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, 2018

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric Emerging Markets Fund

Annual Report

January 31, 2018

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, 2018

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, 2018

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended January 31, 2018, emerging market equities staged a sharp rally, with the MSCI Emerging Markets Index (the Index)² posting positive returns in 11 of the 12 months. Investors were initially drawn to the asset class based on its attractive valuation versus U.S. equities, as well as signs that the Trump trade policy was not as draconian as feared. Moreover, the rally drew strength from the growing consensus that global growth was back on track, and should allow for a prolonged period of expansion in emerging market economies.

Although the emerging markets rally was broad-based for the year, many weaker performers from the first six months experienced a rebound during the back half of the period, while the initial leaders showed mixed results.

At the country level, China rose over 60% on data showing continued strength across its economy. Greece, which rallied after the International Monetary Fund announced it would not ask for any further fiscal reform, rose over 55%. Poland advanced over 50%, as equity markets rallied in response to the economic expansion across the Eurozone. The tech-heavy markets of South Korea and Taiwan were among the top-performers during the first half of the period, but trailed during the latter half due to a pullback in information technology stocks and news that Apple cut its forecast for iPhone X shipments. Taiwan is home to a number of major component providers to the iPhone. Qatar and Pakistan were the only constituents to decline for the year.

Frontier markets (as measured by the MSCI Frontier Markets Index) generally delivered moderately lower returns than emerging markets (as measured by the Index). Country returns in the frontier markets were predominantly positive.

Fund Performance

For the 12-month period ended January 31, 2018, Parametric Emerging Markets Fund (the Fund) had a total return of 29.33% 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 41.01% for the same period.

An underweight to China was the top detractor from relative performance, as Chinese markets continued to rally on strong economic growth. The inclusion of Pakistan also

weighed on relative results, as stocks fell due to political corruption scandals which led to the resignation of its prime minister. Lastly, an overweight to Mexico detracted from Fund performance versus the Index. Mexican stocks fell due to increasing signs that the North American Free Trade Agreement may be modified or canceled and a corruption scandal in the ruling political party.

The largest contributor to relative Fund performance was an underweight to Taiwan. Many of the suppliers for Apple’s smart phones are based in Taiwan, and suffered due to the lukewarm reception to the latest iPhone models. The sector diversification⁶ process within South Korea also contributed to relative results, particularly due to a resulting overweight to health care, which rose on increasing signs of success by South Korean generic drug-makers. The inclusion of non-index country Vietnam also benefited relative performance. Vietnam rallied on the back of a pronounced privatization effort by the country’s government, which led to the listing of a number of large, established companies.

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, 2018

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			29.33	%		3.72	%		2.43	%
Class C at NAV		06/30/2006		06/30/2006			28.32			2.96			1.67
Class C with 1% Maximum Sales Charge		—		—			27.32			2.96			1.67
Institutional Class at NAV		06/30/2006		06/30/2006			29.56			3.97			2.68
Class R6 at NAV		07/01/2014		06/30/2006			29.69			4.02			2.71
MSCI Emerging Markets Index		—		—			41.01	%		5.74	%		3.87	%
% Total Annual Operating Expense Ratios4			Investor Class			Class C			Institutional Class			Class R6
				1.38	%		2.13	%		1.13	%		1.08	%

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		01/31/2008	$	11,803		N.A.
Institutional Class	$	50,000		01/31/2008	$	65,167		N.A.
Class R6	$	1,000,000		01/31/2008	$	1,306,681		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, 2018

Fund Profile

Sector Allocation (% of net assets)⁵

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁵

Sberbank of Russia PJSC	0.9	%
America Movil SAB de CV, Series L	0.8
China Mobile, Ltd.	0.7
MTN Group, Ltd.	0.6
Naspers, Ltd., Class N	0.6
Credicorp, Ltd.	0.6
Cielo SA	0.5
Petroleo Brasileiro SA, PFC Shares	0.5
Gazprom PJSC ADR	0.5
Tencent Holdings, Ltd.	0.4
Total	6.1	%

See Endnotes and Additional Disclosures in this report.

4

Parametric Emerging Markets Fund

January 31, 2018

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, 2018

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, 2017 – January 31, 2018).

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 (8/1/17)		Ending Account Value (1/31/18)		Expenses Paid During Period* (8/1/17 – 1/31/18)		Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,142.90	$	7.40		1.37	%
Class C	$	1,000.00	$	1,138.80	$	11.43		2.12	%
Institutional Class	$	1,000.00	$	1,144.10	$	6.05		1.12	%
Class R6	$	1,000.00	$	1,145.20	$	5.84		1.08	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,018.30	$	6.97		1.37	%
Class C	$	1,000.00	$	1,014.50	$	10.76		2.12	%
Institutional Class	$	1,000.00	$	1,019.60	$	5.70		1.12	%
Class R6	$	1,000.00	$	1,019.80	$	5.50		1.08	%

* 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 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2017.

6

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments

Common Stocks — 99.0%
Security	Shares		Value
Argentina — 0.7%
Adecoagro SA(1)		162,806	$	1,577,590
Arcos Dorados Holdings, Inc., Class A(1)		330,114		3,383,668
Banco Macro SA, Class B ADR		6,487		704,099
BBVA Banco Frances SA ADR		25,288		639,534
Cresud SA ADR		42,441		919,696
Grupo Financiero Galicia SA, Class B ADR		30,387		2,121,013
IRSA Inversiones y Representaciones SA ADR		35,110		1,008,359
MercadoLibre, Inc.		13,622		5,273,076
Pampa Energia SA ADR(1)		50,499		3,560,179
Transportadora de Gas del Sur SA ADR(1)		20,764		475,496
YPF SA ADR		121,524		2,934,805
			$	22,597,515
Bahrain — 0.7%
Ahli United Bank BSC		14,236,325	$	10,035,220
Al Salam Bank-Bahrain BSC		11,920,388		3,889,124
GFH Financial Group BSC		11,076,329		4,407,667
Ithmaar Holding BSC(1)		14,771,027		2,782,809
			$	21,114,820
Bangladesh — 0.7%
ACI, Ltd.		60,159	$	309,155
Aftab Automobiles, Ltd.		349,827		253,525
Bangladesh Export Import Co., Ltd.		3,834,762		1,204,127
Bangladesh Submarine Cable Co., Ltd.		192,647		222,136
Beximco Pharmaceuticals, Ltd.		457,495		587,684
BSRM Steels, Ltd.		1,068,413		945,056
City Bank, Ltd. (The)		1,250,881		636,244
CVO Petrochemical Refinery, Ltd.(1)		90,270		223,502
Grameenphone, Ltd.		551,510		3,307,107
Heidelberger Cement Bangladesh, Ltd.		146,500		723,232
Islami Bank Bangladesh, Ltd.		1,269,074		520,860
Jamuna Oil Co., Ltd.		180,599		421,276
Khulna Power Co., Ltd.		757,470		515,315
LankaBangla Finance, Ltd.		771,506		381,905
Meghna Petroleum, Ltd.		174,079		399,953
National Bank, Ltd.(1)		3,910,869		607,358
Olympic Industries, Ltd.		607,819		2,052,139
Orion Pharma, Ltd.		258,206		147,102
Padma Oil Co., Ltd.		195,600		556,384
People’s Leasing and Financial Services, Ltd.(1)		1,467,409		232,733
Pubali Bank, Ltd.		2,029,094		696,514
Renata, Ltd.		27,547		408,602
Singer Bangladesh, Ltd.		142,500		324,660

Security	Shares		Value
Bangladesh (continued)
Social Islami Bank, Ltd.		1,610,176	$	428,378
Southeast Bank, Ltd.		1,630,632		396,025
Square Pharmaceuticals, Ltd.		465,938		1,829,136
Summit Power, Ltd.		1,655,358		720,623
Titas Gas Transmission & Distribution Co., Ltd.		1,020,740		526,726
Unique Hotel & Resorts, Ltd.		1,020,672		667,691
United Airways Bangladesh, Ltd.(1)		6,170,401		377,837
United Commercial Bank, Ltd.		1,220,971		318,474
			$	20,941,459
Botswana — 0.4%
Barclays Bank of Botswana, Ltd.		1,539,465	$	975,075
Botswana Insurance Holdings, Ltd.		859,111		1,659,097
First National Bank of Botswana, Ltd.		7,940,100		1,872,701
Letshego Holdings, Ltd.		17,758,614		3,477,675
Sechaba Breweries Holdings, Ltd.		1,220,550		2,457,967
Standard Chartered Bank Botswana, Ltd.		531,120		275,671
			$	10,718,186
Brazil — 6.1%
AES Tiete Energia SA		98,400	$	385,446
AMBEV SA		1,387,850		9,561,616
B2W Cia Digital(1)		144,970		966,922
B3 SA - Brasil Bolsa Balcao		340,200		2,784,814
Banco Bradesco SA, PFC Shares		408,839		5,229,187
Banco do Brasil SA		172,498		2,148,374
Banco do Estado do Rio Grande do Sul, PFC Shares		93,300		489,049
BB Seguridade Participacoes SA		142,700		1,393,408
BR Malls Participacoes SA		146,211		589,708
Bradespar SA, PFC Shares		121,000		1,188,352
Braskem SA, PFC Shares		57,460		891,117
BRF SA(1)		288,140		3,197,034
CCR SA		634,000		3,118,261
Centrais Eletricas Brasileiras SA, PFC Shares		291,500		2,167,494
Cia Brasileira de Distribuicao, PFC Shares		63,069		1,490,614
Cia de Saneamento Basico do Estado de Sao Paulo		195,260		2,229,617
Cia de Saneamento de Minas Gerais-COPASA		34,800		492,618
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		31,790		671,022
Cia Energetica de Minas Gerais SA, PFC Shares		540,555		1,272,493
Cia Energetica de Sao Paulo, Class B, PFC Shares		156,300		755,499
Cia Hering		68,200		478,427
Cia Paranaense de Energia, PFC Shares		85,800		660,062
Cia Siderurgica Nacional SA(1)		205,600		709,210
Cielo SA		1,955,606		16,499,275
Construtora Tenda SA(1)		55,284		387,821

7 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Brazil (continued)
Cosan SA Industria e Comercio		82,300	$	1,127,298
CPFL Energia SA		338,972		2,282,156
Cyrela Brazil Realty SA Empreendimentos e Participacoes		235,500		1,107,279
Duratex SA		162,858		521,391
EcoRodovias Infraestrutura e Logistica SA		166,400		594,883
EDP-Energias do Brasil SA		186,700		803,408
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		117,480		519,921
Embraer SA		194,900		1,224,701
Embraer SA ADR		77,548		1,958,087
Engie Brasil Energia SA		126,500		1,426,996
Equatorial Energia SA		90,400		1,986,190
Estacio Participacoes SA		124,600		1,370,756
Even Construtora e Incorporadora SA(1)		341,400		669,727
Ez Tec Empreendimentos e Participacoes SA		111,998		783,213
Fibria Celulose SA		69,257		1,192,977
Fleury SA		304,200		2,864,407
Gafisa SA		55,284		298,457
Gerdau SA, PFC Shares		290,100		1,311,186
Gol Linhas Aereas Inteligentes SA, PFC Shares		97,000		551,372
Hypermarcas SA		177,000		2,018,889
Iochpe Maxion SA	��	61,000		455,681
Itau Unibanco Holding SA, PFC Shares		344,780		5,655,431
Itausa-Investimentos Itau SA, PFC Shares		745,987		3,102,425
JBS SA		406,725		1,282,984
Klabin SA, PFC Shares		983,700		997,285
Kroton Educacional SA		652,836		3,329,750
Light SA(1)		80,000		416,824
Localiza Rent a Car SA		317,352		2,567,902
Lojas Americanas SA, PFC Shares		342,800		1,818,368
Lojas Renner SA		328,270		3,900,911
Marcopolo SA, PFC Shares		585,600		768,301
Marfrig Global Foods SA(1)		287,155		613,787
Metalurgica Gerdau SA, PFC Shares		260,300		562,104
MRV Engenharia e Participacoes SA		205,500		977,189
Multiplus SA		60,200		665,110
Natura Cosmeticos SA		120,900		1,325,119
Odontoprev SA		688,600		3,594,293
Petroleo Brasileiro SA, PFC Shares		2,564,500		15,857,078
Prumo Logistica SA(1)		159,600		562,557
Qualicorp SA		485,600		4,662,431
Randon SA Implementos e Participacoes, PFC Shares		303,500		814,477
Rumo SA(1)		185,919		832,726
Smiles Fidelidade SA		22,500		580,155
Suzano Papel e Celulose SA		223,625		1,450,123

Security	Shares		Value
Brazil (continued)
Telefonica Brasil SA, PFC Shares		720,100	$	12,171,182
TIM Participacoes SA		1,498,150		6,348,093
Totvs SA		306,690		3,128,507
Transmissora Alianca de Energia Electrica SA		91,000		575,534
Ultrapar Participacoes SA		201,384		5,154,065
Usinas Siderurgicas de Minas Gerais SA, Class A, PFC Shares		181,750		676,571
Vale SA		931,247		12,115,564
Valid Solucoes SA		100,870		645,872
Via Varejo SA		49,500		421,356
Weg SA		631,040		4,694,177
			$	187,094,666
Bulgaria — 0.1%
CB First Investment Bank AD(1)		235,000	$	868,779
Chimimport AD		329,922		510,963
MonBat AD		60,235		409,206
Petrol AD(1)(2)		102,500		0
Sopharma AD		354,600		957,959
			$	2,746,907
Chile — 3.0%
AES Gener SA		1,904,140	$	611,234
Aguas Andinas SA, Series A		1,752,898		1,180,559
AntarChile SA		88,715		1,738,156
Banco de Chile		16,532,601		2,824,499
Banco de Chile ADR		4,198		426,307
Banco de Credito e Inversiones		35,999		2,764,882
Banco Santander Chile		43,930,759		3,710,755
Banmedica SA		173,981		605,642
Cap SA		79,412		1,028,168
Cencosud SA		1,566,681		4,880,691
Cia Cervecerias Unidas SA		207,308		2,969,398
Cia Sud Americana de Vapores SA(1)		14,510,741		755,830
Colbun SA		4,152,944		1,032,673
Embotelladora Andina SA, Class B, PFC Shares		393,044		1,916,940
Empresa Nacional de Telecomunicaciones SA		270,924		3,236,724
Empresas CMPC SA		1,264,282		4,972,986
Empresas COPEC SA		702,613		12,155,253
Enel Americas SA		17,888,503		4,184,063
Enel Chile SA		12,287,847		1,549,154
Enel Generacion Chile SA		2,105,520		2,014,430
Engie Energia Chile SA		328,455		729,997
Forus SA		132,100		602,638
Inversiones Aguas Metropolitanas SA		218,715		431,748

8 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Chile (continued)
Inversiones La Construccion SA		34,520	$	716,363
Itau CorpBanca		133,731,904		1,357,662
Latam Airlines Group SA		412,844		7,142,914
Parque Arauco SA		541,699		1,783,708
Quinenco SA		339,935		1,109,189
Ripley Corp. SA		721,671		855,954
S.A.C.I. Falabella		967,866		10,163,051
Sigdo Koppers SA		440,196		929,565
Sociedad Matriz SAAM SA		6,242,812		688,663
Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares		92,659		5,191,443
Sonda SA		1,014,743		2,105,807
Vina Concha y Toro SA		864,834		1,922,395
			$	90,289,441
China — 12.3%
3SBio, Inc.(1)(3)		1,558,500	$	3,180,673
AECC Aviation Power Co., Ltd.		40,221		159,530
Agile Group Holdings, Ltd.		1,096,000		1,963,622
Agricultural Bank of China, Ltd., Class H		2,350,000		1,437,819
Aier Eye Hospital Group Co., Ltd., Class A		66,500		370,785
Air China, Ltd., Class H		1,646,000		2,399,595
Aisino Corp.		70,100		229,225
Alibaba Group Holding, Ltd. ADR(1)		15,200		3,105,208
Aluminum Corp. of China, Ltd., Class H(1)		4,984,000		3,370,626
Angang Steel Co., Ltd., Class H		1,994,000		2,165,570
Anhui Conch Cement Co., Ltd., Class H		923,000		5,064,346
ANTA Sports Products, Ltd.		513,000		2,461,420
AVIC Aircraft Co., Ltd., Class A		125,600		313,484
Baidu, Inc. ADR(1)		15,800		3,901,336
Bank of Beijing Co., Ltd.		182,760		218,038
Bank of China, Ltd., Class H		4,859,000		2,912,164
Bank of Communications, Ltd., Class H		2,468,900		2,132,103
Bank of Nanjing Co., Ltd.		169,400		274,635
Bank of Ningbo Co., Ltd., Class A		115,300		367,312
Beijing Capital Co., Ltd.		186,400		153,099
Beijing Capital International Airport Co., Ltd., Class H		918,000		1,393,800
Beijing Enterprises Holdings, Ltd.		171,500		1,052,434
Beijing Enterprises Water Group, Ltd.		3,236,000		2,324,109
Beijing Orient Landscape & Environment Co., Ltd., Class A		79,000		231,019
Beijing Originwater Technology Co., Ltd., Class A		127,500		328,824
Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A		75,700		463,702
Beijing Tongrentang Co., Ltd.		42,800		230,652
Beijing Water Business Doctor Co., Ltd., Class A		101,700		304,767

Security	Shares		Value
China (continued)
Beijing Xinwei Technology Group Co., Ltd.(2)		80,600	$	0
Beiqi Foton Motor Co., Ltd.		407,100		176,561
BOE Technology Group Co., Ltd., Class A		514,900		497,636
Brilliance China Automotive Holdings, Ltd.		1,086,000		2,761,085
BYD Co., Ltd., Class H		401,200		3,774,834
Cangzhou Mingzhu Plastic Co., Ltd., Class A		104,020		173,438
CGN Power Co., Ltd., Class H(3)		6,666,000		1,882,799
Changchun High & New Technology Industries, Inc., Class A		10,400		285,441
Changjiang Securities Co., Ltd., Class A		213,800		271,757
Chengdu Xingrong Environment Co., Ltd., Class A		243,600		205,190
China Agri-Industries Holdings, Ltd.		2,074,000		962,931
China Biologic Products Holdings, Inc.(1)		32,700		2,646,411
China Bluechemical, Ltd., Class H		1,270,000		456,862
China Cinda Asset Management Co., Ltd., Class H		1,495,000		631,514
China CITIC Bank Corp., Ltd., Class H		840,000		689,631
China Coal Energy Co., Ltd., Class H		2,329,000		1,201,846
China Communications Construction Co., Ltd., Class H		1,612,000		1,919,387
China Communications Services Corp., Ltd., Class H		1,642,000		1,040,167
China Construction Bank Corp., Class H		5,100,630		5,855,888
China Dongxiang Group Co., Ltd.		4,257,000		865,197
China Everbright Bank Co., Ltd.		341,400		253,441
China Everbright International, Ltd.		880,000		1,340,154
China Everbright, Ltd.		408,000		1,003,823
China Evergrande Group(1)		774,000		2,548,859
China Fortune Land Development Co., Ltd.		52,329		373,986
China Gas Holdings, Ltd.		1,294,000		3,777,680
China Gezhouba Group Co., Ltd.		152,700		230,672
China Huishan Dairy Holdings Co., Ltd.(1)(2)		1,800,000		0
China International Marine Containers Co., Ltd.		482,672		993,435
China International Travel Service Corp., Ltd.		37,600		304,770
China Jinmao Holdings Group, Ltd.		478,000		311,156
China Life Insurance Co., Ltd., Class H		584,000		1,966,444
China Longyuan Power Group Corp., Ltd., Class H		2,157,000		1,574,436
China Mengniu Dairy Co., Ltd.		1,436,000		4,681,261
China Merchants Bank Co., Ltd., Class H		497,524		2,429,074
China Merchants Port Holdings Co., Ltd.		318,035		838,577
China Merchants Securities Co., Ltd.		77,000		234,693
China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		188,374		770,197
China Minsheng Banking Corp., Ltd., Class H		1,350,240		1,540,156
China Mobile, Ltd.		1,959,500		20,634,304
China Molybdenum Co., Ltd., Class H		4,203,000		3,224,777
China National Building Material Co., Ltd., Class H		1,138,000		1,207,416
China National Nuclear Power Co., Ltd.		210,800		254,164
China Northern Rare Earth Group High-Tech Co., Ltd.		117,100		249,879

9 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
China Oilfield Services, Ltd., Class H		1,294,000	$	1,540,043
China Overseas Land & Investment, Ltd.		936,160		3,620,384
China Pacific Insurance (Group) Co., Ltd., Class H		196,400		992,763
China Petroleum & Chemical Corp., Class H		10,960,300		9,474,255
China Power International Development, Ltd.		1,381,000		376,836
China Railway Construction Corp., Ltd., Class H		1,393,500		1,691,990
China Railway Group, Ltd., Class H		2,179,000		1,668,893
China Resources Beer Holdings Co., Ltd.		964,000		3,640,355
China Resources Gas Group, Ltd.		548,000		1,804,528
China Resources Land, Ltd.		768,000		3,056,596
China Resources Phoenix Healthcare Holdings Co., Ltd.		355,000		513,204
China Resources Power Holdings Co., Ltd.		1,019,600		1,879,996
China Shenhua Energy Co., Ltd., Class H		1,500,500		4,662,432
China Shineway Pharmaceutical Group, Ltd.		381,000		468,968
China Shipbuilding Industry Co., Ltd.(1)		185,800		183,409
China Southern Airlines Co., Ltd., Class H		2,200,000		2,865,532
China Sports Industry Group Co., Ltd.		69,000		133,029
China State Construction Engineering Corp., Ltd.		215,100		345,981
China Taiping Insurance Holdings Co., Ltd.		254,800		1,096,898
China Telecom Corp., Ltd., Class H		4,948,000		2,450,602
China Travel International Investment Hong Kong, Ltd.		4,692,000		1,728,920
China Unicom (Hong Kong), Ltd.(1)		2,090,372		3,133,487
China United Network Communications, Ltd., Class A(1)		711,800		790,676
China Vanke Co., Ltd., Class H		742,520		3,616,761
China Yangtze Power Co., Ltd.		225,100		568,858
China Yurun Food Group, Ltd.(1)		1,776,000		262,939
Chongqing Changan Automobile Co., Ltd., Class A		98,800		201,614
CIFI Holdings Group Co., Ltd.		772,000		663,224
CITIC Guoan Information Industry Co., Ltd., Class A		138,800		187,539
CITIC, Ltd.		1,152,000		1,813,041
CNOOC, Ltd.		4,530,000		7,120,534
COFCO Tunhe Sugar Co., Ltd.		118,100		150,740
COSCO SHIPPING Development Co., Ltd., Class H(1)		4,252,000		945,555
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		1,702,000		978,197
COSCO SHIPPING Holdings Co., Ltd., Class H(1)		2,694,975		1,591,138
COSCO SHIPPING Ports, Ltd.		1,250,000		1,306,221
Country Garden Holdings Co., Ltd.		1,353,631		2,907,584
CSPC Pharmaceutical Group, Ltd.		3,068,000		6,796,438
Ctrip.com International, Ltd. ADR(1)		75,854		3,548,450
Daqin Railway Co., Ltd.		191,900		293,891
Datang International Power Generation Co., Ltd., Class H(1)		4,476,000		1,474,662
Deluxe Family Co., Ltd.		146,700		141,415
Dong-E-E-Jiao Co., Ltd., Class A		41,400		432,152

Security	Shares		Value
China (continued)
Dongfeng Motor Group Co., Ltd., Class H		1,966,000	$	2,560,201
Dr Peng Telecom & Media Group Co., Ltd.		104,900		274,855
East Money Information Co., Ltd., Class A		94,800		230,360
Financial Street Holdings Co., Ltd., Class A		242,398		453,414
Focus Media Information Technology Co., Ltd., Class A		163,620		371,879
Fullshare Holdings, Ltd.		4,362,500		2,052,729
GD Power Development Co., Ltd.		528,500		261,974
Gemdale Corp.		169,600		421,801
GoerTek, Inc., Class A		63,700		141,776
Golden Eagle Retail Group, Ltd.		739,000		936,848
Great Wall Motor Co., Ltd., Class H		1,771,500		2,152,762
Gree Electric Appliances, Inc. of Zhuhai, Class A		73,500		653,391
Guangdong Baolihua New Energy Stock Co., Ltd., Class A		255,400		329,376
Guangdong Golden Dragon Development, Inc., Class A		82,300		212,209
Guangdong Investment, Ltd.		1,842,000		2,738,616
Guangdong Wens Foodstuffs Group Co., Ltd., Class A		150,300		593,835
Guanghui Energy Co., Ltd.		355,600		284,237
Guangzhou Automobile Group Co., Ltd., Class H		1,258,013		2,835,450
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		320,000		935,680
Guangzhou R&F Properties Co., Ltd., Class H		522,400		1,462,054
Guosen Securities Co., Ltd., Class A		117,628		219,301
Guoyuan Securities Co., Ltd., Class A		113,850		197,348
Haier Electronics Group Co., Ltd.		161,000		549,619
Han’s Laser Technology Industry Group Co., Ltd., Class A		42,100		329,125
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		70,700		447,490
Harbin Pharmaceutical Group Co., Ltd.(2)		150,900		111,486
Henan Shuanghui Investment & Development Co., Ltd., Class A		61,400		272,127
Hengan International Group Co., Ltd.		407,000		3,899,372
Hengtong Optic-electric Co., Ltd.		69,200		396,424
Hesteel Co., Ltd., Class A		506,400		324,222
Huadian Power International Corp., Ltd., Class H		1,100,000		417,620
Huadong Medicine Co., Ltd., Class A		31,474		282,449
Huaneng Power International, Inc., Class H		5,166,000		3,322,920
Huaneng Renewables Corp., Ltd., Class H		1,716,000		593,083
Huatai Securities Co., Ltd.		73,700		229,251
Huaxia Bank Co., Ltd.		146,972		229,730
Huayu Automotive Systems Co., Ltd.		82,008		345,364
Hubei Energy Group Co., Ltd., Class A		277,714		206,578
Humanwell Healthcare Group Co., Ltd.		69,600		178,121
Hundsun Technologies, Inc.		28,100		230,062
Iflytek Co., Ltd., Class A		46,500		406,439

10 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
iKang Healthcare Group, Inc. ADR(1)		36,000	$	579,960
Industrial & Commercial Bank of China, Ltd., Class H		5,073,000		4,778,602
Industrial Bank Co., Ltd.		163,702		485,960
Inner Mongolia BaoTou Steel Union Co., Ltd.(1)		707,000		278,558
Inner Mongolia Yili Industrial Group Co., Ltd.		92,700		501,985
JD.com, Inc. ADR(1)		33,900		1,668,897
Jiangsu Changjiang Electronics Technology Co., Ltd.		76,300		229,191
Jiangsu Expressway Co., Ltd., Class H		878,000		1,350,466
Jiangsu Hengrui Medicine Co., Ltd.		44,640		537,838
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		20,000		413,039
Jiangxi Copper Co., Ltd., Class H		1,510,000		2,551,058
Jiangxi Ganfeng Lithium Co., Ltd., Class A		34,100		314,549
Jilin Aodong Pharmaceutical Group Co., Ltd., Class A		60,400		217,200
Jinke Properties Group Co., Ltd., Class A		265,299		217,471
Jinyu Bio-Technology Co., Ltd.		33,740		162,046
Jizhong Energy Resources Co., Ltd., Class A		231,400		217,614
Kaidi Ecological and Environmental Technology Co., Ltd., Class A(1)(2)		297,600		188,838
Kangde Xin Composite Material Group Co., Ltd., Class A		76,700		243,710
Kangmei Pharmaceutical Co., Ltd.		93,100		307,849
Kingboard Chemical Holdings, Ltd.		256,100		1,401,309
Kingfa Sci & Tech Co., Ltd.		171,338		177,080
Kunlun Energy Co., Ltd.		958,000		950,300
Kweichow Moutai Co., Ltd.		8,200		996,697
KWG Property Holding, Ltd.		476,000		802,123
Lee & Man Paper Manufacturing, Ltd.		1,220,000		1,432,746
Lenovo Group, Ltd.		2,934,000		1,688,967
Lepu Medical Technology Beijing Co., Ltd., Class A		69,200		287,224
Li Ning Co., Ltd.(1)		774,208		622,701
Liaoning Cheng Da Co., Ltd.(1)		72,100		202,170
Longfor Properties Co., Ltd.		316,500		1,032,864
LONGi Green Energy Technology Co., Ltd.		33,100		202,596
Luxshare Precision Industry Co., Ltd., Class A		115,300		398,403
Luye Pharma Group, Ltd.		496,500		442,566
Luzhou Laojiao Co., Ltd., Class A		27,300		283,539
Maanshan Iron & Steel Co., Ltd., Class H(1)		2,294,000		1,229,508
Meinian Onehealth Healthcare Holdings Co., Ltd., Class A		96,200		355,976
Midea Group Co., Ltd., Class A		60,900		578,598
NARI Technology Co., Ltd.		85,600		230,489
NetEase, Inc. ADR		6,200		1,984,992
Neusoft Corp.		74,400		157,223
New Oriental Education & Technology Group, Inc. ADR		32,200		2,965,298
Nine Dragons Paper Holdings, Ltd.		879,000		1,363,746
O-film Tech Co., Ltd., Class A		65,800		186,649
Oceanwide Holdings Co., Ltd., Class A(2)		204,000		256,816

Security	Shares		Value
China (continued)
Offshore Oil Engineering Co., Ltd.		217,300	$	241,766
Oriental Energy Co., Ltd., Class A		132,900		264,878
PetroChina Co., Ltd., Class H		7,560,000		5,966,402
PICC Property & Casualty Co., Ltd., Class H		352,000		728,209
Ping An Bank Co., Ltd., Class A		429,188		958,333
Ping An Insurance (Group) Co. of China, Ltd., Class H		435,000		5,123,423
Pingdingshan Tianan Coal Mining Co., Ltd.(1)		262,600		283,105
Poly Property Group Co., Ltd.(1)		2,484,000		1,372,727
Poly Real Estate Group Co., Ltd., Class A		271,600		743,143
Power Construction Corp. of China, Ltd.		187,000		217,883
Qingdao Haier Co., Ltd.		133,100		448,456
RiseSun Real Estate Development Co., Ltd., Class A		249,300		545,569
SAIC Motor Corp., Ltd.		82,400		450,879
Sanan Optoelectronics Co., Ltd.		84,900		313,237
Sany Heavy Industry Co., Ltd.		122,300		178,713
SDIC Power Holdings Co., Ltd.		200,900		229,611
Semiconductor Manufacturing International Corp.(1)		787,700		1,133,609
Shandong Gold Mining Co., Ltd.		42,500		215,069
Shandong Nanshan Aluminum Co., Ltd.		409,500		230,151
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		2,148,000		1,591,079
Shanghai Dazhong Public Utilities Group Co., Ltd.		220,900		159,021
Shanghai Electric Group Co., Ltd., Class H(1)		2,414,000		980,309
Shanghai Industrial Holdings, Ltd.		304,000		888,118
Shanghai Jahwa United Co., Ltd.		52,000		281,910
Shanghai Oriental Pearl Group Co., Ltd.		58,400		156,961
Shanghai Pudong Development Bank Co., Ltd.		244,400		511,304
Shanghai Zhangjiang High-Tech Park Development Co., Ltd.		75,395		169,861
Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		310,862
Shanxi Xishan Coal & Electricity Power Co., Ltd., Class A		152,700		257,798
Shenergy Co., Ltd.		114,100		109,318
Shenwan Hongyuan Group Co., Ltd., Class A		389,701		331,362
Shenzhen Inovance Technology Co., Ltd., Class A		56,300		250,922
Shenzhen Investment, Ltd.		674,000		300,467
Shenzhen Overseas Chinese Town Co., Ltd., Class A		176,600		290,675
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		114,200		217,510
Shimao Property Holdings, Ltd.		763,500		2,265,594
Siasun Robot & Automation Co., Ltd., Class A(1)		114,800		365,369
Sichuan Changhong Electric Co., Ltd.		307,800		163,412
Sichuan Chuantou Energy Co., Ltd.		152,000		235,201
Sihuan Pharmaceutical Holdings Group, Ltd.		3,161,000		1,213,653
SINA Corp.(1)		11,900		1,395,275
Sino Biopharmaceutical, Ltd.		3,764,000		6,904,518

