Eaton Vance Floating Rate Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-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, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

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Eaton Vance

Emerging Markets Debt Fund

Annual Report

January 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

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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 is considered to be a commodity pool operator under CFTC regulations. The Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor. The CFTC has neither reviewed nor approved the Fund’s investment strategies.

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 1-800-262-1122.

Annual ReportJanuary 31, 2019

Eaton Vance

Emerging Markets Debt Fund

Table of Contents


Management’s Discussion of Fund Performance			2

Performance			3

Fund Profile			3

Endnotes and Additional Disclosures			4

Fund Expenses			5

Financial Statements			6

Report of Independent Registered Public Accounting Firm			22

Federal Tax Information			23

Special Meeting of Shareholders			24

Management and Organization			25

Important Notices			28

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

U.S. dollar-denominated (USD) emerging market sovereign debt, as measured by the JPMorgan Emerging Market Bond Index (EMBI) Global Diversified (the Index),² returned 0.01% during the12-month period ended January 31, 2019. While USD emerging market sovereign debt rallied strongly in the last two months of the period, these gains were offset by losses from earlier in the fiscal year.

The U.S. Federal Reserve Board (the Fed) gradually raised interest rates throughout the period and reduced the size of its balance sheet. Overseas, the European Central Bank (ECB) tapered its monthly bond purchases and ended them entirely on December 31, 2018. However, the ECB held interest rates at record lows amid softening economic growth and heightened political uncertainty in the region. The Bank of Japan remained highly accommodative in an effort to revive inflation but allowed 10–year government bond yields to edge higher.

During much of 2018, the backdrop for emerging markets deteriorated as global liquidity tightened, the eurozone economy lost momentum and China’s already-slowing economy began to feel the effects of U.S. trade tariffs. In addition, the U.S. dollar strengthened against most foreign currencies. Developments in a handful of larger emerging countries exacerbated these broad headwinds, including U.S. sanctions against Russia, a currency crisis in Argentina and escalating political tensions between the U.S. and Turkey.

Investor sentiment on emerging markets improved near the end of the period due, in large part, to signs that the Fed might slow the pace of U.S. monetary tightening. Investors also welcomed reports that suggested the U.S. and China were making progress toward reaching a trade agreement.

Fund Performance

Since its inception on May 1, 2018, through January 31, 2019, Eaton Vance Emerging Markets Debt Fund (the Fund) returned 1.34% for Class I shares at net asset value (NAV). By comparison, the Index returned 3.57% during the period.

With respect to risk factors, the Fund’s allocation to interest rates had the largest negative impact on relative performance. In particular, the Fund’s lower average U.S. duration⁷ compared to the Index was unfavorable, as yields on longer-term U.S. Treasury securities declined during the period. The Fund’s allocations to sovereign credit and corporate credit also detracted.

In terms of regions, the Fund’s underperformance relative to the Index was driven by positioning in Latin America. Within Latin America, the main detractor was anout-of-Index investment in the USD sovereign debt of Barbados. The newly elected prime minister of Barbados shocked markets with an announcement on June 1, 2018, that the country would be suspending interest payments to external commercial creditors. Bond prices dropped on the news while investors questioned both the legality and motivation behind the decision. An overweight position in Brazil and a small allocation to Mexican corporate credit were modest drags on Fund performance versus the Index.

Holdings in both the Middle East and Africa (MEA) region and Eastern Europe favorably impacted relative results. In MEA, anout-of-Index position in Tanzania was especially helpful amid robust economic growth in the country. Overweight positions in Saudi Arabia and Kenya, as well as a lack of exposure to Lebanon, added a meaningful amount of value. The Fund sold positions in Saudia Arabia during the period. In Eastern Europe, the top relative contributor was an overweight position in Turkey, a large oil importer. This position performed well late in the period when political tensions with the U.S. eased and the price of oil fell sharply.Out-of-Index investments in Albania and Macedonia were other key sources of relative strength.

On an overall basis, positions in Asia did not have a material effect on relative returns. That said, one of the best-performing investments in the Fund was an overweight exposure to Sri Lanka. Despite political turmoil in the country, Sri Lanka maintained its track record of debt payments by repaying a sizeable USD sovereign bond in January 2019.

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

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Performance^2,3

Portfolio ManagersJohn R. Baur, Michael A. Cirami, CFA and Eric A. Stein, CFA


% Cumulative Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class I at NAV		05/01/2018		05/01/2018		—			—			1.34	%
JPMorgan Emerging Market Bond Index (EMBI) Global Diversified		—		—		0.01	%		5.84	%		3.57	%


% Total Annual Operating Expense Ratios⁴								Class I
Gross												1.00	%
Net												0.85

Growth of $250,000

This graph shows the change in value of a hypothetical investment of $250,000 in Class I of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

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Fund Profile

Asset Allocation (% of net assets)⁵

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Country Allocation (% of net assets)⁶



Bahrain	10.4	%	Mexico	2.6	%

Argentina	6.4		Bahamas	2.6

Turkey	5.9		Nigeria	2.6

Tanzania	5.0		El Salvador	2.6

Sri Lanka	4.9		Fiji	2.5

Ukraine	4.4		Mongolia	2.5

Albania	4.0		Macedonia	2.5

Brazil	3.9		Ecuador	2.5

Indonesia	3.9		Kenya	2.5

Egypt	3.8		Barbados	2.4

Honduras	3.7		Tunisia	2.1

Dominican Republic	3.0		Vietnam	1.8

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Endnotes and Additional Disclosures

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.

JPMorgan Emerging Market Bond Index (EMBI) Global Diversified is amarket-cap weighted index that measuresUSD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. 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.

Class I 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 ratio reflects a contractual expense reimbursement that continues through 5/31/19. 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	Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

⁶	Excludes cash and cash equivalents.

⁷	Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

Fund profile subject to change due to active management.


		4

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

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; 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, 2018 – January 31, 2019).

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 (8/1/18)		Ending Account Value (1/31/19)		Expenses Paid During Period* (8/1/18 – 1/31/19)			Annualized Expense Ratio

Actual
Class I	$	1,000.00	$	1,026.30	$	4.34	**		0.85	%

Hypothetical
(5% return per year before expenses)
Class I	$	1,000.00	$	1,020.90	$	4.33	**		0.85	%

Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 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, 2018.

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


		5

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Portfolio of Investments


Foreign Government Bonds — 72.6%
Security		Principal Amount (000’s omitted)		Value

Albania — 4.0%

Republic of Albania, 3.50%, 10/9/25⁽¹⁾	EUR		270	$	312,531

Total Albania				$	312,531

Argentina — 6.4%

Republic of Argentina, 6.25%, 11/9/47	EUR		320	$	280,381

Republic of Argentina, 6.625%, 7/6/28	USD		270		223,495

Total Argentina				$	503,876

Bahamas — 2.6%

Commonwealth of Bahamas, 5.75%, 1/16/24⁽¹⁾	USD		200	$	204,500

Total Bahamas				$	204,500

Bahrain — 10.4%

Kingdom of Bahrain, 6.125%, 8/1/23⁽¹⁾	USD		200	$	209,756

Kingdom of Bahrain, 7.00%, 1/26/26⁽¹⁾	USD		200		212,224

Kingdom of Bahrain, 7.50%, 9/20/47⁽¹⁾	USD		400		400,246

Total Bahrain				$	822,226

Barbados — 2.4%

Government of Barbados, 7.25%, 12/15/21⁽¹⁾⁽²⁾	USD		350	$	188,545

Total Barbados				$	188,545

Brazil — 3.9%

Federative Republic of Brazil, 5.00%, 1/27/45	USD		200	$	184,827

Federative Republic of Brazil, 8.875%, 4/15/24	USD		100		124,375

Total Brazil				$	309,202

Dominican Republic — 3.0%

Dominican Republic, 8.625%, 4/20/27⁽¹⁾	USD		200	$	232,450

Total Dominican Republic				$	232,450

Ecuador — 2.5%

Republic of Ecuador, 9.65%, 12/13/26⁽¹⁾	USD		200	$	196,290

Total Ecuador				$	196,290

Egypt — 3.8%

Arab Republic of Egypt, 4.75%, 4/16/26⁽¹⁾	EUR		100	$	107,300

Arab Republic of Egypt, 8.50%, 1/31/47⁽¹⁾	USD		200		193,080

Total Egypt				$	300,380


Security		Principal Amount (000’s omitted)		Value

El Salvador — 2.6%

Republic of El Salvador, 7.65%, 6/15/35⁽¹⁾	USD		200	$	200,934

Total El Salvador				$	200,934

Fiji — 2.5%

Republic of Fiji, 6.625%, 10/2/20⁽¹⁾	USD		200	$	199,567

Total Fiji				$	199,567

Honduras — 3.7%

Republic of Honduras, 6.25%, 1/19/27⁽¹⁾	USD		285	$	293,886

Total Honduras				$	293,886

Kenya — 2.5%

Republic of Kenya, 7.25%, 2/28/28⁽¹⁾	USD		200	$	195,677

Total Kenya				$	195,677

Macedonia — 2.5%

Republic of Macedonia, 2.75%, 1/18/25⁽¹⁾	EUR		170	$	196,916

Total Macedonia				$	196,916

Mongolia — 2.5%

Mongolia International Bond, 5.625%, 5/1/23⁽¹⁾	USD		200	$	196,984

Total Mongolia				$	196,984

Sri Lanka — 4.9%

Republic of Sri Lanka, 6.125%, 6/3/25⁽¹⁾	USD		400	$	383,567

Total Sri Lanka				$	383,567

Tunisia — 2.1%

Banque Centrale de Tunisie International Bond, 5.625%, 2/17/24⁽¹⁾	EUR		156	$	166,280

Total Tunisia				$	166,280

Turkey — 5.9%

Republic of Turkey, 6.125%, 10/24/28	USD		215	$	206,582

Republic of Turkey, 6.625%, 2/17/45	USD		275		261,594

Total Turkey				$	468,176

Ukraine — 4.4%

Ukraine Government International Bond, 9.75%, 11/1/28⁽¹⁾	USD		351	$	349,245

Total Ukraine				$	349,245

Total Foreign Government Bonds (identified cost $5,887,684)				$	5,721,232


		6		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Portfolio of Investments — continued


Foreign Corporate Bonds — 8.3%
Security		Principal Amount (000’s omitted)		Value

Indonesia — 3.9%

Perusahaan Listrik Negara PT, 5.25%, 10/24/42⁽¹⁾	USD		320	$	307,200

Total Indonesia				$	307,200

Mexico — 2.6%

Petroleos Mexicanos, 6.625%⁽¹⁾⁽³⁾	USD		250	$	208,750

Total Mexico				$	208,750

Vietnam — 1.8%

Debt and Asset Trading Corp., 1.00%, 10/10/25⁽¹⁾	USD		200	$	138,500

Total Vietnam				$	138,500

Total Foreign Corporate Bonds (identified cost $665,241)				$	654,450

Sovereign Loans — 7.6%
Borrower		Principal Amount (000’s omitted)		Value

Nigeria — 2.6%

Bank of Industry Limited, Term Loan, 8.74%, (3 mo. USD LIBOR + 6.00%), Maturing May 21, 2021⁽⁴⁾⁽⁵⁾		$	200	$	201,534

Total Nigeria				$	201,534

Tanzania — 5.0%

Government of the United Republic of Tanzania, Term Loan, 8.09%, (6 mo. USD LIBOR + 5.20%), Maturing May 23, 2023⁽⁵⁾		$	400	$	395,734

Total Tanzania				$	395,734

Total Sovereign Loans (identified cost $596,122)				$	597,268


Short-Term Investments — 0.3%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 2.61%⁽⁶⁾		24,800	$	24,800

Total Short-Term Investments (identified cost $24,800)			$	24,800

Total Investments — 88.8% (identified cost $7,173,847)			$	6,997,750

Other Assets, Less Liabilities — 11.2%			$	880,722

Net Assets — 100.0%			$	7,878,472

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

⁽¹⁾

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, 2019, the aggregate value of these securities is $5,094,428 or 64.7% of the Fund’s net assets.

⁽²⁾	Issuer is in default with respect to interest payments.

⁽³⁾	Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁴⁾	Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽⁵⁾	Variable rate security. The stated interest rate represents the rate in effect at January 31, 2019.

⁽⁶⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2019.


		7		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Portfolio of Investments — continued


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	187,388	EUR	163,044	Citibank, N.A.		2/1/19	$	768	$	—

USD	112,294	EUR	97,161	Citibank, N.A.		4/15/19		407		—

USD	111,682	EUR	96,632	Citibank, N.A.		4/15/19		405		—

EUR	163,044	USD	188,587	Citibank, N.A.		4/16/19		—		(817	)

USD	162,277	EUR	141,363	Citibank, N.A.		4/16/19		—		(524	)

USD	182,657	EUR	159,116	Citibank, N.A.		4/16/19		—		(589	)

USD	194,140	EUR	169,119	Citibank, N.A.		4/16/19		—		(626	)

USD	505,127	EUR	440,024	Citibank, N.A.		4/16/19		—		(1,629	)

							$	1,580	$	(4,185	)


Futures Contracts

Description	Number of Contracts		Position		Expiration Date		Notional Amount			Value/ Unrealized Appreciation (Depreciation)

Interest Rate Futures

U.S. 5-Year Treasury Note		24		Long		3/29/19	$	2,756,625		$	31,820

U.S. 10-Year Treasury Note		14		Long		3/20/19		1,714,562			33,999

U.S. Long Treasury Bond		2		Short		3/20/19		(293,375	)		(3,003	)

U.S. Ultra-Long Treasury Bond		2		Long		3/20/19		322,250			7,497

										$	70,313


Centrally Cleared Interest Rate Swaps

Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value	Unamortized Upfront Receipts (Payments)			Unrealized Depreciation

EUR	165	Receives	6-month EURIBOR (pays semi-annually)	0.37% (pays annually)	5/9/23	$(3,259)	$	(35	)	$	(3,294	)

EUR	30	Receives	6-month EURIBOR (pays semi-annually)	0.40% (pays annually)	5/15/23	(643)		—			(643	)

EUR	370	Receives	6-month EURIBOR (pays semi-annually)	0.40% (pays annually)	10/4/23	(7,097)		392			(6,705	)

EUR	66	Receives	6-month EURIBOR (pays semi-annually)	1.06% (pays annually)	10/16/28	(3,376)		(15	)		(3,391	)

EUR	22	Receives	6-month EURIBOR (pays semi-annually)	1.60% (pays annually)	5/18/48	(2,637)		567			(2,070	)

EUR	50	Receives	6-month EURIBOR (pays semi-annually)	1.46% (pays annually)	5/31/48	(3,941)		(44	)		(3,985	)

EUR	35	Receives	6-month EURIBOR (pays semi-annually)	1.47% (pays annually)	11/28/48	(2,658)		—			(2,658	)


		8		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Portfolio of Investments — continued


Centrally Cleared Interest Rate Swaps (continued)

Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Depreciation

USD	200	Receives	3-month USD-LIBOR (pays quarterly)	3.06% (pays semi-annually)	10/2/23	$	(6,241	)	$	(23	)	$	(6,264	)

USD	173	Receives	3-month USD-LIBOR (pays quarterly)	3.10% (pays semi-annually)	10/31/23		(5,767	)		(142	)		(5,909	)

USD	170	Receives	3-month USD-LIBOR (pays quarterly)	2.63% (pays semi-annually)	1/11/24		(725	)		—			(725	)

USD	213	Receives	3-month USD-LIBOR (pays quarterly)	3.11% (pays semi-annually)	5/17/28		(8,418	)		34			(8,384	)

USD	113	Receives	3-month USD-LIBOR (pays quarterly)	3.29% (pays semi-annually)	11/13/28		(6,340	)		—			(6,340	)

USD	258	Receives	3-month USD-LIBOR (pays quarterly)	2.76% (pays semi-annually)	1/22/29		(2,314	)		—			(2,314	)

USD	220	Receives	3-month USD-LIBOR (pays quarterly)	2.74% (pays semi-annually)	1/31/29		(1,588	)		—			(1,588	)

USD	185	Receives	3-month USD-LIBOR (pays quarterly)	2.89% (pays semi-annually)	1/29/39		(2,637	)		—			(2,637	)

USD	109	Receives	3-month USD-LIBOR (pays quarterly)	3.14% (pays semi-annually)	10/1/48		(8,308	)		153			(8,155	)

USD	9	Receives	3-month USD-LIBOR (pays quarterly)	3.22% (pays semi-annually)	10/9/48		(839	)		(68	)		(907	)

USD	100	Receives	3-month USD-LIBOR (pays quarterly)	2.95% (pays semi-annually)	12/20/48		(3,027	)		—			(3,027	)

USD	120	Receives	3-month USD-LIBOR (pays quarterly)	2.88% (pays semi-annually)	1/25/49		(2,027	)		—			(2,027	)

USD	100	Receives	3-month USD-LIBOR (pays quarterly)	2.88% (pays semi-annually)	1/29/49		(1,687	)		—			(1,687	)

USD	95	Receives	3-month USD-LIBOR (pays quarterly)	2.88% (pays semi-annually)	1/31/49		(1,468	)		(50	)		(1,518	)

						$	(74,997	)	$	769		$	(74,228	)


Centrally Cleared Credit Default Swaps — Sell Protection

Reference Entity	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)

Brazil	$	200	1.00% (pays quarterly)⁽¹⁾	12/20/23		1.64	%	$	(5,510	)	$	15,997	$	10,487

Mexico		200	1.00% (pays quarterly)⁽¹⁾	12/20/23		1.35			(2,881	)		1,584		(1,297	)

Russia		200	1.00% (pays quarterly)⁽¹⁾	12/20/23		1.30			(2,474	)		5,032		2,558

Total	$	600						$	(10,865	)	$	22,613	$	11,748


		9		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Portfolio of Investments — continued


Credit Default Swaps — Sell Protection

Reference Entity	Counterparty		Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)		Unrealized Depreciation

Turkey		Citibank, N.A.	$	210	1.00% (pays quarterly)⁽¹⁾	6/20/23		2.89	%	$	(15,242	)	$	12,992	$	(2,250	)

Total			$	210						$	(15,242	)	$	12,992	$	(2,250	)

If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At January 31, 2019, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $810,000.

**	The contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) on the notional amount of the credit default swap contract.

***

Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred for the reference entity.

⁽¹⁾	Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

Abbreviations:



EURIBOR	–	Euro Interbank Offered Rate

LIBOR	–	London Interbank Offered Rate

Currency Abbreviations:



EUR	–	Euro

USD	–	United States Dollar


		10		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Statement of Assets and Liabilities


Assets	January 31, 2019

Unaffiliated investments, at value (identified cost, $7,149,047)	$	6,972,950

Affiliated investment, at value (identified cost, $24,800)		24,800

Cash		57,901

Deposits for derivatives collateral —

Financial futures contracts		21,440

Centrally cleared swap contracts		286,733

Foreign currency, at value (identified cost, $42,725)		42,840

Interest receivable		120,027

Dividends receivable from affiliated investment		275

Receivable for investments sold		586,089

Receivable for Fund shares sold		7,500

Receivable for variation margin on open financial futures contracts		70,313

Receivable for open forward foreign currency exchange contracts		1,580

Receivable from affiliate		20,114

Total assets	$	8,212,562

Liabilities

Payable for investments purchased	$	208,025

Payable for variation margin on open centrally cleared swap contracts		17,415

Payable for open forward foreign currency exchange contracts		4,185

Payable for open swap contracts		2,250

Upfront receipts on open non-centrally cleared swap contracts		12,992

Payable to affiliate:

Investment adviser and administration fee		4,282

Accrued expenses		84,941

Total liabilities	$	334,090

Net Assets	$	7,878,472

Sources of Net Assets

Paid-in capital	$	8,004,122

Accumulated loss		(125,650	)

Total	$	7,878,472

Class I Shares

Net Assets	$	7,878,472

Shares Outstanding		800,770

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	9.84


		11		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Statement of Operations


Investment Income	Period Ended January 31, 2019⁽¹⁾

Interest	$	271,467

Dividends from affiliated investment		7,570

Total investment income	$	279,037

Expenses

Investment adviser and administration fee	$	38,007

Trustees’ fees and expenses		882

Custodian fee		47,466

Transfer and dividend disbursing agent fees		135

Legal and accounting services		53,393

Printing and postage		5,616

Registration fees		27,391

Miscellaneous		8,161

Total expenses	$	181,051

Deduct —

Allocation of expenses to affiliate	$	131,208

Total expense reductions	$	131,208

Net expenses	$	49,843

Net investment income	$	229,194

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(33,851	)

Investment transactions — affiliated investment		700

Financial futures contracts		16,232

Swap contracts		5,380

Foreign currency transactions		1,422

Forward foreign currency exchange contracts		61,262

Net realized gain	$	51,145

Change in unrealized appreciation (depreciation) —

Investments	$	(176,097	)

Financial futures contracts		70,313

Swap contracts		(64,730	)

Foreign currency		(568	)

Forward foreign currency exchange contracts		(2,605	)

Net change in unrealized appreciation (depreciation)	$	(173,687	)

Net realized and unrealized loss	$	(122,542	)

Net increase in net assets from operations	$	106,652

⁽¹⁾	For the period from the start of business, May 1, 2018, to January 31, 2019.


		12		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Statement of Changes in Net Assets


Increase (Decrease) in Net Assets	Period Ended January 31, 2019⁽¹⁾

From operations —

Net investment income	$	229,194

Net realized gain		51,145

Net change in unrealized appreciation (depreciation)		(173,687	)

Net increase in net assets from operations	$	106,652

Distributions to shareholders	$	(235,680	)

Total distributions to shareholders	$	(235,680	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares	$	8,007,500

Net increase in net assets from Fund share transactions	$	8,007,500

Net increase in net assets	$	7,878,472

Net Assets

At beginning of period	$	—

At end of period	$	7,878,472

⁽¹⁾	For the period from the start of business, May 1, 2018, to January 31, 2019.


		13		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Financial Highlights


	Class I
	Period Ended January 31, 2019⁽¹⁾

Net asset value — Beginning of period	$	10.000

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.286

Net realized and unrealized loss		(0.151	)

Total income from operations	$	0.135

Less Distributions

From net investment income	$	(0.219	)

From net realized gain		(0.076	)

Total distributions	$	(0.295	)

Net asset value — End of period	$	9.840

Total Return⁽³⁾⁽⁴⁾		1.34	%⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	7,878

Ratios (as a percentage of average daily net assets):

Expenses⁽⁴⁾		0.85	%⁽⁶⁾

Net investment income		3.92	%⁽⁶⁾

Portfolio Turnover		82	%⁽⁵⁾

⁽¹⁾	For the period from the start of business, May 1, 2018, to January 31, 2019.

⁽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 reimbursed certain operating expenses (equal to 2.24% of average daily net assets for the period ended January 31, 2019). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.


		14		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Emerging Markets Debt Fund (the Fund) is a non-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 May 1, 2018. The Fund’s investment objective is total return. The Fund offers Class I 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.

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 ask 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 debt 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. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.

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 — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

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, 2019, 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.


		15

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Notes to Financial Statements — continued

E 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.

F Unfunded Loan Commitments — The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the accompanying Portfolio of Investments.

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.

I Financial Futures Contracts — Upon entering into a financial futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Daily fluctuations in the value of the futures contract are recorded as variation margin receivable or payable and unrealized gains or losses by the Fund. In addition to initial margin, the Fund may be required to make additional payments to the broker as collateral for open futures contracts. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K Interest Rate Swaps — Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain swap contracts may be centrally cleared (“centrally cleared swaps”), whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared swaps, the Fund is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment.

Pursuant to interest rate swap agreements, the Fund either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Fund makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

L Credit Default Swaps — When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/


		16

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Notes to Financial Statements — continued

moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 6 and 9. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions 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, 2019 was as follows:


	Period Ended January 31, 2019

Ordinary income	$	235,680

During the period ended January 31, 2019, accumulated loss was decreased by $3,378 and paid-in capital was decreased by $3,378 due to differences between book and tax accounting for non-deductible expenses. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	41,144

Undistributed long-term capital gains	$	51,949

Net unrealized depreciation	$	(218,743	)

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2019, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	7,149,438

Gross unrealized appreciation	$	76,396

Gross unrealized depreciation		(294,572	)

Net unrealized depreciation	$	(218,176	)


		17

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Notes to Financial Statements — continued

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.85% of the Fund’s average daily net assets for Class I. This agreement may be changed or terminated after May 31, 2019. Pursuant to this agreement, EVM was allocated $131,208 of the Fund’s operating expenses for the period ended January 31, 2019.

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, 2019, EVM earned $10 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, 2019, 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 $13,042,579 and $5,838,427, respectively, for the period ended January 31, 2019.

5 Shares of Beneficial Interest

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


	Period Ended January 31, 2019⁽¹⁾

Sales		800,770

Net increase		800,770

⁽¹⁾	For the period from the start of business, May 1, 2018, to January 31, 2019.

At January 31, 2019, EVM owned 99.8% of the outstanding shares of the Fund.

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 forward foreign currency exchange contracts, financial futures contracts and swap contracts 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, 2019 is included in the Portfolio of Investments. At January 31, 2019, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Credit Risk: The Fund enters into credit default swap contracts to enhance total return and/or as a substitute for the purchase or sale of securities.

Foreign Exchange Risk: The Fund engages in forward foreign currency exchange contracts to enhance total return and or to seek to hedge against fluctuations in currency exchange rates.

Interest Rate Risk: The Fund utilizes various interest rate derivatives including interest rate futures contracts and interest rate swaps to enhance total return, to seek to hedge against fluctuations in interest rates, and/or to change the effective duration of its portfolio.


		18

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Notes to Financial Statements — continued

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At January 31, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $19,427. At January 31, 2019, there were no assets pledged by the Fund for such liability.

The OTC derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2019 was as follows:


	Fair Value
Statement of Assets and Liabilities Caption	Credit			Foreign Exchange			Interest Rate			Total

Not applicable	$	—		$	—		$	73,316	*	$	73,316

Receivable for open forward foreign currency exchange contracts		—			1,580			—			1,580

Total Asset Derivatives	$	—		$	1,580		$	73,316		$	74,896

Derivatives not subject to master netting or similar agreements	$	—		$	—		$	73,316		$	73,316

Total Asset Derivatives subject to master netting or similar agreements	$	—		$	1,580		$	—		$	1,580

Not applicable	$	(10,865	)*	$	—		$	(78,000	)*	$	(88,865	)

Payable for open forward foreign currency exchange contracts		—			(4,185	)		—			(4,185	)

Payable for open swap contracts; Upfront receipts on open non-centrally cleared swap contracts		(15,242	)		—			—			(15,242	)

Total Liability Derivatives	$	(26,107	)	$	(4,185	)	$	(78,000	)	$	(108,292	)

Derivatives not subject to master netting or similar agreements	$	(10,865	)	$	—		$	(78,000	)	$	(88,865	)

Total Liability Derivatives subject to master netting or similar agreements	$	(15,242	)	$	(4,185	)	$	—		$	(19,427	)

For futures contracts and centrally cleared swap contracts, amount represents value as shown in the Portfolio of Investments. Only the variation margin on open futures contracts and centrally cleared swap contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts and centrally cleared swap contracts, as applicable.


		19

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Notes to Financial Statements — continued

The Fund’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of January 31, 2019.


Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received^(a)		Cash Collateral Received^(a)		Net Amount of Derivative Assets^(b)

Citibank, N.A.	$	1,580		$	(1,580	)	$	—	$	—	$	—

Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged^(a)		Cash Collateral Pledged^(a)		Net Amount of Derivative Liabilities^(c)

Citibank, N.A.	$	(19,427	)	$	1,580		$	—	$	—	$	(17,847	)

^(a)	In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)	Net amount represents the net amount due from the counterparty in the event of default.

^(c)	Net amount represents the net amount payable to the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the period ended January 31, 2019 was as follows:


Statement of Operations Caption	Credit		Foreign Exchange			Interest Rate

Net realized gain (loss) —

Financial futures contracts	$	—	$	—		$	16,232

Swap contracts		2,456		—			2,924

Forward foreign currency exchange contracts		—		61,262			—

Total	$	2,456	$	61,262		$	19,156

Change in unrealized appreciation (depreciation) —

Financial futures contracts	$	—	$	—		$	70,313

Swap contracts		9,498		—			(74,228	)

Forward foreign currency exchange contracts		—		(2,605	)		—

Total	$	9,498	$	(2,605	)	$	(3,915	)

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the period ended January 31, 2019, which are indicative of the volume of these derivative types, were approximately as follows:


Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*		Swap Contracts

	$2,672,000	$	32,000	$	1,168,000	$	2,147,000

*	The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.


		20

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

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 29, 2019. 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, 2019.

8 Risks Associated with Foreign Investments

The Fund’s investments in foreign instruments can be adversely affected by changes in currency exchange rates and political, economic and market developments abroad. In emerging or less developed countries, these risks can be more significant. Investment markets in emerging market countries are typically substantially smaller, less liquid and more volatile than the major markets in developed countries. Emerging market countries may have relatively unstable governments and economies. Emerging market investments often are subject to speculative trading, which typically contributes to volatility.

The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Economic data as reported by foreign governments and other issuers may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a foreign government to renegotiate defaulted debt may be limited.

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, 2019, 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

Foreign Government Bonds	$	—		$	5,721,232		$	—	$	5,721,232

Foreign Corporate Bonds		—			654,450			—		654,450

Sovereign Loans		—			597,268			—		597,268

Short-Term Investments		—			24,800			—		24,800

Total Investments	$	—		$	6,997,750		$	—	$	6,997,750

Forward Foreign Currency Exchange Contracts	$	—		$	1,580		$	—	$	1,580

Futures Contracts		73,316			—			—		73,316

Total	$	73,316		$	6,999,330		$	—	$	7,072,646

Liability Description

Forward Foreign Currency Exchange Contracts	$	—		$	(4,185	)	$	—	$	(4,185	)

Futures Contracts		(3,003	)		—			—		(3,003	)

Swap Contracts		—			(101,104	)		—		(101,104	)

Total	$	(3,003	)	$	(105,289	)	$	—	$	(108,292	)


		21

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Emerging Markets Debt Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2019, and the related statements of operations, changes in net assets, and the financial highlights for the period from the start of business, May 1, 2018, to January 31, 2019, 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, 2019, and the results of its operations, the changes in its net assets, and the financial highlights for the period from the start of business, May 1, 2018, to January 31, 2019, 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, 2019, 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, 2019

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


		22

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. 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 capital gains dividends.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2019, $51,949 or, if subsequently determined to be different, the net capital gain of such year.


		23

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Special Meeting of Shareholders (Unaudited)

The Fund held a Special Meeting of Shareholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. As of the record date, EVM owned 100% of the outstanding shares of the Fund. The Trustees were elected by the shareholders of the remaining series of the Trust.


Nominee for Trustee

Mark R. Fetting

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm


		24

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

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 175 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 175 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 Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).


		25

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

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.

Keith Quinton⁽³⁾ 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).

Marcus L. Smith⁽³⁾ 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Director of DCT Industrial Trust Inc. (logistics real estate company) (since 2017).

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).

Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution)(2012-2018). 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.


Name and Year of Birth	Position(s) with the Trust	Officer Since⁽⁴⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

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.


		26

Eaton Vance

Emerging Markets Debt Fund

January 31, 2019

Management and Organization — continued


Name and Year of Birth	Position(s) with the Trust	Officer Since⁽⁴⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

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, Quinton, Smith and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and eUnitsTM 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 eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾	Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

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

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.


		27

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 1-800-262-1122, 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 1-800-262-1122 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 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.


		28

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

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) 262-1122

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.

LOGO

29948 1.31.19

LOGO

Parametric

Emerging Markets Fund

Annual Report

January 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/ppafunddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-260-0761. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

LOGO

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.

Annual ReportJanuary 31, 2019

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			40

Federal Tax Information			41

Special Meeting of Shareholders			42

Management and Organization			43

Important Notices			46

Parametric

Emerging Markets Fund

January 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the12-month period ended January 31, 2019, emerging market equities experienced a sharp correction, with the MSCI Emerging Markets Index (the Index)² declining 14.24%.

Trade-war fears grew in severity during the period, adversely impacting many trade-centric economies. Fears of a currency crisis riled markets during the middle of 2018, although the effects were mostly limited to Turkey and Argentina. Generally, the U.S. dollar strengthened during the period, resulting in a strong headwind for emerging market equity returns when stated in U.S. dollar terms.

At the country level, Qatar, Russia and Brazil were the only Index constituents to post positive results. On the other end of the spectrum, Turkey declined over 30% as the country suffered a loss of investor confidence amid political turmoil and a plunge in the Turkish lira. Chinese stocks fell on increasing signs of weakness in the country’s economy, which also created headwinds for major China trade partner, South Korea.

Frontier markets (as measured by the MSCI Frontier Markets Index) delivered lower returns than emerging markets (as measured by the Index) during the period. This decline was broad-based, with only three frontier market countries — Kuwait, Bahrain and Tunisia — delivering positive returns.

Fund Performance

For the12-month period ended January 31, 2019, Parametric Emerging Markets Fund (the Fund) returned –13.43% for Investor Class shares at net asset value (NAV), outperforming its benchmark, the Index, which returned –14.24%.

The largest contributor to performance relative to the Index was an underweight exposure to China, as escalations in the U.S.–China trade war and growing signs of an economic slowdown weighed on the country’s equity markets. Also benefiting relative results was the inclusion ofnon-Index country Kuwait. Kuwaiti equities rose in response to a rally in the price of crude oil during the period, along with MSCI’s announcement that Kuwait will be included in its 2019 annual market review for potential inclusion in the emerging markets index. The sector diversification⁶ process within Taiwan also aided relative performance, particularly due to an underweight position in technology, which fell amid a slowdown in semiconductor demand during the period.

The largest detractor from performance relative to the Index was the sector diversification process in Brazil. This was partially due to an overweight position in the information technology sector, which struggled due to payment processor Cielo SA losing exclusive rights to Mastercard, Inc. and Visa, Inc. transactions in Brazil. An overweight position in Turkey further hurt relative performance. Investors fled the country due to spiraling inflation, a plunging currency and a government that has acted slowly to resolve long-standing structural issues that triggered these problems. The sector diversification process within India further weighed on relative results due, in part, to an overweight position in communication services. Weakness in the country’s mobile phone industry, which posted losses on back-breaking competition among wireless providers, weighed on the broader sector during the period.

See Endnotes and Additional Disclosures in this report.


		2

Parametric

Emerging Markets Fund

January 31, 2019

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			–13.43	%		2.16	%		8.78	%
Class C at NAV		06/30/2006		06/30/2006			–14.10			1.39			7.99
Class C with 1% Maximum Sales Charge		—		—			–14.95			1.39			7.99
Institutional Class at NAV		06/30/2006		06/30/2006			–13.20			2.42			9.07
Class R6 at NAV		07/01/2014		06/30/2006			–13.18			2.47			9.10
MSCI Emerging Markets Index		—		—			–14.24	%		4.76	%		9.66	%


% Total Annual Operating Expense Ratios⁴			Investor Class			Class C			Institutional Class			Class R6
				1.37	%		2.12	%		1.12	%		1.07	%

Growth of $10,000

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

LOGO


Growth of Investment³	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		01/31/2009	$	21,573		N.A.
Institutional Class	$	50,000		01/31/2009	$	119,199		N.A.
Class R6	$	1,000,000		01/31/2009	$	2,390,686		N.A.

