis Healthcare, Ltd.(1)		43,036		171,818
GAIL (India), Ltd.		96,000		166,355
GlaxoSmithKline Pharmaceuticals, Ltd.		6,312		148,501
Glenmark Pharmaceuticals, Ltd.		25,658		181,874
Godrej Consumer Products, Ltd.(1)		9,364		121,648
Grasim Industries, Ltd.		8,195		178,753
Havells India, Ltd.		10,504		196,645
HCL Technologies, Ltd.		57,337		1,014,556
Hero MotoCorp, Ltd.		7,524		248,601
Hindustan Petroleum Corp., Ltd.		48,748		191,081
Hindustan Unilever, Ltd.		25,829		817,925
Hindustan Zinc, Ltd.		53,698		228,128
Housing Development Finance Corp., Ltd.		16,776		580,558
ICICI Bank, Ltd.		48,451		482,072
Indian Oil Corp., Ltd.		88,000		131,668
Indus Towers, Ltd.		49,905		166,132
Infosys, Ltd.		116,609		2,961,420
Ipca Laboratories, Ltd.		6,293		183,160
ITC, Ltd.		71,847		210,168
Jindal Steel & Power, Ltd.(1)		56,642		286,015
JSW Steel, Ltd.		55,995		491,559
Kotak Mahindra Bank, Ltd.		9,041		217,830
Larsen & Toubro, Ltd.		27,238		692,171
Laurus Labs, Ltd.(4)		50,204		363,699
Lupin, Ltd.		27,586		351,703
Mahindra & Mahindra, Ltd.		47,285		530,389
Maruti Suzuki India, Ltd.		6,387		635,324
Mphasis, Ltd.		4,679		213,472
Nestle India, Ltd.		1,800		476,028
Petronet LNG, Ltd.		70,400		204,572
Piramal Enterprises, Ltd.		4,358		154,199
Power Grid Corporation of India, Ltd.		104,973		288,206
Reliance Industries, Ltd.		90,312		2,869,327
Siemens, Ltd.		7,996		253,226
State Bank of India GDR(6)		1,968		121,227
Sun Pharmaceutical Industries, Ltd.		92,680		1,052,163
Tata Communications, Ltd.		33,686		661,984
Tata Consultancy Services, Ltd.		36,828		1,847,942
Tata Consumer Products, Ltd.		21,272		212,257
Tata Motors, Ltd.(1)		73,750		475,805
Tech Mahindra, Ltd.		27,077		650,215
Titan Co., Ltd.		14,500		489,577

11 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
India (continued)
UPL, Ltd.		25,559	$	256,514
Voltas, Ltd.		14,121		231,346
Wipro, Ltd.		61,583		590,069
WNS Holdings, Ltd. ADR(1)		2,400		211,728
			$	32,959,644
Indonesia — 2.3%
Ace Hardware Indonesia Tbk PT		1,613,500	$	144,767
Adaro Energy Tbk PT		8,410,800		1,333,840
Aneka Tambang Tbk		1,547,400		244,903
Astra Argo Lestari Tbk PT		213,500		142,259
Astra International Tbk PT		7,269,300		2,909,553
Bank Central Asia Tbk PT		1,714,000		877,826
Bank Mandiri Persero Tbk PT		900,000		444,401
Bank Negara Indonesia Persero Tbk PT		849,200		401,424
Bank Rakyat Indonesia Persero Tbk PT		2,181,428		628,090
Bukit Asam Tbk PT		1,322,400		251,728
Bumi Serpong Damai Tbk PT(1)		3,520,600		249,424
Charoen Pokphand Indonesia Tbk PT		1,280,500		533,695
Gudang Garam Tbk PT		100,500		215,817
Indah Kiat Pulp & Paper Tbk PT		912,300		501,133
Indocement Tunggal Prakarsa Tbk PT		315,500		267,830
Indofood CBP Sukses Makmur Tbk PT		340,600		208,037
Indofood Sukses Makmur Tbk PT		819,000		363,659
Jasa Marga (Persero) Tbk PT(1)		881,800		240,397
Kalbe Farma Tbk PT		11,037,700		1,250,540
Mitra Keluarga Karyasehat Tbk PT		935,900		148,477
Perusahaan Gas Negara Tbk PT(1)		2,389,000		230,655
Semen Indonesia Persero Tbk PT		863,000		438,775
Telkom Indonesia Persero Tbk PT		7,474,500		2,133,238
Transcoal Pacific Tbk PT(1)		204,900		144,430
Unilever Indonesia Tbk PT		1,096,200		316,123
United Tractors Tbk PT		680,600		1,056,685
Vale Indonesia Tbk PT		1,492,700		491,564
			$	16,169,270
Jordan — 0.6%
Arab Bank PLC		369,126	$	2,548,829
Arab Potash Co. PLC		22,403		828,462
Capital Bank of Jordan		58,560		167,525
Jordan Islamic Bank		32,236		158,054
Jordan Petroleum Refinery		102,741		497,186
Jordanian Electric Power Co.		99,148		162,136
			$	4,362,192

Security	Shares		Value
Kazakhstan — 0.3%
Halyk Savings Bank of Kazakhstan JSC GDR(6)		78,555	$	1,297,194
Kcell JSC GDR(1)(6)		203,224		750,242
			$	2,047,436
Kenya — 0.6%
ABSA Bank Kenya PLC(1)		1,204,620	$	126,545
East African Breweries, Ltd.(1)		629,576		923,981
Equity Group Holdings PLC(1)		1,017,400		485,689
KCB Group PLC		736,960		296,366
Safaricom PLC		6,618,700		2,219,775
			$	4,052,356
Kuwait — 1.2%
Agility Public Warehousing Co. KSC		468,424	$	1,462,177
Boubyan Petrochemicals Co. KSCP		224,326		631,819
Gulf Bank KSCP		172,934		159,517
Humansoft Holding Co. KSC		26,414		281,631
Kuwait Finance House KSCP		530,186		1,458,586
Kuwait International Bank KSCP(1)		172,480		124,350
Mabanee Co. KPSC		201,624		528,566
Mobile Telecommunications Co. KSCP		553,143		1,089,277
National Bank of Kuwait SAK		588,581		1,940,591
National Industries Group Holding SAK(1)		363,372		339,992
			$	8,016,506
Lebanon — 0.0%
Bank Audi SAL GDR(1)(5)(6)		15,000	$	0
			$	0
Lithuania — 0.5%
Apranga PVA(1)		257,243	$	594,602
Klaipedos Nafta AB		1,576,663		550,785
Panevezio Statybos Trestas(1)		201,949		151,476
Rokiskio Suris		177,000		580,052
Siauliu Bankas AB		1,523,204		1,318,461
			$	3,195,376
Malaysia — 2.5%
Axiata Group Bhd		392,075	$	391,428
Bumi Armada Bhd(1)		1,308,600		147,533
Bursa Malaysia Bhd		117,800		185,186
Careplus Group Bhd		270,100		67,457
CIMB Group Holdings Bhd		205,024		268,186
D&O Green Technologies Bhd		123,200		173,974

