Eaton Vance Series Trust II

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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

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

Economic and Market Conditions

For the 12-month period ended June 30, 2015, emerging-market equities were characterized by dramatic price swings and volatility, along with country-specific themes such as political unrest, inflationary pressures and fiscal challenges.

The 12-month period began with many investors pessimistic toward the emerging-market asset class as a whole. This was partially a side effect of emerging-market returns generally trailing those of the developed markets, as well as a growing impression that rising U.S. interest rates would be detrimental to emerging-market economies. By the end of 2014, the collapse in crude oil prices, combined with political challenges in Greece, Brazil and Russia, had caused a steep decline in emerging-market returns. One positive event heading into 2015 was a sharp rally in Chinese stocks, which was helped by a renewed use of margin accounts by Chinese retail investors.

This rally continued to support emerging-market returns in the first half of 2015 and was aided by a bounce back in Russia: The ruble staged a powerful rally, making Russian stocks among the highest returning within the MSCI Emerging Markets Index² for the first six months of 2015. However, in the last three months of the 12-month period, results again turned mixed, with Brazil’s equity market experiencing a rebound and China’s rally sharply reversing in the final weeks of the period. Meanwhile, Greece’s debt crisis increasingly became a source of investor concern.

Frontier markets (as measured by the MSCI Frontier Markets Index) presented an even more challenging situation than the broader emerging-market category (as measured by the MSCI Emerging Markets Index). A large representation of oil exporters created a stiff headwind for frontier markets in the second half of 2014 and early 2015. In addition, the mounting Greek crisis had negative ramifications for frontier-market countries in eastern Europe.

Fund Performance

For the 12-month period ended June 30, 2015, Parametric Tax-Managed Emerging Markets Fund (the Fund) Institutional Class shares had a total return of -9.93% at net asset value, underperforming the Fund’s benchmark, the MSCI Emerging Markets Index (the Index), which had a total return of -5.12% for the same period.

The largest detractor from the Fund’s performance versus the Index was its underweight position in China. China’s equity market rose strongly over the last three quarters of the 12-month period. This advance was largely fueled by the Chinese government’s economic stimulus programs, as well as by Chinese investors’ growing use of margin accounts. The Fund’s overweight position in Greece also hurt relative performance versus the Index, as Greek shares declined amid the increasingly contentious negotiations between Greece, the European central authorities and the International Monetary Fund (IMF). Finally, the Fund’s underweight position in Taiwan also hurt relative performance versus the Index.

The largest contributors to the Fund’s performance versus the Index were its underweight positions in Brazil and Korea, whose equity markets fell over the 12-month period. Brazil’s economy continued to be challenged by growing inflation, political scandals and the falling value of its commodity exports. Korea faced growing competition to its export-focused economy from both Japan and Taiwan. In addition, the Fund’s overweight position in Malaysia further benefited relative performance versus the Index.

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

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

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

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

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

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

⁴	Source: Fund prospectus.

⁵	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 and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2015 – June 30, 2015).

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 — 97.9%


Security	Shares		Value


Argentina — 0.7%
Adecoagro SA⁽¹⁾		191,900	$	1,769,318
Arcos Dorados Holdings, Inc., Class A		500,800		2,634,208
Banco Macro SA, Class B		130,676		857,123
Banco Macro SA, Class B ADR		6,100		278,160
BBVA Banco Frances SA		76,594		586,685
BBVA Banco Frances SA ADR		6,799		107,968
Cresud SA ADR⁽¹⁾		47,360		616,627
Grupo Financiero Galicia SA, Class B ADR		67,900		1,275,841
IRSA Inversiones y Representaciones SA		119,544		305,880
IRSA Inversiones y Representaciones SA ADR		9,600		172,320
Ledesma SAAI		259,501		209,907
MercadoLibre, Inc.		35,600		5,044,520
Molinos Rio de la Plata SA, Class B		93,310		374,819
Pampa Energia SA ADR⁽¹⁾		179,000		2,471,990
Petrobras Argentina SA ADR		167,793		1,119,179
Siderar SAIC		2,005,200		1,368,203
Telecom Argentina SA ADR		142,000		2,554,580
Telecom Argentina SA, Class B		229,824		1,183,702
Transportadora de Gas del Sur SA		252,923		317,318
Transportadora de Gas del Sur SA ADR		73,736		333,287
YPF SA ADR		101,600		2,786,888

			$	26,368,523


Bahrain — 0.6%
Ahli United Bank BSC		16,020,488	$	11,433,352
Al Salam Bank-Bahrain BSC		21,545,754		7,627,522
Gulf Finance House EC⁽¹⁾		10,441,939		2,021,189
Ithmaar Bank BSC⁽¹⁾		16,428,969		2,328,306

			$	23,410,369


Bangladesh — 0.8%
Aftab Automobiles, Ltd.		378,354	$	275,838
Al-Arafah Islami Bank, Ltd.		3,219,220		517,245
Bangladesh Building Systems, Ltd.		526,800		323,009
Bangladesh Export Import Co., Ltd.⁽¹⁾		5,371,333		2,241,823
Beximco Pharmaceuticals, Ltd.		1,141,583		912,740
British American Tobacco Bangladesh Co., Ltd.		27,950		1,093,743
BSRM Steels, Ltd.		1,250,000		1,185,071
City Bank, Ltd. (The)		3,640,644		810,168
Grameenphone, Ltd.		943,200		4,024,964
Heidelberger Cement Bangladesh, Ltd.		103,700		764,021
Islami Bank Bangladesh, Ltd.		2,422,550		529,527
Jamuna Oil Co., Ltd.		212,850		540,268


Security	Shares		Value


Bangladesh (continued)
Khulna Power Co., Ltd.		1,208,340	$	1,094,759
Lankabangla Finance, Ltd.		1,809,885		643,929
Malek Spinning Mills, Ltd.		1,020,000		252,949
Meghna Petroleum, Ltd.		210,100		526,634
National Bank, Ltd.⁽¹⁾		7,923,850		1,161,178
Olympic Industries, Ltd.		278,775		839,935
Padma Oil Co., Ltd.		175,100		550,667
People’s Leasing and Financial Services, Ltd.⁽¹⁾		665,379		126,511
Pubali Bank, Ltd.		1,779,933		423,414
Social Islami Bank, Ltd.		2,453,500		426,063
Southeast Bank, Ltd.		1,909,500		412,493
Square Pharmaceuticals, Ltd.		1,280,553		4,318,476
Summit Power, Ltd.		1,381,500		725,735
Titas Gas Transmission & Distribution Co., Ltd.		1,857,500		1,672,131
United Airways Bangladesh, Ltd.⁽¹⁾		8,470,123		1,122,378
United Commercial Bank, Ltd.		6,014,400		1,516,115

			$	29,031,784


Botswana — 0.4%
Barclays Bank of Botswana, Ltd.		1,308,506	$	565,504
Botswana Insurance Holdings, Ltd.		801,726		1,122,548
First National Bank of Botswana, Ltd.		7,511,600		2,993,537
Letshego Holdings, Ltd.		16,310,999		5,290,782
Sechaba Breweries, Ltd.		1,086,400		3,138,950
Sefalana Holding Co.		991,000		1,200,934
Standard Chartered Bank Botswana, Ltd.		850,790		1,093,421

			$	15,405,676


Brazil — 5.7%
AMBEV SA		1,736,625	$	10,668,533
B2W Cia Digital⁽¹⁾		263,000		1,724,798
Banco Bradesco SA ADR, PFC Shares		178,013		1,630,599
Banco Bradesco SA, PFC Shares		1,004,795		9,210,594
Banco do Brasil SA		312,199		2,438,066
Bombril SA, PFC Shares		39,000		29,792
Braskem SA, PFC Shares		301,200		1,319,464
BRF SA		289,766		6,121,331
BRF SA ADR		25,600		535,296
CCR SA		887,700		4,257,054
Centrais Eletricas Brasileiras SA, PFC Shares		468,682		1,276,812
CETIP SA - Mercados Organizados		155,700		1,706,686
Cia Brasileira de Distribuicao ADR, PFC Shares		14,300		338,481
Cia Brasileira de Distribuicao, PFC Shares		43,256		1,019,801
Cia de Saneamento Basico do Estado de Sao Paulo		125,400		665,498
Cia de Saneamento Basico do Estado de Sao Paulo ADR		127,400		659,932


Security	Shares		Value


Brazil (continued)
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		65,463	$	824,104
Cia Energetica de Minas Gerais SA, PFC Shares		662,453		2,526,999
Cia Energetica de Sao Paulo, Class B, PFC Shares		91,500		577,117
Cia Hering		155,800		608,848
Cia Paranaense de Energia-Copel, PFC Shares		134,100		1,507,444
Cia Siderurgica Nacional SA		147,100		244,607
Cia Siderurgica Nacional SA ADR		62,200		102,630
Cielo SA		1,520,860		21,435,169
Contax Participacoes SA, PFC Shares		151,000		46,624
Cosan SA Industria e Comercio		137,900		1,115,495
CPFL Energia SA		643,066		3,981,545
Cyrela Brazil Realty SA Empreendimentos e Participacoes		115,024		366,260
Duratex SA		335,583		783,613
EcoRodovias Infraestrutura e Logistica SA		146,900		366,175
EDP-Energias do Brasil SA		418,300		1,548,562
Eletropaulo Metropolitana SA, Class B, PFC Shares		205,868		1,177,959
Embraer SA		974,432		7,415,349
Embraer SA ADR		26,152		792,144
Equatorial Energia SA		260,300		2,944,502
Estacio Participacoes SA		275,300		1,593,837
Even Construtora e Incorporadora SA		652,400		692,458
Ez Tec Empreendimentos e Participacoes SA		136,587		636,126
Fibria Celulose SA		24,585		335,433
Fibria Celulose SA ADR		54,900		747,189
Gafisa SA⁽¹⁾		845,200		649,715
Gerdau SA ADR		170,900		411,869
Gerdau SA, PFC Shares		227,900		549,024
Gol Linhas Aereas Inteligentes SA, PFC Shares		242,400		574,600
Hypermarcas SA⁽¹⁾		88,100		641,248
Itau Unibanco Holding SA ADR, PFC Shares		136,342		1,492,945
Itau Unibanco Holding SA, PFC Shares		875,732		9,638,657
Itausa-Investimentos Itau SA, PFC Shares		2,247,293		6,440,250
JBS SA		444,227		2,337,510
Klabin SA		255,400		1,568,166
Klabin SA, PFC Shares		981,500		1,196,451
Kroton Educacional SA		1,111,932		4,252,315
Light SA		123,900		674,673
Localiza Rent a Car SA		295,025		2,912,199
Lojas Americanas SA, PFC Shares		804,242		4,485,400
Lojas Renner SA		115,100		4,183,301
Marcopolo SA, PFC Shares		786,900		587,182
MRV Engenharia e Participacoes SA		553,800		1,391,135
Multiplus SA		91,200		1,099,997
Natura Cosmeticos SA		82,900		734,317
Odontoprev SA		579,500		2,009,266


Security	Shares		Value


Brazil (continued)
Oi SA ADR⁽¹⁾		315,800	$	603,178
Oi SA, PFC Shares⁽¹⁾		888,684		1,672,125
PDG Realty SA Empreendimentos e Participacoes⁽¹⁾		1,321,600		153,027
Petroleo Brasileiro SA⁽¹⁾		275,200		1,241,856
Petroleo Brasileiro SA ADR⁽¹⁾		187,400		1,529,184
Petroleo Brasileiro SA, PFC Shares		2,589,800		10,587,102
Prumo Logistica SA⁽¹⁾		828,800		210,592
Qualicorp SA		577,500		3,661,035
Randon Participacoes SA, PFC Shares		198,512		205,593
Rumo Logistica Operadora Multimodal SA⁽¹⁾		61,607		25,165
Souza Cruz SA		198,800		1,562,087
Suzano Papel e Celulose SA, PFC Shares		371,100		1,974,203
Telefonica Brasil SA ADR		298,900		4,163,677
Telefonica Brasil SA, PFC Shares		214,905		3,010,923
Tim Participacoes SA		1,725,444		5,682,849
Totvs SA		238,900		2,996,719
Tractebel Energia SA		222,400		2,445,678
Transmissora Alianca de Energia Electrica SA		166,500		1,102,110
Ultrapar Participacoes SA		333,048		7,037,810
Usinas Siderurgicas de Minas Gerais SA, Class A, PFC Shares		226,900		300,675
Vale SA ADR, PFC Shares		337,600		1,704,880
Vale SA, PFC Shares		1,863,092		9,336,134
Weg SA		903,920		5,538,476

			$	210,548,224


Bulgaria — 0.1%
Albena Invest Holding PLC		19,550	$	66,478
Bulgartabak Holding⁽¹⁾		3,450		86,801
CB First Investment Bank AD⁽¹⁾		54,000		76,190
Chimimport AD⁽¹⁾		825,588		731,243
Corporate Commercial Bank AD⁽¹⁾		19,900		10,604
Industrial Holding Bulgaria PLC⁽¹⁾		576,865		326,075
Olovno Tzinkov Komplex AD⁽¹⁾⁽²⁾		33,800		0
Petrol AD⁽¹⁾		76,205		27,296
Sopharma AD		303,500		534,595

			$	1,859,282


Chile — 3.0%
AES Gener SA		2,989,659	$	1,697,620
Aguas Andinas SA, Series A		3,986,694		2,276,240
Almendral SA		7,092,000		568,558
Antarchile SA, Series A		114,800		1,275,905
Banco de Chile		47,499,753		5,221,982
Banco de Chile ADR		20,591		1,356,535


Security	Shares		Value


Chile (continued)
Banco de Credito e Inversiones		78,597	$	3,454,690
Banco Santander Chile SA ADR		269,549		5,458,367
Banmedica SA		286,194		537,222
Besalco SA		823,600		371,040
Bupa Chile SA, PFC Shares		544,215		447,784
Cap SA		186,746		639,746
Cencosud SA		2,695,001		6,513,279
Cia Cervecerias Unidas SA ADR		142,500		3,018,150
Cia Sud Americana de Vapores SA⁽¹⁾		10,829,733		347,114
Colbun SA		9,437,809		2,679,096
Corpbanca SA		222,749,200		2,459,989
Corpbanca SA ADR		56,666		935,556
E.CL SA		253,400		344,064
Embotelladora Andina SA, Series A ADR		25,100		381,771
Embotelladora Andina SA, Series A, PFC Shares		202,478		485,263
Embotelladora Andina SA, Series B ADR		49,672		990,460
Empresa Nacional de Electricidad SA ADR		134,059		5,556,746
Empresa Nacional de Telecomunicaciones SA		323,187		3,574,255
Empresas CMPC SA		2,309,849		6,276,184
Empresas Copec SA		1,098,567		11,685,340
Enersis SA		9,328,000		2,962,081
Enersis SA ADR		266,371		4,216,653
Forus SA		64,662		232,643
Inversiones Aguas Metropolitanas SA		687,000		1,043,490
Latam Airlines Group SA⁽¹⁾		181,573		1,298,583
Latam Airlines Group SA ADR⁽¹⁾		300,348		2,114,450
Latam Airlines Group SA BDR⁽¹⁾		29,520		212,207
Masisa SA		5,792,050		176,677
Parque Arauco SA		1,452,200		2,789,569
Quinenco SA		490,001		1,023,271
Ripley Corp. SA		1,626,000		674,029
S.A.C.I. Falabella		1,591,442		11,115,386
Salfacorp SA		1,303,900		877,051
Sigdo Koppers SA		879,641		1,300,318
Sociedad Matriz SAAM SA		6,677,681		532,940
Sociedad Quimica y Minera de Chile SA, Series A		20,950		421,933
Sociedad Quimica y Minera de Chile SA, Series B ADR		196,100		3,141,522
Sonda SA		2,937,360		6,152,478
Vina Concha y Toro SA		146,373		255,298
Vina Concha y Toro SA ADR		26,701		939,875

			$	110,033,410


China — 9.9%
Agile Property Holdings, Ltd.		486,000	$	326,550
Agricultural Bank of China, Ltd., Class H		7,024,000		3,791,488