See Endnotes and Additional Disclosures in this report.


		3

Parametric

Emerging Markets Fund

January 31, 2019

Fund Profile

Sector Allocation (% of net assets)⁵

LOGO

Top 10 Holdings (% of net assets)⁵



Sberbank of Russia PJSC	0.8	%

America Movil SAB de CV, Series L	0.7

Credicorp, Ltd.	0.7

Lukoil PJSC ADR	0.7

Naspers, Ltd., Class N	0.7

Gazprom PJSC ADR	0.6

Petroleo Brasileiro SA, PFC Shares	0.5

Samsung Electronics Co., Ltd.	0.5

Tencent Holdings, Ltd.	0.5

Grupo Financiero Banorte SAB de CV, Class O	0.5

Total	6.2	%

Geographic Allocation (% of common stocks)

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Parametric

Emerging Markets Fund

January 31, 2019

Endnotes and Additional Disclosures

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

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.

Important Notice to Shareholders

Effective May 1, 2019, the portfolio managers of the Fund will be Thomas Seto, Paul Bouchey and Jennifer Sireklove, each of Parametric Portfolio Associates LLC.


		5

Parametric

Emerging Markets Fund

January 31, 2019

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, 2018 – January 31, 2019).


	Beginning Account Value (8/1/18)		Ending Account Value (1/31/19)		Expenses Paid During Period* (8/1/18 – 1/31/19)		Annualized Expense Ratio

Actual
Investor Class	$	1,000.00	$	973.80	$	7.41		1.49	%
Class C	$	1,000.00	$	969.80	$	11.07		2.23	%
Institutional Class	$	1,000.00	$	974.70	$	6.12		1.23	%
Class R6	$	1,000.00	$	975.40	$	6.12		1.23	%

Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,017.70	$	7.58		1.49	%
Class C	$	1,000.00	$	1,014.00	$	11.32		2.23	%
Institutional Class	$	1,000.00	$	1,019.00	$	6.26		1.23	%
Class R6	$	1,000.00	$	1,019.00	$	6.26		1.23	%


		6

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments


Common Stocks — 99.8%
Security	Shares		Value

Argentina — 0.8%

Adecoagro SA⁽¹⁾		132,806	$	1,011,982

Arcos Dorados Holdings, Inc., Class A		50,414		462,296

Banco Macro SA, Class B ADR		6,487		375,403

BBVA Banco Frances SA ADR		25,288		342,652

Cresud SA ADR⁽¹⁾		44,263		596,665

Grupo Financiero Galicia SA, Class B ADR		30,387		1,109,429

IRSA Inversiones y Representaciones SA ADR⁽¹⁾		35,110		542,099

MercadoLibre, Inc.⁽¹⁾		9,722		3,538,808

Pampa Energia SA ADR⁽¹⁾		50,499		1,800,289

Transportadora de Gas del Sur SA ADR		20,764		349,458

YPF SA ADR		110,424		1,805,433

			$	11,934,514

Bahrain — 0.7%

Ahli United Bank BSC		7,546,245	$	5,778,869

Al Salam Bank-Bahrain BSC		7,773,078		1,927,712

GFH Financial Group BSC		8,992,415		2,409,056

Ithmaar Holding BSC⁽¹⁾		14,771,027		1,365,430

			$	11,481,067

Bangladesh — 0.8%

ACI, Ltd.		62,264	$	225,576

Aftab Automobiles, Ltd.		349,827		191,244

Bangladesh Export Import Co., Ltd.		1,512,367		456,975

Bangladesh Submarine Cable Co., Ltd.		192,647		325,587

Beximco Pharmaceuticals, Ltd.		116,421		119,514

BSRM Steels, Ltd.		938,510		705,932

City Bank, Ltd. (The)		414,335		162,582

Grameenphone, Ltd.		239,524		1,134,131

Heidelberger Cement Bangladesh, Ltd.		146,500		611,645

Islami Bank Bangladesh, Ltd.		1,269,074		411,349

Jamuna Oil Co., Ltd.		135,692		321,570

Khulna Power Co., Ltd.		320,573		244,515

LankaBangla Finance, Ltd.		829,367		265,805

Meghna Petroleum, Ltd.		128,418		336,184

National Bank, Ltd.⁽¹⁾		3,385,339		439,549

Olympic Industries, Ltd.		458,511		1,299,878

Orion Pharma, Ltd.		258,206		115,897

Padma Oil Co., Ltd.		98,234		282,288

Pubali Bank, Ltd.		1,011,767		331,684

Renata, Ltd.		14,460		196,165

Singer Bangladesh, Ltd.		142,500		398,330

Social Islami Bank, Ltd.⁽¹⁾		1,070,644		219,100

Southeast Bank, Ltd.⁽¹⁾		1,875,226		381,520


Security	Shares		Value

Bangladesh (continued)

Square Pharmaceuticals, Ltd.		280,321	$	875,903

Summit Power, Ltd.		912,732		456,735

Titas Gas Transmission & Distribution Co., Ltd.		623,246		301,098

Unique Hotel & Resorts, Ltd.		450,062		285,272

United Airways Bangladesh, Ltd.⁽¹⁾		6,170,401		220,524

United Commercial Bank, Ltd.		1,220,971		276,266

			$	11,592,818

Botswana — 0.6%

Barclays Bank of Botswana, Ltd.		1,539,465	$	779,622

Botswana Insurance Holdings, Ltd.		859,111		1,460,065

First National Bank of Botswana, Ltd.		7,940,100		1,899,000

Letshego Holdings, Ltd.		17,758,614		2,814,401

Sechaba Breweries Holdings, Ltd.		1,220,550		2,372,749

Standard Chartered Bank Botswana, Ltd.⁽¹⁾		531,120		196,175

			$	9,522,012

Brazil — 6.2%

AES Tiete Energia SA		98,400	$	314,312

AMBEV SA		874,450		4,198,185

B2W Cia Digital⁽¹⁾		55,270		757,705

B3 SA - Brasil Bolsa Balcao		164,000		1,415,080

Banco Bradesco SA, PFC Shares		226,422		2,809,788

Banco do Brasil SA		84,998		1,208,597

BB Seguridade Participacoes SA		51,500		438,580

BR Malls Participacoes SA		146,211		583,289

Bradespar SA, PFC Shares		50,800		391,809

Braskem SA, PFC Shares		26,060		373,409

BRF SA⁽¹⁾		208,040		1,342,746

CCR SA		472,000		1,925,685

Centrais Eletricas Brasileiras SA, PFC Shares⁽¹⁾		136,300		1,521,005

Cia Brasileira de Distribuicao, PFC Shares		54,469		1,452,825

Cia de Saneamento Basico do Estado de Sao Paulo		114,160		1,357,512

Cia de Saneamento de Minas Gerais-COPASA		34,800		568,773

Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		16,690		359,728

Cia Energetica de Minas Gerais, PFC Shares		345,255		1,311,083

Cia Energetica de Sao Paulo, Class B, PFC Shares		78,800		492,392

Cia Hering		68,200		583,417

Cia Paranaense de Energia, PFC Shares		59,600		577,011

Cia Siderurgica Nacional SA⁽¹⁾		81,200		227,089

Cielo SA		1,724,706		5,646,246

Construtora Tenda SA		55,284		560,692

Cosan SA		56,800		691,312

Cyrela Brazil Realty SA Empreendimentos e Participacoes		177,400		827,367


		7		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Brazil (continued)

Duratex SA		37,558	$	126,045

EDP-Energias do Brasil SA		102,800		473,243

Embraer SA		60,800		322,404

Embraer SA ADR		55,148		1,173,549

Engie Brasil Energia SA		69,650		799,203

Equatorial Energia SA		52,000		1,256,800

Estacio Participacoes SA		124,600		1,062,475

Even Construtora e Incorporadora SA⁽¹⁾		160,300		295,794

Ez Tec Empreendimentos e Participacoes SA		61,898		469,937

Fleury SA		304,200		1,858,296

Gafisa SA⁽¹⁾		55,284		213,727

Gerdau SA, PFC Shares		142,400		611,033

Gol Linhas Aereas Inteligentes SA, PFC Shares⁽¹⁾		30,400		206,045

Hypera SA		177,000		1,545,693

Iochpe Maxion SA		61,000		373,807

Itau Unibanco Holding SA, PFC Shares		291,520		3,099,678

Itausa-Investimentos Itau SA, PFC Shares		328,875		1,217,321

JBS SA		343,825		1,422,549

Klabin SA, PFC Shares		787,900		680,491

Kroton Educacional SA		512,836		1,607,182

Light SA		80,000		437,377

Localiza Rent a Car SA		212,652		1,941,575

LOG Commercial Properties e Participacoes SA⁽¹⁾		9,877		52,133

Lojas Americanas SA, PFC Shares		187,800		1,084,927

Lojas Renner SA		167,070		2,084,252

Marcopolo SA, PFC Shares		403,000		450,823

Marfrig Global Foods SA⁽¹⁾		287,155		478,697

Metalurgica Gerdau SA, PFC Shares		111,800		228,370

MRV Engenharia e Participacoes SA		136,900		563,035

Multiplus SA		60,200		429,151

Natura Cosmeticos SA		73,200		951,929

Odontoprev SA		688,600		3,086,919

Petroleo Brasileiro SA, PFC Shares		1,148,900		8,057,924

Qualicorp Consultoria e Corretora de Seguros SA		485,600		2,110,320

Randon SA Implementos e Participacoes, PFC Shares		196,700		539,318

Rumo SA⁽¹⁾		185,919		1,001,675

Smiles Fidelidade SA		22,500		275,759

Suzano Papel e Celulose SA		77,820		981,498

Telefonica Brasil SA, PFC Shares		415,500		5,546,911

TIM Participacoes SA		968,150		3,291,583

Totvs SA		306,690		2,796,806

Transmissora Alianca de Energia Electrica SA		91,000		641,731

Ultrapar Participacoes SA		88,584		1,389,286

Usinas Siderurgicas de Minas Gerais SA, Class A, PFC Shares		87,850		236,293

Vale SA		381,347		4,757,427


Security	Shares		Value

Brazil (continued)

Valid Solucoes SA		100,870	$	577,751

Weg SA		309,752		1,600,057

			$	96,344,436

Bulgaria — 0.1%

CB First Investment Bank AD⁽¹⁾		235,000	$	511,362

Chimimport AD		329,922		373,013

MonBat AD		60,235		272,463

Petrol AD⁽¹⁾		25,625		11,922

Sopharma AD		354,600		730,382

			$	1,899,142

Chile — 3.0%

AES Gener SA		1,325,140	$	402,129

Aguas Andinas SA, Series A		1,073,898		634,710

Banco de Chile		14,370,869		2,279,880

Banco de Credito e Inversiones SA		24,308		1,732,510

Banco Santander Chile		24,707,062		1,992,991

Cap SA		56,612		611,164

Cencosud SA		1,099,117		2,220,692

Cia Cervecerias Unidas SA		131,295		1,784,835

Cia Sud Americana de Vapores SA⁽¹⁾		14,510,741		431,472

Colbun SA		2,922,868		664,086

Embotelladora Andina SA, Class B, PFC Shares		154,121		596,461

Empresa Nacional de Telecomunicaciones SA		191,089		1,840,958

Empresas CMPC SA		710,444		2,567,478

Empresas COPEC SA		396,674		5,443,834

Enel Americas SA		10,652,906		2,176,715

Enel Chile SA		9,679,267		1,019,880

Engie Energia Chile SA		229,055		461,044

Forus SA		87,698		264,110

Inversiones Aguas Metropolitanas SA		218,715		340,179

Inversiones La Construccion SA		27,038		502,994

Itau CorpBanca		91,142,033		915,868

Latam Airlines Group SA		412,844		4,934,864

Parque Arauco SA		541,699		1,486,823

Ripley Corp. SA		721,671		643,760

S.A.C.I. Falabella		580,600		4,661,267

Sociedad Matriz SAAM SA		6,242,812		599,912

Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares		58,504		2,493,423

Sonda SA		736,417		1,274,749

Vina Concha y Toro SA		433,836		899,029

			$	45,877,817


		8		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

China — 11.6%

3SBio, Inc.⁽²⁾		954,500	$	1,598,972

AECC Aviation Power Co., Ltd.		40,221		132,459

Agile Group Holdings, Ltd.		254,000		337,545

Agricultural Bank of China, Ltd., Class H		1,832,000		867,364

Aier Eye Hospital Group Co., Ltd., Class A		30,246		123,215

Air China, Ltd., Class H		938,000		939,070

Aisino Corp.		38,800		141,715

Alibaba Group Holding, Ltd. ADR⁽¹⁾		15,200		2,561,048

Aluminum Corp. of China, Ltd., Class H⁽¹⁾		3,986,000		1,471,807

Angang Steel Co., Ltd., Class H		968,000		728,174

Anhui Conch Cement Co., Ltd., Class H		653,500		3,563,754

ANTA Sports Products, Ltd.		213,000		1,101,840

AVIC Aircraft Co., Ltd., Class A		125,600		261,329

Baidu, Inc. ADR⁽¹⁾		11,300		1,950,719

Bank of Beijing Co., Ltd.		182,760		163,401

Bank of China, Ltd., Class H		2,420,000		1,125,159

Bank of Communications, Ltd., Class H		1,053,900		895,875

Bank of Nanjing Co., Ltd.		169,400		177,191

Bank of Ningbo Co., Ltd., Class A		67,000		175,228

Beijing Capital International Airport Co., Ltd., Class H		436,000		408,970

Beijing Enterprises Holdings, Ltd.		171,500		974,932

Beijing Enterprises Water Group, Ltd.		2,088,000		1,209,045

Beijing Orient Landscape & Environment Co., Ltd., Class A		79,000		71,260

Beijing Originwater Technology Co., Ltd., Class A		127,500		135,871

Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A		98,410		108,447

Beijing Tongrentang Co., Ltd.		22,000		86,744

Beijing Water Business Doctor Co., Ltd., Class A		101,700		100,776

Beijing Xinwei Technology Group Co., Ltd.⁽¹⁾⁽³⁾		93,610		0

Beiqi Foton Motor Co., Ltd.		407,100		104,134

BOE Technology Group Co., Ltd., Class A		514,900		198,018

Brilliance China Automotive Holdings, Ltd.		1,086,000		1,028,257

BYD Co., Ltd., Class H		207,700		1,229,285

Cangzhou Mingzhu Plastic Co., Ltd., Class A		135,226		81,321

CGN Power Co., Ltd., Class H⁽²⁾		4,108,000		1,075,010

Changchun High & New Technology Industry Group, Inc., Class A		7,000		195,064

Changjiang Securities Co., Ltd., Class A		213,800		170,351

Chengdu Xingrong Environment Co., Ltd., Class A		243,600		154,773

China Agri-Industries Holdings, Ltd.		2,074,000		738,413

China Biologic Products Holdings, Inc.⁽¹⁾		20,100		1,631,919

China Bluechemical, Ltd., Class H		1,270,000		414,054

China Cinda Asset Management Co., Ltd., Class H		1,495,000		386,854

China CITIC Bank Corp., Ltd., Class H		343,000		223,463

China Coal Energy Co., Ltd., Class H		1,058,000		446,921

China Communications Construction Co., Ltd., Class H		1,087,000		1,090,729


Security	Shares		Value

China (continued)

China Communications Services Corp., Ltd., Class H		658,000	$	617,743

China Construction Bank Corp., Class H		2,573,630		2,318,329

China Dongxiang Group Co., Ltd.		4,257,000		647,090

China Everbright Bank Co., Ltd.		174,500		106,884

China Everbright International, Ltd.		373,925		377,599

China Everbright, Ltd.		186,000		350,996

China Evergrande Group		354,000		1,116,571

China Fortune Land Development Co., Ltd.		52,329		213,979

China Gas Holdings, Ltd.		619,800		1,978,408

China Gezhouba Group Co., Ltd.		152,700		141,042

China Huishan Dairy Holdings Co., Ltd.⁽¹⁾⁽³⁾		1,800,000		0

China International Marine Containers Co., Ltd.		482,672		517,236

China International Travel Service Corp., Ltd.		16,300		133,384

China Life Insurance Co., Ltd., Class H		335,000		831,877

China Longyuan Power Group Corp., Ltd., Class H		1,260,000		943,240

China Mengniu Dairy Co., Ltd.		816,000		2,527,447

China Merchants Bank Co., Ltd., Class H		441,524		1,946,570

China Merchants Port Holdings Co., Ltd.		318,035		630,644

China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		74,674		216,102

China Minsheng Banking Corp., Ltd., Class H		1,109,788		850,192

China Mobile, Ltd.		224,000		2,355,883

China Molybdenum Co., Ltd., Class H		2,058,000		838,424

China National Building Material Co., Ltd., Class H		1,138,000		908,122

China National Nuclear Power Co., Ltd.		210,800		169,858

China Northern Rare Earth Group High-Tech Co., Ltd.		117,100		150,072

China Oilfield Services, Ltd., Class H		698,000		691,680

China Overseas Land & Investment, Ltd.		554,160		2,090,364

China Pacific Insurance (Group) Co., Ltd., Class H		196,400		691,608

China Petroleum & Chemical Corp., Class H		4,722,300		3,948,760

China Railway Construction Corp., Ltd., Class H		876,000		1,216,491

China Railway Group, Ltd., Class H		1,385,000		1,297,046

China Resources Beer Holdings Co., Ltd.		408,000		1,434,018

China Resources Gas Group, Ltd.		328,000		1,290,715

China Resources Land, Ltd.		392,000		1,529,492

China Resources Medical Holdings Co., Ltd.		355,000		248,477

China Resources Power Holdings Co., Ltd.		675,600		1,354,126

China Shenhua Energy Co., Ltd., Class H		837,000		2,130,224

China Shineway Pharmaceutical Group, Ltd.		381,000		446,933

China Shipbuilding Industry Co., Ltd.		185,800		119,578

China Southern Airlines Co., Ltd., Class H		564,000		404,162

China State Construction Engineering Corp., Ltd.		156,440		143,351

China Taiping Insurance Holdings Co., Ltd.		110,200		304,210

China Telecom Corp., Ltd., Class H		1,120,000		608,071

China Travel International Investment Hong Kong, Ltd.		1,998,000		578,615

China Unicom (Hong Kong), Ltd.		356,372		408,216

China United Network Communications, Ltd., Class A		711,800		566,423


		9		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

China (continued)

China Vanke Co., Ltd., Class H		742,520	$	3,010,987

China Yangtze Power Co., Ltd.		162,200		398,562

Chongqing Changan Automobile Co., Ltd., Class A		98,800		111,195

CIFI Holdings Group Co., Ltd.		772,000		510,802

CITIC Guoan Information Industry Co., Ltd., Class A		138,800		68,623

CITIC, Ltd.		813,000		1,231,585

CNOOC, Ltd.		2,111,000		3,528,367

COFCO Tunhe Sugar Co., Ltd.		118,100		122,221

COSCO SHIPPING Development Co., Ltd., Class H⁽¹⁾		4,252,000		490,569

COSCO SHIPPING Energy Transportation Co., Ltd., Class H		912,000		518,650

COSCO SHIPPING Holdings Co., Ltd., Class H⁽¹⁾		1,482,975		601,512

COSCO SHIPPING Ports, Ltd.		516,000		538,589

Country Garden Holdings Co., Ltd.		1,086,631		1,544,638

Country Garden Services Holdings Co., Ltd.⁽¹⁾		155,589		241,023

CSPC Pharmaceutical Group, Ltd.		1,192,000		2,056,429

Ctrip.com International, Ltd. ADR⁽¹⁾		43,354		1,443,688

Daqin Railway Co., Ltd.		104,300		133,360

Datang International Power Generation Co., Ltd., Class H		3,294,000		859,676

Dong-E-E-Jiao Co., Ltd., Class A		16,200		99,407

Dongfeng Motor Group Co., Ltd., Class H		1,128,000		1,182,526

Dr Peng Telecom & Media Group Co., Ltd.		104,900		119,698

East Money Information Co., Ltd., Class A		113,760		219,956

Financial Street Holdings Co., Ltd., Class A		144,798		152,631

Focus Media Information Technology Co., Ltd., Class A		196,344		160,685

Fullshare Holdings, Ltd.		1,662,500		377,692

GD Power Development Co., Ltd.		269,900		96,771

Gemdale Corp.		80,700		132,698

GoerTek, Inc., Class A		63,700		63,577

Golden Eagle Retail Group, Ltd.		739,000		782,502

Great Wall Motor Co., Ltd., Class H		1,771,500		1,206,013

Gree Electric Appliances, Inc. of Zhuhai, Class A⁽¹⁾		46,500		290,678

Guangdong Baolihua New Energy Stock Co., Ltd., Class A		255,400		244,428

Guangdong Investment, Ltd.		784,000		1,497,188

Guangzhou Automobile Group Co., Ltd., Class H		579,218		629,080

Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		320,000		1,237,634

Guangzhou R&F Properties Co., Ltd., Class H		302,000		602,470

Guosen Securities Co., Ltd., Class A		117,628		147,126

Guoyuan Securities Co., Ltd., Class A		113,850		127,552

Haier Electronics Group Co., Ltd.		161,000		462,525

Han’s Laser Technology Industry Group Co., Ltd., Class A		42,100		200,192

Hangzhou Hikvision Digital Technology Co., Ltd., Class A		70,700		319,049


Security	Shares		Value

China (continued)

Harbin Pharmaceutical Group Co., Ltd.		150,900	$	81,661

Henan Shuanghui Investment & Development Co., Ltd., Class A		34,200		127,834

Hengan International Group Co., Ltd.		271,500		2,123,930

Hengtong Optic-electric Co., Ltd.		38,780		100,984

Hesteel Co., Ltd., Class A		506,400		232,576

Huadian Power International Corp., Ltd., Class H		1,100,000		512,145

Huadong Medicine Co., Ltd., Class A		47,211		187,849

Huaneng Power International, Inc., Class H		3,390,000		2,130,762

Huaneng Renewables Corp., Ltd., Class H		1,716,000		494,843

Huaxia Bank Co., Ltd.		146,972		166,525

Huayu Automotive Systems Co., Ltd.		82,008		248,388

Hubei Energy Group Co., Ltd., Class A		277,714		153,884

Humanwell Healthcare Group Co., Ltd.		69,600		97,264

Hundsun Technologies, Inc.		28,100		263,417

Iflytek Co., Ltd., Class A		34,550		141,628

Industrial & Commercial Bank of China, Ltd., Class H		2,353,000		1,827,960

Industrial Bank Co., Ltd.		97,902		240,768

Inner Mongolia BaoTou Steel Union Co., Ltd.		707,000		155,553

Inner Mongolia Yili Industrial Group Co., Ltd., Class A		92,700		336,502

JD.com, Inc. ADR⁽¹⁾		33,900		842,415

Jiangsu Changjiang Electronics Technology Co., Ltd.		76,300		101,793

Jiangsu Expressway Co., Ltd., Class H		428,000		619,640

Jiangsu Hengrui Medicine Co., Ltd.		36,432		322,982

Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		14,600		206,987

Jiangxi Copper Co., Ltd., Class H		925,000		1,175,984

Jiangxi Ganfeng Lithium Co., Ltd., Class A		51,150		149,202

Jilin Aodong Pharmaceutical Group Co., Ltd., Class A		60,400		133,215

Jinke Properties Group Co., Ltd., Class A		265,299		226,907

Jinyu Bio-Technology Co., Ltd.		43,862		93,304

Jizhong Energy Resources Co., Ltd., Class A		231,400		128,168

Kaidi Ecological and Environmental Technology Co., Ltd., Class A⁽¹⁾		297,600		42,612

Kangde Xin Composite Material Group Co., Ltd., Class A		76,700		48,822

Kangmei Pharmaceutical Co., Ltd.		61,700		53,963

Kingboard Holdings., Ltd.		256,100		901,151

Kingfa Sci & Tech Co., Ltd.		171,338		117,604

Kunlun Energy Co., Ltd.		668,000		713,643

Kweichow Moutai Co., Ltd.		5,700		588,740

KWG Group Holdings, Ltd.		476,000		471,214

Lee & Man Paper Manufacturing, Ltd.		788,000		704,802

Lenovo Group, Ltd.		1,316,000		960,747

Lepu Medical Technology Beijing Co., Ltd., Class A		69,200		210,844

Li Ning Co., Ltd.⁽¹⁾		774,208		952,605

Liaoning Cheng Da Co., Ltd.		72,100		107,021

Longfor Group Holdings, Ltd.		316,500		986,229


		10		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

China (continued)

LONGi Green Energy Technology Co., Ltd.		46,340	$	154,283

Luxshare Precision Industry Co., Ltd., Class A		71,110		175,202

Luye Pharma Group, Ltd.⁽²⁾		496,500		370,982

Luzhou Laojiao Co., Ltd., Class A		27,300		174,764

Maanshan Iron & Steel Co., Ltd., Class H		1,832,000		879,318

Midea Group Co., Ltd., Class A		60,900		396,838

NARI Technology Co., Ltd.		48,600		139,240

NetEase, Inc. ADR		5,100		1,284,843

New Oriental Education & Technology Group, Inc. ADR⁽¹⁾		21,700		1,671,768

Nine Dragons Paper Holdings, Ltd.		615,000		628,521

O-film Tech Co., Ltd., Class A		65,800		99,282

Oceanwide Holdings Co., Ltd., Class A		204,000		140,281

Offshore Oil Engineering Co., Ltd.		217,300		170,038

Oriental Energy Co., Ltd., Class A		132,900		158,514

PetroChina Co., Ltd., Class H		4,840,000		3,123,807

Ping An Bank Co., Ltd., Class A		151,588		252,904

Ping An Insurance (Group) Co. of China, Ltd., Class H		315,500		3,071,569

Pingdingshan Tianan Coal Mining Co., Ltd.⁽¹⁾		262,600		139,971

Poly Developments and Holdings Group Co., Ltd., Class A		179,100		346,569

Poly Property Group Co., Ltd.		2,078,000		736,716

Power Construction Corp. of China, Ltd.		187,000		139,958

Qingdao Haier Co., Ltd.		66,800		160,286

RiseSun Real Estate Development Co., Ltd., Class A		163,200		224,889

SAIC Motor Corp., Ltd.		82,400		328,203

Sanan Optoelectronics Co., Ltd.		84,900		125,036

Sany Heavy Industry Co., Ltd.		122,300		167,326

SDIC Power Holdings Co., Ltd.		98,000		119,075

Semiconductor Manufacturing International Corp.⁽¹⁾		787,700		744,358

Shandong Gold Mining Co., Ltd.		42,500		194,710

Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,720,000		1,441,124

Shanghai Electric Group Co., Ltd., Class H		1,792,000		626,639

Shanghai Industrial Holdings, Ltd.		204,000		429,671

Shanghai Oriental Pearl Group Co., Ltd., Class A		75,920		112,217

Shanghai Pudong Development Bank Co., Ltd., Class A		136,500		219,740

Shanghai Zhangjiang High-Tech Park Development Co., Ltd., Class A		75,395		156,560

Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		158,323

Shanxi Xishan Coal & Electricity Power Co., Ltd., Class A		152,700		125,119

Shenwan Hongyuan Group Co., Ltd., Class A		198,901		131,456

Shenzhen Inovance Technology Co., Ltd., Class A		56,300		183,365

Shenzhen Investment, Ltd.		674,000		235,108


Security	Shares		Value

China (continued)

Shenzhen Overseas Chinese Town Co., Ltd., Class A		176,600	$	169,550

Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		171,300		103,716

Shimao Property Holdings, Ltd.		227,000		646,417

Siasun Robot & Automation Co., Ltd., Class A		55,000		112,069

Sichuan Chuantou Energy Co., Ltd.		152,000		206,674

Sihuan Pharmaceutical Holdings Group, Ltd.		3,161,000		667,442

SINA Corp.⁽¹⁾		11,900		730,898

Sino Biopharmaceutical, Ltd.		2,445,000		2,068,320

Sino-Ocean Group Holding, Ltd.		1,455,500		715,394

Sinopec Shanghai Petrochemical Co., Ltd., Class H		2,375,000		1,128,455

Sinopharm Group Co., Ltd., Class H		479,200		2,141,580

Sun Art Retail Group, Ltd.		1,011,500		1,005,349

Sunac China Holdings, Ltd.		406,000		1,617,061

Suning.com Co., Ltd, Class A		69,200		108,061

Tasly Pharmaceutical Group Co., Ltd.		46,760		126,470

TCL Corp., Class A		373,200		153,474

Tencent Holdings, Ltd.		168,702		7,509,699

Tencent Music Entertainment Group ADR⁽¹⁾		43		1,875

Tianqi Lithium Corp., Class A		44,850		180,866

Tingyi (Cayman Islands) Holding Corp.		838,000		1,167,040

Tonghua Dongbao Pharmaceutical Co., Ltd.		30,168		50,610

Tongling Nonferrous Metals Group Co., Ltd., Class A		776,200		229,943

Tsinghua Tongfang Co., Ltd.		100,600		129,130

Tsingtao Brewery Co., Ltd., Class H		324,000		1,425,742

Tus-Sound Environmental Resources Co., Ltd., Class A		65,660		90,380

Wanhua Chemical Group Co., Ltd.		19,665		96,645

Want Want China Holdings, Ltd.		2,409,000		1,952,289

Weichai Power Co., Ltd., Class H		887,600		1,197,938

Wens Foodstuffs Group Co., Ltd., Class A		100,500		417,543

West China Cement, Ltd.		3,420,000		489,793

Western Mining Co., Ltd.		169,300		137,490

WH Group, Ltd.⁽²⁾		3,233,000		2,772,414

Wintime Energy Co., Ltd.⁽¹⁾		327,670		77,181

Wuliangye Yibin Co., Ltd., Class A		36,700		332,078

Xinhu Zhongbao Co., Ltd.		301,800		127,843

Yang Quan Coal Industry Group Co., Ltd.		189,300		144,186

Yango Group Co., Ltd., Class A		206,192		174,143

Yangzijiang Shipbuilding Holdings, Ltd.		326,900		341,660

Yanzhou Coal Mining Co., Ltd., Class H		518,000		476,241

Yonghui Superstores Co., Ltd.		124,700		150,439

Youngor Group Co., Ltd.		132,440		150,531

Yuan Longping High-tech Agriculture Co., Ltd., Class A		65,900		123,556

Yuexiu Property Co., Ltd.		1,590,000		309,077

Yunnan Baiyao Group Co., Ltd., Class A		21,200		246,835


		11		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

China (continued)

Yunnan Chihong Zinc & Germanium Co., Ltd.		160,600	$	99,909

Zhaojin Mining Industry Co., Ltd., Class H		372,500		391,037

Zhejiang China Commodities City Group Co., Ltd.		167,200		89,794

Zhejiang Dahua Technology Co., Ltd., Class A		69,550		129,232

Zhejiang Expressway Co., Ltd., Class H		566,000		582,764

Zhejiang Huahai Pharmaceutical Co., Ltd.		37,500		57,700

Zhejiang Wanfeng Auto Wheel Co., Ltd., Class A		84,800		90,941

Zhejiang Zheneng Electric Power Co., Ltd.		246,600		164,834

Zhengzhou Yutong Bus Co., Ltd.		66,400		114,974

Zhongjin Gold Corp., Ltd.		115,900		137,075

Zhongtian Financial Group Co., Ltd., Class A		315,000		148,915

Zhuzhou CRRC Times Electric Co., Ltd., Class H		89,500		497,856

Zijin Mining Group Co., Ltd., Class H		5,360,000		2,011,561

ZTE Corp., Class H⁽¹⁾		456,103		924,772

			$	179,002,383

Colombia — 1.5%

Almacenes Exito SA		313,607	$	1,424,109

Avianca Holdings SA, PFC Shares		551,298		305,389

Banco Davivienda SA, PFC Shares		45,448		521,664

Bancolombia SA		114,355		1,227,889

Bancolombia SA ADR, PFC Shares		47,000		2,096,200

Celsia SA ESP		740,070		1,021,320

Cementos Argos SA		487,554		1,268,740

Cementos Argos SA, PFC Shares		148,603		320,657

Cemex Latam Holdings SA⁽¹⁾		173,596		243,761

Corporacion Financiera Colombiana SA⁽¹⁾		51,420		314,647

Ecopetrol SA		3,868,755		3,638,250

Grupo Argos SA		346,526		2,071,344

Grupo Argos SA, PFC Shares		51,292		256,047

Grupo Aval Acciones y Valores SA, PFC Shares		1,808,732		623,299

Grupo de Inversiones Suramericana SA		106,459		1,182,192

Grupo de Inversiones Suramericana SA, PFC Shares		48,367		515,292

Grupo Nutresa SA		367,495		3,141,165

Interconexion Electrica SA		674,487		3,023,787

			$	23,195,752

Croatia — 0.7%

AD Plastik DD		5,907	$	157,812

Adris Grupa DD, PFC Shares		26,905		1,728,088

Atlantic Grupa DD		1,465		266,672

Atlantska Plovidba DD⁽¹⁾		4,389		211,906

Ericsson Nikola Tesla DD		5,888		913,451

Hrvatski Telekom DD		100,074		2,346,274

INA Industrija Nafte DD		900		436,109

Koncar-Elektroindustrija DD		4,119		385,735


Security	Shares		Value

Croatia (continued)

Kras DD		4,381	$	266,077

Ledo DD⁽¹⁾⁽³⁾		978		0

Podravka Prehrambena Industrija DD		19,726		1,155,788

Valamar Riviera DD		359,330		1,884,310

Zagrebacka Banka DD		115,125		1,052,048

			$	10,804,270

Czech Republic — 0.7%

CEZ AS		197,400	$	4,983,053

Komercni Banka AS		122,188		4,926,580

Philip Morris CR AS		1,978		1,271,959

			$	11,181,592

Egypt — 0.7%

Alexandria Mineral Oils Co.		519,744	$	166,703

Commercial International Bank Egypt SAE		584,996		2,744,411

Eastern Tobacco		1,158,450		1,100,318

Egypt Kuwait Holding Co. SAE		501,725		637,462

Egyptian Financial Group-Hermes Holding Co.⁽¹⁾		264,772		255,693

ElSewedy Electric Co.		1,380,970		1,368,500

Ezz Steel Co SAE⁽¹⁾		330,083		381,787

Global Telecom Holding SAE⁽¹⁾		3,850,624		953,214

Juhayna Food Industries		658,122		427,868

Orascom Investment Holding⁽¹⁾		7,289,225		238,712

Oriental Weavers Co.		383,580		234,310

Palm Hills Developments SAE⁽¹⁾		2,709,769		364,579

Pioneers Holding for Financial Investments SAE⁽¹⁾		485,980		180,752

Sidi Kerir Petrochemicals Co.		344,688		347,183

Six of October Development & Investment Co.⁽¹⁾		382,178		331,683

Talaat Moustafa Group		1,510,986		958,642

Telecom Egypt		576,834		462,705

			$	11,154,522

Estonia — 0.6%

AS Merko Ehitus		78,018	$	821,824

AS Tallink Grupp		3,623,652		4,520,602

AS Tallinna Kaubamaja Grupp		192,740		1,986,555

AS Tallinna Vesi		116,590		1,413,832

Nordecon AS		145,374		163,272

			$	8,906,085

Ghana — 0.2%

CAL Bank, Ltd.⁽¹⁾		2,063,694	$	374,349

Ghana Commercial Bank, Ltd.		1,626,918		1,370,093


		12		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Ghana (continued)

