Eaton Vance Floating Rate Fund NCSRS Certified semi-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

July 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

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Eaton Vance

Emerging Markets Debt Fund

Semiannual Report

July 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 fore-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 calling1-800-262-1122. 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.

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 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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call1-800-262-1122.

Semiannual ReportJuly 31, 2019

Eaton Vance

Emerging Markets Debt Fund

Table of Contents


Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Fund Expenses			4

Financial Statements			5

Officers and Trustees			21

Important Notices			22

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Performance^1,2

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


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class I at NAV		05/01/2018		05/01/2018		8.99	%		11.86	%		—			8.28	%
J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified		—		—		7.90	%		10.98	%		5.47	%		9.30	%


% Total Annual Operating Expense Ratios³														Class I
Gross															3.09	%
Net															0.85

Fund Profile

Asset Allocation (% of net assets)⁴

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Country Allocation (% of net assets)⁵



Ukraine	10.8	%	Colombia	2.6	%

Kenya	6.4		Barbados	2.6

Argentina	5.7		Bahamas	2.5

El Salvador	5.0		Rwanda	2.5

Tanzania	4.9		Ethiopia	2.5

Sri Lanka	4.7		Macedonia	2.4

Indonesia	4.1		Fiji	2.4

Egypt	3.9		Mexico	2.3

Albania	3.8		Nigeria	2.1

Honduras	3.7		Vietnam	1.8

Turkey	3.4		Costa Rica	1.5

Dominican Republic	2.9		Brazil	1.5

Benin	2.7		Lebanon	0.6

Bahrain	2.7

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 recentmonth-end, please refer to eatonvance.com.


		2

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Endnotes and Additional Disclosures

J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified is amarket-cap weighted index that measures USD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2019, J.P. Morgan Chase & Co. All rights reserved. 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). 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.

³	Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴	Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

⁵	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		3

Eaton Vance

Emerging Markets Debt Fund

July 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 (February 1, 2019 – July 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 (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)			Annualized Expense Ratio

Actual
Class I	$	1,000.00	$	1,089.90	$	4.40	**		0.85	%

Hypothetical*
(5% return per year before expenses)
Class I	$	1,000.00	$	1,020.60	$	4.26	**		0.85	%

Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect 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 January 31, 2019.

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


		4

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Portfolio of Investments (Unaudited)


Foreign Government Bonds — 72.9%
Security	Principal Amount (000’s omitted)		Value

Albania — 3.8%

Republic of Albania, 3.50%, 10/9/25⁽¹⁾	EUR	270	$	317,902

Total Albania			$	317,902

Argentina — 5.7%

Republic of Argentina, 6.25%, 11/9/47	EUR	320	$	261,125

Republic of Argentina, 6.625%, 7/6/28	USD	270		218,025

Total Argentina			$	479,150

Bahamas — 2.5%

Commonwealth of Bahamas, 5.75%, 1/16/24⁽¹⁾	USD	200	$	215,252

Total Bahamas			$	215,252

Bahrain — 2.7%

Kingdom of Bahrain, 7.00%, 1/26/26⁽¹⁾	USD	200	$	224,982

Total Bahrain			$	224,982

Barbados — 2.6%

Government of Barbados, 7.25%, 12/15/21⁽¹⁾⁽²⁾	USD	350	$	216,982

Total Barbados			$	216,982

Benin — 2.7%

Benin Government International Bond, 5.75%, 3/26/26⁽¹⁾	EUR	200	$	228,319

Total Benin			$	228,319

Brazil — 1.5%

Federative Republic of Brazil, 8.875%, 4/15/24	USD	100	$	127,250

Total Brazil			$	127,250

Colombia — 2.6%

Republic of Colombia, 5.00%, 6/15/45	USD	200	$	223,150

Total Colombia			$	223,150

Costa Rica — 1.5%

Costa Rica Government International Bond, 9.20%, 2/21/24⁽¹⁾	USD	118	$	131,865

Total Costa Rica			$	131,865

Dominican Republic — 2.9%

Dominican Republic, 8.625%, 4/20/27⁽¹⁾	USD	200	$	242,252

Total Dominican Republic			$	242,252


Security	Principal Amount (000’s omitted)		Value

Egypt — 3.9%

Arab Republic of Egypt, 4.75%, 4/16/26⁽¹⁾	EUR	100	$	115,074

Arab Republic of Egypt, 8.50%, 1/31/47⁽¹⁾	USD	200		218,814

Total Egypt			$	333,888

El Salvador — 5.0%

Republic of El Salvador, 7.125%, 1/20/50⁽¹⁾⁽³⁾	USD	200	$	203,500

Republic of El Salvador, 7.65%, 6/15/35⁽¹⁾	USD	200		218,252

Total El Salvador			$	421,752

Ethiopia — 2.5%

Ethiopia International Bond, 6.625%, 12/11/24⁽¹⁾	USD	200	$	208,198

Total Ethiopia			$	208,198

Fiji — 2.4%

Republic of Fiji, 6.625%, 10/2/20⁽¹⁾	USD	200	$	200,000

Total Fiji			$	200,000

Honduras — 3.7%

Republic of Honduras, 6.25%, 1/19/27⁽¹⁾	USD	285	$	309,584

Total Honduras			$	309,584

Kenya — 2.5%

Republic of Kenya, 7.25%, 2/28/28⁽¹⁾	USD	200	$	208,849

Total Kenya			$	208,849

Lebanon — 0.6%

Lebanon Government International Bond, 6.60%, 11/27/26⁽¹⁾	USD	45	$	35,118

Lebanon Government International Bond, 6.85%, 3/23/27⁽¹⁾	USD	16		12,540

Total Lebanon			$	47,658

Macedonia — 2.4%

Republic of Macedonia, 2.75%, 1/18/25⁽¹⁾	EUR	170	$	201,113

Total Macedonia			$	201,113

Rwanda — 2.5%

Republic of Rwanda, 6.625%, 5/2/23⁽¹⁾	USD	200	$	214,060

Total Rwanda			$	214,060

Sri Lanka — 4.7%

Republic of Sri Lanka, 6.125%, 6/3/25⁽¹⁾	USD	400	$	393,395

Total Sri Lanka			$	393,395


		5		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)			Value

Turkey — 3.4%

Republic of Turkey, 7.625%, 4/26/29	USD		272	$	286,181

Total Turkey				$	286,181

Ukraine — 10.8%

Ukraine Government International Bond, 0.00% to 5/31/21, 5/31/40⁽¹⁾⁽⁴⁾	USD		245	$	209,239

Ukraine Government International Bond, 9.75%, 11/1/28⁽¹⁾	USD		600		702,255

Total Ukraine				$	911,494

Total Foreign Government Bonds (identified cost $6,005,636)				$	6,143,276

Foreign Corporate Bonds — 8.2%
Security	Principal Amount (000’s omitted)			Value

Indonesia — 4.1%

Perusahaan Listrik Negara PT, 5.25%, 10/24/42⁽¹⁾	USD		320	$	344,400

Total Indonesia				$	344,400

Mexico — 2.3%

Petroleos Mexicanos, 6.50%, 3/13/27	USD		200	$	198,840

Total Mexico				$	198,840

Vietnam — 1.8%

Debt and Asset Trading Corp., 1.00%, 10/10/25⁽¹⁾	USD		200	$	149,500

Total Vietnam				$	149,500

Total Foreign Corporate Bonds (identified cost $653,665)				$	692,740

Sovereign Loans — 10.9%
Borrower	Principal Amount (000’s omitted)			Value

Kenya — 3.9%

Republic Government of Kenya, Term Loan, 8.65%, (6 mo. USD LIBOR + 6.45%), Maturing June 29, 2025⁽⁵⁾		$	325	$	328,322

Total Kenya				$	328,322


Borrower	Principal Amount (000’s omitted)			Value

Nigeria — 2.1%

Bank of Industry Limited, Term Loan, 8.34%, (3 mo. USD LIBOR + 6.00%), Maturing May 21, 2021⁽⁵⁾⁽⁶⁾		$	175	$	176,321

Total Nigeria				$	176,321

Tanzania — 4.9%

Government of the United Republic of Tanzania, Term Loan, 7.76%, (6 mo. USD LIBOR + 5.20%), Maturing June 23, 2023⁽⁵⁾		$	400	$	415,669

Total Tanzania				$	415,669

Total Sovereign Loans (identified cost $895,375)				$	920,312

Short-Term Investments— 1.3%
Description		Units		Value

Eaton Vance Cash Reserves Fund, LLC, 2.31%⁽⁷⁾			106,065	$	106,065

Total Short-Term Investments (identified cost $106,054)				$	106,065

Total Investments — 93.3% (identified cost $7,660,730)				$	7,862,393

Other Assets, Less Liabilities — 6.7%				$	564,042

Net Assets — 100.0%				$	8,426,435

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 July 31, 2019, the aggregate value of these securities is $5,521,445 or 65.5% of the Fund’s net assets.

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

⁽³⁾	When-issued security.

⁽⁴⁾	Security converts to variable rate after the indicated fixed-rate coupon period.

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

⁽⁶⁾	Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽⁷⁾	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 July 31, 2019.


		6		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Centrally Cleared Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Settlement Date		Value/Unrealized Appreciation

USD	190,553		EUR	169,119		8/8/19	$	3,249

USD	269,126		EUR	238,524		8/8/19		4,954

USD	312,086		EUR	276,980		8/8/19		5,322

USD	222,164		EUR	197,548		8/30/19		2,991

USD	3,134		EUR	2,768		9/27/19		56

							$	16,572


Forward Foreign Currency Exchange Contracts

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

USD	110,497	EUR	96,632	Citibank, N.A.		10/15/19	$	2,886	$	—

							$	2,886	$	—


Futures Contracts

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

Interest Rate Futures

Euro-Bobl		2		Short		9/6/19	$	(298,890	)	$	(2,480	)

U.S.5-Year Treasury Note		14		Long		9/30/19		1,645,766			10,367

U.S.10-Year Treasury Note		16		Long		9/19/19		2,038,750			21,524

U.S. Long Treasury Bond		3		Long		9/19/19		466,781			9,844

U.S. Ultra-Long Treasury Bond		5		Long		9/19/19		887,812			17,969

										$	57,224

Euro-Bobl: Medium-term debt securities issued by the Federal Republic of Germany with a term to maturity of 4.5 to 5 years.


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 Appreciation (Depreciation)

EUR	370	Receives	6-month EURIBOR (pays semi-annually)	0.40% (pays annually)	10/4/23	$	(15,185	)	$	351		$	(14,834	)

EUR	66	Receives	6-month EURIBOR (pays semi-annually)	1.06% (pays annually)	10/16/28		(8,224	)		(14	)		(8,238	)

EUR	117	Receives	6-month EURIBOR (pays semi-annually)	0.80% (pays annually)	7/16/49		(10,126	)		135			(9,991	)

USD	3,100	Pays	3-monthUSD-LIBOR (pays quarterly)	2.61% (pays semi-annually)	3/11/21		51,080			111			51,191


		7		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Portfolio of Investments (Unaudited) — 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 Appreciation (Depreciation)

USD	200	Receives	3-monthUSD-LIBOR (pays quarterly)	3.06% (pays semi-annually)	10/2/23	$	(11,653	)	$	(20	)	$	(11,673	)

USD	19	Pays	3-monthUSD-LIBOR (pays quarterly)	2.36% (pays semi-annually)	4/29/24		589			—			589

USD	35	Pays	3-monthUSD-LIBOR (pays quarterly)	2.33% (pays semi-annually)	4/30/24		1,033			—			1,033

USD	69	Receives	3-monthUSD-LIBOR (pays quarterly)	2.15% (pays semi-annually)	5/17/24		(1,011	)		—			(1,011	)

USD	90	Receives	3-monthUSD-LIBOR (pays quarterly)	2.04% (pays semi-annually)	5/31/24		(893	)		—			(893	)

USD	139	Receives	3-monthUSD-LIBOR (pays quarterly)	1.95% (pays semi-annually)	6/13/24		(774	)		—			(774	)

USD	72	Receives	3-monthUSD-LIBOR (pays quarterly)	1.80% (pays semi-annually)	7/23/24		20			—			20

USD	121	Receives	3-monthUSD-LIBOR (pays quarterly)	1.95% (pays semi-annually)	7/16/26		(780	)		(17	)		(797	)

USD	213	Receives	3-monthUSD-LIBOR (pays quarterly)	3.11% (pays semi-annually)	5/17/28		(20,845	)		31			(20,814	)

USD	220	Receives	3-monthUSD-LIBOR (pays quarterly)	2.74% (pays semi-annually)	1/31/29		(15,501	)		—			(15,501	)

USD	600	Receives	3-monthUSD-LIBOR (pays quarterly)	2.72% (pays semi-annually)	3/11/29		(45,485	)		928			(44,557	)

USD	145	Receives	3-monthUSD-LIBOR (pays quarterly)	2.63% (pays semi-annually)	3/25/29		(9,862	)		1,328			(8,534	)

USD	214	Receives	3-monthUSD-LIBOR (pays quarterly)	2.52% (pays semi-annually)	4/29/29		(12,488	)		—			(12,488	)

USD	300	Pays	3-monthUSD-LIBOR (pays quarterly)	2.34% (pays semi-annually)	5/17/29		10,513			—			10,513

USD	438	Receives	3-monthUSD-LIBOR (pays quarterly)	2.09% (pays semi-annually)	7/15/29		(5,572	)		148			(5,424	)

USD	95	Receives	3-monthUSD-LIBOR (pays quarterly)	2.88% (pays semi-annually)	1/31/49		(14,680	)		(49	)		(14,729	)

USD	125	Receives	3-monthUSD-LIBOR (pays quarterly)	2.54% (pays semi-annually)	5/17/49		(10,184	)		—			(10,184	)

USD	116	Receives	3-monthUSD-LIBOR (pays quarterly)	2.21% (pays semi-annually)	8/1/49		(892	)		—			(892	)

Total						$	(120,920	)	$	2,932		$	(117,988	)


		8		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


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

Brazil	$	200	1.00% (pays quarterly)⁽¹⁾	6/20/24		1.26	%	$	(2,163	)	$	5,877	$	3,714

Mexico		200	1.00% (pays quarterly)⁽¹⁾	6/20/24		1.15			(1,187	)		2,495		1,308

Russia		200	1.00% (pays quarterly)⁽¹⁾	6/20/24		0.99			339			2,763		3,102

Turkey		85	1.00% (pays quarterly)⁽¹⁾	6/20/20		1.90			(577	)		2,504		1,927

Total	$	685						$	(3,588	)	$	13,639	$	10,051

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 July 31, 2019, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $685,000.

**	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


		9		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Statement of Assets and Liabilities (Unaudited)


Assets	July 31, 2019

Unaffiliated investments, at value (identified cost, $7,554,676)	$	7,756,328

Affiliated investment, at value (identified cost, $106,054)		106,065

Deposits for derivatives collateral —

Financial futures contracts		72,715

Centrally cleared derivatives		412,766

Foreign currency, at value (identified cost, $30,465)		30,042

Interest receivable		130,521

Dividends receivable from affiliated investment		425

Receivable for investments sold		432,920

Receivable for variation margin on open financial futures contracts		13,173

Receivable for open forward foreign currency exchange contracts		2,886

Receivable from affiliate		2,617

Total assets	$	8,960,458

Liabilities

Payable for investments purchased	$	223,186

Payable for when-issued securities		200,000

Payable for variation margin on open centrally cleared derivatives		24,652

Payable for closed swap contracts		19,135

Due to custodian		24,208

Payable to affiliate:

Investment adviser and administration fee		4,623

Accrued expenses		38,219

Total liabilities	$	534,023

Net Assets	$	8,426,435

Sources of Net Assets

Paid-in capital	$	8,004,266

Distributable earnings		422,169

Total	$	8,426,435

Class I Shares

Net Assets	$	8,426,435

Shares Outstanding		800,784

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	10.52


		10		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Statement of Operations (Unaudited)


Investment Income	Six Months Ended July 31, 2019

Interest	$	241,556

Dividends from affiliated investment		4,596

Total investment income	$	246,152

Expenses

Investment adviser and administration fee	$	26,024

Trustees’ fees and expenses		455

Custodian fee		16,261

Transfer and dividend disbursing agent fees		128

Legal and accounting services		37,665

Printing and postage		5,067

Registration fees		17,559

Miscellaneous		882

Total expenses	$	104,041

Deduct —

Allocation of expenses to affiliate	$	69,834

Total expense reductions	$	69,834

Net expenses	$	34,207

Net investment income	$	211,945

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	17,196

Investment transactions — affiliated investment		(32	)

Financial futures contracts		220,290

Swap contracts		(126,283	)

Foreign currency transactions		(1,569	)

Forward foreign currency exchange contracts		31,679

Net realized gain	$	141,281

Change in unrealized appreciation (depreciation) —

Investments	$	377,749

Investments — affiliated investment		11

Financial futures contracts		(13,089	)

Swap contracts		(43,207	)

Foreign currency		10

Forward foreign currency exchange contracts		22,063

Net change in unrealized appreciation (depreciation)	$	343,537

Net realized and unrealized gain	$	484,818

Net increase in net assets from operations	$	696,763


		11		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended July 31, 2019 (Unaudited)			Period Ended January 31, 2019⁽¹⁾

From operations —

Net investment income	$	211,945		$	229,194

Net realized gain		141,281			51,145

Net change in unrealized appreciation (depreciation)		343,537			(173,687	)

Net increase in net assets from operations	$	696,763		$	106,652

Distributions to shareholders	$	(148,944	)	$	(235,680	)

Total distributions to shareholders	$	(148,944	)	$	(235,680	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares	$	—		$	8,007,500

Net asset value of shares issued to shareholders in payment of distributions declared		144			—

Net increase in net assets from Fund share transactions	$	144		$	8,007,500

Net increase in net assets	$	547,963		$	7,878,472

Net Assets

At beginning of period	$	7,878,472		$	—

At end of period	$	8,426,435		$	7,878,472

⁽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

July 31, 2019

Financial Highlights


	Class I
	Six Months Ended July 31, 2019 (Unaudited)			Period Ended January 31, 2019⁽¹⁾

Net asset value — Beginning of period	$	9.840		$	10.000

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.265		$	0.286

Net realized and unrealized gain (loss)		0.601			(0.151	)

Total income from operations	$	0.866		$	0.135

Less Distributions

From net investment income	$	(0.186	)	$	(0.219	)

From net realized gain		—			(0.076	)

Total distributions	$	(0.186	)	$	(0.295	)

Net asset value — End of period	$	10.520		$	9.840

Total Return⁽³⁾⁽⁴⁾		8.99	%⁽⁵⁾		1.34	%⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	8,426		$	7,878

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

Expenses⁽⁴⁾		0.85	%⁽⁶⁾		0.85	%⁽⁶⁾

Net investment income		5.29	%⁽⁶⁾		3.92	%⁽⁶⁾

Portfolio Turnover		68	%⁽⁵⁾		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 1.74% and 2.24% of average daily net assets for the six months ended July 31, 2019 and the period ended January 31, 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.


		13		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Emerging Markets Debt Fund (the Fund) is anon-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 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 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 most fairly reflects the security’s “fair value”, which is 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 statements, 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 theex-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 July 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.


		14

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — 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 theBy-laws provide that the Trust shall assume, upon request by the shareholder, 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.

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). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. 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. While forward foreign currency exchange contracts are privately negotiated agreements between the Fund and a counterparty, certain contracts may be “centrally cleared”, 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 contracts, 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. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. 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. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

K Interest Rate Swaps — 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 ofnon-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/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


		15

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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. 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 10. 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.

M When-Issued Securities and Delayed Delivery Transactions — The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis aremarked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

N Interim Financial Statements — The interim financial statements relating to July 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make 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 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 cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at July 31, 2019, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	7,657,655

Gross unrealized appreciation	$	404,883

Gross unrealized depreciation		(231,400	)

Net unrealized appreciation	$	173,483

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, 2020. Pursuant to this agreement, EVM was allocated $69,834 of the Fund’s operating expenses for the six months ended July 31, 2019.


		16

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 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 $5,330,597 and $4,948,240, respectively, for the six months ended July 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:


	Six Months Ended July 31, 2019 (Unaudited)		Period Ended January 31, 2019⁽¹⁾

Sales		—		800,770

Issued to shareholders electing to receive payments of distributions in Fund shares		14		—

Net increase		14		800,770

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

At July 31, 2019, EVM owned 99.9% of the outstanding shares of the Fund.

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 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 July 31, 2019 is included in the Portfolio of Investments. At July 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.

The Fund enters intoover-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 July 31, 2019, the Fund had no open derivatives with credit-related contingent features in a net liability position.

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


		17

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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 July 31, 2019 was as follows:


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

Distributable earnings*	$	339		$	16,572	$	122,939		$	139,850

Receivable for open forward foreign currency exchange contracts		—			2,886		—			2,886

Total Asset Derivatives	$	339		$	19,458	$	122,939		$	142,736

Derivatives not subject to master netting or similar agreements	$	339		$	16,572	$	122,939		$	139,850

Total Asset Derivatives subject to master netting or similar agreements	$	—		$	2,886	$	—		$	2,886

Distributable earnings*	$	(3,927	)	$	—	$	(186,635	)	$	(190,562	)

Total Liability Derivatives	$	(3,927	)	$	—	$	(186,635	)	$	(190,562	)

Derivatives not subject to master netting or similar agreements	$	(3,927	)	$	—	$	(186,635	)	$	(190,562	)

Total Liability Derivatives subject to master netting or similar agreements	$	—		$	—	$	—		$	—

*	Only the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts and centrally cleared derivatives, as applicable.

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 table presents the Fund’s derivative assets 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 as of July 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.	$	2,886	$	—	$	—	$	—	$	2,886

^(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.


		18

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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 six months ended July 31, 2019 was as follows:


Statement of Operations Caption	Credit		Foreign Exchange		Interest Rate

Net realized gain (loss) —

Financial futures contracts	$	—	$	—	$	220,290

Swap contracts		7,595		—		(133,878	)

Forward foreign currency exchange contracts		—		31,679		—

Total	$	7,595	$	31,679	$	86,412

Change in unrealized appreciation (depreciation) —

Financial futures contracts	$	—	$	—	$	(13,089	)

Swap contracts		553		—		(43,760	)

Forward foreign currency exchange contracts		—		22,063		—

Total	$	553	$	22,063	$	(56,849	)

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended July 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

	$4,874,000	$	296,000	$	1,425,000	$	6,631,000

*	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.

7 Line of Credit

8 Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At July 31, 2019, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $24,208. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at July 31, 2019. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at July 31, 2019. The Fund’s average overdraft advances during the six months ended July 31, 2019 were not significant.

9 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


		19

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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.

10 Fair Value Measurements

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

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

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

At July 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	$	—		$	6,143,276		$	—	$	6,143,276

Foreign Corporate Bonds		—			692,740			—		692,740

Sovereign Loans		—			920,312			—		920,312

Short-Term Investments		—			106,065			—		106,065

Total Investments	$	—		$	7,862,393		$	—	$	7,862,393

Forward Foreign Currency Exchange Contracts	$	—		$	19,458		$	—	$	19,458

Futures Contracts		59,704			—			—		59,704

Swap Contracts		—			63,574			—		63,574

Total	$	59,704		$	7,945,425		$	—	$	8,005,129

Liability Description

Futures Contracts	$	(2,480	)	$	—		$	—	$	(2,480	)

Swap Contracts		—			(188,082	)		—		(188,082	)

Total	$	(2,480	)	$	(188,082	)	$	—	$	(190,562	)


		20

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

*	Interested Trustee

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


		21

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 call1-800-262-1122.

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial intermediary. 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 intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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 calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.


		22

This Page Intentionally Left Blank

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

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

29947 7.31.19

LOGO

Parametric

Emerging Markets Fund

Semiannual Report

July 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.

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 1-800-260-0761. 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.

Semiannual Report July 31, 2019

Parametric

Emerging Markets Fund

Table of Contents


Performance			2

Fund Profile			3

Endnotes and Additional Disclosures			4

Fund Expenses			5

Financial Statements			6

Board of Trustees’ Contract Approval			38

Officers and Trustees			41

Important Notices			42

Parametric

Emerging Markets Fund

July 31, 2019

Performance^1,2

Portfolio Managers Thomas C. Seto, Paul Bouchey, CFA and Jennifer Sireklove, CFA, each of Parametric Portfolio Associates LLC


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Investor Class at NAV		06/30/2006		06/30/2006		–0.56	%		–3.16	%		–0.54	%		3.67	%
Class C at NAV		06/30/2006		06/30/2006		–0.93			–3.92			–1.28			2.90
Class C with 1% Maximum Sales Charge		—		—		–1.92			–4.87			–1.28			2.90
Institutional Class at NAV		06/30/2006		06/30/2006		–0.42			–2.94			–0.30			3.93
Class R6 at NAV		07/01/2014		06/30/2006		–0.49			–2.93			–0.27			3.95
MSCI Emerging Markets Index		—		—		0.44	%		–2.18	%		1.84	%		4.56	%


% Total Annual Operating Expense Ratios³					Investor Class			Class C			Institutional Class			Class R6
						1.44	%		2.19	%		1.19	%		1.13	%

See Endnotes and Additional Disclosures in this report.


		2

Parametric

Emerging Markets Fund

July 31, 2019

Fund Profile

Sector Allocation (% of net assets)⁴

LOGO

Geographic Allocation (% of common stocks)

LOGO

Top 10 Holdings (% of net assets)⁴



Sberbank of Russia PJSC	0.8	%

Gazprom PJSC ADR	0.8

Credicorp, Ltd.	0.7

America Movil SAB de CV, Series L	0.7

Naspers, Ltd., Class N	0.7

Tencent Holdings, Ltd.	0.6

Lukoil PJSC ADR	0.5

Samsung Electronics Co., Ltd.	0.5

Petroleo Brasileiro SA, PFC Shares	0.5

Fomento Economico Mexicano SAB de CV, Series UBD	0.5

Total	6.3	%

See Endnotes and Additional Disclosures in this report.


		3

Parametric

Emerging Markets Fund

July 31, 2019

Endnotes and Additional Disclosures

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

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.

³	Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		4

Parametric

Emerging Markets Fund

July 31, 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 (February 1, 2019 – July 31, 2019).


	Beginning Account Value (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)		Annualized Expense Ratio

Actual
Investor Class	$	1,000.00	$	994.40	$	7.02		1.42	%
Class C	$	1,000.00	$	990.70	$	10.76		2.18	%
Institutional Class	$	1,000.00	$	995.80	$	5.79		1.17	%
Class R6	$	1,000.00	$	995.10	$	5.54		1.12	%

Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,017.80	$	7.10		1.42	%
Class C	$	1,000.00	$	1,014.00	$	10.89		2.18	%
Institutional Class	$	1,000.00	$	1,019.00	$	5.86		1.17	%
Class R6	$	1,000.00	$	1,019.20	$	5.61		1.12	%


		5

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited)


Common Stocks — 99.3%
Security	Shares		Value

Argentina — 0.7%

Adecoagro SA⁽¹⁾		75,206	$	507,641

Arcos Dorados Holdings, Inc., Class A		32,114		255,306

Banco BBVA Argentina SA ADR		25,288		293,088

Banco Macro SA, Class B ADR		6,487		449,419

Cresud SA ADR⁽¹⁾		26,863		272,928

Grupo Financiero Galicia SA, Class B ADR		24,487		899,653

IRSA Inversiones y Representaciones SA ADR⁽¹⁾		16,910		174,173

MercadoLibre, Inc.⁽¹⁾		6,122		3,804,333

Pampa Energia SA ADR⁽¹⁾		42,199		1,388,347

Transportadora de Gas del Sur SA ADR		20,764		324,126

YPF SA ADR		72,924		1,199,600

			$	9,568,614

Bahrain — 0.8%

Ahli United Bank BSC		5,590,958	$	5,276,200

Al Salam Bank-Bahrain BSC		7,588,874		1,785,294

GFH Financial Group BSC		8,771,588		2,225,834

Ithmaar Holding BSC⁽¹⁾⁽²⁾		14,771,027		902,566

			$	10,189,894

Bangladesh — 0.7%

ACI, Ltd.		62,264	$	186,921

Aftab Automobiles, Ltd.		349,827		138,439

Bangladesh Export Import Co., Ltd.		1,512,367		335,222

Bangladesh Submarine Cable Co., Ltd.		111,014		156,266

Beximco Pharmaceuticals, Ltd.		116,421		112,776

BSRM Steels, Ltd.		938,510		621,567

City Bank, Ltd. (The)		435,051		141,830

Grameenphone, Ltd.		215,817		851,016

Heidelberger Cement Bangladesh, Ltd.		146,500		334,208

Islami Bank Bangladesh, Ltd.		929,748		251,899

Jamuna Oil Co., Ltd.		87,929		174,885

Khulna Power Co., Ltd.		320,573		191,491

LankaBangla Finance, Ltd.		829,367		171,177

Meghna Petroleum, Ltd.		79,364		181,321

National Bank, Ltd.⁽¹⁾		2,588,281		260,283

Olympic Industries, Ltd.		458,511		1,202,846

Orion Pharma, Ltd.		258,206		97,868

Padma Oil Co., Ltd.		98,234		264,081

Pubali Bank, Ltd.		1,042,120		323,966

Renata, Ltd.		14,460		200,046

Singer Bangladesh, Ltd.⁽¹⁾		137,622		348,203

Social Islami Bank, Ltd.⁽¹⁾		1,177,708		198,025

Southeast Bank, Ltd.⁽¹⁾		2,062,748		347,081


Security	Shares		Value

Bangladesh(continued)

Square Pharmaceuticals, Ltd.		247,043	$	734,212

Summit Power, Ltd.		912,732		423,615

Titas Gas Transmission & Distribution Co., Ltd.		623,246		279,544

Unique Hotel & Resorts, Ltd.		450,062		268,426

United Airways Bangladesh, Ltd.⁽¹⁾		6,170,401		116,407

United Commercial Bank, Ltd.⁽¹⁾		1,343,068		247,992

			$	9,161,613

Botswana — 0.7%

Barclays Bank of Botswana, Ltd.		1,539,465	$	751,710

Botswana Insurance Holdings, Ltd.		859,111		1,406,492

First National Bank of Botswana, Ltd.		7,940,100		2,041,830

Letshego Holdings, Ltd.		17,758,614		2,163,842

Sechaba Breweries Holdings, Ltd.		1,220,550		2,347,528

Standard Chartered Bank Botswana, Ltd.		531,120		83,721

			$	8,795,123

Brazil — 5.9%

AMBEV SA		691,050	$	3,645,063

B2W Cia Digital⁽¹⁾		55,270		549,463

B3 SA - Brasil Bolsa Balcao		93,800		1,036,965

Banco Bradesco SA, PFC Shares		224,906		2,033,162

Banco do Brasil SA		84,998		1,096,231

BB Seguridade Participacoes SA		51,500		437,899

BR Malls Participacoes SA		146,211		575,059

Bradespar SA, PFC Shares		28,600		236,962

Braskem SA, PFC Shares		26,060		232,443

BRF SA⁽¹⁾		145,040		1,269,744

CCR SA		327,100		1,281,367

Centrais Eletricas Brasileiras SA, PFC Shares		125,000		1,297,051

Cia Brasileira de Distribuicao, PFC Shares		38,469		942,989

Cia de Saneamento Basico do Estado de Sao Paulo		77,760		1,088,051

Cia de Saneamento de Minas Gerais-COPASA		14,400		254,316

Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		66,760		423,334

Cia Energetica de Minas Gerais, PFC Shares		296,355		1,098,028

Cia Energetica de Sao Paulo, Class B, PFC Shares		36,400		276,504

Cia Hering		68,200		571,855

Cia Paranaense de Energia, PFC Shares		30,600		394,091

Cia Siderurgica Nacional SA		81,200		351,707

Cielo SA		1,418,506		2,691,049

Construtora Tenda SA		78,268		519,688

Cosan SA		56,800		757,264

Cyrela Brazil Realty SA Empreendimentos e Participacoes		105,400		673,879

Duratex SA		37,558		123,706


		6		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Brazil (continued)