Security	Shares		Value


China (continued)
Air China, Ltd., Class H⁽¹⁾⁽²⁾		1,770,000	$	2,000,271
Aluminum Corp. of China, Ltd., Class H⁽¹⁾		2,306,000		1,156,269
Angang Steel Co., Ltd., Class H		1,148,000		790,447
Anhui Conch Cement Co., Ltd., Class H		1,014,000		3,552,789
ANTA Sports Products, Ltd.		887,000		2,161,786
Baidu, Inc. ADR⁽¹⁾		39,900		7,943,292
Bank of China, Ltd., Class H		10,281,000		6,685,413
Bank of Communications, Ltd., Class H		2,201,300		2,291,286
BBMG Corp., Class H		1,134,500		1,138,408
Beijing Capital International Airport Co., Ltd., Class H		596,000		686,245
Beijing Enterprises Holdings, Ltd.		223,500		1,676,600
Beijing Enterprises Water Group, Ltd.⁽¹⁾		916,000		751,445
BOE Technology Group Co., Ltd., Class B⁽¹⁾		1,686,360		826,825
BYD Co., Ltd., Class H		575,000		3,441,415
China Agri-Industries Holdings, Ltd.⁽¹⁾		2,380,000		1,351,459
China Bluechemical, Ltd., Class H		1,348,000		493,462
China Cinda Asset Management, Co., Ltd., Class H⁽¹⁾		3,202,000		1,780,827
China CITIC Bank Corp., Ltd., Class H⁽¹⁾		2,727,000		2,171,243
China Coal Energy Co., Ltd., Class H		2,861,000		1,706,106
China Communications Construction Co., Ltd., Class H		1,677,000		2,495,407
China Communications Services Corp., Ltd., Class H		2,166,000		1,085,472
China Construction Bank Corp., Class H		10,778,580		9,845,627
China COSCO Holdings Co., Ltd., Class H⁽¹⁾		2,729,150		1,763,228
China Dongxiang (Group) Co., Ltd.		3,981,000		1,051,389
China Eastern Airlines Corp., Ltd., Class H⁽¹⁾		1,436,000		1,199,705
China Everbright International, Ltd.		1,156,000		2,082,308
China Everbright, Ltd.		456,000		1,573,174
China Gas Holdings, Ltd.		546,000		870,811
China High Speed Transmission Equipment Group Co., Ltd.⁽¹⁾		672,000		578,714
China International Marine Containers Co., Ltd., Class B		413,812		1,059,148
China Life Insurance Co., Ltd., Class H		654,000		2,825,901
China Longyuan Power Group Corp., Ltd., Class H		2,413,000		2,678,311
China Mengniu Dairy Co., Ltd.		800,000		3,981,122
China Merchants Bank Co., Ltd., Class H		1,204,500		3,514,143
China Merchants Holdings (International) Co., Ltd.		790,000		3,389,330
China Merchants Property Development Co., Ltd., Class B⁽²⁾		882,981		2,077,723
China Minsheng Banking Corp., Ltd., Class H		2,229,600		2,917,516
China Mobile, Ltd.		3,018,900		38,681,889
China National Building Material Co., Ltd., Class H		2,156,000		2,032,873
China Oilfield Services, Ltd., Class H		756,000		1,198,357
China Overseas Land & Investment, Ltd.		1,148,360		4,057,141
China Pacific Insurance (Group) Co., Ltd., Class H		532,000		2,555,491
China Petroleum & Chemical Corp., Class H		12,211,800		10,462,809
China Pharmaceutical Group, Ltd.		2,036,000		2,015,579


Security	Shares		Value


China (continued)
China Railway Construction Corp., Ltd., Class H		947,500	$	1,455,509
China Railway Group, Ltd., Class H		2,265,000		2,453,499
China Resources Enterprise, Ltd.		688,000		2,220,405
China Resources Land, Ltd.		655,111		2,120,168
China Resources Power Holdings Co., Ltd.		1,443,000		3,993,836
China Shenhua Energy Co., Ltd., Class H		1,654,500		3,768,006
China Shipping Container Lines Co., Ltd., Class H⁽¹⁾		3,803,000		1,483,444
China Shipping Development Co., Ltd., Class H		1,778,000		1,343,977
China Southern Airlines Co., Ltd., Class H		2,064,500		2,418,400
China Taiping Insurance Holdings Co., Ltd.⁽¹⁾		277,000		991,708
China Telecom Corp., Ltd., Class H		8,226,000		4,817,966
China Travel International Investment Hong Kong, Ltd.		1,660,000		728,713
China Unicom (Hong Kong), Ltd.		2,590,290		4,042,983
China Vanke Co., Ltd., Class H		1,106,117		2,715,786
China Yurun Food Group, Ltd.⁽¹⁾		926,000		352,354
Chongqing Changan Automobile Co., Ltd., Class B		1,301,443		3,323,569
CITIC, Ltd.		628,000		1,129,458
CNOOC, Ltd.		7,777,500		11,052,258
Cosco Pacific, Ltd.		1,128,000		1,526,311
Country Garden Holdings Co., Ltd.		1,582,000		692,494
Ctrip.com International, Ltd. ADR⁽¹⁾		81,800		5,940,316
Datang International Power Generation Co., Ltd., Class H		3,276,000		1,673,821
Dazhong Transportation Group Co., Ltd., Class B		633,875		830,913
Dongfeng Motor Group Co., Ltd., Class H		1,748,000		2,337,264
Golden Eagle Retail Group, Ltd.		516,000		690,612
Great Wall Motor Co., Ltd., Class H⁽¹⁾⁽²⁾		836,750		4,101,954
Guangdong Investment, Ltd.		2,088,000		2,916,447
Guangzhou Automobile Group Co., Ltd., Class H		1,750,857		1,619,371
Guangzhou R&F Properties Co., Ltd., Class H⁽¹⁾		670,400		819,825
Hangzhou Steam Turbine Co., Ltd., Class B⁽²⁾		426,359		703,599
Hengan International Group Co., Ltd.		248,000		2,942,184
Huaneng Power International, Inc., Class H		3,084,000		4,284,216
Industrial & Commercial Bank of China, Ltd., Class H		11,288,000		8,942,779
Inner Mongolia Eerduosi Resources Co., Ltd., Class B		392,000		419,322
Inner Mongolia Yitai Coal Co., Ltd., Class B		424,000		605,641
Jiangsu Expressway Co., Ltd., Class H		796,000		1,046,340
Jiangxi Copper Co., Ltd., Class H		1,055,000		1,765,999
Kingboard Chemical Holdings, Ltd.		421,200		728,604
Kunlun Energy Co., Ltd.		1,678,000		1,705,345
Lee & Man Paper Manufacturing, Ltd.		876,000		558,238
Lenovo Group, Ltd.		2,596,000		3,589,137
Li Ning Co., Ltd.⁽¹⁾		1,892,312		863,609
Lonking Holdings, Ltd.		2,438,000		477,193
Maanshan Iron & Steel Co., Ltd., Class H⁽¹⁾		1,389,000		476,627
Mindray Medical International, Ltd. ADR		83,200		2,371,200


Security	Shares		Value


China (continued)
NetEase.com, Inc. ADR		22,000	$	3,187,030
New Oriental Education & Technology Group, Inc. ADR⁽¹⁾		181,200		4,443,024
Nine Dragons Paper Holdings, Ltd.		1,412,000		1,228,072
Parkson Retail Group, Ltd.		1,024,000		211,143
PetroChina Co., Ltd., Class H		10,100,300		11,222,658
PICC Property & Casualty Co., Ltd., Class H		1,168,000		2,655,821
Ping An Insurance (Group) Co. of China, Ltd., Class H		317,000		4,265,822
Poly Property Group Co., Ltd.		970,000		465,781
Qingling Motors Co., Ltd., Class H		1,448,966		489,409
Semiconductor Manufacturing International Corp.⁽¹⁾		12,412,000		1,352,982
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,712,000		1,264,225
Shanghai Diesel Engine Co., Ltd., Class B		854,400		883,738
Shanghai Electric Group Co., Ltd., Class H		1,644,000		1,333,708
Shanghai Haixin Group Co., Ltd., Class B⁽¹⁾		545,000		474,259
Shanghai Industrial Holdings, Ltd.		291,000		985,270
Shanghai Jin Jiang International Hotels Development Co., Ltd., Class B		574,800		1,632,979
Shanghai Zhenhua Heavy Industry Co., Ltd., Class B⁽¹⁾		863,200		681,664
Shimao Property Holdings, Ltd.		532,000		1,049,977
Sihuan Pharmaceutical Holdings Group, Ltd.⁽¹⁾⁽²⁾		5,255,000		1,494,833
SINA Corp.⁽¹⁾		25,700		1,376,621
Sino Biopharmaceutical, Ltd.		2,360,000		2,742,196
Sino-Ocean Land Holdings, Ltd.		1,370,500		1,038,767
Sinopec Oilfield Service Corp., Class H⁽¹⁾		4,801,500		2,328,287
Sinopec Shanghai Petrochemical Co., Ltd., Class H⁽¹⁾		3,136,000		1,696,043
Sinopharm Group Co., Ltd., Class H		975,600		4,326,041
Sohu.com, Inc.⁽¹⁾		8,700		514,083
Tencent Holdings, Ltd.		1,571,000		31,434,832
Tingyi (Cayman Islands) Holding Corp.		1,184,000		2,424,787
Travelsky Technology, Ltd., Class H		1,218,000		1,788,561
Tsingtao Brewery Co., Ltd., Class H		874,000		5,298,970
Want Want China Holdings, Ltd.		3,531,000		3,728,137
Weichai Power Co., Ltd., Class H		226,800		757,860
Wumart Stores, Inc., Class H		832,000		582,539
Yangzijiang Shipbuilding Holdings, Ltd.		1,652,000		1,735,121
Yantai Changyu Pioneer Wine Co., Ltd., Class B		135,132		556,185
Yanzhou Coal Mining Co., Ltd., Class H		1,488,000		1,163,007
Zhejiang Expressway Co., Ltd., Class H		870,000		1,206,554
Zhuzhou CSR Times Electric Co., Ltd., Class H		288,000		2,163,927
Zijin Mining Group Co., Ltd., Class H		3,148,000		1,108,102
ZTE Corp., Class H		708,739		1,795,957

			$	366,847,166


Colombia — 1.5%
Almacenes Exito SA		569,955	$	4,970,560


Security	Shares		Value


Colombia (continued)
Avianca Holdings SA, PFC Shares		614,449	$	790,109
Banco Davivienda SA, PFC Shares		190,600		1,956,324
Banco de Bogota SA		69,328		1,596,674
Bancolombia SA		86,292		884,379
Bancolombia SA ADR, PFC Shares		127,200		5,469,600
Bolsa de Valores de Colombia		85,691,900		575,618
Celsia SA ESP		833,260		1,354,535
Cementos Argos SA		509,458		1,808,867
Cementos Argos SA, PFC Shares		190,626		649,026
Cemex Latam Holdings SA⁽¹⁾		266,452		1,305,047
Corporacion Financiera Colombiana SA		154,506		2,164,685
Ecopetrol SA		4,549,600		3,021,174
Ecopetrol SA ADR		425,800		5,646,108
Empresa de Energia de Bogota SA		2,602,208		1,588,165
Empresa de Telecommunicaciones de Bogota SA		2,267,738		451,769
Fabricato SA⁽¹⁾		34,115,900		183,333
Grupo Argos SA		466,160		3,041,868
Grupo Argos SA, PFC Shares		147,122		927,272
Grupo Aval Acciones y Valores SA		1,723,100		839,983
Grupo Aval Acciones y Valores SA, PFC Shares		3,247,601		1,589,386
Grupo de Inversiones Suramericana SA		365,800		5,198,003
Grupo Nutresa SA		414,015		3,639,217
Grupo Odinsa SA⁽¹⁾		53,817		185,504
Interconexion Electrica SA		945,400		2,667,223
ISAGEN SA ESP		2,021,151		2,156,751
Organizacion Terpel SA		13,768		80,857

			$	54,742,037


Croatia — 0.7%
AD Plastik DD		51,587	$	787,905
Adris Grupa DD, PFC Shares		45,976		2,499,511
Atlantic Grupa DD		17,357		2,269,559
Atlantska Plovidba DD⁽¹⁾		15,437		458,388
Dalekovod DD⁽¹⁾		55,123		141,322
Ericsson Nikola Tesla		5,610		950,753
Hrvatski Telekom DD		421,671		9,548,474
Koncar-Elektroindustrija DD		7,227		719,246
Kras DD⁽¹⁾		4,595		307,961
Ledo DD		1,903		2,263,236
Petrokemija DD⁽¹⁾		17,450		40,678
Podravka Prehrambena Industrija DD⁽¹⁾		72,212		3,285,416
Privredna Banka Zagreb DD		3,310		292,079
Valamar Riviera DD		685,752		2,075,331
Zagrebacka Banka DD		30,550		189,798

			$	25,829,657


Security	Shares		Value


Czech Republic — 1.2%
CEZ AS		716,870	$	16,642,015
Komercni Banka AS		84,191		18,657,571
New World Resources PLC, Class A⁽¹⁾		860,500		7,030
Pegas Nonwovens SA		48,000		1,620,389
Philip Morris CR AS		6,810		2,929,712
Unipetrol AS⁽¹⁾		500,500		3,252,197

			$	43,108,914


Egypt — 1.4%
Alexandria Mineral Oils Co.		121,900	$	673,504
Arab Cotton Ginning		1,880,400		759,183
Commercial International Bank Egypt SAE		1,828,235		13,460,759
Eastern Tobacco		97,097		2,728,508
Egypt Kuwait Holding Co. SAE		1,277,058		789,238
Egyptian Financial & Industrial Co.		137,064		116,928
Egyptian Financial Group-Hermes Holding Co.⁽¹⁾		1,590,030		2,842,511
Egyptian International Pharmaceutical Industrial Co.		153,932		1,707,656
Egyptian Resorts Co.⁽¹⁾		4,213,900		543,540
El Ezz Aldekhela Steel Alexandria		4,750		266,480
El Sewedy Electric Co.⁽¹⁾		384,121		2,394,436
Ezz Steel⁽¹⁾		1,677,500		1,841,013
Ghabbour Auto⁽¹⁾		345,862		191,419
Global Telecom Holding SAE⁽¹⁾		9,908,210		3,260,806
Juhayna Food Industries		2,665,536		2,951,370
Maridive & Oil Services SAE⁽¹⁾		787,652		344,731
Medinet Nasr for Housing and Development SAE⁽¹⁾		460,182		1,667,345
Misr Cement (Qena)		18,251		198,782
Nile Cotton Ginning Co.⁽¹⁾⁽²⁾		125,000		0
Orascom Telecom Media and Technology Holding SAE⁽¹⁾		13,585,310		1,541,431
Oriental Weavers Co.		1,278,405		1,706,342
Pioneers Holding⁽¹⁾		734,900		801,209
Qalaa Holdings⁽¹⁾		1,600,000		412,379
Sidi Kerir Petrochemicals Co.		957,400		1,579,774
Six of October Development & Investment Co.⁽¹⁾		275,153		386,402
South Valley Cement		485,000		304,957
Suez Cement Co.		138,000		654,534
Talaat Moustafa Group		3,963,160		4,556,054
Telecom Egypt		1,449,600		1,538,484

			$	50,219,775


Estonia — 0.2%
AS Baltika⁽¹⁾		226,000	$	93,160
AS Merko Ehitus		75,000		702,224
AS Nordecon International		223,282		261,221
AS Olympic Entertainment Group		803,899		1,656,085


Security	Shares		Value


Estonia (continued)
AS Tallink Grupp		5,354,470	$	4,345,445
AS Tallinna Kaubamaja Grupp		202,800		1,363,129
AS Tallinna Vesi		35,235		514,400

			$	8,935,664


Ghana — 0.1%
Aluworks Ghana, Ltd.⁽¹⁾		5,176,100	$	71,231
CAL Bank, Ltd.		4,406,554		1,114,298
Ghana Commercial Bank, Ltd.		1,384,370		1,549,893
Produce Buying Co., Ltd.⁽¹⁾		650,000		16,392
Societe Generale Ghana, Ltd.⁽¹⁾		814,000		169,911
Standard Chartered Bank of Ghana, Ltd.		242,700		1,109,651
Total Petroleum Ghana, Ltd.		20,964		25,483
Unilever Ghana, Ltd.⁽¹⁾		249,000		430,039

