Eaton Vance Floating Rate Fund (EIBLX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617)482-8260

(Registrant’s Telephone Number)

January 31

Date of Fiscal Year End

January 31, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Emerging Markets Debt Fund

Annual Report

January 31, 2020

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

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

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

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 call 1-800-262-1122.

Annual ReportJanuary 31, 2020

Eaton Vance

Emerging Markets Debt Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Report of Independent Registered Public Accounting Firm	23
Federal Tax Information	24
Management and Organization	25
Important Notices	28

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

U.S. dollar-denominated emerging market (EM) debt delivered strong performance for the 12-month period ended January 31, 2020. Bond prices trended upward for the majority of the period, with the J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified (the Index),² a broad measure of the asset class, returning 11.85%.

Several factors drove the performance of EM debt, with the largest contributor being actions taken by multiple central banks of developed economies. Dovish remarks about interest rates by the U.S. Federal Reserve (the Fed) early in the period were followed by the Fed’s first federal funds rate reduction in over a decade on July 31, 2019, and two additional rate cuts in September and October. By end of the third quarter, 60 central banks around the world had lowered interest rates. Falling rates on developed-market sovereign debt made dollar-denominated, higher interest EM debt look more attractive by comparison, and the EM debt asset class saw strong inflows that put upward pressure on prices during the period.

Aided by improvement in economic fundamentals in a number of EM countries, spreads — the difference in yields between U.S. Treasurys and EM bonds — tightened during the period, providing an additional boost in value for existing EM bonds. The Fed and European Central Bank also restarted their bond-buying programs during the period, injecting money into global markets. EM debt was one asset class that benefited as investors looked for places to invest those additional funds. Other factors that supported the EM-debt rally included relatively attractive valuations, a largely flat U.S. dollar, and oil prices that were volatile, but ended the period up only marginally.

Following a difficult 2018 for EM bonds, compelling valuations early in the period helped make the asset class attractive to investors. Relative to overseas currencies, the value of the U.S. dollar was generally flat during the period, making the dollar a relatively benign factor for EM debt issuers. By comparison, a rising dollar may make dollar-denominated EM debt more difficult for EM issuers to repay. Similarly, the effect of oil prices was also relatively benign during the period. The price of Brent Crude, the benchmark for non-U.S.-produced oil, rose less than 6% during the period. This was helpful for oil exporters such as Mexico and Brazil, but small enough not to be a challenge for oil importers such as India and China during the period.

Fund Performance

For the 12-month period ended January 31, 2020, Eaton Vance Emerging Markets Debt Fund (the Fund) returned 15.57% for Class I shares at net asset value (NAV), outperforming its benchmark, the Index, which returned 11.85%.

On a regional basis, the largest contributors to Fund performance versus the Index were security selections in Eastern Europe, Africa, and the Middle East. In Eastern Europe, an overweight holding in Ukrainian sovereign debt was the Fund’s largest single-country position and the largest country contributor to

performance, relative to the Index. The April 21, 2019 landslide election of President Volodymyr Zelensky — generally viewed as a political outsider in a country known for corruption among its political class and billionaire oligarchs — was widely seen as a turning point toward fiscal responsibility, the rule of law, and a more free-market economy. Following the election, Ukrainian sovereign bonds, which had defaulted as recently as 2015, rallied strongly during the period as their yield spread to U.S. Treasurys declined by nearly two-thirds. A declining yield spread — the difference in yield between a bond and U.S. Treasurys — generally indicates increased investor confidence that a bond will be repaid.

In Africa, the Fund’s overweight position in Egyptian sovereign debt helped relative results as well during the period. Egyptian bonds rallied in response to progress on financial reforms instituted with the help of the International Monetary Fund. In the Middle East, underweighting Lebanese sovereign debt — and the sell-off of that debt during the period — also contributed to relative Fund performance, as Lebanon’s insolvent central bank proved incapable of making most loan payments.