11 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
Sino-Ocean Group Holding, Ltd.		2,570,500	$	2,122,154
Sinopec Shanghai Petrochemical Co., Ltd., Class H		4,947,000		3,020,493
Sinopharm Group Co., Ltd., Class H		1,100,800		4,851,126
Sohu.com, Inc.(1)		10,300		396,653
Sun Art Retail Group, Ltd.		1,476,000		1,998,889
Sunac China Holdings, Ltd.		406,000		1,937,717
Suning Commerce Group Co., Ltd., Class A		144,800		303,098
Tasly Pharmaceutical Group Co., Ltd.		33,400		190,315
TBEA Co., Ltd.		93,537		145,758
TCL Corp., Class A		373,200		211,834
Tencent Holdings, Ltd.		231,202		13,661,133
Tianqi Lithium Corp., Class A		44,850		373,044
Tingyi (Cayman Islands) Holding Corp.		1,720,000		3,577,203
Tonghua Dongbao Pharmaceutical Co., Ltd.		71,640		259,616
Tongling Nonferrous Metals Group Co., Ltd., Class A(1)		776,200		358,621
Tsinghua Tongfang Co., Ltd.		100,600		157,632
Tsingtao Brewery Co., Ltd., Class H		324,000		1,803,987
Tus-Sound Environmental Resources Co., Ltd., Class A		46,900		226,010
Wanhua Chemical Group Co., Ltd.(2)		35,865		216,232
Want Want China Holdings, Ltd.		4,460,000		3,930,648
Weibo Corp. ADR(1)		2,290		296,715
Weichai Power Co., Ltd., Class H		887,600		1,107,209
West China Cement, Ltd.(1)		4,450,000		764,348
Western Mining Co., Ltd.		169,300		224,859
Western Securities Co., Ltd., Class A		104,100		206,951
WH Group, Ltd.(3)		3,559,000		4,400,358
Wintime Energy Co., Ltd.(2)		327,670		140,001
Wuliangye Yibin Co., Ltd., Class A		47,900		642,243
Xinhu Zhongbao Co., Ltd.(1)		301,800		266,680
Yang Quan Coal Industry Group Co., Ltd.(1)		189,300		248,450
Yango Group Co., Ltd., Class A		206,192		325,337
Yangzijiang Shipbuilding Holdings, Ltd.		1,535,000		1,866,898
Yanzhou Coal Mining Co., Ltd., Class H		1,098,000		1,909,697
Yonghui Superstores Co., Ltd.		233,400		426,605
Youngor Group Co., Ltd.		132,440		191,838
Yuan Longping High-tech Agriculture Co., Ltd., Class A		65,900		263,804
Yuexiu Property Co., Ltd.		1,590,000		340,909
Yunnan Baiyao Group Co., Ltd., Class A		21,200		340,471
Yunnan Chihong Zinc & Germanium Co., Ltd.(1)		160,600		185,813
Zhaojin Mining Industry Co., Ltd., Class H		1,440,000		1,226,459
Zhejiang China Commodities City Group Co., Ltd.		167,200		158,272
Zhejiang Dahua Technology Co., Ltd., Class A		69,550		290,548
Zhejiang Expressway Co., Ltd., Class H		1,034,000		1,221,109
Zhejiang Huahai Pharmaceutical Co., Ltd.		31,250		130,462
Zhejiang Longsheng Group Co., Ltd.		148,343		294,049

Security	Shares		Value
China (continued)
Zhejiang Wanfeng Auto Wheel Co., Ltd., Class A		84,800	$	205,786
Zhejiang Zheneng Electric Power Co., Ltd.		246,600		227,609
Zhengzhou Yutong Bus Co., Ltd.		66,400		231,197
Zhongjin Gold Corp., Ltd.		115,900		180,704
Zhongtian Financial Group Co., Ltd., Class A(2)		210,000		122,671
Zhuzhou CRRC Times Electric Co., Ltd., Class H		89,500		495,070
Zijin Mining Group Co., Ltd., Class H		8,448,000		4,259,089
ZTE Corp., Class H(1)		456,103		1,655,091
			$	374,824,672
Colombia — 1.5%
Almacenes Exito SA		465,190	$	2,930,801
Avianca Holdings SA, PFC Shares		551,298		554,601
Banco Davivienda SA, PFC Shares		81,361		913,951
Banco de Bogota SA		77,039		1,810,610
Bancolombia SA		114,355		1,310,370
Bancolombia SA ADR, PFC Shares		84,300		3,873,585
Celsia SA ESP		740,070		1,220,414
Cementos Argos SA		529,343		2,107,677
Cementos Argos SA, PFC Shares		253,603		850,706
Cemex Latam Holdings SA(1)		173,596		667,960
Corporacion Financiera Colombiana SA		74,770		708,182
Ecopetrol SA		10,092,955		9,459,939
Empresa de Telecommunicaciones de Bogota SA(1)		1,844,218		307,370
Grupo Argos SA		395,281		2,874,776
Grupo Argos SA, PFC Shares		108,995		695,910
Grupo Aval Acciones y Valores SA, PFC Shares		2,976,771		1,337,347
Grupo de Inversiones Suramericana SA		169,621		2,397,888
Grupo de Inversiones Suramericana SA, PFC Shares		48,367		651,712
Grupo Energia Bogota SA ESP		2,931,523		2,096,900
Grupo Nutresa SA		582,655		5,551,451
Interconexion Electrica SA		823,887		4,151,376
			$	46,473,526
Croatia — 0.7%
AD Plastik DD		19,187	$	593,426
Adris Grupa DD, PFC Shares		47,518		3,426,781
Atlantic Grupa DD		1,465		239,019
Atlantska Plovidba DD(1)		12,175		1,329,422
Ericsson Nikola Tesla DD		7,395		1,501,729
Hrvatski Telekom DD		185,995		5,157,481
INA Industrija Nafte DD		900		458,161
Koncar-Elektroindustrija DD		8,576		1,005,795
Kras DD		4,381		331,827
Ledo DD(1)		978		65,242

12 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Croatia (continued)
Podravka Prehrambena Industrija DD		19,726	$	888,537
Valamar Riviera DD		754,570		5,430,610
Zagrebacka Banka DD		178,504		1,725,368
			$	22,153,398
Czech Republic — 0.7%
CEZ AS		310,200	$	7,945,088
Komercni Banka AS		170,428		7,826,801
Philip Morris CR AS		3,278		2,724,408
Unipetrol AS		209,352		3,766,058
			$	22,262,355
Egypt — 0.8%
Alexandria Mineral Oils Co.		1,176,841	$	641,076
Arab Cotton Ginning		491,303		163,063
Commercial International Bank Egypt SAE		1,060,819		4,684,406
Eastern Tobacco		160,359		4,216,321
Egypt Kuwait Holding Co. SAE		923,523		906,265
Egyptian Financial Group-Hermes Holding Co.		393,508		455,150
ElSewedy Electric Co.		269,621		2,370,899
Ezz Steel(1)		576,315		731,696
Global Telecom Holding SAE(1)		5,309,804		2,049,549
Juhayna Food Industries		1,123,468		692,220
Maridive & Oil Services SAE(1)		789,875		355,246
Orascom Telecom Media and Technology Holding SAE		7,289,225		292,567
Oriental Weavers Co.		936,875		848,746
Palm Hills Developments SAE(1)		3,564,918		767,160
Pioneers Holding(1)		373,831		184,050
Sidi Kerir Petrochemicals Co.		803,688		1,168,767
Six of October Development & Investment Co.(1)		382,178		405,375
Talaat Moustafa Group		2,277,606		1,225,240
Telecom Egypt		806,834		607,983
			$	22,765,779
Estonia — 0.4%
AS Merko Ehitus		78,018	$	869,973
AS Tallink Grupp		3,623,652		5,558,549
AS Tallinna Kaubamaja Grupp		192,740		2,350,618
AS Tallinna Vesi		116,590		1,580,934
Nordecon AS		145,374		225,348
Olympic Entertainment Group AS		831,290		1,914,023
			$	12,499,445
Ghana — 0.2%
CAL Bank, Ltd.(1)		1,805,732	$	460,701
Ghana Commercial Bank, Ltd.		1,626,918		2,667,430

Security	Shares		Value
Ghana (continued)
Produce Buying Co., Ltd.(1)		488,128	$	5,419
Standard Chartered Bank of Ghana, Ltd.		209,400		1,441,326
			$	4,574,876
Greece — 1.5%
Aegean Airlines SA		78,939	$	898,655
Aegean Marine Petroleum Network, Inc.		66,025		307,016
Alpha Bank AE(1)		994,698		2,420,208
Athens Water Supply & Sewage Co. SA		104,694		888,107
Costamare, Inc.		108,419		706,892
Diana Shipping, Inc.(1)		182,990		695,362
Ellaktor SA(1)		333,206		776,236
Eurobank Ergasias SA(1)		668,793		745,526
FF Group(1)		46,335		1,110,979
GasLog, Ltd.		70,301		1,420,080
GEK Terna Holding Real Estate Construction SA(1)		180,050		1,207,195
Grivalia Properties REIC AE		14,830		171,327
Hellenic Exchanges - Athens Stock Exchange SA		230,984		1,647,953
Hellenic Petroleum SA		127,570		1,392,691
Hellenic Telecommunications Organization SA		491,580		7,708,678
Holding Co. ADMIE IPTO SA(1)		402,146		1,050,007
JUMBO SA		135,382		2,674,332
Motor Oil (Hellas) Corinth Refineries SA		119,734		2,992,477
Mytilineos Holdings SA(1)		189,130		2,371,326
National Bank of Greece SA(1)		9,050,198		3,826,815
Navios Maritime Holdings, Inc.(1)		293,886		358,541
OPAP SA		249,882		3,348,434
Public Power Corp. SA(1)		404,501		1,597,164
StealthGas, Inc.(1)		37,397		162,677
Terna Energy SA		112,955		691,791
Titan Cement Co. SA		156,592		4,805,777
Tsakos Energy Navigation, Ltd.		106,400		388,360
			$	46,364,606
Hungary — 0.7%
Magyar Telekom Telecommunications PLC		1,023,950	$	1,913,062
MOL Hungarian Oil & Gas PLC		561,932		6,863,587
OTP Bank PLC		156,074		7,231,553
Richter Gedeon Nyrt.		251,599		6,458,548
			$	22,466,750
India — 5.9%
ABB India, Ltd.		19,900	$	517,358
ACC, Ltd.		45,970		1,238,925
Adani Enterprises, Ltd.		180,900		602,549

13 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
India (continued)
Adani Ports and Special Economic Zone, Ltd.		658,048	$	4,415,476
Adani Power, Ltd.(1)		556,250		318,633
Adani Transmission, Ltd.(1)		299,124		977,419
Aditya Birla Capital, Ltd.(1)		94,280		252,471
Aditya Birla Fashion and Retail, Ltd.(1)		92,050		236,827
Ambuja Cements, Ltd.		342,920		1,415,036
Asian Paints, Ltd.		102,017		1,814,896
Axis Bank, Ltd.		189,668		1,767,666
Bajaj Auto, Ltd.		33,912		1,773,342
Bank of Baroda		175,282		430,105
Bank of India(1)		109,562		269,345
Bharat Forge, Ltd.		127,300		1,438,699
Bharat Heavy Electricals, Ltd.		648,450		1,015,878
Bharat Petroleum Corp., Ltd.		192,772		1,483,870
Bharti Airtel, Ltd.		1,387,736		9,585,155
Biocon, Ltd.		181,800		1,754,697
Canara Bank		67,631		360,937
CG Power and Industrial Solutions, Ltd.(1)		213,600		304,089
Cipla, Ltd.		237,210		2,212,063
Coal India, Ltd.		290,700		1,372,001
Colgate-Palmolive (India), Ltd.		77,000		1,354,645
Container Corp. of India, Ltd.		67,800		1,480,962
Crompton Greaves Consumer Electricals, Ltd.		213,600		833,145
Cummins India, Ltd.		49,900		704,930
Dabur India, Ltd.		465,900		2,608,355
Divi’s Laboratories, Ltd.		93,600		1,534,693
DLF, Ltd.		88,900		348,860
Dr. Reddy’s Laboratories, Ltd.		48,300		1,691,111
GAIL (India), Ltd.		278,022		2,091,619
GlaxoSmithKline Pharmaceuticals, Ltd.		8,680		333,914
Glenmark Pharmaceuticals, Ltd.		125,460		1,194,112
GMR Infrastructure, Ltd.(1)		1,721,400		585,781
Grasim Industries, Ltd.		67,343		1,226,968
Gujarat State Petronet, Ltd.		265,747		846,319
HCL Technologies, Ltd.		156,435		2,419,443
HDFC Bank, Ltd.		100,584		3,277,880
Hero MotoCorp, Ltd.		31,601		1,832,589
Hindalco Industries, Ltd.		229,710		922,521
Hindustan Petroleum Corp., Ltd.		190,488		1,183,570
Hindustan Unilever, Ltd.		273,143		5,861,117
Hindustan Zinc, Ltd.		148,400		721,972
Housing Development Finance Corp., Ltd.		129,630		3,982,219
ICICI Bank, Ltd.		282,999		1,566,513
IDBI Bank, Ltd.(1)		367,000		347,881
Idea Cellular, Ltd.(1)		1,816,900		2,639,138
IDFC Bank, Ltd.		260,034		231,409

Security	Shares		Value
India (continued)
IDFC, Ltd.		260,034	$	229,093
IFCI, Ltd.(1)		673,372		300,205
Indiabulls Housing Finance, Ltd.		40,115		873,020
Indiabulls Real Estate, Ltd.(1)		91,200		306,183
Indian Hotels Co., Ltd. (The)		197,136		427,775
Indian Oil Corp., Ltd.		212,700		1,392,593
Infosys, Ltd.		483,819		8,723,823
ITC, Ltd.		978,546		4,169,879
Jindal Steel & Power, Ltd.(1)		268,800		1,118,912
JSW Steel, Ltd.		442,738		2,035,599
Kotak Mahindra Bank, Ltd.		85,911		1,495,671
Larsen & Toubro, Ltd.		256,557		5,739,034
LIC Housing Finance, Ltd.		49,663		416,987
Lupin, Ltd.		80,300		1,117,217
Mahindra & Mahindra, Ltd.		121,720		1,462,904
Maruti Suzuki India, Ltd.		27,850		4,153,886
Nestle India, Ltd.		11,930		1,397,683
NMDC, Ltd.		86,003		189,185
NTPC, Ltd.		1,745,919		4,672,448
Oil & Natural Gas Corp., Ltd.		694,501		2,217,639
Oracle Financial Services Software, Ltd.		13,345		876,214
Piramal Enterprises, Ltd.		76,807		3,303,293
Power Grid Corporation of India, Ltd.		1,307,767		3,987,613
Reliance Capital, Ltd.		36,735		280,549
Reliance Communications, Ltd.(1)		1,412,060		653,111
Reliance Industries, Ltd.		657,396		9,926,440
Reliance Infrastructure, Ltd.		133,300		1,037,240
Reliance Power, Ltd.(1)		1,400,250		1,002,446
Siemens, Ltd.		47,180		958,750
State Bank of India		248,606		1,226,435
Steel Authority of India, Ltd.(1)		513,200		717,112
Sun Pharmaceutical Industries, Ltd.		498,368		4,535,649
Sun TV Network, Ltd.		55,449		888,204
Suzlon Energy, Ltd.(1)		2,099,450		484,184
Tata Communications, Ltd.		127,400		1,227,883
Tata Consultancy Services, Ltd.		119,737		5,847,642
Tata Global Beverages, Ltd.		74,700		341,135
Tata Motors, Ltd.(1)		208,855		1,307,513
Tata Power Co., Ltd. (The)		1,346,918		1,881,557
Tata Steel, Ltd.		102,296		1,135,102
Tech Mahindra, Ltd.		160,844		1,545,943
Titan Co., Ltd.		138,900		1,894,922
UltraTech Cement, Ltd.		30,328		2,084,022
Unitech, Ltd.(1)		2,836,900		375,744
United Spirits, Ltd.(1)		29,285		1,502,849
UPL, Ltd.		105,956		1,249,981

14 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
India (continued)
Vedanta, Ltd.		476,489	$	2,545,052
Voltas, Ltd.		214,800		2,037,726
Wipro, Ltd.		279,904		1,340,073
Yes Bank, Ltd.		224,815		1,250,500
Zee Entertainment Enterprises, Ltd.		142,399		1,333,425
			$	178,597,148
Indonesia — 3.0%
Adaro Energy Tbk PT		20,118,500	$	3,680,500
AKR Corporindo Tbk PT		4,864,500		2,258,790
Aneka Tambang Persero Tbk PT(1)		10,251,500		699,939
Astra Argo Lestari Tbk PT		775,000		752,238
Astra International Tbk PT		13,196,100		8,369,096
Bank Central Asia Tbk PT		1,999,700		3,395,051
Bank Danamon Indonesia Tbk PT		1,913,203		1,021,001
Bank Mandiri Persero Tbk PT		3,765,100		2,288,891
Bank Negara Indonesia Persero Tbk PT		1,726,700		1,212,458
Bank Pan Indonesia Tbk PT(1)		4,945,000		542,566
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,068,100		184,243
Bank Rakyat Indonesia Persero Tbk PT		12,098,500		3,345,830
Bank Tabungan Negara Tbk PT		2,513,500		686,863
Berlian Laju Tanker Tbk PT(1)(2)		7,544,500		0
Bukit Asam Persero Tbk PT		6,717,500		1,705,640
Bumi Serpong Damai Tbk PT		3,215,100		436,965
Charoen Pokphand Indonesia Tbk PT		5,565,200		1,433,825
Gudang Garam Tbk PT		295,000		1,786,691
Hanson International Tbk PT(1)		23,744,500		196,668
Indo Tambangraya Megah Tbk PT		652,700		1,475,826
Indocement Tunggal Prakarsa Tbk PT		2,435,200		3,964,214
Indofood Sukses Makmur Tbk PT		3,485,500		2,016,746
Indosat Tbk PT		1,634,500		674,627
Jasa Marga (Persero) Tbk PT		3,198,000		1,360,625
Kalbe Farma Tbk PT		61,346,500		7,615,553
Lippo Karawaci Tbk PT		6,134,800		252,073
Matahari Department Store Tbk PT		686,300		570,252
Matahari Putra Prima Tbk PT(1)		7,240,000		261,544
Medco Energi Internasional Tbk PT(1)		17,990,000		1,665,691
Media Nusantara Citra Tbk PT		3,201,000		364,158
Mitra Keluarga Karyasehat Tbk PT		3,345,900		477,015
MNC Investama Tbk PT(1)		49,042,500		443,409
Perusahaan Gas Negara Persero Tbk PT		31,781,800		6,192,047
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,185,000		702,983
PP Persero Tbk PT		8,311,089		1,941,926
Semen Indonesia Persero Tbk PT		5,479,200		4,552,784

Security	Shares		Value
Indonesia (continued)
Sigmagold Inti Perkasa Tbk PT(1)(2)		17,097,000	$	44,695
Siloam International Hospitals Tbk PT(1)		2,296,600		1,510,532
Sugih Energy Tbk PT(1)(2)		49,382,700		73,769
Surya Semesta Internusa Tbk PT		14,275,000		623,843
Telekomunikasi Indonesia Persero Tbk PT		25,815,800		7,693,069
Tower Bersama Infrastructure Tbk PT		2,272,900		1,041,961
Unilever Indonesia Tbk PT		746,500		3,031,842
United Tractors Tbk PT		1,701,383		4,933,559
Vale Indonesia Tbk PT(1)		5,222,500		1,456,574
Waskita Karya Persero Tbk PT		4,712,800		996,915
Wijaya Karya Beton Tbk PT		3,158,200		141,520
Wijaya Karya Persero Tbk PT		6,522,800		1,012,252
XL Axiata Tbk PT(1)		2,604,900		581,445
			$	91,670,704
Jordan — 0.7%
Al-Eqbal Investment Co. PLC		70,342	$	3,680,444
Alia The Royal Jordanian Airlines PLC(1)		249,829		183,087
Arab Bank PLC		903,834		7,411,285
Arab Potash Co. PLC		77,671		1,817,988
Bank of Jordan		276,495		1,204,010
Cairo Amman Bank		313,506		676,297
Capital Bank of Jordan		406,376		456,776
Jordan Ahli Bank		453,459		779,628
Jordan Islamic Bank		227,486		1,205,451
Jordan Petroleum Refinery		450,709		1,732,103
Jordan Telecommunications Co.		120,379		366,415
Jordanian Electric Power Co.		395,572		979,955
Union Investment Corp. PLC(1)		99,181		165,343
			$	20,658,782
Kazakhstan — 0.7%
Halyk Savings Bank of Kazakhstan JSC GDR(1)(4)		447,782	$	5,795,808
KAZ Minerals PLC(1)		550,742		6,408,985
KazMunaiGas Exploration Production GDR(4)		496,151		6,819,715
Kcell JSC GDR(4)		414,605		2,157,526
Nostrum Oil & Gas PLC(1)		75,523		333,862
			$	21,515,896
Kenya — 0.7%
ARM Cement, Ltd.(1)		1,653,600	$	203,853
Bamburi Cement Co., Ltd.		564,900		976,123
Barclays Bank of Kenya, Ltd.		9,494,460		1,001,906
British American Tobacco Kenya, Ltd.		52,000		395,946
Co-operative Bank of Kenya, Ltd. (The)		7,647,436		1,261,955

15 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Kenya (continued)
East African Breweries, Ltd.		1,752,080	$	4,329,678
Equity Group Holdings, Ltd.		6,707,500		2,815,574
KCB Group, Ltd.		5,819,120		2,597,819
KenolKobil, Ltd.		5,013,500		726,080
Kenya Power & Lighting, Ltd.		7,482,654		658,787
Nation Media Group PLC		518,384		521,380
Safaricom, Ltd.		21,152,872		6,141,295
Standard Chartered Bank Kenya, Ltd.		219,542		431,545
			$	22,061,941
Kuwait — 1.4%
Agility Public Warehousing Co. KSC		1,676,506	$	4,826,558
Ahli United Bank		352,908		410,214
Al Ahli Bank of Kuwait KSCP		587,702		595,763
Al-Mazaya Holding Co.		882,500		332,941
ALAFCO Aviation Lease and Finance Co. KSCP		830,284		1,040,328
Boubyan Bank KSCP		471,971		724,443
Boubyan Petrochemicals Co.		1,754,743		4,164,600
Burgan Bank SAK		562,380		595,308
Combined Group Contracting Co. KSC		149,084		229,135
Commercial Bank of Kuwait KSCP		472,404		631,270
Commercial Real Estate Co. KSCC		2,296,205		704,141
Gulf Bank		1,247,063		1,031,631
Gulf Cable & Electrical Industries Co. KSCP		308,785		446,378
Gulf National Holding Co.(1)(2)		595,711		0
Jazeera Airways Co. KSC		299,261		649,477
Kuwait Cement Co.		533,870		853,027
Kuwait Finance House KSCP		2,071,196		4,041,082
Kuwait International Bank		556,951		417,991
Kuwait Portland Cement Co. KSC		200,012		679,014
Kuwait Projects Co. Holdings KSC		476,189		477,414
Kuwait Real Estate Co. KSC(1)		2,762,965		540,781
Mabanee Co. SAKC		588,595		1,437,490
Mezzan Holding Co. KSCC		138,999		360,923
Mobile Telecommunications Co.		4,568,989		7,196,360
National Bank of Kuwait SAK		2,190,745		5,408,175
National Industries Group Holding SAK(1)		2,272,316		1,226,831
National Investment Co.		581,744		193,796
National Real Estate Co. KPSC(1)		862,155		352,579
Qurain Petrochemical Industries Co. KSC		1,814,306		2,049,400
Sultan Center Food Products Co.(1)(2)		3,421,833		0
Warba Bank KSCP(1)		338,872		253,509
			$	41,870,559
Latvia — 0.0%(5)
Grindeks		42,000	$	400,109
			$	400,109

Security	Shares		Value
Lebanon — 0.1%
Solidere GDR(1)(4)		316,363	$	2,739,704
			$	2,739,704
Lithuania — 0.1%
Apranga PVA		427,588	$	1,389,734
Energijos Skirstymo Operatorius AB		128,934		137,665
Klaipedos Nafta AB		1,345,900		871,065
Pieno Zvaigzdes		104,200		161,681
Rokiskio Suris		122,500		420,847
Siauliu Bankas		1,919,893		1,472,242
			$	4,453,234
Malaysia — 3.1%
Aeon Co. (M) Bhd		661,200	$	277,119
Airasia Bhd		1,228,200		1,304,120
Alliance Bank Malaysia Bhd		560,300		621,980
AMMB Holdings Bhd		316,900		391,768
Astro Malaysia Holdings Bhd		979,300		652,663
Axiata Group Bhd		2,706,750		3,941,820
Berjaya Corp. Bhd(1)		2,090,591		182,337
Berjaya Sports Toto Bhd		830,250		481,305
Boustead Holdings Bhd		834,694		614,245
British American Tobacco Malaysia Bhd		109,700		961,559
Bumi Armada Bhd(1)		3,133,350		676,282
Bursa Malaysia Bhd		185,500		518,441
CIMB Group Holdings Bhd		892,200		1,657,488
Dialog Group Bhd		3,532,614		2,316,558
Digi.com Bhd		1,873,500		2,377,635
Felda Global Ventures Holdings Bhd		1,358,400		699,633
Gamuda Bhd		965,900		1,267,724
Genting Bhd		1,448,500		3,575,199
Genting Malaysia Bhd		2,155,600		3,045,223
Genting Plantations Bhd		261,700		672,339
Hartalega Holdings Bhd		118,600		359,697
Hong Leong Bank Bhd		116,000		552,874
Hong Leong Financial Group Bhd		132,500		630,319
IHH Healthcare Bhd		3,748,400		5,782,003
IJM Corp. Bhd		1,567,680		1,241,820
IOI Corp. Bhd		1,767,718		2,124,407
IOI Properties Group Bhd		1,044,058		532,885
KLCCP Stapled Group		399,100		793,192
KNM Group Bhd(1)		5,003,150		319,326
Kuala Lumpur Kepong Bhd		293,900		1,901,812
Lafarge Malaysia Bhd(1)		942,950		1,346,947
Magnum Bhd		940,340		446,178
Malayan Banking Bhd		1,117,087		2,893,501

16 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Malaysia (continued)
Malaysia Airports Holdings Bhd		342,800	$	795,377
Malaysian Resources Corp. Bhd		761,400		233,530
Maxis Bhd		1,252,500		1,952,203
MISC Bhd		482,400		931,923
MMC Corp. Bhd		1,217,800		623,353
My EG Services Bhd		727,950		466,396
Nestle Malaysia Bhd		12,300		357,326
Petronas Chemicals Group Bhd		2,706,400		5,641,355
Petronas Dagangan Bhd		507,500		3,197,117
Petronas Gas Bhd		378,800		1,736,632
PPB Group Bhd		404,100		1,805,759
Press Metal Aluminium Holdings Bhd		2,435,220		3,611,269
Public Bank Bhd		461,120		2,599,173
RHB Bank Bhd		553,000		771,489
Sapura Energy Bhd		5,340,168		1,027,899
Silverlake Axis, Ltd.		703,200		305,867
Sime Darby Bhd		1,193,039		935,264
Sime Darby Plantation Bhd(1)		1,193,039		1,683,462
Sime Darby Property Bhd(1)		1,193,039		483,613
Sunway Bhd		717,840		324,911
Supermax Corp. Bhd		1,732,700		971,849
Telekom Malaysia Bhd		1,249,900		1,971,623
Tenaga Nasional Bhd		1,751,225		7,082,038
Top Glove Corp. Bhd		1,427,800		3,387,386
UEM Sunrise Bhd(1)		1,683,050		486,492
UMW Holdings Bhd(1)		448,400		781,849
Unisem (M) Bhd		2,784,300		2,153,223
WCT Holdings Bhd(1)		734,737		293,943
YTL Corp. Bhd		2,920,734		1,145,589
YTL Power International Bhd		1,920,860		615,661
			$	93,533,970
Mauritius — 0.7%
Alteo, Ltd.		852,532	$	787,699
Attitude Property, Ltd.		700,989		276,987
CIEL, Ltd.		1,801,109		411,071
CIM Financial Services, Ltd.		2,982,000		952,293
LUX Island Resorts, Ltd.		987,060		2,083,540
MCB Group, Ltd.		1,159,989		9,851,011
Phoenix Beverages, Ltd.		24,345		421,167
Rogers & Co., Ltd.		2,004,091		2,060,866
SBM Holdings, Ltd.		11,724,679		2,822,898
Sun, Ltd., Class A(1)		516,880		777,310
Terra Mauricia, Ltd.		594,238		538,509
United Basalt Products, Ltd.		334,219		1,290,970
			$	22,274,321