			$	4,486,898


Greece⁽³⁾ — 1.2%
Aegean Airlines SA		64,124	$	377,292
Aegean Marine Petroleum Network, Inc.		90,611		1,119,952
Alpha Bank AE⁽¹⁾		5,433,694		1,665,791
Athens Water Supply & Sewage Co. SA (The)		227,849		1,266,861
Costamare, Inc.		108,479		1,992,759
Diana Shipping, Inc.⁽¹⁾		190,420		1,342,461
DryShips, Inc.⁽¹⁾		1,438,000		864,526
Ellaktor SA⁽¹⁾		292,801		521,294
Eurobank Ergasias SA⁽¹⁾		11,975,587		1,641,836
FF Group⁽¹⁾		63,075		1,453,254
GasLog, Ltd.		111,416		2,222,749
GEK Terna Holding Real Estate Construction SA⁽¹⁾		120,661		205,631
Hellenic Exchanges - Athens Stock Exchange SA⁽¹⁾		114,224		504,597
Hellenic Petroleum SA		132,875		592,050
Hellenic Telecommunications Organization SA		777,120		6,066,956
Intralot SA⁽¹⁾		260,400		421,462
JUMBO SA		198,150		1,399,803
Marfin Investment Group Holdings SA⁽¹⁾		485,263		62,833
Metka SA		43,400		321,882
Motor Oil (Hellas) Corinth Refineries SA		170,500		1,379,788
Mytilineos Holdings SA⁽¹⁾		452,870		2,496,440
National Bank of Greece SA⁽¹⁾		1,894,449		2,164,379
Navios Maritime Acquisition Corp.		191,284		686,710
Navios Maritime Holdings, Inc.		87,850		326,802
OPAP SA		402,600		2,993,600
Public Power Corp. SA⁽¹⁾		914,808		4,102,228
StealthGas, Inc.⁽¹⁾		81,587		550,712
Terna Energy SA⁽¹⁾		126,318		369,209


Security	Shares		Value


Greece (continued)
Titan Cement Co. SA		220,407	$	4,490,639
Tsakos Energy Navigation, Ltd.		201,900		1,924,107
Viohalco SA⁽¹⁾		184,517		488,371

			$	46,016,974


Hungary — 1.3%
Magyar Telekom Telecommunications PLC⁽¹⁾		4,030,434	$	5,630,067
Magyar Telekom Telecommunications PLC ADR⁽¹⁾		37,300		255,878
MOL Hungarian Oil & Gas Rt.		221,545		11,335,673
OTP Bank Rt.		916,700		18,117,683
Richter Gedeon Nyrt.		813,720		12,223,446

			$	47,562,747


India — 6.1%
ABB India, Ltd.		33,400	$	693,449
ACC, Ltd.		54,200		1,231,673
Adani Enterprises, Ltd.		119,200		169,721
Adani Ports and Special Economic Zone, Ltd.		719,546		3,472,236
Adani Power, Ltd.⁽¹⁾		518,864		236,975
Adani Transmissions, Ltd.⁽¹⁾⁽²⁾		119,200		0
Aditya Birla Nuvo, Ltd.		26,506		744,066
Ambuja Cements, Ltd.		566,900		2,043,671
Andhra Bank		55,000		58,686
Apollo Hospitals Enterprise, Ltd.		61,400		1,270,166
Ashok Leyland, Ltd.		820,626		933,924
Asian Paints, Ltd.		243,000		2,890,133
Axis Bank, Ltd.		585,600		5,124,789
Bajaj Auto, Ltd.		42,600		1,694,524
Bajaj Holdings & Investment, Ltd.		11,100		253,780
Balrampur Chini Mills, Ltd.⁽¹⁾		262,700		166,956
Bharat Forge, Ltd.		43,136		715,341
Bharat Heavy Electricals, Ltd.		370,300		1,432,792
Bharat Petroleum Corp., Ltd.		134,400		1,852,053
Bharti Airtel, Ltd.		1,940,801		12,787,615
Biocon, Ltd.		78,400		565,994
Bosch, Ltd.		3,900		1,334,317
Cairn India, Ltd.		157,100		446,328
Century Textiles & Industries, Ltd.		50,000		555,185
Cipla, Ltd.		207,400		2,010,963
Coal India, Ltd.		372,500		2,457,595
Colgate-Palmolive (India), Ltd.		23,100		739,568
Container Corp. of India, Ltd.		69,900		1,840,739
Cummins India, Ltd.		79,700		1,113,270
Dabur India, Ltd.		278,000		1,225,727
Divi’s Laboratories, Ltd.		24,900		738,023


Security	Shares		Value


India (continued)
Dr. Reddy’s Laboratories, Ltd.		24,300	$	1,351,315
Dr. Reddy’s Laboratories, Ltd. ADR		26,800		1,482,576
Essar Oil, Ltd.⁽¹⁾		318,500		691,488
GAIL (India), Ltd.		418,540		2,579,646
GAIL (India), Ltd. GDR⁽⁴⁾		25,050		933,185
GlaxoSmithKline Pharmaceuticals, Ltd.⁽¹⁾		8,000		422,235
Glenmark Pharmaceuticals, Ltd.		114,000		1,786,242
Grasim Industries, Ltd. GDR⁽⁴⁾		13,300		701,267
Great Eastern Shipping Co., Ltd. (The)		56,700		296,823
HCL Technologies, Ltd.		221,600		3,200,014
HDFC Bank, Ltd.		568,700		10,906,009
Hero MotoCorp, Ltd.		51,542		2,036,160
Hindalco Industries, Ltd.		436,910		765,908
Hindustan Petroleum Corp., Ltd.		98,600		1,123,682
Hindustan Unilever, Ltd.		588,309		8,451,378
Hindustan Zinc, Ltd.		244,148		639,505
Housing Development Finance Corp., Ltd.		390,318		7,948,931
ICICI Bank, Ltd.		532,035		2,581,838
Idea Cellular, Ltd.		1,449,679		4,004,582
IDFC, Ltd.		179,200		413,782
Indian Hotels Co., Ltd.⁽¹⁾		173,820		249,705
Indian Oil Corp., Ltd.		221,900		1,336,539
Infosys, Ltd.		900,432		14,037,610
ITC, Ltd.		1,223,800		6,064,411
Jaiprakash Associates, Ltd.⁽¹⁾		50		9
Jindal Steel & Power, Ltd.		90,000		121,145
JSW Energy, Ltd.		1,158,270		1,783,197
JSW Steel, Ltd.		60,200		825,308
Kotak Mahindra Bank, Ltd.		160,700		3,467,592
Larsen & Toubro, Ltd.		112,578		3,147,322
Larsen & Toubro, Ltd. GDR⁽⁴⁾		72,000		2,006,142
LIC Housing Finance, Ltd.		62,800		444,266
Lupin, Ltd.		97,200		2,865,682
Mahindra & Mahindra, Ltd.		167,400		3,379,379
Maruti Suzuki India, Ltd.		50,500		3,367,846
Mphasis, Ltd.		37,500		242,010
Nestle India, Ltd.		12,100		1,207,499
NHPC, Ltd.		1,887,800		579,045
NTPC, Ltd.		2,100,300		4,533,198
Oil & Natural Gas Corp., Ltd.		1,236,700		6,008,284
Oracle Financial Service Software, Ltd.		4,000		239,916
Petronet LNG, Ltd.		216,300		633,845
Piramal Enterprises, Ltd.		41,782		606,738
Power Grid Corporation of India, Ltd.		1,419,700		3,116,602
Punjab National Bank		65,000		142,034
Reliance Capital, Ltd.		22,030		125,238


Security	Shares		Value


India (continued)
Reliance Communications, Ltd.⁽¹⁾		1,408,559	$	1,368,517
Reliance Industries, Ltd.		769,312		12,057,744
Reliance Industries, Ltd. GDR⁽⁵⁾		42,816		1,325,158
Reliance Infrastructure, Ltd.		171,400		1,040,548
Reliance Power, Ltd.⁽¹⁾		546,400		384,512
Siemens, Ltd.		72,300		1,528,008
State Bank of India GDR⁽⁴⁾		49,600		2,049,475
Steel Authority of India, Ltd.		60,000		58,727
Sun Pharmaceutical Industries, Ltd.		516,800		7,101,436
Tata Chemicals, Ltd.		58,600		386,445
Tata Communications, Ltd.		47,000		326,995
Tata Consultancy Services, Ltd.		256,667		10,291,559
Tata Global Beverages, Ltd.		156,000		322,880
Tata Motors, Ltd.		542,926		3,674,979
Tata Motors, Ltd. ADR		19,800		682,506
Tata Power Co., Ltd.		1,002,648		1,166,546
Tata Steel, Ltd.		149,900		719,271
Tech Mahindra, Ltd.		143,648		1,070,594
Titan Co., Ltd.		248,000		1,476,121
UltraTech Cement, Ltd.		58,091		2,730,814
United Spirits, Ltd.⁽¹⁾		21,533		1,142,064
UPL, Ltd.		237,900		1,995,346
Vedanta, Ltd.		499,740		1,357,913
Voltas, Ltd.		224,100		1,105,911
Wipro, Ltd.		291,229		2,492,884
Zee Entertainment Enterprises, Ltd.		413,300		2,395,171

			$	223,899,511


Indonesia — 2.8%
Adaro Energy Tbk PT		28,006,600	$	1,591,592
AKR Corporindo Tbk PT		4,660,500		2,067,790
Aneka Tambang Persero Tbk PT⁽¹⁾		8,587,500		437,082
Astra Argo Lestari Tbk PT		654,000		1,123,361
Astra International Tbk PT		16,668,000		8,822,606
Bank Central Asia Tbk PT		10,623,000		10,727,923
Bank Danamon Indonesia Tbk PT		3,237,181		1,042,934
Bank Mandiri Tbk PT		7,808,000		5,869,509
Bank Negara Indonesia Persero Tbk PT		7,849,000		3,111,832
Bank Pan Indonesia Tbk PT⁽¹⁾		6,253,772		515,408
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,872,000		114,984
Bank Rakyat Indonesia Tbk PT		9,392,000		7,269,101
Charoen Pokphand Indonesia Tbk PT		4,000,700		823,173
Gudang Garam Tbk PT		498,500		1,682,636
Hanson International Tbk PT⁽¹⁾		17,636,400		978,140
Indah Kiat Pulp & Paper Corp. Tbk PT		3,326,500		223,230


Security	Shares		Value


Indonesia (continued)
Indo Tambangraya Megah Tbk PT		1,269,200	$	1,219,804
Indocement Tunggal Prakarsa Tbk PT		2,045,500		3,197,088
Indofood CBP Sukses Makmur Tbk PT		1,273,000		1,188,227
Indofood Sukses Makmur Tbk PT		4,544,500		2,236,234
Indosat Tbk PT⁽¹⁾		1,322,500		396,356
Jasa Marga (Persero) Tbk PT		3,247,500		1,329,921
Kalbe Farma Tbk PT		45,305,200		5,683,358
Lippo Karawaci Tbk PT		26,506,000		2,343,328
Matahari Putra Prima Tbk PT		5,148,000		1,137,648
Medco Energi Internasional Tbk PT		698,500		142,885
Pembangunan Perumahan Persero Tbk PT		4,793,000		1,243,820
Perusahaan Gas Negara Tbk PT		19,152,100		6,186,268
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,099,000		826,252
Semen Indonesia Persero Tbk PT		4,703,500		4,225,176
Sigmagold Inti Perkasa Tbk PT⁽¹⁾		27,503,000		926,100
Surya Semesta Internusa Tbk PT		3,178,000		229,344
Tambang Batubara Bukit Asam Tbk PT		2,159,900		1,356,534
Telekomunikasi Indonesia Tbk PT		58,725,800		12,872,349
Unilever Indonesia Tbk PT		1,100,700		3,254,020
United Tractors Tbk PT		3,148,000		4,801,087
Vale Indonesia Tbk PT		4,748,000		962,734
Wijaya Karya Persero Tbk PT		6,352,000		1,190,308

			$	103,350,142


Jordan — 0.8%
Al Eqbal Co. for Investment PLC		23,341	$	454,491
Alia The Royal Jordanian Airlines PLC⁽¹⁾⁽²⁾		209,700		137,266
Arab Bank PLC		1,524,456		13,219,669
Arab Potash Co. PLC		71,074		2,164,435
Bank of Jordan		262,189		943,349
Cairo Amman Bank		86,860		296,501
Capital Bank of Jordan		605,501		1,184,736
Jordan Ahli Bank		517,414		853,065
Jordan Islamic Bank		225,901		1,060,695
Jordan Petroleum Refinery		427,730		3,459,021
Jordan Phosphate Mines⁽¹⁾		84,500		703,107
Jordan Steel⁽¹⁾		269,400		204,890
Jordan Telecommunications Co.		278,100		1,178,307
Jordanian Electric Power Co.		538,376		1,967,855
Union Land Development⁽¹⁾		360,100		1,138,092

			$	28,965,479


Kazakhstan — 0.7%
Halyk Savings Bank of Kazakhstan JSC GDR⁽⁴⁾		716,100	$	6,093,034


Security	Shares		Value


Kazakhstan (continued)
KAZ Minerals PLC⁽¹⁾		2,233,589	$	7,130,445
Kazkommertsbank JSC GDR⁽¹⁾		284,200		907,058
KazMunaiGas Exploration Production GDR⁽⁴⁾		632,226		6,267,769
Kcell JSC GDR⁽⁴⁾		544,503		4,725,398
Nostrum Oil & Gas PLC		178,200		1,655,221

			$	26,778,925


Kenya — 0.7%
ARM Cement, Ltd.		1,677,000	$	1,265,540
Bamburi Cement Co., Ltd.		460,041		718,821
Barclays Bank of Kenya, Ltd.		5,636,820		876,171
Centum Investment Co., Ltd.⁽¹⁾		977,680		645,809
Co-operative Bank of Kenya, Ltd. (The)		5,758,660		1,247,541
East African Breweries, Ltd.		1,528,640		4,691,530
Equity Group Holdings, Ltd.		5,413,000		2,534,333
KenolKobil, Ltd.		3,831,500		326,488
Kenya Airways, Ltd.⁽¹⁾		2,398,400		178,867
Kenya Commercial Bank, Ltd.		4,792,860		2,604,991
Kenya Electricity Generating Co., Ltd.		1,875,100		173,566
Kenya Power & Lighting, Ltd.		8,246,893		1,520,038
Nation Media Group, Ltd.		442,376		915,652
NIC Bank, Ltd.		852,975		463,455
Safaricom, Ltd.		35,682,800		5,936,411
Standard Chartered Bank Kenya, Ltd.		250,721		752,161

			$	24,851,374


Kuwait — 1.3%
Abyaar Real Estate Development⁽¹⁾		1,440,000	$	149,557
Agility Public Warehousing Co. KSC		1,721,475		4,091,241
Ahli United Bank		278,810		525,629
Al Ahli Bank of Kuwait KSCP		122,180		149,127
Al-Mazaya Holding Co.		551,200		210,686
Boubyan Petrochemicals Co.		1,968,750		4,107,813
Burgan Bank SAK		921,028		1,294,145
Combined Group Contracting Co. KSC		137,658		368,359
Commercial Bank of Kuwait KSCP		937,950		1,948,287
Commercial Real Estate Co. KSCC		2,487,729		697,987
Gulf Bank⁽¹⁾		1,477,708		1,316,318
Gulf Cable and Electrical Industries Co. KSC		165,000		321,802
Kuwait Finance House KSCP		2,643,406		5,575,725
Kuwait Food Co. (Americana) SAK		512,500		4,569,156
Kuwait International Bank		818,000		653,475
Kuwait Pipes Industries & Oil Services Co.⁽¹⁾⁽²⁾		800,000		0
Kuwait Portland Cement Co. KSC		202,125		773,842
Kuwait Projects Co. Holdings KSC		964,872		2,007,834


Security	Shares		Value


Kuwait (continued)
Kuwait Real Estate Co. KSC		1,720,000	$	396,999
Mabanee Co. SAK		961,253		3,140,468
Mobile Telecommunications Co.		4,387,600		6,020,066
National Bank of Kuwait SAK		2,557,243		7,255,255
National Industries Group Holding SAK		3,619,875		1,936,956
National Investment Co.		645,000		268,268
National Real Estate Co.⁽¹⁾		628,204		196,841
Qurain Petrochemical Industries Co. KSC		1,460,000		927,795
Sultan Center Food Products Co.⁽¹⁾		2,160,000		620,322

			$	49,523,953


Latvia — 0.0%⁽⁶⁾
Grindeks		12,000	$	75,583
Latvian Shipping Co.⁽¹⁾		96,000		40,777

