Eaton Vance Floating-Rate & High Income Fund (EIFHX) N-CSR Certified 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

January 31, 2017

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric Emerging Markets Fund

Annual Report

January 31, 2017

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.

Annual Report January 31, 2017

Parametric Emerging Markets Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	42
Federal Tax Information	43
Management and Organization	44
Important Notices	47

Parametric Emerging Markets Fund

January 31, 2017

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended January 31, 2017, emerging market equities were generally characterized by dramatic volatility, fed by country-specific themes such as political unrest, fiscal challenges and unstable currency values.

The 12-month period started with investors pessimistic toward the emerging markets asset class as a whole. Worries about emerging markets’ growth prospects dominated market activity until mid-February of 2016, when market sentiment rapidly improved on an upswing in commodity prices and a decision by the U.S. Federal Reserve Board (the Fed) to delay its planned interest-rate hikes. The following months were generally positive, with major Index constituent Brazil leading the rally amid a resolution to the political turmoil of the past year and signs that the Brazilian economy was on the mend. South Africa and Russia also delivered double-digit gains on the back of rising commodity prices.

However, the tide turned after the U.S. elections in November, as many worried that a Trump administration could result in global trade restrictions. In addition, a December rate increase by the Fed, and strong indications that it intended to continue to hike rates, also negatively impacted the emerging market asset class. Accordingly, the end of 2016 saw the emerging markets asset class swoon, with China and other large export-driven economies seeing a marked decline as investors grew increasingly concerned about their prospects. However, the last month of the period saw yet another reversal, with a broad-based rally giving the emerging markets their best January performance in five years.

Frontier markets (as measured by the MSCI Frontier Markets Index²) trailed the broader emerging markets (as measured by the MSCI Emerging Markets Index (the Index)) by almost 8%. However, the MSCI Frontier Markets Index return masked a great deal of dispersion in country returns, with Pakistan and Kazakhstan both rising by over 45%, while major constituent Nigeria lost over 20%.

Fund Performance

For the 12-month period ended January 31, 2017, Parametric Emerging Markets Fund (the Fund) had a total return of 23.32% for Investor Class shares at net asset value (NAV), underperforming the Fund’s benchmark, the MSCI Emerging Markets Index (the Index), which had a total return of 25.41% for the same period.

The largest detractor from the Fund’s relative performance versus the Index was the strategy’s sector diversification⁶ process within South Korea. This resulted in an underweight to the information technology sector, which skyrocketed over the period. In addition, an underweight to Taiwan was a material detractor, as Taiwan’s technology companies benefited from the launch of the latest iPhone. Finally, an overweight to Turkey also detracted from relative performance, as Turkish stocks were negatively impacted by signs of a slowing economy, growing inflation, and a declining currency.

The largest contributor to relative performance was the Fund’s overweight to Russia, as this crude oil exporter’s economy benefited from the bounce-back in energy prices. Also, an underweight to India benefited relative performance versus the Index, as Indian stocks fell in the face of slowing growth, partially due to the government’s demonetization program. In addition, an overweight to Peru benefited the strategy, as the combination of strong economic growth and a broad exposure to rising copper and precious metal prices helped support a rally in its equity markets.

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

January 31, 2017

Performance^2,3

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			One Year			Five Years			Ten Years
Investor Class at NAV		06/30/2006		06/30/2006			23.32	%		0.58	%		1.90	%
Class C at NAV		06/30/2006		06/30/2006			22.50			–0.16			1.14
Class C with 1% Maximum Sales Charge		—		—			21.50			–0.16			1.14
Institutional Class at NAV		06/30/2006		06/30/2006			23.64			0.84			2.16
Class R6 at NAV		07/01/2014		06/30/2006			23.71			0.87			2.17
MSCI Emerging Markets Index		—		—			25.41	%		0.18	%		2.49	%
% Total Annual Operating Expense Ratios4			Investor Class			Class C			Institutional Class			Class R6
				1.37	%		2.12	%		1.12	%		1.07	%

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Investor Class of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		01/31/2007	$	11,207		N.A.
Institutional Class	$	50,000		01/31/2007	$	61,901		N.A.
Class R6	$	1,000,000		01/31/2007	$	1,240,009		N.A.

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.

3

Parametric Emerging Markets Fund

January 31, 2017

Fund Profile

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

China Mobile, Ltd.	0.7	%
Sberbank of Russia PJSC	0.6
America Movil SAB de CV, Series L	0.6
MTN Group, Ltd.	0.6
Gazprom PJSC ADR	0.5
Naspers, Ltd., Class N	0.5
Vale SA, PFC Shares	0.5
Samsung Electronics Co., Ltd.	0.5
Cielo SA	0.5
Credicorp, Ltd.	0.5
Total	5.5	%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

4

Parametric Emerging Markets Fund

January 31, 2017

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  MSCI Frontier Markets Index is an unmanaged index that measures the performance of stock markets with less-developed economies and financial markets than emerging markets, and that typically have more restrictions on foreign stock ownership. MSCI 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.

³  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 Class, Institutional Class and Class 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. 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. Performance presented in the Financial Highlights included in the financial statements is not linked.

⁴  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  Excludes cash and cash equivalents.

⁶  Diversification cannot ensure a profit or eliminate the risk of loss.

Fund profile subject to change due to active management.

5

Parametric Emerging Markets Fund

January 31, 2017

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 (August 1, 2016 – January 31, 2017).

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 (8/1/16)		Ending Account Value (1/31/17)		Expenses Paid During Period* (8/1/16 – 1/31/17)		Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,036.00	$	7.16		1.40	%
Class C	$	1,000.00	$	1,032.30	$	10.98		2.15	%
Institutional Class	$	1,000.00	$	1,037.50	$	5.89		1.15	%
Class R6	$	1,000.00	$	1,038.10	$	5.58		1.09	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,018.10	$	7.10		1.40	%
Class C	$	1,000.00	$	1,014.30	$	10.89		2.15	%
Institutional Class	$	1,000.00	$	1,019.40	$	5.84		1.15	%
Class R6	$	1,000.00	$	1,019.70	$	5.53		1.09	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (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 July 31, 2016.

6

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments

Common Stocks — 98.4%
Security	Shares		Value
Argentina — 0.8%
Adecoagro SA(1)		218,000	$	2,522,260
Arcos Dorados Holdings, Inc., Class A(1)		508,761		2,950,814
Banco Macro SA, Class B ADR		11,287		848,105
BBVA Banco Frances SA ADR		25,288		463,529
Cresud SA ADR(1)		55,441		969,109
Grupo Financiero Galicia SA, Class B ADR		55,800		1,733,706
IRSA Inversiones y Representaciones SA ADR(1)		35,110		753,461
MercadoLibre, Inc.		20,800		3,856,112
Pampa Energia SA ADR(1)		143,899		6,682,669
Transportadora de Gas del Sur SA ADR		31,400		328,444
YPF SA ADR		141,900		3,074,973
			$	24,183,182
Bahrain — 0.9%
Ahli United Bank BSC		15,996,597	$	11,765,920
Al Salam Bank-Bahrain BSC		12,255,584		3,538,870
GFH Financial Group BSC(1)		9,200,700		6,813,335
Ithmaar Holding BSC(1)		18,993,819		4,484,011
			$	26,602,136
Bangladesh — 0.8%
ACI, Ltd.		54,690	$	323,150
Aftab Automobiles, Ltd.		576,526		448,659
Bangladesh Export Import Co., Ltd.(1)		4,556,600		1,936,553
Bangladesh Submarine Cable Co., Ltd.		192,647		297,903
Beximco Pharmaceuticals, Ltd.		457,495		506,061
BSRM Steels, Ltd.		1,068,413		1,310,396
City Bank, Ltd. (The)		1,610,541		684,906
CVO Petrochemical Refinery, Ltd.		88,500		209,640
Grameenphone, Ltd.		551,510		2,093,848
Heidelberger Cement Bangladesh, Ltd.		146,500		1,012,353
Islami Bank Bangladesh, Ltd.		1,583,302		899,821
Jamuna Oil Co., Ltd.		258,263		690,188
Khulna Power Co., Ltd.		757,470		617,801
Lankabangla Finance, Ltd.		447,250		269,945
Meghna Petroleum, Ltd.		174,079		432,061
National Bank, Ltd.(1)		4,103,367		764,458
Olympic Industries, Ltd.		607,819		2,370,117
Orion Pharma, Ltd.		258,206		155,074
Padma Oil Co., Ltd.		195,600		574,437
People’s Leasing and Financial Services, Ltd.(1)		1,467,409		180,890
Pubali Bank, Ltd.		1,878,791		587,777
Renata, Ltd.		23,954		331,715
Singer Bangladesh, Ltd.		142,500		364,674

Security	Shares		Value
Bangladesh (continued)
Social Islami Bank, Ltd.		1,610,176	$	446,169
Southeast Bank, Ltd.		1,630,632		445,119
Square Pharmaceuticals, Ltd.		433,431		1,424,656
Summit Power, Ltd.		1,655,358		879,150
Titas Gas Transmission & Distribution Co., Ltd.		1,242,018		801,612
Unique Hotel & Resorts, Ltd.		1,020,672		745,995
United Airways Bangladesh, Ltd.(1)		6,170,401		526,451
United Commercial Bank, Ltd.		1,220,971		356,702
			$	22,688,281
Botswana — 0.3%
Barclays Bank of Botswana, Ltd.		1,137,465	$	565,584
Botswana Insurance Holdings, Ltd.		575,111		933,055
First National Bank of Botswana, Ltd.		6,069,100		1,626,292
Letshego Holdings, Ltd.		14,102,614		3,018,900
Sechaba Breweries Holdings, Ltd.		905,550		2,011,108
Standard Chartered Bank Botswana, Ltd.		531,120		373,967
			$	8,528,906
Brazil — 6.2%
AES Tiete Energia SA		98,400	$	454,043
AMBEV SA		1,613,650		8,807,965
B2W Cia Digital(1)		144,970		552,074
Banco Bradesco SA, PFC Shares		526,481		5,463,466
Banco do Brasil SA		210,598		2,079,180
Banco do Estado do Rio Grande do Sul, PFC Shares		164,900		824,212
BB Seguridade Participacoes SA		142,700		1,263,926
BM&F Bovespa SA		347,751		2,040,531
BR Malls Participacoes SA(1)		127,140		591,902
Bradespar SA, PFC Shares(1)		121,000		798,705
Braskem SA, PFC Shares		89,760		926,911
BRF SA		288,140		4,065,471
CCR SA		933,000		4,592,311
Centrais Eletricas Brasileiras SA, PFC Shares		338,400		2,653,633
CETIP SA - Mercados Organizados		62,600		934,699
Cia Brasileira de Distribuicao, PFC Shares		63,069		1,159,664
Cia de Saneamento Basico do Estado de Sao Paulo		226,060		2,249,050
Cia de Saneamento de Minas Gerais-COPASA		58,900		806,742
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		31,790		662,817
Cia Energetica de Minas Gerais SA, PFC Shares		652,555		1,892,784
Cia Energetica de Sao Paulo, Class B, PFC Shares		156,300		863,070
Cia Hering		157,600		775,221
Cia Paranaense de Energia, PFC Shares		85,800		875,399
Cia Siderurgica Nacional SA(1)		331,900		1,216,542
Cielo SA		1,722,172		14,477,591

7 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Brazil (continued)
Cosan SA Industria e Comercio		82,300	$	1,051,766
CPFL Energia SA		430,772		3,462,745
Cyrela Brazil Realty SA Empreendimentos e Participacoes		235,500		967,829
Duratex SA(1)		235,758		564,125
EcoRodovias Infraestrutura e Logistica SA		260,600		705,442
EDP-Energias do Brasil SA		245,500		1,094,626
Eletropaulo Metropolitana SA, Class B, PFC Shares		117,480		439,557
Embraer SA		194,900		1,113,326
Embraer SA ADR		119,648		2,735,153
Engie Brasil Energia SA		126,500		1,437,181
Equatorial Energia SA		114,300		2,107,464
Estacio Participacoes SA		270,800		1,366,418
Even Construtora e Incorporadora SA		341,400		486,461
Ez Tec Empreendimentos e Participacoes SA		142,098		823,430
Fibria Celulose SA		146,957		1,369,721
Fleury SA		152,100		1,833,251
Gafisa SA		745,400		581,919
Gerdau SA, PFC Shares		470,800		1,822,779
Gol Linhas Aereas Inteligentes SA, PFC Shares		204,000		405,268
Hypermarcas SA		177,000		1,569,976
Iochpe Maxion SA		115,700		476,958
Itau Unibanco Holding SA, PFC Shares		492,080		5,815,448
Itausa-Investimentos Itau SA, PFC Shares		816,887		2,405,735
JBS SA		406,725		1,535,980
Klabin SA		170,600		879,231
Klabin SA, PFC Shares		1,300,000		1,155,152
Kroton Educacional SA		846,236		3,628,145
Light SA		80,000		499,381
Localiza Rent a Car SA		183,580		2,146,845
Lojas Americanas SA, PFC Shares		505,700		2,684,891
Lojas Renner SA		411,700		3,119,989
Marcopolo SA, PFC Shares		585,600		535,219
Marfrig Global Foods SA(1)		287,155		588,690
Metalurgica Gerdau SA, PFC Shares		260,300		464,246
MRV Engenharia e Participacoes SA		264,600		1,071,466
Multiplus SA		60,200		679,736
Natura Cosmeticos SA		120,900		969,548
Odontoprev SA		688,600		2,449,686
Petroleo Brasileiro SA, PFC Shares		2,564,500		12,223,919
Prumo Logistica SA(1)		159,600		412,789
Qualicorp SA		485,600		3,176,102
Randon SA Implementos e Participacoes, PFC Shares		303,500		376,594
Rumo Logistica Operadora Multimodal SA(1)		314,419		748,355
Smiles SA		55,000		907,620
Suzano Papel e Celulose SA, Class A, PFC Shares		223,625		950,962

Security	Shares		Value
Brazil (continued)
Telefonica Brasil SA, PFC Shares		863,400	$	12,787,559
TIM Participacoes SA		1,670,650		4,745,110
Totvs SA		306,690		2,539,285
Transmissora Alianca de Energia Electrica SA		91,000		619,739
Ultrapar Participacoes SA		201,384		4,228,227
Usinas Siderurgicas de Minas Gerais SA, Class A, PFC Shares		478,350		796,972
Vale SA, PFC Shares		1,606,740		15,577,388
Valid Solucoes SA		91,700		697,550
Via Varejo SA		259,400		738,415
Weg SA		852,240		4,302,986
			$	183,902,264
Bulgaria — 0.1%
CB First Investment Bank AD(1)		235,000	$	482,146
Chimimport AD		329,922		299,191
Corporate Commercial Bank AD(1)(2)		10,400		0
MonBat AD		60,235		331,857
Petrol AD(1)		102,500		22,188
Sopharma AD		354,600		657,273
			$	1,792,655
Chile — 3.0%
AES Gener SA		1,904,140	$	663,510
Aguas Andinas SA, Series A		2,726,600		1,480,350
Antarchile SA		215,131		2,353,563
Banco de Chile		25,432,963		3,031,604
Banco de Chile ADR		7,791		555,576
Banco de Credito e Inversiones		48,700		2,503,724
Banco Santander Chile		48,812,922		2,641,689
Banmedica SA		706,730		1,405,669
Cap SA		128,112		1,179,245
Cencosud SA		1,699,307		4,951,918
Cia Cervecerias Unidas SA		234,626		2,656,665
Cia Sud Americana de Vapores SA(1)		14,510,741		435,160
Colbun SA		5,619,135		1,069,981
Embotelladora Andina SA, Class B, PFC Shares		486,082		1,751,941
Empresa Nacional de Telecomunicaciones SA(1)		371,409		4,018,312
Empresas CMPC SA		2,230,220		4,800,694
Empresas COPEC SA		1,064,668		10,891,681
Enel Americas SA		21,205,403		3,792,664
Enel Americas SA ADR		42,700		385,581
Enel Chile SA		14,024,447		1,351,467
Enel Chile SA ADR		42,700		205,814
Enel Generacion Chile SA		2,564,627		1,649,990
Engie Energia Chile SA		548,992		905,711

8 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Chile (continued)
Forus SA		132,100	$	421,612
Grupo Security SA		2,644,909		909,401
Inversiones Aguas Metropolitanas SA		386,815		557,045
Inversiones La Construccion SA		34,520		449,746
Itau CorpBanca		133,731,904		1,095,093
Latam Airlines Group SA(1)		538,175		4,973,705
Parque Arauco SA		541,699		1,315,462
Quinenco SA		389,755		1,069,674
Ripley Corp. SA		1,279,400		769,287
S.A.C.I. Falabella		1,152,755		9,343,612
Salfacorp SA		733,169		524,543
Sigdo Koppers SA		953,500		1,220,221
Sociedad Matriz SAAM SA		6,242,812		500,522
Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares		168,140		5,425,744
Sonda SA		1,703,793		2,771,463
Vina Concha y Toro SA		864,834		1,406,776
			$	87,436,415
China — 10.4%
3SBio, Inc.(1)(3)		1,558,500	$	1,521,810
Agile Group Holdings, Ltd.		1,096,000		585,247
Agricultural Bank of China, Ltd., Class H		2,350,000		981,645
Air China, Ltd., Class H		1,960,000		1,402,436
Aisino Corp.		70,100		210,706
Aluminum Corp. of China, Ltd., Class H(1)		4,984,000		2,574,284
Angang Steel Co., Ltd., Class H(1)		1,994,000		1,526,584
Anhui Conch Cement Co., Ltd., Class H		1,941,000		6,246,069
ANTA Sports Products, Ltd.		658,000		2,094,318
Avic Aviation Engine Corp. PLC		40,221		202,599
Baidu, Inc. ADR(1)		20,900		3,658,963
Bank of Beijing Co., Ltd.		152,300		222,952
Bank of China, Ltd., Class H		6,646,000		3,010,082
Bank of Communications, Ltd., Class H		2,468,900		1,815,981
Bank of Nanjing Co., Ltd.		121,000		201,828
Beijing Capital Co., Ltd.		323,000		196,472
Beijing Capital International Airport Co., Ltd., Class H		1,300,000		1,257,648
Beijing Enterprises Holdings, Ltd.		309,500		1,542,812
Beijing Enterprises Water Group, Ltd.		3,236,000		2,244,427
Beijing Tongrentang Co., Ltd.		42,800		189,148
Beijing Xinwei Technology Group Co., Ltd.(2)		80,600		136,872
Beiqi Foton Motor Co., Ltd.		407,100		200,354
Belle International Holdings, Ltd.		2,320,000		1,414,144
Brilliance China Automotive Holdings, Ltd.		1,086,000		1,529,891
BYD Co., Ltd., Class H		401,200		2,219,386
CGN Power Co., Ltd., Class H(3)		6,666,000		1,879,691

Security	Shares		Value
China (continued)
China Agri-Industries Holdings, Ltd.(1)		2,074,000	$	956,826
China Biologic Products, Inc.(1)		32,700		3,725,838
China Bluechemical, Ltd., Class H		1,270,000		439,401
China Cinda Asset Management Co., Ltd., Class H		1,495,000		517,921
China CITIC Bank Corp., Ltd., Class H		840,000		552,474
China Coal Energy Co., Ltd., Class H(1)		3,400,000		1,773,029
China Communications Construction Co., Ltd., Class H		1,612,000		1,940,184
China Communications Services Corp., Ltd., Class H		2,540,000		1,726,619
China Construction Bank Corp., Class H		7,369,630		5,463,758
China Dongxiang Group Co., Ltd.		4,257,000		793,403
China Everbright Bank Co., Ltd.		341,400		201,987
China Everbright International, Ltd.		880,000		1,067,268
China Everbright, Ltd.		408,000		778,966
China Evergrande Group		1,066,000		742,543
China Fortune Land Development Co., Ltd.		52,329		184,878
China Gas Holdings, Ltd.		1,294,000		1,873,262
China Gezhouba Group Co., Ltd.		152,700		220,005
China Hongqiao Group, Ltd.		410,000		421,227
China Huishan Dairy Holdings Co., Ltd.		1,800,000		672,106
China International Marine Containers Co., Ltd., Class B		482,672		721,859
China International Travel Service Corp., Ltd.		31,500		208,210
China Life Insurance Co., Ltd., Class H		584,000		1,608,678
China Longyuan Power Group Corp., Ltd., Class H		3,335,000		2,724,090
China Mengniu Dairy Co., Ltd.		2,187,000		4,082,353
China Merchants Bank Co., Ltd., Class H		497,524		1,245,981
China Merchants Energy Shipping Co., Ltd.		252,000		184,730
China Merchants Port Holdings Co., Ltd.		318,035		850,215
China Merchants Securities Co., Ltd.		77,000		186,882
China Minsheng Banking Corp., Ltd., Class H		662,740		729,359
China Mobile, Ltd.		1,959,500		22,049,512
China Molybdenum Co., Ltd., Class H		4,203,000		1,221,613
China National Building Material Co., Ltd., Class H		4,406,000		2,576,742
China National Nuclear Power Co., Ltd.		210,800		215,847
China Northern Rare Earth Group High-Tech Co., Ltd.		117,100		212,649
China Oilfield Services, Ltd., Class H		1,420,000		1,514,753
China Overseas Land & Investment, Ltd.		1,174,160		3,447,864
China Pacific Insurance (Group) Co., Ltd., Class H		196,400		697,614
China Petroleum & Chemical Corp., Class H		10,960,300		8,657,829
China Power International Development, Ltd.		1,381,000		497,681
China Railway Construction Corp., Ltd., Class H		1,393,500		1,933,486
China Railway Group, Ltd., Class H		2,179,000		1,907,305
China Resources Beer Holdings Co., Ltd.(1)		964,000		1,957,993
China Resources Gas Group, Ltd.		830,000		2,623,109
China Resources Land, Ltd.		590,000		1,459,396

9 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
China Resources Phoenix Healthcare Holdings Co., Ltd.(1)		355,000	$	477,607
China Resources Power Holdings Co., Ltd.		2,205,600		3,788,088
China Shenhua Energy Co., Ltd., Class H		1,500,500		3,171,019
China Shineway Pharmaceutical Group, Ltd.		381,000		438,822
China Shipbuilding Industry Co., Ltd.(1)		185,800		206,346
China Southern Airlines Co., Ltd., Class H		2,200,000		1,260,024
China Sports Industry Group Co., Ltd.(2)		69,000		239,564
China State Construction Engineering Corp., Ltd.		215,100		278,696
China Taiping Insurance Holdings Co., Ltd.(1)		453,800		994,146
China Telecom Corp., Ltd., Class H		6,294,000		2,971,638
China Travel International Investment Hong Kong, Ltd.		4,692,000		1,312,472
China Unicom (Hong Kong), Ltd.		2,496,372		2,946,521
China United Network Communications, Ltd.		888,000		843,411
China Vanke Co., Ltd., Class H		482,720		1,224,545
China Yangtze Power Co., Ltd.		225,100		425,852
China Yurun Food Group, Ltd.(1)		1,776,000		275,820
CITIC, Ltd.		1,152,000		1,707,837
CNOOC, Ltd.		4,530,000		5,656,855
COFCO Tunhe Co., Ltd.		118,100		204,296
COSCO SHIPPING Development Co., Ltd., Class H(1)		4,252,000		902,032
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		1,702,000		940,714
COSCO SHIPPING Holdings Co., Ltd., Class H(1)		2,694,975		1,006,421
COSCO SHIPPING Ports, Ltd.		1,250,000		1,242,162
Country Garden Holdings Co., Ltd.		2,119,631		1,215,424
CSPC Pharmaceutical Group, Ltd.		3,280,000		3,691,503
Ctrip.com International, Ltd. ADR(1)		123,100		5,319,151
Daqin Railway Co., Ltd.		191,900		198,869
Datang International Power Generation Co., Ltd., Class H		4,476,000		1,160,611
Deluxe Family Co., Ltd.		146,700		173,097
Dongfeng Motor Group Co., Ltd., Class H		1,966,000		2,084,230
Dr Peng Telecom & Media Group Co., Ltd.		104,900		349,352
Fullshare Holdings, Ltd.		4,362,500		1,837,995
Fuyao Glass Industry Group Co., Ltd.		75,200		204,846
GD Power Development Co., Ltd.		528,500		249,348
Gemdale Corp.		169,600		312,863
Golden Eagle Retail Group, Ltd.		739,000		1,070,656
Great Wall Motor Co., Ltd., Class H		1,771,500		1,775,011
Guangdong Investment, Ltd.		2,662,000		3,303,285
Guanghui Energy Co., Ltd.(1)		355,600		226,029
Guangxi Wuzhou Zhongheng Group Co., Ltd.		285,723		195,738
Guangzhou Automobile Group Co., Ltd., Class H		1,892,013		2,580,351
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H(1)		320,000		782,514
Guangzhou R&F Properties Co., Ltd., Class H		516,800		662,844

Security	Shares		Value
China (continued)
Haier Electronics Group Co., Ltd.		161,000	$	283,200
Harbin Pharmaceutical Group Co., Ltd.(1)		150,900		197,886
Hengan International Group Co., Ltd.		665,000		5,444,517
Hengdeli Holdings, Ltd.(1)		2,681,800		337,117
Hengtong Optic-electric Co., Ltd.		69,200		203,027
Huadian Power International Corp., Ltd., Class H		1,100,000		467,533
Huaneng Power International, Inc., Class H		5,426,000		3,519,845
Huaneng Renewables Corp., Ltd., Class H		1,716,000		532,540
Huatai Securities Co., Ltd.		73,700		197,016
Huaxia Bank Co., Ltd.		122,477		206,090
Huayu Automotive Systems Co., Ltd.		82,008		197,210
Humanwell Healthcare Group Co., Ltd.		69,600		196,389
Hundsun Technologies, Inc.		28,100		179,862
iKang Healthcare Group, Inc. ADR(1)		36,000		609,480
Industrial & Commercial Bank of China, Ltd., Class H		5,073,000		3,101,554
Industrial Bank Co., Ltd.		163,702		405,516
Inner Mongolia BaoTou Steel Union Co., Ltd.(1)		505,000		215,312
Inner Mongolia Yili Industrial Group Co., Ltd.		237,200		634,325
Jiangsu Broadcasting Cable Information Network Corp, Ltd.(1)		129,200		204,519
Jiangsu Changjiang Electronics Technology Co., Ltd.		76,300		188,911
Jiangsu Expressway Co., Ltd., Class H		878,000		1,099,613
Jiangsu Hengrui Medicine Co., Ltd.		37,200		258,646
Jiangxi Copper Co., Ltd., Class H		1,803,000		3,113,665
Jinyu Bio-Technology Co., Ltd.		40,600		185,305
Kangmei Pharmaceutical Co., Ltd.		93,100		243,614
Kingboard Chemical Holdings, Ltd.		648,600		2,231,857
Kingfa Sci & Tech Co., Ltd.(2)		171,338		193,060
Kunlun Energy Co., Ltd.		2,206,000		1,752,004
Kweichow Moutai Co., Ltd.		18,000		901,405
Lee & Man Paper Manufacturing, Ltd.		1,220,000		1,096,628
Lenovo Group, Ltd.		3,494,000		2,288,631
Li Ning Co., Ltd.(1)		774,208		491,306
Liaoning Cheng Da Co., Ltd.(1)		72,100		186,237
Luye Pharma Group, Ltd.		496,500		328,057
Maanshan Iron & Steel Co., Ltd., Class H(1)		2,294,000		840,662
NARI Technology Co., Ltd.(2)		85,600		165,575
NetEase, Inc. ADR		6,200		1,574,180
Neusoft Corp.		74,400		201,526
New Oriental Education & Technology Group, Inc. ADR(1)		80,200		3,813,510
Nine Dragons Paper Holdings, Ltd.		2,051,000		2,360,568
Offshore Oil Engineering Co., Ltd.		217,300		249,868
PetroChina Co., Ltd., Class H		7,560,000		6,005,896
PICC Property & Casualty Co., Ltd., Class H		352,000		532,100
Ping An Insurance (Group) Co. of China, Ltd., Class H		435,000		2,231,452
Pingdingshan Tianan Coal Mining Co., Ltd.(1)		262,600		203,268

