Eaton Vance Floating Rate Fund (EIBLX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

January 31

Date of Fiscal Year End

July 31, 2014

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric Emerging Markets Fund

Semiannual Report

July 31, 2014

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

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

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

Semiannual Report July 31, 2014

Parametric Emerging Markets Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Special Meeting of Shareholders	40
Board of Trustees’ Contract Approval	41
Officers and Trustees	44
Important Notices	45

Parametric Emerging Markets Fund

July 31, 2014

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Investor Class at NAV		06/30/2006		06/30/2006		13.72	%		14.03	%		8.06	%		6.97	%
Class C at NAV		06/30/2006		06/30/2006		13.25			13.17			7.26			6.17
Class C with 1% Maximum Sales Charge		—		—		12.25			12.17			7.26			6.17
Institutional Class at NAV		06/30/2006		06/30/2006		13.89			14.35			8.34			7.23
Class R6 at NAV		07/01/2014		06/30/2006		13.96			14.42			8.35			7.24
MSCI Emerging Markets Index		—		—		15.70	%		15.32	%		7.34	%		7.01	%
% Total Annual Operating Expense Ratios3					Investor Class			Class C			Institutional Class			Class R6
						1.38	%		2.13	%		1.13	%		1.09	%

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than 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.

2

Parametric Emerging Markets Fund

July 31, 2014

Fund Profile

Sector Allocation (% of net assets)⁴

Top 10 Holdings (% of net assets)⁴

MTN Group, Ltd.	1.0	%
Samsung Electronics Co., Ltd.	1.0
China Mobile, Ltd.	0.9
OAO Gazprom ADR	0.8
Tencent Holdings, Ltd.	0.7
Naspers, Ltd., Class N	0.7
America Movil SAB de CV, Series L	0.7
LUKOIL OAO ADR	0.5
Taiwan Semiconductor Manufacturing Co., Ltd.	0.5
CEZ AS	0.5
Total	7.3	%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

3

Parametric Emerging Markets Fund

July 31, 2014

Endnotes and Additional Disclosures

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

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the financial highlights included in the financial statements is not linked. In the performance table, the performance of Class R6 is linked to Institutional Class. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³  Source: Fund prospectus.

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Parametric Emerging Markets Fund

July 31, 2014

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2014 – July 31, 2014) for Investor Class, Class C and Institutional Class and (July 1, 2014 – July 31, 2014) for Class R6. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (February 1, 2014 – July 31, 2014).

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

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

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

	Beginning Account Value (2/1/14)		Ending Account Value (7/31/14)		Expenses Paid During Period (2/1/14 – 7/31/14)		Annualized Expense Ratio
Actual*
Investor Class	$	1,000.00	$	1,137.20	$	7.21		1.36	%
Class C	$	1,000.00	$	1,132.50	$	11.10		2.10	%
Institutional Class	$	1,000.00	$	1,138.90	$	5.89		1.11	%
Class R6	$	1,000.00	$	1,008.20	$	0.91		1.07	%
*    Class R6 had not commenced operations on February 1, 2014. Actual expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period); 31/365 for Class R6 (to reflect the period from the commencement of operations on July 1, 2014 to July 31, 2014). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2014 (July 1, 2014 for Class R6).
Hypothetical**
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,018.10	$	6.81		1.36	%
Class C	$	1,000.00	$	1,014.40	$	10.49		2.10	%
Institutional Class	$	1,000.00	$	1,019.30	$	5.56		1.11	%
Class R6	$	1,000.00	$	1,019.50	$	5.36		1.07	%

** Hypothetical expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2014 (July 1, 2014 for Class R6).

5

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited)

Common Stocks — 97.4%
Security	Shares		Value
Argentina — 0.9%
Adecoagro SA(1)		77,700	$	773,892
Arcos Dorados Holdings, Inc., Class A		341,000		3,498,660
Banco Macro SA, Class B ADR		87,487		3,702,450
BBVA Banco Frances SA ADR(1)		200,488		2,586,295
Cresud SA ADR		202,530		2,632,890
Grupo Financiero Galicia SA, Class B ADR		205,600		3,314,272
IRSA Inversiones y Representaciones SA ADR		61,510		974,319
MercadoLibre, Inc.		69,300		6,410,250
Pampa Energia SA ADR(1)		188,600		1,944,466
Petrobras Energia SA ADR(1)		750,308		5,049,573
Telecom Argentina SA ADR		385,251		8,433,144
YPF SA ADR		95,400		3,375,252
			$	42,695,463
Bahrain — 0.3%
Ahli United Bank BSC		6,260,000	$	5,050,102
Al-Salam Bank		7,121,118		3,952,161
Gulf Finance House EC(1)		13,470,934		1,938,889
Ithmaar Bank BSC(1)		12,720,000		2,097,891
			$	13,039,043
Bangladesh — 0.8%
Aftab Automobiles, Ltd.		783,888	$	784,338
Al-Arafah Islami Bank, Ltd.(1)		1,602,750		308,910
Bangladesh Export Import Co., Ltd.(1)		7,173,355		3,373,515
Beximco Pharmaceuticals, Ltd.		1,484,177		824,086
BSRM Steels, Ltd.		1,709,000		1,789,139
City Bank, Ltd. (The)(1)		5,315,880		1,051,117
Grameenphone, Ltd.		1,496,400		5,939,628
Heidelberger Cement Bangladesh, Ltd.		146,500		971,057
Islami Bank Bangladesh, Ltd.		3,020,610		963,055
Jamuna Oil Co., Ltd.		161,600		452,594
Khulna Power Co., Ltd.		1,334,705		796,669
Lankabangla Finance, Ltd.		1,937,775		1,025,486
Malek Spinning Mills, Ltd.		897,500		274,568
Meghna Petroleum, Ltd.		266,500		949,107
National Bank, Ltd.(1)		10,435,810		1,498,087
Olympic Industries, Ltd.		250,500		785,096
Orion Pharma, Ltd.		910,600		509,831
Padma Oil Co., Ltd.		195,600		846,513
People’s Leasing and Financial Services, Ltd.(1)		2,248,180		453,689
Pubali Bank, Ltd.		1,878,791		657,157
Renata, Ltd.		44,500		520,535
Social Islami Bank, Ltd.		4,105,750		610,511

Security	Shares		Value
Bangladesh (continued)
Southeast Bank, Ltd.		3,522,000	$	865,036
Square Pharmaceuticals, Ltd.		1,331,525		4,407,453
Summit Power, Ltd.(1)		1,487,295		630,763
Titas Gas Transmission & Distribution Co., Ltd.		3,022,500		2,955,628
United Airways Bangladesh, Ltd.(1)		7,320,968		1,159,573
United Commercial Bank, Ltd.		7,394,000		2,518,701
			$	37,921,842
Botswana — 0.2%
Barclays Bank of Botswana, Ltd.		1,137,465	$	582,537
Botswana Insurance Holdings, Ltd.		575,111		721,616
First National Bank of Botswana		6,069,100		2,360,324
Letshego Holdings, Ltd.		12,485,691		3,523,287
Sechaba Breweries, Ltd.		905,550		2,428,364
Standard Chartered Bank Botswana, Ltd.		531,120		717,452
			$	10,333,580
Brazil — 6.0%
AES Tiete SA, PFC Shares		189,400	$	1,549,428
All America Latina Logistica SA (Units)		669,600		2,567,722
AMBEV SA		2,242,950		15,491,802
AMBEV SA ADR		141,760		980,979
American Banknote SA		17,400		285,303
B2W Companhia Global do Varejo(1)		176,170		2,593,533
Banco Bradesco SA ADR, PFC Shares		109,291		1,669,967
Banco Bradesco SA, PFC Shares		1,193,731		18,210,482
Banco do Brasil SA		609,698		7,449,401
Banco do Estado do Rio Grande do Sul, PFC Shares		164,900		838,764
Banco Santander Brasil SA		533,700		3,585,053
BB Seguridade Participacoes SA		96,200		1,403,513
BM&F Bovespa SA		962,351		5,136,780
BR Malls Participacoes SA		296,000		2,557,179
BR Properties SA		212,800		1,315,960
Bradespar SA, PFC Shares		121,000		1,226,667
Braskem SA, PFC Shares		89,760		555,078
BRF-Brasil Foods SA		338,540		8,281,640
BRF-Brasil Foods SA ADR		19,900		487,550
Brookfield Incorporacoes SA(1)		842,100		564,184
Centrais Eletricas Brasileiras SA		471,100		2,261,280
CETIP SA - Mercados Organizados		173,900		2,432,875
Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares		63,069		3,043,991
Cia de Concessoes Rodoviarias SA (CCR)		953,100		7,494,569
Cia de Saneamento Basico do Estado de Sao Paulo		393,660		3,485,897
Cia de Saneamento de Minas Gerais-COPASA		72,900		1,193,712

6 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Brazil (continued)
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		49,290	$	624,612
Cia Energetica de Minas Gerais SA ADR		84,265		692,658
Cia Energetica de Minas Gerais SA, PFC Shares		800,355		6,515,728
Cia Energetica de Sao Paulo, PFC Shares, Class B		269,700		3,439,084
Cia Hering		102,400		953,251
Cia Paranaense de Energia-Copel, PFC Shares		123,300		1,913,018
Cia Siderurgica Nacional SA		365,800		1,846,131
Cielo SA		819,398		14,988,437
Contax Participacoes SA, PFC Shares		121,500		164,410
Cosan SA Industria e Comercio		53,700		879,792
CPFL Energia SA		289,500		2,526,545
Cyrela Brazil Realty SA		221,300		1,226,112
Duratex SA		112,558		415,255
EcoRodovias Infraestrutura e Logistica SA		286,800		1,731,861
EDP-Energias do Brasil SA		313,400		1,464,260
Eletropaulo Metropolitana SA, Class B, PFC Shares		210,580		968,088
Embraer SA		482,700		4,584,985
Embraer SA ADR		85,948		3,269,462
Eneva SA(1)		300,500		143,048
Estacio Participacoes SA		167,700		2,080,774
Fibria Celulose SA(1)		111,757		1,097,004
Gafisa SA		632,800		920,436
Gerdau SA, PFC Shares		428,500		2,521,422
Gol Linhas Aereas Inteligentes SA, PFC Shares		204,000		1,234,565
Hypermarcas SA(1)		267,800		2,135,318
Iochpe-Maxion SA		115,700		849,104
Itau Unibanco Holding SA ADR, PFC Shares		144,459		2,224,669
Itau Unibanco Holding SA, PFC Shares		1,202,949		18,610,914
Itausa-Investimentos Itau SA, PFC Shares		2,326,263		9,730,572
JBS SA		583,825		2,148,733
Klabin SA, PFC Shares		1,300,000		1,289,256
Kroton Educacional SA		235,510		6,271,956
Light SA		132,200		1,241,150
Localiza Rent a Car SA		191,280		3,045,304
Lojas Americanas SA, PFC Shares		425,528		2,710,250
Lojas Renner SA		78,300		2,364,099
Marcopolo SA, PFC Shares		950,200		1,675,284
Marfrig Global Foods SA(1)		287,155		837,891
Metalurgica Gerdau SA, PFC Shares		148,000		1,052,879
MMX Mineracao e Metalicos SA(1)		138,467		88,497
MRV Engenharia e Participacoes SA		338,300		1,085,542
Natura Cosmeticos SA		120,900		1,882,709
Oi SA ADR		190,200		125,532
Oi SA, PFC Shares		3,065,757		1,986,408
PDG Realty SA Empreendimentos e Participacoes(1)		1,224,600		782,665

Security	Shares		Value
Brazil (continued)
Petroleo Brasileiro SA		43,200	$	342,553
Petroleo Brasileiro SA ADR		71,900		1,209,358
Petroleo Brasileiro SA, PFC Shares		3,018,600		25,412,787
Prumo Logistica SA(1)		1,596,000		731,610
Randon Participacoes SA, PFC Shares		303,500		833,413
Rossi Residencial SA(1)		716,100		448,204
Souza Cruz SA		228,000		2,116,443
Suzano Papel e Celulose SA		437,425		1,696,679
Telefonica Brasil SA, PFC Shares		337,726		6,788,014
Tim Participacoes SA		944,227		5,002,582
Totvs SA		191,090		3,300,856
Tractebel Energia SA		178,000		2,666,764
Ultrapar Participacoes SA		184,384		4,246,419
Usinas Siderurgicas de Minas Gerais SA, PFC Shares, Class A		283,250		1,005,030
Vale SA		34,400		493,541
Vale SA ADR		65,300		937,055
Vale SA, PFC Shares		1,468,440		18,854,284
Weg SA		324,670		3,892,462
			$	294,981,033
Bulgaria — 0.1%
CB First Investment Bank AD(1)		235,000	$	523,379
Chimimport AD(1)		329,922		432,660
Corporate Commercial Bank AD(1)(2)		10,400		0
MonBat AD		60,235		347,637
Petrol AD(1)		102,500		192,611
Sopharma AD		354,600		1,008,391
			$	2,504,678
Chile — 2.8%
AES Gener SA		3,720,840	$	1,883,414
Aguas Andinas SA, Series A		4,337,700		2,744,968
Almendral SA		2,512,600		214,131
Antarchile SA, Series A		187,904		2,430,798
Banco de Chile		60,074,920		7,468,013
Banco de Chile ADR		7,454		558,118
Banco de Credito e Inversiones		88,574		4,869,921
Banco Santander Chile SA		134,220,710		8,524,445
Banmedica SA		484,730		805,016
Besalco SA		1,307,600		906,929
Cap SA		196,612		2,664,090
Cencosud SA		1,685,831		5,245,842
CFR Pharmaceuticals SA		5,077,500		1,704,246
Cia Cervecerias Unidas SA		276,390		3,107,050

7 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Chile (continued)
Cia General de Electricidad SA		479,519	$	2,162,752
Cia Sud Americana de Vapores SA(1)		14,510,741		659,545
Colbun SA		11,398,010		2,939,018
Corpbanca SA		395,674,470		4,673,141
E.CL SA		693,400		961,860
Embotelladora Andina SA, Class B, PFC Shares		383,294		1,363,571
Empresa Nacional de Electricidad SA		4,554,263		6,761,771
Empresa Nacional de Telecommunicaciones SA		157,000		1,907,230
Empresas CMPC SA		2,641,020		5,955,834
Empresas Copec SA		990,676		12,132,200
Empresas La Polar SA(1)		1,713,400		111,126
Enersis SA		25,224,721		8,478,060
Enersis SA ADR		42,700		719,922
Grupo Security SA		3,397,289		1,122,442
Inversiones Aguas Metropolitanas SA		614,900		972,792
Inversiones La Construccion SA		54,000		648,532
Invexans SA(1)		20,803,856		327,316
Latam Airlines Group SA(1)		445,895		5,246,007
Latam Airlines Group SA BDR(1)		28,260		324,484
Molibdenos y Metales SA		65,700		769,523
Parque Arauco SA		1,406,599		2,631,087
Quinenco SA		389,755		817,625
Ripley Corp. SA		1,779,400		1,066,029
S.A.C.I. Falabella		1,594,500		12,641,046
Salfacorp SA		1,726,600		1,312,992
Sigdo Koppers SA		1,121,831		1,661,968
Sociedad de Inversiones Pampa Calichera SA, Class A		45,817		18,266
Sociedad Matriz SAAM SA		6,242,812		523,845
Sociedad Quimica y Minera de Chile SA, Series B		212,340		5,875,793
Sociedad Quimica y Minera de Chile SA, Series B ADR		58,400		1,619,432
Socovesa SA		1,443,206		329,750
Sonda SA		2,296,695		5,275,698
Vina Concha y Toro SA		995,122		1,948,389
			$	137,086,027
China — 9.4%
Agile Property Holdings, Ltd.		1,096,000	$	936,818
Agricultural Bank of China, Ltd., Class H		9,904,000		4,797,996
Air China, Ltd., Class H		2,310,000		1,412,555
Aluminum Corp. of China, Ltd., Class H(1)		3,374,000		1,542,248
Angang Steel Co., Ltd., Class H(1)		1,226,000		904,785
Anhui Conch Cement Co., Ltd., Class H		906,500		3,414,607
ANTA Sports Products, Ltd.		1,021,000		1,678,138
Baidu, Inc. ADR(1)		92,500		19,984,625
Bank of China, Ltd., Class H		24,353,000		11,606,738

Security	Shares		Value
China (continued)
Bank of Communications, Ltd., Class H		3,583,900	$	2,746,004
Beijing Capital International Airport Co., Ltd., Class H		1,568,000		1,078,727
Beijing Enterprises Holdings, Ltd.		309,500		2,697,081
Beijing Enterprises Water Group, Ltd.		1,206,000		788,458
Belle International Holdings, Ltd.		2,320,000		2,879,565
Brilliance China Automotive Holdings, Ltd.		1,086,000		2,032,363
BYD Co., Ltd., Class H		607,200		4,015,763
Chaoda Modern Agriculture Holdings, Ltd.(1)(2)		2,391,958		0
China Agri-Industries Holdings, Ltd.		2,074,000		899,783
China Bluechemical, Ltd., Class H		1,270,000		655,747
China Cinda Asset Management, Co., Ltd., Class H(1)		1,495,000		852,045
China CITIC Bank Corp., Ltd., Class H		4,367,000		2,891,477
China Coal Energy Co., Class H		3,400,000		2,047,794
China Communications Construction Co., Ltd., Class H		2,930,000		2,221,171
China Communications Services Corp., Ltd., Class H		2,540,000		1,241,144
China Construction Bank Corp., Class H		28,193,630		21,643,641
China COSCO Holdings Co., Ltd., Class H(1)		2,694,975		1,158,751
China Dongxiang (Group) Co., Ltd.		4,257,000		833,700
China Everbright International, Ltd.		1,986,000		2,651,394
China Everbright, Ltd.		536,000		827,048
China Gas Holdings, Ltd.		606,000		1,167,557
China High Speed Transmission Equipment Group Co., Ltd.(1)		2,184,000		1,703,618
China International Marine Containers Co., Ltd., Class B		482,672		1,059,963
China Life Insurance Co., Ltd., Class H		2,767,000		8,235,240
China Longyuan Power Group Corp., Class H		2,914,000		2,960,867
China Mengniu Dairy Co., Ltd.		960,000		4,641,233
China Merchants Bank Co., Ltd., Class H		1,960,524		3,967,114
China Merchants Holdings (International) Co., Ltd.		812,035		2,731,638
China Minsheng Banking Corp., Ltd., Class H		2,760,240		2,851,285
China Mobile, Ltd.		3,923,000		42,865,217
China National Building Material Co., Ltd., Class H		2,522,000		2,514,463
China Oilfield Services, Ltd., Class H		1,420,000		3,531,219
China Overseas Land & Investment, Ltd.		1,530,160		4,662,696
China Pacific Insurance (Group) Co., Ltd., Class H		848,000		3,330,668
China Petroleum & Chemical Corp., Class H		15,620,300		15,292,342
China Pharmaceutical Group, Ltd.		1,402,000		1,092,577
China Railway Construction Corp., Class H		1,592,000		1,521,824
China Railway Group, Ltd., Class H		3,177,000		1,690,971
China Resources Enterprise, Ltd.		842,000		2,556,830
China Resources Gas Group, Ltd.		830,000		2,621,301
China Resources Land, Ltd.		954,000		2,220,808
China Resources Power Holdings Co., Ltd.		1,591,600		4,466,597
China Shenhua Energy Co., Ltd., Class H		2,164,500		6,378,368
China Shineway Pharmaceutical Group, Ltd.		381,000		637,240

8 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
China Shipping Container Lines Co., Ltd., Class H(1)		4,252,000	$	1,228,101
China Shipping Development Co., Ltd., Class H(1)		1,702,000		1,119,979
China Southern Airlines Co., Ltd., Class H		2,700,000		912,991
China Taiping Insurance Holdings Co., Ltd.(1)		573,400		1,250,304
China Telecom Corp., Ltd., Class H		11,972,000		6,747,946
China Travel International Investment Hong Kong, Ltd.		4,692,000		1,117,065
China Unicom (Hong Kong), Ltd.		4,340,372		7,582,199
China Vanke Co., Ltd., Class H(1)		789,920		1,749,024
China Yurun Food Group, Ltd.(1)		1,776,000		848,852
Chongqing Changan Automobile Co., Ltd., Class B		1,100,286		2,383,956
Citic Pacific, Ltd.		1,152,000		2,300,375
CNOOC, Ltd.		9,860,000		17,415,910
Cosco Pacific, Ltd.		1,516,000		2,281,965
Country Garden Holdings Co.		3,785,631		1,930,697
Ctrip.com International, Ltd. ADR(1)		140,100		8,970,603
Datang International Power Generation Co., Ltd., Class H		3,414,000		1,693,112
Dongfeng Motor Group Co., Ltd., Class H		1,966,000		3,496,192
Golden Eagle Retail Group, Ltd.		739,000		949,715
Great Wall Motor Co., Ltd., Class H		862,500		3,548,315
Guangdong Investment, Ltd.		2,022,000		2,264,976
Guangzhou Automobile Group Co., Ltd., Class H		1,892,013		2,121,644
Guangzhou R&F Properties Co., Ltd., Class H		682,000		999,917
Haier Electronics Group Co., Ltd.		161,000		460,783
Hengan International Group Co., Ltd.		355,000		3,800,165
Hengdeli Holdings, Ltd.		2,681,800		466,197
Home Inns & Hotels Management, Inc. ADR(1)		20,300		724,304
Huaneng Power International, Inc., Class H		2,746,000		3,044,670
Industrial & Commercial Bank of China, Ltd., Class H		28,042,000		19,161,018
Inner Mongolia Eerduosi Cashmere Products Co., Ltd., Class B		72,000		57,744
Inner Mongolia Yitai Coal Co., Ltd., Class B		669,000		987,942
Jiangsu Expressway Co., Ltd., Class H		1,152,000		1,404,703
Jiangxi Copper Co., Ltd., Class H		1,298,000		2,471,362
Kingboard Chemical Holdings, Ltd.		648,600		1,361,032
Kunlun Energy Co., Ltd.		2,206,000		3,746,729
Lee & Man Paper Manufacturing, Ltd.		1,220,000		741,660
Lenovo Group, Ltd.		3,736,000		5,105,787
Li Ning Co., Ltd.(1)		546,500		331,760
Maanshan Iron & Steel Co., Ltd., Class H(1)		2,294,000		535,014
Mindray Medical International, Ltd. ADR		77,700		2,334,885
NetEase.com, Inc. ADR		24,700		2,075,788
New Oriental Education & Technology Group, Inc. ADR		380,400		7,436,820
Nine Dragons Paper Holdings, Ltd.		2,051,000		1,684,928
PetroChina Co., Ltd., Class H		13,022,000		16,877,421
PICC Property & Casualty Co., Ltd., Class H		1,718,000		2,782,315

Security	Shares		Value
China (continued)
Ping An Insurance (Group) Co. of China, Ltd., Class H		742,500	$	6,304,277
Poly Property Group Co., Ltd.		1,918,000		928,277
Qihoo 360 Technology Co., Ltd. ADR(1)		12,000		1,093,800
Semiconductor Manufacturing International Corp.(1)		23,397,000		2,121,862
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,396,000		1,431,936
Shanghai Electric Group Co., Ltd., Class H		2,414,000		1,067,917
Shanghai Industrial Holdings, Ltd.		304,000		1,011,772
Shimao Property Holdings, Ltd.		665,000		1,528,995
Sihuan Pharmaceutical Holdings Group, Ltd.		1,180,000		723,383
SINA Corp.(1)		22,900		1,108,131
Sino Biopharmaceutical, Ltd.		2,052,000		1,764,033
Sino-Ocean Land Holdings, Ltd.		1,720,500		1,004,816
Sinopec Shanghai Petrochemical Co., Ltd., Class H		2,931,000		894,324
Sinopharm Group Co., Ltd., Class H		570,000		1,673,950
Sohu.com, Inc.(1)		10,300		584,216
Sun Art Retail Group, Ltd.		1,476,000		1,836,838
Tencent Holdings, Ltd.		2,115,000		34,320,310
Tingyi (Cayman Islands) Holding Corp.		1,266,000		3,600,965
Tsingtao Brewery Co., Ltd., Class H		254,000		2,062,992
Want Want China Holdings, Ltd.		3,750,000		5,130,337
Weichai Power Co., Ltd., Class H		456,400		1,982,885
Wumart Stores, Inc., Class H		321,000		285,335
WuXi PharmaTech (Cayman), Inc. ADR(1)		61,900		1,907,139
Yangzijiang Shipbuilding Holdings, Ltd.		1,809,000		1,572,360
Yanzhou Coal Mining Co., Ltd., Class H		2,200,000		1,795,186
Zhaojin Mining Industry Co., Ltd., Class H		1,140,000		707,739
Zhejiang Expressway Co., Ltd., Class H		1,404,000		1,522,179
Zhuzhou CSR Times Electric Co., Ltd., Class H		513,000		1,757,768
Zijin Mining Group Co., Ltd., Class H		6,290,000		1,641,764
ZTE Corp., Class H		730,753		1,519,242
			$	460,533,395
Colombia — 1.5%
Almacenes Exito SA		465,190	$	7,510,481
Banco Davivienda SA, PFC Shares		154,200		2,611,157
Banco de Bogota		91,067		3,396,674
Bancolombia SA ADR, PFC Shares		145,000		9,049,450
Bolsa de Valores de Colombia		46,242,700		613,532
Celsia SA ESP		809,070		2,625,416
Cementos Argos SA		476,640		2,793,688
Corporacion Financiera Colombiana SA		97,625		2,007,905
Ecopetrol SA		4,701,790		7,966,821
Empresa de Energia de Bogota SA		3,474,085		3,100,630
Empresa de Telecommunicaciones de Bogota SA		2,532,380		684,119
Grupo Argos SA		346,150		4,201,581

9 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Colombia (continued)
Grupo Argos SA, PFC Shares		108,995	$	1,316,016
Grupo Aval Acciones y Valores SA		3,145,485		2,312,924
Grupo Aval Acciones y Valores SA, PFC Shares		5,059,300		3,747,140
Grupo de Inversiones Suramericana		254,570		5,669,937
Grupo Nutresa SA		527,855		7,622,171
Grupo Odinsa SA		155,204		653,318
Interconexion Electrica SA		825,160		4,058,211
Isagen SA ESP		1,935,100		3,345,899
			$	75,287,070
Croatia — 0.7%
AD Plastik DD		28,620	$	622,197
Adris Grupa DD, PFC Shares		75,044		3,864,410
Atlantic Grupa DD		10,388		1,690,305
Atlantska Plovidba DD(1)		22,867		1,336,977
Dalekovod DD(1)		51,895		164,624
Ericsson Nikola Tesla		6,740		1,667,226
Hrvatski Telekom DD		468,852		12,292,608
INA Industrija Nafte DD		900		630,826
Koncar-Elektroindustrija DD		16,319		1,945,584
Kras DD(1)		7,262		452,707
Ledo DD		1,483		2,322,543
Petrokemija DD(1)		25,975		164,815
Podravka Prehrambena Industrija DD(1)		40,521		2,140,735
Privredna Banka Zagreb DD		3,177		249,232
Valamar Adria Holding DD(1)		51,378		1,905,489
Zagrebacka Banka DD		176,195		1,002,560
			$	32,452,838
Czech Republic — 1.3%
CEZ AS		908,060	$	25,701,065
Fortuna Entertainment Group NV		246,600		1,503,287
Komercni Banka AS		92,864		20,133,581
New World Resources PLC, Class A(1)		1,183,100		165,019
O2 Czech Republic AS		544,904		7,178,024
Pegas Nonwovens SA		96,614		2,904,242
Philip Morris CR AS		9,113		4,597,025
Unipetrol AS(1)		617,307		3,812,312
			$	65,994,555
Egypt — 2.0%
Alexandria Mineral Oils Co.		193,820	$	2,218,676
Amer Group Holding		2,420,750		466,370
Arab Cotton Ginning		1,993,380		1,531,067
Citadel Capital Co.(1)		2,280,400		1,374,403

Security	Shares		Value
Egypt (continued)
Commercial International Bank		3,912,306	$	23,103,545
Eastern Tobacco		281,822		6,694,318
Egypt Kuwait Holding Co.(1)		1,862,146		1,940,814
Egyptian Financial Group-Hermes Holding SAE(1)		2,101,605		4,536,734
Egyptian Resorts Co.(1)		4,721,950		1,148,651
El Ezz Aldekhela Steel Alexa Co.		4,000		406,018
El Sewedy Cables Holding Co.		529,606		2,674,561
Ezz Steel(1)		1,548,345		3,659,156
Global Telecom Holding SAE(1)		12,928,866		9,301,252
Juhayna Food Industries(1)		4,494,565		6,534,509
Maridive & Oil Services SAE(1)		2,013,484		2,124,959
Misr Beni-Suef Cement Co.		69,150		481,328
National Societe General Bank(1)		282,510		1,380,204
Orascom Telecom Media and Technology Holding SAE(1)		21,964,609		3,877,052
Oriental Weavers Co.		187,375		1,274,257
Palm Hills Developments SAE(1)		3,395,160		1,975,522
Pioneers Holding(1)		1,229,900		2,309,259
Sidi Kerir Petrochemicals Co.		1,686,400		4,408,070
Six of October Development & Investment Co.(1)		382,178		2,054,099
South Valley Cement		704,261		766,866
Talaat Moustafa Group		5,219,460		6,923,456
Telecom Egypt		1,949,337		3,597,221
			$	96,762,367
Estonia — 0.1%
AS Merko Ehitus		50,618	$	479,588
AS Nordecon International		145,374		204,626
AS Olympic Entertainment Group		503,790		1,329,323
AS Tallink Group		3,623,652		3,467,191
AS Tallinna Kaubamaja		137,340		930,303
AS Tallinna Vesi		58,790		1,033,331
			$	7,444,362
Ghana — 0.1%
Aluworks Ghana, Ltd.(1)		457,409	$	6,600
CAL Bank, Ltd.		1,298,010		317,832
Ghana Commercial Bank, Ltd.		1,554,441		2,299,007
HFC Bank Ghana, Ltd.		1,235,326		467,927
Produce Buying Co., Ltd.(1)		582,428		22,692
Standard Chartered Bank of Ghana, Ltd.		148,200		780,247
			$	3,894,305
Greece — 1.5%
Aegean Marine Petroleum Network, Inc.		63,900	$	601,938
Alpha Bank AE(1)		5,450,941		4,355,509
Costamare, Inc.		76,519		1,813,500

10 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Greece (continued)
Diana Containerships, Inc.		76,800	$	188,928
Diana Shipping, Inc.(1)		164,791		1,606,712
DryShips, Inc.(1)		780,300		2,231,658
Ellaktor SA(1)		603,442		3,056,670
Folli Follie SA(1)		82,904		3,466,404
Frigoglass SA(1)		104,857		491,488
GasLog, Ltd.		96,255		2,454,503
GEK Terna Holding Real Estate Construction SA(1)		381,049		1,893,700
Hellenic Exchanges SA		180,829		1,788,966
Hellenic Petroleum SA		199,209		1,559,649
Hellenic Telecommunications Organization SA(1)		510,919		7,003,503
Intralot SA(1)		418,837		1,033,208
JUMBO SA(1)		287,375		4,298,756
Marfin Investment Group Holdings SA(1)		1,854,199		1,098,400
Metka SA		115,677		1,864,729
Motor Oil (Hellas) Corinth Refineries SA		170,267		1,833,122
Mytilineos Holdings SA(1)		226,317		1,936,555
National Bank of Greece SA(1)		1,016,749		3,236,810
Navios Maritime Acqisition Corp.		208,900		668,480
Navios Maritime Holdings, Inc.		171,886		1,369,931
OPAP SA		528,742		8,616,642
Piraeus Bank SA(1)		2,593,748		5,449,452
Public Power Corp. SA(1)		241,514		3,525,404
Safe Bulkers, Inc.		87,300		636,417
StealthGas, Inc.(1)		87,399		935,169
Titan Cement Co. SA		143,608		4,402,711
Tsakos Energy Navigation, Ltd.		201,000		1,423,080
Viohalco SA(1)		223,488		1,281,277
			$	76,123,271
Hungary — 1.2%
Magyar Telekom Rt.(1)		5,561,100	$	8,826,643
MOL Hungarian Oil & Gas Rt.		280,600		13,570,789
OTP Bank Rt.		1,087,430		18,847,688
Richter Gedeon Nyrt.		1,061,000		17,409,402
			$	58,654,522
India — 6.0%
ABB, Ltd.		19,900	$	340,526
ACC, Ltd.		45,970		1,053,974
Adani Enterprises, Ltd.		180,900		1,283,011
Adani Ports and Special Economic Zone, Ltd.		1,003,100		4,287,000
Aditya Birla Nuvo, Ltd.		17,702		429,487
Amtek Auto, Ltd.		152,500		648,395
Asian Paints, Ltd.		200,500		2,070,197