			$	116,360


Lebanon — 0.2%
Banque Audi sal-Audi Saradar Group		246,610	$	1,531,242
Byblos Bank		838,110		1,350,519
Solidere, Class A⁽¹⁾		275,848		3,172,652
Solidere, Class B⁽¹⁾		5,516		62,904

			$	6,117,317


Lithuania — 0.1%
Apranga PVA		363,680	$	1,099,614
Invalda Privatus Kapitalas AB⁽¹⁾⁽²⁾		32,177		0
Klaipedos Nafta AB		1,576,663		667,724
Lesto AB		338,936		359,481
Panevezio Statybos Trestas		323,592		354,780
Pieno Zvaigzdes		94,000		161,065
Rokiskio Suris⁽¹⁾		177,000		284,007
Siauliu Bankas		1,032,958		333,240

			$	3,259,911


Malaysia — 2.6%
Aeon Co. (M) Bhd		736,800	$	604,874
Affin Holdings Bhd		236,000		168,726
Airasia Bhd		1,089,900		444,683
Alliance Financial Group Bhd		330,800		384,539
AMMB Holdings Bhd		615,900		983,314
Axiata Group Bhd		1,791,575		3,037,785
Batu Kawan Bhd		100,300		484,648
Berjaya Corp. Bhd		2,498,100		271,194
Berjaya Sports Toto Bhd		465,569		404,610


Security	Shares		Value


Malaysia (continued)
Boustead Holdings Bhd		412,500	$	453,653
British American Tobacco Malaysia Bhd		89,100		1,462,761
Bumi Armada Bhd⁽¹⁾		1,902,900		574,233
Bursa Malaysia Bhd		224,600		484,401
CIMB Group Holdings Bhd		1,425,966		2,066,029
Datasonic Group Bhd		1,594,400		451,491
Dialog Group Bhd		4,501,050		1,894,848
Digi.com Bhd		1,538,000		2,182,906
Felda Global Ventures Holdings Bhd		1,136,300		490,177
Gamuda Bhd		1,983,700		2,453,496
Genting Bhd		1,303,300		2,783,490
Genting Malaysia Bhd		1,977,000		2,199,206
Genting Plantations Bhd		261,000		685,548
Hartalega Holdings Bhd		121,700		274,327
Hong Leong Bank Bhd		256,700		910,772
Hong Leong Financial Group Bhd		136,200		546,885
IHH Healthcare Bhd		4,476,700		6,711,110
IJM Corp. Bhd		1,328,220		2,295,640
IOI Corp. Bhd		1,684,968		1,812,255
IOI Properties Group Bhd		842,484		412,611
KLCCP Stapled Group		250,000		460,919
KNM Group Bhd⁽¹⁾		3,198,075		524,338
Kossan Rubber Industries		458,100		789,359
KPJ Healthcare Bhd		403,200		450,949
Kuala Lumpur Kepong Bhd		293,050		1,659,679
Kulim (Malaysia) Bhd		792,800		525,050
Lafarge Malaysia Bhd		789,960		1,770,497
Landmarks Bhd⁽¹⁾		576,800		175,588
Magnum Bhd		617,940		433,889
Malayan Banking Bhd		1,462,286		3,540,782
Malaysia Airports Holdings Bhd		200,000		328,846
Malaysian Resources Corp. Bhd		1,861,700		581,529
Maxis Bhd		1,255,300		2,116,586
Media Prima Bhd		567,300		219,578
MISC Bhd		638,440		1,306,033
MMC Corp. Bhd		662,000		440,186
Muhibbah Engineering (M) Bhd		1,581,000		949,689
My EG Services Bhd		1,724,000		1,269,621
Parkson Holdings Bhd⁽¹⁾		713,599		292,841
Petronas Chemicals Group Bhd		2,816,700		4,711,643
Petronas Dagangan Bhd		422,400		2,302,841
Petronas Gas Bhd		268,500		1,512,416
PPB Group Bhd		300,400		1,202,421
Press Metal Bhd		930,000		639,777
Public Bank Bhd		706,298		3,503,453
RHB Capital Bhd		497,700		971,974


Security	Shares		Value


Malaysia (continued)
Sapurakencana Petroleum Bhd		4,032,352	$	2,518,632
Silverlake Axis, Ltd.		472,800		343,264
Sime Darby Bhd		3,012,009		6,800,323
Sunway Bhd		378,040		344,448
Sunway Construction Group Bhd⁽¹⁾⁽²⁾		37,804		0
Sunway Real Estate Investment Trust		1,028,200		419,553
Supermax Corp. Bhd		1,466,700		804,365
Ta Ann Holdings Bhd		355,899		358,849
Tan Chong Motor Holdings Bhd		219,000		171,287
Telekom Malaysia Bhd		1,020,100		1,764,837
Tenaga Nasional Bhd		1,450,631		4,859,447
Top Glove Corp. Bhd		210,000		370,101
UEM Sunrise Bhd		1,112,200		287,251
UMW Holdings Bhd		391,900		1,052,409
UMW Oil & Gas Corp. Bhd		1,133,700		513,541
Unisem (M) Bhd		3,101,700		1,913,591
Wah Seong Corp. Bhd		697,402		254,912
WCT Holdings Bhd		820,593		308,497
YTL Corp. Bhd		2,626,518		1,078,521
YTL Power International Bhd		1,597,363		676,972

			$	95,451,496


Mauritius — 0.7%
Alteo, Ltd.		352,391	$	298,380
CIEL, Ltd.		2,019,231		415,845
CIM Financial Services, Ltd.		1,742,485		476,449
ENL Land, Ltd.		484,800		630,932
Ireland Blyth, Ltd.		64,209		211,274
LUX Island Resorts, Ltd.		931,480		1,685,046
MCB Group, Ltd.		2,019,106		12,534,047
New Mauritius Hotels, Ltd.⁽¹⁾		4,357,728		2,554,780
Rogers & Co., Ltd.		608,300		527,357
SBM Holdings, Ltd.		174,116,462		4,532,443
Terra Mauricia, Ltd.		1,146,500		1,067,661
United Basalt Products, Ltd.		187,150		455,424

			$	25,389,638


Mexico — 6.0%
Alfa SAB de CV, Series A		6,780,920	$	12,994,516
Alsea SAB de CV		1,445,200		4,361,116
America Movil SAB de CV, Series L		40,181,290		42,948,667
Arca Continental SAB de CV		559,300		3,176,276
Bolsa Mexicana de Valores SAB de CV		915,200		1,583,804
Cemex SAB de CV, Series CPO⁽¹⁾		13,509,355		12,394,140
Coca-Cola Femsa SAB de CV, Series L		286,300		2,275,099


Security	Shares		Value


Mexico (continued)
El Puerto de Liverpool SAB de CV		175,681	$	2,028,812
Empresas ICA SAB de CV⁽¹⁾		2,075,736		1,609,876
Fibra Uno Administracion SA de CV		1,366,700		3,250,342
Fomento Economico Mexicano SAB de CV ADR		19,900		1,772,891
Fomento Economico Mexicano SAB de CV, Series UBD		1,424,800		12,694,703
Genomma Lab Internacional SAB de CV⁽¹⁾		2,065,500		2,055,315
Gentera SAB de CV		3,190,800		5,674,112
Gruma SAB, Class B		98,200		1,266,744
Grupo Aeroportuario del Pacifico SAB de CV, Class B⁽¹⁾		347,800		2,380,995
Grupo Aeroportuario del Sureste SAB de CV, Class B		254,009		3,608,730
Grupo Bimbo SAB de CV, Series A⁽¹⁾		2,045,208		5,284,294
Grupo Carso SAB de CV, Series A1		1,023,400		4,264,845
Grupo Comercial Chedraui SA de CV		208,900		593,705
Grupo Elektra SAB de CV		140,026		3,073,757
Grupo Financiero Banorte SAB de CV, Class O		2,608,000		14,339,644
Grupo Financiero Inbursa SAB de CV, Class O		4,395,216		9,969,108
Grupo Mexico SAB de CV, Series B		3,211,035		9,661,196
Grupo Televisa SAB, Series CPO		3,289,671		25,540,865
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1⁽¹⁾		1,134,930		2,224,008
Industrias CH SAB de CV, Series B⁽¹⁾		194,112		733,593
Industrias Penoles SAB de CV		137,229		2,245,169
Infraestructura Energetica Nova SAB de CV		115,500		570,243
Kimberly-Clark de Mexico SAB de CV, Class A		1,465,410		3,169,034
Mexichem SAB de CV		1,478,407		4,270,379
Minera Frisco SAB de CV⁽¹⁾		873,200		646,671
Organizacion Soriana SAB de CV, Class B		166,700		372,377
Promotora y Operadora de Infraestructura SAB de CV⁽¹⁾		416,700		4,459,293
Ternium SA ADR		70,322		1,217,274
TV Azteca SAB de CV, Series CPO		1,018,565		244,961
Wal-Mart de Mexico SAB de CV, Series V		4,685,164		11,443,515

			$	220,400,069


Morocco — 0.7%
Alliances Developpement Immobilier SA		19,684	$	143,000
Attijariwafa Bank		114,300		4,119,019
Banque Centrale Populaire		97,200		2,252,838
Banque Marocaine pour le Commerce et l’Industrie (BMCI)		3,830		246,937
BMCE Bank		98,500		2,227,606
Compagnie Generale Immobiliere		8,100		596,636
Delta Holding SA		35,000		102,348
Douja Promotion Groupe Addoha SA		294,373		861,364
Holcim Maroc SA		6,422		1,484,047
Label Vie⁽¹⁾		3,700		475,947
Lafarge Ciments		11,351		2,161,549


Security	Shares		Value


Morocco (continued)
Managem		7,900	$	731,854
Maroc Telecom		668,971		7,424,184
Samir		19,247		298,258
Sonasid		5,872		484,104
Taqa Morocco		26,192		1,361,816
Wafa Assurance		3,400		1,349,649

			$	26,321,156


Nigeria — 0.8%
Access Bank PLC		14,469,911	$	411,850
Afriland Properties PLC⁽¹⁾⁽²⁾		1,112,557		0
Ashaka Cem PLC		105		12
Cadbury Nigeria PLC		364,099		64,116
Dangote Cement PLC		2,191,891		1,981,380
Dangote Sugar Refinery PLC		4,385,654		149,698
Diamond Bank PLC		12,314,600		271,267
Ecobank Transnational, Inc.⁽¹⁾		13,345,392		1,534,190
FBN Holdings PLC		34,530,089		1,372,743
FCMB Group PLC		32,037,435		482,406
Fidelity Bank PLC⁽¹⁾		15,112,844		130,499
Flour Mills of Nigeria PLC		1,874,895		319,837
Forte Oil PLC		2,548,156		2,366,680
Guaranty Trust Bank PLC		28,437,790		3,857,526
Guiness Nigeria PLC		856,034		694,365
Lafarge Africa PLC		3,543,429		1,836,028
Lekoil, Ltd.⁽¹⁾		1,702,335		787,997
Nestle Nigeria PLC		388,412		1,657,261
Nigerian Breweries PLC		4,077,383		3,058,279
Oando PLC		19,615,316		1,562,270
PZ Cussons Nigeria PLC		1,858,208		284,449
SEPLAT Petroleum Development Co. PLC⁽⁵⁾		767,281		1,372,661
Skye Bank PLC		17,576,580		208,710
Stanbic IBTC Holdings PLC		1,857,245		250,565
Transnational Corp. of Nigeria PLC		33,329,800		452,369
UAC of Nigeria PLC		7,557,398		1,613,696
Unilever Nigeria PLC		2,074,728		473,132
Union Bank of Nigeria PLC⁽¹⁾		2,936,181		144,515
United Bank for Africa PLC		41,159,281		1,030,733
Zenith Bank PLC		28,035,174		2,703,051

			$	31,072,285


Oman — 0.7%
Al Anwar Ceramic Tile Co.		166,191	$	183,624
Al Maha Petroleum Products Marketing Co., LLC		36,500		206,920
Bank Dhofar SAOG		1,671,094		1,212,378


Security	Shares		Value


Oman (continued)
Bank Muscat SAOG		2,843,573	$	4,059,768
Bank Sohar SAOG		3,951,100		1,896,292
Dhofar International Development & Investment Holding Co. SAOG		316,407		387,984
Galfar Engineering & Contracting SAOG⁽¹⁾		1,569,283		491,714
HSBC Bank Oman SAOG		2,331,977		805,939
National Bank of Oman SAOG		2,310,358		2,015,044
Oman Cables Industry SAOG		112,400		665,178
Oman Cement Co. SAOG		956,735		1,306,227
Oman Flour Mills Co. SAOG		543,700		714,954
Oman Telecommunications Co. SAOG		1,247,060		5,615,068
Omani Qatari Telecommunications Co. SAOG		671,100		1,345,896
Ominvest		1,210,489		1,507,104
Raysut Cement Co. SAOG		523,326		2,019,451
Renaissance Services SAOG		1,561,017		1,134,025
Sembcorp Salalah Power & Water Co.		41,400		274,398
Shell Oman Marketing Co. SAOG		66,100		343,353

			$	26,185,317


Pakistan — 0.7%
Adamjee Insurance Co., Ltd.		265,644	$	124,063
Attock Petroleum, Ltd.		118,800		661,558
Bank Alfalah, Ltd.		664,394		164,052
D.G. Khan Cement Co., Ltd.		528,320		739,530
Engro Corp., Ltd.		660,916		1,920,635
Engro Fertilizers, Ltd.		66,091		57,423
Engro Foods, Ltd.⁽¹⁾		231,200		343,222
Fauji Fertilizer Bin Qasim, Ltd.		841,000		457,948
Fauji Fertilizer Co., Ltd.		1,214,414		1,788,661
Habib Bank, Ltd.		265,733		559,884
Hub Power Co., Ltd.		4,194,400		3,834,259
Kot Addu Power Co., Ltd.		1,343,500		1,141,127
Lucky Cement, Ltd.		625,700		3,180,742
MCB Bank, Ltd.		1,725,325		4,215,277
Millat Tractors, Ltd.		54,329		365,371
National Bank of Pakistan		1,144,026		597,332
Nishat Mills, Ltd.		837,980		942,715
Oil & Gas Development Co., Ltd.		1,047,100		1,843,016
Pakistan Oil Fields, Ltd.		210,200		836,004
Pakistan Petroleum, Ltd.		889,502		1,432,701
Pakistan State Oil Co., Ltd.		358,747		1,359,874
Pakistan Telecommunication Co., Ltd.		2,767,500		557,729
United Bank, Ltd.		371,925		624,004

			$	27,747,127


Security	Shares		Value


Panama — 0.2%
Copa Holdings SA, Class A		108,900	$	8,994,051

			$	8,994,051


Peru — 1.5%
Alicorp SAA⁽¹⁾		3,644,860	$	6,878,176
Banco Continental SA		443,804		569,498
Cementos Pacasmayo SAA		382,900		614,182
Cia de Minas Buenaventura SA		82,880		861,514
Cia de Minas Buenaventura SA ADR		419,276		4,352,085
Cia Minera Milpo SA		963,264		793,757
Credicorp, Ltd.		114,496		15,905,784
Edegel SA		2,424,608		2,798,651
Ferreycorp SAA		4,563,937		2,038,305
Grana y Montero SAA		1,808,690		2,588,312
Intercorp Financial Services, Inc.		61,100		1,802,450
Luz del Sur SAA		185,800		648,649
Minsur SA		1,614,173		659,986
Refineria La Pampilla SA Relapasa⁽¹⁾		681,460		42,866
Sociedad Minera Cerro Verde SAA⁽¹⁾		47,600		1,054,340
Sociedad Minera el Brocal SA⁽¹⁾		32,370		73,506
Southern Copper Corp.		404,355		11,892,081
Union Andina de Cementos SAA		278,400		215,400
Volcan Cia Minera SAA, Class B		4,997,478		1,100,247