10 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
Poly Property Group Co., Ltd.(1)		1,918,000	$	745,954
Poly Real Estate Group Co., Ltd.		271,600		363,980
Power Construction Corp. of China, Ltd.		187,000		196,641
Qingdao Haier Co., Ltd.		133,100		195,781
Qinqin Foodstuffs Group (Cayman) Co., Ltd.(1)		133,000		42,061
SAIC Motor Corp. Ltd.		82,400		302,869
Sanan Optoelectronics Co., Ltd.		125,500		267,787
Sany Heavy Industry Co., Ltd.		219,800		219,337
SDIC Power Holdings Co., Ltd.		200,900		200,346
Semiconductor Manufacturing International Corp.(1)		2,339,700		3,208,324
Shandong Gold Mining Co., Ltd.		42,500		235,476
Shandong Nanshan Aluminum Co., Ltd.		409,500		206,221
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		2,148,000		1,405,153
Shanghai Dazhong Public Utilities Group Co., Ltd.		220,900		194,705
Shanghai Electric Group Co., Ltd., Class H(1)		2,414,000		1,098,621
Shanghai Industrial Holdings, Ltd.		304,000		818,151
Shanghai Jahwa United Co., Ltd.		52,000		205,299
Shanghai Oriental Pearl Media Co., Ltd.		58,400		196,174
Shanghai Pudong Development Bank Co., Ltd.		188,000		457,325
Shanghai Zhangjiang High-Tech Park Development Co., Ltd.		75,395		190,299
Shanxi Lu’an Environmental Energy Development Co., Ltd.(1)		152,200		207,542
Shenergy Co., Ltd.		227,800		201,112
Shimao Property Holdings, Ltd.		480,000		643,042
Sichuan Changhong Electric Co., Ltd.(1)		307,800		194,770
Sichuan Chuantou Energy Co., Ltd.		152,000		195,326
Sihuan Pharmaceutical Holdings Group, Ltd.		3,161,000		930,429
SINA Corp.(1)		22,900		1,596,588
Sino Biopharmaceutical, Ltd.		7,057,000		5,538,880
Sino-Ocean Group Holding, Ltd.		2,024,000		871,680
Sinopec Shanghai Petrochemical Co., Ltd., Class H		5,245,000		3,247,769
Sinopharm Group Co., Ltd., Class H		1,408,400		6,436,265
Sohu.com, Inc.(1)		10,300		408,601
Sun Art Retail Group, Ltd.		1,476,000		1,485,802
Sunac China Holdings, Ltd.		361,000		320,690
Tasly Pharmaceutical Group Co., Ltd.		33,400		193,811
TBEA Co., Ltd.		145,500		199,310
Tencent Holdings, Ltd.		523,500		13,687,096
Tingyi (Cayman Islands) Holding Corp.		2,176,000		2,473,513
Tonghua Dongbao Pharmaceutical Co., Ltd.		59,700		181,338
Tsinghua Tongfang Co., Ltd.		100,600		197,693
Tsingtao Brewery Co., Ltd., Class H		324,000		1,293,733
Wanhua Chemical Group Co., Ltd.		70,971		251,250
Want Want China Holdings, Ltd.		5,426,000		3,871,205
Weibo Corp. ADR(1)		2,290		110,424

Security	Shares		Value
China (continued)
Weichai Power Co., Ltd., Class H		443,800	$	786,417
West China Cement, Ltd.(1)		4,450,000		618,517
Western Mining Co., Ltd.(2)		169,300		154,187
WH Group, Ltd.(3)		2,822,500		2,143,808
Wintime Energy Co., Ltd.		327,670		192,926
Xi’an LONGi Silicon Materials Corp.		101,600		215,477
Xinhu Zhongbao Co., Ltd.		301,800		194,248
Yang Quan Coal Industry Group Co., Ltd.(1)		189,300		190,863
Yangzijiang Shipbuilding Holdings, Ltd.		1,809,000		1,034,535
Yanzhou Coal Mining Co., Ltd., Class H		2,200,000		1,723,377
Yonghui Superstores Co., Ltd.		304,700		224,929
Yonyou Network Technology Co., Ltd.		58,800		162,704
Youngor Group Co., Ltd.		94,600		193,857
Yunnan Chihong Zinc & Germanium Co., Ltd.		160,600		197,924
Zhaojin Mining Industry Co., Ltd., Class H		1,440,000		1,294,723
Zhejiang China Commodities City Group Co., Ltd.		167,200		195,802
Zhejiang Expressway Co., Ltd., Class H		1,034,000		1,038,589
Zhejiang Huahai Pharmaceutical Co., Ltd.		58,450		181,149
Zhejiang Longsheng Group Co., Ltd.		148,343		208,763
Zhejiang Zheneng Electric Power Co., Ltd.		246,600		203,806
Zhengzhou Yutong Bus Co., Ltd.		66,400		195,007
Zhongjin Gold Corp., Ltd.(1)		115,900		210,107
Zhuzhou CRRC Times Electric Co., Ltd., Class H		89,500		509,929
Zijin Mining Group Co., Ltd., Class H		8,448,000		2,890,588
ZTE Corp., Class H		876,903		1,363,394
			$	308,226,880
Colombia — 1.5%
Almacenes Exito SA		465,190	$	2,481,226
Avianca Holdings SA, PFC Shares		551,298		581,504
Banco Davivienda SA, PFC Shares		99,500		1,070,269
Banco de Bogota SA		98,407		2,014,067
Bancolombia SA		114,355		996,244
Bancolombia SA ADR, PFC Shares		100,200		3,793,572
Celsia SA ESP		809,070		1,175,672
Cementos Argos SA		596,019		2,376,129
Cementos Argos SA, PFC Shares		307,566		1,135,726
Cemex Latam Holdings SA(1)		173,596		680,198
Corporacion Financiera Colombiana SA		74,770		880,955
Ecopetrol SA(1)		13,209,169		6,209,969
Empresa de Energia de Bogota SA		4,742,074		2,918,449
Empresa de Telecommunicaciones de Bogota SA(1)		2,532,380		552,409
Grupo Argos SA		395,281		2,616,511
Grupo Argos SA, PFC Shares		108,995		702,100
Grupo Aval Acciones y Valores SA, PFC Shares		3,439,700		1,405,399
Grupo de Inversiones Suramericana SA		226,311		3,017,738

11 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Colombia (continued)
Grupo de Inversiones Suramericana SA, PFC Shares		48,367	$	628,742
Grupo Nutresa SA		582,655		4,793,121
Interconexion Electrica SA		901,290		3,254,166
Odinsa SA(1)		74,829		204,678
			$	43,488,844
Croatia — 0.8%
AD Plastik DD		22,190	$	456,136
Adris Grupa DD, PFC Shares		47,518		3,301,656
Atlantic Grupa DD		1,465		194,727
Atlantska Plovidba DD(1)		17,418		822,899
Ericsson Nikola Tesla DD		7,395		1,363,811
Hrvatski Telekom DD		210,400		5,302,714
INA Industrija Nafte DD(1)		900		416,320
Koncar-Elektroindustrija DD		11,092		1,303,923
Kras DD(1)		4,381		354,702
Ledo DD		978		1,435,592
Petrokemija DD(1)		16,580		43,748
Podravka Prehrambena Industrija DD		19,726		1,172,320
Valamar Riviera DD		878,100		4,992,679
Zagrebacka Banka DD(1)		194,885		1,731,904
			$	22,893,131
Czech Republic — 0.7%
CEZ AS		383,300	$	6,565,216
Komercni Banka AS		240,300		8,497,631
Pegas Nonwovens SA		86,089		2,823,212
Philip Morris CR AS		4,197		2,217,497
Unipetrol AS		209,352		1,608,183
			$	21,711,739
Egypt — 1.3%
Alexandria Mineral Oils Co.		154,593	$	677,515
Arab Cotton Ginning		1,993,380		473,110
Citadel Capital SAE(1)		2,280,400		142,910
Commercial International Bank Egypt SAE		2,349,243		9,480,638
Eastern Tobacco		538,424		5,540,461
Egypt Kuwait Holding Co. SAE		1,862,146		1,211,318
Egyptian Financial Group-Hermes Holding Co.(1)		1,981,023		2,530,458
Egyptian Resorts Co.(1)		4,721,950		272,050
El Ezz Aldekhela Steel Alexandria(1)		4,000		92,644
ElSewedy Electric Co.		529,606		2,339,754
Ezz Steel(1)		1,265,460		1,196,056
Global Telecom Holding SAE(1)		12,928,866		4,816,447
Juhayna Food Industries		4,185,624		1,328,143

Security	Shares		Value
Egypt (continued)
Maridive & Oil Services SAE(1)		2,013,484	$	482,950
Misr Beni-Suef Cement Co.		69,150		73,015
Orascom Telecom Media and Technology Holding SAE(1)		21,964,609		859,082
Oriental Weavers Co.		936,875		861,564
Palm Hills Developments SAE		3,564,918		528,446
Pioneers Holding(1)		953,068		510,892
QNB Alahli Bank SAE(1)		217,171		459,185
Sidi Kerir Petrochemicals Co.		1,365,164		1,444,368
Six of October Development & Investment Co.(1)		382,178		254,682
South Valley Cement(1)		704,261		178,943
Talaat Moustafa Group		2,277,606		1,019,436
Telecom Egypt		1,949,337		1,260,684
			$	38,034,751
Estonia — 0.3%
AS Merko Ehitus		50,618	$	508,495
AS Tallink Grupp		3,623,652		3,733,494
AS Tallinna Kaubamaja Grupp		137,340		1,300,761
AS Tallinna Vesi		58,790		875,859
Nordecon AS		145,374		202,417
Olympic Entertainment Group AS		503,790		979,854
			$	7,600,880
Ghana — 0.1%
Aluworks Ghana, Ltd.(1)		457,409	$	15,204
CAL Bank, Ltd.		1,805,732		314,669
Ghana Commercial Bank, Ltd.		1,626,918		1,484,255
Produce Buying Co., Ltd.(1)		582,428		8,077
Standard Chartered Bank of Ghana, Ltd.		171,500		515,192
			$	2,337,397
Greece — 1.4%
Aegean Airlines SA		78,939	$	564,620
Aegean Marine Petroleum Network, Inc.		66,025		729,576
Alpha Bank AE(1)		994,698		1,765,157
Athens Water Supply & Sewage Co. SA		115,065		664,654
Costamare, Inc.		142,719		757,838
Diana Shipping, Inc.(1)		295,690		1,224,157
Ellaktor SA(1)		552,350		649,770
Eurobank Ergasias SA(1)		668,793		406,104
FF Group(1)		55,250		1,056,794
GasLog, Ltd.		90,055		1,503,918
GEK Terna Holding Real Estate Construction SA(1)		364,739		890,909
Grivalia Properties REIC AE		14,830		126,834

12 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Greece (continued)
Hellenic Exchanges - Athens Stock Exchange SA		230,984	$	1,112,914
Hellenic Petroleum SA(1)		206,636		964,871
Hellenic Telecommunications Organization SA		750,567		6,807,395
JUMBO SA		167,845		2,356,840
Metka Industrial - Construction SA		71,242		496,457
Motor Oil (Hellas) Corinth Refineries SA		152,191		2,182,767
Mytilineos Holdings SA(1)		239,394		1,662,280
National Bank of Greece SA(1)		9,050,198		2,165,685
Navios Maritime Acquisition Corp.		202,800		377,208
Navios Maritime Holdings, Inc.(1)		484,186		949,005
OPAP SA		342,298		3,031,090
Public Power Corp. SA(1)		776,397		2,164,727
StealthGas, Inc.(1)		122,975		478,373
Terna Energy SA		112,955		338,522
Titan Cement Co. SA		229,022		5,142,560
Tsakos Energy Navigation, Ltd.		137,300		649,429
			$	41,220,454
Hungary — 0.7%
Magyar Telekom Telecommunications PLC		1,230,224	$	2,196,704
MOL Hungarian Oil & Gas Rt.		89,320		6,294,456
OTP Bank PLC		210,630		6,476,969
Richter Gedeon Nyrt.		301,264		6,488,418
			$	21,456,547
India — 6.0%
ABB India, Ltd.		19,900	$	321,065
ACC, Ltd.		45,970		958,929
Adani Enterprises, Ltd.		180,900		232,995
Adani Ports and Special Economic Zone, Ltd.		1,184,852		5,144,235
Adani Power, Ltd.(1)		556,250		298,585
Adani Transmission, Ltd.(1)		299,124		278,950
Aditya Birla Fashion and Retail, Ltd.(1)		92,050		203,718
Aditya Birla Nuvo, Ltd.		17,702		354,444
Ambuja Cements, Ltd.		522,500		1,756,995
Asian Paints, Ltd.		180,700		2,584,002
Axis Bank, Ltd.		240,800		1,656,484
Bajaj Auto, Ltd.		47,737		2,001,248
Bank of Baroda(1)		262,300		641,308
Bank of India(1)		247,400		429,163
Bharat Forge, Ltd.		63,650		875,494
Bharat Heavy Electricals, Ltd.		659,700		1,329,130
Bharat Petroleum Corp., Ltd.		159,700		1,607,474
Bharti Airtel, Ltd.		2,225,936		11,445,442
Biocon, Ltd.		60,600		902,484

Security	Shares		Value
India (continued)
Cairn India, Ltd.		279,700	$	1,147,009
Canara Bank(1)		67,631		284,381
Cipla, Ltd.		237,210		2,008,837
Coal India, Ltd.		402,200		1,835,198
Colgate-Palmolive (India), Ltd.		89,800		1,179,277
Container Corp. of India, Ltd.		54,240		955,846
Crompton Greaves Consumer Electricals, Ltd.(1)		213,600		600,727
Crompton Greaves, Ltd.(1)		213,600		202,800
Cummins India, Ltd.		49,900		616,947
Dabur India, Ltd.		504,400		2,052,044
Divi’s Laboratories, Ltd.		93,600		967,171
DLF, Ltd.		88,900		178,192
Dr. Reddy’s Laboratories, Ltd.		48,300		2,160,055
GAIL (India), Ltd.		418,600		2,881,525
GlaxoSmithKline Pharmaceuticals, Ltd.		8,680		347,415
Glenmark Pharmaceuticals, Ltd.		125,460		1,652,901
GMR Infrastructure, Ltd.(1)		1,721,400		323,906
Grasim Industries, Ltd.		40,790		547,173
Gujarat State Petronet, Ltd.		265,747		596,720
HCL Technologies, Ltd.		156,435		1,858,554
HDFC Bank, Ltd.		160,805		3,426,735
Hero MotoCorp, Ltd.		43,600		2,037,636
Hindalco Industries, Ltd.		515,910		1,443,548
Hindustan Petroleum Corp., Ltd.		126,992		979,486
Hindustan Unilever, Ltd.		462,700		5,827,901
Hindustan Zinc, Ltd.		148,400		653,335
Housing Development Finance Corp., Ltd.		192,561		3,885,309
ICICI Bank, Ltd.		430,603		1,704,651
IDBI Bank, Ltd.(1)		367,000		418,995
Idea Cellular, Ltd.		1,816,900		2,952,947
IDFC Bank, Ltd.		260,034		230,268
IDFC, Ltd.(1)		260,034		211,034
IFCI, Ltd.		1,152,200		524,899
Indiabulls Housing Finance, Ltd.		40,115		443,901
Indiabulls Real Estate, Ltd.(1)		91,200		102,304
Indian Hotels Co., Ltd. (The)		164,280		262,714
Indian Oil Corp., Ltd.		317,800		1,713,829
Infosys, Ltd.		507,868		6,952,537
ITC, Ltd.		1,733,990		6,609,953
Jindal Steel & Power, Ltd.(1)		268,800		318,516
JSW Steel, Ltd.		773,000		2,261,123
Kotak Mahindra Bank, Ltd.		110,900		1,268,769
Larsen & Toubro, Ltd.		253,560		5,391,692
LIC Housing Finance, Ltd.		49,663		405,583
Lupin, Ltd.		80,300		1,747,357
Mahindra & Mahindra, Ltd.		105,760		1,940,951

13 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
India (continued)
Maruti Suzuki India, Ltd.		35,750	$	3,114,013
Nestle India, Ltd.		11,930		1,030,885
NMDC, Ltd.		86,003		182,811
NTPC, Ltd.		2,179,200		5,543,989
Oil & Natural Gas Corp., Ltd.		1,077,813		3,215,739
Oracle Financial Services Software, Ltd.		16,500		806,629
Piramal Enterprises, Ltd.		76,807		1,909,160
Power Grid Corporation of India, Ltd.		1,738,500		5,317,603
Reliance Capital, Ltd.		36,735		243,920
Reliance Communications, Ltd.(1)		1,412,060		714,049
Reliance Industries, Ltd.		468,848		7,230,239
Reliance Infrastructure, Ltd.		133,300		1,013,693
Reliance Power, Ltd.(1)		1,400,250		923,609
Siemens, Ltd.		47,180		793,703
State Bank of India		315,179		1,209,458
Steel Authority of India, Ltd.(1)		513,200		482,582
Sun Pharmaceutical Industries, Ltd.		498,368		4,632,679
Sun TV Network, Ltd.		147,473		1,146,870
Suzlon Energy, Ltd.(1)		2,099,450		530,160
Tata Communications, Ltd.		127,400		1,327,828
Tata Consultancy Services, Ltd.		130,227		4,286,516
Tata Global Beverages, Ltd.		279,500		530,484
Tata Motors, Ltd.		362,950		2,805,521
Tata Power Co., Ltd.		1,346,918		1,580,556
Tata Steel, Ltd.		149,296		1,022,037
Tech Mahindra, Ltd.		160,844		1,077,191
Titan Co., Ltd.		234,100		1,253,086
UltraTech Cement, Ltd.		50,000		2,719,991
Unitech, Ltd.(1)		2,836,900		203,587
United Spirits, Ltd.(1)		29,285		942,712
UPL, Ltd.		180,700		1,930,745
Vedanta, Ltd.		674,100		2,529,320
Voltas, Ltd.		296,300		1,424,567
Wipro, Ltd.		180,609		1,227,714
Yes Bank, Ltd.		55,200		1,138,159
Zee Entertainment Enterprises, Ltd.		322,114		2,328,047
			$	177,504,648
Indonesia — 2.8%
Adaro Energy Tbk PT		23,914,000	$	3,039,443
AKR Corporindo Tbk PT		4,864,500		2,432,918
Aneka Tambang Persero Tbk PT(1)		10,251,500		614,666
Astra Argo Lestari Tbk PT		775,000		915,386
Astra International Tbk PT		13,196,100		7,866,929
Bank Central Asia Tbk PT		3,075,800		3,525,348
Bank Danamon Indonesia Tbk PT		1,913,203		596,238

Security	Shares		Value
Indonesia (continued)
Bank Mandiri Persero Tbk PT		2,275,500	$	1,858,584
Bank Negara Indonesia Persero Tbk PT		1,726,700		737,752
Bank Pan Indonesia Tbk PT(1)		4,945,000		305,765
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,068,100		184,094
Bank Rakyat Indonesia Persero Tbk PT		2,419,700		2,124,723
Bank Tabungan Negara Tbk PT		2,513,500		358,751
Berlian Laju Tanker Tbk PT(1)(2)		7,544,500		0
Bumi Serpong Damai Tbk PT		3,215,100		441,005
Charoen Pokphand Indonesia Tbk PT		5,565,200		1,293,394
Energi Mega Persada Tbk PT(1)		64,369,200		395,302
Gudang Garam Tbk PT		295,000		1,364,064
Hanson International Tbk PT(1)		23,744,500		270,284
Indo Tambangraya Megah Tbk PT		652,700		733,635
Indocement Tunggal Prakarsa Tbk PT		2,435,200		2,741,150
Indofood Sukses Makmur Tbk PT		3,485,500		2,068,737
Indosat Tbk PT(1)		1,634,500		789,714
Jasa Marga (Persero) Tbk PT		3,198,000		1,011,519
Kalbe Farma Tbk PT		61,346,500		6,667,705
Lippo Karawaci Tbk PT		6,134,800		337,819
Matahari Department Store Tbk PT		686,300		759,791
Matahari Putra Prima Tbk PT		7,240,000		664,263
Medco Energi Internasional Tbk PT(1)		4,497,500		468,463
Media Nusantara Citra Tbk PT		3,201,000		406,593
Mitra Keluarga Karyasehat Tbk PT		3,345,900		626,713
MNC Investama Tbk PT(1)		49,042,500		517,921
Pembangunan Perumahan Persero Tbk PT		8,311,089		2,235,918
Perusahaan Gas Negara Persero Tbk PT		31,781,800		6,863,693
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,185,000		834,373
Semen Indonesia Persero Tbk PT		5,479,200		3,705,706
Sigmagold Inti Perkasa Tbk PT(1)		17,097,000		103,573
Siloam International Hospitals Tbk PT(1)		2,296,600		2,032,378
Sugih Energy Tbk PT(1)(2)		50,181,300		210,459
Surya Semesta Internusa Tbk PT		14,275,000		679,198
Tambang Batubara Bukit Asam Tbk PT		1,343,500		1,168,364
Telekomunikasi Indonesia Persero Tbk PT		25,815,800		7,483,605
Tower Bersama Infrastructure Tbk PT		2,272,900		842,562
Unilever Indonesia Tbk PT		746,500		2,301,923
United Tractors Tbk PT		2,381,583		3,897,649
Vale Indonesia Tbk PT(1)		5,222,500		926,959
Waskita Karya Persero Tbk PT		4,712,800		904,077
Wijaya Karya Beton Tbk PT		3,158,200		195,202
Wijaya Karya Persero Tbk PT		6,522,800		1,255,995
XL Axiata Tbk PT(1)		2,604,900		567,921
			$	82,328,224

14 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Jordan — 0.7%
Al-Eqbal Investment Co. PLC		70,342	$	2,341,759
Alia The Royal Jordanian Airlines PLC(1)		249,829		169,179
Arab Bank PLC		903,834		7,889,898
Arab Potash Co. PLC		77,671		1,915,290
Bank of Jordan		276,495		1,110,853
Cairo Amman Bank		313,506		796,609
Capital Bank of Jordan(1)		406,376		469,835
Jordan Ahli Bank		431,866		682,110
Jordan Islamic Bank		189,572		1,026,669
Jordan Petroleum Refinery		450,709		2,160,962
Jordan Telecommunications Co.		120,379		367,961
Jordanian Electric Power Co.		366,780		1,226,537
Union Investment Corp. PLC(1)		99,181		163,679
			$	20,321,341
Kazakhstan — 0.8%
Halyk Savings Bank of Kazakhstan JSC GDR(1)(4)		932,400	$	5,462,585
KAZ Minerals PLC(1)		1,382,941		8,205,809
Kazkommertsbank JSC GDR(1)(4)		348,000		522,432
KazMunaiGas Exploration Production GDR(1)(4)		618,674		6,136,944
Kcell JSC GDR(4)		864,603		3,130,420
Nostrum Oil & Gas PLC(1)		239,901		1,427,373
			$	24,885,563
Kenya — 0.6%
ARM Cement, Ltd.(1)		1,653,600	$	309,991
Bamburi Cement Co., Ltd.		564,900		816,721
Barclays Bank of Kenya, Ltd.		9,494,460		668,093
British American Tobacco Kenya, Ltd.		52,000		451,978
Co-operative Bank of Kenya, Ltd. (The)		6,372,864		699,999
East African Breweries, Ltd.		1,825,380		3,956,230
Equity Group Holdings, Ltd.		7,774,500		1,908,922
KCB Group, Ltd.		7,773,320		1,738,590
KenolKobil, Ltd.		5,013,500		607,617
Kenya Electricity Generating Co., Ltd.		983,900		49,829
Kenya Power & Lighting, Ltd.		7,482,654		503,257
Nation Media Group, Ltd.		518,384		374,756
Safaricom, Ltd.		33,072,172		5,910,763
Standard Chartered Bank Kenya, Ltd.		219,542		351,097
			$	18,347,843
Kuwait — 1.8%
Agility Public Warehousing Co. KSC		1,997,092	$	4,839,205
Ahli United Bank		403,540		574,492
Al Ahli Bank of Kuwait KSCP		716,003		763,352