The Fund’s use of derivatives contributed to returns versus the Index during the period. Interest rate futures and swaps, which were used to manage interest-rate exposures, positively impacted performance. Currency forwards, generally used to hedge euro exposure in the Fund’s euro-denominated holdings, contributed as well. Sovereign credit default swaps also contributed to performance versus the Index during the period.

In contrast, the Fund’s U.S. duration positioning and exposure to Latin American debt detracted from performance versus the Index during the period. The Fund’s average duration, or sensitivity to interest-rate changes, was generally less than that of the Index during the period. As a result, the Fund benefited less than the Index from falling interest rates.

In Latin America, the Fund’s overweight position in Argentinian sovereign debt negatively impacted relative results. Early in the period, it was widely expected that Argentina’s then-president, Mauricio Macri, would be competitive in the August 11 primary election and win the general election in October. Macri had instituted positive economic reforms that had helped Argentinian bond performance. But after Marci lost the primary election to populist Alberto Fernández by a large margin, bond prices plummeted in anticipation of less investor-friendly policies under a new government. By period-end, Argentinian bonds held by the Fund were sold.

On an individual country basis, the Fund’s position in Turkish sovereign debt detracted from relative performance during the period as well. Turkish bonds sold off as investors appeared to lose confidence in the ability of the country’s central bank to protect the value of its currency and positively affect the economy.

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Performance^2,3

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class I at NAV		05/01/2018		05/01/2018		15.57	%		—			9.43	%
J.P. Morgan Emerging Market Bond Index (EMBI) Global		—		—		11.85	%		6.36	%		8.75	%
Diversified
% Total Annual Operating Expense Ratios4											Class I
Gross												3.09	%
Net												0.85

Growth of $250,000

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

Fund Profile

Asset Allocation (% of net assets)⁵

Foreign Currency Exposure (% of net assets)⁶

Ukraine	12.1	%	Bahamas	2.6	%
Egypt	10.7		Jordan	2.6
Nigeria	6.7		Mexico	2.6
Kenya	6.4		Angola	2.5
El Salvador	5.3		Pakistan	2.5
Tanzania	4.8		Fiji	2.4
Indonesia	4.3		Ghana	2.4
Costa Rica	3.5		Benin	2.0
Barbados	3.4		Ecuador	2.0
Colombia	2.9		Vietnam	1.8
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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Endnotes and Additional Disclosures

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

²  J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified is a market-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.

³  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.

⁴  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.

⁵  Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

⁶  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 – January 31, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)			Annualized Expense Ratio
Actual
Class I	$	1,000.00	$	1,060.40	$	4.41	**		0.85	%
Hypothetical*
(5% return per year before expenses)
Class I	$	1,000.00	$	1,020.90	$	4.33	**		0.85	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2019.

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

5

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Portfolio of Investments

Foreign Government Bonds — 67.3%
Security		Principal Amount (000’s omitted)		Value
Angola — 2.5%
Republic of Angola, 8.25%, 5/9/28(1)	USD		200	$	215,939
Total Angola				$	215,939
Bahamas — 2.6%
Commonwealth of Bahamas, 5.75%, 1/16/24(1)	USD		200	$	217,752
Total Bahamas				$	217,752
Bahrain — 2.7%
Bahrain Government International Bond, 7.00%, 1/26/26(1)	USD		200	$	234,610
Total Bahrain				$	234,610
Barbados — 3.4%
Government of Barbados, 6.50%, 2/1/21(2)	USD		17	$	16,691
Government of Barbados, 6.50%, 10/1/29(2)	USD		271		274,929
Total Barbados				$	291,620
Benin — 2.0%
Benin Government International Bond, 5.75%, 3/26/26(1)	EUR		150	$	172,541
Total Benin				$	172,541
Colombia — 2.9%
Republic of Colombia, 5.00%, 6/15/45	USD		200	$	243,487
Total Colombia				$	243,487
Costa Rica — 3.5%
Costa Rica Government International Bond, 7.158%, 3/12/45(1)	USD		280	$	300,915
Total Costa Rica				$	300,915
Ecuador — 2.0%
Republic of Ecuador, 7.875%, 3/27/25(1)	USD		200	$	171,650
Total Ecuador				$	171,650
Egypt — 10.7%
Arab Republic of Egypt, 8.15%, 11/20/59(1)	USD		200	$	219,444
Arab Republic of Egypt, 8.50%, 1/31/47(1)	USD		400		458,693
Arab Republic of Egypt, 8.70%, 3/1/49(1)	USD		200		231,053
Total Egypt				$	909,190