Security	Shares		Value
India (continued)
Axis Bank, Ltd.		610,500	$	3,953,157
Bajaj Auto, Ltd.		59,560		2,041,125
Bank of Baroda		52,460		744,249
Bank of India		247,400		1,108,539
Bharat Forge, Ltd.		63,650		754,753
Bharat Heavy Electricals, Ltd.		460,600		1,725,138
Bharat Petroleum Corp., Ltd.		190,100		1,811,944
Bharti Airtel, Ltd.(1)		1,990,760		12,235,619
Biocon, Ltd.		101,600		785,923
Cairn India, Ltd.		423,700		2,205,559
Canara Bank, Ltd.		176,800		1,152,173
Cipla, Ltd.		287,310		2,162,405
Coal India, Ltd.		402,200		2,427,856
Colgate-Palmolive (India), Ltd.		24,900		644,937
Container Corp. of India, Ltd.		54,240		1,160,078
Crompton Greaves, Ltd.		213,600		683,600
Cummins India, Ltd.		49,900		515,620
Dabur India, Ltd.		364,400		1,236,255
Divi’s Laboratories, Ltd.		46,800		1,147,598
DLF, Ltd.		445,700		1,445,361
Dr. Reddy’s Laboratories, Ltd.		73,620		3,415,333
Educomp Solutions, Ltd.(1)		157,865		81,148
Essar Oil, Ltd.(1)		274,130		519,548
GAIL (India), Ltd.		585,050		4,175,727
GlaxoSmithKline Pharmaceuticals, Ltd.		8,680		357,764
Glenmark Pharmaceuticals, Ltd.		125,460		1,356,439
GMR Infrastructure, Ltd.		1,721,400		761,338
Grasim Industries, Ltd.		8,158		432,195
Gujarat Ambuja Cements, Ltd.		522,500		1,770,395
Gujarat State Petronet, Ltd.		383,800		563,504
HCL Technologies, Ltd.		199,400		5,126,116
HDFC Bank, Ltd.		766,120		10,437,594
Hero MotoCorp, Ltd.		60,900		2,613,861
Hindalco Industries, Ltd.		515,910		1,625,344
Hindustan Petroleum Corp., Ltd.		131,400		861,011
Hindustan Unilever, Ltd.		645,300		7,268,571
Hindustan Zinc, Ltd.		148,400		395,628
Housing Development & Infrastructure, Ltd.(1)		210,614		322,223
Housing Development Finance Corp., Ltd.		1,022,900		17,864,996
ICICI Bank, Ltd.		286,970		6,925,643
IDBI Bank, Ltd.		367,000		538,068
Idea Cellular, Ltd.		1,624,900		4,177,919
IDFC, Ltd.		1,075,200		2,680,854
IFCI, Ltd.		1,864,200		1,163,035
Indiabulls Housing Finance, Ltd.		165,200		1,107,231
Indiabulls Real Estate, Ltd.		646,300		833,072

11 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
India (continued)
Indian Hotels Co., Ltd.(1)		164,280	$	255,353
Indian Oil Corp., Ltd.		158,900		869,729
Infosys, Ltd.		411,000		22,708,022
ITC, Ltd.		1,313,460		7,715,385
Jaiprakash Associates, Ltd.		658,200		631,199
Jindal Steel & Power, Ltd.		268,800		1,213,478
JSW Steel, Ltd.		135,800		2,630,766
Kotak Mahindra Bank, Ltd.		180,100		2,816,169
Larsen & Toubro, Ltd.		147,290		3,626,572
LIC Housing Finance, Ltd.		154,000		732,645
Lupin, Ltd.		148,500		2,890,249
Mahindra & Mahindra, Ltd.		226,260		4,441,125
Maruti Suzuki India, Ltd.		67,750		2,808,710
Mphasis, Ltd.		39,900		299,607
Nestle India, Ltd.		11,930		1,006,330
Nicholas Piramal India, Ltd.		76,807		820,120
NTPC, Ltd.		2,333,600		5,562,807
Oil & Natural Gas Corp., Ltd.		1,495,080		9,726,434
Oracle Financial Service Software, Ltd.(1)		16,500		903,764
Power Grid Corporation of India, Ltd.		1,946,900		4,287,173
Ranbaxy Laboratories, Ltd.(1)		158,960		1,511,213
Reliance Capital, Ltd.		153,735		1,472,526
Reliance Communications, Ltd.		1,412,060		3,119,741
Reliance Industries, Ltd.		1,105,138		18,228,373
Reliance Infrastructure, Ltd.		227,600		2,766,461
Reliance Power, Ltd.(1)		1,400,250		2,130,479
Sesa Sterlite, Ltd.		790,212		3,759,352
Siemens India, Ltd.		47,180		678,324
State Bank of India		77,300		3,084,968
Steel Authority of India, Ltd.		513,200		741,277
Sun Pharmaceutical Industries, Ltd.		533,400		6,926,493
Sun TV Network, Ltd.		147,473		1,015,941
Suzlon Energy, Ltd.(1)		2,099,450		751,282
Tata Communications, Ltd.		127,400		781,530
Tata Consultancy Services, Ltd.		402,200		17,114,418
Tata Motors, Ltd.		742,250		5,442,229
Tata Power Co., Ltd.		1,776,918		2,861,945
Tata Steel, Ltd.		149,296		1,358,811
Tata Tea, Ltd.		279,500		705,708
Tech Mahindra, Ltd.		40,211		1,429,390
Titan Co., Ltd.		234,100		1,306,894
UltraTech Cement, Ltd.		47,600		1,897,999
Unitech, Ltd.(1)		2,836,900		1,183,519
United Spirits, Ltd.		29,285		1,139,677
UPL, Ltd.		180,700		973,866
Voltas, Ltd.		296,300		934,840

Security	Shares		Value
India (continued)
Wipro, Ltd.		527,679	$	4,726,353
Yes Bank, Ltd.		209,900		1,847,703
Zee Entertainment Enterprises, Ltd.		373,114		1,787,542
			$	295,053,527
Indonesia — 2.9%
Adaro Energy Tbk PT		36,822,500	$	3,704,580
AKR Corporindo Tbk PT		5,472,400		2,063,874
Aneka Tambang Tbk PT		10,251,500		1,107,299
Astra Argo Lestari Tbk PT		775,000		1,778,468
Astra International Tbk PT		16,851,600		11,127,862
Bank Central Asia Tbk PT		12,019,000		12,027,955
Bank Danamon Indonesia Tbk PT		4,504,303		1,481,945
Bank Mandiri Tbk PT		7,743,800		6,738,308
Bank Negara Indonesia Persero Tbk PT		9,366,500		4,057,079
Bank Pan Indonesia Tbk PT(1)		4,945,000		378,244
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		12,193,000		877,310
Bank Rakyat Indonesia Tbk PT		8,635,500		8,282,920
Bank Tabungan Negara Tbk PT		10,171,500		940,768
Berlian Laju Tanker Tbk PT(1)(2)		7,544,500		0
Bhakti Investama Tbk PT		49,042,500		1,555,397
Bumi Resources Tbk PT(1)		37,563,000		608,381
Bumi Serpong Damai Tbk PT		13,777,500		1,861,862
Charoen Pokphand Indonesia Tbk PT		8,948,300		2,982,671
Energi Mega Persada Tbk PT(1)		64,369,200		498,971
Gudang Garam Tbk PT		660,000		3,051,875
Harum Energy Tbk PT		2,626,500		471,605
Holcim Indonesia Tbk PT		3,029,000		783,755
Indo Tambangraya Megah Tbk PT		976,500		2,176,315
Indocement Tunggal Prakarsa Tbk PT		2,435,200		5,271,947
Indofood Sukses Makmur Tbk PT		4,564,300		2,747,443
Indosat Tbk PT		2,794,500		960,475
Jasa Marga (Persero) Tbk PT		3,198,000		1,744,553
Kalbe Farma Tbk PT		14,699,500		2,170,887
Lippo Karawaci Tbk PT		28,867,500		2,727,023
Matahari Putra Prima Tbk PT		7,240,000		1,826,956
Medco Energi Internasional Tbk PT		4,497,500		1,344,394
Media Nusantara Citra Tbk PT		3,201,000		710,216
Pembangunan Perumahan Persero Tbk PT		9,145,000		1,751,944
Perusahaan Gas Negara Tbk PT		14,440,800		7,268,705
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,185,000		1,286,772
Semen Gresik (Persero) Tbk PT		5,479,200		7,685,287
Sigmagold Inti Perkasa Tbk PT(1)		17,097,000		654,683
Surya Semesta Internusa Tbk PT		14,275,000		887,179

12 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Indonesia (continued)
Tambang Batubara Bukit Asam Tbk PT		2,036,500	$	2,015,512
Telekomunikasi Indonesia Tbk PT		60,071,500		13,646,749
Tower Bersama Infrastructure Tbk PT		2,871,000		2,042,163
Trada Maritime Tbk PT(1)(2)		10,350,500		1,319,571
Unilever Indonesia Tbk PT		1,486,800		3,890,323
United Tractors Tbk PT		3,690,783		7,238,347
Vale Indonesia Tbk PT		5,222,500		1,782,627
Wijaya Karya Persero Tbk PT		6,522,800		1,469,405
XL Axiata Tbk PT		4,954,500		2,295,881
			$	143,296,486
Jordan — 0.7%
Al Eqbal Co. for Investment PLC		43,280	$	791,968
Arab Bank PLC		1,494,528		17,202,640
Arab Potash Co. PLC		46,536		1,712,484
Bank of Jordan		298,710		1,088,873
Capital Bank of Jordan		254,599		559,182
Jordan Ahli Bank		811,990		1,503,935
Jordan Islamic Bank		486,003		2,371,156
Jordan Petroleum Refinery		544,632		3,635,571
Jordan Phosphate Mines(1)		149,908		1,505,954
Jordan Steel(1)		453,091		416,150
Jordan Telecom Corp.		339,850		1,469,039
Jordanian Electric Power Co.		488,876		1,947,844
Royal Jordanian Airlines(1)		455,790		280,436
Taameer Jordan Holdings PSC(1)		1,228,805		217,042
Union Investment Corp.(1)		595,615		1,543,321
Union Land Development(1)		47,830		193,448
			$	36,439,043
Kazakhstan — 0.8%
Halyk Savings Bank of Kazakhstan JSC GDR(3)		712,200	$	7,330,172
Kazakhmys PLC(1)		1,613,976		8,810,078
Kazkommertsbank JSC GDR(1)		357,067		1,310,172
KazMunaiGas Exploration Production GDR(3)		683,700		12,203,630
Kcell JSC GDR(3)		563,200		8,591,867
Nostrum Oil & Gas PLC(1)		243,200		3,106,147
			$	41,352,066
Kenya — 0.8%
Athi River Mining, Ltd.		390,500	$	355,248
Bamburi Cement Co., Ltd.		606,300		1,210,964
Barclays Bank of Kenya, Ltd.		8,196,160		1,608,009
Co-operative Bank of Kenya, Ltd. (The)		8,936,200		1,942,387
East African Breweries, Ltd.		2,253,280		7,619,521

Security	Shares		Value
Kenya (continued)
Equity Bank, Ltd.		10,547,600	$	5,532,526
KenolKobil, Ltd.		4,090,000		381,924
Kenya Airways, Ltd.(1)		1,264,800		147,747
Kenya Commercial Bank, Ltd.		7,746,920		4,873,877
Kenya Electricity Generating Co., Ltd.		2,321,100		245,725
Kenya Power & Lighting, Ltd.		9,484,354		1,408,501
Mumias Sugar Co., Ltd.(1)		3,844,600		107,612
Nation Media Group, Ltd.		407,184		1,433,100
Safaricom, Ltd.		71,083,572		9,972,280
Standard Chartered Bank Kenya, Ltd.		149,188		527,221
			$	37,366,642
Kuwait — 1.4%
Agility Public Warehousing Co. KSC		1,626,187	$	4,541,818
Ahli United Bank		333,505		755,483
Al Ahli Bank of Kuwait KSC		510,925		740,139
Al Safat Energy Holding Co. KSCC(1)		1,880,000		240,295
Al Safwa Group Holding Co. KSC(1)(2)		1,361,086		0
Al-Qurain Petrochemicals Co.		2,424,073		2,193,596
Aviation Lease and Finance Co. KSCC		730,000		670,079
Boubyan Bank KSC(1)		534,465		962,320
Boubyan Petrochemicals Co.		1,606,500		4,171,574
Burgan Bank SAK		1,110,907		1,995,169
Combined Group Contracting Co.		76,865		271,368
Commercial Bank of Kuwait SAK		405,150		1,011,213
Commercial Real Estate Co. KSCC		2,186,862		743,641
Gulf Bank(1)		1,952,881		2,345,105
Gulf Cable and Electrical Industries Co.		245,000		677,125
Kuwait Cement Co.		223,100		332,779
Kuwait Finance House KSC		2,615,352		7,448,606
Kuwait Foods Co. (Americana)		425,000		4,612,235
Kuwait International Bank		1,224,000		1,280,561
Kuwait Pipes Industries & Oil Services Co.(1)(2)		1,188,500		0
Kuwait Portland Cement Co.		255,000		1,230,701
Kuwait Projects Co. Holdings KSC		1,152,829		3,015,426
Kuwait Real Estate Co.		4,120,000		1,072,974
Mabanee Co. SAKC		978,969		3,425,531
Mobile Telecommunications Co.		4,293,800		9,602,544
National Bank of Kuwait SAK		2,998,182		10,313,577
National Industries Group Holding(1)		4,055,625		3,140,450
National Investment Co.		1,510,000		796,486
National Ranges Co.(1)(2)		7,920,000		335,534
Sultan Center Food Products Co.(1)		4,020,000		1,428,423
			$	69,354,752

13 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Latvia — 0.0%(4)
Grindeks(1)		42,000	$	382,352
Latvian Shipping Co.(1)		405,000		248,484
			$	630,836
Lebanon — 0.1%
Solidere GDR(1)(3)		320,943	$	4,131,421
Solidere, Class A(1)		86,340		1,064,880
Solidere, Class B(1)		1,726		21,273
			$	5,217,574
Lithuania — 0.1%
Apranga PVA		278,536	$	1,028,734
Klaipedos Nafta PVA		1,345,900		523,913
Lesto AB		118,064		143,001
Pieno Zvaigzdes		104,200		258,153
Rokiskio Suris		122,500		258,366
Siauliu Bankas(1)		874,062		368,228
			$	2,580,395
Malaysia — 3.0%
Aeon Co. (M) Bhd		661,200	$	832,990
Airasia Bhd		1,228,200		935,848
Alliance Financial Group Bhd		560,300		854,544
AMMB Holdings Bhd		887,900		1,923,099
Astro Malaysia Holdings Bhd		979,300		1,028,191
Axiata Group Bhd		2,706,750		5,892,486
Batu Kawan Bhd		210,000		1,296,694
Berjaya Corp. Bhd		4,369,700		689,536
Berjaya Sports Toto Bhd		824,362		992,029
Boustead Holdings Bhd		596,210		976,294
British American Tobacco Malaysia Bhd		93,800		2,062,974
Bumi Armada Bhd		2,088,900		2,190,788
Bursa Malaysia Bhd		344,900		897,064
CIMB Group Holdings Bhd		1,771,500		3,868,584
Dialog Group Bhd		5,451,814		3,165,744
Digi.com Bhd		1,873,500		3,327,348
Felda Global Ventures Holdings Bhd		1,358,400		1,706,136
Gamuda Bhd		2,919,700		4,360,515
Genting Bhd		1,448,500		4,457,330
Genting Plantations Bhd		261,700		900,715
Hong Leong Bank Bhd		382,900		1,692,366
Hong Leong Financial Group Bhd		276,000		1,503,880
IGB Corp. Bhd		856,200		760,255
IHH Healthcare Bhd		2,077,100		3,053,492

Security	Shares		Value
Malaysia (continued)
IJM Corp. Bhd		1,828,190	$	3,823,154
IOI Corp. Bhd		2,088,118		3,267,588
IOI Properties Group Bhd(1)		1,044,058		820,900
KLCCP Stapled Group		399,100		801,575
KNM Group Bhd(1)		5,003,150		1,651,653
Kuala Lumpur Kepong Bhd		284,000		2,108,286
Kulim (Malaysia) Bhd(1)		860,000		875,707
Lafarge Malayan Cement Bhd		942,950		2,871,943
Malayan Banking Bhd		1,980,587		6,109,374
Malaysia Airports Holdings Bhd		342,800		805,150
Malaysia Marine and Heavy Engineering Holdings Bhd		739,000		800,121
Malaysian Resources Corp. Bhd		1,423,500		769,743
Maxis Bhd		1,737,900		3,670,909
Media Prima Bhd		575,000		446,843
MISC Bhd		482,400		981,305
MMC Corp. Bhd		1,217,800		953,697
Mudajaya Group Bhd		510,600		401,932
Multi-Purpose Holdings Bhd		940,340		899,785
Parkson Holdings Bhd(1)		861,326		782,204
Petronas Chemicals Group Bhd		3,748,800		7,774,383
Petronas Dagangan Bhd		507,500		2,941,937
Petronas Gas Bhd		298,800		2,198,315
PPB Group Bhd		404,100		1,891,601
Public Bank Bhd		837,820		5,178,438
Resorts World Bhd		2,155,600		2,963,490
RHB Capital Bhd		733,900		2,075,264
Sapurakencana Petroleum Bhd		5,340,168		7,183,422
Sime Darby Bhd		3,863,639		11,483,363
Sunway Bhd		304,600		305,256
Supermax Corp. Bhd		650,400		441,453
TA Enterprise Bhd		1,323,000		420,724
Tan Chong Motor Holdings Bhd		265,900		440,601
Telekom Malaysia Bhd		1,249,900		2,435,611
Tenaga Nasional Bhd		1,719,525		6,673,699
Top Glove Corp. Bhd		525,500		759,659
UEM Land Holdings Bhd		1,683,050		1,106,147
UMW Holdings Bhd		448,400		1,638,711
UMW Oil & Gas Corp. Bhd(1)		549,700		697,731
Unisem (M) Bhd		1,289,100		702,749
Wah Seong Corp. Bhd		442,618		257,463
WCT Bhd		1,257,800		848,376
YTL Corp. Bhd		2,863,465		1,405,692
YTL Power International Bhd(1)		1,883,197		870,394
			$	144,905,250

14 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Mauritius — 0.8%
Alteo, Ltd.		542,251	$	615,024
CIM Financial Services, Ltd.		5,820,100		1,632,614
LUX Island Resorts, Ltd.		842,920		1,309,976
MCB Group, Ltd.		2,463,900		17,383,408
New Mauritius Hotels, Ltd.		1,665,250		4,800,882
Rogers & Co., Ltd.		182,400		1,196,841
State Bank of Mauritius, Ltd.		228,365,400		8,021,730
Terra Mauricia, Ltd.		1,085,900		1,298,098
United Basalt Products, Ltd.		289,200		788,408
United Docks, Ltd.(1)		27,400		60,277
			$	37,107,258
Mexico — 5.9%
Alfa SAB de CV, Series A		6,966,000	$	19,022,133
America Movil SAB de CV ADR, Series L		905,400		21,340,278
America Movil SAB de CV, Series L		27,725,350		32,737,724
Bolsa Mexicana de Valores SAB de CV		1,503,700		3,060,860
Cemex SAB de CV ADR(1)		1,271,285		15,967,340
Cemex SAB de CV, Series CPO(1)		10,505,894		13,215,811
Coca-Cola Femsa SAB de CV, Series L		359,300		3,835,976
Compartamos SAB de CV		2,788,400		5,646,405
Controladora Comercial Mexicana SA de CV		518,500		1,907,703
Corporacion GEO SAB de CV, Series B(1)(2)		1,144,000		71,824
Desarrolladora Homex SAB de CV(1)(2)		776,450		92,504
Embotelladoras Arca SAB de CV		800,314		5,657,893
Empresas ICA SAB de CV(1)		2,013,500		3,570,079
Fibra Uno Administracion SA de CV		2,173,500		7,633,556
Fomento Economico Mexicano SAB de CV ADR		37,200		3,492,708
Fomento Economico Mexicano SAB de CV, Series UBD		1,447,100		13,608,432
Genomma Lab Internacional SA de CV(1)		1,019,300		2,725,587
Grupo Aeroportuario del Pacifico SAB de CV, Class B		442,300		2,976,659
Grupo Aeroportuario del Sureste SAB de CV, Class B		220,600		2,743,316
Grupo Bimbo SAB de CV, Series A		2,277,300		6,983,490
Grupo Carso SA de CV, Series A1		957,500		5,422,695
Grupo Elektra SA de CV		74,500		1,921,784
Grupo Financiero Banorte SAB de CV, Class O		3,428,600		22,809,786
Grupo Financiero Inbursa SAB de CV, Class O		4,951,200		15,130,747
Grupo Mexico SAB de CV, Series B		4,508,679		16,042,985
Grupo Simec SA de CV, Series B(1)		133,800		639,750
Grupo Televisa SA ADR		160,800		5,722,872
Grupo Televisa SAB, Series CPO		1,487,900		10,598,755
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		1,038,200		2,944,970
Industrias CH SAB de CV, Series B(1)		225,500		1,260,548
Industrias Penoles SAB de CV		188,600		4,707,867
Inmuebles Carso SAB de CV(1)		714,800		795,904

Security	Shares		Value
Mexico (continued)
Kimberly-Clark de Mexico SAB de CV, Class A		1,727,100	$	4,381,765
Mexichem SAB de CV		1,483,316		5,924,288
Minera Frisco SAB de CV(1)		714,800		1,403,647
Organizacion Soriana SAB de CV, Class B(1)		120,000		390,953
Promotora y Operadora de Infraestructura SAB de CV(1)		386,900		5,221,687
Ternium SA ADR		46,000		1,223,600
TV Azteca SAB de CV, Series CPO		1,240,300		682,071
Urbi Desarrollos Urbanos SAB de CV(1)(2)		2,260,600		134,234
Wal-Mart de Mexico SAB de CV, Series V		5,879,400		14,600,658
			$	288,251,844
Morocco — 0.8%
Alliances Developpement Immobilier SA		11,000	$	556,214
Attijariwafa Bank		160,000		5,927,905
Banque Centrale Populaire		150,860		3,491,096
Banque Marocaine du Commerce Exterieur (BMCE)		114,517		2,851,454
Banque Marocaine pour le Commerce et l’Industrie (BMCI)		2,860		254,780
Ciments du Maroc		4,580		483,582
Compagnie Generale Immobiliere		9,100		818,620
Delta Holding SA		52,900		189,983
Douja Promotion Groupe Addoha SA		370,934		2,521,790
Holcim Maroc SA		10,774		2,185,745
Jorf Lasfar Energy Co.		26,256		1,164,542
Label Vie		2,100		342,389
Lafarge Ciments		18,510		3,183,377
Managem		9,862		1,460,148
Maroc Telecom		823,607		10,144,014
Samir		15,717		495,070
Sonasid		4,267		484,189
Wafa Assurance		2,730		1,041,553
			$	37,596,451
Nigeria — 0.8%
Access Bank PLC		19,423,730	$	1,194,321
Afriland Properties PLC(1)(2)		1,169,236		0
Ashaka Cement PLC		2,154,293		412,626
Cadbury Nigeria PLC		397,700		173,095
Dangote Cement PLC		2,376,650		3,389,457
Dangote Flour Mills PLC(1)		2,810,000		130,002
Dangote Sugar Refinery PLC		8,508,432		481,583
Diamond Bank PLC		16,654,000		654,864
Ecobank Transnational, Inc.(1)		12,593,618		1,277,529
Fidelity Bank PLC		22,430,824		276,691
First Bank of Nigeria PLC		32,229,046		2,865,524

15 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Nigeria (continued)
First City Monument Bank PLC		23,552,733	$	619,730
Flour Mills of Nigeria PLC		1,083,000		498,124
Guaranty Trust Bank PLC		25,061,574		4,599,088
Guiness Nigeria PLC		764,975		903,622
Lafarge Cement WAPCO Nigeria PLC		2,861,300		2,126,441
Lekoil, Ltd.(1)		906,304		1,034,630
Nestle Nigeria PLC		354,060		2,448,974
Nigerian Breweries PLC		3,981,905		4,427,219
Oando PLC		20,661,194		3,540,266
PZ Cussons Nigeria PLC		1,481,250		347,835
Skye Bank PLC		16,027,300		300,933
UAC of Nigeria PLC		6,685,089		2,461,517
Unilever Nigeria PLC		2,757,800		833,036
United Bank for Africa PLC		34,626,110		1,639,802
Zenith Bank PLC		25,374,462		3,910,761
			$	40,547,670
Oman — 0.8%
Al Anwar Ceramic Tile Co.		518,955	$	783,788
Bank Dhofar SAOG		1,701,775		1,737,380
Bank Muscat SAOG		4,050,336		7,259,885
Bank Sohar SAOG		5,416,818		3,770,359
Dhofar International Development & Investment Holding Co.		303,415		453,218
Galfar Engineering & Contracting SAOG		1,882,660		1,280,703
HSBC Bank Oman SAOG		1,709,435		706,942
National Bank of Oman SAOG		1,505,190		1,452,610
Oman Cables Industry SAOG		93,600		615,974
Oman Cement Co. SAOG		741,260		1,415,630
Oman Flour Mills Co. SAOG		561,100		926,908
Oman National Investment Corp. Holdings		272,868		335,696
Oman Telecommunications Co. SAOG		1,399,971		6,237,485
Omani Qatari Telecommunications Co. SAOG		1,800,500		3,012,339
Ominvest		1,368,259		1,512,474
Raysut Cement Co. SAOG		634,209		3,408,190
Renaissance Services SAOG		1,930,523		3,085,918
Shell Oman Marketing Co. SAOG		34,398		187,958
			$	38,183,457
Pakistan — 0.9%
Adamjee Insurance Co., Ltd.		1,313,244	$	670,543
Azgard Nine, Ltd.(1)		1,954,200		112,404
Bank Alfalah, Ltd.		4,021,538		1,148,096
D.G. Khan Cement Co., Ltd.		1,053,232		920,795
Engro Corp., Ltd.(1)		1,080,287		2,004,460

Security	Shares		Value
Pakistan (continued)
Engro Fertilizers, Ltd.(1)		108,028	$	59,949
Fauji Fertilizer Bin Qasim, Ltd.		1,184,000		464,863
Fauji Fertilizer Co., Ltd.		1,768,610		1,967,116
Habib Bank, Ltd.		560,017		1,061,253
Hub Power Co., Ltd.		6,688,300		4,280,525
Kot Addu Power Co., Ltd.		1,009,900		637,033
Lucky Cement, Ltd.		878,300		3,539,008
Millat Tractors, Ltd.		162,140		826,845
Muslim Commercial Bank, Ltd.		2,465,230		7,567,605
National Bank of Pakistan		1,284,040		794,968
Nishat Mills, Ltd.		1,142,810		1,367,215
Oil & Gas Development Co., Ltd.		1,890,991		5,236,798
Pakistan Oil Fields, Ltd.		278,600		1,660,835
Pakistan Petroleum, Ltd.		1,298,277		3,041,757
Pakistan State Oil Co., Ltd.		485,020		1,974,498
Pakistan Telecommunication Co., Ltd.		3,306,700		916,018
SUI Southern Gas Co., Ltd.(1)		1,459,500		487,195
United Bank, Ltd.		745,745		1,455,367
			$	42,195,146
Panama — 0.3%
Copa Holdings SA, Class A		96,700	$	14,685,829
			$	14,685,829
Peru — 1.5%
Alicorp SA		3,247,200	$	9,680,157
Banco Continental SA		391,400		817,454
Casa Grande SAA		99,420		305,252
Cementos Pacasmayo SAA		241,600		429,549
Cia de Minas Buenaventura SA ADR		424,180		4,967,148
Cia Minera Milpo SA		676,862		659,705
Credicorp, Ltd.		132,494		19,598,513
Edegel SA		1,592,100		1,619,952
Edelnor SA		108,248		190,333
Energia del Sur SA		120,071		405,952
Ferreycorp SAA		6,227,408		3,779,576
Grana y Montero SA		1,901,212		6,346,424
Intergroup Financial Services Corp.		62,900		2,041,105
Luz del Sur SAA		484,850		1,644,440
Minsur SA		1,961,259		1,232,351
Sociedad Minera Cerro Verde SAA(1)		44,121		1,120,673
Southern Copper Corp.		420,227		13,808,659
Union Andina de Cementos SAA		1,014,000		1,165,684
Volcan Cia Minera SA, Class B		5,911,333		2,469,211
			$	72,282,138

16 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Philippines — 1.6%
Aboitiz Equity Ventures, Inc.		3,611,100	$	4,554,264
Aboitiz Power Corp.		1,176,200		990,422
Alliance Global Group, Inc.		4,540,000		2,726,873
Ayala Corp.		192,195		2,894,654
Ayala Land, Inc.		4,730,800		3,366,460
Ayala Land, Inc., PFC Shares(2)		3,951,800		9,089
Bank of the Philippine Islands		1,270,595		2,767,539
BDO Unibank, Inc.		1,274,481		2,643,186
Bloomberry Resorts Corp.(1)		5,481,900		1,445,791
DMCI Holdings, Inc.		1,733,600		2,897,181
Energy Development Corp.		6,100,000		856,756
Filinvest Land, Inc.		14,494,000		482,692
First Gen Corp.		1,768,322		901,449
First Philippine Holdings Corp.		228,500		377,145
Globe Telecom, Inc.		18,040		719,230
Holcim Philippines, Inc.		1,492,000		465,339
International Container Terminal Services, Inc.		746,400		1,936,999
JG Summit Holding, Inc.		4,019,900		4,894,461
Jollibee Foods Corp.		725,800		2,942,356
Lopez Holdings Corp.		4,600,000		555,567
LT Group, Inc.		4,594,700		1,678,167
Manila Electric Co.		271,300		1,587,937
Manila Water Co.		727,400		446,947
Megaworld Corp.		12,596,000		1,220,482
Metro Pacific Investments Corp.		7,682,400		880,429
Metropolitan Bank & Trust Co.		835,191		1,642,365
Nickel Asia Corp.		810,000		666,521
Petron Corp.		2,555,500		720,547
Philex Mining Corp.		6,094,825		1,750,391
Philex Petroleum Corp.(1)		283,500		49,154
Philippine Long Distance Telephone Co.		83,920		5,909,358
Puregold Price Club, Inc.		1,549,000		1,494,751
Robinsons Land Corp.		2,417,100		1,253,049
San Miguel Corp.		716,000		1,298,055
Semirara Mining Corp.		306,600		2,473,747
SM Investments Corp.		359,172		6,539,548
SM Prime Holdings, Inc.		5,515,999		1,932,446
Top Frontier Investment Holdings, Inc.(1)		71,600		251,013
Universal Robina Corp.		1,463,200		5,420,385
Vista Land & Lifescapes, Inc.		3,675,000		494,952
			$	76,137,697
Poland — 2.8%
Agora SA(1)		134,330	$	344,071
AmRest Holdings SE(1)		7,766		178,826
Asseco Poland SA		512,726		6,820,521