Security	Shares		Value
Kuwait (continued)
ALAFCO Aviation Lease and Finance Co. KSCP		987,277	$	809,975
Boubyan Bank KSCP		589,247		792,285
Boubyan Petrochemicals Co.		1,996,843		3,794,722
Burgan Bank SAK		535,600		580,364
Combined Group Contracting Co. KSC		135,531		222,255
Commercial Bank of Kuwait KSCP		429,459		576,870
Commercial Real Estate Co. KSCC		2,296,205		670,403
Gulf Bank		1,603,698		1,340,947
Gulf Cable & Electrical Industries Co. KSCP(1)		424,072		792,667
Gulf National Holding Co.(1)(2)		595,711		0
Jazeera Airways Co. KSC		299,261		676,984
Kuwait Cement Co.		533,870		804,419
Kuwait Finance House KSCP		2,354,916		4,784,782
Kuwait Food Co. (Americana) SAK		419,000		3,604,873
Kuwait International Bank		556,951		409,011
Kuwait Portland Cement Co. KSC		200,012		708,489
Kuwait Projects Co. Holdings KSC		573,712		1,054,208
Kuwait Real Estate Co. KSC(1)		2,762,965		732,716
Mabanee Co. SAK		481,967		1,406,175
Mezzan Holding Co. KSCC		138,999		455,692
Mobile Telecommunications Co.		6,880,089		11,165,218
National Bank of Kuwait SAK		2,552,000		6,096,551
National Industries Group Holding SAK		2,840,456		1,486,661
National Investment Co.(1)		959,100		454,086
National Real Estate Co. KPSC(1)		862,155		356,195
Qurain Petrochemical Industries Co. KSC		2,293,006		2,143,092
Sultan Center Food Products Co.(1)		3,421,833		1,051,498
Warba Bank KSCP(1)		568,500		443,807
			$	53,591,994
Latvia — 0.0%(5)
Grindeks(1)		42,000	$	212,489
Latvian Shipping Co.(1)		405,000		204,536
			$	417,025
Lebanon — 0.1%
Solidere GDR(4)		331,454	$	3,317,513
Solidere, Class A		89,166		875,293
Solidere, Class B		1,782		17,540
			$	4,210,346
Lithuania — 0.1%
Apranga PVA		278,536	$	814,886
Energijos Skirstymo Operatorius AB		128,934		120,523
Klaipedos Nafta AB		1,345,900		753,922

15 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Lithuania (continued)
Pieno Zvaigzdes		104,200	$	163,011
Rokiskio Suris		122,500		234,924
Siauliu Bankas		1,139,077		565,351
			$	2,652,617
Malaysia — 2.9%
Aeon Co. (M) Bhd		661,200	$	353,359
Airasia Bhd		1,228,200		707,010
Alliance Financial Group Bhd		560,300		475,739
AMMB Holdings Bhd		887,900		918,075
Astro Malaysia Holdings Bhd		979,300		601,362
Axiata Group Bhd		2,706,750		2,892,406
Berjaya Corp. Bhd		2,090,591		179,101
Berjaya Sports Toto Bhd		830,250		549,236
Boustead Holdings Bhd		834,694		505,094
British American Tobacco Malaysia Bhd		109,700		1,148,758
Bumi Armada Bhd(1)		3,133,350		431,629
Bursa Malaysia Bhd		344,900		691,870
CIMB Group Holdings Bhd		892,200		1,001,521
Dialog Group Bhd		3,532,614		1,220,102
Digi.com Bhd		1,873,500		2,097,435
Felda Global Ventures Holdings Bhd		1,358,400		566,847
Gamuda Bhd		1,290,100		1,401,510
Genting Bhd		1,448,500		2,683,017
Genting Malaysia Bhd		2,155,600		2,451,647
Genting Plantations Bhd		261,700		644,574
Hartalega Holdings Bhd		118,600		126,312
Hong Leong Bank Bhd		382,900		1,139,697
Hong Leong Financial Group Bhd		276,000		915,002
IHH Healthcare Bhd		4,325,800		6,138,235
IJM Corp. Bhd		2,147,680		1,605,250
IOI Corp. Bhd		2,439,818		2,429,781
IOI Properties Group Bhd		1,044,058		504,386
KLCCP Stapled Group		399,100		719,388
KNM Group Bhd(1)		5,003,150		389,831
Kuala Lumpur Kepong Bhd		358,700		1,951,834
Lafarge Malaysia Bhd		942,950		1,469,809
Magnum Bhd		940,340		456,477
Malayan Banking Bhd		1,117,087		2,073,135
Malaysia Airports Holdings Bhd		342,800		478,848
Malaysia Marine and Heavy Engineering Holdings Bhd(1)		739,000		166,865
Malaysian Resources Corp. Bhd		761,400		245,849
Maxis Bhd		1,737,900		2,413,504
Media Prima Bhd		575,000		132,427
MISC Bhd		482,400		797,235

Security	Shares		Value
Malaysia (continued)
MMC Corp. Bhd		1,217,800	$	642,033
My EG Services Bhd		727,950		261,336
Nestle Malaysia Bhd		12,300		211,069
Petronas Chemicals Group Bhd		4,123,000		6,630,711
Petronas Dagangan Bhd		507,500		2,696,107
Petronas Gas Bhd		378,800		1,787,885
PPB Group Bhd		404,100		1,484,873
Press Metal Bhd		4,114,320		1,906,027
Public Bank Bhd		461,120		2,092,340
RHB Bank Bhd		957,200		1,058,967
Sapurakencana Petroleum Bhd(1)		5,340,168		2,074,704
Silverlake Axis, Ltd.		703,200		290,161
Sime Darby Bhd		1,405,839		2,826,595
Sunway Bhd		304,600		208,898
Supermax Corp. Bhd		1,732,700		816,841
Telekom Malaysia Bhd		1,249,900		1,679,280
Tenaga Nasional Bhd		2,232,625		6,748,341
Top Glove Corp. Bhd		1,427,800		1,678,296
UEM Sunrise Bhd		1,683,050		418,116
UMW Holdings Bhd		448,400		571,873
UMW Oil & Gas Corp. Bhd(1)		549,700		86,873
Unisem (M) Bhd		2,784,300		1,584,336
WCT Holdings Bhd		730,311		301,855
YTL Corp. Bhd		2,863,465		983,414
YTL Power International Bhd		1,883,197		608,188
			$	85,323,276
Mauritius — 0.7%
Alteo, Ltd.		637,758	$	539,287
CIEL, Ltd.		1,576,086		279,431
CIM Financial Services, Ltd.		4,084,801		909,952
LUX Island Resorts, Ltd.		947,976		1,573,185
MCB Group, Ltd.		1,428,389		8,920,254
New Mauritius Hotels, Ltd.		4,396,329		2,611,852
Phoenix Beverages, Ltd.		7,498		88,544
Rogers & Co., Ltd.		2,004,091		1,663,368
SBM Holdings, Ltd.		16,378,248		3,262,438
Sun, Ltd., Class A(1)		449,032		491,436
Terra Mauricia, Ltd.		782,038		704,277
United Basalt Products, Ltd.		334,219		949,967
			$	21,993,991
Mexico — 5.8%
Alfa SAB de CV, Series A		6,232,872	$	8,087,924
Alsea SAB de CV		694,800		2,011,083

16 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Mexico (continued)
America Movil SAB de CV, Series L		28,151,150	$	17,711,324
America Movil SAB de CV, Series L ADR		528,801		6,668,181
Arca Continental SAB de CV		490,380		2,636,790
Bolsa Mexicana de Valores SAB de CV		1,503,700		2,047,861
Cemex SAB de CV ADR(1)		1,109,613		10,275,016
Cemex SAB de CV, Series CPO(1)		9,117,399		8,425,074
Coca-Cola Femsa SAB de CV, Series L		319,500		1,979,495
El Puerto de Liverpool SAB de CV		163,780		1,032,780
Empresas ICA SAB de CV(1)		2,747,100		364,901
Fibra Uno Administracion SA de CV		2,054,090		2,943,209
Fomento Economico Mexicano SAB de CV ADR		16,100		1,211,203
Fomento Economico Mexicano SAB de CV, Series UBD		1,189,956		8,962,831
Genomma Lab Internacional SAB de CV(1)		2,778,500		2,893,952
Gentera SAB de CV		2,669,400		3,897,822
Grupo Aeroportuario del Pacifico SAB de CV, Class B		498,387		3,863,106
Grupo Aeroportuario del Sureste SAB de CV, Class B		249,115		3,617,116
Grupo Bimbo SAB de CV, Series A		1,632,945		3,601,273
Grupo Carso SAB de CV, Series A1		1,017,000		4,074,145
Grupo Elektra SAB de CV		98,898		1,275,736
Grupo Financiero Banorte SAB de CV, Class O		2,178,600		10,441,944
Grupo Financiero Inbursa SAB de CV, Class O		4,335,500		6,444,985
Grupo Mexico SAB de CV, Series B		4,508,679		13,564,846
Grupo Sanborns SAB de CV		226,889		226,307
Grupo Simec SA de CV, Series B(1)		133,800		617,302
Grupo Televisa SAB ADR		431,500		9,665,600
Grupo Televisa SAB, Series CPO		1,550,600		6,927,825
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		1,038,200		1,244,635
Industrias CH SAB de CV, Series B(1)		225,500		1,427,386
Industrias Penoles SAB de CV		188,600		4,459,167
Infraestructura Energetica Nova SAB de CV		180,000		794,111
Kimberly-Clark de Mexico SAB de CV, Class A		1,219,500		2,194,732
Mexichem SAB de CV		1,520,399		3,605,329
Minera Frisco SAB de CV(1)		714,800		585,798
OHL Mexico SAB de CV(1)		438,300		413,845
Organizacion Soriana SAB de CV, Class B(1)		120,000		253,195
Promotora y Operadora de Infraestructura SAB de CV		434,500		3,798,372
Telesites SAB de CV(1)		1,386,268		813,672
Ternium SA ADR		46,000		1,051,560
TV Azteca SAB de CV, Series CPO		1,240,300		197,463
Wal-Mart de Mexico SAB de CV, Series V		3,152,980		5,579,157
			$	171,888,053
Morocco — 0.8%
Attijariwafa Bank		84,175	$	3,547,761
Banque Centrale Populaire		71,323		2,004,807

Security	Shares		Value
Morocco (continued)
BMCE Bank		63,923	$	1,376,008
Cosumar		61,500		2,431,506
Douja Promotion Groupe Addoha SA		160,235		770,537
Label Vie		3,100		429,965
LafargeHolcim Maroc SA		19,430		4,930,171
Lesieur Cristal		53,800		792,566
Managem SA		4,800		565,413
Maroc Telecom		299,850		4,584,629
Samir(1)(2)		15,717		0
Taqa Morocco		13,828		1,108,124
			$	22,541,487
Nigeria — 0.6%
Access Bank PLC		26,850,917	$	583,750
Dangote Cement PLC		4,601,375		2,500,912
Dangote Sugar Refinery PLC		5,586,250		115,733
Diamond Bank PLC(1)		16,654,000		51,301
Ecobank Transnational, Inc.		14,145,874		469,266
FBN Holdings PLC		40,511,481		462,744
FCMB Group PLC		14,697,603		63,906
Fidelity Bank PLC		22,430,824		67,432
Flour Mills of Nigeria PLC		2,057,956		122,072
Forte Oil PLC		1,622,126		377,940
Guaranty Trust Bank PLC		28,968,558		2,239,537
Guiness Nigeria PLC		956,691		200,677
Lafarge Africa PLC		5,098,121		677,293
Lekoil, Ltd.(1)		2,651,411		944,663
Nestle Nigeria PLC		413,429		963,633
Nigerian Breweries PLC		4,747,707		2,176,016
Oando PLC(1)		27,394,906		418,746
PZ Cussons Nigeria PLC		2,100,282		93,005
SEPLAT Petroleum Development Co. PLC(3)		996,758		846,294
Skye Bank PLC(1)		16,828,665		27,618
Stanbic IBTC Holdings PLC		1,977,675		110,458
Transnational Corp. of Nigeria PLC(1)		19,112,836		50,328
UAC of Nigeria PLC		4,651,935		250,053
Unilever Nigeria PLC		2,740,833		300,144
United Bank for Africa PLC		29,618,308		462,674
Zenith Bank PLC		31,763,724		1,632,192
			$	16,208,387
Oman — 0.7%
Al Anwar Ceramic Tiles Co.		1,033,027	$	416,532
Bank Dhofar SAOG		1,944,308		1,313,045
Bank Muscat SAOG		2,520,080		2,995,881

17 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Oman (continued)
Bank Sohar SAOG		2,460,446	$	1,008,658
Dhofar International Development & Investment Holding SAOG		339,824		300,195
HSBC Bank Oman SAOG		915,535		294,797
National Bank of Oman SAOG		1,553,852		977,004
Oman Cables Industry SAOG		127,600		530,216
Oman Cement Co. SAOG		951,260		1,210,651
Oman Flour Mills Co. SAOG		90,796		188,732
Oman Telecommunications Co. SAOG		936,551		3,491,524
Omani Qatari Telecommunications Co. SAOG		731,509		1,185,824
Ominvest		1,311,446		1,771,442
Phoenix Power Co. SAOC		2,829,100		1,066,065
Raysut Cement Co. SAOG		634,342		2,429,411
Renaissance Services SAOG(1)		1,523,972		870,372
Sembcorp Salalah Power & Water Co.		1,120,000		696,282
			$	20,746,631
Pakistan — 1.5%
Adamjee Insurance Co., Ltd.		1,115,744	$	777,558
Bank Alfalah, Ltd.		2,236,538		885,340
Cherat Cement Co., Ltd.		231,500		401,903
D.G. Khan Cement Co., Ltd.		322,232		710,190
Engro Corp., Ltd.		487,387		1,567,006
Engro Fertilizers, Ltd.		610,528		416,407
Engro Foods, Ltd.(1)		512,800		949,158
Fatima Fertilizer Co., Ltd.		680,500		250,649
Fauji Cement Co., Ltd.		1,580,000		683,008
Fauji Fertilizer Bin Qasim, Ltd.		1,026,000		509,385
Fauji Fertilizer Co., Ltd.		1,398,110		1,545,349
Ferozsons Laboratories, Ltd.		38,000		246,006
Habib Bank, Ltd.		1,125,817		2,805,533
Hub Power Co., Ltd.		3,388,900		4,468,723
K-Electric, Ltd.(1)		11,230,000		1,120,798
Kot Addu Power Co., Ltd.		1,364,400		1,048,309
Lucky Cement, Ltd.		303,500		2,432,109
Maple Leaf Cement Factory, Ltd.		555,500		710,199
Mari Petroleum Co., Ltd.		43,100		530,628
MCB Bank, Ltd.		1,209,730		2,812,454
Millat Tractors, Ltd.		97,690		1,013,552
National Bank of Pakistan		672,540		480,589
Nishat Mills, Ltd.		2,394,071		3,659,244
Oil & Gas Development Co., Ltd.		1,122,391		1,717,456
Pak Elektron, Ltd.		892,000		722,880
Pak Suzuki Motor Co., Ltd.		106,700		709,145
Pakistan Oilfields, Ltd.		188,600		889,934
Pakistan Petroleum, Ltd.		837,777		1,421,227

Security	Shares		Value
Pakistan (continued)
Pakistan State Oil Co., Ltd.		422,920	$	1,819,566
Pakistan Telecommunication Co., Ltd.		1,949,200		348,555
Searle Co., Ltd. (The)		526,944		3,488,418
SUI Southern Gas Co., Ltd.(1)		1,500,051		514,882
TRG Pakistan(1)		1,992,000		1,040,850
United Bank, Ltd.		556,245		1,248,502
			$	43,945,512
Panama — 0.3%
Copa Holdings SA, Class A		85,954	$	8,379,655
			$	8,379,655
Peru — 1.5%
Alicorp SAA		2,988,077	$	6,860,428
Banco Continental SA		503,172		646,078
Cementos Pacasmayo SAA		241,600		465,326
Cia de Minas Buenaventura SA ADR		281,597		3,883,223
Cia Minera Milpo SA		676,862		699,417
Credicorp, Ltd.		85,200		13,945,536
Engie Energia Peru SA		15,994		43,860
Ferreycorp SAA		3,485,530		1,918,054
Grana y Montero SAA		1,558,220		1,433,886
Intercorp Financial Services, Inc.		58,290		1,865,280
Minsur SA(1)		1,225,991		524,729
Sociedad Minera Cerro Verde SAA(1)		26,791		616,193
Southern Copper Corp.		278,776		10,693,847
Union Andina de Cementos SAA		179,177		132,561
Volcan Cia Minera SAA, Class B		3,886,275		974,242
			$	44,702,660
Philippines — 2.9%
Aboitiz Equity Ventures, Inc.		1,860,100	$	2,780,041
Aboitiz Power Corp.		3,330,700		2,822,324
ABS-CBN Holdings Corp. PDR		138,370		132,111
Alliance Global Group, Inc.		2,794,300		704,549
Ayala Corp.		199,995		3,217,159
Ayala Land, Inc.		4,864,500		3,477,066
Ayala Land, Inc., PFC Shares(2)		3,951,800		0
Bank of the Philippine Islands		1,270,595		2,288,388
BDO Unibank, Inc.		1,383,464		3,134,937
Bloomberry Resorts Corp.(1)		12,417,700		1,933,122
Cosco Capital, Inc.		3,726,300		687,578
D&L Industries, Inc.		4,814,000		1,190,059
DMCI Holdings, Inc.		3,819,500		992,277
Emperador, Inc.		4,313,300		603,324

18 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Philippines (continued)
Energy Development Corp.		16,100,700	$	1,766,689
Filinvest Land, Inc.		9,303,000		302,935
First Gen Corp.		2,859,922		1,288,673
First Philippine Holdings Corp.		587,500		838,271
Globe Telecom, Inc.		45,740		1,581,661
GT Capital Holdings, Inc.		67,795		1,777,718
Holcim Philippines, Inc.		1,492,000		497,735
International Container Terminal Services, Inc.		666,670		1,036,928
JG Summit Holding, Inc.		2,284,320		3,410,867
Jollibee Foods Corp.		1,179,850		4,873,693
Lopez Holdings Corp.		4,600,000		732,054
LT Group, Inc.		1,873,000		493,083
Manila Electric Co.		523,630		2,997,790
Manila Water Co.		1,633,000		990,655
Megaworld Corp.		12,596,000		929,814
Melco Crown Philippines Resorts Corp.(1)		3,711,400		358,528
Metro Pacific Investments Corp.		7,682,400		1,053,457
Metropolitan Bank & Trust Co.		1,171,246		1,918,679
Nickel Asia Corp.		5,281,800		721,768
Petron Corp.		4,267,400		796,695
Philex Mining Corp.		6,094,825		1,131,715
PLDT, Inc.		214,145		6,330,072
Puregold Price Club, Inc.		2,240,100		1,945,426
Robinsons Land Corp.		1,187,900		599,707
Robinsons Retail Holdings, Inc.		1,269,250		2,015,451
San Miguel Corp.		375,000		738,599
Security Bank Corp.		243,300		1,043,027
Semirara Mining & Power Corp.		1,132,230		3,076,487
SM Investments Corp.		383,703		5,322,101
SM Prime Holdings, Inc.		9,538,699		5,696,028
SSI Group, Inc.(1)		2,061,000		108,617
Travellers International Hotel Group, Inc.		3,521,900		231,239
Universal Robina Corp.		1,858,330		6,089,399
Vista Land & Lifescapes, Inc.		3,675,000		374,563
			$	87,033,059
Poland — 3.2%
Agora SA		125,463	$	421,048
Alior Bank SA(1)		65,097		993,057
AmRest Holdings SE(1)		12,198		999,011
Asseco Poland SA		512,726		7,366,115
Bank Handlowy w Warszawie SA		50,570		970,400
Bank Millennium SA(1)		687,285		1,010,039
Bank Pekao SA		166,082		5,618,683
Bank Zachodni WBK SA		19,800		1,706,249
Boryszew SA(1)		122,670		347,858

Security	Shares		Value
Poland (continued)
Budimex SA		33,545	$	1,810,040
CCC SA		62,606		3,233,748
Ciech SA		42,262		726,648
Cyfrowy Polsat SA(1)		721,896		4,369,045
Enea SA(1)		456,516		1,155,801
Energa SA		571,000		1,456,458
Eurocash SA		354,600		3,533,591
Getin Noble Bank SA(1)		774,062		319,463
Grupa Azoty SA		103,094		1,768,645
Grupa Lotos SA(1)		101,253		954,211
ING Bank Slaski SA		47,450		2,099,621
Jastrzebska Spolka Weglowa SA(1)		115,853		1,937,542
KGHM Polska Miedz SA		246,347		7,640,682
KOPEX SA(1)		125,900		118,250
LPP SA		2,121		2,702,787
Lubelski Wegiel Bogdanka SA(1)		12,326		199,869
mBank SA(1)		23,504		2,222,000
Netia SA		1,111,077		1,244,098
Orange Polska SA		2,173,916		2,933,063
PGE SA		2,413,400		6,589,727
PKP Cargo SA(1)		51,483		686,238
Polski Koncern Naftowy ORLEN SA		335,852		6,815,694
Polskie Gornictwo Naftowe i Gazownictwo SA		2,266,356		3,112,289
Powszechna Kasa Oszczednosci Bank Polski SA(1)		886,210		6,798,992
Powszechny Zaklad Ubezpieczen SA		711,945		6,264,916
Synthos SA(1)		1,223,139		1,832,772
Tauron Polska Energia SA(1)		3,279,494		2,416,554
			$	94,375,204
Qatar — 1.4%
Aamal Co. QSC(1)		230,040	$	945,898
Al Meera Consumer Goods Co.		12,300		604,701
Barwa Real Estate Co.		93,367		893,254
Commercial Bank QSC (The)		123,600		1,110,287
Doha Bank QSC		125,995		1,254,124
Gulf International Services QSC		124,213		1,021,859
Industries Qatar		130,200		4,095,843
Masraf Al Rayan QSC		267,194		2,939,469
Medicare Group		18,044		319,824
Ooredoo QSC		171,500		4,946,250
Qatar Electricity & Water Co. QSC		65,558		4,159,138
Qatar Gas Transport Co., Ltd.		368,081		2,433,154
Qatar Insurance Co.		78,371		1,844,374
Qatar International Islamic Bank		45,943		854,227
Qatar Islamic Bank		54,850		1,599,373
Qatar National Bank SAQ		138,467		6,186,220

19 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Qatar (continued)
Qatar National Cement Co. QSC		34,787	$	859,377
Qatar Navigation QSC		61,021		1,565,217
Qatari Investors Group		99,029		1,506,586
United Development Co. QSC		117,835		729,146
Vodafone Qatar QSC(1)		726,000		1,872,892
			$	41,741,213
Romania — 0.8%
Banca Transilvania SA		10,130,703	$	5,745,572
BRD-Groupe Societe Generale SA		1,062,213		2,932,624
OMV Petrom SA(1)		45,352,995		3,083,930
Societatea Energetica Electrica SA		622,400		2,110,056
Societatea Nationala de Gaze Naturale ROMGAZ SA		407,654		2,690,418
Societatea Nationala Nuclearelectrica SA		794,100		1,151,766
Transelectrica SA		426,930		3,320,857
Transgaz SA Medias		19,337		1,500,473
			$	22,535,696
Russia — 5.8%
Aeroflot PJSC(1)		1,322,156	$	3,820,353
Evraz PLC(1)		626,150		1,761,216
Federal Grid Co. Unified Energy System PJSC		540,855,440		2,087,223
Gazprom PJSC ADR		3,157,995		15,668,957
Globaltrans Investment PLC GDR(4)		207,458		1,311,453
Inter RAO UES PJSC		55,826,070		3,780,084
Lenta, Ltd. GDR(1)(4)		133,659		1,054,387
LSR Group PJSC GDR(4)		186,400		693,163
Lukoil PJSC ADR		229,382		12,926,766
Luxoft Holding, Inc.(1)		13,100		770,935
Magnit PJSC		62,447		10,016,861
Magnit PJSC GDR(4)		109,571		4,022,257
Magnitogorsk Iron & Steel OJSC GDR(4)		105,708		888,437
Mail.ru Group, Ltd. GDR(1)(4)		232,150		4,216,088
Mechel PJSC ADR(1)		189,000		1,135,890
MegaFon PJSC GDR(4)		183,402		1,993,436
MMC Norilsk Nickel PJSC ADR		592,237		9,605,163
Mobile TeleSystems PJSC		1,790,717		8,258,207
Moscow Exchange MICEX-RTS PJSC		1,214,410		2,723,520
Mosenergo PJSC		8,811,603		415,754
Novatek PJSC GDR(4)		39,308		5,002,240
Novolipetsk Steel PJSC GDR		131,400		2,596,936
PhosAgro PJSC GDR(4)		28,064		430,949
PIK Group PJSC(1)		12,354		58,529
PIK Group PJSC GDR(1)(4)		166,400		833,284
Polymetal International PLC		295,128		3,432,412

Security	Shares		Value
Russia (continued)
QIWI PLC ADR		51,408	$	704,804
Rosneft Oil Co. PJSC GDR(4)		613,543		4,068,301
Rosseti PJSC		55,688,187		1,147,910
Rostelecom PJSC		1,333,677		1,858,754
RusHydro PJSC		207,008,080		3,571,658
Sberbank of Russia PJSC		6,345,948		18,172,582
Severstal PJSC GDR(4)		230,664		3,664,024
Sistema PJSC FC		8,496,578		3,372,343
Sollers PJSC(1)		24,262		259,909
Surgutneftegas OJSC ADR		576,704		3,099,469
Surgutneftegas OJSC, PFC Shares		4,601,400		2,638,866
Tatneft PJSC ADR		148,800		6,066,152
TMK PJSC GDR(4)		64,757		347,372
Transneft PJSC, PFC Shares		945		3,226,132
Unipro PJSC		8,737,000		410,971
VimpelCom, Ltd. ADR		410,184		1,735,078
VTB Bank PJSC		2,064,590,000		2,370,941
X5 Retail Group NV GDR(1)(4)		199,309		6,691,832
Yandex NV, Class A(1)		367,800		8,510,892
			$	171,422,490
Slovenia — 0.8%
Cinkarna Celje DD		6,272	$	1,181,753
Gorenje DD(1)		287,200		1,953,032
KRKA DD		100,252		5,634,348
Luka Koper		94,050		2,681,484
Petrol		9,784		3,437,725
Sava Reinsurance Co.		179,037		2,858,153
Telekom Slovenije DD		27,437		2,397,918
Zavarovalnica Triglav DD		92,989		2,488,777
			$	22,633,190
South Africa — 5.8%
AECI, Ltd.		73,130	$	558,859
African Bank Investments, Ltd.(1)(2)		1,537,194		0
African Rainbow Minerals, Ltd.		94,900		849,934
Anglo American Platinum, Ltd.(1)		58,680		1,536,255
AngloGold Ashanti, Ltd.(1)		341,930		4,345,190
Aspen Pharmacare Holdings, Ltd.		392,807		8,986,894
Astral Foods, Ltd.		18,500		207,263
Aveng, Ltd.(1)		939,990		509,123
AVI, Ltd.		281,000		1,915,349
Barclays Africa Group, Ltd.		126,562		1,490,574
Barloworld, Ltd.		662,120		5,443,994
Bid Corp., Ltd.		366,496		6,358,641