Security	Shares		Value
Mexico — 5.3%
Alfa SAB de CV, Series A		5,242,472	$	6,560,220
Alsea SAB de CV		694,800		2,273,473
America Movil SAB de CV, Series L		25,844,950		24,203,929
America Movil SAB de CV, Series L ADR		225,701		4,220,609
Arca Continental SAB de CV		403,380		2,935,229
Bolsa Mexicana de Valores SAB de CV		1,323,775		2,537,767
Cemex SAB de CV ADR(1)		238,073		1,973,625
Cemex SAB de CV, Series CPO(1)		7,728,239		6,431,981
Coca-Cola Femsa SAB de CV, Series L		319,500		2,445,722
El Puerto de Liverpool SAB de CV		163,780		1,214,287
Fibra Uno Administracion SA de CV		2,054,090		3,234,805
Fomento Economico Mexicano SAB de CV ADR		1,400		136,556
Fomento Economico Mexicano SAB de CV, Series UBD		1,189,956		11,617,124
Genomma Lab Internacional SAB de CV(1)		2,778,500		3,042,477
Gentera SAB de CV		2,133,200		1,935,860
Grupo Aeroportuario del Pacifico SAB de CV, Class B		370,587		3,884,127
Grupo Aeroportuario del Sureste SAB de CV, Class B		206,415		4,014,899
Grupo Bimbo SAB de CV, Series A		1,376,145		3,355,378
Grupo Carso SAB de CV, Series A1		934,900		3,517,727
Grupo Elektra SAB de CV		76,153		2,780,203
Grupo Financiero Banorte SAB de CV, Class O		1,803,600		11,551,258
Grupo Financiero Inbursa SAB de CV, Class O		3,836,400		6,787,790
Grupo Mexico SAB de CV, Series B		2,709,379		9,567,095
Grupo Sanborns SAB de CV		226,889		252,346
Grupo Simec SA de CV, Series B(1)		133,800		461,894
Grupo Televisa SAB ADR		431,500		8,932,050
Grupo Televisa SAB, Series CPO		1,550,600		6,419,264
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		958,200		1,801,926
Industrias CH SAB de CV, Series B(1)		225,500		1,010,596
Industrias Penoles SAB de CV		126,965		2,942,228
Infraestructura Energetica Nova SAB de CV		180,000		938,117
Kimberly-Clark de Mexico SAB de CV, Class A		1,219,500		2,284,791
Mexichem SAB de CV		1,049,899		2,977,913
Minera Frisco SAB de CV(1)		714,800		472,392
Organizacion Soriana SAB de CV, Class B(1)		120,000		262,350
Promotora y Operadora de Infraestructura SAB de CV		345,845		3,540,815
Telesites SAB de CV(1)		1,386,268		1,042,769
Ternium SA ADR		26,100		890,271
TV Azteca SAB de CV, Series CPO		1,240,300		223,913
Wal-Mart de Mexico SAB de CV, Series V		3,152,980		7,887,638
			$	162,563,414
Morocco — 0.7%
Attijariwafa Bank		64,075	$	3,501,871
Banque Centrale Populaire		71,323		2,299,760
BMCE Bank		63,923		1,571,780

17 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Morocco (continued)
Cosumar		84,250	$	2,793,359
Douja Promotion Groupe Addoha SA		160,235		586,236
Label Vie		3,100		582,166
LafargeHolcim Maroc SA		17,330		3,854,187
Lesieur Cristal		46,700		916,750
Managem SA		2,236		446,331
Maroc Telecom		271,350		4,376,666
Samir(1)(2)		15,717		0
Taqa Morocco		13,828		1,565,944
			$	22,495,050
Nigeria — 0.8%
Access Bank PLC		26,850,917	$	964,882
Afriland Properties PLC(1)(2)		1,286,159		0
Dangote Cement PLC		3,798,144		2,820,820
Dangote Sugar Refinery PLC		5,586,250		322,294
Ecobank Transnational, Inc.		14,145,874		782,224
FBN Holdings PLC		40,511,481		1,564,195
Fidelity Bank PLC		22,430,824		227,570
Flour Mills of Nigeria PLC		2,057,956		194,297
Forte Oil PLC(1)		1,622,126		221,277
Guaranty Trust Bank PLC		28,645,830		3,903,059
Guiness Nigeria PLC		1,391,550		457,903
Lafarge Africa PLC		7,206,875		1,076,375
Lekoil, Ltd.(1)		1,547,494		403,379
Nestle Nigeria PLC		413,429		1,641,288
Nigerian Breweries PLC		4,747,707		1,898,141
Oando PLC(1)		13,321,788		220,604
SEPLAT Petroleum Development Co. PLC(1)(3)		825,805		1,479,891
Stanbic IBTC Holdings PLC		1,977,675		250,871
Transnational Corp. of Nigeria PLC(1)		44,100,342		287,761
UAC of Nigeria PLC		4,651,935		221,459
Unilever Nigeria PLC		2,740,833		337,841
United Bank for Africa PLC		29,618,308		1,043,961
Zenith Bank PLC		28,473,030		2,447,226
			$	22,767,318
Oman — 0.6%
Al Anwar Ceramic Tiles Co.		1,033,027	$	356,657
Bank Dhofar SAOG		2,090,131		1,169,409
Bank Muscat SAOG		2,646,084		2,848,272
Bank Sohar SAOG		2,706,490		1,103,946
Dhofar International Development & Investment Holding SAOG		339,824		276,362
HSBC Bank Oman SAOG		915,535		261,902
National Bank of Oman SAOG		1,631,544		919,619

Security	Shares		Value
Oman (continued)
Oman Cables Industry SAOG		127,600	$	373,288
Oman Cement Co. SAOG		951,260		968,400
Oman Flour Mills Co. SAOG		90,796		205,951
Oman Telecommunications Co. SAOG		936,551		2,726,222
Ominvest		1,442,590		1,558,421
Ooredoo		731,509		960,027
Phoenix Power Co. SAOC		2,829,100		956,162
Raysut Cement Co. SAOG		634,342		1,292,158
Renaissance Services SAOG(1)		1,523,972		1,382,072
Sembcorp Salalah Power & Water Co.		1,120,000		634,362
			$	17,993,230
Pakistan — 1.1%
Adamjee Insurance Co., Ltd.		1,115,744	$	580,522
Bank Alfalah, Ltd.(1)		2,236,538		972,370
Cherat Cement Co., Ltd.		231,500		288,204
D.G. Khan Cement Co., Ltd.		322,232		466,018
Engro Corp., Ltd.		487,387		1,330,377
Engro Fertilizers, Ltd.		610,528		385,078
Engro Foods, Ltd.		512,800		429,380
Fatima Fertilizer Co., Ltd.		680,500		200,323
Fauji Cement Co., Ltd.		1,580,000		417,674
Fauji Fertilizer Bin Qasim, Ltd.		1,026,000		352,441
Fauji Fertilizer Co., Ltd.		1,398,110		1,143,395
Habib Bank, Ltd.		1,125,817		1,976,943
Hub Power Co., Ltd.		3,388,900		3,053,320
K-Electric, Ltd.(1)		11,230,000		674,061
Kot Addu Power Co., Ltd.		1,364,400		717,971
Lucky Cement, Ltd.		303,500		1,688,730
Maple Leaf Cement Factory, Ltd.		624,937		463,306
Mari Petroleum Co., Ltd.		43,100		610,507
MCB Bank, Ltd.		1,209,730		2,478,413
Millat Tractors, Ltd.		97,690		1,163,052
National Bank of Pakistan		672,540		297,557
Nishat Mills, Ltd.		2,394,071		3,679,292
Oil & Gas Development Co., Ltd.		1,122,391		1,669,779
Pak Elektron, Ltd.		892,000		489,480
Pak Suzuki Motor Co., Ltd.		106,700		499,077
Pakistan Oilfields, Ltd.		188,600		959,337
Pakistan Petroleum, Ltd.		837,777		1,560,196
Pakistan State Oil Co., Ltd.		503,274		1,437,912
Pakistan Telecommunication Co., Ltd.		1,949,200		245,600
Searle Co., Ltd. (The)		686,633		2,339,801
SUI Southern Gas Co., Ltd.(1)		1,500,051		482,283
TRG Pakistan(1)		1,992,000		638,911
United Bank, Ltd.		556,245		975,380
			$	34,666,690

18 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Panama — 0.3%
Copa Holdings SA, Class A		59,767	$	8,267,569
			$	8,267,569
Peru — 1.5%
Alicorp SAA		1,532,318	$	5,317,372
BBVA Banco Continental SA		325,899		441,828
Cementos Pacasmayo SAA		192,689		500,296
Cia de Minas Buenaventura SA ADR		281,597		4,345,042
Cia Minera Milpo SA		396,999		685,120
Credicorp, Ltd.		75,400		17,464,902
Ferreycorp SAA		3,127,077		2,518,386
Grana y Montero SAA(1)		1,115,664		641,784
Intercorp Financial Services, Inc.		38,439		1,549,092
Southern Copper Corp.		188,576		9,155,365
Volcan Cia Minera SAA, Class B		3,886,275		1,655,534
			$	44,274,721
Philippines — 2.8%
Aboitiz Equity Ventures, Inc.		1,554,400	$	2,324,635
Aboitiz Power Corp.		3,330,700		2,665,567
Alliance Global Group, Inc.(1)		2,794,300		835,463
Ayala Corp.		155,315		3,179,512
Ayala Land, Inc.		3,898,800		3,363,498
Ayala Land, Inc., PFC Shares(2)		3,951,800		0
Bank of the Philippine Islands		1,036,855		2,407,784
BDO Unibank, Inc.		1,091,944		3,253,975
Bloomberry Resorts Corp.(1)		12,417,700		2,971,028
Cosco Capital, Inc.		3,726,300		522,785
D&L Industries, Inc.		4,814,000		1,142,252
DMCI Holdings, Inc.		2,571,600		721,853
Emperador, Inc.		4,313,300		686,207
Energy Development Corp.		14,106,300		1,560,789
Filinvest Land, Inc.		9,303,000		338,715
First Gen Corp.		2,377,522		740,189
First Philippine Holdings Corp.		587,500		707,813
Globe Telecom, Inc.		45,740		1,693,734
GT Capital Holdings, Inc.		55,025		1,443,510
International Container Terminal Services, Inc.		579,270		1,279,814
JG Summit Holdings, Inc.		1,959,520		2,924,698
Jollibee Foods Corp.		1,030,250		5,714,006
Lopez Holdings Corp.		4,600,000		493,243
LT Group, Inc.		1,873,000		819,625
Manila Electric Co.		495,030		3,268,077
Manila Water Co.		1,633,000		899,826
Megaworld Corp.		12,596,000		1,215,519

Security	Shares		Value
Philippines (continued)
Melco Resorts and Entertainment (Philippines) Corp.(1)		3,711,400	$	615,284
Metro Pacific Investments Corp.		7,682,400		967,368
Metropolitan Bank & Trust Co.		967,766		1,875,898
Nickel Asia Corp.		5,281,800		677,949
Petron Corp.		4,267,400		798,913
Philex Mining Corp.		6,094,825		796,490
PLDT, Inc.		191,945		5,858,675
Puregold Price Club, Inc.		2,240,100		2,327,957
Robinsons Land Corp.		1,187,900		483,034
Robinsons Retail Holdings, Inc.		1,269,250		2,343,082
San Miguel Corp.		375,000		1,052,971
Security Bank Corp.		243,300		1,165,862
Semirara Mining & Power Corp.		3,622,920		2,677,482
SM Investments Corp.		301,103		6,001,806
SM Prime Holdings, Inc.		7,232,399		5,201,180
SSI Group, Inc.(1)		2,061,000		122,948
Travellers International Hotel Group, Inc.		3,521,900		272,116
Universal Robina Corp.		1,693,830		5,326,208
Vista Land & Lifescapes, Inc.		3,675,000		499,917
			$	86,239,257
Poland — 3.0%
Alior Bank SA(1)		65,097	$	1,661,992
AmRest Holdings SE(1)		12,198		1,511,134
Asseco Poland SA		480,583		6,674,886
Bank Handlowy w Warszawie SA		39,181		991,576
Bank Millennium SA(1)		687,285		1,967,563
Bank Pekao SA		102,868		4,175,571
Bank Zachodni WBK SA		19,800		2,483,579
Boryszew SA(1)		122,670		353,590
Budimex SA		33,545		2,064,653
CCC SA		38,814		3,347,882
Ciech SA(1)		42,262		777,719
Cyfrowy Polsat SA		342,382		2,461,434
Enea SA		392,460		1,289,424
Energa SA		367,797		1,319,374
Eurocash SA		317,200		2,556,426
Getin Noble Bank SA(1)		774,062		423,768
Grupa Azoty SA		74,494		1,577,902
Grupa Lotos SA		74,062		1,312,377
ING Bank Slaski SA(1)		35,724		2,350,865
Jastrzebska Spolka Weglowa SA(1)		80,467		2,335,224
KGHM Polska Miedz SA		151,583		4,974,818
LPP SA		2,021		5,870,491
Lubelski Wegiel Bogdanka SA		12,326		248,769

19 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Poland (continued)
mBank SA(1)		11,330	$	1,724,113
Netia SA		841,829		1,329,871
Orange Polska SA(1)		1,362,301		2,497,405
PGE SA(1)		1,443,963		5,128,533
PKP Cargo SA(1)		51,483		930,230
Polski Koncern Naftowy ORLEN SA		227,752		7,387,083
Polskie Gornictwo Naftowe i Gazownictwo SA		1,282,036		2,514,353
Powszechna Kasa Oszczednosci Bank Polski SA(1)		630,169		8,591,304
Powszechny Zaklad Ubezpieczen SA		439,397		6,006,060
Tauron Polska Energia SA(1)		1,898,392		1,719,395
			$	90,559,364
Qatar — 1.5%
Aamal Co. QSC		230,040	$	532,385
Al Meera Consumer Goods Co.		12,300		515,577
Barwa Real Estate Co.		233,067		2,414,684
Commercial Bank PQSC (The)(1)		164,180		1,259,343
Doha Bank QPSC		125,995		1,134,507
Gulf International Services QSC		124,213		649,073
Industries Qatar		166,300		4,984,181
Masraf Al Rayan QSC		362,394		4,013,583
Medicare Group		18,044		378,958
Ooredoo QPSC		181,500		4,741,955
Qatar Electricity & Water Co. QSC		65,558		3,473,730
Qatar Gas Transport Co., Ltd.		489,281		2,509,135
Qatar Insurance Co.		90,126		1,257,882
Qatar International Islamic Bank		45,943		766,869
Qatar Islamic Bank		54,850		1,472,156
Qatar National Bank QPSC		227,713		8,429,243
Qatar National Cement Co. QSC		38,265		690,993
Qatar Navigation QSC		61,021		1,073,894
Qatari Investors Group		99,029		913,225
United Development Co. QSC		366,035		1,698,024
Vodafone Qatar QSC(1)		726,000		1,402,921
			$	44,312,318
Romania — 0.8%
Banca Transilvania SA		9,671,448	$	6,201,236
BRD-Groupe Societe Generale SA		677,012		2,440,892
OMV Petrom SA		45,352,995		3,712,870
Societatea Energetica Electrica SA		622,400		1,987,407
Societatea Nationala de Gaze Naturale ROMGAZ SA		326,225		2,979,680
Societatea Nationala Nuclearelectrica SA		794,100		1,701,486
Transelectrica SA		369,345		2,618,891
Transgaz SA Medias		13,144		1,494,340
			$	23,136,802

Security	Shares		Value
Russia — 5.8%
Aeroflot PJSC		1,148,056	$	2,734,067
Alrosa PJSC		650,100		942,517
Evraz PLC		247,452		1,306,099
Federal Grid Co. Unified Energy System PJSC		447,935,440		1,397,472
Gazprom PJSC ADR		2,944,095		14,822,806
Globaltrans Investment PLC GDR(4)		240,858		2,586,830
Inter RAO UES PJSC		53,435,070		3,593,772
Lenta, Ltd. GDR(1)(4)		168,201		1,179,217
LSR Group PJSC GDR(4)		186,400		561,228
Lukoil PJSC ADR(6)		23,800		1,567,230
Lukoil PJSC ADR(6)		203,582		13,451,572
Luxoft Holding, Inc.(1)		19,800		1,139,490
Magnit PJSC		62,447		5,927,315
Magnit PJSC GDR(4)		83,194		1,867,138
Magnitogorsk Iron & Steel Works PJSC		721,700		588,289
Magnitogorsk Iron & Steel Works PJSC GDR(4)		46,201		484,213
Mail.ru Group, Ltd. GDR(1)(4)		171,209		5,621,787
Mechel PJSC ADR(1)		152,000		767,600
MegaFon PJSC GDR(4)(6)		42,781		414,976
MegaFon PJSC GDR(4)(6)		120,383		1,167,067
MMC Norilsk Nickel PJSC ADR(6)		32,723		674,421
MMC Norilsk Nickel PJSC ADR(6)		519,111		10,677,170
Mobile TeleSystems PJSC		1,645,167		8,975,486
Moscow Exchange MICEX-RTS PJSC		1,046,040		2,140,678
Mosenergo PJSC		8,811,603		428,816
Novatek PJSC GDR(4)		39,308		5,238,168
Novolipetsk Steel PJSC GDR		91,890		2,408,421
PhosAgro PJSC GDR(4)(6)		12,600		199,710
PhosAgro PJSC GDR(4)(6)		28,064		446,999
Polymetal International PLC		261,058		3,064,474
QIWI PLC ADR		66,466		1,109,318
Rosneft Oil Co. PJSC GDR(4)(6)		3,905		23,906
Rosneft Oil Co. PJSC GDR(4)(6)		613,543		3,761,650
Rosseti PJSC		48,171,437		778,548
Rostelecom PJSC		1,388,417		1,640,258
RusHydro PJSC		205,845,080		2,670,045
Sberbank of Russia PJSC		5,608,648		26,362,864
Severstal PJSC GDR(4)		161,550		2,653,245
Sistema PJSC FC		6,286,178		1,359,205
Sollers PJSC(1)		24,262		271,127
Surgutneftegas OJSC ADR(6)		45,600		231,192
Surgutneftegas OJSC ADR(6)		527,704		2,688,291
Surgutneftegas OJSC, PFC Shares		5,198,000		2,765,448
Tatneft PJSC ADR(6)		6,500		392,015
Tatneft PJSC ADR(6)		124,300		7,538,960
TMK PJSC GDR(4)		64,757		388,725

20 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Russia (continued)
Transneft PJSC, PFC Shares		945	$	3,026,273
Unipro PJSC		8,737,000		393,288
VEON, Ltd. ADR		426,584		1,621,019
VTB Bank PJSC		2,908,170,000		2,531,484
X5 Retail Group NV GDR(1)(4)		182,744		7,015,871
Yandex NV, Class A(1)		315,600		12,223,188
			$	177,820,948
Slovenia — 0.7%
Cinkarna Celje DD		6,272	$	1,672,091
Gorenje DD		87,586		527,987
KRKA DD		92,373		6,711,420
Luka Koper		70,229		2,872,770
Petrol		7,936		3,467,757
Pozavarovalnica Sava DD		80,683		1,660,480
Telekom Slovenije DD		25,746		2,780,674
Zavarovalnica Triglav DD		71,375		2,799,231
			$	22,492,410
South Africa — 6.1%
AECI, Ltd.		73,130	$	636,381
African Rainbow Minerals, Ltd.		94,900		1,020,597
Anglo American Platinum, Ltd.(1)		58,680		1,763,791
AngloGold Ashanti, Ltd.		218,130		2,432,163
Aspen Pharmacare Holdings, Ltd.		392,807		8,976,005
Astral Foods, Ltd.		18,500		370,234
Aveng, Ltd.(1)		939,990		153,099
AVI, Ltd.		281,000		2,551,773
Barclays Africa Group, Ltd.		126,562		1,923,376
Barloworld, Ltd.		662,120		9,421,794
Bid Corp., Ltd.		187,327		4,202,137
Bidvest Group, Ltd. (The)		605,796		12,755,737
Capitec Bank Holdings, Ltd.		12,100		817,049
Clicks Group, Ltd.		167,700		2,413,483
DataTec, Ltd.		160,600		418,505
Discovery, Ltd.		96,631		1,372,632
Exxaro Resources, Ltd.		118,010		1,422,865
FirstRand, Ltd.		843,545		4,731,784
Foschini Group, Ltd. (The)		63,545		1,039,844
Gold Fields, Ltd.		509,300		2,205,694
Grindrod, Ltd.(1)		340,300		376,659
Growthpoint Properties, Ltd.		1,042,876		2,449,494
Harmony Gold Mining Co., Ltd.		374,410		643,074
Hyprop Investments, Ltd.		92,800		905,843
Impala Platinum Holdings, Ltd.(1)		533,748		1,639,452

Security	Shares		Value
South Africa (continued)
Imperial Holdings, Ltd.		78,001	$	1,870,409
Investec, Ltd.		62,594		491,934
JSE, Ltd.		92,200		1,462,488
Kumba Iron Ore, Ltd.		23,160		700,484
Liberty Holdings, Ltd.		107,168		1,188,010
Life Healthcare Group Holdings, Ltd.		1,510,419		3,464,404
Massmart Holdings, Ltd.		149,614		1,759,494
Mediclinic International PLC		253,849		2,144,052
MMI Holdings, Ltd.		578,450		1,105,148
Mondi, Ltd.		49,630		1,327,507
Mr Price Group, Ltd.		91,080		2,197,687
MTN Group, Ltd.		1,674,895		18,546,438
Murray & Roberts Holdings, Ltd.		915,850		930,691
Nampak, Ltd.(1)		465,438		598,902
Naspers, Ltd., Class N		62,747		17,870,052
Nedbank Group, Ltd.		44,331		989,132
Netcare, Ltd.		1,305,994		2,862,400
Northam Platinum, Ltd.(1)		207,738		909,140
Pick’n Pay Stores, Ltd.		371,278		2,128,986
PPC, Ltd.(1)		468,427		321,083
Rand Merchant Investment Holdings, Ltd.		322,134		1,204,697
Redefine Properties, Ltd.		2,311,150		2,114,448
Remgro, Ltd.		103,310		2,059,815
Reunert, Ltd.		407,260		2,570,451
RMB Holdings, Ltd.		163,033		1,084,910
Sanlam, Ltd.		427,873		3,185,390
Sappi, Ltd.		345,500		2,484,025
Sasol, Ltd.		269,000		9,666,560
Shoprite Holdings, Ltd.		224,300		4,668,992
Sibanye Gold, Ltd.		513,672		605,528
SPAR Group, Ltd. (The)		147,000		2,540,745
Standard Bank Group, Ltd.		298,646		5,054,818
Steinhoff International Holdings NV		787,883		443,703
Telkom SA SOC, Ltd.		309,050		1,343,410
Tiger Brands, Ltd.		122,350		4,757,379
Tongaat Hulett, Ltd.		99,910		968,591
Truworths International, Ltd.		300,800		2,480,575
Vodacom Group, Ltd.		528,700		7,305,218
Wilson Bayly Holmes-Ovcon, Ltd.		106,200		1,421,770
Woolworths Holdings, Ltd.		287,328		1,556,926
			$	187,029,857
South Korea — 5.8%
AMOREPACIFIC Corp.		12,580	$	3,524,560
AMOREPACIFIC Group		6,000		796,717
Asiana Airlines, Inc.(1)		92,200		466,413

21 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
BNK Financial Group, Inc.		68,935	$	683,615
Celltrion, Inc.(1)		24,338		7,169,064
Cheil Worldwide, Inc.		31,519		627,057
CJ CheilJedang Corp.		4,652		1,561,725
CJ Corp.		3,500		602,993
CJ Logistics Corp.(1)		2,049		277,947
CJ O Shopping Co., Ltd.(1)		3,130		659,918
Coway Co., Ltd.		14,240		1,268,643
Daelim Industrial Co., Ltd.		8,650		657,321
Daesang Corp.		8,000		200,410
Daewoo Engineering & Construction Co., Ltd.(1)		65,741		381,404
Daewoo Industrial Development Co., Ltd.(1)		3,657		5,274
Daewoong Pharmaceutical Co., Ltd.		5,630		955,285
DB Insurance Co., Ltd.		9,940		673,301
DGB Financial Group Co., Ltd.		34,537		400,789
Dong-A Pharmaceutical Co., Ltd.		2,407		333,991
Dong-A ST Co., Ltd.		4,078		454,199
Dongkuk Steel Mill Co., Ltd.		50,333		572,148
Doosan Corp.		3,701		411,213
Doosan Heavy Industries & Construction Co., Ltd.		23,400		372,486
Doosan Infracore Co., Ltd.(1)		34,600		357,330
E-MART, Inc.		10,328		2,806,267
GS Engineering & Construction Corp.(1)		19,935		618,643
GS Holdings Corp.		36,220		2,353,540
Hana Financial Group, Inc.		46,600		2,270,814
Hanjin Kal Corp.(1)		19,283		418,271
Hankook Tire Co., Ltd.		21,623		1,082,961
Hanmi Pharmaceutical Co., Ltd.(1)		3,953		2,208,046
Hanmi Science Co., Ltd.(1)		9,058		890,145
Hansol Holdings Co., Ltd.(1)		37,566		173,452
Hansol Paper Co., Ltd.		22,933		332,767
Hanwha Chemical Corp.(1)		35,850		1,181,249
Hanwha Corp.		11,790		519,409
Hanwha Techwin Co., Ltd.(1)		9,095		286,604
Hite-Jinro Co., Ltd.		20,121		433,551
Hyosung Corp.		8,368		1,057,563
Hyundai Construction Equipment Co., Ltd.(1)		1,100		209,898
Hyundai Department Store Co., Ltd.		7,615		741,497
Hyundai Development Co.- Engineering & Construction		15,700		649,572
Hyundai Engineering & Construction Co., Ltd.		15,844		636,016
Hyundai Glovis Co., Ltd.		4,770		624,030
Hyundai Heavy Industries Co., Ltd.(1)		6,601		857,488
Hyundai Marine & Fire Insurance Co., Ltd.		10,256		444,856
Hyundai Mipo Dockyard Co., Ltd.(1)		5,275		549,183
Hyundai Mobis Co., Ltd.		14,074		3,263,362

Security	Shares		Value
South Korea (continued)
Hyundai Motor Co.		30,410	$	4,618,586
Hyundai Robotics Co., Ltd.(1)		867		369,794
Hyundai Steel Co.		26,879		1,432,092
Hyundai Wia Corp.		5,400		312,957
Industrial Bank of Korea(1)		37,480		584,005
Kakao Corp.		5,600		734,393
Kangwon Land, Inc.		30,266		918,988
KB Financial Group, Inc.		75,301		4,735,526
KCC Corp.		1,345		529,993
Kia Motors Corp.		53,420		1,732,090
Korea Electric Power Corp.(1)		165,795		5,546,147
Korea Gas Corp.(1)		29,048		1,342,209
Korea Investment Holdings Co., Ltd.		6,990		571,727
Korea Zinc Co., Ltd.		3,675		1,772,483
Korean Air Lines Co., Ltd.		10,010		361,167
Korean Reinsurance Co.		29,387		335,736
KT Corp.		69,653		1,928,024
KT Corp. ADR(1)		16,800		251,160
KT&G Corp.		36,763		3,666,312
Kumho Petrochemical Co., Ltd.		4,400		424,193
LG Chem, Ltd.		10,733		4,341,175
LG Corp.		29,710		2,477,838
LG Display Co., Ltd.		19,325		580,474
LG Electronics, Inc.		25,843		2,479,009
LG Hausys, Ltd.		2,858		244,898
LG Household & Health Care, Ltd.		3,104		3,418,401
LG International Corp.		20,600		577,686
LG Uplus Corp.		158,829		2,126,019
Lotte Chemical Corp.		4,379		1,721,475
Lotte Corp.		5,796		378,750
LOTTE Fine Chemical Co., Ltd.		9,050		650,743
Lotte Shopping Co., Ltd.		4,523		1,021,060
LS Corp.		7,030		519,912
LS Industrial Systems Co., Ltd.		9,200		593,974
Medy-Tox, Inc.		3,894		2,220,901
Mirae Asset Daewoo Co., Ltd.		76,889		809,444
Naver Corp.		1,979		1,685,731
NCsoft Corp.		1,263		522,444
NH Investment & Securities Co., Ltd.		42,208		663,621
NHN Entertainment Corp.(1)		4,718		365,431
Nong Shim Co., Ltd.		3,700		1,121,140
OCI Co., Ltd.		4,137		654,312
Orion Corp./Republic of Korea(1)		10,527		1,153,229
POSCO		18,272		6,517,364
Posco Daewoo Corp.		21,675		489,042
S-Oil Corp.		30,612		3,526,038

22 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
S1 Corp.		6,966	$	648,310
Samsung Biologics Co., Ltd.(1)(3)		7,181		2,930,496
Samsung C&T Corp.		17,126		2,276,832
Samsung Card Co., Ltd.		8,160		297,536
Samsung Electro-Mechanics Co., Ltd.		5,701		567,198
Samsung Electronics Co., Ltd.		5,760		13,463,009
Samsung Fire & Marine Insurance Co., Ltd.		6,479		1,752,223
Samsung Heavy Industries Co., Ltd.(1)		67,350		578,523
Samsung Life Insurance Co., Ltd.		14,110		1,704,217
Samsung SDI Co., Ltd.		3,725		686,650
Samsung Securities Co., Ltd.		16,440		670,166
Shinhan Financial Group Co., Ltd.(1)		74,551		3,701,155
Shinsegae, Inc.		3,084		990,618
SK Chemicals Co., Ltd.(1)		5,375		578,850
SK Discovery Co., Ltd.		5,006		238,568
SK Holdings Co., Ltd.		6,584		1,962,830
SK Hynix, Inc.		37,255		2,557,360
SK Innovation Co., Ltd.		40,091		7,677,134
SK Networks Co., Ltd.		64,010		389,542
SK Telecom Co., Ltd.		25,582		6,352,583
ViroMed Co., Ltd.(1)		9,440		2,339,811
Woori Bank		61,986		977,290
Yuanta Securities Korea Co., Ltd.(1)		78,565		366,161
Yuhan Corp.		6,867		1,496,115
Zyle Daewoo Motor Sales Corp.(1)		5,113		6,464
			$	176,260,321
Sri Lanka — 0.7%
Access Engineering PLC		3,199,414	$	480,504
Aitken Spence PLC		1,072,547		369,092
Ceylon Tobacco Co. PLC		140,993		969,368
Chevron Lubricants Lanka PLC		1,821,700		1,361,598
Commercial Bank of Ceylon PLC		2,081,782		1,880,417
DFCC Bank PLC		293,137		227,649
Dialog Axiata PLC		17,294,868		1,543,683
Hatton National Bank PLC		1,527,082		2,464,011
Hemas Holdings PLC		500,000		392,653
John Keells Holdings PLC		3,927,989		4,217,611
Lanka IOC PLC		1,479,571		311,989
Melstacorp PLC		6,738,108		2,674,365
National Development Bank PLC		773,114		678,314
Nations Trust Bank PLC		376,548		194,655
Sampath Bank PLC		898,108		1,859,329
Teejay Lanka PLC		1,705,074		398,529
			$	20,023,767