			$	54,889,789


Philippines — 2.8%
Aboitiz Equity Ventures, Inc.		3,304,400	$	4,257,154
Aboitiz Power Corp.		3,996,400		4,029,916
Alliance Global Group, Inc.		4,258,400		2,049,958
Ayala Corp.		201,738		3,533,278
Ayala Land, Inc.		4,584,708		3,790,083
Ayala Land, Inc., PFC Shares⁽²⁾		3,534,608		0
Bank of the Philippine Islands		1,291,856		2,706,478
BDO Unibank, Inc.		1,170,320		2,811,006
Bloomberry Resorts Corp.		11,682,500		2,229,360
Cosco Capital, Inc.		1,868,100		322,967
D&L Industries, Inc.		1,805,200		777,277
DMCI Holdings, Inc.		2,556,500		748,027
Emperador, Inc.		3,420,000		652,075
Energy Development Corp.		16,975,650		2,815,031
Filinvest Land, Inc.		16,105,546		663,903
First Gen Corp.		2,648,860		1,585,689
First Philippine Holdings Corp.		403,650		726,935
Globe Telecom, Inc.		60,375		3,358,607
GMA Holdings, Inc. PDR		1,242,100		177,421


Security	Shares		Value


Philippines (continued)
GT Capital Holdings, Inc.		54,000	$	1,634,556
International Container Terminal Services, Inc.		551,900		1,347,536
JG Summit Holding, Inc.		2,641,000		4,199,846
Jollibee Foods Corp.		1,191,420		5,212,037
Lopez Holdings Corp.		10,209,700		1,607,370
LT Group, Inc.		2,842,900		877,519
Manila Electric Co.		464,684		3,000,795
Manila Water Co.		1,474,000		783,498
Megaworld Corp.		10,700,000		1,128,249
Melco Crown Philippines Resorts Corp.⁽¹⁾		5,609,200		636,650
Metro Pacific Investments Corp.		10,567,300		1,108,917
Metropolitan Bank & Trust Co.		1,196,823		2,494,604
Nickel Asia Corp.		4,564,969		2,345,364
Pepsi-Cola Products Philippines, Inc.		1,198,000		129,832
Petron Corp.		3,768,200		739,244
Philex Mining Corp.		3,645,900		495,740
Philippine Long Distance Telephone Co.		188,575		11,749,301
Puregold Price Club, Inc.		1,403,900		1,151,427
Robinsons Land Corp.		1,290,000		838,073
Robinsons Retail Holdings, Inc.		841,690		1,389,049
San Miguel Corp.		484,300		638,978
Semirara Mining & Power Co.		1,211,910		3,827,711
SM Investments Corp.		279,290		5,542,222
SM Prime Holdings, Inc.		7,654,550		3,391,806
SSI Group, Inc.⁽¹⁾		2,093,000		458,441
Travellers International Hotel Group, Inc.		3,644,200		419,378
Universal Robina Corp.		2,096,040		9,012,570
Vista Land & Lifescapes, Inc.		6,128,000		862,871

			$	104,258,749


Poland — 2.8%
Agora SA⁽¹⁾		64,445	$	204,519
AmRest Holdings SE⁽¹⁾		30,208		1,173,519
Asseco Poland SA		286,470		4,407,701
Bank Handlowy w Warszawie SA		44,485		1,182,569
Bank Millennium SA⁽¹⁾		697,490		1,214,801
Bank Pekao SA		142,785		6,832,665
Bioton SA⁽¹⁾		194,514		323,938
Boryszew SA⁽¹⁾		350,000		546,035
Budimex SA		50,276		2,179,971
CCC SA		45,300		2,097,707
Ciech SA		19,100		294,565
Cyfrowy Polsat SA⁽¹⁾		709,480		4,460,153
Eurocash SA		288,203		2,861,350
Getin Holding SA⁽¹⁾		392,795		173,229


Security	Shares		Value


Poland (continued)
Getin Noble Bank SA⁽¹⁾		1,591,418	$	579,671
Global City Holdings NV⁽¹⁾		53,500		641,203
Grupa Azoty SA⁽¹⁾		6,800		149,339
Grupa Lotos SA⁽¹⁾		176,940		1,409,816
Integer.pl SA⁽¹⁾		3,251		103,735
Jastrzebska Spolka Weglowa SA⁽¹⁾		164,577		519,147
KGHM Polska Miedz SA		287,171		8,134,228
KOPEX SA		104,700		205,204
KRUK SA		6,083		244,006
LPP SA		2,402		4,245,300
Lubelski Wegiel Bogdanka SA		43,100		593,936
mBank SA⁽¹⁾		24,950		2,735,302
Netia SA		610,010		894,656
Orange Polska SA		2,339,445		5,066,766
Orbis SA		138,180		1,967,718
PGE SA		2,045,800		10,032,734
PKP Cargo SA		5,094		112,179
Polski Koncern Naftowy Orlen SA		502,664		9,872,892
Polskie Gornictwo Naftowe i Gazownictwo SA		2,342,566		4,112,983
Powszechna Kasa Oszczednosci Bank Polski SA		968,082		8,004,066
Powszechny Zaklad Ubezpieczen SA		69,100		7,951,063
Tauron Polska Energia SA		2,765,200		3,219,755
TVN SA		869,551		4,441,632

			$	103,190,053


Qatar — 1.5%
Al Meera Consumer Goods Co.		16,300	$	1,126,991
Barwa Real Estate Co.		248,543		3,599,442
Doha Bank QSC		79,773		1,161,883
Ezdan Holding Group QSC		53,723		263,313
Gulf International Services QSC		220,225		4,821,586
Industries Qatar		209,777		8,249,157
Masraf Al Rayan QSC		552,200		7,018,596
Ooredoo QSC		124,495		2,958,001
Qatar Electricity & Water Co. QSC		50,080		3,123,118
Qatar Gas Transport Co., Ltd.		550,956		3,348,650
Qatar Insurance Co.		60,875		1,610,136
Qatar International Islamic Bank		32,210		700,217
Qatar Islamic Bank		81,415		2,398,535
Qatar National Bank SAQ		136,786		7,237,403
Qatar National Cement Co. QSC		13,814		454,026
Qatar Navigation QSC		55,051		1,462,117
United Development Co. QSC		206,448		1,388,189
Vodafone Qatar QSC		694,900		3,143,152

			$	54,064,512


Security	Shares		Value


Romania — 0.8%
Antibiotice SA		1,843,129	$	268,686
Banca Transilvania⁽¹⁾		21,765,055		11,555,442
BRD-Group Societe Generale⁽¹⁾		2,483,100		6,662,060
OMV Petrom SA		43,591,503		4,098,769
Societatea Nationala de Gaze Naturale ROMGAZ SA		467,300		4,232,705
Societatea Nationala Nuclearelectrica SA		322,130		600,602
Transelectrica SA		140,400		885,004
Transgaz SA Medias		25,455		1,629,483

			$	29,932,751


Russia — 6.4%
Aeroflot - Russian Airlines OJSC		597,030	$	414,197
AK Transneft OAO, PFC Shares		1,800		4,265,570
Alrosa AO		1,517,000		1,736,048
CTC Media, Inc.		217,400		493,498
E. ON Russia JSC		4,102,000		226,206
Evraz PLC		772,698		1,494,479
Federal Grid Co. Unified Energy System JSC		1,285,220,600		1,478,242
Global Ports Investments PLC GDR		30,769		151,999
Globaltrans Investment PLC GDR⁽¹⁾⁽⁴⁾		143,453		681,286
Inter RAO UES JSC		458,262		10,140
Lenta, Ltd. GDR⁽¹⁾⁽⁴⁾		247,217		1,843,849
LUKOIL OAO ADR		520,127		22,916,639
Magnit PJSC		110,234		22,551,217
Mail.ru Group, Ltd. GDR⁽¹⁾⁽⁴⁾		271,939		5,674,464
MegaFon PJSC GDR⁽⁴⁾		118,415		1,644,125
MMC Norilsk Nickel PJSC ADR		872,917		14,708,011
Mobile TeleSystems ADR		101,500		992,670
Mobile TeleSystems OJSC		3,116,003		13,806,670
Moscow Exchange (The)		1,549,210		1,952,043
Mosenergo OAO		12,772,962		204,405
NovaTek OAO GDR⁽⁴⁾		71,800		7,309,715
Novolipetsk Steel GDR⁽⁴⁾		130,402		1,731,476
OAO Gazprom ADR		5,790,306		30,168,282
PhosAgro OAO GDR⁽⁴⁾		77,473		992,446
PIK Group		113,450		371,361
PIK Group GDR⁽⁴⁾		100,000		317,090
Polymetal International PLC		367,589		2,993,329
Polyus Gold International, Ltd.		207,792		573,856
QIWI PLC ADR		72,100		2,022,405
Rosneft Oil Co. GDR⁽⁴⁾		1,490,300		6,151,376
Rosseti JSC⁽¹⁾		78,782,500		684,515
Rostelecom ADR		31,284		297,198
Rostelecom OJSC		253,968		414,971
RusHydro JSC		167,096,952		1,660,287


Security	Shares		Value


Russia (continued)
Sberbank of Russia		18,618,220	$	24,365,645
Sberbank of Russia ADR		201,050		1,048,416
Sberbank of Russia, PFC Shares		862,200		755,612
Severstal PAO GDR⁽⁴⁾		353,123		3,730,758
Sistema JSFC		5,094,100		1,824,497
Sistema JSFC GDR⁽⁴⁾		166,806		1,479,953
Surgutneftegas OAO ADR		944,396		5,579,440
Surgutneftegas OAO, PFC Shares		6,283,100		4,824,146
Surgutneftegas OAO ADR, PFC Shares		277,600		2,109,760
Tatneft ADR		220,918		7,073,556
VimpelCom, Ltd. ADR		976,630		4,853,851
VTB Bank OJSC GDR⁽⁴⁾		3,458,074		9,449,208
X5 Retail Group NV GDR⁽¹⁾⁽⁴⁾		368,900		6,137,744
Yandex NV, Class A⁽¹⁾		668,000		10,166,960

			$	236,333,611


Slovenia — 0.7%
Cinkarna Celje DD		4,134	$	696,765
Gorenje DD⁽¹⁾		120,554		778,213
KRKA DD		159,882		11,589,836
Luka Koper		34,436		960,191
Petrol		16,282		4,628,241
Sava Reinsurance Co.		58,474		912,026
Telekom Slovenije DD		27,595		2,771,063
Zavarovalnica Triglav DD		64,022		1,749,601

			$	24,085,936


South Africa — 6.2%
AECI, Ltd.		108,017	$	1,011,743
African Bank Investments, Ltd.⁽¹⁾⁽²⁾		959,888		0
African Rainbow Minerals, Ltd.		33,300		226,487
Anglo American Platinum, Ltd.⁽¹⁾		15,100		340,487
AngloGold Ashanti, Ltd.⁽¹⁾		70,634		632,303
AngloGold Ashanti, Ltd. ADR⁽¹⁾		79,199		708,831
Aspen Pharmacare Holdings, Ltd.		301,772		8,924,133
Assore, Ltd.		24,358		206,795
Astral Foods, Ltd.		26,100		344,491
Aveng, Ltd.⁽¹⁾		697,596		331,065
AVI, Ltd.		228,000		1,526,986
Barclays Africa Group, Ltd.		203,773		3,063,365
Barloworld, Ltd.		463,800		3,680,541
Bidvest Group, Ltd. (The)		455,103		11,515,575
Capital Property Fund⁽¹⁾		795,525		936,745
Clicks Group, Ltd.		218,200		1,613,757
DataTec, Ltd.		305,900		1,622,248


Security	Shares		Value


South Africa (continued)
Discovery, Ltd.		221,254	$	2,297,845
Exxaro Resources, Ltd.		92,500		661,279
FirstRand, Ltd.		1,633,485		7,156,643
Foschini Group, Ltd. (The)		104,323		1,363,729
Gold Fields, Ltd.		255,380		816,914
Grindrod, Ltd.		350,600		387,679
Growthpoint Properties, Ltd.		942,500		2,048,794
Harmony Gold Mining Co., Ltd.⁽¹⁾		38,100		49,398
Hosken Consolidated Investments, Ltd.		33,700		421,477
Hyprop Investments, Ltd.		65,400		649,948
Impala Platinum Holdings, Ltd.⁽¹⁾		133,586		596,101
Imperial Holdings, Ltd.		130,900		1,993,283
Investec, Ltd.		156,600		1,408,867
JSE, Ltd.		45,700		482,861
Kumba Iron Ore, Ltd.		22,200		275,367
Lewis Group, Ltd.		39,800		323,107
Liberty Holdings, Ltd.		67,700		808,661
Life Healthcare Group Holdings, Ltd.		709,548		2,186,915
Massmart Holdings, Ltd.		48,804		600,481
Mediclinic International, Ltd.		288,426		2,424,600
MMI Holdings, Ltd.		554,133		1,373,883
Mondi, Ltd.		134,531		2,948,914
Montauk Holdings, Ltd.⁽¹⁾		40,451		27,896
Mr. Price Group, Ltd.		188,400		3,877,826
MTN Group, Ltd.		2,099,580		39,438,850
Murray & Roberts Holdings, Ltd.		689,700		728,689
Nampak, Ltd.		677,282		1,881,028
Naspers, Ltd., Class N		153,976		23,943,935
Nedbank Group, Ltd.		141,600		2,811,838
Netcare, Ltd.		659,100		2,073,629
Northam Platinum, Ltd.⁽¹⁾		298,659		988,267
Pick’n Pay Holdings, Ltd.		125,270		269,039
Pick’n Pay Stores, Ltd.		152,660		721,348
PPC, Ltd.		68,814		99,736
Redefine Properties, Ltd.		1,959,096		1,643,361
Remgro, Ltd.		299,505		6,294,771
Reunert, Ltd.		401,800		2,190,752
RMB Holdings, Ltd.		520,200		2,840,763
RMI Holdings		449,000		1,565,770
Sanlam, Ltd.		1,154,590		6,285,087
Santam, Ltd.		27,610		488,970
Sappi, Ltd.⁽¹⁾		593,587		2,103,464
Sasol, Ltd.		446,059		16,517,439
Shoprite Holdings, Ltd.		419,647		5,981,635
Sibanye Gold, Ltd.		1,052,080		1,684,813
Spar Group, Ltd.		79,260		1,235,582


Security	Shares		Value


South Africa (continued)
Standard Bank Group, Ltd.		784,949	$	10,329,449
Steinhoff International Holdings, Ltd.		1,020,600		6,459,094
Sun International, Ltd.		33,860		307,533
Telkom SA SOC, Ltd.⁽¹⁾		333,000		1,754,811
Tiger Brands, Ltd.		207,487		4,840,270
Tongaat-Hulett		25,322		272,069
Truworths International, Ltd.		299,341		2,106,463
Vodacom Group (Pty), Ltd.		444,200		5,065,646
Wilson Bayly Holmes-Ovcon, Ltd.		111,180		904,726
Woolworths Holdings, Ltd.		355,542		2,880,988

			$	228,577,835


South Korea — 6.6%
AMOREPACIFIC Corp.		15,130	$	5,658,029
AMOREPACIFIC Group, Inc.		26,410		4,419,690
BNK Financial Group, Inc.		83,507		1,061,693
Bukwang Pharmaceutical Co., Ltd.		25,494		769,179
Cell Biotech Co., Ltd.		7,242		424,687
Celltrion, Inc.⁽¹⁾		79,988		5,594,244
Chabiotech Co., Ltd.⁽¹⁾		115,772		1,728,425
Cheil Industries, Inc.⁽¹⁾		17,272		2,747,771
Cheil Worldwide, Inc.⁽¹⁾		38,050		589,033
CJ CheilJedang Corp.		3,500		1,382,616
CJ Corp.		9,583		2,538,861
CJ Korea Express Co., Ltd.⁽¹⁾		4,378		760,129
CJ O Shopping Co., Ltd.		1,122		206,810
Coway Co., Ltd.		15,560		1,273,952
Daelim Industrial Co., Ltd.		6,870		504,305
Daesang Corp.		29,700		945,310
Daewoo Engineering & Construction Co., Ltd.⁽¹⁾		60,100		332,286
Daewoo Industrial Development Co., Ltd.⁽¹⁾		3,501		3,280
Daewoo International Corp.		10,502		242,667
Daewoo Securities Co., Ltd.		86,759		1,182,670
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		19,880		236,354
DGB Financial Group Co., Ltd.		64,880		679,465
Dong-A ST Co., Ltd.		2,658		353,322
Dongbu Insurance Co., Ltd.		27,320		1,381,507
Dongkuk Steel Mill Co., Ltd.⁽¹⁾		6,560		30,956
Doosan Corp.		4,600		449,242
Doosan Infracore Co., Ltd.⁽¹⁾		15,860		139,074
E-Mart Co., Ltd.		8,311		1,720,430
Green Cross Corp.		2,863		657,773
GS Engineering & Construction Corp.⁽¹⁾		35,833		858,446
GS Holdings Corp.		47,154		2,098,262
Hana Financial Group, Inc.		75,225		1,956,272


