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, 2016

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric Emerging Markets Fund

Semiannual Report

July 31, 2016

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, 2016

Parametric Emerging Markets Fund

Table of Contents

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

Parametric Emerging Markets Fund

July 31, 2016

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Investor Class at NAV		06/30/2006		06/30/2006		19.04	%		–0.28	%		–2.42	%		3.55	%
Class C at NAV		06/30/2006		06/30/2006		18.67			–1.05			–3.14			2.77
Class C with 1% Maximum Sales Charge		—		—		17.67			–2.03			–3.14			2.77
Institutional Class at NAV		06/30/2006		06/30/2006		19.17			–0.05			–2.16			3.79
Class R6 at NAV		07/01/2014		06/30/2006		19.17			0.02			–2.14			3.80
MSCI Emerging Markets Index		—		—		19.52	%		–0.75	%		–2.74	%		3.90	%
% Total Annual Operating Expense Ratios3					Investor Class			Class C			Institutional Class			Class R6
						1.37	%		2.12	%		1.12	%		1.07	%

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 or equal to 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, 2016

Fund Profile

Sector Allocation (% of net assets)⁴

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁴

China Mobile, Ltd.	0.7	%
Naspers, Ltd., Class N	0.7
Cielo SA	0.7
Taiwan Semiconductor Manufacturing Co., Ltd.	0.6
Telefonica Brasil SA, PFC Shares	0.6
Sberbank of Russia PJSC	0.6
MTN Group, Ltd.	0.6
Petroleo Brasileiro SA, PFC Shares	0.5
Tencent Holdings, Ltd.	0.5
Samsung Electronics Co., Ltd.	0.5
Total	6.0	%

See Endnotes and Additional Disclosures in this report.

3

Parametric Emerging Markets Fund

July 31, 2016

Endnotes and Additional Disclosures

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

² 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. Investor, Institutional and R6 shares are offered without a 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. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴ Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Parametric Emerging Markets Fund

July 31, 2016

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, 2016 – July 31, 2016).

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 (2/1/16)		Ending Account Value (7/31/16)		Expenses Paid During Period* (2/1/16 – 7/31/16)		Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,190.40	$	7.46		1.37	%
Class C	$	1,000.00	$	1,186.70	$	11.53		2.12	%
Institutional Class	$	1,000.00	$	1,191.70	$	6.10		1.12	%
Class R6	$	1,000.00	$	1,191.70	$	5.83		1.07	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,018.10	$	6.87		1.37	%
Class C	$	1,000.00	$	1,014.30	$	10.62		2.12	%
Institutional Class	$	1,000.00	$	1,019.30	$	5.62		1.12	%
Class R6	$	1,000.00	$	1,019.50	$	5.37		1.07	%

* 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 182/366 (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, 2016.

5

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited)

Common Stocks — 98.7%
Security	Shares		Value
Argentina — 0.8%
Adecoagro SA(1)		218,000	$	2,389,280
Arcos Dorados Holdings, Inc., Class A(1)		982,061		5,381,694
Banco Macro SA, Class B ADR		19,887		1,494,110
BBVA Banco Frances SA ADR		25,288		508,542
Cresud SA ADR(1)		40,240		685,689
Grupo Financiero Galicia SA, Class B ADR		55,800		1,656,144
IRSA Inversiones y Representaciones SA ADR(1)		11,610		214,553
MercadoLibre, Inc.		26,600		4,071,928
Pampa Energia SA ADR(1)		129,500		3,530,170
Petrobras Argentina SA ADR		439,508		2,729,345
Telecom Argentina SA ADR		225,602		4,266,134
YPF SA ADR		95,400		1,762,038
			$	28,689,627
Bahrain — 0.8%
Ahli United Bank BSC		20,699,954	$	13,164,678
Al Salam Bank-Bahrain BSC		17,929,031		4,332,051
GFH Financial Group BSC(1)		24,763,272		5,662,327
Ithmaar Bank BSC(1)		20,377,675		2,324,484
			$	25,483,540
Bangladesh — 0.8%
ACI, Ltd.		54,690	$	316,504
Aftab Automobiles, Ltd.		783,888		485,437
Al-Arafah Islami Bank, Ltd.		487,405		83,913
Bangladesh Export Import Co., Ltd.(1)		6,600,197		2,010,783
Bangladesh Submarine Cable Co., Ltd.(1)		257,800		356,316
Beximco Pharmaceuticals, Ltd.		457,495		506,855
BSRM Steels, Ltd.		1,504,500		1,847,220
City Bank, Ltd. (The)		2,460,541		722,800
CVO Petrochemical Refinery, Ltd.		88,500		302,072
Grameenphone, Ltd.		811,232		2,871,615
Heidelberger Cement Bangladesh, Ltd.		146,500		1,026,430
Islami Bank Bangladesh, Ltd.		1,583,302		626,013
Jamuna Oil Co., Ltd.		302,993		719,674
Khulna Power Co., Ltd.		959,467		765,642
Lankabangla Finance, Ltd.		1,191,549		440,821
Malek Spinning Mills, Ltd.		897,500		186,237
Meghna Petroleum, Ltd.		174,079		399,521
National Bank, Ltd.(1)		5,150,913		605,019
Olympic Industries, Ltd.		739,927		3,159,589
Orion Pharma, Ltd.(1)		258,206		121,899
Padma Oil Co., Ltd.		195,600		465,372

Security	Shares		Value
Bangladesh (continued)
People’s Leasing and Financial Services, Ltd.(1)		1,467,409	$	157,305
Pubali Bank, Ltd.		1,878,791		456,583
Renata, Ltd.		54,198		781,212
Singer Bangladesh, Ltd.		142,500		305,058
Social Islami Bank, Ltd.		3,092,176		572,923
Southeast Bank, Ltd.		1,630,632		334,731
Square Pharmaceuticals, Ltd.		492,184		1,676,245
Summit Power, Ltd.		1,655,358		683,106
Titas Gas Transmission & Distribution Co., Ltd.		2,051,457		1,282,518
Unique Hotel & Resorts, Ltd.(1)		1,020,672		569,169
United Airways Bangladesh, Ltd.(1)		6,170,401		456,395
United Commercial Bank, Ltd.		2,280,000		493,775
			$	25,788,752
Botswana — 0.3%
Barclays Bank of Botswana, Ltd.		1,137,465	$	500,130
Botswana Insurance Holdings, Ltd.		575,111		918,914
First National Bank of Botswana, Ltd.		6,069,100		1,839,797
Letshego Holdings, Ltd.		14,102,614		2,965,610
Sechaba Breweries Holdings, Ltd.		905,550		2,466,096
Standard Chartered Bank Botswana, Ltd.		531,120		399,821
			$	9,090,368
Brazil — 7.1%
AES Tiete Energia SA		171,300	$	908,697
AMBEV SA		1,970,350		11,424,432
AMBEV SA ADR		141,760		819,373
B2W Cia Digital(1)		200,970		805,764
Banco Bradesco SA ADR, PFC Shares		78,703		684,716
Banco Bradesco SA, PFC Shares		714,644		6,250,711
Banco do Brasil SA		277,098		1,798,949
Banco do Estado do Rio Grande do Sul, PFC Shares		164,900		548,243
BB Seguridade Participacoes SA		168,700		1,568,165
BM&F Bovespa SA		347,751		2,047,424
BR Malls Participacoes SA(1)		127,140		551,316
BR Properties SA		59,329		165,047
Bradespar SA, PFC Shares		121,000		403,035
Braskem SA, PFC Shares		89,760		513,246
BRF SA		288,140		4,825,439
CCR SA		1,194,700		6,901,286
Centrais Eletricas Brasileiras SA, PFC Shares		452,100		3,106,584
CETIP SA - Mercados Organizados		62,600		835,400
Cia Brasileira de Distribuicao, PFC Shares		63,069		954,477
Cia de Saneamento Basico do Estado de Sao Paulo		359,260		3,412,660
Cia de Saneamento de Minas Gerais-COPASA		72,900		741,950

6 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Brazil (continued)
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		38,690	$	823,344
Cia Energetica de Minas Gerais SA, PFC Shares		801,155		2,246,021
Cia Energetica de Sao Paulo, Class B, PFC Shares		247,500		1,062,546
Cia Hering		299,100		1,706,560
Cia Paranaense de Energia, PFC Shares		114,300		1,133,341
Cia Siderurgica Nacional SA(1)		510,600		1,743,259
Cielo SA		1,997,572		22,640,874
Contax Participacoes SA(1)		1,215		3,672
Cosan SA Industria e Comercio		142,300		1,494,361
CPFL Energia SA		746,572		5,258,976
Cyrela Brazil Realty SA Empreendimentos e Participacoes		320,100		1,106,687
Duratex SA		235,758		720,566
EcoRodovias Infraestrutura e Logistica SA(1)		357,100		904,204
EDP-Energias do Brasil SA		245,500		1,088,789
Eletropaulo Metropolitana SA, Class B, PFC Shares		210,580		816,368
Embraer SA		307,700		1,407,350
Embraer SA ADR		152,348		2,783,398
Engie Brasil Energia SA		212,800		2,770,259
Equatorial Energia SA		188,000		3,219,726
Estacio Participacoes SA		384,300		2,091,936
Even Construtora e Incorporadora SA		341,400		486,451
Ez Tec Empreendimentos e Participacoes SA		206,798		1,135,271
Fibria Celulose SA		146,957		896,953
Fleury SA		152,100		1,464,521
Gafisa SA		745,400		508,060
Gerdau SA, PFC Shares		639,000		1,527,341
Gol Linhas Aereas Inteligentes SA, PFC Shares		204,000		322,761
Hypermarcas SA		267,800		2,267,182
Iochpe Maxion SA		115,700		617,324
Itau Unibanco Holding SA ADR, PFC Shares		81,104		847,537
Itau Unibanco Holding SA, PFC Shares		565,173		5,889,833
Itausa-Investimentos Itau SA, PFC Shares		1,014,187		2,614,916
JBS SA		406,725		1,367,290
Klabin SA		170,600		893,935
Klabin SA, PFC Shares		1,300,000		1,046,447
Kroton Educacional SA		1,286,036		5,727,350
Light SA		132,200		593,236
Localiza Rent a Car SA		224,780		2,793,805
Lojas Americanas SA, PFC Shares		785,433		4,638,861
Lojas Renner SA		619,700		5,210,036
Marcopolo SA, PFC Shares(1)		1,222,300		1,161,079
Marfrig Global Foods SA(1)		287,155		503,035
Metalurgica Gerdau SA, PFC Shares		260,300		218,362
MRV Engenharia e Participacoes SA		343,500		1,435,488

Security	Shares		Value
Brazil (continued)
Multiplus SA		60,200	$	794,089
Natura Cosmeticos SA		120,900		1,241,664
Odontoprev SA		968,900		3,884,684
Oi SA, PFC Shares(1)		2,356,785		1,802,624
PDG Realty SA Empreendimentos e Participacoes(1)		292,042		318,847
Petroleo Brasileiro SA, PFC Shares(1)		5,084,700		18,614,418
Prumo Logistica SA(1)		159,600		356,865
Qualicorp SA		618,200		4,099,217
Randon SA Implementos e Participacoes, PFC Shares		303,500		440,872
Rumo Logistica Operadora Multimodal SA(1)		314,419		593,463
Smiles SA		86,900		1,392,587
Suzano Papel e Celulose SA, PFC Shares		437,425		1,338,285
Telefonica Brasil SA, PFC Shares		1,355,726		20,584,256
Tim Participacoes SA		2,470,427		6,331,498
Totvs SA		306,690		3,111,924
Transmissora Alianca de Energia Electrica SA		201,900		1,612,759
Ultrapar Participacoes SA		296,684		6,774,760
Usinas Siderurgicas de Minas Gerais SA, Class A, PFC Shares		478,350		553,236
Vale SA, PFC Shares		2,896,240		13,407,526
Valid Solucoes SA		91,700		830,345
Via Varejo SA		259,400		536,017
Weg SA		980,640		4,618,299
			$	241,694,460
Bulgaria — 0.0%(2)
CB First Investment Bank AD(1)		235,000	$	317,915
Chimimport AD(1)		329,922		229,313
Corporate Commercial Bank AD(1)(3)		10,400		0
MonBat AD		60,235		243,791
Petrol AD(1)		102,500		22,496
Sopharma AD		354,600		557,355
			$	1,370,870
Chile — 3.2%
AES Gener SA		1,904,140	$	916,512
Aguas Andinas SA, Series A		2,726,600		1,645,373
Antarchile SA, Series A		215,131		2,053,874
Banco de Chile		27,829,205		3,090,056
Banco de Chile ADR		7,791		517,790
Banco de Credito e Inversiones		74,976		3,383,168
Banco Santander Chile		52,337,922		2,685,451
Banmedica SA		706,730		1,387,227
Besalco SA		1,307,600		529,312
Cap SA		196,612		857,446

7 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Chile (continued)
Cencosud SA		2,375,307	$	6,766,532
Cia Cervecerias Unidas SA		306,026		3,492,431
Cia Sud Americana de Vapores SA(1)		14,510,741		264,436
Colbun SA		5,619,135		1,380,986
Embotelladora Andina SA, Class B, PFC Shares		535,258		2,117,648
Empresa Nacional de Electricidad SA		2,564,627		2,342,698
Empresa Nacional de Telecomunicaciones SA(1)		549,009		5,409,078
Empresas AquaChile SA(1)		336,541		140,857
Empresas CMPC SA		2,641,020		5,541,442
Empresas COPEC SA		1,305,068		11,841,601
Endesa Americas SA		2,564,627		1,204,374
Enersis Americas SA		14,024,447		2,463,410
Enersis Americas SA ADR		42,700		370,636
Enersis Chile SA		14,024,447		1,628,563
Enersis Chile SA ADR		42,700		245,098
Engie Energia Chile SA		548,992		1,020,665
Forus SA		132,100		474,099
Grupo Security SA		2,644,909		885,326
Inversiones Aguas Metropolitanas SA		386,815		662,900
Inversiones La Construccion SA		34,520		395,479
Itau CorpBanca		162,332,751		1,413,422
Latam Airlines Group SA(1)		684,297		5,967,542
Molibdenos y Metales SA		47,469		302,260
Parque Arauco SA		911,699		2,019,344
Quinenco SA		389,755		765,043
Ripley Corp. SA		1,779,400		1,122,844
S.A.C.I. Falabella		1,812,255		13,343,113
Salfacorp SA		1,726,600		1,318,720
Sigdo Koppers SA		1,121,831		1,504,571
Sociedad de Inversiones Pampa Calichera SA, Class A		43,000		33,170
Sociedad Matriz SAAM SA		6,242,812		495,878
Sociedad Quimica y Minera de Chile SA ADR		58,400		1,447,152
Sociedad Quimica y Minera de Chile SA, Series B		212,340		5,288,958
Socovesa SA		850,705		206,020
Sonda SA		3,108,976		5,698,879
Vina Concha y Toro SA		1,133,915		1,931,977
			$	108,573,361
China — 8.8%
3SBio, Inc.(1)(4)		1,558,500	$	1,566,069
Agile Group Holdings, Ltd.		1,096,000		629,069
Agricultural Bank of China, Ltd., Class H		2,350,000		865,637
Air China, Ltd., Class H		1,960,000		1,496,485
Aluminum Corp. of China, Ltd., Class H(1)		4,984,000		1,612,094
Angang Steel Co., Ltd., Class H(1)		1,994,000		977,646

Security	Shares		Value
China (continued)
Anhui Conch Cement Co., Ltd., Class H		1,941,000	$	5,106,929
ANTA Sports Products, Ltd.		658,000		1,470,576
Baidu, Inc. ADR(1)		39,700		6,336,120
Bank of China, Ltd., Class H		6,646,000		2,743,808
Bank of Communications, Ltd., Class H		2,468,900		1,671,167
Beijing Capital International Airport Co., Ltd., Class H		1,568,000		1,812,267
Beijing Enterprises Holdings, Ltd.		309,500		1,749,724
Beijing Enterprises Water Group, Ltd.		3,236,000		1,969,535
Belle International Holdings, Ltd.		2,320,000		1,537,919
Brilliance China Automotive Holdings, Ltd.		1,086,000		1,209,112
BYD Co., Ltd., Class H(1)		401,200		2,555,089
CGN Power Co., Ltd., Class H(4)		6,666,000		1,974,518
China Agri-Industries Holdings, Ltd.(1)		2,074,000		723,667
China Biologic Products, Inc.(1)		32,700		3,903,726
China Bluechemical, Ltd., Class H		1,270,000		254,515
China Cinda Asset Management Co., Ltd., Class H		1,495,000		487,218
China CITIC Bank Corp., Ltd., Class H		840,000		532,447
China Coal Energy Co., Ltd., Class H(1)		3,400,000		1,799,323
China Communications Construction Co., Ltd., Class H		1,612,000		1,766,450
China Communications Services Corp., Ltd., Class H		2,540,000		1,381,429
China Construction Bank Corp., Class H		7,369,630		4,956,373
China COSCO Holdings Co., Ltd., Class H(1)		2,694,975		943,443
China Dongxiang Group Co., Ltd.		4,257,000		840,331
China Everbright International, Ltd.		880,000		953,025
China Everbright, Ltd.		408,000		781,527
China Gas Holdings, Ltd.		1,294,000		2,048,429
China High Speed Transmission Equipment Group Co., Ltd.		2,184,000		1,709,042
China Hongqiao Group, Ltd.		410,000		274,280
China Huishan Dairy Holdings Co., Ltd.		1,800,000		708,010
China International Marine Containers Co., Ltd., Class B		482,672		557,734
China Life Insurance Co., Ltd., Class H		584,000		1,324,679
China Longyuan Power Group Corp., Ltd., Class H		3,335,000		2,684,697
China Mengniu Dairy Co., Ltd.		2,187,000		3,663,823
China Merchants Bank Co., Ltd., Class H		497,524		1,066,868
China Merchants Holdings (International) Co., Ltd.		702,035		2,064,817
China Minsheng Banking Corp., Ltd., Class H		662,740		692,907
China Mobile, Ltd.		2,049,500		25,380,027
China Molybdenum Co., Ltd., Class H		4,203,000		957,243
China National Building Material Co., Ltd., Class H		4,406,000		2,032,107
China Oilfield Services, Ltd., Class H		1,420,000		1,123,647
China Overseas Land & Investment, Ltd.		390,160		1,286,969
China Pacific Insurance (Group) Co., Ltd., Class H		196,400		697,949
China Petroleum & Chemical Corp., Class H		14,838,300		10,641,615

8 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
China Power International Development, Ltd.		1,381,000	$	563,882
China Railway Construction Corp., Ltd., Class H		1,393,500		1,680,006
China Railway Group, Ltd., Class H(1)		2,179,000		1,648,423
China Resources Beer Holdings Co., Ltd.		964,000		1,869,257
China Resources Gas Group, Ltd.		830,000		2,439,020
China Resources Land, Ltd.		250,000		623,582
China Resources Power Holdings Co., Ltd.		2,205,600		3,524,931
China Shenhua Energy Co., Ltd., Class H		2,164,500		4,155,803
China Shineway Pharmaceutical Group, Ltd.		381,000		402,884
China Shipping Container Lines Co., Ltd., Class H(1)		4,252,000		892,580
China Shipping Development Co., Ltd., Class H		1,702,000		965,421
China Southern Airlines Co., Ltd., Class H		2,200,000		1,450,686
China Taiping Insurance Holdings Co., Ltd.(1)		453,800		892,865
China Telecom Corp., Ltd., Class H		10,918,000		5,395,936
China Travel International Investment Hong Kong, Ltd.		4,692,000		1,334,061
China Unicom (Hong Kong), Ltd.		4,340,372		4,623,838
China Vanke Co., Ltd., Class H		789,920		1,791,102
China Yurun Food Group, Ltd.(1)		1,776,000		259,357
Chongqing Changan Automobile Co., Ltd., Class B		1,100,286		1,827,459
CITIC, Ltd.		1,152,000		1,748,113
CNOOC, Ltd.		8,296,000		9,998,609
Cosco Pacific, Ltd.		1,516,000		1,565,693
Country Garden Holdings Co., Ltd.		3,785,631		1,544,512
CSPC Pharmaceutical Group, Ltd.		3,280,000		2,840,106
Ctrip.com International, Ltd. ADR(1)		230,200		10,052,834
Datang International Power Generation Co., Ltd., Class H		4,476,000		1,162,967
Dongfeng Motor Group Co., Ltd., Class H		1,966,000		2,434,435
Golden Eagle Retail Group, Ltd.		739,000		829,967
Great Wall Motor Co., Ltd., Class H		1,771,500		1,846,986
Guangdong Investment, Ltd.		2,662,000		4,090,806
Guangzhou Automobile Group Co., Ltd., Class H		1,892,013		2,433,837
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H(1)		320,000		794,357
Guangzhou R&F Properties Co., Ltd., Class H		516,800		784,279
Haier Electronics Group Co., Ltd.		161,000		270,456
Hengan International Group Co., Ltd.		665,000		5,597,577
Hengdeli Holdings, Ltd.(1)		2,681,800		277,217
Huadian Power International Corp., Ltd., Class H		1,100,000		521,578
Huaneng Power International, Inc., Class H		5,426,000		3,342,688
Huaneng Renewables Corp., Ltd., Class H		1,716,000		550,881
iKang Healthcare Group, Inc. ADR(1)		36,000		664,560
Industrial & Commercial Bank of China, Ltd., Class H		5,073,000		2,894,099
Inner Mongolia Yitai Coal Co., Ltd., Class B		669,000		490,637
Jiangsu Expressway Co., Ltd., Class H		1,152,000		1,629,810
Jiangxi Copper Co., Ltd., Class H		1,803,000		2,072,236

Security	Shares		Value
China (continued)
Kingboard Chemical Holdings, Ltd.		648,600	$	1,401,399
Kunlun Energy Co., Ltd.		2,206,000		1,677,666
Lee & Man Paper Manufacturing, Ltd.		1,220,000		943,412
Lenovo Group, Ltd.		3,494,000		2,264,287
Li Ning Co., Ltd.(1)		774,208		405,404
Luye Pharma Group, Ltd.(1)		496,500		322,526
Maanshan Iron & Steel Co., Ltd., Class H(1)		2,294,000		513,355
NetEase, Inc. ADR		14,000		2,859,780
New Oriental Education & Technology Group, Inc. ADR		80,200		3,533,612
Nine Dragons Paper Holdings, Ltd.		2,051,000		1,635,124
PetroChina Co., Ltd., Class H		10,400,000		7,129,048
Phoenix Healthcare Group Co., Ltd.		355,000		526,752
PICC Property & Casualty Co., Ltd., Class H		352,000		548,474
Ping An Insurance (Group) Co. of China, Ltd., Class H		435,000		2,041,490
Poly Property Group Co., Ltd.(1)		1,918,000		518,196
Qinqin Foodstuffs Group Cayman Co., Ltd.(1)		133,000		49,028
Semiconductor Manufacturing International Corp.(1)		23,397,000		1,896,802
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		2,148,000		1,201,021
Shanghai Electric Group Co., Ltd., Class H(1)		2,414,000		1,005,939
Shanghai Industrial Holdings, Ltd.		304,000		712,986
Shimao Property Holdings, Ltd.		480,000		628,533
Sihuan Pharmaceutical Holdings Group, Ltd.		3,161,000		716,143
SINA Corp.(1)		22,900		1,233,852
Sino Biopharmaceutical, Ltd.		7,057,000		4,727,819
Sino-Ocean Group Holding, Ltd.		1,219,000		516,535
Sinopec Shanghai Petrochemical Co., Ltd., Class H		5,245,000		2,567,056
Sinopharm Group Co., Ltd., Class H		1,408,400		6,841,942
Sohu.com, Inc.(1)		10,300		398,404
Sun Art Retail Group, Ltd.		1,476,000		1,026,517
Tencent Holdings, Ltd.		707,400		17,085,921
Tingyi (Cayman Islands) Holding Corp.		2,176,000		1,887,738
Tsingtao Brewery Co., Ltd., Class H		324,000		1,144,600
Want Want China Holdings, Ltd.		5,426,000		3,331,922
Weichai Power Co., Ltd., Class H		912,800		1,097,677
West China Cement, Ltd.(1)		4,450,000		419,637
WH Group, Ltd.(4)		2,822,500		2,228,939
Yangzijiang Shipbuilding Holdings, Ltd.		1,809,000		1,180,320
Yanzhou Coal Mining Co., Ltd., Class H		2,200,000		1,358,226
Zhaojin Mining Industry Co., Ltd., Class H		1,440,000		1,665,398
Zhejiang Expressway Co., Ltd., Class H		1,404,000		1,454,049
Zhuzhou CRRC Times Electric Co., Ltd.		318,000		1,759,423
Zijin Mining Group Co., Ltd., Class H		8,448,000		3,088,491
ZTE Corp., Class H		876,903		1,182,614
			$	301,030,471