Security		Principal Amount (000’s omitted)		Value
El Salvador — 5.3%
Republic of El Salvador, 7.125%, 1/20/50(1)	USD		200	$	219,587
Republic of El Salvador, 7.65%, 6/15/35(1)	USD		200		233,189
Total El Salvador				$	452,776
Fiji — 2.4%
Republic of Fiji, 6.625%, 10/2/20(1)	USD		200	$	201,000
Total Fiji				$	201,000
Ghana — 2.4%
Ghana Government International Bond, 8.95%, 3/26/51(1)	USD		200	$	205,058
Total Ghana				$	205,058
Jordan — 2.6%
Jordan Government International Bond, 7.375%, 10/10/47(1)	USD		200	$	220,377
Total Jordan				$	220,377
Kenya — 2.5%
Republic of Kenya, 7.25%, 2/28/28(1)	USD		200	$	216,472
Total Kenya				$	216,472
Nigeria — 5.2%
Republic of Nigeria, 7.875%, 2/16/32(1)	USD		200	$	209,675
Republic of Nigeria, 8.747%, 1/21/31(1)	USD		207		231,861
Total Nigeria				$	441,536
Pakistan — 2.5%
Pakistan Government International Bond, 6.875%, 12/5/27(1)	USD		200	$	211,850
Total Pakistan				$	211,850
Ukraine — 12.1%
Ukraine Government International Bond, 0.00%,GDP-Linked, 5/31/40(1)(2)(3)	USD		289	$	287,194
Ukraine Government International Bond, 9.75%, 11/1/28(1)	USD		600		748,535
Total Ukraine				$	1,035,729
Total Foreign Government Bonds (identified cost $5,263,300)				$	5,742,502

6 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Portfolio of Investments — continued

Foreign Corporate Bonds — 8.7%
Security		Principal Amount (000’s omitted)		Value
Indonesia — 4.3%
Perusahaan Listrik Negara PT, 5.25%, 10/24/42(1)	USD		320	$	364,299
Total Indonesia				$	364,299
Mexico — 2.6%
Petroleos Mexicanos, 6.50%, 3/13/27	USD		200	$	217,404
Total Mexico				$	217,404
Vietnam — 1.8%
Debt and Asset Trading Corp., 1.00%, 10/10/25(1)	USD		200	$	156,000
Total Vietnam				$	156,000
Total Foreign Corporate Bonds (identified cost $657,352)				$	737,703
Sovereign Loans — 10.2%
Borrower		Principal Amount (000’s omitted)		Value
Kenya — 3.9%
Republic Government of Kenya, Term Loan, 8.37%, (6 mo. USD LIBOR + 6.45%), Maturing June 29, 2025(4)		$	325	$	327,757
Total Kenya				$	327,757
Nigeria — 1.5%
Bank of Industry Limited, Term Loan, 7.85%, (3 mo. USD LIBOR + 6.00%), Maturing April 11, 2021(4)(5)		$	125	$	128,379
Total Nigeria				$	128,379
Tanzania — 4.8%
Government of the United Republic of Tanzania, Term Loan, 7.09%, (6 mo. USD LIBOR + 5.20%), Maturing June 23, 2022(4)		$	400	$	412,358
Total Tanzania				$	412,358
Total Sovereign Loans (identified cost $846,223)				$	868,494

Short-Term Investments— 6.9%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.74%(6)		588,958	$	589,017
Total Short-Term Investments (identified cost $588,982)			$	589,017
Total Investments — 93.1% (identified cost $7,355,857)			$	7,937,716
Other Assets, Less Liabilities — 6.9%			$	592,271
Net Assets — 100.0%			$	8,529,987

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

⁽¹⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At January 31, 2020, the aggregate value of these securities is $5,727,694 or 67.1% of the Fund’s net assets.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2020, the aggregate value of these securities is $578,814 or 6.8% of the Fund’s net assets.