12 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Malaysia (continued)
Dialog Group Bhd		1,687,650	$	1,061,005
Digi.com Bhd		243,800		255,209
Fraser & Neave Holdings Bhd		26,000		154,346
Gamuda Bhd(1)		558,200		388,737
Genting Bhd		509,700		570,931
Genting Malaysia Bhd(1)		569,900		393,686
Globetronics Technology Bhd		629,566		250,577
Hartalega Holdings Bhd		329,400		453,202
Hong Leong Bank Bhd		56,700		253,296
IHH Healthcare Bhd		987,000		1,740,412
IJM Corp. Bhd		818,440		298,488
Inari Amertron Bhd		1,714,650		1,642,513
Kossan Rubber Industries Bhd		500,400		230,497
KPJ Healthcare Bhd		870,300		231,879
Kuala Lumpur Kepong Bhd		39,450		206,322
Magnum Bhd(1)		530,319		241,644
Mah Sing Group Bhd		659,800		109,270
Malayan Banking Bhd		188,486		375,440
Malaysia Airports Holdings Bhd(1)		127,600		183,142
Malaysian Pacific Industries Bhd		11,700		138,337
MISC Bhd		114,340		193,308
MR DIY Group M Bhd(4)		142,800		123,763
My EG Services Bhd		4,703,200		1,205,637
Petronas Dagangan Bhd		122,000		602,847
Petronas Gas Bhd		50,974		220,151
PPB Group Bhd		54,460		223,681
Press Metal Aluminium Holdings Bhd		647,400		897,935
Public Bank Bhd		467,990		467,084
RHB Bank Bhd		70,159		90,366
Sapura Energy Bhd(1)		8,974,600		107,967
Sime Darby Bhd		531,945		296,452
Sime Darby Plantation Bhd		207,609		187,285
Sunway Bhd		243,900		100,673
Sunway Real Estate Investment Trust		512,000		173,301
Supermax Corp. Bhd		627,026		221,210
Telekom Malaysia Bhd		119,100		157,116
Tenaga Nasional Bhd		117,331		263,008
Top Glove Corp. Bhd		1,058,020		657,730
UMW Holdings Bhd		92,500		65,929
VS Industry Bhd		1,701,750		558,560
Yinson Holdings Bhd		160,000		230,569
			$	17,457,269
Mauritius — 0.6%
Alteo, Ltd.		549,922	$	402,268
Attitude Property, Ltd.(1)		440,705		117,377
CIEL, Ltd.		4,422,990		628,834

Security	Shares		Value
Mauritius (continued)
CIM Financial Services, Ltd.		1,081,201	$	232,810
ENL, Ltd.		508,787		251,163
IBL, Ltd.		201,512		242,894
Lavastone, Ltd.		2,649,077		127,003
MCB Group, Ltd.		101,406		736,802
Phoenix Beverages, Ltd.		30,351		422,249
Rogers & Co., Ltd.		608,300		388,553
SBM Holdings, Ltd.(1)		2,016,369		197,523
Terra Mauricia, Ltd.		84,900		59,792
United Basalt Products, Ltd.		120,177		425,935
			$	4,233,203
Mexico — 4.8%
Alfa SAB de CV, Series A		1,266,820	$	929,907
Alsea SAB de CV(1)		62,500		116,175
America Movil SAB de CV, Series L		4,966,990		5,259,180
Arca Continental SAB de CV		70,900		450,217
Cemex SAB de CV, Series CPO(1)		2,646,718		1,808,385
Coca-Cola Femsa SAB de CV, Series L		82,400		452,776
Concentradora Fibra Danhos S.A. de CV		357,100		402,698
Corp. Inmobiliaria Vesta SAB de CV		317,100		635,578
El Puerto de Liverpool SAB de CV		71,700		309,554
Fibra Uno Administracion S.A. de CV		723,967		765,848
Fomento Economico Mexicano SAB de CV, Series UBD		319,700		2,490,242
GCC SAB de CV		33,100		254,205
Genomma Lab Internacional SAB de CV		245,700		258,234
Grupo Aeroportuario del Centro Norte SAB de CV		78,300		526,194
Grupo Aeroportuario del Pacifico SAB de CV, Class B(1)		114,300		1,578,557
Grupo Aeroportuario del Sureste SAB de CV, Class B		70,364		1,450,649
Grupo Bimbo SAB de CV, Series A		300,008		924,398
Grupo Carso SAB de CV, Series A1		319,800		1,021,617
Grupo Elektra SAB de CV(2)		20,719		1,568,433
Grupo Financiero Banorte SAB de CV, Class O		149,800		974,280
Grupo Financiero Inbursa SAB de CV, Class O(1)		266,716		320,051
Grupo Mexico SAB de CV, Series B		560,156		2,441,920
Grupo Televisa SAB, Series CPO		260,471		488,618
Industrias Penoles SAB de CV		22,649		261,085
Kimberly-Clark de Mexico SAB de CV, Class A		243,410		369,831
Macquarie Mexico Real Estate Management S.A. de CV(4)		428,400		551,310
Nemak SAB de CV(1)(4)		660,416		195,782
Orbia Advance Corp., SAB de CV		185,467		473,371
PLA Administradora Industrial S de RL de CV		315,400		440,086
Prologis Property Mexico S.A. de CV		221,700		613,923
Promotora y Operadora de Infraestructura SAB de CV		98,475		768,351
Telesites SAB de CV(2)		409,464		419,753

13 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Mexico (continued)
Ternium S.A. ADR		9,522	$	414,397
Wal-Mart de Mexico SAB de CV, Series V		835,964		3,111,874
			$	33,047,479
Morocco — 0.6%
Attijariwafa Bank		13,579	$	716,062
Bank of Africa		8,679		176,137
Banque Centrale Populaire		4,384		132,965
Co Sucrerie Marocaine et de Raffinage		21,862		615,848
Itissalat AI-Maghrib		57,814		871,013
Label Vie		406		217,069
LafargeHolcim Maroc S.A.		2,107		501,573
Managem S.A.(1)		1,189		201,330
Societe d’Exploitation des Ports		14,086		425,250
TAQA Morocco S.A.		1,079		122,205
			$	3,979,452
Nigeria — 1.1%
Access Bank PLC(5)		32,908,148	$	534,158
Dangote Cement PLC(5)		4,167,837		1,845,684
Dangote Sugar Refinery PLC(5)		4,385,654		132,921
FBN Holdings PLC(5)		21,879,762		438,150
Guaranty Trust Holding Co. PLC(5)		13,844,766		631,872
Lafarge Africa PLC(5)		3,044,633		128,113
Lekoil, Ltd.(1)(5)		1,110,205		7,138
MTN Nigeria Communications PLC(5)		1,288,600		446,088
Nestle Nigeria PLC(5)		496,712		1,358,532
Nigerian Breweries PLC(5)		5,467,425		480,789
Stanbic IBTC Holdings PLC(5)		3,647,728		241,187
Transnational Corp. of Nigeria PLC(5)		22,334,373		37,618
United Bank for Africa PLC(5)		20,664,553		292,241
Zenith Bank PLC(5)		17,411,456		769,655
			$	7,344,146
Oman — 0.6%
Bank Dhofar SAOG		571,093	$	189,066
Bank Muscat SAOG		942,462		1,183,730
Bank Nizwa SAOG		941,624		237,333
Dhofar International Development & Investment Holding SAOG(1)		286,164		146,900
National Bank of Oman SAOG(1)		368,936		188,919
Oman Cement Co. SAOG		193,994		124,608
Oman Flour Mills Co. SAOG		165,992		338,448
Oman Telecommunications Co. SAOG		452,323		883,667
Omani Qatari Telecommunications Co. SAOG		371,124		366,361