EDP-Energias do Brasil SA		102,800	$	519,610

Embraer SA		33,400		168,998

Embraer SA ADR		28,248		570,610

Engie Brasil Energia SA		69,650		880,948

Equatorial Energia SA		32,900		814,666

Even Construtora e Incorporadora SA⁽¹⁾		160,300		411,634

Ez Tec Empreendimentos e Participacoes SA		50,427		434,061

Fleury SA		304,200		1,859,627

Gerdau SA, PFC Shares		142,400		513,056

Gol Linhas Aereas Inteligentes SA, PFC Shares⁽¹⁾		30,400		326,356

Hypera SA		177,000		1,399,730

Iochpe Maxion SA		61,000		348,928

Itau Unibanco Holding SA, PFC Shares		196,620		1,793,941

Itausa-Investimentos Itau SA, PFC Shares		274,075		895,545

JBS SA		166,325		1,085,197

Klabin SA, PFC Shares		624,800		479,690

Kroton Educacional SA		289,536		952,893

Light SA		29,700		150,588

Localiza Rent a Car SA		135,852		1,566,284

LOG Commercial Properties e Participacoes SA		9,877		60,897

Lojas Americanas SA, PFC Shares		187,800		893,149

Lojas Renner SA		169,977		2,113,828

Marcopolo SA, PFC Shares		403,000		402,329

Marfrig Global Foods SA⁽¹⁾		287,155		498,863

Metalurgica Gerdau SA, PFC Shares		111,800		194,812

MRV Engenharia e Participacoes SA		101,300		538,306

Natura Cosmeticos SA		52,900		847,903

Odontoprev SA		509,200		2,334,954

Petroleo Brasileiro SA, PFC Shares		884,800		6,046,506

Qualicorp Consultoria e Corretora de Seguros SA		325,600		1,895,746

Randon SA Implementos e Participacoes, PFC Shares		196,700		510,775

Rumo SA⁽¹⁾		185,919		1,067,864

Smiles Fidelidade SA		22,500		232,467

Suzano SA		77,820		625,398

Telefonica Brasil SA, PFC Shares		314,300		4,307,228

TIM Participacoes SA		827,250		2,648,865

Totvs SA		306,690		3,897,563

Transmissora Alianca de Energia Electrica SA		91,000		663,362

Ultrapar Participacoes SA		154,368		804,533

Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, PFC Shares		87,850		201,420

Vale SA		357,947		4,671,830

Valid Solucoes SA		100,870		402,016

Weg SA		202,252		1,262,369

YDUQS Part⁽¹⁾		57,700		518,587

			$	76,671,802


Security	Shares		Value

Bulgaria — 0.1%

CB First Investment Bank AD⁽¹⁾		235,000	$	425,819

Chimimport AD		329,922		333,265

MonBat AD		60,235		230,252

Petrol AD⁽¹⁾		25,625		9,935

Sopharma AD		354,600		654,776

			$	1,654,047

Chile — 2.8%

AES Gener SA		1,325,140	$	332,200

Aguas Andinas SA, Series A		1,073,898		601,080

Banco de Chile		14,370,869		2,061,686

Banco de Credito e Inversiones SA		20,851		1,313,555

Banco Santander Chile		24,707,062		1,789,118

Cap SA		56,612		580,574

Cencosud SA		935,529		1,847,099

Cia Cervecerias Unidas SA		107,129		1,501,904

Cia Sud Americana de Vapores SA⁽¹⁾		14,510,741		488,490

Colbun SA		2,922,868		548,857

Embotelladora Andina SA, Class B, PFC Shares		154,121		541,820

Empresa Nacional de Telecomunicaciones SA⁽¹⁾		191,089		1,750,707

Empresas CMPC SA		710,444		1,666,077

Empresas COPEC SA		396,674		3,639,857

Enel Americas SA		10,652,906		1,757,692

Enel Chile SA		9,679,267		877,302

Engie Energia Chile SA		173,855		306,215

Forus SA		87,698		193,081

Inversiones Aguas Metropolitanas SA		130,715		190,870

Inversiones La Construccion SA		27,038		424,380

Itau CorpBanca		91,142,033		706,854

Latam Airlines Group SA		393,944		3,754,699

Parque Arauco SA		541,699		1,475,791

Ripley Corp. SA		721,671		532,529

S.A.C.I. Falabella		580,600		3,587,438

Sociedad Matriz SAAM SA		6,242,812		567,516

Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares		58,504		1,716,025

Sonda SA		736,417		972,803

Vina Concha y Toro SA		433,836		871,967

			$	36,598,186

China — 11.6%

3SBio, Inc.⁽³⁾		788,500	$	1,331,598

AECC Aviation Power Co., Ltd.		40,221		136,634

Agile Group Holdings, Ltd.		254,000		326,457

Agricultural Bank of China, Ltd., Class H		1,832,000		741,548


		7		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

China (continued)

Aier Eye Hospital Group Co., Ltd., Class A		39,319	$	172,962

Air China, Ltd., Class H		628,000		609,871

Aisino Corp.		38,800		128,198

Alibaba Group Holding, Ltd. ADR⁽¹⁾		15,200		2,631,272

Aluminum Corp. of China, Ltd., Class H⁽¹⁾		2,486,000		811,808

Angang Steel Co., Ltd., Class H		1,258,400		477,320

Anhui Conch Cement Co., Ltd., Class H		590,500		3,409,687

ANTA Sports Products, Ltd.		139,000		1,037,626

Baidu, Inc. ADR⁽¹⁾		11,300		1,262,210

Bank of Beijing Co., Ltd.		182,760		148,728

Bank of China, Ltd., Class H		1,834,000		744,765

Bank of Communications, Ltd., Class H		1,053,900		766,763

Bank of Nanjing Co., Ltd.		169,400		202,801

Bank of Ningbo Co., Ltd., Class A		67,000		228,369

Beijing Capital International Airport Co., Ltd., Class H		436,000		343,528

Beijing Enterprises Holdings, Ltd.		135,000		659,099

Beijing Enterprises Water Group, Ltd.		1,560,000		821,100

Beijing Originwater Technology Co., Ltd., Class A		127,500		120,997

Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A		98,410		107,013

Beijing Tongrentang Co., Ltd.		22,000		90,287

Beijing Water Business Doctor Co., Ltd., Class A		101,700		99,144

Beijing Xinwei Technology Group Co., Ltd.⁽¹⁾⁽²⁾		93,610		0

BOE Technology Group Co., Ltd., Class A		514,900		299,852

Brilliance China Automotive Holdings, Ltd.		650,000		708,377

BYD Co., Ltd., Class H		126,200		788,577

Cangzhou Mingzhu Plastic Co., Ltd., Class A		135,226		73,639

CGN Power Co., Ltd., Class H⁽³⁾		2,585,000		746,137

Changchun High & New Technology Industry Group, Inc., Class A		3,100		148,510

Changjiang Securities Co., Ltd., Class A		213,800		229,139

Chengdu Xingrong Environment Co., Ltd., Class A		243,600		168,056

China Agri-Industries Holdings, Ltd.		2,074,000		631,322

China Biologic Products Holdings, Inc.⁽¹⁾		17,600		1,688,368

China Bluechemical, Ltd., Class H		1,270,000		348,195

China Cinda Asset Management Co., Ltd., Class H		1,495,000		326,133

China CITIC Bank Corp., Ltd., Class H		343,000		190,037

China Coal Energy Co., Ltd., Class H		1,058,000		409,930

China Communications Construction Co., Ltd., Class H		509,000		429,012

China Communications Services Corp., Ltd., Class H		658,000		458,106

China Construction Bank Corp., Class H		2,016,630		1,548,228

China Dongxiang Group Co., Ltd.		4,257,000		525,220

China Everbright International, Ltd.		373,925		329,282

China Everbright, Ltd.		186,000		245,703

China Evergrande Group		354,000		934,580


Security	Shares		Value

China (continued)

China Fortune Land Development Co., Ltd.		52,329	$	220,315

China Gas Holdings, Ltd.		520,000		2,154,612

China Huishan Dairy Holdings Co., Ltd.⁽¹⁾⁽²⁾		1,800,000		0

China International Marine Containers Co., Ltd.		579,206		548,590

China International Travel Service Corp., Ltd.		16,300		212,732

China Life Insurance Co., Ltd., Class H		267,000		680,094

China Longyuan Power Group Corp., Ltd., Class H		1,260,000		770,478

China Mengniu Dairy Co., Ltd.		581,000		2,344,359

China Merchants Bank Co., Ltd., Class H		323,024		1,600,228

China Merchants Port Holdings Co., Ltd.		318,035		526,337

China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		74,674		222,154

China Minsheng Banking Corp., Ltd., Class H		1,109,788		764,432

China Mobile, Ltd.		224,000		1,904,980

China Molybdenum Co., Ltd., Class H		2,058,000		585,313

China National Building Material Co., Ltd., Class H		1,138,000		997,712

China National Nuclear Power Co., Ltd.		210,800		171,740

China Northern Rare Earth Group High-Tech Co., Ltd.		117,100		189,664

China Oilfield Services, Ltd., Class H		698,000		787,400

China Overseas Land & Investment, Ltd.		314,160		1,070,989

China Pacific Insurance (Group) Co., Ltd., Class H		196,400		837,740

China Petroleum & Chemical Corp., Class H		4,390,300		2,818,618

China Railway Construction Corp., Ltd., Class H		436,500		504,340

China Railway Group, Ltd., Class H		1,385,000		969,725

China Resources Beer Holdings Co., Ltd.		378,000		1,771,103

China Resources Gas Group, Ltd.		212,000		1,073,057

China Resources Land, Ltd.		302,000		1,290,569

China Resources Medical Holdings Co., Ltd.		355,000		256,682

China Resources Power Holdings Co., Ltd.		575,600		826,571

China Shenhua Energy Co., Ltd., Class H		837,000		1,653,539

China Shineway Pharmaceutical Group, Ltd.		381,000		317,762

China Shipbuilding Industry Co., Ltd.		185,800		161,056

China Southern Airlines Co., Ltd., Class H		564,000		361,526

China State Construction Engineering Corp., Ltd.		156,440		132,917

China Taiping Insurance Holdings Co., Ltd.		110,200		304,956

China Telecom Corp., Ltd., Class H		1,120,000		499,554

China Travel International Investment Hong Kong, Ltd.		1,998,000		367,272

China Unicom (Hong Kong), Ltd.		356,372		347,197

China United Network Communications, Ltd., Class A		711,800		608,846

China Vanke Co., Ltd., Class H		742,520		2,788,965

China Yangtze Power Co., Ltd.		162,200		439,748

Chongqing Changan Automobile Co., Ltd., Class A		98,800		112,992

CIFI Holdings Group Co., Ltd.		772,000		492,134

CITIC Guoan Information Industry Co., Ltd., Class A		138,800		77,160

CITIC, Ltd.		813,000		1,076,467

CNOOC, Ltd.		2,111,000		3,480,540


		8		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

China (continued)

COSCO SHIPPING Development Co., Ltd., Class H		4,252,000	$	523,465

COSCO SHIPPING Energy Transportation Co., Ltd., Class H		912,000		519,400

COSCO SHIPPING Holdings Co., Ltd., Class H⁽¹⁾		1,482,975		551,520

COSCO SHIPPING Ports, Ltd.		516,000		449,682

Country Garden Holdings Co., Ltd.		685,631		923,754

Country Garden Services Holdings Co., Ltd.		155,589		374,642

CSPC Pharmaceutical Group, Ltd.		1,192,000		2,068,568

Ctrip.com International, Ltd. ADR⁽¹⁾		35,554		1,385,895

Daqin Railway Co., Ltd.		104,300		119,328

Datang International Power Generation Co., Ltd., Class H		2,626,000		590,045

Dong-E-E-Jiao Co., Ltd., Class A		16,200		78,054

Dongfeng Motor Group Co., Ltd., Class H		690,000		615,420

Dr Peng Telecom & Media Group Co., Ltd.⁽¹⁾		104,900		110,339

East Money Information Co., Ltd., Class A		58,632		122,829

Focus Media Information Technology Co., Ltd., Class A		196,344		143,343

Ganfeng Lithium Co., Ltd., Class A		51,150		162,636

GD Power Development Co., Ltd.		269,900		99,658

Gemdale Corp.		80,700		142,179

Golden Eagle Retail Group, Ltd.		739,000		853,337

Great Wall Motor Co., Ltd., Class H		715,000		484,350

Gree Electric Appliances, Inc. of Zhuhai, Class A		46,500		369,738

Guangdong Baolihua New Energy Stock Co., Ltd., Class A		255,400		238,004

Guangdong Investment, Ltd.		784,000		1,647,768

Guangzhou Automobile Group Co., Ltd., Class H		579,218		588,917

Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		320,000		1,314,832

Guangzhou R&F Properties Co., Ltd., Class H		302,000		546,406

Guosen Securities Co., Ltd., Class A		117,628		231,277

Haier Electronics Group Co., Ltd.		161,000		378,396

Haier Smart Home Co., Ltd.		66,800		161,995

Han’s Laser Technology Industry Group Co., Ltd., Class A		23,400		98,238

Hangzhou Hikvision Digital Technology Co., Ltd., Class A		41,700		184,722

Harbin Pharmaceutical Group Co., Ltd.⁽¹⁾		150,900		84,491

Henan Shuanghui Investment & Development Co., Ltd., Class A		34,200		118,819

Hengan International Group Co., Ltd.		178,000		1,346,326

Hengtong Optic-electric Co., Ltd.		38,780		89,808

Hesteel Co., Ltd., Class A		506,400		200,714

Huadian Power International Corp., Ltd., Class H		1,100,000		460,410

Huadong Medicine Co., Ltd., Class A		56,653		224,835

Huaneng Power International, Inc., Class H		2,634,000		1,526,174


Security	Shares		Value

China (continued)

Huaneng Renewables Corp., Ltd., Class H		1,716,000	$	466,401

Huaxia Bank Co., Ltd.		146,972		160,710

Huayu Automotive Systems Co., Ltd.		82,008		273,798

Hubei Energy Group Co., Ltd., Class A		277,714		168,861

Humanwell Healthcare Group Co., Ltd.⁽¹⁾		69,600		107,687

Hundsun Technologies, Inc.		21,710		221,892

Iflytek Co., Ltd., Class A⁽¹⁾		34,550		163,520

Industrial & Commercial Bank of China, Ltd., Class H		1,526,000		1,024,779

Industrial Bank Co., Ltd.		97,902		270,435

Inner Mongolia BaoTou Steel Union Co., Ltd.		707,000		161,463

Inner Mongolia Yili Industrial Group Co., Ltd., Class A		53,200		239,461

JD.com, Inc. ADR⁽¹⁾		33,900		1,013,949

Jiangsu Expressway Co., Ltd., Class H		428,000		576,667

Jiangsu Hengrui Medicine Co., Ltd.		26,918		259,550

Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		14,600		244,770

Jiangxi Copper Co., Ltd., Class H		805,000		996,270

Jinke Properties Group Co., Ltd., Class A		130,499		118,288

JinyuBio-Technology Co., Ltd.		43,862		97,552

Jizhong Energy Resources Co., Ltd., Class A		231,400		125,324

Kangmei Pharmaceutical Co., Ltd.		61,700		28,778

Kingboard Holdings., Ltd.		256,100		629,821

Kunlun Energy Co., Ltd.		668,000		582,581

Kweichow Moutai Co., Ltd.		4,100		574,997

KWG Group Holdings, Ltd.		476,000		442,562

Lee & Man Paper Manufacturing, Ltd.		788,000		480,995

Lenovo Group, Ltd.		1,316,000		1,058,924

Lepu Medical Technology Beijing Co., Ltd., Class A		33,300		118,962

Li Ning Co., Ltd.		450,208		1,109,945

Longfor Group Holdings, Ltd.⁽³⁾		149,500		552,879

LONGi Green Energy Technology Co., Ltd.		60,242		223,496

Luxshare Precision Industry Co., Ltd., Class A		92,443		287,674

Luye Pharma Group, Ltd.⁽³⁾		496,500		383,387

Maanshan Iron & Steel Co., Ltd., Class H		1,832,000		694,435

Midea Group Co., Ltd., Class A		32,300		254,412

NARI Technology Co., Ltd.		48,600		132,492

NetEase, Inc. ADR		3,500		807,870

New Oriental Education & Technology Group, Inc. ADR⁽¹⁾		9,000		938,790

Nine Dragons Paper Holdings, Ltd.		615,000		497,794

Oceanwide Holdings Co., Ltd., Class A		204,000		149,372

Offshore Oil Engineering Co., Ltd.		217,300		169,418

OFILM Group Co., Ltd., Class A		65,800		79,987

Oriental Energy Co., Ltd., Class A		132,900		155,839

Oriental Pearl Group Co., Ltd., Class A		75,920		108,826

PetroChina Co., Ltd., Class H		4,840,000		2,567,153

Ping An Bank Co., Ltd., Class A		151,588		308,276


		9		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

China (continued)

Ping An Insurance (Group) Co. of China, Ltd., Class H		259,500	$	3,058,417

Pingdingshan Tianan Coal Mining Co., Ltd.⁽¹⁾		262,600		164,181

Poly Developments and Holdings Group Co., Ltd., Class A		179,100		366,677

Poly Property Group Co., Ltd.		946,000		348,984

Power Construction Corp. of China, Ltd.		187,000		134,011

RiseSun Real Estate Development Co., Ltd., Class A		163,200		205,932

SAIC Motor Corp., Ltd.		82,400		295,614

Sanan Optoelectronics Co., Ltd.		84,900		139,960

SDIC Power Holdings Co., Ltd.		98,000		120,874

Semiconductor Manufacturing International Corp.⁽¹⁾		787,700		927,814

Shandong Gold Mining Co., Ltd.⁽¹⁾		42,500		258,958

Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,720,000		1,639,782

Shanghai Electric Group Co., Ltd., Class H		1,792,000		622,410

Shanghai Industrial Holdings, Ltd.		204,000		417,972

Shanghai Pudong Development Bank Co., Ltd., Class A		136,500		233,786

Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		180,704

Shanxi Xishan Coal & Electricity Power Co., Ltd., Class A		152,700		135,097

Shenzhen Inovance Technology Co., Ltd., Class A		56,300		202,475

Shenzhen Investment, Ltd.		674,000		241,670

Shenzhen Overseas Chinese Town Co., Ltd., Class A		176,600		183,790

Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		171,300		107,482

Shimao Property Holdings, Ltd.		227,000		626,929

Siasun Robot & Automation Co., Ltd., Class A⁽¹⁾		55,000		125,942

Sichuan Chuantou Energy Co., Ltd.		152,000		206,213

Sihuan Pharmaceutical Holdings Group, Ltd.		3,161,000		647,567

SINA Corp.⁽¹⁾		5,700		222,984

Sino Biopharmaceutical, Ltd.		1,860,000		2,268,764

Sino-Ocean Group Holding, Ltd.		1,455,500		585,620

Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,963,000		684,857

Sinopharm Group Co., Ltd., Class H		479,200		1,771,408

Sun Art Retail Group, Ltd.		1,011,500		1,024,287

Sunac China Holdings, Ltd.		249,000		1,123,157

Suning.com Co., Ltd, Class A		69,200		107,066

TCL Corp., Class A		373,200		183,490

Tencent Holdings, Ltd.		168,702		7,860,326

Tianqi Lithium Corp., Class A		44,850		150,398

Tingyi (Cayman Islands) Holding Corp.		622,000		928,282

Tongling Nonferrous Metals Group Co., Ltd., Class A		424,000		142,330

Tsingtao Brewery Co., Ltd., Class H		190,000		1,111,262

Tus Environmental Science and Technology Development Co., Ltd., Class A		65,660		98,960


Security	Shares		Value

China (continued)

Wanhua Chemical Group Co., Ltd.		19,665	$	124,480

Want Want China Holdings, Ltd.		1,949,000		1,515,834

Weichai Power Co., Ltd., Class H		699,600		1,074,401

Wens Foodstuffs Group Co., Ltd., Class A		42,500		249,074

West China Cement, Ltd.		3,420,000		576,282

WH Group, Ltd.⁽³⁾		2,378,000		2,314,673

Wuliangye Yibin Co., Ltd., Class A		18,600		323,112

Xiaomi Corp., Class B⁽¹⁾⁽³⁾		1,107,000		1,264,169

Xinhu Zhongbao Co., Ltd.		301,800		126,809

Yang Quan Coal Industry Group Co., Ltd.		189,300		149,571

Yangzijiang Shipbuilding Holdings, Ltd.		326,900		337,087

Yanzhou Coal Mining Co., Ltd., Class H		518,000		455,922

Yonghui Superstores Co., Ltd.		124,700		174,351

Yuan Longping High-tech Agriculture Co., Ltd., Class A		65,900		128,042

Yuexiu Property Co., Ltd.		1,590,000		359,432

Yunnan Baiyao Group Co., Ltd., Class A		21,200		232,956

Yunnan Chihong Zinc & Germanium Co., Ltd.		160,600		111,022

Zhaojin Mining Industry Co., Ltd., Class H		372,500		432,952

Zhejiang Dahua Technology Co., Ltd., Class A		69,550		161,057

Zhejiang Expressway Co., Ltd., Class H		422,000		408,473

Zhejiang Huahai Pharmaceutical Co., Ltd.⁽¹⁾		37,500		88,423

Zhengzhou Yutong Bus Co., Ltd.		66,400		124,409

Zhongjin Gold Corp., Ltd.		115,900		157,330

Zhongtian Financial Group Co., Ltd., Class A		315,000		170,709

Zhuzhou CRRC Times Electric Co., Ltd., Class H		89,500		427,793

Zijin Mining Group Co., Ltd., Class H		3,588,000		1,435,959

ZTE Corp., Class H⁽¹⁾		456,103		1,362,217

			$	152,263,680

Colombia — 1.5%

Almacenes Exito SA		240,918	$	1,277,678

Avianca Holdings SA, PFC Shares		551,298		268,850

Banco Davivienda SA, PFC Shares		36,732		460,587

Bancolombia SA		84,155		1,008,035

Bancolombia SA ADR, PFC Shares		38,600		1,925,368

Celsia SA ESP		740,070		1,003,774

Cementos Argos SA		487,554		1,142,752

Cemex Latam Holdings SA⁽¹⁾		173,596		222,225

Corporacion Financiera Colombiana SA⁽¹⁾		30,859		254,138

Ecopetrol SA		3,529,471		3,162,714

Grupo Argos SA		346,526		1,776,499

Grupo Aval Acciones y Valores SA, PFC Shares		1,441,727		555,874

Grupo de Inversiones Suramericana SA		86,859		913,349

Grupo de Inversiones Suramericana SA, PFC Shares		38,415		372,333

Grupo Nutresa SA		320,862		2,456,637


		10		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Colombia (continued)

Interconexion Electrica SA		448,261	$	2,431,946

			$	19,232,759

Croatia — 0.7%

AD Plastik DD		2,428	$	66,908

Adris Grupa DD, PFC Shares		22,699		1,589,374

Atlantic Grupa DD		1,465		270,500

Atlantska Plovidba DD⁽¹⁾		4,389		267,104

Ericsson Nikola Tesla DD		4,264		729,713

Hrvatski Telekom DD		87,575		2,097,944

INA Industrija Nafte DD		900		431,746

Koncar-Elektroindustrija DD		2,396		224,093

Kras DD		4,381		256,536

Ledo DD⁽¹⁾⁽²⁾		978		0

Podravka Prehrambena Industrija DD		15,808		982,532

Valamar Riviera DD		304,982		1,707,404

Zagrebacka Banka DD		78,143		726,108

			$	9,349,962

Czech Republic — 0.7%

CEZ AS		178,200	$	3,995,437

Komercni Banka AS		107,288		4,138,575

Philip Morris CR AS		1,678		988,269

			$	9,122,281

Egypt — 0.7%

Alexandria Mineral Oils Co.		519,744	$	116,104

Commercial International Bank Egypt SAE		567,741		2,518,836

Eastern Co. SAE		1,027,297		984,227

Egypt Kuwait Holding Co. SAE		395,868		485,999

Egyptian Financial Group-Hermes Holding Co.		264,772		265,433

ElSewedy Electric Co.		1,186,970		882,242

Ezz Steel Co SAE⁽¹⁾		330,083		164,747

Global Telecom Holding SAE⁽¹⁾		2,947,624		885,504

Juhayna Food Industries		658,122		397,770

Orascom Investment Holding⁽¹⁾		3,692,103		135,475

Oriental Weavers		383,580		238,712

Palm Hills Developments SAE⁽¹⁾		2,709,769		332,513

Pioneers Holding for Financial Investments SAE⁽¹⁾		225,466		69,959

Sidi Kerir Petrochemicals Co.		202,688		103,335

Six of October Development & Investment Co.		382,178		306,476

Talaat Moustafa Group		1,151,986		695,408

Telecom Egypt		576,834		488,169

			$	9,070,909


Security	Shares		Value

Estonia — 0.6%

AS Merko Ehitus		78,018	$	832,125

AS Tallink Grupp		3,623,652		3,816,600

AS Tallinna Kaubamaja Grupp		192,740		1,765,049

AS Tallinna Vesi		116,590		1,431,010

Nordecon AS		145,374		173,520

			$	8,018,304

Ghana — 0.2%

CAL Bank, Ltd.		2,063,694	$	380,412

Ghana Commercial Bank, Ltd.		1,626,918		1,494,496

Produce Buying Co., Ltd.⁽¹⁾		28		0

Standard Chartered Bank of Ghana, Ltd.		244,300		858,944

			$	2,733,852

Greece — 1.5%

Aegean Airlines SA		27,897	$	252,288

Alpha Bank AE⁽¹⁾		907,413		1,761,320

Athens Water Supply & Sewage Co. SA		59,947		547,997

Costamare, Inc.		71,719		432,466

Diana Shipping, Inc.⁽¹⁾		116,290		384,920

Ellaktor SA⁽¹⁾		100,337		240,835

Eurobank Ergasias SA⁽¹⁾		903,107		877,030

FF Group⁽¹⁾⁽²⁾		46,335		0

GasLog, Ltd.		38,401		546,830

GEK Terna Holding Real Estate Construction SA⁽¹⁾		99,900		707,583

Hellenic Exchanges - Athens Stock Exchange SA		74,720		409,890

Hellenic Petroleum SA		46,772		487,706

Hellenic Telecommunications Organization SA		197,948		2,721,823

Holding Co. ADMIE IPTO SA		174,643		436,094

JUMBO SA		67,636		1,325,581

Motor Oil (Hellas) Corinth Refineries SA		62,160		1,541,074

Mytilineos SA		94,494		1,148,489

National Bank of Greece SA⁽¹⁾		350,261		1,021,474

OPAP SA		144,112		1,622,013

Public Power Corp. SA⁽¹⁾		150,886		469,852

StealthGas, Inc.⁽¹⁾		37,397		136,125

Terna Energy SA		60,987		488,676

Titan Cement Co. SA		105,165		2,286,194

Tsakos Energy Navigation, Ltd.		80,600		245,830

			$	20,092,090

Hungary — 0.7%

Magyar Telekom Telecommunications PLC		521,442	$	754,415

MOL Hungarian Oil & Gas PLC		294,700		2,990,819

OTP Bank Nyrt.		75,800		3,156,763


		11		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Hungary (continued)

Richter Gedeon Nyrt.		145,700	$	2,559,963

			$	9,461,960

India — 5.6%

ABB India, Ltd.		19,900	$	395,294

ACC, Ltd.		18,085		408,806

Adani Enterprises, Ltd.		180,900		335,575

Adani Gas, Ltd.		180,900		391,416

Adani Ports and Special Economic Zone, Ltd.		137,520		751,889

Adani Power, Ltd.⁽¹⁾		556,250		488,110

Adani Transmission, Ltd.⁽¹⁾		190,553		570,212

Aditya Birla Capital, Ltd.⁽¹⁾		94,280		112,226

Aditya Birla Fashion and Retail, Ltd.⁽¹⁾		92,050		251,305

Ambuja Cements, Ltd.		191,950		558,298

Asian Paints, Ltd.		43,100		949,994

Aurobindo Pharma, Ltd.		18,125		149,396

Axis Bank, Ltd.		66,806		652,668

Bajaj Auto, Ltd.		13,775		500,114

Bank of Baroda⁽¹⁾		109,850		169,329

Bank of India⁽¹⁾		109,562		114,218

Bharat Forge, Ltd.		68,789		422,412

Bharat Heavy Electricals, Ltd.		648,450		552,165

Bharat Petroleum Corp., Ltd.		78,872		393,658

Bharti Airtel, Ltd.		695,223		3,384,092

Bharti Infratel, Ltd.		315,991		1,118,559

Biocon, Ltd.		175,318		575,294

Canara Bank⁽¹⁾		67,631		229,760

Cipla, Ltd.		131,806		989,309

Coal India, Ltd.		126,399		373,574

Colgate-Palmolive (India), Ltd.		33,518		578,134

Container Corp. of India, Ltd.		97,674		726,340

Crompton Greaves Consumer Electricals, Ltd.		153,025		509,635

Cummins India, Ltd.		49,900		515,026

Dabur India, Ltd.		146,992		908,626

Divi’s Laboratories, Ltd.		31,384		743,015

DLF, Ltd.		327,850		840,251

Dr. Reddy’s Laboratories, Ltd.		29,945		1,111,859

Eicher Motors, Ltd.		2,146		503,973

GAIL (India), Ltd.		556,986		1,039,849

GlaxoSmithKline Pharmaceuticals, Ltd.		17,360		303,532

Glenmark Pharmaceuticals, Ltd.		61,248		377,892

GMR Infrastructure, Ltd.⁽¹⁾		1,721,400		374,770

Godrej Consumer Products, Ltd.		33,317		289,960

Grasim Industries, Ltd.		41,543		471,435

Gujarat State Petronet, Ltd.		176,208		544,752

Havells India, Ltd.		40,009		373,860


Security	Shares		Value

India (continued)

HCL Technologies, Ltd.		50,523	$	757,245

HDFC Bank, Ltd.		57,923		1,887,702

Hero MotoCorp, Ltd.		17,877		607,119

Hindalco Industries, Ltd.		182,020		501,454

Hindustan Petroleum Corp., Ltd.		81,188		310,973

Hindustan Unilever, Ltd.		108,191		2,703,319

Hindustan Zinc, Ltd.		103,100		323,885

Housing Development Finance Corp., Ltd.		46,502		1,430,576

ICICI Bank, Ltd.		114,517		706,729

IDBI Bank, Ltd.⁽¹⁾		161,700		65,268

IDFC Bank, Ltd.⁽¹⁾		260,034		157,880

IDFC, Ltd.⁽¹⁾		260,034		135,425

Indiabulls Housing Finance, Ltd.		19,115		148,209

Indiabulls Real Estate, Ltd.⁽¹⁾		228,961		289,567

Indian Hotels Co., Ltd. (The)		197,136		407,255

Indian Oil Corp., Ltd.		242,425		487,063

Infosys, Ltd.		293,092		3,350,737

ITC, Ltd.		375,295		1,472,594

Jindal Steel & Power, Ltd.⁽¹⁾		129,924		252,273

JSW Steel, Ltd.		203,796		698,630

Kotak Mahindra Bank, Ltd.		31,020		681,742

Larsen & Toubro, Ltd.		78,408		1,576,826

Lupin, Ltd.		80,300		892,998

Mahindra & Mahindra, Ltd.		94,791		753,060

Maruti Suzuki India, Ltd.		17,711		1,403,166

Nestle India, Ltd.		4,923		831,021

NTPC, Ltd.		973,812		1,786,167

Oberoi Realty, Ltd.⁽¹⁾		31,878		253,063

Oil & Natural Gas Corp., Ltd.		251,509		504,411

Oracle Financial Services Software, Ltd.		5,025		247,356

Piramal Enterprises, Ltd.		31,480		826,932

Power Grid Corporation of India, Ltd.		561,700		1,726,881

Reliance Industries, Ltd.		272,852		4,595,511

Reliance Infrastructure, Ltd.		101,537		70,808

Reliance Power, Ltd.⁽¹⁾		658,646		35,251

Siemens, Ltd.		33,479		554,823

Sobha, Ltd.		26,300		209,209

State Bank of India⁽¹⁾		73,106		351,659

Steel Authority of India, Ltd.⁽¹⁾		513,200		316,966

Sun Pharmaceutical Industries, Ltd.		227,118		1,402,343

Sun TV Network, Ltd.		55,449		379,684

Suzlon Energy, Ltd.⁽¹⁾		2,099,450		127,608

Tata Communications, Ltd.		104,859		712,569

Tata Consultancy Services, Ltd.		69,769		2,228,410

Tata Global Beverages, Ltd.		74,700		271,229

Tata Motors, Ltd.⁽¹⁾		208,855		409,019


		12		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

India (continued)