Security	Shares		Value
Poland (continued)
Bank Handlowy w Warszawie SA		50,570	$	1,758,566
Bank Millennium SA(1)		687,285		1,648,280
Bank Pekao SA		179,638		9,519,874
Bank Zachodni WBK SA		16,600		1,881,837
Bioton SA(1)		425,302		581,219
Boryszew SA(1)		122,670		211,798
BRE Bank SA		23,504		3,525,483
Budimex SA		27,910		990,904
Cinema City International NV(1)		71,200		799,459
Cyfrowy Polsat SA		1,022,728		7,651,553
Enea SA		202,800		984,915
Eurocash SA		355,800		4,394,111
Getin Holding SA(1)		365,918		323,365
Getin Noble Bank SA(1)		2,322,186		2,046,805
Globe Trade Centre SA(1)		457,190		1,019,033
Grupa Azoty SA		70,250		1,639,356
Grupa Lotos SA(1)		101,253		1,174,565
ING Bank Slaski SA		47,450		1,991,791
Jastrzebska Spolka Weglowa SA(1)		81,200		1,077,369
Kernel Holding SA(1)		97,900		902,238
KGHM Polska Miedz SA(1)		212,580		8,721,449
KOPEX SA		125,900		425,134
LPP SA		1,811		4,518,106
Lubelski Wegiel Bogdanka SA		45,700		1,675,304
Netia SA		1,111,077		2,001,363
NG2 SA		43,900		1,540,756
Orange Polska SA		1,844,550		6,091,230
Orbis SA		30,000		402,290
Polimex-Mostostal SA(1)		9,735,442		279,131
Polish Oil & Gas		2,574,400		3,985,346
Polska Grupa Energetyczna SA		1,874,600		12,471,714
Polski Koncern Naftowy Orlen SA		475,500		5,614,409
Powszechna Kasa Oszczednosci Bank Polski SA		1,151,310		13,092,907
Powszechny Zaklad Ubezpieczen SA		86,300		12,133,723
Rovese SA(1)		1,042,000		400,056
Synthos SA		844,500		1,215,302
Tauron Polska Energia SA(1)		3,279,494		5,323,805
TVN SA(1)		941,740		4,284,195
			$	135,642,159
Qatar — 1.4%
Aamal Co. QSC(1)		169,226	$	756,713
Barwa Bank(1)(2)		82,170		0
Barwa Real Estate Co.		282,093		2,903,881
Doha Bank, Ltd.		100,995		1,569,151
Gulf International Services QSC		205,956		6,452,690

17 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Qatar (continued)
Industries Qatar		238,919	$	11,240,872
Masraf Al Rayan		861,150		12,582,582
Ooredoo QSC		132,696		4,648,479
Qatar Electricity & Water Co.		50,658		2,540,479
Qatar Gas Transport Co., Ltd. (NAKILAT)		605,140		3,967,912
Qatar Insurance Co.		58,875		1,447,465
Qatar International Islamic Bank		45,943		1,044,142
Qatar Islamic Bank		113,487		3,276,697
Qatar National Bank		206,274		10,201,282
Qatar National Cement Co.		28,750		1,053,074
Qatar National Navigation		52,421		1,264,345
United Development Co.		117,835		916,828
Vodafone Qatar		734,210		3,870,954
			$	69,737,546
Romania — 0.8%
Banca Transilvania(1)		19,063,880	$	10,373,231
BRD-Group Societe Generale(1)		3,791,160		10,313,393
OMV Petrom SA		54,160,300		7,853,092
Societatea Nationala de Gaze Naturale ROMGAZ SA		319,900		3,278,129
Societatea Nationala Nuclearelectrica SA		625,000		1,590,652
Transelectrica SA		426,930		2,786,526
Transgaz SA Medias		26,800		1,692,521
			$	37,887,544
Russia — 5.4%
Aeroflot-Russian Airlines(1)		352,600	$	497,911
CTC Media, Inc.		525,667		5,083,200
Evraz PLC		481,905		777,169
Federal Grid Co. Unified Energy System JSC(1)		702,395,282		1,027,604
Federal Hydrogenerating Co. JSC		188,947,412		3,243,093
Federal Hydrogenerating Co. JSC ADR		348,000		588,756
Globaltrans Investment PLC GDR(3)		136,400		1,340,725
IDGC Holding JSC(1)		55,701,200		752,690
LSR Group GDR(3)		186,400		631,809
LUKOIL OAO ADR		475,277		26,497,262
Magnit OJSC		45,600		11,597,797
Magnit OJSC GDR(3)		199,200		11,680,814
Magnitogorsk Iron & Steel Works GDR(1)(3)		105,708		259,310
Mail.ru Group, Ltd. GDR(1)(3)		169,600		5,059,517
Mechel ADR(1)		378,000		714,420
MegaFon OAO GDR		104,900		2,919,959
MMC Norilsk Nickel		2,386		466,520
MMC Norilsk Nickel ADR		527,324		10,312,448
Mobile TeleSystems OJSC		1,688,728		13,032,174

Russia (continued)
Mosenergo	8,811,603	$	195,979
NovaTek OAO GDR(3)	81,616		8,445,766
Novolipetsk Steel GDR(3)	97,636		1,300,753
OAO Gazprom(1)	73,400		268,691
OAO Gazprom ADR	5,295,854		38,642,205
OAO Inter Rao Ues(1)	3,521,574,300		820,527
OAO TMK GDR(3)	64,757		581,414
PIK Group GDR(1)	166,400		351,498
Polymetal International PLC	160,500		1,364,890
Rosneft Oil Co. GDR(3)	1,085,850		6,699,940
Rostelecom(1)	924,107		2,270,937
Rostelecom ADR	15,064		221,441
Sberbank of Russia	11,073,488		22,545,843
Sberbank of Russia ADR	1,431,200		11,872,929
Severstal OAO GDR(3)	269,145		2,592,646
Sistema JSFC(1)	3,124,700		3,435,804
Sistema JSFC GDR(3)	41,430		1,023,254
SOLLERS	24,262		361,395
Surgutneftegas OJSC ADR	965,703		6,687,581
Surgutneftegas OJSC, PFC Shares	8,134,100		5,968,681
Tatneft ADR	210,366		7,483,189
TGK-2(1)	13,779,634		344
Transneft, PFC Shares	1,847		3,806,419
United Co. RUSAL PLC(1)	744,000		394,613
Uralkali OJSC GDR(3)	273,925		5,230,602
VimpelCom, Ltd. ADR	606,084		5,054,741
VTB Bank OJSC GDR(3)	4,248,070		9,302,459
X5 Retail Group NV GDR(1)	472,594		9,070,524
Yandex NV, Class A(1)	468,628		14,190,056
		$	266,668,299
Slovenia — 0.8%
Gorenje DD(1)	301,465	$	2,416,481
KRKA DD	159,605		14,011,305
Luka Koper	118,550		3,785,254
Mercator Poslovni Sistem(1)	18,415		2,093,621
Petrol	10,294		3,963,921
Reinsurance Co. Sava, Ltd.(1)	179,037		3,435,878
Sava DD(1)	18,004		16,956
Telekom Slovenije DD	22,042		4,135,407
Zavarovalnica Triglav DD	139,239		4,440,521
		$	38,299,344
South Africa — 6.0%
Adcock Ingram Holdings, Ltd.(1)	138,900	$	683,934
AECI, Ltd.	73,130		833,605
African Bank Investments, Ltd.	1,537,194		881,783

18 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Africa (continued)
African Rainbow Minerals, Ltd.		94,900	$	1,760,153
Allied Electronics Corp., Ltd., PFC Shares		186,200		448,089
Anglo Platinum, Ltd.(1)		58,680		2,576,125
AngloGold Ashanti, Ltd.(1)		341,471		5,854,994
Aquarius Platinum, Ltd.(1)		173,100		70,367
Arcelormittal South Africa, Ltd.(1)		50,577		179,148
Aspen Pharmacare Holdings, Ltd.		212,931		5,754,806
Aveng, Ltd.(1)		939,990		2,132,963
AVI, Ltd.		206,400		1,167,593
Barclays Africa Group, Ltd.		267,950		4,169,098
Barloworld, Ltd.		662,120		6,279,233
Bidvest Group, Ltd.		605,796		16,296,742
Capital Property Fund(1)		1,259,064		1,356,168
Capitec Bank Holdings, Ltd.		42,400		961,067
Clicks Group, Ltd.		147,300		902,908
DataTec, Ltd.		160,600		838,509
Discovery Holdings, Ltd.		331,345		2,897,370
FirstRand, Ltd.		1,817,650		7,307,721
Foschini, Ltd.		156,100		1,707,463
Gold Fields, Ltd.		681,677		2,687,119
Grindrod, Ltd.		340,300		828,421
Group Five, Ltd.		81,460		303,547
Growthpoint Properties, Ltd.		1,201,500		2,780,624
Harmony Gold Mining Co., Ltd.(1)		374,410		1,152,390
Hosken Consolidated Investments, Ltd.		5,046		79,849
Hyprop Investments, Ltd.		92,800		717,393
Illovo Sugar, Ltd.		174,700		488,373
Impala Platinum Holdings, Ltd.		490,598		4,861,578
Imperial Holdings, Ltd.		149,080		2,745,544
Investec, Ltd.		206,500		1,777,355
JD Group, Ltd.		103,590		240,732
JSE, Ltd.		105,800		980,285
Kumba Iron Ore, Ltd.		66,960		2,341,456
Kumba Resources, Ltd.		118,010		1,598,875
Lewis Group, Ltd.		62,700		371,364
Liberty Holdings, Ltd.		126,000		1,520,095
Life Healthcare Group Holdings, Ltd.		741,700		3,043,612
Massmart Holdings, Ltd.		65,350		853,939
Mediclinic International, Ltd.		237,520		1,890,114
MMI Holdings, Ltd.		873,296		2,109,810
Mondi, Ltd.		91,130		1,602,635
Mr. Price Group, Ltd.		146,900		2,774,421
MTN Group, Ltd.		2,426,940		50,236,147
Murray & Roberts Holdings, Ltd.(1)		915,850		2,131,311
Nampak, Ltd.		465,438		1,767,691
Naspers, Ltd., Class N		276,242		33,971,418

Security	Shares		Value
South Africa (continued)
Nedbank Group, Ltd.		148,030	$	3,223,968
Netcare, Ltd.		777,350		2,231,783
Northam Platinum, Ltd.(1)		207,738		849,786
Pick’n Pay Stores, Ltd.		223,470		1,217,306
PPC, Ltd.		468,427		1,403,524
Redefine Properties, Ltd.		2,560,200		2,295,690
Remgro, Ltd.		330,100		7,122,630
Reunert, Ltd.		407,260		2,440,482
RMB Holdings, Ltd.		568,400		2,948,641
RMI Holdings		562,900		1,634,773
Sanlam, Ltd.		1,292,190		7,329,431
Sappi, Ltd.(1)		415,236		1,569,567
Sasol, Ltd.		445,050		25,671,960
Shoprite Holdings, Ltd.		250,900		3,786,008
Sibanye Gold, Ltd.		800,277		1,898,193
Spar Group, Ltd.		99,800		1,151,825
Standard Bank Group, Ltd.		851,021		11,450,030
Steinhoff International Holdings, Ltd.		1,066,540		5,327,812
Sun International, Ltd.		30,482		304,341
Telkom South Africa, Ltd.(1)		309,050		1,426,812
Tiger Brands, Ltd.		128,800		3,703,063
Tongaat-Hulett		70,800		1,008,184
Truworths International, Ltd.		300,800		2,106,096
Vodacom Group (Pty), Ltd.		613,500		7,170,662
Wilson Bayly Holmes-Ovcon, Ltd.		106,200		1,267,132
Woolworths Holdings, Ltd.		459,909		3,551,380
			$	295,007,016
South Korea — 6.4%
AMOREPACIFIC Corp.		2,288	$	3,926,764
AMOREPACIFIC Group, Inc.		600		515,067
Asiana Airlines, Inc.(1)		92,200		418,511
BS Financial Group, Inc.		116,970		1,868,091
Celltrion, Inc.(1)		67,249		2,579,892
Cheil Worldwide, Inc.(1)		51,100		1,069,177
CJ CheilJedang Corp.		7,496		2,412,410
CJ Corp.		6,100		860,049
CJ O Shopping Co., Ltd.		3,130		1,197,417
Daelim Industrial Co., Ltd.		8,650		773,934
Daesang Corp.		8,000		396,806
Daewoo Engineering & Construction Co., Ltd.(1)		65,741		632,364
Daewoo Industrial Development Co., Ltd.(1)(2)		3,657		29,227
Daewoo International Corp.		21,675		780,362
Daewoo Securities Co., Ltd.(1)		125,693		1,262,578
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		45,532		1,080,492

19 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
Daewoong Pharmaceutical Co., Ltd.		5,630	$	334,385
Daum Communications Corp.		5,600		715,610
DGB Financial Group Co., Ltd.		65,650		1,065,736
Dong-A Pharmaceutical Co., Ltd.		2,407		299,415
Dong-A ST Co., Ltd.		4,078		391,814
Dongbu Insurance Co., Ltd.		36,640		2,074,497
Dongkuk Steel Mill Co., Ltd.		67,733		517,814
Doosan Corp.		6,101		728,973
Doosan Heavy Industries & Construction Co., Ltd.		23,400		681,488
Doosan Infracore Co., Ltd.(1)		34,600		434,924
E-Mart Co., Ltd.		10,328		2,319,108
GS Engineering & Construction Corp.(1)		19,935		753,423
GS Holdings Corp.		55,400		2,519,730
Hana Financial Group, Inc.		151,951		6,119,492
Hanjin Kal Corp.(1)		19,283		484,645
Hanjin Shipping Co., Ltd.(1)		98,091		526,935
Hankook Tire Co., Ltd.		21,623		1,183,555
Hanmi Pharmaceutical Co., Ltd.(1)		7,711		649,693
Hansol Paper Co., Ltd.		60,500		701,816
Hanwha Chemical Corp.		81,490		1,418,766
Hanwha Corp.		34,490		977,561
Hite-Jinro Co., Ltd.		20,121		442,936
Honam Petrochemical Corp.		11,770		1,984,387
Hynix Semiconductor, Inc.(1)		162,890		7,087,272
Hyosung Corp.		21,380		1,552,872
Hyundai Department Store Co., Ltd.		7,615		1,084,573
Hyundai Development Co.		29,900		1,110,011
Hyundai Engineering & Construction Co., Ltd.		29,816		1,817,579
Hyundai Glovis Co., Ltd.		13,870		3,539,566
Hyundai Heavy Industries Co., Ltd.		18,270		2,633,810
Hyundai Hysco Co., Ltd.		10,067		805,807
Hyundai Marine & Fire Insurance Co., Ltd.		38,700		1,144,335
Hyundai Merchant Marine Co., Ltd.(1)		68,800		688,149
Hyundai Mipo Dockyard Co., Ltd.		5,275		624,974
Hyundai Mobis		19,100		5,705,633
Hyundai Motor Co.		56,700		13,422,535
Hyundai Securities Co., Ltd.(1)		43,870		337,014
Hyundai Steel Co.		50,817		3,871,440
Hyundai Wia Corp.		5,400		980,951
Industrial Bank of Korea		96,580		1,431,967
Kangwon Land, Inc.		50,840		1,685,710
KB Financial Group, Inc.		198,011		7,735,185
KCC Corp.		2,345		1,380,432
Kia Motors Corp.		86,120		5,055,738
KJB Financial Group Co., Ltd.(1)		13,793		163,715
KNB Financial Group Co., Ltd.(1)		21,079		284,034

Security	Shares		Value
South Korea (continued)
Korea Electric Power Corp.		221,620	$	9,145,411
Korea Express Co., Ltd.(1)		4,349		569,834
Korea Gas Corp.(1)		39,170		2,331,177
Korea Investment Holdings Co., Ltd.		21,590		965,781
Korea Zinc Co., Ltd.		8,940		3,579,632
Korean Air Lines Co., Ltd.(1)		28,110		974,023
Korean Reinsurance Co.		78,574		859,678
KT Corp.		69,653		2,246,782
KT Corp. ADR		16,800		269,808
KT&G Corp.		51,115		4,937,919
Kumho Petro Chemical Co., Ltd.		12,900		1,124,512
LG Chem, Ltd.		27,318		7,644,689
LG Corp.		50,210		3,362,427
LG Display Co., Ltd.(1)		71,100		2,334,049
LG Electronics, Inc.		39,320		2,912,923
LG Hausys, Ltd.		2,858		523,275
LG Household & Health Care, Ltd.		7,450		3,459,883
LG International Corp.		20,600		594,244
LG Life Sciences, Ltd.(1)		11,000		337,858
LG Uplus Corp.		207,920		1,912,218
LIG Insurance Co., Ltd.		28,900		823,485
Lotte Shopping Co., Ltd.		5,065		1,561,770
LS Corp.		7,030		495,250
LS Industrial Systems Co., Ltd.		9,200		564,369
Macquarie Korea Infrastructure Fund		196,315		1,259,942
Medy-Tox, Inc.		3,894		576,584
Mirae Asset Securities Co., Ltd.		15,680		707,423
Naver Corp.		8,556		6,109,379
NCsoft Corp.		5,150		771,240
NHN Entertainment Corp.(1)		4,718		323,688
Nong Shim Co., Ltd.		3,700		937,960
OCI Co., Ltd.(1)		15,570		2,446,064
ORION Corp.		2,200		2,004,887
POSCO		47,127		15,314,163
S-Oil Corp.		36,885		1,971,457
S1 Corp.		9,450		703,066
Samsung C&T Corp.		48,920		3,471,746
Samsung Card Co., Ltd.		20,460		952,284
Samsung Electro-Mechanics Co., Ltd.		17,390		1,059,700
Samsung Electronics Co., Ltd.		36,500		47,238,802
Samsung Engineering Co., Ltd.(1)		12,600		844,280
Samsung Fine Chemicals Co., Ltd.		18,150		759,701
Samsung Fire & Marine Insurance Co., Ltd.		22,985		6,300,072
Samsung Heavy Industries Co., Ltd.		67,350		1,809,140
Samsung Life Insurance Co., Ltd.		59,400		6,046,374
Samsung SDI Co., Ltd.		28,662		4,413,394

20 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
Samsung Securities Co., Ltd.		34,040	$	1,604,860
Samsung Techwin Co., Ltd.		18,895		885,514
Shinhan Financial Group Co., Ltd.		242,903		11,996,424
Shinsegae Co., Ltd.		5,075		1,148,142
SK Broadband Co., Ltd.(1)		155,846		573,803
SK C&C Co., Ltd.		7,100		1,157,896
SK Chemicals Co., Ltd.		15,660		986,455
SK Holdings Co., Ltd.		9,615		1,628,551
SK Innovation Co., Ltd.		61,379		6,113,655
SK Networks Co., Ltd.(1)		64,010		696,702
SK Telecom Co., Ltd.		33,268		8,539,952
TONGYANG Securities, Inc.(1)		78,565		233,395
ViroMed Co., Ltd.(1)		9,440		480,555
Woongjin Coway Co., Ltd.		22,950		1,978,252
Woori Finance Holdings Co., Ltd.(1)		181,786		2,449,402
Woori Investment & Securities Co., Ltd.		78,408		852,244
Yuhan Corp.		6,229		1,067,245
Zyle Motor Sales Corp.(1)(2)		5,113		29,227
			$	313,247,763
Sri Lanka — 0.3%
Aitken Spence PLC		550,325	$	461,449
Chevron Lubricants Lanka PLC		399,276		959,596
Commercial Bank of Ceylon PLC		2,684,751		2,987,652
Dialog Axiata PLC		6,967,123		582,821
Distilleries Co. of Sri Lanka PLC		973,463		1,516,864
Hatton National Bank PLC		859,803		1,122,443
John Keells Holdings PLC		2,968,674		5,394,456
National Development Bank PLC		421,175		698,474
Sampath Bank PLC		512,001		840,615
			$	14,564,370
Taiwan — 6.0%
Acer, Inc.(1)		1,854,990	$	1,470,165
Advanced Semiconductor Engineering, Inc.		2,915,135		3,461,993
Ambassador Hotel		298,000		289,230
AmTRAN Technology Co., Ltd.(1)		650,067		481,631
Asia Cement Corp.		1,855,251		2,577,140
Asia Optical Co., Inc.(1)		658,907		916,123
Asustek Computer, Inc.		354,325		3,744,279
AU Optronics Corp.		4,898,837		2,207,527
Capital Securities Corp.		711,928		271,038
Catcher Technology Co., Ltd.		375,647		3,070,327
Cathay Financial Holding Co., Ltd.		4,486,533		7,465,564
Chailease Holding Co., Ltd.		408,870		1,067,004

Security	Shares		Value
Taiwan (continued)
Chang Hwa Commercial Bank		2,646,571	$	1,732,484
Cheng Shin Rubber Industry Co., Ltd.		1,614,672		4,048,234
Chicony Electronics Co., Ltd.		335,919		930,570
China Airlines, Ltd.(1)		2,591,887		878,467
China Development Financial Holding Corp.		7,962,050		2,632,066
China Life Insurance Co., Ltd.		1,709,684		1,630,624
China Motor Corp.		881,315		849,346
China Petrochemical Development Corp.		3,333,659		1,354,637
China Steel Corp.		8,601,700		7,419,272
Chipbond Technology Corp.		513,000		829,130
Chong Hong Construction Co., Ltd.		167,800		457,838
Chunghwa Telecom Co., Ltd.		2,915,746		8,894,707
Clevo Co.		394,155		725,769
Compal Electronics, Inc.		2,454,345		2,259,143
Coretronic Corp.(1)		649,505		770,449
CTBC Financial Holding Co., Ltd.		7,756,398		5,428,822
Delta Electronics, Inc.		796,105		5,409,885
Dynapack International Technology Corp.		183,374		509,304
E Ink Holdings, Inc.(1)		1,234,000		779,511
E.Sun Financial Holding Co., Ltd.		3,802,316		2,528,646
Elan Microelectronics Corp.		345,300		559,312
Epistar Corp.		526,472		1,146,232
EVA Airways Corp.(1)		1,442,118		710,746
Evergreen International Storage & Transport Corp.		868,000		565,115
Evergreen Marine Corp.(1)		2,081,252		1,194,281
Everlight Electronics Co., Ltd.		406,291		916,588
Far Eastern Department Stores, Ltd.		2,016,662		2,046,729
Far Eastern New Century Corp.		1,778,105		1,986,885
Far EasTone Telecommunications Co., Ltd.		1,673,074		3,470,514
Faraday Technology Corp.		406,880		509,586
Feng Hsin Iron & Steel Co., Ltd.		183,260		252,499
FIH Mobile, Ltd.(1)		1,391,000		779,148
First Financial Holding Co., Ltd.		3,873,253		2,631,670
Formosa Chemicals & Fibre Corp.		2,491,399		6,061,749
Formosa International Hotels Corp.		132,363		1,574,886
Formosa Petrochemical Corp.		1,005,320		2,561,608
Formosa Plastics Corp.		3,346,896		8,573,394
Formosa Taffeta Co., Ltd.		842,000		928,092
Formosan Rubber Group, Inc.		433,000		414,099
Foxconn Technology Co., Ltd.		527,059		1,302,688
Fubon Financial Holding Co., Ltd.		3,531,596		5,543,957
Giant Manufacturing Co., Ltd.		352,208		2,888,931
Gintech Energy Corp.(1)		731,649		665,485
Goldsun Development & Construction Co., Ltd.(1)		1,672,928		589,450
Great Wall Enterprise Co., Ltd.		716,068		848,259
Highwealth Construction Corp.		305,164		701,612

21 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Taiwan (continued)
Hon Hai Precision Industry Co., Ltd.		3,933,991	$	13,480,556
Hotai Motor Co., Ltd.		278,000		3,600,592
HTC Corp.		392,798		1,713,739
Hua Nan Financial Holdings Co., Ltd.		3,878,926		2,493,363
Innolux Corp.		4,571,281		2,156,940
Inventec Co., Ltd.		2,015,966		1,792,112
Kinsus Interconnect Technology Corp.		182,000		752,422
Largan Precision Co., Ltd.		57,795		4,440,043
Lite-On Technology Corp.		1,024,182		1,718,329
Macronix International Corp., Ltd.(1)		1,202,873		310,035
MediaTek, Inc.		434,462		6,723,791
Mega Financial Holding Co., Ltd.		4,098,035		3,598,770
Merida Industry Co., Ltd.		370,150		2,890,419
Motech Industries, Inc.		629,451		845,171
Nan Kang Rubber Tire Co., Ltd.		1,153,253		1,342,784
Nan Ya Plastics Corp.		3,893,214		9,045,954
Neo Solar Power Corp.		685,542		674,993
Novatek Microelectronics Corp., Ltd.		373,942		1,893,156
Pegatron Corp.		925,028		1,752,865
Phison Electronics Corp.		112,363		823,372
Pou Chen Corp.		2,417,819		2,702,600
Powertech Technology, Inc.		547,865		914,065
President Chain Store Corp.		619,664		4,929,451
Quanta Computer, Inc.		1,417,508		3,958,984
Radiant Opto-Electronics Corp.		281,264		1,168,237
Radium Life Tech Co., Ltd.		608,826		437,621
Realtek Semiconductor Corp.		429,002		1,358,692
RichTek Technology Corp.		101,478		585,390
Ruentex Development Co., Ltd.		657,306		1,177,620
Ruentex Industries, Ltd.		1,233,060		3,104,331
Sanyang Industrial Co., Ltd.		1,819,866		1,756,951
Shin Kong Financial Holding Co., Ltd.		4,539,440		1,507,790
Shin Kong Synthetic Fibers Corp.		1,321,483		488,967
Siliconware Precision Industries Co., Ltd.		1,540,243		2,102,251
Simplo Technology Co., Ltd.		205,889		1,117,319
Sino-American Silicon Products, Inc.		576,233		986,848
SinoPac Financial Holdings Co., Ltd.		4,417,872		2,071,779
Solar Applied Materials Technology Corp.		336,245		312,522
Synnex Technology International Corp.		730,818		1,142,376
Tainan Spinning Co., Ltd.		905,338		594,665
Taishin Financial Holdings Co., Ltd.		4,917,710		2,624,524
Taiwan Business Bank(1)		1,937,164		617,348
Taiwan Cement Corp.		2,568,850		3,824,207
Taiwan Cooperative Financial Holding Co., Ltd.		3,331,731		1,982,902
Taiwan Fertilizer Co., Ltd.		816,000		1,654,354
Taiwan Glass Industry Corp.		542,564		476,267

Security	Shares		Value
Taiwan (continued)
Taiwan Mobile Co., Ltd.		1,805,784	$	5,526,664
Taiwan Semiconductor Manufacturing Co., Ltd.		6,491,465		26,026,115
Taiwan Tea Corp.		395,711		274,916
Tatung Co., Ltd.(1)		2,377,785		780,028
Teco Electric & Machinery Co., Ltd.		1,099,000		1,393,117
Tong Yang Industry Co., Ltd.		758,608		933,814
TPK Holding Co., Ltd.		155,148		973,886
Tripod Technology Corp.		396,535		750,742
TSRC Corp.		693,063		1,024,856
TTY Biopharm Co., Ltd.		500,778		1,351,150
Tung Ho Steel Enterprise Corp.		991,060		867,341
U-Ming Marine Transport Corp.		186,000		293,135
Uni-President Enterprises Corp.		3,814,252		7,261,024
Unimicron Technology Corp.		948,000		794,476
United Microelectronics Corp.		5,337,090		2,461,878
Walsin Lihwa Corp.(1)		1,921,000		714,427
Wan Hai Lines, Ltd.		518,962		272,030
Waterland Financial Holdings		1,061,384		340,415
Wei Chuan Food Corp.		623,000		995,152
Wintek Corp.(1)		1,892,877		709,338
Wistron Corp.		1,490,362		1,423,994
WPG Holdings Co., Ltd.		919,489		1,219,045
Yageo Corp.		551,600		372,141
Yang Ming Marine Transport(1)		1,868,755		773,509
Yieh Phui Enterprise(1)		1,687,553		546,240
Young Fast Optoelectronics Co., Ltd.(1)		147,302		135,863
Yuanta Financial Holding Co., Ltd.		5,532,938		3,072,735
Yuen Foong Yu Paper Manufacturing Co., Ltd.		899,120		420,134
Yulon Motor Co., Ltd.		1,342,809		2,190,691
			$	296,060,763
Thailand — 3.2%
Advanced Info Service PCL(5)		1,829,700	$	11,769,164
Airports of Thailand PCL(5)		667,400		4,415,918
AP Thailand PCL(5)		4,727,000		993,055
Bangkok Bank PCL		252,500		1,527,391
Bangkok Bank PCL(5)		363,700		2,217,284
Bangkok Dusit Medical Services PCL(5)		5,594,000		2,945,325
Bangkok Land PCL(5)		13,071,100		840,795
Banpu PCL(5)		1,468,000		1,411,577
BEC World PCL(5)		1,752,100		2,715,147
Berli Jucker PCL(5)		1,563,300		2,717,731
Big C Supercenter PCL(5)		268,600		1,926,604
BTS Group Holdings PCL		6,774,200		1,794,814
Bumrungrad Hospital PCL(5)		899,500		3,359,080
Central Pattana PCL(5)		1,937,800		2,854,475

22 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Thailand (continued)
CH. Karnchang PCL(5)		1,970,620	$	1,519,912
Charoen Pokphand Foods PCL(5)		4,351,000		3,598,298
CP ALL PCL(5)		5,769,900		8,272,270
Delta Electronics (Thailand) PCL(5)		1,345,400		2,586,739
Electricity Generating PCL(5)		413,800		1,876,590
Glow Energy PCL(5)		877,300		2,307,136
Hana Microelectronics PCL(5)		1,730,900		1,990,129
Home Product Center PCL(5)		2,934,629		938,200
Indorama Ventures PCL(5)		2,106,900		1,707,764
IRPC PCL(5)		12,191,400		1,278,580
Italian-Thai Development PCL(1)(5)		9,648,906		1,545,917
Jasmine International PCL(5)		1,976,800		457,944
Kasikornbank PCL(5)		1,274,000		8,347,931
Khon Kaen Sugar Industry PCL(5)		1,832,000		755,592
Kiatnakin Bank PCL(5)		1,074,300		1,342,289
Krung Thai Bank PCL(5)		4,267,800		2,835,047
L.P.N. Development PCL(5)		1,255,000		852,604
Land & Houses PCL(5)		2,593,500		756,067
Minor International PCL(5)		2,557,797		2,559,416
Pruksa Real Estate PCL(5)		1,602,000		1,656,738
PTT Exploration & Production PCL(5)		1,579,798		7,959,000
PTT Global Chemical PCL(5)		1,844,950		3,759,408
PTT PCL(5)		975,660		9,663,074
Quality House PCL(5)		11,313,125		1,374,704
Ratchaburi Electricity Generating Holding PCL(5)		676,000		1,138,229
Samart Corp. PCL(5)		2,188,100		1,534,432
Siam Cement PCL (The)(5)		357,600		4,761,435
Siam City Cement PCL(5)		97,390		1,335,717
Siam Commercial Bank PCL(5)		1,626,100		8,950,663
Sino Thai Engineering & Construction PCL(5)		2,449,157		1,796,624
Thai Airways International PCL(1)(5)		2,173,900		1,054,328
Thai Beverage PCL		13,827,000		6,779,120
Thai Oil PCL(5)		1,094,800		1,754,076
Thai Union Frozen Products PCL(5)		1,086,302		2,203,461
Thanachart Capital PCL(5)		1,128,900		1,239,572
Thoresen Thai Agencies PCL(1)(5)		1,846,118		1,125,213
TMB Bank PCL(5)		31,616,400		2,786,483
Total Access Communication PCL(5)		1,130,500		3,571,761
Toyo-Thai Corp. PCL(5)		224,200		232,540
TPI Polene PCL(5)		1,898,600		852,721
True Corp. PCL(1)(5)		10,493,497		3,075,231
TTW PCL(5)		3,598,200		1,340,525
			$	156,961,840
Turkey — 3.6%
Akbank TAS		3,146,933	$	12,480,411
Akcansa Cimento AS		126,800		782,326