Security	Shares		Value
Oman (continued)
Renaissance Services SAOG		128,153	$	142,315
Sembcorp Salalah Power & Water Co.		377,934		74,286
Sohar International Bank SAOG(1)		1,180,249		358,823
			$	4,234,456
Pakistan — 0.6%
Bank Alfalah, Ltd.		611,933	$	119,568
Engro Corp., Ltd.		173,692		268,248
Fauji Fertilizer Co., Ltd.		369,388		209,778
Frieslandcampina Engro Pakistan, Ltd.(1)		186,100		89,243
Habib Bank, Ltd.		265,733		175,691
Hub Power Co., Ltd. (The)		149,215		60,315
Lucky Cement, Ltd.(1)		111,546		429,222
Mari Petroleum Co., Ltd.		35,322		331,376
MCB Bank, Ltd.		142,514		123,852
Meezan Bank, Ltd.		106,076		80,646
Millat Tractors, Ltd.		69,289		336,298
Nishat Mills, Ltd.		593,280		267,562
Oil & Gas Development Co., Ltd.		842,901		411,701
Pakistan Oilfields, Ltd.		29,277		59,314
Pakistan Petroleum, Ltd.		595,220		266,600
Pakistan State Oil Co., Ltd.		378,233		389,750
Searle Co., Ltd. (The)		182,943		148,996
TRG Pakistan		66,000		44,116
United Bank, Ltd.		92,992		71,984
			$	3,884,260
Panama — 0.2%
Banco Latinoamericano de Comercio Exterior S.A., Class E		31,900	$	529,540
Copa Holdings S.A., Class A(1)(2)		12,308		1,017,379
			$	1,546,919
Peru — 1.2%
Alicorp SAA		134,845	$	205,232
Cia de Minas Buenaventura SAA ADR(1)		132,956		973,238
Credicorp, Ltd.		17,196		2,099,116
Enel Generacion Peru SAA		233,930		125,126
Ferreycorp SAA		872,283		447,997
InRetail Peru Corp.(4)		12,657		442,362
Southern Copper Corp.		63,655		3,928,150
			$	8,221,221
Philippines — 2.4%
Aboitiz Equity Ventures, Inc.		359,900	$	384,036
Aboitiz Power Corp.		1,105,000		643,689
AC Energy Corp.		613,600		132,367

14 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Philippines (continued)
Alliance Global Group, Inc.		764,400	$	176,798
Ayala Corp.		42,158		687,215
Ayala Land, Inc.		811,008		583,600
Ayala Land, Inc. GDR, PFC Shares(1)(5)		3,534,608		0
Bank of the Philippine Islands		280,013		505,949
BDO Unibank, Inc.		241,429		571,360
Bloomberry Resorts Corp.(1)		1,719,700		212,510
Century Pacific Food, Inc.		1,007,500		578,199
Cosco Capital, Inc.		920,800		93,938
Filinvest Land, Inc.		3,982,546		85,921
First Philippine Holdings Corp.		133,630		183,629
Globe Telecom, Inc.		15,745		1,026,417
International Container Terminal Services, Inc.		152,550		597,977
JG Summit Holdings, Inc.		570,172		591,841
Jollibee Foods Corp.		302,530		1,283,823
Manila Electric Co.		130,884		757,377
Megaworld Corp.		2,140,300		132,167
Metropolitan Bank & Trust Co.		159,419		174,100
Nickel Asia Corp.		2,508,588		263,064
Petron Corp.(1)		1,469,000		91,314
PLDT, Inc.		42,235		1,500,642
Puregold Price Club, Inc.		617,440		475,931
Robinsons Land Corp.		526,315		198,168
San Miguel Corp.		74,510		167,894
Semirara Mining & Power Corp.		841,720		352,237
SM Investments Corp.		75,130		1,389,487
SM Prime Holdings, Inc.		1,697,350		1,128,288
Universal Robina Corp.		498,530		1,251,785
			$	16,221,723
Poland — 2.5%
11 bit studios S.A.(1)		831	$	113,855
AmRest Holdings SE(1)		30,244		207,251
Asseco Poland S.A.		53,648		1,148,588
Bank Millennium S.A.(1)		295,056		598,170
Bank Polska Kasa Opieki S.A.		24,237		731,561
Budimex S.A.		18,212		1,022,440
CCC S.A.(1)		12,600		329,012
CD Projekt S.A.(2)		18,361		873,294
Ciech S.A.		5,000		52,211
Cyfrowy Polsat S.A.		60,609		519,625
Dino Polska S.A.(1)(4)		18,288		1,662,748
Grupa Lotos S.A.(1)		28,977		437,968
KGHM Polska Miedz S.A.		31,448		1,091,597
LPP S.A.		549		2,333,754
mBank S.A.(1)		4,424		472,781

Security	Shares		Value
Poland (continued)
Orange Polska S.A.(1)		120,081	$	251,650
PGE S.A.(1)		188,129		375,398
Polski Koncern Naftowy ORLEN S.A.		108,515		2,000,140
Polskie Gornictwo Naftowe i Gazownictwo S.A.		539,565		843,819
Powszechna Kasa Oszczednosci Bank Polski S.A.(1)		115,792		1,284,330
Powszechny Zaklad Ubezpieczen S.A.		48,144		420,415
Tauron Polska Energia S.A.(1)		409,106		268,849
			$	17,039,456
Qatar — 1.2%
Al Meera Consumer Goods Co.		27,717	$	147,971
Barwa Real Estate Co.		735,909		612,951
Commercial Bank PSQC (The)		116,405		213,594
Gulf International Services QSC(1)		697,440		325,446
Industries Qatar		407,879		1,720,690
Masraf Al Rayan QSC		315,573		398,790
Medicare Group		133,820		309,488
Ooredoo QPSC		258,086		493,871
Qatar Electricity & Water Co. QSC		73,498		331,966
Qatar Gas Transport Co., Ltd.		1,102,637		989,563
Qatar Insurance Co.(1)		126,000		94,355
Qatar International Islamic Bank		65,027		163,141
Qatar Islamic Bank		85,846		428,607
Qatar National Bank QPSC		254,950		1,400,953
Qatar National Cement Co. QSC		133,280		185,250
United Development Co. QSC		491,981		206,057
Vodafone Qatar QSC		665,921		302,316
			$	8,325,009
Romania — 0.8%
Banca Transilvania S.A.		1,343,155	$	797,360
BRD-Groupe Societe Generale S.A.		85,565		347,853
NEPI Rockcastle PLC		159,464		1,058,493
OMV Petrom S.A.		14,963,192		1,717,086
Societatea Energetica Electrica S.A.		51,840		119,805
Societatea Nationala de Gaze Naturale ROMGAZ S.A.		105,044		942,180
Societatea Nationala Nuclearelectrica S.A.		18,481		199,329
Transelectrica S.A.		17,232		89,704
Transgaz S.A. Medias		3,792		206,448
			$	5,478,258
Russia — 4.6%
Aeroflot PJSC(1)		91,240	$	71,535
Etalon Group PLC GDR(6)		78,319		85,320
Evraz PLC		124,952		1,021,584