9 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Colombia — 1.4%
Almacenes Exito SA		465,190	$	2,121,388
Avianca Holdings SA, PFC Shares		551,298		413,922
Banco Davivienda SA, PFC Shares		186,400		1,639,349
Banco de Bogota SA		98,407		1,868,771
Bancolombia SA		114,355		905,155
Bancolombia SA ADR, PFC Shares		149,600		5,110,336
Bolsa de Valores de Colombia		72,389,909		424,436
Celsia SA ESP		809,070		992,231
Cementos Argos SA		697,019		2,610,983
Cementos Argos SA, PFC Shares		307,566		1,057,947
Cemex Latam Holdings SA(1)		372,500		1,504,560
Corporacion Financiera Colombiana SA		115,009		1,437,800
Ecopetrol SA(1)		13,209,169		5,593,459
Empresa de Energia de Bogota SA		5,363,581		3,162,242
Empresa de Telecommunicaciones de Bogota SA		2,532,380		494,928
Grupo Argos SA		453,128		2,730,576
Grupo Argos SA, PFC Shares		108,995		628,408
Grupo Aval Acciones y Valores SA		3,145,485		1,193,645
Grupo Aval Acciones y Valores SA, PFC Shares		6,098,800		2,324,298
Grupo de Inversiones Suramericana SA		325,070		4,057,551
Grupo de Inversiones Suramericana SA, PFC Shares		48,367		591,117
Grupo Nutresa SA		582,655		4,786,501
Grupo Odinsa SA(1)		74,829		210,716
Interconexion Electrica SA		901,290		2,668,640
			$	48,528,959
Croatia — 0.7%
AD Plastik DD		35,190	$	585,418
Adris Grupa DD, PFC Shares		65,185		4,013,632
Atlantic Grupa DD		1,465		178,124
Atlantska Plovidba DD(1)		22,867		621,004
Dalekovod DD(1)		85,850		172,663
Ericsson Nikola Tesla DD		7,395		1,110,961
Hrvatski Telekom DD		319,450		6,867,479
INA Industrija Nafte DD(1)		900		403,665
Koncar-Elektroindustrija DD		17,735		1,760,113
Kras DD		4,381		333,627
Ledo DD		1,293		1,959,708
Petrokemija DD(1)		17,383		44,243
Podravka Prehrambena Industrija DD(1)		24,326		1,304,684
Privredna Banka Zagreb DD		3,177		290,818
Valamar Riviera DD		1,138,890		4,528,337
Zagrebacka Banka DD(1)		194,885		1,226,032
			$	25,400,508

Security	Shares		Value
Czech Republic — 1.1%
CEZ AS		740,160	$	14,008,550
Fortuna Entertainment Group NV(1)		70,867		263,594
Komercni Banka AS		335,095		13,201,862
Pegas Nonwovens SA		96,614		3,216,545
Philip Morris CR AS		6,677		3,641,268
Unipetrol AS		209,352		1,514,983
			$	35,846,802
Egypt — 1.4%
Alexandria Mineral Oils Co.		154,593	$	598,591
Arab Cotton Ginning(1)		1,993,380		643,788
Citadel Capital SAE(1)		2,280,400		259,683
Commercial International Bank Egypt SAE		2,349,243		12,846,012
Eastern Tobacco		269,212		5,667,128
Egypt Kuwait Holding Co. SAE		1,862,146		838,416
Egyptian Financial Group-Hermes Holding Co.(1)		1,981,023		2,879,871
Egyptian Resorts Co.(1)		4,721,950		404,724
El Ezz Aldekhela Steel Alexandria(1)		4,000		98,268
ElSewedy Electric Co.		529,606		2,599,078
Ezz Steel(1)		1,265,460		1,167,084
Global Telecom Holding SAE(1)		12,928,866		6,157,213
Juhayna Food Industries		4,185,624		2,840,245
Maridive & Oil Services SAE(1)		2,013,484		584,299
Misr Beni-Suef Cement Co.		69,150		171,289
Orascom Telecom Media and Technology Holding SAE(1)		21,964,609		1,409,166
Oriental Weavers Co.		936,875		533,387
Palm Hills Developments SAE		3,564,918		1,047,136
Pioneers Holding(1)		761,635		1,085,684
QNB Alahli Bank SAE(1)		188,845		743,645
Sidi Kerir Petrochemicals Co.		1,365,164		2,030,255
Six of October Development & Investment Co.(1)		382,178		600,118
South Valley Cement(1)		704,261		402,517
Talaat Moustafa Group		2,277,606		1,420,907
Telecom Egypt		1,949,337		2,011,379
			$	49,039,883
Estonia — 0.2%
AS Merko Ehitus		50,618	$	459,856
AS Tallink Grupp		3,623,652		3,866,212
AS Tallinna Kaubamaja Grupp		137,340		1,090,738
AS Tallinna Vesi		58,790		913,848
Nordecon AS		145,374		191,778
Olympic Entertainment Group AS		503,790		1,064,925
			$	7,587,357

10 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Ghana — 0.1%
Aluworks Ghana, Ltd.(1)		457,409	$	15,138
CAL Bank, Ltd.		1,805,732		383,781
Ghana Commercial Bank, Ltd.		1,626,918		1,325,421
Produce Buying Co., Ltd.(1)		582,428		7,382
Standard Chartered Bank of Ghana, Ltd.		171,500		619,005
			$	2,350,727
Greece — 1.5%
Aegean Airlines SA		78,939	$	631,147
Aegean Marine Petroleum Network, Inc.		91,225		594,787
Alpha Bank AE(1)		994,698		2,006,226
Athens Water Supply & Sewage Co. SA (The)		208,817		1,344,251
Costamare, Inc.		180,319		1,765,323
Diana Shipping, Inc.(1)		458,990		1,193,374
DryShips, Inc.(1)		70,488		23,966
Ellaktor SA(1)		552,350		837,847
Eurobank Ergasias SA(1)		668,793		387,075
FF Group		68,510		1,691,082
GasLog, Ltd.		133,755		1,788,304
GEK Terna Holding Real Estate Construction SA(1)		464,739		1,014,302
Grivalia Properties REIC AE		14,830		115,482
Hellenic Exchanges - Athens Stock Exchange SA		230,984		1,088,229
Hellenic Petroleum SA(1)		248,848		1,067,853
Hellenic Telecommunications Organization SA		852,642		8,374,627
Intralot SA(1)		418,837		422,355
JUMBO SA		192,931		2,282,292
Marfin Investment Group Holdings SA(1)		1,854,199		249,622
Metka Industrial - Construction SA		71,242		583,758
Motor Oil (Hellas) Corinth Refineries SA		169,674		1,985,965
Mytilineos Holdings SA		413,446		1,816,127
National Bank of Greece SA(1)		9,050,198		2,082,502
Navios Maritime Acquisition Corp.		202,800		310,284
Navios Maritime Holdings, Inc.		632,986		595,007
OPAP SA		420,506		3,375,057
Public Power Corp. SA(1)		1,342,015		4,256,798
Safe Bulkers, Inc.		301,650		328,798
StealthGas, Inc.(1)		122,975		437,791
Terna Energy SA		112,955		336,611
Titan Cement Co. SA		241,081		5,525,787
Tsakos Energy Navigation, Ltd.		188,400		964,608
Viohalco SA(1)		223,488		333,862
			$	49,811,099
Hungary — 0.8%
Magyar Telekom Telecommunications PLC		1,734,124	$	2,774,324
MOL Hungarian Oil & Gas Rt.		120,520		7,561,451

Security	Shares		Value
Hungary (continued)
OTP Bank PLC		321,030	$	7,828,650
Richter Gedeon Nyrt.		358,864		7,585,790
			$	25,750,215
India — 5.9%
ABB India, Ltd.		19,900	$	376,700
ACC, Ltd.		45,970		1,162,029
Adani Enterprises, Ltd.		180,900		217,961
Adani Ports and Special Economic Zone, Ltd.		1,184,852		4,119,825
Adani Power, Ltd.(1)		556,250		232,935
Adani Transmission, Ltd.(1)		299,124		175,017
Aditya Birla Fashion and Retail, Ltd.(1)		92,050		198,994
Aditya Birla Nuvo, Ltd.		17,702		377,407
Ambuja Cements, Ltd.		522,500		2,121,631
Asian Paints, Ltd.		249,700		4,155,685
Axis Bank, Ltd.		240,800		1,970,839
Bajaj Auto, Ltd.		59,560		2,409,957
Bank of Baroda(1)		262,300		596,719
Bank of India(1)		247,400		413,957
Bharat Forge, Ltd.		63,650		720,350
Bharat Heavy Electricals, Ltd.		659,700		1,442,013
Bharat Petroleum Corp., Ltd.		222,600		1,971,071
Bharti Airtel, Ltd.		2,225,936		12,048,782
Biocon, Ltd.		101,600		1,259,509
Cairn India, Ltd.		423,700		1,229,985
Canara Bank(1)		127,831		478,998
Cipla, Ltd.		287,310		2,269,220
Coal India, Ltd.		402,200		1,976,507
Colgate-Palmolive (India), Ltd.		89,800		1,255,522
Container Corp. of India, Ltd.		54,240		1,220,314
Crompton Greaves Consumer Electricals, Ltd.(1)		213,600		500,319
Crompton Greaves, Ltd.(1)		213,600		252,663
Cummins India, Ltd.		49,900		651,750
Dabur India, Ltd.		504,400		2,293,243
Divi’s Laboratories, Ltd.		93,600		1,679,164
DLF, Ltd.		88,900		215,440
Dr. Reddy’s Laboratories, Ltd.		56,020		2,462,057
GAIL (India), Ltd.		585,050		3,345,203
GlaxoSmithKline Pharmaceuticals, Ltd.		8,680		427,556
Glenmark Pharmaceuticals, Ltd.		125,460		1,619,447
GMR Infrastructure, Ltd.(1)		1,721,400		368,767
Grasim Industries, Ltd.		8,158		627,726
Gujarat State Petronet, Ltd.		383,800		763,338
HCL Technologies, Ltd.		156,435		1,759,581
HDFC Bank, Ltd.		205,873		4,463,608

11 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
India (continued)
Hero MotoCorp, Ltd.		60,900	$	2,911,089
Hindalco Industries, Ltd.		515,910		1,030,976
Hindustan Petroleum Corp., Ltd.		67,064		1,263,949
Hindustan Unilever, Ltd.		491,400		6,775,055
Hindustan Zinc, Ltd.		148,400		455,510
Housing Development Finance Corp., Ltd.		226,061		4,663,353
ICICI Bank, Ltd.		516,934		2,001,206
IDBI Bank, Ltd.		367,000		384,980
Idea Cellular, Ltd.		1,816,900		2,856,039
IDFC Bank, Ltd.		260,034		201,589
IDFC, Ltd.(1)		260,034		213,919
IFCI, Ltd.		1,152,200		501,392
Indiabulls Housing Finance, Ltd.		40,115		458,436
Indiabulls Real Estate, Ltd.(1)		91,200		126,071
Indian Hotels Co., Ltd.(1)		164,280		329,654
Indian Oil Corp., Ltd.		158,900		1,290,632
Infosys, Ltd.		523,468		8,395,011
ITC, Ltd.		1,970,190		7,469,460
Jindal Steel & Power, Ltd.(1)		268,800		336,056
JSW Steel, Ltd.		135,800		3,401,447
Kotak Mahindra Bank, Ltd.		110,900		1,266,041
Larsen & Toubro, Ltd.		253,560		5,903,481
LIC Housing Finance, Ltd.		49,663		386,174
Lupin, Ltd.		80,300		2,096,675
Mahindra & Mahindra, Ltd.		105,760		2,319,381
Maruti Suzuki India, Ltd.		67,750		4,834,580
Nestle India, Ltd.		11,930		1,272,956
NMDC, Ltd.		86,003		129,237
NTPC, Ltd.		2,533,900		6,001,792
Oil & Natural Gas Corp., Ltd.		886,393		2,951,731
Oracle Financial Services Software, Ltd.		16,500		910,006
Piramal Enterprises, Ltd.		76,807		1,843,560
Power Grid Corporation of India, Ltd.		2,181,400		5,738,956
Reliance Capital, Ltd.		36,735		246,076
Reliance Communications, Ltd.(1)		1,412,060		1,112,234
Reliance Industries, Ltd.		659,348		10,012,694
Reliance Infrastructure, Ltd.		227,600		2,064,004
Reliance Power, Ltd.		1,400,250		1,135,433
Siemens, Ltd.		47,180		935,237
State Bank of India		315,179		1,087,733
Steel Authority of India, Ltd.		513,200		363,095
Sun Pharmaceutical Industries, Ltd.		498,368		6,187,699
Sun TV Network, Ltd.		147,473		990,515
Suzlon Energy, Ltd.(1)		2,099,450		551,187
Tata Communications, Ltd.		127,400		838,744
Tata Consultancy Services, Ltd.		130,227		5,112,510

Security	Shares		Value
India (continued)
Tata Global Beverages, Ltd.		279,500	$	596,136
Tata Motors, Ltd.		362,950		2,740,431
Tata Power Co., Ltd.(1)		1,776,918		1,913,389
Tata Steel, Ltd.		149,296		792,719
Tech Mahindra, Ltd.		160,844		1,163,148
Titan Co., Ltd.		234,100		1,474,244
UltraTech Cement, Ltd.		58,600		3,259,789
Unitech, Ltd.(1)		2,836,900		306,817
United Spirits, Ltd.(1)		29,285		1,069,370
UPL, Ltd.		180,700		1,696,958
Vedanta, Ltd.		790,212		1,958,174
Voltas, Ltd.		296,300		1,555,957
Wipro, Ltd.		180,609		1,474,001
Yes Bank, Ltd.		55,200		1,007,017
Zee Entertainment Enterprises, Ltd.		373,114		2,783,767
			$	200,981,261
Indonesia — 3.3%
Adaro Energy Tbk PT		58,139,500	$	4,642,002
AKR Corporindo Tbk PT		4,864,500		2,513,084
Aneka Tambang Persero Tbk PT(1)		10,251,500		623,838
Astra Argo Lestari Tbk PT(1)		775,000		859,795
Astra International Tbk PT		16,851,600		9,978,001
Bank Central Asia Tbk PT		3,929,800		4,343,058
Bank Danamon Indonesia Tbk PT		4,253,203		1,137,825
Bank Mandiri Tbk PT		2,275,500		1,766,452
Bank Negara Indonesia Persero Tbk PT		2,929,100		1,200,941
Bank Pan Indonesia Tbk PT(1)		4,945,000		295,283
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		7,700,500		838,950
Bank Rakyat Indonesia Tbk PT		2,939,900		2,596,753
Bank Tabungan Negara Tbk PT		2,513,500		380,053
Berlian Laju Tanker Tbk PT(1)(3)		7,544,500		0
Bumi Resources Tbk PT(1)(3)		37,563,000		143,387
Bumi Serpong Damai Tbk PT		3,215,100		514,940
Charoen Pokphand Indonesia Tbk PT		7,836,500		2,250,754
Energi Mega Persada Tbk PT(1)		64,369,200		245,727
Gudang Garam Tbk PT		486,000		2,509,592
Hanson International Tbk PT(1)		27,294,700		1,614,975
Harum Energy Tbk PT(1)		2,626,500		229,960
Holcim Indonesia Tbk PT		3,029,000		255,891
Indo Tambangraya Megah Tbk PT		1,624,800		1,565,394
Indocement Tunggal Prakarsa Tbk PT		2,435,200		3,184,619
Indofood Sukses Makmur Tbk PT		4,564,300		2,911,037
Indosat Tbk PT(1)		2,794,500		1,463,341
Jasa Marga (Persero) Tbk PT		3,198,000		1,303,645

12 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Indonesia (continued)
Kalbe Farma Tbk PT		69,134,000	$	8,867,001
Lippo Karawaci Tbk PT		8,604,800		746,409
Matahari Department Store Tbk PT		686,300		1,047,423
Matahari Putra Prima Tbk PT		7,240,000		961,841
Medco Energi Internasional Tbk PT(1)		4,497,500		582,154
Media Nusantara Citra Tbk PT		3,201,000		527,826
Mitra Keluarga Karyasehat Tbk PT		3,345,900		649,788
MNC Investama Tbk PT(1)		49,042,500		637,428
Pembangunan Perumahan Persero Tbk PT		8,311,000		2,455,482
Perusahaan Gas Negara Persero Tbk PT		31,781,800		8,008,939
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,185,000		773,437
Semen Indonesia Persero Tbk PT		5,479,200		3,937,656
Sigmagold Inti Perkasa Tbk PT(1)		17,097,000		524,751
Siloam International Hospitals Tbk PT(1)		2,296,600		1,716,107
Sugih Energy Tbk PT(1)		50,181,300		1,187,194
Surya Semesta Internusa Tbk PT		14,275,000		765,513
Tambang Batubara Bukit Asam Tbk PT		3,036,700		2,295,086
Telekomunikasi Indonesia Tbk PT		36,636,100		11,925,450
Tower Bersama Infrastructure Tbk PT		2,871,000		1,251,353
Unilever Indonesia Tbk PT		1,065,900		3,671,197
United Tractors Tbk PT		3,399,983		4,097,849
Vale Indonesia Tbk PT(1)		5,222,500		1,025,131
Waskita Karya Persero Tbk PT		4,712,800		999,038
Wijaya Karya Beton Tbk PT		3,158,200		241,715
Wijaya Karya Persero Tbk PT		6,522,800		1,488,696
XL Axiata Tbk PT(1)		3,616,600		1,025,637
			$	110,779,398
Jordan — 0.7%
Al Eqbal Co. for Investment PLC		70,342	$	2,444,991
Alia The Royal Jordanian Airlines PLC(1)		249,829		242,765
Arab Bank PLC		1,010,718		8,817,729
Arab Potash Co. PLC		85,671		2,001,490
Bank of Jordan		276,495		896,288
Cairo Amman Bank		313,506		813,461
Capital Bank of Jordan(1)		406,376		521,094
Jordan Ahli Bank		678,162		1,128,017
Jordan Dubai Islamic Bank		301,685		535,861
Jordan Islamic Bank		227,438		1,119,207
Jordan Petroleum Refinery		493,397		2,321,484
Jordan Phosphate Mines(1)		141,098		535,941
Jordan Steel(1)		342,095		221,935
Jordan Telecommunications Co.		120,379		375,463
Jordanian Electric Power Co.		425,543		1,408,805
Union Investment Corp. PLC(1)		99,181		167,394
			$	23,551,925

Security	Shares		Value
Kazakhstan — 0.8%
Halyk Savings Bank of Kazakhstan JSC GDR(1)(5)		1,020,429	$	4,901,149
KAZ Minerals PLC(1)		3,744,829		7,786,345
Kazkommertsbank JSC GDR(1)(5)		360,501		573,414
KazMunaiGas Exploration Production GDR(1)(5)		1,032,444		7,971,822
Kcell JSC GDR(5)		864,603		2,939,229
Nostrum Oil & Gas PLC(1)		340,501		1,344,458
			$	25,516,417
Kenya — 0.7%
ARM Cement, Ltd.(1)		1,653,600	$	518,428
Bamburi Cement Co., Ltd.		564,900		927,515
Barclays Bank of Kenya, Ltd.		9,494,460		947,159
British American Tobacco Kenya, Ltd.		52,000		437,903
Co-operative Bank of Kenya, Ltd. (The)		6,372,864		914,264
East African Breweries, Ltd.		1,825,380		5,215,921
Equity Group Holdings, Ltd.		7,774,500		2,918,648
KCB Group, Ltd.		7,773,320		2,455,118
KenolKobil, Ltd.		5,013,500		522,786
Kenya Electricity Generating Co., Ltd.		983,900		64,170
Kenya Power & Lighting, Ltd.		7,482,654		590,338
Nation Media Group, Ltd.		518,384		614,564
Safaricom, Ltd.		33,072,172		6,247,830
Standard Chartered Bank Kenya, Ltd.		219,542		452,727
			$	22,827,371
Kuwait — 1.4%
Agility Public Warehousing Co. KSC		2,516,732	$	3,914,942
Ahli United Bank		403,540		527,337
Al Ahli Bank of Kuwait KSCP		716,003		758,286
Al Safat Energy Holding Co. KSC(1)(3)		1,880,000		40,437
ALAFCO Aviation Lease and Finance Co. KSCP		987,277		656,970
Boubyan Bank KSCP		589,247		759,676
Boubyan Petrochemicals Co.		1,996,843		3,292,498
Burgan Bank SAK		777,600		848,755
Combined Group Contracting Co. KSC		135,531		304,967
Commercial Bank of Kuwait KSCP		429,459		531,576
Commercial Real Estate Co. KSCC		2,296,205		571,901
Gulf Bank		1,603,698		1,250,412
Gulf Cable & Electrical Industries Co. KSCP(1)		424,072		527,239
Gulf National Holding Co.(1)(3)		595,711		0
Jazeera Airways Co. KSC		299,261		852,324
Kuwait Cement Co.		533,870		660,506
Kuwait Finance House KSCP		2,642,516		3,928,185
Kuwait Food Co. (Americana) SAK		448,108		3,665,933
Kuwait International Bank		974,124		595,937

13 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Kuwait (continued)
Kuwait Portland Cement Co. KSC		281,137	$	892,458
Kuwait Projects Co. Holdings KSC		573,712		1,024,273
Kuwait Real Estate Co. KSC(1)		2,762,965		483,482
Mabanee Co. SAK		481,967		1,250,443
Mezzan Holding Co. KSCC		251,199		909,453
Mobile Telecommunications Co.		7,829,989		8,670,974
National Bank of Kuwait SAK		2,971,659		5,967,144
National Industries Group Holding SAK		2,840,456		1,088,368
National Investment Co.(1)		959,100		337,288
National Ranges Co. KPSC(1)		2,219,111		220,435
National Real Estate Co. KPSC(1)		862,155		219,684
Qurain Petrochemical Industries Co. KSC		2,293,006		1,470,582
Sultan Center Food Products Co.(1)		3,421,833		642,970
Warba Bank KSCP(1)		568,500		323,473
			$	47,188,908
Latvia — 0.0%(2)
Grindeks(1)		42,000	$	201,520
Latvian Shipping Co.(1)		405,000		229,562
			$	431,082
Lebanon — 0.1%
Solidere GDR(5)		331,454	$	3,103,169
Solidere, Class A		89,166		862,201
Solidere, Class B		1,782		16,919
			$	3,982,289
Lithuania — 0.1%
Apranga PVA		278,536	$	782,061
Energijos Skirstymo Operatorius AB		128,934		124,439
Klaipedos Nafta AB		1,345,900		950,238
Pieno Zvaigzdes		104,200		151,512
Rokiskio Suris		122,500		189,883
Siauliu Bankas		1,139,077		477,791
			$	2,675,924
Malaysia — 2.8%
Aeon Co. (M) Bhd		661,200	$	440,535
Airasia Bhd		1,228,200		884,946
Alliance Financial Group Bhd		560,300		548,604
AMMB Holdings Bhd		887,900		939,091
Astro Malaysia Holdings Bhd		979,300		703,722
Axiata Group Bhd		2,706,750		3,788,133
Batu Kawan Bhd		136,300		602,619

Security	Shares		Value
Malaysia (continued)
Berjaya Corp. Bhd		2,029,700	$	174,714
Berjaya Sports Toto Bhd		830,250		668,913
Boustead Holdings Bhd		834,694		426,707
British American Tobacco Malaysia Bhd		109,700		1,330,709
Bumi Armada Bhd		3,133,350		576,843
Bursa Malaysia Bhd		344,900		729,889
CIMB Group Holdings Bhd		892,200		963,018
Dialog Group Bhd		4,115,014		1,540,432
Digi.com Bhd		1,873,500		2,283,666
Felda Global Ventures Holdings Bhd		1,358,400		618,211
Gamuda Bhd		1,699,000		2,011,881
Genting Bhd		1,448,500		2,927,288
Genting Malaysia Bhd		2,155,600		2,275,986
Genting Plantations Bhd		261,700		677,904
Hartalega Holdings Bhd		118,600		125,280
Hong Leong Bank Bhd		382,900		1,235,748
Hong Leong Financial Group Bhd		276,000		1,033,166
IHH Healthcare Bhd		4,325,800		6,953,980
IJM Corp. Bhd		2,147,680		1,788,795
IOI Corp. Bhd		2,439,818		2,536,937
IOI Properties Group Bhd		1,044,058		605,475
KLCCP Stapled Group		399,100		735,503
KNM Group Bhd(1)		5,003,150		508,076
Kuala Lumpur Kepong Bhd		358,700		2,038,726
Lafarge Malaysia Bhd		942,950		1,842,138
Magnum Bhd		940,340		554,685
Malayan Banking Bhd		1,117,087		2,203,029
Malaysia Airports Holdings Bhd		342,800		500,959
Malaysia Marine and Heavy Engineering Holdings Bhd(1)		739,000		195,016
Malaysian Resources Corp. Bhd		761,400		219,010
Maxis Bhd		1,737,900		2,570,861
Media Prima Bhd		575,000		204,936
MISC Bhd		482,400		890,688
MMC Corp. Bhd		1,217,800		629,039
My EG Services Bhd		485,300		238,790
Nestle Malaysia Bhd		12,300		238,740
Parkson Holdings Bhd(1)		958,655		183,754
Petronas Chemicals Group Bhd		4,123,000		6,636,164
Petronas Dagangan Bhd		507,500		2,903,729
Petronas Gas Bhd		378,800		2,072,967
PPB Group Bhd		404,100		1,589,788
Press Metal Bhd		1,469,400		1,505,646
Public Bank Bhd		461,120		2,210,515
RHB Bank Bhd		957,200		1,198,609
Sapurakencana Petroleum Bhd		5,340,168		1,896,216