⁽³⁾  Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment.

⁽⁴⁾  Variable rate security. The stated interest rate represents the rate in effect at January 31, 2020.

⁽⁵⁾  Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽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 January 31, 2020.

7 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Portfolio of Investments — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
USD	155,475	EUR	139,188		4/9/20	$	492
						$	492

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	102,821	USD	114,742	Goldman Sachs International		2/24/20	$	—	$	(570	)
USD	114,580	EUR	102,821	Goldman Sachs International		2/24/20		407		—
							$	407	$	(570	)

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
Euro-Bobl		1		Short		3/6/20	$	(149,677	)	$	(932	)
U.S.5-Year Treasury Note		20		Long		3/31/20		2,406,406			23,436
U.S.10-Year Treasury Note		18		Long		3/20/20		2,369,812			33,709
U.S. Long Treasury Bond		3		Long		3/20/20		490,594			11,152
U.S. Ultra-Long Treasury Bond		5		Long		3/20/20		968,438			24,837
										$	92,202

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	50	Receives	6-month EURIBOR (pays semi-annually)	(0.53)% (pays annually)		8/22/24	$	564		$	—		$	564
USD	200	Receives	3-month USD-LIBOR (pays quarterly)	3.06% (pays semi-annually)		10/2/23		(14,100	)		(18	)		(14,118	)
USD	19	Pays	3-month USD-LIBOR (pays quarterly)	2.36% (pays semi-annually)		4/29/24		927			—			927
USD	35	Pays	3-monthUSD-LIBOR (pays quarterly)	2.33% (pays semi-annually)		4/30/24		1,661			—			1,661
USD	203	Receives	3-monthUSD-LIBOR (pays quarterly)	1.44% (pays semi-annually)		9/26/24		(1,649	)		—			(1,649	)
USD	197	Receives	3-monthUSD-LIBOR (pays quarterly)	1.74% (pays semi-annually)		12/16/26		(4,798	)		—			(4,798	)