Security	Shares		Value
Turkey (continued)
Akenerji Elektrik Uretim AS(1)		598,472	$	326,320
Aksa Akrilik Kimya Sanayii AS		185,209		664,772
Albaraka Turk Katilim Bankasi AS		522,467		423,065
Anadolu Efes Biracilik ve Malt Sanayii AS(1)		359,039		4,354,557
Arcelik AS		524,754		3,320,086
Asya Katilim Bankasi AS(1)		944,900		533,419
Aygaz AS		191,813		820,290
Bagfas Bandirma Gubre Fabrikalari AS(1)		40,900		1,000,271
BIM Birlesik Magazalar AS		403,820		9,562,405
Cimsa Cimento Sanayi ve Ticaret AS		141,400		968,294
Coca-Cola Icecek AS		141,600		3,552,246
Dogan Sirketler Grubu Holding AS(1)		4,298,609		1,618,580
Dogan Yayin Holding AS(1)		2,624,303		599,175
Eczacibasi Ilac Sanayi ve Ticaret AS		557,300		563,901
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		2,927,700		3,793,798
Enka Insaat ve Sanayi AS		1,871,274		4,877,154
Eregli Demir ve Celik Fabrikalari TAS		5,387,451		11,359,602
Ford Otomotiv Sanayi AS(1)		128,600		1,761,499
Gubre Fabrikalari TAS		490,400		1,007,530
Haci Omer Sabanci Holding AS		1,437,018		6,697,350
Ihlas Holding AS(1)		4,223,700		726,475
Is Gayrimenkul Yatirim Ortakligi AS		597,942		393,062
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1)		4,080,528		4,407,957
KOC Holding AS		2,114,960		11,097,584
Koza Altin Isletmeleri AS		152,600		1,576,991
Koza Anadolu Metal Madencilik Isletmeleri AS(1)		780,100		919,081
Pegasus Hava Tasimaciligi AS(1)		86,600		1,014,009
Petkim Petrokimya Holding AS		1,455,661		2,314,863
Sekerbank TAS(1)		747,999		656,351
TAV Havalimanlari Holding AS		476,600		3,911,281
Tekfen Holding AS(1)		888,117		2,059,628
Tofas Turk Otomobil Fabrikasi AS		252,600		1,564,135
Trakya Cam Sanayii AS		1,441,952		1,827,785
Tupras-Turkiye Petrol Rafinerileri AS		368,970		9,017,035
Turcas Petrolculuk AS		395,759		462,613
Turk Hava Yollari Anonim Ortakligi (THY) AS(1)		1,781,045		5,344,196
Turk Sise ve Cam Fabrikalari AS		2,578,310		3,747,805
Turk Telekomunikasyon AS		1,415,400		4,237,331
Turkcell Iletisim Hizmetleri AS(1)		1,890,800		12,364,514
Turkiye Garanti Bankasi AS		3,413,200		14,056,320
Turkiye Halk Bankasi AS		1,017,500		7,661,304
Turkiye Is Bankasi		2,426,907		6,771,431
Turkiye Sinai Kalkinma Bankasi AS		549,995		488,387
Turkiye Vakiflar Bankasi TAO		1,413,300		3,319,637
Ulker Gida Sanayi ve Ticaret AS		277,059		2,144,177

23 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Turkey (continued)
Yapi ve Kredi Bankasi AS		953,085	$	2,171,277
Yazicilar Holding AS		193,900		1,732,929
Zorlu Enerji Elektrik Uretim AS(1)		692,954		377,914
			$	177,433,123
Ukraine — 0.1%
Astarta Holding NV(1)		43,910	$	517,294
Avangardco Investments Public, Ltd. GDR(1)(3)		53,218		484,291
Ferrexpo PLC		1,008,205		2,277,791
MHP SA GDR(3)		91,701		1,184,198
			$	4,463,574
United Arab Emirates — 1.7%
Aabar Investments (PJSC)(1)(2)		2,497,440	$	1,325,876
Abu Dhabi Commercial Bank (PJSC)		3,434,300		8,377,604
Abu Dhabi National Hotels		718,461		703,194
Agthia Group (PJSC)		1,252,100		2,049,090
Air Arabia (PJSC)		8,363,873		3,141,096
Ajman Bank (PJSC)(1)		709,500		521,886
Al Waha Capital PJSC		2,092,394		1,774,730
Aldar Properties (PJSC)		5,492,459		5,607,418
Amlak Finance (PJSC)(1)(2)		227,500		0
Arabtec Holding Co.(1)		8,068,810		9,260,961
DP World, Ltd.		534,316		10,578,533
Drake & Scull International (PJSC)(1)		2,581,450		1,029,994
Dubai Financial Market		3,108,400		2,866,261
Dubai Investments (PJSC)		1,667,770		1,595,500
Emaar Properties (PJSC)		5,975,170		15,828,867
First Gulf Bank (PJSC)		1,661,512		8,200,372
Gulf Pharmaceutical Industry-Julphar		122,430		104,285
National Bank of Abu Dhabi (PJSC)		2,011,949		7,910,905
National Central Cooling Co. (Tabreed)		828,054		392,602
Ras Al Khaimah Ceramics		334,915		291,588
Ras Al Khaimah Properties (PJSC)		2,150,800		591,751
Union National Bank		1,992,209		3,573,436
			$	85,725,949
Vietnam — 0.8%
Bank for Foreign Trade of Vietnam JSC		1,556,456	$	1,876,053
Baoviet Holdings		676,500		1,343,836
Development Investment Construction Corp.(1)		220,934		159,431
FPT Corp.		845,832		2,013,560
Gemadept Corp.		312,000		512,348
HAGL JSC		1,488,938		1,779,712
HCM City Infrastructure Investment JSC		547,500		545,666

Security	Shares		Value
Vietnam (continued)
Hoa Phat Group JSC		1,425,231	$	3,853,183
Kim Long Securities Corp.		1,377,700		719,716
Kinh Bac City Development Share Holding Corp.(1)		328,860		162,490
Kinhdo Corp.		606,900		1,649,837
Masan Group Corp.(1)		315,390		1,320,802
PetroVietnam Construction JSC(1)		919,725		186,338
PetroVietnam Drilling and Well Services JSC		645,791		2,889,918
PetroVietnam Fertilizer & Chemical JSC		880,500		1,259,948
PetroVietnam Gas JSC		111,000		590,780
PetroVietnam Technical Services JSC		1,713,000		2,718,294
Pha Lai Thermal Power JSC		483,390		498,532
Phu Nhuan Jewelry JSC		181,200		259,845
Refrigeration Electrical Engineering Corp.		1,182,100		1,527,805
Saigon Securities, Inc.		882,600		1,057,396
Song Da Urban & Industrial Zone Investment and Development JSC(1)		153,250		134,666
Tan Tao Investment Industry Co.(1)		1,554,838		570,836
Vietnam Construction and Import-Export JSC		621,655		384,751
Vietnam Dairy Products JSC		519,727		3,330,785
Vietnam Joint Stock Commercial Bank for Industry and Trade		2,825,273		1,954,773
Vincom JSC(1)		1,176,119		4,094,712
			$	37,396,013
Total Common Stocks (identified cost $4,211,584,843)			$	4,767,987,715

Equity-Linked Securities(6)(7) — 0.9%
Security	Maturity Date		Shares		Value
Saudi Arabia — 0.9%
Abdullah Al Othaim Markets		7/31/17		36,000	$	1,065,485
Al Abdullatif Industrial Investment Co.		5/4/15		64,200		745,497
Al Rajhi Bank		2/16/15		149,493		2,725,467
Al Tayyar		7/2/15		52,625		1,852,200
Alinma Bank		2/23/15		250,600		1,341,399
Almarai Co.		11/24/14		59,399		1,150,238
Arab National Bank		5/11/15		70,000		557,140
Bank Albilad		4/30/15		83,166		1,061,086
Banque Saudi Fransi		2/23/15		100,840		942,415
Dar Al Arkan Real Estate Development		8/10/15		185,500		687,519
Etihad Etissalat Co.		12/5/14		134,038		3,167,425
Fawaz Abdulaziz Alhokair Co.		2/23/15		30,000		1,709,817
Jarir Marketing Co.		5/4/15		25,425		1,368,567
Mobile Telecommunications Co.		5/4/15		227,977		615,470

24 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Maturity Date		Shares		Value
Saudi Arabia (continued)
National Industrialization Co.		5/4/15		156,903	$	1,541,674
Rabigh Refining and Petrochemicals Co.		10/13/14		92,400		833,975
Riyad Bank		12/15/14		80,600		820,959
Sahara Petrochemical Co.		9/21/15		122,800		802,203
Samba Financial Group		2/10/15		109,344		1,277,007
Saudi Airlines Catering Co.		8/3/15		5,500		278,637
Saudi Arabian Amiantit Co.		5/11/15		106,500		513,990
Saudi Arabian Fertilizer Co.		5/11/15		28,633		1,227,271
Saudi Arabian Mining Co.		5/11/15		54,900		562,116
Saudi Basic Industries Corp.		2/23/15		107,696		3,697,171
Saudi British Bank		3/27/15		62,300		863,802
Saudi Cable Co.		8/10/15		97,900		332,821
Saudi Cement Co.		8/10/15		25,900		763,105
Saudi Chemical Co.		5/1/15		25,900		486,868
Saudi Electricity Co.		3/27/15		268,400		1,241,672
Saudi Industrial Investment Group		3/27/15		95,000		995,495
Saudi International Petrochemical Co.		3/27/15		40,200		407,318
Saudi Kayan Petrochemical Co.		3/27/15		247,500		1,019,601
Saudi Telecom Co.		5/11/15		98,200		1,911,424
Savola Group		2/2/15		115,300		2,513,275
Yanbu National Petrochemical Co.		3/9/15		51,400		990,200
Total Equity-Linked Securities (identified cost $28,787,218)					$	42,070,309

Investment Funds — 0.1%
Security	Shares		Value
Vietnam Enterprise Investments, Ltd.(1)		1,239,727	$	3,570,414
Total Investment Funds (identified cost $5,027,204)			$	3,570,414
Rights(1) — 0.0%(4)
Security	Shares		Value
Bumi Resources Tbk PT, Exp. 9/1/14		58,222,650	$	5,029
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares, Exp. 8/15/14		2,986		4,751
Indian Hotels Co., Ltd., Exp. 8/20/14		36,963		24,093
True Corp. PCL, Exp. 8/28/14		4,079,105		387,458
Total Rights (identified cost $0)			$	421,331

Warrants(1) — 0.0%
Security	Shares		Value
Malaysian Resources Corp. Bhd, Exp. 9/16/18, Strike MYR 2.30		1	$	0
Total Warrants (identified cost $0)			$	0
Short-Term Investments — 0.5%
Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Euro Time Deposit, 0.01%, 8/1/14	$	25,025	$	25,025,476
Total Short-Term Investments (identified cost $25,025,476)			$	25,025,476
Total Investments — 98.9% (identified cost $4,270,424,741)			$	4,839,075,245
Other Assets, Less Liabilities — 1.1%			$	55,100,371
Net Assets — 100.0%			$	4,894,175,616

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.
PFC Shares	–	Preference Shares
MYR	–	Malaysian Ringgit

⁽¹⁾  Non-income producing security.

⁽²⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).

⁽³⁾  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 July 31, 2014, the aggregate value of these securities is $88,074,588 or 1.8% of the Fund’s net assets.

⁽⁴⁾  Amount is less than 0.05%.

⁽⁵⁾  Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁶⁾  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.

25 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

⁽⁷⁾  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 July 31, 2014, the aggregate value of these securities is $42,070,309 or 0.9% of the Fund’s net assets.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		12.6	%	$	618,699,528
Hong Kong Dollar		8.4			412,868,799
South Korean Won		6.4			312,977,955
New Taiwan Dollar		6.0			295,281,615
Indian Rupee		6.0			295,077,620
South African Rand		6.0			294,936,649
Brazilian Real		5.8			283,713,038
Mexican Peso		4.9			240,505,046
New Turkish Lira		3.6			177,433,123
Thai Baht		3.1			149,309,147
Malaysian Ringgit		3.0			144,905,250
Indonesian Rupiah		2.9			143,301,515
Polish Zloty		2.8			136,159,453
Chilean Peso		2.7			133,864,071
Euro		2.3			111,147,892
Egyptian Pound		1.9			92,696,594
United Arab Emirates Dirham		1.7			81,038,466
Kuwaiti Dinar		1.6			76,502,745
Philippine Peso		1.6			76,137,697
Qatari Riyal		1.4			69,737,546
Colombian Peso		1.4			66,237,620
Czech Koruna		1.3			65,994,555
Hungarian Forint		1.2			58,654,522
Other currency, less than 1% each		10.3			501,894,799
Total Investments		98.9	%	$	4,839,075,245

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		27.2	%	$	1,332,969,188
Materials		10.1			493,684,748
Energy		9.9			486,572,125
Telecommunication Services		9.9			485,365,028
Industrials		9.9			483,720,751
Consumer Staples		8.5			416,227,242
Information Technology		7.8			381,069,233
Consumer Discretionary		7.8			380,151,888
Utilities		4.9			237,820,127
Health Care		2.3			112,899,025
Short-Term Investments		0.5			25,025,476
Investment Funds		0.1			3,570,414
Total Investments		98.9	%	$	4,839,075,245

26 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2014
Investments, at value (identified cost, $4,270,424,741)	$	4,839,075,245
Cash		1,152,719
Foreign currency, at value (identified cost, $24,957,790)		24,750,472
Dividends and interest receivable		16,580,440
Receivable for Fund shares sold		30,345,945
Tax reclaims receivable		650,926
Total assets	$	4,912,555,747
Liabilities
Payable for investments purchased	$	3,452,205
Payable for Fund shares redeemed		9,270,756
Payable to affiliates:
Investment adviser fee		3,208,343
Administration fee		622,559
Distribution and service fees		173,863
Accrued foreign capital gains taxes		827,580
Accrued expenses		824,825
Total liabilities	$	18,380,131
Net Assets	$	4,894,175,616
Sources of Net Assets
Paid-in capital	$	4,258,523,433
Accumulated net realized gain		22,550,615
Accumulated undistributed net investment income		45,678,324
Net unrealized appreciation		567,423,244
Total	$	4,894,175,616
Investor Class Shares
Net Assets	$	721,769,593
Shares Outstanding		45,105,899
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	16.00
Class C Shares
Net Assets	$	20,568,241
Shares Outstanding		1,300,695
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	15.81
Institutional Class Shares
Net Assets	$	4,151,836,778
Shares Outstanding		258,413,872
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	16.07
Class R6 Shares
Net Assets	$	1,004
Shares Outstanding		62
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding, including fractional shares)	$	16.08

* Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

27 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2014
Dividends (net of foreign taxes, $9,669,143)	$	86,842,767
Interest (net of foreign taxes, $288)		2,335
Total investment income	$	86,845,102
Expenses
Investment adviser fee	$	17,505,177
Administration fee		3,389,460
Distribution and service fees
Investor Class		909,313
Class C		101,039
Trustees’ fees and expenses		34,000
Custodian fee		2,445,356
Transfer and dividend disbursing agent fees		989,180
Legal and accounting services		78,406
Printing and postage		232,999
Registration fees		254,260
Miscellaneous		77,212
Total expenses	$	26,016,402
Deduct —
Reduction of custodian fee	$	118
Total expense reductions	$	118
Net expenses	$	26,016,284
Net investment income	$	60,828,818
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	39,117,117
Foreign currency transactions		201,669
Net realized gain	$	39,318,786
Change in unrealized appreciation (depreciation) —
Investments (net of decrease in accrued foreign capital gains taxes of $408,751)	$	479,149,414
Foreign currency		(265,115	)
Net change in unrealized appreciation (depreciation)	$	478,884,299
Net realized and unrealized gain	$	518,203,085
Net increase in net assets from operations	$	579,031,903

28 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31, 2014
From operations —
Net investment income	$	60,828,818		$	60,340,212
Net realized gain from investment and foreign currency transactions		39,318,786			50,565,991
Net change in unrealized appreciation (depreciation) from investments and foreign currency		478,884,299			(361,780,951	)
Net increase (decrease) in net assets from operations	$	579,031,903		$	(250,874,748	)
Distributions to shareholders —
From net investment income
Investor Class	$	—		$	(10,167,892	)
Class C		—			(104,628	)
Institutional Class		—			(53,474,366	)
Total distributions to shareholders	$	—		$	(63,746,886	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	75,956,551		$	421,136,418
Class C		496,873			2,992,656
Institutional Class		587,160,595			1,414,075,531
Class R6		1,000			—
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		—			8,965,960
Class C		—			81,618
Institutional Class		—			43,279,391
Cost of shares redeemed
Investor Class		(204,133,916	)		(353,127,985	)
Class C		(2,228,368	)		(4,912,768	)
Institutional Class		(310,546,358	)		(550,702,918	)
Net increase in net assets from Fund share transactions	$	146,706,377		$	981,787,903
Net increase in net assets	$	725,738,280		$	667,166,269
Net Assets
At beginning of period	$	4,168,437,336		$	3,501,271,067
At end of period	$	4,894,175,616		$	4,168,437,336
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	45,678,324		$	(15,150,494	)

29 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Financial Highlights

	Investor Class
	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31,						Period Ended January 31,  2012(1)			Year Ended October 31,
				2014			2013						2011			2010			2009
Net asset value — Beginning of period	$	14.070		$	15.260		$	13.940		$	13.750		$	15.540		$	12.440		$	8.290
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.184		$	0.201		$	0.173		$	(0.014	)	$	0.201		$	0.105		$	0.121
Net realized and unrealized gain (loss)		1.746			(1.204	)		1.339			0.328			(1.826	)		3.082			4.120
Total income (loss) from operations	$	1.930		$	(1.003	)	$	1.512		$	0.314		$	(1.625	)	$	3.187		$	4.241
Less Distributions
From net investment income	$	—		$	(0.187	)	$	(0.181	)	$	(0.124	)	$	(0.165	)	$	(0.089	)	$	(0.092	)
Tax return of capital		—			—			(0.011	)		—			—			—			—
Total distributions	$	—		$	(0.187	)	$	(0.192	)	$	(0.124	)	$	(0.165	)	$	(0.089	)	$	(0.092	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	—		$	0.000	(4)	$	0.002		$	0.001
Net asset value — End of period	$	16.000		$	14.070		$	15.260		$	13.940		$	13.750		$	15.540		$	12.440
Total Return(5)		13.72	%(6)		(6.62	)%		10.89	%		2.38	%(6)		(10.59	)%		25.77	%		51.81	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	721,770		$	755,768		$	738,776		$	493,567		$	481,194		$	267,040		$	104,727
Ratios (as a percentage of average daily net assets):
Expenses(7)		1.36	%(8)		1.38	%		1.42	%		1.45	%(8)		1.45	%		1.51	%		1.57	%(9)
Net investment income (loss)		2.43	%(8)		1.36	%		1.22	%		(0.43	)%(8)		1.33	%		0.77	%		1.26	%
Portfolio Turnover		3	%(6)		7	%		3	%		0	%(6)(10)		3	%		8	%		11	%

  ⁽¹⁾ For the three months ended January 31, 2012. The Fund changed its fiscal year-end from October 31 to January 31.

  ⁽²⁾ Computed using average shares outstanding.

  ⁽³⁾ Redemption fees were discontinued as of January 1, 2011.

  ⁽⁴⁾ Amount is less than $0.0005.

  ⁽⁵⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if applicable, which were eliminated effective March 1, 2013.

  ⁽⁶⁾ Not annualized.

  ⁽⁷⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽⁸⁾ Annualized.

  ⁽⁹⁾ The investment adviser and administrator waived a portion of its fees and subsidized certain operating expenses (equal to 0.02% of average daily net assets for the year ended October 31, 2009).

⁽¹⁰⁾  Amount is less than 0.5%.

30 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Financial Highlights — continued

	Class C
	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31,						Period Ended January 31, 2012(1)			Year Ended October 31,
				2014			2013						2011			2010			2009
Net asset value — Beginning of period	$	13.960		$	15.130		$	13.820		$	13.530		$	15.310		$	12.280		$	8.160
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.128		$	0.091		$	0.095		$	(0.038	)	$	0.074		$	0.020		$	0.042
Net realized and unrealized gain (loss)		1.722			(1.188	)		1.294			0.333			(1.792	)		3.032			4.087
Total income (loss) from operations	$	1.850		$	(1.097	)	$	1.389		$	0.295		$	(1.718	)	$	3.052		$	4.129
Less Distributions
From net investment income	$	—		$	(0.073	)	$	(0.075	)	$	(0.005	)	$	(0.062	)	$	(0.024	)	$	(0.010	)
Tax return of capital		—			—			(0.004	)		—			—			—			—
Total distributions	$	—		$	(0.073	)	$	(0.079	)	$	(0.005	)	$	(0.062	)	$	(0.024	)	$	(0.010	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	—		$	0.000	(4)	$	0.002		$	0.001
Net asset value — End of period	$	15.810		$	13.960		$	15.130		$	13.820		$	13.530		$	15.310		$	12.280
Total Return(5)		13.25	%(6)		(7.27	)%		10.07	%		2.18	%(6)		(11.27	)%		24.91	%		50.69	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	20,568		$	19,779		$	23,348		$	22,646		$	22,866		$	22,800		$	16,918
Ratios (as a percentage of average daily net assets):
Expenses(7)		2.10	%(8)		2.13	%		2.16	%		2.19	%(8)		2.19	%		2.26	%		2.32	%(9)
Net investment income (loss)		1.71	%(8)		0.63	%		0.68	%		(1.18	)%(8)		0.49	%		0.15	%		0.44	%
Portfolio Turnover		3	%(6)		7	%		3	%		0	%(6)(10)		3	%		8	%		11	%

  ⁽¹⁾ For the three months ended January 31, 2012. The Fund changed its fiscal year-end from October 31 to January 31.

  ⁽²⁾ Computed using average shares outstanding.

  ⁽³⁾ Redemption fees were discontinued as of January 1, 2011.

  ⁽⁴⁾ Amount is less than $0.0005.

  ⁽⁵⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

  ⁽⁶⁾ Not annualized.

  ⁽⁷⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽⁸⁾ Annualized.

  ⁽⁹⁾ The investment adviser and administrator waived a portion of its fees and subsidized certain operating expenses (equal to 0.02% of average daily net assets for the year ended October 31, 2009).

⁽¹⁰⁾  Amount is less than 0.5%.

31 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Financial Highlights — continued

	Institutional Class
	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31,						Period Ended January 31, 2012(1)			Year Ended October 31,
				2014			2013						2011			2010			2009
Net asset value — Beginning of period	$	14.110		$	15.310		$	13.970		$	13.810		$	15.580		$	12.460		$	8.320
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.208		$	0.224		$	0.222		$	(0.006	)	$	0.233		$	0.163		$	0.156
Net realized and unrealized gain (loss)		1.752			(1.197	)		1.339			0.322			(1.821	)		3.071			4.109
Total income (loss) from operations	$	1.960		$	(0.973	)	$	1.561		$	0.316		$	(1.588	)	$	3.234		$	4.265
Less Distributions
From net investment income	$	—		$	(0.227	)	$	(0.209	)	$	(0.156	)	$	(0.182	)	$	(0.116	)	$	(0.126	)
Tax return of capital		—			—			(0.012	)		—			—			—			—
Total distributions	$	—		$	(0.227	)	$	(0.221	)	$	(0.156	)	$	(0.182	)	$	(0.116	)	$	(0.126	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	—		$	0.000	(4)	$	0.002		$	0.001
Net asset value — End of period	$	16.070		$	14.110		$	15.310		$	13.970		$	13.810		$	15.580		$	12.460
Total Return(5)		13.89	%(6)		(6.42	)%		11.22	%		2.41	%(6)		(10.39	)%		26.22	%		52.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,151,837		$	3,392,890		$	2,739,147		$	1,988,618		$	1,845,906		$	1,623,796		$	846,944
Ratios (as a percentage of average daily net assets):
Expenses(7)		1.11	%(8)		1.13	%		1.16	%		1.20	%(8)		1.20	%		1.26	%		1.33	%(9)
Net investment income (loss)		2.74	%(8)		1.52	%		1.56	%		(0.18	)%(8)		1.53	%		1.19	%		1.56	%
Portfolio Turnover		3	%(6)		7	%		3	%		0	%(6)(10)		3	%		8	%		11	%

  ⁽¹⁾ For the three months ended January 31, 2012. The Fund changed its fiscal year-end from October 31 to January 31.

  ⁽²⁾ Computed using average shares outstanding.

  ⁽³⁾ Redemption fees were discontinued as of January 1, 2011.

  ⁽⁴⁾ Amount is less than $0.0005.

  ⁽⁵⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

  ⁽⁶⁾ Not annualized.

  ⁽⁷⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽⁸⁾ Annualized.

  ⁽⁹⁾ The investment adviser and administrator waived a portion of its fees and subsidized certain operating expenses (equal to 0.02% of average daily net assets for the year ended October 31, 2009).

⁽¹⁰⁾  Amount is less than 0.5%.

32 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Financial Highlights — continued

	Class R6
	Period Ended July 31,  2014(1) (Unaudited)
Net asset value — Beginning of period	$	15.950
Income (Loss) From Operations
Net investment income(2)	$	0.040
Net realized and unrealized gain		0.090
Total income from operations	$	0.130
Net asset value — End of period	$	16.080
Total Return(3)		0.82	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.07	%(6)
Net investment income		2.92	%(6)
Portfolio Turnover		3	%(4)(7)

⁽¹⁾  For the period from the commencement of operations, July 1, 2014, to July 31, 2014.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁶⁾  Annualized.

⁽⁷⁾  For the Fund’s six months ended July 31, 2014.

33 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2014

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Parametric Emerging Markets Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (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 capital appreciation. The Fund offers four classes of shares. Investor Class, Institutional Class and Class R6 shares are sold at net asset value and are not subject to a sales charge. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective March 1, 2013, Class C shares of the Fund are no longer available for purchase, except by existing shareholders (including shares acquired through the reinvestment of dividends and distributions) or qualified retirement plans. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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.

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

Equity Securities. Equity securities (including common shares of closed-end investment companies) 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.

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, 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. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D  Federal 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.

34

Parametric Emerging Markets Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

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.

At January 31, 2014, the Fund, for federal income tax purposes, had a capital loss carryforward of $10,862,282 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 carryforward will expire on January 31, 2017 ($9,781,273) and January 31, 2019 ($1,081,009) and its character is short-term. In addition, such capital loss carryforward cannot be utilized prior to the utilization of new capital losses, if any, created after January 31, 2014.

Additionally, at January 31, 2014, the Fund had a late year ordinary loss of $2,561,639 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

As of July 31, 2014, 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  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

G  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.

H  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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  Interim Financial Statements — The interim financial statements relating to July 31, 2014 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders

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. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class 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. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be 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.

35

Parametric Emerging Markets Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.85% of the Fund’s average daily net assets up to $500 million, 0.80% on net assets of $500 million but less than $1 billion, 0.775% on net assets of $1 billion but less than $2.5 billion, 0.75% on net assets of $2.5 billion but less than $5 billion and 0.73% on average daily net assets of $5 billion and over, and is payable monthly. For the six months ended July 31, 2014, the investment adviser fee amounted to $17,505,177 or 0.77% (annualized) of the Fund’s average daily net assets. 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 0.15% of the Fund’s average daily net assets. For the six months ended July 31, 2014, the administration fee amounted to $3,389,460.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2014, EVM earned $26,354 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 2014, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 31, 2014 amounted to $909,313 for Investor Class shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended July 31, 2014, the Fund paid or accrued to EVD $75,779 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended July 31, 2014 amounted to $25,260 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended July 31, 2014, the Fund was informed that EVD received approximately $200 of CDSCs paid by Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $280,733,167 and $136,665,588, respectively, for the six months ended July 31, 2014.

36

Parametric Emerging Markets Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Investor Class	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31, 2014
Sales		4,994,627			28,688,546
Issued to shareholders electing to receive payments of distributions in Fund shares		—			610,344
Redemptions		(13,587,786	)		(24,010,356	)
Net increase (decrease)		(8,593,159	)		5,288,534
Class C	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31, 2014
Sales		32,482			207,316
Issued to shareholders electing to receive payments of distributions in Fund shares		—			5,598
Redemptions		(148,602	)		(338,798	)
Net decrease		(116,120	)		(125,884	)
Institutional Class	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31, 2014
Sales		38,482,588			95,945,622
Issued to shareholders electing to receive payments of distributions in Fund shares		—			2,938,163
Redemptions		(20,462,542	)		(37,453,290	)
Net increase		18,020,046			61,430,495
Class R6	Period Ended July 31, 2014 (Unaudited)(1)
Sales		62
Net increase		62

⁽¹⁾ Class R6 commenced operations on July 1, 2014.

37

Parametric Emerging Markets Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

8  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	4,288,919,485
Gross unrealized appreciation	$	978,352,883
Gross unrealized depreciation		(428,197,123	)
Net unrealized appreciation	$	550,155,760

9  Line of Credit

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. 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 six months ended July 31, 2014.

10  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of 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.

11  Fair Value Measurements

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

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

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

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

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

38

Parametric Emerging Markets Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

At July 31, 2014, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	64,838,005	$	1,993,401,039		$	1,387,114	$	2,059,626,158
Emerging Europe		45,939,492		860,840,008			0		906,779,500
Latin America		924,970,842		—			298,562		925,269,404
Middle East/Africa		19,259,850		855,391,393			1,661,410		876,312,653
Total Common Stocks	$	1,055,008,189	$	3,709,632,440	**	$	3,347,086	$	4,767,987,715
Equity-Linked Securities	$	—	$	42,070,309		$	—	$	42,070,309
Investment Funds		—		3,570,414			—		3,570,414
Rights		421,331		—			—		421,331
Short-Term Investments		—		25,025,476			—		25,025,476
Warrants		0		—			—		0
Total Investments	$	1,055,429,520	$	3,780,298,639		$	3,347,086	$	4,839,075,245

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended July 31, 2014 is not presented.

At July 31, 2014, investments having a value of $5,304,411 and $355,997,584 at January 31, 2014 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, during the six months then ended. The change in the level designations within the fair value hierarchy was due to an increase or decrease in the coverage of foreign equity securities provided by the Fund’s fair valuation pricing service as discussed in Note 1A.

39

Parametric Emerging Markets Fund

July 31, 2014

Special Meeting of Shareholders (Unaudited)

The Fund held a Special Meeting of Shareholders on May 29, 2014 to elect five Trustees. The results of the vote were as follows:

	Number of Shares(1)
Nominee for Trustee	For		Withheld
Scott E. Eston		253,774,467		440,435
Cynthia E. Frost		253,799,361		415,541
George J. Gorman		253,771,953		442,950
Valerie A. Mosley		253,809,882		405,021
Harriett Tee Taggart		253,802,280		412,622

⁽¹⁾  Excludes fractional shares.

40

Parametric Emerging Markets Fund

July 31, 2014

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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 mutual funds advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 28, 2014, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing 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 the Contract Review Committee of the Board, 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 2014, as well as information considered throughout the year at meetings of the Board and its committees. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

Ÿ An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

Ÿ An independent report comparing each fund’s total expense ratio and its components to comparable funds;

Ÿ An independent report comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

Ÿ Data regarding investment performance in comparison to benchmark indices and customized peer groups identified by the adviser in consultation with the Board;

Ÿ For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

Ÿ Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

Ÿ Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

Ÿ Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and the fund’s policies with respect to “soft dollar” arrangements;

Ÿ Data relating to portfolio turnover rates of each fund;

Ÿ The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Ÿ Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

Ÿ Reports detailing the financial results and condition of each adviser;

Ÿ Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

Ÿ Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

Ÿ Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

Ÿ Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

Ÿ Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Ÿ A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

41

Parametric Emerging Markets Fund

July 31, 2014

Board of Trustees’ Contract Approval — continued

Other Relevant Information

Ÿ Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

Ÿ Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

Ÿ The terms of each advisory agreement.

Over the course of the twelve-month period ended April 30, 2014, 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 seven, seventeen, eleven, six and ten 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 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.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of 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 advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each 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 advisory and sub-advisory agreement. In evaluating each 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 Funds’ advisers and sub-advisers.

Results of the Process

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 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 Eaton Vance Management, 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.

Nature, Extent and Quality of Services

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. With respect to the Adviser, the Board considered the Adviser’s responsibilities supervising the Sub-adviser. With respect to the Sub-adviser, the Board considered the abilities and experience of 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. With respect to the Sub-adviser, the Board noted the Sub-adviser’s experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board reviewed 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 evaluated 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.

42

Parametric Emerging Markets Fund

July 31, 2014

Board of Trustees’ Contract Approval — continued

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.

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, and five-year periods ended September 30, 2013 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual fee rates for investment advisory and administrative services payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2013, as compared to a group of similarly managed funds selected by an independent data provider. 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, including the negotiation of reduced fees for transfer agency and custody services.

After reviewing 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.

Profitability

The Board reviewed 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.

Economies of Scale

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, the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from economies of scale in the future.

43

Parametric Emerging Markets Fund

July 31, 2014

Officers and Trustees

Officers of Parametric Emerging Markets Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Parametric Emerging Markets Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Harriett Tee Taggart

* Interested Trustee

44

Eaton Vance Funds

IMPORTANT NOTICES

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

Ÿ Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

Ÿ None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

Ÿ Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’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.

45

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing the program is available to investors at www.FINRA.org.