15 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Russia (continued)
Federal Grid Co. Unified Energy System PJSC		147,070,600	$	316,805
Gazprom PJSC ADR		354,294		3,271,601
Globaltrans Investment PLC GDR(6)(7)		136,358		1,161,803
Globaltrans Investment PLC GDR(6)(7)		77		656
Inter RAO UES PJSC		13,202,001		750,426
Lukoil PJSC ADR		25,804		2,312,061
Magnit PJSC		30,561		2,211,464
Magnitogorsk Iron & Steel Works PJSC		240,670		221,923
MMC Norilsk Nickel PJSC ADR		96,100		2,972,736
Mobile TeleSystems PJSC		175,093		695,002
Moscow Exchange MICEX-RTS PJSC		55,681		113,160
Mosenergo PJSC		5,882,962		164,449
Novatek PJSC GDR(6)		6,484		1,515,991
Novolipetsk Steel PJSC GDR(6)		20,548		606,120
OGK-2 PJSC		20,114,000		169,323
PhosAgro PJSC GDR(6)		17,387		375,148
PIK Group PJSC		83,050		1,226,785
Polymetal International PLC		34,770		619,158
QIWI PLC ADR(2)		13,700		109,326
Rosneft Oil Co. PJSC GDR(6)		111,200		894,342
Rosseti PJSC		8,208,873		121,672
Rostelecom PJSC		154,538		179,168
RusHydro PJSC		51,763,952		509,915
Sberbank of Russia PJSC		371,510		1,452,808
Severstal PAO GDR(6)		40,244		868,056
Sistema PJSFC		595,500		185,040
Surgutneftegas PJSC ADR		46,405		248,189
Surgutneftegas PJSC, PFC Shares		388,817		199,400
Tatneft PJSC ADR		15,376		639,354
Transneft PJSC, PFC Shares		70		147,567
Unipro PJSC		5,780,000		200,813
VEON, Ltd. ADR(1)		97,500		166,725
VK Co., Ltd. GDR(1)		29,865		345,705
X5 Retail Group NV GDR(6)		54,820		1,451,612
Yandex NV, Class A(1)		64,700		3,914,350
			$	31,517,092
Saudi Arabia — 5.0%
Abdullah Al Othaim Markets Co.		13,931	$	401,613
Advanced Petrochemical Co.		5,672		106,225
Al Babtain Power & Telecommunication Co.		16,768		140,669
Al Hammadi Co. for Development and Investment		31,670		339,375
Al Jouf Agricultural Development Co.		5,930		92,387
Al Rajhi Bank		34,790		1,312,009
Alandalus Property Co.(1)		23,113		110,491
Aldrees Petroleum and Transport Services Co.		50,194		893,172

Security	Shares		Value
Saudi Arabia (continued)
Alinma Bank		44,317	$	282,317
Almarai Co. JSC		100,001		1,299,981
Arabian Centres Co., Ltd.		49,400		296,363
Arriyadh Development Co.		42,294		285,363
Aseer Trading Tourism & Manufacturing Co.(1)		25,344		128,558
Ayyan Investment Co.(1)		51,400		277,501
Bank AlBilad(1)		24,288		299,347
Banque Saudi Fransi		14,851		186,582
Batic Investments and Logistic Co.(1)		11,600		75,701
Bawan Co.		29,236		272,556
BinDawood Holding Co.		8,228		209,837
Dallah Healthcare Co.		27,634		550,887
Dar Al Arkan Real Estate Development Co.(1)		256,964		687,898
Dr Sulaiman Al Habib Medical Services Group Co.		33,300		1,429,843
Dur Hospitality Co.(1)		23,004		190,330
Emaar Economic City(1)		151,471		481,775
Etihad Etisalat Co.		44,585		369,810
Fawaz Abdulaziz Al Hokair & Co.(1)		41,797		173,071
Herfy Food Services Co.(1)		12,431		206,188
Jadwa REIT Saudi Fund		53,274		212,503
Jarir Marketing Co.		31,040		1,624,314
Leejam Sports Co. JSC		13,120		380,016
Maharah Human Resources Co.		6,400		129,493
Middle East Healthcare Co.(1)		36,220		304,725
Mouwasat Medical Services Co.		22,466		1,038,023
National Agriculture Development Co. (The)(1)		21,203		171,394
National Gas & Industrialization Co.		15,924		230,100
National Medical Care Co.		12,793		212,753
Rabigh Refining & Petrochemical Co.(1)		78,071		428,912
Riyad Bank		68,732		495,841
Riyad REIT Fund		60,724		159,239
SABIC Agri-Nutrients Co.		11,622		545,586
Sahara International Petrochemical Co.		42,254		470,911
Saudi Airlines Catering Co.(1)		19,439		402,807
Saudi Arabian Mining Co.(1)		16,847		351,593
Saudi Arabian Oil Co.(4)		385,399		3,673,317
Saudi Automotive Services Co.		34,664		282,954
Saudi Basic Industries Corp.		41,428		1,277,614
Saudi Ceramic Co.		14,766		216,260
Saudi Chemical Co. Holding		44,268		399,602
Saudi Co. for Hardware CJSC(1)		7,800		101,159
Saudi Electricity Co.		277,959		1,772,837
Saudi Ground Services Co.(1)		47,512		373,882
Saudi Industrial Investment Group		30,300		250,956
Saudi Industrial Services Co.		15,031		122,777
Saudi Kayan Petrochemical Co.(1)		56,284		254,272

16 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Saudi Arabia (continued)
Saudi National Bank (The)		80,034	$	1,372,004
Saudi Public Transport Co.(1)		35,777		191,656
Saudi Real Estate Co.(1)		60,549		326,839
Saudi Research & Media Group(1)		4,167		217,216
Saudi Telecom Co.		82,893		2,479,437
Saudia Dairy & Foodstuff Co.		4,822		211,835
Savola Group (The)		59,642		507,689
Seera Group Holding(1)		85,901		393,955
United Electronics Co.		23,800		856,953
United International Transportation Co.		24,521		303,846
Yanbu National Petrochemical Co.		14,293		260,962
			$	34,106,081
Singapore — 0.0%(3)
Riverstone Holdings, Ltd.		237,000	$	123,313
			$	123,313
Slovenia — 0.6%
Cinkarna Celje DD		173	$	51,005
Krka dd Novo mesto		23,340		3,134,721
Luka Koper		1,451		40,459
Petrol		472		272,777
Pozavarovalnica Sava DD		13,734		435,139
Zavarovalnica Triglav DD		3,019		126,545
			$	4,060,646
South Africa — 4.8%
Altron, Ltd., A Shares		163,786	$	94,046
Anglo American Platinum, Ltd.		5,100		581,691
AngloGold Ashanti, Ltd.		22,269		468,886
AngloGold Ashanti, Ltd. ADR(2)		5,299		111,173
Aspen Pharmacare Holdings, Ltd.		224,102		3,153,169
AVI, Ltd.		44,358		205,364
Barloworld, Ltd.		20,980		198,169
Bid Corp., Ltd.		44,213		905,880
Bidvest Group, Ltd. (The)		234,214		2,781,411
Clicks Group, Ltd.		50,921		1,008,853
Discovery, Ltd.(1)		21,152		190,707
Equites Property Fund, Ltd.		272,285		392,987
Exxaro Resources, Ltd.		36,655		351,605
FirstRand, Ltd.		353,282		1,347,820
Fortress REIT, Ltd., Class A		454,103		356,288
Gold Fields, Ltd.		58,837		650,985
Growthpoint Properties, Ltd.		428,939		414,079
Hyprop Investments, Ltd.		154,616		361,189