14 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Malaysia (continued)
Silverlake Axis, Ltd.		703,200	$	291,505
Sime Darby Bhd		2,271,939		4,145,707
Sunway Bhd		304,600		219,258
Supermax Corp. Bhd		1,732,700		885,595
TA Enterprise Bhd		1,323,000		162,646
Telekom Malaysia Bhd		1,249,900		2,098,750
Tenaga Nasional Bhd		2,265,225		8,005,025
Top Glove Corp. Bhd		1,427,800		1,505,031
UEM Sunrise Bhd		1,683,050		430,986
UMW Holdings Bhd		448,400		628,778
UMW Oil & Gas Corp. Bhd(1)		549,700		121,574
Unisem (M) Bhd		2,784,300		1,842,168
Wah Seong Corp. Bhd		445,076		83,841
WCT Holdings Bhd		730,311		280,431
YTL Corp. Bhd		2,863,465		1,175,570
YTL Power International Bhd		1,883,197		661,706
			$	95,699,347
Mauritius — 0.7%
Alteo, Ltd.		637,758	$	522,347
CIEL, Ltd.		1,576,086		263,272
CIM Financial Services, Ltd.		4,584,801		902,920
LUX Island Resorts, Ltd.		947,976		1,587,124
MCB Group, Ltd.		1,740,289		10,160,615
New Mauritius Hotels, Ltd.		4,588,562		2,786,144
Phoenix Beverages, Ltd.		7,498		78,042
Rogers & Co., Ltd.		2,210,770		1,826,044
SBM Holdings, Ltd.		181,618,824		3,523,201
Sun, Ltd., Class A(1)		449,032		430,873
Terra Mauricia, Ltd.		910,456		774,902
United Basalt Products, Ltd.		371,540		868,201
			$	23,723,685
Mexico — 5.4%
Alfa SAB de CV, Series A		6,232,872	$	10,172,047
Alsea SAB de CV		694,800		2,482,381
America Movil SAB de CV, Series L		28,151,150		16,200,048
America Movil SAB de CV, Series L ADR		528,801		6,097,075
Arca Continental SAB de CV		490,380		3,151,770
Bolsa Mexicana de Valores SAB de CV		1,503,700		2,652,928
Cemex SAB de CV ADR(1)		1,109,613		8,488,539
Cemex SAB de CV, Series CPO(1)		9,117,399		6,948,674
Coca-Cola Femsa SAB de CV, Series L		319,500		2,504,880
El Puerto de Liverpool SAB de CV		163,780		1,574,384
Empresas ICA SAB de CV(1)		2,747,100		361,885

Security	Shares		Value
Mexico (continued)
Fibra Uno Administracion SA de CV		2,054,090	$	4,179,388
Fomento Economico Mexicano SAB de CV ADR		16,100		1,440,950
Fomento Economico Mexicano SAB de CV, Series UBD		1,189,956		10,644,236
Genomma Lab Internacional SAB de CV(1)		2,778,500		3,194,905
Gentera SAB de CV		2,669,400		4,957,254
Grupo Aeroportuario del Pacifico SAB de CV, Class B		498,387		4,899,609
Grupo Aeroportuario del Sureste SAB de CV, Class B		249,115		3,832,917
Grupo Bimbo SAB de CV, Series A		1,632,945		4,879,675
Grupo Carso SAB de CV, Series A1		1,017,000		4,148,818
Grupo Elektra SAB de CV		98,898		1,462,108
Grupo Financiero Banorte SAB de CV, Class O		2,178,600		11,932,918
Grupo Financiero Inbursa SAB de CV, Class O		4,335,500		6,959,923
Grupo Mexico SAB de CV, Series B		4,508,679		10,878,541
Grupo Sanborns SAB de CV		226,889		285,578
Grupo Simec SA de CV, Series B(1)(3)		133,800		307,704
Grupo Televisa SAB ADR		431,500		11,464,955
Grupo Televisa SAB, Series CPO		1,550,600		8,235,960
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		1,038,200		1,610,733
Industrias CH SAB de CV, Series B(1)(3)		225,500		724,583
Industrias Penoles SAB de CV		188,600		4,830,775
Infraestructura Energetica Nova SAB de CV		180,000		726,432
Kimberly-Clark de Mexico SAB de CV, Class A		1,219,500		2,756,395
Mexichem SAB de CV		1,483,316		3,236,398
Minera Frisco SAB de CV(1)		714,800		588,233
OHL Mexico SAB de CV(1)		438,300		603,335
Organizacion Soriana SAB de CV, Class B(1)		120,000		295,360
Promotora y Operadora de Infraestructura SAB de CV		434,500		5,077,046
Telesites SAB de CV(1)		1,386,268		840,633
Ternium SA ADR		46,000		998,660
TV Azteca SAB de CV, Series CPO		1,240,300		201,755
Urbi Desarrollos Urbanos SAB de CV(1)(3)		2,260,600		0
Wal-Mart de Mexico SAB de CV, Series V		3,152,980		7,197,202
			$	184,027,590
Morocco — 0.8%
Attijariwafa Bank		104,575	$	3,705,708
Banque Centrale Populaire		95,621		2,225,473
BMCE Bank		71,129		1,498,451
Cosumar		61,500		1,177,607
Delta Holding SA		52,900		109,014
Douja Promotion Groupe Addoha SA		252,635		952,453
Holcim Maroc SA		12,317		3,074,031
Label Vie		3,100		324,503
LafargeHolcim Maroc SA		18,510		3,992,816
Lesieur Cristal		53,800		688,752

15 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Morocco (continued)
Managem		9,862	$	947,845
Maroc Telecom		519,315		6,768,925
Samir(1)(3)		15,717		0
Taqa Morocco		17,898		1,203,642
			$	26,669,220
Nigeria — 0.5%
Access Bank PLC		26,850,917	$	469,027
Dangote Cement PLC		4,601,375		2,602,149
Dangote Sugar Refinery PLC		5,586,250		118,996
Diamond Bank PLC(1)		16,654,000		82,418
Ecobank Transnational, Inc.		14,145,874		564,942
FBN Holdings PLC		40,511,481		432,757
FCMB Group PLC		14,697,603		64,182
Fidelity Bank PLC		22,430,824		86,168
Flour Mills of Nigeria PLC		2,057,956		138,921
Forte Oil PLC		1,622,126		895,972
Guaranty Trust Bank PLC		28,968,558		2,183,862
Guiness Nigeria PLC		956,691		284,652
Lafarge Africa PLC		5,098,121		884,863
Lekoil, Ltd.(1)		2,651,411		589,721
Nestle Nigeria PLC		413,429		1,102,233
Nigerian Breweries PLC		4,747,707		2,063,724
Oando PLC(1)		27,394,906		483,630
PZ Cussons Nigeria PLC		2,100,282		122,685
SEPLAT Petroleum Development Co. PLC(4)		996,758		960,439
Skye Bank PLC(1)		16,828,665		36,975
Stanbic IBTC Holdings PLC		1,977,675		82,505
Transnational Corp. of Nigeria PLC(1)		19,112,836		78,646
UAC of Nigeria PLC		4,651,935		297,947
Unilever Nigeria PLC		2,740,833		283,926
United Bank for Africa PLC		29,618,308		424,139
Zenith Bank PLC		31,763,724		1,677,434
			$	17,012,913
Oman — 0.8%
Al Anwar Ceramic Tiles Co.		1,033,027	$	610,444
Bank Dhofar SAOG		2,210,437		1,389,969
Bank Muscat SAOG		3,236,395		3,203,678
Bank Sohar SAOG		2,861,488		1,378,256
Dhofar International Development & Investment Holding SAOG		339,824		361,993
HSBC Bank Oman SAOG		1,422,114		361,546
National Bank of Oman SAOG		1,925,343		1,281,338
Oman Cables Industry SAOG		127,600		600,597
Oman Cement Co. SAOG		951,260		1,156,409
Oman Flour Mills Co. SAOG		221,017		339,095

Security	Shares		Value
Oman (continued)
Oman Telecommunications Co. SAOG		1,028,218	$	4,395,381
Omani Qatari Telecommunications Co. SAOG		957,409		1,871,593
Ominvest		1,672,403		2,461,477
Phoenix Power Co. SAOC		2,829,100		1,132,573
Raysut Cement Co. SAOG		806,123		2,929,744
Renaissance Services SAOG(1)		1,785,284		1,298,374
Sembcorp Salalah Power & Water Co.		1,120,000		716,803
			$	25,489,270
Pakistan — 1.5%
Adamjee Insurance Co., Ltd.		1,115,744	$	559,153
Bank Alfalah, Ltd.		2,236,538		581,523
Bank of Punjab, (The)(1)		2,241,000		176,470
Cherat Cement Co., Ltd.		231,500		289,254
D.G. Khan Cement Co., Ltd.		678,232		1,361,532
Engro Corp., Ltd.		749,087		2,389,024
Engro Fertilizers, Ltd.		610,528		399,813
Engro Foods, Ltd.(1)		1,210,400		1,678,658
Fatima Fertilizer Co., Ltd.(1)		680,500		221,648
Fauji Cement Co., Ltd.		1,889,500		680,373
Fauji Fertilizer Bin Qasim, Ltd.		1,426,000		755,817
Fauji Fertilizer Co., Ltd.		1,929,810		2,097,468
Ferozsons Laboratories, Ltd.		38,000		379,826
Habib Bank, Ltd.		1,793,117		3,703,321
Hub Power Co., Ltd.		4,163,800		5,240,603
K-Electric, Ltd.(1)		19,811,000		1,548,881
Kot Addu Power Co., Ltd.		1,364,400		1,145,993
Lucky Cement, Ltd.		510,200		3,604,336
Maple Leaf Cement Factory, Ltd.		555,500		598,112
Mari Petroleum Co., Ltd.		43,100		401,206
MCB Bank, Ltd.		1,709,030		3,587,249
Millat Tractors, Ltd.		139,790		762,305
National Bank of Pakistan		1,278,040		778,246
Nishat Mills, Ltd.		2,394,071		2,759,234
Oil & Gas Development Co., Ltd.		1,989,591		2,612,006
Pak Elektron, Ltd.		1,289,000		882,502
Pak Suzuki Motor Co., Ltd.		106,700		409,431
Pakistan Oil Fields, Ltd.		335,700		1,122,826
Pakistan Petroleum, Ltd.		1,356,777		2,055,117
Pakistan State Oil Co., Ltd.		527,420		2,112,805
Pakistan Telecommunication Co., Ltd.		3,306,700		521,698
Searle Co., Ltd. (The)		525,900		2,871,623
SUI Southern Gas Co., Ltd.(1)		3,906,051		1,175,911
TRG Pakistan(1)		3,578,500		1,195,941
United Bank, Ltd.		1,034,545		1,829,700
			$	52,489,605

16 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Panama — 0.3%
Copa Holdings SA, Class A		153,754	$	10,301,518
			$	10,301,518
Peru — 1.6%
Alicorp SAA		3,705,677	$	8,296,292
Banco Continental SA		728,804		815,825
Casa Grande SAA		82,138		167,954
Cementos Pacasmayo SAA		241,600		443,534
Cia de Minas Buenaventura SA ADR(1)		299,480		4,387,382
Cia Minera Milpo SA		676,862		478,855
Credicorp, Ltd.		100,094		16,048,071
Edegel SA		2,160,876		1,980,265
Empresa de Distribucion Electrica de Lima Norte SAA		108,248		189,676
Engie Energia Peru SA		120,072		304,660
Ferreycorp SAA		3,994,087		1,943,392
Grana y Montero SAA		1,821,020		2,842,966
Intercorp Financial Services, Inc.		66,690		2,167,425
Luz del Sur SAA		548,126		1,865,265
Minsur SA(1)		1,456,705		578,334
Sociedad Minera Cerro Verde SAA(1)		34,121		665,359
Southern Copper Corp.		303,827		7,896,464
Union Andina de Cementos SAA		1,014,000		847,522
Volcan Cia Minera SAA, Class B		4,946,743		989,349
			$	52,908,590
Philippines — 3.1%
Aboitiz Equity Ventures, Inc.		2,738,650	$	4,541,056
Aboitiz Power Corp.		3,974,700		3,819,553
ABS-CBN Holdings Corp.		138,370		145,014
Alliance Global Group, Inc.		3,691,400		1,268,033
Ayala Corp.		199,995		3,697,199
Ayala Land, Inc.		4,864,500		4,080,776
Ayala Land, Inc., PFC Shares(3)		3,951,800		0
Bank of the Philippine Islands		1,270,595		2,589,563
BDO Unibank, Inc.		1,274,481		3,064,804
Bloomberry Resorts Corp.(1)		12,417,700		1,477,937
Cosco Capital, Inc.		3,726,300		636,355
D&L Industries, Inc.		4,814,000		1,015,140
DMCI Holdings, Inc.		5,921,800		1,637,205
Emperador, Inc.		4,313,300		681,272
Energy Development Corp.		16,100,700		2,008,920
Filinvest Land, Inc.		9,303,000		384,831
First Gen Corp.		2,859,922		1,573,799
First Philippine Holdings Corp.		587,500		883,232
Globe Telecom, Inc.		45,740		2,202,454

Security	Shares		Value
Philippines (continued)
GT Capital Holdings, Inc.		67,795	$	2,217,165
Holcim Philippines, Inc.		1,492,000		521,541
International Container Terminal Services, Inc.		666,670		906,606
JG Summit Holding, Inc.		2,284,320		4,051,125
Jollibee Foods Corp.		1,179,850		6,389,777
Lopez Holdings Corp.		4,600,000		747,006
LT Group, Inc.		3,482,900		1,153,634
Manila Electric Co.		577,330		3,972,640
Manila Water Co.		1,633,000		899,922
Megaworld Corp.		12,596,000		1,346,442
Melco Crown Philippines Resorts Corp.(1)		3,711,400		253,193
Metro Pacific Investments Corp.		7,682,400		1,224,304
Metropolitan Bank & Trust Co.		1,171,246		2,362,107
Nickel Asia Corp.		5,281,800		643,221
Pepsi-Cola Products Philippines, Inc.		1,388,000		100,856
Petron Corp.		4,267,400		970,185
Philex Mining Corp.(1)		6,094,825		1,129,407
Philippine Long Distance Telephone Co.		214,145		9,564,877
Puregold Price Club, Inc.		2,674,400		2,725,164
Robinsons Land Corp.		1,187,900		807,611
Robinsons Retail Holdings, Inc.		1,269,250		2,322,550
San Miguel Corp.		716,000		1,246,921
Security Bank Corp.		243,300		1,131,635
Semirara Mining & Power Corp.		1,222,930		3,101,439
SM Investments Corp.		383,703		5,617,316
SM Prime Holdings, Inc.		9,538,699		5,919,865
SSI Group, Inc.(1)		2,061,000		139,758
Travellers International Hotel Group, Inc.		3,521,900		269,151
Universal Robina Corp.		1,858,330		7,911,678
Vista Land & Lifescapes, Inc.		3,675,000		468,591
			$	105,822,830
Poland — 2.9%
Agora SA		125,463	$	371,198
Alior Bank SA(1)		65,097		843,704
AmRest Holdings SE(1)		12,198		774,105
Asseco Poland SA		512,726		7,044,823
Bank Handlowy w Warszawie SA		50,570		892,968
Bank Millennium SA(1)		687,285		807,298
Bank Pekao SA		179,638		5,685,232
Bank Zachodni WBK SA		19,800		1,422,726
Boryszew SA(1)		122,670		182,950
Budimex SA		33,545		1,562,071
CCC SA		71,206		3,248,952
Ciech SA		42,262		624,756

17 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Poland (continued)
Cyfrowy Polsat SA(1)		860,096	$	5,198,706
Enea SA(1)		456,516		1,282,640
Energa SA		571,000		1,426,833
Eurocash SA		397,400		5,339,742
Getin Holding SA(1)		365,918		77,843
Getin Noble Bank SA(1)		2,322,186		255,760
Grupa Azoty SA		103,094		1,919,974
Grupa Lotos SA(1)		101,253		760,031
ING Bank Slaski SA		47,450		1,613,140
Jastrzebska Spolka Weglowa SA(1)		215,852		1,384,827
KGHM Polska Miedz SA		470,476		9,501,805
KOPEX SA		125,900		97,975
LPP SA		2,121		2,673,944
Lubelski Wegiel Bogdanka SA		12,326		172,639
mBank SA(1)		23,504		1,830,333
Netia SA		1,111,077		1,255,156
Orange Polska SA		2,781,316		3,847,175
Orbis SA		30,000		468,781
PGE SA		2,413,400		7,929,906
PKP Cargo SA(1)		51,483		452,638
Polski Koncern Naftowy ORLEN SA		458,433		7,345,455
Polskie Gornictwo Naftowe i Gazownictwo SA		2,941,216		4,081,247
Powszechna Kasa Oszczednosci Bank Polski SA(1)		1,151,310		7,036,989
Powszechny Zaklad Ubezpieczen SA		785,930		5,685,369
Synthos SA(1)		1,223,139		1,242,923
Tauron Polska Energia SA(1)		3,279,494		2,590,506
			$	98,933,120
Qatar — 1.5%
Aamal Co. QSC(1)		367,840	$	1,345,526
Al Meera Consumer Goods Co.		12,300		740,112
Barwa Real Estate Co.		146,293		1,408,494
Commercial Bank QSC (The)		123,600		1,286,504
Doha Bank QSC		125,995		1,288,939
Gulf International Services QSC		154,456		1,560,345
Industries Qatar		191,850		5,633,820
Masraf Al Rayan QSC		356,854		3,527,511
Medicare Group		18,044		485,049
Ooredoo QSC		195,581		5,111,037
Qatar Electricity & Water Co. QSC		84,258		5,193,746
Qatar Gas Transport Co., Ltd.		409,940		2,757,203
Qatar Insurance Co.		118,171		2,632,806
Qatar International Islamic Bank		45,943		798,215
Qatar Islamic Bank		77,555		2,319,679
Qatar National Bank SAQ		205,437		8,625,870

Security	Shares		Value
Qatar (continued)
Qatar National Cement Co. QSC		34,787	$	848,947
Qatar Navigation QSC		61,021		1,482,523
Qatari Investors Group		99,029		1,391,269
United Development Co. QSC		117,835		640,550
Vodafone Qatar QSC(1)		1,185,810		3,612,066
			$	52,690,211
Romania — 0.7%
Banca Transilvania SA		13,483,495	$	7,725,625
BRD-Groupe Societe Generale SA		1,721,843		4,230,752
Electrica SA		622,400		2,033,273
OMV Petrom SA(1)		45,352,995		2,919,565
Societatea Nationala de Gaze Naturale ROMGAZ SA		407,654		2,340,973
Societatea Nationala Nuclearelectrica SA		794,100		1,053,834
Transelectrica SA		426,930		3,155,930
Transgaz SA Medias		19,337		1,391,413
			$	24,851,365
Russia — 6.2%
Aeroflot PJSC(1)		1,876,656	$	2,476,964
AK Transneft PJSC, PFC Shares		1,647		4,119,825
Evraz PLC(1)		916,942		2,077,202
Federal Grid Co. Unified Energy System PJSC		1,585,875,440		3,848,590
Gazprom PJSC		1,755,200		3,659,793
Gazprom PJSC ADR		4,106,902		16,826,092
Globaltrans Investment PLC GDR(5)		207,458		835,956
Inter RAO UES PJSC		71,597,070		2,842,825
Lenta, Ltd. GDR(1)(5)		133,659		1,003,757
LSR Group PJSC GDR(5)		186,400		558,855
Lukoil PJSC ADR		376,857		16,220,785
Luxoft Holding, Inc.(1)		13,100		771,852
Magnit PJSC		85,215		13,179,555
Magnit PJSC GDR(5)		109,571		4,203,941
Magnitogorsk Iron & Steel OJSC GDR(5)		105,708		603,450
Mail.ru Group, Ltd. GDR(1)(5)		265,535		5,128,336
Mechel PJSC ADR(1)		189,000		275,940
MegaFon PJSC GDR(5)		249,745		2,467,226
MMC Norilsk Nickel PJSC		2,386		344,081
MMC Norilsk Nickel PJSC ADR		775,037		11,346,496
Mobile TeleSystems PJSC		3,117,127		11,843,534
Moscow Exchange MICEX-RTS PJSC		1,214,410		2,079,214
Mosenergo PJSC		8,811,603		227,617
Novatek OJSC GDR(5)		64,508		6,484,174
Novolipetsk Steel PJSC GDR		156,893		2,269,686
O’Key Group SA GDR(5)		15,504		31,071

18 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Russia (continued)
PhosAgro PJSC GDR(5)		28,064	$	387,395
PIK Group PJSC(1)		12,354		46,706
PIK Group PJSC GDR(1)(5)		166,400		625,189
Polymetal International PLC		295,128		4,347,304
QIWI PLC ADR		51,408		611,241
Rosneft PJSC GDR(5)		868,232		4,221,703
Rosseti PJSC		135,144,187		1,794,200
Rostelecom PJSC		1,492,177		1,945,977
Rostelecom PJSC ADR		15,064		115,993
RusHydro PJSC		395,274,080		4,216,039
RusHydro PJSC ADR		348,000		360,434
Sberbank of Russia PJSC		9,493,768		20,082,158
Sberbank of Russia PJSC ADR		542,087		4,723,321
Severstal PJSC GDR(5)		428,946		5,078,957
Sistema JSFC		10,069,378		3,510,724
Sollers PJSC(1)		24,262		159,194
Surgutneftegas OJSC ADR		927,852		4,362,993
Surgutneftegas OJSC, PFC Shares		6,277,500		3,097,765
Tatneft PJSC ADR		218,759		6,229,140
TMK PJSC GDR(5)		64,757		176,959
Unipro PJSC		8,737,000		396,031
VimpelCom, Ltd. ADR		751,784		3,067,279
VTB Bank PJSC		2,064,590,000		2,124,597
VTB Bank PJSC GDR(5)		2,020,154		4,009,996
X5 Retail Group NV GDR(1)(5)		317,559		6,927,341
Yandex NV, Class A(1)		639,200		13,838,680
			$	212,184,133
Slovenia — 0.7%
Cinkarna Celje DD		6,272	$	612,444
Gorenje DD		349,170		2,995,847
KRKA DD		100,252		6,666,779
Luka Koper		94,050		2,406,298
Petrol		11,392		3,555,208
Sava DD(1)(3)		17,370		3,418
Sava Reinsurance Co.(1)		179,037		2,863,341
Telekom Slovenije DD		27,437		2,204,590
Zavarovalnica Triglav DD		92,989		2,468,186
			$	23,776,111
South Africa — 6.4%
AECI, Ltd.		73,130	$	497,912
African Bank Investments, Ltd.(1)(3)		1,537,194		0
African Rainbow Minerals, Ltd.		94,900		675,537
Allied Electronics Corp., Ltd.(1)		186,200		76,085

Security	Shares		Value
South Africa (continued)
Anglo American Platinum, Ltd.(1)		58,680	$	1,865,680
AngloGold Ashanti, Ltd.(1)		403,071		8,801,879
Aspen Pharmacare Holdings, Ltd.		392,807		10,608,251
Astral Foods, Ltd.		18,500		161,366
Aveng, Ltd.(1)		939,990		269,825
AVI, Ltd.		319,500		2,065,476
Barclays Africa Group, Ltd.		193,289		2,137,995
Barloworld, Ltd.		662,120		3,924,575
Bid Corp., Ltd.(1)		605,796		11,303,973
Bidvest Group, Ltd. (The)		605,796		6,963,080
Capitec Bank Holdings, Ltd.		42,400		1,880,538
Clicks Group, Ltd.		167,700		1,501,896
DataTec, Ltd.		160,600		581,202
Discovery, Ltd.		96,631		870,694
Exxaro Resources, Ltd.		118,010		706,878
FirstRand, Ltd.		843,545		2,951,861
Fortress Income Fund, Ltd., Class A		440,672		533,135
Fortress Income Fund, Ltd., Class B		440,672		1,159,412
Foschini Group, Ltd. (The)		63,545		681,860
Gold Fields, Ltd.		681,677		4,209,140
Grindrod, Ltd.		340,300		283,296
Group Five, Ltd.		81,460		133,582
Growthpoint Properties, Ltd.		1,042,876		1,979,023
Harmony Gold Mining Co., Ltd.(1)		374,410		1,694,006
Hyprop Investments, Ltd.		92,800		902,162
Impala Platinum Holdings, Ltd.(1)		533,748		2,355,714
Imperial Holdings, Ltd.		78,001		932,212
Investec, Ltd.		182,794		1,102,240
JSE, Ltd.		105,800		1,296,121
Kumba Iron Ore, Ltd.(1)		66,960		654,981
Lewis Group, Ltd.		62,700		196,369
Liberty Holdings, Ltd.		107,168		946,095
Life Healthcare Group Holdings, Ltd.		1,510,419		4,109,780
Massmart Holdings, Ltd.		149,614		1,562,219
Mediclinic International PLC		253,849		3,585,310
MMI Holdings, Ltd.		692,950		1,155,917
Mondi, Ltd.		91,130		1,846,825
Mr Price Group, Ltd.		91,080		1,501,981
MTN Group, Ltd.		1,885,095		19,054,544
Murray & Roberts Holdings, Ltd.		915,850		847,666
Nampak, Ltd.		465,438		711,269
Naspers, Ltd., Class N		156,223		24,515,025
Nedbank Group, Ltd.		121,638		1,745,180
Netcare, Ltd.		1,305,994		3,026,043
Northam Platinum, Ltd.(1)		207,738		771,270
Pick’n Pay Stores, Ltd.		371,278		2,095,430