7750    7.31.14

Parametric Global

Small-Cap Fund

Semiannual Report

July 31, 2014

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

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

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

Semiannual Report July 31, 2014

Parametric Global Small-Cap Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Special Meeting of Shareholders	27
Board of Trustees’ Contract Approval	28
Officers and Trustees	31
Important Notices	32

Parametric Global Small-Cap Fund

July 31, 2014

Performance^1,2

Portfolio Managers David Stein, Ph.D., Thomas Seto and Paul Bouchey, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Institutional Class at NAV		12/20/2012		12/20/2012		6.18	%		12.05	%		—			13.95	%
Russell Global 2000 Index		—		—		4.53	%		12.55	%		13.22	%		15.57	%
% Total Annual Operating Expense Ratios3														Institutional Class
Gross															3.72	%
Net															0.86

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than 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.

2

Parametric Global Small-Cap Fund

July 31, 2014

Fund Profile

Sector Allocation (% of net assets)⁴

* Amount is less than 0.05%.

Top 10 Holdings (% of net assets)⁴

Targa Resources Corp.	0.4	%
Pilgrim’s Pride Corp.	0.4
SunEdison, Inc.	0.4
Puma Biotechnology, Inc.	0.4
Advantech Co., Ltd.	0.4
Kaken Pharmaceutical Co., Ltd.	0.4
WH Smith PLC	0.3
Kose Corp.	0.3
Hoshizaki Electric Co., Ltd.	0.3
Givaudan SA	0.3
Total	3.6	%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

3

Parametric Global Small-Cap Fund

July 31, 2014

Endnotes and Additional Disclosures

¹  Russell Global 2000 Index is an unmanaged index of 2,000 companies located in the United States, and other developed and emerging markets countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  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.

³  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/15. Without the reimbursement, if applicable, performance would have been lower.

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Parametric Global Small-Cap Fund

July 31, 2014

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2014 – July 31, 2014).

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

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

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

	Beginning Account Value (2/1/14)		Ending Account Value (7/31/14)		Expenses Paid During Period* (2/1/14 – 7/31/14)			Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	1,061.80	$	4.35	**		0.85	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,020.60	$	4.26	**		0.85	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2014.

** Absent an allocation of certain expenses to affiliates, the expenses would be higher.

5

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited)

Common Stocks — 96.6%
Security	Shares		Value
Australia — 3.6%
Adelaide Brighton, Ltd.		970	$	3,270
Alumina, Ltd.(1)		3,204		4,711
Amcom Telecommunications, Ltd.		2,585		4,895
Ansell, Ltd.		486		8,532
Aristocrat Leisure, Ltd.		984		5,162
AWE, Ltd.(1)		1,774		2,968
Beach Energy, Ltd.		4,500		7,000
Bega Cheese, Ltd.		902		4,061
CSG, Ltd.(1)		4,974		4,635
CSR, Ltd.		1,082		3,763
David Jones, Ltd.		1,671		6,196
Downer EDI, Ltd.		935		4,170
Drillsearch Energy, Ltd.(1)		2,054		3,111
DUET Group		1,604		3,577
DuluxGroup, Ltd.		752		3,818
Echo Entertainment Group, Ltd.		1,151		3,526
Energy Resources of Australia, Ltd.(1)		3,794		4,713
Envestra, Ltd.		6,057		7,282
Federation Centres		2,213		5,261
Goodman Fielder, Ltd.		6,341		3,769
GrainCorp, Ltd., Class A		840		6,753
Greencross, Ltd.		371		3,564
Investa Office Fund		2,551		8,397
IOOF Holdings, Ltd.		535		4,295
iProperty Group, Ltd.(1)		2,043		6,692
Iress, Ltd.		881		7,084
JB Hi-Fi, Ltd.		168		3,091
M2 Group, Ltd.		1,436		8,061
Macquarie Atlas Roads Group		1,021		3,162
Mesoblast, Ltd.(1)		791		3,105
Monadelphous Group, Ltd.		215		3,164
Myer Holdings, Ltd.		1,814		3,788
NEXTDC, Ltd.(1)		2,526		3,644
Platinum Asset Management, Ltd.		575		3,381
Primary Health Care, Ltd.		1,699		7,597
Qube Holdings, Ltd.		1,740		3,618
REA Group, Ltd.		67		2,918
Reece Australia, Ltd.		125		3,615
Regis Resources, Ltd.		1,971		3,173
Select Harvests, Ltd.		642		3,138
Sims Metal Management, Ltd.(1)		311		3,408
Spark Infrastructure Group		6,295		10,969
Tassal Group, Ltd.		1,158		4,287
Technology One, Ltd.		1,619		4,217

Security	Shares		Value
Australia (continued)
TPG Telecom, Ltd.		819	$	4,159
Transpacific Industries Group, Ltd.(1)		4,376		4,353
Whitehaven Coal, Ltd.(1)		2,505		3,907
Wotif.com Holdings, Ltd.		998		3,064
			$	225,024
Austria — 1.3%
ams AG		460	$	16,403
CA Immobilien Anlagen AG		879		17,557
Conwert Immobilien Invest SE		881		10,805
Kapsch TrafficCom AG		97		3,810
RHI AG		324		10,050
Schoeller-Bleckmann Oilfield Equipment AG		102		12,132
Wienerberger AG		758		11,377
			$	82,134
Belgium — 0.9%
Agfa-Gevaert NV(1)		823	$	2,459
Arseus NV		45		2,428
Barco NV		38		2,799
Befimmo SCA Sicafi		28		2,191
Bekaert SA NV		76		2,841
Cofinimmo		20		2,480
Compagnie d’Entreprises CFE		56		5,492
D’Ieteren SA NV		85		3,586
Elia System Operator SA NV		124		6,036
Euronav SA(1)		475		5,745
EVS Broadcast Equipment SA		60		3,070
Gimv NV		47		2,302
Kinepolis		71		2,756
Mobistar SA(1)		268		5,341
Tessenderlo Chemie NV(1)		113		3,270
ThromboGenics NV(1)		220		2,690
			$	55,486
Brazil — 1.4%
Abril Educacao SA		200	$	3,350
Aliansce Shopping Centers SA		500		4,143
BR Properties SA		500		3,092
Brasil Insurance Participacoes e Administracao SA		500		2,063
Brasil Pharma SA(1)		1,900		2,990
Cia de Saneamento de Minas Gerais-COPASA		500		8,187
Equatorial Energia SA		900		10,036
Estacio Participacoes SA		500		6,204
Fleury SA		700		4,604

6 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Brazil (continued)
Grendene SA		700	$	4,088
JHSF Participacoes SA		1,400		2,289
Kroton Educacional SA		248		6,598
LPS Brasil Consultoria de Imoveis SA		500		2,138
Mahle-Metal Leve SA Industria e Comercio		500		4,853
Marcopolo SA, PFC Shares		1,800		3,174
MRV Engenharia e Participacoes SA		1,000		3,209
PDG Realty SA Empreendimentos e Participacoes(1)		5,200		3,323
Raia Drogasil SA		500		4,181
Santos Brasil Participacoes SA		300		1,970
Sonae Sierra Brasil SA		700		5,569
			$	86,061
Canada — 3.4%
Africa Oil Corp.(1)		1,503	$	9,208
AGF Management, Ltd.		356		3,859
Alamos Gold, Inc.		341		3,034
Allied Properties Real Estate Investment Trust		181		5,803
Birchcliff Energy, Ltd.(1)		378		3,775
Bonterra Energy Corp.		78		4,317
Canfor Corp.(1)		371		7,857
Capital Power Corp.		566		13,761
CCL Industries, Inc.		178		17,621
Celestica, Inc.(1)		500		5,365
China Gold International Resources Corp., Ltd.(1)		3,556		10,436
Cineplex, Inc.		59		2,109
Constellation Software Inc.		24		5,701
Dollarama, Inc.		107		8,807
Enbridge Income Fund Holdings, Inc.		226		6,086
Enerflex, Ltd.		317		5,367
First Majestic Silver Corp.(1)		1,109		11,768
Freehold Royalties, Ltd.		229		5,391
Gibson Energy, Inc.		96		2,945
Gran Tierra Energy, Inc.(1)		1,363		9,038
Home Capital Group, Inc.		190		9,044
Imperial Metals Corp.(1)		684		10,483
Just Energy Group, Inc.		622		3,366
Linamar Corp.		117		6,370
MacDonald Dettwiler & Associates, Ltd.		57		4,259
Mullen Group, Ltd.		179		4,582
North West Co., Inc. (The)		352		7,748
Northland Power, Inc.		529		8,544
Parkland Fuel Corp.		302		5,703
Pason Systems, Inc.		201		5,123
RONA, Inc.		382		4,236
			$	211,706

Security	Shares		Value
Chile — 0.4%
A.F.P. Habitat SA		3,057	$	3,928
Almendral SA		45,176		3,850
Banmedica SA		2,310		3,836
Besalco SA		3,333		2,312
Inversiones Aguas Metropolitanas SA		2,520		3,987
Ripley Corp. SA		8,187		4,905
Vina Concha y Toro SA		2,004		3,923
			$	26,741
China — 3.5%
ANTA Sports Products, Ltd.		2,000	$	3,287
Anton Oilfield Services (Group), Ltd.		8,000		4,494
Beijing Enterprises Water Group, Ltd.		8,000		5,230
Beijing Jingneng Clean Energy Co., Ltd., Class H		8,000		3,377
C.P. Pokphand Co., Ltd.		30,000		3,535
China Datang Corp. Renewable Power Co., Ltd., Class H		18,000		2,676
China Foods, Ltd.(1)		8,000		3,039
China High Speed Transmission Equipment Group Co., Ltd.(1)		4,000		3,120
China Medical System Holdings, Ltd.		5,000		6,171
China Modern Dairy Holdings, Ltd.(1)		9,000		4,165
China Oil & Gas Group, Ltd.		20,000		3,563
China Pharmaceutical Group, Ltd.		4,000		3,117
China Power International Development, Ltd.		11,000		4,570
China Rongsheng Heavy Industries Group Holdings, Ltd.(1)		13,000		2,627
China Shineway Pharmaceutical Group, Ltd.		2,000		3,345
China Singyes Solar Technologies Holdings, Ltd.(1)		2,000		2,915
China South City Holdings, Ltd.		8,000		4,019
China Suntien Green Energy Corp., Ltd., Class H		9,000		2,792
China Tian Lun Gas Holdings, Ltd.(1)		3,000		3,594
China Travel International Investment Hong Kong, Ltd.		20,000		4,762
China Zhongwang Holdings, Ltd.		7,600		2,737
CIMC Enric Holdings, Ltd.		4,000		4,763
CITIC Telecom International Holdings, Ltd.		12,000		4,303
Dah Chong Hong Holdings, Ltd.		5,000		3,065
E-House China Holdings, Ltd. ADR		300		3,291
Franshion Properties China, Ltd.		10,000		2,949
Guangzhou Automobile Group Co., Ltd., Class H		2,000		2,243
Haitian International Holdings, Ltd.		2,000		4,685
Hanergy Solar Group, Ltd.		26,000		4,073
Hunan Nonferrous Metals Corp., Ltd., Class H(1)		10,000		3,428
Kingsoft Corp, Ltd.		3,000		8,853
Newocean Energy Holdings, Ltd.		14,000		9,569
Shenguan Holdings Group, Ltd.		10,000		3,792
Shenzhen International Holdings, Ltd.		2,500		3,084
Shenzhen Investment, Ltd.		8,000		2,765
Shougang Fushan Resources Group, Ltd.		14,000		3,655

7 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
Sino Biopharmaceutical, Ltd.		4,000	$	3,439
Sinopec Engineering Group Co., Ltd., Class H		2,500		2,850
Sinopec Kantons Holdings, Ltd.		10,000		7,394
SouFun Holdings, Ltd. ADR		520		5,964
Sunac China Holdings, Ltd.		5,000		4,094
TAL Education Group ADR(1)		100		2,945
Towngas China Co., Ltd.		11,000		12,680
Uni-President China Holdings, Ltd.		5,000		4,103
Vinda International Holdings, Ltd.		3,000		5,043
Vipshop Holdings, Ltd. ADR(1)		37		7,605
WuXi PharmaTech (Cayman), Inc. ADR(1)		227		6,994
Yingde Gases Group Co.		6,500		7,094
Youku Tudou, Inc. ADR(1)		114		2,171
YY, Inc. ADR(1)		28		2,165
			$	216,194
Denmark — 0.9%
ALK-Abello A/S		19	$	2,729
Auriga Industries A/S, Class B(1)		93		4,997
Bang & Olufsen A/S(1)		487		5,969
D/S Norden A/S		91		2,787
GN Store Nord A/S		153		3,911
NKT Holding A/S		39		2,452
Royal Unibrew A/S(1)		36		5,269
SimCorp A/S		218		7,062
Spar Nord Bank A/S		285		3,098
Sydbank A/S(1)		108		2,956
Topdanmark A/S(1)		96		2,960
United International Enterprises, Ltd.		19		3,955
Vestas Wind Systems A/S(1)		86		3,878
Zealand Pharma A/S(1)		205		2,650
			$	54,673
Finland — 1.5%
Amer Sports Oyj		600	$	11,816
Huhtamaki Oyj		655		17,438
Kemira Oyj		790		10,750
Konecranes Oyj		244		7,928
Outotec Oyj		340		3,529
Ramirent Oyj		365		3,472
Tieto Oyj		591		15,710
Tikkurila Oyj		516		13,040
Uponor Oyj		745		11,479
			$	95,162

Security	Shares		Value
France — 3.5%
Alten SA		168	$	8,097
Arkema SA		160		14,835
bioMerieux		62		6,450
Bollore SA		10		6,172
CGG SA(1)		879		9,096
Edenred		176		5,501
Etablissements Maurel et Prom(1)		504		7,662
Fonciere des Regions		52		5,217
Gecina SA		35		4,998
Groupe Eurotunnel SA		407		5,386
Havas SA		1,085		8,491
ICADE		48		4,635
Imerys SA		91		7,106
Ingenico		191		19,322
Ipsen SA		130		5,777
IPSOS		159		4,307
MPI		747		4,222	��
Orpea		44		2,880
Remy Cointreau SA		165		13,500
Rubis SCA		174		10,447
Sartorius Stedim Biotech		28		4,837
SCOR SE		198		6,369
Societe d’Edition de Canal		781		6,358
UBISOFT Entertainment(1)		575		9,621
Veolia Environnement SA		733		12,983
Vilmorin & Cie SA		47		5,533
Virbac SA		49		10,494
Zodiac Aerospace		164		5,135
			$	215,431
Germany — 3.4%
Aixtron SE(1)		195	$	2,631
Aurubis AG		78		3,788
Axel Springer SE		52		2,928
BayWa AG		46		2,284
Bechtle AG		33		2,561
Bilfinger SE		33		2,685
Biotest AG		27		2,861
Brenntag AG		26		4,174
Carl Zeiss Meditec AG		175		5,188
Celesio AG		125		4,276
Deutsche EuroShop AG		219		10,337
Deutsche Lufthansa AG		142		2,505
Dialog Semiconductor PLC(1)		167		5,079
Draegerwerk AG & Co. KGaA		33		2,973
Fielmann AG		23		2,904

8 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Germany (continued)
Fraport AG		37	$	2,432
Freenet AG		575		15,172
Fuchs Petrolub SE		87		3,480
Fuchs Petrolub SE, PFC Shares		125		5,017
GAGFAH SA(1)		233		4,084
Gerresheimer AG		82		5,660
Gerry Weber International AG		112		5,096
Hannover Rueckversicherung AG		76		6,488
Hawesko Holding AG		53		3,011
Hugo Boss AG		29		4,161
K&S AG		253		7,752
Kabel Deutschland Holding AG		26		3,715
LEG Immobilien AG(1)		74		5,182
MTU Aero Engines AG		32		2,753
Pfeiffer Vacuum Technology AG		51		5,064
ProSiebenSat.1 Media AG		136		5,702
QSC AG		875		3,528
Rheinmetall AG		39		2,364
Rhoen-Klinikum AG		256		7,939
Sky Deutschland AG(1)		476		4,281
Software AG		105		2,627
Suedzucker AG		333		5,833
Symrise AG		169		8,849
TAG Immobilien AG		228		2,779
Telefonica Deutschland Holdings AG(1)		1,268		9,914
United Internet AG		110		4,398
Vossloh AG		59		4,290
Wincor Nixdorf AG		53		2,693
Wirecard AG		238		8,828
			$	210,266
Greece — 0.4%
Ellaktor SA(1)		633	$	3,207
GEK Terna Holding Real Estate Construction SA(1)		686		3,409
Hellenic Exchanges SA(1)		486		4,808
Intralot SA(1)		1,505		3,713
JUMBO SA(1)		210		3,141
Navios Maritime Acquisition Corp.		800		2,560
StealthGas, Inc.(1)		300		3,210
Terna Energy SA(1)		586		3,032
			$	27,080
Hong Kong — 2.4%
Cafe de Coral Holdings, Ltd.		4,000	$	14,254
Carnival Group International Holdings, Ltd.(1)		30,000		3,833

Security	Shares		Value
Hong Kong (continued)
Chow Sang Sang Holdings International, Ltd.		2,000	$	5,191
Giordano International, Ltd.		12,000		7,020
Great Eagle Holdings, Ltd.		2,000		7,197
Huabao International Holdings, Ltd.		5,000		3,631
Hutchison Telecommunications Hong Kong Holdings, Ltd.		26,000		11,157
Johnson Electric Holdings, Ltd.		3,750		14,516
Luk Fook Holdings (International), Ltd.		4,000		12,398
MMG, Ltd.		8,000		3,177
SA SA International Holdings, Ltd.		12,000		9,568
SmarTone Telecommunication Holdings, Ltd.		5,000		7,272
Stella International Holdings, Ltd.		3,500		9,777
Techtronic Industries Co., Ltd.		6,500		19,482
Texwinca Holdings, Ltd.		8,000		7,522
Transport International Holdings, Ltd.		3,600		6,641
Truly International Holdings		8,000		4,813
Yuexiu Property Co., Ltd.		14,000		3,137
			$	150,586
Indonesia — 0.5%
Ciputra Development Tbk PT		33,000	$	3,248
Gajah Tunggal Tbk PT		26,000		4,038
Garuda Indonesia Persero Tbk PT(1)		103,402		3,898
Holcim Indonesia Tbk PT		17,500		4,528
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		31,500		5,641
Sigmagold Inti Perkasa Tbk PT(1)		85,000		3,255
Sugih Energy Tbk PT(1)		91,000		3,244
			$	27,852
Ireland — 0.4%
C&C Group PLC		1,034	$	5,876
FBD Holdings PLC		164		3,142
FleetMatics Group PLC(1)		127		4,012
Grafton Group PLC		635		6,154
Kenmare Resources PLC(1)		15,591		3,796
UDG Healthcare PLC		631		3,783
			$	26,763
Israel — 0.4%
Cellcom Israel, Ltd.		304	$	3,756
Evogene, Ltd.(1)		233		3,069
EZchip Semiconductor, Ltd.(1)		130		3,149
Frutarom Industries, Ltd.		151		3,751
Oil Refineries, Ltd.(1)		12,316		3,709
Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		70		3,459
Shikun & Binui, Ltd.		1,434		3,418

9 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Israel (continued)
SodaStream International, Ltd.(1)		75	$	2,475
			$	26,786
Italy — 1.8%
ACEA SpA		349	$	5,082
Amplifon SpA		1,250		7,467
Atlantia SpA		555		14,689
Banca Generali SpA		173		4,832
Banca Popolare di Milano Scarl(1)		6,380		5,560
Brunello Cucinelli SpA		340		7,631
Danieli SpA		139		3,972
De’Longhi SpA		554		11,762
DiaSorin SpA		88		3,521
ERG SpA		683		10,116
Iren SPA		3,843		5,415
Recordati SpA		1,139		18,800
Sorin SpA(1)		3,432		9,424
			$	108,271
Japan — 8.9%
Aica Kogyo Co., Ltd.		600	$	12,934
Anritsu Corp.		1,000		9,529
Autobacs Seven Co., Ltd.		400		6,545
Calbee, Inc.		400		11,879
Capcom Co., Ltd.		300		5,480
Daifuku Co., Ltd.		500		6,890
Enplas Corp.		200		12,020
Fancl Corp.		700		8,573
FP Corp.		400		13,573
Hokkoku Bank, Ltd. (The)		2,000		6,728
Hokuetsu Kishu Paper Co., Ltd.		1,000		4,407
Hoshizaki Electric Co., Ltd.		400		20,366
House Foods Group, Inc.		700		12,621
Ito En, Ltd.		400		9,748
Itoham Foods, Inc.		1,000		4,396
Japan Drilling Co., Ltd.		100		5,074
Japan Exchange Group, Inc.		500		11,376
Kagoshima Bank, Ltd. (The)		1,000		6,579
Kakaku.com, Inc.		400		6,770
Kaken Pharmaceutical Co., Ltd.		1,000		22,344
Kenedix, Inc.(1)		2,300		10,044
Kewpie Corp.		800		14,396
Kissei Pharmaceutical Co., Ltd.		400		9,517
Kobayashi Pharmaceutical Co., Ltd.		200		12,398
Komeri Co., Ltd.		200		4,673

Security	Shares		Value
Japan (continued)
Kose Corp.		500	$	20,797
KYORIN Holdings, Inc.		300		6,181
LEOPALACE21 Corp.(1)		1,800		8,013
Lion Corp.		2,000		11,636
M3, Inc.		400		6,456
Maeda Road Construction Co., Ltd.		1,000		17,405
Matsumotokiyoshi Holdings Co., Ltd.		100		3,284
Miraca Holdings, Inc.		300		13,884
MonotaRO Co., Ltd.		400		10,659
Musashino Bank, Ltd. (The)		100		3,408
Nichirei Corp.		1,000		4,743
Nihon Kohden Corp.		200		9,827
NOF Corp.		2,000		13,944
Noritz Corp.		400		7,860
NS Solutions Corp.		200		5,773
Obic Co., Ltd.		300		10,650
Otsuka Corp.		300		13,669
Plenus Co., Ltd.		200		4,664
Point, Inc.		90		2,033
Pola Orbis Holdings, Inc.		200		8,305
Rohto Pharmaceutical Co., Ltd.		1,000		15,475
Ryohin Keikaku Co., Ltd.		100		12,069
Sawai Pharmaceutical Co., Ltd.		200		11,335
Shimachu Co., Ltd.		200		4,637
Sugi Holdings Co., Ltd.		200		8,574
Sumitomo Osaka Cement Co., Ltd.		2,000		7,190
Sundrug Co., Ltd.		200		8,979
T-Gaia Corp.		400		3,710
Tokai Tokyo Financial Holdings, Inc.		1,000		6,963
TS Tech Co., Ltd.		300		8,543
Tsuruha Holdings, Inc.		200		11,481
TV Asahi Corp.		200		3,536
Wacoal Holdings Corp.		1,000		10,564
Xebio Co., Ltd.		200		3,574
			$	548,681
Malaysia — 2.1%
Affin Holdings Bhd		3,400	$	3,734
Alliance Financial Group Bhd		8,800		13,421
Berjaya Sports Toto Bhd		7,531		9,063
Boustead Holdings Bhd		5,300		8,679
Bursa Malaysia Bhd		1,800		4,682
Dialog Group Bhd		26,208		15,218
Genting Plantations Bhd		2,600		8,949
HAP Seng Consolidated Bhd		11,000		12,074
KLCC Property Holdings Bhd		3,300		6,628

10 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Malaysia (continued)
KPJ Healthcare Bhd		9,150	$	10,095
Kulim (Malaysia) Bhd(1)		4,500		4,582
Lafarge Malayan Cement Bhd		2,700		8,223
Malaysia Airports Holdings Bhd		3,600		8,456
Media Prima Bhd		8,100		6,295
Oriental Holdings Bhd		3,700		9,063
			$	129,162
Mexico — 0.9%
Alsea SAB de CV(1)		1,200	$	4,084
Fibra Uno Administracion SA de CV		2,200		7,727
Genomma Lab Internacional SA de CV(1)		3,600		9,626
Gruma SAB, Class B(1)		400		4,390
Grupo Aeroportuario del Pacifico SAB de CV, Class B		600		4,038
Grupo Aeroportuario del Sureste SAB de CV, Class B		400		4,974
Grupo Comercial Chedraui SA de CV		1,200		3,894
Grupo Simec SA de CV, Series B(1)		1,300		6,216
Infraestructura Energetica Nova SAB de CV		900		5,079
Megacable Holdings SAB de CV		900		3,864
			$	53,892
Netherlands — 1.8%
Aercap Holdings NV(1)		100	$	4,363
Arcadis NV		387		12,096
ASM International NV		168		6,388
Beter Bed Holding NV		320		7,376
Brunel International NV		270		7,073
Constellium NV, Class A(1)		400		11,592
Delta Lloyd NV		350		8,084
Eurocommercial Properties NV		156		7,794
InterXion Holding NV(1)		272		7,398
Nutreco NV		190		8,117
Royal Boskalis Westminster NV		120		6,409
SBM Offshore NV(1)		800		10,742
Sligro Food Group NV		120		4,800
Wereldhave NV		80		7,121
			$	109,353
New Zealand — 0.4%
A2 Milk Co., Ltd.(1)		6,203	$	3,402
Kathmandu Holdings, Ltd.		1,189		3,361
New Zealand Oil & Gas, Ltd.		5,008		3,413
Nuplex Industries, Ltd.		1,410		3,540
Property for Industry, Ltd.		3,009		3,469

Security	Shares		Value
New Zealand (continued)
Skellerup Holdings, Ltd.		2,372	$	3,401
Summerset Group Holdings, Ltd.		1,248		3,301
			$	23,887
Norway — 0.9%
Atea ASA		272	$	3,198
Borregaard ASA		1,022		6,872
Cermaq ASA		191		2,410
Det Norske Oljeselskap ASA(1)		280		3,084
Ekornes ASA		478		5,945
Hoegh LNG Holdings, Ltd.(1)		194		2,436
Leroey Seafood Group ASA		75		2,719
Nordic American Offshore, Ltd.(1)		5		92
Nordic American Tankers, Ltd.		661		5,691
Nordic Semiconductor ASA(1)		453		2,437
Norwegian Property ASA(1)		2,378		3,472
Opera Software ASA		232		2,719
Salmar ASA		178		3,486
SpareBank 1 SR-Bank ASA		517		4,740
Tomra Systems ASA		291		2,415
Veidekke ASA		275		3,008
Wilh. Wilhelmsen ASA		298		2,460
			$	57,184
Poland — 0.4%
Asseco Poland SA		321	$	4,270
Ciech SA		256		2,953
Emperia Holding SA		136		2,607
Globe Trade Centre SA(1)		1,261		2,811
Integer.pl SA(1)		41		2,633
Lubelski Wegiel Bogdanka SA		106		3,886
Netia SA		2,062		3,714
TVN SA(1)		863		3,926
			$	26,800
Portugal — 0.6%
Banco BPI SA(1)		3,044	$	6,130
Banco Comercial Portugues SA(1)		39,844		5,691
NOS SGPS		1,862		11,098
Sonae		9,856		14,811
			$	37,730
Russia — 0.9%
Aeroflot-Russian Airlines(1)		4,294	$	6,064
Bank Otkritie Financial Corp. GDR(1)		408		4,978

11 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Russia (continued)
CTC Media, Inc.		400	$	3,868
E.ON Russia JSC(1)		62,421		4,235
Federal Hydrogenerating Co. JSC ADR		1,890		3,197
Mail.ru Group, Ltd. GDR(1)		208		6,230
O’Key Group SA GDR		357		3,377
OAO TMK GDR		374		3,366
Phosagro OAO GDR		278		3,503
Polyus Gold International, Ltd.(1)		1,559		4,866
Transneft, PFC Shares		2		4,122
X5 Retail Group NV GDR(1)		190		3,657
			$	51,463
Singapore — 1.6%
ARA Asset Management, Ltd.		4,400	$	6,044
Ascott Residence Trust		4,000		3,944
CDL Hospitality Trusts		4,000		5,591
Ezion Holdings, Ltd.		4,800		8,220
Ho Bee Land, Ltd.		3,000		5,393
Hyflux, Ltd.		6,000		5,695
Keppel REIT		3,000		3,052
M1, Ltd.		4,000		11,985
Mapletree Commercial Trust		4,000		4,481
Mapletree Industrial Trust		4,000		4,496
Mapletree Logistics Trust		4,000		3,761
Singapore Post, Ltd.		12,000		16,878
Starhill Global REIT		6,000		3,962
Suntec REIT		2,000		2,866
Venture Corp., Ltd.		1,000		6,492
Wheelock Properties, Ltd.		2,000		3,033
			$	95,893
South Africa — 1.3%
AECI, Ltd.		1,107	$	12,619
African Bank Investments, Ltd.		4,545		2,607
Aveng, Ltd.(1)		1,540		3,494
AVI, Ltd.		1,339		7,575
DataTec, Ltd.		1,003		5,237
Illovo Sugar, Ltd.		1,950		5,451
Investec, Ltd.		635		5,465
Murray & Roberts Holdings, Ltd.(1)		1,505		3,502
Pick’n Pay Holdings, Ltd.		2,600		6,167
Pioneer Foods, Ltd.		834		9,124
Reunert, Ltd.		684		4,099
Royal Bafokeng Platinum, Ltd.(1)		935		6,356
Spar Group, Ltd. (The)		533		6,152

Security	Shares		Value
South Africa (continued)
Trencor, Ltd.		630	$	4,461
			$	82,309
South Korea — 3.5%
Cheil Worldwide, Inc.(1)		380	$	7,951
Daum Communications Corp.		47		6,006
DGB Financial Group Co., Ltd.		274		4,448
EO Technics Co., Ltd.		45		3,018
Grand Korea Leisure Co., Ltd.		90		3,715
Green Cross Corp.		63		7,452
Green Cross Holdings Corp.		224		3,381
GS Engineering & Construction Corp.(1)		158		5,971
GS Retail Co., Ltd.		220		4,660
Hanil Cement Co., Ltd.		24		3,072
Hanmi Pharmaceutical Co., Ltd.(1)		39		3,286
Hanssem Co., Ltd.		39		3,542
Huchems Fine Chemical Corp.		132		3,317
Hyundai Greenfood Co., Ltd.		400		6,445
Hyundai Home Shopping Network Corp.		26		4,183
iMarketKorea, Inc.		99		3,048
JB Financial Group Co., Ltd.		489		3,456
KEPCO Plant Service & Engineering Co., Ltd.		49		3,525
Kolon Industries, Inc.		76		5,014
Korea Express Co., Ltd.(1)		27		3,538
Korean Reinsurance Co.		612		6,696
LG Hausys, Ltd.		18		3,296
LIG Insurance Co., Ltd.		155		4,417
Lock & Lock Co., Ltd.		270		3,294
Lotte Chilsung Beverage Co., Ltd.		5		8,986
LS Industrial Systems Co., Ltd.		72		4,417
Macquarie Korea Infrastructure Fund		780		5,006
Medy-Tox, Inc.		29		4,294
Nong Shim Co., Ltd.		25		6,338
ORION Corp.		7		6,379
Ottogi Corp.		13		6,722
Paradise Co., Ltd.		132		4,264
Partron Co., Ltd.		296		2,901
Posco ICT Co., Ltd.		584		4,036
S1 Corp.		77		5,729
Samchully Co., Ltd.		25		4,084
Samsung Fine Chemicals Co., Ltd.		102		4,269
Seoul Semiconductor Co., Ltd.		155		4,278
SK Broadband Co., Ltd.(1)		1,803		6,638
SK Chemicals Co., Ltd.		71		4,472
SK Gas, Ltd.		34		3,664
Tongyang Life Insurance		630		6,148

12 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
ViroMed Co., Ltd.(1)		76	$	3,869
Wonik IPS Co., Ltd.(1)		405		4,469
Young Poong Corp.		3		3,953
Yuhan Corp.		34		5,825
			$	217,472
Spain — 1.6%
Acerinox SA		294	$	4,893
Almirall SA(1)		611		9,339
Antena 3 de Television SA		401		5,876
Banco de Sabadell SA		1,727		5,606
Bankinter SA		342		2,953
Distribuidora Internacional de Alimentacion SA		645		5,346
Duro Felguera SA		747		4,679
Ebro Foods SA		165		3,372
Enagas SA		159		5,290
Ence Energia y Celulosa SA		3,003		6,394
Faes Farma SA		882		2,449
Gamesa Corporacion Tecnologica SA(1)		472		5,911
Grupo Catalana Occidente SA		111		3,891
Indra Sistemas SA		428		6,619
Melia Hotels International SA		398		4,617
NH Hotel Group SA(1)		562		3,039
Red Electrica Corp. SA		80		6,874
Tecnicas Reunidas SA		156		8,769
Viscofan SA		41		2,297
			$	98,214
Sweden — 1.9%
AAK AB		146	$	8,317
Atrium Ljungberg AB		326		5,141
Axfood AB		305		15,551
Axis Communications AB		299		9,388
BillerudKorsnas AB		419		6,190
Clas Ohlson AB, Class B		452		8,597
Hexpol AB		182		15,289
Hufvudstaden AB, Class A		640		8,772
Loomis AB, Class B		101		3,001
NIBE Industrier AB		174		4,658
Saab AB, Class B		366		10,004
Swedish Orphan Biovitrum AB(1)		1,121		13,477
Wallenstam AB, Class B		616		10,203
			$	118,588