Produce Buying Co., Ltd.⁽¹⁾		28	$	0

Standard Chartered Bank of Ghana, Ltd.⁽¹⁾		244,300		1,036,860

			$	2,781,302

Greece — 1.4%

Aegean Airlines SA		63,648	$	554,446

Alpha Bank AE⁽¹⁾		994,698		998,028

Athens Water Supply & Sewage Co. SA		85,511		523,168

Costamare, Inc.		71,719		364,333

Diana Shipping, Inc.⁽¹⁾		116,290		341,893

Ellaktor SA⁽¹⁾		260,188		412,558

Eurobank Ergasias SA⁽¹⁾		668,793		418,455

FF Group⁽¹⁾⁽³⁾		46,335		0

GasLog, Ltd.		44,301		794,317

GEK Terna Holding Real Estate Construction SA⁽¹⁾		125,544		621,870

Grivalia Properties REIC AE		14,830		143,884

Hellenic Exchanges - Athens Stock Exchange SA		197,541		826,883

Hellenic Petroleum SA		66,399		584,315

Hellenic Telecommunications Organization SA		294,869		3,692,933

Holding Co. ADMIE IPTO SA		236,407		426,779

JUMBO SA		106,682		1,743,392

Motor Oil (Hellas) Corinth Refineries SA		71,410		1,781,262

Mytilineos Holdings SA		136,635		1,291,043

National Bank of Greece SA⁽¹⁾		576,181		647,604

OPAP SA		198,753		1,944,483

Public Power Corp. SA⁽¹⁾		211,088		315,903

StealthGas, Inc.⁽¹⁾		37,397		124,906

Terna Energy SA		60,987		416,751

Titan Cement Co. SA		105,165		2,362,144

Tsakos Energy Navigation, Ltd.		106,400		342,608

			$	21,673,958

Hungary — 0.7%

Magyar Telekom Telecommunications PLC		521,442	$	881,147

MOL Hungarian Oil & Gas PLC		294,700		3,535,733

OTP Bank Nyrt		82,600		3,407,543

Richter Gedeon Nyrt.		156,100		3,333,697

			$	11,158,120

India — 5.5%

ABB India, Ltd.		19,900	$	356,231

ACC, Ltd.		18,085		361,877

Adani Enterprises, Ltd.		180,900		347,289

Adani Gas, Ltd.⁽¹⁾		180,900		234,646

Adani Ports and Special Economic Zone, Ltd.		286,020		1,364,177


Security	Shares		Value

India (continued)

Adani Power, Ltd.⁽¹⁾		556,250	$	364,630

Adani Transmission, Ltd.⁽¹⁾		227,715		683,855

Aditya Birla Capital, Ltd.⁽¹⁾		94,280		107,595

Aditya Birla Fashion and Retail, Ltd.⁽¹⁾		92,050		271,892

Ambuja Cements, Ltd.		191,950		567,650

Asian Paints, Ltd.		57,800		1,146,033

Aurobindo Pharma, Ltd.		18,125		200,454

Axis Bank, Ltd.⁽¹⁾		66,806		678,879

Bajaj Auto, Ltd.		20,320		733,883

Bank of Baroda⁽¹⁾		175,282		279,347

Bank of India⁽¹⁾		109,562		160,798

Bharat Forge, Ltd.		68,789		475,967

Bharat Heavy Electricals, Ltd.		648,450		589,963

Bharat Petroleum Corp., Ltd.		119,072		583,116

Bharti Airtel, Ltd.		881,336		3,793,382

Bharti Infratel, Ltd.		315,991		1,319,387

Biocon, Ltd.		87,659		805,127

Canara Bank⁽¹⁾		67,631		239,429

CG Power and Industrial Solutions, Ltd.⁽¹⁾		213,600		113,466

Cipla, Ltd.		131,806		958,264

Coal India, Ltd.		170,799		538,513

Colgate-Palmolive (India), Ltd.		33,518		604,612

Container Corp. of India, Ltd.		102,800		948,063

Crompton Greaves Consumer Electricals, Ltd.		213,600		640,817

Cummins India, Ltd.		49,900		560,408

Dabur India, Ltd.		146,992		925,344

Divi’s Laboratories, Ltd.		31,384		668,011

DLF, Ltd.		327,850		762,048

Dr. Reddy’s Laboratories, Ltd.		29,945		1,145,209

Eicher Motors, Ltd.		2,146		575,077

GAIL (India), Ltd.		278,493		1,306,868

GlaxoSmithKline Pharmaceuticals, Ltd.		17,360		343,936

Glenmark Pharmaceuticals, Ltd.		61,248		563,227

GMR Infrastructure, Ltd.⁽¹⁾		1,721,400		372,880

Godrej Consumer Products, Ltd.		33,317		333,321

Grasim Industries, Ltd.		67,343		682,653

Gujarat State Petronet, Ltd.		176,208		441,701

Havells India, Ltd.		40,009		402,851

HCL Technologies, Ltd.		63,623		901,899

HDFC Bank, Ltd.		72,123		2,103,711

Hero MotoCorp, Ltd.		17,877		661,089

Hindalco Industries, Ltd.		182,020		536,655

Hindustan Petroleum Corp., Ltd.		81,188		269,557

Hindustan Unilever, Ltd.		108,191		2,672,800

Hindustan Zinc, Ltd.		103,100		381,174

Housing Development Finance Corp., Ltd.		67,502		1,826,029


		13		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

India (continued)

ICICI Bank, Ltd.		136,725	$	702,849

IDBI Bank, Ltd.⁽¹⁾		161,700		126,248

IDFC Bank, Ltd.⁽¹⁾		260,034		165,392

IDFC, Ltd.		260,034		145,810

Indiabulls Housing Finance, Ltd.		19,115		178,786

Indiabulls Real Estate, Ltd.⁽¹⁾		228,961		236,846

Indian Hotels Co., Ltd. (The)		197,136		395,156

Indian Oil Corp., Ltd.		242,425		468,116

Infosys, Ltd.		370,892		3,910,829

ITC, Ltd.		511,495		2,003,667

Jindal Steel & Power, Ltd.⁽¹⁾		129,924		247,993

JSW Steel, Ltd.		203,796		791,042

Kotak Mahindra Bank, Ltd.		31,020		549,037

Larsen & Toubro, Ltd.		78,408		1,444,352

LIC Housing Finance, Ltd.		13,663		86,842

Lupin, Ltd.		80,300		989,382

Mahindra & Mahindra, Ltd.		121,720		1,168,594

Maruti Suzuki India, Ltd.		17,711		1,657,045

Nestle India, Ltd.		6,323		1,022,291

NTPC, Ltd.		942,277		1,854,125

Oberoi Realty, Ltd.		31,878		199,772

Oil & Natural Gas Corp., Ltd.		334,009		662,502

Oracle Financial Services Software, Ltd.		5,025		268,623

Piramal Enterprises, Ltd.		31,480		896,111

Power Grid Corporation of India, Ltd.		772,100		2,051,546

Reliance Capital, Ltd.		36,735		100,367

Reliance Communications, Ltd.⁽¹⁾		1,412,060		239,661

Reliance Industries, Ltd.		352,852		6,102,445

Reliance Infrastructure, Ltd.		101,537		384,719

Reliance Power, Ltd.⁽¹⁾		658,646		245,508

Siemens, Ltd.		47,180		684,424

Sobha, Ltd.		26,300		174,064

State Bank of India⁽¹⁾		73,106		304,156

Steel Authority of India, Ltd.⁽¹⁾		513,200		341,094

Sun Pharmaceutical Industries, Ltd.		306,109		1,816,396

Sun TV Network, Ltd.		55,449		414,476

Suzlon Energy, Ltd.⁽¹⁾		2,099,450		142,151

Tata Communications, Ltd.		127,400		896,004

Tata Consultancy Services, Ltd.		91,269		2,583,035

Tata Global Beverages, Ltd.		74,700		213,523

Tata Motors, Ltd.⁽¹⁾		208,855		532,862

Tata Power Co., Ltd. (The)		697,463		700,492

Tata Steel, Ltd.		70,165		473,065

Tech Mahindra, Ltd.		57,252		589,599

Titan Co., Ltd.		72,453		1,019,900

UltraTech Cement, Ltd.		19,390		961,333


Security	Shares		Value

India (continued)

Unitech, Ltd.⁽¹⁾		2,836,900	$	64,067

United Spirits, Ltd.⁽¹⁾		80,035		607,104

UPL, Ltd.		81,496		901,913

Vedanta, Ltd.		337,085		943,705

Vodafone Idea, Ltd.⁽¹⁾		1,816,900		771,255

Voltas, Ltd.		110,261		839,158

Wipro, Ltd.		134,983		699,926

Yes Bank, Ltd.		156,523		429,506

Zee Entertainment Enterprises, Ltd.		206,320		1,100,425

			$	85,405,079

Indonesia — 3.1%

Adaro Energy Tbk PT		13,411,400	$	1,340,262

AKR Corporindo Tbk PT		1,649,000		621,256

Aneka Tambang Tbk		10,251,500		711,951

Astra Argo Lestari Tbk PT		544,200		545,650

Astra International Tbk PT		8,931,800		5,418,491

Bank Central Asia Tbk PT		1,547,600		3,130,661

Bank Danamon Indonesia Tbk PT		591,903		385,998

Bank Mandiri Persero Tbk PT		2,743,800		1,470,468

Bank Negara Indonesia Persero Tbk PT		1,034,000		674,641

Bank Pan Indonesia Tbk PT⁽¹⁾		4,945,000		499,339

Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,068,100		178,390

Bank Rakyat Indonesia Persero Tbk PT		7,661,900		2,123,801

Bank Tabungan Negara Tbk PT		1,779,800		350,655

Berlian Laju Tanker Tbk PT⁽¹⁾⁽³⁾		7,544,500		0

Bukit Asam Tbk PT		2,764,800		855,414

Bumi Serpong Damai Tbk PT⁽¹⁾		3,215,100		307,142

Charoen Pokphand Indonesia Tbk PT		2,754,600		1,460,095

Gudang Garam Tbk PT		188,000		1,126,096

Hanson International Tbk PT⁽¹⁾		23,744,500		183,512

Indo Tambangraya Megah Tbk PT		361,400		591,083

Indocement Tunggal Prakarsa Tbk PT		1,491,100		2,055,573

Indofood Sukses Makmur Tbk PT		1,858,100		1,033,512

Jasa Marga (Persero) Tbk PT		1,900,900		672,666

Kalbe Farma Tbk PT		15,101,700		1,730,798

Lippo Karawaci Tbk PT		6,134,800		122,788

Matahari Department Store Tbk PT		686,300		344,995

Medco Energi Internasional Tbk PT⁽¹⁾		11,768,600		854,051

Media Nusantara Citra Tbk PT		3,201,000		194,236

Mitra Keluarga Karyasehat Tbk PT⁽¹⁾		3,345,900		361,405

MNC Investama Tbk PT⁽¹⁾		49,042,500		273,642

Perusahaan Gas Negara Persero Tbk PT		10,991,700		2,030,374

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		5,297,700		557,623


		14		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Indonesia (continued)

PP Persero Tbk PT		3,729,389	$	626,800

Semen Indonesia Persero Tbk PT		2,290,000		2,081,023

Sigmagold Inti Perkasa Tbk PT⁽¹⁾⁽³⁾		17,097,000		19,578

Siloam International Hospitals Tbk PT⁽¹⁾		2,296,600		530,666

Surya Semesta Internusa Tbk PT		10,457,000		365,377

Telekomunikasi Indonesia Persero Tbk PT		16,703,800		4,661,674

Tower Bersama Infrastructure Tbk PT		1,253,400		441,950

Unilever Indonesia Tbk PT		407,000		1,456,275

United Tractors Tbk PT		931,483		1,717,939

Vale Indonesia Tbk PT⁽¹⁾		5,222,500		1,448,536

Waskita Karya Persero Tbk PT		4,712,800		669,167

Wijaya Karya Persero Tbk PT		3,456,700		470,526

XL Axiata Tbk PT⁽¹⁾		2,604,900		404,479

			$	47,100,558

Jordan — 0.7%

Al-Eqbal Investment Co. PLC⁽¹⁾		59,475	$	1,132,586

Arab Bank PLC		558,504		4,905,386

Arab Potash Co. PLC		49,175		1,215,755

Bank of Jordan		119,866		419,092

Cairo Amman Bank		183,573		299,778

Capital Bank of Jordan		243,043		343,024

Jordan Ahli Bank		241,627		374,334

Jordan Islamic Bank		85,631		346,293

Jordan Petroleum Refinery		225,864		782,136

Jordanian Electric Power Co.		235,398		413,979

			$	10,232,363

Kazakhstan — 0.7%

Halyk Savings Bank of Kazakhstan JSC GDR⁽⁴⁾		447,782	$	4,510,061

KAZ Minerals PLC		550,742		4,300,376

Kcell JSC GDR⁽⁴⁾		414,605		2,060,815

Nostrum Oil & Gas PLC⁽¹⁾		75,523		136,982

			$	11,008,234

Kenya — 0.7%

ARM Cement, Ltd.⁽¹⁾⁽³⁾		1,653,600	$	45,523

Bamburi Cement Co., Ltd.		325,100		415,345

Barclays Bank of Kenya, Ltd.		5,213,860		592,899

British American Tobacco Kenya, Ltd.		52,000		329,359

Co-operative Bank of Kenya, Ltd. (The)		4,117,749		649,223

East African Breweries, Ltd.		1,086,780		2,301,446

Equity Group Holdings PLC		3,843,700		1,558,973

KCB Group, Ltd.		3,265,620		1,320,099

KenolKobil, Ltd.		2,894,200		607,357


Security	Shares		Value

Kenya (continued)

Kenya Power & Lighting, Ltd.⁽¹⁾		7,482,654	$	330,793

Nation Media Group PLC		488,284		303,322

Safaricom PLC		10,817,072		2,636,627

Standard Chartered Bank Kenya, Ltd.		219,542		425,322

			$	11,516,288

Kuwait — 1.4%

Agility Public Warehousing Co. KSC		786,226	$	2,010,018

Ahli United Bank		229,353		228,166

Al Ahli Bank of Kuwait KSCP		209,247		210,164

Al-Mazaya Holding Co.		882,500		209,382

ALAFCO Aviation Lease and Finance Co. KSCP		225,463		242,453

Boubyan Bank KSCP		235,713		450,427

Boubyan Petrochemicals Co. KSCP		541,078		1,674,535

Burgan Bank SAK		257,673		248,360

Commercial Bank of Kuwait KSCP		330,022		546,916

Commercial Real Estate Co. KSCC		2,296,205		686,754

Gulf Bank KSCP		553,473		511,421

Gulf Cable & Electrical Industries Co. KSCP		152,800		193,590

Gulf National Holding Co.⁽¹⁾⁽³⁾		297,856		0

Jazeera Airways Co. KSC		81,382		198,415

Kuwait Cement Co.		492,329		565,154

Kuwait Finance House KSCP		929,257		1,865,429

Kuwait Portland Cement Co. KSC		103,150		392,643

Kuwait Projects Co. Holdings KSC		378,400		252,711

Kuwait Real Estate Co. KSC⁽¹⁾		2,762,965		514,090

Mabanee Co. SAKC		618,024		1,270,893

Mezzan Holding Co. KSCC		65,569		97,820

Mobile Telecommunications Co.		2,429,010		3,691,157

National Bank of Kuwait SAK		1,081,244		3,096,848

National Industries Group Holding SAK		930,803		513,119

National Real Estate Co. KPSC⁽¹⁾		948,370		255,340

Qurain Petrochemical Industries Co.		830,580		1,042,355

Warba Bank KSCP⁽¹⁾		508,308		368,700

			$	21,336,860

Latvia — 0.0%⁽⁵⁾

Grindeks		42,000	$	374,054

			$	374,054

Lithuania — 0.2%

Apranga PVA		427,588	$	785,258

Energijos Skirstymo Operatorius AB		128,934		108,168

Klaipedos Nafta AB		1,345,900		650,414

Pieno Zvaigzdes⁽¹⁾		104,200		120,010


		15		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Lithuania (continued)

Rokiskio Suris		122,500	$	362,625

Siauliu Bankas		2,303,871		1,158,834

			$	3,185,309

Malaysia — 2.8%

Aeon Co. (M) Bhd		661,200	$	250,906

AirAsia Group Bhd		800,000		596,370

Alliance Bank Malaysia Bhd		150,000		155,733

AMMB Holdings Bhd		145,400		160,320

Astro Malaysia Holdings Bhd		979,300		402,709

Axiata Group Bhd		1,451,450		1,428,029

Berjaya Corp. Bhd⁽¹⁾		2,090,591		140,567

Berjaya Sports Toto Bhd		830,250		458,676

British American Tobacco Malaysia Bhd		46,200		433,949

Bursa Malaysia Bhd		122,550		218,824

CIMB Group Holdings Bhd		387,500		533,420

Dialog Group Bhd		2,709,814		1,988,441

Digi.com Bhd		995,700		1,137,742

FGV Holdings Bhd⁽¹⁾		884,500		216,546

Gamuda Bhd		965,900		651,762

Genting Bhd		903,900		1,534,611

Genting Malaysia Bhd		1,434,100		1,155,646

Genting Plantations Bhd		122,000		304,420

Globetronics Technology Bhd		736,900		347,159

Hartalega Holdings Bhd		350,100		463,254

Hong Leong Bank Bhd		57,100		288,398

IGB Real Estate Investment Trust		474,900		206,458

IHH Healthcare Bhd		1,474,300		2,024,951

IJM Corp. Bhd		967,680		432,735

Inari Amertron Bhd		2,886,200		1,063,583

IOI Corp. Bhd		686,018		780,794

IOI Properties Group Bhd		1,044,058		398,589

KLCCP Stapled Group		399,100		759,601

Kuala Lumpur Kepong Bhd		113,300		682,846

Lafarge Malaysia Bhd⁽¹⁾		942,950		431,714

Magnum Bhd		940,340		473,592

Malayan Banking Bhd		447,687		1,044,425

Malaysia Airports Holdings Bhd		342,800		674,942

Maxis Bhd		516,400		726,383

MISC Bhd		482,400		800,347

MMC Corp. Bhd		1,217,800		250,566

My EG Services Bhd		3,438,350		843,562

Nestle Malaysia Bhd		12,300		446,119

Petronas Chemicals Group Bhd		1,048,400		2,166,708

Petronas Dagangan Bhd		233,500		1,508,281

Petronas Gas Bhd		209,200		924,725


Security	Shares		Value

Malaysia (continued)

PPB Group Bhd		134,500	$	597,354

Press Metal Aluminium Holdings Bhd		1,092,820		1,155,185

Public Bank Bhd		233,920		1,416,962

RHB Bank Bhd		206,400		274,088

Sapura Energy Bhd⁽¹⁾		5,340,168		347,051

Scientex Bhd		71,100		152,980

Silverlake Axis, Ltd.		1,724,000		621,293

Sime Darby Bhd		1,193,039		655,424

Sime Darby Plantation Bhd		711,339		897,702

Sime Darby Property Bhd		1,732,039		487,595

SP Setia Bhd Group		575,400		361,983

Sunway Bhd		1,117,740		442,691

Sunway Real Estate Investment Trust		688,700		294,657

Supermax Corp. Bhd		1,203,600		446,740

Telekom Malaysia Bhd		884,700		629,928

Tenaga Nasional Bhd		727,825		2,298,294

Top Glove Corp. Bhd		871,100		1,027,606

UEM Sunrise Bhd		1,683,050		310,892

UMW Holdings Bhd		376,500		537,429

VS Industry Bhd		2,509,800		498,129

YTL Corp. Bhd		1,680,734		452,007

YTL Power International Bhd		1,397,760		307,432

			$	43,721,825

Mauritius — 0.7%

Alteo, Ltd.		852,532	$	562,627

CIEL, Ltd.		1,801,109		332,359

CIM Financial Services, Ltd.		543,905		115,564

Lavastone, Ltd.⁽¹⁾		543,905		48,577

MCB Group, Ltd.		477,035		3,828,596

Phoenix Beverages, Ltd.		24,345		388,740

Rogers & Co., Ltd.		1,906,627		2,175,544

SBM Holdings, Ltd.		6,041,362		1,067,833

Sun, Ltd., Class A		516,880		741,787

Terra Mauricia, Ltd.		432,330		267,218

United Basalt Products, Ltd.		334,219		1,260,404

			$	10,789,249

Mexico — 5.7%

Alfa SAB de CV, Series A		2,825,972	$	3,566,040

Alsea SAB de CV		694,800		1,922,102

America Movil SAB de CV, Series L		14,049,950		11,307,703

Arca Continental SAB de CV		292,880		1,699,331

Bolsa Mexicana de Valores SAB de CV		912,575		1,825,412

Cemex SAB de CV, Series CPO⁽¹⁾		7,329,339		3,974,702


		16		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Mexico (continued)

Coca-Cola Femsa SAB de CV, Series L		287,500	$	1,796,513

El Puerto de Liverpool SAB de CV		163,780		1,073,010

Fibra Uno Administracion SA de CV		2,054,090		2,822,967

Fomento Economico Mexicano SAB de CV, Series UBD		752,856		6,850,498

Genomma Lab Internacional SAB de CV⁽¹⁾		2,417,000		1,681,084

Gentera SAB de CV		917,500		670,291

Grupo Aeroportuario del Pacifico SAB de CV, Class B		312,487		2,811,889

Grupo Aeroportuario del Sureste SAB de CV, Class B		177,515		3,214,574

Grupo Bimbo SAB de CV, Series A		1,148,945		2,274,187

Grupo Carso SAB de CV, Series A1		800,500		3,139,667

Grupo Elektra SAB de CV		29,498		1,601,220

Grupo Financiero Banorte SAB de CV, Class O		1,306,700		7,267,322

Grupo Financiero Inbursa SAB de CV, Class O		2,577,000		3,723,542

Grupo Mexico SAB de CV, Series B		2,139,079		5,090,901

Grupo Sanborns SAB de CV		226,889		223,065

Grupo Televisa SAB ADR		219,400		2,744,694

Grupo Televisa SAB, Series CPO		325,100		814,864

Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1⁽¹⁾		500,000		875,943

Industrias CH SAB de CV, Series B⁽¹⁾		222,900		941,269

Industrias Penoles SAB de CV		95,765		1,307,149

Infraestructura Energetica Nova SAB de CV		180,000		705,984

Kimberly-Clark de Mexico SAB de CV, Class A		712,600		1,193,614

Mexichem SAB de CV		675,699		1,809,544

Minera Frisco SAB de CV⁽¹⁾		714,800		185,034

Organizacion Soriana SAB de CV, Class B⁽¹⁾		120,000		168,809

Promotora y Operadora de Infraestructura SAB de CV		193,500		1,969,177

Telesites SAB de CV⁽¹⁾		1,126,268		705,013

Ternium SA ADR		26,100		793,962

Wal-Mart de Mexico SAB de CV, Series V		2,143,280		5,629,931

			$	88,381,007

Morocco — 0.7%

Attijariwafa Bank		37,995	$	1,796,694

Banque Centrale Populaire		42,503		1,224,941

BMCE Bank		29,719		562,335

Cosumar		68,623		1,242,134

Douja Promotion Groupe Addoha SA		160,235		235,070

Label Vie		1,418		287,827

LafargeHolcim Maroc SA		9,792		1,665,478

Lesieur Cristal		19,185		283,995

Managem SA		2,236		242,596

Maroc Telecom		128,998		2,012,967

Samir⁽¹⁾⁽³⁾		15,717		0

Societe d’Exploitation des Ports		29,732		556,540


Security	Shares		Value

Morocco (continued)

Taqa Morocco		6,028	$	588,098

TOTAL Maroc SA		1,894		219,635

			$	10,918,310

Nigeria — 0.7%

Access Bank PLC		15,309,588	$	244,130

Afriland Properties PLC⁽¹⁾⁽³⁾		1,286,159		0

Dangote Cement PLC		3,225,641		1,651,215

Ecobank Transnational, Inc.⁽¹⁾		5,093,625		196,827

FBN Holdings PLC		28,227,890		576,208

Flour Mills of Nigeria PLC		3,215,556		165,215

Guaranty Trust Bank PLC		21,291,456		1,968,043

Guiness Nigeria PLC		1,391,550		230,380

Lafarge Africa PLC		5,061,475		175,232

Lekoil, Ltd.⁽¹⁾		1,111,089		154,006

Nestle Nigeria PLC		355,667		1,370,857

Nigerian Breweries PLC		4,747,707		967,995

SEPLAT Petroleum Development Co. PLC⁽²⁾		604,091		935,480

Stanbic IBTC Holdings PLC		1,977,675		245,587

Transnational Corp. of Nigeria PLC		44,100,342		152,048

United Bank for Africa PLC		25,521,594		477,957

Zenith Bank PLC		19,093,381		1,187,527

			$	10,698,707

Oman — 0.7%

Bank Dhofar SAOG		1,196,840	$	496,670

Bank Muscat SAOG		2,383,792		2,513,464

Bank Nizwa SAOG⁽¹⁾		1,001,800		229,199

Bank Sohar SAOG		1,707,287		491,863

HSBC Bank Oman SAOG		915,535		292,947

National Bank of Oman SAOG		1,396,197		683,825

Oman Cables Industry SAOG		127,600		314,334

Oman Cement Co. SAOG		743,500		558,446

Oman Flour Mills Co. SAOG		90,796		138,455

Oman Telecommunications Co. SAOG		913,435		1,703,115

Ominvest		356,584		321,759

Ooredoo		738,509		999,930

Raysut Cement Co. SAOG		322,669		322,469

Renaissance Services SAOG⁽¹⁾		1,429,609		1,261,283

Sembcorp Salalah Power & Water Co.		1,120,000		488,916

			$	10,816,675

Pakistan — 0.7%

Bank Alfalah, Ltd.		865,691	$	307,003

D.G. Khan Cement Co., Ltd.		322,232		199,634


		17		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Pakistan (continued)

Engro Corp., Ltd.		245,987	$	596,174

Engro Fertilizers, Ltd.		610,528		335,019

Fauji Fertilizer Co., Ltd.		560,610		432,135

Habib Bank, Ltd.		612,217		660,406

Hub Power Co., Ltd. (The)		2,206,400		1,489,694

K-Electric, Ltd.⁽¹⁾		4,344,000		202,393

Kot Addu Power Co., Ltd.		765,900		279,314

Lucky Cement, Ltd.		147,650		501,172

Maple Leaf Cement Factory, Ltd.		624,937		200,902

Mari Petroleum Co., Ltd.		24,530		228,768

MCB Bank, Ltd.		460,830		695,294

Millat Tractors, Ltd.		66,390		425,212

National Bank of Pakistan⁽¹⁾		672,540		229,199

Nishat Mills, Ltd.		884,171		911,702

Oil & Gas Development Co., Ltd.		520,591		566,757

Pak Elektron, Ltd.		892,000		178,319

Pakistan Oilfields, Ltd.		128,520		439,923

Pakistan Petroleum, Ltd.		453,143		621,170

Pakistan State Oil Co., Ltd.		194,028		345,796

Searle Co., Ltd. (The)		269,627		512,828

SUI Southern Gas Co., Ltd.⁽¹⁾		864,051		158,850

TRG Pakistan⁽¹⁾		989,500		195,459

United Bank, Ltd.		406,745		450,251

			$	11,163,374

Panama — 0.3%

Copa Holdings SA, Class A		42,529	$	4,033,876

			$	4,033,876

Peru — 1.4%

Alicorp SAA		410,225	$	1,301,871

Cementos Pacasmayo SAA		192,689		390,879

Cia de Minas Buenaventura SA ADR		237,550		3,717,658

Credicorp, Ltd.		44,600		10,827,988

Ferreycorp SAA		1,797,472		1,361,271

Southern Copper Corp.		97,376		3,273,781

Volcan Cia Minera SAA, Class B		2,886,275		650,550

			$	21,523,998

Philippines — 3.0%

Aboitiz Equity Ventures, Inc.		940,610	$	1,164,285

Aboitiz Power Corp.		1,953,600		1,442,797

Alliance Global Group, Inc.		1,585,400		417,048

Ayala Corp.		99,465		1,773,938

Ayala Land, Inc.		2,273,300		1,942,326


Security	Shares		Value

Philippines (continued)

Ayala Land, Inc., PFC Shares⁽³⁾		3,951,800	$	0

Bank of the Philippine Islands		702,040		1,228,840

BDO Unibank, Inc.		657,594		1,708,513

Bloomberry Resorts Corp.		5,797,500		1,229,282

Cosco Capital, Inc.		3,726,300		528,203

D&L Industries, Inc.		4,201,800		914,720

DMCI Holdings, Inc.		1,492,900		361,043

First Gen Corp.		1,549,522		607,792

First Philippine Holdings Corp.		327,190		456,781

Globe Telecom, Inc.		35,150		1,367,131

GT Capital Holdings, Inc.		31,780		652,734

International Container Terminal Services, Inc.		352,920		734,024

JG Summit Holdings, Inc.		1,166,370		1,450,136

Jollibee Foods Corp.		561,600		3,410,660

LT Group, Inc.		1,202,200		358,254

Manila Electric Co.		330,160		2,322,569

Manila Water Co.		909,900		480,800

Megaworld Corp.		6,000,000		595,783

Metro Pacific Investments Corp.		4,416,700		412,864

Metropolitan Bank & Trust Co.		661,527		1,067,817

Nickel Asia Corp.		9,507,240		448,116

Petron Corp.		4,267,400		612,675

PLDT, Inc.		101,670		2,527,065

Puregold Price Club, Inc.		1,430,700		1,250,016

Robinsons Land Corp.		1,000,882		423,561

Robinsons Retail Holdings, Inc.		652,000		1,100,778

San Miguel Corp.		154,070		488,772

Security Bank Corp.		101,780		350,126

Semirara Mining & Power Corp.		2,596,920		1,181,948

SM Investments Corp.		191,533		3,653,752

SM Prime Holdings, Inc.		4,438,199		3,254,150

Travellers International Hotel Group, Inc.⁽¹⁾		3,521,900		371,572

Universal Robina Corp.		1,157,020		3,290,605

Vista Land & Lifescapes, Inc.		1,567,200		175,764

			$	45,757,240

Poland — 2.9%

Alior Bank SA⁽¹⁾		35,865	$	555,508

AmRest Holdings SE⁽¹⁾		81,550		863,390

Asseco Poland SA		272,089		3,511,446

Bank Handlowy w Warszawie SA		18,785		349,283

Bank Millennium SA⁽¹⁾		281,290		668,104

Bank Polska Kasa Opieki SA		62,942		1,873,236

Boryszew SA⁽¹⁾		122,670		155,213

Budimex SA		20,575		597,938

CCC SA		28,164		1,356,047


		18		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Poland (continued)

Ciech SA		42,262	$	596,929

Cyfrowy Polsat SA⁽¹⁾		206,500		1,315,677

Enea SA⁽¹⁾		258,387		745,543

Energa SA⁽¹⁾		275,523		753,026

Eurocash SA		317,200		1,716,329

Grupa Azoty SA		74,494		742,340

Grupa Lotos SA		35,648		891,276

ING Bank Slaski SA		14,380		739,592

Jastrzebska Spolka Weglowa SA⁽¹⁾		58,043		1,067,216

KGHM Polska Miedz SA⁽¹⁾		119,177		3,023,427

LPP SA		1,317		2,959,649

Lubelski Wegiel Bogdanka SA⁽¹⁾		8,815		133,154

mBank SA		5,230		631,532

Netia SA⁽¹⁾		195,572		270,767

Orange Polska SA⁽¹⁾		1,362,301		2,051,191

PGE SA⁽¹⁾		972,070		3,109,120

PKP Cargo SA⁽¹⁾		40,141		443,177

Polski Koncern Naftowy ORLEN SA		115,790		3,262,471

Polskie Gornictwo Naftowe i Gazownictwo SA		659,050		1,352,863

Powszechna Kasa Oszczednosci Bank Polski SA		339,105		3,604,715

Powszechny Zaklad Ubezpieczen SA		224,111		2,692,951

Santander Bank Polska SA		13,875		1,395,926

Tauron Polska Energia SA⁽¹⁾		1,248,226		798,190

			$	44,227,226

Qatar — 1.4%

Aamal Co. QSC		46,535	$	123,191

Al Meera Consumer Goods Co.		3,672		152,088

Barwa Real Estate Co.		137,167		1,533,452

Commercial Bank PQSC (The)		48,818		568,406

Doha Bank QPSC		33,740		195,355

Gulf International Services QSC⁽¹⁾		73,013		334,092

Industries Qatar		80,097		3,148,361

Masraf Al Rayan QSC		94,538		1,056,721

Medicare Group		9,576		172,648

Ooredoo QPSC		70,926		1,476,296

Qatar Electricity & Water Co. QSC		35,645		1,842,916

Qatar Gas Transport Co., Ltd.		167,929		920,050

Qatar Insurance Co.		34,837		372,547

Qatar International Islamic Bank		11,705		220,556

Qatar Islamic Bank		27,302		1,182,843

Qatar National Bank QPSC		108,439		5,878,756

Qatar Navigation QSC		24,021		454,274

United Development Co. QSC		120,269		553,745

Vodafone Qatar QSC⁽¹⁾		275,224		632,673

			$	20,818,970


Security	Shares		Value

Romania — 0.7%

Banca Transilvania SA		7,987,271	$	3,042,840

BRD-Groupe Societe Generale SA		578,630		1,403,525

OMV Petrom SA		24,032,674		1,870,213

Societatea Energetica Electrica SA		548,668		1,264,199

Societatea Nationala de Gaze Naturale ROMGAZ SA		198,170		1,339,250

Transelectrica SA		114,909		541,503

Transgaz SA Medias		9,856		783,673

			$	10,245,203

Russia — 6.3%

Aeroflot PJSC		312,896	$	516,422

Alrosa PJSC		650,100		976,773

Evraz PLC		167,352		1,096,257

Federal Grid Co. Unified Energy System PJSC		279,085,440		707,764

Gazprom PJSC ADR		1,848,133		9,035,921

Globaltrans Investment PLC GDR⁽⁴⁾		156,200		1,544,786

Inter RAO UES PJSC		27,837,070		1,634,357

Lenta, Ltd. GDR⁽¹⁾⁽⁴⁾		168,201		556,875

LSR Group PJSC GDR⁽⁴⁾		186,400		366,479

Lukoil PJSC ADR⁽⁶⁾		1,600		128,320

Lukoil PJSC ADR⁽⁶⁾		129,202		10,374,590

Luxoft Holding, Inc.⁽¹⁾		17,500		1,015,525

Magnit PJSC		45,747		2,905,909

Magnit PJSC GDR⁽⁴⁾		66,434		1,059,186

Magnitogorsk Iron & Steel Works PJSC		721,700		479,941

Mail.ru Group, Ltd. GDR⁽¹⁾⁽⁴⁾		102,282		2,523,292

Mechel PJSC ADR⁽¹⁾		152,000		363,280

MMC Norilsk Nickel PJSC ADR⁽⁶⁾		23,923		502,622

MMC Norilsk Nickel PJSC ADR⁽⁶⁾		311,892		6,496,189

Mobile TeleSystems PJSC		796,357		3,189,575

Moscow Exchange MICEX-RTS PJSC⁽¹⁾		606,740		867,769

Mosenergo PJSC		8,811,603		295,119

Novatek PJSC GDR⁽⁴⁾		24,803		4,553,804

Novolipetsk Steel PJSC GDR		57,500		1,347,945

PhosAgro PJSC GDR⁽⁴⁾⁽⁶⁾		12,600		171,612

PhosAgro PJSC GDR⁽⁴⁾⁽⁶⁾		28,064		382,628

Polymetal International PLC		120,800		1,378,318

QIWI PLC ADR⁽¹⁾		32,866		525,856

Rosneft Oil Co. PJSC GDR⁽⁴⁾⁽⁶⁾		3,905		24,406

Rosneft Oil Co. PJSC GDR⁽⁴⁾⁽⁶⁾		364,424		2,278,816

Rostelecom PJSC		836,637		926,759

RusHydro PJSC		167,955,080		1,319,448

Sberbank of Russia PJSC		3,870,588		12,893,669

Severstal PJSC GDR⁽⁴⁾		112,006		1,710,459

Sistema PJSFC		3,328,078		490,132

Sollers PJSC⁽¹⁾		3,142		20,055


		19		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Russia (continued)