19 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Africa (continued)
PPC, Ltd.		468,427	$	265,919
Rand Merchant Investment Holdings, Ltd.		479,034		1,529,691
Redefine Properties, Ltd.		2,311,150		1,996,248
Remgro, Ltd.		167,010		3,132,385
Reunert, Ltd.		407,260		1,834,150
RMB Holdings, Ltd.		441,055		1,975,076
Sanlam, Ltd.		427,873		2,018,867
Sappi, Ltd.(1)		415,236		2,112,240
Sasol, Ltd.		475,850		12,661,789
Shoprite Holdings, Ltd.		837,380		12,271,852
Sibanye Gold, Ltd.		800,277		3,729,987
SPAR Group, Ltd. (The)		206,544		3,083,037
Standard Bank Group, Ltd.		298,646		2,982,965
Steinhoff International Holdings NV		787,883		5,006,354
Sun International, Ltd.		30,482		183,504
Telkom SA SOC, Ltd.		309,050		1,434,260
Tiger Brands, Ltd.		202,394		5,684,969
Tongaat Hulett, Ltd.		99,910		860,759
Truworths International, Ltd.		300,800		1,936,026
Vodacom Group, Ltd.		613,500		7,110,264
Wilson Bayly Holmes-Ovcon, Ltd.		106,200		912,829
Woolworths Holdings, Ltd.		287,328		1,851,904
			$	218,007,585
South Korea — 5.9%
AMOREPACIFIC Corp.		12,580	$	4,355,618
AMOREPACIFIC Group		6,000		774,013
Asiana Airlines, Inc.(1)		92,200		397,088
BNK Financial Group, Inc.		68,935		542,504
Celltrion, Inc.(1)		72,729		6,763,409
Cheil Worldwide, Inc.		51,100		821,781
CJ CheilJedang Corp.		6,096		2,146,769
CJ Corp.		3,500		627,482
CJ Korea Express Corp.(1)		4,349		779,006
CJ O Shopping Co., Ltd.		3,130		452,474
Coway Co., Ltd.		22,950		1,754,419
Daelim Industrial Co., Ltd.		8,650		649,872
Daesang Corp.		8,000		217,349
Daewoo Engineering & Construction Co., Ltd.(1)		65,741		366,104
Daewoo Industrial Development Co., Ltd.(1)		3,657		3,803
Daewoo Shipbuilding & Marine Engineering Co., Ltd.(1)(3)		45,532		145,683
Daewoong Pharmaceutical Co., Ltd.		5,630		478,655
DGB Financial Group Co., Ltd.		65,650		528,860
Dong-A Pharmaceutical Co., Ltd.		2,407		353,056
Dong-A ST Co., Ltd.		4,078		420,822

Security	Shares		Value
South Korea (continued)
Dongbu Insurance Co., Ltd.		9,940	$	565,019
Dongkuk Steel Mill Co., Ltd.(1)		67,733		550,066
Doosan Corp.		6,101		614,796
Doosan Heavy Industries & Construction Co., Ltd.		23,400		550,142
Doosan Infracore Co., Ltd.(1)		34,600		246,961
E-MART, Inc.		10,328		1,508,810
GS Engineering & Construction Corp.(1)		19,935		512,445
GS Holdings Corp.		55,400		2,393,791
Hana Financial Group, Inc.		75,951		1,870,036
Hanjin Kal Corp.		19,283		303,511
Hanjin Shipping Co., Ltd.(1)		98,091		184,535
Hankook Tire Co., Ltd.		21,623		1,047,317
Hanmi Pharmaceutical Co., Ltd.		8,257		4,512,357
Hanmi Science Co., Ltd.		8,300		1,068,045
Hansol Holdings Co., Ltd.(1)		37,566		239,180
Hansol Paper Co., Ltd.		22,933		467,440
Hanwha Chemical Corp.		81,490		1,864,132
Hanwha Corp.		21,390		681,390
Hanwha Techwin Co., Ltd.		18,895		913,807
Hite-Jinro Co., Ltd.		20,121		404,302
Hyosung Corp.		15,380		1,911,308
Hyundai Department Store Co., Ltd.		7,615		844,916
Hyundai Development Co. Engineering & Construction		29,900		1,185,395
Hyundai Engineering & Construction Co., Ltd.		29,816		983,778
Hyundai Glovis Co., Ltd.		7,670		1,152,009
Hyundai Heavy Industries Co., Ltd.(1)		11,670		1,312,404
Hyundai Marine & Fire Insurance Co., Ltd.		27,100		732,689
Hyundai Merchant Marine Co., Ltd.(1)		9,828		93,194
Hyundai Mipo Dockyard Co., Ltd.(1)		5,275		380,398
Hyundai Mobis Co., Ltd.		19,100		4,355,422
Hyundai Motor Co.		42,300		4,991,075
Hyundai Securities Co., Ltd.		43,870		270,028
Hyundai Steel Co.		33,550		1,521,885
Hyundai Wia Corp.		5,400		414,888
Industrial Bank of Korea		66,080		699,781
Kakao Corp.		5,600		454,591
Kangwon Land, Inc.		50,840		1,860,925
KB Financial Group, Inc.		91,817		2,915,448
KB Insurance Co., Ltd.		28,900		733,070
KCC Corp.		2,345		826,568
Kia Motors Corp.		53,420		2,012,348
Korea Electric Power Corp.		221,620		12,133,425
Korea Gas Corp.		39,170		1,484,284
Korea Investment Holdings Co., Ltd.		21,590		906,276
Korea Zinc Co., Ltd.		5,700		2,600,035
Korean Air Lines Co., Ltd.(1)		28,110		714,991

20 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
Korean Reinsurance Co.		78,574	$	848,972
KT Corp.		69,653		1,973,993
KT Corp. ADR		16,800		256,368
KT&G Corp.		51,115		5,527,602
Kumho Petrochemical Co., Ltd.		12,900		701,142
LG Chem, Ltd.		16,990		3,702,742
LG Corp.		39,010		2,215,857
LG Display Co., Ltd.		48,000		1,330,817
LG Electronics, Inc.		39,320		1,880,300
LG Hausys, Ltd.		2,858		322,941
LG Household & Health Care, Ltd.		6,450		5,809,673
LG International Corp.		20,600		671,543
LG Life Sciences, Ltd.(1)		11,000		715,877
LG Uplus Corp.		207,920		2,035,202
Lotte Chemical Corp.		11,770		3,198,134
LOTTE Fine Chemical Co., Ltd.		18,150		577,075
Lotte Shopping Co., Ltd.		5,065		873,474
LS Corp.		7,030		335,312
LS Industrial Systems Co., Ltd.		9,200		357,109
Medy-Tox, Inc.		3,894		1,508,535
Mirae Asset Daewoo Co., Ltd.		50,493		410,406
Mirae Asset Securities Co., Ltd.		21,435		510,150
Naver Corp.		3,879		2,461,163
NCsoft Corp.		5,150		1,157,389
NH Investment & Securities Co., Ltd.		42,208		392,899
NHN Entertainment Corp.(1)		4,718		277,690
Nong Shim Co., Ltd.		3,700		1,111,928
OCI Co., Ltd.(1)		15,570		1,298,305
ORION Corp.		1,600		1,317,848
POSCO		28,327		5,739,805
Posco Daewoo Corp.		21,675		415,306
S-Oil Corp.		36,885		2,539,832
S1 Corp.		9,450		858,169
Samsung C&T Corp.		17,126		2,073,105
Samsung Card Co., Ltd.		20,460		790,158
Samsung Electro-Mechanics Co., Ltd.		17,390		858,566
Samsung Electronics Co., Ltd.		12,303		16,928,647
Samsung Fire & Marine Insurance Co., Ltd.		9,974		2,376,806
Samsung Heavy Industries Co., Ltd.(1)		67,350		600,588
Samsung Life Insurance Co., Ltd.		26,010		2,262,834
Samsung SDI Co., Ltd.		10,466		989,435
Samsung Securities Co., Ltd.		16,440		556,234
Shinhan Financial Group Co., Ltd.		112,145		4,007,512
Shinsegae Co., Ltd.		5,075		825,769
SK Chemicals Co., Ltd.		15,660		935,340
SK Holdings Co., Ltd.		9,084		1,694,878

Security	Shares		Value
South Korea (continued)
SK Hynix, Inc.		59,163	$	1,821,870
SK Innovation Co., Ltd.		61,379		8,088,417
SK Networks Co., Ltd.		64,010		355,789
SK Telecom Co., Ltd.		35,900		7,377,246
ViroMed Co., Ltd.(1)		9,440		1,075,452
Woori Bank		82,986		748,822
Yuanta Securities Korea Co., Ltd.(1)		78,565		258,753
Yuhan Corp.		6,229		1,704,416
Zyle Daewoo Motor Sales Corp.(1)		5,113		6,231
			$	200,238,406
Sri Lanka — 0.7%
Access Engineering PLC		4,396,589	$	698,886
Aitken Spence PLC		1,072,547		544,432
Ceylon Tobacco Co. PLC		140,993		899,265
Chevron Lubricants Lanka PLC		2,003,628		2,267,099
Commercial Bank of Ceylon PLC		3,227,425		2,897,304
DFCC Bank PLC		293,137		262,912
Dialog Axiata PLC		18,848,970		1,417,867
Distilleries Co. of Sri Lanka PLC		1,684,527		2,772,103
Hatton National Bank PLC		1,715,231		2,494,594
Hemas Holdings PLC		500,000		306,583
John Keells Holdings PLC		6,228,510		6,006,496
Lanka IOC PLC		1,982,523		476,765
National Development Bank PLC		885,555		993,007
Nations Trust Bank PLC		376,548		206,407
Sampath Bank PLC		1,114,235		1,770,485
Textured Jersey Lanka PLC		1,705,074		442,219
			$	24,456,424
Taiwan — 5.8%
AcBel Polytech, Inc.		429,000	$	355,000
Acer, Inc.		1,042,519		496,998
Advanced Semiconductor Engineering, Inc.		1,607,135		1,897,207
AirTAC International Group		102,150		765,552
Ambassador Hotel		298,000		243,926
AmTRAN Technology Co., Ltd.		650,067		451,613
Asia Cement Corp.		1,507,356		1,378,821
Asia Optical Co., Inc.(1)		198,907		171,894
Asustek Computer, Inc.		210,325		1,830,006
AU Optronics Corp.		3,273,837		1,337,862
Capital Securities Corp.		711,928		194,665
Catcher Technology Co., Ltd.		173,183		1,207,485
Cathay Financial Holding Co., Ltd.		2,193,533		2,467,538
Center Laboratories, Inc.(1)		434,500		945,196

21 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Taiwan (continued)
Chailease Holding Co., Ltd.		425,224	$	755,016
Chang Hwa Commercial Bank, Ltd.		1,857,571		999,566
Cheng Shin Rubber Industry Co., Ltd.		1,362,672		2,844,670
Chicony Electronics Co., Ltd.		339,285		839,536
China Airlines, Ltd.		2,591,887		762,047
China Development Financial Holding Corp.		3,842,050		935,463
China Life Insurance Co., Ltd.		949,954		785,837
China Motor Corp.		881,315		667,543
China Petrochemical Development Corp.(1)		2,633,564		625,955
China Steel Corp.		6,459,734		4,468,728
Chipbond Technology Corp.		359,000		491,063
Chong Hong Construction Co., Ltd.		184,999		335,618
Chunghwa Telecom Co., Ltd.		2,646,746		9,458,191
Clevo Co.		394,155		356,443
Compal Electronics, Inc.		1,015,345		637,986
Coretronic Corp.		487,128		460,048
CTBC Financial Holding Co., Ltd.		4,598,403		2,538,759
Delta Electronics, Inc.		499,151		2,632,850
Dynapack International Technology Corp.		183,374		254,697
E Ink Holdings, Inc.(1)		1,234,000		732,475
E.Sun Financial Holding Co., Ltd.		2,482,398		1,386,368
Eclat Textile Co., Ltd.		139,372		1,562,243
Elan Microelectronics Corp.		345,300		409,851
Epistar Corp.(1)		526,472		406,911	��
EVA Airways Corp.(1)		1,654,523		787,573
Evergreen International Storage & Transport Corp.		868,000		358,004
Evergreen Marine Corp.		2,373,754		919,561
Everlight Electronics Co., Ltd.		406,291		661,360
Far Eastern Department Stores, Ltd.		1,427,995		817,330
Far Eastern New Century Corp.		2,912,695		2,276,151
Far EasTone Telecommunications Co., Ltd.		1,332,084		3,062,586
Faraday Technology Corp.		244,128		286,520
Feng Hsin Steel Co., Ltd.		183,260		241,461
FIH Mobile, Ltd.		1,391,000		474,042
First Financial Holding Co., Ltd.		2,421,042		1,343,581
Formosa Chemicals & Fibre Corp.		1,864,399		4,858,521
Formosa International Hotels Corp.		118,084		696,012
Formosa Petrochemical Corp.		1,005,320		2,860,331
Formosa Plastics Corp.		2,344,896		5,721,923
Formosa Taffeta Co., Ltd.		842,000		798,665
Formosan Rubber Group, Inc.		433,000		207,600
Foxconn Technology Co., Ltd.		285,235		692,188
Fubon Financial Holding Co., Ltd.		2,016,596		2,509,494
Giant Manufacturing Co., Ltd.		262,208		1,770,433
Gintech Energy Corp.(1)		223,166		164,453
Goldsun Building Materials Co., Ltd.		1,672,928		426,463

Security	Shares		Value
Taiwan (continued)
Great Wall Enterprise Co., Ltd.		930,888	$	789,681
Highwealth Construction Corp.		441,669		674,049
Hiwin Technologies Corp.		230,720		1,132,464
Hon Hai Precision Industry Co., Ltd.		2,973,122		8,204,643
Hota Industrial Manufacturing Co., Ltd.		120,658		549,650
Hotai Motor Co., Ltd.		240,000		2,411,257
HTC Corp.		185,535		553,315
Hu Lane Associate, Inc.		181,000		810,627
Hua Nan Financial Holdings Co., Ltd.		2,481,465		1,354,468
Innolux Corp.		2,846,762		1,054,397
Inventec Corp.		960,966		746,911
Kenda Rubber Industrial Co., Ltd.		233,692		373,666
Kinpo Electronics, Inc.(1)		2,159,000		809,821
Kinsus Interconnect Technology Corp.		182,000		393,310
Largan Precision Co., Ltd.		27,795		2,988,187
Lite-On Technology Corp.		729,302		1,093,744
MediaTek, Inc.		372,462		2,843,752
Medigen Biotechnology Corp.(1)		69,000		175,377
Mega Financial Holding Co., Ltd.		2,860,730		2,243,379
Merida Industry Co., Ltd.		233,657		1,082,480
Motech Industries, Inc.(1)		155,451		162,059
Nan Kang Rubber Tire Co., Ltd.		1,153,253		1,021,357
Nan Ya Plastics Corp.		2,579,214		4,886,211
Neo Solar Power Corp.(1)		685,542		351,605
Novatek Microelectronics Corp., Ltd.		138,942		488,246
Pegatron Corp.		564,028		1,388,432
Phison Electronics Corp.		68,363		567,232
Pou Chen Corp.		1,957,819		2,672,442
Powertech Technology, Inc.		224,865		572,298
President Chain Store Corp.		619,664		5,034,562
Quanta Computer, Inc.		721,508		1,469,396
Radiant Opto-Electronics Corp.	��	141,264		226,872
Radium Life Tech Co., Ltd.		633,422		200,764
Realtek Semiconductor Corp.		164,002		594,766
Ruentex Development Co., Ltd.(1)		437,306		524,628
Ruentex Industries, Ltd.		701,060		1,121,408
Sanyang Motor Co., Ltd.(1)		1,819,866		1,237,859
ScinoPharm Taiwan, Ltd.		236,080		329,434
Shin Kong Financial Holding Co., Ltd.		3,899,606		793,150
Shin Kong Synthetic Fibers Corp.		1,321,483		354,914
Siliconware Precision Industries Co., Ltd.		561,243		844,808
Simplo Technology Co., Ltd.		205,889		727,662
Sino-American Silicon Products, Inc.		268,233		292,988
SinoPac Financial Holdings Co., Ltd.		3,506,278		1,132,835
Solar Applied Materials Technology Corp.(1)(3)		336,245		46,082
St. Shine Optical Co., Ltd.		22,000		532,625

22 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Taiwan (continued)
Synnex Technology International Corp.		730,818	$	863,450
Tainan Spinning Co., Ltd.		941,822		425,685
Taishin Financial Holding Co., Ltd.		3,387,203		1,360,560
Taiwan Business Bank(1)		2,161,719		570,128
Taiwan Cement Corp.		1,909,830		2,030,159
Taiwan Cooperative Financial Holding Co., Ltd.		2,294,065		1,075,231
Taiwan Fertilizer Co., Ltd.		615,000		857,605
Taiwan Glass Industry Corp.(1)		542,564		229,704
Taiwan Mobile Co., Ltd.		1,302,296		4,489,949
Taiwan Semiconductor Manufacturing Co., Ltd.		4,013,465		21,679,484
Taiwan Tea Corp.		395,711		196,673
Tatung Co., Ltd.(1)		2,377,785		399,300
Teco Electric & Machinery Co., Ltd.		2,247,000		1,991,718
Tong Yang Industry Co., Ltd.		758,608		1,365,489
TPK Holding Co., Ltd.		155,148		297,099
Tripod Technology Corp.		396,535		812,108
TSRC Corp.		693,063		607,101
TTY Biopharm Co., Ltd.		534,330		1,827,754
Tung Ho Steel Enterprise Corp.		991,060		566,888
U-Ming Marine Transport Corp.		186,000		137,018
Uni-President Enterprises Corp.		4,204,831		8,593,607
Unimicron Technology Corp.		948,000		404,575
United Microelectronics Corp.		3,427,090		1,276,267
Walsin Lihwa Corp.(1)		2,539,000		732,609
Wan Hai Lines, Ltd.		518,962		268,516
Waterland Financial Holdings		1,118,368		285,913
Wei Chuan Food Corp.(1)		623,000		391,664
Wintek Corp.(1)(3)		1,892,877		0
Wistron Corp.		667,186		530,759
WPG Holdings Co., Ltd.		604,489		769,953
Xxentria Technology Materials Corp.		234,700		562,137
Yageo Corp.		166,897		284,559
Yang Ming Marine Transport(1)		2,468,755		565,951
YFY, Inc.		899,120		267,719
Yieh Phui Enterprise		1,772,943		462,500
Yuanta Financial Holding Co., Ltd.		2,872,629		1,009,477
Yulon Motor Co., Ltd.		1,112,950		989,725
			$	198,064,726
Thailand — 3.2%
Advanced Info Service PCL(6)		999,300	$	5,113,578
Airports of Thailand PCL(6)		374,100		4,247,773
AP Thailand PCL(6)		4,699,700		999,998
Bangkok Bank PCL(6)		230,600		1,132,322
Bangkok Dusit Medical Services PCL(6)		5,594,000		3,620,052

Security	Shares		Value
Thailand (continued)
Bangkok Land PCL(6)		13,071,100	$	571,266
Banpu PCL(6)		2,202,000		996,174
BEC World PCL(6)		1,752,100		1,245,695
Berli Jucker PCL(6)		2,848,800		3,741,904
BTS Group Holdings PCL(6)		6,774,200		1,829,635
Bumrungrad Hospital PCL(6)		899,500		4,761,109
Central Pattana PCL(6)		537,000		887,198
Central Plaza Hotel PCL(6)		268,400		318,850
CH. Karnchang PCL(6)		1,209,220		1,175,434
Charoen Pokphand Foods PCL(6)		3,209,700		2,587,038
CP ALL PCL(6)		2,790,200		4,153,543
Delta Electronics (Thailand) PCL(6)		1,489,900		3,054,779
Electricity Generating PCL(6)		413,800		2,365,163
Glow Energy PCL(6)		877,300		2,162,766
Hana Microelectronics PCL(6)		1,730,900		1,443,859
Home Product Center PCL(6)		3,521,555		1,022,643
Indorama Ventures PCL(6)		2,106,900		2,016,980
IRPC PCL(6)		12,191,400		1,740,706
Italian-Thai Development PCL(1)(6)		4,208,006		806,289
Jasmine International PCL(6)		662,900		108,587
Kasikornbank PCL(6)		408,800		2,324,035
KCE Electronics PCL(6)		281,300		784,937
Khon Kaen Sugar Industry PCL(6)		4,836,480		545,389
Kiatnakin Bank PCL(6)		527,900		797,007
Krung Thai Bank PCL(6)		1,231,400		616,647
L.P.N. Development PCL(6)		1,255,000		472,724
Land & Houses PCL(6)		2,593,500		760,174
Minor International PCL(6)		2,813,577		3,296,072
Pruksa Real Estate PCL(6)		518,200		409,259
PTT Exploration & Production PCL(6)		1,304,598		3,127,564
PTT Global Chemical PCL(6)		1,844,950		3,237,591
PTT PCL(6)		663,860		6,351,794
Quality House PCL(6)		11,929,046		947,330
Ratchaburi Electricity Generating Holding PCL(6)		676,000		1,005,184
Robinson Department Store PCL(6)		644,300		1,222,494
Samart Corp. PCL(6)		2,188,100		1,000,696
Siam Cement PCL(6)		357,600		5,250,439
Siam City Cement PCL(6)		97,390		932,569
Siam Commercial Bank PCL(6)		535,300		2,444,785
Siam Global House PCL, (The)(6)		1,063,000		474,790
Sino-Thai Engineering & Construction PCL(6)		1,567,057		1,173,546
Superblock PCL(1)(6)		11,910,000		631,636
Thai Airways International PCL(1)(6)		2,173,900		1,580,014
Thai Beverage PCL		6,850,100		5,295,367
Thai Oil PCL(6)		923,800		1,618,356
Thai Union Group PCL(6)		2,452,708		1,538,005

23 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Thailand (continued)
Thanachart Capital PCL(6)		363,800	$	425,635
Thoresen Thai Agencies PCL(6)		2,584,565		684,824
TMB Bank PCL(6)		11,654,600		757,973
Total Access Communication PCL(6)		1,130,500		1,053,878
TPI Polene PCL(6)		18,986,000		1,246,449
True Corp. PCL(6)		14,791,190		3,805,375
TTCL PCL(6)		224,200		136,110
TTW PCL(6)		3,598,200		1,187,518
			$	109,239,507
Turkey — 2.7%
Akbank TAS		1,842,533	$	4,761,601
Akcansa Cimento AS		126,800		565,478
Aksa Akrilik Kimya Sanayii AS		322,613		842,797
Aksa Enerji Uretim AS(1)		600,923		451,312
Albaraka Turk Katilim Bankasi AS		522,467		213,724
Anadolu Efes Biracilik ve Malt Sanayii AS		301,358		2,043,081
Arcelik AS		773,171		5,290,137
Aygaz AS		279,132		1,051,135
Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS(1)		592,900		828,637
BIM Birlesik Magazalar AS		320,185		5,923,087
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS		69,682		168,473
Cimsa Cimento Sanayi ve Ticaret AS		141,400		710,645
Coca-Cola Icecek AS		102,495		1,272,513
Dogan Sirketler Grubu Holding AS(1)		1,732,915		366,067
Dogus Otomotiv Servis ve Ticaret AS		111,778		390,423
Eczacibasi Ilac Sanayi ve Ticaret AS		255,200		281,519
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,976,700		1,770,568
Enka Insaat ve Sanayi AS		1,372,762		2,025,382
Eregli Demir ve Celik Fabrikalari TAS		4,567,951		6,952,652
Ford Otomotiv Sanayi AS		208,281		2,272,420
Gubre Fabrikalari TAS		239,300		436,677
Haci Omer Sabanci Holding AS		1,240,418		3,708,752
Is Gayrimenkul Yatirim Ortakligi AS		746,987		412,883
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		2,655,090		1,184,005
KOC Holding AS		894,792		3,839,399
Koza Altin Isletmeleri AS(1)		152,600		519,055
Koza Anadolu Metal Madencilik Isletmeleri AS(1)		780,100		225,406
Migros Ticaret AS(1)		75,000		408,477
Net Holding AS(1)		325,363		323,778
Pegasus Hava Tasimaciligi AS(1)		36,600		142,858
Petkim Petrokimya Holding AS		2,183,491		3,156,298
Sekerbank TAS(1)		765,199		312,827
TAV Havalimanlari Holding AS		201,088		737,685
Tekfen Holding AS		209,373		516,815

Security	Shares		Value
Turkey (continued)
Tofas Turk Otomobil Fabrikasi AS		340,613	$	2,696,915
Trakya Cam Sanayii AS		271,889		223,412
Tupras-Turkiye Petrol Rafinerileri AS		368,450		7,885,174
Turk Hava Yollari AO(1)		774,945		1,344,586
Turk Sise ve Cam Fabrikalari AS		1,002,513		1,129,385
Turk Telekomunikasyon AS		1,346,358		2,726,211
Turkcell Iletisim Hizmetleri AS(1)		2,248,426		7,783,756
Turkiye Garanti Bankasi AS		2,256,182		5,549,795
Turkiye Halk Bankasi AS		624,600		1,648,712
Turkiye Is Bankasi, Class B		1,346,812		2,078,687
Turkiye Sinai Kalkinma Bankasi AS		751,658		330,328
Turkiye Vakiflar Bankasi TAO, Class D		982,100		1,457,031
Ulker Biskuvi Sanayi AS		269,059		1,783,802
Vestel Elektronik Sanayi ve Ticaret AS(1)		368,100		785,501
Yapi ve Kredi Bankasi AS(1)		648,885		751,776
Yazicilar Holding AS		158,584		618,602
Zorlu Enerji Elektrik Uretim AS(1)		692,954		371,752
			$	93,271,991
Ukraine — 0.2%
Astarta Holding NV(1)		149,531	$	1,881,211
Avangardco Investments Public, Ltd. GDR(1)(5)		138,412		110,764
Ferrexpo PLC		937,849		569,899
Kernel Holding SA		246,713		3,918,079
MHP SA GDR(5)		153,046		1,408,164
			$	7,888,117
United Arab Emirates — 1.5%
Abu Dhabi Commercial Bank PJSC		2,281,264	$	4,226,653
Abu Dhabi National Hotels		465,151		487,580
Agthia Group PJSC		1,013,903		2,134,222
Air Arabia PJSC		7,103,683		2,805,623
Ajman Bank PJSC(1)		797,123		354,049
Al Waha Capital PJSC		2,092,394		1,127,755
Aldar Properties PJSC		4,132,498		3,245,214
Arabtec Holding PJSC(1)		6,821,504		2,737,971
Dana Gas PJSC(1)		5,241,906		800,906
DP World, Ltd.		447,522		7,588,610
Dubai Financial Market PJSC		1,928,561		698,052
Dubai Investments PJSC		1,767,836		1,026,525
Dubai Islamic Bank PJSC		1,313,689		1,930,628
Dubai Parks & Resorts PJSC(1)		4,892,600		2,204,952
Emaar Properties PJSC		3,707,666		6,957,109
Emirates Telecommunications Group Co. PJSC		426,800		2,325,727
First Gulf Bank PJSC		1,188,942		3,908,194