Security	Shares		Value
South Africa (continued)
Impala Platinum Holdings, Ltd.		61,225	$	863,685
Imperial Logistics, Ltd.(1)		68,454		274,960
KAP Industrial Holdings, Ltd.(2)		1,060,462		291,081
Kumba Iron Ore, Ltd.		7,137		205,825
Life Healthcare Group Holdings, Ltd.		312,757		471,742
Mediclinic International PLC(1)		148,487		634,486
MiX Telematics, Ltd. ADR		11,300		142,493
Momentum Metropolitan Holdings		137,550		163,542
Mr Price Group, Ltd.		16,841		211,216
MTN Group, Ltd.(1)		260,623		2,793,605
MultiChoice Group, Ltd.		88,781		680,560
Naspers, Ltd., Class N(2)		26,631		4,133,425
Net 1 UEPS Technologies, Inc.(1)(2)		20,900		111,188
Netcare, Ltd.(1)		234,904		234,236
Pick’n Pay Stores, Ltd.		61,328		201,897
PSG Group, Ltd.(1)		80,401		450,168
Redefine Properties, Ltd.		2,026,723		558,130
Resilient REIT, Ltd.		127,790		478,889
Reunert, Ltd.		55,719		185,466
Sanlam, Ltd.		47,771		178,028
Santam, Ltd.		7,291		123,093
Sasol, Ltd.(1)		45,636		747,179
Shoprite Holdings, Ltd.		99,538		1,304,403
Sibanye Stillwater, Ltd.		227,874		708,533
SPAR Group, Ltd. (The)		30,000		314,849
Standard Bank Group, Ltd.		30,572		268,587
Telkom S.A. SOC, Ltd.(1)		130,255		442,113
Tiger Brands, Ltd.		29,568		335,783
Vodacom Group, Ltd.		121,796		1,028,073
Vukile Property Fund, Ltd.		512,342		397,777
Woolworths Holdings, Ltd.		68,586		223,031
			$	32,732,345
South Korea — 4.5%
Alteogen, Inc.(1)		2,400	$	152,623
AMOREPACIFIC Corp.		3,554		498,752
AMOREPACIFIC Group		5,071		188,950
Bukwang Pharmaceutical Co., Ltd.(1)		8,877		96,164
Celltrion Healthcare Co., Ltd.		5,449		367,101
Celltrion Pharm, Inc.(1)		2,045		213,762
Celltrion, Inc.		6,818		1,134,983
Chabiotech Co., Ltd.(1)		12,772		213,999
Cheil Worldwide, Inc.		11,267		216,202
CJ CheilJedang Corp.		810		263,876
CJ Corp.		1,100		77,082
Coway Co., Ltd.		3,444		215,771

17 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
Daewoo Industrial Development Co., Ltd.(1)		3,501	$	11,751
DL E&C Co., Ltd.(1)		2,368		236,670
DL Holdings Co., Ltd.		1,888		96,553
Dong-A ST Co., Ltd.		3,213		193,182
E-MART, Inc.(1)		1,921		243,528
Genexine Inc.(1)		2,500		122,245
Green Cross Corp.		400		73,207
GS Engineering & Construction Corp.		6,207		206,409
GS Holdings Corp.		1,092		35,867
Hana Financial Group, Inc.		6,353		224,446
Hankook Tire and Technology Co., Ltd.		5,992		200,176
Hanmi Pharm Co., Ltd.		1,309		303,661
Hanmi Science Co., Ltd.		3,121		142,026
Hanwha Corp.		6,800		179,314
Hanwha Solutions Corp.(1)		9,753		290,882
Hotel Shilla Co., Ltd.		2,448		160,440
Hugel, Inc.(1)		1,400		180,629
Hyosung TNC Corp.		213		93,191
Hyundai Engineering & Construction Co., Ltd.		3,203		119,513
Hyundai Glovis Co., Ltd.		1,372		193,475
Hyundai Mobis Co., Ltd.		2,818		602,367
Hyundai Motor Co.		6,125		1,075,118
Kangwon Land, Inc.(1)		9,384		189,554
KB Financial Group, Inc.		4,943		228,586
Kia Corp.		10,062		694,410
KIWOOM Securities Co., Ltd.		2,085		187,232
Korea Shipbuilding & Offshore Engineering Co., Ltd.(1)		1,784		141,809
Korea Zinc Co., Ltd.		995		428,120
Korean Air Lines Co., Ltd.(1)		6,176		152,086
KT&G Corp.(1)		9,317		619,001
Kumho Petrochemical Co., Ltd.		1,229		171,327
LG Chem, Ltd.		1,592		823,003
LG Corp.		5,307		361,233
LG Display Co., Ltd.(1)		8,289		170,900
LG Electronics, Inc.(1)		4,500		521,013
LG Household & Health Care, Ltd.		582		537,166
LG Innotek Co., Ltd.		1,400		428,007
LG Uplus Corp.		22,484		256,550
Lotte Chemical Corp.		827		150,862
LS Corp.		3,961		180,093
MedPacto, Inc.(1)		2,253		110,786
Naver Corp.		5,654		1,794,700
NCSoft Corp.		883		476,933
Nong Shim Co., Ltd.		480		128,718
Orion Corp. of Republic of Korea		1,101		95,843
Pharmicell Co., Ltd.(1)		12,700		139,188

Security	Shares		Value
South Korea (continued)
POSCO		3,029	$	702,385
S-Oil Corp.		4,000		287,489
S1 Corp.		2,867		178,396
Samsung Biologics Co., Ltd.(1)(4)		1,264		959,763
Samsung C&T Corp.		4,158		415,468
Samsung Electro-Mechanics Co., Ltd.		1,336		221,577
Samsung Electronics Co., Ltd.		93,282		6,126,287
Samsung SDI Co., Ltd.(1)		1,221		671,516
Samsung SDS Co., Ltd.		659		86,564
Seegene, Inc.		3,878		198,383
Shin Poong Pharmaceutical Co., Ltd.		2,300		61,626
Shinhan Financial Group Co., Ltd.		5,915		182,768
Shinsegae, Inc.(1)		779		166,240
SK Biopharmaceuticals Co., Ltd.(1)		1,515		123,753
SK Chemicals Co., Ltd.		1,155		144,600
SK Hynix, Inc.(1)		9,559		1,049,890
SK Inc.		1,665		351,014
SK Innovation Co., Ltd.(1)		6,751		1,351,761
SK Square Co., Ltd.(1)		2,041		114,004
SK Telecom Co., Ltd.		3,158		153,467
Yuhan Corp.		3,336		174,281
Zyle Motors Corp.(1)		4,895		5,456
			$	31,337,723
Sri Lanka — 0.6%
Access Engineering PLC		1,978,107	$	312,447
Ceylon Tobacco Co. PLC		96,609		422,192
Chevron Lubricants Lanka PLC		216,091		120,457
Commercial Bank of Ceylon PLC		357,080		139,529
Dialog Axiata PLC		9,641,167		523,268
Hatton National Bank PLC		292,310		194,583
Hemas Holdings PLC		342,755		112,799
John Keells Holdings PLC		1,681,224		1,249,034
National Development Bank PLC		493,898		167,741
Nations Trust Bank PLC		295,833		80,307
Nestle Lanka PLC		15,593		93,698
Sampath Bank PLC		534,947		137,721
Teejay Lanka PLC		1,870,121		404,693
			$	3,958,469
Taiwan — 4.7%
Advantech Co., Ltd.		15,357	$	219,533
ASE Technology Holding Co., Ltd.		77,247		298,499
Asia Cement Corp.		126,967		202,999
Asustek Computer, Inc.		18,174		246,721