Surgutneftegas PJSC ADR		318,172	$	1,317,039

Surgutneftegas PJSC, PFC Shares		2,610,900		1,620,936

Tatneft PJSC ADR⁽⁶⁾		3,614		266,894

Tatneft PJSC ADR⁽⁶⁾		77,782		5,716,889

TMK PJSC GDR⁽⁴⁾		64,757		210,241

Transneft PJSC, PFC Shares		545		1,459,636

Unipro PJSC		8,737,000		370,035

VEON, Ltd. ADR		370,784		938,084

VTB Bank PJSC		2,002,190,000		1,149,215

X5 Retail Group NV GDR⁽⁴⁾		100,500		2,651,122

Yandex NV, Class A⁽¹⁾		186,600		6,266,028

			$	96,626,977

Saudi Arabia — 1.4%

Abdullah Al Othaim Markets Co.		23,008	$	424,155

Al Hammadi Co. for Development and Investment⁽¹⁾		38,317		262,658

Al Rajhi Bank		50,461		1,363,323

Al Tayyar Travel Group Holding Co.		72,186		443,170

Aldrees Petroleum and Transport Services Co.		16,600		155,317

Alinma Bank		39,712		255,754

Almarai Co. JSC		80,694		1,163,668

Arab National Bank		49,700		497,981

Arriyadh Development Co.		47,846		234,392

Banque Saudi Fransi		49,100		485,127

Dallah Healthcare Co.		9,149		160,304

Dar Al Arkan Real Estate Development Co.		491,437		1,311,291

Emaar Economic City⁽¹⁾		249,842		624,101

Etihad Etisalat Co.⁽¹⁾		95,838		460,724

Fawaz Abdulaziz Al Hokair & Co.⁽¹⁾		59,694		337,701

Jarir Marketing Co.		31,417		1,279,326

Mobile Telecommunications Co. Saudi Arabia⁽¹⁾		123,207		306,292

Mouwasat Medical Services Co.		20,399		411,187

National Agriculture Development Co. (The)⁽¹⁾		17,649		132,075

National Industrialization Co.⁽¹⁾		30,681		131,268

National Medical Care Co.		9,934		123,263

Rabigh Refining & Petrochemical Co.		64,000		344,540

Riyad Bank		68,200		411,922

Sahara Petrochemical Co.		43,292		178,997

Samba Financial Group		61,205		593,889

Saudi Airlines Catering Co.		21,881		504,978

Saudi Arabian Amiantit Co.⁽¹⁾		106,500		203,031

Saudi Arabian Fertilizer Co.		12,058		271,023

Saudi Arabian Mining Co.⁽¹⁾		21,900		321,235

Saudi Basic Industries Corp.		38,437		1,260,085

Saudi British Bank (The)		58,524		574,572

Saudi Ceramic Co.⁽¹⁾		21,700		117,166


Security	Shares		Value

Saudi Arabia (continued)

Saudi Chemical Co.		25,900	$	229,544

Saudi Co. for Hardware CJSC		7,287		129,078

Saudi Electricity Co.		336,411		1,563,037

Saudi Ground Services Co.		39,900		328,759

Saudi Industrial Investment Group		35,563		221,502

Saudi International Petrochemical Co.		40,200		203,990

Saudi Kayan Petrochemical Co.⁽¹⁾		59,809		222,805

Saudi Pharmaceutical Industries & Medical Appliances Corp.		19,138		147,716

Saudi Public Transport Co.		48,600		189,655

Saudi Telecom Co.		71,171		1,909,039

Savola Group (The)		97,172		878,741

United Electronics Co.		10,324		166,359

United International Transportation Co.		37,546		281,546

Yanbu National Petrochemical Co.		18,678		343,643

			$	22,159,929

Slovenia — 0.7%

Cinkarna Celje DD		2,659	$	636,841

KRKA DD		53,647		3,529,057

Luka Koper		42,830		1,355,857

Petrol		5,432		2,007,988

Pozavarovalnica Sava DD		47,857		868,521

Telekom Slovenije DD		16,325		1,148,825

Zavarovalnica Triglav DD		31,851		1,154,171

			$	10,701,260

South Africa — 5.9%

Absa Group, Ltd.		94,735	$	1,329,450

AECI, Ltd.		52,556		352,220

African Rainbow Minerals, Ltd.		57,934		650,332

Anglo American Platinum, Ltd.		12,485		602,649

AngloGold Ashanti, Ltd.		123,324		1,739,284

Aspen Pharmacare Holdings, Ltd.		392,807		4,317,869

Astral Foods, Ltd.		18,500		226,387

AVI, Ltd.		186,900		1,313,758

Barloworld, Ltd.		383,475		3,514,605

Bid Corp., Ltd.		119,527		2,565,081

Bidvest Group, Ltd. (The)		380,754		5,839,690

Capitec Bank Holdings, Ltd.		12,100		1,067,333

Clicks Group, Ltd.		129,100		1,919,690

DataTec, Ltd.⁽¹⁾		160,600		352,851

Discovery, Ltd.		77,690		933,951

Exxaro Resources, Ltd.		118,010		1,375,493

FirstRand, Ltd.		445,046		2,338,617


		20		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

South Africa (continued)

Foschini Group, Ltd. (The)		63,545	$	814,049

Gold Fields, Ltd.		283,431		1,150,166

Grindrod, Ltd.⁽¹⁾		340,300		196,508

Growthpoint Properties, Ltd.		1,042,876		2,042,453

Harmony Gold Mining Co., Ltd.⁽¹⁾		296,711		595,811

Hyprop Investments, Ltd.		92,800		629,917

Impala Platinum Holdings, Ltd.⁽¹⁾		301,273		884,872

Imperial Logistics, Ltd.		60,958		312,642

Investec, Ltd.		62,594		412,572

JSE, Ltd.		40,800		505,369

Kumba Iron Ore, Ltd.		14,360		369,632

Liberty Holdings, Ltd.		47,175		381,167

Life Healthcare Group Holdings, Ltd.		1,510,419		3,096,259

Massmart Holdings, Ltd.		98,355		685,391

Mediclinic International PLC		253,849		1,059,735

MMI Holdings, Ltd.⁽¹⁾		365,188		462,707

Mondi, Ltd.		40,419		1,005,078

Motus Holdings, Ltd.⁽¹⁾		60,958		410,224

Mr Price Group, Ltd.		59,321		998,548

MTN Group, Ltd.		289,276		1,892,686

Murray & Roberts Holdings, Ltd.		915,850		987,628

Nampak, Ltd.⁽¹⁾		465,438		490,506

Naspers, Ltd., Class N		44,057		10,191,430

Nedbank Group, Ltd.		44,331		959,445

Netcare, Ltd.		1,305,994		2,458,266

Northam Platinum, Ltd.⁽¹⁾		207,738		756,382

Pick’n Pay Stores, Ltd.		225,781		1,183,544

PPC, Ltd.⁽¹⁾		468,427		196,127

Rand Merchant Investment Holdings, Ltd.		241,697		674,772

Redefine Properties, Ltd.		2,311,150		1,841,653

Remgro, Ltd.		82,517		1,316,385

Reunert, Ltd.		371,825		1,974,194

RMB Holdings, Ltd.		137,064		867,938

Sanlam, Ltd.		213,591		1,357,691

Sappi, Ltd.		166,248		982,129

Sasol, Ltd.		126,856		3,837,930

Shoprite Holdings, Ltd.		172,823		2,138,472

Sibanye Gold, Ltd.⁽¹⁾		534,218		464,310

SPAR Group, Ltd. (The)		91,631		1,382,659

Standard Bank Group, Ltd.		130,101		1,922,204

Steinhoff International Holdings NV⁽¹⁾		787,883		102,144

Telkom SA SOC, Ltd.		188,450		953,499

Tiger Brands, Ltd.		76,630		1,606,820

Tongaat Hulett, Ltd.		99,910		379,591

Truworths International, Ltd.		105,912		644,612

Vodacom Group, Ltd.		116,477		1,059,870


Security	Shares		Value

South Africa (continued)

Wilson Bayly Holmes-Ovcon, Ltd.		106,200	$	1,117,328

Woolworths Holdings, Ltd.		245,524		933,086

			$	91,125,661

South Korea — 5.8%

AMOREPACIFIC Corp.⁽¹⁾		5,380	$	879,835

AMOREPACIFIC Group⁽¹⁾		6,000		370,759

BNK Financial Group, Inc.		34,935		231,098

Celltrion, Inc.⁽¹⁾		14,223		2,816,080

Cheil Worldwide, Inc.		31,519		665,671

CJ CheilJedang Corp.⁽¹⁾		2,752		848,314

CJ Corp.		1,800		195,459

CJ Corp., PFC Shares⁽¹⁾		270		11,791

CJ ENM Co., Ltd.⁽¹⁾		2,216		423,587

CJ Logistics Corp.⁽¹⁾		2,049		309,844

Coway Co., Ltd.		11,040		832,002

Daelim Industrial Co., Ltd.⁽¹⁾		3,151		302,277

Daesang Corp.⁽¹⁾		8,000		181,586

Daewoo Engineering & Construction Co., Ltd.⁽¹⁾		36,541		170,840

Daewoo Industrial Development Co., Ltd.⁽¹⁾		3,657		8,825

Daewoong Pharmaceutical Co., Ltd.⁽¹⁾		4,700		820,331

DB Insurance Co., Ltd.		5,340		333,483

DGB Financial Group Co., Ltd.		34,537		269,749

Dong-A Pharmaceutical Co., Ltd.⁽¹⁾		2,407		227,703

Dong-A ST Co., Ltd.⁽¹⁾		4,078		370,860

Dongkuk Steel Mill Co., Ltd.⁽¹⁾		50,333		376,812

Doosan Corp.		1,901		201,527

Doosan Heavy Industries & Construction Co., Ltd.⁽¹⁾		11,535		118,263

E-MART, Inc.		5,525		954,347

GS Engineering & Construction Corp.		10,435		442,312

GS Holdings Corp.		24,620		1,205,038

Hana Financial Group, Inc.		27,700		995,995

Hanjin Kal Corp.⁽¹⁾		10,383		258,990

Hankook Tire Co., Ltd.⁽¹⁾		14,523		546,299

Hanmi Pharm Co., Ltd.⁽¹⁾		2,304		901,517

Hanmi Science Co., Ltd.⁽¹⁾		9,239		610,062

Hansol Holdings Co., Ltd.⁽¹⁾		37,566		169,308

Hansol Paper Co., Ltd.		12,933		200,040

Hanwha Aerospace Co., Ltd.⁽¹⁾		9,095		257,422

Hanwha Chemical Corp.⁽¹⁾		28,250		572,988

Hanwha Corp.⁽¹⁾		6,080		192,721

HDC Hyundai Development Co-Engineering & Construction, Class E⁽¹⁾		4,650		206,677

Hite-Jinro Co., Ltd.⁽¹⁾		20,121		306,241

Hyosung Chemical Corp.⁽¹⁾		760		96,777

Hyosung Corp.⁽¹⁾		3,287		207,574


		21		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

South Korea (continued)

Hyosung TNC Co., Ltd.⁽¹⁾		1,031	$	159,726

Hyundai Department Store Co., Ltd.		2,715		233,723

Hyundai Engineering & Construction Co., Ltd.⁽¹⁾		7,842		440,647

Hyundai Glovis Co., Ltd.		3,070		392,530

Hyundai Heavy Industries Co., Ltd.⁽¹⁾		4,301		538,241

Hyundai Heavy Industries Holdings Co., Ltd.⁽¹⁾		867		280,637

Hyundai Marine & Fire Insurance Co., Ltd.		5,856		196,549

Hyundai Mipo Dockyard Co., Ltd.		4,150		235,164

Hyundai Mobis Co., Ltd.⁽¹⁾		9,659		1,956,596

Hyundai Motor Co.		19,239		2,242,912

Hyundai Steel Co.		16,100		740,832

Hyundai Wia Corp.⁽¹⁾		5,400		212,464

Industrial Bank of Korea⁽¹⁾		26,180		335,341

Kakao Corp.⁽¹⁾		3,565		319,379

Kangwon Land, Inc.⁽¹⁾		23,766		727,130

KB Financial Group, Inc.		38,300		1,645,648

KCC Corp.		745		219,358

Kia Motors Corp.		28,703		938,533

Korea Electric Power Corp.⁽¹⁾		99,395		3,071,653

Korea Gas Corp.⁽¹⁾		15,148		738,244

Korea Investment Holdings Co., Ltd.⁽¹⁾		4,490		260,412

Korea Zinc Co., Ltd.⁽¹⁾		1,988		787,253

Korean Air Lines Co., Ltd.⁽¹⁾		10,010		327,887

Korean Reinsurance Co.		29,387		237,472

KT Corp.		69,653		1,790,449

KT Corp. ADR⁽¹⁾		3,700		51,134

KT&G Corp.⁽¹⁾		25,725		2,290,600

Kumho Petrochemical Co., Ltd.		4,400		356,859

LG Chem, Ltd.		6,650		2,206,096

LG Corp.		13,532		946,177

LG Display Co., Ltd.⁽¹⁾		19,325		329,156

LG Electronics, Inc.		15,743		944,932

LG Hausys, Ltd.		2,858		179,969

LG Household & Health Care, Ltd.		1,800		2,047,996

LG Uplus Corp.		103,900		1,412,217

Lotte Chemical Corp.		2,291		619,656

Lotte Corp.⁽¹⁾		5,796		273,298

LOTTE Fine Chemical Co., Ltd.		9,050		370,069

Lotte Shopping Co., Ltd.⁽¹⁾		1,923		339,197

LS Corp.		3,530		182,435

LS Industrial Systems Co., Ltd.		3,300		156,097

Medy-Tox, Inc.		1,853		867,919

Mirae Asset Daewoo Co., Ltd.⁽¹⁾		44,889		307,739

Naver Corp.		6,970		854,421

NCsoft Corp.		1,263		531,828

NH Investment & Securities Co., Ltd.⁽¹⁾		21,508		270,929


Security	Shares		Value

South Korea (continued)

NHN Entertainment Corp.⁽¹⁾		4,718	$	251,492

Nong Shim Co., Ltd.		3,000		754,286

OCI Co., Ltd.⁽¹⁾		4,137		399,873

Orion Corp. of Republic of Korea⁽¹⁾		8,200		837,413

POSCO		10,900		2,690,686

Posco Daewoo Corp.		9,000		162,702

S-Oil Corp.		18,080		1,702,436

S1 Corp.		3,266		301,786

Samsung Biologics Co., Ltd.⁽¹⁾⁽²⁾		2,681		967,583

Samsung C&T Corp.		8,300		897,990

Samsung Card Co., Ltd.		3,060		91,679

Samsung Electro-Mechanics Co., Ltd.		3,583		350,650

Samsung Electronics Co., Ltd.		188,330		7,852,251

Samsung Fire & Marine Insurance Co., Ltd.		3,579		878,133

Samsung Heavy Industries Co., Ltd.⁽¹⁾		67,350		553,227

Samsung Life Insurance Co., Ltd.		8,610		684,609

Samsung SDI Co., Ltd.		2,525		509,693

Samsung Securities Co., Ltd.		9,540		287,991

Shinhan Financial Group Co., Ltd.		44,051		1,703,807

Shinsegae, Inc.		1,984		473,781

SK Chemicals Co., Ltd.		5,375		331,831

SK Holdings Co., Ltd.		3,484		827,585

SK Hynix, Inc.		24,100		1,611,560

SK Innovation Co., Ltd.		24,291		4,123,355

SK Networks Co., Ltd.		41,210		220,260

SK Telecom Co., Ltd.		13,100		3,032,759

ViroMed Co., Ltd.⁽¹⁾		5,376		1,342,900

Woori Bank⁽¹⁾⁽³⁾		48,286		642,280

Yuhan Corp.⁽¹⁾		4,620		989,086

Zyle Motor Sales Corp.⁽¹⁾		5,113		7,582

			$	89,139,774

Sri Lanka — 0.7%

Access Engineering PLC		1,359,048	$	104,854

Aitken Spence PLC		984,592		253,789

Ceylon Tobacco Co. PLC		122,121		960,455

Chevron Lubricants Lanka PLC		686,662		281,784

Commercial Bank of Ceylon PLC		1,876,179		1,197,612

DFCC Bank PLC		293,137		133,943

Dialog Axiata PLC		8,819,002		489,195

Hatton National Bank PLC		1,114,305		1,278,868

Hemas Holdings PLC		500,000		237,939

John Keells Holdings PLC		2,738,134		2,415,958

Lanka IOC PLC		1,004,003		115,272

Melstacorp PLC⁽¹⁾		5,523,537		1,398,715

National Development Bank PLC		538,000		312,978


		22		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Sri Lanka (continued)

Nations Trust Bank PLC⁽¹⁾		386,337	$	190,909

Sampath Bank PLC⁽¹⁾		538,064		722,736

Teejay Lanka PLC		1,705,074		334,723

			$	10,429,730

Taiwan — 5.5%

AcBel Polytech, Inc.		429,000	$	284,459

Acer, Inc.		263,519		171,809

AirTAC International Group		92,714		1,093,495

AmTRAN Technology Co., Ltd.⁽¹⁾		650,067		248,407

ASE Technology Holding Co., Ltd.		198,561		399,333

Asia Cement Corp.		280,356		337,090

Asustek Computer, Inc.		40,325		314,344

AU Optronics Corp.		578,837		226,903

Capital Securities Corp.		761,762		228,674

Catcher Technology Co., Ltd.		37,183		286,236

Cathay Financial Holding Co., Ltd.		647,533		931,201

Center Laboratories, Inc.		548,831		1,470,878

Chailease Holding Co., Ltd.		132,328		494,236

Chang Hwa Commercial Bank, Ltd.		584,655		342,677

Cheng Shin Rubber Industry Co., Ltd.		593,672		841,185

Chicony Electronics Co., Ltd.		100,164		221,030

China Airlines, Ltd.		2,591,887		899,081

China Development Financial Holding Corp.		1,527,050		501,599

China Life Insurance Co., Ltd.		352,389		321,058

China Motor Corp.		762,315		596,052

China Petrochemical Development Corp.⁽¹⁾		414,564		145,989

China Steel Corp.		1,629,734		1,358,887

Chipbond Technology Corp.		68,000		151,101

Chong Hong Construction Co., Ltd.		184,999		512,790

Chunghwa Telecom Co., Ltd.		1,412,746		4,955,894

Clevo Co.		260,155		250,515

Compal Electronics, Inc.		260,345		156,124

CTBC Financial Holding Co., Ltd.		1,792,275		1,220,436

Delta Electronics, Inc.		95,151		475,448

Dynapack International Technology Corp.		97,374		150,385

E Ink Holdings, Inc.		172,000		184,268

E.Sun Financial Holding Co., Ltd.		1,040,040		728,967

Eclat Textile Co., Ltd.		47,159		541,994

Elan Microelectronics Corp.		66,710		188,193

EVA Airways Corp.		1,981,733		968,916

Evergreen International Storage & Transport Corp.		868,000		382,881

Evergreen Marine Corp.		1,881,441		741,240

Everlight Electronics Co., Ltd.		142,291		142,849

Far Eastern Department Stores, Ltd.		1,001,995		538,427

Far Eastern New Century Corp.		1,833,695		1,799,850


Security	Shares		Value

Taiwan (continued)

Far EasTone Telecommunications Co., Ltd.		791,084	$	1,856,698

Feng Hsin Steel Co., Ltd.		183,260		349,139

First Financial Holding Co., Ltd.		719,322		479,671

Formosa Chemicals & Fibre Corp.		439,399		1,529,170

Formosa International Hotels Corp.		118,084		525,371

Formosa Petrochemical Corp.		915,320		3,250,235

Formosa Plastics Corp.		480,896		1,609,324

Formosa Taffeta Co., Ltd.		432,000		498,562

Formosan Rubber Group, Inc.		350,730		173,656

Foxconn Technology Co., Ltd.		109,087		212,883

Fubon Financial Holding Co., Ltd.		692,596		1,015,509

Giant Manufacturing Co., Ltd.		90,208		452,587

Goldsun Building Materials Co., Ltd.		1,672,928		477,018

Great Wall Enterprise Co., Ltd.		996,050		1,135,909

Highwealth Construction Corp.		441,669		696,185

Hiwin Technologies Corp.		115,241		933,719

Hon Hai Precision Industry Co., Ltd.		546,747		1,267,318

Hota Industrial Manufacturing Co., Ltd.		58,360		233,024

Hotai Motor Co., Ltd.		119,000		1,152,215

Hu Lane Associate, Inc.		90,000		265,244

Hua Nan Financial Holdings Co., Ltd.		777,678		469,803

Innolux Corp.		623,762		215,106

Inventec Corp.		324,966		253,725

Kenda Rubber Industrial Co., Ltd.		238,367		233,154

Kinpo Electronics, Inc.		1,125,000		411,799

Largan Precision Co., Ltd.		4,795		609,676

MediaTek, Inc.		77,462		627,670

Mega Financial Holding Co., Ltd.		1,027,730		897,186

Merida Industry Co., Ltd.		54,657		271,691

Nan Kang Rubber Tire Co., Ltd.		831,253		717,427

Nan Ya Plastics Corp.		671,214		1,677,146

Novatek Microelectronics Corp., Ltd.		41,942		220,343

Pegatron Corp.		135,028		230,653

Pou Chen Corp.		656,819		796,584

Powertech Technology, Inc.		111,865		262,614

President Chain Store Corp.		286,664		3,044,768

Quanta Computer, Inc.		198,508		365,799

Radium Life Tech Co., Ltd.⁽¹⁾		633,422		295,555

Realtek Semiconductor Corp.		46,002		252,098

Ruentex Development Co., Ltd.		314,860		482,008

Sanyang Motor Co., Ltd.		1,013,866		669,655

ScinoPharm Taiwan, Ltd.		255,343		224,611

Shin Kong Financial Holding Co., Ltd.		1,243,256		357,120

Sino-American Silicon Products, Inc.		70,233		154,517

SinoPac Financial Holdings Co., Ltd.		894,414		305,186

St. Shine Optical Co., Ltd.		22,000		412,747


		23		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Taiwan (continued)

Synnex Technology International Corp.		169,358	$	211,628

Tainan Spinning Co., Ltd.		941,822		371,931

Taishin Financial Holding Co., Ltd.		1,129,729		503,885

Taiwan Business Bank		366,613		133,128

Taiwan Cement Corp.		613,513		760,388

Taiwan Cooperative Financial Holding Co., Ltd.		943,886		572,478

Taiwan Fertilizer Co., Ltd.		130,000		184,761

Taiwan Glass Industry Corp.		542,564		233,393

Taiwan Mobile Co., Ltd.		790,296		2,824,117

Taiwan Semiconductor Manufacturing Co., Ltd.		697,465		5,173,771

Taiwan Tea Corp.		395,711		204,852

Tatung Co., Ltd.⁽¹⁾		427,785		381,901

Teco Electric & Machinery Co., Ltd.		1,627,000		992,843

Tong Yang Industry Co., Ltd.		374,608		479,939

Tripod Technology Corp.		68,535		184,387

TSRC Corp.		417,063		382,994

TTY Biopharm Co., Ltd.		534,330		1,403,129

Tung Ho Steel Enterprise Corp.		798,060		514,641

U-Ming Marine Transport Corp.		186,000		185,873

Uni-President Enterprises Corp.		2,351,831		5,573,114

United Microelectronics Corp.		816,090		311,679

United Renewable Energy Co., Ltd.⁽¹⁾		685,542		187,122

Walsin Lihwa Corp.		1,614,000		936,265

Wan Hai Lines, Ltd.		518,962		267,680

Waterland Financial Holdings		723,556		234,489

Wei Chuan Food Corp.⁽¹⁾		623,000		433,165

Wistron Corp.		289,489		202,888

Xxentria Technology Materials Corp.		234,700		558,004

Yageo Corp.		19,591		214,215

Yang Ming Marine Transport⁽¹⁾		1,153,621		338,846

YFY, Inc.		531,120		201,062

Yieh Phui Enterprise Co., Ltd.		1,480,438		486,145

Yuanta Financial Holding Co., Ltd.		843,629		472,016

Yulon Motor Co., Ltd.		454,950		273,870

			$	84,767,578

Thailand — 3.0%

Advanced Info Service PCL⁽⁷⁾		410,700	$	2,355,924

Airports of Thailand PCL⁽⁷⁾		1,290,100		2,857,017

AP Thailand PCL⁽⁷⁾		1,657,700		371,695

Bangkok Bank PCL⁽⁷⁾		101,600		701,090

Bangkok Dusit Medical Services PCL⁽⁷⁾		2,943,300		2,225,437

Bangkok Land PCL⁽⁷⁾		7,258,500		390,704

Banpu PCL⁽⁷⁾		403,300		215,011

BEC World PCL⁽¹⁾⁽⁷⁾		1,120,800		196,098

Berli Jucker PCL⁽⁷⁾		285,600		446,677


Security	Shares		Value

Thailand (continued)

BTS Group Holdings PCL⁽⁷⁾		1,624,000	$	520,813

Bumrungrad Hospital PCL⁽⁷⁾		295,800		1,762,479

Central Pattana PCL⁽⁷⁾		537,000		1,374,216

Central Plaza Hotel PCL⁽⁷⁾		268,400		370,628

CH. Karnchang PCL⁽⁷⁾		187,120		154,533

Charoen Pokphand Foods PCL⁽⁷⁾		793,800		693,603

CP ALL PCL⁽⁷⁾		829,400		2,067,201

Delta Electronics (Thailand) PCL⁽⁷⁾		663,300		1,477,112

Electricity Generating PCL⁽⁷⁾		185,800		1,559,734

Glow Energy PCL⁽⁷⁾		391,300		1,157,105

Hana Microelectronics PCL⁽⁷⁾		933,400		1,033,135

Home Product Center PCL⁽⁷⁾		2,064,255		1,032,629

Indorama Ventures PCL⁽⁷⁾		657,600		1,014,070

IRPC PCL⁽⁷⁾		2,114,500		390,367

Italian-Thai Development PCL⁽¹⁾⁽⁷⁾		2,682,406		219,942

Jasmine International PCL⁽⁷⁾		662,900		108,530

Kasikornbank PCL⁽⁷⁾		193,300		1,240,519

KCE Electronics PCL⁽⁷⁾		562,600		473,691

Khon Kaen Sugar Industry PCL⁽⁷⁾		1,189,180		121,377

Kiatnakin Bank PCL⁽⁷⁾		103,100		226,618

Krung Thai Bank PCL⁽⁷⁾		535,400		340,044

L.P.N. Development PCL⁽⁷⁾		1,255,000		283,826

Land & Houses PCL⁽⁷⁾		2,593,500		889,518

Minor International PCL⁽⁷⁾		1,283,877		1,598,282

Pruksa Holding PCL⁽⁷⁾		518,200		295,558

PTT Exploration & Production PCL⁽⁷⁾		259,798		1,026,164

PTT Global Chemical PCL⁽⁷⁾		470,200		1,027,111

PTT PCL⁽⁷⁾		1,396,800		2,175,141

Quality House PCL⁽⁷⁾		6,862,846		651,535

Ratchaburi Electricity Generating Holding PCL⁽⁷⁾		441,300		784,802

Robinson PCL⁽⁷⁾		315,200		687,121

Samart Corp. PCL⁽⁷⁾		867,800		186,581

Siam Cement PCL⁽⁷⁾		94,300		1,412,502

Siam City Cement PCL⁽⁷⁾		39,783		295,637

Siam Commercial Bank PCL⁽⁷⁾		281,600		1,201,054

Siam Global House PCL (The)⁽⁷⁾		1,162,656		696,927

Sino-Thai Engineering & Construction PCL⁽¹⁾⁽⁷⁾		452,157		328,879

Super Energy Corp. PCL⁽¹⁾⁽⁷⁾		11,910,000		221,556

Thai Airways International PCL⁽¹⁾⁽⁷⁾		472,700		201,827

Thai Beverage PCL⁽⁷⁾		1,968,200		1,067,001

Thai Oil PCL⁽⁷⁾		158,700		366,863

Thai Union Group PCL⁽⁷⁾		465,900		279,286

Thanachart Capital PCL⁽⁷⁾		139,700		240,806

Thoresen Thai Agencies PCL⁽⁷⁾		1,334,265		220,472

TMB Bank PCL⁽⁷⁾		4,639,200		327,263

Total Access Communication PCL⁽⁷⁾		473,300		728,133


		24		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Thailand (continued)

TPI Polene PCL⁽⁷⁾		4,974,200	$	340,665

True Corp. PCL⁽⁷⁾		5,357,890		877,459

TTW PCL⁽⁷⁾		2,149,000		873,522

			$	46,383,490

Tunisia — 0.3%

Attijari Bank		16,957	$	236,703

Banque de Tunisie		168,735		444,573

Banque Internationale Arabe de Tunisie		8,448		334,450

Banque Nationale Agricole⁽¹⁾		87,115		385,302

Carthage Cement⁽¹⁾		597,550		262,134

Euro Cycles SA		18,760		99,874

Poulina Group		122,715		667,476

Societe d’Articles Hygieniques SA⁽¹⁾		95,830		350,126

Societe Frigorifique et Brasserie de Tunis SA		92,682		723,727

Telnet Holding		95,416		356,852

Union Internationale de Banques SA		40,688		302,473

			$	4,163,690

Turkey — 3.1%

AG Anadolu Grubu Holding AS		109,884	$	272,553

Akbank T.A.S.		1,154,240		1,585,128

Aksa Akrilik Kimya Sanayii AS		251,413		422,164

Aksa Enerji Uretim AS⁽¹⁾		600,923		350,996

Albaraka Turk Katilim Bankasi AS		522,467		128,518

Anadolu Efes Biracilik ve Malt Sanayii AS		199,790		853,308

Arcelik AS		516,256		1,852,201

Aygaz AS		279,132		658,369

BIM Birlesik Magazalar AS		186,400		3,257,245

Cimsa Cimento Sanayi ve Ticaret AS		141,400		223,013

Coca-Cola Icecek AS		102,495		655,776

Dogan Sirketler Grubu Holding AS⁽¹⁾		907,806		198,447

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		440,700		253,637

Emlak Konut Gayrimenkul Yatirim Ortakligi AS		8,770,367		2,682,147

Enka Insaat ve Sanayi AS		910,424		871,261

Eregli Demir ve Celik Fabrikalari TAS		1,987,373		3,264,136

Ford Otomotiv Sanayi AS		157,461		1,827,191

Haci Omer Sabanci Holding AS		498,524		904,876

Is Gayrimenkul Yatirim Ortakligi AS		1,682,412		345,859

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D⁽¹⁾		1,752,188		889,772

KOC Holding AS		538,149		1,804,472

Koza Altin Isletmeleri AS⁽¹⁾		77,300		802,722

Migros Ticaret AS⁽¹⁾		75,000		247,055

Net Holding AS⁽¹⁾		325,363		116,368


Security	Shares		Value

Turkey (continued)

Pegasus Hava Tasimaciligi AS⁽¹⁾		36,600	$	214,566

Petkim Petrokimya Holding AS		1,139,360		1,272,951

TAV Havalimanlari Holding AS		101,888		550,169

Tekfen Holding AS		99,500		474,617

Tofas Turk Otomobil Fabrikasi AS		266,109		1,085,154

Trakya Cam Sanayii AS		365,441		256,879

Tupras-Turkiye Petrol Rafinerileri AS		246,878		6,642,401

Turk Hava Yollari AO⁽¹⁾		406,634		1,211,345

Turk Sise ve Cam Fabrikalari AS		339,000		446,087

Turk Telekomunikasyon AS⁽¹⁾		1,160,995		1,133,990

Turkcell Iletisim Hizmetleri AS		2,012,673		5,651,411

Turkiye Garanti Bankasi AS		882,172		1,547,725

Turkiye Halk Bankasi AS		267,144		393,829

Turkiye Is Bankasi AS, Class C		563,039		619,647

Turkiye Sinai Kalkinma Bankasi AS		1,026,653		168,993

Turkiye Vakiflar Bankasi TAO, Class D		458,258		424,696

Ulker Biskuvi Sanayi AS		213,500		761,765

Vestel Elektronik Sanayi ve Ticaret AS⁽¹⁾		242,175		318,801

Yapi ve Kredi Bankasi AS⁽¹⁾		609,032		230,137

			$	47,872,377

United Arab Emirates — 1.4%

Abu Dhabi Commercial Bank PJSC		762,399	$	1,944,173

Abu Dhabi National Hotels		108,000		83,241

Agthia Group PJSC		883,903		936,551

Air Arabia PJSC		2,563,979		698,336

Al Waha Capital PJSC		702,377		344,864

Aldar Properties PJSC		2,692,498		1,168,304

Arabtec Holding PJSC		1,029,141		606,265

Dana Gas PJSC		4,421,906		1,082,336

DP World, Ltd.		175,489		3,119,415

Dubai Financial Market PJSC		801,704		183,142

Dubai Investments PJSC		1,856,227		667,950

Dubai Islamic Bank PJSC		593,639		824,582

DXB Entertainments PJSC⁽¹⁾		3,800,000		277,189

Emaar Properties PJSC		2,521,156		2,973,136

Emirates Telecommunications Group Co. PJSC		577,000		2,676,403

First Abu Dhabi Bank PJSC		949,103		3,813,420

RAK Properties PJSC		2,150,800		272,258

			$	21,671,565

Vietnam — 1.4%

Bank for Foreign Trade of Vietnam JSC		964,355	$	2,371,637

Bao Viet Holdings		307,150		1,226,293

Development Investment Construction Corp.⁽¹⁾		341,447		231,310


		25		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Vietnam (continued)

FLC Faros Construction JSC⁽¹⁾		383,532	$	519,830

FPT Corp.		80,712		151,275

HAGL JSC⁽¹⁾		1,155,511		249,795

Hoa Phat Group JSC⁽¹⁾		2,092,337		2,507,809

KIDO Group Corp.		529,520		457,927

Kinh Bac City Development Share Holding Corp.⁽¹⁾		328,860		200,684

Masan Group Corp.⁽¹⁾		377,350		1,269,028

PetroVietnam Drilling & Well Services JSC⁽¹⁾		813,305		574,850

PetroVietnam Fertilizer & Chemical JSC		685,220		671,809

PetroVietnam Gas JSC		215,050		818,618

PetroVietnam Technical Services Corp.		817,700		653,568

Phu Nhuan Jewelry JSC		37,990		156,150

SSI Securities Corp.		198,000		224,062

Vietjet Aviation JSC		278,536		1,487,399

Vietnam Dairy Products JSC		471,127		2,745,387

Vietnam Joint Stock Commercial Bank for Industry and Trade⁽¹⁾		3		3

Vingroup JSC⁽¹⁾		1,036,707		4,653,142

			$	21,170,576

Total Common Stocks (identified cost $1,331,335,169)			$	1,537,976,802

Rights⁽¹⁾ — 0.0%
Security	Shares		Value

Attijari Bank, Exp. 5/25/48		28	$	0

Banque Nationale Agricole, Exp. 6/20/48		6		0

Societe d’Articles Hygieniques SA, Exp. 8/6/48		7		0

Societe d’Articles Hygieniques SA, Exp. 12/3/48		13		0

Total Rights (identified cost $0)			$	0

Total Investments — 99.8% (identified cost $1,331,335,169)			$	1,537,976,802

Other Assets, Less Liabilities — 0.2%			$	3,541,552

Net Assets — 100.0%			$	1,541,518,354

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, 2019, the aggregate value of these securities is $7,720,441 or 0.5% of the Fund’s net assets.