Tata Power Co., Ltd. (The)		697,463	$	611,122

Tata Steel, Ltd.		70,165		439,314

Tech Mahindra, Ltd.		57,252		526,628

Titan Co., Ltd.		56,002		855,434

UltraTech Cement, Ltd.		12,390		777,164

Unitech, Ltd.⁽¹⁾		2,836,900		41,005

United Spirits, Ltd.⁽¹⁾		80,035		687,494

UPL, Ltd.		81,370		700,391

Vedanta, Ltd.		337,085		747,395

Vodafone Idea, Ltd.⁽¹⁾		3,478,480		348,394

Voltas, Ltd.		87,855		738,332

Wipro, Ltd.		179,977		694,047

Yes Bank, Ltd.		156,523		202,871

Zee Entertainment Enterprises, Ltd.		206,320		1,078,645

			$	73,341,433

Indonesia — 3.1%

Adaro Energy Tbk PT		12,309,500	$	1,106,974

AKR Corporindo Tbk PT		1,649,000		468,169

Aneka Tambang Tbk		10,251,500		675,341

Astra Argo Lestari Tbk PT		544,200		386,363

Astra International Tbk PT		8,480,200		4,203,039

Bank Central Asia Tbk PT		1,547,600		3,397,565

Bank Danamon Indonesia Tbk PT		591,903		214,048

Bank Mandiri Persero Tbk PT		2,743,800		1,543,645

Bank Negara Indonesia Persero Tbk PT		1,034,000		619,876

Bank Pan Indonesia Tbk PT⁽¹⁾		4,945,000		506,095

Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,068,100		120,725

Bank Rakyat Indonesia Persero Tbk PT		7,661,900		2,427,887

Bank Tabungan Negara Tbk PT		1,779,800		309,272

Bukit Asam Tbk PT		2,764,800		537,326

Bumi Serpong Damai Tbk PT⁽¹⁾		3,215,100		322,724

Charoen Pokphand Indonesia Tbk PT		2,161,300		827,036

Gudang Garam Tbk PT		188,000		1,009,918

Hanson International Tbk PT⁽¹⁾		23,744,500		174,457

Indo Tambangraya Megah Tbk PT		361,400		431,789

Indocement Tunggal Prakarsa Tbk PT		1,172,500		1,862,704

Indofood Sukses Makmur Tbk PT		1,858,100		932,911

Jasa Marga (Persero) Tbk PT		1,366,100		580,179

Kalbe Farma Tbk PT		13,399,800		1,400,159

Lippo Karawaci Tbk PT		19,017,880		378,979

Matahari Department Store Tbk PT		686,300		181,072

Medco Energi Internasional Tbk PT⁽¹⁾		9,927,500		597,579

Media Nusantara Citra Tbk PT		3,201,000		312,414

Mitra Keluarga Karyasehat Tbk PT		3,345,900		483,595


Security	Shares		Value

Indonesia(continued)

MNC Investama Tbk PT⁽¹⁾		49,042,500	$	272,317

Perusahaan Gas Negara Tbk PT		7,539,200		1,095,322

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		5,297,700		399,412

PP Persero Tbk PT		2,468,989		374,684

Semen Indonesia Persero Tbk PT		2,039,600		1,854,074

Sigmagold Inti Perkasa Tbk PT⁽¹⁾⁽²⁾		17,097,000		12,197

Siloam International Hospitals Tbk PT⁽¹⁾		1,962,400		879,630

Surya Semesta Internusa Tbk PT		6,615,900		381,145

Telekomunikasi Indonesia Persero Tbk PT		12,890,700		3,934,004

Tower Bersama Infrastructure Tbk PT		787,700		235,796

Unilever Indonesia Tbk PT		364,900		1,130,699

United Tractors Tbk PT		931,483		1,649,900

Vale Indonesia Tbk PT⁽¹⁾		4,133,500		884,664

Waskita Karya Persero Tbk PT		3,562,200		515,792

Wijaya Karya Persero Tbk PT		2,252,900		372,307

XL Axiata Tbk PT⁽¹⁾		2,092,600		479,514

			$	40,483,298

Jordan — 0.8%

Al-Eqbal Investment Co. PLC⁽¹⁾		59,475	$	993,117

Arab Bank PLC		540,810		4,587,388

Arab Potash Co. PLC		43,763		1,159,814

Bank of Jordan		119,866		361,481

Cairo Amman Bank		193,771		303,285

Capital Bank of Jordan		243,043		331,979

Jordan Ahli Bank		251,292		347,596

Jordan Islamic Bank		95,145		388,888

Jordan Petroleum Refinery		225,864		1,046,244

Jordanian Electric Power Co.		179,108		312,827

			$	9,832,619

Kazakhstan — 0.7%

Halyk Savings Bank of Kazakhstan JSC GDR⁽⁴⁾		266,602	$	3,710,836

KAZ Minerals PLC		458,342		3,172,690

Kcell JSC GDR⁽¹⁾⁽⁴⁾		414,605		1,892,355

Nostrum Oil & Gas PLC⁽¹⁾		75,523		40,297

			$	8,816,178

Kenya — 0.7%

ARM Cement, Ltd.⁽¹⁾⁽²⁾		1,653,600	$	0

Bamburi Cement Co., Ltd.		325,100		356,821

Barclays Bank of Kenya, Ltd.		4,356,960		443,236

British American Tobacco Kenya, Ltd.		52,000		257,167

Co-operative Bank of Kenya, Ltd. (The)		3,447,112		382,182


		13		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Kenya (continued)

East African Breweries, Ltd.		1,086,780	$	2,092,386

Equity Group Holdings PLC		3,843,700		1,480,113

KCB Group, Ltd.		2,905,020		1,118,085

Kenya Power & Lighting, Ltd.⁽¹⁾		7,482,654		284,405

Nation Media Group PLC		488,284		219,681

Safaricom PLC		9,954,372		2,628,881

Standard Chartered Bank Kenya, Ltd.		219,542		413,192

			$	9,676,149

Kuwait— 1.5%

Agility Public Warehousing Co. KSC		666,512	$	1,754,015

Ahli United Bank		240,820		282,863

Al Ahli Bank of Kuwait KSCP		209,247		222,917

ALAFCO Aviation Lease and Finance Co. KSCP		225,463		216,062

Boubyan Bank KSCP		284,622		562,873

Boubyan Petrochemicals Co. KSCP		283,836		810,274

Burgan Bank SAK		270,556		312,350

Commercial Bank of Kuwait KSCP		363,024		596,211

Commercial Real Estate Co. KSCC		1,513,762		466,844

Gulf Bank KSCP		553,473		577,712

Gulf Cable & Electrical Industries Co. KSCP		152,800		233,944

Jazeera Airways Co. KSC		81,382		254,231

Kuwait Cement Co.		333,684		310,022

Kuwait Finance House KSCP		1,022,182		2,615,010

Kuwait Portland Cement Co. KSC		72,250		286,837

Kuwait Projects Co. Holdings KSC		378,400		285,322

Kuwait Real Estate Co. KSC⁽¹⁾		492,240		132,919

Mabanee Co. SAKC		387,636		1,005,555

Mezzan Holding Co. KSCC		65,569		134,574

Mobile Telecommunications Co.		1,718,087		3,258,828

National Bank of Kuwait SAK		1,135,306		3,725,851

National Industries Group Holding SAK		841,419		694,483

National Real Estate Co. KPSC⁽¹⁾		1,043,207		290,946

Qurain Petrochemical Industries Co.		490,699		571,803

Warba Bank KSCP⁽¹⁾		508,308		429,003

			$	20,031,449

Latvia— 0.0%⁽⁵⁾

Grindeks		42,000	$	596,641

			$	596,641

Lithuania— 0.3%

Apranga PVA		427,588	$	867,033

Energijos Skirstymo Operatorius AB		128,934		105,570

Klaipedos Nafta AB		1,345,900		575,572


Security	Shares		Value

Lithuania(continued)

Pieno Zvaigzdes		104,200	$	115,043

Rokiskio Suris		122,500		336,633

Siauliu Bankas		2,303,871		1,260,108

			$	3,259,959

Malaysia— 3.0%

Aeon Co. (M) Bhd		661,200	$	276,192

AirAsia Group Bhd		346,600		164,049

Alliance Bank Malaysia Bhd		150,000		133,428

AMMB Holdings Bhd		145,400		148,729

Astro Malaysia Holdings Bhd		979,300		342,882

Axiata Group Bhd		1,020,750		1,239,472

Berjaya Sports Toto Bhd		590,650		375,788

British American Tobacco Malaysia Bhd		46,200		252,317

Bursa Malaysia Bhd		122,550		200,128

CIMB Group Holdings Bhd		387,500		475,480

Dialog Group Bhd		2,276,114		1,898,729

Digi.com Bhd		776,300		938,301

FGV Holdings Bhd⁽¹⁾		884,500		241,368

Gamuda Bhd		649,400		581,939

Genting Bhd		903,900		1,501,086

Genting Malaysia Bhd		1,062,600		992,642

Genting Plantations Bhd		122,000		286,777

Globetronics Technology Bhd		736,900		315,063

Hartalega Holdings Bhd		350,100		419,158

Hong Leong Bank Bhd		57,100		247,977

IGB Real Estate Investment Trust		474,900		220,689

IHH Healthcare Bhd		1,197,400		1,657,868

IJM Corp. Bhd		967,680		544,575

Inari Amertron Bhd		2,886,200		1,141,435

IOI Corp. Bhd		469,418		475,405

IOI Properties Group Bhd		1,044,058		317,708

KLCCP Stapled Group		399,100		757,138

Kuala Lumpur Kepong Bhd		93,800		536,212

Magnum Bhd		770,540		499,361

Malayan Banking Bhd		447,687		936,483

Malaysia Airports Holdings Bhd		342,800		694,371

Maxis Bhd		516,400		709,648

MISC Bhd		390,000		680,384

MMC Corp. Bhd		1,217,800		323,574

My EG Services Bhd		2,853,450		1,063,243

Nestle Malaysia Bhd		12,300		442,660

Petronas Chemicals Group Bhd		1,048,400		1,900,050

Petronas Dagangan Bhd		233,500		1,325,723

Petronas Gas Bhd		166,700		648,798

PPB Group Bhd		134,500		609,517


		14		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Malaysia(continued)

Press Metal Aluminium Holdings Bhd		1,092,820	$	1,201,815

Public Bank Bhd		204,820		1,085,014

RHB Bank Bhd		101,700		135,386

Sapura Energy Bhd		5,340,168		385,055

Silverlake Axis, Ltd.		1,724,000		650,157

Sime Darby Bhd		1,193,039		630,946

Sime Darby Plantation Bhd		527,239		587,714

Sime Darby Property Bhd		1,732,039		408,929

SP Setia Bhd Group		575,400		272,351

Sunway Bhd		1,128,917		452,935

Sunway Real Estate Investment Trust		688,700		318,814

Supermax Corp. Bhd		1,203,600		481,189

Telekom Malaysia Bhd		533,900		528,025

Tenaga Nasional Bhd		727,825		2,429,643

Top Glove Corp. Bhd		871,100		955,870

UEM Sunrise Bhd		1,683,050		325,059

UMW Holdings Bhd		184,400		225,797

VS Industry Bhd		2,509,800		726,041

YTL Corp. Bhd		1,319,034		328,220

YTL Power International Bhd		893,660		168,643

			$	38,813,950

Mauritius — 0.7%

Alteo, Ltd.		852,532	$	453,393

CIEL, Ltd.		1,801,109		316,424

MCB Group, Ltd.		436,335		3,424,751

Phoenix Beverages, Ltd.		24,345		379,388

Rogers & Co., Ltd.		1,809,940		2,054,958

SBM Holdings, Ltd.		6,041,362		917,670

Sun, Ltd., Class A		516,880		478,748

Terra Mauricia, Ltd.		432,330		265,490

United Basalt Products, Ltd.		306,621		1,121,571

			$	9,412,393

Mexico — 5.5%

Alfa SAB de CV, Series A		2,416,672	$	2,093,367

Alsea SAB de CV⁽¹⁾		694,800		1,420,146

America Movil SAB de CV, Series L		12,581,050		8,816,829

Arca Continental SAB de CV		230,580		1,225,228

Bolsa Mexicana de Valores SAB de CV		776,675		1,290,828

Cemex SAB de CV, Series CPO		7,329,339		2,608,367

Coca-Cola Femsa SAB de CV, Series L		287,500		1,768,769

El Puerto de Liverpool SAB de CV		163,780		796,434

Fibra Uno Administracion SA de CV		2,054,090		2,644,284

Fomento Economico Mexicano SAB de CV, Series UBD		657,156		5,961,941


Security	Shares		Value

Mexico(continued)

Genomma Lab Internacional SAB de CV⁽¹⁾		2,297,600	$	2,100,526

Gentera SAB de CV		573,500		471,040

Grupo Aeroportuario del Pacifico SAB de CV, Class B		264,887		2,658,027

Grupo Aeroportuario del Sureste SAB de CV, Class B		163,785		2,478,515

Grupo Bimbo SAB de CV, Series A		905,245		1,729,832

Grupo Carso SAB de CV, Series A1		741,400		2,371,165

Grupo Elektra SAB de CV		27,083		1,816,778

Grupo Financiero Banorte SAB de CV, Class O		1,146,400		5,735,066

Grupo Financiero Inbursa SAB de CV, Class O		2,347,700		2,875,247

Grupo Mexico SAB de CV, Series B		2,139,079		5,246,192

Grupo Sanborns SAB de CV		126,089		134,881

Grupo Televisa SAB ADR		219,400		2,086,494

Grupo Televisa SAB, Series CPO		325,100		615,805

Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1⁽¹⁾		284,100		369,139

Industrias CH SAB de CV, Series B⁽¹⁾		222,900		732,192

Industrias Penoles SAB de CV		95,765		881,005

Infraestructura Energetica Nova SAB de CV		180,000		693,747

Kimberly-Clark de Mexico SAB de CV, Class A		712,600		1,478,467

Mexichem SAB de CV		675,699		1,234,778

Minera Frisco SAB de CV⁽¹⁾		714,800		98,844

Organizacion Soriana SAB de CV, Class B⁽¹⁾		120,000		126,364

Promotora y Operadora de Infraestructura SAB de CV		193,500		1,741,765

Telesites SAB de CV⁽¹⁾		1,126,268		671,162

Ternium SA ADR		26,100		551,493

Wal-Mart de Mexico SAB de CV, Series V		1,708,080		5,040,346

			$	72,565,063

Morocco — 0.8%

Attijariwafa Bank		37,995	$	1,916,020

Banque Centrale Populaire		30,563		867,022

BMCE Bank		29,719		579,551

Cosumar		45,622		1,004,890

Douja Promotion Groupe Addoha SA		160,235		157,631

Label Vie		1,418		356,368

LafargeHolcim Maroc SA		8,628		1,523,562

Lesieur Cristal		19,185		361,962

Managem SA		2,236		196,710

Maroc Telecom		110,498		1,657,492

Samir⁽¹⁾⁽²⁾		15,717		0

Societe d’Exploitation des Ports		29,732		574,724

TAQA Morocco SA		4,428		411,790

TOTAL Maroc SA		1,894		262,353

			$	9,870,075


		15		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Nigeria — 0.6%

Access Bank PLC		15,309,588	$	275,639

Afriland Properties PLC⁽¹⁾⁽²⁾		1,286,159		0

Dangote Cement PLC		2,624,741		1,182,060

Ecobank Transnational, Inc.⁽¹⁾		5,093,625		113,025

FBN Holdings PLC		20,750,490		327,970

Flour Mills of Nigeria PLC		3,215,556		133,840

Guaranty Trust Bank PLC		18,484,256		1,446,967

Guiness Nigeria PLC		1,391,550		159,240

Lafarge Africa PLC⁽¹⁾		5,061,475		201,013

Lekoil, Ltd.⁽¹⁾		1,111,089		55,818

Nestle Nigeria PLC		355,667		1,254,245

Nigerian Breweries PLC		4,747,707		654,922

SEPLAT Petroleum Development Co. PLC⁽³⁾		604,091		845,313

Stanbic IBTC Holdings PLC		1,977,675		209,802

Transnational Corp. of Nigeria PLC		44,100,342		116,940

United Bank for Africa PLC		25,521,594		425,523

Zenith Bank PLC		19,093,381		963,650

			$	8,365,967

Oman — 0.7%

Bank Dhofar SAOG		970,518	$	316,038

Bank Muscat SAOG		2,165,144		2,351,654

Bank Nizwa SAOG⁽¹⁾		1,001,800		218,419

HSBC Bank Oman SAOG		589,256		181,839

National Bank of Oman SAOG		1,396,197		593,024

Oman Cables Industry SAOG		127,600		262,101

Oman Cement Co. SAOG		578,260		308,785

Oman Flour Mills Co. SAOG		90,796		154,139

Oman Telecommunications Co. SAOG		913,435		1,292,592

Ominvest		374,413		317,320

Ooredoo		659,614		827,664

Raysut Cement Co. SAOG		286,166		231,574

Renaissance Services SAOG⁽¹⁾		1,256,309		963,059

Sembcorp Salalah Power & Water Co.		1,120,000		307,733

Sohar International Bank SAOG		1,707,287		470,170

			$	8,796,111

Pakistan — 0.6%

Bank Alfalah, Ltd.		865,691	$	227,116

D.G. Khan Cement Co., Ltd.		322,232		90,187

Engro Corp., Ltd.		270,585		435,469

Engro Fertilizers, Ltd.		610,528		245,215

Fauji Fertilizer Co., Ltd.		560,610		333,954

Habib Bank, Ltd.		612,217		460,341

Hub Power Co., Ltd. (The)		2,473,344		1,088,973


Security	Shares		Value

Pakistan (continued)

K-Electric, Ltd.⁽¹⁾		4,344,000	$	93,744

Kot Addu Power Co., Ltd.		765,900		155,508

Lucky Cement, Ltd.		147,650		350,552

Maple Leaf Cement Factory, Ltd.		624,937		68,865

Mari Petroleum Co., Ltd.		24,530		144,659

MCB Bank, Ltd.		460,830		503,901

Millat Tractors, Ltd.		66,390		328,940

National Bank of Pakistan⁽¹⁾		672,540		139,097

Nishat Mills, Ltd.		884,171		409,148

Oil & Gas Development Co., Ltd.		520,591		413,412

Pak Elektron, Ltd.⁽¹⁾		892,000		83,142

Pakistan Oilfields, Ltd.		128,520		327,669

Pakistan Petroleum, Ltd.		453,143		379,679

Pakistan State Oil Co., Ltd.		194,028		182,977

Searle Co., Ltd. (The)		269,627		221,185

SUI Southern Gas Co., Ltd.⁽¹⁾		864,051		95,616

TRG Pakistan⁽¹⁾		989,500		76,522

United Bank, Ltd.		406,745		370,872

			$	7,226,743

Panama — 0.3%

Copa Holdings SA, Class A		38,129	$	3,854,842

			$	3,854,842

Peru — 1.4%

Alicorp SAA		410,225	$	1,316,296

Cementos Pacasmayo SAA		192,689		349,973

Cia de Minas Buenaventura SA ADR		217,650		3,316,986

Credicorp, Ltd.		41,700		9,090,183

Ferreycorp SAA		1,797,472		1,175,281

Southern Copper Corp.		85,576		3,062,765

Volcan Cia Minera SAA, Class B		2,886,275		419,377

			$	18,730,861

Philippines — 2.9%

Aboitiz Equity Ventures, Inc.		841,510	$	872,530

Aboitiz Power Corp.		1,716,000		1,191,127

Alliance Global Group, Inc.		1,585,400		483,939

Ayala Corp.		84,565		1,587,326

Ayala Land, Inc.		2,092,000		2,039,861

Ayala Land, Inc., PFC Shares⁽²⁾		3,951,800		0

Bank of the Philippine Islands		608,840		1,073,116

BDO Unibank, Inc.		590,794		1,698,793

Bloomberry Resorts Corp.		4,546,400		1,022,834

Cosco Capital, Inc.		3,726,300		501,437


		16		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Philippines (continued)

D&L Industries, Inc.		4,201,800	$	848,445

DMCI Holdings, Inc.		1,492,900		297,031

First Gen Corp.		1,226,122		639,662

First Philippine Holdings Corp.		220,440		374,837

Globe Telecom, Inc.		29,950		1,262,331

GT Capital Holdings, Inc.		27,518		499,636

International Container Terminal Services, Inc.		271,820		719,454

JG Summit Holdings, Inc.		921,870		1,177,287

Jollibee Foods Corp.		435,820		2,214,686

LT Group, Inc.		1,202,200		332,703

Manila Electric Co.		274,300		1,962,657

Manila Water Co.		701,100		323,327

Megaworld Corp.		4,024,400		483,270

Metro Pacific Investments Corp.		4,416,700		415,162

Metropolitan Bank & Trust Co.		525,427		781,015

Nickel Asia Corp.		9,507,240		471,014

Petron Corp.		4,267,400		464,403

PLDT, Inc.		82,970		1,862,012

Puregold Price Club, Inc.		1,099,300		979,272

Robinsons Land Corp.		1,000,882		537,838

Robinsons Retail Holdings, Inc.		362,300		565,037

San Miguel Corp.		154,070		537,849

Security Bank Corp.		101,780		364,525

Semirara Mining & Power Corp.		1,827,920		825,409

SM Investments Corp.		162,733		3,182,407

SM Prime Holdings, Inc.		3,901,099		2,789,103

Travellers International Hotel Group, Inc.		3,521,900		378,892

Universal Robina Corp.		752,580		2,358,309

Vista Land & Lifescapes, Inc.		1,567,200		235,259

			$	38,353,795

Poland — 2.7%

Alior Bank SA⁽¹⁾		26,565	$	319,929

AmRest Holdings SE⁽¹⁾		71,663		745,280

Asseco Poland SA		243,017		3,434,336

Bank Handlowy w Warszawie SA		11,785		160,284

Bank Millennium SA⁽¹⁾		196,890		384,479

Bank Polska Kasa Opieki SA		57,442		1,525,962

Boryszew SA⁽¹⁾		122,670		141,289

Budimex SA		17,729		589,462

CCC SA		25,700		992,206

Ciech SA		32,562		331,906

Cyfrowy Polsat SA		206,500		1,597,106

Enea SA⁽¹⁾		204,687		434,379

Energa SA⁽¹⁾		215,408		405,959

Eurocash SA		317,200		1,529,249


Security	Shares		Value

Poland(continued)

Grupa Azoty SA		39,918	$	459,297

Grupa Lotos SA		31,066		697,813

ING Bank Slaski SA		12,513		616,217

Jastrzebska Spolka Weglowa SA⁽¹⁾		58,043		582,971

KGHM Polska Miedz SA⁽¹⁾		101,713		2,459,213

LPP SA		1,317		2,661,092

Lubelski Wegiel Bogdanka SA		8,815		83,599

mBank SA⁽¹⁾		5,230		469,594

Netia SA⁽¹⁾		97,800		118,060

Orange Polska SA⁽¹⁾		1,310,117		2,277,892

PGE SA⁽¹⁾		803,788		1,838,109

PKP Cargo SA		40,141		348,976

Polski Koncern Naftowy ORLEN SA		115,790		2,901,281

Polskie Gornictwo Naftowe i Gazownictwo SA		592,315		858,875

Powszechna Kasa Oszczednosci Bank Polski SA		298,805		3,146,575

Powszechny Zaklad Ubezpieczen SA		204,511		2,199,422

Santander Bank Polska SA		11,775		990,970

Tauron Polska Energia SA⁽¹⁾		1,248,226		507,824

			$	35,809,606

Qatar — 1.5%

Aamal Co. QSC		465,350	$	100,638

Al Meera Consumer Goods Co.		36,720		147,574

Barwa Real Estate Co.		1,371,670		1,338,844

Commercial Bank PQSC (The)		488,180		641,222

Doha Bank QPSC		337,400		251,865

Gulf International Services QSC⁽¹⁾		730,130		338,350

Industries Qatar		800,970		2,457,989

Masraf Al Rayan QSC		945,380		988,775

Medicare Group		95,760		194,601

Ooredoo QPSC		709,260		1,383,802

Qatar Electricity & Water Co. QSC		356,450		1,520,909

Qatar Gas Transport Co., Ltd.		1,679,290		1,084,657

Qatar Insurance Co.		348,370		331,941

Qatar International Islamic Bank		117,050		241,389

Qatar Islamic Bank		273,020		1,224,857

Qatar National Bank QPSC		1,084,390		5,782,710

Qatar Navigation QSC		240,210		436,145

United Development Co. QSC		1,202,690		456,767

Vodafone Qatar QSC		1,376,120		529,306

			$	19,452,341

Romania — 0.8%

Banca Transilvania SA		5,119,068	$	3,097,056

BRD-Groupe Societe Generale SA		384,580		1,227,709


		17		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Romania (continued)

OMV Petrom SA		20,225,974	$	1,969,831

Societatea Energetica Electrica SA		548,668		1,461,330

Societatea Nationala de Gaze Naturale ROMGAZ SA		159,170		1,245,965

Transelectrica SA		114,909		561,098

Transgaz SA Medias		6,771		576,926

			$	10,139,915

Russia — 5.8%

Aeroflot PJSC		131,896	$	222,138

Alrosa PJSC		650,100		831,363

Evraz PLC		154,201		1,207,822

Federal Grid Co. Unified Energy System PJSC		177,935,440		510,833

Gazprom PJSC ADR		1,355,333		9,906,674

Globaltrans Investment PLC GDR⁽⁴⁾		122,581		1,071,923

Inter RAO UES PJSC		20,242,070		1,429,164

LSR Group PJSC GDR⁽⁴⁾		186,400		469,205

Lukoil PJSC ADR⁽⁶⁾		1,600		130,320

Lukoil PJSC ADR⁽⁶⁾		82,202		6,746,155

Magnit PJSC		41,447		2,454,207

Magnit PJSC GDR⁽⁴⁾		27,169		391,606

Magnitogorsk Iron & Steel Works PJSC		721,700		483,191

Mail.ru Group, Ltd. GDR⁽¹⁾⁽⁴⁾		72,911		1,869,940

Mechel PJSC ADR⁽¹⁾		152,000		319,200

MMC Norilsk Nickel PJSC ADR⁽⁶⁾		823		18,773

MMC Norilsk Nickel PJSC ADR⁽⁶⁾		202,092		4,655,953

Mobile TeleSystems PJSC		565,677		2,348,418

Moscow ExchangeMICEX-RTS PJSC		506,840		742,123

Mosenergo PJSC		8,811,603		316,219

Novatek PJSC GDR⁽⁴⁾		19,903		4,152,779

Novolipetsk Steel PJSC GDR		39,000		916,078

PhosAgro PJSC GDR⁽⁴⁾⁽⁶⁾		12,600		157,122

PhosAgro PJSC GDR⁽⁴⁾⁽⁶⁾		28,064		349,215

Polymetal International PLC		84,700		1,020,037

QIWI PLC ADR		11,566		254,105

Rosneft Oil Co. PJSC GDR⁽⁴⁾⁽⁶⁾		3,905		25,875

Rosneft Oil Co. PJSC GDR⁽⁴⁾⁽⁶⁾		269,824		1,779,794

Rostelecom PJSC		657,637		846,252

RusHydro PJSC		119,151,080		1,061,918

Sberbank of Russia PJSC		2,724,688		9,947,822

Severstal PJSC GDR⁽⁴⁾		82,406		1,321,573

Sistema PJSFC		2,303,578		438,148

Surgutneftegas PJSC ADR		227,679		949,590

Surgutneftegas PJSC, PFC Shares		1,968,100		968,977

Tatneft PJSC ADR		57,896		4,064,299

TMK PJSC GDR⁽⁴⁾		64,757		231,153

Transneft PJSC, PFC Shares		445		1,108,300


Security	Shares		Value

Russia (continued)

Unipro PJSC		8,737,000	$	366,455

VEON, Ltd. ADR		370,784		1,160,554

VTB Bank PJSC		1,213,960,000		809,828

X5 Retail Group NV GDR⁽⁴⁾		78,400		2,624,926

Yandex NV, Class A⁽¹⁾		141,300		5,541,786

			$	76,221,813

Saudi Arabia — 3.0%

Abdullah Al Othaim Markets Co.		30,295	$	689,068

Advanced Petrochemical Co.		9,519		148,457

Al Hammadi Co. for Development and Investment⁽¹⁾		60,117		350,323

Al Rajhi Bank		95,657		1,749,701

Alandalus Property Co.		60,105		243,125

Aldrees Petroleum and Transport Services Co.		35,520		365,298

Alinma Bank		61,312		409,905

Almarai Co. JSC		176,412		2,374,170

Arab National Bank		49,150		344,739

Arriyadh Development Co.		139,870		564,090

Bank AlBilad		30,000		231,517

Banque Saudi Fransi		27,000		290,164

Dallah Healthcare Co.		25,120		355,492

Dar Al Arkan Real Estate Development Co.⁽¹⁾		545,237		1,662,500

Emaar Economic City⁽¹⁾		552,380		1,522,170

Etihad Etisalat Co.⁽¹⁾		152,803		991,780

Fawaz Abdulaziz Al Hokair & Co.⁽¹⁾		59,694		352,000

Jarir Marketing Co.		46,074		2,046,848

Leejam Sports Co. JSC		20,900		443,824

Middle East Healthcare Co.⁽¹⁾		53,535		391,307

Mobile Telecommunications Co. Saudi Arabia⁽¹⁾		123,207		463,303

Mouwasat Medical Services Co.		41,022		956,620

National Agriculture Development Co. (The)⁽¹⁾		17,649		116,762

National Commercial Bank		87,935		1,283,784

National Gas & Industrialization Co.		25,806		205,570

National Industrialization Co.⁽¹⁾		30,681		125,827

National Medical Care Co.		19,273		274,183

Rabigh Refining & Petrochemical Co.⁽¹⁾		88,189		454,371

Riyad Bank		68,200		472,435

Sahara International Petrochemical Co.		76,374		406,291

Samba Financial Group		80,905		701,924

Saudi Airlines Catering Co.		35,475		853,389

Saudi Arabian Amiantit Co.⁽¹⁾		106,500		168,421

Saudi Arabian Fertilizer Co.		16,723		391,847

Saudi Arabian Mining Co.⁽¹⁾		56,208		706,076

Saudi Automotive Services Co.		29,045		125,198

Saudi Basic Industries Corp.		76,791		2,193,294

Saudi British Bank (The)		12,007		126,397


		18		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Saudi Arabia (continued)