8 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date		Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
USD	145	Receives	3-month USD-LIBOR (pays quarterly)	2.63% (pays semi-annually)		3/25/29	$	(15,959	)	$	1,259		$	(14,700	)
USD	300	Pays	3-monthUSD-LIBOR (pays quarterly)	2.34% (pays semi-annually)		5/17/29		23,893			—			23,893
USD	438	Receives	3-monthUSD-LIBOR (pays quarterly)	2.09% (pays semi-annually)		7/15/29		(25,109	)		141			(24,968	)
USD	190	Receives	3-monthUSD-LIBOR (pays quarterly)	1.35% (pays semi-annually)		9/6/29		1,129			—			1,129
USD	194	Receives	3-monthUSD-LIBOR (pays quarterly)	1.66% (pays semi-annually)		9/16/29		(4,441	)		—			(4,441	)
USD	150	Receives	3-monthUSD-LIBOR (pays quarterly)	1.69% (pays semi-annually)		10/22/29		(4,014	)		—			(4,014	)
USD	185	Pays	3-monthUSD-LIBOR (pays quarterly)	1.70% (pays semi-annually)		10/24/29		5,104			—			5,104
USD	220	Receives	3-monthUSD-LIBOR (pays quarterly)	1.74% (pays semi-annually)		12/12/29		(5,735	)		—			(5,735	)
USD	150	Receives	3-monthUSD-LIBOR (pays quarterly)	1.74% (pays semi-annually)		12/12/29		(4,011	)		—			(4,011	)
USD	42	Receives	3-monthUSD-LIBOR (pays quarterly)	1.78% (pays semi-annually)		1/28/40		(1,068	)		—			(1,068	)
USD	170	Receives	3-monthUSD-LIBOR (pays quarterly)	1.71% (pays semi-annually)		2/3/40		(2,219	)		—			(2,219	)
USD	95	Receives	3-monthUSD-LIBOR (pays quarterly)	2.88% (pays semi-annually)		1/31/49		(26,587	)		(48	)		(26,635	)
USD	125	Receives	3-monthUSD-LIBOR (pays quarterly)	2.54% (pays semi-annually)		5/17/49		(25,636	)		—			(25,636	)
USD	116	Receives	3-monthUSD-LIBOR (pays quarterly)	2.21% (pays semi-annually)		8/1/49		(15,352	)		—			(15,352	)
USD	90	Receives	3-monthUSD-LIBOR (pays quarterly)	1.57% (pays semi-annually)		8/29/49		1,789			—			1,789
USD	99	Receives	3-monthUSD-LIBOR (pays quarterly)	1.65% (pays semi-annually)		9/9/49		45			—			45
USD	7	Receives	3-monthUSD-LIBOR (pays quarterly)	1.70% (pays semi-annually)		9/12/49		(77	)		—			(77	)
USD	72	Receives	3-monthUSD-LIBOR (pays quarterly)	1.89% (pays semi-annually)		10/24/49		(4,143	)		—			(4,143	)
USD	110	Receives	3-monthUSD-LIBOR (pays quarterly)	1.87% (pays semi-annually)		10/25/49		(5,810	)		—			(5,810	)
USD	98	Receives	3-monthUSD-LIBOR (pays quarterly)	1.97% (pays semi-annually)		11/15/49		(6,970	)		—			(6,970	)
USD	25	Receives	3-monthUSD-LIBOR (pays quarterly)	2.05% (pays semi-annually)		12/30/49		(2,286	)		—			(2,286	)
USD	50	Receives	3-monthUSD-LIBOR (pays quarterly)	1.90% (pays semi-annually)		1/8/50		(2,763	)		—			(2,763	)
Total							$	(137,615	)	$	1,334		$	(136,281	)

9 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Portfolio of Investments — 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 (Depreciation)
Brazil	$	250	1.00% (pays quarterly)(1)		12/20/24		1.04	%	$	(209	)	$	(289	)	$	(498	)
Mexico		200	1.00% (pays quarterly)(1)		12/20/24		0.84			1,755			914			2,669
Russia		200	1.00% (pays quarterly)(1)		12/20/24		0.64			3,597			(1,756	)		1,841
Turkey		85	1.00% (pays quarterly)(1)		6/20/20		0.37			310			1,082			1,392
Turkey		190	1.00% (pays quarterly)(1)		12/20/24		2.39			(11,714	)		22,411			10,697
Total	$	925							$	(6,261	)	$	22,362		$	16,101

* If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At January 31, 2020, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $925,000.

** 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
GDP	–	Gross Domestic Product
LIBOR	–	London Interbank Offered Rate

Currency Abbreviations:

EUR	–	Euro
USD	–	United States Dollar

10 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Statement of Assets and Liabilities