Security	Shares		Value
Taiwan — 6.0%
AcBel Polytech, Inc.		429,000	$	334,855
Acer, Inc.		593,519		562,115
Advanced Semiconductor Engineering, Inc.		525,123		745,166
AirTAC International Group		106,714		1,693,193
AmTRAN Technology Co., Ltd.		650,067		389,336
Asia Cement Corp.		1,507,356		1,552,085
Asia Optical Co., Inc.		198,907		803,390
Asustek Computer, Inc.		63,325		609,969
AU Optronics Corp.		1,011,837		481,263
Capital Securities Corp.		711,928		290,655
Catcher Technology Co., Ltd.		71,183		814,296
Cathay Financial Holding Co., Ltd.		1,631,533		3,051,099
Center Laboratories, Inc.(1)		523,551		876,564
Chailease Holding Co., Ltd.		425,224		1,429,164
Chang Hwa Commercial Bank, Ltd.		2,067,476		1,212,233
Cheng Shin Rubber Industry Co., Ltd.		1,362,672		2,375,337
Chicony Electronics Co., Ltd.		277,666		730,964
China Airlines, Ltd.(1)		2,591,887		1,073,383
China Development Financial Holding Corp.		3,842,050		1,409,304
China Life Insurance Co., Ltd.		473,009		486,511
China Motor Corp.		881,315		805,441
China Petrochemical Development Corp.(1)		2,633,564		1,377,443
China Steel Corp.		3,894,734		3,328,989
Chipbond Technology Corp.		189,000		436,112
Chong Hong Construction Co., Ltd.		184,999		557,149
Chunghwa Telecom Co., Ltd.		2,646,746		9,843,291
Clevo Co.		394,155		382,401
Compal Electronics, Inc.		572,345		426,075
Coretronic Corp.		389,702		511,500
CTBC Financial Holding Co., Ltd.		3,424,275		2,502,175
Delta Electronics, Inc.		190,151		958,425
Dynapack International Technology Corp.		183,374		290,907
E Ink Holdings, Inc.		278,000		505,368
E.Sun Financial Holding Co., Ltd.		2,368,000		1,558,344
Eclat Textile Co., Ltd.		142,159		1,427,610
Elan Microelectronics Corp.		183,300		290,471
Epistar Corp.(1)		125,472		221,192
EVA Airways Corp.		1,789,366		947,238
Evergreen International Storage & Transport Corp.		868,000		415,202
Evergreen Marine Corp.(1)		2,373,754		1,400,951
Everlight Electronics Co., Ltd.		142,291		223,503
Far Eastern Department Stores, Ltd.		1,427,995		766,315
Far Eastern New Century Corp.		2,912,695		2,599,145
Far EasTone Telecommunications Co., Ltd.		1,332,084		3,475,326
Faraday Technology Corp.		244,128		683,303
Feng Hsin Steel Co., Ltd.		183,260		376,623

23 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Taiwan (continued)
FIH Mobile, Ltd.		1,391,000	$	414,805
First Financial Holding Co., Ltd.		2,580,587		1,783,070
Formosa Chemicals & Fibre Corp.		1,314,399		4,903,950
Formosa International Hotels Corp.		118,084		627,803
Formosa Petrochemical Corp.		1,005,320		4,269,618
Formosa Plastics Corp.		1,240,896		4,403,160
Formosa Taffeta Co., Ltd.		842,000		936,937
Formosan Rubber Group, Inc.		350,730		190,654
Foxconn Technology Co., Ltd.		109,087		311,301
Fubon Financial Holding Co., Ltd.		1,423,596		2,644,608
Giant Manufacturing Co., Ltd.		262,208		1,471,197
Goldsun Building Materials Co., Ltd.(1)		1,672,928		551,166
Great Wall Enterprise Co., Ltd.		930,888		1,085,283
Highwealth Construction Corp.		441,669		693,825
Hiwin Technologies Corp.		240,040		3,103,843
Hon Hai Precision Industry Co., Ltd.		1,268,434		3,998,874
Hota Industrial Manufacturing Co., Ltd.		128,360		538,210
Hotai Motor Co., Ltd.		240,000		3,122,142
HTC Corp.(1)		185,535		451,384
Hu Lane Associate, Inc.		181,000		942,429
Hua Nan Financial Holdings Co., Ltd.		2,259,080		1,348,073
Innolux Corp.		1,213,762		571,636
Inventec Corp.		324,966		265,228
Kenda Rubber Industrial Co., Ltd.		238,367		302,519
Kinpo Electronics, Inc.		2,159,000		796,522
Kinsus Interconnect Technology Corp.		182,000		314,604
Largan Precision Co., Ltd.		9,795		1,342,485
Lite-On Technology Corp.		240,941		354,083
MediaTek, Inc.		151,462		1,549,788
Mega Financial Holding Co., Ltd.		2,108,730		1,829,154
Merida Industry Co., Ltd.		233,657		1,101,778
Nan Kang Rubber Tire Co., Ltd.		1,153,253		1,071,325
Nan Ya Plastics Corp.		1,447,214		3,973,316
Neo Solar Power Corp.(1)		685,542		326,636
Novatek Microelectronics Corp., Ltd.		138,942		583,317
Pegatron Corp.		223,028		603,407
Phison Electronics Corp.		17,363		176,916
Pou Chen Corp.		1,957,819		2,631,700
Powertech Technology, Inc.		111,865		363,334
President Chain Store Corp.		619,664		6,131,734
Quanta Computer, Inc.		317,508		691,018
Radiant Opto-Electronics Corp.		141,264		358,575
Radium Life Tech Co., Ltd.(1)		633,422		264,135
Realtek Semiconductor Corp.		74,002		295,039
Ruentex Development Co., Ltd.(1)		524,767		602,251
Ruentex Industries, Ltd.		701,060		1,238,783

Security	Shares		Value
Taiwan (continued)
Sanyang Motor Co., Ltd.		1,819,866	$	1,314,561
ScinoPharm Taiwan, Ltd.		255,343		305,384
Shin Kong Financial Holding Co., Ltd.		1,899,606		696,942
Shin Kong Synthetic Fibers Corp.		1,321,483		441,180
Siliconware Precision Industries Co., Ltd.		343,243		593,093
Simplo Technology Co., Ltd.		30,533		194,857
Sino-American Silicon Products, Inc.		138,233		480,925
SinoPac Financial Holdings Co., Ltd.		3,810,446		1,312,944
St. Shine Optical Co., Ltd.		22,000		703,227
Synnex Technology International Corp.		380,358		537,823
Tainan Spinning Co., Ltd.		941,822		445,168
Taishin Financial Holding Co., Ltd.		2,729,766		1,375,216
Taiwan Business Bank		2,337,898		692,994
Taiwan Cement Corp.		1,686,830		2,178,495
Taiwan Cooperative Financial Holding Co., Ltd.		2,528,288		1,504,721
Taiwan Fertilizer Co., Ltd.		615,000		842,958
Taiwan Glass Industry Corp.(1)		542,564		361,102
Taiwan Mobile Co., Ltd.		1,302,296		4,980,642
Taiwan Semiconductor Manufacturing Co., Ltd.		1,329,465		11,618,597
Taiwan Tea Corp.		395,711		207,569
Tatung Co., Ltd.(1)		2,377,785		1,949,869
Teco Electric & Machinery Co., Ltd.		2,247,000		2,163,766
Tong Yang Industry Co., Ltd.		758,608		1,396,113
TPK Holding Co., Ltd.(1)		155,148		551,808
Tripod Technology Corp.		187,535		604,456
TSRC Corp.		693,063		852,681
TTY Biopharm Co., Ltd.		534,330		1,909,153
Tung Ho Steel Enterprise Corp.		991,060		886,873
U-Ming Marine Transport Corp.		186,000		246,775
Uni-President Enterprises Corp.		4,204,831		10,093,642
Unimicron Technology Corp.		667,000		486,053
United Microelectronics Corp.		1,215,090		593,022
Walsin Lihwa Corp.		2,539,000		1,457,700
Wan Hai Lines, Ltd.		518,962		331,168
Waterland Financial Holdings		1,164,977		398,842
Wei Chuan Food Corp.(1)		623,000		502,181
Wistron Corp.		281,230		235,979
WPG Holdings Co., Ltd.		247,489		337,387
Xxentria Technology Materials Corp.		234,700		514,875
Yageo Corp.		22,352		295,400
Yang Ming Marine Transport(1)		1,153,621		458,573
YFY, Inc.(1)		899,120		419,236
Yieh Phui Enterprise Co., Ltd.		1,879,319		744,547
Yuanta Financial Holding Co., Ltd.		2,872,629		1,377,847
Yulon Motor Co., Ltd.		1,112,950		907,397
			$	183,266,737

24 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Thailand — 3.0%
Advanced Info Service PCL(7)		839,600	$	5,158,271
Airports of Thailand PCL(7)		1,801,600		4,022,079
AP Thailand PCL(7)		2,428,300		685,812
Bangkok Bank PCL(7)		126,300		833,805
Bangkok Dusit Medical Services PCL(7)		5,099,200		3,519,777
Bangkok Land PCL(7)		13,071,100		722,396
Banpu PCL(7)		1,627,000		1,184,024
BEC World PCL(7)		1,752,100		654,219
Berli Jucker PCL(7)		591,200		1,084,038
BTS Group Holdings PCL(7)		4,097,700		1,050,460
Bumrungrad Hospital PCL(7)		777,200		4,854,516
Central Pattana PCL(7)		537,000		1,423,040
Central Plaza Hotel PCL(7)		268,400		443,703
CH. Karnchang PCL(7)		442,520		377,761
Charoen Pokphand Foods PCL(7)		1,456,900		1,096,850
CP ALL PCL(7)		1,488,700		3,790,607
Delta Electronics (Thailand) PCL(7)		1,422,300		3,492,351
Electricity Generating PCL(7)		381,600		2,652,684
Glow Energy PCL(7)		877,300		2,384,764
Hana Microelectronics PCL(7)		1,730,900		2,348,220
Home Product Center PCL(7)		3,521,555		1,597,849
Indorama Ventures PCL(7)		1,087,200		1,942,316
IRPC PCL(7)		3,717,200		871,538
Italian-Thai Development PCL(7)		4,208,006		531,966
Jasmine International PCL(7)		662,900		163,993
Kasikornbank PCL(7)		300,200		2,202,316
KCE Electronics PCL(7)		281,300		668,394
Khon Kaen Sugar Industry PCL(7)		2,728,780		381,708
Kiatnakin Bank PCL(7)		103,100		268,924
Krung Thai Bank PCL(7)		1,231,400		785,420
L.P.N. Development PCL(7)		1,255,000		475,362
Land & Houses PCL(7)		2,593,500		961,336
Minor International PCL(7)		2,603,577		3,654,432
Pruksa Holding PCL(7)		518,200		400,768
PTT Exploration & Production PCL(7)		647,498		2,458,678
PTT Global Chemical PCL(7)		921,300		2,829,073
PTT PCL(7)		267,000		4,192,063
Quality House PCL(7)		8,192,646		837,439
Ratchaburi Electricity Generating Holding PCL(7)		676,000		1,181,914
Robinson PCL(7)		644,300		1,477,015
Samart Corp. PCL(7)		2,188,100		782,143
Siam Cement PCL(7)		171,600		2,693,834
Siam City Cement PCL(7)		109,083		936,979
Siam Commercial Bank PCL(7)		482,500		2,422,597
Siam Global House PCL (The)(7)		1,116,150		606,108
Sino-Thai Engineering & Construction PCL(7)		452,157		356,102

Security	Shares		Value
Thailand (continued)
Superblock PCL(1)(7)		11,910,000	$	444,192
Thai Airways International PCL(1)(7)		794,000		418,245
Thai Beverage PCL(7)		3,524,300		2,470,855
Thai Oil PCL(7)		330,500		1,081,100
Thai Union Group PCL(7)		950,700		628,217
Thanachart Capital PCL(7)		363,800		684,727
Thoresen Thai Agencies PCL(7)		2,584,565		726,042
TMB Bank PCL(7)		11,654,600		1,078,137
Total Access Communication PCL(1)(7)		1,130,500		1,774,874
TPI Polene PCL(7)		7,161,500		489,872
True Corp. PCL(1)(7)		8,870,490		1,909,576
TTW PCL(7)		3,598,200		1,517,975
			$	90,683,456
Turkey — 2.9%
AG Anadolu Grubu Holding AS		109,884	$	869,691
Akbank Turk AS		887,877		2,573,450
Akcansa Cimento AS		126,800		384,596
Aksa Akrilik Kimya Sanayii AS		251,413		1,000,160
Aksa Enerji Uretim AS(1)		600,923		798,389
Albaraka Turk Katilim Bankasi AS		522,467		222,103
Anadolu Efes Biracilik ve Malt Sanayii AS		257,058		1,905,474
Arcelik AS		516,256		2,615,727
Aygaz AS		279,132		1,182,464
Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS(1)		372,500		399,315
BIM Birlesik Magazalar AS		271,885		5,419,705
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS(1)		121,177		254,919
Cimsa Cimento Sanayi ve Ticaret AS		141,400		525,740
Coca-Cola Icecek AS		102,495		980,442
Dogan Sirketler Grubu Holding AS(1)		1,732,915		391,820
Dogus Otomotiv Servis ve Ticaret AS(1)		111,778		263,772
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		440,700		552,878
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(1)		9,265,567		6,527,430
Enka Insaat ve Sanayi AS		1,229,887		1,847,404
Eregli Demir ve Celik Fabrikalari TAS		2,495,893		6,598,981
Ford Otomotiv Sanayi AS		157,461		2,513,680
Gubre Fabrikalari TAS(1)		239,300		286,116
Haci Omer Sabanci Holding AS		498,524		1,518,543
Is Gayrimenkul Yatirim Ortakligi AS		1,603,447		617,742
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1)		2,316,004		2,079,565
KOC Holding AS		746,532		3,632,533
Koza Altin Isletmeleri AS(1)		77,300		783,444
Migros Ticaret AS(1)		75,000		523,240
Net Holding AS(1)		325,363		212,123

25 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Turkey (continued)
Pegasus Hava Tasimaciligi AS(1)		36,600	$	347,446
Petkim Petrokimya Holding AS		1,035,782		2,187,583
TAV Havalimanlari Holding AS		101,888		599,593
Tekfen Holding AS		209,373		901,974
Tofas Turk Otomobil Fabrikasi AS		266,109		2,253,744
Trakya Cam Sanayii AS		330,359		424,534
Tupras-Turkiye Petrol Rafinerileri AS		353,994		10,858,397
Turk Hava Yollari AO(1)		578,119		2,532,859
Turk Sise ve Cam Fabrikalari AS		769,408		1,021,286
Turk Telekomunikasyon AS(1)		1,467,995		2,469,495
Turkcell Iletisim Hizmetleri AS		2,156,473		8,948,998
Turkiye Garanti Bankasi AS		882,172		2,877,728
Turkiye Halk Bankasi AS		267,144		719,066
Turkiye Is Bankasi AS, Class C		563,039		1,203,077
Turkiye Sinai Kalkinma Bankasi AS		879,989		379,081
Turkiye Vakiflar Bankasi TAO, Class D		458,258		915,033
Ulker Biskuvi Sanayi AS		269,059		1,699,002
Vestel Elektronik Sanayi ve Ticaret AS(1)		242,175		658,574
Yapi ve Kredi Bankasi AS(1)		313,444		387,870
			$	88,866,786
United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank PJSC		1,558,421	$	3,076,721
Abu Dhabi National Hotels		232,683		170,822
Agthia Group PJSC		1,013,903		1,215,170
Air Arabia PJSC		6,129,835		2,167,324
Ajman Bank PJSC(1)		825,022		251,273
Al Waha Capital PJSC		1,587,889		894,975
Aldar Properties PJSC		4,132,498		2,577,357
Arabtec Holding PJSC(1)		1,673,286		1,187,636
Dana Gas PJSC(1)		5,241,906		1,071,992
DP World, Ltd.		336,282		8,901,633
Dubai Financial Market PJSC(1)		1,928,561		586,907
Dubai Investments PJSC		1,856,227		1,219,603
Dubai Islamic Bank PJSC		982,741		1,630,348
DXB Entertainments PJSC(1)		4,892,600		853,493
Emaar Properties PJSC		2,668,666		4,775,959
Emirates Telecommunications Group Co. PJSC		577,000		2,796,119
First Abu Dhabi Bank PJSC		2,038,161		6,209,082
National Central Cooling Co. (Tabreed)		828,054		405,495
RAK Properties PJSC		2,150,800		449,672
Ras Al Khaimah Ceramics		351,660		266,630
Union National Bank PJSC		1,310,400		1,424,016
			$	42,132,227

Security	Shares		Value
Vietnam — 1.3%
Bank for Foreign Trade of Vietnam JSC		1,188,355	$	3,485,708
Bao Viet Holdings		307,150		1,108,369
Development Investment Construction Corp.		322,120		322,879
FLC Faros Construction JSC(1)		110,000		845,293
FPT Corp.		163,350		453,400
HAGL JSC(1)		1,155,511		418,854
Hoa Phat Group JSC(1)		2,676,477		7,342,090
KIDO Group Corp.		633,520		1,242,006
Kinh Bac City Development Share Holding Corp.(1)		328,860		203,632
Masan Group Corp.		408,780		1,648,980
PetroVietnam Drilling & Well Services JSC(1)		813,305		982,971
PetroVietnam Fertilizer & Chemical JSC		880,500		946,380
PetroVietnam Gas JSC		276,000		1,512,379
PetroVietnam Technical Services Corp.		1,236,400		1,498,473
Pha Lai Thermal Power JSC		483,390		435,324
Phu Nhuan Jewelry JSC		235,560		1,547,883
Refrigeration Electrical Engineering Corp.		186,753		350,563
Saigon Securities, Inc.		198,000		297,187
Tan Tao Investment & Industry JSC(1)		1,554,838		231,855
Vietjet Aviation JSC		120,000		1,019,849
Vietnam Dairy Products JSC		390,228		3,495,658
Vietnam Joint Stock Commercial Bank for Industry and Trade		1,255,523		1,503,208
Vingroup JSC(1)		1,902,229		7,165,358
			$	38,058,299
Total Common Stocks (identified cost $2,312,370,479)			$	3,013,575,310

Equity-Linked Securities(3)(8) — 0.7%
Security	Maturity Date		Shares		Value
Saudi Arabia — 0.7%
Abdullah Al Othaim Markets		7/20/20		26,995	$	893,271
Al Abdullatif Industrial Investment Co.		4/30/18		64,200		231,101
Al Rajhi Bank		1/19/21		111,080		2,203,622
Al Tayyar		3/5/18		70,167		538,367
Alinma Bank		1/19/21		109,712		606,428
Almarai Co.		7/20/20		98,998		1,403,000
Arab National Bank		3/13/20		70,000		520,751
Bank Albilad		3/5/18		68,212		418,511
Banque Saudi Fransi		3/24/20		71,335		570,149
Dar Al Arkan Real Estate Development		7/20/18		185,500		497,094
Etihad Etisalat Co.		11/9/20		134,038		552,183
Fawaz Abdulaziz Alhokair Co.		2/28/20		43,595		360,642

26 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Security	Maturity Date		Shares		Value
Saudi Arabia (continued)
Jarir Marketing Co.		1/19/21		20,525	$	906,847
Mobile Telecommunications Co.		4/30/18		123,207		237,032
National Industrialization Co.		8/26/19		62,181		283,023
Rabigh Refining and Petrochemicals Co.		7/20/20		92,400		495,463
Riyad Bank		11/9/20		161,200		592,732
Sahara Petrochemical Co.		9/14/18		43,292		193,121
Samba Financial Group		5/6/20		130,582		892,228
Saudi Airlines Catering Co.		5/28/18		5,500		116,662
Saudi Arabian Amiantit Co.		4/30/18		106,500		230,871
Saudi Arabian Fertilizer Co.		7/20/20		21,858		408,853
Saudi Arabian Mining Co.		4/30/18		44,255		664,942
Saudi Basic Industries Corp.		1/19/21		62,380		1,791,385
Saudi British Bank		3/24/20		58,524		464,247
Saudi Cable Co.(1)(2)		7/20/18		52,056		0
Saudi Cement Co.		7/20/18		14,570		189,586
Saudi Chemical Co.		4/23/18		25,900		229,107
Saudi Electricity Co.		1/19/21		268,400		1,487,862
Saudi Industrial Investment Group		12/12/19		59,263		353,332
Saudi International Petrochemical		1/19/21		40,200		201,088
Saudi Kayan Petrochemical Co.		1/19/21		123,009		412,947
Saudi Telecom Co.		4/23/18		98,200		1,928,471
Savola AB		1/24/20		88,024		925,929
Yanbu National Petrochemicals Co.		7/20/20		25,838		455,051
Total Equity-Linked Securities (identified cost $23,818,493)					$	22,255,898
Rights(1) — 0.0%(5)
Security			Shares		Value
Agile Group Holdings, Ltd., Exp. 2/1/18				21,920	$	0
Celsia SA ESP, Exp. 2/16/18				330,043		26,166
Flour Mills of Nigeria PLC, Exp. 2/21/18				1,157,600		12,536
Hyundai Heavy Industries Co., Ltd., Exp. 3/9/18				1,166		36,033
Mirae Asset Daewoo Co., Ltd., Exp. 2/22/18				15,220		0
Nations Trust Bank PLC, Exp. 1/29/18				65,486		0
Piramal Enterprises, Ltd., Exp. 2/26/18				3,339		18,637
Robinsons Land Corp., Exp. 2/8/18				319,182		16,799
Tata Steel, Ltd., Exp. 2/28/18				16,367		50,592
Tata Steel, Ltd. (partially paid shares), Exp. 2/28/18				8,184		21,182
Total Rights (identified cost $0)					$	181,945

Short-Term Investments — 0.3%
Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Eurodollar Time Deposit, 0.20%, 2/1/18	$	7,070	$	7,070,394
Total Short-Term Investments (identified cost $7,070,394)			$	7,070,394
Total Investments — 100.0% (identified cost $2,343,259,366)			$	3,043,083,547
Other Assets, Less Liabilities — 0.0%(5)			$	173,424
Net Assets — 100.0%			$	3,043,256,971

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, 2018, the aggregate value of these securities is $36,130,115 or 1.2% 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, 2018, the aggregate value of these securities is $51,123,483 or 1.7% of the Fund’s net assets.

⁽⁵⁾  Amount is less than 0.05%.

⁽⁶⁾  Securities are traded on separate exchanges for the same entity.

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

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

27 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Portfolio of Investments — continued

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Hong Kong Dollar		10.0	%	$	305,384,462
United States Dollar		9.0			274,495,470
South African Rand		6.1			186,586,154
Brazilian Real		6.1			185,136,579
New Taiwan Dollar		6.0			182,851,932
Indian Rupee		5.9			178,687,559
South Korean Won		5.8			176,045,194
Mexican Peso		4.8			146,410,303
Malaysian Ringgit		3.1			93,228,103
Indonesian Rupiah		3.0			91,670,704
Polish Zloty		3.0			90,559,364
Chilean Peso		3.0			89,863,134
New Turkish Lira		2.9			88,866,786
Thai Baht		2.9			88,212,601
Philippine Peso		2.8			86,256,056
Euro		2.7			82,614,579
Russian Ruble		2.2			68,526,952
Kuwaiti Dinar		1.8			54,688,588
Chinese Yuan Renminbi		1.5			45,498,922
Qatari Riyal		1.5			44,312,318
Colombian Peso		1.4			42,626,107
United Arab Emirates Dirham		1.4			41,527,385
Vietnamese Dong		1.3			38,058,299
Pakistani Rupee		1.1			34,666,690
Other currency, less than 1% each		10.7			326,309,306
Total Investments		100.0	%	$	3,043,083,547

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		19.1	%	$	580,471,106
Materials		11.7			355,923,432
Industrials		10.4			318,649,540
Consumer Staples		10.2			310,212,311
Energy		9.3			284,391,981
Telecommunication Services		9.1			278,188,980
Consumer Discretionary		9.0			272,597,268
Information Technology		6.0			182,612,990
Utilities		6.0			182,531,866
Health Care		5.3			160,224,773
Real Estate		3.6			110,208,906
Short-Term Investments		0.3			7,070,394
Total Investments		100.0	%	$	3,043,083,547

Abbreviations:

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

28 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Statement of Assets and Liabilities

Assets	January 31, 2018
Unaffiliated investments, at value (identified cost, $2,343,259,366)	$	3,043,083,547
Cash		1,078,625
Foreign currency, at value (identified cost, $7,016,397)		7,085,320
Dividends and interest receivable		2,393,331
Receivable for investments sold		474,355
Receivable for Fund shares sold		4,848,273
Tax reclaims receivable		102,637
Total assets	$	3,059,066,088
Liabilities
Payable for investments purchased	$	2,914,874
Payable for Fund shares redeemed		7,412,703
Payable to affiliates:
Investment adviser fee		2,012,994
Administration fee		383,489
Distribution and service fees		94,088
Accrued foreign capital gains taxes		874,475
Accrued expenses		2,116,494
Total liabilities	$	15,809,117
Net Assets	$	3,043,256,971
Sources of Net Assets
Paid-in capital	$	2,723,444,359
Accumulated distributions in excess of net investment income		(23,728,662	)
Accumulated net realized loss		(355,460,981	)
Net unrealized appreciation		699,002,255
Total	$	3,043,256,971
Investor Class Shares
Net Assets	$	400,813,502
Shares Outstanding		23,788,869
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	16.85
Class C Shares
Net Assets	$	10,151,563
Shares Outstanding		613,947
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	16.53
Institutional Class Shares
Net Assets	$	2,030,663,169
Shares Outstanding		120,057,270
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	16.91
Class R6 Shares
Net Assets	$	601,628,737
Shares Outstanding		35,568,081
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	16.91

* 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, 2018

Statement of Operations

Investment Income	Year Ended January 31, 2018
Dividends (net of foreign taxes, $9,090,082)	$	82,404,516
Interest		6,218
Total investment income	$	82,410,734
Expenses
Investment adviser fee	$	23,329,963
Administration fee		4,440,993
Distribution and service fees
Investor Class		1,175,499
Class C		94,847
Trustees’ fees and expenses		101,500
Custodian fee		3,204,565
Transfer and dividend disbursing agent fees		1,210,876
Legal and accounting services		147,991
Printing and postage		180,801
Registration fees		112,858
Miscellaneous		190,871
Total expenses	$	34,190,764
Net investment income	$	48,219,970
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $411,696)	$	15,133,544
Foreign currency transactions		(246,731	)
Net realized gain	$	14,886,813
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $633,877)	$	704,718,116
Foreign currency		53,990
Net change in unrealized appreciation (depreciation)	$	704,772,106
Net realized and unrealized gain	$	719,658,919
Net increase in net assets from operations	$	767,878,889

30 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2018			2017
From operations —
Net investment income	$	48,219,970		$	52,149,638
Net realized gain (loss)		14,886,813			(255,209,262	)
Net change in unrealized appreciation (depreciation)		704,772,106			856,577,084
Net increase in net assets from operations	$	767,878,889		$	653,517,460
Distributions to shareholders —
From net investment income
Investor Class	$	(10,183,156	)	$	(8,417,254	)
Class C		(168,458	)		(115,100	)
Institutional Class		(49,803,465	)		(35,968,674	)
Class R6		(16,110,983	)		(11,003,612	)
Total distributions to shareholders	$	(76,266,062	)	$	(55,504,640	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	55,520,901		$	76,598,630
Class C		885,164			294,195
Institutional Class		420,440,001			774,512,603
Class R6		80,751,262			108,524,243
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		9,992,931			8,258,320
Class C		158,118			103,527
Institutional Class		36,505,344			27,838,794
Class R6		15,633,121			10,270,177
Cost of shares redeemed
Investor Class		(292,705,286	)		(196,693,620	)
Class C		(2,294,846	)		(2,628,575	)
Institutional Class		(756,611,346	)		(1,096,484,364	)
Class R6		(171,183,425	)		(249,220,033	)
Net decrease in net assets from Fund share transactions	$	(602,908,061	)	$	(538,626,103	)
Net increase in net assets	$	88,704,766		$	59,386,717
Net Assets
At beginning of year	$	2,954,552,205		$	2,895,165,488
At end of year	$	3,043,256,971		$	2,954,552,205
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of year	$	(23,728,662	)	$	12,757,519

31 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2018

Financial Highlights

	Investor Class
	Year Ended January 31,
	2018			2017			2016			2015			2014
Net asset value — Beginning of year	$	13.340		$	10.990		$	13.850		$	14.070		$	15.260
Income (Loss) From Operations
Net investment income(1)	$	0.223		$	0.179		$	0.185		$	0.204		$	0.201
Net realized and unrealized gain (loss)		3.650			2.364			(2.851	)		(0.166	)		(1.204	)
Total income (loss) from operations	$	3.873		$	2.543		$	(2.666	)	$	0.038		$	(1.003	)
Less Distributions
From net investment income	$	(0.363	)	$	(0.193	)	$	(0.016	)	$	(0.180	)	$	(0.187	)
From net realized gain		—			—			(0.178	)		(0.078	)		—
Total distributions	$	(0.363	)	$	(0.193	)	$	(0.194	)	$	(0.258	)	$	(0.187	)
Net asset value — End of year	$	16.850		$	13.340		$	10.990		$	13.850		$	14.070
Total Return(2)		29.33	%		23.32	%		(19.59	)%		0.25	%		(6.62	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	400,814		$	520,939		$	527,198		$	599,094		$	755,768
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.37	%		1.38	%		1.37	%		1.36	%		1.38	%
Net investment income		1.52	%		1.44	%		1.43	%		1.34	%		1.36	%
Portfolio Turnover		3	%		6	%		8	%		9	%		7	%

⁽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, 2018

Financial Highlights — continued

	Class C
	Year Ended January 31,
	2018			2017			2016			2015			2014
Net asset value — Beginning of year	$	13.120		$	10.840		$	13.760		$	13.960		$	15.130
Income (Loss) From Operations
Net investment income(1)	$	0.096		$	0.083		$	0.096		$	0.094		$	0.091
Net realized and unrealized gain (loss)		3.580			2.340			(2.834	)		(0.163	)		(1.188	)
Total income (loss) from operations	$	3.676		$	2.423		$	(2.738	)	$	(0.069	)	$	(1.097	)
Less Distributions
From net investment income	$	(0.266	)	$	(0.143	)	$	(0.004	)	$	(0.053	)	$	(0.073	)
From net realized gain		—			—			(0.178	)		(0.078	)		—
Total distributions	$	(0.266	)	$	(0.143	)	$	(0.182	)	$	(0.131	)	$	(0.073	)
Net asset value — End of year	$	16.530		$	13.120		$	10.840		$	13.760		$	13.960
Total Return(2)		28.32	%		22.50	%		(20.23	)%		(0.51	)%		(7.27	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	10,152		$	9,209		$	9,573		$	15,996		$	19,779
Ratios (as a percentage of average daily net assets):
Expenses(3)		2.12	%		2.13	%		2.12	%		2.11	%		2.13	%
Net investment income		0.66	%		0.68	%		0.74	%		0.63	%		0.63	%
Portfolio Turnover		3	%		6	%		8	%		9	%		7	%

⁽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, 2018

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,
	2018			2017			2016			2015			2014
Net asset value — Beginning of year	$	13.400		$	11.040		$	13.890		$	14.110		$	15.310
Income (Loss) From Operations
Net investment income(1)	$	0.245		$	0.212		$	0.233		$	0.243		$	0.224
Net realized and unrealized gain (loss)		3.673			2.375			(2.880	)		(0.162	)		(1.197	)
Total income (loss) from operations	$	3.918		$	2.587		$	(2.647	)	$	0.081		$	(0.973	)
Less Distributions
From net investment income	$	(0.408	)	$	(0.227	)	$	(0.025	)	$	(0.223	)	$	(0.227	)
From net realized gain		—			—			(0.178	)		(0.078	)		—
Total distributions	$	(0.408	)	$	(0.227	)	$	(0.203	)	$	(0.301	)	$	(0.227	)
Net asset value — End of year	$	16.910		$	13.400		$	11.040		$	13.890		$	14.110
Total Return(2)		29.56	%		23.64	%		(19.40	)%		0.55	%		(6.42	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	2,030,663		$	1,884,610		$	1,803,056		$	3,227,614		$	3,392,890
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.12	%		1.13	%		1.12	%		1.11	%		1.13	%
Net investment income		1.65	%		1.68	%		1.77	%		1.59	%		1.52	%
Portfolio Turnover		3	%		6	%		8	%		9	%		7	%

⁽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, 2018

Financial Highlights — continued

	Class R6
	Year Ended January 31,									Period Ended January 31, 2015(1)
	2018			2017			2016
Net asset value — Beginning of period	$	13.400		$	11.040		$	13.890		$	16.010
Income (Loss) From Operations
Net investment income(2)	$	0.249		$	0.225		$	0.223		$	0.027
Net realized and unrealized gain (loss)		3.676			2.370			(2.861	)		(1.842	)
Total income (loss) from operations	$	3.925		$	2.595		$	(2.638	)	$	(1.815	)
Less Distributions
From net investment income	$	(0.415	)	$	(0.235	)	$	(0.034	)	$	(0.227	)
From net realized gain		—			—			(0.178	)		(0.078	)
Total distributions	$	(0.415	)	$	(0.235	)	$	(0.212	)	$	(0.305	)
Net asset value — End of period	$	16.910		$	13.400		$	11.040		$	13.890
Total Return(3)		29.69	%		23.71	%		(19.34	)%		(11.36	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	601,629		$	539,794		$	555,338		$	593,622
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.07	%		1.08	%		1.07	%		1.07	%(6)
Net investment income		1.67	%		1.79	%		1.72	%		0.31	%(6)
Portfolio Turnover		3	%		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, 2018

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 employer sponsored 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, 2018

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, 2018, 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.