Saudi Ceramic Co.⁽¹⁾		46,140	$	275,745

Saudi Chemical Co.		25,900		220,517

Saudi Co. for Hardware CJSC		15,187		263,095

Saudi Electricity Co.		759,405		3,953,066

Saudi Ground Services Co.		63,562		519,546

Saudi Industrial Investment Group		28,574		179,263

Saudi Industrial Services Co.		57,275		246,040

Saudi Kayan Petrochemical Co.⁽¹⁾		59,809		179,300

Saudi Pharmaceutical Industries & Medical Appliances Corp.		19,138		133,343

Saudi Public Transport Co.⁽¹⁾		82,600		304,550

Saudi Research & Marketing Group⁽¹⁾		8,978		215,339

Saudi Telecom Co.		125,572		3,605,247

Saudia Dairy & Foodstuff Co.		10,319		337,995

Savola Group (The)⁽¹⁾		166,646		1,421,896

Seera Group Holding		132,487		648,555

United Electronics Co.		22,007		446,016

United International Transportation Co.		37,546		340,249

Yanbu National Petrochemical Co.		28,127		441,288

			$	39,283,220

Slovenia — 0.7%

Cinkarna Celje DD		2,659	$	559,913

KRKA DD		42,669		2,855,675

Luka Koper		36,558		1,142,961

Petrol		4,871		1,946,953

Pozavarovalnica Sava DD		42,725		780,932

Telekom Slovenije DD		13,820		968,109

Zavarovalnica Triglav DD		26,606		932,213

			$	9,186,756

South Africa — 5.6%

Absa Group, Ltd.		94,735	$	1,049,720

AECI, Ltd.		52,556		342,089

African Rainbow Minerals, Ltd.		35,834		441,418

Anglo American Platinum, Ltd.		12,485		741,160

AngloGold Ashanti, Ltd.		79,824		1,371,751

Aspen Pharmacare Holdings, Ltd.		392,807		2,465,483

Astral Foods, Ltd.		18,500		212,289

AVI, Ltd.		186,900		1,130,760

Barloworld, Ltd.		357,375		2,995,846

Bid Corp., Ltd.		119,527		2,500,164

Bidvest Group, Ltd. (The)		326,254		4,177,898

Capitec Bank Holdings, Ltd.		8,932		733,740

Clicks Group, Ltd.		109,500		1,555,164


Security	Shares		Value

South Africa (continued)

DataTec, Ltd.		160,600	$	376,452

Discovery, Ltd.		77,690		712,828

Exxaro Resources, Ltd.		118,010		1,368,431

FirstRand, Ltd.		363,258		1,554,314

Foschini Group, Ltd. (The)		63,545		730,932

Gold Fields, Ltd.		162,131		828,069

Grindrod, Ltd.		340,300		142,828

Growthpoint Properties, Ltd.		1,042,876		1,730,578

Harmony Gold Mining Co., Ltd.⁽¹⁾		230,129		570,116

Hyprop Investments, Ltd.		92,800		450,126

Impala Platinum Holdings, Ltd.⁽¹⁾		155,673		830,492

Imperial Logistics, Ltd.		60,958		193,242

Investec, Ltd.		62,594		357,677

JSE, Ltd.		40,800		364,579

Kumba Iron Ore, Ltd.		14,360		472,595

Liberty Holdings, Ltd.		47,175		356,790

Life Healthcare Group Holdings, Ltd.		1,510,419		2,377,961

Massmart Holdings, Ltd.		98,355		350,649

Mediclinic International PLC		253,849		1,057,301

Momentum Metropolitan Holdings		365,188		430,003

Mondi, Ltd.		40,419		884,815

Motus Holdings, Ltd.		60,958		314,076

Mr Price Group, Ltd.		59,321		728,179

MTN Group, Ltd.		289,276		2,265,404

MultiChoice Group, Ltd.⁽¹⁾		44,057		411,804

Murray & Roberts Holdings, Ltd.		915,850		735,791

Nampak, Ltd.⁽¹⁾		465,438		322,903

Naspers, Ltd., Class N		35,657		8,691,755

Nedbank Group, Ltd.		44,331		740,765

Netcare, Ltd.		1,305,994		1,522,809

Northam Platinum, Ltd.⁽¹⁾		166,038		729,080

Oceana Group, Ltd.		19,823		94,152

Pick’n Pay Stores, Ltd.		225,781		1,049,996

PPC, Ltd.⁽¹⁾		468,427		159,026

Rand Merchant Investment Holdings, Ltd.		241,697		518,470

Redefine Properties, Ltd.		2,311,150		1,414,058

Remgro, Ltd.		67,399		836,452

Reunert, Ltd.		371,825		1,687,547

RMB Holdings, Ltd.		93,764		493,026

Sanlam, Ltd.		213,591		1,105,496

Sappi, Ltd.		166,248		602,860

Sasol, Ltd.		121,456		2,626,312

Shoprite Holdings, Ltd.		172,823		1,856,699

Sibanye Gold, Ltd.⁽¹⁾		534,218		660,673

SPAR Group, Ltd. (The)		91,631		1,171,239

Standard Bank Group, Ltd.		130,101		1,617,688


		19		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

South Africa (continued)

Steinhoff International Holdings NV⁽¹⁾		787,883	$	65,511

Telkom SA SOC, Ltd.		188,450		1,125,237

Tiger Brands, Ltd.		76,630		1,186,217

Tongaat Hulett, Ltd.⁽²⁾		99,910		73,610

Truworths International, Ltd.		105,912		458,591

Vodacom Group, Ltd.		116,477		952,094

Wilson Bayly Holmes-Ovcon, Ltd.		106,200		854,124

Woolworths Holdings, Ltd.		245,524		937,778

			$	73,867,682

South Korea — 5.4%

AMOREPACIFIC Corp.		5,380	$	632,152

AMOREPACIFIC Group		6,000		289,497

BNK Financial Group, Inc.		34,935		206,075

Celltrion, Inc.⁽¹⁾		14,223		2,029,990

Cheil Worldwide, Inc.		31,519		718,506

CJ CheilJedang Corp.		2,752		661,184

CJ Corp.		1,800		141,200

CJ Corp., PFC Shares⁽¹⁾		270		11,821

CJ ENM Co., Ltd.		2,216		308,753

CJ Logistics Corp.⁽¹⁾		2,049		236,558

Daelim Industrial Co., Ltd.		3,151		279,942

Daesang Corp.		8,000		160,740

Daewoo Engineering & Construction Co., Ltd.⁽¹⁾		36,541		125,955

Daewoo Industrial Development Co., Ltd.⁽¹⁾		3,657		6,476

Daewoong Pharmaceutical Co., Ltd.		4,700		624,638

DB Insurance Co., Ltd.		5,340		252,721

DGB Financial Group Co., Ltd.		34,537		219,301

Dong-A Pharmaceutical Co., Ltd.		2,407		177,503

Dong-A ST Co., Ltd.		4,078		315,957

Dongkuk Steel Mill Co., Ltd.⁽¹⁾		50,333		281,662

Doosan Corp.		1,901		167,824

E-MART, Inc.		5,525		566,359

GS Engineering & Construction Corp.		10,435		297,204

GS Holdings Corp.		21,120		894,784

Hana Financial Group, Inc.		27,700		810,782

Hanjin Kal Corp.		10,383		225,863

Hankook Tire and Technology Co., Ltd.		14,523		378,537

Hanmi Pharm Co., Ltd.		2,304		561,071

Hanmi Science Co., Ltd.		9,239		364,857

Hansol Holdings Co., Ltd.⁽¹⁾		38,317		137,542

Hansol Paper Co., Ltd.		12,933		153,960

Hanwha Aerospace Co., Ltd.⁽¹⁾		5,395		146,171

Hanwha Chemical Corp.		28,250		442,068

Hanwha Corp.		6,080		121,708


Security	Shares		Value

South Korea (continued)

HDC Hyundai DevelopmentCo-Engineering & Construction, Class E		4,650	$	145,678

Helixmith Co., Ltd.⁽¹⁾		5,376		888,384

Hite-Jinro Co., Ltd.		20,121		360,534

Hyosung Corp.		3,287		225,875

Hyosung TNC Co., Ltd.		1,031		124,751

Hyundai Department Store Co., Ltd.		2,715		169,356

Hyundai Engineering & Construction Co., Ltd.		7,842		282,883

Hyundai Glovis Co., Ltd.		3,070		397,809

Hyundai Heavy Industries Holdings Co., Ltd.		867		237,701

Hyundai Marine & Fire Insurance Co., Ltd.		5,856		138,088

Hyundai Mipo Dockyard Co., Ltd.		4,150		149,167

Hyundai Mobis Co., Ltd.		6,259		1,266,520

Hyundai Motor Co.		19,239		2,046,597

Hyundai Steel Co.		16,100		524,706

Hyundai Wia Corp.		5,400		196,480

Industrial Bank of Korea		26,180		289,984

Kakao Corp.		3,565		379,768

Kangwon Land, Inc.		23,766		616,578

KB Financial Group, Inc.		38,300		1,399,551

KCC Corp.		745		152,740

Kia Motors Corp.		28,703		1,057,273

Korea Electric Power Corp.⁽¹⁾		86,095		2,026,881

Korea Gas Corp.		15,148		545,290

Korea Investment Holdings Co., Ltd.		4,490		280,118

Korea Shipbuilding and Offshore Engineering Co., Ltd.⁽¹⁾		4,301		390,483

Korea Zinc Co., Ltd.		1,988		740,681

Korean Air Lines Co., Ltd.		10,010		214,969

Korean Reinsurance Co.		29,387		198,105

KT Corp.		69,653		1,628,153

KT Corp. ADR		3,700		43,660

KT&G Corp.		25,725		2,088,954

Kumho Petrochemical Co., Ltd.		4,400		301,734

LG Chem, Ltd.		6,650		1,880,804

LG Corp.		13,532		807,225

LG Display Co., Ltd.⁽¹⁾		19,325		234,804

LG Electronics, Inc.		13,143		719,700

LG Hausys, Ltd.		2,858		144,094

LG Household & Health Care, Ltd.		1,800		1,905,885

LG Uplus Corp.		103,900		1,137,801

Lotte Chemical Corp.		2,291		447,732

Lotte Corp.		5,796		165,802

LOTTE Fine Chemical Co., Ltd.		9,050		369,969

Lotte Shopping Co., Ltd.		1,923		219,919

LS Corp.		3,530		131,072


		20		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

South Korea (continued)

LS Industrial Systems Co., Ltd.		3,300	$	127,901

Medy-Tox, Inc.		1,853		649,790

Mirae Asset Daewoo Co., Ltd.		44,889		283,402

Naver Corp.		6,970		808,638

NCsoft Corp.		1,263		513,215

NH Investment & Securities Co., Ltd.		21,508		235,790

NHN Corp.⁽¹⁾		4,718		247,605

Nong Shim Co., Ltd.		3,000		594,385

OCI Co., Ltd.		4,137		261,202

Orion Corp. of Republic of Korea		8,200		557,572

POSCO		10,900		2,054,459

Posco International Corp.		9,000		141,684

S-Oil Corp.		16,180		1,278,252

S1 Corp.		3,266		288,420

Samsung Biologics Co., Ltd.⁽¹⁾⁽³⁾		2,681		630,246

Samsung C&T Corp.		8,300		639,770

Samsung Card Co., Ltd.		3,060		93,763

Samsung Electro-Mechanics Co., Ltd.		3,583		274,681

Samsung Electronics Co., Ltd.		167,030		6,326,212

Samsung Fire & Marine Insurance Co., Ltd.		2,779		616,921

Samsung Heavy Industries Co., Ltd.⁽¹⁾		67,350		398,968

Samsung Life Insurance Co., Ltd.		8,610		552,721

Samsung SDI Co., Ltd.		2,525		525,837

Samsung Securities Co., Ltd.		9,540		293,077

Shinhan Financial Group Co., Ltd.		44,051		1,613,527

Shinsegae, Inc.		1,984		421,995

SK Chemicals Co., Ltd.		5,375		201,389

SK Holdings Co., Ltd.		3,484		647,806

SK Hynix, Inc.		21,000		1,344,297

SK Innovation Co., Ltd.		21,591		3,102,392

SK Networks Co., Ltd.		41,210		172,807

SK Telecom Co., Ltd.		13,100		2,742,240

Woongjin Coway Co., Ltd.		5,240		370,128

Woori Financial Group, Inc.		48,286		533,422

Yuhan Corp.		4,620		841,455

Zyle Motor Sales Corp.⁽¹⁾		5,113		7,131

			$	71,016,719

Sri Lanka — 0.8%

Access Engineering PLC		1,359,048	$	142,256

Aitken Spence PLC		984,592		247,542

Ceylon Tobacco Co. PLC		122,121		892,211

Chevron Lubricants Lanka PLC		686,662		260,414

Commercial Bank of Ceylon PLC		1,906,422		1,177,130

DFCC Bank PLC		293,137		158,038

Dialog Axiata PLC		8,819,002		553,892


Security	Shares		Value

Sri Lanka (continued)

Hatton National Bank PLC		1,130,909	$	1,181,671

Hemas Holdings PLC		518,341		227,904

John Keells Holdings PLC		2,738,134		2,342,419

Lanka IOC PLC		1,004,003		97,381

Melstacorp PLC⁽¹⁾		5,523,537		1,411,551

National Development Bank PLC		567,373		354,146

Nations Trust Bank PLC⁽¹⁾		394,717		193,192

Sampath Bank PLC		560,185		539,940

Teejay Lanka PLC		1,705,074		363,970

			$	10,143,657

Taiwan — 5.9%

AcBel Polytech, Inc.		429,000	$	311,045

Acer, Inc.		263,519		159,159

AirTAC International Group		62,714		640,375

AmTRAN Technology Co., Ltd.⁽¹⁾		650,067		235,541

ASE Technology Holding Co., Ltd.		123,561		275,308

Asia Cement Corp.		280,356		374,973

Asustek Computer, Inc.		40,325		285,703

AU Optronics Corp.		578,837		152,824

Capital Securities Corp.		761,762		231,790

Catcher Technology Co., Ltd.		37,183		272,482

Cathay Financial Holding Co., Ltd.		647,533		845,450

Center Laboratories, Inc.		548,831		1,401,078

Chailease Holding Co., Ltd.		107,457		450,785

Chang Hwa Commercial Bank, Ltd.		584,655		408,600

Cheng Shin Rubber Industry Co., Ltd.		492,672		637,002

Chicony Electronics Co., Ltd.		47,164		119,928

China Airlines, Ltd.		2,591,887		794,081

China Development Financial Holding Corp.		1,527,050		453,451

China Life Insurance Co., Ltd.		383,996		316,451

China Motor Corp.		595,315		488,267

China Petrochemical Development Corp.		435,292		144,595

China Steel Corp.		1,153,734		887,607

Chong Hong Construction Co., Ltd.		184,999		531,052

Chunghwa Telecom Co., Ltd.		1,412,746		4,887,322

Clevo Co.		260,155		265,307

Compal Electronics, Inc.		260,345		159,062

CTBC Financial Holding Co., Ltd.		1,509,275		981,066

Delta Electronics, Inc.		95,151		459,307

Dynapack International Technology Corp.		97,374		149,374

E Ink Holdings, Inc.		172,000		188,462

E.Sun Financial Holding Co., Ltd.		813,008		677,173

Eclat Textile Co., Ltd.		47,159		617,137

Elan Microelectronics Corp.		66,710		170,033

EVA Airways Corp.		1,981,733		927,688


		21		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Taiwan (continued)

Evergreen International Storage & Transport Corp.		868,000	$	398,136

Evergreen Marine Corp.		1,881,441		865,694

Far Eastern Department Stores, Ltd.		1,001,995		758,387

Far Eastern New Century Corp.		1,313,695		1,242,866

Far EasTone Telecommunications Co., Ltd.		684,084		1,570,243

Feng Hsin Steel Co., Ltd.		183,260		336,041

First Financial Holding Co., Ltd.		719,322		540,091

Formosa Chemicals & Fibre Corp.		439,399		1,336,586

Formosa International Hotels Corp.		42,084		227,770

Formosa Petrochemical Corp.		812,320		2,753,570

Formosa Plastics Corp.		480,896		1,546,952

Formosa Taffeta Co., Ltd.		331,000		374,525

Formosan Rubber Group, Inc.		350,730		216,617

Foxconn Technology Co., Ltd.		109,087		224,131

Fubon Financial Holding Co., Ltd.		607,596		839,976

Giant Manufacturing Co., Ltd.		69,208		528,264

Goldsun Building Materials Co., Ltd.		1,301,928		347,408

Great Wall Enterprise Co., Ltd.		881,050		1,152,174

Highwealth Construction Corp.		441,669		690,541

Hiwin Technologies Corp.		115,241		1,022,020

Hon Hai Precision Industry Co., Ltd.		444,747		1,114,878

Hota Industrial Manufacturing Co., Ltd.		58,360		203,871

Hotai Motor Co., Ltd.		78,000		1,122,612

Hu Lane Associate, Inc.		90,000		224,183

Hua Nan Financial Holdings Co., Ltd.		777,678		547,277

IBF Financial Holdings Co., Ltd.		723,556		257,733

Innolux Corp.		623,762		144,218

Inventec Corp.		324,966		241,678

Kenda Rubber Industrial Co., Ltd.		238,367		221,945

Kinpo Electronics, Inc.		1,125,000		375,017

Largan Precision Co., Ltd.		4,795		648,181

MediaTek, Inc.		59,462		594,752

Mega Financial Holding Co., Ltd.		898,730		924,158

Merida Industry Co., Ltd.		54,657		340,496

Nan Kang Rubber Tire Co., Ltd.		629,253		754,872

Nan Ya Plastics Corp.		557,214		1,272,367

Novatek Microelectronics Corp., Ltd.		41,942		221,498

Pegatron Corp.		135,028		219,168

Pou Chen Corp.		656,819		808,288

Powertech Technology, Inc.		59,865		163,453

President Chain Store Corp.		248,664		2,391,406

Quanta Computer, Inc.		103,508		190,234

Radium Life Tech Co., Ltd.⁽¹⁾		633,422		280,067

Realtek Semiconductor Corp.		23,002		152,764

Ruentex Development Co., Ltd.		314,860		417,587

Sanyang Motor Co., Ltd.		839,866		564,492


Security	Shares		Value

Taiwan (continued)

ScinoPharm Taiwan, Ltd.		255,343	$	197,195

Shin Kong Financial Holding Co., Ltd.		1,243,256		359,364

Sino-American Silicon Products, Inc.		70,233		191,066

SinoPac Financial Holdings Co., Ltd.		894,414		354,764

St. Shine Optical Co., Ltd.		22,000		366,947

Synnex Technology International Corp.		169,358		207,911

Tainan Spinning Co., Ltd.		941,822		370,089

Taishin Financial Holding Co., Ltd.		791,729		370,511

Taiwan Cement Corp.		479,513		685,804

Taiwan Cooperative Financial Holding Co., Ltd.		684,886		460,830

Taiwan Fertilizer Co., Ltd.		130,000		199,979

Taiwan Glass Industry Corp.		542,564		210,170

Taiwan Mobile Co., Ltd.		690,296		2,429,991

Taiwan Semiconductor Manufacturing Co., Ltd.		641,465		5,274,799

Taiwan Tea Corp.		395,711		206,097

Tatung Co., Ltd.⁽¹⁾		427,785		275,144

Teco Electric & Machinery Co., Ltd.		1,100,000		875,938

Tong Yang Industry Co., Ltd.		105,608		154,272

Tripod Technology Corp.		68,535		227,827

TSRC Corp.		256,063		222,145

TTY Biopharm Co., Ltd.		534,330		1,387,063

Tung Ho Steel Enterprise Corp.		798,060		551,804

U-Ming Marine Transport Corp.		186,000		208,690

Uni-President Enterprises Corp.		1,941,831		5,026,364

United Microelectronics Corp.		816,090		362,341

United Renewable Energy Co., Ltd.⁽¹⁾		685,542		196,581

Walsin Lihwa Corp.		1,614,000		773,904

Wan Hai Lines, Ltd.		518,962		345,085

Wei Chuan Food Corp.		623,000		597,929

Wistron Corp.		289,489		215,064

Xxentria Technology Materials Corp.		234,700		529,678

Yageo Corp.		19,591		164,506

Yang Ming Marine Transport⁽¹⁾		1,153,621		322,269

YFY, Inc.		531,120		197,451

Yieh Phui Enterprise Co., Ltd.		1,480,438		430,116

Yuanta Financial Holding Co., Ltd.		843,629		472,658

Yulon Motor Co., Ltd.		250,950		192,660

			$	76,883,671

Thailand — 3.0%

Advanced Info Service PCL⁽⁷⁾		295,600	$	2,040,361

Airports of Thailand PCL⁽⁷⁾		908,300		2,116,537

AP Thailand PCL⁽⁷⁾		1,657,700		410,495

Bangkok Bank PCL⁽⁷⁾		101,600		596,945

Bangkok Dusit Medical Services PCL⁽⁷⁾		2,556,700		2,068,568

Bangkok Land PCL⁽⁷⁾		7,258,500		405,089


		22		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Thailand (continued)

Banpu PCL⁽⁷⁾		403,300	$	186,226

BEC World PCL⁽¹⁾⁽⁷⁾		1,120,800		360,781

Berli Jucker PCL⁽⁷⁾		207,500		347,271

BTS Group Holdings PCL⁽⁷⁾		1,624,000		652,839

Bumrungrad Hospital PCL⁽⁷⁾		273,300		1,508,918

Central Pattana PCL⁽⁷⁾		537,000		1,273,471

Central Plaza Hotel PCL⁽⁷⁾		268,400		294,872

CH. Karnchang PCL⁽⁷⁾		187,120		163,655

Charoen Pokphand Foods PCL⁽⁷⁾		579,600		521,010

CP ALL PCL⁽⁷⁾		601,800		1,688,145

Electricity Generating PCL⁽⁷⁾		130,900		1,396,524

Hana Microelectronics PCL⁽⁷⁾		803,900		728,757

Home Product Center PCL⁽⁷⁾		1,842,455		1,026,766

Indorama Ventures PCL⁽⁷⁾		657,600		871,116

IRPC PCL⁽⁷⁾		2,114,500		328,057

Italian-Thai Development PCL⁽⁷⁾		2,682,406		194,309

Jasmine International PCL⁽⁷⁾		662,900		135,250

Kasikornbank PCL⁽⁷⁾		144,500		806,597

KCE Electronics PCL⁽⁷⁾		562,600		312,930

Khon Kaen Sugar Industry PCL⁽⁷⁾		1,189,180		106,912

Kiatnakin Bank PCL⁽⁷⁾		103,100		243,834

Krung Thai Bank PCL⁽⁷⁾		535,400		340,330

L.P.N. Development PCL⁽⁷⁾		1,255,000		295,001

Land & Houses PCL⁽⁷⁾		1,634,300		597,350

Minor International PCL⁽⁷⁾		1,038,477		1,351,095

Pruksa Holding PCL⁽⁷⁾		518,200		369,459

PTT Exploration & Production PCL⁽⁷⁾		259,798		1,135,854

PTT Global Chemical PCL⁽⁷⁾		470,200		918,280

PTT PCL⁽⁷⁾		1,276,000		1,949,655

Quality House PCL⁽⁷⁾		3,480,946		342,951

Ratch Group PCL⁽⁷⁾		441,300		966,568

Robinson PCL⁽⁷⁾		315,200		646,895

Samart Corp. PCL⁽⁷⁾		867,800		283,870

Siam Cement PCL⁽⁷⁾		75,100		1,054,901

Siam City Cement PCL⁽⁷⁾		39,783		306,851

Siam Commercial Bank PCL⁽⁷⁾		238,100		1,060,530

Siam Global House PCL (The)⁽⁷⁾		1,002,689		537,287

Sino-Thai Engineering & Construction PCL⁽⁷⁾		452,157		373,635

Super Energy Corp. PCL⁽¹⁾⁽⁷⁾		11,910,000		273,790

Thai Airways International PCL⁽¹⁾⁽⁷⁾		472,700		157,523

Thai Beverage PCL⁽⁷⁾		1,370,600		830,198

Thai Oil PCL⁽⁷⁾		158,700		353,934

Thai Union Group PCL⁽⁷⁾		465,900		285,436

Thanachart Capital PCL⁽⁷⁾		139,700		266,915

Thoresen Thai Agencies PCL⁽⁷⁾		1,334,265		268,112

TMB Bank PCL⁽⁷⁾		4,639,200		284,457


Security	Shares		Value

Thailand (continued)

Total Access Communication PCL⁽⁷⁾		241,900	$	458,540

TPI Polene PCL⁽⁷⁾		4,974,200		307,299

True Corp. PCL⁽⁷⁾		5,357,890		1,115,833

TTW PCL⁽⁷⁾		2,149,000		942,896

			$	38,861,680

Tunisia — 0.3%

Attijari Bank		16,957	$	205,667

Banque de Tunisie		168,735		432,080

Banque Internationale Arabe de Tunisie		8,448		333,645

Banque Nationale Agricole⁽¹⁾		88,698		399,571

Carthage Cement⁽¹⁾		597,550		249,301

Euro Cycles SA		18,760		99,690

Poulina Group		122,715		534,047

Societe d’Articles Hygieniques SA⁽¹⁾		95,830		384,101

Societe Frigorifique et Brasserie de Tunis SA⁽¹⁾		111,218		744,118

Telnet Holding		95,416		316,586

Union Internationale de Banques SA		40,688		317,877

			$	4,016,683

Turkey — 1.5%

AG Anadolu Grubu Holding AS		109,884	$	244,101

Akbank T.A.S.⁽¹⁾		512,261		685,254

Aksa Akrilik Kimya Sanayii AS		141,731		239,909

Aksa Enerji Uretim AS⁽¹⁾		600,923		259,088

Anadolu Efes Biracilik ve Malt Sanayii AS		112,441		431,453

Arcelik AS⁽¹⁾		233,338		728,315

Aygaz AS		279,132		510,741

BIM Birlesik Magazalar AS		203,806		1,710,744

Cimsa Cimento Sanayi ve Ticaret AS⁽¹⁾		141,400		170,832

Coca-Cola Icecek AS		37,723		224,352

Dogan Sirketler Grubu Holding AS		907,806		211,001

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		440,700		191,289

Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,901,886		850,603

Enka Insaat ve Sanayi AS		456,597		498,360

Eregli Demir ve Celik Fabrikalari TAS		853,212		1,133,303

Ford Otomotiv Sanayi AS		57,339		626,697

Haci Omer Sabanci Holding AS		221,439		390,664

Is Gayrimenkul Yatirim Ortakligi AS⁽¹⁾		1,075,056		184,497

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		762,505		298,070

KOC Holding AS		234,415		784,904

Koza Altin Isletmeleri AS⁽¹⁾		40,782		414,866

Petkim Petrokimya Holding AS⁽¹⁾		674,380		472,589

TAV Havalimanlari Holding AS		49,964		224,552


		23		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Turkey (continued)

Tekfen Holding AS		52,700	$	222,547

Tofas Turk Otomobil Fabrikasi AS		157,606		555,157

Tupras-Turkiye Petrol Rafinerileri AS		104,739		2,626,436

Turk Hava Yollari AO⁽¹⁾		162,600		362,500

Turk Sise ve Cam Fabrikalari AS		147,100		129,822

Turk Telekomunikasyon AS⁽¹⁾		356,891		343,689

Turkcell Iletisim Hizmetleri AS		919,354		2,142,421

Turkiye Garanti Bankasi AS⁽¹⁾		406,584		715,113

Turkiye Halk Bankasi AS		130,144		139,858

Turkiye Is Bankasi AS, Class C⁽¹⁾		240,517		267,793

Turkiye Vakiflar Bankasi TAO, Class D		175,317		158,937

Ulker Biskuvi Sanayi AS⁽¹⁾		75,263		249,871

Vestel Elektronik Sanayi ve Ticaret AS⁽¹⁾		138,308		233,100

Yapi ve Kredi Bankasi AS⁽¹⁾		330,032		160,654

			$	19,794,082

United Arab Emirates — 1.6%

Abu Dhabi Commercial Bank PJSC		762,399	$	1,870,894

Abu Dhabi National Hotels		108,000		92,515

Agthia Group PJSC		661,180		647,593

Air Arabia PJSC⁽¹⁾		2,563,979		781,954

Al Waha Capital PJSC		702,377		192,569

Aldar Properties PJSC		2,692,498		1,687,319

Arabtec Holding PJSC		690,341		330,115

Dana Gas PJSC		4,421,906		1,247,798

DP World PLC		145,089		2,228,691

Dubai Financial Market PJSC⁽¹⁾		801,704		205,627

Dubai Investments PJSC		1,856,227		689,861

Dubai Islamic Bank PJSC		593,639		859,498

DXB Entertainments PJSC⁽¹⁾		3,800,000		231,881

Emaar Properties PJSC		2,404,456		3,602,739

Emirates Telecommunications Group Co. PJSC		577,000		2,706,723

First Abu Dhabi Bank PJSC		841,203		3,638,394

RAK Properties PJSC⁽¹⁾		2,150,800		280,177

			$	21,294,348

Vietnam — 1.6%

Bank for Foreign Trade of Vietnam JSC		794,155	$	2,723,942

Bao Viet Holdings		271,150		976,227

Development Investment Construction Corp.		64,199		36,096

FLC Faros Construction JSC⁽¹⁾		383,532		446,235

FPT Corp.		88,783		197,908

HAGL JSC⁽¹⁾		1		0

Hoa Phat Group JSC⁽¹⁾		2,319,105		2,234,851

KIDO Group Corp.		529,520		424,342


Security	Shares		Value

Vietnam (continued)

Kinh Bac City Development Share Holding Corp.		328,860	$	207,446

Masan Group Corp.⁽¹⁾		377,350		1,291,297

PetroVietnam Drilling & Well Services JSC⁽¹⁾		894,635		640,513

PetroVietnam Fertilizer & Chemical JSC		515,620		318,609

PetroVietnam Gas JSC		215,050		1,000,442

PetroVietnam Technical Services Corp.		554,700		531,691

Phu Nhuan Jewelry JSC		50,653		166,240

SSI Securities Corp.		198,000		195,978

Vietjet Aviation JSC		278,536		1,595,170

Vietnam Dairy Products JSC		368,967		1,948,424

Vingroup JSC⁽¹⁾		1,036,707		5,427,331

			$	20,362,742

Total Common Stocks (identified cost $1,125,620,860)			$	1,300,347,517

Rights⁽¹⁾ — 0.0%⁽⁵⁾
Security	Shares		Value

Banque Nationale Agricole, Exp. 4/15/49		50	$	4

Euro Cycles SA, Exp. 7/1/49		18,760		9,984

Helixmith Co., Ltd., Exp. 8/6/19		359		18,661

Telnet Holding, Exp. 7/1/49		95,416		33,378

Total Rights (identified cost $0)			$	62,027

Warrants⁽¹⁾ — 0.0%⁽⁵⁾
Security	Shares		Value

Minor International PCL, Exp. 9/30/21, Strike THB 43.00		51,924	$	9,286

Total Warrants (identified cost $0)			$	9,286

Total Investments — 99.3% (identified cost $1,125,620,860)			$	1,300,418,830

Other Assets, Less Liabilities — 0.7%			$	9,133,691

Net Assets — 100.0%			$	1,309,552,521

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

⁽¹⁾	Non-income producing security.

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


		24		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

⁽³⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2019, the aggregate value of these securities is $8,068,402 or 0.6% of the Fund’s net assets.