Security	Shares		Value


South Korea (continued)
Hanjin Kal Corp.		8,977	$	220,215
Hanjin Transportation Co., Ltd.		10,500		455,096
Hankook Tire Co., Ltd.		27,617		1,038,634
Hanmi Pharmaceutical Co., Ltd.⁽¹⁾		5,109		2,131,615
Hanmi Science Co., Ltd.⁽¹⁾		22,382		2,649,342
Hanwha Chemical Corp.		65,820		1,101,583
Hanwha Corp.		27,900		1,179,491
Hite-Jinro Co., Ltd.		2,660		53,880
Hotel Shilla Co., Ltd.		12,750		1,274,617
Hyosung Corp.		18,800		2,420,828
Hyundai Department Store Co., Ltd.		5,600		737,038
Hyundai Development Co.		26,580		1,574,605
Hyundai Engineering & Construction Co., Ltd.		26,794		984,338
Hyundai Glovis Co., Ltd.		11,450		2,070,233
Hyundai Heavy Industries Co., Ltd.⁽¹⁾		2,393		237,538
Hyundai Hysco Co., Ltd.		10,329		533,373
Hyundai Marine & Fire Insurance Co., Ltd.		34,950		923,217
Hyundai Mobis Co., Ltd.		18,926		3,593,056
Hyundai Motor Co.		37,690		4,588,248
Hyundai Motor Co., Second PFC Shares		12,900		1,213,107
Hyundai Securities Co., Ltd.		48,800		395,774
Hyundai Steel Co.		40,756		2,472,594
Hyundai Wia Corp.		6,700		617,410
InBody Co., Ltd.		11,574		513,891
Industrial Bank of Korea		71,500		924,954
Kangwon Land, Inc.		36,658		1,214,718
KB Financial Group, Inc.		123,629		4,083,205
KB Financial Group, Inc. ADR		48,488		1,593,801
KCC Corp.		1,710		752,446
Kia Motors Corp.		77,195		3,131,797
KIWOOM Securities Co., Ltd.		8,011		530,014
Korea Electric Power Corp.		288,007		11,772,315
Korea Gas Corp.		15,047		582,686
Korea Investment Holdings Co., Ltd.		15,600		888,688
Korea Zinc Co., Ltd.		7,500		3,648,665
Korean Air Lines Co., Ltd.⁽¹⁾		18,577		673,895
Korean Reinsurance Co.		52,474		578,467
KT Corp.⁽¹⁾		87,949		2,241,055
KT&G Corp.		49,980		4,247,850
Kumho Petrochemical Co., Ltd.		4,900		310,590
Kwangju Bank⁽¹⁾		10,473		71,803
LG Chem, Ltd.		21,004		5,238,107
LG Corp.		45,183		2,499,631
LG Display Co., Ltd.		55,400		1,279,109
LG Electronics, Inc.		9,019		381,325
LG Hausys, Ltd.		4,611		615,045


Security	Shares		Value


South Korea (continued)
LG Household & Health Care, Ltd.		5,000	$	3,465,968
LG Life Sciences, Ltd.⁽¹⁾		28,600		1,799,899
LG Uplus Corp.		278,220		2,457,779
LIG Insurance Co., Ltd.		23,590		609,489
Lotte Chemical Corp.		10,200		2,638,868
Lotte Shopping Co., Ltd.		4,500		944,996
LS Corp.		7,030		273,481
LS Industrial Systems Co., Ltd.		4,500		184,099
Macrogen, Inc.⁽¹⁾		13,950		483,874
Medy-Tox, Inc.		5,201		2,595,174
Mirae Asset Securities Co., Ltd.		15,508		700,033
Naver Corp.		7,779		4,415,644
NCsoft Corp.		5,300		941,795
NH Investment & Securities Co., Ltd.		51,222		558,333
NHN Entertainment Corp.⁽¹⁾		1,166		62,270
Nong Shim Co., Ltd.		1,100		286,058
OCI Co., Ltd.		1,020		82,180
ORION Corp.		1,200		1,125,284
Osstem Implant Co., Ltd.⁽¹⁾		12,166		741,188
POSCO		23,524		4,710,438
S-Oil Corp.		24,372		1,473,010
S1 Corp.		10,130		712,181
Samsung C&T Corp.		44,986		2,670,825
Samsung Card Co., Ltd.		22,360		740,578
Samsung Electro-Mechanics Co., Ltd.		16,480		753,804
Samsung Electronics Co., Ltd.		29,330		33,277,384
Samsung Electronics Co., Ltd., PFC Shares		620		551,006
Samsung Fine Chemicals Co., Ltd.		10,800		335,074
Samsung Fire & Marine Insurance Co., Ltd.		19,274		5,078,722
Samsung Heavy Industries Co., Ltd.		9,500		144,870
Samsung Life Insurance Co., Ltd.		47,800		4,605,611
Samsung SDI Co., Ltd.		13,024		1,291,719
Samsung Securities Co., Ltd.		30,712		1,499,718
Samsung Techwin Co., Ltd.⁽¹⁾		2,761		72,474
Seegene, Inc.⁽¹⁾		19,291		709,385
Shinhan Financial Group Co., Ltd.		210,862		7,848,692
Shinsegae Co., Ltd.		2,179		522,724
SK Chemicals Co., Ltd.		12,100		806,274
SK Holdings Co., Ltd.		8,641		1,531,613
SK Hynix, Inc.		129,670		4,914,689
SK Innovation Co., Ltd.⁽¹⁾		67,596		7,369,919
SK Telecom Co., Ltd.		41,902		9,375,828
SK Telecom Co., Ltd. ADR		25,326		627,832
ViroMed Co., Ltd.⁽¹⁾		15,747		2,512,931
Woori Bank		20,809		182,510
Yuhan Corp.		6,770		1,655,330


Security	Shares		Value


South Korea (continued)
Zyle Daewoo Motor Sales Corp.⁽¹⁾		4,895	$	4,915

			$	243,513,097


Sri Lanka — 0.7%
Access Engineering PLC		2,960,807	$	529,252
Aitken Spence PLC		867,213		634,797
Ceylon Tobacco Co. PLC		45,991		309,174
Chevron Lubricants Lanka PLC		689,307		1,895,287
Commercial Bank of Ceylon PLC		3,069,109		3,690,748
DFCC Bank PLC		648,984		969,346
Dialog Axiata PLC		15,786,381		1,248,209
Distilleries Co. of Sri Lanka PLC		1,514,334		3,055,058
Hatton National Bank PLC (Non-Voting)		1,477,546		2,385,846
John Keells Holdings PLC		5,645,104		8,606,885
National Development Bank PLC		873,545		1,710,991
Nations Trust Bank PLC		934,186		684,495
Sampath Bank PLC		852,742		1,657,639

			$	27,377,727


Taiwan — 6.2%
Acer, Inc.⁽¹⁾		948,490	$	459,233
Advanced Semiconductor Engineering, Inc.		1,929,281		2,613,993
Advantech Co., Ltd.		205,428		1,410,539
Altek Corp.		206,437		188,736
Ambassador Hotel		221,000		194,004
AmTRAN Technology Co., Ltd.		376,765		213,725
Asia Cement Corp.		1,183,967		1,400,111
Asia Optical Co., Inc.⁽¹⁾		187,913		208,598
Asustek Computer, Inc.		216,174		2,105,312
AU Optronics Corp.		3,013,925		1,337,205
AU Optronics Corp. ADR		33,754		150,543
Capital Securities Corp.		605,143		195,948
Catcher Technology Co., Ltd.		215,100		2,689,180
Cathay Financial Holding Co., Ltd.		3,794,019		6,624,167
Cathay Real Estate Development Co., Ltd.		660,000		364,564
Chang Hwa Commercial Bank, Ltd.		1,742,598		999,452
Cheng Shin Rubber Industry Co., Ltd.		1,781,251		3,943,754
Cheng Uei Precision Industry Co., Ltd.		149,516		258,153
Chicony Electronics Co., Ltd.		158,134		424,445
China Airlines, Ltd.⁽¹⁾		940,963		400,845
China Development Financial Holding Corp.		6,528,106		2,473,583
China Life Insurance Co., Ltd.		1,289,921		1,319,866
China Motor Corp.		1,026,930		800,429
China Petrochemical Development Corp.⁽¹⁾		1,522,857		472,250
China Steel Corp.		6,433,886		5,139,784


Security	Shares		Value


Taiwan (continued)
Chipbond Technology Corp.		240,000	$	518,016
Chong Hong Construction Co., Ltd.		157,868		358,402
Chunghwa Telecom Co., Ltd.		2,476,909		7,904,604
Clevo Co.		206,579		241,448
CMC Magnetics Corp.⁽¹⁾		1,370,000		162,445
Compal Electronics, Inc.		1,488,557		1,132,261
Coretronic Corp.		211,734		258,148
CTBC Financial Holding Co., Ltd.		6,082,079		4,790,665
D-Link Corp.		366,781		153,337
Delta Electronics, Inc.		566,603		2,898,666
E.Sun Financial Holding Co., Ltd.		2,670,513		1,782,297
Elan Microelectronics Corp.		142,410		198,252
Epistar Corp.		321,439		429,608
Eternal Materials Co., Ltd.		320,232		338,616
EVA Airways Corp.⁽¹⁾		1,684,216		1,150,022
Evergreen Marine Corp.⁽¹⁾		1,159,717		602,059
Everlight Chemical Industrial Corp.		343,814		267,272
Everlight Electronics Co., Ltd.		103,212		197,871
Far Eastern Department Stores, Ltd.		1,496,944		934,448
Far Eastern International Bank		943,095		331,660
Far Eastern New Century Corp.		2,028,739		2,148,962
Far EasTone Telecommunications Co., Ltd.		1,199,364		2,899,135
Faraday Technology Corp.		437,215		537,519
Feng Hsin Iron & Steel Co., Ltd.		172,000		221,514
FIH Mobile, Ltd.⁽¹⁾		1,168,000		707,780
First Financial Holding Co., Ltd.		3,125,415		1,914,521
Formosa Chemicals & Fibre Corp.		1,780,214		4,282,064
Formosa International Hotels Corp.		37,022		311,987
Formosa Petrochemical Corp.		985,153		2,529,183
Formosa Plastics Corp.		2,620,853		6,171,247
Formosa Taffeta Co., Ltd.		545,000		578,383
Formosan Rubber Group, Inc.		450,000		423,590
Foxconn Technology Co., Ltd.		333,518		1,210,084
Fubon Financial Holding Co., Ltd.		2,872,833		5,709,429
Giant Manufacturing Co., Ltd.		228,093		1,930,741
Gintech Energy Corp.⁽¹⁾		266,294		173,022
Goldsun Development & Construction Co., Ltd.⁽¹⁾		617,053		198,690
Great Wall Enterprise Co., Ltd.		321,362		226,559
HannStar Display Corp.		1,033,317		179,133
Highwealth Construction Corp.		250,428		597,049
Hiwin Technologies Corp.		176,000		1,157,593
Hon Hai Precision Industry Co., Ltd.		3,692,326		11,602,701
Hotai Motor Co., Ltd.		98,000		1,388,694
HTC Corp.⁽¹⁾		246,311		573,623
Hua Nan Financial Holdings Co., Ltd.		2,516,424		1,447,559
Huaku Development Co., Ltd.		187,010		405,948


Security	Shares		Value


Taiwan (continued)
Innolux Corp.		2,855,987	$	1,488,009
Inotera Memories, Inc.⁽¹⁾		2,102,619		1,674,428
Inventec Corp.		1,330,753		920,750
King Yuan Electronics Co., Ltd.		711,274		621,268
Kinsus Interconnect Technology Corp.		166,280		455,637
Largan Precision Co., Ltd.		45,042		5,141,577
LCY Chemical Corp.		253,644		160,641
Lite-On Technology Corp.		744,056		872,950
Macronix International Corp., Ltd.⁽¹⁾		1,015,868		196,532
MediaTek, Inc.		378,371		5,172,176
Mega Financial Holding Co., Ltd.		4,503,610		4,056,533
Merida Industry Co., Ltd.		435,907		2,826,594
Mitac Holdings Corp.		313,036		335,990
Nan Kang Rubber Tire Co., Ltd.		889,819		877,913
Nan Ya Plastics Corp.		3,006,303		7,056,398
Nanya Technology Corp.⁽¹⁾		281,593		471,347
Novatek Microelectronics Corp., Ltd.		263,479		1,270,858
Oriental Union Chemical Corp.		453,200		351,546
Pegatron Corp.		553,486		1,619,468
Phison Electronics Corp.		43,692		378,205
Pou Chen Corp.		2,168,764		3,093,730
Powertech Technology, Inc.		366,725		793,532
President Chain Store Corp.		619,120		4,352,688
Quanta Computer, Inc.		905,065		2,140,191
Radiant Opto-Electronics Corp.		206,350		765,207
Radium Life Tech Co., Ltd.⁽¹⁾		335,361		147,222
Realtek Semiconductor Corp.		165,542		424,251
RichTek Technology Corp.		87,497		514,397
Ruentex Development Co., Ltd.		338,533		535,143
Ruentex Industries, Ltd.		1,161,953		2,660,267
Sanyang Motor Co., Ltd.⁽¹⁾		1,509,000		1,212,257
Shin Kong Financial Holding Co., Ltd.		3,142,083		959,129
Shin Kong Synthetic Fibers Corp.		965,996		312,949
Siliconware Precision Industries Co., Ltd.		613,260		935,707
Siliconware Precision Industries Co., Ltd. ADR		74,607		555,822
Simplo Technology Co., Ltd.		123,820		572,702
Sino-American Silicon Products, Inc.⁽¹⁾		183,259		231,388
SinoPac Financial Holdings Co., Ltd.		3,714,894		1,643,127
Solar Applied Materials Technology Corp.		329,817		246,635
Synnex Technology International Corp.		651,960		966,555
Tainan Spinning Co., Ltd.		1,430,703		732,681
Taishin Financial Holding Co., Ltd.		3,522,983		1,467,777
Taiwan Business Bank⁽¹⁾		1,726,829		532,162
Taiwan Cement Corp.		1,724,118		2,176,723
Taiwan Cooperative Financial Holding Co., Ltd.		2,201,789		1,152,141
Taiwan Fertilizer Co., Ltd.		436,000		720,901


Security	Shares		Value


Taiwan (continued)
Taiwan Glass Industry Corp.		252,874	$	121,669
Taiwan Life Insurance Co., Ltd.⁽¹⁾		383,464		412,688
Taiwan Mobile Co., Ltd.		1,170,052		3,906,897
Taiwan Semiconductor Manufacturing Co., Ltd.		6,125,873		27,864,251
Taiwan Tea Corp.		661,346		336,502
Tatung Co., Ltd.⁽¹⁾		1,214,645		271,607
Teco Electric & Machinery Co., Ltd.		1,226,000		951,739
Tong Yang Industry Co., Ltd.		379,826		401,777
TPK Holding Co., Ltd.		83,515		483,705
Transcend Information, Inc.		63,886		235,084
Tripod Technology Corp.		152,979		272,744
TSRC Corp.		381,087		359,359
TTY Biopharm Co., Ltd.		307,255		717,221
Tung Ho Steel Enterprise Corp.		293,385		214,377
U-Ming Marine Transport Corp.		202,000		274,255
Uni-President Enterprises Corp.		3,707,333		6,574,259
Unimicron Technology Corp.		527,171		270,990
United Microelectronics Corp.		3,348,361		1,414,164
United Microelectronics Corp. ADR		93,397		191,464
Vanguard International Semiconductor Corp.		784,175		1,251,407
Walsin Lihwa Corp.⁽¹⁾		1,085,980		271,123
Wan Hai Lines, Ltd.		606,375		481,508
Waterland Financial Holdings		1,533,437		431,369
Wintek Corp.⁽¹⁾⁽²⁾		706,482		0
Wistron Corp.		881,587		668,297
WPG Holdings Co., Ltd.		548,136		686,564
Yageo Corp.		212,433		333,121
Yang Ming Marine Transport⁽¹⁾		1,116,288		391,014
YFY, Inc.		1,451,414		531,845
Yieh Phui Enterprise		974,984		275,424
Yuanta Financial Holding Co., Ltd.		4,734,547		2,560,660
Yulon Motor Co., Ltd.		1,212,420		1,406,590