��

24 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United Arab Emirates (continued)
Gulf Pharmaceutical Industries PSC		133,693	$	83,657
National Bank of Abu Dhabi PJSC		1,701,141		4,506,818
National Bank of Ras Al-Khaimah PSC (The)		62,608		83,488
National Central Cooling Co. (Tabreed)		828,054		338,802
Ras Al Khaimah Ceramics		351,660		304,744
Ras Al Khaimah Properties PJSC		2,150,800		352,478
Union National Bank PJSC		1,992,209		2,462,134
			$	52,691,891
Vietnam — 0.8%
Bank for Foreign Trade of Vietnam JSC(1)		1,556,456	$	3,775,245
Bao Viet Holdings		307,150		814,086
Development Investment Construction Corp.(1)		322,120		125,808
FPT Corp.		288,334		530,268
HAGL JSC(1)		1,155,511		332,258
Hoa Phat Group JSC(1)		2,137,846		4,272,274
KIDO Group Corp.		633,520		821,701
Kinh Bac City Development Share Holding Corp.(1)		328,860		261,249
Masan Group Corp.(1)		272,520		782,326
PetroVietnam Construction JSC(1)		919,725		82,243
PetroVietnam Drilling & Well Services JSC		739,369		862,766
PetroVietnam Fertilizer & Chemical JSC		880,500		1,153,236
PetroVietnam Gas JSC		166,550		441,963
PetroVietnam Technical Services Corp.		1,236,400		942,925
Pha Lai Thermal Power JSC		483,390		334,204
Phu Nhuan Jewelry JSC		235,560		676,134
Refrigeration Electrical Engineering Corp.		812,383		750,849
Saigon Securities, Inc.(1)		198,000		203,726
Tan Tao Investment & Industry JSC(1)		1,554,838		342,170
Vietnam Construction and Import-Export JSC		621,655		415,825
Vietnam Dairy Products JSC		558,490		3,961,105
Vietnam Joint Stock Commercial Bank for Industry and Trade(1)		1,810,143		1,446,597
Vingroup JSC(1)		1,552,840		3,551,856
			$	26,880,814
Total Common Stocks (identified cost $3,620,155,806)			$	3,361,290,543

Equity-Linked Securities(4)(7) — 0.7%
Security	Maturity Date		Shares		Value
Saudi Arabia — 0.7%
Abdullah Al Othaim Markets		7/31/17		36,000	$	947,912
Al Abdullatif Industrial Investment Co.		4/30/18		64,200		291,439
Al Rajhi Bank		1/22/18		149,493		2,247,171
Al Tayyar		3/5/18		70,167		670,733
Alinma Bank		1/22/18		250,600		880,358
Almarai Co.		7/31/17		79,199		1,143,000
Arab National Bank		5/12/17		70,000		334,103
Bank Albilad		3/5/18		124,748		554,661
Banque Saudi Fransi		1/22/18		100,840		590,191
Dar Al Arkan Real Estate Development		7/20/18		185,500		295,529
Etihad Etisalat Co.		11/20/17		134,038		881,890
Fawaz Abdulaziz Alhokair Co.		3/20/17		60,000		672,738
Jarir Marketing Co.		1/22/18		25,425		716,071
Mobile Telecommunications Co.		4/30/18		123,207		234,893
National Industrialization Co.		10/31/16		156,903		563,752
Rabigh Refining and Petrochemicals Co.		7/24/17		92,400		281,483
Riyad Bank		11/20/17		161,200		465,288
Sahara Petrochemical Co.		9/14/18		122,800		361,001
Samba Financial Group		6/29/17		182,240		912,330
Saudi Airlines Catering Co.		5/28/18		5,500		129,421
Saudi Arabian Amiantit Co.		4/30/18		106,500		220,790
Saudi Arabian Fertilizer Co.		7/31/17		35,791		574,990
Saudi Arabian Mining Co.		4/30/18		54,900		521,136
Saudi Basic Industries Corp.		1/22/18		107,696		2,358,322
Saudi British Bank		1/22/18		93,450		469,698
Saudi Cable Co.		7/20/18		97,900		162,499
Saudi Cement Co.		7/20/18		25,900		425,584
Saudi Chemical Co.		4/23/18		25,900		289,017
Saudi Electricity Co.		1/22/18		268,400		1,363,338
Saudi Industrial Investment Group		10/9/17		95,000		357,798
Saudi International Petrochemicals Co.		1/22/18		40,200		139,884
Saudi Kayan Petrochemical Co.		1/22/18		247,500		443,805
Saudi Telecom Co.		4/23/18		98,200		1,629,968
Savola Group		2/6/17		115,300		1,109,849
Yanbu National Petrochemical Co.		7/31/17		51,400		578,368
Total Equity-Linked Securities (identified cost $35,400,551)					$	23,819,010

25 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Rights(1) — 0.0%(2)
Security	Shares		Value
Berli Jucker PCL, Exp. 8/4/16		712,200	$	219,815
China Resources Beer Holdings Co., Ltd., Exp. 8/9/16		321,333		131,293
Flour Mills of Nigeria PLC		857,481		0
Metalurgica Gerdau SA, Exp. 8/9/16		454		2,262
Total Rights (identified cost $0)			$	353,370
Warrants(1) — 0.0%(2)
Security	Shares		Value
Banpu PCL, Exp. 6/5/17, Strike THB 5.00		734,000	$	209,684
WCT Holdings Bhd, Exp. 8/27/20, Strike MYR 2.08		256,616		11,663
Total Warrants (identified cost $0)			$	221,347
Short-Term Investments — 0.1%
Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Euro Time Deposit, 0.01%, 8/1/16	$	4,714	$	4,713,859
Total Short-Term Investments (identified cost $4,713,859)			$	4,713,859
Total Investments — 99.5% (identified cost $3,660,270,216)			$	3,390,398,129
Other Assets, Less Liabilities — 0.5%			$	16,581,353
Net Assets — 100.0%			$	3,406,979,482

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

⁽¹⁾  Non-income producing security.

⁽²⁾  Amount is less than 0.05%.

⁽³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽⁴⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2016, the aggregate value of these securities is $30,548,975 or 0.9% of the Fund’s net assets.

⁽⁵⁾  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, 2016, the aggregate value of these securities is $63,752,017 or 1.9% of the Fund’s net assets.

⁽⁶⁾  Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁷⁾  Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (HSBC Bank plc) in addition to the market risk of the underlying security.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		9.7	%	$	332,399,459
Hong Kong Dollar		8.0			270,981,961
Brazilian Real		6.9			236,561,698
South African Rand		6.2			213,001,231
Indian Rupee		5.9			200,981,261
South Korean Won		5.9			199,982,038
New Taiwan Dollar		5.8			197,590,684
Mexican Peso		4.6			155,537,411
Indonesian Rupiah		3.3			110,779,398
Chilean Peso		3.1			105,992,685
Philippine Peso		3.1			105,822,830
Polish Zloty		3.1			104,732,410
Thai Baht		3.1			104,373,639
Malaysian Ringgit		2.8			95,419,505
New Turkish Lira		2.7			93,271,991
Euro		2.4			81,285,685
Russian Ruble		2.1			70,151,855
Kuwaiti Dinar		1.8			62,678,070
United Arab Emirates Dirham		1.6			55,097,659
Qatari Riyal		1.5			52,690,211
Pakistani Rupee		1.5			52,489,605
Egyptian Pound		1.4			47,617,168
Colombian Peso		1.3			43,418,623
Czech Koruna		1.1			35,846,802
Other currency, less than 1% each		10.6			361,694,250
Total Investments		99.5	%	$	3,390,398,129

26 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		20.3	%	$	690,672,616
Materials		11.5			393,532,773
Consumer Staples		10.9			371,733,433
Telecommunication Services		9.9			338,766,127
Industrials		9.8			332,607,189
Energy		9.5			322,578,847
Consumer Discretionary		9.5			322,053,595
Utilities		7.0			237,613,388
Information Technology		6.5			223,000,809
Health Care		4.5			153,125,493
Short-Term Investments		0.1			4,713,859
Total Investments		99.5	%	$	3,390,398,129

Abbreviations:

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

Currency Abbreviations:

MYR	–	Malaysian Ringgit
THB	–	Thai Baht

27 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2016
Investments, at value (identified cost, $3,660,270,216)	$	3,390,398,129
Cash		350,748
Foreign currency, at value (identified cost, $8,057,908)		7,719,564
Dividends and interest receivable		12,497,847
Receivable for investments sold		987,937
Receivable for Fund shares sold		2,594,455
Tax reclaims receivable		1,323,100
Total assets	$	3,415,871,780
Liabilities
Payable for Fund shares redeemed	$	3,389,735
Payable to affiliates:
Investment adviser fee		2,226,516
Administration fee		426,246
Distribution and service fees		126,542
Accrued foreign capital gains taxes		560,683
Accrued expenses		2,162,576
Total liabilities	$	8,892,298
Net Assets	$	3,406,979,482
Sources of Net Assets
Paid-in capital	$	3,840,146,126
Accumulated net realized loss		(196,507,583	)
Accumulated undistributed net investment income		34,204,932
Net unrealized depreciation		(270,863,993	)
Total	$	3,406,979,482
Investor Class Shares
Net Assets	$	561,302,837
Shares Outstanding		43,444,706
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.92
Class C Shares
Net Assets	$	10,006,510
Shares Outstanding		787,593
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.71
Institutional Class Shares
Net Assets	$	2,190,004,074
Shares Outstanding		168,617,382
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.99
Class R6 Shares
Net Assets	$	645,666,061
Shares Outstanding		49,702,217
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.99

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

28 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2016
Dividends (net of foreign taxes, $7,548,968)	$	64,326,291
Interest		652
Total investment income	$	64,326,943
Expenses
Investment adviser fee	$	12,409,730
Administration fee		2,370,061
Distribution and service fees
Investor Class		689,105
Class C		49,245
Trustees’ fees and expenses		34,000
Custodian fee		1,658,987
Transfer and dividend disbursing agent fees		717,202
Legal and accounting services		71,186
Printing and postage		105,133
Registration fees		57,589
Miscellaneous		95,115
Total expenses	$	18,257,353
Net investment income	$	46,069,590
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(85,853,588	)
Foreign currency transactions		(41,086	)
Net realized loss	$	(85,894,674	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $134,052)	$	591,617,389
Foreign currency		(134,447	)
Net change in unrealized appreciation (depreciation)	$	591,482,942
Net realized and unrealized gain	$	505,588,268
Net increase in net assets from operations	$	551,657,858

29 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016
From operations —
Net investment income	$	46,069,590		$	66,995,643
Net realized loss from investment and foreign currency transactions		(85,894,674	)		(105,177,330	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		591,482,942			(727,699,829	)
Net increase (decrease) in net assets from operations	$	551,657,858		$	(765,881,516	)
Distributions to shareholders —
From net investment income
Investor Class	$	(6,754,547	)	$	(774,640	)
Class C		(115,100	)		(3,739	)
Institutional Class		(25,886,541	)		(5,208,750	)
Class R6		(7,738,162	)		(1,628,400	)
From net realized gain
Investor Class		—			(8,843,802	)
Class C		—			(190,277	)
Institutional Class		—			(39,758,650	)
Class R6		—			(8,307,331	)
Total distributions to shareholders	$	(40,494,350	)	$	(64,715,589	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	39,328,029		$	349,528,848
Class C		47,988			558,417
Institutional Class		358,288,517			866,216,524
Class R6		34,324,673			127,497,925
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		6,620,034			9,380,760
Class C		103,527			162,399
Institutional Class		20,387,155			35,978,317
Class R6		7,148,947			9,527,391
Cost of shares redeemed
Investor Class		(100,720,563	)		(288,580,164	)
Class C		(1,299,916	)		(4,238,349	)
Institutional Class		(314,291,185	)		(1,779,172,350	)
Class R6		(49,286,720	)		(37,422,332	)
Net increase (decrease) in net assets from Fund share transactions	$	650,486		$	(710,562,614	)
Net increase (decrease) in net assets	$	511,813,994		$	(1,541,159,719	)
Net Assets
At beginning of period	$	2,895,165,488		$	4,436,325,207
At end of period	$	3,406,979,482		$	2,895,165,488
Accumulated undistributed net investment income included in net assets
At end of period	$	34,204,932		$	28,629,692

30 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Financial Highlights

	Investor Class
	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31,												Period Ended January 31, 2012(1)			Year Ended October 31, 2011
				2016			2015			2014			2013
Net asset value — Beginning of period	$	10.990		$	13.850		$	14.070		$	15.260		$	13.940		$	13.750		$	15.540
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.161		$	0.185		$	0.204		$	0.201		$	0.173		$	(0.014	)	$	0.201
Net realized and unrealized gain (loss)		1.920			(2.851	)		(0.166	)		(1.204	)		1.339			0.328			(1.826	)
Total income (loss) from operations	$	2.081		$	(2.666	)	$	0.038		$	(1.003	)	$	1.512		$	0.314		$	(1.625	)
Less Distributions
From net investment income	$	(0.151	)	$	(0.016	)	$	(0.180	)	$	(0.187	)	$	(0.181	)	$	(0.124	)	$	(0.165	)
From net realized gain		—			(0.178	)		(0.078	)		—			—			—			—
Tax return of capital		—			—			—			—			(0.011	)		—			—
Total distributions	$	(0.151	)	$	(0.194	)	$	(0.258	)	$	(0.187	)	$	(0.192	)	$	(0.124	)	$	(0.165	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	—		$	—		$	—		$	0.000	(4)
Net asset value — End of period	$	12.920		$	10.990		$	13.850		$	14.070		$	15.260		$	13.940		$	13.750
Total Return(5)		19.04	%(6)		(19.59	)%		0.25	%		(6.62	)%		10.89	%		2.38	%(6)		(10.59	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	561,303		$	527,198		$	599,094		$	755,768		$	738,776		$	493,567		$	481,194
Ratios (as a percentage of average daily net assets):
Expenses(7)		1.37	%(8)		1.37	%		1.36	%		1.38	%		1.42	%		1.45	%(8)		1.45	%
Net investment income (loss)		2.68	%(8)		1.43	%		1.34	%		1.36	%		1.22	%		(0.43	)%(8)		1.33	%
Portfolio Turnover		4	%(6)		8	%		9	%		7	%		3	%		0	%(6)(9)		3	%

⁽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⁾  Amount is less than 0.5%.

31 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Financial Highlights — continued

	Class C
	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31,												Period Ended January 31, 2012(1)			Year Ended October 31, 2011
				2016			2015			2014			2013
Net asset value — Beginning of period	$	10.840		$	13.760		$	13.960		$	15.130		$	13.820		$	13.530		$	15.310
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.114		$	0.096		$	0.094		$	0.091		$	0.095		$	(0.038	)	$	0.074
Net realized and unrealized gain (loss)		1.899			(2.834	)		(0.163	)		(1.188	)		1.294			0.333			(1.792	)
Total income (loss) from operations	$	2.013		$	(2.738	)	$	(0.069	)	$	(1.097	)	$	1.389		$	0.295		$	(1.718	)
Less Distributions
From net investment income	$	(0.143	)	$	(0.004	)	$	(0.053	)	$	(0.073	)	$	(0.075	)	$	(0.005	)	$	(0.062	)
From net realized gain		—			(0.178	)		(0.078	)		—			—			—			—
Tax return of capital		—			—			—			—			(0.004	)		—			—
Total distributions	$	(0.143	)	$	(0.182	)	$	(0.131	)	$	(0.073	)	$	(0.079	)	$	(0.005	)	$	(0.062	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	—		$	—		$	—		$	0.000	(4)
Net asset value — End of period	$	12.710		$	10.840		$	13.760		$	13.960		$	15.130		$	13.820		$	13.530
Total Return(5)		18.67	%(6)		(20.23	)%		(0.51	)%		(7.27	)%		10.07	%		2.18	%(6)		(11.27	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10,007		$	9,573		$	15,996		$	19,779		$	23,348		$	22,646		$	22,866
Ratios (as a percentage of average daily net assets):
Expenses(7)		2.12	%(8)		2.12	%		2.11	%		2.13	%		2.16	%		2.19	%(8)		2.19	%
Net investment income (loss)		1.92	%(8)		0.74	%		0.63	%		0.63	%		0.68	%		(1.18	)%(8)		0.49	%
Portfolio Turnover		4	%(6)		8	%		9	%		7	%		3	%		0	%(6)(9)		3	%

⁽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⁾  Amount is less than 0.5%.

32 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Financial Highlights — continued

	Institutional Class
	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31,												Period Ended January 31, 2012(1)			Year Ended October 31, 2011
				2016			2015			2014			2013
Net asset value — Beginning of period	$	11.040		$	13.890		$	14.110		$	15.310		$	13.970		$	13.810		$	15.580
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.179		$	0.233		$	0.243		$	0.224		$	0.222		$	(0.006	)	$	0.233
Net realized and unrealized gain (loss)		1.925			(2.880	)		(0.162	)		(1.197	)		1.339			0.322			(1.821	)
Total income (loss) from operations	$	2.104		$	(2.647	)	$	0.081		$	(0.973	)	$	1.561		$	0.316		$	(1.588	)
Less Distributions
From net investment income	$	(0.154	)	$	(0.025	)	$	(0.223	)	$	(0.227	)	$	(0.209	)	$	(0.156	)	$	(0.182	)
From net realized gain		—			(0.178	)		(0.078	)		—			—			—			—
Tax return of capital		—			—			—			—			(0.012	)		—			—
Total distributions	$	(0.154	)	$	(0.203	)	$	(0.301	)	$	(0.227	)	$	(0.221	)	$	(0.156	)	$	(0.182	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	—		$	—		$	—		$	0.000	(4)
Net asset value — End of period	$	12.990		$	11.040		$	13.890		$	14.110		$	15.310		$	13.970		$	13.810
Total Return(5)		19.17	%(6)		(19.40	)%		0.55	%		(6.42	)%		11.22	%		2.41	%(6)		(10.39	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,190,004		$	1,803,056		$	3,227,614		$	3,392,890		$	2,739,147		$	1,988,618		$	1,845,906
Ratios (as a percentage of average daily net assets):
Expenses(7)		1.12	%(8)		1.12	%		1.11	%		1.13	%		1.16	%		1.20	%(8)		1.20	%
Net investment income (loss)		2.96	%(8)		1.77	%		1.59	%		1.52	%		1.56	%		(0.18	)%(8)		1.53	%
Portfolio Turnover		4	%(6)		8	%		9	%		7	%		3	%		0	%(6)(9)		3	%

⁽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⁾  Amount is less than 0.5%.

33 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

Financial Highlights — continued

	Class R6
	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016			Period Ended January 31, 2015(1)
Net asset value — Beginning of period	$	11.040		$	13.890		$	16.010
Income (Loss) From Operations
Net investment income(2)	$	0.181		$	0.223		$	0.027
Net realized and unrealized gain (loss)		1.924			(2.861	)		(1.842	)
Total income (loss) from operations	$	2.105		$	(2.638	)	$	(1.815	)
Less Distributions
From net investment income	$	(0.155	)	$	(0.034	)	$	(0.227	)
From net realized gain		—			(0.178	)		(0.078	)
Total distributions	$	(0.155	)	$	(0.212	)	$	(0.305	)
Net asset value — End of period	$	12.990		$	11.040		$	13.890
Total Return(3)		19.17	%(4)		(19.34	)%		(11.36	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	645,666		$	555,338		$	593,622
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.07	%(6)		1.07	%		1.07	%(6)
Net investment income		3.00	%(6)		1.72	%		0.31	%(6)
Portfolio Turnover		4	%(4)		8	%		9	%(7)

⁽¹⁾  For the period from the commencement of operations, July 1, 2014, to January 31, 2015.

⁽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 year ended January 31, 2015.

34 See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2016

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 (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

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

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

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

In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

35

Parametric Emerging Markets Fund

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

As of July 31, 2016, 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 that may be 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. Effective September 1, 2015, SSBT began imposing fees on certain uninvested cash balances and discontinued credits on cash deposit balances.

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

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

J  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.

K  Interim Financial Statements — The interim financial statements relating to July 31, 2016 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At January 31, 2016, the Fund, for federal income tax purposes, had deferred capital losses of $105,464,405 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The

36

Parametric Emerging Markets Fund

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2016, $9,491,454 are short-term and $95,972,951 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	3,677,263,412
Gross unrealized appreciation	$	624,110,823
Gross unrealized depreciation		(910,976,106	)
Net unrealized depreciation	$	(286,865,283	)

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. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, 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, 0.73% on net assets of $5 billion but less than $7.5 billion and 0.71% on net assets of $7.5 billion and over, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the six months ended July 31, 2016, the investment adviser fee amounted to $12,409,730 or 0.78% (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 investment adviser fee for sub-advisory services provided to the Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended July 31, 2016, the administration fee amounted to $2,370,061.

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, 2016, EVM earned $18,525 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, 2016, 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, 2016 amounted to $689,105 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, 2016, the Fund paid or accrued to EVD $36,934 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, 2016 amounted to $12,311 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

37

Parametric Emerging Markets Fund

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

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, 2016, the Fund was informed that EVD received approximately $300 of CDSCs paid by Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $155,226,646 and $132,741,109, respectively, for the six months ended July 31, 2016.

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, 2016 (Unaudited)			Year Ended January 31, 2016
Sales		3,253,544			26,531,746
Issued to shareholders electing to receive payments of distributions in Fund shares		551,210			644,726
Redemptions		(8,319,943	)		(22,460,520	)
Net increase (decrease)		(4,515,189	)		4,715,952
Class C	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016
Sales		4,049			45,005
Issued to shareholders electing to receive payments of distributions in Fund shares		8,751			11,254
Redemptions		(107,972	)		(335,903	)
Net decrease		(95,172	)		(279,644	)
Institutional Class	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016
Sales		29,837,195			68,303,104
Issued to shareholders electing to receive payments of distributions in Fund shares		1,689,076			2,480,975
Redemptions		(26,251,121	)		(139,867,250	)
Net increase (decrease)		5,275,150			(69,083,171	)

38

Parametric Emerging Markets Fund

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

Class R6	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016
Sales		2,898,769			9,782,930
Issued to shareholders electing to receive payments of distributions in Fund shares		591,801			664,249
Redemptions		(4,098,005	)		(2,867,760	)
Net increase (decrease)		(607,435	)		7,579,419

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 2, 2016. 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 0.10% 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, 2016.

On September 2, 2016, the Fund renewed its line of credit agreement, which expires September 1, 2017. Under the terms of the renewed credit agreement, the commitment amount was changed to $545 million and the commitment fee on the unused portion of the line of credit was changed to an annual rate of 0.15%.

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 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.

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.

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

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

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

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

39

Parametric Emerging Markets Fund

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

At July 31, 2016, 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	$	29,723,953	$	1,446,928,853		$	335,152	$	1,476,987,958
Emerging Europe		26,705,723		583,069,553			3,418		609,778,694
Latin America		673,691,818		—			1,032,287		674,724,105
Middle East/Africa		12,236,578		587,522,771			40,437		599,799,786
Total Common Stocks	$	742,358,072	$	2,617,521,177	**	$	1,411,294	$	3,361,290,543
Equity-Linked Securities	$	—	$	23,819,010		$	—	$	23,819,010
Rights		133,555		219,815			—		353,370
Warrants		221,347		—			—		221,347
Short-Term Investments		—		4,713,859			—		4,713,859
Total Investments	$	742,712,974	$	2,646,273,861		$	1,411,294	$	3,390,398,129

* 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, 2016 is not presented. At July 31, 2016, the value of investments transferred between Level 1 and Level 2 during the six months then ended was not significant.

40

Parametric Emerging Markets Fund

July 31, 2016

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 registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 26, 2016, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2016. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

• A report from an independent data provider 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;

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

• 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;

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

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

• 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;

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

• Information about the allocation of brokerage transactions 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 policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

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

• 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;

• The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

• 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, 2016

Board of Trustees’ Contract Approval — continued

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2016, with respect to one or more funds, the Board met ten 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, sixteen, four, nine and eleven times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

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

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

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 the Adviser, including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material 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, including recent changes to such personnel. 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 professionals 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, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services.

42

Parametric Emerging Markets Fund

July 31, 2016

Board of Trustees’ Contract Approval — continued

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

The Board considered shareholder and other administrative services provided or managed by the Adviser 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 fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

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 that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data for the one-, three- and five-year periods ended September 30, 2015 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one year period ended September 30, 2015, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios relative to comparable funds.

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

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support 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 fall-out 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 deemed not to be excessive.

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 economies, if any, 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 any 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 any economies of scale in the future.

43

Parametric Emerging Markets Fund

July 31, 2016

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

William H. Park

Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Mark R. Fetting**

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Ralph F. Verni

Scott E. Wennerholm**

* Interested Trustee

** Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016.

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:

• 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.

• 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.