⁽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		9.4	%	$	122,819,470

United States Dollar		7.9			103,195,003

New Taiwan Dollar		5.9			76,883,671

Brazilian Real		5.8			76,101,192

South African Rand		5.6			73,802,171

Indian Rupee		5.6			73,341,433

South Korean Won		5.4			70,991,720

Mexican Peso		5.3			69,927,076

Indonesian Rupiah		3.1			40,483,298

Euro		3.0			39,473,090

Saudi Riyal		3.0			39,283,220

Philippine Peso		2.9			38,353,795

Malaysian Ringgit		2.9			38,163,793

Thai Baht		2.9			38,040,768

Chilean Peso		2.8			36,598,186

Polish Zloty		2.7			35,809,606

Kuwaiti Dinar		2.0			26,210,215

Russian Ruble		1.9			24,885,356

United Arab Emirates Dirham		1.8			23,076,785

Vietnamese Dong		1.6			20,362,742

New Turkish Lira		1.5			19,794,082

Qatari Riyal		1.5			19,452,341

Chinese Yuan Renminbi		1.5			19,155,785

Colombian Peso		1.3			17,307,391

Other currency, less than 1% each		12.0			156,906,641

Total Investments		99.3	%	$	1,300,418,830


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value

Financials		19.4	%	$	253,353,149

Consumer Staples		11.0			144,073,069

Materials		10.6			138,896,977

Industrials		10.6			138,339,507

Communication Services		9.9			130,164,169

Energy		8.9			116,540,068

Consumer Discretionary		8.3			108,764,734

Utilities		6.2			81,634,655

Health Care		5.4			71,027,790

Real Estate		4.8			62,341,793

Information Technology		4.2			55,282,919

Total Investments		99.3	%	$	1,300,418,830

Abbreviations:



ADR	–	American Depositary Receipt

GDR	–	Global Depositary Receipt

PCL	–	Public Company Ltd.

PFC Shares	–	Preference Shares

Currency Abbreviations:



THB	–	Thai Baht


		25		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Statement of Assets and Liabilities (Unaudited)


Assets	July 31, 2019

Unaffiliated investments, at value (identified cost, $1,125,620,860)	$	1,300,418,830

Cash		4,963,182

Foreign currency, at value (identified cost, $2,825,103)		2,805,802

Dividends receivable		5,565,329

Receivable for Fund shares sold		566,574

Tax reclaims receivable		89,370

Other assets		2,536

Total assets	$	1,314,411,623

Liabilities

Payable for investments purchased	$	54,843

Payable for Fund shares redeemed		1,961,553

Payable to affiliates:

Investment adviser fee		927,331

Administration fee		171,264

Distribution and service fees		37,690

Accrued foreign capital gains taxes		760,595

Accrued expenses		945,826

Total liabilities	$	4,859,102

Net Assets	$	1,309,552,521

Sources of Net Assets

Paid-in capital	$	1,452,693,316

Accumulated loss		(143,140,795	)

Total	$	1,309,552,521

Investor Class Shares

Net Assets	$	152,683,148

Shares Outstanding		10,754,422

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	14.20

Class C Shares

Net Assets	$	5,039,319

Shares Outstanding		363,077

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	13.88

Institutional Class Shares

Net Assets	$	1,085,674,543

Shares Outstanding		76,193,313

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	14.25

Class R6 Shares

Net Assets	$	66,155,511

Shares Outstanding		4,644,080

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	14.25

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


		26		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Statement of Operations (Unaudited)


Investment Income	Six Months Ended July 31, 2019

Dividends (net of foreign taxes, $3,458,545)	$	31,979,522

Interest		11,475

Other income		363,310

Total investment income	$	32,354,307

Expenses

Investment adviser fee	$	5,762,577

Administration fee		1,067,348

Distribution and service fees

Investor Class		200,837

Class C		26,894

Trustees’ fees and expenses		33,432

Custodian fee		706,477

Transfer and dividend disbursing agent fees		453,192

Legal and accounting services		66,070

Printing and postage		31,956

Registration fees		59,452

Miscellaneous		146,057

Total expenses	$	8,554,292

Net investment income	$	23,800,015

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions (net of foreign capital gains taxes of $65,045)	$	(155,090	)

Foreign currency transactions		(193,206	)

Net realized loss	$	(348,296	)

Change in unrealized appreciation (depreciation) —

Investments (including net decrease in accrued foreign capital gains taxes of $125,046)	$	(31,718,617	)

Foreign currency		(60,830	)

Net change in unrealized appreciation (depreciation)	$	(31,779,447	)

Net realized and unrealized loss	$	(32,127,743	)

Net decrease in net assets from operations	$	(8,327,728	)


		27		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

From operations —

Net investment income	$	23,800,015		$	45,497,354

Net realized gain (loss)		(348,296	)		36,431,013

Net change in unrealized appreciation (depreciation)		(31,779,447	)		(493,215,853	)

Net decrease in net assets from operations	$	(8,327,728	)	$	(411,287,486	)

Distributions to shareholders —

Investor Class	$	—		$	(3,545,868	)

Class C		—			(92,406	)

Institutional Class		—			(30,416,590	)

Class R6		—			(2,160,862	)

Total distributions to shareholders	$	—		$	(36,215,726	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Investor Class	$	10,465,696		$	41,632,451

Class C		16,473			206,360

Institutional Class		57,811,392			280,037,814

Class R6		6,572,420			38,528,359

Net asset value of shares issued to shareholders in payment of distributions declared

Investor Class		—			3,432,138

Class C		—			87,818

Institutional Class		—			23,229,644

Class R6		—			2,160,862

Cost of shares redeemed

Investor Class		(29,852,895	)		(220,377,035	)

Class C		(507,104	)		(1,907,825	)

Institutional Class		(234,036,128	)		(757,598,270	)

Class R6		(34,107,959	)		(463,667,721	)

Net asset value of shares converted

Investor Class		308,430			1,071,377

Class C		(308,430	)		(1,071,377	)

Net decrease in net assets from Fund share transactions	$	(223,638,105	)	$	(1,054,235,405	)

Net decrease in net assets	$	(231,965,833	)	$	(1,501,738,617	)

Net Assets

At beginning of period	$	1,541,518,354		$	3,043,256,971

At end of period	$	1,309,552,521		$	1,541,518,354


		28		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Financial Highlights


	Investor Class

	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2019 (Unaudited)			2019			2018			2017			2016			2015

Net asset value — Beginning of period	$	14.280		$	16.850		$	13.340		$	10.990		$	13.850		$	14.070

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.221		$	0.283		$	0.223		$	0.179		$	0.185		$	0.204

Net realized and unrealized gain (loss)		(0.301	)		(2.570	)		3.650			2.364			(2.851	)		(0.166	)

Total income (loss) from operations	$	(0.080	)	$	(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 period	$	14.200		$	14.280		$	16.850		$	13.340		$	10.990		$	13.850

Total Return⁽²⁾		(0.56	)%⁽³⁾		(13.43	)%		29.33	%		23.32	%		(19.59	)%		0.25	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	152,683		$	172,773		$	400,814		$	520,939		$	527,198		$	599,094

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

Expenses⁽⁴⁾		1.42	%⁽⁵⁾		1.44	%		1.37	%		1.38	%		1.37	%		1.36	%

Net investment income		3.14	%⁽⁵⁾		1.89	%		1.52	%		1.44	%		1.43	%		1.34	%

Portfolio Turnover		2	%⁽³⁾		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⁾	Not annualized.

⁽⁴⁾	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.

⁽⁵⁾	Annualized.


		29		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Financial Highlights — continued


	Class C

	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2019 (Unaudited)			2019			2018			2017			2016			2015

Net asset value — Beginning of period	$	14.010		$	16.530		$	13.120		$	10.840		$	13.760		$	13.960

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.165		$	0.146		$	0.096		$	0.083		$	0.096		$	0.094

Net realized and unrealized gain (loss)		(0.295	)		(2.484	)		3.580			2.340			(2.834	)		(0.163	)

Total income (loss) from operations	$	(0.130	)	$	(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 period	$	13.880		$	14.010		$	16.530		$	13.120		$	10.840		$	13.760

Total Return⁽²⁾		(0.93	)%⁽³⁾		(14.10	)%		28.32	%		22.50	%		(20.23	)%		(0.51	)%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	5,039		$	5,885		$	10,152		$	9,209		$	9,573		$	15,996

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

Expenses⁽⁴⁾		2.18	%⁽⁵⁾		2.19	%		2.12	%		2.13	%		2.12	%		2.11	%

Net investment income		2.39	%⁽⁵⁾		1.01	%		0.66	%		0.68	%		0.74	%		0.63	%

Portfolio Turnover		2	%⁽³⁾		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⁾	Not annualized.

⁽⁴⁾	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.

⁽⁵⁾	Annualized.


		30		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Financial Highlights — continued


	Institutional Class

	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2019 (Unaudited)			2019			2018			2017			2016			2015

Net asset value — Beginning of period	$	14.310		$	16.910		$	13.400		$	11.040		$	13.890		$	14.110

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.239		$	0.304		$	0.245		$	0.212		$	0.233		$	0.243

Net realized and unrealized gain (loss)		(0.299	)		(2.565	)		3.673			2.375			(2.880	)		(0.162	)

Total income (loss) from operations	$	(0.060	)	$	(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 period	$	14.250		$	14.310		$	16.910		$	13.400		$	11.040		$	13.890

Total Return⁽²⁾		(0.42	)%⁽³⁾		(13.20	)%		29.56	%		23.64	%		(19.40	)%		0.55	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	1,085,675		$	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⁽⁴⁾		1.17	%⁽⁵⁾		1.19	%		1.12	%		1.13	%		1.12	%		1.11	%

Net investment income		3.38	%⁽⁵⁾		2.04	%		1.65	%		1.68	%		1.77	%		1.59	%

Portfolio Turnover		2	%⁽³⁾		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⁾	Not annualized.

⁽⁴⁾	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.

⁽⁵⁾	Annualized.


		31		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Financial Highlights — continued


	Class R6

	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,												Period Ended January 31, 2015⁽¹⁾
	Six Months Ended July 31, 2019 (Unaudited)			2019			2018			2017			2016			Period Ended January 31, 2015⁽¹⁾

Net asset value — Beginning of period	$	14.300		$	16.910		$	13.400		$	11.040		$	13.890		$	16.010

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.238		$	0.380		$	0.249		$	0.225		$	0.223		$	0.027

Net realized and unrealized gain (loss)		(0.288	)		(2.639	)		3.676			2.370			(2.861	)		(1.842	)

Total income (loss) from operations	$	(0.050	)	$	(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	$	14.250		$	14.300		$	16.910		$	13.400		$	11.040		$	13.890

Total Return⁽³⁾		(0.49	)%⁽⁴⁾		(13.18	)%		29.69	%		23.71	%		(19.34	)%		(11.36	)%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	66,156		$	94,243		$	601,629		$	539,794		$	555,338		$	593,622

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

Expenses⁽⁵⁾		1.12	%⁽⁶⁾		1.13	%		1.07	%		1.08	%		1.07	%		1.07	%⁽⁶⁾

Net investment income		3.37	%⁽⁶⁾		2.48	%		1.67	%		1.79	%		1.72	%		0.31	%⁽⁶⁾

Portfolio Turnover		2	%⁽⁴⁾		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.


		32		See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Parametric Emerging Markets Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-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 apro-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.

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.

C Income — Dividend income is recorded on theex-dividend date for dividends received in cash and/or securities. However, if theex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of theex-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. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the six months ended July 31, 2019, the Fund received approximately $363,000 from Poland for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Interest income is recorded on the basis of interest accrued.

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


		33

Parametric

Emerging Markets Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

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.

I Interim Financial Statements — The interim financial statements relating to July 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on theex-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 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.

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.


		34

Parametric

Emerging Markets Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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



Aggregate cost	$	1,144,407,802

Gross unrealized appreciation	$	412,229,821

Gross unrealized depreciation		(256,218,793	)

Net unrealized appreciation	$	156,011,028

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.85% of the Fund’s average daily net assets up to $500 million, 0.80% on net assets of $500 million but less than $1 billion, 0.775% on net assets of $1 billion but less than $2.5 billion, 0.75% on net assets of $2.5 billion but less than $5 billion, 0.73% on net assets of $5 billion but less than $7.5 billion and 0.71% on net assets of $7.5 billion and over, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the six months ended July 31, 2019, the investment adviser fee amounted to $5,762,577 or 0.81% (annualized) 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 fee forsub-advisory services provided to the Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended July 31, 2019, the administration fee amounted to $1,067,348.

EVM providessub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2019, EVM earned $25,473 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 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 Rule12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 31, 2019 amounted to $200,837 for Investor Class shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended July 31, 2019, the Fund paid or accrued to EVD $20,170 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended July 31, 2019 amounted to $6,724 for Class C shares.

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended July 31, 2019, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders.


		35

Parametric

Emerging Markets Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $24,122,217 and $229,758,894, respectively, for the six months ended July 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:


Investor Class	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

Sales		738,576			2,821,720

Issued to shareholders electing to receive payments of distributions in Fund shares		—			260,627

Redemptions		(2,105,336	)		(14,848,715	)

Converted from Class C shares		21,405			77,276

Net decrease		(1,345,355	)		(11,689,092	)

Class C	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

Sales		1,189			13,559

Issued to shareholders electing to receive payments of distributions in Fund shares		—			6,807

Redemptions		(36,236	)		(135,557	)

Converted to Investor Class shares		(21,879	)		(78,753	)

Net decrease		(56,926	)		(193,944	)

Institutional Class	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

Sales		4,071,235			18,769,605

Issued to shareholders electing to receive payments of distributions in Fund shares		—			1,758,840

Redemptions		(16,512,300	)		(51,951,337	)

Net decrease		(12,441,065	)		(31,422,892	)

Class R6	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

Sales		468,235			2,639,075

Issued to shareholders electing to receive payments of distributions in Fund shares		—			162,478

Redemptions		(2,412,862	)		(31,780,927	)

Net decrease		(1,944,627	)		(28,979,374	)


		36

Parametric

Emerging Markets Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

8 Line of Credit

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 July 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	$	10,315,904	$	575,401,058		$	12,197	$	585,729,159

Emerging Europe		13,428,140		199,279,276			0		212,707,416

Latin America		237,222,127		—			—		237,222,127

Middle East/Africa		968,536		262,744,103			976,176		264,688,815

Total Common Stocks	$	261,934,707	$	1,037,424,437	**	$	988,373	$	1,300,347,517

Rights	$	33,351	$	28,676		$	—	$	62,027

Warrants		9,286		—			—		9,286

Total Investments	$	261,977,344	$	1,037,453,113		$	988,373	$	1,300,418,830

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended July 31, 2019 is not presented.


		37

Parametric

Emerging Markets Fund

July 31, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect fromyear-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory andsub-advisory agreements for each of the Eaton Vance Funds for an additionalone-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory andsub-advisory agreements.

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

Information about Fees, Performance and Expenses

•

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

•

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

•

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

•

Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

•

Comparative information concerning the fees charged and services provided by the adviser andsub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

•

Profitability analyses with respect to the adviser andsub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

•

Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

•

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

•

Information about the policies and practices of each fund’s adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

•

Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

•

Data relating to the portfolio turnover rate of each fund;

Information about each Adviser andSub-adviser

•

Reports detailing the financial results and condition of the adviser andsub-adviser (where applicable) to each fund;

•

Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

•

The Code of Ethics of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

•

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

•

Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;


		38

Parametric

Emerging Markets Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

•

Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any;

•

A description of Eaton Vance Management’s and Boston Management and Research’s oversight ofsub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

•

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

•

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

•

The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers andsub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory andsub-advisory agreements.

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

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Parametric Emerging Markets Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and thesub-advisory agreement between the Adviser and Parametric Portfolio Associates LLC (the“Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and thesub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and thesub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and theSub-adviser.

The Board considered the Adviser’s and theSub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of theSub-adviser. The Board also noted the Adviser’sin-house equity research capabilities. With respect to theSub-adviser, the Board considered the abilities and experience of theSub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in emerging markets. The Board also noted theSub-adviser’s experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.


		39

Parametric

Emerging Markets Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and theSub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and thesub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for theone-, three-, five- andten-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for theone-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/orSub-adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser and/orSub-adviser provide to the Fund as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/orSub-adviser as between the Fund and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

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

Profitability and“Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including theSub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including theSub-adviser, are deemed not to be excessive.

The Board also considered direct or indirectfall-out benefits received by the Adviser and its affiliates, including theSub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or theSub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.


		40

Parametric

Emerging Markets Fund

July 31, 2019

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

*	Interested Trustee

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


		41

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT 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.

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.


		42

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

InvestmentSub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)260-0761

Fund Offices

Two International Place

Boston, MA 02110

LOGO

7750 7.31.19

LOGO

Parametric

International Equity Fund

Semiannual Report

July 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.

Semiannual ReportJuly 31, 2019

Parametric

International Equity Fund

Table of Contents


Performance			2

Fund Profile			3

Endnotes and Additional Disclosures			4

Fund Expenses			5

Financial Statements			6

Board of Trustees’ Contract Approval			32

Officers and Trustees			35

Important Notices			36

Parametric

International Equity Fund

July 31, 2019

Performance^1,2

Portfolio Managers Thomas C. Seto, Paul Bouchey, CFA and Jennifer Sireklove, CFA, each of Parametric Portfolio Associates LLC


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Investor Class at NAV		04/01/2010		04/01/2010		4.62	%		–2.50	%		3.59	%		5.49	%
Institutional Class at NAV		04/01/2010		04/01/2010		4.76			–2.31			3.85			5.76
Class R at NAV		08/10/2015		04/01/2010		4.56			–2.72			3.38			5.38
Class R6 at NAV		08/10/2015		04/01/2010		4.84			–2.26			3.88			5.78
MSCI EAFE Index		—		—		5.64	%		–2.60	%		2.39	%		4.90	%


% Total Annual Operating Expense Ratios³					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

See Endnotes and Additional Disclosures in this report.


		2

Parametric

International Equity Fund

July 31, 2019

Fund Profile

Sector Allocation (% of net assets)⁴

LOGO

Geographic Allocation (% of common stocks)

LOGO

Top 10 Holdings (% of net assets)⁴



Nestle SA	1.3	%

Cie Financiere Richemont SA	1.0

Sanofi	0.8

Total SA	0.8

Unilever NV	0.8

Air Liquide SA	0.7

ASML Holding NV	0.6

Deutsche Telekom AG	0.6

SAP SE	0.6

Novartis AG	0.6

Total	7.8	%

See Endnotes and Additional Disclosures in this report.


		3

Parametric

International Equity Fund

July 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.

²	Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Performance 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.

³	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		4

Parametric

International Equity Fund

July 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 (February 1, 2019 – July 31, 2019).


	Beginning Account Value (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)			Annualized Expense Ratio

Actual
Investor Class	$	1,000.00	$	1,046.20	$	3.81	**		0.75	%
Institutional Class	$	1,000.00	$	1,047.60	$	2.54	**		0.50	%
Class R	$	1,000.00	$	1,045.60	$	5.07	**		1.00	%
Class R6	$	1,000.00	$	1,048.40	$	2.39	**		0.47	%

Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,021.10	$	3.76	**		0.75	%
Institutional Class	$	1,000.00	$	1,022.30	$	2.51	**		0.50	%
Class R	$	1,000.00	$	1,019.80	$	5.01	**		1.00	%
Class R6	$	1,000.00	$	1,022.50	$	2.36	**		0.47	%

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


		5

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited)


Common Stocks— 101.6%
Security	Shares		Value

Australia— 9.2%

Abacus Property Group		53,600	$	151,723

Adelaide Brighton, Ltd.		26,000		62,712

Alumina, Ltd.		55,500		87,988

AMP, Ltd.		208,300		253,375

Ansell, Ltd.		5,999		114,124

APA Group		232,800		1,753,439

ARB Corp., Ltd.		5,909		74,554

Aristocrat Leisure, Ltd.		35,100		730,398

Atlas Arteria, Ltd.		46,400		258,614

Atlassian Corp. PLC, Class A⁽¹⁾		6,500		910,780

Aurizon Holdings, Ltd.		123,000		482,862

AusNet Services		608,600		737,353

Australia and New Zealand Banking Group, Ltd.		36,900		701,273

Australian Pharmaceutical Industries, Ltd.		100,174		98,544

BHP Group, Ltd.		55,300		1,522,445

Boral, Ltd.		41,600		145,792

Brambles, Ltd.		83,200		744,217

Bravura Solutions, Ltd.		100,400		335,577

BWP Trust		66,800		171,252

Caltex Australia, Ltd.		23,300		428,558

carsales.com, Ltd.		66,000		663,271

Charter Hall Retail REIT		73,500		226,602

Cimic Group, Ltd.		6,836		170,637

Cleanaway Waste Management, Ltd.		110,518		181,984

Coca-Cola Amatil, Ltd.		65,490		473,994

Cochlear, Ltd.		2,716		408,078

Coles Group, Ltd.⁽¹⁾		91,610		889,458

Commonwealth Bank of Australia		20,800		1,167,329

Computershare, Ltd.		69,400		747,596

Corporate Travel Management, Ltd.		4,900		76,696

Cromwell Property Group		233,500		188,225

Crown Resorts, Ltd.		25,500		206,178

CSL, Ltd.		16,900		2,637,116

CSR, Ltd.		25,925		70,883

Dexus		67,400		602,823

Domino’s Pizza Enterprises, Ltd.		6,400		168,468

DuluxGroup, Ltd.		13,768		87,796

Evolution Mining, Ltd.		44,676		151,629

Flight Centre Travel Group, Ltd.		5,800		182,405

Fortescue Metals Group, Ltd.		39,000		219,578

GPT Group (The)		125,200		531,440

GrainCorp, Ltd., Class A		48,000		281,232

GUD Holdings, Ltd.		15,500		100,410

GWA Group, Ltd.		32,000		78,242


Security	Shares		Value

Australia(continued)

Hansen Technologies, Ltd.		30,805	$	80,821

Harvey Norman Holdings, Ltd.		37,504		112,314

IDP Education, Ltd.		14,400		188,211

Incitec Pivot, Ltd.		42,949		101,971

Inghams Group, Ltd.		91,800		254,353

InvoCare, Ltd.		7,600		81,184

IRESS, Ltd.		33,584		321,162

James Hardie Industries PLC CDI		11,700		158,241

JBHi-Fi, Ltd.		6,499		133,315

Link Administration Holdings, Ltd.		100,600		348,417

Mirvac Group		235,300		517,025

National Australia Bank, Ltd.		33,675		655,847

National Storage REIT⁽¹⁾		157,700		176,691

Newcrest Mining, Ltd.		18,500		446,501

nib Holdings, Ltd.		46,300		252,345

Nine Entertainment Co. Holdings, Ltd.		385,413		529,128

Northern Star Resources, Ltd.		21,400		188,307

Oil Search, Ltd.		125,100		605,780

Orica, Ltd.		5,800		86,409

Orora, Ltd.		42,869		99,058

Premier Investments, Ltd.		7,193		77,387

Qantas Airways, Ltd.		60,000		233,579

Qube Holdings, Ltd.		99,942		215,164

Ramsay Health Care, Ltd.		4,300		213,653

Rio Tinto, Ltd.		6,580		440,382

Santos, Ltd.		151,700		747,451

Scentre Group		292,700		797,352

Shopping Centres Australasia Property Group		118,852		198,130

Sonic Healthcare, Ltd.		19,100		365,553

Southern Cross Media Group, Ltd.		275,000		250,986

Spark Infrastructure Group		512,700		830,854

SpeedCast International, Ltd.		182,800		234,072

Star Entertainment Group, Ltd. (The)		62,300		175,838

Sydney Airport		61,800		352,746

Technology One, Ltd.		75,000		391,377

Telstra Corp., Ltd.		684,700		1,856,442

Transurban Group		112,400		1,191,270

Vicinity Centres		200,913		357,869

Viva Energy Group, Ltd.⁽²⁾		199,940		326,874

Washington H. Soul Pattinson & Co., Ltd.		21,300		329,751

Wesfarmers, Ltd.		59,000		1,580,022

Westpac Banking Corp.		43,900		861,314

Woodside Petroleum, Ltd.		64,000		1,509,182

Woolworths Group, Ltd.		83,600		2,038,197

			$	41,190,175


		6		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Austria— 1.2%

Agrana Beteiligungs AG		3,000	$	57,380

ams AG⁽¹⁾		19,000		991,903

ANDRITZ AG		9,170		326,617

CA Immobilien Anlagen AG		9,460		333,215

DO & Co. AG		2,581		227,521

Erste Group Bank AG		12,670		454,761

EVN AG		5,000		79,343

IMMOFINANZ AG		9,282		247,321

Lenzing AG		1,700		173,405

Oesterreichische Post AG		4,700		156,984

OMV AG		12,093		605,097

Porr AG		3,440		75,035

Rhi Magnesita NV		3,292		178,267

Telekom Austria AG		50,680		374,319

UNIQA Insurance Group AG		14,300		128,129

Verbund AG		9,682		540,317

Wienerberger AG		9,550		218,295

			$	5,167,909

Belgium— 2.3%

Ageas		5,900	$	316,750

AGFA-Gevaert NV⁽¹⁾		35,603		143,392

Anheuser-Busch InBev SA/NV		16,340		1,642,768

Barco NV		2,240		467,792

Befimmo SA		4,380		246,884

Bekaert SA		11,000		309,754

bpost SA		33,332		309,928

Colruyt SA		1,550		80,765

D’ieteren SA/NV		5,100		238,852

Econocom Group SA/NV		45,600		150,604

Elia System Operator SA/NV		7,000		532,952

Euronav SA		42,060		354,001

Fagron		11,540		191,620

Gimv NV		1,766		103,658

Ion Beam Applications⁽¹⁾		6,500		124,418

KBC Group NV		10,950		704,061

Mithra Pharmaceuticals SA⁽¹⁾		3,200		94,554

Montea C.V.A.		1,730		146,075

Proximus SA		27,400		781,224

Retail Estates NV		1,500		134,287

Sofina SA		780		150,966

Solvay SA		8,100		829,399

Telenet Group Holding NV		10,500		515,706

Tessenderlo Group SA⁽¹⁾		6,179		193,433

UCB SA		9,540		743,895


Security	Shares		Value

Belgium(continued)

Warehouses De Pauw CVA		4,300	$	718,536

			$	10,226,274

Denmark— 2.3%

Alm Brand A/S		9,000	$	80,462

Bakkafrost P/F		3,814		219,735

Carlsberg A/S, Class B		6,821		931,679

Chr. Hansen Holding A/S		8,860		773,627

Danske Bank A/S		42,800		635,262

Dfds A/S		2,300		84,713

Drilling Co. of 1972 A/S (The)⁽¹⁾		2,300		156,035

DSV A/S		5,210		497,262

GN Store Nord A/S		3,600		170,767

H Lundbeck AS		3,865		148,994

ISS A/S		4,580		128,444

Jyske Bank A/S⁽¹⁾		3,966		126,395

Netcompany Group AS⁽¹⁾⁽²⁾		2,900		113,984

Nilfisk Holding A/S⁽¹⁾		2,150		54,425

Novo Nordisk A/S, Class B		21,300		1,022,811

Novozymes A/S, Class B		15,940		737,148

Orsted A/S⁽²⁾		15,750		1,435,691

Pandora A/S		16,480		631,716

Ringkjoebing Landbobank A/S		2,260		154,449

Rockwool International A/S, Class B		460		112,273

Royal Unibrew A/S		2,700		201,211

Scandinavian Tobacco Group AS⁽²⁾		5,600		59,101

SimCorp A/S		6,380		575,045

Sydbank A/S		7,200		125,258

Topdanmark A/S		2,527		129,524

Torm PLC⁽¹⁾		8,103		66,765

Tryg A/S		6,850		209,070

Vestas Wind Systems A/S		5,800		475,957

			$	10,057,803

Finland— 2.3%

Adapteo Oyj⁽¹⁾		8,400	$	98,248

Citycon Oyj		17,313		176,501

Cramo Oyj		11,500		99,807

DNA Oyj		11,250		260,072

Elisa Oyj		17,720		832,344

Fortum Oyj		45,489		1,043,501

Huhtamaki Oyj		6,700		254,509

Kemira Oyj		9,600		141,589

Kesko Oyj, Class B		16,060		972,557

Kone Oyj, Class B		9,640		549,224


		7		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Finland(continued)

Metsa Board Oyj		21,700	$	108,247

Neste Oyj		29,714		983,423

Nokia Oyj		175,074		943,588

Nordea Bank AB		80,400		515,787

Orion Oyj, Class B		23,460		802,573

Sampo Oyj, Class A		12,300		510,740

Terveystalo Oyj⁽²⁾		16,200		159,689

Tieto Oyj		4,494		114,638

Tokmanni Group Corp.		75,570		683,306

UPM-Kymmene Oyj		21,860		589,236

Valmet Oyj		3,811		74,000

Wartsila Oyj Abp		11,154		140,136

YIT Oyj		13,000		71,937

			$	10,125,652

France— 8.9%

Aeroports de Paris		945	$	162,455

Air Liquide SA		23,830		3,289,405

Airbus SE		5,797		819,469

Alstom SA		2,298		98,972

Alten SA		3,460		428,035

Altran Technologies SA		25,000		394,384

Arkema SA		3,800		342,021

Atos SE		7,380		593,433

AXA SA		54,150		1,363,943

Bureau Veritas SA		4,718		117,559

Carrefour SA		32,300		620,688

Christian Dior SE		216		111,993

Cie Generale des Etablissements Michelin SCA		2,440		269,736

CNP Assurances		14,000		289,355

Covivio		9,000		920,082

Credit Agricole SA		46,900		558,296

Dassault Systemes SE		8,350		1,270,173

Edenred		4,250		213,272

Eiffage SA		1,270		125,492

Elior Group SA⁽²⁾		7,300		95,468

Elis SA		4,300		79,568

Engie SA		124,500		1,915,992

EssilorLuxottica SA		5,834		789,727

Eurazeo SE		4,500		301,972

Eutelsat Communications SA		15,290		292,294

Fnac Darty SA⁽¹⁾		1,400		98,202

Gaztransport Et Technigaz SA		1,000		90,725

Gecina SA		7,440		1,137,988

Getlink SE		10,600		153,056


Security	Shares		Value

France(continued)

Hermes International		370	$	259,897

Imerys SA		3,240		135,447

Ingenico Group SA		5,880		557,119

JCDecaux SA		10,230		294,530

L’Oreal SA		6,137		1,642,042

Lagardere SCA		10,568		238,788

Legrand SA		3,162		222,736

LVMH Moet Hennessy Louis Vuitton SE		3,070		1,268,092

Neopost SA		11,000		221,018

Orange SA		119,900		1,777,216

Pernod-Ricard SA		6,020		1,056,412

Peugeot SA		5,850		138,077

Publicis Groupe SA		15,200		750,056

Remy Cointreau SA		2,546		376,725

Renault SA		2,980		166,217

Rubis SCA		7,000		394,449

Safran SA		4,000		574,243

Sanofi		41,674		3,472,772

SCOR SE		9,170		376,836

SEB SA		492		78,696

Societe BIC SA		1,500		104,533

Societe Generale SA		25,200		617,266

Sodexo SA		2,760		316,854

Suez		32,100		470,527

Teleperformance		1,008		211,163

Thales SA		1,800		202,813

Total SA		65,860		3,413,536

Unibail-Rodamco-Westfield⁽³⁾		2,270		304,060

Unibail-Rodamco-Westfield⁽³⁾		9,970		1,334,081

Veolia Environnement SA		37,830		954,672

Vinci SA		6,630		681,986

Virbac SA⁽¹⁾		1,840		341,556

			$	39,898,170

Germany— 9.0%

Aareal Bank AG		5,640	$	160,459

adidas AG		3,413		1,087,870

Allianz SE		8,380		1,944,235

alstria office REIT AG		29,399		474,307

Axel Springer SE		1,600		110,437

Axel Springer SE, Tendered Shares⁽¹⁾		5,100		350,034

BASF SE		33,300		2,210,595

Bayerische Motoren Werke AG		8,860		651,999

Bayerische Motoren Werke AG, PFC Shares		3,678		218,368

Bechtle AG		1,900		210,464


		8		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Germany(continued)