18 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Taiwan (continued)
AU Optronics Corp.		182,000	$	150,452
Catcher Technology Co., Ltd.		27,100		153,201
Cathay Financial Holding Co., Ltd.		90,351		203,547
Cheng Shin Rubber Industry Co., Ltd.		394,010		513,475
China Airlines, Ltd.(1)		272,963		271,291
China Petrochemical Development Corp.(1)		407,426		193,234
China Steel Corp.		579,815		739,882
Chunghwa Telecom Co., Ltd.		328,780		1,384,030
Delta Electronics, Inc.		46,356		459,953
E.Sun Financial Holding Co., Ltd.		148,578		150,592
EirGenix, Inc.(1)		29,000		116,679
EVA Airways Corp.(1)		223,334		225,197
Evergreen Marine Corp.		570,283		2,921,516
Far Eastern Department Stores, Ltd.		288,642		223,658
Far Eastern New Century Corp.		178,313		188,570
Far EasTone Telecommunications Co., Ltd.		145,776		340,082
Feng Hsin Steel Co., Ltd.		40,000		120,702
Feng TAY Enterprise Co., Ltd.		13,000		108,664
First Financial Holding Co., Ltd.		178,330		157,742
Formosa Chemicals & Fibre Corp.		213,755		623,437
Formosa Petrochemical Corp.		128,153		443,126
Formosa Plastics Corp.		166,959		626,642
Formosa Taffeta Co., Ltd.		193,000		203,180
Fubon Financial Holding Co., Ltd.		55,211		151,970
Giant Manufacturing Co., Ltd.		24,531		305,312
Globalwafers Co., Ltd.		7,000		224,253
Great Wall Enterprise Co., Ltd.		95,098		183,465
Highwealth Construction Corp.		112,811		188,449
Hiwin Technologies Corp.		21,101		233,527
Hon Hai Precision Industry Co., Ltd.		213,806		801,802
Hotai Motor Co., Ltd.		42,000		930,663
Hua Nan Financial Holdings Co., Ltd.		203		155
Innolux Corp.		206,000		145,570
Largan Precision Co., Ltd.		2,042		181,668
MediaTek, Inc.		27,664		1,187,049
Medigen Vaccine Biologics Corp.(1)		52,925		570,332
Mega Financial Holding Co., Ltd.		178,688		229,483
Merida Industry Co., Ltd.		44,907		530,206
Nan Kang Rubber Tire Co., Ltd.(1)		100,819		145,951
Nan Ya Plastics Corp.		212,378		654,282
Nanya Technology Corp.		51,165		144,112
Novatek Microelectronics Corp.		15,479		300,576
OBI Pharma, Inc.(1)		42,000		172,897
Pegatron Corp.		81,486		203,316
Pegavision Corp.		8,000		123,062
Pharmally International Holding Co., Ltd.(1)(5)		38,000		0

Security	Shares		Value
Taiwan (continued)
Polaris Group(1)		80,000	$	213,208
Pou Chen Corp.		501,309		599,729
President Chain Store Corp.		59,716		589,640
Quanta Computer, Inc.		35,000		119,533
Radiant Opto-Electronics Corp.		41,350		150,746
Realtek Semiconductor Corp.		17,542		366,510
Ruentex Development Co., Ltd.		89,759		206,524
Ruentex Industries, Ltd.		107,920		379,372
Sanyang Motor Co., Ltd.		377,000		368,403
Simplo Technology Co., Ltd.		12,652		150,064
Synnex Technology International Corp.		117,569		280,908
Tainan Spinning Co., Ltd.		516,407		475,661
Taiwan Cement Corp.		212,565		368,406
Taiwan Mobile Co., Ltd.		144,858		523,158
Taiwan Semiconductor Manufacturing Co., Ltd.		240,747		5,325,563
TTY Biopharm Co., Ltd.		167,780		416,552
Uni-President Enterprises Corp.		502,588		1,244,315
United Microelectronics Corp.		252,323		591,135
Vanguard International Semiconductor Corp.		54,544		310,695
Walsin Lihwa Corp.		169,980		162,369
Yageo Corp.(1)		14,362		248,314
Yieh Phui Enterprise Co., Ltd.(1)		242,348		221,065
Yuanta Financial Holding Co., Ltd.		104,694		95,631
YungShin Global Holding Corp.		59,000		91,560
			$	32,593,765
Thailand — 4.9%
Advanced Info Service PCL(8)		221,200	$	1,521,618
Airports of Thailand PCL(1)(8)		822,700		1,498,061
Amata Corp. PCL(8)		203,300		127,543
AP Thailand PCL(8)		920,660		263,154
Bangkok Bank PCL(8)		64,400		233,413
Bangkok Chain Hospital PCL(8)		959,400		577,277
Bangkok Dusit Medical Services PCL(8)		3,543,600		2,437,403
Bangkok Expressway & Metro PCL(8)		1,324,754		335,190
Banpu PCL(8)		927,600		294,932
Berli Jucker PCL(8)		219,700		203,716
BTS Group Holdings PCL(8)		1,033,700		288,932
Bumrungrad Hospital PCL(8)		371,500		1,563,296
Central Pattana PCL(8)		355,200		600,563
Central Retail Corp. PCL(8)		705,000		674,714
CH. Karnchang PCL(8)		194,800		133,377
Charoen Pokphand Foods PCL(8)		487,600		372,560
Chularat Hospital PCL(8)		5,372,700		588,657
CP ALL PCL(8)		474,700		837,806
Delta Electronics (Thailand) PCL(8)		354,300		4,386,131

19 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Thailand (continued)
Electricity Generating PCL(8)		33,200	$	174,241
Energy Absolute PCL(8)		172,800		495,947
Global Power Synergy PCL(8)		76,700		203,964
Gulf Energy Development PCL(8)		516,500		707,427
Hana Microelectronics PCL(8)		534,100		1,414,228
Home Product Center PCL(8)		912,260		395,761
Indorama Ventures PCL(8)		428,071		553,446
Jasmine International PCL(8)		2,504,800		262,063
Kasikornbank PCL(8)		83,600		353,956
Kiatnakin Phatra Bank PCL(8)		144,700		258,269
Krung Thai Bank PCL(8)		407,925		160,810
Land & Houses PCL(8)		1,034,900		272,086
Mega Lifesciences PCL(8)		487,100		734,698
Minor International PCL(1)(8)		1,783,036		1,533,125
PTT Exploration & Production PCL(8)		270,516		953,684
PTT Global Chemical PCL(8)		306,705		539,070
PTT PCL(8)		1,998,600		2,268,078
Quality House PCL(8)		3,330,683		225,235
Ratch Group PCL(8)		101,600		136,969
Siam Cement PCL(8)		50,911		588,587
Siam Commercial Bank PCL(8)		78,000		296,069
Siam Global House PCL(8)		499,309		299,034
Star Petroleum Refining PCL(1)(8)		881,700		258,664
Supalai PCL(8)		473,400		321,334
SVI PCL(8)		794,000		187,572
Thai Beverage PCL(8)		714,200		350,071
Thai Oil PCL(8)		175,500		259,705
Thai Union Group PCL(8)		480,092		280,370
TOA Paint Thailand PCL(8)		174,300		167,115
Total Access Communication PCL(8)		96,800		132,697
TPI Polene PCL(8)		2,914,200		150,024
True Corp. PCL(8)		5,185,982		741,590
TTW PCL(8)		544,700		185,887
VGI PCL(8)		1,361,600		268,952
WHA Corp. PCL(8)		3,200,800		336,567
			$	33,405,638
Tunisia — 0.7%
Attijari Bank		28,110	$	297,628
Banque de Tunisie		118,510		227,181
Banque Internationale Arabe de Tunisie		37,272		768,907
Banque Nationale Agricole		25,291		66,272
Carthage Cement(1)		469,841		215,841
Euro Cycles S.A.		38,028		429,858
Poulina Group		112,565		446,856
Societe d’Articles Hygieniques S.A.		120,815		470,803