20 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
South Africa (continued)
Bidvest Group, Ltd. (The)		605,796	$	7,134,282
Capitec Bank Holdings, Ltd.		37,400		1,954,499
Clicks Group, Ltd.		167,700		1,518,057
DataTec, Ltd.		160,600		620,956
Discovery, Ltd.		96,631		824,696
Exxaro Resources, Ltd.		118,010		934,558
FirstRand, Ltd.		843,545		3,142,303
Foschini Group, Ltd. (The)		63,545		759,973
Gold Fields, Ltd.		509,300		1,761,134
Grindrod, Ltd.		340,300		357,129
Group Five, Ltd.		81,460		145,717
Growthpoint Properties, Ltd.		1,042,876		2,040,376
Harmony Gold Mining Co., Ltd.		374,410		943,442
Hyprop Investments, Ltd.		92,800		825,508
Impala Platinum Holdings, Ltd.(1)		533,748		2,127,099
Imperial Holdings, Ltd.		78,001		968,436
Investec, Ltd.		182,794		1,292,025
JSE, Ltd.		105,800		1,268,572
Kumba Iron Ore, Ltd.(1)		66,960		1,032,755
Lewis Group, Ltd.		62,700		191,013
Liberty Holdings, Ltd.		107,168		877,769
Life Healthcare Group Holdings, Ltd.		1,510,419		3,762,436
Massmart Holdings, Ltd.		149,614		1,498,102
Mediclinic International PLC		253,849		2,486,969
MMI Holdings, Ltd.		692,950		1,274,834
Mondi, Ltd.		91,130		2,008,848
Mr Price Group, Ltd.		91,080		1,102,570
MTN Group, Ltd.		1,815,795		16,932,010
Murray & Roberts Holdings, Ltd.		915,850		755,816
Nampak, Ltd.		465,438		649,185
Naspers, Ltd., Class N		98,247		15,651,910
Nedbank Group, Ltd.		104,031		1,794,433
Netcare, Ltd.		1,305,994		3,141,159
Northam Platinum, Ltd.(1)		207,738		790,725
Pick’n Pay Stores, Ltd.		371,278		1,886,167
PPC, Ltd.		468,427		237,918
Rand Merchant Investment Holdings, Ltd.		479,034		1,389,159
Redefine Properties, Ltd.		2,311,150		1,914,599
Remgro, Ltd.		167,010		2,796,551
Reunert, Ltd.		407,260		2,074,081
RMB Holdings, Ltd.		388,133		1,872,630
Sanlam, Ltd.		427,873		2,066,993
Sappi, Ltd.(1)		345,500		2,221,499
Sasol, Ltd.		269,000		8,024,799
Shoprite Holdings, Ltd.		352,900		4,684,302
Sibanye Gold, Ltd.		503,600		1,138,610

Security	Shares		Value
South Africa (continued)
SPAR Group, Ltd. (The)		147,000	$	2,073,493
Standard Bank Group, Ltd.		298,646		3,193,627
Steinhoff International Holdings NV		787,883		3,790,474
Sun International, Ltd.		30,482		198,725
Telkom SA SOC, Ltd.		309,050		1,693,680
Tiger Brands, Ltd.		142,550		4,302,614
Tongaat Hulett, Ltd.		99,910		993,925
Truworths International, Ltd.		300,800		1,806,284
Vodacom Group, Ltd.		613,500		6,875,269
Wilson Bayly Holmes-Ovcon, Ltd.		106,200		1,153,813
Woolworths Holdings, Ltd.		287,328		1,578,591
			$	172,739,175
South Korea — 5.8%
AMOREPACIFIC Corp.		12,580	$	3,433,568
AMOREPACIFIC Group		6,000		700,094
Asiana Airlines, Inc.(1)		92,200		331,900
BNK Financial Group, Inc.		68,935		505,941
Celltrion, Inc.(1)		76,365		6,599,244
Cheil Worldwide, Inc.		51,100		815,442
CJ CheilJedang Corp.		6,096		1,861,868
CJ Corp.		3,500		549,568
CJ Korea Express Corp.(1)		4,349		610,802
CJ O Shopping Co., Ltd.		3,130		432,847
Coway Co., Ltd.		14,240		1,070,822
Daelim Industrial Co., Ltd.		8,650		626,488
Daesang Corp.		8,000		173,545
Daewoo Engineering & Construction Co., Ltd.(1)		65,741		293,631
Daewoo Industrial Development Co., Ltd.(1)		3,657		4,091
Daewoo Shipbuilding & Marine Engineering Co., Ltd.(1)(2)		45,532		0
Daewoong Pharmaceutical Co., Ltd.		5,630		331,652
DGB Financial Group Co., Ltd.		65,650		557,567
Dong-A Pharmaceutical Co., Ltd.		2,407		259,973
Dong-A ST Co., Ltd.		4,078		310,623
Dongbu Insurance Co., Ltd.		9,940		506,457
Dongkuk Steel Mill Co., Ltd.(1)		67,733		712,171
Doosan Corp.		6,101		551,788
Doosan Heavy Industries & Construction Co., Ltd.		23,400		554,364
Doosan Infracore Co., Ltd.(1)		34,600		256,988
E-MART, Inc.		10,328		1,808,038
GS Engineering & Construction Corp.(1)		19,935		475,120
GS Holdings Corp.		55,400		2,439,411
Hana Financial Group, Inc.		61,100		1,811,662
Hanjin Kal Corp.		19,283		253,458
Hankook Tire Co., Ltd.		21,623		1,055,185

21 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
Hanmi Pharmaceutical Co., Ltd.		8,257	$	2,050,733
Hanmi Science Co., Ltd.		8,300		413,347
Hansol Holdings Co., Ltd.(1)		37,566		199,314
Hansol Paper Co., Ltd.		22,933		403,796
Hanwha Chemical Corp.		47,550		1,068,146
Hanwha Corp.		21,390		649,102
Hanwha Techwin Co., Ltd.		9,095		326,744
Hite-Jinro Co., Ltd.		20,121		360,107
Hyosung Corp.		11,000		1,282,342
Hyundai Department Store Co., Ltd.		7,615		629,960
Hyundai Development Co. Engineering & Construction		15,700		590,745
Hyundai Engineering & Construction Co., Ltd.		29,816		1,067,293
Hyundai Glovis Co., Ltd.		7,670		1,027,070
Hyundai Heavy Industries Co., Ltd.(1)		11,670		1,330,861
Hyundai Marine & Fire Insurance Co., Ltd.		27,100		702,359
Hyundai Merchant Marine Co., Ltd.(1)		9,828		64,514
Hyundai Mipo Dockyard Co., Ltd.(1)		5,275		261,128
Hyundai Mobis Co., Ltd.		16,464		3,425,106
Hyundai Motor Co.		42,300		5,092,422
Hyundai Steel Co.		33,550		1,682,472
Hyundai Wia Corp.		5,400		300,557
Industrial Bank of Korea		66,080		721,815
Kakao Corp.		5,600		374,924
Kangwon Land, Inc.		50,840		1,432,810
KB Financial Group, Inc.		88,779		3,592,472
KB Insurance Co., Ltd.		16,900		358,146
KCC Corp.		2,345		701,068
Kia Motors Corp.		53,420		1,674,326
Korea Electric Power Corp.		221,620		8,116,393
Korea Gas Corp.		39,170		1,564,275
Korea Investment Holdings Co., Ltd.		13,590		545,054
Korea Zinc Co., Ltd.		4,875		2,061,659
Korean Air Lines Co., Ltd.(1)		10,010		227,522
Korean Reinsurance Co.		60,400		564,420
KT Corp.		69,653		1,762,765
KT Corp. ADR(1)		16,800		249,816
KT&G Corp.		51,115		4,427,793
Kumho Petrochemical Co., Ltd.		12,900		914,314
LG Chem, Ltd.		17,344		3,911,004
LG Corp.		29,710		1,515,856
LG Display Co., Ltd.		37,882		999,391
LG Electronics, Inc.		39,320		1,879,102
LG Hausys, Ltd.		2,858		239,985
LG Household & Health Care, Ltd.		5,450		4,121,159
LG International Corp.		20,600		573,225
LG Uplus Corp.		207,920		2,042,276

Security	Shares		Value
South Korea (continued)
Lotte Chemical Corp.		6,079	$	1,969,950
LOTTE Fine Chemical Co., Ltd.		18,150		479,358
Lotte Shopping Co., Ltd.		5,065		985,572
LS Corp.		7,030		380,014
LS Industrial Systems Co., Ltd.		9,200		334,639
Medy-Tox, Inc.		3,894		1,388,895
Mirae Asset Daewoo Co., Ltd.		114,190		866,370
Naver Corp.		2,579		1,684,637
NCsoft Corp.		2,450		641,439
NH Investment & Securities Co., Ltd.		42,208		415,473
NHN Entertainment Corp.(1)		4,718		215,173
Nong Shim Co., Ltd.		3,700		1,013,383
OCI Co., Ltd.(1)		11,537		853,301
ORION Corp.		1,600		893,971
POSCO		24,375		5,697,049
Posco Daewoo Corp.		21,675		475,605
S-Oil Corp.		36,885		2,576,162
S1 Corp.		9,450		685,703
Samsung C&T Corp.		17,126		1,858,217
Samsung Card Co., Ltd.		8,160		275,809
Samsung Electro-Mechanics Co., Ltd.		17,390		849,281
Samsung Electronics Co., Ltd.		8,798		14,963,418
Samsung Fire & Marine Insurance Co., Ltd.		9,974		2,310,818
Samsung Heavy Industries Co., Ltd.(1)		67,350		603,218	��
Samsung Life Insurance Co., Ltd.		20,310		1,940,606
Samsung SDI Co., Ltd.		10,466		1,040,078
Samsung Securities Co., Ltd.		16,440		459,026
Shinhan Financial Group Co., Ltd.		101,140		3,997,282
Shinsegae, Inc.		5,075		768,495
SK Chemicals Co., Ltd.		15,660		800,682
SK Holdings Co., Ltd.		9,084		1,692,568
SK Hynix, Inc.		52,933		2,444,652
SK Innovation Co., Ltd.		61,379		8,315,006
SK Networks Co., Ltd.		64,010		364,589
SK Telecom Co., Ltd.		35,900		6,882,263
ViroMed Co., Ltd.(1)		9,440		848,035
Woori Bank		82,986		936,813
Yuanta Securities Korea Co., Ltd.(1)		78,565		228,778
Yuhan Corp.		6,540		1,059,663
Zyle Daewoo Motor Sales Corp.(1)		5,113		5,940
			$	171,595,927
Sri Lanka — 0.7%
Access Engineering PLC		3,199,414	$	527,685
Aitken Spence PLC		1,072,547		435,411
Ceylon Tobacco Co. PLC		140,993		761,094

22 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Sri Lanka (continued)
Chevron Lubricants Lanka PLC		2,003,628	$	2,196,886
Commercial Bank of Ceylon PLC		2,055,886		1,980,639
DFCC Bank PLC		293,137		227,818
Dialog Axiata PLC		18,848,970		1,326,758
Hatton National Bank PLC		1,506,539		2,248,722
Hemas Holdings PLC		500,000		335,057
John Keells Holdings PLC		4,765,045		4,434,745
Lanka IOC PLC		1,982,523		396,238
Melstacorp, Ltd.(1)		6,738,108		2,928,055
National Development Bank PLC		744,711		716,712
Nations Trust Bank PLC		376,548		187,610
Sampath Bank PLC		928,788		1,629,607
Teejay Lanka PLC		1,705,074		453,980
			$	20,787,017
Taiwan — 6.0%
AcBel Polytech, Inc.		429,000	$	323,744
Acer, Inc.		1,042,519		481,417
Advanced Semiconductor Engineering, Inc.		928,135		1,022,799
AirTAC International Group		102,150		850,337
Ambassador Hotel		298,000		223,076
AmTRAN Technology Co., Ltd.		650,067		467,490
Asia Cement Corp.		1,507,356		1,292,179
Asia Optical Co., Inc.(1)		198,907		255,057
Asustek Computer, Inc.		125,325		1,095,330
AU Optronics Corp.		1,011,837		418,978
Capital Securities Corp.		711,928		204,614
Catcher Technology Co., Ltd.		140,183		1,143,296
Cathay Financial Holding Co., Ltd.		2,193,533		3,340,486
Center Laboratories, Inc.(1)		475,956		914,104
Chailease Holding Co., Ltd.		425,224		760,686
Chang Hwa Commercial Bank, Ltd.		1,969,025		1,093,404
Cheng Shin Rubber Industry Co., Ltd.		1,362,672		2,712,811
Chicony Electronics Co., Ltd.		339,285		800,416
China Airlines, Ltd.		2,591,887		778,558
China Development Financial Holding Corp.		3,842,050		982,037
China Life Insurance Co., Ltd.		949,954		929,699
China Motor Corp.		881,315		805,716
China Petrochemical Development Corp.(1)		2,633,564		945,726
China Steel Corp.		6,459,734		5,230,218
Chipbond Technology Corp.		359,000		520,222
Chong Hong Construction Co., Ltd.		184,999		383,794
Chunghwa Telecom Co., Ltd.		2,646,746		8,632,890
Clevo Co.		394,155		347,108
Compal Electronics, Inc.		1,015,345		612,611
Coretronic Corp.		389,702		426,402

Security	Shares		Value
Taiwan (continued)
CTBC Financial Holding Co., Ltd.		4,966,275	$	2,828,858
Delta Electronics, Inc.		190,151		1,062,068
Dynapack International Technology Corp.		183,374		215,867
E Ink Holdings, Inc.		545,000		431,103
E.Sun Financial Holding Co., Ltd.		2,482,398		1,466,360
Eclat Textile Co., Ltd.		139,372		1,455,811
Elan Microelectronics Corp.		345,300		378,892
Epistar Corp.(1)		526,472		397,104
EVA Airways Corp.		1,737,249		839,027
Evergreen International Storage & Transport Corp.		868,000		407,573
Evergreen Marine Corp.(1)		2,373,754		981,791
Everlight Electronics Co., Ltd.		406,291		635,602
Far Eastern Department Stores, Ltd.		1,427,995		738,915
Far Eastern New Century Corp.		2,912,695		2,427,542
Far EasTone Telecommunications Co., Ltd.		1,332,084		3,164,976
Faraday Technology Corp.		244,128		251,655
Feng Hsin Steel Co., Ltd.		183,260		280,255
FIH Mobile, Ltd.		1,391,000		446,940
First Financial Holding Co., Ltd.		2,529,988		1,411,851
Formosa Chemicals & Fibre Corp.		1,864,399		5,779,515
Formosa International Hotels Corp.		118,084		625,380
Formosa Petrochemical Corp.		1,005,320		3,434,147
Formosa Plastics Corp.		2,056,896		5,943,251
Formosa Taffeta Co., Ltd.		842,000		810,761
Formosan Rubber Group, Inc.		389,700		197,295
Foxconn Technology Co., Ltd.		288,087		813,083
Fubon Financial Holding Co., Ltd.		2,016,596		3,277,473
Giant Manufacturing Co., Ltd.		262,208		1,723,267
Goldsun Building Materials Co., Ltd.		1,672,928		395,695
Great Wall Enterprise Co., Ltd.		930,888		857,643
Highwealth Construction Corp.		441,669		656,853
Hiwin Technologies Corp.		235,334		1,213,187
Hon Hai Precision Industry Co., Ltd.		1,615,434		4,332,235
Hota Industrial Manufacturing Co., Ltd.		120,658		500,319
Hotai Motor Co., Ltd.		240,000		2,758,025
HTC Corp.(1)		185,535		472,808
Hu Lane Associate, Inc.		181,000		849,894
Hua Nan Financial Holdings Co., Ltd.		2,635,315		1,385,982
Innolux Corp.		2,846,762		1,205,932
Inventec Corp.		960,966		722,740
Kenda Rubber Industrial Co., Ltd.		238,367		365,710
Kinpo Electronics, Inc.		2,159,000		866,648
Kinsus Interconnect Technology Corp.		182,000		419,023
Largan Precision Co., Ltd.		9,795		1,401,040
Lite-On Technology Corp.		240,941		363,929
MediaTek, Inc.		151,462		1,036,923

23 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Taiwan (continued)
Medigen Biotechnology Corp.(1)		69,000	$	157,888
Mega Financial Holding Co., Ltd.		2,860,730		2,132,637
Merida Industry Co., Ltd.		233,657		1,217,258
Nan Kang Rubber Tire Co., Ltd.		1,153,253		1,090,536
Nan Ya Plastics Corp.		2,579,214		6,075,546
Neo Solar Power Corp.(1)		685,542		349,447
Novatek Microelectronics Corp., Ltd.		138,942		492,120
Pegatron Corp.		223,028		537,071
Phison Electronics Corp.		68,363		541,164
Pou Chen Corp.		1,957,819		2,480,627
Powertech Technology, Inc.		224,865		616,338
President Chain Store Corp.		619,664		4,635,128
Quanta Computer, Inc.		317,508		647,349
Radiant Opto-Electronics Corp.		141,264		256,811
Radium Life Tech Co., Ltd.(1)		633,422		192,577
Realtek Semiconductor Corp.		164,002		572,352
Ruentex Development Co., Ltd.(1)		437,306		532,858
Ruentex Industries, Ltd.		701,060		1,300,821
Sanyang Motor Co., Ltd.		1,819,866		1,190,087
ScinoPharm Taiwan, Ltd.		245,523		300,261
Shin Kong Financial Holding Co., Ltd.(1)		3,899,606		1,001,635
Shin Kong Synthetic Fibers Corp.		1,321,483		397,362
Siliconware Precision Industries Co., Ltd.		561,243		854,879
Simplo Technology Co., Ltd.		205,889		615,562
Sino-American Silicon Products, Inc.		268,233		341,979
SinoPac Financial Holdings Co., Ltd.		3,681,591		1,086,182
Solar Applied Materials Technology Corp.(1)		336,245		187,053
St. Shine Optical Co., Ltd.		22,000		415,673
Synnex Technology International Corp.		767,358		800,812
Tainan Spinning Co., Ltd.		941,822		411,990
Taishin Financial Holding Co., Ltd.		3,632,309		1,371,632
Taiwan Business Bank		2,269,804		592,997
Taiwan Cement Corp.		1,909,830		2,165,854
Taiwan Cooperative Financial Holding Co., Ltd.		2,454,649		1,121,698
Taiwan Fertilizer Co., Ltd.		615,000		800,042
Taiwan Glass Industry Corp.(1)		542,564		228,930
Taiwan Mobile Co., Ltd.		1,302,296		4,349,850
Taiwan Semiconductor Manufacturing Co., Ltd.		1,679,465		10,007,698
Taiwan Tea Corp.		395,711		192,617
Tatung Co., Ltd.(1)		2,377,785		1,275,995
Teco Electric & Machinery Co., Ltd.		2,247,000		2,031,056
Tong Yang Industry Co., Ltd.		758,608		1,400,361
TPK Holding Co., Ltd.(1)		155,148		289,716
Tripod Technology Corp.		396,535		966,621
TSRC Corp.		693,063		802,112
TTY Biopharm Co., Ltd.		534,330		1,745,602

Security	Shares		Value
Taiwan (continued)
Tung Ho Steel Enterprise Corp.		991,060	$	673,249
U-Ming Marine Transport Corp.		186,000		161,930
Uni-President Enterprises Corp.		4,204,831		7,213,167
Unimicron Technology Corp.		948,000		373,408
United Microelectronics Corp.		2,407,090		874,086
Walsin Lihwa Corp.		2,539,000		987,313
Wan Hai Lines, Ltd.		518,962		288,420
Waterland Financial Holdings		1,147,886		304,839
Wei Chuan Food Corp.(1)		623,000		365,307
Wintek Corp.(1)(2)		1,892,877		0
Wistron Corp.		687,143		586,743
WPG Holdings Co., Ltd.		604,489		723,512
Xxentria Technology Materials Corp.		234,700		569,383
Yageo Corp.		133,593		324,314
Yang Ming Marine Transport(1)		2,468,755		440,872
YFY, Inc.		899,120		312,735
Yieh Phui Enterprise(1)		1,772,943		705,279
Yuanta Financial Holding Co., Ltd.		2,872,629		1,140,631
Yulon Motor Co., Ltd.		1,112,950		979,787
			$	178,025,912
Thailand — 3.0%
Advanced Info Service PCL(6)		999,300	$	4,513,725
Airports of Thailand PCL(6)		259,400		3,054,890
AP Thailand PCL(6)		2,428,300		510,140
Bangkok Bank PCL(6)		230,600		1,143,381
Bangkok Dusit Medical Services PCL(6)		5,594,000		3,524,514
Bangkok Land PCL(6)		13,071,100		705,496
Banpu PCL(6)		1,627,000		897,239
BEC World PCL(6)		1,752,100		880,906
Berli Jucker PCL(6)		1,146,200		1,628,815
BTS Group Holdings PCL(6)		5,448,200		1,292,397
Bumrungrad Hospital PCL(6)		899,500		4,570,956
Central Pattana PCL(6)		537,000		861,904
Central Plaza Hotel PCL(6)		268,400		284,260
CH. Karnchang PCL(6)		442,520		361,500
Charoen Pokphand Foods PCL(6)		2,051,500		1,660,981
CP ALL PCL(6)		1,792,500		3,078,854
Delta Electronics (Thailand) PCL(6)		1,489,900		3,626,158
Electricity Generating PCL(6)		413,800		2,371,908
Glow Energy PCL(6)		877,300		1,943,204
Hana Microelectronics PCL(6)		1,730,900		2,090,057
Home Product Center PCL(6)		3,521,555		994,801
Indorama Ventures PCL(6)		1,672,600		1,662,674
IRPC PCL(6)		7,649,000		1,129,965
Italian-Thai Development PCL(1)(6)		4,208,006		597,833

24 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Thailand (continued)
Jasmine International PCL(6)		662,900	$	165,711
Kasikornbank PCL(6)		408,800		2,190,440
KCE Electronics PCL(6)		281,300		871,487
Khon Kaen Sugar Industry PCL(6)		4,836,480		927,201
Kiatnakin Bank PCL(6)		359,500		582,222
Krung Thai Bank PCL(6)		1,231,400		664,723
L.P.N. Development PCL(6)		1,255,000		427,849
Land & Houses PCL(6)		2,593,500		714,667
Minor International PCL(6)		2,813,577		2,778,618
Pruksa Holding PCL(6)		518,200		342,916
PTT Exploration & Production PCL(6)		647,498		1,802,726
PTT Global Chemical PCL(6)		1,325,000		2,550,251
PTT PCL(6)		394,400		4,526,930
Quality House PCL(6)		8,192,646		614,406
Ratchaburi Electricity Generating Holding PCL(6)		676,000		979,639
Robinson Department Store PCL(6)		644,300		1,060,470
Samart Corp. PCL(6)		2,188,100		1,025,640
Siam Cement PCL(6)		252,800		3,633,894
Siam City Cement PCL(6)		97,390		777,321
Siam Commercial Bank PCL(6)		535,300		2,296,639
Siam Global House PCL, (The)(6)		1,063,000		558,758
Sino-Thai Engineering & Construction PCL(6)		1,167,057		815,644
Superblock PCL(1)(6)		11,910,000		490,556
Thai Airways International PCL(1)(6)		794,000		484,953
Thai Beverage PCL(6)		4,248,200		2,605,329
Thai Oil PCL(6)		611,100		1,245,552
Thai Union Group PCL(6)		1,460,400		862,736
Thanachart Capital PCL(6)		363,800		490,651
Thoresen Thai Agencies PCL(6)		2,584,565		719,445
TMB Bank PCL(6)		11,654,600		774,894
Total Access Communication PCL(6)		1,130,500		1,260,567
TPI Polene PCL(6)		11,119,000		751,796
True Corp. PCL(6)		14,791,190		2,752,456
TTW PCL(6)		3,598,200		1,092,941
			$	87,226,586
Turkey — 3.1%
Akbank TAS(1)		1,842,533	$	4,106,997
Akcansa Cimento AS		126,800		476,643
Aksa Akrilik Kimya Sanayii AS		322,613		899,141
Aksa Enerji Uretim AS(1)		600,923		476,259
Albaraka Turk Katilim Bankasi AS		522,467		168,914
Anadolu Efes Biracilik ve Malt Sanayii AS		301,358		1,691,880
Arcelik AS		773,171		4,689,644
Aygaz AS		279,132		943,854
Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS(1)		592,900		737,419

Security	Shares		Value
Turkey (continued)
BIM Birlesik Magazalar AS(1)		348,385	$	4,973,009
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS		69,682		122,774
Cimsa Cimento Sanayi ve Ticaret AS		141,400		665,751
Coca-Cola Icecek AS		102,495		1,050,669
Dogan Sirketler Grubu Holding AS(1)		1,732,915		385,536
Dogus Otomotiv Servis ve Ticaret AS		111,778		264,317
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		440,700		379,753
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		7,857,467		6,399,193
Enka Insaat ve Sanayi AS		1,372,762		2,089,802
Eregli Demir ve Celik Fabrikalari TAS		4,567,951		7,038,780
Ford Otomotiv Sanayi AS		208,281		1,927,638
Gubre Fabrikalari TAS		239,300		308,332
Haci Omer Sabanci Holding AS		1,240,418		3,284,412
Is Gayrimenkul Yatirim Ortakligi AS		1,491,579		612,855
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		2,655,090		873,404
KOC Holding AS		894,792		3,604,492
Koza Altin Isletmeleri AS(1)		152,600		717,427
Koza Anadolu Metal Madencilik Isletmeleri AS(1)		780,100		423,616
Migros Ticaret AS(1)		75,000		366,899
Net Holding AS(1)		325,363		237,233
Pegasus Hava Tasimaciligi AS(1)		36,600		153,746
Petkim Petrokimya Holding AS		2,183,491		2,436,509
Sekerbank TAS(1)		765,199		241,537
TAV Havalimanlari Holding AS		201,088		827,616
Tekfen Holding AS		209,373		418,159
Tofas Turk Otomobil Fabrikasi AS		340,613		2,352,104
Trakya Cam Sanayii AS		271,889		223,048
Tupras-Turkiye Petrol Rafinerileri AS		457,650		9,949,110
Turk Hava Yollari AO(1)		774,945		1,137,919
Turk Sise ve Cam Fabrikalari AS		1,002,513		1,074,503
Turk Telekomunikasyon AS		1,565,695		2,338,329
Turkcell Iletisim Hizmetleri AS(1)		2,594,573		7,803,597
Turkiye Garanti Bankasi AS		2,256,182		4,983,595
Turkiye Halk Bankasi AS		624,600		1,861,431
Turkiye Is Bankasi, Class B		1,346,812		2,128,868
Turkiye Sinai Kalkinma Bankasi AS		751,658		286,963
Turkiye Vakiflar Bankasi TAO, Class D		982,100		1,280,293
Ulker Biskuvi Sanayi AS		269,059		1,298,676
Vestel Elektronik Sanayi ve Ticaret AS(1)		368,100		634,333
Yapi ve Kredi Bankasi AS(1)		648,885		659,230
Yazicilar Holding AS		158,584		624,070
Zorlu Enerji Elektrik Uretim AS(1)		692,954		213,189
			$	92,843,468