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

⁽⁴⁾

⁽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.


Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value

Hong Kong Dollar		9.3	%	$	143,957,238

United States Dollar		8.2			127,391,227

Brazilian Real		6.2			95,170,887

South African Rand		5.9			91,023,517

South Korean Won		5.8			89,088,640

Indian Rupee		5.5			85,405,079

Mexican Peso		5.5			84,842,351

New Taiwan Dollar		5.5			84,767,578

New Turkish Lira		3.1			47,872,377

Indonesian Rupiah		3.1			47,100,558

Chilean Peso		3.0			45,877,817

Philippine Peso		3.0			45,757,240

Thai Baht		2.9			45,316,489

Polish Zloty		2.9			44,227,226

Malaysian Ringgit		2.8			43,100,532

Euro		2.8			42,974,753

Russian Ruble		2.0			31,823,514

Kuwaiti Dinar		1.8			28,481,159

United Arab Emirates Dirham		1.5			22,888,918

Chinese Yuan Renminbi		1.5			22,584,312

Saudi Riyal		1.4			22,159,929

Vietnamese Dong		1.4			21,170,576

Colombian Peso		1.4			21,099,552

Qatari Riyal		1.4			20,818,970

Other currency, less than 1% each		11.9			183,076,363

Total Investments		99.8	%	$	1,537,976,802


		26		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Portfolio of Investments — continued


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value

Financials		19.0	%	$	293,180,849

Materials		11.2			172,668,520

Consumer Staples		11.0			169,488,812

Industrials		10.9			167,571,702

Communication Services		9.7			150,036,474

Energy		9.5			146,082,738

Consumer Discretionary		8.4			129,602,919

Utilities		6.2			96,074,580

Health Care		5.3			80,971,056

Real Estate		4.5			69,445,689

Information Technology		4.1			62,853,463

Total Investments		99.8	%	$	1,537,976,802

Abbreviations:



ADR	–	American Depositary Receipt

GDR	–	Global Depositary Receipt

PCL	–	Public Company Ltd.

PFC Shares	–	Preference Shares


		27		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Statement of Assets and Liabilities


Assets	January 31, 2019

Unaffiliated investments, at value (identified cost, $1,331,335,169)	$	1,537,976,802

Cash		2,663,171

Foreign currency, at value (identified cost, $1,148,330)		1,150,787

Dividends receivable		2,783,351

Receivable for investments sold		2,845,717

Receivable for Fund shares sold		2,023,247

Tax reclaims receivable		71,521

Other assets		7,366

Total assets	$	1,549,521,962

Liabilities

Payable for investments purchased	$	53,597

Payable for Fund shares redeemed		4,740,599

Payable to affiliates:

Investment adviser fee		1,016,774

Administration fee		188,576

Distribution and service fees		41,072

Accrued foreign capital gains taxes		885,641

Accrued expenses		1,077,349

Total liabilities	$	8,003,608

Net Assets	$	1,541,518,354

Sources of Net Assets

Paid-in capital	$	1,676,331,421

Accumulated loss		(134,813,067	)

Total	$	1,541,518,354

Investor Class Shares

Net Assets	$	172,773,068

Shares Outstanding		12,099,777

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	14.28

Class C Shares

Net Assets	$	5,884,832

Shares Outstanding		420,003

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	14.01

Institutional Class Shares

Net Assets	$	1,268,617,894

Shares Outstanding		88,634,378

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	14.31

Class R6 Shares

Net Assets	$	94,242,560

Shares Outstanding		6,588,707

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	14.30

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


		28		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Statement of Operations


Investment Income	Year Ended January 31, 2019

Dividends (net of foreign taxes, $8,384,175)	$	72,052,673

Interest		12,952

Total investment income	$	72,065,625

Expenses

Investment adviser fee	$	17,428,449

Administration fee		3,281,395

Distribution and service fees

Investor Class		647,534

Class C		82,292

Trustees’ fees and expenses		89,070

Custodian fee		2,720,322

Transfer and dividend disbursing agent fees		1,284,635

Legal and accounting services		150,210

Printing and postage		291,121

Registration fees		116,224

Interest expense and fees		289,741

Miscellaneous		187,278

Total expenses	$	26,568,271

Net investment income	$	45,497,354

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $284,339)	$	38,311,124

Foreign currency transactions		(1,880,111	)

Net realized gain	$	36,431,013

Change in unrealized appreciation (depreciation) —

Investments (including net increase in accrued foreign capital gains taxes of $11,166)	$	(493,193,714	)

Foreign currency		(22,139	)

Net change in unrealized appreciation (depreciation)	$	(493,215,853	)

Net realized and unrealized loss	$	(456,784,840	)

Net decrease in net assets from operations	$	(411,287,486	)


		29		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Statements of Changes in Net Assets


	Year Ended January 31,
Increase (Decrease) in Net Assets	2019			2018

From operations —

Net investment income	$	45,497,354		$	48,219,970

Net realized gain		36,431,013			14,886,813

Net change in unrealized appreciation (depreciation)		(493,215,853	)		704,772,106

Net increase (decrease) in net assets from operations	$	(411,287,486	)	$	767,878,889

Distributions to shareholders⁽¹⁾ —

Investor Class	$	(3,545,868	)	$	(10,183,156	)

Class C		(92,406	)		(168,458	)

Institutional Class		(30,416,590	)		(49,803,465	)

Class R6		(2,160,862	)		(16,110,983	)

Total distributions to shareholders	$	(36,215,726	)	$	(76,266,062	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Investor Class	$	41,632,451		$	55,520,901

Class C		206,360			885,164

Institutional Class		280,037,814			420,440,001

Class R6		38,528,359			80,751,262

Net asset value of shares issued to shareholders in payment of distributions declared

Investor Class		3,432,138			9,992,931

Class C		87,818			158,118

Institutional Class		23,229,644			36,505,344

Class R6		2,160,862			15,633,121

Cost of shares redeemed

Investor Class		(220,377,035	)		(292,705,286	)

Class C		(1,907,825	)		(2,294,846	)

Institutional Class		(757,598,270	)		(756,611,346	)

Class R6		(463,667,721	)		(171,183,425	)

Net asset value of shares converted

Investor Class		1,071,377			—

Class C		(1,071,377	)		—

Net decrease in net assets from Fund share transactions	$	(1,054,235,405	)	$	(602,908,061	)

Net increase (decrease) in net assets	$	(1,501,738,617	)	$	88,704,766

Net Assets

At beginning of year	$	3,043,256,971		$	2,954,552,205

At end of year	$	1,541,518,354		$	3,043,256,971	⁽²⁾

⁽¹⁾	For the year ended January 31, 2018, the source of distributions was from net investment income. The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018.

⁽²⁾	Includes accumulated distributions in excess of net investment income of $(23,728,662) at January 31, 2018. The requirement to disclose the corresponding amount as of January 31, 2019 was eliminated.


		30		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Financial Highlights


	Investor Class

	Year Ended January 31,
	2019			2018			2017			2016			2015

Net asset value — Beginning of year	$	16.850		$	13.340		$	10.990		$	13.850		$	14.070

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.283		$	0.223		$	0.179		$	0.185		$	0.204

Net realized and unrealized gain (loss)		(2.570	)		3.650			2.364			(2.851	)		(0.166	)

Total income (loss) from operations	$	(2.287	)	$	3.873		$	2.543		$	(2.666	)	$	0.038

Less Distributions

From net investment income	$	(0.283	)	$	(0.363	)	$	(0.193	)	$	(0.016	)	$	(0.180	)

From net realized gain		—			—			—			(0.178	)		(0.078	)

Total distributions	$	(0.283	)	$	(0.363	)	$	(0.193	)	$	(0.194	)	$	(0.258	)

Net asset value — End of year	$	14.280		$	16.850		$	13.340		$	10.990		$	13.850

Total Return⁽²⁾		(13.43	)%		29.33	%		23.32	%		(19.59	)%		0.25	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	172,773		$	400,814		$	520,939		$	527,198		$	599,094

Ratios (as a percentage of average daily net assets):

Expenses⁽³⁾		1.44	%		1.37	%		1.38	%		1.37	%		1.36	%

Net investment income		1.89	%		1.52	%		1.44	%		1.43	%		1.34	%

Portfolio Turnover		2	%		3	%		6	%		8	%		9	%

⁽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.


		31		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Financial Highlights — continued


	Class C

	Year Ended January 31,
	2019			2018			2017			2016			2015

Net asset value — Beginning of year	$	16.530		$	13.120		$	10.840		$	13.760		$	13.960

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.146		$	0.096		$	0.083		$	0.096		$	0.094

Net realized and unrealized gain (loss)		(2.484	)		3.580			2.340			(2.834	)		(0.163	)

Total income (loss) from operations	$	(2.338	)	$	3.676		$	2.423		$	(2.738	)	$	(0.069	)

Less Distributions

From net investment income	$	(0.182	)	$	(0.266	)	$	(0.143	)	$	(0.004	)	$	(0.053	)

From net realized gain		—			—			—			(0.178	)		(0.078	)

Total distributions	$	(0.182	)	$	(0.266	)	$	(0.143	)	$	(0.182	)	$	(0.131	)

Net asset value — End of year	$	14.010		$	16.530		$	13.120		$	10.840		$	13.760

Total Return⁽²⁾		(14.10	)%		28.32	%		22.50	%		(20.23	)%		(0.51	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	5,885		$	10,152		$	9,209		$	9,573		$	15,996

Ratios (as a percentage of average daily net assets):

Expenses⁽³⁾		2.19	%		2.12	%		2.13	%		2.12	%		2.11	%

Net investment income		1.01	%		0.66	%		0.68	%		0.74	%		0.63	%

Portfolio Turnover		2	%		3	%		6	%		8	%		9	%

⁽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.


		32		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Financial Highlights — continued


	Institutional Class

	Year Ended January 31,
	2019			2018			2017			2016			2015

Net asset value — Beginning of year	$	16.910		$	13.400		$	11.040		$	13.890		$	14.110

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.304		$	0.245		$	0.212		$	0.233		$	0.243

Net realized and unrealized gain (loss)		(2.565	)		3.673			2.375			(2.880	)		(0.162	)

Total income (loss) from operations	$	(2.261	)	$	3.918		$	2.587		$	(2.647	)	$	0.081

Less Distributions

From net investment income	$	(0.339	)	$	(0.408	)	$	(0.227	)	$	(0.025	)	$	(0.223	)

From net realized gain		—			—			—			(0.178	)		(0.078	)

Total distributions	$	(0.339	)	$	(0.408	)	$	(0.227	)	$	(0.203	)	$	(0.301	)

Net asset value — End of year	$	14.310		$	16.910		$	13.400		$	11.040		$	13.890

Total Return⁽²⁾		(13.20	)%		29.56	%		23.64	%		(19.40	)%		0.55	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	1,268,618		$	2,030,663		$	1,884,610		$	1,803,056		$	3,227,614

Ratios (as a percentage of average daily net assets):

Expenses⁽³⁾		1.19	%		1.12	%		1.13	%		1.12	%		1.11	%

Net investment income		2.04	%		1.65	%		1.68	%		1.77	%		1.59	%

Portfolio Turnover		2	%		3	%		6	%		8	%		9	%

⁽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.


		33		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

Financial Highlights — continued


	Class R6

	Year Ended January 31,												Period Ended January 31, 2015⁽¹⁾
	2019			2018			2017			2016			Period Ended January 31, 2015⁽¹⁾

Net asset value — Beginning of period	$	16.910		$	13.400		$	11.040		$	13.890		$	16.010

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.380		$	0.249		$	0.225		$	0.223		$	0.027

Net realized and unrealized gain (loss)		(2.639	)		3.676			2.370			(2.861	)		(1.842	)

Total income (loss) from operations	$	(2.259	)	$	3.925		$	2.595		$	(2.638	)	$	(1.815	)

Less Distributions

From net investment income	$	(0.351	)	$	(0.415	)	$	(0.235	)	$	(0.034	)	$	(0.227	)

From net realized gain		—			—			—			(0.178	)		(0.078	)

Total distributions	$	(0.351	)	$	(0.415	)	$	(0.235	)	$	(0.212	)	$	(0.305	)

Net asset value — End of period	$	14.300		$	16.910		$	13.400		$	11.040		$	13.890

Total Return⁽³⁾		(13.18	)%		29.69	%		23.71	%		(19.34	)%		(11.36	)%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	94,243		$	601,629		$	539,794		$	555,338		$	593,622

Ratios (as a percentage of average daily net assets):

Expenses⁽⁵⁾		1.13	%		1.07	%		1.08	%		1.07	%		1.07	%⁽⁶⁾

Net investment income		2.48	%		1.67	%		1.79	%		1.72	%		0.31	%⁽⁶⁾

Portfolio Turnover		2	%		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.


		34		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2019

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. Effective January 25, 2019, Class C shares of the Fund generally automatically convert to Investor Class shares ten years after their purchase as described in the Fund’s prospectus. 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.

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 ask prices 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 ask prices.

Short-Term Debt Securities.Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued on the basis of valuations provided by a third party pricing service. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less are 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.

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.

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


		35

Parametric

Emerging Markets Fund

January 31, 2019

Notes to Financial Statements — continued

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

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.

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, 2019 and January 31, 2018 was as follows:


	Year Ended January 31,
	2019		2018

Ordinary income	$	36,215,726	$	76,266,062

During the year ended January 31, 2019, accumulated loss was increased by $7,122,467 and paid-in capital was increased by $7,122,467 due to the Fund’s use of equalization accounting. 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, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Deferred capital losses	$	(321,812,527	)

Net unrealized appreciation	$	186,999,460


		36

Parametric

Emerging Markets Fund

January 31, 2019

Notes to Financial Statements — continued

At January 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $321,812,527 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, 2019, $321,812,527 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2019, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	1,350,122,111

Gross unrealized appreciation	$	475,214,865

Gross unrealized depreciation		(287,360,174	)

Net unrealized appreciation	$	187,854,691

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, 2019, the investment adviser fee amounted to $17,428,449 or 0.80% 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, 2019, the administration fee amounted to $3,281,395.

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, 2019, EVM earned $59,727 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, 2019, 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, 2019 amounted to $647,534 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, 2019, the Fund paid or accrued to EVD $61,719 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, 2019 amounted to $20,573 for Class C shares.

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


		37

Parametric

Emerging Markets Fund

January 31, 2019

Notes to Financial Statements — continued

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2019, the Fund was informed that EVD received less than $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 $52,887,993 and $1,096,570,736, respectively, for the year ended January 31, 2019.

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	2019			2018

Sales		2,821,720			3,766,534

Issued to shareholders electing to receive payments of distributions in Fund shares		260,627			654,358

Redemptions		(14,848,715	)		(19,672,231	)

Converted from Class C shares		77,276			—

Net decrease		(11,689,092	)		(15,251,339	)

	Year Ended January 31,
Class C	2019			2018

Sales		13,559			58,977

Issued to shareholders electing to receive payments of distributions in Fund shares		6,807			10,606

Redemptions		(135,557	)		(157,753	)

Converted to Investor Class shares		(78,753	)		—

Net decrease		(193,944	)		(88,170	)

	Year Ended January 31,
Institutional Class	2019			2018

Sales		18,769,605			28,311,462

Issued to shareholders electing to receive payments of distributions in Fund shares		1,758,840			2,369,982

Redemptions		(51,951,337	)		(51,281,512	)

Net decrease		(31,422,892	)		(20,600,068	)

	Year Ended January 31,
Class R6	2019			2018

Sales		2,639,075			5,554,714

Issued to shareholders electing to receive payments of distributions in Fund shares		162,478			1,015,051

Redemptions		(31,780,927	)		(11,291,637	)

Net decrease		(28,979,374	)		(4,721,872	)


		38

Parametric

Emerging Markets Fund

January 31, 2019

Notes to Financial Statements — continued

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 29, 2019. 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. Average borrowings and the average interest rate (excluding fees) for the year ended January 31, 2019 were $9,287,000 and 3.01%, respectively.

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

•

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)

At January 31, 2019, 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	$	12,568,400	$	673,412,401		$	661,858	$	686,642,659

Emerging Europe		12,182,606		266,672,967			0		278,855,573

Latin America		291,291,400		—			—		291,291,400

Middle East/Africa		3,027,725		278,113,922			45,523		281,187,170

Total Common Stocks	$	319,070,131	$	1,218,199,290	**	$	707,381	$	1,537,976,802

Rights	$	—	$	0		$	—	$	0

Total Investments	$	319,070,131	$	1,218,199,290		$	707,381	$	1,537,976,802

*	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, 2019 is not presented.


		39

Parametric

Emerging Markets Fund

January 31, 2019

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 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, 2019, 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 five years in the period then ended, 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, 2019, 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 five years in the period then ended, 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, 2019, 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, 2019

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


		40

Parametric

Emerging Markets Fund

January 31, 2019

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended January 31, 2019, the Fund designates approximately $46,897,598, 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, 2019, the Fund paid foreign taxes of $8,431,806 and recognized foreign source income of $80,223,542.


		41

Parametric

Emerging Markets Fund

January 31, 2019

Special Meeting of Shareholders (Unaudited)

The Fund held a Special Meeting of Shareholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to the Fund were as follows:


Nominee for Trustee	Number of Shares
Nominee for Trustee	For		Withheld

Mark R. Fetting		101,277,238		3,556,585

Keith Quinton		101,276,452		3,557,370

Marcus L. Smith		101,282,473		3,551,350

Susan J. Sutherland		101,282,249		3,551,574

Scott E. Wennerholm		101,274,142		3,559,680

Results are rounded to the nearest whole number.


		42

Parametric

Emerging Markets Fund

January 31, 2019

Management and Organization


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 175 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 Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).


		43

Parametric

Emerging Markets Fund

January 31, 2019

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.

Keith Quinton⁽³⁾ 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).

Marcus L. Smith⁽³⁾ 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Director of DCT Industrial Trust Inc. (logistics real estate company) (since 2017).

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).

Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). 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.


Name and Year of Birth	Position(s) with the Trust	Officer Since⁽⁴⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

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.


		44

Parametric

Emerging Markets Fund

January 31, 2019

Management and Organization — continued


Name and Year of Birth	Position(s) with the Trust	Officer Since⁽⁴⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

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⁾

⁽³⁾	Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

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


		45

Eaton Vance Funds

IMPORTANT NOTICES

•

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

•

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.


		46

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment 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

LOGO

2774 1.31.19

LOGO

Parametric

International Equity Fund

Annual Report

January 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/ppafunddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-260-0761. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

LOGO

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.

Annual ReportJanuary 31, 2019

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

Special Meeting of Shareholders			35

Management and Organization			36

Important Notices			39

Parametric

International Equity Fund

January 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended January 31, 2019, developed international equity markets declined 12.51%, as measured by the MSCI EAFE Index (the Index).² The decline was broad-based, with only one country — Israel — posting a positive return during the period.

The beginning of the period was marked by a return to volatility following a buoyant 2017. Investor sentiment shifted as geopolitical risks began to outweigh positive economic results. Deteriorating global trade relations, indications of tightening from the European Central Bank and growing political risk entered the forefront of investor concerns during the period.

European countries declined the most due, in part, to investor concerns about slowing economic growth and the negative impact of global trade skirmishes on Europe’s trade-dependent economy. In addition, the aggressively anti-euro attitude of Italy’s newly elected government caused concerns throughout the eurozone.

The U.K. declined less than the broader market. Investor concerns around the looming Brexit deadline were outweighed by a perceived decline in the probability of a no-deal Brexit, along with strength in the energy sector due to rising commodity prices for much of the period and positive results in the health care sector.

Japan also modestly outperformed the Index during the period as investors flocked to the traditional safe-haven country at the end of 2018. Despite investor fears of U.S. tariffs impacting Japan’s export-led economy, strong economic growth and the re-election of Prime Minister Abe bolstered the country’s equity markets.

The strengthening U.S. dollar also detracted from Index returns. An increase in the value of the dollar during the period served to decrease the worth of foreign-denominated assets when stated in U.S. dollar terms.

Fund Performance

For the 12-month period ended January 31, 2019, Parametric International Equity Fund (the Fund) returned –9.73% for Investor Class shares at net asset value (NAV), outperforming the Index, which returned –12.51%.

Factors contributing to Fund performance relative to the Index included the Fund’s sector diversification⁶ process

within Germany, particularly due to the overweight position in real estate as investors anticipated increased demand for housing as a result of employers moving staff to Germany due to Brexit. The sector diversification process in Japan also added to excess returns due, in part, to an overweight position in the traditionally defensive utilities sector, which returned nearly 20%, as traditionally cyclical asset classes saw outflows. Out-of-Index small-cap holdings in Sweden also aided relative results during the period.

Factors detracting from Fund performance relative to the Index included the sector diversification process within Switzerland. This was partially due to an underweight position in the health care sector, which rose on strong earnings from major pharmaceutical constituents. An underweight position in the U.K., as well as out-of-Index small-cap holdings within the U.K. health care market, also weighed on relative results. Additionally, the sector diversification process within Hong Kong detracted from relative performance during the period.

See Endnotes and Additional Disclosures in this report.


		2

Parametric

International Equity Fund

January 31, 2019

Performance^2,3

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


% Average Annual Total Returns	Class Inception Date		Performance Inception Date			One Year			Five Years			Since Inception
Investor Class at NAV		04/01/2010		04/01/2010			–9.73	%		4.13	%		5.27	%
Institutional Class at NAV		04/01/2010		04/01/2010			–9.53			4.39			5.54
Class R at NAV		08/10/2015		04/01/2010			–9.96			3.93			5.16
Class R6 at NAV		08/10/2015		04/01/2010			–9.56			4.40			5.54
MSCI EAFE Index		—		—			–12.51	%		2.66	%		4.53	%


% Total Annual Operating Expense Ratios⁴			Investor Class			Institutional Class			Class R			Class R6
Gross				0.86	%		0.61	%		1.11	%		0.58	%
Net				0.75			0.50			1.00			0.47

Growth of $10,000

LOGO


Growth of Investment³	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Institutional Class	$	50,000		04/01/2010	$	80,526		N.A.
Class R	$	10,000		04/01/2010	$	15,601		N.A.
Class R6	$	1,000,000		04/01/2010	$	1,611,540		N.A.

See Endnotes and Additional Disclosures in this report.


		3

Parametric

International Equity Fund

January 31, 2019

Fund Profile

Sector Allocation (% of net assets)⁵

LOGO

Top 10 Holdings (% of net assets)⁵



Nestle SA	1.1	%

Compagnie Financiere Richemont SA, Class A	0.9

Sanofi	0.8

Total SA	0.8

Unilever NV	0.7

Air Liquide SA	0.7

Deutsche Telekom AG	0.6

SAP SE	0.6

Orange SA	0.6

Novartis AG	0.6

Total	7.4	%

Geographic Allocation (% of common stocks)

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Parametric

International Equity Fund

January 31, 2019

Endnotes and Additional Disclosures

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 5/31/19. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Excludes cash and cash equivalents.

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

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective May 1, 2019, the portfolio managers of the Fund will be Thomas Seto, Paul Bouchey and Jennifer Sireklove, each of Parametric Portfolio Associates LLC.


		5

Parametric

International Equity Fund

January 31, 2019

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, 2018 – January 31, 2019).


	Beginning Account Value (8/1/18)		Ending Account Value (1/31/19)		Expenses Paid During Period* (8/1/18 – 1/31/19)			Annualized Expense Ratio

Actual
Investor Class	$	1,000.00	$	932.00	$	3.65	**		0.75	%
Institutional Class	$	1,000.00	$	932.50	$	2.44	**		0.50	%
Class R	$	1,000.00	$	930.30	$	4.87	**		1.00	%
Class R6	$	1,000.00	$	932.20	$	2.29	**		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	%

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


		6

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments


Common Stocks — 98.5%
Security	Shares		Value

Australia — 8.8%

Adelaide Brighton, Ltd.		13,200	$	43,095

Alumina, Ltd.		55,500		98,705

Amcor, Ltd.		17,100		169,781

AMP, Ltd.		110,100		181,531

APA Group		168,000		1,123,049

ARB Corp., Ltd.		5,909		67,368

Aristocrat Leisure, Ltd.		35,900		645,683

Atlas Arteria, Ltd.		33,880		164,161

Atlassian Corp. PLC, Class A⁽¹⁾		10,500		1,033,200

Aurizon Holdings, Ltd.		93,250		298,812

AusNet Services		424,500		510,098

Australia and New Zealand Banking Group, Ltd.		27,700		504,247

Australian Pharmaceutical Industries, Ltd.		100,174		91,893

BHP Group, Ltd.		28,450		726,411

Boral, Ltd.		21,487		77,734

Brambles, Ltd.		56,335		437,100

Bravura Solutions, Ltd.		34,000		104,213

BWP Trust		43,000		114,023

Caltex Australia, Ltd.		14,550		284,392

carsales.com, Ltd.		36,600		336,584

Charter Hall Retail REIT		49,000		162,369

Cimic Group, Ltd.		4,546		148,201

Cleanaway Waste Management, Ltd.		110,518		145,473

Coca-Cola Amatil, Ltd.		40,900		249,795

Cochlear, Ltd.		2,716		383,839

Coles Group, Ltd.⁽¹⁾		66,300		602,900

Commonwealth Bank of Australia		13,350		680,225

Computershare, Ltd.		41,000		531,140

Corporate Travel Management, Ltd.		4,900		83,920

Cromwell Property Group		233,500		180,191

Crown Resorts, Ltd.		25,500		222,207

CSL, Ltd.		12,050		1,713,438

CSR, Ltd.		25,925		55,183

Dexus		45,000		376,790

Domino’s Pizza Enterprises, Ltd.		3,000		99,497

DuluxGroup, Ltd.		13,768		68,657

Evolution Mining, Ltd.		44,676		130,421

Flight Centre Travel Group, Ltd.		5,800		182,002

Fortescue Metals Group, Ltd.		27,000		111,535

GPT Group (The)		81,100		342,918

GrainCorp, Ltd., Class A		25,572		176,625

GUD Holdings, Ltd.		8,300		67,780

GWA Group, Ltd.		32,000		65,073

Hansen Technologies, Ltd.		30,805		77,029

Harvey Norman Holdings, Ltd.		37,504		92,101


Security	Shares		Value

Australia (continued)

IDP Education, Ltd.		14,400	$	119,057

Incitec Pivot, Ltd.		42,949		103,661

Inghams Group, Ltd.		53,650		179,620

InvoCare, Ltd.		7,600		67,497

James Hardie Industries PLC CDI		6,121		68,177

JB Hi-Fi, Ltd.		6,499		105,897

Link Administration Holdings, Ltd.		75,000		390,786

Mirvac Group		185,300		324,900

MYOB Group, Ltd.		32,500		80,215

National Australia Bank, Ltd.		23,600		409,806

Navitas, Ltd.		32,100		131,285

Newcrest Mining, Ltd.		10,706		190,468

Nine Entertainment Co. Holdings, Ltd.		385,413		409,169

Northern Star Resources, Ltd.		21,243		135,785

Oil Search, Ltd.		69,256		394,321

Orica, Ltd.		5,800		72,405

Orora, Ltd.		42,869		98,784

Premier Investments, Ltd.		7,193		72,440

Qantas Airways, Ltd.		38,249		151,640

Qube Holdings, Ltd.		57,000		111,681

Ramsay Health Care, Ltd.		2,800		115,641

Rio Tinto, Ltd.		5,548		352,773

Santos, Ltd.		98,500		464,743

Scentre Group		188,500		545,949

Shopping Centres Australasia Property Group		68,000		123,394

Sonic Healthcare, Ltd.		8,700		145,930

Southern Cross Media Group, Ltd.		275,000		210,348

Spark Infrastructure Group		361,000		634,331

SpeedCast International, Ltd.		89,600		189,876

Star Entertainment Group, Ltd. (The)		62,300		201,585

Sydney Airport		45,111		215,328

Technology One, Ltd.		75,000		381,235

Telstra Corp., Ltd.		446,000		1,011,187

Transurban Group		78,900		699,706

Vicinity Centres		125,495		238,926

Viva Energy Group, Ltd.⁽¹⁾⁽²⁾		60,000		80,531

Washington H. Soul Pattinson & Co., Ltd.		17,626		338,053

Wesfarmers, Ltd.		32,900		771,787

Westpac Banking Corp.		27,100		484,332

Woodside Petroleum, Ltd.		42,550		1,064,321

Woolworths Group, Ltd.		57,600		1,230,796

			$	27,079,755

Austria — 1.1%

ams AG		19,000	$	509,313

ANDRITZ AG		4,700		232,030


		7		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Austria (continued)

CA Immobilien Anlagen AG		5,940	$	212,657

DO & Co. AG		1,870		178,189

Erste Group Bank AG		7,150		249,574

EVN AG		5,000		80,917

IMMOFINANZ AG		9,282		245,409

Lenzing AG		1,180		115,443

Oesterreichische Post AG		3,050		114,763

OMV AG		9,350		464,908

Porr AG		3,440		78,727

Rhi Magnesita NV		2,046		114,521

Telekom Austria AG		32,350		247,331

UNIQA Insurance Group AG		14,300		130,558

Verbund AG		7,300		373,083

Wienerberger AG		6,800		152,660

			$	3,500,083

Belgium — 2.2%

Ageas		5,900	$	274,329

AGFA-Gevaert NV⁽¹⁾		19,500		76,701

Anheuser-Busch InBev SA/NV		12,500		955,041

Barco NV		1,818		222,390

Befimmo SA		3,060		183,525

Bekaert SA		9,000		242,407

bpost SA		23,800		218,184

Colruyt SA		1,550		111,315

D’ieteren SA/NV		3,850		145,873

Econocom Group SA/NV		45,600		165,353

Elia System Operator SA/NV		4,210		308,052

Euronav SA		27,200		212,969

Fagron		6,200		113,046

Gimv NV		1,000		57,232

Ion Beam Applications⁽¹⁾		3,519		50,018

KBC Group NV		6,400		434,496

Materialise NV ADR⁽¹⁾		5,000		82,650

Mithra Pharmaceuticals SA⁽¹⁾		3,200		105,757

Proximus SA		19,900		534,230

Retail Estates NV		755		66,984

Sofina SA		780		154,708

Solvay SA		4,800		522,575

Telenet Group Holding NV		9,400		435,130

Tessenderlo Group SA⁽¹⁾		2,900		102,700

UCB SA		6,120		530,317

Warehouses De Pauw CVA		4,300		628,298

			$	6,934,280


Security	Shares		Value

Denmark — 2.2%

Alm Brand A/S		9,000	$	77,471

Ascendis Pharma A/S ADR⁽¹⁾		1,000		71,460

Bakkafrost P/F		2,234		116,137

Carlsberg A/S, Class B		5,325		609,628

Chr. Hansen Holding A/S		4,700		446,340

Danske Bank A/S		24,000		444,657

Dfds A/S		2,300		108,585

DSV A/S		3,700		295,291

GN Store Nord A/S		3,600		155,183

H Lundbeck AS		1,459		64,064

ISS A/S		4,580		129,801

Jyske Bank A/S		2,000		75,026

Netcompany Group AS⁽¹⁾⁽²⁾		2,900		97,635

Nilfisk Holding A/S⁽¹⁾		2,150		79,469

Novo Nordisk A/S, Class B		15,050		705,334

Novozymes A/S, Class B		10,460		437,408

Orsted A/S⁽²⁾		13,900		1,004,450

Pandora A/S		13,100		568,901

Ringkjoebing Landbobank A/S		2,260		120,972

Rockwool International A/S, Class B		246		65,981

Royal Unibrew A/S		1,899		143,020

Scandinavian Tobacco Group AS⁽²⁾		5,600		72,451

SimCorp A/S		4,300		339,365

Topdanmark A/S		2,527		120,397

Tryg A/S		3,700		94,399

Vestas Wind Systems A/S		3,900		322,387

			$	6,765,812

Finland — 2.1%

Amer Sports Oyj		12,000	$	532,654

Citycon Oyj		50,397		103,071

Cramo Oyj		3,655		69,834

DNA Oyj		5,000		105,342

Elisa Oyj		13,450		562,715

Fortum Oyj		28,965		658,314

Huhtamaki Oyj		4,124		135,925

Kemira Oyj		9,600		116,763

Kesko Oyj, Class B		9,180		528,242

Kone Oyj, Class B		6,200		301,463

Metsa Board Oyj		9,623		70,048

Neste Oyj		7,977		730,854

Nokia Oyj		105,000		663,354

Oriola Oyj, Series B		21,185		52,718

Orion Oyj, Class B		13,100		463,098

Sampo Oyj, Class A		7,880		361,025

Terveystalo Oyj⁽²⁾		7,800		74,612


		8		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Finland (continued)