Security	Shares		Value
Tunisia (continued)
Societe Frigorifique et Brasserie de Tunis S.A.		190,193	$	1,211,139
Telnet Holding		121,453		357,242
Union Internationale de Banques S.A.		42,491		232,322
			$	4,724,049
Turkey — 4.4%
Akbank T.A.S.		630,171	$	340,323
Aksa Akrilik Kimya Sanayii AS		99,477		257,797
Aksa Enerji Uretim AS(1)		666,220		505,407
Anadolu Efes Biracilik ve Malt Sanayii AS		84,649		189,598
Arcelik AS		290,417		1,064,122
Aselsan Elektronik Sanayi Ve Ticaret AS		248,382		391,571
Aygaz AS		195,842		332,113
Bera Holding AS(1)		188,851		138,220
BIM Birlesik Magazalar AS		322,259		1,493,369
Biotrend Cevre VE Enerji Yatirimlari AS(1)		354,123		147,476
Coca-Cola Icecek AS		48,719		326,787
Deva Holding AS		120,294		260,915
Dogan Sirketler Grubu Holding AS		691,379		143,566
EGE Endustri VE Ticaret AS		1,386		185,020
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		5,338,051		863,582
Enerjisa Enerji AS(4)		618,766		601,287
Enka Insaat ve Sanayi AS		563,812		644,304
Eregli Demir ve Celik Fabrikalari TAS		617,110		1,312,856
Esenboga Elektrik Uretim AS		49,473		126,098
Ford Otomotiv Sanayi AS		86,665		1,561,827
Gubre Fabrikalari TAS(1)		57,704		335,139
Haci Omer Sabanci Holding AS		401,772		401,048
Hektas Ticaret TAS(1)		162,086		181,668
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS		232,429		116,570
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1)		464,854		477,449
Is Gayrimenkul Yatirim Ortakligi AS(1)		3,024,596		691,243
Iskenderun Demir ve Celik AS		96,065		168,832
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1)		624,718		434,905
KOC Holding AS		389,912		835,240
Kordsa Teknik Tekstil AS(1)		61,320		145,411
Koza Altin Isletmeleri AS(1)		27,900		243,451
Koza Anadolu Metal Madencilik Isletmeleri AS(1)		124,600		169,776
Logo Yazilim Sanayi Ve Ticaret AS		199,098		627,868
Mavi Giyim Sanayi Ve Ticaret AS, Class B(4)		43,931		231,530
Migros Ticaret AS(1)		41,518		118,709
MLP Saglik Hizmetleri AS(1)(4)		225,692		508,952
ODAS Elektrik Uretim ve Sanayi Ticaret AS(1)		2,850,035		288,845
Pegasus Hava Tasimaciligi AS(1)		10,308		66,272

20 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Turkey (continued)
Petkim Petrokimya Holding AS(1)		631,618	$	373,757
RTA Laboratuarlari Biyolojik Urunleri Ilac Sanayi Ve Ticaret AS(1)		99,175		164,271
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		58,885		87,871
Sasa Polyester Sanayi AS(1)		122,872		490,875
Selcuk Ecza Deposu Ticaret ve Sanayi AS		419,227		373,406
Sinpas Gayrimenkul Yatirim Ortakligi AS(1)		894,039		288,384
Sok Marketler Ticaret AS		232,300		222,975
TAV Havalimanlari Holding AS(1)		85,153		211,697
Tekfen Holding AS		62,617		95,838
Tofas Turk Otomobil Fabrikasi AS		105,830		603,754
Turk Hava Yollari AO(1)		291,017		441,552
Turk Ilac VE Serum Sanayi AS(1)		267,028		235,880
Turk Telekomunikasyon AS		597,207		434,476
Turkcell Iletisim Hizmetleri AS		1,871,561		2,604,057
Turkiye Garanti Bankasi AS		385,635		328,195
Turkiye Is Bankasi AS, Class C		321,340		174,055
Turkiye Petrol Rafinerileri AS(1)		361,837		4,225,449
Turkiye Sise ve Cam Fabrikalari AS		405,026		410,654
Ulker Biskuvi Sanayi AS		66,561		87,775
Vakif Gayrimenkul Yatirim Ortakligi AS(1)		1,822,822		221,110
Vestel Elektronik Sanayi ve Ticaret AS		88,858		168,700
Yapi ve Kredi Bankasi AS		1,188,286		304,324
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS		150,792		126,296
Ziraat Gayrimenkul Yatirim Ortakligi AS(1)		2,610,938		479,890
Zorlu Enerji Elektrik Uretim AS(1)		1,400,345		175,738
			$	30,260,125
United Arab Emirates — 1.1%
Abu Dhabi Commercial Bank PJSC		337,720	$	783,540
Abu Dhabi National Oil Co. for Distribution PJSC		223,509		259,687
Agthia Group PJSC		138,550		194,029
Air Arabia PJSC(1)		646,580		254,609
Aldar Properties PJSC		1,024,671		1,112,674
Dana Gas PJSC		1,234,795		355,061
Dubai Investments PJSC		527,093		276,522
Emaar Properties PJSC		769,140		1,022,092
Emirates Telecommunications Group Co. PJSC		249,055		2,151,926
First Abu Dhabi Bank PJSC		292,660		1,499,459
			$	7,909,599
Vietnam — 1.2%
Bank for Foreign Trade of Vietnam JSC		187,277	$	647,363
Bank for Investment and Development of Vietnam JSC		51,100		83,149
Development Investment Construction Corp.(1)		10		43
FLC Faros Construction JSC(1)		6		4

Security	Shares		Value
Vietnam (continued)
HAGL JSC(1)		40	$	23
Hoa Phat Group JSC		1,008,941		2,053,012
KIDO Group Corp.		44,303		104,829
Kinh Bac City Development Share Holding Corp.(1)		245,370		653,558
Masan Group Corp.		181,260		1,359,369
PetroVietnam Drilling & Well Services JSC(1)		8		10
PetroVietnam Gas JSC		23,830		100,450
PetroVietnam Technical Services Corp.		92,872		111,134
SSI Securities Corp.		2		5
Thaiholdings JSC(1)		11,300		137,232
Vietjet Aviation JSC(1)		88,394		497,516
Vietnam Construction and Import-Export JSC		95,702		217,039
Vietnam Dairy Products JSC		250,848		950,881
Vietnam National Petroleum Group		30		71
Vincom Retail JSC(1)		85,213		112,383
Vingroup JSC(1)		348,179		1,451,860
			$	8,479,931
Total Common Stocks (identified cost $389,565,750)			$	696,516,009
Rights(1) — 0.0%
Security	Shares		Value
Seazen Group, Ltd., Exp. 1/19/22		15,047	$	0
Total Rights (identified cost $0)			$	0
Short-Term Investments — 0.4%
Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%(9)		2,605,906	$	2,605,906
Total Short-Term Investments (identified cost $2,605,906)			$	2,605,906
Total Investments — 101.7% (identified cost $392,171,656)			$	699,121,915
Other Assets, Less Liabilities — (1.7)%			$	(11,562,704	)
Net Assets — 100.0%			$	687,559,211

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

⁽¹⁾  Non-income producing security.

21 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Portfolio of Investments (Unaudited) — continued

⁽²⁾  All or a portion of this security was on loan at December 31, 2021. The aggregate market value of securities on loan at December 31, 2021 was $12,083,514.

⁽³⁾  Amount is less than 0.05%.

⁽⁴⁾  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, 2021, the aggregate value of these securities is $21,462,615 or 3.1% of the Fund’s net assets.

⁽⁵⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁶⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, 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, 2021, the aggregate value of these securities is $9,127,711 or 1.3% of the Fund’s net assets.

⁽⁷⁾  Securities are traded on separate exchanges for the same entity.