Beiersdorf AG		13,130	$	1,521,608

Brenntag AG		3,500		170,945

CANCOM SE		3,700		206,853

Carl Zeiss Meditec AG		2,900		317,751

Continental AG		3,090		423,653

Covestro AG⁽²⁾		9,000		405,910

Delivery Hero SE⁽¹⁾⁽²⁾		6,407		307,762

Deutsche Boerse AG		4,640		644,136

Deutsche EuroShop AG		15,200		411,246

Deutsche Lufthansa AG		6,130		97,148

Deutsche Post AG		20,200		657,036

Deutsche Telekom AG		168,200		2,755,297

Deutsche Wohnen SE		29,900		1,090,397

Dialog Semiconductor PLC⁽¹⁾		6,400		286,480

Evonik Industries AG		10,200		290,258

Evotec SE⁽¹⁾		8,500		239,535

Fielmann AG		2,817		196,019

Fraport AG		1,930		161,180

Fresenius Medical Care AG & Co. KGaA		7,970		552,009

Fresenius SE & Co. KGaA		15,500		774,494

Fuchs Petrolub SE, PFC Shares		4,702		180,175

GEA Group AG		4,394		109,059

Gerresheimer AG		3,000		233,346

Grand City Properties SA		19,000		428,045

Hannover Rueck SE		1,570		244,820

HeidelbergCement AG		6,083		439,299

Henkel AG & Co. KGaA		13,700		1,287,130

Hochtief AG		680		77,057

HUGO BOSS AG		3,687		231,730

Innogy SE⁽²⁾		21,800		1,048,922

KION Group AG		1,800		95,943

Knorr-Bremse AG		1,291		130,935

KWS Saat SE and Co. KGaA		1,025		71,308

LEG Immobilien AG		6,140		708,072

Merck KGaA		5,220		532,408

Metro AG		36,800		566,051

MorphoSys AG⁽¹⁾		2,218		267,635

MTU Aero Engines AG		1,061		264,398

Muenchener Rueckversicherungs-Gesellschaft AG		3,320		791,181

Nemetschek SE		3,900		216,829

Osram Licht AG		2,700		101,628

ProSiebenSat.1 Media SE		25,032		323,342

Puma SE		4,602		320,606

QIAGEN NV⁽¹⁾		12,000		455,487

Rational AG		114		77,599

Rheinmetall AG		1,350		153,188


Security	Shares		Value

Germany(continued)

RWE AG		80,237	$	2,167,912

SAP SE		22,200		2,713,639

Sartorius AG, PFC Shares		1,950		394,447

Siemens AG		17,540		1,908,936

Siemens Healthineers AG⁽²⁾		7,200		298,922

Software AG		5,200		145,963

Suedzucker AG		31,389		487,462

Symrise AG		5,600		516,000

TAG Immobilien AG		21,500		506,137

Talanx AG⁽¹⁾		3,637		152,618

Telefonica Deutschland Holding AG⁽²⁾		131,800		331,820

TLG Immobilien AG		12,120		355,742

TUI AG		33,700		334,623

Uniper SE		32,700		1,007,463

VERBIO Vereinigte BioEnergie AG		4,576		36,409

Zalando SE⁽¹⁾⁽²⁾		6,600		301,927

			$	39,944,698

Hong Kong— 4.4%

AIA Group, Ltd.		192,000	$	1,968,910

Alibaba Health Information Technology, Ltd.⁽¹⁾		786,000		706,122

ASM Pacific Technology, Ltd.		42,900		501,178

Bank of East Asia, Ltd. (The)		66,000		190,742

Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		137,000		225,180

BOC Hong Kong Holdings, Ltd.		93,000		354,367

Brightoil Petroleum Holdings, Ltd.⁽¹⁾⁽⁴⁾		262,000		0

Cafe de Coral Holdings, Ltd.		58,000		192,861

Champion REIT		149,000		110,453

Chow Tai Fook Jewellery Group, Ltd.		164,000		156,377

CK Asset Holdings, Ltd.		73,000		548,897

CK Hutchison Holdings, Ltd.		103,000		962,533

CLP Holdings, Ltd.		98,000		1,065,519

Esprit Holdings, Ltd.⁽¹⁾		257,000		42,532

First Pacific Co., Ltd.		282,000		117,573

Fortune REIT		70,000		91,642

Galaxy Entertainment Group, Ltd.		148,000		1,007,480

Global Cord Blood Corp.		29,600		171,088

Glory Sun Financial Group, Ltd.		2,992,000		114,534

Hang Lung Group, Ltd.		48,000		123,294

Hang Lung Properties, Ltd.		86,000		202,231

Hang Seng Bank, Ltd.		16,700		396,922

Henderson Land Development Co., Ltd.		54,867		283,780

HK Electric Investments & HK Electric Investments, Ltd.		304,000		308,174

HKBN, Ltd.		228,000		411,617

HKT Trust and HKT, Ltd.		427,000		682,105


		9		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Hong Kong(continued)

Hong Kong & China Gas Co., Ltd.		522,531	$	1,153,801

Hongkong Land Holdings, Ltd.		41,300		251,868

Hutchison Telecommunications Hong Kong Holdings, Ltd.		180,000		38,968

Hysan Development Co., Ltd.		29,000		138,157

Jardine Matheson Holdings, Ltd.		10,400		631,236

Jardine Strategic Holdings, Ltd.		7,900		270,822

Kerry Properties, Ltd.		26,000		97,630

Li & Fung, Ltd.		1,346,000		187,601

Lifestyle International Holdings, Ltd.		80,000		109,314

Link REIT		47,500		552,481

Luk Fook Holdings International, Ltd.		45,000		135,744

Macau Legend Development, Ltd.⁽¹⁾		629,000		89,786

Madison Holdings Group, Ltd.⁽¹⁾		760,000		36,379

MGM China Holdings, Ltd.		114,000		186,290

MTR Corp., Ltd.		69,000		452,811

Nexteer Automotive Group, Ltd.		104,000		108,087

NWS Holdings, Ltd.		138,000		256,225

Pacific Textiles Holdings, Ltd.		158,000		124,622

PCCW, Ltd.		617,000		351,877

Power Assets Holdings, Ltd.		92,000		657,549

Shangri-La Asia, Ltd.		122,000		148,434

SmarTone Telecommunication Holdings, Ltd.		80,000		73,520

Superb Summit International Group, Ltd.⁽¹⁾⁽⁴⁾		230,000		0

Swire Pacific, Ltd., Class A		16,000		182,369

Swire Pacific, Ltd., Class B		45,000		80,130

Swire Properties, Ltd.		45,400		163,935

Techtronic Industries Co., Ltd.		68,000		505,692

Tongda Group Holdings, Ltd.		910,000		66,812

Town Health International Medical Group, Ltd.⁽¹⁾⁽⁴⁾		604,000		0

Vitasoy International Holdings, Ltd.		202,000		950,940

VSTECS Holdings, Ltd.		154,000		84,226

VTech Holdings, Ltd.		32,700		286,789

Wharf Real Estate Investment Co., Ltd.		40,000		252,332

Yue Yuen Industrial Holdings, Ltd.		68,000		190,531

			$	19,753,069

Ireland— 2.2%

AIB Group PLC		178,200	$	610,358

Bank of Ireland Group PLC		202,400		893,127

Cairn Homes PLC⁽¹⁾		146,637		172,805

CRH PLC		35,960		1,196,763

Dalata Hotel Group PLC		38,617		198,698

Flutter Entertainment PLC⁽¹⁾		13,759		1,086,784

Glanbia PLC		13,900		180,942

Grafton Group PLC		40,400		355,533


Security	Shares		Value

Ireland(continued)

Greencore Group PLC		42,726	$	111,185

Hibernia REIT PLC		461,400		770,135

ICON PLC⁽¹⁾		6,145		959,665

Irish Continental Group PLC		57,130		261,729

Irish Residential Properties REIT PLC		206,764		392,674

Kerry Group PLC, Class A		10,220		1,189,152

Kingspan Group PLC		13,900		679,853

Nabriva Therapeutics PLC⁽¹⁾		19,000		45,125

Smurfit Kappa Group PLC		11,941		375,684

UDG Healthcare PLC		34,700		335,967

			$	9,816,179

Israel— 2.3%

Airport City, Ltd.⁽¹⁾		12,070	$	221,349

Amot Investments, Ltd.		22,481		158,506

Bank LeumiLe-Israel B.M.		58,667		426,774

Bayside Land Corp.		213		114,528

Bezeq The Israeli Telecommunication Corp., Ltd.		1,047,874		712,909

Big Shopping Centers, Ltd.⁽¹⁾		1,000		78,224

Brack Capital Properties NV⁽¹⁾		284		27,781

Check Point Software Technologies, Ltd.⁽¹⁾		3,500		391,825

CyberArk Software, Ltd.⁽¹⁾		1,300		180,544

Delek Automotive Systems, Ltd.		13,963		59,381

Delta-Galil Industries, Ltd.		3,099		90,259

Elbit Systems, Ltd.		5,440		870,326

Electra Consumer Products 1970, Ltd.		7,750		108,095

Electra, Ltd.		720		204,207

First International Bank of Israel, Ltd.⁽¹⁾		4,135		106,585

Gazit-Globe, Ltd.		11,000		98,641

IDI Insurance Co., Ltd.		2,200		79,017

Inrom Construction Industries, Ltd.		18,751		73,789

Israel Chemicals, Ltd.		226,000		1,216,326

Israel Discount Bank, Ltd., Series A		69,300		299,101

Kenon Holdings, Ltd.		6,255		131,548

Melisron, Ltd.		3,626		190,463

Mizrahi Tefahot Bank, Ltd.⁽¹⁾		12,760		306,169

Nice, Ltd.⁽¹⁾		2,738		417,543

Oil Refineries, Ltd.⁽¹⁾		708,000		379,891

Paz Oil Co., Ltd.		4,140		586,331

Radware, Ltd.⁽¹⁾		3,600		94,968

Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		6,074		320,541

Reit 1, Ltd.		31,600		164,681

Sella Capital Real Estate, Ltd.		44,539		100,033

Shapir Engineering and Industry, Ltd.		30,000		114,016

Strauss Group, Ltd.		21,000		633,638


		10		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Israel(continued)

Taro Pharmaceutical Industries, Ltd.		1,200	$	96,924

Teva Pharmaceutical Industries, Ltd. ADR⁽¹⁾		117,700		933,361

UroGen Pharma, Ltd.⁽¹⁾		1,800		61,380

			$	10,049,654

Italy— 4.5%

A2A SpA		44,663	$	78,070

Amplifon SpA		31,240		769,982

Assicurazioni Generali SpA		27,086		505,162

ASTM SpA		3,850		132,741

Atlantia SpA		25,789		663,173

Autogrill SpA		9,900		104,639

Azimut Holding SpA		3,800		71,221

Banca Mediolanum SpA		14,000		100,172

Banca Popolare di Sondrio SCPA		35,600		73,981

Bio-On SpA⁽¹⁾		8,000		186,697

BPER Banca		16,800		62,507

Brunello Cucinelli SpA		2,300		72,844

Cementir Holding SpA		48,418		340,045

Cerved Group SpA		9,600		75,646

COSMO Pharmaceuticals NV⁽¹⁾		3,282		286,540

Datalogic SpA		5,730		100,752

Davide Campari-Milano SpA		117,385		1,091,725

De’Longhi SpA		10,450		210,109

DiaSorin SpA		6,920		802,531

El.En. SpA		9,389		183,320

Enav SpA⁽²⁾		33,000		181,507

Enel SpA		232,600		1,591,129

Eni SpA		136,500		2,132,307

Ferrari NV		5,080		818,011

Fincantieri SpA⁽¹⁾		128,000		132,214

FinecoBank Banca Fineco SpA		14,163		140,893

Freni Brembo SpA		8,900		91,034

Hera SpA		40,000		148,937

IMA Industria Macchine Automatiche SpA		2,600		204,135

Infrastrutture Wireless Italiane SpA⁽²⁾		68,200		689,920

Interpump Group SpA		6,800		191,143

Intesa Sanpaolo SpA		315,000		683,205

Italgas SpA		24,300		153,546

Leonardo SpA		21,600		262,988

Mediobanca Banca di Credito Finanziario SpA		17,200		172,276

Moncler SpA		8,209		337,063

OVS SpA⁽¹⁾⁽²⁾		51,000		89,735

Pirelli & C SpA⁽²⁾		19,600		115,448

Poste Italiane SpA⁽²⁾		16,700		178,226


Security	Shares		Value

Italy(continued)

Prada SpA		38,500	$	118,186

Prysmian SpA		14,500		298,506

Reply SpA		4,480		299,734

Retelit SpA		143,500		238,366

Salvatore Ferragamo SpA		3,800		79,694

Saras SpA		128,400		211,353

Snam SpA		101,700		499,324

Societa Iniziative Autostradali e Servizi SpA		9,300		176,402

STMicroelectronics NV		112,200		2,050,702

Technogym SpA⁽²⁾		8,800		94,528

Telecom Italia SpA⁽¹⁾		2,638,000		1,483,154

Terna Rete Elettrica Nazionale SpA		40,600		247,249

Tod’s SpA		1,500		74,689

Unione di Banche Italiane SpA		49,455		126,970

UnipolSai Assicurazioni SpA		28,030		73,075

			$	20,297,506

Japan— 14.2%

Activia Properties, Inc.		50	$	229,190

Advance Residence Investment Corp.		100		309,513

Aeon Co., Ltd.		19,000		328,780

Air Water, Inc.		12,300		201,018

Aisin Seiki Co., Ltd.		4,700		152,741

Ajinomoto Co., Inc.		16,600		297,446

Alps Alpine Co., Ltd.		7,800		141,994

Aozora Bank, Ltd.		5,200		119,171

Asahi Intecc Co., Ltd.		8,800		229,955

Asahi Kasei Corp.		45,800		465,918

Astellas Pharma, Inc.		40,100		568,293

Bandai Namco Holdings, Inc.		2,900		155,902

Bridgestone Corp.		8,300		311,586

Calbee, Inc.		7,800		220,049

Canon, Inc.		19,900		539,713

Central Japan Railway Co.		2,300		462,329

Chubu Electric Power Co., Inc.		53,900		760,872

Chugai Pharmaceutical Co., Ltd.		6,000		429,282

Chugoku Bank, Ltd. (The)		15,500		135,514

Chugoku Electric Power Co., Inc. (The)		29,200		364,394

Citizen Watch Co., Ltd.		27,900		138,843

Dai Nippon Printing Co., Ltd.		5,700		119,555

Daicel Corp.		19,800		167,549

Daido Steel Co., Ltd.		2,900		110,104

Daiichi Sankyo Co., Ltd.		12,500		759,588

Daikin Industries, Ltd.		2,400		297,880

Daito Trust Construction Co., Ltd.		3,000		386,860


		11		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Japan(continued)

Daiwa House REIT Investment Corp.		107	$	261,887

Daiwa Securities Group, Inc.		37,700		162,545

DeNA Co., Ltd.		11,700		223,148

Dentsu, Inc.		7,800		257,837

East Japan Railway Co.		3,200		293,360

Eisai Co., Ltd.		7,000		378,334

Ezaki Glico Co., Ltd.		3,400		147,619

FamilyMart UNY Holdings Co., Ltd.		10,500		224,173

FUJIFILM Holdings Corp.		7,400		350,748

Fujitsu, Ltd.		3,700		288,742

GLPJ-REIT		205		228,606

Hachijuni Bank, Ltd. (The)		24,100		90,817

Hakuhodo DY Holdings, Inc.		12,400		194,476

Hamamatsu Photonics K.K.		4,900		181,715

Hankyu Hanshin Holdings, Inc.		4,400		154,477

Hirose Electric Co., Ltd.		1,740		182,304

Hisamitsu Pharmaceutical Co., Inc.		6,600		265,245

Hitachi, Ltd.		14,500		514,095

Hokuhoku Financial Group, Inc.		8,000		80,154

House Foods Group, Inc.		4,300		158,163

Hulic Co., Ltd.		34,000		292,073

Idemitsu Kosan Co., Ltd.		15,513		427,498

Inpex Corp.		63,900		560,426

ITOCHU Corp.		12,000		228,489

Iwatani Corp.		4,100		135,341

Japan Airlines Co., Ltd.		3,900		122,130

Japan Exchange Group, Inc.		21,100		309,231

Japan Hotel REIT Investment Corp.		307		256,351

Japan Post Bank Co., Ltd.		18,700		181,694

Japan Post Holdings Co., Ltd.		30,100		295,056

Japan Prime Realty Investment Corp.		62		274,077

Japan Real Estate Investment Corp.		50		312,758

Japan Retail Fund Investment Corp.		145		292,136

Japan Tobacco, Inc.		24,600		542,030

JFE Holdings, Inc.		18,000		237,978

JSR Corp.		10,200		168,452

JXTG Holdings, Inc.		218,000		1,025,870

Kajima Corp.		10,500		135,039

Kakaku.com, Inc.		6,900		143,321

Kaneka Corp.		4,000		148,510

Kansai Paint Co., Ltd.		10,500		207,341

Kao Corp.		9,700		707,913

KDDI Corp.		48,300		1,260,219

Keikyu Corp.		5,900		99,153

Keio Corp.		2,200		136,131

Kenedix Office Investment Corp.		30		215,450


Security	Shares		Value

Japan(continued)

Kewpie Corp.		6,000	$	135,773

Keyence Corp.		1,400		803,388

Kintetsu Group Holdings Co., Ltd.		2,700		128,016

Kobe Steel, Ltd.		31,700		203,396

Konami Holdings Corp.		3,900		165,476

Konica Minolta, Inc.		18,500		153,312

Kubota Corp.		12,200		188,191

Kuraray Co., Ltd.		20,800		245,997

Kyushu Electric Power Co., Inc.		50,200		498,802

Lawson, Inc.		2,800		139,920

Lion Corp.		8,700		170,786

M3, Inc.		15,600		314,270

Makita Corp.		4,000		131,888

Marubeni Corp.		30,500		197,718

Maruichi Steel Tube, Ltd.		5,100		134,268

Mazda Motor Corp.		15,000		145,121

Mebuki Financial Group, Inc.		47,600		117,452

MEIJI Holdings Co., Ltd.		4,800		333,336

MISUMI Group, Inc.		8,300		186,265

Mitsubishi Chemical Holdings Corp.		42,000		298,179

Mitsubishi Corp.		14,300		383,988

Mitsubishi Heavy Industries, Ltd.		4,700		193,880

Mitsubishi Materials Corp.		7,400		203,541

Mitsubishi Motors Corp.		28,900		127,174

Mitsubishi Tanabe Pharma Corp.		17,300		195,315

Mitsubishi UFJ Financial Group, Inc.		209,300		1,033,733

Mitsui & Co., Ltd.		19,400		315,383

Mitsui Chemicals, Inc.		9,100		208,093

Mizuho Financial Group, Inc.		481,500		683,403

Modec, Inc.		4,800		127,396

MS&AD Insurance Group Holdings, Inc.		10,200		334,341

Murata Manufacturing Co., Ltd.		10,000		457,912

NEC Corp.		6,800		277,979

Nexon Co., Ltd.⁽¹⁾		13,200		208,936

NH Foods, Ltd.		4,300		159,478

Nidec Corp.		2,700		361,033

Nikon Corp.		10,000		135,017

Nintendo Co., Ltd.		2,600		956,521

Nippon Accommodations Fund, Inc.		35		206,072

Nippon Building Fund, Inc.		54		379,025

Nippon Express Co., Ltd.		2,500		140,901

Nippon Kayaku Co., Ltd.		11,400		134,041

Nippon Paint Holdings Co., Ltd.		6,400		278,466

Nippon Paper Industries Co., Ltd.		10,000		176,312

Nippon Prologis REIT, Inc.		138		331,795

Nippon Shokubai Co., Ltd.		3,300		214,186


		12		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Japan(continued)

Nippon Steel Corp.		25,300	$	396,379

Nippon Telegraph & Telephone Corp.		23,300		1,051,554

Nissan Chemical Corp.		5,300		231,776

Nissan Motor Co., Ltd.		41,000		266,497

Nissin Foods Holdings Co., Ltd.		2,500		155,178

Nitori Holdings Co., Ltd.		1,600		215,785

Nitto Denko Corp.		5,700		280,724

NOF Corp.		4,200		150,336

Nomura Real Estate Master Fund, Inc.		245		389,256

Nomura Research Institute, Ltd.		11,400		201,846

NTT Data Corp.		20,600		270,484

NTT DoCoMo, Inc.		40,800		978,277

Obayashi Corp.		14,900		141,118

Obic Co., Ltd.		1,700		181,136

Odakyu Electric Railway Co., Ltd.		4,900		109,398

Oji Holdings Corp.		48,300		249,772

Okinawa Electric Power Co., Inc. (The)		14,862		231,134

Olympus Corp.		37,800		412,129

Omron Corp.		4,600		218,851

Ono Pharmaceutical Co., Ltd.		15,800		286,662

Oracle Corp. Japan		1,900		157,757

Oriental Land Co., Ltd.		2,200		290,280

Orix JREIT, Inc.		176		341,594

Osaka Gas Co., Ltd.		31,100		571,325

Otsuka Corp.		5,900		232,649

Otsuka Holdings Co., Ltd.		12,900		474,397

Pan Pacific International Holdings Corp.		3,500		223,913

Pigeon Corp.		6,400		233,375

Rakuten, Inc.		18,600		189,705

Recruit Holdings Co., Ltd.		13,400		453,757

Relo Group, Inc.		8,400		222,598

Ricoh Co., Ltd.		25,600		234,479

Rinnai Corp.		1,700		114,564

Ryohin Keikaku Co., Ltd.		900		159,753

Sawai Pharmaceutical Co., Ltd.		3,400		187,586

SECOM Co., Ltd.		2,000		156,742

Seiko Epson Corp.		11,300		166,287

Sekisui Chemical Co., Ltd.		13,800		203,978

Sekisui House Reit, Inc.		278		215,580

Sekisui House, Ltd.		11,000		184,947

Seven & i Holdings Co., Ltd.		17,900		610,890

Seven Bank, Ltd.		59,700		161,514

SG Holdings Co., Ltd.		3,600		95,166

Shimadzu Corp.		10,900		261,717

Shimamura Co., Ltd.		1,800		127,276

Shimano, Inc.		1,300		183,533


Security	Shares		Value

Japan(continued)

Shionogi & Co., Ltd.		7,000	$	387,555

Shiseido Co., Ltd.		8,200		603,393

Softbank Corp.		36,200		487,765

Sompo Holdings, Inc.		8,600		356,151

Sony Corp.		11,700		665,425

Sony Financial Holdings, Inc.		7,500		181,702

Subaru Corp.		11,600		270,352

Sumitomo Corp.		15,000		222,580

Sumitomo Mitsui Financial Group, Inc.		23,800		832,281

Sumitomo Mitsui Trust Holdings, Inc.		9,500		324,694

Sumitomo Osaka Cement Co., Ltd.		2,500		95,477

Sumitomo Realty & Development Co., Ltd.		17,000		618,578

Suntory Beverage & Food, Ltd.		4,100		162,681

Suzuki Motor Corp.		7,000		273,759

Sysmex Corp.		4,100		297,673

T&D Holdings, Inc.		15,400		172,940

Taiheiyo Cement Corp.		6,000		168,512

Taisei Corp.		4,500		155,253

Taisho Pharmaceutical Holdings Co., Ltd.		3,500		266,876

Takashimaya Co., Ltd.		12,400		142,238

Takeda Pharmaceutical Co., Ltd.		29,100		1,001,502

TEIJIN, Ltd.		9,600		166,086

Toho Co., Ltd.		4,900		190,253

Toho Gas Co., Ltd.		10,100		384,052

Tohoku Electric Power Co., Inc.		44,000		440,256

Tokio Marine Holdings, Inc.		12,400		658,204

Tokyo Gas Co., Ltd.		32,200		803,766

Tokyo Tatemono Co., Ltd.		17,700		206,525

Tokyu Corp.		11,700		204,877

Tokyu Fudosan Holdings Corp.		35,500		205,370

Toray Industries, Inc.		56,800		390,754

Toshiba Corp.		6,400		204,203

Tosoh Corp.		13,400		187,813

Toyo Seikan Group Holdings, Ltd.		7,500		130,924

Toyo Suisan Kaisha, Ltd.		4,400		176,938

Toyota Motor Corp.		22,100		1,427,951

Trend Micro, Inc.		3,900		170,047

Tsuruha Holdings, Inc.		1,300		132,329

Ube Industries, Ltd.		6,000		124,923

Unicharm Corp.		9,300		263,107

United Urban Investment Corp.		140		236,863

USS Co., Ltd.		5,000		99,015

West Japan Railway Co.		2,500		204,643

Yahoo! Japan Corp.		76,800		224,942

Yakult Honsha Co., Ltd.		4,300		242,433

Yamaguchi Financial Group, Inc.		19,600		136,839


		13		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Japan(continued)

Yamaha Corp.		3,600	$	169,713

Yamaha Motor Co., Ltd.		7,100		124,498

Yamato Holdings Co., Ltd.		6,600		129,574

Yamazaki Baking Co., Ltd.		8,800		133,631

Yokogawa Electric Corp.		10,000		178,968

			$	63,583,164

Netherlands— 4.5%

ABN AMRO Bank NV⁽²⁾		10,000	$	200,175

Accell Group		2,450		58,468

Adyen NV⁽¹⁾⁽²⁾		620		468,463

Aegon NV		38,540		189,922

AerCap Holdings NV⁽¹⁾		5,400		294,462

Akzo Nobel NV		16,587		1,565,055

Argenx SE⁽¹⁾		1,410		198,087

ASM International NV		1,781		145,273

ASML Holding NV		12,460		2,776,390

ASR Nederland NV		5,300		199,156

Basic-Fit NV⁽¹⁾⁽²⁾		2,000		62,984

Corbion NV		20,000		653,733

Eurocommercial Properties NV		8,200		206,281

Euronext NV⁽²⁾		1,764		136,174

GrandVision NV⁽²⁾		6,200		185,838

IMCD NV		2,869		252,759

ING Groep NV		111,200		1,233,847

Koninklijke Ahold Delhaize NV		62,800		1,426,371

Koninklijke BAM Groep NV		30,000		100,359

Koninklijke KPN NV		359,000		1,023,669

Koninklijke Philips NV		44,600		2,092,215

Koninklijke Vopak NV		4,900		241,595

NN Group NV		8,750		328,747

NXP Semiconductors NV		6,700		692,713

PostNL NV		71,792		122,893

SBM Offshore NV		16,200		320,551

Signify NV⁽²⁾		11,700		317,640

Takeaway.com NV⁽¹⁾⁽²⁾		2,700		241,530

TKH Group NV		2,968		176,089

Unilever NV		57,920		3,357,253

Vastned Retail NV		1,000		29,182

Wolters Kluwer NV		12,020		871,273

			$	20,169,147

New Zealand— 1.1%

A2 Milk Co., Ltd.⁽¹⁾		51,765	$	608,244

Air New Zealand, Ltd.		34,574		61,550


Security	Shares		Value

New Zealand(continued)

Auckland International Airport, Ltd.		66,312	$	403,975

Contact Energy, Ltd.		50,800		259,179

Fisher & Paykel Healthcare Corp., Ltd.		35,800		385,881

Fletcher Building, Ltd.		158,500		515,161

Goodman Property Trust		120,709		162,405

Infratil, Ltd.		38,198		116,447

Kiwi Property Group, Ltd.		221,000		234,898

Mercury NZ, Ltd.		47,223		141,237

Precinct Properties New Zealand, Ltd.		121,300		142,043

Pushpay Holdings, Ltd.⁽¹⁾		28,817		63,091

Restaurant Brands New Zealand, Ltd.⁽¹⁾		19,660		126,759

SKYCITY Entertainment Group, Ltd.		163,000		427,606

Spark New Zealand, Ltd.		189,031		492,756

Summerset Group Holdings, Ltd.		32,561		120,491

Xero, Ltd.⁽¹⁾		9,348		411,518

Z Energy, Ltd.		109,700		466,564

			$	5,139,805

Norway— 2.3%

Adevinta ASA, Class A⁽¹⁾		10,000	$	112,513

Adevinta ASA, Class B⁽¹⁾		10,600		117,570

Aker Solutions ASA⁽¹⁾⁽²⁾		20,000		63,973

Atea ASA		30,636		389,756

Austevoll Seafood ASA		16,139		164,197

Borr Drilling, Ltd.⁽¹⁾		8,800		84,076

Borregaard ASA		21,042		220,375

BW Offshore, Ltd.⁽¹⁾		23,200		130,249

DNB ASA		42,200		754,983

DNO ASA		44,400		74,262

Elkem ASA⁽²⁾		86,003		233,961

Entra ASA⁽²⁾		39,000		565,695

Equinor ASA		42,800		767,416

Europris ASA⁽²⁾		129,500		371,573

Fjordkraft Holding ASA⁽²⁾		18,200		95,546

Frontline, Ltd.⁽¹⁾		9,000		65,679

Gjensidige Forsikring ASA		12,400		240,852

Grieg Seafood ASA		8,860		126,025

Kongsberg Gruppen ASA		22,500		285,187

Leroy Seafood Group ASA		27,620		173,632

Mowi ASA		29,600		711,374

Nordic Nanovector ASA⁽¹⁾		15,000		62,248

Norway Royal Salmon ASA		2,422		52,935

REC Silicon ASA⁽¹⁾		427,273		250,011

Salmar ASA		4,000		184,755

Sbanken ASA⁽²⁾		7,500		57,613

Scatec Solar ASA⁽²⁾		19,000		195,700


		14		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Norway(continued)

SpareBank 1 SMN		8,400	$	92,479

Storebrand ASA		27,500		185,835

Telenor ASA		59,800		1,211,725

Tomra Systems ASA		29,640		871,768

Veidekke ASA		20,997		189,190

Yara International ASA		21,700		1,016,631

			$	10,119,784

Portugal— 1.1%

Altri SGPS SA		93,200	$	611,562

Banco Comercial Portugues SA		3,110,020		794,824

Corticeira Amorim SGPS SA		9,900		106,484

CTT-Correios de Portugal SA		137,610		293,160

EDP Renovaveis SA		12,421		127,880

EDP-Energias de Portugal SA		159,000		582,039

Galp Energia SGPS SA, Class B		53,400		831,337

Jeronimo Martins SGPS SA		49,100		792,281

NOS SGPS SA		127,800		793,559

REN - Redes Energeticas Nacionais SGPS SA		29,300		79,199

Semapa-Sociedade de Investimento e Gestao		9,400		124,175

			$	5,136,500

Singapore— 2.3%

AEM Holdings, Ltd.		100,000	$	84,581

Ascendas Real Estate Investment Trust		69,500		154,303

Ascott Residence Trust		72,000		68,504

BOC Aviation, Ltd.⁽²⁾		11,800		101,661

CapitaLand Commercial Trust, Ltd.		94,500		141,151

CapitaLand Mall Trust		82,400		156,599

CDL Hospitality Trusts		40,000		47,622

China Aviation Oil Singapore Corp, Ltd.		96,100		88,236

ComfortDelGro Corp., Ltd.		140,700		275,770

DBS Group Holdings, Ltd.		36,300		692,126

Ezion Holdings, Ltd.⁽¹⁾⁽⁴⁾		1,126,000		17,618

First Resources, Ltd.		76,000		86,090

Flex, Ltd.⁽¹⁾		57,700		643,355

Frasers Logistics & Industrial Trust		110,000		95,962

Genting Singapore, Ltd.		990,000		658,806

Golden Agri-Resources, Ltd.		1,250,000		266,988

Hi-P International, Ltd.		84,400		84,221

Hutchison Port Holdings Trust		446,200		97,555

Jardine Cycle & Carriage, Ltd.		16,300		398,827

Keppel DC REIT		83,400		103,787

Keppel Infrastructure Trust		641,585		237,659

Keppel REIT		110,000		99,079


Security	Shares		Value

Singapore(continued)