			$	230,923,004


Thailand — 3.0%
Advanced Info Service PCL⁽⁷⁾		809,800	$	5,738,492
Airports of Thailand PCL⁽⁷⁾		461,100		4,127,295
AP Thailand PCL⁽⁷⁾		4,609,660		980,960
Bangkok Bank PCL⁽⁷⁾		198,400		1,046,457
Bangkok Dusit Medical Services PCL⁽⁷⁾		8,414,000		4,900,140
Bangkok Expressway PCL⁽⁷⁾		895,900		1,046,495
Banpu PCL⁽⁷⁾		1,358,000		1,022,675
BEC World PCL⁽⁷⁾		1,693,300		1,874,867
Berli Jucker PCL⁽⁷⁾		1,258,600		1,392,232
Big C Supercenter PCL⁽⁷⁾		113,000		644,562


Security	Shares		Value


Thailand (continued)
Bumrungrad Hospital PCL⁽⁷⁾		712,200	$	3,934,244
Cal-Comp Electronics (Thailand) PCL⁽⁷⁾		1,957,091		200,193
Central Pattana PCL⁽⁷⁾		1,057,700		1,484,461
Charoen Pokphand Foods PCL⁽⁷⁾		3,885,900		2,756,120
CP ALL PCL⁽⁷⁾		3,272,600		4,474,418
Delta Electronics (Thailand) PCL⁽⁷⁾		1,516,370		4,053,984
Electricity Generating PCL⁽⁷⁾		382,000		1,732,135
G Steel PCL⁽¹⁾⁽⁷⁾		4,757,300		54,932
Glow Energy PCL⁽⁷⁾		803,700		2,022,736
Hana Microelectronics PCL⁽⁷⁾		1,416,900		1,695,592
Home Product Center PCL⁽⁷⁾		1,565,760		312,355
Indorama Ventures PCL⁽⁷⁾		1,721,800		1,411,633
Intouch Holdings PCL⁽⁷⁾		1,520,200		3,507,167
IRPC PCL⁽⁷⁾		9,870,200		1,306,172
Italian-Thai Development PCL⁽¹⁾⁽⁷⁾		12,830,980		3,027,080
Kasikornbank PCL⁽⁷⁾		364,900		2,035,359
Kiatnakin Bank PCL⁽⁷⁾		747,800		779,692
Krung Thai Bank PCL⁽⁷⁾		1,610,225		813,488
Land & Houses PCL⁽⁷⁾		4,338,700		1,134,942
Major Cineplex Group PCL⁽⁷⁾		1,728,400		1,722,786
Minor International PCL⁽⁷⁾		3,179,761		2,816,697
Precious Shipping PCL⁽⁷⁾		933,750		248,273
PTT Exploration & Production PCL⁽⁷⁾		1,286,216		4,137,263
PTT Global Chemical PCL⁽⁷⁾		1,519,650		3,108,579
PTT PCL⁽⁷⁾		754,500		7,997,219
Quality House PCL⁽⁷⁾		9,121,583		679,419
Ratchaburi Electricity Generating Holding PCL⁽⁷⁾		578,300		979,356
Sahaviriya Steel Industries PCL⁽¹⁾⁽⁷⁾		18,478,460		98,360
Siam Cement PCL⁽⁷⁾		285,200		4,365,226
Siam City Cement PCL⁽⁷⁾		64,900		713,548
Siam Commercial Bank PCL⁽⁷⁾		439,500		2,018,591
Sino Thai Engineering & Construction PCL⁽⁷⁾		3,940,800		2,710,220
Thai Airways International PCL⁽¹⁾⁽⁷⁾		1,290,500		499,137
Thai Beverage PCL		7,336,000		4,166,925
Thai Oil PCL⁽⁷⁾		812,500		1,320,013
Thai Union Frozen Products PCL⁽⁷⁾		4,141,992		2,667,957
Thanachart Capital PCL⁽⁷⁾		1,051,500		1,033,630
Thoresen Thai Agencies PCL⁽⁷⁾		2,257,887		859,833
TMB Bank PCL⁽⁷⁾		17,390,200		1,201,750
Total Access Communication PCL⁽⁷⁾		790,500		1,944,336
TPI Polene PCL⁽⁷⁾		19,506,000		1,773,012
True Corp. PCL⁽¹⁾⁽⁷⁾		7,733,381		2,600,375
TTCL PCL⁽⁷⁾		254,300		227,186
TTW PCL⁽⁷⁾		4,040,000		1,349,752

			$	110,750,321


Security	Shares		Value


Turkey — 2.6%
Akbank TAS		1,569,418	$	4,536,530
Akcansa Cimento AS		90,700		541,479
Akenerji Elektrik Uretim AS⁽¹⁾		524,095		179,873
Aksa Akrilik Kimya Sanayii AS		228,054		932,261
Alarko Holding AS		207,704		280,609
Anadolu Anonim Turk Sigorta Sirketi		368,571		193,906
Anadolu Efes Biracilik ve Malt Sanayii AS		284,148		2,562,757
Arcelik AS		627,359		3,402,693
Asya Katilim Bankasi AS⁽¹⁾		621,338		215,605
Aygaz AS		177,606		665,650
Bagfas Bandirma Gubre Fabrikalari AS		38,600		195,255
BIM Birlesik Magazalar AS		318,192		5,698,008
Cimsa Cimento Sanayi ve Ticaret AS		116,200		665,231
Coca-Cola Icecek AS		112,100		1,865,205
Dogan Sirketler Grubu Holding AS⁽¹⁾		2,165,468		484,915
Dogus Otomotiv Servis ve Ticaret AS		140,556		823,091
Eczacibasi Ilac Sanayi ve Ticaret AS		588,300		620,489
Enka Insaat ve Sanayi AS		1,667,575		3,172,338
Eregli Demir ve Celik Fabrikalari TAS		4,238,583		6,857,457
Ford Otomotiv Sanayi AS		72,303		967,250
Gubre Fabrikalari TAS		386,800		1,024,884
Haci Omer Sabanci Holding AS		1,118,249		4,212,542
Ihlas Holding AS⁽¹⁾		3,341,600		286,659
Is Gayrimenkul Yatirim Ortakligi AS		508,768		311,891
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		3,600,406		2,106,796
KOC Holding AS		1,097,419		5,074,765
Koza Altin Isletmeleri AS		122,800		1,299,248
Net Holding AS⁽¹⁾		282,129		364,160
Petkim Petrokimya Holding AS		1,192,041		1,801,734
Sekerbank TAS⁽¹⁾		673,641		412,179
Selcuk Ecza Deposu Ticaret ve Sanayi AS		243,000		225,701
TAV Havalimanlari Holding AS		212,009		1,799,856
Tekfen Holding AS		409,091		697,300
Tofas Turk Otomobil Fabrikasi AS		172,700		1,178,544
Trakya Cam Sanayii AS		534,909		558,840
Tupras-Turkiye Petrol Rafinerileri AS⁽¹⁾		290,241		7,352,837
Turcas Petrol AS		420,874		266,806
Turk Hava Yollari Anonim Ortakligi AS⁽¹⁾		748,507		2,456,970
Turk Sise ve Cam Fabrikalari AS		1,425,171		1,919,265
Turk Telekomunikasyon AS		1,057,800		2,778,983
Turkcell Iletisim Hizmetleri AS		1,358,794		6,251,204
Turkcell Iletisim Hizmetleri AS ADR		38,494		442,296
Turkiye Garanti Bankasi AS		1,812,125		5,651,751
Turkiye Halk Bankasi AS		536,500		2,471,445
Turkiye Is Bankasi		1,244,619		2,617,360


Security	Shares		Value


Turkey (continued)
Turkiye Sinai Kalkinma Bankasi AS		1,467,765	$	929,344
Turkiye Vakiflar Bankasi TAO		1,021,671		1,641,701
Ulker Biskuvi Sanayi AS		204,629		1,426,780
Vestel Elektronik Sanayi ve Ticaret AS⁽¹⁾		573,007		1,046,928
Yapi ve Kredi Bankasi AS		827,536		1,215,849
Yazicilar Holding AS		107,100		829,437

			$	95,514,657


Ukraine — 0.2%
Astarta Holding NV⁽¹⁾		105,037	$	863,191
Avangardco Investments Public, Ltd. GDR⁽⁴⁾		56,788		62,523
Ferrexpo PLC		2,134,232		2,231,947
Kernel Holding SA		232,808		2,338,234
MHP SA GDR⁽⁴⁾		337,415		3,400,278

			$	8,896,173


United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank (PJSC)		2,035,444	$	4,238,624
Abu Dhabi National Hotels		832,200		669,244
Agthia Group (PJSC)		623,000		1,256,861
Air Arabia (PJSC)		6,041,100		2,649,459
Ajman Bank (PJSC)⁽¹⁾		632,940		322,430
Al Waha Capital PJSC		1,401,285		934,022
Aldar Properties PJSC		3,816,500		2,798,250
Arabtec Holding (PJSC)⁽¹⁾		7,431,105		5,263,358
Dana Gas⁽¹⁾		3,612,782		449,967
DP World, Ltd.		416,236		8,896,165
Dubai Financial Market (PJSC)		1,713,500		915,336
Dubai Investments (PJSC)		1,313,593		1,031,348
Dubai Islamic Bank (PJSC)		1,037,500		1,920,309
Emaar Properties (PJSC)		3,506,022		7,453,605
First Gulf Bank (PJSC)		1,231,388		5,081,349
National Bank of Abu Dhabi (PJSC)		1,606,429		4,802,073
National Bank of Ras Al-Khaimah PSC (The)		62,608		129,761
National Central Cooling Co. (Tabreed)		1,050,547		425,430
Ras Al Khaimah Properties (PJSC)		1,262,100		221,633
Ras Al Khaimah White Cement		732,778		269,276
Union National Bank PJSC		1,180,087		2,177,280

			$	51,905,780


Vietnam — 0.6%
Bank for Foreign Trade of Vietnam JSC		1,013,311	$	2,263,427
Bao Viet Holdings		371,340		696,517
Danang Rubber JSC		356,213		864,803
Development Investment Construction Corp.⁽¹⁾		505,325		277,521


Security	Shares		Value


Vietnam (continued)
FPT Corp.		2	$	4
Gemadept Corp.		648,433		923,043
HAGL JSC⁽¹⁾		1,153,680		1,003,443
Hoa Phat Group JSC		1,459,005		1,927,787
Kim Long Securities Corp.		1,311,300		576,314
Kinh Bac City Development Share Holding Corp.⁽¹⁾		590,200		418,596
Kinh Do Corp.		387,216		758,684
Masan Group Corp.⁽¹⁾		456,400		1,693,492
PetroVietnam Construction JSC⁽¹⁾		870,460		159,295
PetroVietnam Drilling and Well Services JSC		651,398		1,564,098
PetroVietnam Fertilizer & Chemical JSC		342,540		465,700
PetroVietnam Gas JSC		69,600		197,387
Pha Lai Thermal Power JSC		754,210		748,993
Refrigeration Electrical Engineering Corp.		211,990		261,064
Song Da Urban & Industrial Zone Investment and Development JSC⁽¹⁾		339,950		345,337
Tan Tao Investment and Industry Corp.⁽¹⁾		1,048,757		311,959
Vietnam Construction and Import-Export JSC		459,600		285,815
Vietnam Dairy Products JSC		448,250		2,319,047
Vietnam Joint Stock Commercial Bank for Industry and Trade		1,081,023		950,039
Vingroup JSC		1,739,114		3,457,235
Vinh Son - Song Hinh Hydropower JSC		750,120		460,351

			$	22,929,951


Total Common Stocks (identified cost $3,060,782,382)			$	3,619,975,157



Equity-Linked Securities⁽⁵⁾⁽⁸⁾ — 0.7%


Security	Maturity Date		Shares		Value


Saudi Arabia — 0.7%
Abdullah Al Othaim Markets		7/31/17		14,400	$	414,675
Al Rajhi Bank		1/22/18		126,533		2,049,784
Al Tayyar		3/5/18		43,582		1,147,566
Alinma Bank		1/22/18		182,900		1,097,217
Almarai Co.		7/31/17		42,670		1,021,127
Arab National Bank		5/12/17		96,000		847,229
Bank Albilad		3/5/18		32,125		324,668
Banque Saudi Fransi		1/22/18		65,833		563,517
Company for Cooperative Insurance (The)		7/31/17		21,600		542,823
Dar Al Arkan Real Estate Development		8/10/15		70,500		170,117
Etihad Etisalat Co.		11/20/17		119,020		1,063,075
Fawaz Abdulaziz Alhokair Co.		3/20/17		53,700		1,403,138
Fitaihi Holding Group		9/24/15		57,200		377,469


Security	Maturity Date		Shares		Value


Saudi Arabia (continued)
Jarir Marketing Co.		1/22/18		17,100	$	1,004,233
Mobile Telecommunications Co.		4/30/18		47,949		145,108
National Industrialization Co.		10/31/16		117,783		617,089
Rabigh Refining and Petrochemicals Co.		7/24/17		84,000		471,442
Riyad Bank		11/20/17		137,000		608,184
Sahara Petrochemical Co.		9/21/15		101,700		383,684
Samba Financial Group		6/29/17		89,776		624,823
Saudi Airlines Catering Co.		8/3/15		14,700		639,854
Saudi Arabian Fertilizer Co.		7/31/17		24,333		765,555
Saudi Arabian Mining Co.		4/30/18		45,000		472,725
Saudi Basic Industries Corp.		1/22/18		91,400		2,315,281
Saudi British Bank		1/22/18		95,300		843,586
Saudi Cable Co.		8/10/15		56,000		132,138
Saudi Cement Co.		8/10/15		20,250		519,668
Saudi Ceramic Co.		3/5/18		12,000		252,760
Saudi Chemical Co.		4/23/18		11,900		231,617
Saudi Electricity Co.		1/22/18		167,000		765,895
Saudi Industrial Investment Group		10/9/17		49,800		355,846
Saudi International Petrochemicals Co.		1/22/18		67,870		570,033
Saudi Kayan Petrochemical Co.		1/22/18		145,500		417,032
Saudi Pharmaceutical Industries and Medical Appliance Corp.		9/24/15		50,599		603,044
Saudi Telecom Co.		4/23/18		86,900		1,558,160
Savola Group		2/6/17		93,100		1,700,444
Yamamah Saudi Cement Co. Ltd.		1/22/18		23,300		285,145
Yanbu National Petrochemical Co.		7/31/17		29,100		418,973


Total Equity-Linked Securities (identified cost $27,423,978)					$	27,724,724



Investment Funds — 0.2%


Security	Shares		Value

Vietnam Enterprise Investments, Ltd.⁽¹⁾		2,610,433	$	7,413,630


Total Investment Funds (identified cost $7,133,855)			$	7,413,630


Rights⁽¹⁾ — 0.0%


Security	Shares		Value
New Mauritius Hotels, Ltd., Exp. 7/17/15		1,452,576	$	0


Total Rights (identified cost $0)			$	0


Warrants⁽¹⁾ — 0.0%⁽⁶⁾


Security	Shares		Value
Italian-Thai Development PCL, Exp. 5/13/19, Strike THB 14.00		2,566,196	$	143,599
Thoresen Thai Agencies PCL, Exp. 2/28/19, Strike THB 18.50		215,037		14,261


Total Warrants (identified cost $0)			$	157,860


Short-Term Investments — 0.1%


Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Euro Time Deposit, 0.01%, 7/1/15	$	2,374	$	2,373,881


Total Short-Term Investments (identified cost $2,373,881)			$	2,373,881


Total Investments — 98.9% (identified cost $3,097,714,096)			$	3,657,645,252


Other Assets, Less Liabilities — 1.1%			$	40,322,885


Net Assets — 100.0%			$	3,697,968,137

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


ADR	–	American Depositary Receipt
BDR	–	Brazilian Depositary Receipt
GDR	–	Global Depositary Receipt
PCL	–	Public Company Ltd.
PDR	–	Philippine Deposit Receipt
PFC Shares	–	Preference Shares
THB	–	Thai Baht

⁽¹⁾	Non-income producing security.

⁽²⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽³⁾	Trading of securities on the Athens Stock Exchange was suspended on June 29, 2015. As of June 30, 2015, the Fund’s holdings in Greek equity securities were fair valued by management based on other available observable inputs.

⁽⁴⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At June 30, 2015, the aggregate value of these securities is $73,382,561 or 2.0% of the Fund’s net assets.