⁽⁸⁾  Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁹⁾  Represents investment of cash collateral received in connection with securities lending.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		13.0	%	$	89,452,387
Consumer Staples		10.7			73,713,948
Materials		10.5			72,167,076
Industrials		10.4			71,657,436
Energy		9.8			67,115,298
Communication Services		9.6			65,816,884
Consumer Discretionary		9.4			64,853,079
Information Technology		9.3			64,097,375
Health Care		8.8			60,587,274
Real Estate		5.2			35,757,492
Utilities		4.6			31,297,760
Short-Term Investments		0.4			2,605,906
Total Investments		101.7	%	$	699,121,915

Abbreviations:

ADR	–	American Depositary Receipt
BDR	–	Brazilian 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, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	December 31, 2021
Unaffiliated investments, at value including $12,083,514 of securities on loan (identified cost, $392,171,656)	$	699,121,915
Cash		107,092
Foreign currency, at value (identified cost, $6,305,802)		5,377,357
Dividends receivable		894,443
Receivable for investments sold		10,244,490
Receivable for Fund shares sold		840,201
Securities lending income receivable		8,454
Tax reclaims receivable		198,323
Total assets	$	716,792,275
Liabilities
Demand note payable	$	23,730,000
Collateral for securities loaned		2,605,906
Payable for Fund shares redeemed		354,669
Payable to affiliates:
Investment adviser fee		271,183
Administration fee		301,314
Accrued foreign capital gains taxes		1,964,525
Accrued expenses		5,467
Total liabilities	$	29,233,064
Net Assets	$	687,559,211
Sources of Net Assets
Paid-in capital	$	387,510,479
Distributable earnings		300,048,732
Net Assets	$	687,559,211
Institutional Class Shares
Net Assets	$	687,559,211
Shares Outstanding		14,450,574
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	47.58

23 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended December 31, 2021
Dividends (net of foreign taxes, $1,739,206)	$	10,986,145
Securities lending income, net		75,339
Total investment income	$	11,061,484
Expenses
Investment adviser fee	$	1,718,709
Administration fee		1,909,676
Interest expense and fees		21,389
Total expenses	$	3,649,774
Net investment income	$	7,411,710
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $319,418)	$	55,398,965
Foreign currency transactions		(546,768	)
Net realized gain	$	54,852,197
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $422,373)	$	(98,026,302	)
Foreign currency		(250,991	)
Net change in unrealized appreciation (depreciation)	$	(98,277,293	)
Net realized and unrealized loss	$	(43,425,096	)
Net decrease in net assets from operations	$	(36,013,386	)

24 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From operations —
Net investment income	$	7,411,710		$	15,658,582
Net realized gain		54,852,197			110,423,642
Net change in unrealized appreciation (depreciation)		(98,277,293	)		158,356,023
Net increase (decrease) in net assets from operations	$	(36,013,386	)	$	284,438,247
Distributions to shareholders —
Institutional Class	$	(62,878,171	)	$	(15,418,818	)
Total distributions to shareholders	$	(62,878,171	)	$	(15,418,818	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	15,745,838		$	31,623,511
Net asset value of shares issued to shareholders in payment of distributions declared		47,771,064			12,356,736
Cost of shares redeemed		(116,039,512	)		(575,485,181	)
Net decrease in net assets from Fund share transactions	$	(52,522,610	)	$	(531,504,934	)
Net decrease in net assets	$	(151,414,167	)	$	(262,485,505	)
Net Assets
At beginning of period	$	838,973,378		$	1,101,458,883
At end of period	$	687,559,211		$	838,973,378

25 See Notes to Financial Statements.

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Financial Highlights

	Institutional Class
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	54.690		$	40.370		$	48.520		$	48.590		$	47.740		$	41.370
Income (Loss) From Operations
Net investment income(1)	$	0.521		$	0.859		$	1.100		$	1.042		$	0.967		$	0.777
Net realized and unrealized gain (loss)		(3.010	)		14.354			(7.971	)		(0.110	)		0.811			6.232
Total income (loss) from operations	$	(2.489	)	$	15.213		$	(6.871	)	$	0.932		$	1.778		$	7.009
Less Distributions
From net investment income	$	(1.242	)	$	(0.893	)	$	(1.279	)	$	(1.002	)	$	(0.939	)	$	(0.699	)
From net realized gain		(3.379	)		—			—			—			—			—
Total distributions	$	(4.621	)	$	(0.893	)	$	(1.279	)	$	(1.002	)	$	(0.939	)	$	(0.699	)
Redemption fees(1)(2)	$	—		$	—		$	—		$	—		$	0.011	(3)	$	0.060
Net asset value — End of period	$	47.580		$	54.690		$	40.370		$	48.520		$	48.590		$	47.740
Total Return(4)		(4.50	)%(5)		37.89	%		(14.61	)%		2.12	%		3.63	%		17.34	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	687,559		$	838,973		$	1,101,459		$	2,341,680		$	3,257,773		$	3,410,698
Ratios (as a percentage of average daily net assets):
Expenses		0.96	%(6)		0.96	%		0.96	%		0.96	%		0.95	%		0.95	%
Net investment income		1.94	%(6)		1.79	%		2.46	%		2.21	%		1.86	%		1.75	%
Portfolio Turnover		6	%(5)		19	%		2	%		4	%		6	%		8	%

⁽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, 2021

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 (including warrants and rights) 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 National Market System 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. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. 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, 2021, 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, 2021

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, 2021 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.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	409,599,754
Gross unrealized appreciation	$	331,266,061
Gross unrealized depreciation		(41,743,900	)
Net unrealized appreciation	$	289,522,161

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for 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, 2021, the investment adviser fee amounted to $1,718,709.

Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund.

28

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Notes to Financial Statements (Unaudited) — continued

The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.50% of the Fund’s average daily net assets. For the six months ended December 31, 2021, the administration fee amounted to $1,909,676. 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, 2021, 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 $41,571,780 and $136,576,992, respectively, for the six months ended December 31, 2021.

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, 2021 (Unaudited)			Year Ended June 30, 2021
Sales		308,190			659,393
Issued to shareholders electing to receive payments of distributions in Fund shares		1,008,254			249,682
Redemptions		(2,206,521	)		(12,851,336	)
Net decrease		(890,077	)		(11,942,261	)

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 25, 2022. 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 Secured Overnight Financing Rate (SOFR) 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 2021, an arrangement fee totaling $150,000 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, 2021, the Fund had a balance outstanding pursuant to this line of credit of $23,730,000 at an annual interest rate of 1.08%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at December 31, 2021. 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, 2021. Average borrowings and the average annual interest rate (excluding fees) for the six months ended December 31, 2021 were $2,480,978 and 1.29%, respectively.

7  Securities Lending Agreement

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

29

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Notes to Financial Statements (Unaudited) — continued

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, 2021, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $12,083,514 and $12,800,926, respectively. Collateral received was comprised of cash of $2,605,906 and U.S. government and/or agencies securities of $10,195,020. 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, 2021.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Common Stocks	$	2,605,906	$	—	$	—	$	—	$	2,605,906

The carrying amount of the liability for collateral for securities loaned at December 31, 2021 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, 2021.

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, 2021, 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	$	12,363,498	$	325,646,805		$	0	$	338,010,303
Emerging Europe		4,998,257		113,117,699			—		118,115,956
Latin America		55,047,641		42,414,977			—		97,462,618
Middle East/Africa		2,824,933		132,758,053			7,344,146		142,927,132
Total Common Stocks	$	75,234,329	$	613,937,534	**	$	7,344,146	$	696,516,009
Rights	$	—	$	0		$	—	$	0
Short-Term Investments		2,605,906		—			—		2,605,906
Total Investments	$	77,840,235	$	613,937,534		$	7,344,146	$	699,121,915

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended December 31, 2021 is not presented.

30

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Notes to Financial Statements (Unaudited) — continued

9  Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. 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. 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.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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.

31

Parametric

Tax-Managed Emerging Markets Fund

December 31, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President

James F. Kirchner

Treasurer

Jill R. Damon

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

32

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎   investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

33

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎   buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

34

Eaton Vance Funds

IMPORTANT NOTICES

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.

35

This Page Intentionally Left Blank

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    12.31.21

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 23, 2022

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 23, 2022
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	February 23, 2022