Security	Shares		Value
Switzerland — 3.5%
Actelion, Ltd.(1)		113	$	13,572
Barry Callebaut AG(1)		7		8,607
Burckhardt Compression Holdings AG		18		9,387
Comet Holding AG(1)		6		3,848
Emmi AG(1)		18		6,202
Ems-Chemie Holding AG		19		8,187
Flughafen Zuerich AG		16		9,958
Forbo Holding AG		17		16,601
Galenica AG		5		4,502
Georg Fischer AG		7		4,626
Givaudan SA(1)		12		19,627
Inficon Holding AG(1)		14		4,495
Julius Baer Group, Ltd.(1)		124		5,260
Kaba Holding AG(1)		19		9,193
Kuoni Reisen Holding AG		21		7,104
Lindt & Spruengli AG PC		3		15,584
Logitech International SA		768		11,264
Mobimo Holding AG		54		10,965
Nobel Biocare Holding AG		261		4,581
Schmolz & Bickenbach AG(1)		2,417		3,653
Sonova Holding AG		61		9,465
Temenos Group AG		174		6,220
U-Blox AG(1)		32		4,142
Valora Holding AG(1)		24		5,801
Vontobel Holding AG		378		13,536
			$	216,380
Taiwan — 2.7%
Advantech Co., Ltd.		3,000	$	23,340
Chicony Electronics Co., Ltd.		3,045		8,435
China Life Insurance Co., Ltd.		5,000		4,769
China Steel Chemical Corp.		3,000		18,937
CTCI Corp.		5,000		8,274
Feng Hsin Iron & Steel Co., Ltd.		2,000		2,756
Formosa Taffeta Co., Ltd.		2,000		2,204
Giant Manufacturing Co., Ltd.		2,000		16,405
Inventec Co., Ltd.		7,000		6,223
Oriental Union Chemical Corp.		2,000		1,998
Phison Electronics Corp.		1,000		7,328
Powertech Technology, Inc.		2,000		3,337
Realtek Semiconductor Corp.		3,030		9,596
Ruentex Development Co., Ltd.		2,000		3,583
ScinoPharm Taiwan, Ltd.		2,080		4,988
Senao International Co., Ltd.		2,000		4,391
Simplo Technology Co., Ltd.		1,000		5,427
Standard Foods Corp.		3,450		9,806

13 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Taiwan (continued)
Teco Electric & Machinery Co., Ltd.		8,000	$	10,141
Transcend Information, Inc.		2,000		6,834
Vanguard International Semiconductor Corp.		5,000		7,155
WPG Holdings Co., Ltd.		3,000		3,977
			$	169,904
Thailand — 0.5%
Bangkok Chain Hospital PCL(2)		10,700	$	3,033
Central Plaza Hotel PCL(2)		2,900		3,419
Energy Absolute PCL(2)		4,800		3,257
Hana Microelectronics PCL(2)		2,700		3,104
Sino Thai Engineering & Construction PCL(2)		5,900		4,328
STP & I PCL(2)		4,800		2,917
Thai Vegetable Oil PCL(2)		4,200		2,922
Tisco Financial Group Public Co., Ltd.(2)		3,300		4,245
TTW PCL(2)		10,400		3,875
			$	31,100
Turkey — 0.4%
Akcansa Cimento AS		449	$	2,770
Aksa Akrilik Kimya Sanayii AS		746		2,677
Aksa Enerji Uretim AS(1)		2,157		2,816
Asya Katilim Bankasi AS(1)		4,925		2,780
Cimsa Cimento Sanayi ve Ticaret AS		416		2,849
Eczacibasi Ilac Sanayi ve Ticaret AS		2,706		2,738
Net Holding AS		2,214		2,706
Tekfen Holding AS(1)		1,505		3,490
Turkiye Sinai Kalkinma Bankasi AS		5,056		4,490
			$	27,316
United Kingdom — 5.5%
Abcam PLC		1,181	$	7,920
Aveva Group PLC		248		8,368
Beazley PLC		1,650		6,777
Berkeley Group Holdings PLC		215		8,851
Betfair Group PLC		270		4,751
Booker Group PLC		5,528		11,634
BTG PLC(1)		715		7,301
Cable & Wireless Communication PLC		5,515		4,363
Capital & Counties Properties PLC		1,928		10,411
CSR PLC		499		4,438
De La Rue PLC		149		1,833
Domino’s Pizza Group PLC		751		6,922
Dunelm Group PLC		551		7,732
Elementis PLC		1,668		7,578
EnQuest PLC(1)		6,020		13,734

Security	Shares		Value
United Kingdom (continued)
Fidessa Group PLC		343	$	12,059
Filtrona PLC		1,065		13,799
Genus PLC		390		6,886
Greene King PLC		330		4,589
Halfords Group PLC		1,065		8,594
Hikma Pharmaceuticals PLC		585		17,726
Hunting PLC		682		9,983
International Personal Finance PLC		415		3,857
Jardine Lloyd Thompson Group PLC		485		8,399
Jazztel PLC(1)		863		11,596
Lancashire Holdings, Ltd.		182		1,880
Micro Focus International PLC		804		11,505
Moneysupermarket.com Group PLC		1,776		5,558
N Brown Group PLC		997		7,245
Ocado Group PLC(1)		1,848		10,452
Pace PLC		957		5,146
Rightmove PLC		299		11,452
Rotork PLC		117		5,445
Shaftesbury PLC		439		4,999
Soco International PLC(1)		1,980		14,334
Telecom Plus PLC		424		9,931
Ultra Electronics Holdings PLC		486		14,488
Victrex PLC		227		6,122
WH Smith PLC		1,117		21,257
			$	339,915
United States — 27.5%
ACADIA Pharmaceuticals, Inc.(1)		591	$	11,980
ACI Worldwide, Inc.(1)		423		7,927
Acorda Therapeutics, Inc.(1)		111		3,249
Aegerion Pharmaceuticals, Inc.(1)		159		5,344
Akorn, Inc.(1)		217		7,363
Alaska Air Group, Inc.		398		17,500
Alkermes PLC(1)		347		14,838
Allegiant Travel Co.		139		16,369
ALLETE, Inc.		236		11,073
Alnylam Pharmaceuticals, Inc.(1)		225		12,161
Anworth Mortgage Asset Corp.		1,864		9,469
ARRIS Group, Inc.(1)		460		15,718
Aspen Technology, Inc.(1)		272		11,816
Athenahealth, Inc.(1)		35		4,354
Avista Corp.		353		10,954
Balchem Corp.		168		8,400
Black Hills Corp.		297		15,655
Blackbaud, Inc.		170		6,241
Bonanza Creek Energy, Inc.(1)		221		12,389

14 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United States (continued)
Boston Beer Co., Inc. (The), Class A(1)		55	$	12,122
Bristow Group, Inc.		178		12,704
Buckle, Inc. (The)		103		4,583
Buffalo Wild Wings, Inc.(1)		53		7,702
C&J Energy Services, Inc.(1)		199		5,962
Cabot Microelectronics Corp.(1)		174		6,993
CACI International, Inc., Class A(1)		123		8,486
Calgon Carbon Corp.(1)		468		9,922
Capstead Mortgage Corp.		766		9,835
Casey’s General Stores, Inc.		116		7,676
Celldex Therapeutics, Inc.(1)		550		7,199
Cheesecake Factory, Inc. (The)		179		7,675
CLARCOR, Inc.		230		13,641
Cleco Corp.		226		12,597
Cloud Peak Energy, Inc.(1)		541		8,375
Cogent Communications Group, Inc.		170		5,901
CommVault Systems, Inc.(1)		113		5,426
Conn’s, Inc.(1)		216		8,640
Contango Oil & Gas Co.(1)		155		6,236
Convergys Corp.		361		7,000
Conversant, Inc.(1)		302		7,058
Cornerstone OnDemand, Inc.(1)		108		4,519
Costar Group, Inc.(1)		26		3,737
Cracker Barrel Old Country Store, Inc.		93		9,017
Cubist Pharmaceuticals, Inc.(1)		219		13,337
CYS Investments, Inc.		918		8,152
Delek US Holdings, Inc.		269		7,860
Diamondback Energy, Inc.(1)		238		19,571
Diligent Board Member Services, Inc.(1)		998		3,431
Dril-Quip, Inc.(1)		90		9,069
Eagle Materials, Inc.		167		15,167
El Paso Electric Co.		294		10,834
Energy XXI Bermuda, Ltd.		270		5,389
Finish Line, Inc. (The), Class A		255		6,704
First Financial Bankshares, Inc.		218		6,405
Forum Energy Technologies, Inc.(1)		425		14,148
GNC Holdings, Inc., Class A		223		7,317
Government Properties Income Trust		229		5,347
Gulf Coast Ultra Deep Royalty Trust(1)		834		1,993
GulfMark Offshore, Inc., Class A		164		6,276
H.B. Fuller Co.		128		5,715
Haemonetics Corp.(1)		58		2,063
Hain Celestial Group, Inc. (The)(1)		153		13,081
Hatteras Financial Corp.		385		7,373
Heartland Express, Inc.		165		3,704
Heartland Payment Systems, Inc.		106		5,035
Hecla Mining Co.		3,530		11,155

Security	Shares		Value
United States (continued)
Helen of Troy, Ltd.(1)		59	$	3,164
Hercules Offshore, Inc.(1)		1,600		5,648
Hibbett Sports, Inc.(1)		111		5,540
Hillenbrand, Inc.		197		5,920
Home BancShares, Inc.		139		4,178
HSN, Inc.		168		9,389
Hyster-Yale Materials Handling, Inc.		90		7,209
IDACORP, Inc.		291		15,583
Investors Bancorp, Inc.		267		2,763
Isis Pharmaceuticals, Inc.(1)		391		12,117
J&J Snack Foods Corp.		95		8,559
j2 Global, Inc.		239		11,692
Jazz Pharmaceuticals PLC(1)		114		15,929
Kodiak Oil & Gas Corp.(1)		522		8,112
Lancaster Colony Corp.		151		13,190
Lexicon Pharmaceuticals, Inc.(1)		3,892		5,721
Louisiana-Pacific Corp.(1)		446		6,039
Lumber Liquidators Holdings, Inc.(1)		138		7,482
Manhattan Associates, Inc.(1)		160		4,698
ManTech International Corp., Class A		190		5,130
MarketAxess Holdings, Inc.		69		3,880
MAXIMUS, Inc.		265		10,960
Medicines Co. (The)(1)		366		8,553
Medidata Solutions, Inc.(1)		232		10,403
Mentor Graphics Corp.		364		7,189
MFA Financial, Inc.		1,138		9,263
MGE Energy, Inc.		361		13,581
MGIC Investment Corp.(1)		1,649		12,186
Middleby Corp.(1)		60		4,372
Minerals Technologies, Inc.		155		9,001
Monro Muffler Brake, Inc.		242		12,291
Montpelier Re Holdings, Ltd.		86		2,540
Mueller Industries, Inc.		430		11,967
MWI Veterinary Supply, Inc.(1)		80		11,301
National Health Investors, Inc.		156		9,327
National Retail Properties, Inc.		72		2,561
Nektar Therapeutics(1)		1,272		13,420
New Jersey Resources Corp.		216		11,033
NewMarket Corp.		23		8,901
Northwest Bancshares, Inc.		164		2,034
Northwest Natural Gas Co.		205		8,860
NorthWestern Corp.		292		13,496
NPS Pharmaceuticals, Inc.(1)		473		13,216
Nu Skin Enterprises, Inc., Class A		77		4,519
Ocwen Financial Corp.(1)		252		7,603
Owens & Minor, Inc.		255		8,438
PDC Energy, Inc.(1)		180		9,767

15 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United States (continued)
Piedmont Natural Gas Co., Inc.		304	$	10,546
Pilgrim’s Pride Corp.(1)		896		25,052
Plantronics, Inc.		191		8,971
Platinum Underwriters Holdings, Ltd.		132		7,735
PNM Resources, Inc.		484		12,415
Portland General Electric Co.		361		11,527
Post Properties, Inc.		51		2,764
Primerica, Inc.		347		15,990
ProAssurance Corp.		50		2,181
Puma Biotechnology, Inc.(1)		106		23,502
RBC Bearings, Inc.		97		5,382
Resolute Energy Corp.(1)		714		5,455
Rite Aid Corp.(1)		2,585		17,294
RLI Corp.		236		10,087
Rollins, Inc.		160		4,530
Rosetta Resources, Inc.(1)		134		6,843
Salix Pharmaceuticals, Ltd.(1)		80		10,553
Sanchez Energy Corp.(1)		218		6,915
Sanderson Farms, Inc.		190		17,307
Saul Centers, Inc.		131		6,245
Schweitzer-Mauduit International, Inc.		204		8,329
Scorpio Tankers, Inc.		1,048		9,841
Seaboard Corp.(1)		3		8,556
Seattle Genetics, Inc.(1)		340		11,968
SemGroup Corp., Class A		204		15,724
Sensient Technologies Corp.		197		10,342
Ship Finance International, Ltd.		148		2,694
Shutterstock, Inc.(1)		115		8,963
Signature Bank(1)		123		14,070
Six Flags Entertainment Corp.		198		7,568
Snyders-Lance, Inc.		250		6,202
Solar Capital, Ltd.		105		2,068
SolarWinds, Inc.(1)		155		6,377
South Jersey Industries, Inc.		176		9,428
Southwest Gas Corp.		274		13,571
Sovran Self Storage, Inc.		123		9,437
Spirit Airlines, Inc.(1)		277		18,121
SS&C Technologies Holdings, Inc.(1)		138		5,977
Starwood Property Trust, Inc.		392		9,251
Starwood Waypoint Residential Trust(1)		78		2,051
Stepan Co.		130		6,256
STERIS Corp.		177		9,006
Stone Energy Corp.(1)		320		12,176
SunEdison, Inc.(1)		1,209		24,180
SunPower Corp.(1)		387		14,214
Synaptics, Inc.(1)		211		15,241
SYNNEX Corp.(1)		73		4,708

Security	Shares		Value
United States (continued)
Take-Two Interactive Software, Inc.(1)		473	$	10,586
Tanger Factory Outlet Centers		67		2,322
Targa Resources Corp.		207		26,392
Teledyne Technologies, Inc.(1)		189		17,237
Tennant Co.		189		13,788
TiVo, Inc.(1)		471		6,340
Tootsie Roll Industries, Inc.		235		6,188
TreeHouse Foods, Inc.(1)		151		11,098
Tyler Technologies, Inc.(1)		74		6,714
UIL Holdings Corp.		264		9,269
Ultimate Software Group, Inc.(1)		86		11,602
United Natural Foods, Inc.(1)		139		8,148
Universal Corp.		121		6,284
UNS Energy Corp.		236		14,259
Vector Group, Ltd.		144		2,956
ViaSat, Inc.(1)		101		5,905
Watsco, Inc.		124		11,107
Weis Markets, Inc.		197		8,404
West Pharmaceutical Services, Inc.		286		11,654
Westamerica Bancorporation		58		2,774
Western Refining, Inc.		423		17,326
WGL Holdings, Inc.		239		9,316
World Fuel Services Corp.		230		9,878
Yelp, Inc.(1)		192		12,895
			$	1,703,712
Total Common Stocks (identified cost $5,407,351)			$	5,985,171

Equity-Linked Securities(3)(4) — 2.9%
Security	Maturity Date		Shares		Value
India — 2.9%
Bajaj Finserv, Ltd.		10/26/18		430	$	6,717
Bharat Forge, Ltd.		11/2/16		993		11,886
Britannia Industries, Ltd.		10/17/17		388		7,370
Castrol India, Ltd.		10/17/17		1,703		9,469
Eicher Motors, Ltd.		4/17/18		100		14,057
GlaxoSmithKline Consumer Healthcare		9/7/16		135		10,940
Jaiprakash Power Ventures, Ltd.		10/26/18		13,980		4,404
JSW Energy, Ltd.		10/26/18		5,910		7,358
Jubilant Foodworks, Ltd.		7/3/17		244		5,078
LIC Housing Finance, Ltd.		8/12/15		1,319		6,325
Mahindra & Mahindra Financial Services		11/3/15		1,007		3,917
Marico Kaya Enterprises, Ltd.		7/11/14		50		243

16 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Maturity Date		Shares		Value
India (continued)
Marico, Ltd.		10/17/17		2,500	$	10,550
Motherson Sumi Systems, Ltd.		10/26/18		1,585		9,573
Petronet LNG, Ltd.		10/17/17		3,000		9,054
Piramal Enterprises, Ltd.		10/9/14		950		10,198
Reliance Capital, Ltd.		10/26/18		770		7,434
Reliance Infrastructure, Ltd.		4/26/16		650		7,969
Shree Cement, Ltd.		7/20/17		125		15,279
Unitech, Ltd.		7/27/15		15,130		6,355
United Phosphorus, Ltd.		7/20/17		2,617		14,236
Total Equity-Linked Securities (identified cost $123,918)					$	178,412

Investment Funds — 0.0%(5)
Security	Shares		Value
Australia — 0.0%(5)
Australian Infrastructure Fund		1,502	$	7
Total Investment Funds (identified cost $4,833)			$	7
Rights — 0.0%(5)
Security	Shares		Value
JB Financial Group Exp. 9/3/14(1)		106	$	140
Total Rights (identified cost $0)			$	140
Warrants — 0.0%
Security	Shares		Value
VGI Global Media PCL, Exp. 8/1/18(1)		3,146	$	0
			$	0
Total Warrants (identified cost $0)			$	0

Short-Term Investments — 0.4%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(6)	$	25	$	25,283
Total Short-Term Investments (identified cost $25,283)			$	25,283
Total Investments — 99.9% (identified cost $5,561,385)			$	6,189,013
Other Assets, Less Liabilities — 0.1%			$	6,240
Net Assets — 100.0%			$	6,195,253

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

ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PCL	–	Public Company Ltd.
PFC Shares	–	Preference Shares
REIT	–	Real Estate Investment Trust

⁽¹⁾  Non-income producing security.

⁽²⁾  Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽³⁾  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 July 31, 2014, the aggregate value of these securities is $178,412 or 2.9% of the Fund’s net assets.

⁽⁴⁾  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 (JPMorgan Chase) in addition to the market risk of the underlying security.

⁽⁵⁾  Amount is less than 0.05%.

⁽⁶⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2014.

17 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		32.6	%	$	2,023,101
Euro		16.4			1,014,215
Japanese Yen		8.9			548,681
British Pound Sterling		5.6			346,918
Hong Kong Dollar		5.4			335,645
Swiss Franc		3.8			232,783
Australian Dollar		3.6			225,031
South Korean Won		3.5			217,612
Canadian Dollar		3.4			211,706
New Taiwan Dollar		2.7			169,904
Malaysian Ringgit		2.1			129,162
Swedish Krona		1.9			118,588
Singapore Dollar		1.6			95,893
Brazilian Real		1.4			86,061
South African Rand		1.3			82,309
Other currency, less than 1% each		5.7			351,404
Total Investments		99.9	%	$	6,189,013

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		15.0	%	$	929,751
Information Technology		12.5			773,363
Consumer Discretionary		11.9			737,967
Industrials		11.7			725,497
Health Care		10.9			675,331
Consumer Staples		10.9			673,443
Materials		9.4			585,866
Energy		8.4			519,789
Utilities		6.7			413,467
Telecommunication Services		2.1			129,249
Short-Term Investments		0.4			25,283
Investment Funds		0.0	(1)		7
Total Investments		99.9	%	$	6,189,013

⁽¹⁾  Amount is less than 0.05%.

18 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2014
Unaffiliated investments, at value (identified cost, $5,536,102)	$	6,163,730
Affiliated investment, at value (identified cost, $25,283)		25,283
Cash		209
Foreign currency, at value (identified cost, $22,926)		22,672
Dividends receivable		7,639
Interest receivable from affiliated investment		3
Receivable for investments sold		271,914
Tax reclaims receivable		2,838
Receivable from affiliates		14,903
Total assets	$	6,509,191
Liabilities
Payable for investments purchased	$	277,936
Payable to affiliate:
Investment adviser and administration fee		3,781
Accrued expenses		32,221
Total liabilities	$	313,938
Net Assets	$	6,195,253
Sources of Net Assets
Paid-in capital	$	5,308,635
Accumulated net realized gain		216,168
Accumulated undistributed net investment income		43,094
Net unrealized appreciation		627,356
Net Assets	$	6,195,253
Institutional Class
Net Assets	$	6,195,253
Shares Outstanding		529,912
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.69

19 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2014
Dividends (net of foreign taxes, $7,291)	$	77,814
Interest allocated from affiliated investment		13
Expenses allocated from affiliated investment		(2	)
Total investment income	$	77,825
Expenses
Investment adviser and administration fee	$	21,429
Trustees’ fees and expenses		393
Custodian fee		37,222
Transfer and dividend disbursing agent fees		273
Legal and accounting services		17,257
Printing and postage		7,064
Registration fees		11,565
Miscellaneous		3,308
Total expenses	$	98,511
Deduct —
Allocation of expenses to affiliates	$	72,343
Total expense reductions	$	72,343
Net expenses	$	26,168
Net investment income	$	51,657
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	212,062
Foreign currency transactions		205
Net realized gain	$	212,267
Change in unrealized appreciation (depreciation) —
Investments	$	95,067
Foreign currency		233
Net change in unrealized appreciation (depreciation)	$	95,300
Net realized and unrealized gain	$	307,567
Net increase in net assets from operations	$	359,224

20 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2014 (Unaudited)		Year Ended January 31, 2014
From operations —
Net investment income	$	51,657	$	91,535
Net realized gain from investment and foreign currency transactions		212,267		179,336
Net change in unrealized appreciation (depreciation) from investments and foreign currency		95,300		333,851
Net increase in net assets from operations	$	359,224	$	604,722
Distributions to shareholders —
From net investment income	$	—	$	(130,296	)
From net realized gain		—		(180,920	)
Total distributions to shareholders	$	—	$	(311,216	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	—	$	77,608
Net asset value of shares issued to shareholders in payment of distributions declared		—		266,667
Cost of shares redeemed	$	—	$	(10,256	)
Net increase in net assets from Fund share transactions	$	—	$	334,019
Net increase in net assets	$	359,224	$	627,525
Net Assets
At beginning of period	$	5,836,029	$	5,208,504
At end of period	$	6,195,253	$	5,836,029
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	43,094	$	(8,563	)

21 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Financial Highlights

	Institutional Class
	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31, 2014			Period Ended January 31, 2013(1)
Net asset value — Beginning of period	$	11.010		$	10.420		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.097		$	0.181		$	0.006
Net realized and unrealized gain		0.583			1.023			0.418
Total income from operations	$	0.680		$	1.204		$	0.424
Less Distributions
From net investment income	$	—		$	(0.257	)	$	(0.004	)
From net realized gain		—			(0.357	)		—
Total distributions	$	—		$	(0.614	)	$	(0.004	)
Net asset value — End of period	$	11.690		$	11.010		$	10.420
Total Return(3)		6.18	%(4)		11.50	%		4.24	%(4)(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,195		$	5,836		$	5,209
Ratios (as a percentage of average daily net assets):
Expenses(6)		0.85	%(7)		0.85	%		0.85	%(7)
Net investment income		1.69	%(7)		1.63	%		0.52	%(7)
Portfolio Turnover		21	%(4)		38	%		13	%(4)

⁽¹⁾  For the period from the start of business, December 20, 2012, to January 31, 2013.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  Not annualized.

⁽⁵⁾  During the period ended January 31, 2013, the sub-adviser reimbursed the Fund for a net loss realized on the disposal of an investment which did not meet the Fund’s investment guidelines. The reimbursement had no effect on total return for the period ended January 31, 2013.

⁽⁶⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 2.36%, 2.86% and 10.98% of average daily net assets for the six months ended July 31, 2014, the year ended January 31, 2014 and the period ended January 31, 2013, respectively). Absent this subsidy, total return would have been lower.

⁽⁷⁾  Annualized.

22 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

July 31, 2014

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Parametric Global Small-Cap Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (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 capital appreciation. The Fund offers Institutional Class shares, which are offered at net asset value and are not subject to a sales charge.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.

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

Equity Securities. Equity securities (including common shares of closed-end investment companies) 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 upon the value of the underlying equity security or instrument.

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.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities based on available market quotations provided by a third party pricing service.

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

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D  Federal 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.

23

Parametric Global Small-Cap Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

As of July 31, 2014, 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  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

G  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.

H  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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  Interim Financial Statements — The interim financial statements relating to July 31, 2014 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Shareholders may reinvest income and capital gain distributions in additional shares of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be 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.

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.70% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the six months ended July 31, 2014, the investment adviser and administration fee amounted to $21,429 or 0.70% (annualized) of the Fund’s average daily net assets. 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 and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.85% of the Fund’s average daily net assets. This agreement may be changed or terminated after May 31, 2015. Pursuant to this agreement, EVM and Parametric were allocated $72,343 in total of the Fund’s operating expenses for the six months ended July 31, 2014.

24

Parametric Global Small-Cap Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2014, EVM earned $12 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

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 and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 2014, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $1,363,141 and $1,311,603, respectively, for the six months ended July 31, 2014.

5  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Institutional Class	Six Months Ended July 31, 2014 (Unaudited)		Year Ended January 31, 2014
Sales		—		7,114
Issued to shareholders electing to receive payments of distributions in Fund shares		—		23,747
Redemptions		—		(949	)
Net increase		—		29,912

At July 31, 2014, an affiliate of EVM owned 98.8% of the outstanding shares of the Fund.

6  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	5,575,268
Gross unrealized appreciation	$	970,963
Gross unrealized depreciation		(357,218	)
Net unrealized appreciation	$	613,745

7  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of 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.

25

Parametric Global Small-Cap Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

8  Line of Credit

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. 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 six months ended July 31, 2014.

9  Fair Value Measurements

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

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

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

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

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Asia/Pacific	$	123,077	$	1,712,678		$	—	$	1,835,755
Developed Europe		121,861		1,703,689			—		1,825,550
Developed Middle East		2,475		24,311			—		26,786
Emerging Europe		34,749		97,910			—		132,659
Latin America		166,694		—			—		166,694
Middle East/Africa		—		82,309			—		82,309
North America		1,911,987		3,431			—		1,915,418
Total Common Stocks	$	2,360,843	$	3,624,328	*	$	—	$	5,985,171
Equity-Linked Securities	$	—	$	178,412		$	—	$	178,412
Investment Funds		—		7			—		7
Rights		140		—			—		140
Warrants		0		—			—		0
Short-Term Investments		—		25,283			—		25,283
Total Investments	$	2,360,983	$	3,828,030		$	—	$	6,189,013

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

The Fund held no investments or other financial instruments as of January 31, 2014 whose fair value was determined using Level 3 inputs. At July 31, 2014, the value of investments transferred between Level 1 and Level 2 during the six months then ended was not significant.

26

Eaton Vance

Parametric Global Small-Cap Fund

July 31, 2014

Special Meeting of Shareholders (Unaudited)

The Fund held a Special Meeting of Shareholders on May 29, 2014 to elect five Trustees. The results of the vote were as follows:

	Number of Shares(1)
Nominee for Trustee	For		Withheld
Scott E. Eston		529,177		0
Cynthia E. Frost		529,177		0
George J. Gorman		529,177		0
Valerie A. Mosley		529,177		0
Harriett Tee Taggart		529,177		0

⁽¹⁾  Excludes fractional shares.

27

Parametric Global Small-Cap Fund

July 31, 2014

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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 mutual funds advised, administered and/or distributed by Eaton Vance Management or its affiliate, (the “Eaton Vance Funds”) held on April 28, 2014, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing 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 the Contract Review Committee of the Board, 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 2014, as well as information considered throughout the year at meetings of the Board and its committees. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

Ÿ An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

Ÿ An independent report comparing each fund’s total expense ratio and its components to comparable funds;

Ÿ An independent report comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

Ÿ Data regarding investment performance in comparison to benchmark indices and customized peer groups identified by the adviser in consultation with the Board;

Ÿ For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

Ÿ Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

Ÿ Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

Ÿ Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and the fund’s policies with respect to “soft dollar” arrangements;

Ÿ Data relating to portfolio turnover rates of each fund;

Ÿ The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Ÿ Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

Ÿ Reports detailing the financial results and condition of each adviser;

Ÿ Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

Ÿ Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

Ÿ Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

Ÿ Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

Ÿ Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Ÿ A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

28

Parametric Global Small-Cap Fund

July 31, 2014

Board of Trustees’ Contract Approval — continued

Other Relevant Information

Ÿ Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

Ÿ Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

Ÿ The terms of each advisory agreement.

Over the course of the twelve-month period ended April 30, 2014, 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 seven, seventeen, eleven, six and ten 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 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.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of 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 advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each 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 advisory and sub-advisory agreement. In evaluating each 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 Funds’ advisers and sub-advisers.

Results of the Process

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 and administrative agreement of Parametric Global Small-Cap 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 Eaton Vance Management, 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.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement and 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. With respect to the Adviser, the Board considered the Adviser’s responsibilities supervising the Sub-adviser. With respect to the Sub-adviser, the Board noted the Sub-adviser’s experience employing a top-down, disciplined investment processes that emphasizes broad exposure and diversification. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board reviewed 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 evaluated 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.

29

Parametric Global Small-Cap Fund

July 31, 2014

Board of Trustees’ Contract Approval — continued

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 and administrative agreement and the sub-advisory agreement.

Fund Performance

In light of the Fund’s relatively brief operating history, the Board concluded that additional time is required to evaluate Fund performance.

Management Fees and Expenses

The Board reviewed contractual fee rates for investment advisory and administrative services payable and by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2013, as compared to a group of similarly managed funds selected by an independent data provider. The Board noted that the Adviser had waived fees and/or paid expenses for the Fund. 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, including the negotiation of reduced fees for transfer agency and custody services.

After reviewing 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.

Profitability

The Board reviewed 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.

Economies of Scale

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, the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from economies of scale in the future.

30

Parametric Global Small-Cap Fund

July 31, 2014

Officers and Trustees

Officers of Parametric Global Small-Cap Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Parametric Global Small-Cap Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Harriett Tee Taggart

* Interested Trustee

31

Eaton Vance Funds

IMPORTANT NOTICES

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

Ÿ Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

Ÿ None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

Ÿ Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’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.

32

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing the program is available to investors at www.FINRA.org.

7790    7.31.14

Parametric International Equity Fund

Semiannual Report

July 31, 2014

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

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

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

Semiannual Report July 31, 2014

Parametric International Equity Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Special Meeting of Shareholders	28
Board of Trustees’ Contract Approval	29
Officers and Trustees	32
Important Notices	33

Parametric International Equity Fund

July 31, 2014

Performance^1,2

Portfolio Managers David Stein, Ph.D., Thomas Seto and Paul Bouchey, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Investor Class at NAV		04/01/2010		04/01/2010		7.36	%		13.42	%		—			7.73	%
Institutional Class at NAV		04/01/2010		04/01/2010		7.51			13.75			—			8.01
MSCI EAFE Index		—		—		7.03	%		15.07	%		9.39	%		7.86	%
% Total Annual Operating Expense Ratios3											Investor Class			Institutional Class
Gross												1.34	%		1.09	%
Net												0.90			0.65

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than 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.

2

Parametric International Equity Fund

July 31, 2014

Fund Profile

Sector Allocation (% of net assets)⁴

* Amount is less than 0.05%.

Top 10 Holdings (% of net assets)⁴

Vodafone Group PLC	1.3	%
Nestle SA	1.1
Novartis AG	1.1
National Grid PLC	0.9
Royal Dutch Shell PLC, Class A	0.9
GlaxoSmithKline PLC	0.8
SAP SE	0.8
Deutsche Telekom AG	0.8
Total SA	0.7
CSL, Ltd.	0.7
Total	9.1	%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

3

Parametric International Equity Fund

July 31, 2014

Endnotes and Additional Disclosures

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

² 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.

³ Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/15. Without the reimbursement, if applicable, performance would have been lower.