Tieto Oyj		2,033	$	58,310

Tokmanni Group Corp.		17,360		169,497

UPM-Kymmene Oyj		12,756		370,456

Valmet Oyj		3,811		85,864

Wartsila Oyj Abp		7,700		125,731

YIT Oyj		13,000		84,062

			$	6,423,952

France — 9.1%

Aeroports de Paris		489	$	93,546

Air Liquide SA		17,650		2,142,701

Airbus SE		4,550		524,433

Alstom SA		2,298		92,448

Alten SA		2,800		268,335

Altran Technologies SA		25,000		236,169

Arkema SA		3,800		360,040

Atos SE		5,000		455,899

AXA SA		38,000		881,226

Bureau Veritas SA		4,718		104,815

Carrefour SA		19,800		391,562

Christian Dior SE		216		91,189

Cie Generale des Etablissements Michelin SCA		1,700		184,657

CNP Assurances		10,100		229,461

Covivio		6,550		669,506

Credit Agricole SA		29,900		341,500

Dassault Systemes SE		7,370		923,694

Edenred		2,500		101,242

Eiffage SA		1,270		118,981

Elior Group SA⁽²⁾		3,613		50,858

Elis SA		4,300		69,558

Engie SA		83,000		1,330,599

EssilorLuxottica SA		5,834		739,046

Eurazeo SE		2,700		200,683

Eutelsat Communications SA		5,093		108,006

Fnac Darty SA⁽¹⁾		1,400		98,600

Gaztransport Et Technigaz SA		1,000		84,467

Gecina SA		6,300		925,864

Getlink SE		10,600		155,022

Hermes International		370		221,737

Ingenico Group SA		4,930		268,723

L’Oreal SA		4,810		1,159,331

Lagardere SCA		3,693		96,493

Legrand SA		2,162		128,091

LVMH Moet Hennessy Louis Vuitton SE		3,070		984,857

Neopost SA		5,400		135,534

Orange SA		119,900		1,859,696


Security	Shares		Value

France (continued)

Pernod-Ricard SA		4,660	$	773,155

Peugeot SA		5,850		147,159

Publicis Groupe SA		7,200		439,631

Remy Cointreau SA		2,000		232,257

Renault SA		2,980		210,880

Rubis SCA		5,550		331,286

Safran SA		2,850		374,459

Sanofi		29,600		2,572,769

SCOR SE		7,100		298,766

SEB SA		492		75,443

Societe BIC SA		850		85,128

Societe Generale SA		15,000		467,692

Sodexo SA		2,760		287,319

Suez		25,209		323,095

Talend SA ADR⁽¹⁾		5,300		197,160

Teleperformance		618		106,358

Thales SA		1,146		126,735

Total SA		44,500		2,439,540

Unibail-Rodamco-Westfield		5,223		939,365

Veolia Environnement SA		25,000		528,141

Vinci SA		4,433		390,061

			$	28,174,968

Germany — 8.8%

Aareal Bank AG		5,640	$	182,378

adidas AG		2,650		630,544

Allianz SE		6,160		1,306,982

alstria office REIT AG		16,144		242,968

Axel Springer SE		2,680		164,092

BASF SE		21,500		1,575,039

Bayerische Motoren Werke AG		4,900		412,827

Bayerische Motoren Werke AG, PFC Shares		2,656		196,312

Bechtle AG		1,900		151,183

Beiersdorf AG		8,460		846,861

Brenntag AG		1,852		87,688

CANCOM SE		3,700		143,629

Carl Zeiss Meditec AG		2,900		263,210

Continental AG		2,620		414,055

Covestro AG⁽²⁾		4,700		259,720

Delivery Hero SE⁽¹⁾⁽²⁾		4,560		168,416

Deutsche Boerse AG		3,050		406,101

Deutsche EuroShop AG		6,000		186,717

Deutsche Lufthansa AG		3,000		75,738

Deutsche Post AG		14,859		438,877

Deutsche Telekom AG		119,400		1,941,546


		9		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Germany (continued)

Deutsche Wohnen SE		18,060	$	902,229

Dialog Semiconductor PLC⁽¹⁾		6,400		187,114

Evonik Industries AG		7,050		192,807

Evotec AG⁽¹⁾		8,500		199,594

Fielmann AG		1,390		94,375

Fraport AG		716		56,588

Fresenius Medical Care AG & Co. KGaA		5,830		428,797

Fresenius SE & Co. KGaA		11,100		575,534

Fuchs Petrolub SE, PFC Shares		3,000		140,730

GEA Group AG		2,527		69,620

Gerresheimer AG		3,000		203,163

Grand City Properties SA		12,766		317,624

Hannover Rueck SE		1,092		157,612

HeidelbergCement AG		4,100		283,913

Henkel AG & Co. KGaA		9,360		857,949

Hochtief AG		680		101,706

Hugo Boss AG		2,780		199,327

Innogy SE⁽²⁾		13,850		656,191

KION Group AG		1,800		103,929

KWS Saat SE		205		64,747

LEG Immobilien AG		3,814		448,036

MAN SE		700		72,365

Merck KGaA		3,400		356,997

Metro AG		27,200		460,303

MorphoSys AG⁽¹⁾		1,650		178,507

MTU Aero Engines AG		820		176,827

Muenchener Rueckversicherungs-Gesellschaft AG		2,455		547,858

Nemetschek SE		1,300		166,846

Osram Licht AG		1,420		60,424

ProSiebenSat.1 Media SE		13,700		244,553

Puma SE		350		195,072

Rational AG		114		71,512

Rheinmetall AG		1,350		140,225

RWE AG		44,500		1,106,788

RWE AG, PFC Shares		13,100		321,509

SAP SE		18,350		1,897,485

Sartorius AG, PFC Shares		1,950		292,724

Siemens AG		11,550		1,268,165

Siemens Healthineers AG⁽¹⁾⁽²⁾		5,200		205,200

Software AG		5,200		188,923

Suedzucker AG		24,000		390,134

Symrise AG		3,400		282,407

TAG Immobilien AG		15,000		379,107

Talanx AG⁽¹⁾		1,940		72,084

Telefonica Deutschland Holding AG⁽²⁾		72,400		253,824

TLG Immobilien AG		9,950		305,486


Security	Shares		Value

Germany (continued)

TUI AG		16,400	$	248,319

Uniper SE		25,000		724,918

VERBIO Vereinigte BioEnergie AG		4,576		36,604

Zalando SE⁽¹⁾⁽²⁾		6,600		201,389

			$	27,183,023

Hong Kong — 4.4%

AIA Group, Ltd.		151,200	$	1,365,261

Alibaba Health Information Technology, Ltd.⁽¹⁾		162,000		149,267

ASM Pacific Technology, Ltd.		26,500		285,518

Bank of East Asia, Ltd. (The)		30,000		101,192

Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		108,000		190,505

BOC Hong Kong Holdings, Ltd.		70,000		270,474

Brightoil Petroleum Holdings, Ltd.⁽¹⁾⁽³⁾		262,000		0

Cafe de Coral Holdings, Ltd.		38,000		102,620

Champion REIT		76,000		57,776

China Goldjoy Group, Ltd.		996,000		47,857

Chow Tai Fook Jewellery Group, Ltd.		78,600		70,196

CK Asset Holdings, Ltd.		45,000		378,846

CK Hutchison Holdings, Ltd.		36,500		368,621

CLP Holdings, Ltd.		60,000		698,823

Esprit Holdings, Ltd.⁽¹⁾		257,000		53,445

First Pacific Co., Ltd.		282,000		122,308

Fortune REIT		70,000		86,513

Galaxy Entertainment Group, Ltd.		79,000		550,049

Global Cord Blood Corp.		20,900		131,252

Hang Lung Group, Ltd.		21,000		61,714

Hang Lung Properties, Ltd.		57,000		124,810

Hang Seng Bank, Ltd.		12,000		276,083

Henderson Land Development Co., Ltd.		37,152		211,199

HK Electric Investments & HK Electric Investments, Ltd.		145,500		148,442

HKBN, Ltd.		228,000		352,482

HKT Trust and HKT, Ltd.		427,000		629,724

Hong Kong & China Gas Co., Ltd.		343,210		745,811

Hongkong Land Holdings, Ltd.		27,800		199,990

Hutchison Telecommunications Hong Kong Holdings, Ltd.		180,000		71,320

Hysan Development Co., Ltd.		18,000		93,669

Jardine Matheson Holdings, Ltd.		9,000		602,052

Jardine Strategic Holdings, Ltd.		7,900		302,854

Kerry Properties, Ltd.		26,000		107,992

Li & Fung, Ltd.		630,000		107,076

Lifestyle International Holdings, Ltd.		40,000		60,392

Link REIT		35,000		384,725

Luk Fook Holdings International, Ltd.		27,000		78,485

Macau Legend Development, Ltd.		273,000		47,489

Madison Holdings Group, Ltd.⁽¹⁾		760,000		84,443


		10		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Hong Kong (continued)

Melco Resorts & Entertainment, Ltd. ADR		6,900	$	148,902

MGM China Holdings, Ltd.		76,400		148,343

MTR Corp., Ltd.		69,000		385,901

Nexteer Automotive Group, Ltd.		48,000		72,670

NWS Holdings, Ltd.		138,000		315,597

Pacific Textiles Holdings, Ltd.		81,000		70,645

PCCW, Ltd.		617,000		367,293

Power Assets Holdings, Ltd.		53,500		360,404

Shangri-La Asia, Ltd.		50,000		65,291

SmarTone Telecommunication Holdings, Ltd.		80,000		94,979

Superb Summit International Group, Ltd.⁽¹⁾⁽³⁾		230,000		0

Swire Pacific, Ltd., Class A		9,500		112,511

Swire Pacific, Ltd., Class B		45,000		80,423

Swire Properties, Ltd.		25,400		99,141

Techtronic Industries Co., Ltd.		53,000		309,390

Tongda Group Holdings, Ltd.		910,000		123,650

Town Health International Medical Group, Ltd.⁽¹⁾⁽³⁾		604,000		26,555

Vitasoy International Holdings, Ltd.		166,000		675,321

VSTECS Holdings, Ltd.		154,000		74,030

VTech Holdings, Ltd.		23,000		219,699

Wharf Real Estate Investment Co., Ltd.		22,000		150,502

Yue Yuen Industrial Holdings, Ltd.		43,000		146,665

			$	13,769,187

Ireland — 2.2%

AIB Group PLC		84,800	$	379,623

Bank of Ireland Group PLC		111,400		668,464

Cairn Homes PLC⁽¹⁾		117,000		174,059

CRH PLC		29,100		837,631

Dalata Hotel Group PLC		17,000		111,148

Fly Leasing, Ltd. ADR⁽¹⁾		9,000		101,610

Glanbia PLC		7,647		146,130

Grafton Group PLC		23,500		226,892

Greencore Group PLC		42,726		108,366

Hibernia REIT PLC		257,300		386,914

ICON PLC⁽¹⁾		5,780		808,506

Irish Continental Group PLC		48,700		264,738

Irish Residential Properties REIT PLC		165,400		283,750

Kerry Group PLC, Class A		7,100		724,970

Kingspan Group PLC		10,449		427,351

Paddy Power Betfair PLC		8,826		720,926

Smurfit Kappa Group PLC		7,000		201,850

UDG Healthcare PLC		27,700		210,878

			$	6,783,806


Security	Shares		Value

Israel — 2.2%

Airport City, Ltd.⁽¹⁾		12,070	$	159,129

Amot Investments, Ltd.		22,481		118,561

Bank Leumi Le-Israel B.M.		49,930		330,107

Bayside Land Corp.		83		39,712

Bezeq The Israeli Telecommunication Corp., Ltd.		701,000		562,253

Brack Capital Properties NV⁽¹⁾		284		28,123

Check Point Software Technologies, Ltd.⁽¹⁾		2,350		263,012

CyberArk Software, Ltd.⁽¹⁾		1,000		87,760

Delek Automotive Systems, Ltd.		13,963		63,059

Delta-Galil Industries, Ltd.		1,119		32,369

Elbit Systems, Ltd.		4,150		514,067

Electra Consumer Products 1970, Ltd.		7,750		87,032

Electra, Ltd.		291		68,642

First International Bank of Israel, Ltd.		4,135		97,907

Gazit-Globe, Ltd.		11,000		89,998

IDI Insurance Co., Ltd.		672		36,997

Inrom Construction Industries, Ltd.		18,751		60,907

Israel Chemicals, Ltd.		141,700		822,438

Israel Discount Bank, Ltd., Series A		46,000		162,695

Kenon Holdings, Ltd.		3,095		56,670

Melisron, Ltd.		3,626		167,014

Mizrahi Tefahot Bank, Ltd.		7,050		131,150

Nice, Ltd.⁽¹⁾		2,738		301,853

Oil Refineries, Ltd.		592,800		288,767

Orbotech, Ltd.⁽¹⁾		1,735		106,408

Paz Oil Co., Ltd.		2,936		439,157

Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		4,240		230,446

Reit 1, Ltd.		19,864		82,130

Sella Capital Real Estate, Ltd.		44,539		76,387

Shapir Engineering and Industry, Ltd.		30,000		105,283

Strauss Group, Ltd.		17,550		426,337

Taro Pharmaceutical Industries, Ltd.		1,000		95,140

Teva Pharmaceutical Industries, Ltd. ADR⁽¹⁾		38,320		760,652

			$	6,892,162

Italy — 4.4%

A2A SpA		44,663	$	81,493

Amplifon SpA		21,600		386,973

Assicurazioni Generali SpA		21,540		377,107

ASTM SpA		5,700		136,766

Atlantia SpA		22,750		538,472

Autogrill SpA		9,900		89,052

Banca Mediolanum SpA		14,000		85,414

Banca Popolare di Sondrio SCPA		17,850		47,626

Bio-On SpA⁽¹⁾		3,700		254,711

BPER Banca		16,800		56,934


		11		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Italy (continued)

Brembo SpA		8,900	$	101,664

Brunello Cucinelli SpA		2,300		83,175

Cementir Holding SpA		27,092		184,560

Cerved Group SpA		9,600		84,494

COSMO Pharmaceuticals NV⁽¹⁾		2,550		227,372

Danieli & C Officine Meccaniche SpA, PFC Shares		3,048		49,464

Datalogic SpA		3,000		81,102

Davide Campari-Milano SpA		93,200		837,362

De’Longhi SpA		3,050		76,100

DiaSorin SpA		4,790		438,637

El.En. SpA		5,604		102,657

Enav SpA⁽²⁾		13,855		70,927

Enel SpA		188,000		1,136,256

ENI SpA		68,600		1,163,169

Ferrari NV⁽⁴⁾		400		50,520

Ferrari NV⁽⁴⁾		3,540		440,766

FinecoBank Banca Fineco SpA		8,950		97,322

Hera SpA		21,000		70,970

IMA Industria Macchine Automatiche SpA		1,000		66,298

Infrastrutture Wireless Italiane SpA⁽²⁾		68,200		542,928

International Game Technology PLC		5,600		91,616

Interpump Group SpA		6,800		219,077

Intesa Sanpaolo SpA		203,000		464,489

Italgas SpA		13,643		82,601

Leonardo SpA		21,600		209,305

Mediobanca Banca di Credito Finanziario SpA		17,200		149,894

Moncler SpA		7,850		295,432

OVS SpA⁽¹⁾⁽²⁾		51,000		77,816

Pirelli & C SpA⁽¹⁾⁽²⁾		19,600		128,113

Poste Italiane SpA⁽²⁾		8,902		76,661

Prada SpA		18,400		60,894

Prysmian SpA		10,536		226,348

Reply SpA	��	3,300		182,937

Retelit SpA		143,500		252,478

Salvatore Ferragamo SpA		3,800		76,212

Saras SpA		65,200		138,922

Snam SpA		65,544		312,994

Societa Iniziative Autostradali e Servizi SpA		4,176		64,273

STMicroelectronics NV		92,200		1,468,715

Telecom Italia SpA⁽¹⁾		1,372,000		763,387

Terna Rete Elettrica Nazionale SpA		40,600		250,220

Tod’s SpA		1,500		69,814

Unione di Banche Italiane SpA		29,142		74,770

UnipolSai Assicurazioni SpA		28,030		69,968

			$	13,767,227


Security	Shares		Value

Japan — 13.1%

Activia Properties, Inc.		50	$	216,397

Advance Residence Investment Corp.		55		162,666

Aeon Co., Ltd.		11,400		232,016

Air Water, Inc.		6,900		115,115

Aisin Seiki Co., Ltd.		2,800		110,697

Ajinomoto Co., Inc.		11,700		202,582

Alps Alpine Co., Ltd.		3,900		82,215

Asahi Intecc Co., Ltd.		4,400		191,497

Asahi Kasei Corp.		29,100		319,297

Astellas Pharma, Inc.		30,000		445,147

Bandai Namco Holdings, Inc.		2,900		128,112

Bridgestone Corp.		4,200		161,664

Calbee, Inc.		3,300		106,267

Canon, Inc.		12,800		368,131

Central Japan Railway Co.		1,100		237,734

Chubu Electric Power Co., Inc.		38,600		610,982

Chugai Pharmaceutical Co., Ltd.		3,600		212,567

Chugoku Bank, Ltd. (The)		9,000		82,631

Chugoku Electric Power Co., Inc. (The)		21,400		292,842

Citizen Watch Co., Ltd.		12,000		64,055

Dai Nippon Printing Co., Ltd.		5,700		131,927

Daicel Corp.		9,200		96,493

Daido Steel Co., Ltd.		2,900		121,226

Daiichi Sankyo Co., Ltd.		9,700		336,472

Daikin Industries, Ltd.		2,400		259,779

Daito Trust Construction Co., Ltd.		2,200		305,563

Daiwa House REIT Investment Corp.		77		181,325

Daiwa Securities Group, Inc.		25,000		124,681

DeNA Co., Ltd.		5,700		100,856

Dentsu, Inc.		2,100		99,612

Don Quijote Holdings Co., Ltd.		1,700		98,857

East Japan Railway Co.		2,500		231,624

Eisai Co., Ltd.		4,000		310,586

Ezaki Glico Co., Ltd.		2,200		109,789

FamilyMart UNY Holdings Co., Ltd.		1,800		210,857

FUJIFILM Holdings Corp.		5,800		249,204

Fujitsu, Ltd.		3,700		248,327

GLP J-REIT		205		217,867

Hachijuni Bank, Ltd. (The)		24,100		106,714

Hamamatsu Photonics K.K.		2,800		100,256

Hankyu Hanshin Holdings, Inc.		2,700		96,376

Hirose Electric Co., Ltd.		840		90,225

Hisamitsu Pharmaceutical Co., Inc.		4,100		209,961

Hitachi, Ltd.		10,400		327,168

Hokuhoku Financial Group, Inc.		8,000		91,709

Hulic Co., Ltd.		17,000		156,866


		12		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Japan (continued)

Idemitsu Kosan Co., Ltd.		7,100	$	250,541

INPEX Corp.		46,500		446,977

ITOCHU Corp.		8,400		154,091

Japan Airlines Co., Ltd.		2,000		72,817

Japan Exchange Group, Inc.		7,500		132,065

Japan Hotel REIT Investment Corp.		191		146,519

Japan Post Bank Co., Ltd.		8,600		100,094

Japan Post Holdings Co., Ltd.		24,900		306,096

Japan Prime Realty Investment Corp.		38		154,986

Japan Real Estate Investment Corp.		34		199,295

Japan Retail Fund Investment Corp.		95		194,884

Japan Tobacco, Inc.		13,700		346,825

JFE Holdings, Inc.		13,200		232,682

JSR Corp.		6,500		105,095

JXTG Holdings, Inc.		128,500		701,884

Kajima Corp.		10,500		149,359

Kakaku.com, Inc.		3,700		64,956

Kaneka Corp.		1,800		70,371

Kansai Paint Co., Ltd.		6,000		105,282

Kao Corp.		6,900		487,818

KDDI Corp.		48,300		1,206,758

Keikyu Corp.		5,900		100,489

Keio Corp.		1,400		80,426

Kenedix Office Investment Corp.		30		206,037

Keyence Corp.		1,100		566,077

Kintetsu Group Holdings Co., Ltd.		2,700		117,837

Konami Holdings Corp.		2,400		110,225

Konica Minolta, Inc.		10,000		100,690

Kubota Corp.		6,200		98,295

Kuraray Co., Ltd.		12,500		192,233

Kyushu Electric Power Co., Inc.		30,600		379,176

Lawson, Inc.		1,600		98,627

Lion Corp.		5,000		104,205

M3, Inc.		11,400		164,992

Makita Corp.		2,000		70,864

Marubeni Corp.		12,600		98,212

Maruichi Steel Tube, Ltd.		3,000		96,360

Mebuki Financial Group, Inc.		47,600		133,461

MEIJI Holdings Co., Ltd.		2,200		170,115

Mitsubishi Chemical Holdings Corp.		29,800		256,087

Mitsubishi Corp.		11,000		322,390

Mitsubishi Heavy Industries, Ltd.		2,500		96,664

Mitsubishi Materials Corp.		3,000		85,877

Mitsubishi Motors Corp.		16,700		103,760

Mitsubishi Tanabe Pharma Corp.		6,300		98,699

Mitsubishi UFJ Financial Group, Inc.		120,000		643,670


Security	Shares		Value

Japan (continued)

Mitsui & Co., Ltd.		8,900	$	145,407

Mitsui Chemicals, Inc.		4,200		105,441

Mizuho Financial Group, Inc.		260,000		426,753

MS&AD Insurance Group Holdings, Inc.		7,800		230,908

Murata Manufacturing Co., Ltd.		2,300		345,496

NEC Corp.		4,500		151,222

NH Foods, Ltd.		3,000		118,714

Nidec Corp.		1,500		180,387

Nintendo Co., Ltd.		1,200		363,945

Nippon Building Fund, Inc.		44		284,701

Nippon Express Co., Ltd.		1,400		88,594

Nippon Kayaku Co., Ltd.		11,400		143,544

Nippon Paint Holdings Co., Ltd.		6,400		214,788

Nippon Paper Industries Co., Ltd.		5,100		100,002

Nippon Prologis REIT, Inc.		100		218,089

Nippon Shokubai Co., Ltd.		1,400		92,799

Nippon Steel & Sumitomo Metal Corp.		14,000		259,256

Nippon Telegraph & Telephone Corp.		23,300		1,001,624

Nissan Chemical Corp.		3,100		164,824

Nissan Motor Co., Ltd.		27,500		234,850

Nissin Foods Holdings Co., Ltd.		1,600		101,860

Nitori Holdings Co., Ltd.		800		104,176

Nitto Denko Corp.		3,200		181,009

Nomura Real Estate Master Fund, Inc.		165		236,450

Nomura Research Institute, Ltd.		2,400		98,213

NTT Data Corp.		12,500		149,015

NTT DoCoMo, Inc.		40,800		980,293

Obic Co., Ltd.		1,700		161,106

Odakyu Electric Railway Co., Ltd.		4,900		110,109

Oji Holdings Corp.		32,100		185,878

Okinawa Electric Power Co., Inc. (The)		6,962		131,715

Olympus Corp.		7,300		299,454

Omron Corp.		2,900		119,098

Ono Pharmaceutical Co., Ltd.		10,600		231,568

Oracle Corp. Japan		1,900		138,432

Oriental Land Co., Ltd.		2,200		225,574

Orix JREIT, Inc.		116		202,754

Osaka Gas Co., Ltd.		19,900		393,988

Otsuka Corp.		3,000		97,104

Otsuka Holdings Co., Ltd.		8,700		356,835

Pigeon Corp.		3,700		145,067

Rakuten, Inc.		18,600		140,426

Recruit Holdings Co., Ltd.		10,300		276,457

Relo Group, Inc.		6,000		158,365

Ricoh Co., Ltd.		15,500		165,120

Rinnai Corp.		1,700		112,558


		13		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Japan (continued)

Ryohin Keikaku Co., Ltd.		400	$	95,336

Sawai Pharmaceutical Co., Ltd.		1,900		97,911

SECOM Co., Ltd.		1,300		108,838

Seiko Epson Corp.		6,000		93,390

Sekisui Chemical Co., Ltd.		7,200		111,755

Sekisui House, Ltd.		11,000		164,399

Seven & i Holdings Co., Ltd.		9,000		391,887

Seven Bank, Ltd.		26,300		78,343

Shimadzu Corp.		10,900		250,672

Shimamura Co., Ltd.		1,000		86,596

Shimano, Inc.		800		112,253

Shionogi & Co., Ltd.		5,100		314,556

Shiseido Co., Ltd.		5,700		339,074

Showa Shell Sekiyu K.K.		9,300		138,563

Sompo Holdings, Inc.		4,900		184,750

Sony Corp.		7,600		380,813

Subaru Corp.		7,000		164,374

Sumitomo Corp.		9,500		147,093

Sumitomo Mitsui Financial Group, Inc.		16,000		595,231

Sumitomo Mitsui Trust Holdings, Inc.		6,100		231,064

Sumitomo Osaka Cement Co., Ltd.		2,500		110,923

Sumitomo Realty & Development Co., Ltd.		11,600		443,002

Suntory Beverage & Food, Ltd.		4,100		181,534

Suzuki Motor Corp.		4,600		240,214

Sysmex Corp.		2,900		161,666

T&D Holdings, Inc.		8,800		109,244

Taiheiyo Cement Corp.		3,000		103,001

Taisei Corp.		2,100		98,873

Taisho Pharmaceutical Holdings Co., Ltd.		1,400		142,197

Takashimaya Co., Ltd.		7,000		95,129

Takeda Pharmaceutical Co., Ltd.		10,800		436,031

TEIJIN, Ltd.		5,500		95,056

Toho Gas Co., Ltd.		7,500		322,143

Tohoku Electric Power Co., Inc.		30,000		406,728

Tokio Marine Holdings, Inc.		7,000		342,760

Tokyo Gas Co., Ltd.		20,700		544,311

Tokyu Corp.		6,500		111,245

Tokyu Fudosan Holdings Corp.		35,500		193,405

Toray Industries, Inc.		32,000		237,155

Toshiba Corp.		4,500		142,500

Tosoh Corp.		8,200		116,461

Toyota Motor Corp.		14,500		892,476

Trend Micro, Inc.		2,500		133,017

Tsuruha Holdings, Inc.		1,300		120,336

Ube Industries, Ltd.		3,200		72,361

Unicharm Corp.		6,800		210,444


Security	Shares		Value

Japan (continued)

United Urban Investment Corp.		96	$	153,273

USS Co., Ltd.		5,000		87,548

West Japan Railway Co.		1,300		94,947

Yahoo! Japan Corp.		24,900		67,303

Yakult Honsha Co., Ltd.		2,100		140,149

Yamaguchi Financial Group, Inc.		8,000		81,323

Yamaha Corp.		2,400		105,033

Yamato Holdings Co., Ltd.		3,300		87,930

Yamazaki Baking Co., Ltd.		4,400		86,427

Yokogawa Electric Corp.		4,800		89,391

			$	40,598,199

Netherlands — 4.5%

ABN AMRO Group NV⁽²⁾		7,600	$	189,513

Accell Group		2,450		53,874

Adyen NV⁽¹⁾⁽²⁾		530		393,273

Aegon NV		27,000		139,097

AerCap Holdings NV⁽¹⁾		3,800		179,588

Akzo Nobel NV		12,747		1,097,072

Argenx SE⁽¹⁾		1,000		106,106

ASM International NV		2,469		119,605

ASML Holding NV		8,580		1,500,363

ASR Nederland NV		2,400		101,228

Cimpress NV⁽¹⁾		1,473		122,509

Corbion NV		11,200		317,220

Eurocommercial Properties NV		4,700		152,281

Euronext NV⁽²⁾		1,764		108,665

Flow Traders⁽²⁾		2,849		88,053

Gemalto NV⁽¹⁾		3,224		186,970

GrandVision NV⁽²⁾		5,474		122,048

IMCD NV		2,169		158,290

ING Groep NV		81,200		963,504

InterXion Holding NV⁽¹⁾		1,800		108,072

Koninklijke Ahold Delhaize NV		39,650		1,044,623

Koninklijke KPN NV		222,500		684,014

Koninklijke Philips NV		30,100		1,186,695

Koninklijke Vopak NV		4,430		225,129

NN Group NV		5,540		233,939

NSI NV		1,162		48,960

NXP Semiconductors NV		5,300		461,259

PostNL NV		28,142		72,713

QIAGEN NV⁽¹⁾		6,909		255,175

SBM Offshore NV		11,300		186,515

Signify NV⁽²⁾		11,700		289,843

Takeaway.com NV⁽¹⁾⁽²⁾		1,800		114,172

TKH Group NV		1,737		83,890


		14		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Netherlands (continued)

Unilever NV		40,400	$	2,163,427

uniQure NV⁽¹⁾		1,800		61,650

Vastned Retail NV		1,000		38,981

Wolters Kluwer NV		9,100		565,938

			$	13,924,254

New Zealand — 1.1%

A2 Milk Co., Ltd.⁽¹⁾		39,500	$	347,383

Air New Zealand, Ltd.		34,574		67,236

Auckland International Airport, Ltd.		51,500		262,114

Contact Energy, Ltd.		28,474		119,140

Fisher & Paykel Healthcare Corp., Ltd.		27,900		242,814

Fletcher Building, Ltd.⁽¹⁾		94,663		327,243

Goodman Property Trust		65,888		72,675

Infratil, Ltd.		38,198		99,632

Kiwi Property Group, Ltd.		150,000		147,555

Mercury NZ, Ltd.		47,223		115,399

Precinct Properties New Zealand, Ltd.		121,300		125,474

Pushpay Holdings, Ltd.⁽¹⁾		28,817		70,453

Restaurant Brands New Zealand, Ltd.		18,100		107,060

SKYCITY Entertainment Group, Ltd.		89,400		237,599

Spark New Zealand, Ltd.		101,061		284,092

Summerset Group Holdings, Ltd.		16,945		71,674

Xero, Ltd.⁽¹⁾		9,348		297,823

Z Energy, Ltd.		88,000		365,397

			$	3,360,763

Norway — 2.2%

Aker Solutions ASA⁽¹⁾⁽²⁾		20,000	$	109,175

Atea ASA		18,187		251,315

Austevoll Seafood ASA		16,139		206,102

Borr Drilling, Ltd.⁽¹⁾		22,000		56,356

Borregaard ASA		15,600		138,625

DNB ASA		28,300		502,303

DNO ASA		44,400		85,399

Entra ASA⁽²⁾		24,547		355,708

Equinor ASA		24,850		568,225

Europris ASA⁽²⁾		70,000		225,326

Gjensidige Forsikring ASA		7,400		127,821

Golar LNG, Ltd.		2,320		51,666

Grieg Seafood ASA		4,800		62,020

Kongsberg Gruppen ASA		18,000		250,912

Leroy Seafood Group ASA		14,660		117,235

Marine Harvest ASA⁽¹⁾		20,400		450,647

Nordic Nanovector ASA⁽¹⁾		4,831		24,446


Security	Shares		Value

Norway (continued)

REC Silicon ASA⁽¹⁾		1,637,420	$	111,939

Salmar ASA		2,400		125,667

Sbanken ASA⁽²⁾		7,500		68,104

Scatec Solar ASA⁽²⁾		15,500		154,958

Ship Finance International, Ltd.		5,500		66,880

SpareBank 1 SMN		8,400		86,345

Storebrand ASA		14,600		111,892

Telenor ASA		49,400		935,237

Tomra Systems ASA		20,000		519,633

Veidekke ASA		15,372		167,858

Yara International ASA		18,400		760,861

			$	6,692,655

Portugal — 1.1%

Altri SGPS SA		42,000	$	347,529

Banco Comercial Portugues SA⁽¹⁾		1,828,000		504,019

Corticeira Amorim SGPS SA		6,355		70,778

CTT-Correios de Portugal SA		69,614		250,648

EDP Renovaveis SA		12,421		111,896

EDP-Energias de Portugal SA		91,800		335,309

Galp Energia SGPS SA, Class B		31,400		490,610

Jeronimo Martins SGPS SA		40,550		574,681

NOS SGPS SA		75,600		490,404

REN - Redes Energeticas Nacionais SGPS SA		15,211		45,689

Semapa-Sociedade de Investimento e Gestao		7,300		127,546

			$	3,349,109

Singapore — 2.3%

AEM Holdings, Ltd.		100,000	$	72,970

Ascendas Real Estate Investment Trust		69,500		141,734

BOC Aviation, Ltd.⁽²⁾		11,800		100,336

CapitaLand Commercial Trust, Ltd.		94,500		132,286

CapitaLand Mall Trust		45,800		81,787

CDL Hospitality Trusts		40,000		49,656

China Aviation Oil Singapore Corp, Ltd.		40,000		34,590

ComfortDelGro Corp., Ltd.		86,500		150,098

DBS Group Holdings, Ltd.		26,400		470,515

Ezion Holdings, Ltd.⁽¹⁾		1,126,000		45,528

First Resources, Ltd.		40,000		50,850

Flex, Ltd.⁽¹⁾		63,700		612,794

Frasers Logistics & Industrial Trust		110,000		88,480

Genting Singapore, Ltd.		689,800		565,302

Golden Agri-Resources, Ltd.		650,000		122,663

Hutchison Port Holdings Trust		196,200		49,212

Jardine Cycle & Carriage, Ltd.		11,400		320,344


		15		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Singapore (continued)

Keppel Infrastructure Trust		291,400	$	110,425

Keppel REIT		66,000		57,888

M1, Ltd.		44,000		67,048

Mapletree Commercial Trust		77,600		101,532

Mapletree Industrial Trust		68,200		101,495

Mapletree Logistics Trust		70,400		71,741

Mapletree North Asia Commercial Trust		106,100		100,895

Midas Holdings, Ltd.⁽¹⁾⁽³⁾		480,000		0

Raffles Medical Group, Ltd.		140,800		116,323

Sembcorp Industries, Ltd.		47,500		91,638

Sembcorp Marine, Ltd.		80,000		95,479

Sheng Siong Group, Ltd.		91,200		75,269

Singapore Airlines, Ltd.		22,900		164,513

Singapore Airport Terminal Services, Ltd.		25,700		92,711

Singapore Exchange, Ltd.		21,600		122,827

Singapore Post, Ltd.		72,300		53,004

Singapore Technologies Engineering, Ltd.		47,600		131,814

Singapore Telecommunications, Ltd.		315,000		708,248

StarHub, Ltd.		90,000		119,268

Suntec Real Estate Investment Trust		45,000		64,568

United Overseas Bank, Ltd.		22,300		417,929

Venture Corp., Ltd.		29,800		361,973

Wilmar International, Ltd.		298,500		739,312

			$	7,055,045

Spain — 4.4%

Aena SME SA⁽²⁾		3,850	$	665,499

Almirall SA		9,140		155,070

Amadeus IT Group SA		15,400		1,119,863

Banco Bilbao Vizcaya Argentaria SA		64,200		381,037

Banco de Sabadell SA		101,565		116,455

Bankia SA		48,100		140,210

Bankinter SA		23,700		185,056

Bolsas y Mercados Espanoles SHMSF SA		1,920		58,019

CaixaBank SA		55,000		208,010

Cellnex Telecom SA⁽²⁾		3,584		100,996

Cia de Distribucion Integral Logista Holdings SA		4,197		108,378

Coca-Cola European Partners PLC		24,300		1,156,194

Construcciones y Auxiliar de Ferrocarriles SA		2,050		92,360

Ebro Foods SA		12,141		249,958

Enagas SA		10,000		291,479

Ence Energia y Celulosa SA		28,978		225,019

Endesa SA		11,000		275,126

Ercros SA		35,810		148,820

Faes Farma SA		22,576		84,790

Grifols SA		23,811		621,143


Security	Shares		Value

Spain (continued)