The tax character of distributions declared for the years ended January 31, 2018 and January 31, 2017 was as follows:

	Year Ended January 31,
	2018		2017
Distributions declared from:
Ordinary income	$	76,266,062	$	55,504,640

37

Parametric Emerging Markets Fund

January 31, 2018

Notes to Financial Statements — continued

During the year ended January 31, 2018, accumulated net realized loss was increased by $2,249,787, accumulated distributions in excess of net investment income was increased by $8,440,089 and paid-in capital was increased by $10,689,876 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, 2018, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$	1,298,242
Deferred capital losses	$	(349,111,888	)
Net unrealized appreciation	$	667,626,258

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, 2018, the Fund, for federal income tax purposes, had deferred capital losses of $349,111,888 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, 2018, $349,111,888 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2018, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	2,374,635,363
Gross unrealized appreciation	$	993,570,987
Gross unrealized depreciation		(325,122,803	)
Net unrealized appreciation	$	668,448,184

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, 2018, the investment adviser fee amounted to $23,329,963 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, 2018, the administration fee amounted to $4,440,993.

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, 2018, EVM earned $49,084 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, 2018, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

38

Parametric Emerging Markets Fund

January 31, 2018

Notes to Financial Statements — continued

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, 2018 amounted to $1,175,499 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, 2018, the Fund paid or accrued to EVD $71,135 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, 2018 amounted to $23,712 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, 2018, the Fund was informed that EVD received approximately $100 of CDSCs paid by Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $97,776,647 and $717,467,933, respectively, for the year ended January 31, 2018.

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	2018			2017
Sales		3,766,534			6,129,611
Issued to shareholders electing to receive payments of distributions in Fund shares		654,358			681,959
Redemptions		(19,672,231	)		(15,731,257	)
Net decrease		(15,251,339	)		(8,919,687	)
	Year Ended January 31,
Class C	2018			2017
Sales		58,977			23,292
Issued to shareholders electing to receive payments of distributions in Fund shares		10,606			8,751
Redemptions		(157,753	)		(212,691	)
Net decrease		(88,170	)		(180,648	)

39

Parametric Emerging Markets Fund

January 31, 2018

Notes to Financial Statements — continued

	Year Ended January 31,
Institutional Class	2018			2017
Sales		28,311,462			61,768,701
Issued to shareholders electing to receive payments of distributions in Fund shares		2,369,982			2,281,417
Redemptions		(51,281,512	)		(86,735,012	)
Net decrease		(20,600,068	)		(22,684,894	)
	Year Ended January 31,
Class R6	2018			2017
Sales		5,554,714			8,646,801
Issued to shareholders electing to receive payments of distributions in Fund shares		1,015,051			839,911
Redemptions		(11,291,637	)		(19,506,411	)
Net decrease		(4,721,872	)		(10,019,699	)

At January 31, 2018, one shareholder owned 10.8% of the value of the outstanding shares of the Fund.

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 October 30, 2018. 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, 2018.

9  Risks Associated with Foreign Investments

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

10  Fair Value Measurements

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

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

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

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

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

40

Parametric Emerging Markets Fund

January 31, 2018

Notes to Financial Statements — continued

At January 31, 2018, 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	$	26,517,867	$	1,382,610,001		$	1,154,508	$	1,410,282,376
Emerging Europe		24,402,993		511,820,121			0		536,223,114
Latin America		561,560,852		—			—		561,560,852
Middle East/Africa		2,739,057		502,769,911			0		505,508,968
Total Common Stocks	$	615,220,769	$	2,397,200,033	**	$	1,154,508	$	3,013,575,310
Equity-Linked Securities — Saudi Arabia	$	—	$	22,255,898		$	0	$	22,255,898
Rights		26,166		155,779			—		181,945
Short-Term Investments		—		7,070,394			—		7,070,394
Total Investments	$	615,246,935	$	2,426,682,104		$	1,154,508	$	3,043,083,547

* 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, 2018 is not presented. At January 31, 2018, 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, 2018

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance 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, 2018, 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, the financial highlights for each of the periods presented, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2018, and 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 21, 2018

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

42

Parametric Emerging Markets Fund

January 31, 2018

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2019 will show the tax status of all distributions paid to your account in calendar year 2018. 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, 2018, the Fund designates approximately $54,754,637, 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, 2018, the Fund paid foreign taxes of $9,221,797 and recognized foreign source income of $91,326,980.

43

Parametric Emerging Markets Fund

January 31, 2018

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 and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 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. Trustee and/or officer of 177 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 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. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989); Formerly, 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).
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).

44

Parametric Emerging Markets Fund

January 31, 2018

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)
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) None.
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). Ms. Taggart has apprised the Board of Trustees that she intends to retire as a Trustee of all Eaton Vance Funds in 2018. 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).
Scott E. Wennerholm 1959	Trustee	2016	Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). 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(3)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President and officer of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President and officer of CRM.

45

Parametric Emerging Markets Fund

January 31, 2018

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(3)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽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); and eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). 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⁾  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 Advisers International Ltd., 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    1.31.18

Parametric International Equity Fund

Annual Report

January 31, 2018

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, 2018

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	33
Federal Tax Information	34
Management and Organization	35
Important Notices	37

Parametric International Equity Fund

January 31, 2018

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Developed international equity markets advanced sharply over the 12-month period ended January 31, 2018, up 27.60% as measured by the MSCI EAFE Index (the Index).² This rally was broad-based, with every country advancing over the 12-month period, and the majority of countries returning over 20%.

2017 saw broad gains in both Europe and Japan. In Europe, signs of recovery flickered, then strengthened, over the course of the year as economic growth data turned positive and a number of bank solvency worries in the periphery of Europe were successfully resolved. Additionally, elections in France and Germany were seen as breaking the chain of far-right electoral success, causing political risk to recede from consideration by many market participants. In the U.K., the impact of Brexit continued to worry many, but the resulting fall in the British pound provided a tailwind to many U.K. banks and manufacturers, as their globally-derived revenues increased in pound-relative terms.

In Japan, markets continued to react to positive economic growth numbers and corporate earnings. Additionally, the country saw initial signs of inflation, giving indications that the country may finally be working itself out of its decades-long deflationary spiral. Near the end of the 12-month period, a successful election by Prime Minister Abe re-energized stock returns, as this was taken to mean a continuation of his economic stimulus plan.

One additional contributor to Index returns over the 12-month period was the decline in the value of the U.S. dollar. Such a decline in the value of the dollar serves to increase the value of foreign-denominated assets, when stated in U.S. dollar terms.

Fund Performance

For the 12-month period ended January 31, 2018, the Parametric International Equity Fund (the Fund) had a total return of 27.29% for Investor Class shares at net asset value (NAV), modestly underperforming the Fund’s benchmark, the MSCI EAFE Index (the Index), which had a total return of 27.60% for the same period.

Factors detracting from the Fund’s performance relative to the Index included the sector diversification⁶ process within Hong Kong, which resulted in an overweight to the

telecommunication services, health care and utilities sectors. These defensive sectors lagged the broader Hong Kong market in the market rally. Similarly, the sector diversification process within Japan, and resulting overweights to the defensive telecommunication services and utilities sectors within the country, detracted, as Japanese equities experienced a sharp rally during the latter part of the period. The sector diversification process within Singapore also hurt relative Fund performance, partially due to the resulting underweight to the booming financials sector.

Factors contributing to the Fund’s performance relative to the Index included the Fund’s overweight to Italy. Italian equities broadly rallied over the time period, after it became apparent that the country’s weakened banking sector was going to be able to avoid insolvency. Additionally, the sector diversification process within Switzerland contributed to relative results. This was partially due to the resulting overweight to the consumer discretionary sector, which benefited from a rally in Swiss watchmakers. Finally, the sector diversification process in Australia contributed, partially due to the resulting overweight to the top-performing technology sector.

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, 2018

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			27.29	%		8.13	%		7.35	%
Institutional Class at NAV		04/01/2010		04/01/2010			27.60			8.41			7.63
Class R at NAV		08/10/2015		04/01/2010			26.90			7.98			7.26
Class R6 at NAV		08/10/2015		04/01/2010			27.67			8.43			7.64
MSCI EAFE Index		—		—			27.60	%		7.84	%		6.93	%
% Total Annual Operating Expense Ratios4			Investor Class			Institutional Class			Class R			Class R6
Gross				0.92	%		0.67	%		1.17	%		0.65	%
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	$	89,010		N.A.
Class R	$	10,000		04/01/2010	$	17,327		N.A.
Class R6	$	1,000,000		04/01/2010	$	1,781,840		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, 2018

Fund Profile

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Nestle SA	1.2	%
Air Liquide SA	0.8
Compagnie Financiere Richemont SA, Class A	0.8
Total SA	0.8
Deutsche Telekom AG	0.7
CSL, Ltd.	0.7
Vodafone Group PLC	0.7
Novartis AG	0.7
Unilever NV	0.6
Orange SA	0.6
Total	7.6	%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

4

Parametric International Equity Fund

January 31, 2018

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, if applicable, 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  Diversification cannot ensure a profit or eliminate the risk of loss.

Fund profile subject to change due to active management.

5

Parametric International Equity Fund

January 31, 2018

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, 2017 – January 31, 2018).

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 (8/1/17)		Ending Account Value (1/31/18)		Expenses Paid During Period* (8/1/17 – 1/31/18)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,105.70	$	3.98	**		0.75	%
Institutional Class	$	1,000.00	$	1,107.20	$	2.66	**		0.50	%
Class R	$	1,000.00	$	1,104.20	$	5.30	**		1.00	%
Class R6	$	1,000.00	$	1,107.00	$	2.50	**		0.47	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,021.40	$	3.82	**		0.75	%
Institutional Class	$	1,000.00	$	1,022.70	$	2.55	**		0.50	%
Class R	$	1,000.00	$	1,020.20	$	5.09	**		1.00	%
Class R6	$	1,000.00	$	1,022.80	$	2.40	**		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 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2017.

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

6

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments

Common Stocks— 99.2%
Security	Shares		Value
Australia — 9.0%
Adelaide Brighton, Ltd.		13,200	$	69,057
AGL Energy, Ltd.		58,765		1,107,172
Altium, Ltd.		17,033		208,834
Alumina, Ltd.		55,500		107,322
Amcor, Ltd.		17,100		199,953
AMP, Ltd.		36,161		152,740
ARB Corp., Ltd.		5,909		87,169
Aristocrat Leisure, Ltd.		24,710		474,775
Asx, Ltd.		1,485		65,343
Atlassian Corp. PLC, Class A(1)		10,100		545,299
Aurizon Holdings, Ltd.		31,941		120,163
AusNet Services		252,683		344,873
Australian Pharmaceutical Industries, Ltd.		100,174		120,674
Automotive Holdings Group, Ltd.		23,000		66,220
Bank of Queensland, Ltd.		6,700		66,742
Beach Energy, Ltd.		231,000		241,764
Bendigo & Adelaide Bank, Ltd.		14,170		133,480
Blackmores, Ltd.		1,718		214,893
BlueScope Steel, Ltd.		10,995		127,685
Boral, Ltd.		21,487		138,067
Brambles, Ltd.		44,248		351,890
BWP Trust		21,500		51,871
Caltex Australia, Ltd.		14,550		407,254
carsales.com, Ltd.		30,179		364,538
Charter Hall Retail REIT		15,800		48,724
Cimic Group, Ltd.		2,560		97,212
Class, Ltd.		17,193		41,368
Cleanaway Waste Management, Ltd.		110,518		128,379
Coca-Cola Amatil, Ltd.		25,021		168,889
Cochlear, Ltd.		3,328		464,492
Commonwealth Bank of Australia		9,235		585,922
CSL, Ltd.		14,560		1,711,955
CSR, Ltd.		25,925		104,982
Dexus		30,795		236,392
Domain Holdings Australia, Ltd.(1)		33,200		84,538
DuluxGroup, Ltd.		13,768		80,859
Elders, Ltd.		17,500		110,595
Evolution Mining, Ltd.		44,676		102,902
G8 Education, Ltd.		22,000		59,533
Goodman Group		44,165		288,202
GPT Group (The)		68,630		278,185
GrainCorp, Ltd., Class A		25,572		152,439
GUD Holdings, Ltd.		8,300		81,948
GWA Group, Ltd.		44,335		100,552

Security	Shares		Value
Australia (continued)
Hansen Technologies, Ltd.		30,805	$	94,287
Harvey Norman Holdings, Ltd.		27,935		101,422
Iluka Resources, Ltd.		9,500		77,100
Incitec Pivot, Ltd.		24,973		74,751
Insurance Australia Group, Ltd.		20,689		120,490
Investa Office Fund		35,475		126,464
InvoCare, Ltd.		7,600		93,123
IOOF Holdings, Ltd.		7,250		64,344
James Hardie Industries PLC CDI		6,121		107,114
JB Hi-Fi, Ltd.		10,075		237,057
Link Administration Holdings, Ltd.		45,000		323,508
Macquarie Atlas Roads Group		33,880		156,748
Medibank Pvt, Ltd.		42,014		113,135
Metcash, Ltd.		68,363		176,303
Mirvac Group		126,845		225,396
National Australia Bank, Ltd.		15,330		359,135
Navitas, Ltd.		16,799		63,516
Newcrest Mining, Ltd.		10,706		195,794
Oil Search, Ltd.		69,256		422,395
Orica, Ltd.		5,800		89,459
Orora, Ltd.		42,869		112,230
Premier Investments, Ltd.		7,193		85,238
Qantas Airways, Ltd.		38,249		162,096
REA Group, Ltd.		4,583		272,260
Reliance Worldwide Corp, Ltd.		24,300		83,326
Rio Tinto, Ltd.		5,296		326,065
Scentre Group		133,091		446,593
Sims Metal Management, Ltd.		5,711		75,515
South32, Ltd.		79,639		244,560
Southern Cross Media Group, Ltd.		51,672		48,816
Spark Infrastructure Group		215,726		401,938
SpeedCast International, Ltd.		46,511		204,615
Star Entertainment Group, Ltd. (The)		38,085		185,758
Stockland		71,106		242,530
Suncorp Group, Ltd.		10,356		113,876
Super Retail Group, Ltd.		18,050		127,240
Sydney Airport		45,111		247,542
Tabcorp Holdings, Ltd.		89,236		371,467
Technology One, Ltd.		32,500		128,662
Telstra Corp., Ltd.		346,742		1,025,161
Tox Free Solutions, Ltd.		37,052		101,725
Transurban Group		71,615		693,340
Treasury Wine Estates, Ltd.		28,241		389,009
Vicinity Centres		132,611		288,282
Village Roadshow, Ltd.(1)		13,829		39,145
Washington H. Soul Pattinson & Co., Ltd.		17,626		244,426

7 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Australia (continued)
Webjet, Ltd.		9,738	$	80,094
Wesfarmers, Ltd.		30,491		1,075,496
Westpac Banking Corp.		18,462		459,980
WiseTech Global, Ltd.		13,825		172,692
Woodside Petroleum, Ltd.		31,976		853,725
			$	23,220,789
Austria — 1.1%
ams AG		2,617	$	241,824
ANDRITZ AG		2,354		141,320
AT&S Austria Technologie & Systemtechnik AG		1,392		44,399
BUWOG AG		5,424		194,953
CA Immobilien Anlagen AG		4,051		124,447
DO & Co. AG		1,870		124,757
Erste Group Bank AG		4,915		247,568
EVN AG		2,151		44,060
Lenzing AG		409		52,041
Oesterreichische Post AG		3,050		145,269
OMV AG		5,153		331,783
Porr AG		1,731		59,737
Rhi Magnesita NV(1)		2,046		132,237
S IMMO AG		2,800		52,415
S&T AG		1,638		45,049
Telekom Austria AG		19,133		184,961
UNIQA Insurance Group AG		4,365		53,764
Verbund AG		13,823		383,374
Vienna Insurance Group		2,101		74,549
Wienerberger AG		6,800		185,556
			$	2,864,063
Belgium — 2.2%
Ackermans & van Haaren NV		418	$	77,903
Aedifica SA		3,049		293,363
Ageas		2,473		130,756
AGFA-Gevaert NV(1)		8,433		42,336
Anheuser-Busch InBev SA/NV		6,652		753,402
Barco NV		1,818		224,228
Bekaert SA		2,430		110,392
Biocartis NV(1)(2)		6,300		113,569
bpost SA		11,153		370,825
Cofinimmo		2,089		280,948
Colruyt SA		750		41,520
Econocom Group SA/NV		26,944		224,908
Elia System Operator SA/NV		2,190		134,584
Euronav SA		10,959		93,347

Security	Shares		Value
Belgium (continued)
Gimv NV		1,583	$	101,250
Groupe Bruxelles Lambert SA		1,360		160,213
Ion Beam Applications		3,519		107,539
KBC Group NV		1,609		154,699
Kinepolis Group NV		1,796		132,586
Ontex Group NV		977		28,867
Orange Belgium SA		1,888		39,893
Proximus SA		13,655		460,499
Retail Estates NV		755		69,316
Sofina SA		347		60,494
Solvay SA		1,639		237,318
Telenet Group Holding NV(1)		4,666		358,951
UCB SA		4,872		424,656
Umicore SA		6,674		351,346
Van de Velde NV		1,568		83,464
			$	5,663,172
Denmark — 2.2%
Alm Brand A/S		4,100	$	50,534
Bakkafrost P/F		2,234		91,040
Carlsberg A/S, Class B		3,846		494,360
Chr. Hansen Holding A/S		4,046		353,504
Coloplast A/S, Class B		1,302		115,750
Danske Bank A/S		12,233		496,744
Dfds A/S		1,122		67,325
DSV A/S		1,975		162,384
H Lundbeck AS		1,459		74,372
ISS A/S		1,926		75,146
Matas A/S		4,212		52,912
Nets A/S(1)(2)		9,300		256,027
Nilfisk Holding A/S(1)		1,020		59,170
NKT A/S(1)		809		35,273
Novo Nordisk A/S, Class B		10,335		573,575
Novozymes A/S, Class B		6,973		386,827
Orsted A/S(2)		11,758		713,750
Pandora A/S		6,625		627,818
Ringkjoebing Landbobank A/S		795		43,832
Rockwool International A/S		246		68,717
Royal Unibrew A/S		2,936		178,428
TDC A/S		55,343		369,392
Topdanmark A/S(1)		2,527		120,724
Vestas Wind Systems A/S		2,869		195,689
William Demant Holding A/S(1)		1,895		59,925
			$	5,723,218

8 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Finland — 2.3%
Amer Sports Oyj		8,339	$	235,422
Caverion OYJ(1)		4,767		40,186
Citycon Oyj		50,397		139,906
Cramo Oyj		3,655		89,169
DNA Oyj		6,160		115,547
Elisa Oyj		9,357		398,265
Ferratum Oyj		2,041		76,044
Fortum Oyj		26,787		580,894
Huhtamaki Oyj		1,924		82,134
Kemira Oyj		3,783		53,555
Kesko Oyj, Class B		7,618		444,320
Kone Oyj, Class B		4,394		251,536
Metsa Board Oyj		9,623		87,552
Neste Oyj		9,906		685,586
Nokia Oyj		93,952		453,182
Nokian Renkaat Oyj		4,149		209,619
Oriola Oyj, Series B		21,185		75,390
Orion Oyj, Class B		11,915		477,960
Raisio Oyj, Class V		9,946		55,131
Sampo Oyj, Class A		8,646		502,314
Technopolis Oyj		15,622		78,687
Tieto Oyj		2,033		70,668
Tokmanni Group Corp.		7,975		74,758
UPM-Kymmene Oyj		10,178		343,187
Uponor Oyj		4,213		89,181
Valmet Oyj		3,811		85,510
			$	5,795,703
France — 8.8%
Aeroports de Paris		489	$	101,561
Air Liquide SA		15,495		2,089,436
Airbus SE		3,305		380,070
Alstom SA		2,298		100,801
Alten SA		1,710		173,113
Altran Technologies SA		7,912		147,204
Amundi SA(2)		1,276		120,402
Atos SE		2,791		440,158
AXA SA		18,417		605,688
BioMerieux		780		73,847
BNP Paribas SA		10,149		838,244
Bollore SA		11,284		65,511
Bouygues SA		2,581		143,448
Bureau Veritas SA		4,718		138,252
CNP Assurances		5,800		148,653
Danone SA		11,316		973,928
Dassault Systemes SE		4,173		481,075

Security	Shares		Value
France (continued)
Eiffage SA		672	$	81,470
Elior Group SA(2)		3,613		83,156
Engie SA		57,248		994,059
Essilor International Cie Generale d’Optique SA		2,822		400,624
Euler Hermes Group		672		101,724
Eurazeo SA		460		48,427
Eutelsat Communications SA		5,093		112,096
Fnac Darty SA(1)		617		71,970
Gecina SA		1,819		355,430
Getlink SE		4,517		63,346
Hermes International		349		192,910
ICADE		2,907		315,263
Iliad SA		2,351		608,268
Ingenico Group SA		1,627		185,192
Kering		624		316,085
Korian SA		2,511		80,842
L’Oreal SA		4,819		1,095,139
Lagardere SCA		3,693		115,175
Legrand SA		2,162		179,874
LVMH Moet Hennessy Louis Vuitton SE		1,956		612,719
Mercialys SA		6,623		150,531
Nexity SA		4,423		266,514
Orange SA		83,127		1,502,078
Orpea		1,348		168,239
Publicis Groupe SA		1,902		131,442
Rubis SCA		3,910		288,368
Safran SA		2,043		230,821
Sanofi		14,239		1,256,614
Sartorius Stedim Biotech		786		68,087
SCOR SE		2,300		102,944
SEB SA		492		101,648
Societe BIC SA		456		52,219
Sodexo SA		863		110,621
SOITEC(1)		1,589		130,343
Sopra Steria Group		819		166,212
Suez		14,012		208,870
Teleperformance		618		93,660
Thales SA		1,146		128,459
Total SA		33,738		1,956,127
Ubisoft Entertainment SA(1)		2,315		198,126
Unibail-Rodamco SE		3,794		973,177
Veolia Environnement SA		19,808		499,332
Vinci SA		3,092		334,180
Vivendi SA		6,567		192,410
Wendel SA		602		112,247
Worldline SA(1)(2)		2,397		135,514
			$	22,593,943

9 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Germany — 8.8%
1&1 Drillisch AG		1,305	$	108,555
adidas AG		1,442		335,085
ADO Properties SA(2)		4,405		237,353
Allianz SE		4,074		1,030,421
alstria office REIT AG		16,144		254,934
AURELIUS Equity Opportunities SE & Co. KGaA		1,200		88,170
Aurubis AG		1,067		112,124
Axel Springer SE		773		67,929
BASF SE		9,480		1,111,793
Bayer AG		9,834		1,288,621
Bayerische Motoren Werke AG, PFC Shares		1,536		150,131
Bechtle AG		2,306		210,314
Beiersdorf AG		3,580		424,463
Brenntag AG		1,852		120,228
CANCOM SE		1,114		105,248
Capital Stage AG		18,946		163,137
Continental AG		968		290,795
Covestro AG(2)		1,700		195,755
Daimler AG		7,929		726,191
Delivery Hero AG(1)(2)		2,000		85,896
Deutsche Boerse AG		2,447		314,479
Deutsche Lufthansa AG		2,062		73,660
Deutsche Pfandbriefbank AG(2)		4,793		88,592
Deutsche Post AG		8,239		389,164
Deutsche Telekom AG		103,156		1,809,359
Deutsche Wohnen SE, Bearer Shares		16,314		737,646
E.ON SE		109,140		1,147,178
Evonik Industries AG		2,553		100,883
Fielmann AG		567		49,646
Fraport AG		716		84,773
Freenet AG		4,137		158,638
Fresenius Medical Care AG & Co. KGaA		2,362		272,248
Fresenius SE & Co. KGaA		5,187		454,000
Fuchs Petrolub SE, PFC Shares		1,895		103,729
GEA Group AG		2,527		125,686
Gerresheimer AG		913		79,746
Grand City Properties SA		12,766		310,726
GRENKE AG		857		102,206
Hannover Rueck SE		1,092		149,346
Hella GmbH & Co. KGaA		898		63,994
Henkel AG & Co. KGaA		4,580		573,300
Henkel AG & Co. KGaA, PFC Shares		7,797		1,090,370
Hochtief AG		363		65,646
Hugo Boss AG		1,223		112,324
Innogy SE(2)		7,900		301,171
KION Group AG		994		91,363

Security	Shares		Value
Germany (continued)
KWS Saat SE		383	$	161,689
LEG Immobilien AG		3,814		430,432
Linde AG		1,381		315,088
Linde AG, Tendered Shares(1)		772		189,566
MAN SE		587		69,839
Merck KGaA		1,900		207,972
MTU Aero Engines AG		567		101,645
Muenchener Rueckversicherungs-Gesellschaft AG		1,785		419,951
Osram Licht AG		742		64,849
ProSiebenSat.1 Media SE		3,293		126,154
Rational AG		114		80,190
RWE AG, PFC Shares		10,176		177,976
SAP SE		11,135		1,259,820
Siemens AG		5,978		907,485
Software AG		2,606		141,446
Symrise AG		1,730		144,977
Talanx AG		1,940		85,892
Telefonica Deutschland Holding AG(2)		22,223		112,334
TLG Immobilien AG		9,950		280,177
TUI AG		5,129		115,958
Uniper SE		12,515		373,611
United Internet AG		1,626		118,634
VERBIO Vereinigte BioEnergie AG		4,576		41,829
Volkswagen AG		452		100,282
Wirecard AG		2,394		298,481
Zalando SE(1)(2)		3,599		210,945
			$	22,494,238
Hong Kong — 4.5%
AIA Group, Ltd.		107,400	$	917,357
ASM Pacific Technology, Ltd.		19,100		260,152
Beijing Gas Blue Sky Holdings, Ltd.(1)		1,400,000		105,577
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		38,000		56,962
BOC Hong Kong (Holdings), Ltd.		31,500		160,652
Brightoil Petroleum Holdings, Ltd.(1)(3)		262,000		25,119
Cafe de Coral Holdings, Ltd.		18,000		47,619
Canvest Environmental Protection Group Co., Ltd.		100,000		57,910
China Cord Blood Corp.(1)		15,000		156,150
China Goldjoy Group, Ltd.		996,000		88,843
China Innovationpay Group, Ltd.(1)		1,120,000		55,723
China Regenerative Medicine International, Ltd.(1)		3,140,000		72,793
Chow Tai Fook Jewellery Group, Ltd.		78,600		87,974
CK Asset Holdings, Ltd.		33,500		318,772
CK Infrastructure Holdings, Ltd.		35,500		315,929
CLP Holdings, Ltd.		66,500		677,536
Esprit Holdings, Ltd.(1)		121,300		48,808

10 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Hong Kong (continued)
First Pacific Co., Ltd.		108,000	$	77,028
Fortune REIT		70,000		87,875
Future World Financial Holdings, Ltd.(1)		1,996,000		62,476
G-Resources Group, Ltd.(1)		5,688,000		69,593
Hang Lung Group, Ltd.		21,000		79,710
Hang Seng Bank, Ltd.		6,700		159,188
HC International, Inc.		134,000		100,334
Henderson Land Development Co., Ltd.		18,320		127,848
HK Electric Investments & HK Electric Investments, Ltd.(2)		145,500		134,352
HKBN, Ltd.		105,000		132,151
HKT Trust and HKT, Ltd.		339,000		423,952
Honbridge Holdings, Ltd.(1)		640,000		135,190
Hong Kong & China Gas Co., Ltd.		281,100		555,209
Hong Kong Exchanges and Clearing, Ltd.		10,900		411,210
Hongkong Land Holdings, Ltd.		23,200		167,071
Hopewell Highway Infrastructure, Ltd.		120,000		73,577
Hysan Development Co., Ltd.		18,000		100,430
Jardine Matheson Holdings, Ltd.		9,000		571,281
Jardine Strategic Holdings, Ltd.		7,900		314,282
Johnson Electric Holdings, Ltd.		38,000		155,060
Kerry Logistics Network, Ltd.		37,000		53,234
Kerry Properties, Ltd.		26,500		126,733
KuangChi Science, Ltd.(1)		301,000		86,876
Landing International Development, Ltd.(1)		6,370,000		283,556
Lee’s Pharmaceutical Holdings, Ltd.		53,000		88,161
Li & Fung, Ltd.		266,000		135,508
Link REIT		25,000		221,261
Macau Legend Development, Ltd.(1)		273,000		43,136
Madison Holdings Group, Ltd.(1)		192,000		36,464
Man Wah Holdings, Ltd.		68,800		73,178
Melco International Development, Ltd.		36,000		107,777
MGM China Holdings, Ltd.		31,600		97,164
MTR Corp., Ltd.		47,500		271,656
New World Development Co., Ltd.		69,000		111,226
Nexteer Automotive Group, Ltd.		48,000		102,207
NWS Holdings, Ltd.		91,000		176,871
Pacific Textiles Holdings, Ltd.		81,000		84,923
RM Group Holdings, Ltd.(1)		720,000		121,493
Sands China, Ltd.		35,600		211,559
Shangri-La Asia, Ltd.		50,000		126,779
Sino Land Co., Ltd.		70,000		129,103
SJM Holdings, Ltd.		111,000		110,689
Stella International Holdings, Ltd.		23,000		33,317
Superb Summit International Group, Ltd.(1)(3)		230,000		0
Swire Pacific, Ltd., Class A		9,500		94,820
Swire Properties, Ltd.		25,400		88,923