25 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank PJSC		1,558,421	$	3,040,986
Abu Dhabi National Hotels		232,683		186,570
Agthia Group PJSC		1,013,903		1,872,929
Air Arabia PJSC		6,129,835		2,303,636
Ajman Bank PJSC(1)		797,123		316,352
Al Waha Capital PJSC		1,587,889		989,913
Aldar Properties PJSC		4,132,498		2,878,040
Arabtec Holding PJSC(1)		6,821,504		2,506,140
Dana Gas PJSC(1)		5,241,906		771,886
DP World, Ltd.		336,282		6,355,227
Dubai Financial Market PJSC		1,928,561		676,900
Dubai Investments PJSC		1,767,836		1,187,794
Dubai Islamic Bank PJSC		982,741		1,591,465
DXB Entertainments PJSC(1)		4,892,600		1,595,561
Emaar Properties PJSC		2,668,666		5,393,014
Emirates Telecommunications Group Co. PJSC		426,800		2,080,561
First Gulf Bank PJSC		777,242		2,737,256
National Bank of Abu Dhabi PJSC		1,063,500		3,001,444
National Bank of Ras Al-Khaimah PSC (The)		62,608		82,648
National Central Cooling Co. (Tabreed)		828,054		419,132
RAK Properties PJSC		2,150,800		462,744
Ras Al Khaimah Ceramics		351,660		229,241
Union National Bank PJSC		1,310,400		1,570,521
			$	42,249,960
Vietnam — 0.7%
Bank for Foreign Trade of Vietnam JSC		2,101,215	$	3,653,919
Bao Viet Holdings		307,150		829,678
Development Investment Construction Corp.(1)		322,120		110,299
FPT Corp.		142,044		283,359
HAGL JSC(1)		1,155,511		286,148
Hoa Phat Group JSC		1,486,932		2,780,100
KIDO Group Corp.		633,520		1,033,810
Kinh Bac City Development Share Holding Corp.(1)		328,860		198,333
Masan Group Corp.(1)		408,780		744,707
PetroVietnam Construction JSC(1)		919,725		89,480
PetroVietnam Drilling & Well Services JSC(1)		813,305		742,846
PetroVietnam Fertilizer & Chemical JSC		880,500		940,066
PetroVietnam Gas JSC		166,550		437,244
PetroVietnam Technical Services Corp.		1,236,400		960,966
Pha Lai Thermal Power JSC		483,390		365,250
Phu Nhuan Jewelry JSC		235,560		718,929
Refrigeration Electrical Engineering Corp.		186,753		212,218
Saigon Securities, Inc.		198,000		176,717
Tan Tao Investment & Industry JSC(1)		1,554,838		268,103
Vietnam Dairy Products JSC		335,228		1,912,328

Security	Shares		Value
Vietnam (continued)
Vietnam Joint Stock Commercial Bank for Industry and Trade		1,810,143	$	1,485,017
Vingroup JSC(1)		1,902,229		3,538,408
			$	21,767,925
Total Common Stocks (identified cost $2,906,518,958)			$	2,909,070,537

Equity-Linked Securities(3)(7) — 0.9%
Security	Maturity Date		Shares		Value
Saudi Arabia — 0.9%
Abdullah Al Othaim Markets		7/31/17		36,000	$	980,282
Al Abdullatif Industrial Investment Co.		4/30/18		64,200		264,902
Al Rajhi Bank		1/22/18		149,493		2,655,668
Al Tayyar		3/5/18		70,167		691,296
Alinma Bank		1/22/18		250,600		1,007,287
Almarai Co.		7/31/17		79,199		1,470,286
Arab National Bank		5/12/17		70,000		383,085
Bank Albilad		3/5/18		124,748		652,769
Banque Saudi Fransi		1/22/18		100,840		682,939
Dar Al Arkan Real Estate Development		7/20/18		185,500		297,996
Etihad Etisalat Co.		11/20/17		134,038		783,579
Fawaz Abdulaziz Alhokair Co.		3/20/17		60,000		507,939
Jarir Marketing Co.		1/22/18		25,425		855,024
Mobile Telecommunications Co.		4/30/18		123,207		294,840
National Industrialization Co.		8/26/19		156,903		668,320
Rabigh Refining and Petrochemicals Co.		7/24/17		92,400		295,024
Riyad Bank		11/20/17		161,200		473,872
Sahara Petrochemical Co.		9/14/18		122,800		513,243
Samba Financial Group		6/29/17		182,240		1,087,235
Saudi Airlines Catering Co.		5/28/18		5,500		133,267
Saudi Arabian Amiantit Co.		4/30/18		106,500		209,422
Saudi Arabian Fertilizer Co.		7/31/17		35,791		690,684
Saudi Arabian Mining Co.		4/30/18		54,900		625,786
Saudi Basic Industries Corp.		1/22/18		107,696		2,745,920
Saudi British Bank		1/22/18		93,450		566,237
Saudi Cable Co.		7/20/18		97,900		150,095
Saudi Cement Co.		7/20/18		25,900		432,478
Saudi Chemical Co.		4/23/18		25,900		254,479
Saudi Electricity Co.		1/22/18		268,400		1,586,942
Saudi Industrial Investment Group		10/9/17		95,000		480,643
Saudi International Petrochemicals Co.		1/22/18		40,200		204,190
Saudi Kayan Petrochemical Co.		1/22/18		247,500		559,276

26 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Security	Maturity Date		Shares		Value
Saudi Arabia (continued)
Saudi Telecom Co.		4/23/18		98,200	$	1,751,024
Savola AB		2/6/17		115,300		1,163,625
Yanbu National Petrochemical Co.		7/31/17		51,400		806,882
Total Equity-Linked Securities (identified cost $33,713,935)					$	26,926,536

Rights(1) — 0.0%(5)
Security	Shares		Value
Korean Air Lines Co., Ltd., Exp. 3/7/17		2,382	$	11,376
Samsung Securities Co., Ltd., Exp. 3/8/17		2,213		11,616
TPI Polene PCL		117,197		0
Zorlu Enerji Elektrik Uretim AS, Exp. 2/13/17		692,954		46,832
Total Rights (identified cost $94,062)			$	69,824
Short-Term Investments — 0.9%
Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Euro Time Deposit, 0.01%, 2/1/17	$	25,481	$	25,481,348
Total Short-Term Investments (identified cost $25,481,348)			$	25,481,348
Total Investments — 100.2% (identified cost $2,965,808,303)			$	2,961,548,245
Other Assets, Less Liabilities — (0.2)%			$	(6,996,040	)
Net Assets — 100.0%			$	2,954,552,205

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

⁽¹⁾  Non-income producing security.

⁽²⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽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 January 31, 2017, the aggregate value of these securities is $33,318,139 or 1.1% of the Fund’s net assets.

⁽⁴⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the

United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At January 31, 2017, the aggregate value of these securities is $53,787,117 or 1.8% of the Fund’s net assets.

⁽⁵⁾  Amount is less than 0.05%.

⁽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		10.4	%	$	305,808,598
Hong Kong Dollar		9.0			265,547,416
Brazilian Real		6.1			181,167,111
New Taiwan Dollar		6.0			177,578,972
Indian Rupee		6.0			177,504,648
South Korean Won		5.8			171,369,103
South African Rand		5.7			168,948,701
Mexican Peso		4.8			143,016,493
Polish Zloty		3.2			94,375,204
New Turkish Lira		3.1			92,890,300
Philippine Peso		2.9			87,033,059
Chilean Peso		2.9			86,289,444
Malaysian Ringgit		2.9			85,033,115
Thai Baht		2.9			84,621,257
Indonesian Rupiah		2.8			82,328,224
Euro		2.4			71,645,136
Kuwaiti Dinar		2.4			69,841,925
Russian Ruble		2.3			68,190,597
United Arab Emirates Dirham		1.6			46,246,938
Pakistani Rupee		1.5			43,945,512
Qatari Riyal		1.4			41,741,213
Colombian Peso		1.4			39,695,272
Egyptian Pound		1.2			36,340,483
Other currency, less than 1% each		11.5			340,389,524
Total Investments		100.2	%	$	2,961,548,245

27 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Portfolio of Investments — continued

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		18.7	%	$	553,397,388
Materials		13.2			389,487,764
Industrials		10.0			295,303,440
Consumer Staples		10.0			294,252,391
Telecommunication Services		9.6			283,390,698
Consumer Discretionary		9.1			270,562,588
Energy		8.8			261,613,853
Utilities		6.7			198,600,927
Information Technology		5.8			171,331,478
Health Care		4.7			138,385,460
Real Estate		2.7			79,740,910
Short-Term Investments		0.9			25,481,348
Total Investments		100.2	%	$	2,961,548,245

Abbreviations:

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

28 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Statement of Assets and Liabilities

Assets	January 31, 2017
Investments, at value (identified cost, $2,965,808,303)	$	2,961,548,245
Cash		11,443
Foreign currency, at value (identified cost, $4,680,881)		4,726,528
Dividends and interest receivable		2,690,917
Receivable for Fund shares sold		5,341,097
Tax reclaims receivable		404,634
Total assets	$	2,974,722,864
Liabilities
Payable for Fund shares redeemed	$	15,165,242
Payable to affiliates:
Investment adviser fee		1,933,429
Administration fee		367,628
Distribution and service fees		116,793
Accrued foreign capital gains taxes		1,508,352
Accrued expenses		1,079,215
Total liabilities	$	20,170,659
Net Assets	$	2,954,552,205
Sources of Net Assets
Paid-in capital	$	3,315,662,544
Accumulated net realized loss		(368,098,007	)
Accumulated undistributed net investment income		12,757,519
Net unrealized depreciation		(5,769,851	)
Total	$	2,954,552,205
Investor Class Shares
Net Assets	$	520,938,757
Shares Outstanding		39,040,208
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.34
Class C Shares
Net Assets	$	9,209,163
Shares Outstanding		702,117
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	13.12
Institutional Class Shares
Net Assets	$	1,884,610,029
Shares Outstanding		140,657,338
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.40
Class R6 Shares
Net Assets	$	539,794,256
Shares Outstanding		40,289,953
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.40

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

29 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Statement of Operations

Investment Income	Year Ended January 31, 2017
Dividends (net of foreign taxes, $10,561,867)	$	88,947,334
Interest		1,076
Total investment income	$	88,948,410
Expenses
Investment adviser fee	$	24,733,631
Administration fee		4,721,726
Distribution and service fees
Investor Class		1,362,131
Class C		97,545
Trustees’ fees and expenses		84,750
Custodian fee		3,577,349
Transfer and dividend disbursing agent fees		1,474,132
Legal and accounting services		160,960
Printing and postage		187,448
Registration fees		123,737
Miscellaneous		275,363
Total expenses	$	36,798,772
Net investment income	$	52,149,638
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $84,511)	$	(253,667,405	)
Foreign currency transactions		(1,541,857	)
Net realized loss	$	(255,209,262	)
Change in unrealized appreciation (depreciation) —
Investments (including net increase in accrued foreign capital gains taxes of $813,617)	$	856,281,749
Foreign currency		295,335
Net change in unrealized appreciation (depreciation)	$	856,577,084
Net realized and unrealized gain	$	601,367,822
Net increase in net assets from operations	$	653,517,460

30 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2017			2016
From operations —
Net investment income	$	52,149,638		$	66,995,643
Net realized loss from investment and foreign currency transactions		(255,209,262	)		(105,177,330	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		856,577,084			(727,699,829	)
Net increase (decrease) in net assets from operations	$	653,517,460		$	(765,881,516	)
Distributions to shareholders —
From net investment income
Investor Class	$	(8,417,254	)	$	(774,640	)
Class C		(115,100	)		(3,739	)
Institutional Class		(35,968,674	)		(5,208,750	)
Class R6		(11,003,612	)		(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	$	(55,504,640	)	$	(64,715,589	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	76,598,630		$	349,528,848
Class C		294,195			558,417
Institutional Class		774,512,603			866,216,524
Class R6		108,524,243			127,497,925
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		8,258,320			9,380,760
Class C		103,527			162,399
Institutional Class		27,838,794			35,978,317
Class R6		10,270,177			9,527,391
Cost of shares redeemed
Investor Class		(196,693,620	)		(288,580,164	)
Class C		(2,628,575	)		(4,238,349	)
Institutional Class		(1,096,484,364	)		(1,779,172,350	)
Class R6		(249,220,033	)		(37,422,332	)
Net decrease in net assets from Fund share transactions	$	(538,626,103	)	$	(710,562,614	)
Net increase (decrease) in net assets	$	59,386,717		$	(1,541,159,719	)
Net Assets
At beginning of year	$	2,895,165,488		$	4,436,325,207
At end of year	$	2,954,552,205		$	2,895,165,488
Accumulated undistributed net investment income included in net assets
At end of year	$	12,757,519		$	28,629,692

31 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Financial Highlights

	Investor Class
	Year Ended January 31,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	10.990		$	13.850		$	14.070		$	15.260		$	13.940
Income (Loss) From Operations
Net investment income(1)	$	0.179		$	0.185		$	0.204		$	0.201		$	0.173
Net realized and unrealized gain (loss)		2.364			(2.851	)		(0.166	)		(1.204	)		1.339
Total income (loss) from operations	$	2.543		$	(2.666	)	$	0.038		$	(1.003	)	$	1.512
Less Distributions
From net investment income	$	(0.193	)	$	(0.016	)	$	(0.180	)	$	(0.187	)	$	(0.181	)
From net realized gain		—			(0.178	)		(0.078	)		—			—
Tax return of capital		—			—			—			—			(0.011	)
Total distributions	$	(0.193	)	$	(0.194	)	$	(0.258	)	$	(0.187	)	$	(0.192	)
Net asset value — End of year	$	13.340		$	10.990		$	13.850		$	14.070		$	15.260
Total Return(2)		23.32	%		(19.59	)%		0.25	%		(6.62	)%		10.89	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	520,939		$	527,198		$	599,094		$	755,768		$	738,776
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.38	%		1.37	%		1.36	%		1.38	%		1.42	%
Net investment income		1.44	%		1.43	%		1.34	%		1.36	%		1.22	%
Portfolio Turnover		6	%		8	%		9	%		7	%		3	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  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.

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

32 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Financial Highlights — continued

	Class C
	Year Ended January 31,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	10.840		$	13.760		$	13.960		$	15.130		$	13.820
Income (Loss) From Operations
Net investment income(1)	$	0.083		$	0.096		$	0.094		$	0.091		$	0.095
Net realized and unrealized gain (loss)		2.340			(2.834	)		(0.163	)		(1.188	)		1.294
Total income (loss) from operations	$	2.423		$	(2.738	)	$	(0.069	)	$	(1.097	)	$	1.389
Less Distributions
From net investment income	$	(0.143	)	$	(0.004	)	$	(0.053	)	$	(0.073	)	$	(0.075	)
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	)
Net asset value — End of year	$	13.120		$	10.840		$	13.760		$	13.960		$	15.130
Total Return(2)		22.50	%		(20.23	)%		(0.51	)%		(7.27	)%		10.07	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	9,209		$	9,573		$	15,996		$	19,779		$	23,348
Ratios (as a percentage of average daily net assets):
Expenses(3)		2.13	%		2.12	%		2.11	%		2.13	%		2.16	%
Net investment income		0.68	%		0.74	%		0.63	%		0.63	%		0.68	%
Portfolio Turnover		6	%		8	%		9	%		7	%		3	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  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.

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

33 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	11.040		$	13.890		$	14.110		$	15.310		$	13.970
Income (Loss) From Operations
Net investment income(1)	$	0.212		$	0.233		$	0.243		$	0.224		$	0.222
Net realized and unrealized gain (loss)		2.375			(2.880	)		(0.162	)		(1.197	)		1.339
Total income (loss) from operations	$	2.587		$	(2.647	)	$	0.081		$	(0.973	)	$	1.561
Less Distributions
From net investment income	$	(0.227	)	$	(0.025	)	$	(0.223	)	$	(0.227	)	$	(0.209	)
From net realized gain		—			(0.178	)		(0.078	)		—			—
Tax return of capital		—			—			—			—			(0.012	)
Total distributions	$	(0.227	)	$	(0.203	)	$	(0.301	)	$	(0.227	)	$	(0.221	)
Net asset value — End of year	$	13.400		$	11.040		$	13.890		$	14.110		$	15.310
Total Return(2)		23.64	%		(19.40	)%		0.55	%		(6.42	)%		11.22	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,884,610		$	1,803,056		$	3,227,614		$	3,392,890		$	2,739,147
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.13	%		1.12	%		1.11	%		1.13	%		1.16	%
Net investment income		1.68	%		1.77	%		1.59	%		1.52	%		1.56	%
Portfolio Turnover		6	%		8	%		9	%		7	%		3	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

34 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Financial Highlights — continued

	Class R6
	Year Ended January 31,						Period Ended January 31, 2015(1)
	2017			2016
Net asset value — Beginning of period	$	11.040		$	13.890		$	16.010
Income (Loss) From Operations
Net investment income(2)	$	0.225		$	0.223		$	0.027
Net realized and unrealized gain (loss)		2.370			(2.861	)		(1.842	)
Total income (loss) from operations	$	2.595		$	(2.638	)	$	(1.815	)
Less Distributions
From net investment income	$	(0.235	)	$	(0.034	)	$	(0.227	)
From net realized gain		—			(0.178	)		(0.078	)
Total distributions	$	(0.235	)	$	(0.212	)	$	(0.305	)
Net asset value — End of period	$	13.400		$	11.040		$	13.890
Total Return(3)		23.71	%		(19.34	)%		(11.36	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	539,794		$	555,338		$	593,622
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.08	%		1.07	%		1.07	%(6)
Net investment income		1.79	%		1.72	%		0.31	%(6)
Portfolio Turnover		6	%		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%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  For the Fund’s year ended January 31, 2015.

35 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2017

Notes to Financial Statements

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

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

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

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

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

36

Parametric Emerging Markets Fund

January 31, 2017

Notes to Financial Statements — continued

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

As of January 31, 2017, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

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

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.

37

Parametric Emerging Markets Fund

January 31, 2017

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended January 31, 2017 and January 31, 2016 was as follows:

	Year Ended January 31,
	2017		2016
Distributions declared from:
Ordinary income	$	55,504,640	$	10,291,732
Long-term capital gains	$	—	$	54,423,857

During the year ended January 31, 2017, accumulated net realized loss was increased by $2,275,836, accumulated undistributed net investment income was decreased by $12,517,171 and paid-in capital was increased by $14,793,007 due to the Fund’s use of equalization accounting and differences between book and tax accounting, primarily for foreign currency gain (loss), foreign capital gains taxes and investments in passive foreign investment companies (PFICs). Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2017, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$	30,678,297
Deferred capital losses	$	(363,180,969	)
Net unrealized depreciation	$	(28,607,667	)

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

At January 31, 2017, the Fund, for federal income tax purposes, had deferred capital losses of $363,180,969 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 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, 2017, $8,080,574 are short-term and $355,100,395 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2017, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	2,988,646,119
Gross unrealized appreciation	$	607,482,809
Gross unrealized depreciation		(634,580,683	)
Net unrealized depreciation	$	(27,097,874	)

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 year ended January 31, 2017, the investment adviser fee amounted to $24,733,631 or 0.79% 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 year ended January 31, 2017, the administration fee amounted to $4,721,726.

38

Parametric Emerging Markets Fund

January 31, 2017

Notes to Financial Statements — continued

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2017, EVM earned $38,935 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 year ended January 31, 2017, 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 year ended January 31, 2017 amounted to $1,362,131 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 year ended January 31, 2017, the Fund paid or accrued to EVD $73,159 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 year ended January 31, 2017 amounted to $24,386 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2017, 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 $197,003,139 and $721,933,254, respectively, for the year ended January 31, 2017.

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:

	Year Ended January 31,
Investor Class	2017			2016
Sales		6,129,611			26,531,746
Issued to shareholders electing to receive payments of distributions in Fund shares		681,959			644,726
Redemptions		(15,731,257	)		(22,460,520	)
Net increase (decrease)		(8,919,687	)		4,715,952

39

Parametric Emerging Markets Fund

January 31, 2017

Notes to Financial Statements — continued

	Year Ended January 31,
Class C	2017			2016
Sales		23,292			45,005
Issued to shareholders electing to receive payments of distributions in Fund shares		8,751			11,254
Redemptions		(212,691	)		(335,903	)
Net decrease		(180,648	)		(279,644	)
	Year Ended January 31,
Institutional Class	2017			2016
Sales		61,768,701			68,303,104
Issued to shareholders electing to receive payments of distributions in Fund shares		2,281,417			2,480,975
Redemptions		(86,735,012	)		(139,867,250	)
Net decrease		(22,684,894	)		(69,083,171	)
	Year Ended January 31,
Class R6	2017			2016
Sales		8,646,801			9,782,930
Issued to shareholders electing to receive payments of distributions in Fund shares		839,911			664,249
Redemptions		(19,506,411	)		(2,867,760	)
Net increase (decrease)		(10,019,699	)		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 1, 2017. 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2017.

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.

40

Parametric Emerging Markets Fund

January 31, 2017

Notes to Financial Statements — continued

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.

At January 31, 2017, 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	$	24,742,855	$	1,285,496,238		$	1,099,717	$	1,311,338,810
Emerging Europe		19,527,103		504,027,993			0		523,555,096
Latin America		563,981,073		—			—		563,981,073
Middle East/Africa		797,996		509,397,562			0		510,195,558
Total Common Stocks	$	609,049,027	$	2,298,921,793	**	$	1,099,717	$	2,909,070,537
Equity-Linked Securities — Saudi Arabia	$	—	$	26,926,536		$	—	$	26,926,536
Rights		69,824		—			—		69,824
Short-Term Investments		—		25,481,348			—		25,481,348
Total Investments	$	609,118,851	$	2,351,329,677		$	1,099,717	$	2,961,548,245

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended January 31, 2017 is not presented. At January 31, 2017, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

41

Parametric Emerging Markets Fund

January 31, 2017

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Parametric Emerging Markets Fund:

We have audited the accompanying statement of assets and liabilities of Parametric Emerging Markets Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2017, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Parametric Emerging Markets Fund as of January 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 21, 2017

42

Parametric Emerging Markets Fund

January 31, 2017

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2018 will show the tax status of all distributions paid to your account in calendar year 2017. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the foreign tax credit.

Qualified Dividend Income.  For the fiscal year ended January 31, 2017, the Fund designates approximately $58,144,523, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit.  For the fiscal year ended January 31, 2017, the Fund paid foreign taxes of $10,644,373 and recognized foreign source income of $99,495,191.

43

Parametric Emerging Markets Fund

January 31, 2017

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, “EVMI” refers to Eaton Vance Management (International) Limited and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. EVMI is an indirect, wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 177 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD and EVMI. Trustee and/or officer of 177 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVMI, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Scott E. Eston 1956	Trustee	2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., LLC (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand LLP (now PricewaterhouseCoopers) (a registered public accounting firm) (1987-1997). Mr. Eston has apprised the Board of Trustees that he intends to retire as a Trustee of all Eaton Vance funds effective September 30, 2017. Directorships in the Last Five Years.(2) None.
Mark R. Fetting(3) 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Directorships in the Last Five Years. Formerly, Director and Chairman of Legg Mason, Inc. (2008-2012); Director/Trustee and Chairman of Legg Mason family of funds (14 funds) (2008-2012); and Director/Trustee of the Royce family of funds (35 funds) (2001-2012).
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Consultant, Bain and Company (management consulting firm) (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

44

Parametric Emerging Markets Fund

January 31, 2017

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Harriett Tee Taggart 1948	Trustee	2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Ralph F. Verni 1943	Trustee	2005	Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (financial services cooperative) (2002-2006). Consistent with the Trustee retirement policy, Mr. Verni is currently expected to retire as a Trustee of all Eaton Vance funds effective July 1, 2017. Directorships in the Last Five Years.(2) None.
Scott E. Wennerholm(3) 1959	Trustee	2016	Consultant at GF Parish Group (executive recruiting firm). Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.

45

Parametric Emerging Markets Fund

January 31, 2017

Management and Organization — continued

Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Paul M. O’Neil 1953	Chief Compliance Officer	2004	Vice President of EVM and BMR.

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016.

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

46

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.

47

This Page Intentionally Left Blank

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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

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.

2774    1.31.17

Parametric International Equity Fund

Annual Report

January 31, 2017

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.

Annual Report January 31, 2017

Parametric International Equity Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	34
Federal Tax Information	35
Management and Organization	36
Important Notices	39

Parametric International Equity Fund

January 31, 2017

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Developed international equity markets were a mixed story for the 12-month period ended January 31, 2017, with markets changing direction numerous times as investor sentiment swung from positive to negative and back again. All told, the MSCI EAFE Index (the Index)² of developed-market international equities rose 12.03% for the 12-month period.

The mood was pessimistic in early 2016, as investors’ concerns about a slowing global economy and collapsing commodity prices pushed global stock markets into correction territory. Beginning in mid-February, stocks reversed direction again, rallying on news of increased stimulus by central banks, a dovish Federal Reserve Board announcement, and a commodity turnaround which buoyed stock prices through March 2016. Subsequently, international stocks exhibited dispersion, with European equities dropping on mounting concerns around the Brexit vote, while Japanese stocks enjoyed a further rally on the back of an appreciation of the yen versus the dollar.

After an initial two-day drop in the wake of the Brexit vote, Europe bounced back strongly in early summer, while Japan benefited from increased political stability and hopes of further central bank stimulus. The next three months saw incremental gains, partially based on improving economic data in the U.K. and the announcement of a new government stimulus package in Japan.

However, the tide turned after the U.S. elections in November 2016, as many initially worried that a Trump administration could result in global trade restrictions. These worries rapidly gave way to investor optimism around the perceived benefits of a Trump administration on the global economy, causing a relatively strong rally in developed international equities for the last two months of the time period.

Fund Performance

For the 12-month period ended January 31, 2017, Parametric International Equity Fund (the Fund) had a total return of 9.55% for Investor Class shares at net asset value (NAV), underperforming the Fund’s benchmark, the MSCI EAFE Index (the Index), which had a total return of 12.03% for the same period.

Factors detracting from the Fund’s performance relative to the Index included the Fund’s underweight to Japan, which rose on increasing signs of success of Prime Minister Abe’s economic policies. Another material detractor was the sector diversification process within France, which resulted in an overweight to the utilities and telecommunication sectors. These defensive sectors lagged the broader French market in the market rally which ended the year. Finally, in the U.K., the Fund’s emphasis on lower-beta⁶ stocks further detracted from relative Fund performance.