⁴ Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Parametric International Equity Fund

July 31, 2014

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2014 – July 31, 2014).

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

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

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

	Beginning Account Value (2/1/14)		Ending Account Value (7/31/14)		Expenses Paid During Period* (2/1/14 – 7/31/14)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,073.60	$	5.30	**		1.03	%
Institutional Class	$	1,000.00	$	1,075.10	$	4.01	**		0.78	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,019.70	$	5.16	**		1.03	%
Institutional Class	$	1,000.00	$	1,020.90	$	3.91	**		0.78	%

Effective July 10, 2014, the contractual expense caps of the Fund changed. If these changes had been in place during the entire reporting period, the actual and hypothetical ending account values, expenses paid and annualized expense ratios would have been as follows:

	Beginning Account Value (2/1/14)		Ending Account Value (7/31/14)		Expenses Paid During Period* (2/1/14 – 7/31/14)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,073.60	$	4.63	**		0.90	%
Institutional Class	$	1,000.00	$	1,075.10	$	3.34	**		0.65	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,020.30	$	4.51	**		0.90	%
Institutional Class	$	1,000.00	$	1,021.60	$	3.26	**		0.65	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2014.

** Absent an allocation of certain expenses to affiliates, the expenses would be higher.

5

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited)

Common Stocks — 99.0%
Security	Shares		Value
Australia — 8.0%
AGL Energy, Ltd.		20,407	$	278,167
Amcor, Ltd.		10,892		104,250
ARB Corp., Ltd.		2,740		30,922
Ardent Leisure Group		12,741		30,292
Aristocrat Leisure, Ltd.		13,434		70,472
Asciano, Ltd.		15,431		85,657
Automotive Holdings Group, Ltd.		8,319		29,892
Bega Cheese, Ltd.		6,296		28,343
BHP Billiton, Ltd.		15,345		544,846
Brambles, Ltd.		25,682		222,332
Breville Group, Ltd.		3,592		27,539
Cardno, Ltd.		4,552		26,368
carsales.com, Ltd.		5,159		54,479
CFS Retail Property Trust Group		17,143		34,359
Coca-Cola Amatil, Ltd.		12,701		108,317
Commonwealth Bank of Australia		4,269		329,267
Computershare, Ltd.		12,094		145,948
CSL, Ltd.		10,618		661,539
David Jones, Ltd.		10,628		39,408
Domino’s Pizza Enterprises, Ltd.		1,673		33,260
Drillsearch Energy, Ltd.(1)		20,745		31,420
DUET Group		43,561		97,147
Echo Entertainment Group, Ltd.		16,693		51,138
Envestra, Ltd.		34,399		41,358
Federation Centres		20,052		47,670
Fortescue Metals Group, Ltd.		7,746		34,727
Goodman Fielder, Ltd.		47,589		28,286
GPT Group (The)		15,885		59,806
GWA Group, Ltd.		12,352		33,363
Harvey Norman Holdings, Ltd.		24,339		69,061
Incitec Pivot, Ltd.		11,121		30,434
Invocare, Ltd.		3,082		30,043
Iress, Ltd.		3,894		31,311
James Hardie Industries PLC CDI		4,080		50,668
JB Hi-Fi, Ltd.		2,369		43,583
Myer Holdings, Ltd.		15,053		31,430
National Australia Bank, Ltd.		7,489		243,165
Navitas, Ltd.		7,563		34,433
Newcrest Mining, Ltd.(1)		6,314		63,076
Oil Search, Ltd.		17,059		149,205
Origin Energy, Ltd.		18,017		237,278
Orora, Ltd.		13,920		18,746
Premier Investments, Ltd.		3,446		30,872
Prime Media Group, Ltd.		32,363		30,757

Security	Shares		Value
Australia (continued)
Qantas Airways, Ltd.(1)		19,690	$	24,127
Ramsay Health Care, Ltd.		3,014		134,276
REA Group, Ltd.		1,210		52,699
Recall Holdings, Ltd.(1)		7,050		33,572
Retail Food Group, Ltd.		8,090		34,987
SAI Global, Ltd.		7,632		34,394
Scentre Group(1)		14,175		44,788
Southern Cross Media Group, Ltd.		25,786		28,623
Spark Infrastructure Group		43,233		75,334
STW Communications Group, Ltd.		23,199		31,664
Suncorp Group, Ltd.		3,166		41,627
Super Retail Group, Ltd.		3,746		32,619
Sydney Airport		9,117		36,166
Tabcorp Holdings, Ltd.		11,542		37,295
Tatts Group, Ltd.		26,445		86,842
Telstra Corp., Ltd.		119,704		607,032
Tox Free Solutions, Ltd.		9,194		27,783
Transpacific Industries Group, Ltd.(1)		29,025		28,871
Transurban Group		20,339		146,054
Treasury Wine Estates, Ltd.		8,985		41,174
UGL, Ltd.		4,476		28,730
Village Roadshow, Ltd.		4,552		32,778
Westfield Corp.		3,044		21,159
Westpac Banking Corp.		7,297		232,045
Woodside Petroleum, Ltd.		8,421		330,557
Woolworths, Ltd.		19,038		648,897
WorleyParsons, Ltd.		3,157		52,001
			$	7,330,728
Austria — 1.0%
ams AG		3,800	$	135,503
Andritz AG		1,285		69,553
CA Immobilien Anlagen AG		1,562		31,200
Conwert Immobilien Invest SE		2,111		25,890
EVN AG		2,151		29,766
Immofinanz AG		16,374		51,637
Oesterreichische Post AG		500		23,442
OMV AG		2,438		98,053
Raiffeisen Bank International AG		785		21,557
RHI AG		858		26,614
Schoeller-Bleckmann Oilfield Equipment AG		231		27,474
Telekom Austria AG		13,167		126,254
Verbund AG		6,016		113,157
Vienna Insurance Group		607		30,129
Voestalpine AG		2,217		97,565
			$	907,794

6 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Belgium — 2.0%
Ackermans & van Haaren NV		180	$	21,807
Ageas NV SA		1,632		58,574
Anheuser-Busch InBev NV		3,224		347,975
Arseus NV		518		27,950
Barco NV		628		46,263
Bekaert SA NV		730		27,286
Belgacom SA		6,011		196,432
Colruyt SA		793		38,402
Compagnie d’Entreprises CFE		530		51,980
Econocom Group		2,876		26,181
Elia System Operator SA NV		555		27,017
Euronav SA(1)		2,461		29,768
EVS Broadcast Equipment SA		507		25,944
Groupe Bruxelles Lambert SA		1,247		124,023
Solvay SA		1,196		193,115
Telenet Group Holding NV(1)		3,343		178,688
UCB SA		3,130		287,096
Umicore SA		1,929		93,226
			$	1,801,727
Denmark — 2.0%
A.P. Moller-Maersk A/S, Class A		39	$	87,521
A.P. Moller-Maersk A/S, Class B		76		177,180
Bakkafrost P/F		1,915		37,342
Carlsberg A/S, Class B		2,198		210,301
Chr Hansen Holding A/S		1,545		63,881
Coloplast A/S, Class B		475		40,163
Danske Bank A/S		5,427		156,789
DSV A/S		2,805		88,581
Novo Nordisk A/S, Class B		5,669		260,956
Novozymes A/S, Class B		4,113		203,385
Pandora A/S		2,224		152,190
Royal Unibrew A/S(1)		189		27,664
SimCorp A/S		1,201		38,907
TDC A/S		19,149		193,177
Tryg A/S		711		71,635
William Demant Holding A/S(1)		198		17,216
			$	1,826,888
Finland — 2.0%
Amer Sports Oyj		2,296	$	45,218
Elisa Oyj		7,799		223,389
Fortum Oyj		7,742		199,084
Kesko Oyj, Class B		2,893		110,030
Kone Oyj, Class B		3,608		151,708

Security	Shares		Value
Finland (continued)
Neste Oil Oyj		5,539	$	102,220
Nokia Oyj		25,770		204,160
Nokian Renkaat Oyj		2,076		71,878
Orion Oyj, Class B		5,115		189,634
Sampo Oyj		4,600		228,508
Sponda Oyj		5,906		30,343
UPM-Kymmene Oyj		7,890		128,596
Valmet Oyj		2,592		27,089
Wartsila Oyj		1,643		82,744
			$	1,794,601
France — 7.6%
Accor SA		610	$	29,541
ADP		489		66,983
Air Liquide SA		4,740		603,184
Alstom SA(1)		736		26,470
Alten SA		633		30,508
AtoS		1,220		95,264
AXA SA		6,998		160,777
BNP Paribas SA		3,967		263,224
Bouygues SA		672		26,472
Cap Gemini SA		3,159		229,069
Christian Dior SA		490		85,348
CNP Assurances		2,298		45,148
Danone SA		4,390		317,093
Dassault Systemes SA		2,724		182,796
Edenred		900		28,132
Essilor International SA		1,353		132,172
Eurazeo SA		379		28,486
Eurofins Scientific		96		28,623
Eutelsat Communications SA		525		18,114
Fonciere des Regions		297		29,798
GDF Suez		22,074		569,167
Groupe Eurotunnel SA		2,197		29,075
Iliad SA		693		190,741
Imerys SA		900		70,274
Ingenico		899		90,945
JCDecaux SA		771		26,459
Kering SA		354		75,786
Klepierre		664		31,411
L’Oreal SA		1,885		318,301
Lagardere SCA		1,608		47,870
Legrand SA		466		25,842
LVMH Moet Hennessy Louis Vuitton SA		1,546		265,946
Natixis		8,039		51,947

7 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
France (continued)
Neopost SA		615	$	43,181
Publicis Groupe SA		996		72,263
Remy Cointreau SA		800		65,454
Rubis SCA		922		55,359
Safran SA		1,912		112,363
Sanofi		5,426		569,680
SCOR SE		823		26,475
Societe BIC SA		432		59,561
Sodexo		863		85,772
Suez Environnement Co. SA		3,868		72,189
Thales SA		1,044		59,377
Total SA		10,544		680,032
UBISOFT Entertainment(1)		1,595		26,689
Unibail-Rodamco SE		310		83,215
Vinci SA		2,031		140,165
Vivendi SA		21,719		545,109
Wendel SA		215		28,204
			$	6,946,054
Germany — 7.7%
Adidas AG		1,352	$	107,057
Allianz SE		1,849		307,833
alstria office REIT AG(1)		2,172		28,713
BASF SE		4,175		432,087
Bayer AG		3,894		513,644
Bayerische Motoren Werke AG		1,708		203,457
Bayerische Motoren Werke AG, PFC Shares		687		65,105
Beiersdorf AG		2,384		214,880
Bilfinger SE		755		61,433
Brenntag AG		539		86,536
Celesio AG		843		28,838
Commerzbank AG(1)		4,935		70,906
Continental AG		363		78,177
Deutsche Boerse AG		923		66,820
Deutsche EuroShop AG		619		29,217
Deutsche Post AG		5,309		169,860
Deutsche Telekom AG		43,104		699,477
Deutsche Wohnen AG		1,408		30,465
E.ON AG		27,278		514,963
Fraport AG		442		29,049
Freenet AG		1,793		47,311
Fresenius Medical Care AG & Co. KGaA		971		67,308
Fresenius SE & Co. KGaA		623		93,163
Hannover Rueckversicherung AG		760		64,876
Henkel AG & Co. KGaA		1,716		163,357
Henkel AG & Co. KGaA, PFC Shares		2,879		320,145

Security	Shares		Value
Germany (continued)
K&S AG		864	$	26,474
Kabel Deutschland Holding AG		314		44,862
KWS Saat AG		85		29,906
LANXESS AG		399		25,354
LEG Immobilien AG(1)		453		31,720
Linde AG		969		197,636
Merck KGaA		594		52,527
Muenchener Rueckversicherungs-Gesellschaft AG		546		115,846
Porsche Automobil Holding SE, PFC Shares		424		39,631
ProSiebenSat.1 Media AG		670		28,092
RWE AG		6,921		277,867
RWE AG, PFC Shares		1,130		36,372
SAP SE		9,591		753,775
Siemens AG		3,352		413,959
Sky Deutschland AG(1)		3,269		29,402
Software AG		800		20,014
Stada Arzneimittel AG		691		28,536
Suedzucker AG		2,573		45,073
Symrise AG		800		41,890
TAG Immobilien AG		2,395		29,191
Telefonica Deutschland Holdings AG(1)		3,588		28,053
TUI AG		1,798		25,377
Volkswagen AG		452		104,239
Volkswagen AG, PFC Shares		326		75,710
Wacker Chemie AG		220		25,466
Wirecard AG		1,057		39,207
			$	7,060,856
Hong Kong — 4.2%
AIA Group, Ltd.		44,800	$	240,298
ASM Pacific Technology, Ltd.		8,700		92,416
Bank of East Asia, Ltd.		17,600		75,031
Biosensors International Group, Ltd.		39,000		26,475
Bloomage Biotechnology Corp, Ltd.		10,000		24,484
BOC Hong Kong (Holdings), Ltd.		33,500		105,068
Brightoil Petroleum Holdings, Ltd.(1)		103,000		31,454
Cathay Pacific Airways, Ltd.		11,000		20,753
Cheung Kong Infrastructure Holdings, Ltd.		14,000		98,451
China Bio-Med Regeneration Technology, Ltd.(1)		765,000		28,512
China Traditional Chinese Medicine Co., Ltd.(1)		68,000		29,436
Chow Sang Sang Holdings International, Ltd.		12,000		31,148
CLP Holdings, Ltd.		41,000		341,065
Dairy Farm International Holdings, Ltd.		3,600		38,403
Enn Energy Holdings, Ltd.		14,000		98,665
Esprit Holdings, Ltd.		19,000		29,827
Fosun International, Ltd.		59,000		74,931

8 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Hong Kong (continued)
Galaxy Entertainment Group, Ltd.		30,000	$	251,907
Hang Lung Group, Ltd.		5,000		26,814
Hang Lung Properties, Ltd.		10,000		30,884
Hang Seng Bank, Ltd.		4,800		81,438
HanKore Environment Tech Group, Ltd.(1)		34,400		24,069
Henderson Land Development Co., Ltd.		5,500		34,958
HKT Trust and HKT, Ltd.		69,000		81,671
Hongkong Land Holdings, Ltd.		4,000		27,340
Hopewell Holdings, Ltd.		19,500		67,729
Hutchison Whampoa, Ltd.		23,000		312,299
Jardine Matheson Holdings, Ltd.		2,000		119,378
Jardine Strategic Holdings, Ltd.		2,000		71,483
Link REIT (The)		19,000		107,920
MGM China Holdings, Ltd.		8,400		30,716
Midas Holdings, Ltd.		80,000		27,821
MTR Corp., Ltd.		26,000		102,142
NWS Holdings, Ltd.		17,000		31,495
Orient Overseas (International), Ltd.		7,000		37,288
PAX Global Technology, Ltd.(1)		55,000		42,160
PCCW, Ltd.		145,000		88,594
Power Assets Holdings, Ltd.		30,500		272,629
Sands China, Ltd.		25,200		185,171
Shangri-La Asia, Ltd.		18,000		28,440
Sino Land Co., Ltd.		22,000		37,793
Sino Oil and Gas Holdings, Ltd.(1)		1,125,000		35,826
SJM Holdings, Ltd.		20,000		53,433
Sun Hung Kai Properties, Ltd.		5,000		75,832
Superb Summit International Group, Ltd.(1)		230,000		28,522
Swire Pacific, Ltd., Class A		3,000		38,606
VTech Holdings, Ltd.		5,400		66,758
Yue Yuen Industrial Holdings, Ltd.		10,000		33,354
			$	3,840,887
Ireland — 2.0%
Bank of Ireland(1)		747,958	$	262,819
CRH PLC		9,200		214,506
DCC PLC		2,767		157,869
FBD Holdings PLC		1,257		24,085
FleetMatics Group PLC(1)		3,994		126,170
Fly Leasing, Ltd. ADR		2,161		32,285
Glanbia PLC		3,945		60,693
Grafton Group PLC		7,383		71,551
ICON PLC(1)		7,114		368,505
Irish Continental Group PLC		7,510		26,763
Kenmare Resources PLC(1)		109,911		26,761

Security	Shares		Value
Ireland (continued)
Kerry Group PLC, Class A		2,866	$	212,861
Paddy Power PLC		3,372		238,096
			$	1,822,964
Israel — 2.0%
Bank Hapoalim B.M.		29,963	$	174,782
Bezeq Israeli Telecommunication Corp., Ltd.		130,417		242,839
Caesarstone Sdot-Yam, Ltd.		636		27,577
Check Point Software Technologies, Ltd.(1)		3,592		243,789
Delek Automotive Systems, Ltd.		2,964		30,865
Delek Group, Ltd.		333		130,659
Elbit Systems, Ltd.		1,766		110,666
Gazit-Globe, Ltd.		2,355		31,490
Israel Chemicals, Ltd.		16,804		136,637
Israel Corp., Ltd.(1)		104		61,210
Mizrahi Tefahot Bank, Ltd.		6,299		79,651
Oil Refineries, Ltd.(1)		99,305		29,906
Ormat Industries, Ltd.		4,406		31,924
Osem Investment, Ltd.		3,280		76,989
Paz Oil Co., Ltd.		193		31,041
SodaStream International, Ltd.(1)		1,340		44,220
Strauss Group, Ltd.		2,832		55,582
Teva Pharmaceutical Industries, Ltd. ADR		5,302		283,657
			$	1,823,484
Italy — 3.5%
Ansaldo STS SpA		2,994	$	29,239
Assicurazioni Generali SpA		6,444		134,505
Atlantia SpA		8,406		222,475
Autogrill SpA(1)		4,891		41,622
Brembo SpA		901		33,105
Buzzi Unicem SpA		2,954		47,904
Danieli & C Officine Meccaniche SpA, PFC Shares		1,258		26,532
Davide Campari-Milano SpA		13,191		102,904
DiaSorin SpA		1,161		46,458
Ei Towers SpA(1)		536		28,856
Enel Green Power SpA		26,815		74,168
Enel SpA		46,180		262,902
ENI SpA		19,236		489,478
Esprinet SpA		1,400		14,343
EXOR SpA		1,603		61,366
GTECH SpA		1,017		24,442
Interpump Group SpA		2,136		27,260
Intesa Sanpaolo SpA		51,779		153,764
Italcementi SpA		5,848		43,385

9 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Italy (continued)
Italmobiliare SpA, PFC Shares		956	$	23,836
Luxottica Group SpA		2,905		160,266
Mediobanca SpA(1)		7,502		66,123
Pirelli & C. SpA		4,439		66,200
Prada SpA		7,400		52,577
Recordati SpA		4,398		72,592
Salvatore Ferragamo SpA		941		25,882
Snam SpA		22,478		132,505
Sorin SpA(1)		9,439		25,919
Telecom Italia SpA(1)		260,314		299,958
Telecom Italia SpA, PFC Shares		214,370		200,430
Terna Rete Elettrica Nazionale SpA		18,419		96,869
Tod’s SPA		213		23,365
Unione di Banche Italiane SpA		9,117		75,059
World Duty Free SpA(1)		2,215		25,218
Yoox SpA (1)		851		22,396
			$	3,233,903
Japan — 15.7%
Aeon Co., Ltd.		7,100	$	79,720
Air Water, Inc.		3,000		47,979
Aisin Seiki Co., Ltd.		1,100		42,722
Ajinomoto Co., Inc.		7,000		107,605
Alfresa Holdings Corp.		600		35,820
Alps Electric Co., Ltd.		2,300		31,924
Asahi Glass Co., Ltd.		6,000		35,555
Asahi Group Holdings, Ltd.		4,400		132,698
Asahi Kasei Corp.		11,000		86,934
Astellas Pharma, Inc.		18,900		256,295
Bank of Kyoto, Ltd. (The)		3,000		27,251
Bank of Yokohama, Ltd. (The)		7,000		39,831
Bridgestone Corp.		1,700		61,354
Calbee, Inc.		1,500		44,546
Canon, Inc.		5,000		163,576
Central Japan Railway Co.		500		71,011
Chiba Bank, Ltd. (The)		7,000		50,956
Chubu Electric Power Co., Inc.(1)		13,000		151,120
Chugai Pharmaceutical Co., Ltd.		3,000		99,849
Chugoku Bank, Ltd. (The)		2,000		30,728
Citizen Holdings Co., Ltd.		5,500		43,730
Coca-Cola West Co., Ltd.		1,900		31,666
Cosmo Oil Co., Ltd.		19,000		38,086
Dai Nippon Printing Co., Ltd.		6,000		61,550
Daicel Corp.		4,000		40,370
Daido Steel Co., Ltd.		6,000		28,038
Daihatsu Motor Co., Ltd.		1,000		17,750

Security	Shares		Value
Japan (continued)
Daikin Industries, Ltd.		800	$	54,943
Daito Trust Construction Co., Ltd.		300		36,158
Daiwa House Industry Co., Ltd.		2,000		40,598
DeNA Co., Ltd.		1,800		23,215
Denki Kagaku Kogyo K.K.		9,000		33,622
Denso Corp.		1,000		46,126
Dentsu, Inc.		700		27,724
Dowa Holdings Co., Ltd.		3,000		27,915
East Japan Railway Co.		1,000		80,107
Eisai Co., Ltd.		2,100		88,956
Electric Power Development Co., Ltd.		3,400		109,539
FamilyMart Co., Ltd.		700		31,438
FANUC Corp.		600		103,698
Fast Retailing Co., Ltd.		200		66,030
Fuji Electric Co., Ltd.		9,000		46,406
FUJIFILM Holdings Corp.		2,300		65,655
Fujitsu, Ltd.		11,000		84,320
GungHo Online Entertainment, Inc.		4,300		24,208
Hachijuni Bank, Ltd. (The)		3,000		18,442
Hamamatsu Photonics K.K.		1,100		51,707
Hirose Electric Co., Ltd.		400		56,217
Hiroshima Bank, Ltd. (The)		4,000		19,410
Hisamitsu Pharmaceutical Co., Inc.		900		35,850
Hitachi Chemical Co., Ltd.		1,200		21,108
Hitachi Metals, Ltd.		3,000		48,784
Hokuhoku Financial Group, Inc.		19,000		39,011
Honda Motor Co., Ltd.		5,700		198,423
Hoya Corp.		2,800		90,660
Hulic Co., Ltd.		2,300		27,088
Ibiden Co., Ltd.		2,400		47,957
Idemitsu Kosan Co., Ltd.		3,200		65,407
IHI Corp.		10,000		46,245
Isetan Mitsukoshi Holdings, Ltd.		2,000		24,784
ITOCHU Corp.		4,900		62,390
Iyo Bank, Ltd. (The)		6,000		60,779
Japan Airlines Co., Ltd.		500		27,619
Japan Exchange Group, Inc.		1,000		22,751
Japan Real Estate Investment Corp.		5		28,105
Japan Tobacco, Inc.		7,900		277,823
JGC Corp.		1,000		30,302
Joyo Bank, Ltd. (The)		9,000		47,885
JSR Corp.		2,400		41,381
JX Holdings, Inc.		71,000		365,089
Kakaku.com, Inc.		2,000		33,848
Kaken Pharmaceutical Co., Ltd.		2,000		44,688
Kaneka Corp.		6,000		36,084

10 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Kansai Electric Power Co., Inc. (The)(1)		18,800	$	171,722
Kansai Paint Co., Ltd.		4,000		67,031
Kao Corp.		4,500		185,059
KDDI Corp.		9,000		517,346
Keikyu Corp.		5,000		44,050
Keio Corp.		5,000		39,881
Keyence Corp.		300		130,693
Kikkoman Corp.		2,000		43,802
Kintetsu Corp.		12,000		43,696
Kobayashi Pharmaceutical Co., Ltd.		500		30,996
Koito Manufacturing Co., Ltd.		1,000		27,401
Konami Corp.		1,600		37,147
Konica Minolta, Inc.		3,000		32,028
Kubota Corp.		3,000		39,496
Kuraray Co., Ltd.		3,500		45,845
Kyocera Corp.		2,000		96,874
Kyowa Hakko Kirin Co., Ltd.		5,000		68,693
Kyushu Electric Power Co., Inc.(1)		12,800		142,124
Lawson, Inc.		600		44,932
Lion Corp.		5,000		29,090
LIXIL Group Corp.		1,100		26,666
M3, Inc.		2,200		35,508
Makita Corp.		1,000		59,147
Marubeni Corp.		5,000		35,140
Maruichi Steel Tube, Ltd.		1,200		33,218
Matsumotokiyoshi Holdings Co., Ltd.		1,000		32,838
MEIJI Holdings Co., Ltd.		600		43,006
Miraca Holdings, Inc.		800		37,024
Mitsubishi Chemical Holdings Corp.		14,500		63,461
Mitsubishi Corp.		5,000		105,359
Mitsubishi Estate Co., Ltd.		4,000		97,812
Mitsubishi Gas Chemical Co., Inc.		5,000		32,492
Mitsubishi Materials Corp.		18,000		65,434
Mitsubishi Motors Corp.		2,000		22,786
Mitsubishi Tanabe Pharma Corp.		3,600		52,292
Mitsubishi UFJ Financial Group, Inc.		42,600		251,225
Mitsui & Co., Ltd.		5,400		86,602
Mitsui Chemicals, Inc.		14,000		37,742
Mitsui Fudosan Co., Ltd.		3,000		99,071
Mitsui O.S.K. Lines, Ltd.		8,000		29,642
Mizuho Financial Group, Inc.		69,700		135,321
Murata Manufacturing Co., Ltd.		1,100		104,858
NGK Spark Plug Co., Ltd.		1,000		29,897
NH Foods, Ltd.		2,000		40,941
Nidec Corp.		800		52,101
Nintendo Co., Ltd.		700		77,763
Nippon Building Fund, Inc.		5		28,071

Security	Shares		Value
Japan (continued)
Nippon Electric Glass Co., Ltd.		4,000	$	22,410
Nippon Express Co., Ltd.		6,000		29,015
Nippon Kayaku Co., Ltd.		2,000		25,353
Nippon Paint Co., Ltd.		2,000		46,083
Nippon Shinyaku Co., Ltd.		2,000		57,107
Nippon Shokubai Co., Ltd.		3,000		38,455
Nippon Telegraph & Telephone Corp.		7,900		524,594
Nippon Yusen KK		10,000		28,652
Nishi-Nippon City Bank, Ltd. (The)		8,000		20,769
Nissan Chemical Industries, Ltd.		2,000		36,662
Nissan Motor Co., Ltd.		6,300		61,806
Nisshin Seifun Group, Inc.		3,500		40,873
Nissin Foods Holdings Co., Ltd.		800		43,957
Nitori Holdings Co., Ltd.		400		22,468
Nitto Denko Corp.		1,100		49,089
Nomura Research Institute, Ltd.		900		28,337
NTT Data Corp.		700		26,658
NTT DoCoMo, Inc.		29,200		512,055
Obic Co., Ltd.		1,000		35,499
Odakyu Electric Railway Co., Ltd.		4,000		39,185
OJI Paper Co., Ltd.		10,000		40,247
Okinawa Electric Power Co., Inc. (The)		900		28,859
Ono Pharmaceutical Co., Ltd.		1,100		93,048
Oracle Corp. Japan		400		16,948
Oriental Land Co., Ltd.		200		37,557
ORIX Corp.		3,900		63,029
Osaka Gas Co., Ltd.		48,000		199,646
Otsuka Holdings Co., Ltd.		3,700		117,818
Pigeon Corp.		600		34,467
Rakuten, Inc.		2,500		32,832
Rinnai Corp.		500		45,522
Rohto Pharmaceutical Co., Ltd.		2,000		30,951
San-Ai Oil Co., Ltd.		4,000		30,384
Santen Pharmaceutical Co., Ltd.		1,100		64,846
Sawai Pharmaceutical Co., Ltd.		500		28,337
SECOM Co., Ltd.		500		30,413
Sekisui House, Ltd.		3,000		39,375
Seven Bank, Ltd.		9,500		38,124
Sharp Corp.(1)		10,000		31,148
Shimadzu Corp.		4,000		38,287
Shimamura Co., Ltd.		200		19,834
Shimano, Inc.		300		35,022
Shin-Etsu Chemical Co., Ltd.		2,300		145,885
Shionogi & Co., Ltd.		3,500		75,561
Shiseido Co., Ltd.		4,100		80,806
Shizuoka Bank, Ltd. (The)		2,000		21,555
Showa Denko K.K.		23,000		33,458

11 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Showa Shell Sekiyu K.K.		6,200	$	69,927
SMC Corp.		200		55,216
Stanley Electric Co., Ltd.		2,000		51,875
Sumitomo Corp.		3,700		48,759
Sumitomo Metal Mining Co., Ltd.		4,000		66,637
Sumitomo Mitsui Financial Group, Inc.		4,300		175,287
Sumitomo Osaka Cement Co., Ltd.		7,000		25,164
Suruga Bank, Ltd.		1,000		19,499
Suzuken Co., Ltd.		2,100		66,955
Taiheiyo Cement Corp.		12,000		46,462
Taisho Pharmaceutical Holdings Co., Ltd.		500		35,594
Taiyo Nippon Sanso Corp.		6,000		52,615
Takashimaya Co., Ltd.		3,000		27,590
Takeda Pharmaceutical Co., Ltd.		5,800		264,552
TDK Corp.		700		33,580
TEIJIN, Ltd.		12,000		29,717
Toho Gas Co., Ltd.		21,000		116,038
Tokio Marine Holdings, Inc.		2,500		78,617
Tokyo Electron, Ltd.		1,300		84,920
Tokyo Gas Co., Ltd.		40,000		228,508
Tokyu Fudosan Holdings Corp.		4,000		30,339
TonenGeneral Sekiyu K.K.		10,000		87,334
Toray Industries, Inc.		11,000		74,457
Toshiba Corp.		14,000		62,267
Tosoh Corp.		7,000		30,714
TOTO, Ltd.		3,000		37,604
Toyo Seikan Kaisha, Ltd.		2,200		34,263
Toyo Suisan Kaisha, Ltd.		1,000		30,332
Toyota Industries Corp.		700		34,103
Toyota Motor Corp.		8,100		478,224
Toyota Tsusho Corp.		1,100		30,581
Trend Micro, Inc.		1,000		35,597
Tsuruha Holdings, Inc.		600		34,443
Ube Industries, Ltd.		17,000		29,333
Unicharm Corp.		1,500		91,849
UNY Group Holdings Co., Ltd.		4,800		28,534
USS Co., Ltd.		2,100		36,686
Yahoo! Japan Corp.		13,100		59,274
Yamaguchi Financial Group, Inc.		3,000		30,730
Yamaha Corp.		1,400		21,333
Yamato Holdings Co., Ltd.		1,600		33,329
Yamazaki Baking Co., Ltd.		2,000		25,315
Yokohama Rubber Co., Ltd. (The)		3,000		25,975
Zeon Corp.		3,000		29,629
			$	14,405,225

Security	Shares		Value
Netherlands — 4.5%
Aegon NV		8,237	$	66,799
Aercap Holdings NV(1)		688		30,017
Airbus Group NV		2,312		134,143
Akzo Nobel NV		3,824		275,418
AMG Advanced Metallurgical Group NV(1)		3,023		29,433
Arcadis NV		837		26,161
ASML Holding NV		4,396		414,588
CNH Industrial NV		16,821		155,256
Corio NV		765		40,642
Delta Lloyd NV		1,897		43,818
Fugro NV		3,598		138,546
Gemalto NV		598		58,413
Heineken NV		1,487		104,455
ING Groep NV(1)		18,589		241,426
Koninklijke Ahold NV		6,370		111,069
Koninklijke DSM NV		2,229		153,987
Koninklijke KPN NV(1)		99,906		319,465
Koninklijke Philips NV		8,919		274,889
Koninklijke Vopak NV		3,517		162,802
OCI(1)		716		27,359
QIAGEN NV(1)		8,594		209,867
Reed Elsevier NV		20,137		453,293
STMicroelectronics NV		27,993		232,403
TNT Express NV		3,342		26,930
Unilever NV		8,748		360,033
Ziggo NV		1,394		62,863
			$	4,154,075
New Zealand — 1.0%
Argosy Property, Ltd.		60,306	$	51,458
Auckland International Airport, Ltd.		43,789		141,566
Contact Energy, Ltd.		24,937		117,102
Fisher & Paykel Healthcare Corp., Ltd.		10,762		43,359
Fletcher Building, Ltd.		13,722		105,618
Kiwi Income Property Trust REIT		67,261		67,092
Ryman Healthcare, Ltd.		8,800		60,306
Sky Network Television, Ltd.		14,463		82,627
Telecom Corporation of New Zealand, Ltd.		43,247		104,169
Trade Me, Ltd.		8,500		25,018
Xero, Ltd.(1)		5,170		108,874
			$	907,189
Norway — 1.9%
Atea ASA		4,761	$	55,971
Borregaard ASA		4,154		27,932