Security	Shares		Value
Hong Kong (continued)
Techtronic Industries Co., Ltd.		43,500	$	289,843
Television Broadcasts, Ltd.		13,800		49,238
Texwinca Holdings, Ltd.		70,000		38,292
Town Health International Medical Group, Ltd.(3)		604,000		42,621
Vitasoy International Holdings, Ltd.		96,000		245,462
VTech Holdings, Ltd.		14,500		200,013
Wharf Real Estate Investment Co., Ltd.(1)		15,000		103,641
Yue Yuen Industrial Holdings, Ltd.		21,500		97,164
			$	11,474,581
Ireland — 2.2%
Bank of Ireland Group PLC(1)		85,370	$	833,598
C&C Group PLC		23,800		89,160
Cairn Homes PLC(1)		59,850		141,003
CRH PLC		18,510		687,428
DCC PLC		4,921		517,231
Grafton Group PLC		33,399		374,900
Greencore Group PLC		42,726		118,018
Hibernia REIT PLC		202,785		386,449
ICON PLC(1)		5,330		583,741
Irish Residential Properties REIT PLC		93,395		173,832
Kerry Group PLC, Class A		6,123		652,468
Paddy Power Betfair PLC		6,261		726,593
Smurfit Kappa Group PLC		4,388		153,992
UDG Healthcare PLC		25,978		302,600
			$	5,741,013
Israel — 2.3%
ADO Group, Ltd.(1)		2,500	$	49,832
Amot Investments, Ltd.		22,481		134,357
Azrieli Group, Ltd.		2,874		156,425
Bank Hapoalim B.M.		24,638		184,075
Bayside Land Corp.		83		41,726
Bezeq The Israeli Telecommunication Corp., Ltd.		347,644		572,998
Brack Capital Properties NV(1)		537		63,690
Check Point Software Technologies, Ltd.(1)		3,250		336,082
Delek Automotive Systems, Ltd.		13,963		108,432
Delta-Galil Industries, Ltd.		1,119		39,586
El Al Israel Airlines		154,187		63,545
Elbit Systems, Ltd.		2,388		360,676
Electra, Ltd.		291		77,693
First International Bank of Israel, Ltd.		4,135		93,290
Frutarom Industries, Ltd.		5,892		614,219
IDI Insurance Co., Ltd.		672		48,572
Inrom Construction Industries, Ltd.		18,751		92,818

11 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Israel (continued)
Israel Discount Bank, Ltd., Series A(1)		46,000	$	137,603
Jerusalem Oil Exploration(1)		1,706		105,752
Kenon Holdings, Ltd.(1)		3,095		92,464
Melisron, Ltd.		1,766		78,956
Mizrahi Tefahot Bank, Ltd.		7,050		137,215
Nice, Ltd.		1,437		130,820
Nova Measuring Instruments, Ltd.(1)		2,500		68,000
Oil Refineries, Ltd.		389,192		184,332
Orbotech, Ltd.(1)		1,735		92,406
Paz Oil Co., Ltd.		1,888		325,226
Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		2,600		152,413
Reit 1, Ltd.		19,864		90,466
Shufersal, Ltd.		34,218		246,337
SodaStream International, Ltd.(1)		5,100		401,013
Teva Pharmaceutical Industries, Ltd. ADR		28,370		579,032
Tower Semiconductor, Ltd.(1)		1		29
			$	5,860,080
Italy — 4.4%
Amplifon SpA		18,720	$	332,895
Anima Holding SpA(2)		11,048		92,694
Ansaldo STS SpA(1)		6,279		95,082
Assicurazioni Generali SpA		10,926		216,762
ASTM SpA		2,449		66,497
Atlantia SpA		11,722		387,994
Autogrill SpA		4,891		68,105
Banca Mediolanum SpA		7,021		68,880
Banca Popolare di Sondrio SCPA		17,850		72,102
Beni Stabili SpA SIIQ		132,963		123,177
Brembo SpA		4,505		72,757
Buzzi Unicem SpA		1,362		39,990
Cementir Holding SpA		30,224		283,715
Cerved Information Solutions SpA		2,550		35,962
Danieli & C Officine Meccaniche SpA, PFC Shares		3,048		60,303
Davide Campari-Milano SpA		50,493		402,183
De’Longhi SpA		1,326		44,608
Ei Towers SpA		8,167		499,043
Enav SpA(2)		13,855		72,513
Enel SpA		134,561		855,457
ENI SpA		49,309		887,671
ERG SpA		5,150		106,728
EXOR NV		1,123		86,815
Ferrari NV(4)		400		47,800
Ferrari NV(4)		2,400		286,340
FinecoBank Banca Fineco SpA		4,180		51,970
Hera SpA		14,846		54,262

Security	Shares		Value
Italy (continued)
Industria Macchine Automatiche SpA		1,000	$	87,508
Infrastrutture Wireless Italiane SpA(2)		90,346		652,927
International Game Technology PLC		2,666		77,501
Interpump Group SpA		2,600		93,735
Intesa Sanpaolo SpA		112,599		442,417
Intesa Sanpaolo SpA, PFC Shares		26,600		101,533
Iren SPA		22,040		71,316
Italgas SpA		13,643		84,295
Leonardo SpA		13,286		160,357
Luxottica Group SpA		3,446		221,574
MARR SpA		2,736		75,680
Mediaset SpA(1)		17,964		71,502
Moncler SpA		4,402		145,069
OVS SpA(2)		7,513		55,650
Parmalat SpA		31,548		122,480
Poste Italiane SpA(2)		12,640		104,599
Prada SpA		18,400		75,384
Prysmian SpA		4,968		174,767
Recordati SpA		12,842		584,804
Reply SpA		2,652		172,280
Retelit SpA(1)		57,000		128,180
Salvatore Ferragamo SpA		1,935		54,508
Saras SpA		30,643		66,942
Snam SpA		43,650		212,325
Societa Iniziative Autostradali e Servizi SpA		2,769		52,144
STMicroelectronics NV		50,109		1,197,887
Tenaris SA		8,771		153,208
Terna Rete Elettrica Nazionale SpA		25,640		154,461
Tod’s SpA		613		46,192
Unipol Gruppo SpA		15,281		84,296
UnipolSai Assicurazioni SpA		28,030		72,471
Yoox Net-A-Porter Group SpA(1)		2,038		95,724
			$	11,306,021
Japan — 13.3%
Activia Properties, Inc.		43	$	191,623
Advance Residence Investment Corp.		88		225,603
Air Water, Inc.		6,900		148,066
Aisin Seiki Co., Ltd.		2,800		163,888
Ajinomoto Co., Inc.		7,400		140,762
Asahi Group Holdings, Ltd.		5,500		277,874
Asahi Kasei Corp.		19,000		249,280
Astellas Pharma, Inc.		24,800		326,150
Bandai Namco Holdings, Inc.		4,000		130,902
Bridgestone Corp.		4,200		204,985
Calbee, Inc.		3,300		116,595

12 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Canon, Inc.		7,200	$	287,280
Central Japan Railway Co.		1,100		208,957
Chiba Bank, Ltd. (The)		10,000		87,057
Chugai Pharmaceutical Co., Ltd.		3,600		190,268
Chugoku Bank, Ltd. (The)		4,200		55,362
Chugoku Electric Power Co., Inc. (The)		12,600		139,580
Citizen Watch Co., Ltd.		12,000		92,200
Coca-Cola Bottlers Japan Holdings, Inc.		3,200		113,364
Concordia Financial Group, Ltd.		12,500		76,221
Cosmo Energy Holdings Co., Ltd.		2,500		98,429
Dai Nippon Printing Co., Ltd.		3,000		67,084
Daicel Corp.		9,200		111,873
Daido Steel Co., Ltd.		1,200		70,982
Daikin Industries, Ltd.		1,300		156,859
Daito Trust Construction Co., Ltd.		1,600		280,422
Daiwa House Industry Co., Ltd.		11,100		439,655
Daiwa House REIT Investment Corp.		92		226,151
Daiwa Securities Group, Inc.		14,000		100,779
DeNA Co., Ltd.		2,800		60,813
Denka Co., Ltd.		2,400		95,924
Denso Corp.		3,500		220,030
Dentsu, Inc.		2,100		94,226
Disco Corp.		300		70,751
East Japan Railway Co.		1,600		159,704
Eisai Co., Ltd.		4,000		227,644
Ezaki Glico Co., Ltd.		2,200		112,265
FamilyMart UNY Holdings Co., Ltd.		1,800		121,058
FANUC Corp.		800		217,135
Fast Retailing Co., Ltd.		500		223,792
FUJIFILM Holdings Corp.		4,000		154,188
Fukuoka Financial Group, Inc.		19,000		110,558
GLP J-Reit		123		142,588
Hachijuni Bank, Ltd. (The)		13,400		79,679
Hankyu Hanshin Holdings, Inc.		2,700		109,084
Hirose Electric Co., Ltd.		800		120,455
Hiroshima Bank, Ltd. (The)		9,500		79,846
Hisamitsu Pharmaceutical Co., Inc.		2,700		185,048
Hokkaido Electric Power Co., Inc.		16,300		106,317
Hokuhoku Financial Group, Inc.		4,000		60,162
Hokuriku Electric Power Co.		14,300		117,021
Hulic Co., Ltd.		10,000		127,135
Idemitsu Kosan Co., Ltd.		7,100		266,524
ITOCHU Corp.		8,400		165,284
Iyo Bank, Ltd. (The)		9,200		75,959
Japan Airlines Co., Ltd.		2,000		75,575
Japan Exchange Group, Inc.		7,500		135,433

Security	Shares		Value
Japan (continued)
Japan Hotel REIT Investment Corp.		191	$	141,699
Japan Post Holdings Co., Ltd.		8,000		95,634
Japan Prime Realty Investment Corp.		62		219,155
Japan Real Estate Investment Corp.		34		174,839
Japan Retail Fund Investment Corp.		95		189,617
Japan Tobacco, Inc.		10,400		344,654
JSR Corp.		6,500		154,506
JXTG Holdings, Inc.		110,500		735,665
Kajima Corp.		9,000		89,353
Kakaku.com, Inc.		3,700		65,007
Kaneka Corp.		9,000		83,777
Kansai Electric Power Co., Inc. (The)		27,800		346,408
Kansai Paint Co., Ltd.		2,900		71,731
Kao Corp.		4,700		326,597
KDDI Corp.		53,400		1,355,201
Keikyu Corp.		5,900		116,608
Keio Corp.		3,000		142,848
Kewpie Corp.		2,900		82,970
Keyence Corp.		600		366,664
Kikkoman Corp.		4,500		186,840
Kintetsu Group Holdings Co., Ltd.		2,700		106,904
Kirin Holdings Co., Ltd.		9,900		247,996
Kobayashi Pharmaceutical Co., Ltd.		1,400		92,732
Konami Holdings Corp.		2,400		138,297
Kuraray Co., Ltd.		6,400		120,213
Kyocera Corp.		2,200		146,862
Kyowa Hakko Kirin Co., Ltd.		8,900		173,626
Kyushu Electric Power Co., Inc.		11,900		130,823
Lawson, Inc.		1,600		108,505
Lion Corp.		5,000		93,819
M3, Inc.		4,500		164,960
Makita Corp.		2,000		94,488
Marubeni Corp.		12,600		94,764
Maruichi Steel Tube, Ltd.		3,000		90,291
Mebuki Financial Group, Inc.		21,500		98,156
MEIJI Holdings Co., Ltd.		2,200		184,517
Miraca Holdings, Inc.		2,700		123,328
Mitsubishi Gas Chemical Co., Inc.		5,000		141,729
Mitsubishi Motors Corp.		16,700		124,264
Mitsubishi Tanabe Pharma Corp.		6,300		128,125
Mitsui & Co., Ltd.		8,900		156,591
Mizuho Financial Group, Inc.		180,000		341,235
MS&AD Insurance Group Holdings, Inc.		6,300		215,202
NEC Corp.		4,500		136,057
NH Foods, Ltd.		6,000		144,527
Nidec Corp.		1,500		241,416

13 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Nintendo Co., Ltd.		800	$	362,332
Nippon Building Fund, Inc.		44		236,050
Nippon Express Co., Ltd.		1,400		100,885
Nippon Kayaku Co., Ltd.		5,000		73,823
Nippon Paper Industries Co., Ltd.		5,100		97,098
Nippon Prologis REIT, Inc.		100		229,565
Nippon Shinyaku Co., Ltd.		2,000		137,168
Nippon Shokubai Co., Ltd.		1,400		99,696
Nippon Steel & Sumitomo Metal Corp.		10,400		265,430
Nippon Telegraph & Telephone Corp.		22,600		1,082,194
Nissan Chemical Industries, Ltd.		3,100		126,750
Nissan Motor Co., Ltd.		15,900		170,329
Nisshin Seifun Group, Inc.		7,100		142,727
Nissin Foods Holdings Co., Ltd.		2,500		185,490
Nitori Holdings Co., Ltd.		800		127,643
Nomura Real Estate Master Fund, Inc.		74		103,014
Nomura Research Institute, Ltd.		2,400		110,808
NTT Data Corp.		12,500		147,567
NTT DoCoMo, Inc.		43,100		1,070,923
Obic Co., Ltd.		1,700		132,864
Odakyu Electric Railway Co., Ltd.		4,900		108,229
Okinawa Electric Power Co., Inc. (The)		4,730		120,754
Omron Corp.		2,900		181,767
Ono Pharmaceutical Co., Ltd.		9,000		222,365
Oracle Corp. Japan		900		72,692
Oriental Land Co., Ltd.		1,300		127,066
ORIX Corp.		11,000		206,048
Orix JREIT, Inc.		116		178,951
Osaka Gas Co., Ltd.		13,200		262,584
Otsuka Holdings Co., Ltd.		6,700		297,631
Rakuten, Inc.		9,100		82,354
Recruit Holdings Co., Ltd.		6,600		161,177
Relo Group, Inc.		3,100		92,060
Resona Holdings, Inc.		27,900		168,960
Ricoh Co., Ltd.		15,500		152,782
Rinnai Corp.		800		75,535
Santen Pharmaceutical Co., Ltd.		10,000		162,375
Sawai Pharmaceutical Co., Ltd.		1,900		86,508
SECOM Co., Ltd.		1,300		99,638
Sekisui Chemical Co., Ltd.		7,200		137,667
Sekisui House, Ltd.		6,100		112,077
Seven Bank, Ltd.		26,300		97,206
Shimadzu Corp.		4,000		101,607
Shimamura Co., Ltd.		1,000		117,565
Shimano, Inc.		800		114,671
Shimizu Corp.		6,000		61,717

Security	Shares		Value
Japan (continued)
Shin-Etsu Chemical Co., Ltd.		4,300	$	491,988
Shionogi & Co., Ltd.		3,900		215,867
Shizuoka Bank, Ltd. (The)		8,000		85,548
Showa Denko K.K.		3,100		144,228
Showa Shell Sekiyu K.K.		15,300		217,507
Sompo Holdings, Inc.		3,000		120,462
Sumitomo Corp.		6,000		103,744
Sumitomo Electric Industries, Ltd.		6,400		109,537
Sumitomo Metal Mining Co., Ltd.		2,600		122,079
Sumitomo Mitsui Financial Group, Inc.		10,000		450,360
Sumitomo Osaka Cement Co., Ltd.		12,000		56,493
Suntory Beverage & Food, Ltd.		2,200		105,518
Suruga Bank, Ltd.		5,000		101,371
Suzuki Motor Corp.		2,500		143,588
T&D Holdings, Inc.		8,800		157,786
Taiheiyo Cement Corp.		1,600		67,902
Taisei Corp.		2,100		107,185
Taisho Pharmaceutical Holdings Co., Ltd.		1,400		114,030
Takashimaya Co., Ltd.		6,000		62,432
Takeda Pharmaceutical Co., Ltd.		8,800		515,449
TEIJIN, Ltd.		5,500		121,944
Terumo Corp.		4,100		200,673
Toho Gas Co., Ltd.		3,800		111,578
Tohoku Electric Power Co., Inc.		19,200		248,500
Tokio Marine Holdings, Inc.		4,600		217,497
Tokyo Electron, Ltd.		1,000		188,642
Tokyo Gas Co., Ltd.		12,900		307,802
Tokyu Corp.		6,500		109,027
Toray Industries, Inc.		17,900		178,569
Toshiba Corp.(1)		34,000		97,295
Tosoh Corp.		3,400		78,276
Toyota Motor Corp.		11,100		764,760
Trend Micro, Inc.		1,300		70,373
Tsuruha Holdings, Inc.		600		83,796
Ube Industries, Ltd.		3,200		95,586
United Urban Investment Corp.		160		253,015
USS Co., Ltd.		5,000		111,982
West Japan Railway Co.		1,300		97,789
Yahoo! Japan Corp.		24,900		120,102
Yakult Honsha Co., Ltd.		2,100		176,304
Yamaguchi Financial Group, Inc.		8,000		94,051
Yamato Holdings Co., Ltd.		3,300		85,222
Yamazaki Baking Co., Ltd.		4,400		86,809
Yaskawa Electric Corp.		2,800		144,910
Zeon Corp.		6,000		90,552
			$	34,054,119

14 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Netherlands — 4.5%
Aalberts Industries NV		2,908	$	158,773
ABN AMRO Group NV(2)		4,855		164,332
Accell Group		4,836		139,902
Akzo Nobel NV		8,135		761,375
Altice NV, Class B(1)		6,916		74,190
AMG Advanced Metallurgical Group NV		4,069		217,586
ASM International NV		2,469		177,682
ASML Holding NV		6,736		1,365,646
ASR Nederland NV		2,400		104,834
Cimpress NV(1)		1,473		187,675
Corbion NV		6,263		204,747
Eurocommercial Properties NV		1,439		67,885
Euronext NV(2)		1,764		119,502
Flow Traders(2)		2,849		71,225
Gemalto NV(4)		975		60,143
Gemalto NV(4)		2,249		138,970
GrandVision NV(2)		5,474		127,484
IMCD Group NV		2,169		144,891
ING Groep NV		53,109		1,042,809
InterXion Holding NV(1)		3,300		207,075
Koninklijke Ahold Delhaize NV		24,123		538,907
Koninklijke KPN NV		143,773		503,817
Koninklijke Philips NV		25,141		1,024,741
Koninklijke Vopak NV		2,501		112,896
NN Group NV		5,540		261,293
NSI NV		1,162		51,297
Philips Lighting NV(2)		3,321		130,581
PostNL NV		28,142		140,308
QIAGEN NV(1)		6,909		231,088
Refresco Group NV(2)		7,754		191,346
RELX NV		17,050		377,547
SBM Offshore NV		6,486		121,137
TKH Group NV		1,737		115,472
TomTom NV(1)		13,510		147,085
Unilever NV		28,425		1,640,751
Vastned Retail NV		1,000		50,436
Wolters Kluwer NV		6,570		347,752
			$	11,523,180
New Zealand — 1.1%
A2 Milk Co., Ltd.(1)		51,923	$	353,282
Air New Zealand, Ltd.		34,574		78,381
Auckland International Airport, Ltd.		40,500		199,540
Contact Energy, Ltd.		43,411		178,806
Fisher & Paykel Healthcare Corp., Ltd.		11,759		115,305
Fletcher Building, Ltd.		49,043		282,920

Security	Shares		Value
New Zealand (continued)
Goodman Property Trust		65,888	$	66,057
Heartland Bank, Ltd.		76,907		117,215
Infratil, Ltd.		16,238		38,831
Kiwi Property Group, Ltd.		70,000		71,280
Mercury NZ, Ltd.		47,223		119,862
Precinct Properties New Zealand, Ltd.		121,300		118,018
Restaurant Brands New Zealand, Ltd.		8,227		45,598
Ryman Healthcare, Ltd.		12,285		99,196
SKYCITY Entertainment Group, Ltd.		41,260		125,967
Spark New Zealand, Ltd.		98,888		261,581
Summerset Group Holdings, Ltd.		16,945		71,791
Trade Me, Ltd.		28,289		94,017
Xero, Ltd.(1)		10,956		273,957
Z Energy, Ltd.		43,700		246,062
			$	2,957,666
Norway — 2.2%
Aker BP ASA		3,100	$	89,708
Atea ASA		18,187		281,544
Austevoll Seafood ASA		16,139		126,793
Borregaard ASA		13,595		121,369
DNB ASA		16,445		334,249
Entra ASA(2)		16,712		252,591
Europris ASA(2)		11,200		50,083
Gjensidige Forsikring ASA		7,400		139,598
Golar LNG, Ltd.		2,320		63,313
Kongsberg Gruppen ASA		11,096		226,103
Marine Harvest ASA		19,910		344,757
Nordic American Tankers, Ltd.		13,100		30,261
Nordic Nanovector ASA(1)		4,831		48,134
Nordic Semiconductor ASA(1)		40,251		239,607
Norsk Hydro ASA		33,693		245,330
Norwegian Finans Holding ASA(1)		8,625		98,479
Salmar ASA		5,471		148,754
Scatec Solar ASA(2)		8,900		52,176
Schibsted ASA, Class B		13,669		413,008
Ship Finance International, Ltd.		5,500		84,150
SpareBank 1 SMN		4,478		50,834
SpareBank 1 SR-Bank ASA		4,300		51,326
Statoil ASA		17,807		417,241
Telenor ASA		27,010		631,484
Tomra Systems ASA		20,574		348,475
Veidekke ASA		7,872		84,222
Wilh Wilhelmsen Holding ASA, Class A		1,536		50,712
XXL ASA(2)		21,116		261,040
Yara International ASA		8,282		398,370
			$	5,683,711

15 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Portugal — 1.1%
Banco Comercial Portugues SA(1)		1,107,823	$	442,326
CTT-Correios de Portugal SA		69,614		297,835
EDP Renovaveis SA		9,550		83,546
EDP-Energias de Portugal SA		87,593		307,337
Galp Energia SGPS SA, Class B		19,320		369,056
Jeronimo Martins SGPS SA		19,002		404,747
Navigator Co. SA (The)		61,000		342,498
NOS SGPS SA		65,302		444,553
Pharol SGPS SA(1)		189,661		54,250
REN - Redes Energeticas Nacionais SGPS SA		15,211		47,416
Semapa-Sociedade de Investimento e Gestao		4,106		93,761
			$	2,887,325
Singapore — 2.2%
Ascendas Real Estate Investment Trust		69,500	$	145,979
Best World International, Ltd.		76,000		78,164
BOC Aviation, Ltd.(2)		11,800		69,291
CapitaLand Commercial Trust, Ltd.		39,500		56,262
CapitaLand Mall Trust		45,800		73,383
CDL Hospitality Trusts		40,000		55,451
China Aviation Oil Singapore Corp, Ltd.		40,000		49,599
ComfortDelGro Corp., Ltd.		49,300		78,829
DBS Group Holdings, Ltd.		17,700		355,258
Ezion Holdings, Ltd.(1)(3)		226,000		16,970
Flex, Ltd.(1)		24,978		449,854
Frasers Logistics & Industrial Trust		49,500		43,063
Genting Singapore PLC		374,400		384,440
Hutchison Port Holdings Trust		196,200		81,144
IGG, Inc.		53,000		58,788
Keppel Infrastructure Trust		291,400		126,728
Keppel REIT		66,000		64,809
M1, Ltd.		44,000		62,031
Mapletree Commercial Trust		35,100		45,173
Mapletree Greater China Commercial Trust		46,100		44,305
Mapletree Industrial Trust		34,200		55,290
Mapletree Logistics Trust		70,400		73,575
Metro Holdings, Ltd.		53,000		46,777
Midas Holdings, Ltd.(1)		480,000		64,672
mm2 Asia, Ltd.(1)		142,500		55,364
Olam International, Ltd.		50,200		85,192
Raffles Medical Group, Ltd.		140,800		119,041
Sheng Siong Group, Ltd.		91,200		64,674
Singapore Airlines, Ltd.		22,900		197,230
Singapore Airport Terminal Services, Ltd.		25,700		108,073
Singapore Exchange, Ltd.		29,500		184,105
Singapore Post, Ltd.		72,300		71,133

Security	Shares		Value
Singapore (continued)
Singapore Press Holdings, Ltd.		123,000	$	246,996
Singapore Technologies Engineering, Ltd.		47,600		122,121
Singapore Telecommunications, Ltd.(4)		105,000		283,917
Singapore Telecommunications, Ltd.(4)		144,100		388,794
StarHub, Ltd.		21,000		46,205
Suntec Real Estate Investment Trust		45,000		70,882
United Engineers, Ltd.		17,000		34,188
United Overseas Bank, Ltd.		15,700		327,705
Venture Corp., Ltd.		13,300		232,994
Wilmar International, Ltd.		213,500		519,950
			$	5,738,399
Spain — 4.4%
Abertis Infraestructuras SA		14,178	$	343,964
Acerinox SA		8,856		130,230
Aena SME SA(2)		1,300		283,081
Almirall SA		16,800		182,381
Amadeus IT Group SA		14,490		1,123,393
Axiare Patrimonio SOCIMI SA		8,785		191,901
Banco Bilbao Vizcaya Argentaria SA		38,700		363,182
Banco de Sabadell SA		53,823		127,927
Bankia SA		20,510		103,822
Bankinter SA		11,334		130,314
Bolsas y Mercados Espanoles SHMSF SA		1,920		65,489
CaixaBank SA		34,214		184,554
Cellnex Telecom SA(2)		3,584		96,763
Cia de Distribucion Integral Logista Holdings SA		4,197		102,579
Coca-Cola European Partners PLC		19,000		763,040
Construcciones y Auxiliar de Ferrocarriles SA		2,050		95,411
Ebro Foods SA		12,141		299,034
Enagas SA		6,668		181,645
Endesa SA		5,685		127,614
Ercros SA		35,810		131,974
Gestamp Automocion SA(1)(2)		12,257		93,845
Grifols SA		20,691		665,463
Grifols SA ADR		12,300		305,655
Grupo Catalana Occidente SA		2,596		121,474
Hispania Activos Inmobiliarios SOCIMI SA		12,545		262,636
Iberdrola SA(4)		1,969		16,031
Iberdrola SA(4)		90,570		737,220
Industria de Diseno Textil SA		22,598		808,633
Inmobiliaria Colonial Socimi SA		34,895		389,803
Lar Espana Real Estate Socimi SA		14,031		158,718
Mapfre SA		26,500		94,099
Neinor Homes SA(1)(2)		4,963		113,929
Prosegur Cash SA(2)		18,590		64,197

16 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Spain (continued)
Prosegur Cia de Seguridad SA		16,517	$	137,317
Red Electrica Corp. SA		7,578		159,839
Repsol SA		43,006		809,412
Saeta Yield SA		4,126		57,514
Siemens Gamesa Renewable Energy SA		5,400		84,254
Tecnicas Reunidas SA		1,615		55,060
Telefonica SA		96,683		991,825
Tubacex SA(1)		34,340		147,074
			$	11,302,296
Sweden — 4.5%
Alfa Laval AB		3,749	$	98,392
Arjo AB(1)		13,601		44,532
Assa Abloy AB, Class B		9,306		206,283
Atlas Copco AB, Class B		2,941		122,748
Attendo AB(2)		14,762		155,901
Axfood AB		7,649		153,805
BillerudKorsnas AB		16,002		246,383
BioGaia AB, Class B		2,949		116,560
Bonava AB, Class B		4,887		69,718
Capio AB(2)		22,400		127,347
Castellum AB		23,503		405,256
Catena Media PLC(1)		6,265		100,412
Cloetta AB, Class B		24,800		102,411
Com Hem Holding AB		17,822		309,724
D Carnegie & Co. AB(1)		6,188		96,517
Dometic Group AB(2)		18,000		194,806
Elekta AB, Class B		33,916		323,998
Essity Aktiebolag, Class B(1)		22,241		666,244
Fabege AB		12,900		282,447
Getinge AB, Class B		20,810		285,155
Granges AB		7,960		83,763
Hennes & Mauritz AB, Class B		25,700		454,821
Hexpol AB		20,200		216,896
Holmen AB, Class B		4,163		219,305
Hufvudstaden AB, Class A		11,335		182,428
Industrivarden AB, Class A		3,290		92,712
Industrivarden AB, Class C		3,570		95,106
Kindred Group PLC SDR		8,056		134,519
Kungsleden AB		20,778		147,188
L E Lundbergforetagen, Class B		2,000		161,397
LeoVegas AB(2)		4,400		62,724
Lundin Petroleum AB(1)		14,116		352,178
Medivir AB, Class B(1)		11,060		60,870
Modern Times Group MTG AB, Class B		2,700		123,843

Security	Shares		Value
Sweden (continued)
Mycronic AB		12,782	$	144,346
NCC AB, Class B		1,905		37,768
NetEnt AB		26,464		150,320
Nibe Industrier AB, Class B		15,288		148,867
Nordea Bank AB		29,485		363,995
Pandox AB		5,668		106,491
RaySearch Laboratories AB(1)		6,321		126,072
Scandic Hotels Group AB(2)		6,000		66,387
Securitas AB, Class B		6,225		115,228
Skanska AB, Class B		3,995		81,199
SKF AB, Class B		3,418		84,482
Starbreeze AB(1)		33,624		39,453
Svenska Cellulosa AB SCA, Class B		43,531		450,422
Svenska Handelsbanken AB, Class A		16,280		236,942
Swedbank AB, Class A		10,493		268,353
Swedish Match AB		8,034		325,413
Telefonaktiebolaget LM Ericsson, Class B		114,300		735,158
Telia Co. AB		196,135		984,536
Trelleborg AB, Class B		2,484		66,302
Volvo AB		12,900		263,296
Wihlborgs Fastigheter AB		5,892		143,396
			$	11,434,815
Switzerland — 9.1%
Allreal Holding AG		1,304	$	226,879
ALSO Holding AG		1,183		174,298
Ascom Holding AG		5,950		153,929
Autoneum Holding AG		372		123,010
Baloise Holding AG		1,432		234,279
Banque Cantonale Vaudoise		202		169,911
Belimo Holding AG		28		131,263
BKW AG		1,604		102,577
Burckhardt Compression Holdings AG		260		96,645
Cembra Money Bank AG		1,074		105,946
Clariant AG		17,063		488,390
Comet Holding AG		1,329		231,661
Compagnie Financiere Richemont SA, Class A		21,335		2,046,368
Daetwyler Holding AG, Bearer Shares		436		92,575
DKSH Holding AG		1,552		145,122
dormakaba Holding AG		136		125,132
EFG International AG		8,368		94,086
Emmi AG		245		185,770
Ems-Chemie Holding AG		842		618,967
Flughafen Zurich AG		707		180,116
Forbo Holding AG		79		133,592