Factors benefiting the Fund’s performance relative to the Index include the Fund’s sector diversification⁷ within Switzerland. This was partially due to the resulting overweight to the consumer discretionary sector, which rose on a rally in Swiss watchmakers. The Fund further benefited from the sector diversification process within Italy, as this resulted in an overweight to Italian information technology companies, which experienced strong performance over the time period. In addition, the sector diversification process within Denmark also helped relative performance, as this resulted in an underweight to the pharmaceutical industry, which fell on declining earnings and increased pricing pressure.

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

January 31, 2017

Performance^2,3

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			One Year			Five Years			Since Inception
Investor Class at NAV		04/01/2010		04/01/2010			9.55	%		6.20	%		4.71	%
Institutional Class at NAV		04/01/2010		04/01/2010			9.78			6.47			4.99
Class R at NAV		08/10/2015		04/01/2010			9.22			6.12			4.66
Class R6 at NAV		08/10/2015		04/01/2010			9.79			6.47			4.99
MSCI EAFE Index		—		—			12.03	%		6.03	%		4.20	%
% Total Annual Operating Expense Ratios4			Investor Class			Institutional Class			Class R			Class R6
Gross				0.95	%		0.70	%		1.20	%		0.67	%
Net				0.75			0.50			1.00			0.47

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Investor Class of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

Growth of Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Institutional Class	$	50,000		04/01/2010	$	69,755		N.A.
Class R	$	10,000		04/01/2010	$	13,655		N.A.
Class R6	$	1,000,000		04/01/2010	$	1,395,650		N.A.

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.

3

Parametric International Equity Fund

January 31, 2017

Fund Profile

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Nestle SA	1.0	%
Compagnie Financiere Richemont SA, Class A	0.8
Vodafone Group PLC	0.8
National Grid PLC	0.8
Air Liquide SA	0.7
Deutsche Telekom AG	0.7
Total SA	0.7
Royal Dutch Shell PLC, Class A	0.7
GlaxoSmithKline PLC	0.6
KDDI Corp.	0.6
Total	7.4	%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

4

Parametric International Equity Fund

January 31, 2017

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  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.

³  Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Performance 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. 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. Performance presented in the Financial Highlights included in the financial statements is not linked.

⁴  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/18. 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.

⁵  Excludes cash and cash equivalents.

⁶ Beta measures the volatility of a fund relative to the overall market.

⁷  Diversification cannot ensure a profit or eliminate the risk of loss.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective November 1, 2016, the annual rate for the investment adviser and administration fee was reduced from 0.65% to 0.40% pursuant to a fee reduction agreement.

5

Parametric International Equity Fund

January 31, 2017

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 (August 1, 2016 – January 31, 2017).

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 (8/1/16)		Ending Account Value (1/31/17)		Expenses Paid During Period* (8/1/16 – 1/31/17)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,007.10	$	4.04	**		0.80	%
Institutional Class	$	1,000.00	$	1,008.30	$	2.83	**		0.56	%
Class R	$	1,000.00	$	1,006.40	$	5.25	**		1.04	%
Class R6	$	1,000.00	$	1,008.50	$	2.73	**		0.54	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,021.10	$	4.06	**		0.80	%
Institutional Class	$	1,000.00	$	1,022.30	$	2.85	**		0.56	%
Class R	$	1,000.00	$	1,019.90	$	5.28	**		1.04	%
Class R6	$	1,000.00	$	1,022.40	$	2.75	**		0.54	%

Effective November 1, 2016, the contractual expense caps of the Fund changed. If these changes had been in place during the entire reporting period, the actual and hypothetical ending account values, expenses paid and annualized expense ratios would have been as follows:

	Beginning Account Value (8/1/16)		Ending Account Value (1/31/17)		Expenses Paid During Period* (8/1/16 – 1/31/17)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,007.10	$	3.78	**		0.75	%
Institutional Class	$	1,000.00	$	1,008.30	$	2.52	**		0.50	%
Class R	$	1,000.00	$	1,006.40	$	5.04	**		1.00	%
Class R6	$	1,000.00	$	1,008.50	$	2.37	**		0.47	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,021.40	$	3.81	**		0.75	%
Institutional Class	$	1,000.00	$	1,022.60	$	2.54	**		0.50	%
Class R	$	1,000.00	$	1,020.10	$	5.08	**		1.00	%
Class R6	$	1,000.00	$	1,022.80	$	2.39	**		0.47	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (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 July 31, 2016.

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

6

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments

Common Stocks — 99.2%
Security	Shares		Value
Australia — 7.8%
Adelaide Brighton, Ltd.		13,200	$	51,290
AGL Energy, Ltd.		42,135		722,514
Altium, Ltd.		14,858		91,055
Alumina, Ltd.		55,500		81,777
Amaysim Australia, Ltd.		39,471		61,122
Amcor, Ltd.		10,892		118,222
AMP, Ltd.		25,015		94,946
Ansell, Ltd.		6,904		124,441
ARB Corp., Ltd.		2,740		33,703
Ardent Leisure Group		26,840		42,808
Aristocrat Leisure, Ltd.		13,132		152,289
Atlassian Corp. PLC, Class A(1)		5,000		138,150
Aurizon Holdings, Ltd.		31,941		121,347
AusNet Services		106,139		127,310
Automotive Holdings Group, Ltd.		8,319		24,683
Beach Energy, Ltd.		228,486		130,407
Bendigo & Adelaide Bank, Ltd.		5,316		50,627
Blackmores, Ltd.		1,273		111,646
Boral, Ltd.		13,352		59,006
Brambles, Ltd.		33,999		268,695
Caltex Australia, Ltd.		7,309		158,625
carsales.com, Ltd.		17,000		134,721
Cleanaway Waste Management, Ltd.		110,518		95,591
Coca-Cola Amatil, Ltd.		24,533		181,430
Cochlear, Ltd.		1,692		160,730
Commonwealth Bank of Australia		6,090		377,337
Computershare, Ltd.		32,872		321,490
CSG, Ltd.		39,369		23,286
CSL, Ltd.		9,598		818,230
CSR, Ltd.		25,925		86,816
Dexus Property Group		20,827		141,879
DUET Group		160,210		340,479
DuluxGroup, Ltd.		10,000		46,089
Event Hospitality and Entertainment, Ltd.		3,962		44,337
Fairfax Media, Ltd.		91,648		59,146
GPT Group (The)		39,071		138,749
GrainCorp, Ltd., Class A		25,572		184,366
GUD Holdings, Ltd.		3,393		24,989
GWA Group, Ltd.		23,533		46,807
Hansen Technologies, Ltd.		30,805		90,247
Harvey Norman Holdings, Ltd.		27,935		105,952
Iluka Resources, Ltd.		9,500		54,520
Incitec Pivot, Ltd.		24,973		72,987
Insurance Australia Group, Ltd.		20,689		90,544

Security	Shares			Value
Australia (continued)
Investa Office Fund		23,569		$	80,423
iSentia Group, Ltd.		26,946			53,609
James Hardie Industries PLC CDI		6,121			96,139
JB Hi-Fi, Ltd.		4,885			102,466
Macquarie Atlas Roads Group		30,129			114,726
Mantra Group, Ltd.		15,349			31,577
Medibank Pvt, Ltd.		22,948			47,028
Metcash, Ltd.(1)		73,026			116,765
Mirvac Group		99,553			153,349
National Australia Bank, Ltd.		12,467			286,693
Navitas, Ltd.		16,799			56,456
Newcrest Mining, Ltd.		11,045			181,129
NEXTDC, Ltd.(1)		44,031			103,026
Oil Search, Ltd.		52,482			274,091
Orica, Ltd.		5,800			82,563
Orora, Ltd.		18,060			39,077
Primary Health Care, Ltd.		35,809			101,909
Qantas Airways, Ltd.		38,249			98,867
REA Group, Ltd.		1,170			46,710
Rio Tinto, Ltd.		4,493			227,927
Scentre Group		96,731			322,783
Shopping Centres Australasia Property Group		58,958			97,026
Sims Metal Management, Ltd.		5,711			48,534
Sonic Healthcare, Ltd.		9,334			147,209
South32, Ltd.		61,858			129,468
Southern Cross Media Group, Ltd.		51,672			57,615
Spark Infrastructure Group		92,137			163,756
SpeedCast International, Ltd.		32,788			89,370
Star Entertainment Group, Ltd. (The)		29,873			108,218
Stockland		60,729			200,401
Suncorp Group, Ltd.		10,356			102,389
Super Retail Group, Ltd.		7,504			55,484
Sydney Airport		29,660			131,621
Tabcorp Holdings, Ltd.		22,318			80,216
Tatts Group, Ltd.		36,725			120,906
Telstra Corp., Ltd.		235,597			893,865
Transurban Group		43,343			335,392
Vicinity Centres		66,737			144,809
Village Roadshow, Ltd.		13,829			41,572
Washington H. Soul Pattinson & Co., Ltd.		12,382			146,528
Wesfarmers, Ltd.		23,160			707,519
Westpac Banking Corp.		11,300			272,030
Woodside Petroleum, Ltd.		22,543			540,504
WPP AUNZ, Ltd.		37,384	��		30,101
				$	13,667,231

7 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Austria — 1.0%
ams AG		5,900	$	203,252
Austria Technologie & Systemtechnik AG		1,392		14,268
BUWOG AG(1)		5,424		129,430
CA Immobilien Anlagen AG		4,051		79,808
DO & Co. AG		949		59,379
Erste Group Bank AG		4,767		145,304
EVN AG		2,151		26,337
Lenzing AG		409		58,434
Oesterreichische Post AG		4,264		154,251
OMV AG		5,153		180,345
Porr AG		1,731		75,031
RHI AG		2,046		50,490
S IMMO AG(1)		2,800		32,498
S&T AG		4,566		42,024
Schoeller-Bleckmann Oilfield Equipment AG		688		51,847
Telekom Austria AG		7,553		46,506
UNIQA Insurance Group AG		4,365		35,997
Verbund AG		9,599		154,761
Vienna Insurance Group		2,101		51,204
Wienerberger AG		6,800		131,263
			$	1,722,429
Belgium — 2.0%
Ablynx NV(1)		6,980	$	89,970
Ackermans & van Haaren NV		418		57,003
Aedifica SA		1,867		141,916
Ageas		3,821		163,605
Anheuser-Busch InBev SA/NV		4,407		460,170
Barco NV		870		75,689
Bekaert SA		2,430		105,458
bpost SA		8,113		196,258
Cofinimmo		2,089		234,576
Colruyt SA		1,465		71,699
Econocom Group SA/NV		4,666		70,466
Elia System Operator SA/NV		2,116		105,552
Euronav SA		10,783		84,209
Gimv NV		608		33,934
Groupe Bruxelles Lambert SA		1,360		115,903
Kinepolis Group NV		1,420		68,146
Melexis NV		1,340		100,725
Orange Belgium SA(1)		1,888		42,608
Proximus SA		10,151		291,533
Sofina SA		347		47,140
Telenet Group Holding NV(1)		4,756		255,206
Tessenderlo Chemie NV(1)		3,583		133,156
UCB SA		4,334		299,350

Security	Shares		Value
Belgium (continued)
Umicore SA		3,110	$	174,205
Van de Velde NV		577		40,360
			$	3,458,837
Denmark — 2.0%
Bakkafrost P/F		2,234	$	85,862
Carlsberg A/S, Class B		2,878		260,365
Chr. Hansen Holding A/S		2,898		176,905
Coloplast A/S, Class B		715		51,269
Danske Bank A/S		9,381		312,898
DONG Energy AS(1)(2)		11,353		430,502
DSV A/S		2,805		136,406
FLSmidth & Co. A/S		687		31,972
GN Store Nord A/S		1,667		37,234
H Lundbeck AS(1)		626		26,886
ISS A/S		1,926		68,582
Matas A/S		1,465		21,363
Nets A/S(1)(2)		9,089		160,385
Novo Nordisk A/S, Class B		8,135		293,997
Novozymes A/S, Class B		6,973		271,808
Pandora A/S		2,946		386,070
Ringkjoebing Landbobank A/S		159		34,632
Rockwool International A/S		246		43,888
Royal Unibrew A/S		1,773		67,263
SimCorp A/S		2,359		120,898
TDC A/S(1)		52,152		274,794
Topdanmark A/S(1)		2,527		66,507
Vestas Wind Systems A/S		2,141		150,146
William Demant Holding A/S(1)		1,895		35,482
			$	3,546,114
Finland — 1.9%
Amer Sports Oyj		5,077	$	134,520
Caverion Corp.		4,767		38,235
Citycon Oyj		50,397		125,246
Cramo Oyj		1,607		40,065
Elisa Oyj		9,357		315,308
Ferratum Oyj		2,041		37,471
Fiskars Oyj Abp		2,200		42,818
Fortum Oyj		19,762		315,297
Huhtamaki Oyj		1,924		70,638
Kemira Oyj		3,783		47,395
Kesko Oyj, Class B		5,936		300,368
Kone Oyj, Class B		3,283		148,427
Metsa Board Oyj		4,983		34,038

8 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Finland (continued)
Neste Oyj		8,775	$	305,309
Nokia Oyj		50,808		228,136
Oriola-KD Oyj, Series B		6,575		31,097
Orion Oyj, Class B		6,847		318,719
Raisio Oyj		9,946		37,369
Sampo Oyj, Class A		5,893		272,896
Sanoma Oyj		11,316		102,970
Technopolis Oyj		15,622		51,923
Tieto Oyj		2,033		56,258
Tokmanni Group Corp.(1)		3,371		33,484
UPM-Kymmene Oyj		7,729		175,293
Uponor Oyj		2,142		38,644
Valmet Oyj		2,592		40,981
			$	3,342,905
France — 7.7%
ADP		489	$	54,263
Air Liquide SA		11,418		1,232,729
Airbus SE		3,305		224,029
Alstom SA(1)		2,298		65,204
Alten SA		1,223		91,074
Altran Technologies SA(1)		7,912		117,078
Atos SE		2,873		305,671
AXA SA		15,398		378,440
bioMerieux		520		82,264
BNP Paribas SA		7,599		486,122
Bouygues SA		3,572		129,792
Bureau Veritas SA		4,718		92,395
Christian Dior SE		390		83,720
CNP Assurances		5,800		108,999
Compagnie Generale des Etablissements Michelin, Class B		1,188		127,630
Danone SA		9,462		593,161
Dassault Systemes SE		3,427		265,295
Engie SA		49,219		589,275
Essilor International SA		650		76,256
Euler Hermes Group		307		27,719
Eurazeo SA		1,680		103,472
Eutelsat Communications SA		5,093		86,870
Fonciere des Regions		2,659		221,642
Gecina SA		1,858		239,594
Groupe Eurotunnel SE		4,517		42,018
Hermes International		286		124,292
ICADE		2,907		206,091
Iliad SA		2,964		633,854
Ingenico Group SA		2,444		206,093

Security	Shares		Value
France (continued)
Ipsen SA		859	$	66,561
Klepierre		8,169		310,204
Korian SA		2,511		71,992
L’Oreal SA		3,432		623,996
Lagardere SCA		3,693		92,653
Legrand SA		2,162		125,571
LVMH Moet Hennessy Louis Vuitton SE		1,690		340,574
Mercialys SA		6,623		129,651
Nexity SA		2,566		126,033
Orange SA		38,522		598,032
Orpea		747		60,865
Publicis Groupe SA		1,902		130,665
Rubis SCA		2,227		187,498
Safran SA		2,043		138,488
Sanofi		10,345		831,495
Sartorius Stedim Biotech		786		47,562
SCOR SE		2,105		71,241
Sodexo SA		863		95,433
Sopra Steria Group		819		94,958
Suez		11,330		171,622
Teleperformance		618		66,156
Thales SA		1,146		107,512
Total SA		23,571		1,192,579
Ubisoft Entertainment SA(1)		4,174		137,233
Veolia Environnement SA		17,802		303,227
Vinci SA		2,730		191,364
Vivendi SA		6,567		120,413
Wendel SA		480		56,808
			$	13,485,428
Germany — 7.9%
adidas AG		1,352	$	213,352
ADO Properties SA(2)		3,323		118,623
Allianz SE		4,207		715,040
alstria office REIT AG		9,111		113,962
BASF SE		6,788		655,271
Bayer AG		6,727		747,229
Bayerische Motoren Werke AG, PFC Shares		1,536		115,391
Bechtle AG		1,153		117,117
Brenntag AG		1,135		66,031
CANCOM SE		1,114		52,304
Capital Stage AG		20,080		131,843
Continental AG		968		189,499
Covestro AG(2)		800		60,203
Daimler AG		5,820		437,704

9 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Germany (continued)
Deutsche Boerse AG		2,447	$	218,108
Deutsche EuroShop AG		2,966		123,292
Deutsche Lufthansa AG		3,810		50,896
Deutsche Post AG		4,559		153,023
Deutsche Telekom AG		68,915		1,206,494
Deutsche Wohnen AG, Bearer Shares		12,414		404,913
E.ON SE		95,131		732,802
Evonik Industries AG		2,553		82,875
Fraport AG		1,039		62,179
Freenet AG		2,681		80,603
Fresenius Medical Care AG & Co. KGaA		2,138		174,514
Fresenius SE & Co. KGaA		3,257		257,774
GEA Group AG		2,527		104,711
Grand City Properties SA		7,140		130,386
Hamborner REIT AG		9,742		94,222
Hannover Rueck SE		1,092		120,283
HeidelbergCement AG		1,350		130,416
HeidelbergCement AG(1)		2,095		203,067
Henkel AG & Co. KGaA		4,391		463,348
Henkel AG & Co. KGaA, PFC Shares		6,573		802,388
Hugo Boss AG		1,223		78,575
Innogy SE(1)(2)		6,826		233,480
KION Group AG		994		60,578
Krones AG		619		63,275
KWS Saat SE		383		120,133
LEG Immobilien AG(1)		2,310		181,693
Linde AG		1,524		247,839
MAN SE		587		60,856
Merck KGaA		1,353		149,279
MTU Aero Engines AG		394		47,197
Muenchener Rueckversicherungs-Gesellschaft AG		1,559		293,569
ProSiebenSat.1 Media SE		3,293		140,089
Rational AG		70		31,784
SAP SE		11,162		1,020,767
Siemens AG		5,201		672,793
Software AG		2,606		94,008
Stada Arzneimittel AG		691		35,591
Symrise AG		714		42,992
TAG Immobilien AG		9,614		129,980
Talanx AG		1,940		66,774
Telefonica Deutschland Holding AG(2)		25,160		105,249
TLG Immobilien AG		5,304		100,803
TUI AG		5,129		75,169
Uniper SE(1)		14,396		205,086
Volkswagen AG		452		72,408
Wirecard AG		3,075		149,298
			$	13,809,128

Security	Shares		Value
Hong Kong — 4.0%
AIA Group, Ltd.		91,600	$	567,128
ASM Pacific Technology, Ltd.		19,100		232,223
Brightoil Petroleum Holdings, Ltd.(1)		262,000		80,771
Cafe de Coral Holdings, Ltd.		18,000		59,698
Cheung Kong Infrastructure Holdings, Ltd.		19,000		152,792
China Goldjoy Group, Ltd.		996,000		95,913
China Innovationpay Group, Ltd.(1)		484,000		36,077
China Regenerative Medicine International, Ltd.(1)		1,265,000		45,502
China Traditional Chinese Medicine Holdings Co., Ltd.		242,000		114,038
CK Hutchison Holdings, Ltd.		31,996		383,478
CLP Holdings, Ltd.		45,500		444,106
Dairy Farm International Holdings, Ltd.		28,300		237,077
Esprit Holdings, Ltd.(1)		44,800		34,967
First Pacific Co., Ltd.		108,000		81,888
Future World Financial Holdings, Ltd.(1)		568,000		43,829
G-Resources Group, Ltd.		3,273,000		58,329
Global Brands Group Holdings, Ltd.(1)		364,000		45,738
Hang Lung Group, Ltd.		13,000		49,857
Hang Seng Bank, Ltd.		6,700		136,566
Henderson Land Development Co., Ltd.		16,655		91,934
HK Electric Investments & HK Electric Investments, Ltd.(2)		145,500		121,450
HKT Trust and HKT, Ltd.		192,000		268,702
Hong Kong & China Gas Co., Ltd.		176,000		331,373
Hong Kong Exchanges and Clearing, Ltd.		9,900		239,450
Hongkong Land Holdings, Ltd.		14,000		94,552
Hopewell Holdings, Ltd.		16,000		57,130
Hysan Development Co., Ltd.		18,000		82,034
Jardine Matheson Holdings, Ltd.		4,100		252,868
Jardine Strategic Holdings, Ltd.		2,900		110,522
Johnson Electric Holdings, Ltd.		11,000		29,269
Kerry Properties, Ltd.		26,500		74,991
KuangChi Science, Ltd.(1)		203,000		75,015
Landing International Development, Ltd.(1)		1,625,000		13,321
Li & Fung, Ltd.		266,000		115,347
Link REIT		21,000		143,505
Macau Legend Development, Ltd.(1)		273,000		55,627
Madison Wine Holdings, Ltd.(1)		192,000		54,712
Man Wah Holdings, Ltd.		68,800		44,003
Melco International Development, Ltd.		62,000		93,531
MGM China Holdings, Ltd.		31,600		61,380
MTR Corp., Ltd.		19,000		96,523
New World Development Co., Ltd.		96,000		110,764
Nexteer Automotive Group, Ltd.		48,000		59,623
NWS Holdings, Ltd.		51,000		91,645
Orient Overseas (International), Ltd.		6,500		33,690
Pacific Textiles Holdings, Ltd.		35,000		38,655

10 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Hong Kong (continued)
PCCW, Ltd.		366,000	$	222,149
Shangri-La Asia, Ltd.		50,000		55,614
Sino Land Co., Ltd.		36,000		59,484
SJM Holdings, Ltd.		56,000		44,495
Stella International Holdings, Ltd.		23,000		35,013
Superb Summit International Group, Ltd.(1)(3)		230,000		0
Swire Pacific, Ltd., Class A		6,000		61,127
Swire Properties, Ltd.		16,200		45,583
Techtronic Industries Co., Ltd.		28,000		96,841
Television Broadcasts, Ltd.		13,800		52,935
Texwinca Holdings, Ltd.		70,000		44,852
Town Health International Medical Group, Ltd.		604,000		96,994
Truly International Holdings, Ltd.		124,000		50,540
VTech Holdings, Ltd.		10,400		129,094
Wharf (Holdings), Ltd. (The)		13,000		97,478
Wheelock & Co., Ltd.		16,000		97,247
Yue Yuen Industrial Holdings, Ltd.		21,500		78,597
			$	7,009,636
Ireland — 2.0%
Bank of Ireland(1)		2,120,957	$	569,810
C&C Group PLC		28,638		122,334
Cairn Homes PLC(1)		30,000		41,072
CPL Resources PLC		9,893		61,939
CRH PLC		12,163		421,882
Dalata Hotel Group PLC(1)		13,628		63,129
DCC PLC		4,845		390,813
Hibernia REIT PLC		125,331		164,824
ICON PLC(1)		4,530		380,792
Irish Continental Group PLC		12,582		64,077
Irish Residential Properties REIT PLC		93,395		117,044
Kerry Group PLC, Class A		4,515		317,465
Paddy Power Betfair PLC		4,134		432,258
Smurfit Kappa Group PLC		4,388		115,659
Total Produce PLC		21,802		43,609
UDG Healthcare PLC		20,978		169,673
			$	3,476,380
Israel — 1.9%
Alony Hetz Properties & Investments, Ltd.		14,251	$	114,662
Amot Investments, Ltd.		12,300		51,897
Azrieli Group, Ltd.		2,874		131,184
Bank Hapoalim B.M.		20,465		123,653
Bank Leumi Le-Israel B.M.(1)		34,165		141,310
Bezeq Israeli Telecommunication Corp., Ltd.		218,603		381,885

Security	Shares		Value
Israel (continued)
Check Point Software Technologies, Ltd.(1)		1,700	$	167,909
CyberArk Software, Ltd.(1)		960		50,938
Delek Automotive Systems, Ltd.		7,606		69,879
Delta-Galil Industries, Ltd.		1,580		50,334
Elbit Systems, Ltd.		2,966		326,855
First International Bank of Israel, Ltd.		2,419		36,391
Frutarom Industries, Ltd.		2,245		118,615
Israel Chemicals, Ltd.		62,008		284,987
Kenon Holdings, Ltd.(1)		1,393		17,836
Kornit Digital, Ltd.(1)		3,200		53,120
Melisron, Ltd.		1,766		80,911
Mellanox Technologies, Ltd.(1)		1,000		47,350
Mizrahi Tefahot Bank, Ltd.		7,050		108,590
Nice, Ltd.		790		55,282
Oil Refineries, Ltd.(1)		269,615		94,890
Orbotech, Ltd.(1)		735		25,644
Paz Oil Co., Ltd.		1,823		282,272
Sarine Technologies, Ltd.		35,500		46,662
Shufersal, Ltd.		23,733		91,025
Strauss Group, Ltd.		3,000		48,280
Teva Pharmaceutical Industries, Ltd. ADR		10,565		353,188
Tower Semiconductor, Ltd.(1)		2,540		54,478
Wix.com, Ltd.(1)		800		42,040
			$	3,452,067
Italy — 3.8%
A2A SpA		30,000	$	40,070
Amplifon SpA		11,875		120,571
Anima Holding SpA(2)		6,783		40,447
Ansaldo STS SpA		6,279		79,280
Assicurazioni Generali SpA		10,926		174,347
ASTM SpA		2,449		27,760
Atlantia SpA		13,722		312,721
Autogrill SpA		4,891		43,013
Banca Mediolanum SpA		7,021		53,861
Banca Popolare di Sondrio SCPA		7,176		25,446
Beni Stabili SpA SIIQ(1)		88,650		49,861
Brembo SpA		901		57,729
Cementir Holding SpA		31,657		135,565
Danieli & C Officine Meccaniche SpA, PFC Shares		3,048		48,808
Davide Campari-Milano SpA		19,204		192,628
De’Longhi SpA		1,326		33,116
Ei Towers SpA(1)		7,353		406,907
Enav SpA(1)(2)		13,855		48,551
Enel SpA		131,952		551,643