Mapletree Commercial Trust		77,600	$	116,580

Mapletree Industrial Trust		68,200		111,525

Mapletree Logistics Trust		159,100		177,904

Mapletree North Asia Commercial Trust		106,100		109,396

Midas Holdings, Ltd.⁽¹⁾⁽⁴⁾		480,000		0

Raffles Medical Group, Ltd.		140,800		105,223

SATS, Ltd.		48,200		167,937

Sembcorp Industries, Ltd.		47,500		80,369

Sembcorp Marine, Ltd.⁽¹⁾		80,000		77,886

Sheng Siong Group, Ltd.		91,200		76,899

Singapore Airlines, Ltd.		31,600		221,238

Singapore Exchange, Ltd.		40,000		229,499

Singapore Post, Ltd.		211,600		148,171

Singapore Technologies Engineering, Ltd.		75,100		230,350

Singapore Telecommunications, Ltd.⁽³⁾		97,200		233,892

Singapore Telecommunications, Ltd.⁽³⁾		437,100		1,054,379

StarHub, Ltd.		208,800		228,778

Suntec Real Estate Investment Trust		89,800		124,120

United Overseas Bank, Ltd.		31,600		602,067

Venture Corp., Ltd.		43,500		485,436

Wilmar International, Ltd.		364,000		1,052,189

			$	10,234,338

Spain— 4.4%

Aena SME SA⁽²⁾		3,850	$	697,936

Almirall SA		9,140		165,672

Amadeus IT Group SA		24,040		1,878,652

Applus Services SA		7,400		104,020

Banco Bilbao Vizcaya Argentaria SA		111,530		567,878

Banco de Sabadell SA		268,800		234,765

Bankia SA		81,600		161,779

Bankinter SA		23,700		153,736

Bolsas y Mercados Espanoles SHMSF SA		5,400		127,433

CaixaBank SA		101,600		251,810

Cellnex Telecom SA⁽²⁾		9,082		339,652

Cia de Distribucion Integral Logista Holdings SA		4,197		87,450

Coca-Cola European Partners PLC		28,800		1,592,064

Construcciones y Auxiliar de Ferrocarriles SA		2,050		92,628

Ebro Foods SA		12,141		243,964

Enagas SA		16,820		366,914

Ence Energia y Celulosa SA		68,100		246,182

Endesa SA		11,000		271,793

Ercros SA		35,810		68,902

Faes Farma SA		33,498		165,835

Ferrovial SA		17,848		464,294

Grifols SA		34,845		1,129,278


		15		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Spain(continued)

Grifols SA ADR		22,700	$	516,652

Grupo Catalana Occidente SA		2,596		92,677

Iberdrola SA		127,600		1,210,590

Indra Sistemas SA⁽¹⁾		10,000		85,645

Industria de Diseno Textil SA		59,500		1,780,378

Lar Espana Real Estate Socimi SA		59,616		459,455

Mapfre SA		54,387		149,719

Masmovil Ibercom SA⁽¹⁾		3,750		84,937

Mediaset Espana Comunicacion SA		16,500		96,863

Melia Hotels International SA		16,000		140,957

Merlin Properties Socimi SA		85,000		1,160,556

Naturgy Energy Group SA		8,600		217,845

NH Hotel Group SA		14,274		71,353

Prosegur Cash SA⁽²⁾		47,137		95,649

Prosegur Cia de Seguridad SA		16,517		77,087

Red Electrica Corp. SA		7,578		142,874

Repsol SA		129,563		2,054,981

Siemens Gamesa Renewable Energy SA		16,900		236,475

Tecnicas Reunidas SA⁽¹⁾		3,280		79,088

Telefonica SA		169,341		1,290,991

Telepizza Group SA⁽²⁾		11,173		58,132

Tubacex SA		34,340		109,558

			$	19,625,099

Sweden— 4.6%

AAK AB		18,550	$	379,493

Alfa Laval AB		6,950		129,827

Arjo AB, Class B		55,760		224,432

Assa Abloy AB, Class B		16,810		385,573

Attendo AB⁽²⁾		51,800		235,447

Avanza Bank Holding AB		21,500		191,857

Betsson AB		23,476		123,927

BillerudKorsnas AB		28,875		333,361

BioGaia AB, Class B		2,949		122,621

Bonava AB, Class B		9,800		117,324

Castellum AB		30,000		609,018

Dios Fastigheter AB		19,400		166,409

Dometic Group AB⁽²⁾		18,000		164,212

Elekta AB, Class B		52,300		744,112

Epiroc AB, Class A		16,126		176,705

Epiroc AB, Class B		11,200		116,409

Essity AB, Class B		43,400		1,289,114

Fabege AB		29,200		450,619

Fingerprint Cards AB, Class B⁽¹⁾		51,000		91,805

Granges AB		26,120		260,082

Hennes & Mauritz AB, Class B		47,400		826,423


Security	Shares		Value

Sweden(continued)

Hexagon AB, Class B		14,300	$	692,868

Hexpol AB		46,472		353,608

Holmen AB, Class B		17,600		371,612

Hufvudstaden AB, Class A		17,000		299,419

Husqvarna AB, Class B		34,170		302,570

Indutrade AB		3,149		89,218

JM AB		7,000		180,574

Karo Pharma AB⁽¹⁾		29,600		116,702

Kungsleden AB		30,100		261,774

Lifco AB, Class B		2,000		102,183

Lundin Petroleum AB		27,181		854,941

Modern Times Group MTG AB, Class B⁽¹⁾		15,300		141,662

Mycronic AB		4,200		64,541

NCC AB, Class B		4,080		65,108

NetEnt AB		26,464		78,515

Nibe Industrier AB, Class B		12,473		176,136

Nordic Entertainment Group AB, Class B		12,020		287,358

Nyfosa AB⁽¹⁾		21,257		130,785

Pandox AB		5,668		103,338

Paradox Interactive AB		8,600		136,805

RaySearch Laboratories AB⁽¹⁾		6,321		90,448

Recipharm AB, Class B		17,200		213,605

Saab AB, Class B		4,437		139,678

Sandvik AB		19,450		298,472

Scandic Hotels Group AB⁽²⁾		11,600		97,270

Securitas AB, Class B		12,200		188,933

Skandinaviska Enskilda Banken AB, Class A		70,950		667,075

Skanska AB, Class B		9,000		168,039

Svenska Cellulosa AB SCA, Class B		91,900		762,763

Svenska Handelsbanken AB, Class A		75,900		682,942

Swedbank AB, Class A		45,200		615,521

Swedish Match AB		14,280		544,840

Swedish Orphan Biovitrum AB⁽¹⁾		24,700		476,773

Tele2 AB, Class B		46,720		667,600

Telefonaktiebolaget LM Ericsson, Class B		144,400		1,263,395

Telia Co. AB		216,000		960,908

Tethys Oil AB		12,500		105,396

Thule Group AB⁽²⁾		5,900		128,874

Trelleborg AB, Class B		7,200		99,145

Wallenstam AB, Class B		24,800		259,101

			$	20,379,265

Switzerland— 9.3%

Adecco Group AG		8,560	$	467,026

Alcon, Inc.⁽¹⁾		7,200		416,949

Allreal Holding AG		3,190		557,189


		16		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Switzerland(continued)

ALSO Holding AG		1,880	$	289,704

Ascom Holding AG		5,950		77,256

Baloise Holding AG		1,940		350,396

Banque Cantonale Vaudoise		292		217,164

Belimo Holding AG		38		223,810

BKW AG		2,892		187,207

Cembra Money Bank AG		2,620		252,506

Cie Financiere Richemont SA		53,300		4,567,450

Clariant AG		40,700		743,714

Comet Holding AG		2,450		226,191

Daetwyler Holding AG, Bearer Shares		950		146,434

DKSH Holding AG		3,500		176,743

dormakaba Holding AG		270		197,856

Emmi AG		330		274,567

Ems-Chemie Holding AG		1,209		755,599

Flughafen Zurich AG		1,375		251,097

Forbo Holding AG		412		642,640

Galenica AG⁽²⁾		1,668		85,837

Geberit AG		2,100		969,448

Georg Fischer AG		350		301,689

Givaudan SA		718		1,909,586

Helvetia Holding AG		1,860		236,820

Huber + Suhner AG		2,145		170,808

Inficon Holding AG		450		280,711

Interroll Holding AG		80		162,704

Intershop Holding AG		234		117,561

Julius Baer Group, Ltd.		10,210		436,300

Komax Holding AG		700		131,238

Kuehne & Nagel International AG		2,865		421,852

Landis+Gyr Group AG		4,400		355,573

LEM Holding SA		53		73,250

Mobimo Holding AG		1,468		391,849

Nestle SA		52,700		5,590,794

Novartis AG		29,400		2,695,945

Panalpina Welttransport Holding AG⁽¹⁾		1,300		292,534

Pargesa Holding SA, Bearer Shares		3,800		285,211

Partners Group Holding AG		760		604,420

PSP Swiss Property AG		7,400		887,263

Roche Holding AG PC		8,200		2,194,854

Roche Holding AG, Bearer Shares		473		126,855

Schindler Holding AG		1,316		296,055

Schindler Holding AG PC		2,380		548,665

SFS Group AG		2,800		214,921

SGS SA		268		661,817

SIG Combibloc Group AG		42,100		512,912

Sika AG		11,700		1,689,177


Security	Shares		Value

Switzerland(continued)

Sonova Holding AG		920	$	211,560

Sulzer AG		1,800		181,378

Sunrise Communications Group AG⁽²⁾		4,740		350,575

Swiss Life Holding AG		1,150		555,725

Swiss Re AG		10,000		968,368

Swisscom AG		3,060		1,483,004

Tecan Group AG		371		94,259

Temenos AG		8,500		1,496,362

u-blox Holding AG		2,140		174,651

Valiant Holding AG		1,958		200,716

Valora Holding AG		2,140		589,649

Vontobel Holding AG		3,573		188,042

Zurich Insurance Group AG		4,240		1,474,806

			$	41,637,242

United Kingdom— 9.2%

3i Group PLC		15,400	$	207,515

Admiral Group PLC		5,900		155,159

Antofagasta PLC		17,000		191,808

Ascential PLC⁽²⁾		49,879		241,115

Assura PLC		285,800		223,985

AstraZeneca PLC		18,400		1,589,646

Auto Trader Group PLC⁽²⁾		54,500		357,770

Avast PLC⁽²⁾		45,000		183,774

Aveva Group PLC		5,829		281,601

Aviva PLC		42,900		210,623

B&M European Value Retail SA		40,600		182,237

Babcock International Group PLC		24,788		142,847

BAE Systems PLC		53,000		352,118

Barratt Developments PLC		24,895		194,361

Berkeley Group Holdings PLC		3,100		145,802

BHP Group PLC		39,200		934,666

Big Yellow Group PLC		13,089		157,175

BP PLC		300,800		1,990,317

British American Tobacco PLC		27,400		976,331

BT Group PLC		352,800		826,382

BTG PLC⁽¹⁾		10,830		110,054

Bunzl PLC		6,100		158,994

Burberry Group PLC		9,210		253,954

Carnival PLC		4,600		207,640

Centrica PLC		413,134		380,325

Cineworld Group PLC		110,700		343,638

Cobham PLC⁽¹⁾		77,000		154,182

Compass Group PLC		30,800		779,256

Computacenter PLC		8,800		163,230

ConvaTec Group PLC⁽²⁾		54,000		102,030


		17		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

United Kingdom(continued)

Croda International PLC		3,787	$	215,116

Daily Mail & General Trust PLC, Class A		24,002		230,542

Dechra Pharmaceuticals PLC		4,650		166,084

Derwent London PLC		9,240		327,313

Direct Line Insurance Group PLC		42,288		165,418

DS Smith PLC		57,100		246,279

Electrocomponents PLC		52,000		383,145

Elementis PLC		58,068		106,450

Equiniti Group PLC⁽²⁾		48,600		124,218

Essentra PLC		29,000		150,361

Euromoney Institutional Investor PLC		5,501		92,725

Experian PLC		12,304		373,170

F&C Commercial Property Trust, Ltd.		89,046		123,118

Ferguson PLC⁽¹⁾		3,830		285,001

FirstGroup PLC⁽¹⁾		104,625		145,627

Fresnillo PLC		19,500		140,743

GlaxoSmithKline PLC		73,400		1,517,980

Great Portland Estates PLC		23,683		190,238

Greene King PLC		13,600		103,265

Halma PLC		29,680		716,756

Hammerson PLC		79,700		206,697

Howden Joinery Group PLC		23,000		154,505

HSBC Holdings PLC		172,100		1,378,261

Imperial Brands PLC		19,400		492,373

Indivior PLC⁽¹⁾		190,000		125,633

Informa PLC		54,100		572,797

Inmarsat PLC		40,064		278,528

Intertek Group PLC		3,900		269,975

Johnson Matthey PLC		5,200		202,758

Kingfisher PLC		66,000		178,192

Land Securities Group PLC		51,600		499,371

Legal & General Group PLC		64,000		202,963

Lloyds Banking Group PLC		774,100		500,753

London Stock Exchange Group PLC		3,660		293,941

LondonMetric Property PLC		90,700		223,746

Marks & Spencer Group PLC		46,700		117,377

Meggitt PLC		24,500		176,800

Merlin Entertainments PLC⁽²⁾		20,000		109,407

Micro Focus International PLC		26,000		547,666

Mondi PLC		16,140		351,623

National Grid PLC		209,040		2,142,506

NCC Group PLC		72,058		162,062

Next PLC		3,170		233,342

Pearson PLC		41,300		437,341

Persimmon PLC		7,100		173,230

Playtech PLC		28,800		154,602


Security	Shares		Value

United Kingdom(continued)

Primary Health Properties PLC		90,643	$	144,797

Provident Financial PLC		20,000		105,350

Reckitt Benckiser Group PLC		11,400		881,257

RELX PLC		29,880		708,703

Rentokil Initial PLC		39,000		206,053

Rightmove PLC		68,300		436,834

Rio Tinto PLC		21,100		1,191,548

Rolls-Royce Holdings PLC		29,300		306,253

Royal Bank of Scotland Group PLC		78,500		206,812

Royal Dutch Shell PLC, Class A		63,400		1,996,813

Royal Mail PLC		29,400		75,082

RSA Insurance Group PLC		15,500		105,421

Safestore Holdings PLC		19,133		145,196

Segro PLC		68,100		631,854

Severn Trent PLC		17,993		440,017

Shaftesbury PLC		18,300		174,931

Smith & Nephew PLC		11,900		269,402

Spectris PLC		11,100		341,913

Spirax-Sarco Engineering PLC		1,720		187,554

SSP Group PLC		21,800		186,471

St. James’s Place PLC		10,600		126,488

Standard Life Aberdeen PLC		48,718		176,702

TalkTalk Telecom Group PLC		127,917		163,473

Tate & Lyle PLC		32,900		301,317

Taylor Wimpey PLC		90,000		176,340

Travis Perkins PLC		9,000		148,996

Tritax Big Box REIT PLC		152,000		282,511

Unilever PLC		14,580		877,164

UNITE Group PLC (The)		18,800		235,757

United Utilities Group PLC		59,600		569,627

Victrex PLC		4,400		108,803

WH Smith PLC		5,897		151,668

Whitbread PLC		4,567		250,881

William Hill PLC		63,000		116,489

WM Morrison Supermarkets PLC		108,663		256,590

			$	40,873,600

Total Common Stocks (identified cost $427,162,525)			$	453,425,033

Rights⁽¹⁾ — 0.0%
Security	Shares		Value

BUWOG AG⁽⁴⁾		3,930	$	0

Total Rights (identified cost $0)			$	0


		18		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Warrants⁽¹⁾ — 0.0%
Security	Shares		Value

Ezion Holdings, Ltd., Exp. 4/16/23, Strike SGD 0.2763⁽⁴⁾		135,600	$	0

Total Warrants (identified cost $0)			$	0

Short-Term Investments— 0.0%⁽⁵⁾
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 2.31%⁽⁶⁾		22,886	$	22,886

Total Short-Term Investments (identified cost $22,883)			$	22,886

Total Investments — 101.6% (identified cost $427,185,408)			$	453,447,919

Other Assets, Less Liabilities — (1.6)%			$	(7,273,069	)

Net Assets — 100.0%			$	446,174,850

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

⁽¹⁾	Non-income producing security.

⁽²⁾

⁽³⁾	Securities are traded on separate exchanges for the same entity.

⁽⁴⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽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 annualizedseven-day yield as of July 31, 2019.


Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value

Euro		38.7	%	$	172,980,214

Japanese Yen		14.2			63,583,164

Swiss Franc		9.6			42,915,685

British Pound Sterling		9.5			42,189,175

Australian Dollar		9.1			40,690,913

Swedish Krona		4.7			20,993,300

Hong Kong Dollar		4.2			18,647,902

Norwegian Krone		2.3			10,339,519

Danish Krone		2.2			9,838,068

Singapore Dollar		2.1			9,391,767

United States Dollar		2.0			8,859,273

Israeli Shekel		1.9			8,290,652

New Zealand Dollar		1.1			4,728,287

Total Investments		101.6	%	$	453,447,919


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value

Financials		11.1	%	$	49,503,658

Consumer Staples		11.1			49,304,880

Industrials		10.9			48,465,514

Health Care		9.9			44,302,056

Materials		9.6			42,882,399

Consumer Discretionary		9.5			42,519,166

Information Technology		9.2			41,004,768

Communication Services		8.9			39,636,880

Real Estate		8.4			37,565,202

Utilities		7.3			32,767,418

Energy		5.7			25,473,092

Short-Term Investments		0.0	*		22,886

Total Investments		101.6	%	$	453,447,919

*	Amount is less than 0.05%

Abbreviations:



ADR	–	American Depositary Receipt

CDI	–	CHESS Depositary Interest

PC	–	Participation Certificate

PFC Shares	–	Preference Shares

Currency Abbreviations:



SGD	–	Singapore Dollar


		19		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Statement of Assets and Liabilities (Unaudited)


Assets	July 31, 2019

Unaffiliated investments, at value (identified cost, $427,162,525)	$	453,425,033

Affiliated investment, at value (identified cost, $22,883)		22,886

Foreign currency, at value (identified cost, $104,780)		103,513

Dividends receivable		392,574

Dividends receivable from affiliated investment		7,444

Receivable for investments sold		5,295,465

Receivable for Fund shares sold		808,783

Tax reclaims receivable		773,115

Receivable from affiliates		32,960

Total assets	$	460,861,773

Liabilities

Demand note payable	$	3,700,000

Payable for investments purchased		10,418,771

Payable for Fund shares redeemed		287,912

Due to custodian		625

Payable to affiliates:

Investment adviser and administration fee		154,160

Distribution and service fees		19,135

Accrued expenses		106,320

Total liabilities	$	14,686,923

Net Assets	$	446,174,850

Sources of Net Assets

Paid-in capital	$	414,045,886

Distributable earnings		32,128,964

Total	$	446,174,850

Investor Class Shares

Net Assets	$	83,520,378

Shares Outstanding		6,357,216

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	13.14

Institutional Class Shares

Net Assets	$	264,976,173

Shares Outstanding		20,057,742

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	13.21

Class R Shares

Net Assets	$	2,950,492

Shares Outstanding		225,989

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	13.06

Class R6 Shares

Net Assets	$	94,727,807

Shares Outstanding		7,173,104

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	13.21


		20		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Statement of Operations (Unaudited)


Investment Income	Six Months Ended July 31, 2019

Dividends (net of foreign taxes, $923,305)	$	7,854,229

Dividends from affiliated investment		51,362

Total investment income	$	7,905,591

Expenses

Investment adviser and administration fee	$	744,149

Distribution and service fees

Investor Class		95,663

Class R		5,808

Trustees’ fees and expenses		11,068

Custodian fee		77,412

Transfer and dividend disbursing agent fees		96,732

Legal and accounting services		28,534

Printing and postage		17,395

Registration fees		50,422

Miscellaneous		25,900

Total expenses	$	1,153,083

Deduct —

Allocation of expenses to affiliates	$	133,437

Total expense reductions	$	133,437

Net expenses	$	1,019,646

Net investment income	$	6,885,945

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	706,582

Investment transactions — affiliated investment		1,677

Foreign currency transactions		(7,338	)

Net realized gain	$	700,921

Change in unrealized appreciation (depreciation) —

Investments	$	7,315,699

Investments — affiliated investment		3

Foreign currency		(38,428	)

Net change in unrealized appreciation (depreciation)	$	7,277,274

Net realized and unrealized gain	$	7,978,195

Net increase in net assets from operations	$	14,864,140


		21		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

From operations —

Net investment income	$	6,885,945		$	6,287,100

Net realized gain		700,921			1,947,458

Net change in unrealized appreciation (depreciation)		7,277,274			(32,116,757	)

Net increase (decrease) in net assets from operations	$	14,864,140		$	(23,882,199	)

Distributions to shareholders —

Investor Class	$	—		$	(1,966,658	)

Institutional Class		—			(3,780,522	)

Class R		—			(44,240	)

Class R6		—			(2,734,087	)

Total distributions to shareholders	$	—		$	(8,525,507	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Investor Class	$	28,015,783		$	43,303,796

Institutional Class		126,834,536			116,046,127

Class R		990,347			2,412,325

Class R6		19,273,056			26,275,473

Net asset value of shares issued to shareholders in payment of distributions declared

Investor Class		—			1,705,158

Institutional Class		—			3,519,375

Class R		—			44,237

Class R6		—			2,734,087

Cost of shares redeemed

Investor Class		(12,700,734	)		(31,664,113	)

Institutional Class		(20,063,155	)		(42,712,163	)

Class R		(76,080	)		(1,510,692	)

Class R6		(20,437,327	)		(34,967,907	)

Net increase in net assets from Fund share transactions	$	121,836,426		$	85,185,703

Net increase in net assets	$	136,700,566		$	52,777,997

Net Assets

At beginning of period	$	309,474,284		$	256,696,287

At end of period	$	446,174,850		$	309,474,284


		22		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Financial Highlights


	Investor Class

	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2019 (Unaudited)			2019			2018			2017			2016			2015

Net asset value — Beginning of period	$	12.560		$	14.350		$	11.570		$	10.750		$	11.410		$	11.960

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.233		$	0.301		$	0.272		$	0.198		$	0.217		$	0.355	⁽²⁾

Net realized and unrealized gain (loss)		0.347			(1.700	)		2.869			0.810			(0.607	)		(0.242	)

Total income (loss) from operations	$	0.580		$	(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 period	$	13.140		$	12.560		$	14.350		$	11.570		$	10.750		$	11.410

Total Return⁽³⁾⁽⁴⁾		4.62	%⁽⁵⁾		(9.73	)%		27.29	%		9.55	%		(3.73	)%		1.01	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	83,520		$	65,056		$	59,858		$	34,386		$	12,069		$	8,503

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

Expenses⁽⁴⁾⁽⁶⁾		0.75	%⁽⁷⁾		0.75	%		0.75	%		0.84	%		0.90	%		0.97	%

Net investment income		3.60	%⁽⁷⁾		2.27	%		2.06	%		1.75	%		1.86	%		2.83	%⁽²⁾

Portfolio Turnover		3	%⁽⁵⁾		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 0.07%, 0.11%, 0.11%, 0.23%, 0.35% and 0.32% of average daily net assets for the six months ended July 31, 2019 and the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Not annualized.

⁽⁶⁾	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.

⁽⁷⁾	Annualized.


		23		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Financial Highlights — continued


	Institutional Class

	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2019 (Unaudited)			2019			2018			2017			2016			2015

Net asset value — Beginning of period	$	12.610		$	14.410		$	11.610		$	10.770		$	11.430		$	11.990

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.238		$	0.310		$	0.312		$	0.257		$	0.325		$	0.333	⁽²⁾

Net realized and unrealized gain (loss)		0.362			(1.689	)		2.874			0.788			(0.693	)		(0.184	)

Total income (loss) from operations	$	0.600		$	(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 period	$	13.210		$	12.610		$	14.410		$	11.610		$	10.770		$	11.430

Total Return⁽³⁾⁽⁴⁾		4.76	%⁽⁵⁾		(9.53	)%		27.60	%		9.78	%		(3.37	)%		1.22	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	264,976		$	151,107		$	86,446		$	55,324		$	30,808		$	84,195

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

Expenses⁽⁴⁾⁽⁶⁾		0.50	%⁽⁷⁾		0.50	%		0.50	%		0.60	%		0.65	%		0.72	%

Net investment income		3.65	%⁽⁷⁾		2.35	%		2.36	%		2.26	%		2.72	%		2.66	%⁽²⁾

Portfolio Turnover		3	%⁽⁵⁾		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 0.07%, 0.11%, 0.11%, 0.24%, 0.35% and 0.32% of average daily net assets for the six months ended July 31, 2019 and the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Not annualized.

⁽⁶⁾	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.

⁽⁷⁾	Annualized.


		24		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Financial Highlights — continued


	Class R

	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2016⁽¹⁾
	Six Months Ended July 31, 2019 (Unaudited)			2019			2018			2017			Period Ended January 31, 2016⁽¹⁾

Net asset value — Beginning of period	$	12.490		$	14.290		$	11.530		$	10.740		$	12.340

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.205		$	0.231		$	0.259		$	0.064		$	0.044

Net realized and unrealized gain (loss)		0.365			(1.657	)		2.827			0.919			(1.384	)

Total income (loss) from operations	$	0.570		$	(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	$	13.060		$	12.490		$	14.290		$	11.530		$	10.740

Total Return⁽³⁾⁽⁴⁾		4.56	%⁽⁵⁾		(9.96	)%		26.90	%		9.22	%		(10.98	)%⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,950		$	1,939		$	1,167		$	786		$	1

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

Expenses⁽⁴⁾		1.00	%⁽⁶⁾		1.00	%		1.00	%		1.04	%		1.15	%⁽⁶⁾

Net investment income		3.18	%⁽⁶⁾		1.77	%		1.98	%		0.56	%		0.82	%⁽⁶⁾

Portfolio Turnover		3	%⁽⁵⁾		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 0.07%, 0.11%, 0.11%, 0.19% and 0.35% of average daily net assets for the six months ended July 31, 2019, 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.


		25		See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Financial Highlights — continued


	Class R6

	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2016⁽¹⁾
	Six Months Ended July 31, 2019 (Unaudited)			2019			2018			2017			Period Ended January 31, 2016⁽¹⁾

Net asset value — Beginning of period	$	12.600		$	14.410		$	11.610		$	10.770		$	12.380

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.250		$	0.363		$	0.319		$	0.267		$	0.059

Net realized and unrealized gain (loss)		0.360			(1.746	)		2.875			0.780			(1.374	)

Total income (loss) from operations	$	0.610		$	(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	$	13.210		$	12.600		$	14.410		$	11.610		$	10.770

Total Return⁽³⁾⁽⁴⁾		4.84	%⁽⁵⁾		(9.56	)%		27.67	%		9.79	%		(10.77	)%⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	94,728		$	91,371		$	109,225		$	84,858		$	60,608

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

Expenses⁽⁴⁾		0.47	%⁽⁶⁾		0.47	%		0.47	%		0.58	%		0.62	%⁽⁶⁾

Net investment income		3.84	%⁽⁶⁾		2.72	%		2.42	%		2.34	%		1.10	%⁽⁶⁾

Portfolio Turnover		3	%⁽⁵⁾		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 0.07%, 0.11%, 0.11%, 0.25% and 0.35% of average daily net assets for the six months ended July 31, 2019, 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

July 31, 2019

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Parametric International Equity Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as anopen-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 apro-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.


		27

Parametric

International Equity Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

2 Distributions to Shareholders and Income Tax Information

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



Aggregate cost	$	429,923,115

Gross unrealized appreciation	$	49,819,906

Gross unrealized depreciation		(26,295,102	)

Net unrealized appreciation	$	23,524,804

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 six months ended July 31, 2019, the investment adviser and administration fee amounted to $744,149 or 0.40% (annualized) 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


		28

Parametric

International Equity Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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 0.75%, 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, 2020. Pursuant to this agreement, EVM and Parametric were allocated $133,437 in total of the Fund’s operating expenses for the six months ended July 31, 2019.

EVM providessub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2019, EVM earned $5,232 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).

4 Distribution Plans

The Fund also has in effect a distribution plan for Class R shares (Class R Plan) pursuant to Rule12b-1 under the 1940 Act. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended July 31, 2019, the Fund paid or accrued to EVD $2,904 for Class R shares.

Pursuant to the Class R Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended July 31, 2019 amounted to $2,904 for Class R shares.

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

5 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $151,303,275 and $10,746,731, respectively, for the six months ended July 31, 2019.

6 Shares of Beneficial Interest


Investor Class	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

Sales		2,153,109			3,305,438

Issued to shareholders electing to receive payments of distributions in Fund shares		—			136,439

Redemptions		(976,924	)		(2,432,842	)

Net increase		1,176,185			1,009,035


		29

Parametric

International Equity Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued


Institutional Class	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

Sales		9,615,914			8,991,953

Issued to shareholders electing to receive payments of distributions in Fund shares		—			285,209

Redemptions		(1,540,549	)		(3,294,832	)

Net increase		8,075,365			5,982,330

Class R	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

Sales		76,662			189,290

Issued to shareholders electing to receive payments of distributions in Fund shares		—			3,620

Redemptions		(5,894	)		(119,318	)

Net increase		70,768			73,592

Class R6	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

Sales		1,467,656			2,048,683

Issued to shareholders electing to receive payments of distributions in Fund shares		—			219,111

Redemptions		(1,543,645	)		(2,600,467	)

Net decrease		(75,989	)		(332,673	)

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. At July 31, 2019, the Fund had a balance outstanding pursuant to this line of credit of $3,700,000 at an interest rate of 3.40%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at July 31, 2019. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 10) at July 31, 2019. The Fund’s average borrowings or allocated fees during the six months ended July 31, 2019 were not significant.

8 Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At July 31, 2019, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $625. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at July 31, 2019. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at July 31, 2019. The Fund’s average overdraft advances during the six months ended July 31, 2019 were not significant.


		30

Parametric

International Equity Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

9 Risks Associated with Foreign Investments

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 July 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	$	1,829,010	$	138,053,923		$	17,618	$	139,900,551

Developed Europe		5,245,364		298,229,464			—		303,474,828

Developed Middle East		1,759,002		8,290,652			—		10,049,654

Total Common Stocks	$	8,833,376	$	444,574,039	**	$	17,618	$	453,425,033

Rights	$	—	$	—		$	0	$	0

Warrants		—		—			0		0

Short-Term Investments		—		22,886			—		22,886

Total Investments	$	8,833,376	$	444,596,925		$	17,618	$	453,447,919

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

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


		31

Parametric

International Equity Fund

July 31, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Information about Fees, Performance and Expenses

•

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

•

Profitability analyses with respect to the adviser andsub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

•

Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

•

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

•

Data relating to the portfolio turnover rate of each fund;

Information about each Adviser andSub-adviser

•

Reports detailing the financial results and condition of the adviser andsub-adviser (where applicable) to each fund;

•

The Code of Ethics of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

•

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

•

Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any;


		32

Parametric

International Equity Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

•

Other Relevant Information

•

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

•

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

•

The terms of each investment advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Parametric International Equity Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and thesub-advisory agreement between the Adviser and Parametric Portfolio Associates LLC (the“Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement and thesub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement and thesub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and theSub-adviser.