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

• 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 (International) Limited, 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 typically 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    7.31.16

Parametric International Equity Fund

Semiannual Report

July 31, 2016

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, 2016

Parametric International Equity Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	33
Officers and Trustees	36
Important Notices	37

Parametric International Equity Fund

July 31, 2016

Performance^1,2

Portfolio Managers Thomas Seto, Timothy W. Atwill, Ph.D., CFA 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		8.78	%		–2.22	%		3.91	%		4.98	%
Institutional Class at NAV		04/01/2010		04/01/2010		8.88			–1.92			4.19			5.26
Class R at NAV		08/10/2015		04/01/2010		8.53			–2.52			3.85			4.93
Class R6 at NAV		08/10/2015		04/01/2010		8.87			–1.90			4.20			5.26
MSCI EAFE Index		—		—		8.25	%		–7.53	%		3.02	%		3.98	%
% Total Annual Operating Expense Ratios3					Investor Class			Institutional Class			Class R			Class R6
Gross						1.20	%		0.95	%		1.45	%		0.92	%
Net						0.90			0.65			1.15			0.62

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 or equal to 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, 2016

Fund Profile

Sector Allocation (% of net assets)⁴

Top 10 Holdings (% of net assets)⁴

Nestle SA	1.1	%
Vodafone Group PLC	0.9
National Grid PLC	0.8
Deutsche Telekom AG	0.8
KDDI Corp.	0.8
Telstra Corp., Ltd.	0.8
GlaxoSmithKline PLC	0.7
Total SA	0.7
Air Liquide SA	0.7
Unilever NV	0.7
Total	8.0	%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

3

Parametric International Equity Fund

July 31, 2016

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

²  Returns are historical and are calculated by determining the percentage change in net asset value (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 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 R is linked to Investor Class and 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. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/17. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective September 1, 2016, Timothy W. Atwill, Ph.D., CFA, joined Thomas Seto and Paul Bouchey, CFA as a co-portfolio manager of the Fund.

4

Parametric International Equity Fund

July 31, 2016

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, 2016 – July 31, 2016).

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 (2/1/16)		Ending Account Value (7/31/16)		Expenses Paid During Period* (2/1/16 – 7/31/16)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,087.80	$	4.67	**		0.90	%
Institutional Class	$	1,000.00	$	1,088.80	$	3.38	**		0.65	%
Class R	$	1,000.00	$	1,085.30	$	5.96	**		1.15	%
Class R6	$	1,000.00	$	1,088.70	$	3.22	**		0.62	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,020.40	$	4.52	**		0.90	%
Institutional Class	$	1,000.00	$	1,021.60	$	3.27	**		0.65	%
Class R	$	1,000.00	$	1,019.10	$	5.77	**		1.15	%
Class R6	$	1,000.00	$	1,021.80	$	3.12	**		0.62	%

* 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 182/366 (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, 2016.

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

5

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited)

Common Stocks — 101.2%
Security	Shares		Value
Australia — 8.2%
1-Page, Ltd.(1)		24,808	$	7,566
Aconex, Ltd.(1)		20,673		125,911
Adelaide Brighton, Ltd.		13,200		59,322
AGL Energy, Ltd.		40,044		626,920
Alumina, Ltd.		55,500		56,115
Amcor, Ltd.		10,892		124,476
Ansell, Ltd.		2,656		39,134
APA Group		64,175		474,591
ARB Corp., Ltd.		2,740		37,831
Ardent Leisure Group		12,741		20,563
Aristocrat Leisure, Ltd.		13,434		163,047
Asciano, Ltd.		19,164		133,060
Automotive Holdings Group, Ltd.		8,319		27,266
Beach Energy, Ltd.		149,106		64,464
Boral, Ltd.		7,182		37,559
Brambles, Ltd.		21,682		221,801
Caltex Australia, Ltd.		7,309		184,838
Cleanaway Waste Management, Ltd.		55,685		36,195
Cochlear, Ltd.		368		37,179
Commonwealth Bank of Australia		4,269		251,302
Computershare, Ltd.		23,070		155,768
CSG, Ltd.		39,369		46,836
CSL, Ltd.		6,478		580,912
CSR, Ltd.		25,925		75,888
Dexus Property Group		10,799		80,201
Domino’s Pizza Enterprises, Ltd.		1,673		95,848
DuluxGroup, Ltd.		10,000		50,515
Event Hospitality and Entertainment, Ltd.		3,962		44,568
Fairfax Media, Ltd.		95,778		76,521
Fortescue Metals Group, Ltd.		33,300		113,574
Goodman Group		4,772		27,369
GPT Group (The)		15,885		67,750
GUD Holdings, Ltd.		3,393		25,941
GWA Group, Ltd.		23,533		37,695
Healthscope, Ltd.		21,535		48,502
Iluka Resources, Ltd.		9,500		51,094
Incitec Pivot, Ltd.		24,973		54,678
Insurance Australia Group, Ltd.		10,182		46,832
IRESS, Ltd.		9,077		78,032
Iron Mountain, Inc. CDI		279		11,552
iSentia Group, Ltd.		12,985		31,067
James Hardie Industries PLC CDI		4,080		67,696
JB Hi-Fi, Ltd.		2,369		46,742
Link Administration Holdings, Ltd.(1)		13,415		88,090

Security	Shares		Value
Australia (continued)
Macquarie Atlas Roads Group		13,855	$	61,348
Mantra Group, Ltd.		15,349		41,978
McMillan Shakespeare, Ltd.		3,100		33,246
Mirvac Group		42,165		70,538
National Australia Bank, Ltd.		6,809		137,652
Navitas, Ltd.		7,563		34,154
Newcrest Mining, Ltd.(1)		4,400		85,697
Nine Entertainment Co. Holdings, Ltd.		44,737		37,310
Orica, Ltd.		5,800		62,622
Origin Energy, Ltd.		48,547		204,707
Orora, Ltd.		18,060		39,569
Premier Investments, Ltd.		3,446		42,507
Primary Health Care, Ltd.		7,957		24,755
Ramsay Health Care, Ltd.		2,040		122,208
Rio Tinto, Ltd.		4,493		171,458
Scentre Group		21,488		86,607
Select Harvests, Ltd.		5,679		32,946
Sims Metal Management, Ltd.		5,711		36,808
Sonic Healthcare, Ltd.		9,334		163,058
Southern Cross Media Group, Ltd.		25,786		24,753
SpeedCast International, Ltd.		12,175		35,846
Spotless Group Holdings, Ltd.		56,010		50,873
Star Entertainment Group, Ltd. (The)		16,693		75,398
Stockland		14,439		55,412
Suncorp Group, Ltd.		6,027		61,528
Super Retail Group, Ltd.		3,746		27,942
Sydney Airport		22,376		128,856
Tabcorp Holdings, Ltd.		22,318		83,043
Tatts Group, Ltd.		36,725		115,260
Telstra Corp., Ltd.		217,646		954,617
Transurban Group		30,586		292,237
Treasury Wine Estates, Ltd.		16,804		123,432
Vicinity Centres		20,937		55,172
Village Roadshow, Ltd.		4,552		18,635
Washington H. Soul Pattinson & Co., Ltd.		8,364		110,676
Wesfarmers, Ltd.		16,647		544,459
Westfield Corp.		5,863		47,662
Westpac Banking Corp.		9,340		221,006
Whitehaven Coal, Ltd.(1)		54,939		71,015
Woodside Petroleum, Ltd.		17,317		353,741
Woolworths, Ltd.		19,916		354,925
WPP AUNZ, Ltd.		37,384		35,797
			$	10,064,264

6 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Austria — 1.0%
ams AG		4,222	$	139,982
Austria Technologie & Systemtechnik AG		1,392		16,514
CA Immobilien Anlagen AG		1,562		29,355
Conwert Immobilien Invest SE		2,111		34,731
DO & Co. AG		949		74,789
Erste Group Bank AG		906		24,010
EVN AG		2,151		25,134
Immofinanz AG(1)		26,800		58,349
Oesterreichische Post AG		4,264		148,806
OMV AG		4,560		121,800
Porr AG		1,731		49,311
RHI AG		858		17,810
S&T AG		4,566		40,059
Schoeller-Bleckmann Oilfield Equipment AG		688		42,305
Telekom Austria AG		7,553		44,437
UNIQA Insurance Group AG		2,146		13,278
Verbund AG		9,599		150,321
Vienna Insurance Group		607		12,037
Voestalpine AG		3,799		133,974
Wienerberger AG		3,907		60,273
			$	1,237,275
Belgium — 1.9%
Ackermans & van Haaren NV		418	$	50,596
Ageas		1,632		54,866
Agfa-Gevaert NV(1)		8,501		30,645
Anheuser-Busch Inbev SA/NV		3,258		420,908
Barco NV		628		48,336
Befimmo SCA Sicafi		400		27,185
Bekaert SA		1,571		71,995
bpost SA		4,751		124,510
Cofinimmo		337		42,108
Colruyt SA		400		22,313
D’Ieteren SA/NV		858		37,596
Econocom Group SA/NV		4,666		61,116
Elia System Operator SA/NV		1,508		80,373
Euronav SA		5,783		49,840
EVS Broadcast Equipment SA		1,040		35,113
Galapagos NV(1)		1,999		109,058
Gimv NV		608		33,033
Groupe Bruxelles Lambert SA		777		65,548
Kinepolis		733		32,738
Nyrstar NV(1)		4,027		36,694
Proximus SADP		6,399		199,750
Sofina SA		347		46,445
Telenet Group Holding NV(1)		2,884		136,778

Security	Shares		Value
Belgium (continued)
Tessenderlo Chemie NV(1)		1,992	$	67,764
UCB SA		3,210		251,163
Umicore SA		3,110		179,943
Warehouses De Pauw CVA		220		22,685
			$	2,339,099
Denmark — 1.9%
A.P. Moller-Maersk A/S, Class A		39	$	50,992
A.P. Moller-Maersk A/S, Class B		54		73,359
Bakkafrost P/F		969		37,753
Carlsberg A/S, Class B		2,519		250,170
Chr. Hansen Holding A/S		2,040		128,298
Danske Bank A/S		8,727		237,332
DSV A/S		2,805		124,902
FLSmidth & Co. A/S		687		27,624
GN Store Nord A/S		898		16,961
H Lundbeck AS(1)		626		25,447
ISS A/S		890		34,328
Jyske Bank A/S		993		41,290
Matas A/S		1,465		25,863
Novo Nordisk A/S, Class B		6,161		350,353
Novozymes A/S, Class B		4,783		234,746
Pandora A/S		2,170		282,645
Rockwool International A/S		246		46,577
Royal Unibrew A/S		945		43,466
Schouw & Co.		475		27,564
SimCorp A/S		1,728		89,485
TDC A/S		26,972		142,006
Topdanmark A/S(1)		1,346		33,376
Tryg A/S		1,443		26,899
William Demant Holding(1)		990		20,216
			$	2,371,652
Finland — 2.0%
Amer Sports Oyj		5,077	$	144,138
Elisa Oyj		6,210		225,302
Fiskars Oyj Abp		2,200		44,605
Fortum Oyj		15,013		249,397
Huhtamaki Oyj		1,924		84,539
Kemira Oyj		3,783		49,756
Kesko Oyj, Class B		4,822		214,985
Kone Oyj, Class B		3,256		164,978
Metsa Board Oyj		2,363		13,814
Metso Oyj		1,680		46,618
Neste Oyj		6,345		240,790

7 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Finland (continued)
Nokia Oyj		37,274	$	215,052
Oriola-KD Oyj, Series B		6,575		30,884
Orion Oyj, Class B		5,433		222,577
Raisio Oyj		5,770		26,571
Sampo Oyj, Class A		4,646		192,454
Sanoma Oyj		6,906		55,446
Sponda Oyj		5,906		27,089
Stora Enso Oyj		10,080		91,572
Tieto Oyj		900		25,914
Uponor Oyj		2,142		39,825
Valmet Oyj		2,592		33,865
			$	2,440,171
France — 8.1%
Accor SA		1,838	$	76,946
ADP		489		52,014
Air Liquide SA		8,110		864,619
Airbus Group SE		2,887		170,313
Alstom SA(1)		2,298		56,587
Alten SA		1,223		84,830
Altran Technologies SA		7,912		114,871
Atos SE		1,969		193,012
bioMerieux		279		38,572
BNP Paribas SA		6,511		322,973
Bouygues SA		1,412		41,828
Christian Dior SE		390		70,537
CNP Assurances		2,298		35,110
Compagnie Generale des Etablissements Michelin, Class B		1,188		121,423
Danone SA		5,411		414,990
Dassault Systemes SA		3,427		283,063
Edenred		2,324		52,722
Engie SA		33,939		558,621
Euler Hermes Group		307		25,390
Eurazeo SA		735		46,991
Eutelsat Communications SA		1,770		35,200
Fonciere des Regions		470		44,226
Gecina SA		349		52,896
Groupe Eurotunnel SE		4,517		46,944
Hermes International		173		74,453
ICADE		448		34,562
Iliad SA		2,964		576,045
Ingenico Group SA		1,688		185,060
Ipsen SA		859		56,046
Kering SA		588		111,748
Klepierre		1,536		73,653
Korian SA		1,362		48,245

Security	Shares		Value
France (continued)
L’Oreal SA		2,330	$	442,710
Lagardere SCA		1,608		41,078
LVMH Moet Hennessy Louis Vuitton SE		1,690		289,400
Neopost SA		3,120		86,635
Nexity SA		1,269		67,504
Orange SA		22,402		343,804
Orpea		747		66,016
Remy Cointreau SA		1,470		128,572
Rexel SA		3,275		48,705
Rubis SCA		2,227		179,734
Safran SA		1,656		112,569
Sanofi		7,999		681,301
Sartorius Stedim Biotech		786		55,827
SCOR SE		2,105		61,495
Sodexo SA		863		101,084
Sopra Steria Group		819		96,187
Suez		5,361		87,006
Technip SA		1,507		84,494
Teleperformance		618		57,501
Thales SA		1,146		104,377
Total SA		18,340		882,041
Unibail-Rodamco SE		746		205,458
Veolia Environnement SA		8,416		186,523
Vicat SA		1,837		109,716
Vinci SA		2,730		207,494
Virbac SA(1)		157		30,926
Vivendi SA		6,567		128,948
Wendel SA		480		51,269
Zodiac Aerospace		2,664		59,986
			$	9,962,850
Germany — 8.2%
Adidas AG		1,352	$	222,096
Allianz SE		2,898		415,239
alstria office REIT AG		2,172		30,248
BASF SE		7,177		563,765
Bayer AG		5,634		605,643
Bayerische Motoren Werke AG, PFC Shares		687		49,793
Brenntag AG		1,284		63,784
Daimler AG		5,553		377,516
Deutsche EuroShop AG		619		29,359
Deutsche Lufthansa AG		3,810		45,288
Deutsche Telekom AG		57,702		981,659
Deutsche Wohnen AG, Bearer Shares		2,700		101,085
E.ON SE		69,469		745,046
Evonik Industries AG		1,623		50,627

8 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Germany (continued)
Fraport AG		1,039	$	56,824
Freenet AG		2,445		68,271
Fresenius Medical Care AG & Co. KGaA		1,217		111,158
Fresenius SE & Co. KGaA		2,705		202,057
Fuchs Petrolub SE, PFC Shares		1,198		50,586
GEA Group AG		1,564		83,508
Gerresheimer AG		360		30,907
Grand City Properties SA		1,598		35,566
Hannover Rueck SE		760		77,736
HeidelbergCement AG		1,350		114,360
Henkel AG & Co. KGaA		3,663		397,628
Henkel AG & Co. KGaA, PFC Shares		5,334		664,647
Hugo Boss AG		623		36,972
Kabel Deutschland Holding AG		314		37,204
KION Group AG		1,797		98,537
Krones AG		267		26,708
KWS Saat SE		176		56,175
LANXESS AG		989		46,730
LEG Immobilien AG		783		78,614
Linde AG		1,381		198,470
MAN SE		587		61,551
Merck KGaA		880		97,184
MTU Aero Engines AG		832		85,019
Muenchener Rueckversicherungs-Gesellschaft AG		912		152,095
Nemetschek SE		1,372		86,371
Porsche Automobil Holding SE, PFC Shares		1,013		52,974
ProSiebenSat.1 Media SE		2,109		96,606
Rational AG		70		33,863
RWE AG(1)		15,994		284,487
SAP SE		8,981		786,048
Sartorius AG, PFC Shares		820		65,565
Siemens AG		5,201		564,550
Software AG		3,450		139,204
Stada Arzneimittel AG		691		37,299
Symrise AG		1,150		81,090
TAG Immobilien AG		2,395		34,097
Talanx AG		794		23,881
Telefonica Deutschland Holding AG		10,035		40,973
TUI AG		3,314		43,145
Volkswagen AG		452		66,839
Volkswagen AG, PFC Shares		1,232		173,334
Vonovia SE		3,427		135,871
Wincor Nixdorf AG(1)		775		48,441
Wincor Nixdorf AG(1)		668		36,963
Wirecard AG		1,800		83,755
			$	10,065,011

Security	Shares		Value
Hong Kong — 4.0%
Bank of East Asia, Ltd. (The)		10,000	$	41,397
BOC Hong Kong (Holdings), Ltd.		18,000		59,265
Brightoil Petroleum Holdings, Ltd.		103,000		30,360
Cafe de Coral Holdings, Ltd.		18,000		60,567
Cathay Pacific Airways, Ltd.		11,000		17,889
Cheung Kong Infrastructure Holdings, Ltd.		14,000		123,939
China Innovationpay Group, Ltd.(1)		484,000		25,395
China Traditional Chinese Medicine Holdings Co., Ltd.(1)		172,000		70,372
CK Hutchison Holdings, Ltd.		26,996		316,418
CLP Holdings, Ltd.		34,000		354,344
Dairy Farm International Holdings, Ltd.		24,100		161,162
Esprit Holdings, Ltd.(1)		44,800		35,971
G-Resources Group, Ltd.		1,836,000		32,264
GCL New Energy Holdings, Ltd.(1)		600,000		25,992
Global Brands Group Holdings, Ltd.(1)		126,000		11,069
Hang Lung Group, Ltd.		13,000		42,124
Hang Lung Properties, Ltd.		18,000		39,009
Hang Seng Bank, Ltd.		4,800		85,929
HC International, Inc.(1)		58,000		33,869
Henderson Land Development Co., Ltd.		6,655		39,725
HK Electric Investments & HK Electric Investments, Ltd.(3)		96,000		91,963
HKBN, Ltd.		46,500		55,662
HKT Trust and HKT, Ltd.		140,000		222,131
Honbridge Holdings, Ltd.(1)		282,000		19,038
Hong Kong Exchanges and Clearing, Ltd.		4,900		121,315
Hongkong Land Holdings, Ltd.		9,300		59,671
Hopewell Holdings, Ltd.		8,000		26,498
Hysan Development Co., Ltd.		8,000		36,892
Jardine Matheson Holdings, Ltd.		3,300		196,266
Jardine Strategic Holdings, Ltd.		2,900		88,900
Johnson Electric Holdings, Ltd.		11,000		27,680
Kerry Properties, Ltd.		10,500		28,795
Kingston Financial Group, Ltd.(1)		88,000		39,090
KuangChi Science, Ltd.(1)		135,000		46,997
Landing International Development, Ltd.(1)		1,625,000		31,865
Li & Fung, Ltd.		104,000		52,106
Link REIT		15,000		112,067
Macau Legend Development, Ltd.(1)		273,000		38,507
Man Wah Holdings, Ltd.		31,200		22,792
Melco International Development, Ltd.		19,000		19,540
MGM China Holdings, Ltd.		31,600		45,944
MTR Corp., Ltd.		19,000		107,607
NetMind Financial Holdings, Ltd.(1)		1,592,000		16,416
New World Development Co., Ltd.		55,000		64,097
Nexteer Automotive Group, Ltd.		26,000		25,788
NWS Holdings, Ltd.		17,000		27,877

9 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Hong Kong (continued)
Orient Overseas (International), Ltd.		6,500	$	23,076
Pacific Textiles Holdings, Ltd.		35,000		49,636
PAX Global Technology, Ltd.		55,000		45,599
PCCW, Ltd.		279,000		203,271
Power Assets Holdings, Ltd.		25,500		249,974
Shangri-La Asia, Ltd.		50,000		53,796
Sino Land Co., Ltd.		36,000		64,413
Sino Oil and Gas Holdings, Ltd.(1)		1,125,000		34,003
SJM Holdings, Ltd.		56,000		35,106
Stella International Holdings, Ltd.		9,500		16,268
Sun Hung Kai Properties, Ltd.		10,000		143,485
Superb Summit International Group, Ltd.(1)(4)		230,000		0
Swire Pacific, Ltd., Class A		6,000		71,903
Swire Properties, Ltd.		16,200		45,204
Techtronic Industries Co., Ltd.		20,000		84,695
Television Broadcasts, Ltd.		13,800		46,850
Texwinca Holdings, Ltd.		18,000		14,171
Town Health International Medical Group, Ltd.		254,000		40,682
Truly International Holdings, Ltd.		278,000		151,663
VTech Holdings, Ltd.		6,500		70,702
Wharf (Holdings), Ltd. (The)		8,000		55,288
Wheelock & Co., Ltd.		7,000		37,537
Wynn Macau, Ltd.		66,800		108,906
Yue Yuen Industrial Holdings, Ltd.		21,500		87,365
			$	4,966,157
Ireland — 2.0%
Bank of Ireland(1)		1,212,843	$	250,767
C&C Group PLC		8,000		32,238
CRH PLC		11,318		345,371
Dalata Hotel Group PLC(1)		13,628		58,991
DCC PLC		2,908		259,510
FBD Holdings PLC(1)		1,257		8,687
FleetMatics Group PLC(1)		4,360		187,306
Fly Leasing, Ltd. ADR		4,861		60,228
Glanbia PLC		3,682		70,902
Green REIT PLC		28,552		46,859
Hibernia REIT PLC		32,376		49,254
ICON PLC(1)		3,565		276,894
Irish Continental Group PLC		12,582		66,384
Irish Residential Properties REIT PLC		20,000		25,283
Kerry Group PLC, Class A		2,866		245,228
Paddy Power Betfair PLC		2,695		316,085
Smurfit Kappa Group PLC		2,502		58,755
UDG Healthcare PLC		15,187		116,897
			$	2,475,639

Security	Shares		Value
Israel — 2.0%
Alony Hetz Properties & Investments, Ltd.		3,200	$	27,667
Azrieli Group, Ltd.		575		25,303
Bank Hapoalim B.M.		20,465		104,323
Bezeq Israeli Telecommunication Corp., Ltd.		165,478		328,415
Check Point Software Technologies, Ltd.(1)		1,700		130,696
Delek Automotive Systems, Ltd.		7,606		66,100
Delta-Galil Industries, Ltd.		1,580		47,837
Elbit Systems, Ltd.		2,507		253,008
Gazit-Globe, Ltd.		2,355		23,223
Israel Chemicals, Ltd.		50,506		203,415
Israel Corp., Ltd.		618		105,195
Israel Discount Bank, Ltd., Series A(1)		37,711		65,068
Kenon Holdings, Ltd.		1,393		16,454
Kornit Digital, Ltd.(1)		3,200		32,320
Melisron, Ltd.		900		38,462
Mellanox Technologies, Ltd.(1)		1,000		44,180
Mizrahi Tefahot Bank, Ltd.		3,412		41,447
Nice, Ltd.		790		54,282
Oil Refineries, Ltd.(1)		317,404		114,737
Orbotech, Ltd.(1)		1,435		40,941
Paz Oil Co., Ltd.		820		133,642
Sarine Technologies, Ltd.		35,500		47,872
Shufersal, Ltd.		23,733		83,298
Stratasys, Ltd.(1)		1,100		23,034
Teva Pharmaceutical Industries, Ltd. ADR		6,742		360,697
Tower Semiconductor, Ltd.(1)		468		6,371
			$	2,417,987
Italy — 4.1%
A2A SpA		30,000	$	42,616
Amplifon SpA		6,620		66,065
Anima Holding SpA(3)		6,783		34,048
Ansaldo STS SpA		6,279		73,582
Assicurazioni Generali SpA		10,926		143,933
Astaldi SpA		8,200		35,897
ASTM SpA		2,449		27,352
Atlantia SpA		7,448		186,321
Autogrill SpA		4,891		42,580
Banca Monte dei Paschi di Siena SpA(1)		67,665		23,405
Banca Popolare di Sondrio SCARL		7,176		19,416
Brembo SpA		901		52,692
CNH Industrial NV		19,721		140,836
Danieli & C Officine Meccaniche SpA, PFC Shares		1,258		18,642
Davide Campari-Milano SpA		15,404		159,165
De’Longhi SpA		1,326		33,150
DiaSorin SpA		1,861		117,184