11 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Italy (continued)
ENI SpA		32,700	$	502,789
EXOR NV		1,123		51,240
Ferrari NV		1,000		62,130
Ferrari NV		1,500		93,505
Hera SpA		20,822		48,619
Infrastrutture Wireless Italiane SpA(2)		87,824		416,208
International Game Technology PLC		2,666		70,409
Interpump Group SpA		5,945		111,732
Intesa Sanpaolo SpA		123,180		289,333
Intesa Sanpaolo SpA, PFC Shares		26,600		58,843
Italgas SpA(1)		13,643		51,841
Italmobiliare SpA		698		34,515
Leonardo SpA(1)		9,860		127,030
Luxottica Group SpA		3,350		179,871
MARR SpA		2,736		53,171
Moncler SpA		4,402		84,598
OVS SpA(2)		7,513		41,945
Parmalat SpA		31,548		101,833
Poste Italiane SpA(2)		6,640		41,784
Prada SpA		18,400		76,238
Recordati SpA		15,315		436,112
Reply SpA		289		37,089
Salvatore Ferragamo SpA		1,935		51,183
Saras SpA		30,643		47,467
Snam SpA		29,894		113,780
Societa Iniziative Autostradali e Servizi SpA		5,294		43,087
STMicroelectronics NV		52,506		692,709
Tenaris SA		7,620		133,479
Terna Rete Elettrica Nazionale SpA		25,640		112,453
Tod’s SpA		613		44,274
Unipol Gruppo Finanziario SpA		8,650		31,989
UnipolSai SpA		28,030		58,458
			$	6,742,038
Japan — 15.9%
Activia Properties, Inc.		23	$	112,519
Advance Residence Investment Corp.		57		150,514
Aeon Co., Ltd.		10,900		157,536
Air Water, Inc.		3,000		55,547
Aisin Seiki Co., Ltd.		2,800		128,084
Ajinomoto Co., Inc.		7,400		146,058
Alfresa Holdings Corp.		5,200		85,594
Asahi Glass Co., Ltd.		14,000		104,015
Asahi Group Holdings, Ltd.		5,500		193,543
Asahi Kasei Corp.		19,000		177,205

Security	Shares		Value
Japan (continued)
Astellas Pharma, Inc.		26,100	$	350,308
Bandai Namco Holdings, Inc.		4,000		110,163
Bridgestone Corp.		3,800		139,368
Calbee, Inc.		3,300		107,425
Canon, Inc.		8,100		239,650
Central Japan Railway Co.		1,100		177,745
Chiba Bank, Ltd. (The)		17,000		111,203
Chubu Electric Power Co., Inc.		23,000		307,062
Chugai Pharmaceutical Co., Ltd.		4,600		135,188
Chugoku Bank, Ltd. (The)		4,200		61,782
Chugoku Electric Power Co., Inc. (The)		17,200		193,672
Citizen Watch Co., Ltd.		12,000		74,518
Coca-Cola West Co., Ltd.		3,200		92,885
Concordia Financial Group, Ltd.		15,300		80,699
Cosmo Energy Holdings Co., Ltd.		5,200		89,989
Dai Nippon Printing Co., Ltd.		6,000		61,042
Dai-ichi Life Holdings, Inc.		10,400		188,540
Daicel Corp.		9,200		101,734
Daido Steel Co., Ltd.		12,000		54,493
Daito Trust Construction Co., Ltd.		1,900		265,618
Daiwa House REIT Investment Corp.		43		108,277
Daiwa Securities Group, Inc.		18,000		114,773
DeNA Co., Ltd.		2,800		62,564
Denka Co., Ltd.		9,000		44,297
DIC Corp.		3,400		105,288
Disco Corp.		800		102,147
East Japan Railway Co.		1,700		153,947
Eisai Co., Ltd.		4,200		231,507
Ezaki Glico Co., Ltd.		1,100		50,356
FamilyMart UNY Holdings Co., Ltd.		1,800		114,047
FANUC Corp.		800		157,061
Fast Retailing Co., Ltd.		600		188,709
FUJIFILM Holdings Corp.		3,600		139,411
Fujitsu, Ltd.		20,000		116,239
Fukuoka Financial Group, Inc.		19,000		83,872
GLP J-Reit		138		158,679
Hachijuni Bank, Ltd. (The)		13,400		78,872
Hankyu Hanshin Holdings, Inc.		1,600		54,288
Hirose Electric Co., Ltd.		800		104,143
Hiroshima Bank, Ltd. (The)		19,000		88,772
Hokkaido Electric Power Co., Inc.		9,900		71,734
Hokuhoku Financial Group, Inc.		4,000		68,528
Hokuriku Electric Power Co.		11,500		115,866
Honda Motor Co., Ltd.		7,100		211,288
Idemitsu Kosan Co., Ltd.		5,500		170,068
ITOCHU Corp.		8,400		115,718

12 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Iyo Bank, Ltd. (The)		6,000	$	40,261
Japan Airlines Co., Ltd.		2,000		63,686
Japan Exchange Group, Inc.		4,800		71,345
Japan Hotel REIT Investment Corp.		144		100,940
Japan Post Holdings Co., Ltd.		4,100		51,483
Japan Prime Realty Investment Corp.		28		112,364
Japan Real Estate Investment Corp.		41		232,979
Japan Retail Fund Investment Corp.		95		203,118
JGC Corp.		4,900		85,061
JSR Corp.		6,500		111,406
JX Holdings, Inc.		78,500		370,204
Kajima Corp.		9,000		62,729
Kakaku.com, Inc.		3,700		66,980
Kaneka Corp.		6,000		51,697
Kansai Paint Co., Ltd.		3,600		69,933
Kao Corp.		5,200		257,320
KDDI Corp.		39,200		1,053,240
Keikyu Corp.		5,000		58,635
Keio Corp.		5,000		41,098
Kewpie Corp.		2,500		62,492
Keyence Corp.		800		310,694
Kintetsu Group Holdings Co., Ltd.		27,000		103,795
Kirin Holdings Co., Ltd.		10,500		172,050
Kobayashi Pharmaceutical Co., Ltd.		1,400		62,395
Konami Holdings Corp.		2,400		95,974
Kuraray Co., Ltd.		6,400		101,440
Kyocera Corp.		3,600		187,419
Kyowa Hakko Kirin Co., Ltd.		8,900		120,519
Lawson, Inc.		1,000		72,993
Lion Corp.		5,000		86,966
M3, Inc.		3,400		91,347
Makita Corp.		1,000		69,457
Marubeni Corp.		12,600		76,664
Maruichi Steel Tube, Ltd.		3,000		100,598
Mebuki Financial Group, Inc.		10,500		40,323
MEIJI Holdings Co., Ltd.		2,400		185,895
Miraca Holdings, Inc.		1,700		77,479
Mitsubishi Chemical Holdings Corp.		21,800		152,054
Mitsubishi Estate Co., Ltd.		21,000		399,712
Mitsubishi Gas Chemical Co., Inc.		5,000		95,902
Mitsubishi Motors Corp.		16,700		90,466
Mitsubishi Tanabe Pharma Corp.		6,300		126,360
Mitsui & Co., Ltd.		9,100		133,550
Mizuho Financial Group, Inc.		161,800		300,234
MS&AD Insurance Group Holdings, Inc.		3,700		123,778
NEC Corp.		32,000		73,856

Security	Shares		Value
Japan (continued)
NH Foods, Ltd.		3,000	$	81,647
Nidec Corp.		1,500		140,840
Nikon Corp.		4,700		75,854
Nintendo Co., Ltd.		1,100		225,150
Nippon Building Fund, Inc.		39		223,975
Nippon Electric Glass Co., Ltd.		8,000		46,052
Nippon Express Co., Ltd.		14,000		74,061
Nippon Kayaku Co., Ltd.		4,000		52,278
Nippon Paper Industries Co., Ltd.		5,100		93,371
Nippon Prologis REIT, Inc.		56		117,019
Nippon Shinyaku Co., Ltd.		2,000		104,005
Nippon Shokubai Co., Ltd.		1,400		96,487
Nippon Telegraph & Telephone Corp.		19,100		843,691
Nippon Yusen K.K.		36,000		76,128
Nissan Chemical Industries, Ltd.		2,000		71,412
Nisshin Seifun Group, Inc.		7,100		108,009
Nissin Foods Holdings Co., Ltd.		1,400		73,883
Nitori Holdings Co., Ltd.		800		89,657
Nomura Real Estate Master Fund, Inc.		143		222,803
Nomura Research Institute, Ltd.		2,400		82,004
NTT Data Corp.		1,600		80,635
NTT DoCoMo, Inc.		35,200		841,634
Obayashi Corp.		5,000		47,631
Obic Co., Ltd.		2,400		115,196
Odakyu Electric Railway Co., Ltd.		4,900		97,042
Okinawa Electric Power Co., Inc. (The)		4,300		99,528
Ono Pharmaceutical Co., Ltd.		7,600		155,924
Oracle Corp. Japan		1,400		78,443
Oriental Land Co., Ltd.		2,200		120,558
Orix JREIT, Inc.		109		178,304
Osaka Gas Co., Ltd.		86,000		322,364
Otsuka Holdings Co., Ltd.		7,200		331,690
Rakuten, Inc.		9,100		90,838
Recruit Holdings Co., Ltd.		3,300		144,460
Resona Holdings, Inc.		18,000		97,453
Ricoh Co., Ltd.		15,500		138,283
Rinnai Corp.		1,600		135,972
San-Ai Oil Co., Ltd.		4,000		30,717
Santen Pharmaceutical Co., Ltd.		10,000		125,659
Sawai Pharmaceutical Co., Ltd.		1,900		99,797
SECOM Co., Ltd.		1,300		94,013
Sekisui Chemical Co., Ltd.		3,500		57,111
Sekisui House, Ltd.		6,100		98,675
Seven & i Holdings Co., Ltd.		8,200		327,413
Seven Bank, Ltd.		26,300		75,347
Sharp Corp.(1)		55,000		148,736

13 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Shikoku Electric Power Co., Inc.(1)		12,200	$	117,395
Shimadzu Corp.		4,000		67,504
Shimamura Co., Ltd.		400		52,427
Shimano, Inc.		800		126,150
Shimizu Corp.		6,000		55,148
Shin-Etsu Chemical Co., Ltd.		4,200		362,336
Shizuoka Bank, Ltd. (The)		7,000		60,911
Showa Denko K.K.		6,300		103,384
Showa Shell Sekiyu K.K.		18,600		182,328
Sompo Holdings, Inc.		3,000		108,629
Sumitomo Corp.		6,300		78,975
Sumitomo Metal Mining Co., Ltd.		11,000		149,030
Sumitomo Mitsui Financial Group, Inc.		8,800		345,242
Sumitomo Osaka Cement Co., Ltd.		12,000		48,321
Suntory Beverage & Food, Ltd.		1,900		80,840
Suruga Bank, Ltd.		5,000		113,910
Suzuki Motor Corp.		3,700		142,794
T&D Holdings, Inc.		8,800		130,368
Taiheiyo Cement Corp.		23,000		80,369
Taisei Corp.		17,000		120,761
Taisho Pharmaceutical Holdings Co., Ltd.		1,400		118,336
Takashimaya Co., Ltd.		6,000		51,672
Takeda Pharmaceutical Co., Ltd.		10,000		418,856
TEIJIN, Ltd.		5,500		116,087
Terumo Corp.		5,100		188,669
Toho Gas Co., Ltd.		21,000		157,096
Tohoku Electric Power Co., Inc.		17,200		209,970
Tokio Marine Holdings, Inc.		6,300		262,672
Tokyo Electron, Ltd.		1,700		176,094
Tokyo Gas Co., Ltd.		67,000		297,337
Tokyu Corp.		7,000		51,554
TonenGeneral Sekiyu K.K.		16,000		188,162
Toray Industries, Inc.		22,000		190,496
Toshiba Corp.(1)		25,000		53,609
Tosoh Corp.		10,000		75,554
TOTO, Ltd.		1,500		60,414
Toyo Suisan Kaisha, Ltd.		3,200		114,180
Toyota Motor Corp.		10,300		598,974
Trend Micro, Inc.		3,200		124,182
Tsuruha Holdings, Inc.		1,200		112,802
Ube Industries, Ltd.		32,000		76,940
United Urban Investment Corp.		105		167,476
USS Co., Ltd.		5,000		87,756
West Japan Railway Co.		1,000		65,153
Yahoo! Japan Corp.		24,900		104,501
Yakult Honsha Co., Ltd.		2,100		107,921

Security	Shares		Value
Japan (continued)
Yamaguchi Financial Group, Inc.		8,000	$	87,161
Yamato Holdings Co., Ltd.		3,300		66,506
Yamazaki Baking Co., Ltd.		3,200		64,354
Zeon Corp.		6,000		68,852
			$	27,904,948
Netherlands — 3.9%
Aalberts Industries NV		2,908	$	102,073
ABN AMRO Group NV(2)		4,855		114,203
Accell Group		3,334		78,190
Akzo Nobel NV		5,895		400,066
Altice NV, Class B(1)		6,916		152,637
ASM International NV		2,469		121,731
ASML Holding NV		5,327		646,824
ASR Nederland NV(1)		2,400		65,897
Boskalis Westminster		2,525		93,420
Cimpress NV(1)		973		82,111
Corbion NV		2,621		67,132
Eurocommercial Properties NV		1,439		53,427
Euronext NV(2)		1,764		78,043
Gemalto NV		1,502		87,167
Gemalto NV		1,094		63,578
GrandVision NV(2)		5,474		130,534
Heineken NV		965		72,171
IMCD Group NV		2,169		97,419
ING Groep NV		48,764		700,541
InterXion Holding NV(1)		3,300		126,819
Koninklijke Ahold Delhaize NV		10,958		233,446
Koninklijke BAM Groep NV		15,659		73,882
Koninklijke DSM NV		4,643		295,993
Koninklijke KPN NV		119,044		342,962
Koninklijke Vopak NV		2,501		107,431
NN Group NV		3,534		125,160
NSI NV		9,300		37,779
Philips Lighting NV(1)(2)		3,321		85,522
PostNL NV(1)		28,384		124,577
QIAGEN NV(1)		6,909		201,061
Refresco Group NV(2)		7,754		117,118
RELX NV		17,050		287,987
SBM Offshore NV		6,486		105,510
Sligro Food Group NV		3,203		116,206
TKH Group NV		1,737		70,407
TomTom NV(1)		8,241		75,546
Unilever NV		19,029		771,850
Vastned Retail NV		1,000		36,864

14 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Netherlands (continued)
Wessanen		11,335	$	160,888
Wolters Kluwer NV		4,637		177,327
			$	6,881,499
New Zealand — 1.0%
A2 Milk Co., Ltd.(1)		110,491	$	179,484
Air New Zealand, Ltd.		34,574		53,292
Auckland International Airport, Ltd.		25,117		125,984
Contact Energy, Ltd.		21,345		74,798
EBOS Group, Ltd.		3,287		40,738
Fletcher Building, Ltd.		20,124		155,044
Goodman Property Trust		65,888		60,657
Heartland Bank, Ltd.		76,907		89,141
Infratil, Ltd.		16,238		34,187
Mercury NZ, Ltd.		16,147		36,387
NZX, Ltd.		53,345		43,106
Precinct Properties New Zealand, Ltd.		57,750		52,356
Property for Industry, Ltd.		26,936		31,628
Restaurant Brands New Zealand, Ltd.		8,227		33,431
Ryman Healthcare, Ltd.		8,800		56,248
SKYCITY Entertainment Group, Ltd.		20,643		57,216
Spark New Zealand, Ltd.		68,388		176,213
Summerset Group Holdings, Ltd.		16,945		61,564
Trade Me, Ltd.		13,289		49,330
Xero, Ltd.(1)		13,130		182,262
Z Energy, Ltd.		32,350		172,735
			$	1,765,801
Norway — 2.0%
AF Gruppen ASA		3,717	$	68,721
Atea ASA		6,981		67,940
Austevoll Seafood ASA		5,049		46,700
Borregaard ASA		13,595		149,627
DNB ASA		19,705		328,729
Entra ASA(2)		16,899		182,265
Gjensidige Forsikring ASA		3,579		61,591
Golar LNG, Ltd.		2,320		59,995
Kongsberg Gruppen ASA		7,610		125,596
Marine Harvest ASA(1)		8,070		142,483
Nordic American Tankers, Ltd.		2,700		23,328
Nordic Nanovector ASA(1)		7,260		77,282
Nordic Semiconductor ASA(1)		28,405		119,678
Orkla ASA		13,667		127,510
REC Silicon ASA(1)		478,387		74,874
Salmar ASA		3,093		87,542

Security	Shares		Value
Norway (continued)
Scatec Solar ASA(2)		8,900	$	39,932
Schibsted ASA, Class B		10,056		250,380
Ship Finance International, Ltd.		3,500		52,500
SpareBank 1 SMN		4,478		37,469
SpareBank 1 SR-Bank ASA		4,300		31,971
Statoil ASA		11,400		212,578
Telenor ASA		28,224		447,420
TGS Nopec Geophysical Co. ASA		1,393		33,445
Tomra Systems ASA		16,085		176,036
XXL ASA(2)		14,216		163,800
Yara International ASA		6,478		273,149
			$	3,462,541
Portugal — 0.9%
Banco BPI SA(1)		68,136	$	83,456
Banco Comercial Portugues SA(1)		1,021,660		173,236
CTT-Correios de Portugal SA		39,378		219,672
EDP-Energias de Portugal SA		60,115		174,822
Galp Energia SGPS SA, Class B		16,020		236,042
Jeronimo Martins SGPS SA		13,530		229,003
Navigator Co. SA (The)		61,000		222,169
NOS SGPS SA		45,365		255,428
Pharol SGPS SA		189,661		52,644
REN - Redes Energeticas Nacionais SGPS SA		15,211		41,900
			$	1,688,372
Singapore — 2.0%
Ascendas Real Estate Investment Trust		33,000	$	57,620
BOC Aviation, Ltd.(2)		11,800		59,476
Boustead Singapore, Ltd.		40,000		22,905
CapitaLand Commercial Trust, Ltd.		39,500		42,793
CapitaLand Mall Trust		45,800		62,934
City Developments, Ltd.		15,400		101,085
ComfortDelGro Corp., Ltd.		28,000		47,913
Cordlife Group, Ltd.(1)		19,000		13,080
CWT, Ltd.		14,800		20,971
DBS Group Holdings, Ltd.		13,800		186,576
Delfi, Ltd.		11,000		17,476
Ezion Holdings, Ltd.(1)		226,000		66,031
Flex, Ltd.(1)		21,578		338,127
Genting Singapore PLC		329,800		227,475
Haw Par Corp, Ltd.		14,200		96,834
Hutchison Port Holdings Trust		103,000		43,808
IGG, Inc.		53,000		39,494
Keppel Infrastructure Trust		291,400		102,347

15 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Singapore (continued)
Keppel REIT		66,000	$	47,268
M1, Ltd.		14,400		20,521
Mapletree Commercial Trust		57,000		62,014
Mapletree Industrial Trust		34,200		39,962
Midas Holdings, Ltd.		80,000		13,038
Olam International, Ltd.		50,200		70,735
Raffles Medical Group, Ltd.		32,300		34,000
Sheng Siong Group, Ltd.		45,400		29,971
Singapore Airlines, Ltd.		8,900		62,683
Singapore Airport Terminal Services, Ltd.		14,800		55,462
Singapore Exchange, Ltd.		19,500		102,571
Singapore Post, Ltd.		37,200		38,784
Singapore Press Holdings, Ltd.		81,700		200,346
Singapore Technologies Engineering, Ltd.		40,300		94,445
Singapore Telecommunications, Ltd.		63,000		172,463
Singapore Telecommunications, Ltd.		101,600		279,338
Suntec REIT		45,000		55,305
United Overseas Bank, Ltd.		10,300		153,181
Venture Corp., Ltd.		9,000		65,107
Wilmar International, Ltd.		117,800		324,187
			$	3,468,326
Spain — 4.0%
Abertis Infraestructuras SA		8,707	$	124,769
Aena SA(2)		1,223		177,857
Almirall SA		12,244		197,369
Amadeus IT Group SA		14,832		686,141
Applus Services SA		4,183		47,812
Axiare Patrimonio SOCIMI SA		6,150		89,694
Banco Bilbao Vizcaya Argentaria SA		38,700		263,183
Banco de Sabadell SA		59,508		89,840
Banco Popular Espanol SA		60,258		62,396
Bankia SA		82,040		86,729
Bankinter SA		8,786		70,719
Bolsas y Mercados Espanoles SHMSF SA		1,920		60,614
CaixaBank SA		20,372		74,673
Cellnex Telecom SA(2)		4,812		68,522
Cia de Distribucion Integral Logista Holdings SA		1,397		33,768
Coca-Cola European Partners PLC		13,600		469,608
Codere SA/Spain(1)		78,000		69,860
Construcciones y Auxiliar de Ferrocarriles SA		750		30,456
Ebro Foods SA		11,022		227,476
Enagas SA		2,646		64,984
Endesa SA		5,685		117,239
Ercros SA(1)		35,810		84,130
Ferrovial SA		9,686		175,823

Security	Shares		Value
Spain (continued)
Grifols SA		23,860	$	512,228
Hispania Activos Inmobiliarios SOCIMI SA		9,833		121,514
Iberdrola SA		66,428		419,568
Industria de Diseno Textil SA		17,619		582,758
Lar Espana Real Estate Socimi SA		14,031		106,541
Merlin Properties Socimi SA		28,454		318,717
Prosegur Cia de Seguridad SA		6,773		42,684
Red Electrica Corp. SA		3,752		67,093
Repsol SA		41,356		612,966
Tecnicas Reunidas SA		848		33,671
Telefonica SA		63,219		611,650
Tubacex SA		34,340		107,404
Vidrala SA		1,474		79,997
			$	6,990,453
Sweden — 4.0%
Alfa Laval AB		3,749	$	70,092
Assa Abloy AB, Class B		7,770		147,028
Atrium Ljungberg AB		5,102		79,317
Attendo AB(2)		10,840		101,083
Axfood AB		3,353		55,132
BillerudKorsnas AB		9,771		162,786
BioGaia AB, Class B		2,949		106,789
Boliden AB		8,309		242,393
Bonava AB, Class B(1)		4,887		75,242
Capio AB(2)		13,000		71,540
Castellum AB		12,013		165,487
Catena Media PLC(1)		6,265		68,683
Cloetta AB, Class B		10,000		33,727
Com Hem Holding AB		13,980		146,672
D Carnegie & Co. AB(1)		3,500		44,010
Dometic Group AB(1)(2)		7,900		62,155
Elekta AB, Class B		21,980		198,868
Fabege AB		9,848		167,693
Granges AB		7,960		88,364
Hennes & Mauritz AB, Class B		14,575		417,019
Hexpol AB		14,655		141,936
Holmen AB, Class B		2,606		95,349
Hufvudstaden AB, Class A		6,860		109,304
ICA Gruppen AB		2,746		89,736
Industrial & Financial Systems, Class B(3)		1,025		46,463
Industrivarden AB, Class A		3,290		67,878
Industrivarden AB, Class C		3,570		69,176
Kindred Group PLC SDR		8,056		67,982
Kungsleden AB		12,476		80,387

16 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Sweden (continued)
L E Lundbergforetagen, Class B		596	$	38,348
Lifco AB, Class B		4,005		114,522
Lundin Petroleum AB(1)		12,602		271,957
Medivir AB, Class B(1)		11,060		110,431
Mycronic AB		5,282		60,236
NCC AB, Class B		1,905		46,852
NetEnt AB(1)		13,515		108,436
Nibe Industrier AB, Class B		4,088		33,714
Nordea Bank AB		19,562		236,158
Pandox AB		2,329		37,300
Sagax AB		4,466		40,724
Securitas AB, Class B		2,566		40,859
Skanska AB, Class B		3,995		97,678
SKF AB, Class B		3,418		68,776
Starbreeze AB(1)		33,624		61,944
Svenska Cellulosa AB SCA, Class B		14,431		434,252
Svenska Handelsbanken AB, Class A		10,742		160,364
Swedbank AB, Class A		7,727		195,377
Swedish Match AB		4,069		132,473
Telefonaktiebolaget LM Ericsson, Class B		63,670		376,820
Telia Co. AB		142,324		577,328
Thule Group AB(2)		3,215		52,157
Trelleborg AB, Class B		4,750		98,542
Vitrolife AB		1,255		58,316
Volvo AB		12,900		165,091
Wihlborgs Fastigheter AB		3,621		69,120
			$	6,960,066
Switzerland — 8.1%
Allreal Holding AG		1,015	$	154,159
ALSO Holding AG(1)		520		51,788
Ascom Holding AG		5,950		99,753
Baloise Holding AG		924		118,977
Banque Cantonale Vaudoise		126		86,072
Barry Callebaut AG		43		53,207
Belimo Holding AG		20		64,282
Berner Kantonalbank AG		342		63,110
BKW AG		844		42,632
Bucher Industries AG		335		90,919
Burckhardt Compression Holdings AG		260		76,741
Cembra Money Bank AG		1,074		81,092
Chocoladefabriken Lindt & Spruengli AG		1		64,859
Chocoladefabriken Lindt & Spruengli AG PC		19		105,457
Comet Holding AG		91		89,986
Compagnie Financiere Richemont SA, Class A		18,459		1,437,581

Security	Shares		Value
Switzerland (continued)
Daetwyler Holding AG		436	$	66,514
DKSH Holding AG		1,013		74,895
dormakaba Holding AG		136		105,595
EFG International AG		8,368		50,796
Ems-Chemie Holding AG		583		300,946
Flughafen Zuerich AG		570		112,096
Forbo Holding AG		55		75,847
Geberit AG		667		285,069
Georg Fischer AG		150		123,620
Givaudan SA		321		578,712
Helvetia Holding AG		174		98,462
Inficon Holding AG		121		51,123
Kardex AG		528		52,959
Komax Holding AG		194		50,898
Kuehne & Nagel International AG		1,125		153,931
LEM Holding SA		25		23,363
Luzerner Kantonalbank AG		71		29,400
Mobimo Holding AG		577		151,086
Nestle SA		24,081		1,764,283
Novartis AG		13,278		980,282
Panalpina Welttransport Holding AG		480		59,351
Pargesa Holding SA		1,628		108,445
Partners Group Holding AG		445		224,889
Roche Holding AG		473		113,987
Roche Holding AG PC		3,574		846,853
Schindler Holding AG		748		140,906
Schindler Holding AG PC		1,060		202,054
Schmolz & Bickenbach AG(1)		42,451		28,377
SFS Group AG		763		67,121
SGS SA		107		227,031
Sika AG		81		425,675
Sonova Holding AG		815		107,910
Sulzer AG		739		83,639
Sunrise Communications Group AG(2)		1,916		129,879
Swatch Group AG (The)		2,852		199,269
Swatch Group AG (The)		1,088		385,593
Swiss Life Holding AG		544		165,151
Swiss Prime Site AG		4,517		376,280
Swiss Re AG		3,671		343,050
Swisscom AG		992		437,617
Syngenta AG(1)		1,503		638,009
Temenos Group AG		3,870		281,400
Valiant Holding AG		788		83,777
Valora Holding AG		268		89,706
Vontobel Holding AG		783		43,842
Zurich Insurance Group AG		1,875		539,950
			$	14,160,253

