Eaton Vance Series Trust II

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.

Portfolio Manager(s) Thomas C. Seto, Paul W. Bouchey, CFA and Jennifer Sireklove, CFA, each of Parametric Portfolio Associates LLC

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.

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	%

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.

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.

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.


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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.

⁽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

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.

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.

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:

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.

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.

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.

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:

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.

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.

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.

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.

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.

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:

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.

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.

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.

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.

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

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

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

(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

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.

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.


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


% 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	%


	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	%


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


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	)


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


	Institutional Class

	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30,
	Six Months Ended December 31, 2021 (Unaudited)			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	%



Aggregate cost	$	409,599,754

Gross unrealized appreciation	$	331,266,061

Gross unrealized depreciation		(41,743,900	)

Net unrealized appreciation	$	289,522,161


	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	)


	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


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



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


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.


		6		See Notes to Financial Statements.


		7		See Notes to Financial Statements.


		8		See Notes to Financial Statements.


		9		See Notes to Financial Statements.


(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.


By:		/s/ Eric A. Stein
		Eric A. Stein
		President

Date:		February 23, 2022


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