The Board considered the Adviser’s and theSub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of theSub-adviser. The Board also noted the Adviser’sin-house equity research capabilities. With respect to theSub-adviser, the Board considered the abilities and experience of theSub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in global markets. The Board also noted theSub-adviser’s experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including theSub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and


		33

Parametric

International Equity Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for theone-, three- and five-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

Profitability and“Fall-Out” Benefits

Economies of Scale


		34

Parametric

International Equity Fund

July 31, 2019

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

*	Interested Trustee

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


		35

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT 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.

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.


		36

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

InvestmentSub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)260-0761

Fund Offices

Two International Place

Boston, MA 02110

LOGO

7771 7.31.19

LOGO

Parametric

Volatility Risk Premium -Defensive Fund

Semiannual Report

July 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.

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 1-800-260-0761. 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.

Semiannual Report July 31, 2019

Parametric

Volatility Risk Premium - Defensive Fund

Table of Contents


Performance			2

Fund Profile			3

Endnotes and Additional Disclosures			4

Fund Expenses			5

Financial Statements			6

Board of Trustees’ Contract Approval			21

Officers and Trustees			24

Important Notices			25

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Performance^1,2

Portfolio Managers Thomas C. 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		Six Months			One Year			Five Years			Since Inception
Institutional Class at NAV		02/09/2017		02/09/2017		5.63	%		3.36	%		—			6.33	%
Cboe S&P 500 BuyWrite Index^SM		—		—		7.73	%		1.30	%		6.24	%		6.35	%
S&P 500^®Index		—		—		11.32			7.99			11.33			13.12
ICE BofAML3-Month U.S. Treasury Bill Index		—		—		1.23			2.34			0.91			1.66
Blended Index		—		—		6.31			5.56			6.19			7.48


% Total Annual Operating Expense Ratio³														Institutional Class
															0.52	%

See Endnotes and Additional Disclosures in this report.


		2

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Fund Profile

Common Stock Sector Allocation (% of net assets)

LOGO

Asset Allocation (% of total investments)

LOGO

Top 10 Holdings (% of net assets)⁴



Microsoft Corp.	2.2	%

Apple, Inc.	1.9

Amazon.com, Inc.	1.6

Facebook, Inc., Class A	1.0

Berkshire Hathaway, Inc., Class B	0.9

JPMorgan Chase & Co.	0.9

Exxon Mobil Corp.	0.8

Johnson & Johnson	0.8

Visa, Inc., Class A	0.8

Procter & Gamble Co. (The)	0.7

Total	11.6	%

See Endnotes and Additional Disclosures in this report.


		3

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Endnotes and Additional Disclosures

Cboe S&P 500 BuyWrite Index^SM measures the performance of a hypotheticalbuy-write strategy on the S&P 500^® Index. S&P 500^® Index is an unmanaged index oflarge-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. ICE BofAML3-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 BofAML3-Month U.S. Treasury Bill Index, rebalanced monthly. 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.

³	Source: Fund prospectus. The expense ratio for the current reporting period can be found in the Financial Highlights section of this report.

⁴	Depictions do not reflect the Fund’s option positions. Excludes short-term investments.

Fund profile subject to change due to active management.


		4

Parametric

Volatility Risk Premium - Defensive Fund

July 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 (February 1, 2019 – July 31, 2019).


	Beginning Account Value (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)		Annualized Expense Ratio

Actual
Institutional Class	$	1,000.00	$	1,056.30	$	2.50		0.49	%

Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,022.40	$	2.46		0.49	%

Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2019.


		5

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited)


Common Stocks — 49.4%
Security	Shares		Value

Aerospace & Defense — 1.3%

Arconic, Inc.		27,825	$	696,738

Boeing Co. (The)		7,198		2,455,814

Huntington Ingalls Industries, Inc.		3,331		760,467

L3Harris Technologies, Inc.		4,662		967,831

Lockheed Martin Corp.		3,626		1,313,229

United Technologies Corp.		13,602		1,817,227

			$	8,011,306

Air Freight & Logistics — 0.2%

C.H. Robinson Worldwide, Inc.		8,292	$	694,289

Expeditors International of Washington, Inc.		7,489		571,785

			$	1,266,074

Airlines — 0.1%

Alaska Air Group, Inc.		11,292	$	715,461

			$	715,461

Auto Components — 0.1%

BorgWarner, Inc.		15,856	$	599,357

			$	599,357

Automobiles — 0.1%

Harley-Davidson, Inc.		13,521	$	483,781

			$	483,781

Banks — 3.0%

Bank of America Corp.		134,563	$	4,128,393

Citigroup, Inc.		38,244		2,721,443

Fifth Third Bancorp		28,979		860,386

JPMorgan Chase & Co.		46,464		5,389,824

People’s United Financial, Inc.		50,106		822,740

U.S. Bancorp		29,537		1,688,040

Wells Fargo & Co.		43,947		2,127,474

Zions Bancorp NA		12,453		561,257

			$	18,299,557

Beverages — 0.9%

Brown-Forman Corp., Class B		3,960	$	217,048

Coca-Cola Co. (The)		56,561		2,976,805

PepsiCo, Inc.		20,206		2,582,529

			$	5,776,382


Security	Shares		Value

Biotechnology — 1.1%

AbbVie, Inc.		21,765	$	1,449,984

Amgen, Inc.		11,392		2,125,519

Celgene Corp.⁽¹⁾		12,624		1,159,641

Gilead Sciences, Inc.		17,671		1,157,804

Nektar Therapeutics⁽¹⁾		4,184		119,077

Vertex Pharmaceuticals, Inc.⁽¹⁾		6,029		1,004,552

			$	7,016,577

Building Products — 0.2%

A.O. Smith Corp.		7,943	$	361,010

Allegion PLC		3,195		330,810

Fortune Brands Home & Security, Inc.		9,330		512,590

			$	1,204,410

Capital Markets — 1.4%

Affiliated Managers Group, Inc.		8,382	$	719,092

Cboe Global Markets, Inc.		7,980		872,294

E*TRADE Financial Corp.		17,582		857,826

Invesco Ltd.		46,313		888,746

Morgan Stanley		33,094		1,474,669

Nasdaq, Inc.		10,782		1,039,061

Raymond James Financial, Inc.		12,516		1,009,666

S&P Global, Inc.		6,528		1,599,033

			$	8,460,387

Chemicals — 1.1%

Albemarle Corp.		3,542	$	258,424

CF Industries Holdings, Inc.		6,810		337,504

Eastman Chemical Co.		10,763		810,992

Ecolab, Inc.		5,317		1,072,598

FMC Corp.		6,473		559,397

Linde PLC		10,130		1,937,666

Mosaic Co. (The)		20,859		525,438

Sherwin-Williams Co. (The)		2,262		1,160,497

			$	6,662,516

Commercial Services & Supplies — 0.1%

Republic Services, Inc.		8,359	$	741,025

Rollins, Inc.		4,681		156,954

			$	897,979

Communications Equipment — 0.7%

Cisco Systems, Inc.		64,819	$	3,590,972

F5 Networks, Inc.⁽¹⁾		4,537		665,669

			$	4,256,641


		6		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Construction & Engineering — 0.1%

Jacobs Engineering Group, Inc.		6,892	$	568,659

Quanta Services, Inc.		5,728		214,342

			$	783,001

Containers & Packaging — 0.3%

Amcor PLC⁽¹⁾		29,758	$	315,435

Avery Dennison Corp.		3,979		457,068

Packaging Corp. of America		5,499		555,234

Sealed Air Corp.		8,112		339,000

			$	1,666,737

Distributors — 0.1%

LKQ Corp.⁽¹⁾		15,734	$	423,717

			$	423,717

Diversified Consumer Services — 0.1%

H&R Block, Inc.		12,574	$	348,174

			$	348,174

Diversified Financial Services — 1.1%

Berkshire Hathaway, Inc., Class B⁽¹⁾		27,299	$	5,608,034

Jefferies Financial Group, Inc.		44,455		948,225

			$	6,556,259

Diversified Telecommunication Services — 1.1%

AT&T, Inc.		96,094	$	3,272,001

Verizon Communications, Inc.		57,679		3,187,918

			$	6,459,919

Electric Utilities — 0.9%

Alliant Energy Corp.		15,493	$	767,523

Entergy Corp.		9,151		966,528

Exelon Corp.		24,228		1,091,714

NextEra Energy, Inc.		9,047		1,874,267

Pinnacle West Capital Corp.		6,941		633,158

			$	5,333,190

Electrical Equipment — 0.2%

Eaton Corp. PLC		13,499	$	1,109,483

			$	1,109,483

Electronic Equipment, Instruments & Components — 0.3%

FLIR Systems, Inc.		9,058	$	449,821

IPG Photonics Corp.⁽¹⁾		2,428		318,092


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)

TE Connectivity, Ltd.		12,825	$	1,185,030

			$	1,952,943

Energy Equipment & Services — 0.3%

Helmerich & Payne, Inc.		7,181	$	356,752

National Oilwell Varco, Inc.		25,507		607,577

TechnipFMC PLC		29,800		820,692

			$	1,785,021

Entertainment — 1.0%

Netflix, Inc.⁽¹⁾		6,361	$	2,054,539

Walt Disney Co. (The)		26,690		3,816,937

			$	5,871,476

Equity Real Estate Investment Trusts (REITs) — 1.4%

Alexandria Real Estate Equities, Inc.		7,043	$	1,030,813

American Tower Corp.		8,555		1,810,409

Apartment Investment & Management Co., Class A		18,044		893,900

Duke Realty Corp.		24,299		809,886

Essex Property Trust, Inc.		2,799		845,914

Extra Space Storage, Inc.		6,118		687,602

Iron Mountain, Inc.		4,947		145,491

Kimco Realty Corp.		21,942		421,506

Public Storage		3,614		877,335

SL Green Realty Corp.		2,459		199,376

UDR, Inc.		18,410		847,964

			$	8,570,196

Food & Staples Retailing — 0.7%

Costco Wholesale Corp.		6,845	$	1,886,687

Kroger Co. (The)		18,737		396,475

Walmart, Inc.		20,837		2,299,988

			$	4,583,150

Food Products — 0.6%

Campbell Soup Co.		8,871	$	366,727

Conagra Brands, Inc.		18,754		541,428

Hormel Foods Corp.		19,852		813,733

JM Smucker Co. (The)		4,974		553,059

Kraft Heinz Co. (The)		20,084		642,889

McCormick & Co., Inc.		4,716		747,675

			$	3,665,511

Health Care Equipment & Supplies — 1.6%

Abbott Laboratories		31,494	$	2,743,127

Boston Scientific Corp.⁽¹⁾		30,856		1,310,145


		7		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Health Care Equipment & Supplies (continued)

Cooper Cos., Inc. (The)		2,087	$	704,154

Dentsply Sirona, Inc.		8,384		456,509

IDEXX Laboratories, Inc.⁽¹⁾		2,580		727,689

Intuitive Surgical, Inc.⁽¹⁾		1,937		1,006,291

Medtronic PLC		24,136		2,460,424

Teleflex, Inc.		1,069		363,182

			$	9,771,521

Health Care Providers & Services — 1.4%

Cardinal Health, Inc.		14,182	$	648,543

Cigna Corp.⁽¹⁾		8,996		1,528,600

CVS Health Corp.		19,177		1,071,419

DaVita, Inc.⁽¹⁾		9,953		595,687

Henry Schein, Inc.⁽¹⁾		9,155		609,174

UnitedHealth Group, Inc.		14,705		3,661,692

WellCare Health Plans, Inc.⁽¹⁾		2,000		574,500

			$	8,689,615

Hotels, Restaurants & Leisure — 0.8%

McDonald’s Corp.		12,120	$	2,553,926

Royal Caribbean Cruises, Ltd.		6,249		727,009

Starbucks Corp.		18,680		1,768,809

			$	5,049,744

Household Durables — 0.3%

Garmin, Ltd.		2,621	$	205,984

Leggett & Platt, Inc.		3,079		123,068

Mohawk Industries, Inc.⁽¹⁾		2,742		341,900

Newell Brands, Inc.		28,688		407,083

PulteGroup, Inc.		15,071		474,887

Whirlpool Corp.		1,073		156,100

			$	1,709,022

Household Products — 0.8%

Clorox Co. (The)		4,039	$	656,741

Procter & Gamble Co. (The)		37,710		4,451,289

			$	5,108,030

Industrial Conglomerates — 0.6%

3M Co.		2,991	$	522,588

General Electric Co.		122,047		1,275,391

Honeywell International, Inc.		12,631		2,178,342

			$	3,976,321

Insurance — 1.1%

Aflac, Inc.		18,731	$	986,000

Arthur J. Gallagher & Co.		11,912		1,077,202


Security	Shares		Value

Insurance (continued)

Assurant, Inc.		3,144	$	356,404

Everest Re Group, Ltd.		2,316		571,218

Hartford Financial Services Group, Inc.		19,607		1,129,952

Progressive Corp. (The)		16,508		1,336,818

Torchmark Corp.		10,800		986,256

Unum Group		9,173		293,077

			$	6,736,927

Interactive Media & Services — 2.4%

Alphabet, Inc., Class A⁽¹⁾		3,433	$	4,182,081

Alphabet, Inc., Class C⁽¹⁾		3,492		4,248,646

Facebook, Inc., Class A⁽¹⁾		31,351		6,089,305

TripAdvisor, Inc.⁽¹⁾		3,538		156,203

			$	14,676,235

Internet & Direct Marketing Retail — 1.9%

Amazon.com, Inc.⁽¹⁾		5,379	$	10,041,410

Booking Holdings, Inc.⁽¹⁾		727		1,371,565

			$	11,412,975

IT Services — 2.8%

Accenture PLC, Class A		11,019	$	2,122,039

Global Payments, Inc.		5,044		846,988

International Business Machines Corp.		14,351		2,127,392

Mastercard, Inc., Class A		13,925		3,791,360

PayPal Holdings, Inc.⁽¹⁾		18,774		2,072,650

VeriSign, Inc.⁽¹⁾		3,803		802,775

Visa, Inc., Class A		26,264		4,674,992

Western Union Co. (The)		24,232		508,872

			$	16,947,068

Life Sciences Tools & Services — 0.4%

PerkinElmer, Inc.		4,867	$	419,146

Thermo Fisher Scientific, Inc.		7,384		2,050,389

			$	2,469,535

Machinery — 0.5%

Flowserve Corp.		6,338	$	317,090

PACCAR, Inc.		13,853		971,650

Pentair PLC		14,053		545,397

Stanley Black & Decker, Inc.		6,382		941,919

Wabtec Corp.		5,757		447,204

			$	3,223,260

Media — 0.7%

Comcast Corp., Class A		61,759	$	2,666,136

Discovery, Inc., Class A⁽¹⁾		6,335		192,014


		8		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Media (continued)

Discovery, Inc., Class C⁽¹⁾		8,661	$	244,587

DISH Network Corp., Class A⁽¹⁾		7,168		242,708

Fox Corp., Class B⁽¹⁾		4,170		155,124

Interpublic Group of Cos., Inc. (The)		8,192		187,761

News Corp., Class A		13,407		176,436

News Corp., Class B		8,717		117,331

			$	3,982,097

Metals & Mining — 0.1%

Freeport-McMoRan, Inc.		37,032	$	409,574

			$	409,574

Multi-Utilities — 0.7%

Centerpoint Energy, Inc.		17,448	$	506,166

CMS Energy Corp.		17,481		1,017,744

Dominion Energy, Inc.		16,644		1,236,483

NiSource, Inc.		20,591		611,347

WEC Energy Group, Inc.		11,345		969,544

			$	4,341,284

Multiline Retail — 0.1%

Dollar Tree, Inc.⁽¹⁾		6,234	$	634,309

Kohl’s Corp.		3,301		177,792

			$	812,101

Oil, Gas & Consumable Fuels — 2.1%

Apache Corp.		25,929	$	633,186

Cabot Oil & Gas Corp.		21,553		412,955

Chevron Corp.		29,791		3,667,570

Devon Energy Corp.		27,061		730,647

Exxon Mobil Corp.		63,830		4,746,399

Hess Corp.		11,659		755,970

HollyFrontier Corp.		9,414		468,535

Marathon Oil Corp.		12,197		171,612

ONEOK, Inc.		16,167		1,132,983

			$	12,719,857

Personal Products — 0.0%⁽²⁾

Coty, Inc., Class A		22,650	$	247,111

			$	247,111

Pharmaceuticals — 2.2%

Bristol-Myers Squibb Co.		6,367	$	282,758

Eli Lilly & Co.		12,143		1,322,980

Johnson & Johnson		36,201		4,714,094

Merck & Co., Inc.		35,726		2,964,901


Security	Shares		Value

Pharmaceuticals (continued)

Mylan N.V.⁽¹⁾		24,924	$	520,912

Perrigo Co. PLC		6,647		359,005

Pfizer, Inc.		87,298		3,390,654

			$	13,555,304

Professional Services — 0.2%

Equifax, Inc.		2,588	$	359,965

Robert Half International, Inc.		3,918		236,686

Verisk Analytics, Inc.		5,648		856,915

			$	1,453,566

Real Estate Management & Development — 0.1%

CBRE Group, Inc., Class A⁽¹⁾		10,710	$	567,737

			$	567,737

Road & Rail — 0.5%

J.B. Hunt Transport Services, Inc.		4,023	$	411,835

Kansas City Southern		3,414		422,448

Union Pacific Corp.		12,332		2,219,143

			$	3,053,426

Semiconductors & Semiconductor Equipment — 1.8%

Broadcom, Inc.		6,007	$	1,741,970

Intel Corp.		56,156		2,838,686

KLA Corp.		8,434		1,149,723

NVIDIA Corp.		9,384		1,583,268

Qorvo, Inc.⁽¹⁾		7,831		573,934

QUALCOMM, Inc.		15,073		1,102,741

Texas Instruments, Inc.		18,497		2,312,310

			$	11,302,632

Software — 3.5%

Adobe, Inc.⁽¹⁾		8,277	$	2,473,664

Intuit, Inc.		4,597		1,274,794

Microsoft Corp.		98,567		13,431,725

Oracle Corp.		35,863		2,019,087

salesforce.com, Inc.⁽¹⁾		12,485		1,928,933

			$	21,128,203

Specialty Retail — 1.2%

CarMax, Inc.⁽¹⁾		7,873	$	690,935

Home Depot, Inc. (The)		17,224		3,680,597

L Brands, Inc.		13,896		360,601

Lowe’s Cos., Inc.		11,001		1,115,501

Ross Stores, Inc.		11,737		1,244,474

			$	7,092,108


		9		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 2.0%

Apple, Inc.		55,198	$	11,759,382

NetApp, Inc.		2,704		158,157

Western Digital Corp.		5,965		321,454

Xerox Corp.		9,277		297,791

			$	12,536,784

Textiles, Apparel & Luxury Goods — 0.4%

Hanesbrands, Inc.		18,023	$	289,990

NIKE, Inc., Class B		18,784		1,615,987

Ralph Lauren Corp.		1,633		170,208

Tapestry, Inc.		10,153		314,032

Under Armour, Inc., Class A⁽¹⁾		7,697		177,570

Under Armour, Inc., Class C⁽¹⁾		6,050		123,057

			$	2,690,844

Tobacco — 0.4%

Altria Group, Inc.		13,624	$	641,282

Philip Morris International, Inc.		23,045		1,926,792

			$	2,568,074

Trading Companies & Distributors — 0.2%

Fastenal Co.		9,722	$	299,438

United Rentals, Inc.⁽¹⁾		3,088		390,786

W.W. Grainger, Inc.		1,219		354,766

			$	1,044,990

Water Utilities — 0.1%

American Water Works Co., Inc.		5,263	$	604,087

			$	604,087

Total Common Stocks (identified cost $258,447,355)			$	302,639,237

Short-Term Investments — 50.5%

U.S. Treasury Obligations — 49.3%
Security	Principal Amount (000’s omitted)		Value

U.S. Treasury Bills:

0.00%, 9/19/19⁽³⁾	$	25,500	$	25,432,434

0.00%, 4/23/20⁽³⁾		23,500		23,160,218

0.00%, 6/18/20		28,890		28,386,842

0.00%, 7/16/20		44,549		43,710,628

			$	120,690,122


Security	Principal Amount (000’s omitted)		Value

U.S. Treasury Notes:

1.25%, 8/31/19⁽³⁾	$	25,000	$	24,981,256

0.875%, 9/15/19⁽³⁾		30,550		30,503,436

1.00%, 10/15/19		23,860		23,806,408

1.00%, 11/30/19		28,000		27,892,266

1.375%, 12/15/19		23,700		23,638,899

1.25%, 1/31/20		23,990		23,886,449

1.50%, 6/15/20		26,288		26,159,839

			$	180,868,553

Total U.S. Treasury Obligations (identified cost $301,359,297)			$	301,558,675

Other — 1.2%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 2.31%⁽⁴⁾		7,426,614	$	7,426,614

Total Other (identified cost $7,426,501)			$	7,426,614

Total Short-Term Investments (identified cost $308,785,798)			$	308,985,289

Total Investments — 99.9% (identified cost $567,233,153)			$	611,624,526

Total Written Options — (0.3)% (premiums received $2,197,128)			$	(1,760,023	)

Other Assets, Less Liabilities — 0.4%			$	2,274,593

Net Assets — 100.0%			$	612,139,096

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

⁽¹⁾	Non-income producing security.

⁽²⁾	Amount is less than 0.05%.

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

⁽⁴⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2019.


		10		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued


Written Call Options — (0.1)%

Exchange-Traded Options — (0.1)%

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value

S&P 500 Index		75	$	22,352,850	$	3,055	8/2/19	$	(1,312	)

S&P 500 Index		91		27,121,458		3,045	8/5/19		(5,915	)

S&P 500 Index		82		24,439,116		3,055	8/7/19		(5,535	)

S&P 500 Index		82		24,439,116		3,070	8/9/19		(4,305	)

S&P 500 Index		82		24,439,116		3,075	8/12/19		(4,510	)

S&P 500 Index		81		24,141,078		3,055	8/14/19		(22,883	)

S&P 500 Index		84		25,035,192		3,045	8/16/19		(48,300	)

S&P 500 Index		82		24,439,116		3,050	8/19/19		(44,280	)

S&P 500 Index		90		26,823,420		3,070	8/21/19		(28,800	)

S&P 500 Index		90		26,823,420		3,085	8/23/19		(21,150	)

S&P 500 Index		83		24,737,154		3,080	8/26/19		(27,390	)

S&P 500 Index		87		25,929,306		3,050	8/28/19		(94,395	)

Total								$	(308,775	)

Written Put Options — (0.2)%

Exchange-Traded Options — (0.2)%

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value

S&P 500 Index		87	$	25,929,306	$	2,900	8/2/19	$	(27,623	)

S&P 500 Index		88		26,227,344		2,875	8/5/19		(26,180	)

S&P 500 Index		88		26,227,344		2,900	8/7/19		(59,840	)

S&P 500 Index		88		26,227,344		2,915	8/9/19		(100,320	)

S&P 500 Index		88		26,227,344		2,920	8/12/19		(118,360	)

S&P 500 Index		84		25,035,192		2,900	8/14/19		(101,640	)

S&P 500 Index		88		26,227,344		2,890	8/16/19		(113,960	)

S&P 500 Index		88		26,227,344		2,890	8/19/19		(118,800	)

S&P 500 Index		90		26,823,420		2,920	8/21/19		(189,450	)

S&P 500 Index		88		26,227,344		2,935	8/23/19		(230,560	)

S&P 500 Index		90		26,823,420		2,920	8/26/19		(208,350	)

S&P 500 Index		87		25,929,306		2,870	8/28/19		(156,165	)

Total								$	(1,451,248	)


		11		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Statement of Assets and Liabilities (Unaudited)


Assets	July 31, 2019

Unaffiliated investments, at value (identified cost, $559,806,652)	$	604,197,912

Affiliated investment, at value (identified cost, $7,426,501)		7,426,614

Dividends receivable		253,062

Interest receivable		442,880

Dividends receivable from affiliated investment		15,211

Receivable for premiums on written options		201,666

Receivable for Fund shares sold		3,183,455

Total assets	$	615,720,800

Liabilities

Written options outstanding, at value (premiums received, $2,197,128)	$	1,760,023

Payable for investments purchased		998,315

Payable for closed written options		3,521

Payable for Fund shares redeemed		490,901

Payable to affiliate:

Investment adviser and administration fee		203,402

Accrued expenses		125,542

Total liabilities	$	3,581,704

Net Assets	$	612,139,096

Sources of Net Assets

Paid-in capital	$	578,386,175

Distributable earnings		33,752,921

Total	$	612,139,096

Institutional Class Shares

Net Assets	$	612,139,096

Shares Outstanding		53,490,192

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	11.44


		12		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Statement of Operations (Unaudited)


Investment Income	Six Months Ended July 31, 2019

Dividends (net of foreign taxes, $232)	$	2,647,243

Dividends from affiliated investment		142,296

Interest		3,033,799

Total investment income	$	5,823,338

Expenses

Investment adviser and administration fee	$	1,039,007

Trustees’ fees and expenses		14,610

Custodian fee		71,895

Transfer and dividend disbursing agent fees		74,230

Legal and accounting services		31,219

Printing and postage		5,614

Registration fees		32,730

Miscellaneous		14,568

Total expenses	$	1,283,873

Net investment income	$	4,539,465

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(2,661,247	)

Investment transactions — affiliated investment		(1,317	)

Written options		(1,485,084	)

Net realized loss	$	(4,147,648	)

Change in unrealized appreciation (depreciation) —

Investments	$	26,264,765

Investments — affiliated investment		113

Written options		1,095,982

Net change in unrealized appreciation (depreciation)	$	27,360,860

Net realized and unrealized gain	$	23,213,212

Net increase in net assets from operations	$	27,752,677


		13		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

From operations —

Net investment income	$	4,539,465		$	4,861,934

Net realized loss		(4,147,648	)		(7,520,862	)

Net change in unrealized appreciation (depreciation)		27,360,860			3,037,018

Net increase in net assets from operations	$	27,752,677		$	378,090

Distributions to shareholders	$	—		$	(4,589,694	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares	$	164,261,855		$	362,151,763

Net asset value of shares issued to shareholders in payment of distributions declared		—			3,283,866

Cost of shares redeemed		(19,533,816	)		(116,156,718	)

Net increase in net assets from Fund share transactions	$	144,728,039		$	249,278,911

Net increase in net assets	$	172,480,716		$	245,067,307

Net Assets

At beginning of period	$	439,658,380		$	194,591,073

At end of period	$	612,139,096		$	439,658,380


		14		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Financial Highlights


	Institutional Class
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019			Period Ended January 31, 2018⁽¹⁾

Net asset value — Beginning of period	$	10.830		$	11.020		$	10.000

Income (Loss) From Operations

Net investment income⁽²⁾	$	0.097		$	0.165		$	0.104

Net realized and unrealized gain (loss)		0.513			(0.226	)		0.974

Total income (loss) from operations	$	0.610		$	(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	$	11.440		$	10.830		$	11.020

Total Return⁽³⁾		5.63	%⁽⁴⁾		(0.55	)%		10.79	%⁽⁴⁾⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	612,139		$	439,658		$	194,591

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

Expenses		0.49	%⁽⁶⁾		0.52	%		0.55	%⁽⁵⁾⁽⁶⁾

Net investment income		1.74	%⁽⁶⁾		1.50	%		1.00	%⁽⁶⁾

Portfolio Turnover		12	%⁽⁴⁾		55	%		26	%⁽⁴⁾

⁽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⁾	Not annualized.

⁽⁵⁾	The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.08% of average daily net assets for the period ended January 31, 2018). Absent this reimbursement, total return would be lower.

⁽⁶⁾	Annualized.


		15		See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Parametric Volatility RiskPremium - Defensive Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’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.

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.

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 and over-the-counter options are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s “fair value”, which is 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 statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

As of July 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.


		16

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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.

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

H Written Options — Upon the writing of a call or a put option, the premium received by the Fund is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Fund’s policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Fund is required to deliver an amount of cash determined by the excess of the 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 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.

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.

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



Aggregate cost	$	565,168,190

Gross unrealized appreciation	$	46,292,576

Gross unrealized depreciation		(1,596,263	)

Net unrealized appreciation	$	44,696,313


		17

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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 six months ended July 31, 2019, the investment adviser and administration fee amounted to $1,039,007 or 0.40% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Prior to June 1, 2019, EVM and Parametric had agreed to reimburse the Fund’s expenses to the extent that total annual Fund operating expenses (relating to ordinary operating expenses only) exceeded 0.55% of the Fund’s average daily net assets. Pursuant to this agreement, EVM and Parametric reimbursed no operating expenses for the six months ended July 31, 2019.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $88,208,983 and $32,527,847, respectively, for the six months ended July 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	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019

Sales		14,639,932			33,112,331

Issued to shareholders electing to receive payments of distributions in Fund shares		—			303,219

Redemptions		(1,735,159	)		(10,481,974	)

Net increase		12,904,773			22,933,576

6 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at July 31, 2019 is included in the Portfolio of Investments. At July 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). Premiums received from writing options can offset the equity risk premium foregone.


		18

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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 July 31, 2019 was as follows:


	Fair Value
Derivative	Asset Derivative		Liability Derivative⁽¹⁾

Written options	$	—	$	(1,760,023	)

⁽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 six months ended July 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	$	(1,485,084	)	$	(1,095,982	)

⁽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 six months ended July 31, 2019, which is indicative of the volume of this derivative type, was 1,890 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)


		19

Parametric

Volatility RiskPremium - Defensive Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

At July 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	$	302,639,237	*	$	—	$	—	$	302,639,237

Short-Term Investments —

U.S. Treasury Obligations		—			301,558,675		—		301,558,675

Other		—			7,426,614		—		7,426,614

Total Investments	$	302,639,237		$	308,985,289	$	—	$	611,624,526

Liability Description

Written Call Options	$	(308,775	)	$	—	$	—	$	(308,775	)

Written Put Options		(1,451,248	)		—		—		(1,451,248	)

Total	$	(1,760,023	)	$	—	$	—	$	(1,760,023	)

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


		20

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.

Information about Fees, Performance and Expenses

•

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

•

Comparative information concerning the fees charged and services provided by the adviser and sub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

•

Profitability analyses with respect to the adviser and sub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

•

Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

•

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

•

Information about the policies and practices of each fund’s adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

•

Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

•

Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

•

Reports detailing the financial results and condition of the adviser and sub-adviser (where applicable) to each fund;

•

The Code of Ethics of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

•

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

•

Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

•

Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any;


		21

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

•

A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

•

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

•

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

•

The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

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

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Parametric Volatility Risk Premium – Defensive Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of theSub-adviser. With respect to the Sub-adviser, the Board took into account the resources available to the Sub-adviser in fulfilling its duties under thesub-advisory agreement and the experience of the Sub-adviser’s investment professionals in analyzing factors such as tax and other special considerations relevant to investing in stocks and selling call and put options on one or more U.S. indices. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

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


		22

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. In light of the Fund’s relatively brief operating history, the Board concluded that additional time is required to evaluate Fund performance.

Management Fees and Expenses

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

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale


		23

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

*	Interested Trustee

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


		24

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT 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.

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.


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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

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

LOGO

24692 7.31.19

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this 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 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:		September 25, 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:		September 25, 2019

By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		September 25, 2019

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