12 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Norway (continued)
DNB ASA		7,710	$	136,633
Gjensidige Forsikring ASA		3,679		70,938
Kongsberg Gruppen ASA		3,556		81,203
Leroey Seafood Group ASA		876		31,751
Nordic Semiconductor ASA(1)		10,644		57,263
Opera Software ASA		6,482		75,979
Orkla ASA		20,408		184,725
Salmar ASA		2,133		41,775
Schibsted ASA		4,516		218,014
Seadrill, Ltd.		2,497		89,710
SpareBank 1 SR-Bank ASA		1,300		11,919
Statoil ASA		4,515		129,014
Stolt-Nielsen, Ltd.		2,767		62,861
Telenor ASA		9,465		217,818
Veidekke ASA		7,128		77,965
Yara International ASA		4,366		199,493
			$	1,770,964
Portugal — 1.0%
Banco Comercial Portugues SA(1)		761,636	$	108,776
EDP-Energias de Portugal SA		28,223		132,171
Galp Energia SGPS SA, Class B		7,461		132,427
Jeronimo Martins SGPS SA		8,979		117,366
Mota-Engil SGPS SA		17,107		106,698
NOS SGPS		16,859		100,483
Portucel SA		19,987		91,689
Portugal Telecom SGPS SA		43,433		93,757
			$	883,367
Singapore — 2.0%
Ascendas Real Estate Investment Trust		33,000	$	61,573
CapitaMall Trust		23,000		36,238
ComfortDelGro Corp., Ltd.		28,000		57,869
Ezion Holdings, Ltd.		29,000		49,664
Ezra Holdings, Ltd.		35,000		32,804
First Resources, Ltd.		15,000		27,064
Flextronics International, Ltd.(1)		19,412		201,691
Genting Singapore PLC		146,000		155,679
Global Logistic Properties, Ltd.		13,000		28,940
Golden Agri-Resources, Ltd.		138,000		58,911
OSIM International, Ltd.		14,000		32,114
Oversea-Chinese Banking Corp., Ltd.		13,000		103,752
Petra Foods, Ltd.		11,000		34,703
Sembcorp Industries, Ltd.		9,000		39,412
Singapore Airlines, Ltd.		6,000		49,544

Security	Shares		Value
Singapore (continued)
Singapore Press Holdings, Ltd.		28,000	$	93,034
Singapore Technologies Engineering, Ltd.		20,000		60,739
Singapore Telecommunications, Ltd.		84,000		273,210
StarHub, Ltd.		12,000		40,881
UMS Holdings, Ltd.		55,000		27,539
United Overseas Bank, Ltd.		8,000		154,389
Venture Corp., Ltd.		9,000		58,430
Wilmar International, Ltd.		57,000		148,819
			$	1,826,999
Spain — 3.9%
Abertis Infraestructuras SA		8,323	$	182,419
Acerinox SA		5,463		90,914
Amadeus IT Holding SA, Class A		9,576		376,822
Banco de Sabadell SA		8,667		28,135
Banco Santander SA		33,020		331,762
Bankia SA(1)		14,960		29,308
CaixaBank SA		10,193		61,293
Distribuidora Internacional de Alimentacion SA		16,912		140,179
Ebro Foods SA		2,310		47,207
Enagas SA		2,646		88,031
Ferrovial SA		9,070		190,036
Gas Natural SDG SA		1,333		40,953
Grifols SA, Class A		4,744		214,134
Grifols SA, Class B		3,633		135,273
Iberdrola SA		29,876		222,268
Industria de Diseno Textil SA		13,135		383,712
Red Electrica Corp. SA		938		80,602
Repsol SA		13,764		343,241
Tecnicas Reunidas SA		709		39,854
Telefonica SA		23,095		376,506
Tubos Reunidos SA		9,481		33,513
Viscofan SA		1,196		67,016
Zardoya Otis SA		4,388		67,115
			$	3,570,293
Sweden — 3.9%
AAK AB		447	$	25,465
Alfa Laval AB		1,173		26,637
Assa Abloy AB		1,208		59,355
Atlas Copco AB, Class A		3,417		101,946
Atlas Copco AB, Class B		2,200		59,371
Betsson AB(1)		450		15,611
BillerudKorsnas AB		8,231		121,596
Castellum AB		1,758		29,498

13 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Sweden (continued)
Elekta AB, Class B		20,281	$	248,510
Hennes & Mauritz AB, Class B		9,753		398,717
Hexpol AB		1,264		106,185
Holmen AB, Class B		3,945		132,858
ICA Gruppen AB		1,341		41,700
Investment AB Kinnevik, Class B		858		35,613
Investor AB, Class B		3,043		109,393
Lundin Petroleum AB(1)		6,341		113,654
Meda AB, Class A		11,973		193,043
NIBE Industrier AB		1,022		27,360
Skanska AB, Class B		3,676		76,382
SKF AB, Class B		3,418		80,570
Svenska Cellulosa AB SCA, Class B		9,679		238,355
Svenska Handelsbanken AB, Class A		1,287		61,982
Swedbank AB, Class A		5,949		152,399
Swedish Match AB		3,358		109,919
Tele2 AB, Class B		8,730		106,501
Telefonaktiebolaget LM Ericsson, Class B		34,223		426,141
TeliaSonera AB		55,210		413,508
Tethys Oil AB(1)		2,578		28,556
Unibet Group PLC SDR		250		12,165
Wihlborgs Fastigheter AB		1,547		28,786
			$	3,581,776
Switzerland — 7.7%
ABB, Ltd.(1)		21,171	$	486,888
Allreal Holding AG(1)		213		29,166
Ascom Holding AG		1,636		23,942
Baloise Holding AG		668		80,431
Barry Callebaut AG(1)		11		13,526
Belimo Holding AG		10		26,461
Bucher Industries AG		89		26,756
Burckhardt Compression Holdings AG		56		29,205
Comet Holding AG(1)		50		32,065
Compagnie Financiere Richemont SA, Class A		6,744		639,953
Dufry AG(1)		326		55,828
Ems-Chemie Holding AG		157		67,650
Forbo Holding AG(1)		29		28,319
Galenica AG		31		27,913
GAM Holding AG(1)		1,621		29,343
Gategroup Holding AG(1)		975		24,672
Geberit AG		338		113,256
Givaudan SA		152		248,610
Helvetia Holding AG		61		29,723
Implenia AG		405		23,839
Inficon Holding AG(1)		86		27,614

Security	Shares		Value
Switzerland (continued)
Julius Baer Group, Ltd.(1)		1,792	$	76,020
Kaba Holding AG(1)		62		29,998
Komax Holding AG		194		29,858
Kuehne & Nagel International AG		525		70,013
Kuoni Reisen Holding AG(1)		68		23,003
Leonteq AG(1)		158		31,615
Lindt & Spruengli AG PC		5		25,973
Logitech International SA		5,517		80,917
Mobimo Holding AG(1)		140		28,428
Nestle SA		13,688		1,013,460
Novartis AG		11,350		987,434
OC Oerlikon Corp. AG(1)		1,895		25,574
Pargesa Holding SA		333		28,187
Partners Group Holding AG		120		30,081
PSP Swiss Property AG(1)		319		28,202
Schindler Holding AG		205		30,365
Schindler Holding AG PC		317		47,375
Schmolz & Bickenbach AG(1)		21,068		31,838
Schweizerische National-Versicherungs-Gesellschaft AG		442		39,328
SGS SA		52		113,279
Sika AG		20		77,800
Sonova Holding AG		535		83,008
Swatch Group, Ltd. (The)		532		53,273
Swatch Group, Ltd. (The), Bearer Shares		416		221,845
Swiss Life Holding AG		339		78,393
Swiss Prime Site AG(1)		635		50,391
Swiss Re AG		3,343		284,180
Swisscom AG		551		305,915
Syngenta AG		1,818		644,034
U-Blox AG(1)		256		33,132
Valora Holding AG		105		25,381
Vontobel Holding AG		783		28,039
Zurich Insurance Group AG(1)		1,274		370,109
			$	7,091,608
United Kingdom — 15.4%
3i Group PLC		4,683	$	29,744
Aberdeen Asset Management PLC		2,376		16,495
Aggreko PLC		1,177		34,084
Anglo American PLC		8,710		233,915
Anite PLC		21,623		32,734
Antofagasta PLC		2,250		30,617
Associated British Foods PLC		2,444		114,408
AstraZeneca PLC		7,405		540,687
Aveva Group PLC		1,989		67,113
Aviva PLC		12,559		106,284

14 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United Kingdom (continued)
Babcock International Group PLC		2,614	$	48,309
BAE Systems PLC		27,684		199,517
Balfour Beatty PLC		6,223		24,975
Bellway PLC		1,198		30,409
Berendsen PLC		1,722		30,371
Berkeley Group Holdings PLC		895		36,845
BHP Billiton PLC		12,765		435,440
Bovis Homes Group PLC		2,197		28,229
BP PLC		70,881		577,236
British American Tobacco PLC		8,030		470,416
British Land Co. PLC (The)		2,591		30,654
British Sky Broadcasting Group PLC		6,095		90,218
Britvic PLC		2,404		28,408
Bunzl PLC		1,959		52,508
Burberry Group PLC		2,842		67,579
Capita PLC		6,789		137,466
Carillion PLC		4,756		26,748
Carnival PLC		1,260		45,389
Close Brothers Group PLC		1,265		27,034
Cobham PLC		15,469		76,324
Compass Group PLC		8,120		132,304
Croda International PLC		772		27,302
CSR PLC		6,722		59,788
Daily Mail & General Trust NV, Class A		2,090		29,465
Diageo PLC		12,263		368,286
Dignity PLC		1,248		29,071
Direct Line Insurance Group PLC		7,143		34,288
Domino Printing Sciences PLC		3,583		37,155
Drax Group PLC		7,034		82,745
easyJet PLC		1,477		32,192
Experian PLC		6,510		111,391
Filtrona PLC		2,162		28,012
Firstgroup PLC(1)		13,353		28,389
Fresnillo PLC		2,720		42,513
Friends Life Group, Ltd.		5,909		33,045
G4s PLC		10,246		43,357
Galliford Try PLC		1,479		31,681
GlaxoSmithKline PLC		31,494		758,965
Glencore PLC(1)		68,718		415,237
Grainger PLC		8,181		29,631
Great Portland Estates PLC		2,834		30,470
Greene King PLC		2,039		28,353
Halma PLC		12,223		115,868
Hammerson PLC		3,109		31,438
Hargreaves Lansdown PLC		1,490		25,688
Howden Joinery Group PLC		5,262		30,045

Security	Shares		Value
United Kingdom (continued)
HSBC Holdings PLC		51,306	$	550,047
Imperial Tobacco Group PLC		4,149		179,626
Informa PLC		3,994		32,772
Inmarsat PLC		10,249		125,709
Innovation Group PLC		55,576		29,051
InterContinental Hotels Group PLC		1,346		54,602
Intertek Group PLC		1,097		47,363
J Sainsbury PLC		5,535		29,174
Jazztel PLC(1)		650		8,734
Johnson Matthey PLC		1,142		56,902
Kingfisher PLC		14,107		71,253
Laird PLC		9,172		44,559
Land Securities Group PLC		1,680		29,474
Legal & General Group PLC		13,675		53,949
Lloyds Banking Group PLC(1)		126,828		158,113
Londonmetric Property PLC REIT		12,704		30,198
Marks & Spencer Group PLC		13,275		96,091
Marston’s PLC		12,099		29,280
Mears Group PLC		3,501		27,427
Meggitt PLC		3,730		31,938
Melrose Industries PLC		16,531		73,222
Micro Focus International PLC		4,640		66,400
Mitie Group PLC		5,570		28,598
Mondi PLC		2,542		44,520
Moneysupermarket.com Group PLC		12,386		38,759
National Grid PLC		58,044		826,734
NCC Group PLC		9,827		34,886
Next PLC		916		104,545
Old Mutual PLC		26,050		85,698
Oxford Instruments PLC		1,689		35,817
Pace PLC		12,497		67,197
Pearson PLC		4,832		92,943
Playtech PLC		6,421		66,374
Premier Farnell PLC		12,971		39,426
Provident Financial PLC		887		31,730
Randgold Resources, Ltd.		483		41,590
Reckitt Benckiser Group PLC		2,627		231,905
Reed Elsevier PLC		7,191		115,601
Renishaw PLC		1,171		36,516
Rentokil Initial PLC		14,663		29,238
Restaurant Group PLC (The)		2,796		28,970
Rexam PLC		6,129		51,667
Rightmove PLC		729		27,920
Rolls-Royce Holdings PLC(1)		12,754		222,638
Rotork PLC		683		31,787
Royal Dutch Shell PLC, Class A		19,560		804,226

15 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United Kingdom (continued)
Royal Dutch Shell PLC, Class B		2,721	$	117,171
RSA Insurance Group PLC		3,640		28,141
Sage Group PLC (The)		35,131		218,199
SDL PLC(1)		5,875		31,531
Segro PLC REIT		5,128		30,888
Serco Group PLC		3,863		23,574
Smiths Group PLC		4,467		95,854
Spirent Communications PLC		20,354		35,262
Sports Direct International PLC(1)		2,256		25,349
SSE PLC		12,660		310,917
Standard Chartered PLC		5,378		111,528
TalkTalk Telecom Group PLC		19,074		101,150
Tate & Lyle PLC		2,539		26,656
Telecity Group PLC		5,845		78,173
TT electronics PLC		8,490		26,478
UBM PLC		2,730		28,453
Unilever PLC		988		42,688
UNITE Group PLC (The)		4,128		28,251
United Utilities Group PLC		10,585		158,653
Vodafone Group PLC		347,004		1,155,555
Whitbread PLC		1,494		108,189
William Hill PLC		5,002		29,649
WM Morrison Supermarkets PLC		14,366		40,775
WS Atkins PLC		1,396		31,301
Xaar PLC		2,984		27,688
Xchanging PLC		11,222		33,335
			$	14,177,412
Total Common Stocks (identified cost $81,738,461)			$	90,758,794
Investment Funds — 0.0%(2)
Security	Shares		Value
HBM Healthcare Investments AG		359	$	31,962
Total Investment Funds (identified cost $30,302)			$	31,962
Rights — 0.0%(2)
Security	Shares		Value
Leonteq AG, Exp. 8/6/14(1)		158	$	1,358
Total Rights (identified cost $0)			$	1,358

Short-Term Investments — 0.8%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(3)	$	721	$	721,192
Total Short-Term Investments (identified cost $721,192)			$	721,192
Total Investments — 99.8% (identified cost $82,489,955)			$	91,513,306
Other Assets, Less Liabilities — 0.2%			$	221,882
Net Assets — 100.0%			$	91,735,188

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

ADR	–	American Depositary Receipt
CDI	–	CHESS Depositary Interest
PC	–	Participation Certificate
PFC Shares	–	Preference Shares
SDR	–	Swedish Depositary Receipt

⁽¹⁾  Non-income producing security.

⁽²⁾  Amount is less than 0.05%.

⁽³⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2014.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Euro		34.0	%	$	31,183,130
British Pound Sterling		15.7			14,424,859
Japanese Yen		15.7			14,405,225
Australian Dollar		8.0			7,330,728
Swiss Franc		7.9			7,260,431
Swedish Krona		3.9			3,581,776
Hong Kong Dollar		3.9			3,558,495
United States Dollar		2.5			2,335,707
Norwegian Krone		2.0			1,808,306
Danish Krone		2.0			1,789,546
Singapore Dollar		1.9			1,703,673
Israeli Shekel		1.3			1,224,241
New Zealand Dollar		1.0			907,189
Total Investments		99.8	%	$	91,513,306

16 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Portfolio of Investments (Unaudited) — continued

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		12.9	%	$	11,822,662
Industrials		11.7			10,719,844
Consumer Discretionary		11.2			10,286,981
Consumer Staples		10.6			9,690,921
Materials		10.1			9,278,298
Health Care		9.9			9,107,118
Telecommunication Services		9.9			9,030,203
Information Technology		8.7			7,926,619
Utilities		7.6			6,996,002
Energy		6.4			5,901,504
Investment Funds		0.0	(1)		31,962
Short-Term Investments		0.8			721,192
Total Investments		99.8	%	$	91,513,306

⁽¹⁾  Amount is less than 0.05%.

17 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2014
Unaffiliated investments, at value (identified cost, $81,768,763)	$	90,792,114
Affiliated investment, at value (identified cost, $721,192)		721,192
Foreign currency, at value (identified cost, $36,851)		36,731
Dividends receivable		128,772
Interest receivable from affiliated investment		65
Receivable for investments sold		16,113
Receivable for Fund shares sold		37,636
Tax reclaims receivable		118,801
Receivable from affiliates		33,145
Total assets	$	91,884,569
Liabilities
Payable for Fund shares redeemed	$	56,864
Payable to affiliates:
Investment adviser and administration fee		58,974
Distribution and service fees		3,015
Accrued expenses		30,528
Total liabilities	$	149,381
Net Assets	$	91,735,188
Sources of Net Assets
Paid-in capital	$	77,381,932
Accumulated net realized gain		3,751,775
Accumulated undistributed net investment income		1,578,530
Net unrealized appreciation		9,022,951
Total	$	91,735,188
Investor Class Shares
Net Assets	$	13,648,598
Shares Outstanding		1,063,184
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.84
Institutional Class Shares
Net Assets	$	78,086,590
Shares Outstanding		6,058,078
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.89

18 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2014
Dividends (net of foreign taxes, $202,920)	$	2,257,685
Interest allocated from affiliated investment		234
Expenses allocated from affiliated investment		(37	)
Total investment income	$	2,257,882
Expenses
Investment adviser and administration fee	$	334,542
Distribution and service fees
Investor Class		18,329
Trustees’ fees and expenses		2,331
Custodian fee		67,508
Transfer and dividend disbursing agent fees		17,413
Legal and accounting services		19,507
Printing and postage		12,821
Registration fees		21,347
Miscellaneous		5,673
Total expenses	$	499,471
Deduct —
Reduction of custodian fee	$	2
Allocation of expenses to affiliates		132,404
Total expense reductions	$	132,406
Net expenses	$	367,065
Net investment income	$	1,890,817
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	8,073,834
Investment transactions allocated from affiliated investment		3
Foreign currency transactions		(5,750	)
Net realized gain	$	8,068,087
Change in unrealized appreciation (depreciation) —
Investments	$	(3,772,568	)
Foreign currency		(1,690	)
Net change in unrealized appreciation (depreciation)	$	(3,774,258	)
Net realized and unrealized gain	$	4,293,829
Net increase in net assets from operations	$	6,184,646

19 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31, 2014
From operations —
Net investment income	$	1,890,817		$	1,477,224
Net realized gain from investment and foreign currency transactions		8,068,087			1,257,976
Net change in unrealized appreciation (depreciation) from investments and foreign currency		(3,774,258	)		3,171,871
Net increase in net assets from operations	$	6,184,646		$	5,907,071
Distributions to shareholders —
From net investment income
Investor Class	$	—		$	(264,173	)
Institutional Class		—			(1,359,470	)
Total distributions to shareholders	$	—		$	(1,623,643	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	4,577,823		$	11,052,878
Class C		—			70,326
Institutional Class		12,186,873			29,593,077
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		—			159,632
Institutional Class		—			157,259
Cost of shares redeemed
Investor Class		(5,972,776	)		(5,346,423	)
Class C		—			(60	)
Institutional Class		(8,159,592	)		(18,695,363	)
Net asset value of shares merged*
Investor Class		—			519,171
Class C		—			(519,171	)
Net increase in net assets from Fund share transactions	$	2,632,328		$	16,991,326
Net increase in net assets	$	8,816,974		$	21,274,754
Net Assets
At beginning of period	$	82,918,214		$	61,643,460
At end of period	$	91,735,188		$	82,918,214
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	1,578,530		$	(312,287	)

* At the close of business on March 15, 2013, Class C shares were merged into Investor Class shares.

20 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Financial Highlights

	Investor Class
	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2011(1)
				2014			2013			2012
Net asset value — Beginning of period	$	11.960		$	11.180		$	9.850		$	10.960		$	10.000
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.259	(3)	$	0.195		$	0.227		$	0.172		$	(0.020	)
Net realized and unrealized gain (loss)		0.621			0.822			1.370			(1.073	)		1.058
Total income (loss) from operations	$	0.880		$	1.017		$	1.597		$	(0.901	)	$	1.038
Less Distributions
From net investment income	$	—		$	(0.237	)	$	(0.267	)	$	(0.209	)	$	(0.078	)
Total distributions	$	—		$	(0.237	)	$	(0.267	)	$	(0.209	)	$	(0.078	)
Redemption fees(2)(4)	$	—		$	—		$	—		$	—		$	0.000	(5)
Net asset value — End of period	$	12.840		$	11.960		$	11.180		$	9.850		$	10.960
Total Return(6)		7.36	%(7)		9.04	%		16.32	%		(8.11	)%		10.39	%(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	13,649		$	14,007		$	7,038		$	12,263		$	3,578
Ratios (as a percentage of average daily net assets):
Expenses(8)(9)		1.03	%(10)		1.05	%		1.29	%		1.50	%		1.50	%(10)
Net investment income (loss)		4.09	%(3)(10)		1.65	%		2.22	%		1.68	%		(0.22	)%(10)
Portfolio Turnover		54	%(7)		35	%		44	%		60	%		15	%(7)

  ⁽¹⁾ For the period from the start of business, April 1, 2010, to January 31, 2011.

  ⁽²⁾ Computed using average shares outstanding.

  ⁽³⁾ Net investment income per share reflects special dividends allocated from the Fund which amounted to $0.044 per share. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 3.39%.

  ⁽⁴⁾ Redemption fees were discontinued as of January 1, 2011.

  ⁽⁵⁾ Amount is less than $0.0005.

  ⁽⁶⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if applicable, which were eliminated effective March 1, 2013.

  ⁽⁷⁾ Not annualized.

  ⁽⁸⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽⁹⁾ The investment adviser, sub-adviser and administrator subsidized certain operating expenses (equal to 0.30%, 0.29%, 0.29%, 0.25% and 0.72% of average daily net assets for the six months ended July 31, 2014, the years ended January 31, 2014, 2013 and 2012 and the period ended January 31, 2011, respectively).

⁽¹⁰⁾  Annualized.

21 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Financial Highlights — continued

	Institutional Class
	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31,									Period Ended January 31,  2011(1)
				2014			2013			2012
Net asset value — Beginning of period	$	11.990		$	11.200		$	9.880		$	10.970		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.272	(3)	$	0.259		$	0.252		$	0.239		$	0.102
Net realized and unrealized gain (loss)		0.628			0.790			1.375			(1.104	)		0.950
Total income (loss) from operations	$	0.900		$	1.049		$	1.627		$	(0.865	)	$	1.052
Less Distributions
From net investment income	$	—		$	(0.259	)	$	(0.307	)	$	(0.225	)	$	(0.082	)
Total distributions	$	—		$	(0.259	)	$	(0.307	)	$	(0.225	)	$	(0.082	)
Redemption fees(2)(4)	$	—		$	—		$	—		$	—		$	0.000	(5)
Net asset value — End of period	$	12.890		$	11.990		$	11.200		$	9.880		$	10.970
Total Return(6)		7.51	%(7)		9.31	%		16.59	%		(7.76	)%		10.54	%(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	78,087		$	68,911		$	54,167		$	45,957		$	41,969
Ratios (as a percentage of average daily net assets):
Expenses(8)(9)		0.78	%(10)		0.80	%		1.02	%		1.25	%		1.25	%(10)
Net investment income		4.27	%(3)(10)		2.20	%		2.45	%		2.28	%		1.20	%(10)
Portfolio Turnover		54	%(7)		35	%		44	%		60	%		15	%(7)

  ⁽¹⁾ For the period from the start of business, April 1, 2010, to January 31, 2011.

  ⁽²⁾ Computed using average shares outstanding.

  ⁽³⁾ Net investment income per share reflects special dividends allocated from the Fund which amounted to $0.043 per share. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 3.59%.

  ⁽⁴⁾ Redemption fees were discontinued as of January 1, 2011.

  ⁽⁵⁾ Amount is less than $0.0005.

  ⁽⁶⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

  ⁽⁷⁾ Not annualized.

  ⁽⁸⁾ Excludes the effect of custody fee credits, if any, of less than 0.005%.

  ⁽⁹⁾ The investment adviser, sub-adviser and administrator subsidized certain operating expenses (equal to 0.30%, 0.29%, 0.30%, 0.25% and 0.72% of average daily net assets for the six months ended July 31, 2014, the years ended January 31, 2014, 2013 and 2012 and the period ended January 31, 2011, respectively).

⁽¹⁰⁾  Annualized.

22 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2014

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Parametric International Equity Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (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 capital appreciation. The Fund offers two classes of shares. Investor Class and Institutional Class shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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.

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

Equity Securities. Equity securities (including common shares of closed-end investment companies) 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.

Debt Obligations. 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.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities based on available market quotations provided by a third party pricing service.

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

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D  Federal 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

23

Parametric International Equity Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

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.

At January 31, 2014, the Fund, for federal income tax purposes, had a capital loss carryforward of $94,897 and deferred capital losses of $4,189,149 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 carryforward will expire on January 31, 2019 and its character is short-term. The deferred capital losses 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, and are treated as realized prior to the utilization of the capital loss carryforward. Of the deferred capital losses at January 31, 2014, $4,189,149 are short-term.

As of July 31, 2014, 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  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

G  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.

H  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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  Interim Financial Statements — The interim financial statements relating to July 31, 2014 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders

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. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class 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. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be 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.

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is

24

Parametric International Equity Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

computed at an annual rate of 0.75% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. The fee reduction cannot be terminated without the consent of a majority of the Trustees and a majority of shareholders. For the six months ended July 31, 2014, the investment adviser and administration fee amounted to $334,542 or 0.75% (annualized) of the Fund’s average daily net assets. 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 and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.90% and 0.65% (1.05% and 0.80% prior to July 10, 2014) of the Fund’s average daily net assets for Investor Class and Institutional Class, respectively. This agreement may be changed or terminated after May 31, 2015. Pursuant to this agreement, EVM and Parametric were allocated $132,404 in total of the Fund’s operating expenses for the six months ended July 31, 2014.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2014, EVM earned $500 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and services fees from Investor Class (see Note 4).

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 and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 2014, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plan

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 31, 2014 amounted to $18,329 for Investor Class shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $52,375,987 and $48,325,119, respectively, for the six months ended July 31, 2014.

6  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Investor Class	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31, 2014
Sales		356,167			930,182
Issued to shareholders electing to receive payments of distributions in Fund shares		—			13,007
Redemptions		(464,154	)		(447,045	)
Merger from Class C shares		—			45,498
Net increase (decrease)		(107,987	)		541,642

25

Parametric International Equity Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

Class C				Year Ended January 31, 2014(1)
Sales					6,372
Issued to shareholders electing to receive payments of distributions in Fund shares					—
Redemptions					(5	)
Merger to Investor Class shares					(45,969	)
Net decrease					(39,602	)
Institutional Class	Six Months Ended July 31, 2014 (Unaudited)			Year Ended January 31, 2014
Sales		936,210			2,466,781
Issued to shareholders electing to receive payments of distributions in Fund shares		—			12,826
Redemptions		(623,698	)		(1,569,599	)
Net increase		312,512			910,008

⁽¹⁾  At the close of business on March 15, 2013, Class C shares were merged into Investor Class shares.

At July 31, 2014, an Eaton Vance collective investment trust and donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 39.5% of the value of the outstanding shares of the Fund.

7  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	82,846,266
Gross unrealized appreciation	$	11,190,858
Gross unrealized depreciation		(2,523,818	)
Net unrealized appreciation	$	8,667,040

8  Line of Credit

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. 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 six months ended July 31, 2014.

9  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities

26

Parametric International Equity Fund

July 31, 2014

Notes to Financial Statements (Unaudited) — continued

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.

10  Fair Value Measurements

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

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

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

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

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Asia/Pacific	$	267,638	$	28,043,390		$	—	$	28,311,028
Developed Europe		583,355		60,040,927			—		60,624,282
Developed Middle East		599,243		1,224,241			—		1,823,484
Total Common Stocks	$	1,450,236	$	89,308,558	*	$	—	$	90,758,794
Investment Funds	$	—	$	31,962		$	—	$	31,962
Rights		1,358		—			—		1,358
Short-Term Investments		—		721,192			—		721,192
Total Investments	$	1,451,594	$	90,061,712		$	—	$	91,513,306

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

The Fund held no investments or other financial instruments as of January 31, 2014 whose fair value was determined using Level 3 inputs. At July 31, 2014, the value of investments transferred between Level 1 and Level 2 during the six months then ended was not significant.

27

Parametric International Equity Fund

July 31, 2014

Special Meeting of Shareholders (Unaudited)

The Fund held a Special Meeting of Shareholders on May 29, 2014 to elect five Trustees. The results of the vote were as follows:

	Number of Shares(1)
Nominee for Trustee	For		Withheld
Scott E. Eston		6,873,680		6,192
Cynthia E. Frost		6,873,680		6,192
George J. Gorman		6,873,680		6,192
Valerie A. Mosley		6,873,680		6,192
Harriett Tee Taggart		6,873,680		6,192

⁽¹⁾  Excludes fractional shares.

28

Parametric International Equity Fund

July 31, 2014

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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 mutual funds advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 28, 2014, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing 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 the Contract Review Committee of the Board, 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 2014, as well as information considered throughout the year at meetings of the Board and its committees. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

Ÿ An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

Ÿ An independent report comparing each fund’s total expense ratio and its components to comparable funds;

Ÿ An independent report comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

Ÿ Data regarding investment performance in comparison to benchmark indices and customized peer groups identified by the adviser in consultation with the Board;

Ÿ For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

Ÿ Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

Ÿ Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

Ÿ Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and the fund’s policies with respect to “soft dollar” arrangements;

Ÿ Data relating to portfolio turnover rates of each fund;

Ÿ The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Ÿ Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

Ÿ Reports detailing the financial results and condition of each adviser;

Ÿ Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

Ÿ Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

Ÿ Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

Ÿ Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

Ÿ Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Ÿ A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

29

Parametric International Equity Fund

July 31, 2014

Board of Trustees’ Contract Approval — continued

Other Relevant Information

Ÿ Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

Ÿ Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

Ÿ The terms of each advisory agreement.

Over the course of the twelve-month period ended April 30, 2014, 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 seven, seventeen, eleven, six and ten 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.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of 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 advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each 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 advisory and sub-advisory agreement. In evaluating each 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 Funds’ advisers and sub-advisers.

Results of the Process

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 and administrative agreement of Parametric International Equity 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 Eaton Vance Management, 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 and administrative agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative 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. With respect to the Adviser, the Board considered the Adviser’s responsibilities supervising the Sub-adviser. With respect to the Sub-adviser, the Board considered the abilities and experience of investment personnel in analyzing factors such as special considerations relevant to investing in global markets. The Board noted the Adviser’s in-house equity research capabilities. With respect to the Sub-adviser, the Board noted the Sub-adviser’s experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board reviewed 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 evaluated 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.

30

Parametric International Equity Fund

July 31, 2014

Board of Trustees’ Contract Approval — continued

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 and administrative agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-year period ended September 30, 2013 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual fee rates for investment advisory and administrative services payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2013, as compared to a group of similarly managed funds selected by an independent data provider. The Board noted that the Adviser had waived fees and/or paid expenses for the Fund. 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, including the negotiation of reduced fees for transfer agency and custody services.

After reviewing 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.

Profitability

The Board reviewed 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.

Economies of Scale

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, the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from economies of scale in the future.

31

Parametric International Equity Fund

July 31, 2014

Officers and Trustees

Officers of Parametric International Equity Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Parametric International Equity Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Harriett Tee Taggart

* Interested Trustee

32

Eaton Vance Funds

IMPORTANT NOTICES

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

Ÿ Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

Ÿ None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

Ÿ Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’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.

33

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing the program is available to investors at www.FINRA.org.

7771    7.31.14

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

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

Signatures

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

Eaton Vance Mutual Funds Trust

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 10, 2014

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	September 10, 2014
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 10, 2014