10 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Italy (continued)
Ei Towers SpA(1)		1,470	$	79,303
Enel SpA		70,191		323,059
ENI SpA		32,585		499,855
EXOR SpA		1,123		43,821
Ferrari NV		1,000		45,170
Hera SpA		8,691		24,645
Infrastrutture Wireless Italiane SpA(3)		7,000		35,029
International Game Technology PLC		2,666		55,719
Interpump Group SpA		3,123		50,588
Intesa Sanpaolo SpA		102,053		225,196
Intesa Sanpaolo SpA, PFC Shares		26,600		55,565
Italcementi SpA(1)		5,848		69,249
Italmobiliare SpA, PFC Shares		6,985		238,380
Luxottica Group SpA		2,500		121,535
MARR SpA		1,400		29,435
Mediaset SpA		11,919		36,119
Moncler SpA		2,119		37,188
Parmalat SpA		31,548		82,978
Poste Italiane SpA(3)		6,640		46,266
Prada SpA		18,400		54,735
Recordati SpA		9,215		299,078
Reply SpA		289		41,347
Saipem SpA(1)		2,600		1,139
Snam SpA		22,482		130,139
Societa Iniziative Autostradali e Servizi SpA		2,008		18,275
STMicroelectronics NV		47,889		349,968
Telecom Italia SpA(1)		688,586		588,389
Tenaris SA		5,074		68,031
Terna Rete Elettrica Nazionale SpA		16,318		88,889
Tod’s SpA		613		35,996
Unipol Gruppo Finanziario SpA		8,650		24,019
UnipolSai SpA		12,219		20,500
Yoox Net-A-Porter Group SpA(1)		851		23,853
			$	5,060,342
Japan — 15.8%
Aeon Co., Ltd.		7,100	$	102,021
Air Water, Inc.		3,000		51,010
Aisin Seiki Co., Ltd.		1,200		54,836
Ajinomoto Co., Inc.		5,000		127,635
Alps Electric Co., Ltd.		3,900		86,866
Asahi Glass Co., Ltd.		6,000		34,469
Asahi Kasei Corp.		19,000		143,612
Asics Corp.		1,600		29,362
Astellas Pharma, Inc.		17,000		283,249
Bridgestone Corp.		3,800		131,598

Security	Shares		Value
Japan (continued)
Calbee, Inc.		1,500	$	65,492
Canon, Inc.		8,100		229,874
Chiba Bank, Ltd. (The)		7,000		33,460
Chubu Electric Power Co., Inc.		19,400		285,018
Chugai Pharmaceutical Co., Ltd.		3,000		112,114
Chugoku Bank, Ltd. (The)		4,200		47,311
Citizen Holdings Co., Ltd.		12,000		64,278
Coca-Cola West Co., Ltd.		1,500		41,447
Concordia Financial Group, Ltd.(1)		15,300		65,035
Cosmo Energy Holdings Co., Ltd.		5,200		57,273
Dai Nippon Printing Co., Ltd.		6,000		66,987
Daicel Corp.		4,000		44,858
Daido Steel Co., Ltd.		12,000		48,699
Daihatsu Motor Co., Ltd.		3,900		58,573
Daito Trust Construction Co., Ltd.		700		117,544
Daiwa House Industry Co., Ltd.		3,100		86,927
DeNA Co., Ltd.		2,800		71,591
Denka Co., Ltd.		9,000		39,029
Denso Corp.		2,400		92,927
DIC Corp.		1,200		28,315
Disco Corp.		800		81,986
Dowa Holdings Co., Ltd.		5,000		26,357
East Japan Railway Co.		1,700		155,940
Eisai Co., Ltd.		2,700		157,873
Electric Power Development Co., Ltd.		5,800		133,297
Ezaki Glico Co., Ltd.		1,100		65,849
FamilyMart Co., Ltd.		700		41,220
Fast Retailing Co., Ltd.		300		96,812
Fuji Heavy Industries, Ltd.		3,300		126,076
FUJIFILM Holdings Corp.		3,600		129,162
Fujitsu, Ltd.		20,000		83,030
Fukuoka Financial Group, Inc.		7,000		26,744
Hachijuni Bank, Ltd. (The)		13,400		62,689
Hankyu Hanshin Holdings, Inc.		1,600		59,525
Hirose Electric Co., Ltd.		400		49,477
Hiroshima Bank, Ltd. (The)		7,000		25,349
Hitachi Metals, Ltd.		3,000		33,353
Hitachi, Ltd.		40,000		182,765
Hokkaido Electric Power Co., Inc.		9,900		78,530
Hokuhoku Financial Group, Inc.		40,000		51,335
Honda Motor Co., Ltd.		7,100		192,323
Ibiden Co., Ltd.		5,200		66,382
Idemitsu Kosan Co., Ltd.		5,500		107,682
ITOCHU Corp.		8,400		95,238
Iyo Bank, Ltd. (The)		6,000		38,670
Japan Airlines Co., Ltd.		1,000		30,829

11 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Japan Real Estate Investment Corp.		14	$	84,638
Japan Retail Fund Investment Corp.		17		41,826
Japan Tobacco, Inc.		9,000		350,997
JGC Corp.		2,000		29,279
Joyo Bank, Ltd. (The)		9,000		35,168
JSR Corp.		2,400		32,782
JX Holdings, Inc.		59,300		224,680
Kajima Corp.		9,000		66,526
Kakaku.com, Inc.		2,000		41,493
Kaneka Corp.		6,000		45,186
Kao Corp.		3,900		210,027
Kawasaki Heavy Industries, Ltd.		13,000		38,244
KDDI Corp.		31,400		963,575
Keikyu Corp.		5,000		50,655
Keio Corp.		5,000		46,523
Kewpie Corp.		1,300		40,029
Kintetsu Group Holdings Co., Ltd.		12,000		51,841
Kirin Holdings Co., Ltd.		7,500		128,717
Kobayashi Pharmaceutical Co., Ltd.		1,400		66,074
Komatsu, Ltd.		5,400		104,931
Konami Holdings Corp.		2,400		93,052
Kuraray Co., Ltd.		6,400		80,717
Kyowa Hakko Kirin Co., Ltd.		5,000		87,359
Kyushu Electric Power Co., Inc.		16,600		155,527
Lawson, Inc.		1,000		76,998
Lion Corp.		5,000		75,824
M3, Inc.		3,400		108,797
Makita Corp.		1,000		70,356
Marubeni Corp.		12,600		58,578
Maruichi Steel Tube, Ltd.		1,200		44,333
Matsumotokiyoshi Holdings Co., Ltd.		1,000		44,096
MEIJI Holdings Co., Ltd.		1,400		145,959
Miraca Holdings, Inc.		1,700		78,302
Mitsubishi Chemical Holdings Corp.		21,800		117,753
Mitsubishi Corp.		5,000		86,023
Mitsubishi Gas Chemical Co., Inc.		10,000		56,972
Mitsubishi Heavy Industries, Ltd.		12,000		51,012
Mitsubishi Materials Corp.		18,000		47,303
Mitsubishi Motors Corp.		7,000		32,631
Mitsubishi Tanabe Pharma Corp.		3,600		67,202
Mitsubishi UFJ Financial Group, Inc.		47,300		239,126
Mitsui & Co., Ltd.		9,100		106,614
Mitsui Chemicals, Inc.		14,000		59,217
Mitsui O.S.K. Lines, Ltd.		23,000		48,985
Mizuho Financial Group, Inc.		98,700		158,347
MS&AD Insurance Group Holdings, Inc.		3,700		106,603

Security	Shares		Value
Japan (continued)
Murata Manufacturing Co., Ltd.		1,500	$	183,152
NEC Corp.		32,000		87,388
NGK Spark Plug Co., Ltd.		1,900		31,007
NH Foods, Ltd.		2,000		48,636
Nidec Corp.		1,500		136,112
Nihon Kohden Corp.		2,000		55,382
Nikon Corp.		4,700		66,415
Nippon Building Fund, Inc.		14		86,145
Nippon Electric Glass Co., Ltd.		8,000		36,317
Nippon Express Co., Ltd.		6,000		30,267
Nippon Kayaku Co., Ltd.		4,000		41,374
Nippon Paint Holdings Co., Ltd.		3,400		92,885
Nippon Paper Industries Co., Ltd.		1,900		34,570
Nippon Shinyaku Co., Ltd.		1,000		54,815
Nippon Shokubai Co., Ltd.		600		37,737
Nippon Telegraph & Telephone Corp.		13,200		627,261
Nippon Yusen K.K.		16,000		28,316
Nissan Chemical Industries, Ltd.		2,000		63,894
Nissan Motor Co., Ltd.		13,100		126,919
Nisshin Seifun Group, Inc.		3,800		62,728
Nissin Foods Holdings Co., Ltd.		800		45,416
Nitori Holdings Co., Ltd.		800		99,498
Nitto Denko Corp.		2,100		140,744
Nomura Real Estate Master Fund, Inc.		40		66,289
Nomura Research Institute, Ltd.		2,200		77,595
NTT Data Corp.		1,600		79,397
NTT DoCoMo, Inc.		24,700		670,959
Obayashi Corp.		5,000		54,684
Obic Co., Ltd.		1,000		58,213
Odakyu Electric Railway Co., Ltd.		4,000		47,356
Okinawa Electric Power Co., Inc. (The)		4,300		86,589
Ono Pharmaceutical Co., Ltd.		5,000		179,839
Oracle Corp. Japan		1,400		85,171
Oriental Land Co., Ltd.		1,300		82,218
Osaka Gas Co., Ltd.		64,000		258,294
Otsuka Holdings Co., Ltd.		4,700		223,438
Recruit Holdings Co., Ltd.		1,700		64,576
Resona Holdings, Inc.		18,000		71,798
Ricoh Co., Ltd.		7,500		66,241
Rinnai Corp.		500		48,960
San-Ai Oil Co., Ltd.		4,000		26,856
Santen Pharmaceutical Co., Ltd.		5,500		91,458
Sawai Pharmaceutical Co., Ltd.		1,000		79,352
SECOM Co., Ltd.		700		52,731
Seiko Epson Corp.		2,900		51,024
Sekisui House, Ltd.		3,000		49,984

12 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Seven Bank, Ltd.		9,500	$	32,454
Sharp Corp.(1)		55,000		49,122
Shimadzu Corp.		4,000		57,891
Shimamura Co., Ltd.		400		58,357
Shimizu Corp.		6,000		61,155
Shin-Etsu Chemical Co., Ltd.		4,200		286,604
Shionogi & Co., Ltd.		2,800		145,230
Shizuoka Bank, Ltd. (The)		7,000		51,946
Showa Denko K.K.		2,300		23,442
Showa Shell Sekiyu K.K.		6,200		55,605
Sompo Japan Nipponkoa Holdings, Inc.		3,000		96,898
Sumitomo Corp.		6,300		66,082
Sumitomo Electric Industries, Ltd.		6,200		85,417
Sumitomo Metal Mining Co., Ltd.		11,000		132,219
Sumitomo Mitsui Financial Group, Inc.		5,800		183,856
Sumitomo Osaka Cement Co., Ltd.		12,000		57,270
Sumitomo Realty & Development Co., Ltd.		5,000		129,371
Suntory Beverage & Food, Ltd.		1,200		52,174
Suruga Bank, Ltd.		2,000		45,603
Taiheiyo Cement Corp.		23,000		65,733
Taisei Corp.		7,000		62,953
Takashimaya Co., Ltd.		6,000		45,458
Takeda Pharmaceutical Co., Ltd.		6,200		276,261
TDK Corp.		1,400		85,899
TEIJIN, Ltd.		12,000		45,134
Terumo Corp.		3,800		163,000
Toho Gas Co., Ltd.		15,000		132,005
Tokio Marine Holdings, Inc.		3,800		147,087
Tokyo Electric Power Co. Holdings, Inc.(1)		25,000		98,057
Tokyo Gas Co., Ltd.		53,000		225,616
Tokyu Corp.		7,000		57,529
TonenGeneral Sekiyu K.K.		10,000		90,342
Toray Industries, Inc.		22,000		200,418
Toshiba Corp.(1)		25,000		64,650
TOTO, Ltd.		1,500		64,282
Toyo Suisan Kaisha, Ltd.		1,400		62,178
Toyota Motor Corp.		9,300		521,124
Trend Micro, Inc.		1,500		54,464
Tsuruha Holdings, Inc.		600		68,228
Ube Industries, Ltd.		32,000		55,790
Unicharm Corp.		4,500		92,527
UNY Group Holdings Co., Ltd.		8,100		65,576
USS Co., Ltd.		2,100		35,620
West Japan Railway Co.		1,000		61,857
Yahoo! Japan Corp.		13,100		57,750
Yamaguchi Financial Group, Inc.		3,000		29,627

Security	Shares		Value
Japan (continued)
Yamato Holdings Co., Ltd.		3,300	$	81,206
Yamazaki Baking Co., Ltd.		2,000		54,945
Yokohama Rubber Co., Ltd. (The)		2,500		33,575
Zeon Corp.		6,000		49,513
			$	19,459,880
Netherlands — 4.1%
Aalberts Industries NV		1,603	$	53,224
ABN AMRO Group NV(3)		2,767		51,456
Aegon NV		12,684		51,357
Akzo Nobel NV		4,797		310,092
Altice NV, Class B(1)		1,339		19,813
Arcadis NV		1,684		22,537
ASM International NV		1,283		50,006
ASML Holding NV		4,354		478,072
AVG Technologies NV(1)		1,500		37,095
Boskalis Westminster		1,167		42,891
Cimpress NV(1)		973		92,240
Eurocommercial Properties NV		530		23,477
Euronext NV(3)		672		28,718
Fugro NV(1)		3,598		63,931
Gemalto NV		1,094		72,098
IMCD Group NV		1,268		53,784
ING Groep NV		37,625		420,648
InterXion Holding NV(1)		1,200		45,456
Koninklijke Ahold Delhaize NV		1,743		41,619
Koninklijke BAM Groep NV		5,882		23,098
Koninklijke DSM NV		4,276		273,681
Koninklijke KPN NV		73,036		240,222
Koninklijke Philips NV		13,543		360,200
Koninklijke Vopak NV		1,811		93,107
NN Group NV		1,200		32,367
OCI NV(1)		2,698		41,204
QIAGEN NV(1)		5,042		132,357
Refresco Group NV(3)		7,754		121,120
RELX NV		20,724		373,434
Sligro Food Group NV		3,203		122,054
TKH Group NV		1,737		63,378
Unilever NV		18,233		845,080
Wereldhave NV		753		36,457
Wessanen		11,335		138,221
Wolters Kluwer NV		4,637		195,095
			$	5,049,589

13 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
New Zealand — 1.1%
A2 Milk Co., Ltd.(1)		119,579	$	170,059
Auckland International Airport, Ltd.		25,117		133,941
Contact Energy, Ltd.		12,191		47,590
Fisher & Paykel Healthcare Corp., Ltd.		10,700		81,129
Fletcher Building, Ltd.		14,100		98,699
Goodman Property Trust		33,000		31,679
Kiwi Property Group, Ltd.		27,554		31,065
Mercury NZ, Ltd.		16,147		36,533
Meridian Energy, Ltd.		31,992		64,702
Nuplex Industries, Ltd.		8,690		33,348
Precinct Properties New Zealand, Ltd.		57,750		52,402
Ryman Healthcare, Ltd.		8,800		60,638
SKYCITY Entertainment Group, Ltd.		20,643		75,491
Spark New Zealand, Ltd.		47,000		134,102
Trade Me, Ltd.		13,289		49,217
Xero, Ltd.(1)		7,224		103,248
Z Energy, Ltd.		19,251		119,218
			$	1,323,061
Norway — 1.9%
Atea ASA		6,981	$	73,015
Austevoll Seafood ASA		5,049		44,521
Borregaard ASA		13,595		109,703
DNB ASA		13,456		148,597
Gjensidige Forsikring ASA		3,579		60,469
Golar LNG, Ltd.		2,320		39,347
Kongsberg Gruppen ASA		4,193		62,683
Leroy Seafood Group ASA		1,349		64,853
Nordic American Tankers, Ltd.		1,500		18,450
Nordic Semiconductor ASA(1)		28,405		128,157
Opera Software ASA		10,086		63,405
Orkla ASA		13,667		127,141
Salmar ASA		3,093		96,455
Schibsted ASA, Class B		6,615		195,157
SpareBank 1 SMN		4,478		25,045
SpareBank 1 SR-Bank ASA		4,300		19,990
Statoil ASA		8,208		130,486
Stolt-Nielsen, Ltd.		2,767		34,810
Subsea 7 SA(1)		3,900		42,151
Telenor ASA		16,898		282,899
TGS Nopec Geophysical Co. ASA		3,696		61,930
Tomra Systems ASA		10,831		118,618
Veidekke ASA		7,957		101,094
XXL ASA(3)		9,691		117,788
Yara International ASA		5,175		168,712
			$	2,335,476

Security	Shares		Value
Portugal — 1.0%
Banco BPI SA(1)		46,269	$	57,738
Banco Comercial Portugues SA(1)		5,126,000		115,844
CTT-Correios de Portugal SA		19,266		161,480
EDP-Energias de Portugal SA		44,994		154,340
Galp Energia SGPS SA, Class B		13,146		180,074
Jeronimo Martins SGPS SA		12,608		211,170
Navigator Co. SA (The)		52,156		165,465
NOS SGPS SA		25,118		168,088
Pharol SGPS SA		189,661		38,016
REN - Redes Energeticas Nacionais SGPS SA		6,664		20,268
			$	1,272,483
Singapore — 1.9%
Ascendas Real Estate Investment Trust		33,000	$	60,475
Boustead Singapore, Ltd.		5,000		2,980
BW LPG, Ltd.(3)		6,119		21,819
CapitaLand Commercial Trust, Ltd.		39,500		44,470
CapitaLand Mall Trust		23,000		36,853
ComfortDelGro Corp., Ltd.		28,000		59,203
Cordlife Group, Ltd.		19,000		17,889
CWT, Ltd.		14,800		23,216
DBS Group Holdings, Ltd.		10,400		120,233
Delfi, Ltd.		11,000		20,311
Ezra Holdings, Ltd.(1)		291,000		11,080
Flextronics International, Ltd.(1)		18,678		236,650
Genting Singapore PLC		200,100		117,805
Golden Agri-Resources, Ltd.		250,200		67,399
Haw Par Corp, Ltd.		10,300		70,434
Hutchison Port Holdings Trust		59,500		28,310
IGG, Inc.		53,000		22,664
International Healthway Corp, Ltd.(1)		602,900		25,753
Keppel Infrastructure Trust		169,500		63,887
M1, Ltd.		14,400		28,235
Mapletree Commercial Trust		18,200		21,506
Mapletree Industrial Trust		15,900		21,506
Midas Holdings, Ltd.		80,000		14,647
Oversea-Chinese Banking Corp., Ltd.		13,000		83,856
Pacific Radiance, Ltd.		38,400		6,062
Sheng Siong Group, Ltd.		45,400		33,389
Singapore Airlines, Ltd.		6,000		49,181
Singapore Airport Terminal Services, Ltd.		8,800		28,695
Singapore Exchange, Ltd.		8,300		46,863
Singapore Post, Ltd.		37,200		39,889
Singapore Press Holdings, Ltd.		81,700		231,269
Singapore Technologies Engineering, Ltd.		20,000		49,300
Singapore Telecommunications, Ltd.		101,600		318,606

14 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Singapore (continued)
SMRT Corp., Ltd.		28,300	$	34,435
Suntec REIT		17,000		21,275
UOL Group, Ltd.		4,700		20,278
Venture Corp., Ltd.		9,000		59,806
Wilmar International, Ltd.		75,700		175,629
			$	2,335,858
Spain — 4.1%
Abertis Infraestructuras SA		8,707	$	136,972
Aena SA(3)		991		142,943
Almirall SA		5,496		88,271
Amadeus IT Holding SA, Class A		10,576		496,551
Banco Popular Espanol SA		25,747		36,063
Banco Santander SA		65,735		279,064
Bankia SA		82,040		62,959
Bankinter SA		4,724		32,951
Bolsas y Mercados Espanoles SHMSF SA		1,920		57,690
CaixaBank SA		20,372		51,154
Cellnex Telecom SAU(3)		1,783		31,559
Cia de Distribucion Integral Logista Holdings SA		1,397		33,719
Construcciones y Auxiliar de Ferrocarriles SA		75		27,329
Ebro Foods SA		11,022		251,389
Enagas SA		2,646		80,668
Ence Energia y Celulosa SA		25,443		64,274
Endesa SA		2,514		52,812
Faes Farma SA		23,595		93,153
Ferrovial SA		4,972		102,912
Grifols SA		12,900		282,787
Iberdrola SA		42,072		289,074
Indra Sistemas SA(1)		4,823		58,477
Industria de Diseno Textil SA		12,386		428,354
Mediaset Espana Comunicacion SA		3,563		40,950
Melia Hotels International SA		3,749		44,480
Merlin Properties Socimi SA		3,200		36,661
Pharma Mar SA(1)		18,969		48,762
Prosegur Cia de Seguridad SA		6,773		46,048
Red Electrica Corp. SA		3,752		85,939
Repsol SA		44,446		562,980
Tecnicas Reunidas SA		848		26,298
Telefonica SA		53,969		528,616
Tubacex SA		18,507		48,723
Vidrala SA		1,474		91,280
Viscofan SA		4,714		252,196
Zardoya Otis SA		4,388		43,068
			$	5,037,126

Security	Shares		Value
Sweden — 4.0%
Assa Abloy AB, Class B		5,154	$	113,069
Attendo AB(3)		2,620		25,953
Axfood AB		3,353		60,253
Betsson AB		4,560		42,773
BillerudKorsnas AB		9,771		169,836
BioGaia AB, Class B		1,123		32,218
Bonava AB, Class B(1)		2,460		28,662
Capio AB(3)		3,700		21,737
Castellum AB		4,013		60,693
Cloetta AB, Class B		10,000		36,460
Dometic Group AB(1)(3)		7,900		55,418
Elekta AB, Class B		16,733		133,151
Evolution Gaming Group AB(3)		1,245		35,768
Fabege AB		1,995		35,618
Fingerprint Cards AB, Class B(1)		6,375		74,424
Granges AB		7,960		80,929
Hennes & Mauritz AB, Class B		10,653		321,700
Hexpol AB		14,655		130,392
Holmen AB, Class B		2,606		88,243
Hufvudstaden AB, Class A		3,705		61,876
ICA Gruppen AB		2,746		91,876
Industrial & Financial Systems, Class B		1,025		43,549
Industrivarden AB, Class A		1,313		24,032
Industrivarden AB, Class C		1,606		27,021
L E Lundbergforetagen, Class B		596		35,866
Lifco AB, Class B		2,300		69,769
Lundin Petroleum AB(1)		9,811		162,643
Meda AB, Class A		7,901		147,364
Medivir AB, Class B(1)		11,060		74,035
Mycronic AB		5,282		61,261
NCC AB, Class B		883		21,295
NetEnt AB		13,515		114,377
Nibe Industrier AB, Class B		4,088		35,112
Pandox AB		2,329		39,770
Sandvik AB		8,816		94,461
Securitas AB, Class B		2,566		42,221
Skandinaviska Enskilda Banken AB, Class A		9,689		84,954
Skanska AB, Class B		3,995		84,927
SKF AB, Class B		3,418		54,152
SSAB AB, Class A(1)		32,319		101,630
SSAB AB, Class B(1)		37,709		93,324
Svenska Cellulosa AB SCA, Class A		1,100		32,610
Svenska Cellulosa AB SCA, Class B		11,087		329,602
Svenska Handelsbanken AB, Class A		7,815		93,960
Swedbank AB, Class A		5,347		112,258
Telefonaktiebolaget LM Ericsson, Class B		41,899		312,457

15 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Sweden (continued)
Telia Co. AB		128,821	$	587,831
Trelleborg AB, Class B		2,000		36,455
Unibet Group PLC SDR		4,616		47,011
Vitrolife AB		1,255		71,582
Volvo AB		12,900		137,458
Wallenstam AB, Class B		3,541		30,887
Wihlborgs Fastigheter AB		1,547		34,300
			$	4,939,223
Switzerland — 7.6%
Allreal Holding AG		213	$	31,468
Baloise Holding AG		255		28,702
Banque Cantonale Vaudoise		88		59,568
Barry Callebaut AG		43		56,201
Belimo Holding AG		10		31,702
Berner Kantonalbank AG		118		23,021
BKW AG		844		38,760
Bucher Industries AG		171		42,463
Burckhardt Compression Holdings AG		110		32,947
Cembra Money Bank AG		435		31,229
Chocoladefabriken Lindt & Spruengli AG		1		70,652
Chocoladefabriken Lindt & Spruengli AG PC		9		52,920
Clariant AG		7,145		124,281
Comet Holding AG		91		74,142
Compagnie Financiere Richemont SA, Class A		13,614		827,622
Credit Suisse Group AG		12,763		146,771
Daetwyler Holding AG		436		58,461
DKSH Holding AG		1,013		71,566
dorma+kaba Holding AG		62		45,265
Dufry AG(1)		1,058		121,746
EFG International AG		2,974		14,172
Ems-Chemie Holding AG		229		125,303
Flughafen Zuerich AG		570		106,852
Gategroup Holding AG(1)		975		52,009
Geberit AG		465		179,331
Givaudan SA		171		351,190
Helvetia Holding AG		91		45,698
Implenia AG		1,071		72,848
Inficon Holding AG		86		31,502
Julius Baer Group, Ltd.		1,792		73,479
Kardex AG		528		53,020
Komax Holding AG		194		43,246
Kudelski SA		2,140		45,579
Kuehne & Nagel International AG		525		73,640
LEM Holding SA		25		22,127
Leonteq AG		644		41,745