⁽⁵⁾	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain

transactions (normally to qualified institutional buyers) and remain exempt from registration. At June 30, 2015, the aggregate value of these securities is $30,422,543 or 0.8% of the Fund’s net assets.

⁽⁶⁾	Amount is less than 0.05%.

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

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


Currency Concentration of Portfolio


Currency	Percentage of Net Assets			Value
United States Dollar		10.9	%	$	402,977,196
Hong Kong Dollar		9.0			334,515,743
South Korean Won		6.5			241,291,464
New Taiwan Dollar		6.2			229,317,395
South African Rand		6.1			227,869,004
Mexican Peso		5.9			217,409,904
Indian Rupee		5.8			214,719,202
Brazilian Real		5.3			196,048,427
Thai Baht		2.9			106,741,256
Polish Zloty		2.9			106,391,478
Philippine Peso		2.8			104,258,749
Indonesian Rupiah		2.8			103,350,142
Malaysian Ringgit		2.6			95,108,232
New Turkish Lira		2.6			95,072,361
Chilean Peso		2.2			81,711,118
Russian Ruble		2.2			81,545,772
Euro		1.9			71,384,067
Kuwaiti Dinar		1.7			63,285,611
Qatari Riyal		1.5			54,064,512
United Arab Emirates Dirham		1.4			52,658,326
Egyptian Pound		1.3			49,085,806
Hungarian Forint		1.3			47,306,869
Colombian Peso		1.2			43,626,329
Czech Koruna		1.2			43,108,914
Other currency, less than 1% each		10.7			394,797,375

Total Investments		98.9	%	$	3,657,645,252


Sector Classification of Portfolio


Sector	Percentage of Net Assets			Value
Financials		24.4	%	$	901,324,218
Telecommunication Services		10.2			378,908,701
Energy		10.0			369,664,394
Industrials		9.5			350,863,793
Materials		9.4			348,282,340
Consumer Staples		9.4			346,877,628
Consumer Discretionary		8.4			312,225,038
Information Technology		8.1			299,949,041
Utilities		5.4			198,288,111
Health Care		3.8			141,474,477
Investment Funds		0.2			7,413,630
Short-Term Investments		0.1			2,373,881

Total Investments		98.9	%	$	3,657,645,252

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 offered at net asset value and are not subject to a sales charge but are subject to a redemption fee (see Note 1J).

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

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

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

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

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

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

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

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest 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. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

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

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

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

As of June 30, 2015, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

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

J Redemption Fees — Fund shares acquired on or after April 1, 2005 are subject to a redemption fee, at the time of exchange or redemption, equal to 2% of the net asset value of the shares exchanged or redeemed. Fund shares purchased prior to April 1, 2005 are subject to a redemption fee equal to 1% of the net asset value of the shares exchanged or redeemed, and were subject to a purchase fee of 1% of the net asset value of the shares purchased at the time they were purchased. Shares acquired on or before June 30, 1998 are not subject to a redemption fee. The redemption fee is accounted for as an addition to paid-in capital.

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

The tax character of distributions declared for the years ended June 30, 2015 and June 30, 2014 was as follows:

During the year ended June 30, 2015, accumulated net realized loss was increased by $6,846,993 and accumulated undistributed net investment income was increased by $6,846,993 due to differences between book and tax accounting, primarily for foreign currency gain (loss), foreign capital gains taxes and investments in passive foreign investment companies (PFICs). These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of June 30, 2015, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

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

At June 30, 2015, the Fund, for federal income tax purposes, had capital loss carryforwards of $22,535 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The capital loss carryforwards will expire on June 30, 2018 and their character is short-term. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of the Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused.

During the year ended June 30, 2015, capital loss carryforwards of $24,185,739 were utilized to offset net realized gains by the Fund.

Additionally, at June 30, 2015, the Fund had a net capital loss of $69,477,457 attributable to security transactions incurred after October 31, 2014 that it has elected to defer. This net capital loss is treated as arising on the first day of the Fund’s taxable year ending June 30, 2016.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2015, as determined on a federal income tax basis, were as follows:

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.45% of the Fund’s average daily net assets and is payable monthly. For the year ended June 30, 2015, the investment adviser fee amounted to $17,199,649. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its advisory fee for sub-advisory services provided to the Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.50% of the Fund’s average daily net assets. For the year ended June 30, 2015, the administration fee amounted to $19,110,721. 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 may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended June 30, 2015, no significant amounts have been deferred. Trustees’ fees incurred by the Fund are paid by EVM. Certain officers and Trustees of the Fund are officers of EVM.

Purchases and sales of investments, other than short-term obligations, aggregated $652,651,549 and $371,836,229, respectively, for the year ended June 30, 2015.

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:

For the years ended June 30, 2015 and June 30, 2014, the Fund received $6,021,876 and $6,445,478, respectively, in redemption fees.

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $750 million unsecured line of credit agreement with a group of banks, which is in effect through September 7, 2015. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.08% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended June 30, 2015.

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

On June 29, 2015, trading of securities on the Athens Stock Exchange was suspended due to the imposition of capital controls by the Greek government. The suspension on trading was lifted in early August after a five-week period.

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 June 30, 2015, 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 year ended June 30, 2015 is not presented. At June 30, 2015, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

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

We have audited the accompanying statement of assets and liabilities of Parametric Tax-Managed Emerging Markets Fund (the “Fund”) (one of the funds constituting Eaton Vance Series Trust II), including the portfolio of investments, as of June 30, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2015, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Parametric Tax-Managed Emerging Markets Fund as of June 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Form 1099-DIV you receive in February 2016 will show the tax status of all distributions paid to your account in calendar year 2015. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and the foreign tax credit.

Qualified Dividend Income. For the fiscal year ended June 30, 2015, the Fund designates approximately $66,077,406, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2015 ordinary income dividends, 0.45% qualifies for the corporate dividends received deduction.

Foreign Tax Credit. For the fiscal year ended June 30, 2015, the Fund paid foreign taxes of $12,215,808 and recognized foreign source income of $113,379,027.

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

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 27, 2015, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2015. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following:

Over the course of the twelve-month period ended April 30, 2015, with respect to one or more funds, the Board met nine times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met eight, seventeen, seven, eleven and thirteen times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund, and considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

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

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

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

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

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

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

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

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

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2014 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the year ended September 30, 2014, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the fund complex level.

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

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

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are reasonable.

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund, and in light of the level of the Adviser’s 2014 profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not warranted at this time.

Fund Management. The Trustees of Eaton Vance Series Trust II (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 178 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

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

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

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

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

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

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

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

The following tables represent the aggregate fees billed to the Fund for the Fund’s fiscal years ended June 30, 2014 and June 30, 2015 by the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by the principal accountant during those periods.

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

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

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

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

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

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

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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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.



Management’s Discussion of Fund Performance			2

Performance			3

Fund Profile			4

Endnotes and Additional Disclosures			5

Fund Expenses			6

Financial Statements			7

Report of Independent Registered Public Accounting Firm			38

Federal Tax Information			39

Board of Trustees’ Contract Approval			40

Management and Organization			43

Important Notices			46


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Institutional Class at NAV		06/30/1998		06/30/1998		–9.93	%		4.41	%		9.01	%
Institutional Class at NAV with redemption fee		—		—		–11.70			4.02			8.83
MSCI Emerging Markets Index		—		—		–5.12	%		3.68	%		8.11	%


% After-Tax Returns with Redemption Fee	Class Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Institutional Class After Taxes on Distribution		06/30/1998		06/30/1998		–12.05	%		3.81	%		8.61	%
Institutional Class After Taxes on Distribution and Sale of Fund Shares		—		—		–6.16			3.36			7.50


% Total Annual Operating Expense Ratio⁴											Institutional Class
												0.95	%


	Beginning Account Value (1/1/15)		Ending Account Value (6/30/15)		Expenses Paid During Period* (1/1/15 – 6/30/15)		Annualized Expense Ratio


Actual
Institutional Class	$	1,000.00	$	1,003.90	$	4.72		0.95	%



Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,020.10	$	4.76		0.95	%


Top 10 Holdings (% of net assets)⁵

America Movil SAB de CV, Series L	1.2	%
MTN Group, Ltd.	1.1
China Mobile, Ltd.	1.0
Samsung Electronics Co., Ltd.	0.9
Tencent Holdings, Ltd.	0.9
OAO Gazprom ADR	0.8
Taiwan Semiconductor Manufacturing Co., Ltd.	0.8
Grupo Televisa SAB, Series CPO	0.7
Sberbank of Russia	0.7
Naspers, Ltd., Class N	0.6
Total	8.7	%


Assets	June 30, 2015
Investments, at value (identified cost, $3,097,714,096)	$	3,657,645,252
Cash		346,696
Foreign currency, at value (identified cost, $19,041,904)		18,817,431
Dividends and interest receivable		12,018,476
Receivable for Fund shares sold		14,241,505
Tax reclaims receivable		1,151,933
Total assets	$	3,704,221,293

Liabilities
Payable for Fund shares redeemed	$	1,026,371
Payable to affiliates:
Investment adviser fee		1,379,839
Administration fee		1,533,154
Accrued foreign capital gains taxes		2,298,262
Accrued expenses and other liabilities		15,530
Total liabilities	$	6,253,156
Net Assets	$	3,697,968,137

Sources of Net Assets
Paid-in capital	$	3,201,610,598
Accumulated net realized loss		(72,837,788	)
Accumulated undistributed net investment income		11,967,730
Net unrealized appreciation		557,227,597
Total	$	3,697,968,137

Institutional Class Shares
Net Assets	$	3,697,968,137
Shares Outstanding		79,988,746
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	46.23


Investment Income	Year Ended June 30, 2015
Dividends (net of foreign taxes, $12,093,494)	$	101,584,544
Interest		4,269
Total investment income	$	101,588,813

Expenses
Investment adviser fee	$	17,199,649
Administration fee		19,110,721
Interest expense		59,394
Total expenses	$	36,369,764

Net investment income	$	65,219,049

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $133,955)	$	(27,914,500	)
Foreign currency transactions		(2,648,756	)
Net realized loss	$	(30,563,256	)
Change in unrealized appreciation (depreciation) —
Investments (including net increase of $1,029,141 in accrued foreign capital gains taxes)	$	(441,369,621	)
Foreign currency		(143,700	)
Net change in unrealized appreciation (depreciation)	$	(441,513,321	)

Net realized and unrealized loss	$	(472,076,577	)

Net decrease in net assets from operations	$	(406,857,528	)


	Year Ended June 30,
Increase (Decrease) in Net Assets	2015			2014
From operations —
Net investment income	$	65,219,049		$	56,989,809
Net realized gain (loss) from investment and foreign currency transactions		(30,563,256	)		19,025,506
Net change in unrealized appreciation (depreciation) from investments and foreign currency		(441,513,321	)		439,976,737
Net increase (decrease) in net assets from operations	$	(406,857,528	)	$	515,992,052
Distributions to shareholders —
From net investment income	$	(75,586,163	)	$	(59,924,112	)
Total distributions to shareholders	$	(75,586,163	)	$	(59,924,112	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	621,528,328		$	681,490,216
Net asset value of shares issued to shareholders in payment of distributions declared		58,716,026			46,253,890
Cost of shares redeemed		(392,182,096	)		(394,030,705	)
Redemption fees		6,021,876			6,445,478
Net increase in net assets from Fund share transactions	$	294,084,134		$	340,158,879

Net increase (decrease) in net assets	$	(188,359,557	)	$	796,226,819

Net Assets
At beginning of year	$	3,886,327,694		$	3,090,100,875
At end of year	$	3,697,968,137		$	3,886,327,694

Accumulated undistributed net investment income included in net assets
At end of year	$	11,967,730		$	15,487,851


	Institutional Class
	Year Ended June 30,
	2015			2014			2013			2012			2011
Net asset value — Beginning of year	$	52.430		$	45.870		$	44.060		$	51.610		$	40.800

Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.838		$	0.805		$	0.941		$	0.874		$	0.794
Net realized and unrealized gain (loss)		(6.134	)		6.518			1.724			(7.866	)		10.829

Total income (loss) from operations	$	(5.296	)	$	7.323		$	2.665		$	(6.992	)	$	11.623

Less Distributions
From net investment income	$	(0.981	)	$	(0.854	)	$	(0.941	)	$	(0.631	)	$	(0.896	)

Total distributions	$	(0.981	)	$	(0.854	)	$	(0.941	)	$	(0.631	)	$	(0.896	)

Redemption fees⁽¹⁾	$	0.077		$	0.091		$	0.086		$	0.073		$	0.083

Net asset value — End of year	$	46.230		$	52.430		$	45.870		$	44.060		$	51.610

Total Return⁽²⁾		(9.93	)%		16.30	%		6.14	%		(13.32	)%		28.74	%

Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	3,697,968		$	3,886,328		$	3,090,101		$	2,648,747		$	2,774,908
Ratios (as a percentage of average daily net assets):
Expenses		0.95	%		0.95	%		0.96	%		0.96	%		0.95	%
Net investment income		1.71	%		1.65	%		1.98	%		1.94	%		1.61	%
Portfolio Turnover		10	%		6	%		5	%		4	%		4	%


Undistributed ordinary income	$	40,667,946
Capital loss carryforwards and post October capital losses	$	(69,499,992	)
Net unrealized appreciation	$	525,189,585



Aggregate cost	$	3,129,752,108

Gross unrealized appreciation	$	943,934,927
Gross unrealized depreciation		(416,041,783	)

Net unrealized appreciation	$	527,893,144


Asset Description	Level 1		Level 2			Level 3*		Total

Common Stocks
Asia/Pacific	$	39,872,156	$	1,562,608,464		$	10,378,380	$	1,612,859,000
Emerging Europe		33,043,502		641,599,188			0		674,642,690
Latin America		685,976,103		—			—		685,976,103
Middle East/Africa		4,665,598		641,694,500			137,266		646,497,364

Total Common Stocks	$	763,557,359	$	2,845,902,152	**	$	10,515,646	$	3,619,975,157

Equity-Linked Securities	$	—	$	27,724,724		$	—	$	27,724,724
Investment Funds		—		7,413,630			—		7,413,630
Rights		—		0			—		0
Warrants		157,860		—			—		157,860
Short-Term Investments		—		2,373,881			—		2,373,881

Total Investments	$	763,715,219	$	2,883,414,387		$	10,515,646	$	3,657,645,252


Name and Year of Birth	Position(s) with the Trust	Trustee Since⁽¹⁾	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 178 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.⁽²⁾ Director of EVC and Hexavest Inc.


Noninterested Trustees

Scott E. Eston 1956	Trustee	2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997). Directorships in the Last Five Years.⁽²⁾ None.

Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (1989-1995); Consultant, Bain and Company (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the Bank of America Money Market Funds Series Trust (2011-2014) and of the Ashmore Funds (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.⁽²⁾ Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

William H. Park 1947	Trustee	2003	Private investor. Formerly, Consultant (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). Directorships in the Last Five Years.⁽²⁾ None.


Fiscal Years Ended	6/30/2014		6/30/2015
Audit Fees	$	75,070	$	78,470
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	12,625	$	18,339
All Other Fees⁽³⁾	$	0	$	0

Total⁽⁴⁾	$	87,695	$	96,809


		7		See Notes to Financial Statements.


		8		See Notes to Financial Statements.


		9		See Notes to Financial Statements.


		10		See Notes to Financial Statements.


Fiscal Years Ended	10/31/13		6/30/14			10/31/14		6/30/15
Audit Fees	$	17,320	$	75,070		$	22,820	$	78,470
Audit-Related Fees⁽¹⁾	$	0	$	0		$	0	$	0
Tax Fees⁽²⁾	$	12,870	$	12,625		$	13,780	$	18,339
All Other Fees⁽³⁾	$	0	$	0		$	0	$	0

Total	$	30,190	$	87,695	⁽⁴⁾	$	36,600	$	96,809	⁽⁴⁾


Fiscal Years Ended	10/31/13		6/30/14		10/31/14		6/30/15
Registrant⁽¹⁾	$	12,870	$	12,625	$	13,780	$	18,339
Eaton Vance⁽²⁾	$	526,385	$	336,473	$	99,750	$	76,000


(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.


Eaton Vance Series Trust II

By:		/s/ Michael W. Weilheimer
		Michael W. Weilheimer
		President

Date:		August 17, 2015


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		August 17, 2015

By:		/s/ Michael W. Weilheimer
		Michael W. Weilheimer
		President

Date:		August 17, 2015