Grifols SA ADR		23,300	$	433,846

Grupo Catalana Occidente SA		2,596		102,873

Iberdrola SA		97,296		804,147

Indra Sistemas SA⁽¹⁾		10,000		102,890

Industria de Diseno Textil SA		40,679		1,137,922

Lar Espana Real Estate Socimi SA		30,961		298,208

Mapfre SA		26,500		73,733

Masmovil Ibercom SA⁽¹⁾		3,750		81,769

Melia Hotels International SA		8,000		80,261

Merlin Properties Socimi SA		62,100		833,120

Naturgy Energy Group SA		5,600		156,547

NH Hotel Group SA		14,274		71,204

Prosegur Cash SA⁽²⁾		47,137		110,306

Prosegur Cia de Seguridad SA		16,517		89,412

Red Electrica Corp. SA		7,578		174,638

Repsol SA		61,293		1,075,879

Siemens Gamesa Renewable Energy SA⁽¹⁾		16,900		239,932

Tecnicas Reunidas SA		3,280		83,898

Telefonica SA		121,600		1,045,952

Telepizza Group SA⁽²⁾		11,173		77,981

Tubacex SA		34,340		111,739

			$	13,569,739

Sweden — 4.6%

AAK AB		18,550	$	266,825

Alfa Laval AB		3,749		84,997

Arjo AB, Class B		39,200		139,471

Assa Abloy AB, Class B		12,450		231,995

Attendo AB⁽²⁾		14,762		113,397

Avanza Bank Holding AB		4,300		195,606

Betsson AB⁽¹⁾		10,000		92,099

BillerudKorsnas AB		24,100		304,343

BioGaia AB, Class B		2,949		119,905

Bonava AB, Class B		4,887		61,225

Castellum AB		23,000		436,035

Dios Fastigheter AB		12,669		90,906

Dometic Group AB⁽²⁾		18,000		128,428

Elekta AB, Class B		33,800		451,884

Epiroc AB, Class A⁽¹⁾		7,200		69,137

Epiroc AB, Class B⁽¹⁾		11,200		100,386

Essity Aktiebolag, Class B		30,400		841,124

Fabege AB		24,200		353,123

Granges AB		14,300		137,534

Hennes & Mauritz AB, Class B		33,400		519,697

Hexagon AB, Class B		6,200		303,623

Hexpol AB		32,000		283,251


		16		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Sweden (continued)

Holmen AB, Class B		14,400	$	308,596

Hufvudstaden AB, Class A		11,335		188,253

Husqvarna AB, Class B		26,200		200,252

Indutrade AB		3,149		79,202

JM AB		3,850		77,834

Karo Pharma AB		18,000		76,898

Kungsleden AB		20,778		157,730

Lundin Petroleum AB		22,200		710,077

Modern Times Group MTG AB, Class B		4,800		161,724

Mycronic AB		12,782		163,635

NCC AB, Class B		4,080		61,733

NetEnt AB		26,464		128,166

Nibe Industrier AB, Class B		6,212		70,641

Nordea Bank AB		33,950		308,989

Pandox AB		5,668		98,682

Paradox Interactive AB		4,600		75,815

RaySearch Laboratories AB⁽¹⁾		6,321		70,998

Recipharm AB, Class B⁽¹⁾		10,000		128,947

Saab AB, Class B		1,818		62,817

Sandvik AB		19,450		310,808

Scandic Hotels Group AB⁽²⁾		6,000		57,264

Securitas AB, Class B		6,225		100,097

Skandinaviska Enskilda Banken AB, Class A		36,400		382,078

Skanska AB, Class B		9,000		157,592

Svenska Cellulosa AB SCA, Class B		53,200		467,946

Svenska Handelsbanken AB, Class A		35,900		390,407

Swedbank AB, Class A		21,000		477,045

Swedish Match AB		9,263		415,001

Swedish Orphan Biovitrum AB⁽¹⁾		15,200		359,245

Tele2 AB, Class B		28,100		351,792

Telefonaktiebolaget LM Ericsson, Class B		113,700		1,013,461

Telia Co. AB		187,000		814,937

Thule Group AB⁽²⁾		5,900		120,459

Trelleborg AB, Class B		7,200		121,279

Wallenstam AB, Class B		24,800		249,746

			$	14,245,137

Switzerland — 8.6%

Adecco Group AG		6,900	$	345,766

Allreal Holding AG		2,465		399,856

ALSO Holding AG		1,183		153,047

Ascom Holding AG		5,950		76,406

Baloise Holding AG		1,432		221,785

Banque Cantonale Vaudoise		202		160,198

Belimo Holding AG		28		121,557

BKW AG		1,604		112,875


Security	Shares		Value

Switzerland (continued)

Cembra Money Bank AG		2,620	$	226,249

Clariant AG		31,700		629,659

Comet Holding AG		2,450		218,050

Compagnie Financiere Richemont SA, Class A		41,500		2,860,508

Daetwyler Holding AG, Bearer Shares		950		143,506

DKSH Holding AG		2,430		182,132

dormakaba Holding AG		270		177,864

Emmi AG		245		206,860

Ems-Chemie Holding AG		1,030		514,449

Flughafen Zurich AG		1,375		242,878

Forbo Holding AG		364		507,523

Geberit AG		1,480		578,578

Georg Fischer AG		250		221,598

Givaudan SA		555		1,346,461

Helvetia Holding AG		372		220,238

Inficon Holding AG		320		170,226

Intershop Holding AG		234		117,015

Julius Baer Group, Ltd.		6,100		245,173

Komax Holding AG		326		86,424

Kuehne & Nagel International AG		2,225		300,889

Landis+Gyr Group AG		4,400		284,167

LEM Holding SA		53		63,468

Mobimo Holding AG		900		220,625

Nestle SA		39,840		3,473,406

Novartis AG		20,500		1,789,666

Panalpina Welttransport Holding AG		731		128,622

Pargesa Holding SA, Bearer Shares		2,500		197,341

Partners Group Holding AG		465		319,829

PSP Swiss Property AG		4,660		479,418

Roche Holding AG		5,760		1,532,366

Roche Holding AG, Bearer Shares		473		124,334

Schindler Holding AG		842		177,844

Schindler Holding AG PC		1,650		350,988

SFS Group AG		1,782		143,411

SGS SA		198		477,980

Sika AG		9,290		1,226,799

Sonova Holding AG		585		109,790

Sulzer AG		1,130		103,797

Sunrise Communications Group AG⁽¹⁾⁽²⁾		2,000		168,616

Swiss Life Holding AG		900		371,296

Swiss Re AG		7,050		676,128

Swisscom AG		2,280		1,092,809

Temenos AG		4,862		656,294

u-blox Holding AG⁽¹⁾		975		83,225

Valiant Holding AG		1,138		122,910

Valora Holding AG		1,820		483,682


		17		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Switzerland (continued)

Vontobel Holding AG		2,114	$	119,167

Zurich Insurance Group AG		2,800		878,788

			$	26,644,536

United Kingdom — 9.1%

3i Group PLC		7,509	$	83,806

Admiral Group PLC		3,026		82,283

Antofagasta PLC		7,200		82,310

Ascential PLC		22,460		112,127

Assura PLC		171,909		135,003

AstraZeneca PLC		12,300		891,035

Atlantica Yield PLC		8,200		147,518

Auto Trader Group PLC⁽²⁾		30,000		180,041

Avast PLC⁽¹⁾⁽²⁾		27,000		101,644

Aveva Group PLC		4,558		162,930

Aviva PLC		25,000		135,965

B&M European Value Retail SA		21,315		90,761

Babcock International Group PLC		11,872		82,689

BAE Systems PLC		37,500		252,276

Barratt Developments PLC		16,000		113,170

Barrick Gold Corp.		8,456		111,621

Berkeley Group Holdings PLC		3,100		152,633

BHP Group PLC		26,800		598,784

Big Yellow Group PLC		8,638		108,657

BP PLC		199,600		1,363,496

British American Tobacco PLC		18,600		655,651

BT Group PLC		194,000		591,584

BTG PLC⁽¹⁾		10,830		118,272

Bunzl PLC		6,100		192,346

Burberry Group PLC		6,550		154,835

Carnival PLC		2,885		163,230

Centrica PLC		274,800		493,828

Cineworld Group PLC		74,300		254,992

Cobham PLC⁽¹⁾		77,000		109,014

Compass Group PLC		21,200		453,649

Computacenter PLC		4,400		60,426

ConvaTec Group PLC⁽²⁾		54,000		101,242

Croda International PLC		2,464		156,004

Daily Mail & General Trust PLC, Class A		27,600		219,554

Dechra Pharmaceuticals PLC		4,650		144,470

Derwent London PLC		4,800		204,155

Direct Line Insurance Group PLC		15,813		69,894

DS Smith PLC		32,520		144,222

Electrocomponents PLC		32,000		228,424

Elementis PLC		29,679		71,053

Equiniti Group PLC⁽²⁾		31,115		84,534


Security	Shares		Value

United Kingdom (continued)

Essentra PLC		15,665	$	76,758

Experian PLC		10,400		261,119

F&C Commercial Property Trust, Ltd.		51,629		87,975

Ferguson PLC		2,207		147,788

FirstGroup PLC⁽¹⁾		47,376		57,574

Fresnillo PLC		9,748		128,702

GlaxoSmithKline PLC		48,800		947,919

Great Portland Estates PLC		23,700		227,668

Greene King PLC		13,600		107,287

Halma PLC		17,200		316,341

Hammerson PLC		33,097		161,803

Howden Joinery Group PLC		23,000		152,583

HSBC Holdings PLC		115,000		968,329

Imperial Brands PLC		11,971		397,366

Indivior PLC⁽¹⁾		55,500		82,688

Informa PLC		34,500		306,439

Inmarsat PLC		40,064		194,498

Intertek Group PLC		1,680		108,409

Johnson Matthey PLC		5,400		215,727

Kingfisher PLC		57,123		166,876

Land Securities Group PLC		28,800		327,524

Legal & General Group PLC		61,800		210,546

Lloyds Banking Group PLC		478,000		364,410

London Stock Exchange Group PLC		2,149		129,243

LondonMetric Property PLC		56,300		138,666

Marks & Spencer Group PLC		21,900		82,860

Meggitt PLC		11,454		77,575

Merlin Entertainments PLC⁽²⁾		20,000		88,630

Micro Focus International PLC		26,200		499,505

Mimecast, Ltd.⁽¹⁾		2,500		93,925

Mondi PLC		9,300		224,903

National Grid PLC		119,846		1,305,050

NCC Group PLC		32,556		54,883

Next PLC		1,670		106,210

Pearson PLC		19,600		233,023

Persimmon PLC		7,100		221,489

Playtech PLC		12,000		61,022

Primary Health Properties PLC		90,643		136,998

Provident Financial PLC⁽¹⁾		10,491		72,378

Reckitt Benckiser Group PLC		7,980		614,019

RELX PLC		19,100		423,056

Rentokil Initial PLC		39,000		172,229

Rightmove PLC		44,000		272,465

Rio Tinto PLC		14,600		807,703

Rolls-Royce Holdings PLC		18,600		216,196

Royal Bank of Scotland Group PLC		50,000		158,611

Royal Dutch Shell PLC, Class A		41,500		1,286,518


		18		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

United Kingdom (continued)

Royal Mail PLC		29,400	$	103,589

RPC Group PLC		11,288		117,534

RSA Insurance Group PLC		15,500		104,514

Safestore Holdings PLC		11,400		86,287

Segro PLC		42,800		363,830

Severn Trent PLC		13,453		353,507

Shaftesbury PLC		18,300		211,735

Smith & Nephew PLC		16,400		308,955

Spectris PLC		8,200		279,945

Spirax-Sarco Engineering PLC		959		80,652

SSP Group PLC		11,932		104,436

St. James’s Place PLC		10,600		130,657

Standard Life Aberdeen PLC		23,890		78,980

TalkTalk Telecom Group PLC		127,917		187,527

Tate & Lyle PLC		25,503		230,210

Taylor Wimpey PLC		52,000		112,749

Travis Perkins PLC		9,000		144,660

Tritax Big Box REIT PLC		103,900		190,422

Unilever PLC		10,100		530,594

UNITE Group PLC (The)		18,800		224,528

United Utilities Group PLC		30,000		328,111

Victrex PLC		4,400		132,124

WH Smith PLC		2,540		65,202

Whitbread PLC		3,020		193,507

William Hill PLC		26,650		61,682

WM Morrison Supermarkets PLC		81,700		251,241

			$	28,130,792

Total Common Stocks (identified cost $285,899,399)			$	304,844,484

Rights⁽¹⁾ — 0.0%⁽⁵⁾
Security	Shares		Value

BUWOG AG, Exp. 3/29/19⁽³⁾		3,930	$	0

Tritax Big Box REIT PLC, Exp. 2/8/19		13,552		1,724

Total Rights (identified cost $0)			$	1,724

Warrants⁽¹⁾ — 0.0%
Security	Shares		Value

Ezion Holdings, Ltd., Exp. 4/16/23, Strike SGD 0.2763		135,600	$	0

Total Warrants (identified cost $0)			$	0


Short-Term Investments — 0.8%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 2.61%⁽⁶⁾		2,447,022	$	2,447,022

Total Short-Term Investments (identified cost $2,447,022)			$	2,447,022

Total Investments — 99.3% (identified cost $288,346,421)			$	307,293,230

Other Assets, Less Liabilities — 0.7%			$	2,181,054

Net Assets — 100.0%			$	309,474,284

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

⁽¹⁾	Non-income producing security.

⁽²⁾

⁽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⁾	Amount is less than 0.05%.

⁽⁶⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2019.


Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value

Euro		38.1	%	$	118,048,706

Japanese Yen		13.1			40,598,199

British Pound Sterling		9.3			28,800,049

Swiss Franc		8.9			27,381,221

Australian Dollar		8.5			26,344,378

Swedish Krona		4.6			14,245,137

Hong Kong Dollar		4.1			12,545,367

United States Dollar		3.6			11,126,879

Norwegian Krone		2.2			6,690,246

Danish Krone		2.1			6,578,215

Singapore Dollar		2.0			6,292,703

Israeli Shekel		1.8			5,579,190

New Zealand Dollar		1.0			3,062,940

Total Investments		99.3	%	$	307,293,230


		19		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Portfolio of Investments — continued


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value

Financials		10.7	%	$	33,079,755

Consumer Staples		10.6			32,658,165

Industrials		10.4			32,222,734

Consumer Discretionary		9.7			30,144,766

Health Care		9.3			28,775,697

Materials		9.2			28,606,919

Information Technology		9.1			28,150,362

Communication Services		8.6			26,517,140

Real Estate		8.1			25,144,985

Utilities		7.1			21,972,191

Energy		5.7			17,573,494

Short-Term Investments		0.8			2,447,022

Total Investments		99.3	%	$	307,293,230

Abbreviations:



ADR	–	American Depositary Receipt

CDI	–	CHESS Depositary Interest

PC	–	Participation Certificate

PFC Shares	–	Preference Shares

Currency Abbreviations:



SGD	–	Singapore Dollar


		20		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Statement of Assets and Liabilities


Assets	January 31, 2019

Unaffiliated investments, at value (identified cost, $285,899,399)	$	304,846,208

Affiliated investment, at value (identified cost, $2,447,022)		2,447,022

Foreign currency, at value (identified cost, $280,079)		281,650

Dividends receivable		249,619

Dividends receivable from affiliated investment		5,324

Receivable for investments sold		489,600

Receivable for Fund shares sold		1,201,709

Tax reclaims receivable		581,454

Receivable from affiliates		54,788

Total assets	$	310,157,374

Liabilities

Payable for investments purchased	$	207,208

Payable for Fund shares redeemed		225,257

Payable to affiliates:

Investment adviser and administration fee		99,747

Distribution and service fees		14,396

Accrued expenses		136,482

Total liabilities	$	683,090

Net Assets	$	309,474,284

Sources of Net Assets

Paid-in capital	$	292,209,460

Distributable earnings		17,264,824

Total	$	309,474,284

Investor Class Shares

Net Assets	$	65,056,208

Shares Outstanding		5,181,031

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	12.56

Institutional Class Shares

Net Assets	$	151,107,385

Shares Outstanding		11,982,377

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	12.61

Class R Shares

Net Assets	$	1,939,348

Shares Outstanding		155,221

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	12.49

Class R6 Shares

Net Assets	$	91,371,343

Shares Outstanding		7,249,093

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	12.60


		21		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Statement of Operations


Investment Income	Year Ended January 31, 2019

Dividends (net of foreign taxes, $860,543)	$	7,659,155

Dividends from affiliated investment		44,895

Total investment income	$	7,704,050

Expenses

Investment adviser and administration fee	$	1,022,997

Distribution and service fees

Investor Class		154,000

Class R		7,236

Trustees’ fees and expenses		13,711

Custodian fee		166,360

Transfer and dividend disbursing agent fees		115,955

Legal and accounting services		57,441

Printing and postage		29,509

Registration fees		91,299

Miscellaneous		51,104

Total expenses	$	1,709,612

Deduct —

Allocation of expenses to affiliates	$	292,662

Total expense reductions	$	292,662

Net expenses	$	1,416,950

Net investment income	$	6,287,100

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	2,059,028

Investment transactions — affiliated investment		1,036

Foreign currency transactions		(112,606	)

Net realized gain	$	1,947,458

Change in unrealized appreciation (depreciation) —

Investments	$	(32,082,846	)

Investments — affiliated investment		(219	)

Foreign currency		(33,692	)

Net change in unrealized appreciation (depreciation)	$	(32,116,757	)

Net realized and unrealized loss	$	(30,169,299	)

Net decrease in net assets from operations	$	(23,882,199	)


		22		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Statements of Changes in Net Assets


	Year Ended January 31,
Increase (Decrease) in Net Assets	2019			2018

From operations —

Net investment income	$	6,287,100		$	5,300,423

Net realized gain		1,947,458			5,586,140

Net change in unrealized appreciation (depreciation)		(32,116,757	)		43,457,767

Net increase (decrease) in net assets from operations	$	(23,882,199	)	$	54,344,330

Distributions to shareholders⁽¹⁾—

Investor Class	$	(1,966,658	)	$	(1,486,587	)

Institutional Class		(3,780,522	)		(2,196,786	)

Class R		(44,240	)		(25,865	)

Class R6		(2,734,087	)		(2,816,034	)

Total distributions to shareholders	$	(8,525,507	)	$	(6,525,272	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Investor Class	$	43,303,796		$	33,141,322

Institutional Class		116,046,127			35,797,290

Class R		2,412,325			463,484

Class R6		26,275,473			48,292,478

Net asset value of shares issued to shareholders in payment of distributions declared

Investor Class		1,705,158			1,162,366

Institutional Class		3,519,375			1,799,165

Class R		44,237			25,865

Class R6		2,734,087			2,215,954

Cost of shares redeemed

Investor Class		(31,664,113	)		(19,269,279	)

Institutional Class		(42,712,163	)		(21,722,920	)

Class R		(1,510,692	)		(343,580	)

Class R6		(34,967,907	)		(48,038,853	)

Net increase in net assets from Fund share transactions	$	85,185,703		$	33,523,292

Net increase in net assets	$	52,777,997		$	81,342,350

Net Assets

At beginning of year	$	256,696,287		$	175,353,937

At end of year	$	309,474,284		$	256,696,287	⁽²⁾

⁽¹⁾	For the year ended January 31, 2018, the source of distributions was from net investment income. The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018.

⁽²⁾	Includes accumulated distributions in excess of net investment income of $(1,383,428) at January 31, 2018. The requirement to disclose the corresponding amount as of January 31, 2019 was eliminated.


		23		See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2019

Financial Highlights


	Investor Class

	Year Ended January 31,
	2019			2018			2017			2016			2015

Net asset value — Beginning of year	$	14.350		$	11.570		$	10.750		$	11.410		$	11.960

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.301		$	0.272		$	0.198		$	0.217		$	0.355	⁽²⁾

Net realized and unrealized gain (loss)		(1.700	)		2.869			0.810			(0.607	)		(0.242	)

Total income (loss) from operations	$	(1.399	)	$	3.141		$	1.008		$	(0.390	)	$	0.113

Less Distributions

From net investment income	$	(0.211	)	$	(0.361	)	$	(0.178	)	$	(0.266	)	$	(0.251	)

From net realized gain		(0.180	)		—			(0.010	)		(0.004	)		(0.412	)

Total distributions	$	(0.391	)	$	(0.361	)	$	(0.188	)	$	(0.270	)	$	(0.663	)

Net asset value — End of year	$	12.560		$	14.350		$	11.570		$	10.750		$	11.410

Total Return⁽³⁾⁽⁴⁾		(9.73	)%		27.29	%		9.55	%		(3.73	)%		1.01	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	65,056		$	59,858		$	34,386		$	12,069		$	8,503

Ratios (as a percentage of average daily net assets):

Expenses⁽⁴⁾⁽⁵⁾		0.75	%		0.75	%		0.84	%		0.90	%		0.97	%

Net investment income		2.27	%		2.06	%		1.75	%		1.86	%		2.83	%⁽²⁾

Portfolio Turnover		30	%		36	%		22	%		34	%		63	%

⁽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.

⁽⁴⁾

The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.11%, 0.11%, 0.23%, 0.35% and 0.32% of average daily net assets for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, 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, 2019

Financial Highlights — continued


	Institutional Class

	Year Ended January 31,
	2019			2018			2017			2016			2015

Net asset value — Beginning of year	$	14.410		$	11.610		$	10.770		$	11.430		$	11.990

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.310		$	0.312		$	0.257		$	0.325		$	0.333	⁽²⁾

Net realized and unrealized gain (loss)		(1.689	)		2.874			0.788			(0.693	)		(0.184	)

Total income (loss) from operations	$	(1.379	)	$	3.186		$	1.045		$	(0.368	)	$	0.149

Less Distributions

From net investment income	$	(0.241	)	$	(0.386	)	$	(0.195	)	$	(0.288	)	$	(0.297	)

From net realized gain		(0.180	)		—			(0.010	)		(0.004	)		(0.412	)

Total distributions	$	(0.421	)	$	(0.386	)	$	(0.205	)	$	(0.292	)	$	(0.709	)

Net asset value — End of year	$	12.610		$	14.410		$	11.610		$	10.770		$	11.430

Total Return⁽³⁾⁽⁴⁾		(9.53	)%		27.60	%		9.78	%		(3.37	)%		1.22	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	151,107		$	86,446		$	55,324		$	30,808		$	84,195

Ratios (as a percentage of average daily net assets):

Expenses⁽⁴⁾⁽⁵⁾		0.50	%		0.50	%		0.60	%		0.65	%		0.72	%

Net investment income		2.35	%		2.36	%		2.26	%		2.72	%		2.66	%⁽²⁾

Portfolio Turnover		30	%		36	%		22	%		34	%		63	%

⁽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%, 0.11%, 0.24%, 0.35% and 0.32% of average daily net assets for the years ended January 31, 2019, 2018, 2017, 2016 and 2015, 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, 2019

Financial Highlights — continued


	Class R

	Year Ended January 31,									Period Ended January 31, 2016⁽¹⁾
	2019			2018			2017			Period Ended January 31, 2016⁽¹⁾

Net asset value — Beginning of period	$	14.290		$	11.530		$	10.740		$	12.340

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.231		$	0.259		$	0.064		$	0.044

Net realized and unrealized gain (loss)		(1.657	)		2.827			0.919			(1.384	)

Total income (loss) from operations	$	(1.426	)	$	3.086		$	0.983		$	(1.340	)

Less Distributions

From net investment income	$	(0.194	)	$	(0.326	)	$	(0.183	)	$	(0.256	)

From net realized gain		(0.180	)		—			(0.010	)		(0.004	)

Total distributions	$	(0.374	)	$	(0.326	)	$	(0.193	)	$	(0.260	)

Net asset value — End of period	$	12.490		$	14.290		$	11.530		$	10.740

Total Return⁽³⁾⁽⁴⁾		(9.96	)%		26.90	%		9.22	%		(10.98	)%⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	1,939		$	1,167		$	786		$	1

Ratios (as a percentage of average daily net assets):

Expenses⁽⁴⁾		1.00	%		1.00	%		1.04	%		1.15	%⁽⁶⁾

Net investment income		1.77	%		1.98	%		0.56	%		0.82	%⁽⁶⁾

Portfolio Turnover		30	%		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%, 0.11%, 0.19% and 0.35% of average daily net assets for the years ended January 31, 2019, 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, 2019

Financial Highlights — continued


	Class R6

	Year Ended January 31,									Period Ended January 31, 2016⁽¹⁾
	2019			2018			2017			Period Ended January 31, 2016⁽¹⁾

Net asset value — Beginning of period	$	14.410		$	11.610		$	10.770		$	12.380

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.363		$	0.319		$	0.267		$	0.059

Net realized and unrealized gain (loss)		(1.746	)		2.875			0.780			(1.374	)

Total income (loss) from operations	$	(1.383	)	$	3.194		$	1.047		$	(1.315	)

Less Distributions

From net investment income	$	(0.247	)	$	(0.394	)	$	(0.197	)	$	(0.291	)

From net realized gain		(0.180	)		—			(0.010	)		(0.004	)

Total distributions	$	(0.427	)	$	(0.394	)	$	(0.207	)	$	(0.295	)

Net asset value — End of period	$	12.600		$	14.410		$	11.610		$	10.770

Total Return⁽³⁾⁽⁴⁾		(9.56	)%		27.67	%		9.79	%		(10.77	)%⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	91,371		$	109,225		$	84,858		$	60,608

Ratios (as a percentage of average daily net assets):

Expenses⁽⁴⁾		0.47	%		0.47	%		0.58	%		0.62	%⁽⁶⁾

Net investment income		2.72	%		2.42	%		2.34	%		1.10	%⁽⁶⁾

Portfolio Turnover		30	%		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%, 0.11%, 0.25% and 0.35% of average daily net assets for the years ended January 31, 2019, 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, 2019

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.

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

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.


		28

Parametric

International Equity Fund

January 31, 2019

Notes to Financial Statements — continued

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended January 31, 2019 and January 31, 2018 was as follows:


	Year Ended January 31,
	2019		2018

Ordinary income	$	6,650,789	$	6,525,272

Long-term capital gains	$	1,874,718	$	—

During the year ended January 31, 2019, distributable earnings was decreased by $1,142,997 and paid-in capital was increased by $1,142,997 due to the Fund’s use of equalization accounting. 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, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	865,900

Undistributed long-term capital gains	$	197,420

Net unrealized appreciation	$	16,201,504


		29

Parametric

International Equity Fund

January 31, 2019

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2019, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	291,084,128

Gross unrealized appreciation	$	32,160,655

Gross unrealized depreciation		(15,951,553	)

Net unrealized appreciation	$	16,209,102

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, 2019, the investment adviser and administration fee amounted to $1,022,997 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, 2019. Pursuant to this agreement, EVM and Parametric were allocated $292,662 in total of the Fund’s operating expenses for the year ended January 31, 2019.

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, 2019, EVM earned $7,613 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, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

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, 2019, the Fund paid or accrued to EVD $3,618 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, 2019 amounted to $3,618 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, 2019

Notes to Financial Statements — continued

5 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $155,874,171 and $75,688,847, respectively, for the year ended January 31, 2019.

6 Shares of Beneficial Interest


	Year Ended January 31,
Investor Class	2019			2018

Sales		3,305,438			2,564,884

Issued to shareholders electing to receive payments of distributions in Fund shares		136,439			84,844

Redemptions		(2,432,842	)		(1,449,992	)

Net increase		1,009,035			1,199,736

	Year Ended January 31,
Institutional Class	2019			2018

Sales		8,991,953			2,743,459

Issued to shareholders electing to receive payments of distributions in Fund shares		285,209			130,848

Redemptions		(3,294,832	)		(1,640,319	)

Net increase		5,982,330			1,233,988

	Year Ended January 31,
Class R	2019			2018

Sales		189,290			38,290

Issued to shareholders electing to receive payments of distributions in Fund shares		3,620			1,895

Redemptions		(119,318	)		(26,742	)

Net increase		73,592			13,443

	Year Ended January 31,
Class R6	2019			2018

Sales		2,048,683			3,754,669

Issued to shareholders electing to receive payments of distributions in Fund shares		219,111			161,160

Redemptions		(2,600,467	)		(3,643,473	)

Net increase (decrease)		(332,673	)		272,356

At January 31, 2019, donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 14.5% of the value of the outstanding shares of the Fund.


		31

Parametric

International Equity Fund

January 31, 2019

Notes to Financial Statements — continued

7 Line of Credit

8 Risks Associated with Foreign Investments

9 Fair Value Measurements

•

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)

At January 31, 2019, 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	$	2,529,048	$	89,307,346		$	26,555	$	91,862,949

Developed Europe		4,398,250		201,691,123			—		206,089,373

Developed Middle East		1,312,972		5,579,190			—		6,892,162

Total Common Stocks	$	8,240,270	$	296,577,659	**	$	26,555	$	304,844,484

Rights	$	—	$	1,724		$	0	$	1,724

Warrants		—		0			—		0

Short-Term Investments		—		2,447,022			—		2,447,022

Total Investments	$	8,240,270	$	299,026,405		$	26,555	$	307,293,230

*	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.


		32

Parametric

International Equity Fund

January 31, 2019

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, 2019, 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 five years in the period then ended, 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, 2019, 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 five years in the period then ended, 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.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 21, 2019

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


		33

Parametric

International Equity Fund

January 31, 2019

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended January 31, 2019, the Fund designates approximately $7,261,163, 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, 2019, the Fund paid foreign taxes of $795,171 and recognized foreign source income of $8,519,698.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2019, $987,904 or, if subsequently determined to be different, the net capital gain of such year.


		34

Parametric

International Equity Fund

January 31, 2019

Special Meeting of Shareholders (Unaudited)


	Number of Shares
Nominee for Trustee	For		Withheld

Mark R. Fetting		9,544,524		75,771

Keith Quinton		9,395,667		224,628

Marcus L. Smith		9,544,524		75,771

Susan J. Sutherland		9,544,524		75,771

Scott E. Wennerholm		9,544,524		75,771

Results are rounded to the nearest whole number.


		35

Parametric

International Equity Fund

January 31, 2019

Management and Organization


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 175 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 Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).

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.


		36

Parametric

International Equity Fund

January 31, 2019

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.

Keith Quinton⁽³⁾ 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).

Marcus L. Smith⁽³⁾ 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Director of DCT Industrial Trust Inc. (logistics real estate company) (since 2017).

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).

Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). 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.


Name and Year of Birth	Position(s) with the Trust	Officer Since⁽⁴⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

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⁾


		37

Parametric

International Equity Fund

January 31, 2019

Management and Organization — continued

⁽³⁾	Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

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


		38

Eaton Vance Funds

IMPORTANT NOTICES

•

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

•

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

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

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


		39

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment 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

LOGO

4736 1.31.19

LOGO

Parametric

Volatility Risk Premium - Defensive Fund

Annual Report

January 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/ppafunddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling1-800-260-0761. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

LOGO

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.

Annual ReportJanuary 31, 2019

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

Special Meeting of Shareholders			24

Management and Organization			25

Important Notices			28

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended January 31, 2019, U.S. equities opened the period on an upswing as investors reacted favorably to passage of the Republican tax reform package in December 2017. Sharp cuts in corporate taxes, a key element of the bill, raised corporate-profit expectations. U.S. stocks also got a boost from positive domestic economic data.

In February 2018, however, U.S. stocks pulled back amid fears that rising interest rates might boost the appeal of fixed-income investments. After a brief rebound, equity markets again weakened in the spring of 2018 as investors confronted the prospect of a global trade war due to President Trump’s then-new tariffs, which drew retaliatory actions from impacted countries including China, Canada and certain countries in the European Union.

The volatility spike in February 2018 resulted in financial insurance repricing during the period. Increased insurance premiums and deductibles resulted in wider strike prices and a more profitable environment in the second and third calendar quarters of 2018 for option sellers. Despite rising rhetoric over international tariffs, trade wars and border walls, U.S. equities rallied from April to September 2018, even as non-U.S. stocks declined.

But widening credit spreads and a flattening yield curve⁶ signaled serious concerns. Though October 2018 started with the lowest U.S. unemployment rate — 3.7% — since the late 1960s, the S&P 500^® Index² dropped 6%, followed by two additional big volatility repricing events.

The second half of 2018 represented the “best and worst of times.” The third quarter was the best in five years for the S&P 500^® Index — and the fourth quarter was the worst in seven years. After hitting record lows in 2017, the average Cboe Volatility Index^® (VIX^® Index) price in 2018 was higher than the highest closing price in all of 2017. As the volatility regime shifted, the average implied volatility (IV) to realized volatility (RV) spread (IV-RV spread) was much narrower in 2018 — at 1.0 volatility point — compared to the average 4.2 volatility points since 1990. IV represents the market price of volatility or the volatility implied by the option price, and RV is the subsequent realized or actual volatility. Capturing a volatility risk premium relies on a positive IV-RV spread rather than the absolute level of volatility.

Fund Performance

For the 12-month period ended January 31, 2019, Parametric Volatility Risk Premium – Defensive Fund (the Fund) returned –0.55% for Institutional Class shares at net asset value (NAV), outperforming its primary benchmark, the Cboe S&P 500 BuyWrite Index^SM (the Index), which returned –2.43%. 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 returned of 0.11% during 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 Index is a passive covered call-writing index. The Fund outperformed the passive options-writing Index by 1.88% during the period. While equities tumbled –2.31% as measured by the S&P 500^® Index, the structurally de-risked portfolio benefited from the allocation to Treasury bills and written options to capture the VRP.

The Fund’s options strategy — consisting of the systematic sale of out-of-the-money options — detracted modestly from returns. The blend of put and call options was beneficial to the options strategy given the volatility spikes in February, October and December 2018. The written calls added to returns but the puts detracted from returns. Taken together, the net losses from puts outweighed the net profits on calls.

The Fund’s common stock portfolio underperformed the S&P 500^® Index and detracted from returns relative to the Secondary Index. The underperformance was due to security selections among the mega-cap companies represented by the S&P 500^® Index. As a reminder, the stock portfolio is passively managed to approximate the S&P 500^® Index, but is actively managed to mitigate tax impact. Sampling techniques are used to help mitigate the tax impact on investors, and no capital gains were distributed to Fund investors in 2018.

The Fund’s deliberate and disciplined approach provided important capital protection during the most treacherous market since the global financial crisis.

See Endnotes and Additional Disclosures in this report.