Security	Shares		Value
Switzerland (continued)
Luzerner Kantonalbank AG(1)		71	$	30,388
Mobimo Holding AG		140		33,707
Nestle SA		16,575		1,328,198
Novartis AG		9,527		790,199
Panalpina Welttransport Holding AG		480		64,972
Pargesa Holding SA		707		49,234
Partners Group Holding AG		209		95,589
PSP Swiss Property AG		555		55,957
Roche Holding AG		473		121,758
Roche Holding AG PC		1,553		396,431
Schindler Holding AG		363		70,095
Schindler Holding AG PC		787		150,896
Schmolz & Bickenbach AG(1)		42,451		28,459
SFS Group AG		763		58,225
SGS SA		81		179,192
Sika AG		47		220,183
Sonova Holding AG		815		111,574
Sulzer AG		739		75,032
Swatch Group, Ltd. (The)		1,967		100,413
Swatch Group, Ltd. (The), Bearer Shares		921		241,158
Swiss Life Holding AG		185		42,200
Swiss Prime Site AG		635		58,320
Swiss Re AG		2,114		177,209
Swisscom AG		902		443,738
Syngenta AG(1)		1,503		588,683
Temenos Group AG		2,543		157,253
Valiant Holding AG		314		29,942
Valora Holding AG		105		30,336
Vontobel Holding AG		783		36,112
Zurich Insurance Group AG		1,106		265,543
			$	9,332,224
United Kingdom — 16.3%
AA PLC		18,964	$	62,088
Admiral Group PLC		1,744		49,917
Anglo American PLC		15,733		172,310
Antofagasta PLC		15,011		99,355
AstraZeneca PLC		10,870		727,727
Auto Trader Group PLC(3)		25,470		125,000
Aviva PLC		26,674		137,359
Babcock International Group PLC		8,145		104,464
BAE Systems PLC		33,976		239,890
Bellway PLC		2,729		75,655
Berendsen PLC		3,622		61,170
Berkeley Group Holdings PLC		1,706		60,513
BP PLC		90,222		510,444

16 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United Kingdom (continued)
British American Tobacco PLC		9,546	$	609,272
British Land Co. PLC (The)		6,863		60,908
BT Group PLC		126,362		690,370
BTG PLC(1)		16,488		145,567
Bunzl PLC		3,482		108,944
Burberry Group PLC		5,299		92,459
Capita PLC		7,284		92,489
Capital & Counties Properties PLC		10,650		40,957
Carnival PLC		2,090		100,530
Centamin PLC		78,849		173,384
Close Brothers Group PLC		2,061		34,374
Cobham PLC		27,863		63,171
Compass Group PLC		12,123		230,310
Computacenter PLC		6,506		70,359
Croda International PLC		3,213		141,288
Daily Mail & General Trust PLC, Class A		3,261		30,949
Derwent London PLC		2,122		79,808
Diageo PLC		14,812		424,463
Dignity PLC		1,144		40,880
Direct Line Insurance Group PLC		13,047		60,370
Dixons Carphone PLC		13,582		62,804
easyJet PLC		5,421		74,565
Electrocomponents PLC		27,748		107,613
Elementis PLC		29,679		86,798
Essentra PLC		8,366		53,680
Experian PLC		9,393		183,732
Fidessa Group PLC		2,231		72,040
FirstGroup PLC(1)		47,376		62,812
Fresnillo PLC		10,369		265,342
G4S PLC		34,271		84,442
Galliford Try PLC		3,724		48,337
Genus PLC		3,036		73,154
GlaxoSmithKline PLC		40,918		913,822
Grainger PLC		13,002		37,376
Great Portland Estates PLC		5,703		51,557
Greene King PLC		3,179		34,158
Halma PLC		12,223		169,544
Hammerson PLC		11,192		82,618
Hays PLC		39,689		62,433
Hikma Pharmaceuticals PLC		4,684		163,100
Howden Joinery Group PLC		9,884		56,518
HSBC Holdings PLC		84,129		551,440
IMI PLC		5,964		84,618
Inchcape PLC		5,101		45,482
Informa PLC		6,043		57,094
Inmarsat PLC		9,579		99,043

Security	Shares		Value
United Kingdom (continued)
Intertek Group PLC		1,996	$	95,761
Kingfisher PLC		21,275		94,475
Laird PLC		14,950		57,995
Land Securities Group PLC		5,538		80,171
Legal & General Group PLC		45,893		124,846
Lloyds Banking Group PLC		300,279		211,201
LondonMetric Property PLC		21,023		44,993
Marks & Spencer Group PLC		23,094		97,640
Marston’s PLC		18,673		35,101
McCarthy & Stone PLC(3)		19,400		43,808
Mears Group PLC		5,306		27,808
Melrose Industries PLC		5,618		50,878
Merlin Entertainments PLC(3)		9,027		56,473
Micro Focus International PLC		8,487		217,528
Moneysupermarket.com Group PLC		30,738		121,425
National Grid PLC		72,050		1,033,112
NCC Group PLC		21,097		90,774
Next PLC		1,416		94,143
Oxford Instruments PLC		4,584		43,407
Pearson PLC		8,808		102,907
Pennon Group PLC		15,944		190,297
Persimmon PLC		4,440		99,134
Playtech PLC		9,889		113,895
Premier Farnell PLC		25,654		66,019
Provident Financial PLC		1,714		61,466
Randgold Resources, Ltd.		1,843		216,881
Reckitt Benckiser Group PLC		3,940		382,023
RELX PLC		10,085		191,502
Renishaw PLC		2,641		91,013
Rentokil Initial PLC		29,063		82,631
Restaurant Group PLC (The)		12,620		59,138
Rio Tinto PLC		18,383		596,569
Rotork PLC		16,830		48,402
Royal Dutch Shell PLC, Class A		28,697		740,962
Royal Dutch Shell PLC, Class B		26,445		703,403
Royal Mail PLC		12,057		81,302
RPC Group PLC		7,957		90,796
RSA Insurance Group PLC		10,493		69,001
Sage Group PLC (The)		37,870		357,091
SDL PLC		5,875		33,651
Segro PLC		8,230		48,223
Serco Group PLC(1)		43,500		68,911
Severn Trent PLC		6,390		207,050
Sky PLC		8,642		105,246
Smiths Group PLC		4,467		74,667
Spectris PLC		4,715		117,068

17 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United Kingdom (continued)
Spirax-Sarco Engineering PLC		1,300	$	68,487
Spirent Communications PLC		34,304		41,008
Sports Direct International PLC(1)		8,923		34,172
SSE PLC		21,141		424,365
Standard Chartered PLC		13,815		110,466
Standard Life PLC		16,233		64,990
Synthomer PLC		7,258		35,119
Tate & Lyle PLC		14,341		137,240
Telecom Plus PLC		5,780		79,644
Travis Perkins PLC		3,562		73,499
TT Electronics PLC		18,160		32,309
UBM PLC		6,617		58,729
Unilever PLC		8,244		385,679
UNITE Group PLC (The)		4,128		34,594
Victrex PLC		3,310		64,651
Vodafone Group PLC		381,817		1,159,915
WH Smith PLC		2,070		41,904
William Hill PLC		9,326		39,449
Worldpay Group PLC(1)(3)		39,545		153,398
WS Atkins PLC		2,949		54,586
Xaar PLC		6,654		43,741
			$	20,059,598
Total Common Stocks (identified cost $120,094,906)			$	124,544,965
Short-Term Investments — 0.0%(2)
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.56%(5)	$	34	$	34,058
Total Short-Term Investments (identified cost $34,058)			$	34,058
Total Investments — 101.2% (identified cost $120,128,964)			$	124,579,023
Other Assets, Less Liabilities — (1.2)%			$	(1,489,423	)
Net Assets — 100.0%			$	123,089,600

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

⁽¹⁾  Non-income producing security.

⁽²⁾  Amount is less than 0.05%.

⁽³⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in

certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2016, the aggregate value of these securities is $1,240,264 or 1.0% of the Fund’s net assets.

⁽⁴⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

⁽⁵⁾  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, 2016.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Euro		35.3	%	$	43,525,208
British Pound Sterling		16.6			20,479,150
Japanese Yen		15.8			19,459,880
Australian Dollar		8.2			10,064,264
Swiss Franc		7.7			9,472,206
Swedish Krona		4.0			4,939,223
Hong Kong Dollar		3.7			4,537,557
Norwegian Krone		1.9			2,337,251
Danish Krone		1.9			2,333,899
United States Dollar		1.9			2,294,790
Singapore Dollar		1.7			2,074,287
Israeli Shekel		1.4			1,738,247
New Zealand Dollar		1.1			1,323,061
Total Investments		101.2	%	$	124,579,023

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Industrials		12.7	%	$	15,591,813
Financials		12.5			15,349,451
Consumer Staples		11.4			13,983,468
Consumer Discretionary		10.8			13,294,859
Materials		10.5			12,980,189
Health Care		10.3			12,675,460
Information Technology		9.7			12,010,741
Telecommunication Services		9.7			11,890,554
Utilities		7.6			9,416,149
Energy		6.0			7,352,281
Short-Term Investments		0.0	(1)		34,058
Total Investments		101.2	%	$	124,579,023

⁽¹⁾ Amount is less than 0.05%.

18 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Portfolio of Investments (Unaudited) — continued

Abbreviations:

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

19 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Statement of Assets and Liabilities (Unaudited)

Assets		July 31, 2016
Unaffiliated investments, at value (identified cost, $120,094,906)		$	124,544,965
Affiliated investment, at value (identified cost, $34,058)			34,058
Foreign currency, at value (identified cost, $74,075)			74,731
Dividends receivable			158,193
Interest receivable from affiliated investment			195
Receivable for Fund shares sold			208,061
Tax reclaims receivable			205,788
Receivable from affiliates			36,158
Total assets		$	125,262,149
Liabilities
Demand note payable		$	1,900,000
Payable for Fund shares redeemed			114,417
Payable to affiliates:
Investment adviser and administration fee			67,004
Distribution and service fees			2,754
Accrued expenses			88,374
Total liabilities		$	2,172,549
Net Assets		$	123,089,600
Sources of Net Assets
Paid-in capital		$	117,806,568
Accumulated net realized loss			(876,991	)
Accumulated undistributed net investment income			1,718,297
Net unrealized appreciation			4,441,726
Total		$	123,089,600
Investor Class Shares
Net Assets		$	13,271,190
Shares Outstanding			1,137,229
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)		$	11.67
Institutional Class Shares
Net Assets		$	36,101,301
Shares Outstanding			3,083,675
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)		$	11.71
Class R Shares
Net Assets	��	$	147,147
Shares Outstanding			12,641
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)		$	11.64
Class R6 Shares
Net Assets		$	73,569,962
Shares Outstanding			6,283,178
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)		$	11.71

20 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2016
Dividends (net of foreign taxes, $243,362)	$	2,214,786
Interest allocated from affiliated investment		1,660
Expenses allocated from affiliated investment		(50	)
Total investment income	$	2,216,396
Expenses
Investment adviser and administration fee	$	358,102
Distribution and service fees
Investor Class		15,561
Class R		12
Trustees’ fees and expenses		3,380
Custodian fee		48,058
Transfer and dividend disbursing agent fees		7,858
Legal and accounting services		22,180
Printing and postage		5,758
Registration fees		44,689
Miscellaneous		21,689
Total expenses	$	527,287
Deduct —
Allocation of expenses to affiliates	$	163,155
Total expense reductions	$	163,155
Net expenses	$	364,132
Net investment income	$	1,852,264
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(364,395	)
Investment transactions allocated from affiliated investment		2
Foreign currency transactions		(878	)
Net realized loss	$	(365,271	)
Change in unrealized appreciation (depreciation) —
Investments	$	8,079,162
Foreign currency		9,878
Net change in unrealized appreciation (depreciation)	$	8,089,040
Net realized and unrealized gain	$	7,723,769
Net increase in net assets from operations	$	9,576,033

21 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016
From operations —
Net investment income	$	1,852,264		$	2,532,480
Net realized loss from investment and foreign currency transactions		(365,271	)		(86,749	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		8,089,040			(6,244,780	)
Net increase (decrease) in net assets from operations	$	9,576,033		$	(3,799,049	)
Distributions to shareholders —
From net investment income
Investor Class	$	(2,714	)	$	(274,718	)
Institutional Class		(17,062	)		(832,932	)
Class R		(3	)		(21	)
Class R6		(30,741	)		(1,471,848	)
From net realized gain
Investor Class		(10,744	)		(4,239	)
Institutional Class		(28,437	)		(11,866	)
Class R		(4	)		(0	)(1)
Class R6		(58,408	)		(20,752	)
Total distributions to shareholders	$	(148,113	)	$	(2,616,376	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	2,939,138		$	9,665,385
Institutional Class		7,280,406			36,179,080
Class R		146,185			1,000
Class R6		17,365,229			66,776,856
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		13,458			278,957
Institutional Class		39,607			541,239
Class R		5			—
Class R6		19,762			154,003
Cost of shares redeemed
Investor Class		(2,805,980	)		(5,436,174	)
Institutional Class		(4,762,599	)		(88,215,174	)
Class R		(533	)		—
Class R6		(10,059,159	)		(2,741,307	)
Net increase in net assets from Fund share transactions	$	10,175,519		$	17,203,865
Net increase in net assets	$	19,603,439		$	10,788,440
Net Assets
At beginning of period	$	103,486,161		$	92,697,721
At end of period	$	123,089,600		$	103,486,161
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	1,718,297		$	(83,447	)

⁽¹⁾  Amount is less than $(0.50).

22 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Financial Highlights

	Investor Class
	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31,
				2016			2015			2014			2013			2012
Net asset value — Beginning of period	$	10.750		$	11.410		$	11.960		$	11.180		$	9.850		$	10.960
Income (Loss) From Operations
Net investment income(1)	$	0.175		$	0.217		$	0.355	(2)	$	0.195		$	0.227		$	0.172
Net realized and unrealized gain (loss)		0.757			(0.607	)		(0.242	)		0.822			1.370			(1.073	)
Total income (loss) from operations	$	0.932		$	(0.390	)	$	0.113		$	1.017		$	1.597		$	(0.901	)
Less Distributions
From net investment income	$	(0.002	)	$	(0.266	)	$	(0.251	)	$	(0.237	)	$	(0.267	)	$	(0.209	)
From net realized gain		(0.010	)		(0.004	)		(0.412	)		—			—			—
Total distributions	$	(0.012	)	$	(0.270	)	$	(0.663	)	$	(0.237	)	$	(0.267	)	$	(0.209	)
Net asset value — End of period	$	11.670		$	10.750		$	11.410		$	11.960		$	11.180		$	9.850
Total Return(3)		8.78	%(4)		(3.73	)%		1.01	%		9.04	%		16.32	%		(8.11	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	13,271		$	12,069		$	8,503		$	14,007		$	7,038		$	12,263
Ratios (as a percentage of average daily net assets):
Expenses(5)(6)		0.90	%(7)		0.90	%		0.97	%		1.05	%		1.29	%		1.50	%
Net investment income		3.16	%(7)		1.86	%		2.83	%(2)		1.65	%		2.22	%		1.68	%
Portfolio Turnover		2	%(4)		34	%		63	%		35	%		44	%		60	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Net investment income per share reflects special dividends which amounted to $0.059 per share. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.35%.

⁽³⁾  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.

⁽⁴⁾  Not annualized.

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

⁽⁶⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.30%, 0.35%, 0.32%, 0.29%, 0.29% and 0.25% of average daily net assets for the six months ended July 31, 2016 and the years ended January 31, 2016, 2015, 2014, 2013 and 2012, respectively). Absent this reimbursement, total return would be lower.

⁽⁷⁾  Annualized.

23 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Financial Highlights — continued

	Institutional Class
	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31,
				2016			2015			2014			2013			2012
Net asset value — Beginning of period	$	10.770		$	11.430		$	11.990		$	11.200		$	9.880		$	10.970
Income (Loss) From Operations
Net investment income(1)	$	0.190		$	0.325		$	0.333	(2)	$	0.259		$	0.252		$	0.239
Net realized and unrealized gain (loss)		0.766			(0.693	)		(0.184	)		0.790			1.375			(1.104	)
Total income (loss) from operations	$	0.956		$	(0.368	)	$	0.149		$	1.049		$	1.627		$	(0.865	)
Less Distributions
From net investment income	$	(0.006	)	$	(0.288	)	$	(0.297	)	$	(0.259	)	$	(0.307	)	$	(0.225	)
From net realized gain		(0.010	)		(0.004	)		(0.412	)		—			—			—
Total distributions	$	(0.016	)	$	(0.292	)	$	(0.709	)	$	(0.259	)	$	(0.307	)	$	(0.225	)
Net asset value — End of period	$	11.710		$	10.770		$	11.430		$	11.990		$	11.200		$	9.880
Total Return(3)		8.88	%(4)		(3.37	)%		1.22	%		9.31	%		16.59	%		(7.76	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	36,101		$	30,808		$	84,195		$	68,911		$	54,167		$	45,957
Ratios (as a percentage of average daily net assets):
Expenses(5)(6)		0.65	%(7)		0.65	%		0.72	%		0.80	%		1.02	%		1.25	%
Net investment income		3.41	%(7)		2.72	%		2.66	%(2)		2.20	%		2.45	%		2.28	%
Portfolio Turnover		2	%(4)		34	%		63	%		35	%		44	%		60	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Net investment income per share reflects special dividends which amounted to $0.048 per share. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.28%.

⁽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⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.30%, 0.35%, 0.32%, 0.29%, 0.30% and 0.25% of average daily net assets for the six months ended July 31, 2016 and the years ended January 31, 2016, 2015, 2014, 2013 and 2012, respectively). Absent this reimbursement, total return would be lower.

⁽⁷⁾  Annualized.

24 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Financial Highlights — continued

	Class R
	Six Months Ended July 31, 2016 (Unaudited)			Period Ended January 31, 2016(1)
Net asset value — Beginning of period	$	10.740		$	12.340
Income (Loss) From Operations
Net investment income(2)	$	0.063		$	0.044
Net realized and unrealized gain (loss)		0.853			(1.384	)
Total income (loss) from operations	$	0.916		$	(1.340	)
Less Distributions
From net investment income	$	(0.006	)	$	(0.256	)
From net realized gain		(0.010	)		(0.004	)
Total distributions	$	(0.016	)	$	(0.260	)
Net asset value — End of period	$	11.640		$	10.740
Total Return(3)		8.53	%(4)		(10.98	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	147		$	1
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.15	%(6)		1.15	%(6)
Net investment income		1.13	%(6)		0.82	%(6)
Portfolio Turnover		2	%(4)		34	%(7)

⁽¹⁾  For the period from commencement of operations, August 10, 2015, to January 31, 2016.

⁽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⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.30% and 0.35% of average daily net assets for the six months ended July 31, 2016 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾  Annualized.

⁽⁷⁾  For the Fund’s year ended January 31, 2016.

25 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

Financial Highlights — continued

	Class R6
	Six Months Ended July 31, 2016 (Unaudited)			Period Ended January 31, 2016(1)
Net asset value — Beginning of period	$	10.770		$	12.380
Income (Loss) From Operations
Net investment income(2)	$	0.188		$	0.059
Net realized and unrealized gain (loss)		0.767			(1.374	)
Total income (loss) from operations	$	0.955		$	(1.315	)
Less Distributions
From net investment income	$	(0.005	)	$	(0.291	)
From net realized gain		(0.010	)		(0.004	)
Total distributions	$	(0.015	)	$	(0.295	)
Net asset value — End of period	$	11.710		$	10.770
Total Return(3)		8.87	%(4)		(10.77	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	73,570		$	60,608
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.62	%(6)		0.62	%(6)
Net investment income		3.37	%(6)		1.10	%(6)
Portfolio Turnover		2	%(4)		34	%(7)

⁽¹⁾  For the period from commencement of operations, August 10, 2015, to January 31, 2016.

⁽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⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.30% and 0.35% of average daily net assets for the six months ended July 31, 2016 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾  Annualized.

⁽⁷⁾  For the Fund’s year ended January 31, 2016.

26 See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2016

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 four classes of shares, Investor Class, Institutional Class, Class R and Class R6, all of which 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. 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 (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

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

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

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.

As of July 31, 2016, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

27

Parametric International Equity Fund

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

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

F  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee that may be 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. Effective September 1, 2015, SSBT began imposing fees on certain uninvested cash balances and discontinued credits on cash deposit balances.

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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

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

J  Interim Financial Statements — The interim financial statements relating to July 31, 2016 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	120,773,500
Gross unrealized appreciation	$	16,414,298
Gross unrealized depreciation		(12,608,775	)
Net unrealized appreciation	$	3,805,523

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 agreements between the Fund and EVM, the fee is computed at an annual rate of 0.65% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and

28

Parametric International Equity Fund

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

over, the annual fee is reduced. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the six months ended July 31, 2016, the investment adviser and administration fee amounted to $358,102 or 0.65% (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 investment adviser 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%, 0.65%, 1.15% and 0.62% of the Fund’s average daily net assets for Investor Class, Institutional Class, Class R and Class R6, respectively. This agreement may be changed or terminated after May 31, 2017. Pursuant to this agreement, EVM and Parametric were allocated $163,155 in total of the Fund’s operating expenses for the six months ended July 31, 2016.

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, 2016, EVM earned $905 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 (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, 2016, 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, 2016 amounted to $15,561 for Investor Class shares.

The Fund also has in effect a distribution plan for Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended July 31, 2016, the Fund paid or accrued to EVD $6 for Class R shares.

Pursuant to the Class R 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, 2016 amounted to $6 for Class R shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $17,044,591 and $2,612,066, respectively, for the six months ended July 31, 2016.

29

Parametric International Equity Fund

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

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, 2016 (Unaudited)			Year Ended January 31, 2016
Sales		261,349			821,612
Issued to shareholders electing to receive payments of distributions in Fund shares		1,221			24,406
Redemptions		(248,551	)		(467,746	)
Net increase		14,019			378,272
Institutional Class	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016
Sales		642,295			3,067,229
Issued to shareholders electing to receive payments of distributions in Fund shares		3,581			47,270
Redemptions		(423,042	)		(7,618,165	)
Net increase (decrease)		222,834			(4,503,666	)
Class R	Six Months Ended July 31, 2016 (Unaudited)			Period Ended January 31, 2016(1)
Sales		12,606			81
Issued to shareholders electing to receive payments of distributions in Fund shares		1			—
Redemptions		(47	)		—
Net increase		12,560			81
Class R6	Six Months Ended July 31, 2016 (Unaudited)			Period Ended January 31, 2016(1)
Sales		1,535,197			5,858,132
Issued to shareholders electing to receive payments of distributions in Fund shares		1,787			13,450
Redemptions		(882,032	)		(243,356	)
Net increase		654,952			5,628,226

⁽¹⁾  Class R and Class R6 commenced operations on August 10, 2015.

At July 31, 2016, 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 46.7% of the value of the outstanding shares of the Fund.

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 2, 2016. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated

30

Parametric International Equity Fund

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

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 0.10% 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. At July 31, 2016, the Fund had a balance outstanding pursuant to this line of credit of $1,900,000 at an interest rate of 1.40%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at July 31, 2016. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 9) at July 31, 2016. The Fund’s average borrowings or allocated fees during the six months ended July 31, 2016 were not significant.

On September 2, 2016, the Fund renewed its line of credit agreement, which expires September 1, 2017. Under the terms of the renewed credit agreement, the commitment amount was changed to $545 million and the commitment fee on the unused portion of the line of credit was changed to an annual rate of 0.15%.

8  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.

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.

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

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

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

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

At July 31, 2016, 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	$	288,863	$	37,860,357		$	0	$	38,149,220
Developed Europe		1,564,682		82,413,076			—		83,977,758
Developed Middle East		631,868		1,786,119			—		2,417,987
Total Common Stocks	$	2,485,413	$	122,059,552	**	$	0	$	124,544,965
Short-Term Investments	$	—	$	34,058		$	—	$	34,058
Total Investments	$	2,485,413	$	122,093,610		$	0	$	124,579,023

* 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.

31

Parametric International Equity Fund

July 31, 2016

Notes to Financial Statements (Unaudited) — continued

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended July 31, 2016 is not presented. At July 31, 2016, the value of investments transferred between Level 1 and Level 2 during the six months then ended was not significant.

32

Parametric International Equity Fund

July 31, 2016

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 registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 26, 2016, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2016. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

• A report from an independent data provider 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;

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

• 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;

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

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

• 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;

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

• Information about the allocation of brokerage transactions 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 policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

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

• 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;

• The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

• 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;

33

Parametric International Equity Fund

July 31, 2016

Board of Trustees’ Contract Approval — continued

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2016, with respect to one or more funds, the Board met ten 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, sixteen, four, nine and eleven times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

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

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

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 the Adviser, including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material 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, including recent changes to such personnel. 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 professionals 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, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services.

34

Parametric International Equity Fund

July 31, 2016

Board of Trustees’ Contract Approval — continued

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

The Board considered shareholder and other administrative services provided or managed by the Adviser 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 fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

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 that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data for the one- and three-year periods ended September 30, 2015 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one year period ended September 30, 2015, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios relative to comparable funds.

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

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support 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 fall-out 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 deemed not to be excessive.

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 economies of scale, if any, 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 any 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 any economies of scale in the future.

35

Parametric International Equity Fund

July 31, 2016

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

William H. Park

Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Mark R. Fetting**

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Ralph F. Verni

Scott E. Wennerholm**

* Interested Trustee

** Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016.

36

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:

• 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.

• 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.

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

• 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 (International) Limited, 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 typically 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.

37

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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 this program is available to investors at www.FINRA.org.

7771    7.31.16

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

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Trust’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance Family of Funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and its lenders who are record owners of shares of one or more funds (the “Funds”) within the Eaton Vance Funds’ investment company complex implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds.

D&T advised the Audit Committee that it believes that, in light of the facts surrounding its lending relationships, its ability to exercise objective and impartial judgment on all issues encompassed within D&T’s audit engagement has not been impaired. D&T has advised the Audit Committee that this conclusion is based in part on the following considerations: (1) Deloitte Entity personnel responsible for managing the lending relationships have had no interactions with the audit engagement team; (2) the lending relationships are in good standing and the principal and interest payments are up-to-date; (3) the lending relationships are not significant to the Deloitte Entities or to D&T.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016)) related to the auditor independence issue described above. In that letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Based on information provided by D&T, the requirements of the no-action letter appear to be met with respect to D&T’s lending relationships described above. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

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 19, 2016

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 19, 2016
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 19, 2016