17 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Switzerland (continued)
Geberit AG		841	$	398,323
Georg Fischer AG		150		217,148
Givaudan SA		368		885,869
Helvetia Holding AG		372		221,623
Inficon Holding AG		320		200,249
Intershop Holding AG		234		123,244
Julius Baer Group, Ltd.		4,417		303,431
Kardex AG		528		71,822
Komax Holding AG		326		112,428
Kuehne & Nagel International AG		1,725		316,801
Landis+Gyr Group AG(1)		2,198		181,689
LEM Holding SA		53		95,199
Mobimo Holding AG		577		161,415
Nestle SA		34,744		3,001,254
Novartis AG		18,787		1,695,659
Panalpina Welttransport Holding AG		731		120,963
Pargesa Holding SA, Bearer Shares		1,628		148,412
Partners Group Holding AG		326		253,320
Roche Holding AG		473		118,194
Roche Holding AG PC		5,093		1,258,348
Schindler Holding AG		842		204,928
Schindler Holding AG PC		1,220		305,687
Schmolz & Bickenbach AG(1)		96,337		82,729
SFS Group AG		1,027		129,049
SGS SA		131		352,149
Sika AG, Bearer Shares		133		1,152,153
Sonova Holding AG		585		94,273
Straumann Holding AG		149		113,729
Sulzer AG		739		105,024
Swatch Group AG (The)		3,577		308,993
Swatch Group AG (The), Bearer Shares		1,354		619,441
Swiss Life Holding AG		703		263,975
Swiss Prime Site AG		4,888		473,219
Swiss Re AG		4,990		492,181
Swisscom AG		1,936		1,057,229
Temenos Group AG		4,001		552,924
Valiant Holding AG		1,138		137,455
Valora Holding AG		268		98,626
VAT Group AG(2)		929		148,414
Vontobel Holding AG		2,114		152,732
Zurich Insurance Group AG		2,123		698,356
			$	23,289,173
United Kingdom — 9.0%
3i Group PLC		7,509	$	99,292
Admiral Group PLC		3,026		79,466

Security	Shares		Value
United Kingdom (continued)
Assura PLC		171,909	$	150,556
AstraZeneca PLC		11,023		765,142
Aveva Group PLC		2,063		87,477
Aviva PLC		25,000		182,385
Babcock International Group PLC		11,872		115,639
BAE Systems PLC		21,824		184,131
Bellway PLC		1,558		73,447
Berkeley Group Holdings PLC		1,364		76,801
BHP Billiton PLC		16,329		363,650
Big Yellow Group PLC		8,638		106,313
British American Tobacco PLC		11,655		796,580
BTG PLC(1)		19,439		205,254
Bunzl PLC		2,708		79,216
Carnival PLC		1,436		101,316
Compass Group PLC		13,137		276,598
ConvaTec Group PLC(2)		54,000		154,988
Croda International PLC		1,321		84,072
Daily Mail & General Trust PLC, Class A		7,483		67,779
Dignity PLC		2,785		32,303
Direct Line Insurance Group PLC		15,813		82,905
DS Smith PLC		15,415		110,175
easyJet PLC		5,421		127,695
Elementis PLC		29,679		121,974
Essentra PLC		15,665		113,708
Experian PLC		5,985		137,941
F&C Commercial Property Trust, Ltd.		51,629		105,901
Ferguson PLC		1,572		121,396
Fidessa Group PLC		2,212		74,015
FirstGroup PLC(1)		47,376		69,875
Fresnillo PLC		4,298		82,288
G4S PLC		22,268		89,876
GlaxoSmithKline PLC		44,465		827,675
Grainger PLC		28,961		118,910
Great Portland Estates PLC		13,736		129,931
Greene King PLC		15,057		111,597
Halma PLC		11,352		206,031
Hammerson PLC		22,747		159,337
Howden Joinery Group PLC		17,122		112,905
HSBC Holdings PLC		62,500		666,790
Imperial Brands PLC		7,136		293,671
Indivior PLC(1)		15,000		85,698
Informa PLC		7,581		74,931
Inmarsat PLC		40,064		264,075
Intertek Group PLC		2,463		175,737
John Wood Group PLC		28,791		265,401
Johnson Matthey PLC		1,835		90,190

18 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
United Kingdom (continued)
Just Eat PLC(1)		12,902	$	149,123
Kingfisher PLC		16,823		82,815
Land Securities Group PLC		20,525		292,215
Legal & General Group PLC		21,208		81,468
Lloyds Banking Group PLC		221,427		218,769
London Stock Exchange Group PLC		3,749		209,138
LondonMetric Property PLC		65,200		166,072
Marks & Spencer Group PLC		21,900		93,651
Meggitt PLC		11,454		75,455
Melrose Industries PLC		47,201		151,691
Merlin Entertainments PLC(2)		18,929		88,290
Micro Focus International PLC		18,295		559,260
Mimecast, Ltd.(1)		2,500		76,875
Mondi PLC		5,400		143,927
Moneysupermarket.com Group PLC		19,945		95,909
National Grid PLC		100,230		1,148,451
NCC Group PLC		32,556		92,904
NEPI Rockcastle PLC		8,700		118,611
Next PLC		2,030		146,578
Pearson PLC		10,040		98,819
Pennon Group PLC		27,207		278,118
Persimmon PLC		4,000		142,194
Playtech PLC		15,021		169,053
Provident Financial PLC		10,491		100,439
Randgold Resources, Ltd.		1,380		139,421
Reckitt Benckiser Group PLC		4,336		418,728
RELX PLC		7,273		160,950
Rentokil Initial PLC		17,999		75,921
Rightmove PLC		3,180		199,332
Rio Tinto PLC		9,070		504,863
Rolls-Royce Holdings PLC		12,632		156,745
Royal Dutch Shell PLC, Class A		25,050		878,219
Royal Dutch Shell PLC, Class B		25,957		920,759
Royal Mail PLC		12,695		84,582
RPC Group PLC		11,288		136,372
RSA Insurance Group PLC		15,015		132,121
Sage Group PLC (The)		38,000		404,609
Savills PLC		11,000		160,223
Segro PLC		29,923		247,469
Severn Trent PLC		13,453		373,852
Shaftesbury PLC		10,274		146,011
Sky PLC(1)		6,960		104,677
Spirax-Sarco Engineering PLC		959		77,240
St. James’s Place PLC		4,600		77,663
Standard Life Aberdeen PLC		27,303		165,033
Synthomer PLC		17,348		116,792

Security	Shares		Value
United Kingdom (continued)
TalkTalk Telecom Group PLC		75,000	$	126,690
Tate & Lyle PLC		16,484		150,263
Travis Perkins PLC		3,350		69,472
Tritax Big Box REIT PLC		51,456		108,979
UBM PLC		7,535		97,144
Unilever PLC		8,140		460,694
UNITE Group PLC (The)		9,707		109,935
United Utilities Group PLC		30,732		322,368
Victrex PLC		3,358		121,835
Vodafone Group PLC		536,500		1,710,273
WH Smith PLC		2,540		77,040
Whitbread PLC		1,688		93,034
William Hill PLC		12,074		53,092
WPP PLC		11,945		216,324
			$	23,081,583
Total Common Stocks (identified cost $203,659,433)			$	254,689,088
Short-Term Investments — 0.9%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.65%(5)		2,188,721	$	2,188,941
Total Short-Term Investments (identified cost $2,188,722)			$	2,188,941
Total Investments — 100.1% (identified cost $205,848,155)			$	256,878,029
Other Assets, Less Liabilities — (0.1)%			$	(181,742	)
Net Assets — 100.0%			$	256,696,287

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, 2018, the aggregate value of these securities is $6,907,522 or 2.7% of the Fund’s net assets.

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

⁽⁴⁾  Securities are traded on separate exchanges for the same entity.

⁽⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2018.

19 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Portfolio of Investments — continued

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Euro		38.3	%	$	98,252,552
Japanese Yen		13.3			34,054,119
British Pound Sterling		9.5			24,314,804
Swiss Franc		9.2			23,530,997
Australian Dollar		8.8			22,675,490
Swedish Krona		4.5			11,434,815
Hong Kong Dollar		4.1			10,469,260
United States Dollar		3.2			8,309,641
Danish Krone		2.2			5,632,178
Norwegian Krone		2.2			5,597,027
Singapore Dollar		2.0			5,079,322
Israeli Shekel		1.7			4,451,547
New Zealand Dollar		1.1			2,957,666
South African Rand		0.0	*		118,611
Total Investments		100.1	%	$	256,878,029

* Amount is less than 0.1%.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		11.1	%	$	28,560,047
Industrials		10.7			27,475,987
Consumer Discretionary		10.4			26,800,963
Consumer Staples		10.4			26,545,682
Health Care		9.5			24,406,197
Information Technology		9.4			24,155,746
Materials		9.4			23,979,071
Real Estate		8.2			21,057,568
Telecommunication Services		8.1			20,788,328
Utilities		6.7			17,299,496
Energy		5.3			13,620,003
Short-Term Investments		0.9			2,188,941
Total Investments		100.1	%	$	256,878,029

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, 2018

Statement of Assets and Liabilities

Assets	January 31, 2018
Unaffiliated investments, at value (identified cost, $203,659,433)	$	254,689,088
Affiliated investment, at value (identified cost, $2,188,722)		2,188,941
Foreign currency, at value (identified cost, $236,423)		236,716
Dividends receivable		211,294
Dividends receivable from affiliated investment		2,852
Receivable for Fund shares sold		706,590
Tax reclaims receivable		331,879
Receivable from affiliates		31,377
Total assets	$	258,398,737
Liabilities
Payable for investments purchased	$	1,381,325
Payable for Fund shares redeemed		58,152
Payable to affiliates:
Investment adviser and administration fee		84,833
Distribution and service fees		12,761
Accrued expenses		165,379
Total liabilities	$	1,702,450
Net Assets	$	256,696,287
Sources of Net Assets
Paid-in capital	$	205,880,760
Accumulated distributions in excess of net investment income		(1,383,428	)
Accumulated net realized gain		1,142,923
Net unrealized appreciation		51,056,032
Total	$	256,696,287
Investor Class Shares
Net Assets	$	59,857,569
Shares Outstanding		4,171,996
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.35
Institutional Class Shares
Net Assets	$	86,446,496
Shares Outstanding		6,000,047
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.41
Class R Shares
Net Assets	$	1,166,724
Shares Outstanding		81,629
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.29
Class R6 Shares
Net Assets	$	109,225,498
Shares Outstanding		7,581,766
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.41

21 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Statement of Operations

Investment Income	Year Ended January 31, 2018
Dividends (net of foreign taxes, $627,481)	$	6,526,987
Dividends from affiliated investment		19,240
Total investment income	$	6,546,227
Expenses
Investment adviser and administration fee	$	912,507
Distribution and service fees
Investor Class		126,115
Class R		5,432
Trustees’ fees and expenses		11,738
Custodian fee		140,128
Transfer and dividend disbursing agent fees		89,928
Legal and accounting services		56,914
Printing and postage		23,807
Registration fees		86,524
Miscellaneous		43,287
Total expenses	$	1,496,380
Deduct —
Allocation of expenses to affiliates	$	250,576
Total expense reductions	$	250,576
Net expenses	$	1,245,804
Net investment income	$	5,300,423
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	5,582,905
Investment transactions — affiliated investment		(127	)
Foreign currency transactions		3,362
Net realized gain	$	5,586,140
Change in unrealized appreciation (depreciation) —
Investments	$	43,425,421
Investments — affiliated investment		219
Foreign currency		32,127
Net change in unrealized appreciation (depreciation)	$	43,457,767
Net realized and unrealized gain	$	49,043,907
Net increase in net assets from operations	$	54,344,330

22 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2018			2017
From operations —
Net investment income	$	5,300,423		$	2,836,157
Net realized gain (loss)		5,586,140			(2,158,297	)
Net change in unrealized appreciation (depreciation)		43,457,767			11,245,579
Net increase in net assets from operations	$	54,344,330		$	11,923,439
Distributions to shareholders —
From net investment income
Investor Class	$	(1,486,587	)	$	(467,005	)
Institutional Class		(2,196,786	)		(820,850	)
Class R		(25,865	)		(11,227	)
Class R6		(2,816,034	)		(1,351,722	)
From net realized gain
Investor Class		—			(10,744	)
Institutional Class		—			(28,437	)
Class R		—			(4	)
Class R6		—			(58,408	)
Total distributions to shareholders	$	(6,525,272	)	$	(2,748,397	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	33,141,322		$	28,247,632
Institutional Class		35,797,290			29,423,191
Class R		463,484			844,401
Class R6		48,292,478			39,653,684
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		1,162,366			401,787
Institutional Class		1,799,165			654,313
Class R		25,865			11,215
Class R6		2,215,954			343,621
Cost of shares redeemed
Investor Class		(19,269,279	)		(7,455,796	)
Institutional Class		(21,722,920	)		(8,314,075	)
Class R		(343,580	)		(74,649	)
Class R6		(48,038,853	)		(21,042,590	)
Net increase in net assets from Fund share transactions	$	33,523,292		$	62,692,734
Net increase in net assets	$	81,342,350		$	71,867,776
Net Assets
At beginning of year	$	175,353,937		$	103,486,161
At end of year	$	256,696,287		$	175,353,937
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(1,383,428	)	$	(252,648	)

23 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2018

Financial Highlights

	Investor Class
	Year Ended January 31,
	2018			2017			2016			2015			2014
Net asset value — Beginning of year	$	11.570		$	10.750		$	11.410		$	11.960		$	11.180
Income (Loss) From Operations
Net investment income(1)	$	0.272		$	0.198		$	0.217		$	0.355	(2)	$	0.195
Net realized and unrealized gain (loss)		2.869			0.810			(0.607	)		(0.242	)		0.822
Total income (loss) from operations	$	3.141		$	1.008		$	(0.390	)	$	0.113		$	1.017
Less Distributions
From net investment income	$	(0.361	)	$	(0.178	)	$	(0.266	)	$	(0.251	)	$	(0.237	)
From net realized gain		—			(0.010	)		(0.004	)		(0.412	)		—
Total distributions	$	(0.361	)	$	(0.188	)	$	(0.270	)	$	(0.663	)	$	(0.237	)
Net asset value — End of year	$	14.350		$	11.570		$	10.750		$	11.410		$	11.960
Total Return(3)(4)		27.29	%		9.55	%		(3.73	)%		1.01	%		9.04	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	59,858		$	34,386		$	12,069		$	8,503		$	14,007
Ratios (as a percentage of average daily net assets):
Expenses(4)(5)		0.75	%		0.84	%		0.90	%		0.97	%		1.05	%
Net investment income		2.06	%		1.75	%		1.86	%		2.83	%(2)		1.65	%
Portfolio Turnover		36	%		22	%		34	%		63	%		35	%

⁽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 0.11%, 0.23%, 0.35%, 0.32%, and 0.29% of average daily net assets for the years ended January 31, 2018, 2017, 2016, 2015 and 2014, 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, 2018

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,
	2018			2017			2016			2015			2014
Net asset value — Beginning of year	$	11.610		$	10.770		$	11.430		$	11.990		$	11.200
Income (Loss) From Operations
Net investment income(1)	$	0.312		$	0.257		$	0.325		$	0.333	(2)	$	0.259
Net realized and unrealized gain (loss)		2.874			0.788			(0.693	)		(0.184	)		0.790
Total income (loss) from operations	$	3.186		$	1.045		$	(0.368	)	$	0.149		$	1.049
Less Distributions
From net investment income	$	(0.386	)	$	(0.195	)	$	(0.288	)	$	(0.297	)	$	(0.259	)
From net realized gain		—			(0.010	)		(0.004	)		(0.412	)		—
Total distributions	$	(0.386	)	$	(0.205	)	$	(0.292	)	$	(0.709	)	$	(0.259	)
Net asset value — End of year	$	14.410		$	11.610		$	10.770		$	11.430		$	11.990
Total Return(3)(4)		27.60	%		9.78	%		(3.37	)%		1.22	%		9.31	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	86,446		$	55,324		$	30,808		$	84,195		$	68,911
Ratios (as a percentage of average daily net assets):
Expenses(4)(5)		0.50	%		0.60	%		0.65	%		0.72	%		0.80	%
Net investment income		2.36	%		2.26	%		2.72	%		2.66	%(2)		2.20	%
Portfolio Turnover		36	%		22	%		34	%		63	%		35	%

⁽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 0.11%, 0.24%, 0.35%, 0.32%, and 0.29% of average daily net assets for the years ended January 31, 2018, 2017, 2016, 2015 and 2014, 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, 2018

Financial Highlights — continued

	Class R
	Year Ended January 31,						Period Ended January 31,  2016(1)
	2018			2017
Net asset value — Beginning of period	$	11.530		$	10.740		$	12.340
Income (Loss) From Operations
Net investment income(2)	$	0.259		$	0.064		$	0.044
Net realized and unrealized gain (loss)		2.827			0.919			(1.384	)
Total income (loss) from operations	$	3.086		$	0.983		$	(1.340	)
Less Distributions
From net investment income	$	(0.326	)	$	(0.183	)	$	(0.256	)
From net realized gain		—			(0.010	)		(0.004	)
Total distributions	$	(0.326	)	$	(0.193	)	$	(0.260	)
Net asset value — End of period	$	14.290		$	11.530		$	10.740
Total Return(3)(4)		26.90	%		9.22	%		(10.98	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,167		$	786		$	1
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.00	%		1.04	%		1.15	%(6)
Net investment income		1.98	%		0.56	%		0.82	%(6)
Portfolio Turnover		36	%		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 0.11%, 0.19% and 0.35% of average daily net assets for the years ended January 31, 2018 and 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, 2018

Financial Highlights — continued

	Class R6
	Year Ended January 31,						Period Ended January 31, 2016(1)
	2018			2017
Net asset value — Beginning of period	$	11.610		$	10.770		$	12.380
Income (Loss) From Operations
Net investment income(2)	$	0.319		$	0.267		$	0.059
Net realized and unrealized gain (loss)		2.875			0.780			(1.374	)
Total income (loss) from operations	$	3.194		$	1.047		$	(1.315	)
Less Distributions
From net investment income	$	(0.394	)	$	(0.197	)	$	(0.291	)
From net realized gain		—			(0.010	)		(0.004	)
Total distributions	$	(0.394	)	$	(0.207	)	$	(0.295	)
Net asset value — End of period	$	14.410		$	11.610		$	10.770
Total Return(3)(4)		27.67	%		9.79	%		(10.77	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	109,225		$	84,858		$	60,608
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.47	%		0.58	%		0.62	%(6)
Net investment income		2.42	%		2.34	%		1.10	%(6)
Portfolio Turnover		36	%		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 0.11%, 0.25% and 0.35% of average daily net assets for the years ended January 31, 2018 and 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, 2018

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.

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, 2018, 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, 2018

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, 2018 and January 31, 2017 was as follows:

	Year Ended January 31,
	2018		2017
Distributions declared from:
Ordinary income	$	6,525,272	$	2,651,163
Long-term capital gains	$	—	$	97,234

During the year ended January 31, 2018, accumulated net realized gain was decreased by $1,774,757, accumulated distributions in excess of net investment income was decreased by $94,069 and paid-in capital was increased by $1,680,688 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) and investments in partnerships. 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, 2018, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$	2,225,288
Undistributed long-term capital gains	$	1,296,443
Net unrealized appreciation	$	47,293,796

29

Parametric International Equity Fund

January 31, 2018

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, foreign currency transactions, investments in partnerships, investments in PFICs and the tax treatment of short-term capital gains.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2018, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	209,609,760
Gross unrealized appreciation	$	51,846,125
Gross unrealized depreciation		(4,577,856	)
Net unrealized appreciation	$	47,268,269

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 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, 2018, the investment adviser and administration fee amounted to $912,507 or 0.40% 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% 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 $250,576 in total of the Fund’s operating expenses for the year ended January 31, 2018.

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, 2018, EVM earned $4,127 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 R shares (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, 2018, 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, 2018 amounted to $126,115 for Investor Class shares.

The Fund also has in effect a distribution plan for Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended January 31, 2018, the Fund paid or accrued to EVD $2,716 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, 2018 amounted to $2,716 for Class R shares.

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

30

Parametric International Equity Fund

January 31, 2018

Notes to Financial Statements — continued

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $111,535,385 and $79,846,383, respectively, for the year ended January 31, 2018.

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	2018			2017
Sales		2,564,884			2,461,899
Issued to shareholders electing to receive payments of distributions in Fund shares		84,844			36,143
Redemptions		(1,449,992	)		(648,992	)
Net increase		1,199,736			1,849,050
	Year Ended January 31,
Institutional Class	2018			2017
Sales		2,743,459			2,578,901
Issued to shareholders electing to receive payments of distributions in Fund shares		130,848			58,663
Redemptions		(1,640,319	)		(732,346	)
Net increase		1,233,988			1,905,218
	Year Ended January 31,
Class R	2018			2017
Sales		38,290			73,744
Issued to shareholders electing to receive payments of distributions in Fund shares		1,895			1,012
Redemptions		(26,742	)		(6,651	)
Net increase		13,443			68,105
	Year Ended January 31,
Class R6	2018			2017
Sales		3,754,669			3,485,699
Issued to shareholders electing to receive payments of distributions in Fund shares		161,160			30,806
Redemptions		(3,643,473	)		(1,835,321	)
Net increase		272,356			1,681,184

At January 31, 2018, donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 22.1% of the value of the outstanding shares of the Fund.

31

Parametric International Equity Fund

January 31, 2018

Notes to Financial Statements — continued

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 October 30, 2018. 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, 2018.

8  Risks Associated with Foreign Investments

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

9  Fair Value Measurements

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

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

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

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

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

At January 31, 2018, 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	$	1,460,975	$	75,899,869		$	84,710	$	77,445,554
Developed Europe		3,599,796		167,783,658			—		171,383,454
Developed Middle East		1,408,533		4,451,547			—		5,860,080
Total Common Stocks	$	6,469,304	$	248,135,074	**	$	84,710	$	254,689,088
Short-Term Investments	$	—	$	2,188,941		$	—	$	2,188,941
Total Investments	$	6,469,304	$	250,324,015		$	84,710	$	256,878,029

* 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, 2018 is not presented. At January 31, 2018, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

32

Parametric International Equity Fund

January 31, 2018

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

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, 2018, 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, the financial highlights for each of the periods presented, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2018, and 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 21, 2018

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

33

Parametric International Equity Fund

January 31, 2018

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2019 will show the tax status of all distributions paid to your account in calendar year 2018. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the foreign tax credit and capital gains dividends.

Qualified Dividend Income.  For the fiscal year ended January 31, 2018, the Fund designates approximately $6,082,326, 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, 2018, the Fund paid foreign taxes of $577,917 and recognized foreign source income of $7,154,468.

Capital Gains Dividends.  The Fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2018, $1,915,061 or, if subsequently determined to be different, the net capital gain of such year.

34

Parametric International Equity Fund

January 31, 2018

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 and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 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. Trustee and/or officer of 177 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 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. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989); Formerly, 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).
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.

35

Parametric International Equity Fund

January 31, 2018

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)
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) None.
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). Ms. Taggart has apprised the Board of Trustees that she intends to retire as a Trustee of all Eaton Vance Funds in 2018. 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).
Scott E. Wennerholm 1959	Trustee	2016	Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). 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(3)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President and officer of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President and officer of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽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); and eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). 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⁾  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.

36

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

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

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

37

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

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    1.31.18

Parametric Volatility Risk Premium - Defensive Fund

Annual Report

January 31, 2018

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, 2018

Parametric Volatility Risk Premium - Defensive 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	22
Federal Tax Information	23
Management and Organization	24
Important Notices	27

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

U.S. stock markets delivered strong returns in the nearly 12-month period beginning with the Fund’s inception on February 9, 2017, through January 31, 2018. Despite numerous distractions both domestically and overseas, investors focused on the virtuous circle of rising markets, wealth expansion, perceived absence of risk, and tax reform. During this period, the S&P 500 Index² was up 24.69%.

The period began with a strong start in February 2017, with the S&P 500 Index up 3.97%, continuing on the momentum post-U.S. presidential election. In the following months, the market was up in each of the 12 months of calendar year 2017 and the strength carried into January 2018, with the S&P 500 Index posting 5.73%. While the strong returns of the S&P 500 Index are notable, what is more extraordinary is the path the S&P 500 Index followed to achieve those returns. For the first time in 90 years, in 2017 the S&P 500 Index had a positive return for all 12 months of a calendar year. Statistically, this is expected less than 2% of the time.

U.S. stocks were flat in March 2017, with the S&P 500 Index up only 0.12%, as the failure of President Trump’s health care bill in Congress raised concerns about prospects for the rest of the administration’s policy agenda, including tax reform and infrastructure spending. But U.S. stocks quickly regained their upward momentum, advancing steadily despite additional U.S. Federal Reserve rate hikes in March 2017 and again in June 2017. Encouraged by a range of favorable economic indicators, particularly U.S. job market gains, many investors viewed the rate hikes as a sign of a strengthening economy.

U.S. equity markets briefly pulled back in August 2017 with the S&P 500 up only 0.31% amid the North Korea stand-off and the devastation in Texas left by Hurricane Harvey. Stocks soon resumed their upward trend, propelled by strong corporate earnings and a range of strengthening economic indicators. Major U.S. indexes reached multiple record highs during the final three months of the period ended January 31, 2018. In terms of economic sectors, information technology strongly led the market advance during the reporting period.

Amid the calm, implied volatility, as measured by the CBOE Volatility Index (VIX), averaged just 11.03% during the reporting period, remaining low relative to long-term levels throughout the period. Realized volatility for the S&P 500 Index continued to be low for the reporting period, falling as low as 3.4% in mid-October and averaging just 6.8% for the reporting period – levels not seen in several decades. Further evidence of the low volatility in the S&P 500 Index was evidenced by the maximum drawdown during the 12-month period of 2.6%, the second lowest since the index began in 1928.

Fund Performance

For the period from its inception on February 9, 2017 through January 31, 2018, Parametric Volatility Risk Premium — Defensive Fund (the Fund) had a total return of 10.79% for Institutional Class shares at net asset value (NAV), outperforming the Fund’s primary benchmark, the CBOE S&P 500 BuyWrite Index (the Index), which had a total return of 10.77% for the same period. The Fund underperformed its secondary benchmark, a custom index

consisting of 50% S&P 500 Index / 50% ICE BofAML 3-Month U.S. Treasury Bill Index (the Secondary Index), which had a total return of 12.28% for the period.

The Fund’s investment strategy is to structurally de-risk the portfolio by holding a base portfolio of 50% equity and 50% cash-equivalents, and to write out-of-the money equity index calls and puts to enhance returns by harvesting the volatility risk premium (VRP). The VRP is the difference between implied volatility and subsequently realized volatility, and is historically positive and uncorrelated with other sources of returns. The implied-to-realized volatility spread averaged +4.5 volatility points over the reporting period. The Index is a passive covered call-writing index. The Fund performed in line with this options-writing Index, outperforming it by 0.02%.

Relative to the Secondary Index, the Fund’s options strategy, consisting of the systematic sale of out-of-the-money call and put options, was the primary detractor from performance, as would generally be expected during a period of significantly positive equity market performance. The strong rally in equities especially in the last three months of the period, in which the S&P 500 Index was up 10.18%, led to losses on call options. Options profits had been positive from the Fund’s inception through the third quarter of 2017 and contributed positively to returns through the third quarter.

The Fund’s common stock portfolio underperformed the S&P 500 Index and also detracted from returns relative to the Secondary Index with security selection in the energy and information technology sectors detracting from relative results. In particular, the Fund’s lack of exposure to Netflix, Inc. (Netflix) detracted from returns as Netflix’s return was 93.4% for the period. In addition, the Fund’s lack of exposure to PayPal Holdings, Inc. (PayPal) was also a detractor, as PayPal was up 105.2% during the reporting period. In addition, the Fund’s overweight to General Electric Co. (GE) relative to the Secondary Index was also a detractor, as GE was down -44.3% for the period.

In contrast, stock selection in the consumer staples and financials sectors aided performance relative to the Secondary Index. In addition, the Fund’s overweight to the Boeing Co. contributed to returns as the stock was up 109.5% over the reporting period.

As a reminder, the stock portfolio is passively managed to approximate the S&P 500 Index but actively managed to mitigate tax impact.

The Fund is performing as expected in the current market environment. Our thesis remains intact and we remain steadfast in our disciplines and confident that the Fund is well-positioned to continue producing attractive risk adjusted returns and deliver more attractive relative returns as markets normalize. Moreover, as volatility moved higher toward the end of January 2018, it has the positive effect of increasing option premium collection and widening out strikes on the newly established positions. A higher volatility environment will generally be favorable for harvesting the volatility risk premium moving forward into 2018.

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.

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Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Performance^2,3

Portfolio Managers Thomas Seto, Thomas B. Lee, CFA and Jay Strohmaier, CFA, each of Parametric Portfolio Associates LLC

% Cumulative Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Institutional Class at NAV		02/09/2017		02/09/2017		—			—			10.79	%
CBOE S&P 500 BuyWrite Index		—		—		11.60	%		8.51	%		10.77	%
Blended Index		—		—		13.05			7.96			12.28
% Total Annual Operating Expense Ratios4											Institutional Class
Gross												0.68	%
Net												0.55

Growth of $50,000

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

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 Volatility Risk Premium - Defensive Fund

January 31, 2018

Fund Profile

Common Stock Sector Allocation (% of net assets)

Asset Allocation (% of total investments)

Top 10 Holdings (% of net assets)⁵

U.S. Treasury Note, 1.00%, 9/15/18	7.7	%
U.S. Treasury Note, 1.00%, 5/15/18	6.7
U.S. Treasury Note, 1.25%, 10/31/18	5.1
U.S. Treasury Note, 1.00%, 3/15/18	4.5
Apple, Inc.	1.9
Microsoft Corp.	1.7
Amazon.com, Inc.	1.4
Berkshire Hathaway, Inc., Class B	1.0
JPMorgan Chase & Co.	1.0
Facebook, Inc., Class A	1.0
Total	32.0	%

See Endnotes and Additional Disclosures in this report.

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Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

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  S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. CBOE S&P 500 BuyWrite Index measures the performance of a hypothetical buy-write strategy on the S&P 500 Index. ICE BofAML 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. ICE Data Indices, LLC not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report, ICE Data Indicies, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. The Blended Index consists of 50% S&P 500 Index and 50% ICE BofAML 3-Month U.S. Treasury Bill Index. 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  Institutional Class shares are offered at net asset value (NAV). Cumulative Total Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

⁴  Source: Fund prospectus. Net expense ratios reflect 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  Depictions do not reflect the Fund’s option positions. Excludes short-term investments.

Fund profile subject to change due to active management.

   Important Notice to Shareholders

Effective October 23, 2017, the BofA Merrill Lynch indices have been rebranded as Intercontinental Exchange’s (“ICE”) BofAML indices.

5

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

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, 2017 – January 31, 2018).

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 (8/1/17)		Ending Account Value (1/31/18)		Expenses Paid During Period* (8/1/17 – 1/31/18)			Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	1,053.10	$	2.85	**		0.55	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,022.40	$	2.80	**		0.55	%

* 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 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2017.