		2

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Performance^2,3

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


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Institutional Class at NAV		02/09/2017		02/09/2017		–0.55	%		—			5.03	%
Cboe S&P 500 BuyWrite Index^SM		—		—		–2.43	%		6.21	%		4.01	%
Blended Index		—		—		0.11			5.86			6.10


% Total Annual Operating Expense Ratios⁴											Institutional Class
Gross												0.63	%
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.

LOGO

See Endnotes and Additional Disclosures in this report.


		3

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Fund Profile

Common Stock Sector Allocation (% of net assets)

LOGO

Top 10 Holdings (% of net assets)⁵



Microsoft Corp.	1.9	%

Apple, Inc.	1.8

Amazon.com, Inc.	1.7

Berkshire Hathaway, Inc., Class B	1.0

Facebook, Inc., Class A	1.0

JPMorgan Chase & Co.	0.9

Johnson & Johnson	0.9

Exxon Mobil Corp.	0.8

Alphabet, Inc., Class C	0.8

Alphabet, Inc., Class A	0.8

Total	11.6	%

Asset Allocation (% of total investments)

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Endnotes and Additional Disclosures

S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Cboe Volatility Index^® tracks the implied volatilities of a wide range of S&P 500^® Index options. Cboe S&P 500 BuyWrite Index^SM 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^® BofAML^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. 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.

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 5/31/19. 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.

⁶	Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long- term rates fall and/or short-term rates increase, and the yield curve steepens when long-term rates increase and/or short-term rates fall.

Fund profile subject to change due to active management.


		5

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

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, 2018 – January 31, 2019).


	Beginning Account Value (8/1/18)		Ending Account Value (1/31/19)		Expenses Paid During Period* (8/1/18 – 1/31/19)		Annualized Expense Ratio

Actual
Institutional Class	$	1,000.00	$	978.50	$	2.54		0.51	%

Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,022.60	$	2.60		0.51	%

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 theone-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, 2018.


		6

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Portfolio of Investments


Common Stocks — 50.8%
Security	Shares		Value

Aerospace & Defense — 1.2%

Arconic, Inc.		23,957	$	450,871

Boeing Co. (The)		6,601		2,545,478

Harris Corp.		4,662		714,125

Huntington Ingalls Industries, Inc.		2,972		613,569

United Technologies Corp.		8,558		1,010,443

			$	5,334,486

Air Freight & Logistics — 0.2%

C.H. Robinson Worldwide, Inc.		4,753	$	412,418

Expeditors International of Washington, Inc.		5,804		402,217

			$	814,635

Airlines — 0.2%

Alaska Air Group, Inc.		6,622	$	423,477

American Airlines Group, Inc.		8,361		299,073

			$	722,550

Auto Components — 0.1%

BorgWarner, Inc.		12,045	$	492,641

Goodyear Tire & Rubber Co. (The)		7,895		167,295

			$	659,936

Banks — 3.2%

Bank of America Corp.		114,264	$	3,253,096

Citigroup, Inc.		15,393		992,233

Citizens Financial Group, Inc.		16,495		559,510

Fifth Third Bancorp		26,275		704,696

JPMorgan Chase & Co.		39,071		4,043,849

People’s United Financial, Inc.		19,646		321,801

U.S. Bancorp		24,584		1,257,717

Wells Fargo & Co.		52,542		2,569,829

Zions BanCorp NA		5,266		250,609

			$	13,953,340

Beverages — 1.0%

Brown-Forman Corp., Class B		2,407	$	113,731

Coca-Cola Co. (The)		44,190		2,126,864

PepsiCo, Inc.		18,749		2,112,450

			$	4,353,045

Biotechnology — 1.5%

AbbVie, Inc.		17,445	$	1,400,659

Amgen, Inc.		9,485		1,774,738


Security	Shares		Value

Biotechnology (continued)

Celgene Corp.⁽¹⁾		6,160	$	544,914

Gilead Sciences, Inc.		19,071		1,335,161

Regeneron Pharmaceuticals, Inc.⁽¹⁾		1,944		834,501

Vertex Pharmaceuticals, Inc.⁽¹⁾		4,484		856,040

			$	6,746,013

Building Products — 0.2%

A.O. Smith Corp.		3,943	$	188,712

Allegion PLC		1,855		159,270

Fortune Brands Home & Security, Inc.		9,330		422,649

			$	770,631

Capital Markets — 1.5%

Affiliated Managers Group, Inc.		5,891	$	618,260

Cboe Global Markets, Inc.		4,121		384,366

Charles Schwab Corp. (The)		22,040		1,030,811

E*TRADE Financial Corp.		11,508		536,963

Invesco Ltd.		39,254		715,208

Morgan Stanley		28,211		1,193,325

Nasdaq, Inc.		7,421		653,345

Raymond James Financial, Inc.		5,176		416,668

S&P Global, Inc.		5,431		1,040,851

			$	6,589,797

Chemicals — 1.2%

Albemarle Corp.		1,442	$	116,413

CF Industries Holdings, Inc.		6,507		284,031

DowDuPont, Inc.		34,037		1,831,531

Eastman Chemical Co.		7,576		610,777

Ecolab, Inc.		4,269		675,228

FMC Corp.		5,124		408,895

Linde PLC		1,725		281,192

Sherwin-Williams Co. (The)		2,262		953,478

			$	5,161,545

Commercial Services & Supplies — 0.1%

Republic Services, Inc.		6,290	$	482,506

Rollins, Inc.		2,364		88,035

			$	570,541

Communications Equipment — 0.6%

Cisco Systems, Inc.		53,976	$	2,552,525

			$	2,552,525


		7		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Construction & Engineering — 0.1%

Fluor Corp.		4,133	$	151,144

Jacobs Engineering Group, Inc.		4,549		294,775

Quanta Services, Inc.		3,788		133,868

			$	579,787

Containers & Packaging — 0.2%

Avery Dennison Corp.		3,979	$	415,606

Packaging Corp. of America		3,774		355,964

Sealed Air Corp.		8,112		320,424

			$	1,091,994

Distributors — 0.1%

LKQ Corp.⁽¹⁾		9,137	$	239,572

			$	239,572

Diversified Consumer Services — 0.0%⁽²⁾

H&R Block, Inc.		6,471	$	152,651

			$	152,651

Diversified Financial Services — 1.2%

Berkshire Hathaway, Inc., Class B⁽¹⁾		22,334	$	4,590,530

Jefferies Financial Group, Inc.		24,810		516,296

			$	5,106,826

Diversified Telecommunication Services — 1.1%

AT&T, Inc.		83,986	$	2,524,619

Verizon Communications, Inc.		39,417		2,170,300

			$	4,694,919

Electric Utilities — 0.9%

Alliant Energy Corp.		8,824	$	392,403

Entergy Corp.		6,313		563,056

Exelon Corp.		19,609		936,526

NextEra Energy, Inc.		8,062		1,442,937

Pinnacle West Capital Corp.		5,884		518,498

			$	3,853,420

Electrical Equipment — 0.2%

Eaton Corp. PLC		13,499	$	1,029,299

nVent Electric PLC		2,975		74,434

			$	1,103,733


Security	Shares		Value

Electronic Equipment, Instruments & Components — 0.3%

FLIR Systems, Inc.		10,664	$	521,256

TE Connectivity, Ltd.		11,446		926,554

			$	1,447,810

Energy Equipment & Services — 0.3%

National Oilwell Varco, Inc.		20,716	$	610,708

TechnipFMC PLC		23,519		539,996

			$	1,150,704

Entertainment — 1.0%

Netflix, Inc.⁽¹⁾		4,575	$	1,553,212

Twenty-First Century Fox, Inc., Class B		11,328		555,752

Walt Disney Co. (The)		18,965		2,114,977

			$	4,223,941

Equity Real Estate Investment Trusts (REITs) — 1.4%

Alexandria Real Estate Equities, Inc.		4,866	$	640,901

American Tower Corp.		6,955		1,202,102

Apartment Investment & Management Co., Class A		10,692		529,468

Duke Realty Corp.		17,835		521,495

Essex Property Trust, Inc.		2,047		555,146

Extra Space Storage, Inc.		3,926		387,143

Host Hotels & Resorts, Inc.		17,060		308,104

Kimco Realty Corp.		16,982		288,864

Macerich Co. (The)		7,031		324,551

Public Storage		3,057		649,674

SL Green Realty Corp.		4,690		433,497

UDR, Inc.		10,043		439,381

			$	6,280,326

Food & Staples Retailing — 0.8%

Costco Wholesale Corp.		4,959	$	1,064,350

Kroger Co. (The)		18,737		530,819

Sysco Corp.		8,910		568,904

Walmart, Inc.		15,667		1,501,369

			$	3,665,442

Food Products — 0.5%

Campbell Soup Co.		8,871	$	314,299

Conagra Brands, Inc.		15,284		330,746

Hormel Foods Corp.		12,863		544,362

JM Smucker Co. (The)		5,435		570,023

McCormick & Co., Inc.		4,716		583,086

			$	2,342,516


		8		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Health Care Equipment & Supplies — 1.5%

Abbott Laboratories		21,988	$	1,604,684

Boston Scientific Corp.⁽¹⁾		23,382		892,023

Cooper Cos., Inc. (The)		1,487		414,516

Dentsply Sirona, Inc.		8,384		351,709

IDEXX Laboratories, Inc.⁽¹⁾		2,236		475,776

Intuitive Surgical, Inc.⁽¹⁾		1,693		886,523

Medtronic PLC		20,032		1,770,629

			$	6,395,860

Health Care Providers & Services — 1.7%

Cardinal Health, Inc.		7,043	$	351,939

Centene Corp.⁽¹⁾		5,317		694,241

Cigna Corp.⁽¹⁾		7,310		1,460,611

CVS Health Corp.		12,157		796,891

DaVita, Inc.⁽¹⁾		4,911		275,655

Henry Schein, Inc.⁽¹⁾		6,989		543,045

UnitedHealth Group, Inc.		12,036		3,252,127

			$	7,374,509

Hotels, Restaurants & Leisure — 0.8%

McDonald’s Corp.		9,949	$	1,778,682

Royal Caribbean Cruises, Ltd.		5,609		673,361

Starbucks Corp.		15,343		1,045,472

			$	3,497,515

Household Durables — 0.3%

Garmin, Ltd.		2,621	$	181,321

Leggett & Platt, Inc.		3,079		126,116

Mohawk Industries, Inc.⁽¹⁾		2,182		281,020

Newell Brands, Inc.		16,759		355,458

PulteGroup, Inc.		16,196		450,411

Whirlpool Corp.		1,073		142,719

			$	1,537,045

Household Products — 0.8%

Clorox Co. (The)		4,039	$	599,307

Procter & Gamble Co. (The)		31,813		3,069,000

			$	3,668,307

Industrial Conglomerates — 0.8%

3M Co.		8,590	$	1,720,577

General Electric Co.		26,262		266,822

Honeywell International, Inc.		10,733		1,541,581

			$	3,528,980


Security	Shares		Value

Insurance — 1.1%

Aflac, Inc.		16,231	$	774,219

Arthur J. Gallagher & Co.		7,651		571,606

Assurant, Inc.		3,323		320,304

Everest Re Group, Ltd.		1,571		344,128

Hartford Financial Services Group, Inc.		17,770		833,768

Progressive Corp. (The)		12,829		863,263

Torchmark Corp.		6,661		557,925

Unum Group		12,243		425,567

			$	4,690,780

Interactive Media & Services — 2.6%

Alphabet, Inc., Class A⁽¹⁾		3,132	$	3,526,288

Alphabet, Inc., Class C⁽¹⁾		3,204		3,576,850

Facebook, Inc., Class A⁽¹⁾		25,354		4,226,258

TripAdvisor, Inc.⁽¹⁾		3,538		203,010

			$	11,532,406

Internet & Direct Marketing Retail — 1.9%

Amazon.com, Inc.⁽¹⁾		4,337	$	7,454,132

Booking Holdings, Inc.⁽¹⁾		535		980,553

			$	8,434,685

IT Services — 2.3%

Accenture PLC, Class A		7,488	$	1,149,783

Alliance Data Systems Corp.		1,856		329,607

Global Payments, Inc.		3,090		346,945

International Business Machines Corp.		11,590		1,557,928

Mastercard, Inc., Class A		10,284		2,171,261

PayPal Holdings, Inc.⁽¹⁾		12,776		1,133,998

VeriSign, Inc.⁽¹⁾		2,742		464,138

Visa, Inc., Class A		20,129		2,717,616

Western Union Co. (The)		6,053		110,467

			$	9,981,743

Life Sciences Tools & Services — 0.4%

PerkinElmer, Inc.		5,742	$	519,651

Thermo Fisher Scientific, Inc.		5,244		1,288,293

			$	1,807,944

Machinery — 0.7%

Deere & Co.		6,278	$	1,029,592

Flowserve Corp.		3,129		137,801

PACCAR, Inc.		10,677		699,557

Pentair PLC		10,565		435,173

Stanley Black & Decker, Inc.		5,241		662,672

			$	2,964,795


		9		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares		Value

Media — 0.7%

Comcast Corp., Class A		54,536	$	1,994,381

Discovery, Inc., Class A⁽¹⁾		6,335		179,787

Discovery, Inc., Class C⁽¹⁾		8,661		230,816

DISH Network Corp., Class A⁽¹⁾		7,168		219,843

Interpublic Group of Cos., Inc. (The)		4,968		113,022

News Corp., Class A		6,794		87,167

News Corp., Class B		8,717		112,711

			$	2,937,727

Metals & Mining — 0.1%

Nucor Corp.		9,087	$	556,488

			$	556,488

Multi-Utilities — 0.7%

Centerpoint Energy, Inc.		17,448	$	539,492

CMS Energy Corp.		14,119		736,165

Dominion Energy, Inc.		5,490		385,618

NiSource, Inc.		17,073		465,751

WEC Energy Group, Inc.		10,356		756,299

			$	2,883,325

Multiline Retail — 0.2%

Dollar Tree, Inc.⁽¹⁾		5,035	$	487,539

Kohl’s Corp.		4,977		341,870

Macy’s, Inc.		5,588		146,965

			$	976,374

Oil, Gas & Consumable Fuels — 2.4%

Cabot Oil & Gas Corp.		21,553	$	537,748

Chevron Corp.		24,462		2,804,568

Devon Energy Corp.		18,469		492,199

Exxon Mobil Corp.		50,514		3,701,666

Hess Corp.		12,824		692,496

HollyFrontier Corp.		8,241		464,298

Marathon Oil Corp.		49,385		779,789

Newfield Exploration Co.⁽¹⁾		30,897		564,797

ONEOK, Inc.		9,533		612,114

			$	10,649,675

Pharmaceuticals — 2.6%

Bristol-Myers Squibb Co.		18,348	$	905,841

Eli Lilly & Co.		12,143		1,455,460

Johnson & Johnson		29,386		3,910,689

Merck & Co., Inc.		29,385		2,187,126


Security	Shares		Value

Pharmaceuticals(continued)

Nektar Therapeutics⁽¹⁾		2,331	$	98,694

Perrigo Co. PLC		2,404		111,666

Pfizer, Inc.		68,790		2,920,135

			$	11,589,611

Professional Services — 0.3%

Equifax, Inc.		2,588	$	276,967

Nielsen Holdings PLC		10,044		257,930

Robert Half International, Inc.		2,728		175,765

Verisk Analytics, Inc.⁽¹⁾		3,497		410,583

			$	1,121,245

Real Estate Management & Development — 0.1%

CBRE Group, Inc., Class A⁽¹⁾		8,686	$	397,385

			$	397,385

Road & Rail — 0.6%

J.B. Hunt Transport Services, Inc.		4,441	$	475,365

Kansas City Southern		2,916		308,367

Union Pacific Corp.		10,623		1,689,800

			$	2,473,532

Semiconductors & Semiconductor Equipment — 1.8%

Broadcom, Inc.		5,328	$	1,429,236

Intel Corp.		50,077		2,359,628

KLA-Tencor Corp.		6,598		703,149

NVIDIA Corp.	��	7,788		1,119,525

Qorvo, Inc.⁽¹⁾		2,215		144,773

QUALCOMM, Inc.		14,191		702,738

Texas Instruments, Inc.		14,535		1,463,384

			$	7,922,433

Software — 3.2%

Adobe, Inc.⁽¹⁾		6,074	$	1,505,259

Intuit, Inc.		850		183,447

Microsoft Corp.		80,719		8,429,485

Oracle Corp.		32,400		1,627,452

Red Hat, Inc.⁽¹⁾		3,939		700,512

salesforce.com, Inc.⁽¹⁾		10,617		1,613,465

			$	14,059,620

Specialty Retail — 1.0%

CarMax, Inc.⁽¹⁾		9,412	$	553,237

Foot Locker, Inc.		1,891		105,688


		10		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Portfolio of Investments — continued


Security	Shares			Value

Specialty Retail (continued)

Gap, Inc. (The)		10,272		$	261,320

Home Depot, Inc. (The)		14,666			2,691,651

L Brands, Inc.		5,793			161,277

Ross Stores, Inc.		6,619			609,742

Tiffany & Co.		1,278			113,397

				$	4,496,312

Technology Hardware, Storage & Peripherals — 1.9%

Apple, Inc.		46,502		$	7,739,793

NetApp, Inc.		3,814			243,219

Seagate Technology PLC		6,158			272,676

Western Digital Corp.		4,190			188,508

Xerox Corp.		4,717			133,067

				$	8,577,263

Textiles, Apparel & Luxury Goods — 0.4%

Capri Holdings, Ltd.⁽¹⁾		4,016		$	170,600

NIKE, Inc., Class B		15,466			1,266,356

Ralph Lauren Corp.,		1,633			189,656

Under Armour, Inc., Class A⁽¹⁾		7,697			159,636

Under Armour, Inc., Class C⁽¹⁾		6,050			114,587

				$	1,900,835

Tobacco — 0.5%

Altria Group, Inc.		23,780		$	1,173,543

Philip Morris International, Inc.		13,555			1,039,940

			��	$	2,213,483

Trading Companies & Distributors — 0.2%

Fastenal Co.		3,445		$	208,285

United Rentals, Inc.⁽¹⁾		2,350			294,361

W.W. Grainger, Inc.		696			205,591

				$	708,237

Water Utilities — 0.1%

American Water Works Co., Inc.		5,263		$	503,511

				$	503,511

Total Common Stocks (identified cost $205,441,787)				$	223,544,310


Short-Term Investments — 48.5%

U.S. Treasury Obligations — 47.6%
Security	Principal Amount (000’s omitted)		Value

U.S. Treasury Bills:

0.00%, 3/28/19⁽³⁾	$	20,000	$	19,927,622

0.00%, 6/20/19⁽³⁾		20,010		19,826,892

0.00%, 7/18/19⁽³⁾		30,880		30,536,382

			$	70,290,896

U.S. Treasury Notes:

0.75%, 7/15/19	$	10,690	$	10,607,946

0.875%, 9/15/19⁽³⁾		18,550		18,360,885

1.00%, 10/15/19		23,860		23,604,157

1.00%, 11/30/19		15,000		14,810,742

1.25%, 4/30/19		23,500		23,432,529

1.25%, 8/31/19⁽³⁾		25,000		24,818,848

1.375%, 12/15/19		23,700		23,460,685

			$	139,095,792

Total U.S. Treasury Obligations (identified cost $209,362,716)			$	209,386,688

Other— 0.9%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 2.61%⁽⁴⁾		3,709,933	$	3,709,933

Total Other (identified cost $3,709,933)			$	3,709,933

Total Short-Term Investments (identified cost $213,072,649)			$	213,096,621

Total Investments — 99.3% (identified cost $418,514,436)			$	436,640,931

Total Written Options — (0.7)% (premiums received $2,417,903)			$	(3,076,780	)

Other Assets, Less Liabilities — 1.4%			$	6,094,229

Net Assets — 100.0%			$	439,658,380

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.


		11		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Portfolio of Investments — continued

⁽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 annualizedseven-day yield as of January 31, 2019.


Written Call Options — (0.6)%

Exchange-Traded Options — (0.6)%

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value

S&P 500 Index		70	$	18,928,700	$	2,635		2/1/19	$	(490,700	)

S&P 500 Index		66		17,847,060		2,650		2/4/19		(375,540	)

S&P 500 Index		66		17,847,060		2,650		2/6/19		(393,360	)

S&P 500 Index		66		17,847,060		2,670		2/8/19		(295,680	)

S&P 500 Index		65		17,576,650		2,700		2/11/19		(174,525	)

S&P 500 Index		68		18,387,880		2,690		2/13/19		(245,820	)

S&P 500 Index		70		18,928,700		2,755		2/15/19		(70,350	)

S&P 500 Index		74		20,010,340		2,715		2/19/19		(196,840	)

S&P 500 Index		73		19,739,930		2,720		2/20/19		(183,960	)

S&P 500 Index		75		20,280,750		2,750		2/22/19		(117,000	)

S&P 500 Index		70		18,928,700		2,720		2/25/19		(201,950	)

S&P 500 Index		58		15,683,780		2,760		2/27/19		(88,450	)

Total									$	(2,834,175	)

Written Put Options — (0.1)%

Exchange-Traded Options— (0.1)%

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value

S&P 500 Index		70	$	18,928,700	$	2,395		2/1/19	$	(175	)

S&P 500 Index		75		20,280,750		2,430		2/4/19		(562	)

S&P 500 Index		75		20,280,750		2,430		2/6/19		(1,125	)

S&P 500 Index		75		20,280,750		2,440		2/8/19		(2,625	)

S&P 500 Index		75		20,280,750		2,435		2/11/19		(4,313	)

S&P 500 Index		75		20,280,750		2,455		2/13/19		(9,000	)

S&P 500 Index		75		20,280,750		2,560		2/15/19		(32,625	)

S&P 500 Index		75		20,280,750		2,505		2/19/19		(22,500	)

S&P 500 Index		57		15,413,370		2,500		2/20/19		(18,525	)

S&P 500 Index		83		22,444,030		2,555		2/22/19		(55,195	)

S&P 500 Index		67		18,117,470		2,520		2/25/19		(35,510	)

S&P 500 Index		62		16,765,420		2,570		2/27/19		(60,450	)

Total									$	(242,605	)


		12		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Statement of Assets and Liabilities


Assets	January 31, 2019

Unaffiliated investments, at value (identified cost, $414,804,503)	$	432,930,998

Affiliated investment, at value (identified cost, $3,709,933)		3,709,933

Dividends receivable		248,633

Interest receivable		414,881

Dividends receivable from affiliated investment		19,136

Receivable for investments sold		3,682,691

Receivable for Fund shares sold		5,324,088

Total assets	$	446,330,360

Liabilities

Written options outstanding, at value (premiums received, $2,417,903)	$	3,076,780

Payable for investments purchased		3,068,505

Payable for Fund shares redeemed		292,783

Payable to affiliate:

Investment adviser and administration fee		139,182

Accrued expenses		94,730

Total liabilities	$	6,671,980

Net Assets	$	439,658,380

Sources of Net Assets

Paid-in capital	$	433,658,136

Distributable earnings		6,000,244

Total	$	439,658,380

Institutional Class Shares

Net Assets	$	439,658,380

Shares Outstanding		40,585,419

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.83


		13		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Statement of Operations


Investment Income	Year Ended January 31, 2019

Dividends	$	3,166,141

Dividends from affiliated investment		219,890

Interest		3,147,259

Total investment income	$	6,533,290

Expenses

Investment adviser and administration fee	$	1,290,065

Trustees’ fees and expenses		18,046

Custodian fee		138,145

Transfer and dividend disbursing agent fees		55,454

Legal and accounting services		65,937

Printing and postage		17,497

Registration fees		65,728

Miscellaneous		20,484

Total expenses	$	1,671,356

Net investment income	$	4,861,934

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(6,662,789	)

Investment transactions — affiliated investment		(513	)

Written options		(857,560	)

Net realized loss	$	(7,520,862	)

Change in unrealized appreciation (depreciation) —

Investments	$	3,387,923

Investments — affiliated investment		(822	)

Written options		(350,083	)

Net change in unrealized appreciation (depreciation)	$	3,037,018

Net realized and unrealized loss	$	(4,483,844	)

Net increase in net assets from operations	$	378,090


		14		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Year Ended January 31, 2019			Period Ended January 31, 2018⁽¹⁾

From operations —

Net investment income	$	4,861,934		$	1,080,463

Net realized loss		(7,520,862	)		(4,013,204	)

Net change in unrealized appreciation (depreciation)		3,037,018			14,430,600

Net increase in net assets from operations	$	378,090		$	11,497,859

Distributions to shareholders⁽²⁾	$	(4,589,694	)	$	(912,813	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares	$	362,151,763		$	216,359,045

Net asset value of shares issued to shareholders in payment of distributions declared		3,283,866			873,797

Cost of shares redeemed		(116,156,718	)		(33,226,815	)

Net increase in net assets from Fund share transactions	$	249,278,911		$	184,006,027

Net increase in net assets	$	245,067,307		$	194,591,073

Net Assets

At beginning of period	$	194,591,073		$	—

At end of period	$	439,658,380		$	194,591,073	⁽³⁾

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

⁽²⁾	For the period ended January 31, 2018, the source of distributions was from net investment income. The current year presentation of distributions conforms with the Disclosure Update and Simplification Rule issued by the Securities and Exchange Commission, effective November 5, 2018.

⁽³⁾	Includes accumulated undistributed net investment income of $47,369 at January 31, 2018. The requirement to disclose the corresponding amount as of January 31, 2019 was eliminated.


		15		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Financial Highlights


	Institutional Class
	Year Ended January 31, 2019			Period Ended January 31, 2018⁽¹⁾

Net asset value — Beginning of period	$	11.020		$	10.000

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.165		$	0.104

Net realized and unrealized gain (loss)		(0.226	)		0.974

Total income (loss) from operations	$	(0.061	)	$	1.078

Less Distributions

From net investment income	$	(0.129	)	$	(0.058	)

Total distributions	$	(0.129	)	$	(0.058	)

Net asset value — End of period	$	10.830		$	11.020

Total Return⁽³⁾		(0.55	)%		10.79	%⁽⁴⁾⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	439,658		$	194,591

Ratios (as a percentage of average daily net assets):

Expenses		0.52	%		0.55	%⁽⁴⁾⁽⁶⁾

Net investment income		1.50	%		1.00	%⁽⁶⁾

Portfolio Turnover		55	%		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 andsub-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, 2019

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 anopen-end management investment company. 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.

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

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 ask 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 debt 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 ask prices at valuation time as reported by the Options Price Reporting Authority. Non U.S. exchange-traded options andover-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 Rule2a-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.

C Income — Dividend income is recorded on theex-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.

As of January 31, 2019, 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 fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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, 2019

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 theBy-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, theBy-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 subsequentlymarked-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 exercise 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 exercise 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 theex-dividend date. Shareholders may reinvest income and capital gain distributions in additional shares of the Fund at the net asset value as of theex-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 topaid-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 year ended January 31, 2019 and the period ended January 31, 2018 was as follows:


	Year Ended January 31, 2019		Period Ended January 31, 2018

Ordinary income	$	4,589,694	$	912,813

During the year ended January 31, 2019, distributable earnings was decreased by $262,325 andpaid-in capital was increased by $262,325 due to the Fund’s use of equalization accounting and differences between book and tax accounting for 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, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Deferred capital losses	$	(11,992,674	)

Net unrealized appreciation	$	17,992,918

At January 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $11,992,674 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, 2019, $10,423,109 are short-term and $1,569,565 are long-term.


		18

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2019, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	418,648,013

Gross unrealized appreciation	$	19,925,362

Gross unrealized depreciation		(1,932,444	)

Net unrealized appreciation	$	17,992,918

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 year ended January 31, 2019, the investment adviser and administration fee amounted to $1,290,065 or 0.40% of the Fund’s average daily net assets. Pursuant to asub-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 forsub-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, 2019. Pursuant to this agreement, EVM and Parametric reimbursed no expenses for the year ended January 31, 2019.

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, 2019, 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 $215,952,035 and $88,214,356, respectively, for the year ended January 31, 2019.

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:


Institutional Class	Year Ended January 31, 2019			Period Ended January 31, 2018⁽¹⁾

Sales		33,112,331			20,659,414

Issued to shareholders electing to receive payments of distributions in Fund shares		303,219			80,386

Redemptions		(10,481,974	)		(3,087,957	)

Net increase		22,933,576			17,651,843

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


		19

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Notes to Financial Statements — continued

6 Financial Instruments

The Fund may trade in financial instruments withoff-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, 2019 is included in the Portfolio of Investments. At January 31, 2019, 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, 2019 was as follows:


	Fair Value
Derivative	Asset Derivative		Liability Derivative⁽¹⁾

Written options	$	—	$	(3,076,780	)

⁽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 year ended January 31, 2019 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	$	(857,560	)	$	(350,083	)

⁽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 year ended January 31, 2019, which is indicative of the volume of this derivative type, was 1,188 contracts.

7 Line of Credit

8 Fair Value Measurements

•

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, 2019

Notes to Financial Statements — continued

At January 31, 2019, 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	$	223,544,310	*	$	—	$	—	$	223,544,310

Short-Term Investments —

U.S. Treasury Obligations		—			209,386,688		—		209,386,688

Other		—			3,709,933		—		3,709,933

Total Investments	$	223,544,310		$	213,096,621	$	—	$	436,640,931

Liability Description

Written Call Options	$	(2,834,175	)	$	—	$	—	$	(2,834,175	)

Written Put Options		(242,605	)		—		—		(242,605	)

Total	$	(3,076,780	)	$	—	$	—	$	(3,076,780	)

*	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, 2019

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, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended January 31, 2019 and 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, 2019, and the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year ended January 31, 2019 and 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 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.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 21, 2019

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, 2019

Federal Tax Information (Unaudited)

The Form1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. 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 year ended January 31, 2019, the Fund designates approximately $2,922,658, 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 2019 ordinary income dividends, 57.65% qualifies for the corporate dividends received deduction.


		23

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Special Meeting of Shareholders (Unaudited)


	Number of Shares
Nominee for Trustee	For		Withheld

Mark R. Fetting		12,632,117		1,900

Keith Quinton		12,632,117		1,900

Marcus L. Smith		12,632,117		1,900

Susan J. Sutherland		12,632,117		1,900

Scott E. Wennerholm		12,632,117		1,900

Results are rounded to the nearest whole number.


		24

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Management and Organization


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 175 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 Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018).

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.


		25

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

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.

Keith Quinton⁽³⁾ 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).

Marcus L. Smith⁽³⁾ 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015); Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Director of DCT Industrial Trust Inc. (logistics real estate company) (since 2017).

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).

Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). 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.


Name and Year of Birth	Position(s) with the Trust	Officer Since⁽⁴⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

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⁾


		26

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2019

Management and Organization — continued

⁽³⁾	Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

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


		27

Eaton Vance Funds

IMPORTANT NOTICES

•

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

•

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 at1-800-260-0761, 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 FormN-Q with the SEC for the first and third quarters of each fiscal year. The FormN-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov. FormN-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call1-800-732-0330 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 recent12-month period ended June 30, without charge, upon request, by calling1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.


		28

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

InvestmentSub-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 calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

LOGO

24691 1.31.19

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 calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-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 FormN-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. 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) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance Emerging Markets Debt Fund, 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 34 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as anopen-end management investment company. This FormN-CSR relates to the Funds’ annual reports.

(a)-(d)

The following table presents the aggregate fees billed to each Fund for the Fund’s fiscal periods ended January 31, 2018 and January 31, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.


Eaton Vance Emerging Markets Debt Fund Fiscal Period Ended*	1/31/19
Audit Fees	$	37,050
Audit-Related Fees⁽¹⁾	$	0
Tax Fees⁽²⁾	$	16,000
All Other Fees⁽³⁾	$	0

Total	$	53,050

*	This fund commenced operations on May 1, 2018.


Parametric Emerging Markets Fund Fiscal Years Ended	1/31/18		1/31/19
Audit Fees	$	80,670	$	80,670
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	18,235	$	36,008
All Other Fees⁽³⁾	$	0	$	0

Total	$	98,905	$	116,678


Parametric International Equity Fund Fiscal Years Ended	1/31/18		1/31/19
Audit Fees	$	36,910	$	36,910
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	14,549	$	15,124
All Other Fees⁽³⁾	$	0	$	0

Total	$	51,459	$	52,034


Parametric Volatility Risk Premium — Defensive Fund Fiscal Period Ended *	1/31/18		1/31/19
Audit Fees	$	37,050	$	37,050
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	20,100	$	18,825
All Other Fees⁽³⁾	$	0	$	0

Total	$	57,150	$	55,875

*	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, July 31*, September 30, October 31 or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.


Fiscal Years Ended	2/28/17		8/31/17*		9/30/17		10/31/17		12/31/17		1/31/18		2/28/18		9/30/18		10/31/18		12/31/18		1/31/19
Audit Fees	$	25,850	$	48,950	$	99,675	$	571,663	$	105,320	$	154,630	$	25,850	$	99,625	$	621,075	$	105,320	$	191,680
Audit-Related Fees⁽¹⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees⁽²⁾	$	9,744	$	12,420	$	25,606	$	351,829	$	63,439	$	52,884	$	9,890	$	28,606	$	430,938	$	65,089	$	85,957
All Other Fees⁽³⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

Total	$	35,594	$	61,370	$	125,281	$	923,492	$	168,759	$	207,514	$	35,740	$	128,231	$	1,052,013	$	170,409	$	277,637

*	As of 12/15/2017, no Series in the Trust had an August 31 fiscal year end. .Information is not presented for fiscal years ended 7/31/18 and 8/31/18, as no Series in the Trust with such fiscal years end were in operation during such period.

⁽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 thepre-approval of services provided by the registrant’s principal accountant (the“Pre-Approval Policies”). ThePre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of itspre-approval responsibilities. As a general matter, thePre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to bepre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of thepre-approval process, including the approval and monitoring of audit andnon-audit service fees. Unless a service is specificallypre-approved under thePre-Approval Policies, it must be separatelypre-approved by the audit committee.

ThePre-Approval Policies and the types of audit andnon-audit servicespre-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 Rule2-01(c)(7)(i)(C) of RegulationS-X.

(f) Not applicable.

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


Fiscal Years Ended	2/28/17		8/31/17*		9/30/17		10/31/17		12/31/17		1/31/18		2/28/18		9/30/18		10/31/18		12/31/18		1/31/19
Registrant⁽¹⁾	$	9,744	$	12,420	$	25,606	$	351,829	$	63,439	$	52,884	$	9,890	$	28,606	$	430,938	$	65,089	$	85,957
Eaton Vance⁽²⁾	$	46,000	$	148,018	$	148,018	$	148,018	$	148,018	$	148,018	$	148,018	$	126,485	$	126,485	$	126,485	$	126,485

*	As of 12/15/2017, no Series in the Trust had an August 31 fiscal year end. Information is not presented for fiscal years ended 7/31/18 and 8/31/18, as no Series in the Trust with such fiscal years end were in operation during such period.

⁽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 ofnon-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 notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-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 FormN-CSR.

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities byClosed-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 forClosed-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 22, 2019

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 22, 2019

By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		March 22, 2019

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