17 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
United Kingdom — 15.4%
Admiral Group PLC		7,337	$	164,379
Antofagasta PLC		15,011		158,601
Assura PLC		171,909		112,245
AstraZeneca PLC		16,534		877,443
Auto Trader Group PLC(2)		55,026		277,915
Aveva Group PLC		3,555		85,480
Aviva PLC		33,723		203,042
Babcock International Group PLC		11,872		133,707
BAE Systems PLC		38,574		283,314
Bellway PLC		2,729		85,534
Berendsen PLC		10,019		105,201
Berkeley Group Holdings PLC		2,841		100,343
BHP Billiton PLC		25,135		458,407
Big Yellow Group PLC		11,100		95,927
BP PLC		171,015		1,021,393
BT Group PLC		192,708		739,038
BTG PLC(1)		28,530		192,239
Bunzl PLC		4,931		129,984
Capita PLC		12,557		79,224
Carnival PLC		3,100		165,846
Centamin PLC		78,849		155,915
Close Brothers Group PLC		4,524		82,738
Cobham PLC		51,870		88,759
Compass Group PLC		17,221		306,483
Computacenter PLC		6,506		64,955
Croda International PLC		3,213		135,675
Daily Mail & General Trust PLC, Class A		7,483		65,353
Diageo PLC		24,881		691,140
Dignity PLC		2,785		85,748
Direct Line Insurance Group PLC		36,729		164,539
easyJet PLC		5,421		64,987
Electrocomponents PLC		31,298		191,410
Elementis PLC		29,679		100,337
Essentra PLC		15,665		80,884
Experian PLC		11,699		225,934
F&C Commercial Property Trust, Ltd.		84,703		144,825
Fidessa Group PLC		2,231		64,781
FirstGroup PLC(1)		47,376		62,122
Fresnillo PLC		7,025		128,954
G4S PLC		25,365		81,717
GlaxoSmithKline PLC		57,331		1,107,920
Grainger PLC		44,653		133,876
Great Portland Estates PLC		23,303		182,365
Greene King PLC		6,857		58,919
Halma PLC		20,933		243,887
Hammerson PLC		39,192		270,124

Security	Shares		Value
United Kingdom (continued)
Hansteen Holdings PLC		58,174	$	80,485
Hikma Pharmaceuticals PLC		10,323		237,771
Howden Joinery Group PLC		17,122		81,568
HSBC Holdings PLC		101,744		867,969
Imperial Brands PLC		10,238		474,302
Informa PLC		10,547		86,701
Inmarsat PLC		9,579		73,392
Intertek Group PLC		3,611		154,575
ITV PLC		58,097		149,078
John Wood Group PLC		18,680		197,614
Just Eat PLC(1)		25,395		172,950
Kingfisher PLC		29,113		123,520
Land Securities Group PLC		33,494		419,766
Legal & General Group PLC		59,596		176,744
Lloyds Banking Group PLC		381,763		313,122
London Stock Exchange Group PLC		3,749		150,095
LondonMetric Property PLC		86,060		159,884
Marston’s PLC		36,633		60,857
Meggitt PLC		22,446		118,379
Melrose Industries PLC		47,201		116,207
Merlin Entertainments PLC(2)		18,929		113,804
Micro Focus International PLC		11,235		303,903
Moneysupermarket.com Group PLC		26,777		111,204
National Grid PLC		116,224		1,361,353
NCC Group PLC		21,097		49,176
Next PLC		2,001		96,550
Oxford Instruments PLC		4,584		40,894
Pearson PLC		12,680		98,854
Pennon Group PLC		30,861		308,545
Playtech PLC		15,382		160,724
Provident Financial PLC		5,200		179,065
Randgold Resources, Ltd.		2,477		210,845
Reckitt Benckiser Group PLC		7,026		602,870
RELX PLC		13,573		243,637
Renishaw PLC		2,320		83,257
Rentokil Initial PLC		29,063		83,742
Rio Tinto PLC		18,383		814,421
Royal Dutch Shell PLC, Class A		42,364		1,148,982
Royal Mail PLC		24,965		129,652
RPC Group PLC		11,288		152,435
RSA Insurance Group PLC		15,527		112,423
Sage Group PLC (The)		50,529		390,798
Savills PLC		11,000		107,489
SDL PLC		5,875		36,199
Segro PLC		43,700		253,853
Severn Trent PLC		13,493		386,757

18 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
United Kingdom (continued)
Shaftesbury PLC		16,900	$	186,614
Sky PLC		12,062		152,399
Spirax-Sarco Engineering PLC		1,300		70,610
Spirent Communications PLC		82,377		101,056
Standard Life PLC		27,303		119,288
Synthomer PLC		17,348		98,600
Tate & Lyle PLC		26,275		222,086
Tritax Big Box REIT PLC		86,760		151,135
TT Electronics PLC		18,160		34,048
UBM PLC		6,617		58,797
Unilever PLC		13,031		527,831
UNITE Group PLC (The)		22,502		166,094
United Utilities Group PLC		40,087		464,229
Victrex PLC		5,241		125,596
Vodafone Group PLC		559,547		1,370,627
WH Smith PLC		3,964		81,496
Whitbread PLC		2,947		145,882
William Hill PLC		19,873		64,824
Wolseley PLC		3,200		198,177
WPP PLC		15,053		350,345
Xaar PLC		11,461		57,531
			$	26,997,285
Total Common Stocks (identified cost $166,387,503)			$	173,991,737
Short-Term Investments — 0.3%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.90%(4)		486,128	$	486,177
Total Short-Term Investments (identified cost $486,177)			$	486,177
Total Investments — 99.5% (identified cost $166,873,680)			$	174,477,914
Other Assets, Less Liabilities — 0.5%			$	876,023
Net Assets — 100.0%			$	175,353,937

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

⁽¹⁾  Non-income producing security.

⁽²⁾  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 January 31, 2017, the aggregate value of these securities is $3,844,632 or 2.2% of the Fund’s net assets.

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

⁽⁴⁾  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 January 31, 2017.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Euro		33.9	%	$	59,446,846
Japanese Yen		15.9			27,904,948
British Pound Sterling		15.8			27,676,549
Swiss Franc		8.2			14,363,505
Australian Dollar		7.7			13,529,081
Swedish Krona		4.0			6,960,066
Hong Kong Dollar		3.7			6,489,825
United States Dollar		2.2			3,769,162
Danish Krone		2.0			3,460,252
Norwegian Krone		1.9			3,412,580
Singapore Dollar		1.7			3,034,083
Israeli Shekel		1.5			2,665,216
New Zealand Dollar		1.0			1,765,801
Total Investments		99.5	%	$	174,477,914

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		11.1	%	$	19,438,427
Industrials		10.7			18,759,283
Consumer Staples		10.2			17,958,201
Consumer Discretionary		10.2			17,822,947
Materials		9.5			16,633,048
Health Care		9.2			16,132,371
Information Technology		9.0			15,712,843
Telecommunication Services		8.4			14,720,040
Real Estate		8.3			14,641,813
Utilities		7.0			12,377,337
Energy		5.6			9,795,427
Short-Term Investments		0.3			486,177
Total Investments		99.5	%	$	174,477,914

19 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Portfolio of Investments — continued

Abbreviations:

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

20 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Statement of Assets and Liabilities

Assets	January 31, 2017
Unaffiliated investments, at value (identified cost, $166,387,503)	$	173,991,737
Affiliated investment, at value (identified cost, $486,177)		486,177
Foreign currency, at value (identified cost, $184,608)		186,382
Dividends receivable		135,206
Dividend receivable from affiliated investment		1,769
Receivable for Fund shares sold		609,748
Tax reclaims receivable		207,271
Receivable from affiliates		57,074
Total assets	$	175,675,364
Liabilities
Payable for Fund shares redeemed	$	178,216
Payable to affiliates:
Investment adviser and administration fee		57,441
Distribution and service fees		7,108
Accrued expenses		78,662
Total liabilities	$	321,427
Net Assets	$	175,353,937
Sources of Net Assets
Paid-in capital	$	170,676,780
Accumulated net realized loss		(2,668,460	)
Accumulated distributions in excess of net investment income		(252,648	)
Net unrealized appreciation		7,598,265
Total	$	175,353,937
Investor Class Shares
Net Assets	$	34,386,096
Shares Outstanding		2,972,260
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.57
Institutional Class Shares
Net Assets	$	55,323,899
Shares Outstanding		4,766,059
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.61
Class R Shares
Net Assets	$	785,910
Shares Outstanding		68,186
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.53
Class R6 Shares
Net Assets	$	84,858,032
Shares Outstanding		7,309,410
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.61

21 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Statement of Operations

Investment Income	Year Ended January 31, 2017
Dividends (net of foreign taxes, $388,903)	$	3,619,023
Interest allocated from/dividends from affiliated investment		8,074
Expenses allocated from affiliated investment		(72	)
Total investment income	$	3,627,025
Expenses
Investment adviser and administration fee	$	727,024
Distribution and service fees
Investor Class		44,449
Class R		1,214
Trustees’ fees and expenses		8,324
Custodian fee		106,685
Transfer and dividend disbursing agent fees		26,727
Legal and accounting services		47,296
Printing and postage		13,397
Registration fees		73,608
Miscellaneous		54,197
Total expenses	$	1,102,921
Deduct —
Allocation of expenses to affiliates	$	312,053
Total expense reductions	$	312,053
Net expenses	$	790,868
Net investment income	$	2,836,157
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(2,106,856	)
Investment transactions in/allocated from affiliated investment		374
Foreign currency transactions		(51,815	)
Net realized loss	$	(2,158,297	)
Change in unrealized appreciation (depreciation) —
Investments	$	11,233,337
Foreign currency		12,242
Net change in unrealized appreciation (depreciation)	$	11,245,579
Net realized and unrealized gain	$	9,087,282
Net increase in net assets from operations	$	11,923,439

22 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2017			2016
From operations —
Net investment income	$	2,836,157		$	2,532,480
Net realized loss from investment and foreign currency transactions		(2,158,297	)		(86,749	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		11,245,579			(6,244,780	)
Net increase (decrease) in net assets from operations	$	11,923,439		$	(3,799,049	)
Distributions to shareholders —
From net investment income
Investor Class	$	(467,005	)	$	(274,718	)
Institutional Class		(820,850	)		(832,932	)
Class R		(11,227	)		(21	)
Class R6		(1,351,722	)		(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	$	(2,748,397	)	$	(2,616,376	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	28,247,632		$	9,665,385
Institutional Class		29,423,191			36,179,080
Class R		844,401			1,000
Class R6		39,653,684			66,776,856
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		401,787			278,957
Institutional Class		654,313			541,239
Class R		11,215			—
Class R6		343,621			154,003
Cost of shares redeemed
Investor Class		(7,455,796	)		(5,436,174	)
Institutional Class		(8,314,075	)		(88,215,174	)
Class R		(74,649	)		—
Class R6		(21,042,590	)		(2,741,307	)
Net increase in net assets from Fund share transactions	$	62,692,734		$	17,203,865
Net increase in net assets	$	71,867,776		$	10,788,440
Net Assets
At beginning of year	$	103,486,161		$	92,697,721
At end of year	$	175,353,937		$	103,486,161
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(252,648	)	$	(83,447	)

⁽¹⁾  Amount is less than $(0.50).

23 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Financial Highlights

	Investor Class
	Year Ended January 31,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	10.750		$	11.410		$	11.960		$	11.180		$	9.850
Income (Loss) From Operations
Net investment income(1)	$	0.198		$	0.217		$	0.355	(2)	$	0.195		$	0.227
Net realized and unrealized gain (loss)		0.810			(0.607	)		(0.242	)		0.822			1.370
Total income (loss) from operations	$	1.008		$	(0.390	)	$	0.113		$	1.017		$	1.597
Less Distributions
From net investment income	$	(0.178	)	$	(0.266	)	$	(0.251	)	$	(0.237	)	$	(0.267	)
From net realized gain		(0.010	)		(0.004	)		(0.412	)		—			—
Total distributions	$	(0.188	)	$	(0.270	)	$	(0.663	)	$	(0.237	)	$	(0.267	)
Net asset value — End of year	$	11.570		$	10.750		$	11.410		$	11.960		$	11.180
Total Return(3)(4)		9.55	%		(3.73	)%		1.01	%		9.04	%		16.32	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	34,386		$	12,069		$	8,503		$	14,007		$	7,038
Ratios (as a percentage of average daily net assets):
Expenses(4)(5)		0.84	%		0.90	%		0.97	%		1.05	%		1.29	%
Net investment income		1.75	%		1.86	%		2.83	%(2)		1.65	%		2.22	%
Portfolio Turnover		22	%		34	%		63	%		35	%		44	%

⁽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⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.23%, 0.35%, 0.32%, 0.29% and 0.29% of average daily net assets for the years ended January 31, 2017, 2016, 2015, 2014 and 2013, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

24 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	10.770		$	11.430		$	11.990		$	11.200		$	9.880
Income (Loss) From Operations
Net investment income(1)	$	0.257		$	0.325		$	0.333	(2)	$	0.259		$	0.252
Net realized and unrealized gain (loss)		0.788			(0.693	)		(0.184	)		0.790			1.375
Total income (loss) from operations	$	1.045		$	(0.368	)	$	0.149		$	1.049		$	1.627
Less Distributions
From net investment income	$	(0.195	)	$	(0.288	)	$	(0.297	)	$	(0.259	)	$	(0.307	)
From net realized gain		(0.010	)		(0.004	)		(0.412	)		—			—
Total distributions	$	(0.205	)	$	(0.292	)	$	(0.709	)	$	(0.259	)	$	(0.307	)
Net asset value — End of year	$	11.610		$	10.770		$	11.430		$	11.990		$	11.200
Total Return(3)(4)		9.78	%		(3.37	)%		1.22	%		9.31	%		16.59	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	55,324		$	30,808		$	84,195		$	68,911		$	54,167
Ratios (as a percentage of average daily net assets):
Expenses(4)(5)		0.60	%		0.65	%		0.72	%		0.80	%		1.02	%
Net investment income		2.26	%		2.72	%		2.66	%(2)		2.20	%		2.45	%
Portfolio Turnover		22	%		34	%		63	%		35	%		44	%

⁽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⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.24%, 0.35%, 0.32%, 0.29% and 0.30% of average daily net assets for the years ended January 31, 2017, 2016, 2015, 2014 and 2013, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

25 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Financial Highlights — continued

	Class R
	Year Ended January 31, 2017			Period Ended January 31, 2016(1)
Net asset value — Beginning of period	$	10.740		$	12.340
Income (Loss) From Operations
Net investment income(2)	$	0.064		$	0.044
Net realized and unrealized gain (loss)		0.919			(1.384	)
Total income (loss) from operations	$	0.983		$	(1.340	)
Less Distributions
From net investment income	$	(0.183	)	$	(0.256	)
From net realized gain		(0.010	)		(0.004	)
Total distributions	$	(0.193	)	$	(0.260	)
Net asset value — End of period	$	11.530		$	10.740
Total Return(3)(4)		9.22	%		(10.98	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	786		$	1
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.04	%		1.15	%(6)
Net investment income		0.56	%		0.82	%(6)
Portfolio Turnover		22	%		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⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.19% and 0.35% of average daily net assets for the year ended January 31, 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

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

26 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Financial Highlights — continued

	Class R6
	Year Ended January 31, 2017			Period Ended January 31, 2016(1)
Net asset value — Beginning of period	$	10.770		$	12.380
Income (Loss) From Operations
Net investment income(2)	$	0.267		$	0.059
Net realized and unrealized gain (loss)		0.780			(1.374	)
Total income (loss) from operations	$	1.047		$	(1.315	)
Less Distributions
From net investment income	$	(0.197	)	$	(0.291	)
From net realized gain		(0.010	)		(0.004	)
Total distributions	$	(0.207	)	$	(0.295	)
Net asset value — End of period	$	11.610		$	10.770
Total Return(3)(4)		9.79	%		(10.77	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	84,858		$	60,608
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.58	%		0.62	%(6)
Net investment income		2.34	%		1.10	%(6)
Portfolio Turnover		22	%		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⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.25% and 0.35% of average daily net assets for the year ended January 31, 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

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

27 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2017

Notes to Financial Statements

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). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service. Prior to Cash Reserves Fund’s issuance of units in October 2016, the value of the Fund’s investment in Cash Reserves Fund reflected the Fund’s proportionate interest in its net assets and the Fund recorded its pro-rata share of Cash Reserves Fund’s income, expenses and realized gain or loss.

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 January 31, 2017, 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.

28

Parametric International Equity Fund

January 31, 2017

Notes to Financial Statements — continued

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

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

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

H  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume 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.

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 tax character of distributions declared for the years ended January 31, 2017 and January 31, 2016 was as follows:

	Year Ended January 31,
	2017		2016
Distributions declared from:
Ordinary income	$	2,651,163	$	2,579,519
Long-term capital gains	$	97,234	$	36,857

During the year ended January 31, 2017, accumulated net realized loss was decreased by $1,557, accumulated undistributed net investment income was decreased by $354,554 and paid-in capital was increased by $352,997 due to the Fund’s use of equalization accounting and differences between book and tax accounting, primarily for foreign currency gain (loss), investments in passive foreign investment companies (PFICs), investments in partnerships and dividend redesignations. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2017, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$	102,849
Deferred capital losses and post October capital losses	$	(2,013,439	)
Net unrealized appreciation	$	6,587,747

29

Parametric International Equity Fund

January 31, 2017

Notes to Financial Statements — continued

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

At January 31, 2017, the Fund, for federal income tax purposes, had deferred capital losses of $1,989,878 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 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, 2017, $1,989,878 are long-term.

Additionally, at January 31, 2017, the Fund had a net capital loss of $23,561 attributable to security transactions incurred after October 31, 2016 that it has elected to defer. This net capital loss is treated as arising on the first day of the Fund’s taxable year ending January 31, 2018.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2017, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	167,884,198
Gross unrealized appreciation	$	15,515,333
Gross unrealized depreciation		(8,921,617	)
Net unrealized appreciation	$	6,593,716

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 0.40% of the Fund’s average daily net assets up to $1 billion (0.65% of the Fund’s average daily net assets up to $500 million prior to November 1, 2016) and is payable monthly. On net assets of $1 billion and 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 year ended January 31, 2017, the investment adviser and administration fee amounted to $727,024 or 0.57% 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 0.75%, 0.50%, 1.00% and 0.47% (0.90%, 0.65%, 1.15% and 0.62% prior to November 1, 2016) 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, 2018. Pursuant to this agreement, EVM and Parametric were allocated $312,053 in total of the Fund’s operating expenses for the year ended January 31, 2017.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2017, EVM earned $2,068 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 year ended January 31, 2017, 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 year ended January 31, 2017 amounted to $44,449 for Investor Class shares.

30

Parametric International Equity Fund

January 31, 2017

Notes to Financial Statements — continued

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 year ended January 31, 2017, the Fund paid or accrued to EVD $607 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 year ended January 31, 2017 amounted to $607 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 $90,349,902 and $27,882,335, respectively, for the year ended January 31, 2017.

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:

	Year Ended January 31,
Investor Class	2017			2016
Sales		2,461,899			821,612
Issued to shareholders electing to receive payments of distributions in Fund shares		36,143			24,406
Redemptions		(648,992	)		(467,746	)
Net increase		1,849,050			378,272
	Year Ended January 31,
Institutional Class	2017			2016
Sales		2,578,901			3,067,229
Issued to shareholders electing to receive payments of distributions in Fund shares		58,663			47,270
Redemptions		(732,346	)		(7,618,165	)
Net increase (decrease)		1,905,218			(4,503,666	)
Class R	Year Ended January 31, 2017			Period Ended January 31, 2016(1)
Sales		73,744			81
Issued to shareholders electing to receive payments of distributions in Fund shares		1,012			—
Redemptions		(6,651	)		—
Net increase		68,105			81

31

Parametric International Equity Fund

January 31, 2017

Notes to Financial Statements — continued

Class R6	Year Ended January 31, 2017			Period Ended January 31, 2016(1)
Sales		3,485,699			5,858,132
Issued to shareholders electing to receive payments of distributions in Fund shares		30,806			13,450
Redemptions		(1,835,321	)		(243,356	)
Net increase		1,681,184			5,628,226

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

At January 31, 2017, 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 35.7% 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 1, 2017. 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 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2017.

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.

32

Parametric International Equity Fund

January 31, 2017

Notes to Financial Statements — continued

At January 31, 2017, 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	$	476,277	$	53,339,665		$	0	$	53,815,942
Developed Europe		1,466,700		115,210,565			46,463		116,723,728
Developed Middle East		740,189		2,711,878			—		3,452,067
Total Common Stocks	$	2,683,166	$	171,262,108	**	$	46,463	$	173,991,737
Short-Term Investments	$	—	$	486,177		$	—	$	486,177
Total Investments	$	2,683,166	$	171,748,285		$	46,463	$	174,477,914

* 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 year ended January 31, 2017 is not presented. At January 31, 2017, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

33

Parametric International Equity Fund

January 31, 2017

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Parametric International Equity Fund:

We have audited the accompanying statement of assets and liabilities of Parametric International Equity Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2017, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Parametric International Equity Fund as of January 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 21, 2017

34

Parametric International Equity Fund

January 31, 2017

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2018 will show the tax status of all distributions paid to your account in calendar year 2017. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the foreign tax credit.

Qualified Dividend Income.  For the fiscal year ended January 31, 2017, the Fund designates approximately $3,580,024, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit.  For the fiscal year ended January 31, 2017, the Fund paid foreign taxes of $362,929 and recognized foreign source income of $4,007,926.

35

Parametric International Equity Fund

January 31, 2017

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, “EVMI” refers to Eaton Vance Management (International) Limited and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. EVMI is an indirect, wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 177 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD and EVMI. Trustee and/or officer of 177 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVMI, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Scott E. Eston 1956	Trustee	2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., LLC (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand LLP (now PricewaterhouseCoopers) (a registered public accounting firm) (1987-1997). Mr. Eston has apprised the Board of Trustees that he intends to retire as a Trustee of all Eaton Vance funds effective September 30, 2017. Directorships in the Last Five Years.(2) None.
Mark R. Fetting(3) 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Directorships in the Last Five Years. Formerly, Director and Chairman of Legg Mason, Inc. (2008-2012); Director/Trustee and Chairman of Legg Mason family of funds (14 funds) (2008-2012); and Director/Trustee of the Royce family of funds (35 funds) (2001-2012).
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Consultant, Bain and Company (management consulting firm) (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

36

Parametric International Equity Fund

January 31, 2017

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Harriett Tee Taggart 1948	Trustee	2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Ralph F. Verni 1943	Trustee	2005	Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (financial services cooperative) (2002-2006). Consistent with the Trustee retirement policy, Mr. Verni is currently expected to retire as a Trustee of all Eaton Vance funds effective July 1, 2017. Directorships in the Last Five Years.(2) None.

37

Parametric International Equity Fund

January 31, 2017

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Scott E. Wennerholm(3) 1959	Trustee	2016	Consultant at GF Parish Group (executive recruiting firm). Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.
Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Paul M. O’Neil 1953	Chief Compliance Officer	2004	Vice President of EVM and BMR.

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016.

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

38

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.

39

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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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

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.

4736    1.31.17

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR during the period covered by this report to make clarifying changes consistent with Rule 21F-17 of the Securities Exchange Act of 1934, as amended. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief

Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Parametric Emerging Markets Fund and Parametric International Equity Fund (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 34 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

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 or a “covered person” of the accounting firm (within the meaning of applicable SEC rules relating to auditor independence) 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 one or more lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) 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 notwithstanding the existence of one or more breaches of the Loan Rule.

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) (the “No-Action Letter”)) related to an auditor independence issue arising under the Loan Rule. In the No-Action 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. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

Based on information provided by D&T to the Audit Committee, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. Among other things, D&T has advised the Audit Committee of its conclusion that the consequences of the breach of the Loan Rule have been satisfactorily addressed, that D&T’s objectivity and impartiality in the planning and conduct of the audits of the Fund’s financial statements has not been compromised and that, notwithstanding the breach, D&T is in a position to continue as the auditor for the Funds and D&T does not believe any actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on its consideration of the No-Action Letter and other relevant information communicated to the Audit Committee.

(a)-(d)

The following table presents the aggregate fees billed to each Fund for the Fund’s fiscal years ended January 31, 2016 and January 31, 2017 by D&T, for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Parametric Emerging Markets Fund Fiscal Years Ended	1/31/16		1/31/17
Audit Fees	$	79,870	$	80,670
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	25,385	$	23,686
All Other Fees(3)	$	0	$	0
Total	$	105,255	$	104,356
Parametric International Equity Fund Fiscal Years Ended	1/31/16		1/31/17
Audit Fees	$	30,660	$	33,910
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	14,110	$	13,125
All Other Fees(3)	$	0	$	0
Total	$	44,770	$	47,035

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax/compliance planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The various Series comprising the Trust have differing fiscal year ends* (January 31, February 28, August 31, September 30, October 31 or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	2/28/15		8/31/15		9/30/15		10/31/15		12/31/15		1/31/16		2/29/16		8/31/16		9/30/16		10/31/16		12/31/16		1/31/17
Audit Fees	$	22,050	$	48,450	$	106,700	$	581,560	$	105,020	$	136,480	$	22,650	$	48,950	$	97,730	$	570,575	$	105,320	$	114,580
Audit-Related Fees(1)	$	0	$	0	$	2,550	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees(2)	$	12,780	$	12,002	$	34,621	$	338,673	$	51,252	$	49,348	$	9,648	$	12,259	$	25,000	$	360,983	$	61,414	$	36,811
All Other Fees(3)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total	$	34,830	$	60,452	$	143,871	$	920,233	$	156,272	$	185,828	$	32,298	$	61,209	$	122,730	$	931,558	$	166,734	$	151,391

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax/compliance planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

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

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

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

(f) Not applicable.

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

Fiscal Years Ended	2/28/15		8/31/15		9/30/15		10/31/15		12/31/15		1/31/16		2/29/16		8/31/16		9/30/16		10/31/16		12/31/16		1/31/17
Registrant(1)	$	12,780	$	12,002	$	37,171	$	338,673	$	51,252	$	49,348	$	9,648	$	12,259	$	25,000	$	360,983	$	61,414	$	36,811
Eaton Vance(2)	$	99,750	$	46,000	$	46,000	$	46,000	$	56,434	$	56,434	$	56,434	$	56,434	$	56,434	$	56,434	$	46,000	$	46,000

⁽¹⁾ Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were “feeder” funds in a “master-feeder” fund structure or funds of funds.

⁽²⁾ Various subsidiaries of Eaton Vance Corp. act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable).

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

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:	March 24, 2017

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:	March 24, 2017
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 24, 2017