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

6

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Portfolio of Investments

Common Stocks — 51.0%
Security	Shares		Value
Aerospace & Defense — 1.4%
Boeing Co. (The)		3,345	$	1,185,368
Harris Corp.		2,299		366,414
Raytheon Co.		2,739		572,287
United Technologies Corp.		4,859		670,590
			$	2,794,659
Air Freight & Logistics — 0.3%
C.H. Robinson Worldwide, Inc.		2,720	$	248,771
Expeditors International of Washington, Inc.		4,712		306,045
			$	554,816
Airlines — 0.2%
Alaska Air Group, Inc.		3,750	$	246,488
American Airlines Group, Inc.		3,176		172,520
Southwest Airlines Co.		865		52,592
			$	471,600
Auto Components — 0.2%
BorgWarner, Inc.		5,600	$	315,056
			$	315,056
Banks — 3.6%
Bank of America Corp.		49,561	$	1,585,952
Citigroup, Inc.		14,807		1,162,053
Citizens Financial Group, Inc.		4,594		210,865
Fifth Third Bancorp		2,835		93,838
JPMorgan Chase & Co.		16,764		1,939,092
People’s United Financial, Inc.		1,616		31,787
U.S. Bancorp		8,845		505,403
Wells Fargo & Co.		22,105		1,454,067
Zions Bancorporation		1,172		63,323
			$	7,046,380
Beverages — 1.1%
Brown-Forman Corp., Class B		66	$	4,574
Coca-Cola Co. (The)		22,299		1,061,209
Constellation Brands, Inc., Class A		437		95,908
Monster Beverage Corp.(1)		1,189		81,126
PepsiCo, Inc.		8,316		1,000,415
			$	2,243,232

Security	Shares		Value
Biotechnology — 1.8%
AbbVie, Inc.		8,249	$	925,703
Amgen, Inc.		4,727		879,458
Celgene Corp.(1)		2,098		212,234
Gilead Sciences, Inc.		8,559		717,244
Incyte Corp.(1)		3,115		281,253
Regeneron Pharmaceuticals, Inc.(1)		480		175,992
Vertex Pharmaceuticals, Inc.(1)		1,866		311,380
			$	3,503,264
Building Products — 0.2%
A.O. Smith Corp.		481	$	32,121
Allegion PLC		720		61,999
Fortune Brands Home & Security, Inc.		2,068		146,684
Masco Corp.		4,506		201,238
			$	442,042
Capital Markets — 1.8%
Affiliated Managers Group, Inc.		159	$	31,741
Ameriprise Financial, Inc.		429		72,372
Cboe Global Markets, Inc.		511		68,673
Charles Schwab Corp. (The)		10,267		547,642
E*TRADE Financial Corp.(1)		5,242		276,253
Goldman Sachs Group, Inc. (The)		2,435		652,312
Invesco, Ltd.		3,013		108,860
Morgan Stanley		11,561		653,775
Nasdaq, Inc.		4,164		336,909
Northern Trust Corp.		3,554		374,556
Raymond James Financial, Inc.		677		65,256
S&P Global, Inc.		1,315		238,147
			$	3,426,496
Chemicals — 1.1%
Air Products and Chemicals, Inc.		1,745	$	293,806
Albemarle Corp.		1,137		126,878
CF Industries Holdings, Inc.		4,816		204,391
DowDuPont, Inc.		6,576		497,014
Eastman Chemical Co.		528		52,367
Ecolab, Inc.		366		50,391
FMC Corp.		2,601		237,549
International Flavors & Fragrances, Inc.		405		60,872
LyondellBasell Industries NV, Class A		3,254		389,959
Sherwin-Williams Co. (The)		393		163,924
			$	2,077,151

7 See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Commercial Services & Supplies — 0.1%
Cintas Corp.		394	$	66,369
Republic Services, Inc.		1,084		74,579
			$	140,948
Communications Equipment — 0.6%
Cisco Systems, Inc.		26,415	$	1,097,279
			$	1,097,279
Construction & Engineering — 0.0%(2)
Fluor Corp.		1,090	$	66,163
Jacobs Engineering Group, Inc.		418		29,034
			$	95,197
Containers & Packaging — 0.2%
Avery Dennison Corp.		326	$	39,994
Sealed Air Corp.		5,857		277,329
WestRock Co.		2,020		134,592
			$	451,915
Distributors — 0.0%(2)
LKQ Corp.(1)		763	$	32,069
			$	32,069
Diversified Consumer Services — 0.1%
H&R Block, Inc.		9,531	$	252,953
			$	252,953
Diversified Financial Services — 1.0%
Berkshire Hathaway, Inc., Class B(1)		9,104	$	1,951,716
			$	1,951,716
Diversified Telecommunication Services — 1.0%
AT&T, Inc.		22,305	$	835,322
Verizon Communications, Inc.		21,456		1,160,126
			$	1,995,448
Electric Utilities — 0.7%
Alliant Energy Corp.		3,205	$	127,399
Entergy Corp.		2,613		205,617
Exelon Corp.		7,122		274,268
FirstEnergy Corp.		3,214		105,740
NextEra Energy, Inc.		3,491		553,044
Pinnacle West Capital Corp.		1,048		83,788
			$	1,349,856

Security	Shares		Value
Electrical Equipment — 0.3%
AMETEK, Inc.		909	$	69,357
Eaton Corp. PLC		5,502		462,003
			$	531,360
Electronic Equipment, Instruments & Components — 0.2%
FLIR Systems, Inc.		1,201	$	61,503
TE Connectivity, Ltd.		3,728		382,232
			$	443,735
Energy Equipment & Services — 0.4%
National Oilwell Varco, Inc.		10,441	$	382,976
Schlumberger, Ltd.		4,289		315,584
			$	698,560
Equity Real Estate Investment Trusts (REITs) — 1.2%
Alexandria Real Estate Equities, Inc.		240	$	31,128
American Tower Corp.		2,132		314,896
Digital Realty Trust, Inc.		1,685		188,636
Duke Realty Corp.		3,054		80,656
Essex Property Trust, Inc.		311		72,457
Extra Space Storage, Inc.		3,077		256,868
Federal Realty Investment Trust		766		92,533
Host Hotels & Resorts, Inc.		2,960		61,450
Iron Mountain, Inc.		781		27,358
Kimco Realty Corp.		15,181		241,530
Macerich Co. (The)		4,840		312,519
Public Storage		1,200		234,912
Realty Income Corp.		3,060		162,761
Regency Centers Corp.		1,016		63,917
SL Green Realty Corp.		598		60,111
UDR, Inc.		1,383		50,521
Weyerhaeuser Co.		4,234		158,944
			$	2,411,197
Food & Staples Retailing — 1.1%
CVS Health Corp.		2,538	$	199,715
Kroger Co. (The)		16,032		486,732
Sysco Corp.		7,172		450,904
Wal-Mart Stores, Inc.		8,577		914,308
			$	2,051,659
Food Products — 0.6%
Hormel Foods Corp.		2,394	$	82,186
JM Smucker Co. (The)		3,020		383,208

8 See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Food Products (continued)
McCormick & Co., Inc.		3,348	$	364,162
Tyson Foods, Inc., Class A		4,929		375,146
			$	1,204,702
Health Care Equipment & Supplies — 1.0%
Boston Scientific Corp.(1)		8,282	$	231,565
Cooper Cos., Inc. (The)		276		67,529
IDEXX Laboratories, Inc.(1)		2,236		418,221
Intuitive Surgical, Inc.(1)		1,053		454,548
Medtronic PLC		9,228		792,593
Varian Medical Systems, Inc.(1)		594		75,735
			$	2,040,191
Health Care Providers & Services — 1.8%
Aetna, Inc.		2,676	$	499,930
Cardinal Health, Inc.		6,327		454,215
Centene Corp.(1)		654		70,135
Cigna Corp.		2,146		447,119
Envision Healthcare Corp.(1)		5,687		204,675
Express Scripts Holding Co.(1)		5,739		454,414
Henry Schein, Inc.(1)		2,606		197,222
Patterson Cos., Inc.		763		27,384
UnitedHealth Group, Inc.		5,012		1,186,742
			$	3,541,836
Hotels, Restaurants & Leisure — 0.9%
McDonald’s Corp.		4,006	$	685,587
Royal Caribbean Cruises, Ltd.		2,692		359,517
Starbucks Corp.		8,055		457,604
Wyndham Worldwide Corp.		1,441		178,871
Wynn Resorts, Ltd.		756		125,186
			$	1,806,765
Household Durables — 0.2%
Garmin, Ltd.		2,078	$	130,789
Leggett & Platt, Inc.		598		27,813
Lennar Corp., Class A		1,467		91,922
Lennar Corp., Class B		29		1,469
PulteGroup, Inc.		2,356		74,992
			$	326,985
Household Products — 0.7%
Clorox Co. (The)		1,632	$	231,238
Procter & Gamble Co. (The)		13,919		1,201,767
			$	1,433,005

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.0%(2)
NRG Energy, Inc.		2,933	$	76,287
			$	76,287
Industrial Conglomerates — 1.1%
3M Co.		3,455	$	865,478
General Electric Co.		22,572		364,989
Honeywell International, Inc.		5,184		827,729
Roper Technologies, Inc.		144		40,405
			$	2,098,601
Insurance — 1.3%
Aflac, Inc.		4,961	$	437,560
Arthur J. Gallagher & Co.		488		33,340
Assurant, Inc.		308		28,176
Brighthouse Financial, Inc.(1)		416		26,732
Chubb, Ltd.		3,564		556,519
Cincinnati Financial Corp.		1,699		130,653
Hartford Financial Services Group, Inc.		4,457		261,893
Lincoln National Corp.		1,238		102,506
Marsh & McLennan Cos., Inc.		2,174		181,573
Progressive Corp. (The)		2,744		148,450
Torchmark Corp.		1,762		160,078
Travelers Cos., Inc. (The)		2,329		349,164
Unum Group		1,433		76,221
			$	2,492,865
Internet & Direct Marketing Retail — 1.6%
Amazon.com, Inc.(1)		1,882	$	2,730,575
Priceline Group, Inc. (The)(1)		97		185,469
TripAdvisor, Inc.(1)		3,538		122,662
			$	3,038,706
Internet Software & Services — 2.7%
Akamai Technologies, Inc.(1)		930	$	62,301
Alphabet, Inc., Class A(1)		1,435		1,696,486
Alphabet, Inc., Class C(1)		1,385		1,620,367
Facebook, Inc., Class A(1)		10,267		1,918,799
VeriSign, Inc.(1)		523		60,103
			$	5,358,056
IT Services — 1.9%
Accenture PLC, Class A		4,111	$	660,638
Fidelity National Information Services, Inc.		4,004		409,849
Global Payments, Inc.		975		108,985

9 See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
IT Services (continued)
International Business Machines Corp.		1,853	$	303,336
Mastercard, Inc., Class A		5,005		845,845
Total System Services, Inc.		1,195		106,188
Visa, Inc., Class A		9,485		1,178,322
Western Union Co.		1,453		30,208
			$	3,643,371
Life Sciences Tools & Services — 0.1%
PerkinElmer, Inc.		2,006	$	160,801
			$	160,801
Machinery — 0.9%
Cummins, Inc.		1,796	$	337,648
Flowserve Corp.		1,387		62,859
Fortive Corp.		2,243		170,513
Illinois Tool Works, Inc.		3,050		529,694
Ingersoll-Rand PLC		353		33,404
PACCAR, Inc.		5,722		426,632
Pentair PLC		1,318		94,237
Xylem, Inc.		915		66,118
			$	1,721,105
Media — 1.6%
Comcast Corp., Class A		26,697	$	1,135,423
Discovery Communications, Inc., Class A(1)		9,024		226,232
News Corp., Class A		18,862		322,729
News Corp., Class B		1,881		32,824
Scripps Networks Interactive, Inc., Class A		3,117		274,265
Twenty-First Century Fox, Inc., Class B		2,260		82,467
Walt Disney Co. (The)		9,142		993,461
			$	3,067,401
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.(1)		8,076	$	157,482
Nucor Corp.		1,454		97,360
			$	254,842
Multi-Utilities — 0.5%
Centerpoint Energy, Inc.		9,562	$	269,457
CMS Energy Corp.		4,167		186,473
NiSource, Inc.		3,423		84,480
SCANA Corp.		5,903		239,898
WEC Energy Group, Inc.		3,613		232,316
			$	1,012,624

Security	Shares		Value
Multiline Retail — 0.2%
Dollar Tree, Inc.(1)		2,251	$	258,865
Kohl’s Corp.		1,427		92,427
			$	351,292
Oil, Gas & Consumable Fuels — 2.7%
Andeavor		2,749	$	297,332
Cabot Oil & Gas Corp.		6,405		168,772
Chesapeake Energy Corp.(1)		7,091		24,819
Chevron Corp.		10,516		1,318,181
Cimarex Energy Co.		2,817		316,067
Concho Resources, Inc.(1)		1,219		191,919
EQT Corp.		3,165		171,828
Exxon Mobil Corp.		21,298		1,859,315
Hess Corp.		1,840		92,938
Marathon Oil Corp.		7,552		137,371
Newfield Exploration Co.(1)		7,306		231,308
Noble Energy, Inc.		7,679		234,363
ONEOK, Inc.		3,909		230,084
			$	5,274,297
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		1,089	$	146,971
			$	146,971
Pharmaceuticals — 2.4%
Bristol-Myers Squibb Co.		9,605	$	601,273
Johnson & Johnson		13,340		1,843,455
Merck & Co., Inc.		13,530		801,653
Mylan NV(1)		3,386		145,090
Pfizer, Inc.		33,060		1,224,542
			$	4,616,013
Professional Services — 0.3%
Equifax, Inc.		1,811	$	226,248
Robert Half International, Inc.		65		3,762
Verisk Analytics, Inc.(1)		3,497		349,875
			$	579,885
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(1)		2,422	$	110,661
			$	110,661

10 See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Portfolio of Investments — continued

Security	Shares		Value
Road & Rail — 0.5%
J.B. Hunt Transport Services, Inc.		1,150	$	138,955
Kansas City Southern		1,110		125,574
Union Pacific Corp.		5,483		731,980
			$	996,509
Semiconductors & Semiconductor Equipment — 1.9%
Analog Devices, Inc.		2,192	$	201,401
Applied Materials, Inc.		7,374		395,468
Broadcom, Ltd.		2,771		687,291
Intel Corp.		25,405		1,222,997
NVIDIA Corp.		2,920		717,736
Qorvo, Inc.(1)		473		33,947
QUALCOMM, Inc.		429		29,279
Texas Instruments, Inc.		3,778		414,333
			$	3,702,452
Software — 2.6%
CA, Inc.		9,838	$	352,692
Microsoft Corp.		34,504		3,278,225
Oracle Corp.		17,113		882,860
Red Hat, Inc.(1)		2,737		359,587
Symantec Corp.		6,659		181,325
			$	5,054,689
Specialty Retail — 1.1%
Best Buy Co., Inc.		969	$	70,795
CarMax, Inc.(1)		1,743		124,398
Foot Locker, Inc.		670		32,930
Home Depot, Inc. (The)		6,412		1,288,171
L Brands, Inc.		1,325		66,369
Ross Stores, Inc.		4,329		356,666
Signet Jewelers, Ltd.		505		26,715
Tiffany & Co.		844		90,013
			$	2,056,057
Technology Hardware, Storage & Peripherals — 2.1%
Apple, Inc.		22,502	$	3,767,510
NetApp, Inc.		2,400		147,600
Seagate Technology PLC		2,048		113,049
			$	4,028,159
Textiles, Apparel & Luxury Goods — 0.6%
Hanesbrands, Inc.		15,742	$	341,916
Michael Kors Holdings, Ltd.(1)		470		31,020

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
PVH Corp.		2,492	$	386,460
Ralph Lauren Corp.		1,633		186,668
Tapestry, Inc.		1,403		65,997
Under Armour, Inc., Class A(1)		7,388		102,398
Under Armour, Inc., Class C(1)		5,671		72,872
			$	1,187,331
Tobacco — 0.5%
Altria Group, Inc.		3,071	$	216,014
Philip Morris International, Inc.		6,706		719,085
			$	935,099
Trading Companies & Distributors — 0.2%
Fastenal Co.		960	$	52,762
United Rentals, Inc.(1)		1,096		198,496
W.W. Grainger, Inc.		386		104,089
			$	355,347
Water Utilities — 0.1%
American Water Works Co., Inc.		1,952	$	162,348
			$	162,348
Total Common Stocks (identified cost $84,368,803)			$	99,213,841
U.S. Treasury Obligations — 24.0%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Notes:
1.00%, 3/15/18(3)	$	8,830	$	8,826,470
1.00%, 5/15/18		13,000		12,982,571
1.00%, 9/15/18		15,000		14,930,566
1.25%, 10/31/18(3)		10,000		9,957,422
Total U.S. Treasury Obligations (identified cost $46,762,255)			$	46,697,029
Short-Term Investments — 25.3%
U.S. Treasury Obligations — 19.9%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bills:
0.00%, 3/29/18(3)	$	5,500	$	5,488,878
0.00%, 4/26/18		3,600		3,588,135

11 See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Portfolio of Investments — continued

Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bills: (continued)
0.00%, 6/21/18	$	10,000	$	9,941,861
0.00%, 9/13/18		10,000		9,898,367
0.00%, 1/3/19		10,000		9,836,247
Total U.S. Treasury Obligations (identified cost $38,794,728)			$	38,753,488
Other — 5.4%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.65%(4)		10,587,532	$	10,588,590
Total Other (identified cost $10,587,768)			$	10,588,590
Total Short-Term Investments (identified cost $49,382,496)			$	49,342,078
Total Investments — 100.3% (identified cost $180,513,554)			$	195,252,948
Total Options Written — (0.5)% (premiums received $607,686)			$	(916,480	)
Other Assets, Less Liabilities — 0.2%			$	254,605
Net Assets — 100.0%			$	194,591,073

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

⁽¹⁾  Non-income producing security.

⁽²⁾  Amount is less than 0.05%.

⁽³⁾  Security (or a portion thereof) has been pledged as collateral for written options.

⁽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, 2018.

Call Options Written — (0.3)%
Exchange-Traded Options — (0.3)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		27	$	7,624,287	$	2,785		2/2/18	$	(120,555	)
S&P 500 Index		28		7,906,668		2,790		2/5/18		(117,460	)
S&P 500 Index		30		8,471,430		2,795		2/7/18		(121,500	)
S&P 500 Index		29		8,189,049		2,835		2/9/18		(51,185	)
S&P 500 Index		29		8,189,049		2,835		2/12/18		(55,680	)
S&P 500 Index		25		7,059,525		2,860		2/14/18		(27,000	)
S&P 500 Index		29		8,189,049		2,860		2/16/18		(37,265	)
S&P 500 Index		31		8,753,811		2,880		2/20/18		(23,715	)
S&P 500 Index		32		9,036,192		2,900		2/21/18		(13,760	)
S&P 500 Index		31		8,753,811		2,920		2/23/18		(8,293	)
S&P 500 Index		29		8,189,049		2,930		2/26/18		(6,235	)
S&P 500 Index		30		8,471,430		2,880		2/28/18		(32,550	)
Total									$	(615,198	)
Put Options Written — (0.2)%
Exchange-Traded Options — (0.2)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		27	$	7,624,287	$	2,690		2/2/18	$	(1,012	)
S&P 500 Index		29		8,189,049		2,700		2/5/18		(1,595	)
S&P 500 Index		30		8,471,430		2,695		2/7/18		(3,075	)
S&P 500 Index		29		8,189,049		2,730		2/9/18		(9,135	)
S&P 500 Index		29		8,189,049		2,720		2/12/18		(9,860	)
S&P 500 Index		25		7,059,525		2,740		2/14/18		(15,625	)
S&P 500 Index		29		8,189,049		2,745		2/16/18		(24,360	)
S&P 500 Index		29		8,189,049		2,765		2/20/18		(34,655	)
S&P 500 Index		32		9,036,192		2,775		2/21/18		(46,720	)
S&P 500 Index		31		8,753,811		2,795		2/23/18		(64,325	)
S&P 500 Index		29		8,189,049		2,785		2/26/18		(55,970	)
S&P 500 Index		30		8,471,430		2,730		2/28/18		(34,950	)
Total									$	(301,282	)

12 See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Statement of Assets and Liabilities

Assets	January 31, 2018
Unaffiliated investments, at value (identified cost, $169,925,786)	$	184,664,358
Affiliated investment, at value (identified cost, $10,587,768)		10,588,590
Dividends receivable		65,960
Interest receivable		151,626
Dividends receivable from affiliated investment		10,571
Receivable for premiums on written options		66,540
Receivable for Fund shares sold		347,418
Total assets	$	195,895,063
Liabilities
Written options outstanding, at value (premiums received, $607,686)	$	916,480
Payable for closed written options		206,696
Payable for Fund shares redeemed		7,592
Payable to affiliates:
Investment adviser and administration fee		63,814
Due to affiliates		7,961
Accrued expenses		101,447
Total liabilities	$	1,303,990
Net Assets	$	194,591,073
Sources of Net Assets
Paid-in capital	$	184,116,900
Accumulated undistributed net investment income		47,369
Accumulated net realized loss		(4,003,796	)
Net unrealized appreciation		14,430,600
Total	$	194,591,073
Institutional Class Shares
Net Assets	$	194,591,073
Shares Outstanding		17,651,843
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.02

13 See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Statement of Operations

Investment Income	Period Ended January 31, 2018(1)
Dividends	$	1,030,291
Dividends from affiliated investment		77,301
Interest		567,153
Total investment income	$	1,674,745
Expenses
Investment adviser and administration fee	$	431,627
Trustees’ fees and expenses		7,350
Custodian fee		79,444
Transfer and dividend disbursing agent fees		4,000
Legal and accounting services		68,773
Printing and postage		8,883
Registration fees		69,446
Miscellaneous		9,895
Total expenses	$	679,418
Deduct —
Allocation of expenses to affiliates	$	85,136
Total expense reductions	$	85,136
Net expenses	$	594,282
Net investment income	$	1,080,463
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(1,899,962	)
Investment transactions — affiliated investment		(2,564	)
Written options		(2,110,678	)
Net realized loss	$	(4,013,204	)
Change in unrealized appreciation (depreciation) —
Investments	$	14,738,572
Investments — affiliated investment		822
Written options		(308,794	)
Net change in unrealized appreciation (depreciation)	$	14,430,600
Net realized and unrealized gain	$	10,417,396
Net increase in net assets from operations	$	11,497,859

⁽¹⁾  For the period from the start of business, February 9, 2017, to January 31, 2018.

14 See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Statement of Changes in Net Assets

Increase (Decrease) in Net Assets	Period Ended January 31, 2018(1)
From operations —
Net investment income	$	1,080,463
Net realized loss		(4,013,204	)
Net change in unrealized appreciation (depreciation)		14,430,600
Net increase in net assets from operations	$	11,497,859
Distributions to shareholders —
From net investment income	$	(912,813	)
Total distributions to shareholders	$	(912,813	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	216,359,045
Net asset value of shares issued to shareholders in payment of distributions declared		873,797
Cost of shares redeemed		(33,226,815	)
Net increase in net assets from Fund share transactions	$	184,006,027
Net increase in net assets	$	194,591,073
Net Assets
At beginning of period	$	—
At end of period	$	194,591,073
Accumulated undistributed net investment income included in net assets
At end of period	$	47,369

⁽¹⁾  For the period from the start of business, February 9, 2017, to January 31, 2018.

15 See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Financial Highlights

	Institutional Class
	Period Ended January 31, 2018(1)
Net asset value — Beginning of period	$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.104
Net realized and unrealized gain		0.974
Total income from operations	$	1.078
Less Distributions
From net investment income	$	(0.058	)
Total distributions	$	(0.058	)
Net asset value — End of period	$	11.020
Total Return(3)(4)		10.79	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	194,591
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.55	%(6)
Net investment income		1.00	%(6)
Portfolio Turnover		26	%(5)

⁽¹⁾  For the period from the start of business, February 9, 2017, to January 31, 2018.

⁽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 and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.08% of average daily net assets for the period ended January 31, 2018). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

16 See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Notes to Financial Statements

1  Significant Accounting Policies

Parametric Volatility Risk Premium - Defensive 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 commenced operations on February 9, 2017. The Fund’s investment objective is total return. The Fund offers Institutional Class shares, which are sold at net asset value and are not subject to a sales charge.

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

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

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

Debt Obligations. Debt obligations 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.

Derivatives. U.S. exchange-traded options are valued at the mean between the bid and asked prices at valuation time as reported by the Options Price Reporting Authority. Non U.S. exchange-traded options and over-the-counter options are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration.

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.

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. 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, 2018, 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  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.

17

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Notes to Financial Statements — continued

G  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.

H  Written Options — Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the strike price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the strike price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Fund may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

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. Shareholders may reinvest income and capital gain distributions in additional shares of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the period ended January 31, 2018 was as follows:

	Period Ended January 31, 2018
Distributions declared from:
Ordinary income	$	912,813

During the period ended January 31, 2018, accumulated net realized loss was decreased by $9,408, accumulated undistributed net investment income was decreased by $120,281 and paid-in capital was increased by $110,873 due to the Fund’s use of equalization accounting and differences between book and tax accounting, primarily for accretion of market discount, distributions from real estate investment trusts (REITs) and non-deductible expenses. 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, 2018, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$	47,347
Deferred capital losses	$	(4,312,213	)
Net unrealized appreciation	$	14,739,039

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, option contracts, distributions from REITs and accretion of market discount.

At January 31, 2018, the Fund, for federal income tax purposes, had deferred capital losses of $4,312,213 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

18

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Notes to Financial Statements — continued

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, 2018, $2,866,373 are short-term and $1,445,840 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2018, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	180,513,909
Gross unrealized appreciation	$	15,373,957
Gross unrealized depreciation		(634,918	)
Net unrealized appreciation	$	14,739,039

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.40% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. For the period ended January 31, 2018, the investment adviser and administration fee amounted to $431,627 or 0.40% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.55% of the Fund’s average daily net assets. This agreement may be changed or terminated after May 31, 2018. Pursuant to this agreement, EVM and Parametric were allocated $85,136 in total of the Fund’s operating expenses for the period ended January 31, 2018.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the period ended January 31, 2018, EVM earned $375 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the period ended January 31, 2018, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $107,341,805 and $21,079,706, respectively, for the period ended January 31, 2018.

5  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in Fund shares were as follows:

	Period Ended January 31, 2018(1)
Sales		20,659,414
Issued to shareholders electing to receive payments of distributions in Fund shares		80,386
Redemptions		(3,087,957	)
Net increase		17,651,843

⁽¹⁾  For the period from the start of business, February 9, 2017, to January 31, 2018.

At January 31, 2018, one shareholder owned 29.2% of the outstanding shares of the Fund.

19

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Notes to Financial Statements — continued

6  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at January 31, 2018 is included in the Portfolio of Investments. At January 31, 2018, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund employs a systematic, rules based options strategy of writing call and put options on the S&P 500 Index, that seeks to take advantage of the volatility risk premium ( i.e., the tendency for volatility priced into an option to be higher, on average, than the volatility actually experienced on the securities underlying the option). Premium received from writing options can offset the equity risk premium foregone.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at January 31, 2018 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative(1)
Written options	$	—	$	(916,480	)

⁽¹⁾  Statement of Assets and Liabilities location: Written options outstanding, at value.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the period ended January 31, 2018 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Written options	$	(2,110,678	)	$	(308,794	)

⁽¹⁾  Statement of Operations location: Net realized gain (loss) – Written options.

⁽²⁾  Statement of Operations location: Change in unrealized appreciation (depreciation) – Written options.

The average number of written options contracts outstanding during the period ended January 31, 2018, which is indicative of the volume of this derivative type, was 448 contracts.

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 October 30, 2018. 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 period ended January 31, 2018.

8  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)

20

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Notes to Financial Statements — continued

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, 2018, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	99,213,841	*	$	—	$	—	$	99,213,841
U.S. Treasury Obligations		—			46,697,029		—		46,697,029
Short-Term Investments —
U.S. Treasury Obligations		—			38,753,488		—		38,753,488
Other		—			10,588,590		—		10,588,590
Total Investments	$	99,213,841		$	96,039,107	$	—	$	195,252,948
Liability Description
Call Options Written	$	(615,198	)	$	—	$	—	$	(615,198	)
Put Options Written		(301,282	)		—		—		(301,282	)
Total	$	(916,480	)	$	—	$	—	$	(916,480	)

* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

21

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Parametric Volatility Risk Premium - Defensive Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric Volatility Risk Premium - Defensive Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2018, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the period from the start of business, February 9, 2017, to January 31, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2018, and the results of its operations, the changes in its net assets, and the financial highlights for the period from the start of business, February 9, 2017, to January 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting 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.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 21, 2018

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

22

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2019 will show the tax status of all distributions paid to your account in calendar year 2018. 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 dividends received deduction for corporations.

Qualified Dividend Income.  For the fiscal period ended January 31, 2018, the Fund designates approximately $902,064, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2018 ordinary income dividends, 81.08% qualifies for the corporate dividends received deduction.

23

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

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 and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 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. Trustee and/or officer of 177 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 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. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989); Formerly, 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).
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).

24

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

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)
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) None.
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). Ms. Taggart has apprised the Board of Trustees that she intends to retire as a Trustee of all Eaton Vance Funds in 2018. 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).
Scott E. Wennerholm 1959	Trustee	2016	Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). 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(3)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President and officer of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President and officer of CRM.

25

Parametric Volatility Risk Premium - Defensive Fund

January 31, 2018

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(3)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽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); and eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014). 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⁾  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.

26

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 Advisers International Ltd., 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.

27

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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.

24691    1.31.18

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 not amended the code of ethics as described in Form N-CSR during the period covered by this report. 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, Parametric International Equity Fund and Parametric Volatility Risk Premium - Defensive 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 33 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.

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, 2017 and January 31, 2018 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	1/31/17		1/31/18
Audit Fees	$	80,670	$	80,670
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	23,686	$	18,235
All Other Fees(3)	$	0	$	0
Total	$	104,356	$	98,905

Parametric International Equity Fund

Fiscal Years Ended	1/31/17		1/31/18
Audit Fees	$	33,910	$	36,910
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	13,125	$	14,549
All Other Fees(3)	$	0	$	0
Total	$	47,035	$	51,459

Parametric Volatility Risk Premium — Defensive Fund

Fiscal Period Ended *	1/31/18
Audit Fees	$	37,050
Audit-Related Fees(1)	$	0
Tax Fees(2)	$	20,100
All Other Fees(3)	$	0
Total	$	57,150

* This fund commenced operations on February 9, 2017.

⁽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	2/29/16		8/31/16		9/30/16		10/31/16		12/31/16		1/31/17		2/28/17		8/31/17		9/30/17		10/31/17		12/31/17		1/31/18
Audit Fees	$	22,650	$	48,950	$	97,730	$	570,575	$	105,320	$	114,580	$	25,850	$	48,950	$	99,675	$	571,663	$	105,320	$	154,630
Audit-Related Fees(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees(2)	$	9,648	$	12,259	$	25,000	$	360,983	$	61,414	$	36,811	$	9,744	$	12,420	$	25,606	$	351,829	$	63,439	$	52,884
All Other Fees(3)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total	$	32,298	$	61,209	$	122,730	$	931,558	$	166,734	$	151,391	$	35,594	$	61,370	$	125,281	$	923,492	$	168,759	$	207,514

⁽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	2/29/16		8/31/16		9/30/16		10/31/16		12/31/16		1/31/17		2/28/17		8/31/17		9/30/17		10/31/17		12/31/17		1/31/18
Registrant(1)	$	9,648	$	12,259	$	25,000	$	360,983	$	61,414	$	36,811	$	9,744	$	12,420	$	25,606	$	351,829	$	63,439	$	52,884
Eaton Vance(2)	$	56,434	$	56,434	$	56,434	$	56,434	$	46,000	$	46,000	$	46,000	$	148,018	$	148,018	$	148,018	$	148,018	$	148,018

⁽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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. 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 27, 2018

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 27, 2018
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 27, 2018