Assets	January 31, 2020
Unaffiliated investments, at value (identified cost, $6,766,875)	$	7,348,699
Affiliated investment, at value (identified cost, $588,982)		589,017
Cash		479
Deposits for derivatives collateral —
Financial futures contracts		75,465
Centrally cleared derivatives		410,112
Foreign currency, at value (identified cost, $47,049)		47,441
Interest receivable		120,758
Dividends receivable from affiliated investment		1,258
Receivable for investments sold		512,429
Receivable for variation margin on open financial futures contracts		16,517
Receivable for open forward foreign currency exchange contracts		407
Receivable for closed swap contracts		461
Receivable from affiliate		23,970
Total assets	$	9,147,013
Liabilities
Payable for investments purchased	$	509,895
Payable for variation margin on open centrally cleared derivatives		8,775
Payable for open forward foreign currency exchange contracts		570
Payable for closed swap contracts		574
Payable to affiliate:
Investment adviser and administration fee		4,687
Accrued expenses		92,525
Total liabilities	$	617,026
Net Assets	$	8,529,987
Sources of Net Assets
Paid-in capital	$	8,028,519
Distributable earnings		501,468
Total	$	8,529,987
Class I Shares
Net Assets	$	8,529,987
Shares Outstanding		803,087
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.62

11 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Statement of Operations

Investment Income	Year Ended January 31, 2020
Interest	$	481,871
Dividends from affiliated investment		9,589
Total investment income	$	491,460
Expenses
Investment adviser and administration fee	$	53,436
Trustees’ fees and expenses		910
Custodian fee		42,348
Transfer and dividend disbursing agent fees		285
Legal and accounting services		89,869
Printing and postage		7,613
Registration fees		27,175
Miscellaneous		3,319
Total expenses	$	224,955
Deduct —
Allocation of expenses to affiliate	$	154,660
Total expense reductions	$	154,660
Net expenses	$	70,295
Net investment income	$	421,165
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(193,712	)
Investment transactions — affiliated investment		(3	)
Financial futures contracts		386,618
Swap contracts		(208,389	)
Foreign currency transactions		(1,029	)
Forward foreign currency exchange contracts		56,839
Net realized gain	$	40,324
Change in unrealized appreciation (depreciation) —
Investments	$	757,921
Investments — affiliated investment		35
Financial futures contracts		21,889
Swap contracts		(55,450	)
Foreign currency		874
Forward foreign currency exchange contracts		2,934
Net change in unrealized appreciation (depreciation)	$	728,203
Net realized and unrealized gain	$	768,527
Net increase in net assets from operations	$	1,189,692

12 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Year Ended January 31, 2020			Period Ended January 31,  2019(1)
From operations —
Net investment income	$	421,165		$	229,194
Net realized gain		40,324			51,145
Net change in unrealized appreciation (depreciation)		728,203			(173,687	)
Net increase in net assets from operations	$	1,189,692		$	106,652
Distributions to shareholders	$	(562,574	)	$	(235,680	)
Total distributions to shareholders	$	(562,574	)	$	(235,680	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	23,743		$	8,007,500
Net asset value of shares issued to shareholders in payment of distributions declared		654			—
Net increase in net assets from Fund share transactions	$	24,397		$	8,007,500
Net increase in net assets	$	651,515		$	7,878,472
Net Assets
At beginning of period	$	7,878,472		$	—
At end of period	$	8,529,987		$	7,878,472

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

13 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Financial Highlights

	Class I
	Year Ended January 31, 2020			Period Ended January 31,  2019(1)
Net asset value — Beginning of period	$	9.840		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.526		$	0.286
Net realized and unrealized gain (loss)		0.956			(0.151	)
Total income from operations	$	1.482		$	0.135
Less Distributions
From net investment income	$	(0.577	)	$	(0.219	)
From net realized gain		(0.125	)		(0.076	)
Total distributions	$	(0.702	)	$	(0.295	)
Net asset value — End of period	$	10.620		$	9.840
Total Return(3)(4)		15.57	%		1.34	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,530		$	7,878
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.85	%		0.85	%(6)
Net investment income		5.12	%		3.92	%(6)
Portfolio Turnover		187	%		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 1.88% and 2.24% of average daily net assets for the year ended January 31, 2020 and the period ended January 31, 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

14 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Notes to Financial Statements

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.

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.

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 January 31, 2020, 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.

15

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Notes to Financial Statements — continued

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

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

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

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

16

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Notes to Financial Statements — 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.

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 tax character of distributions declared for the year ended January 31, 2020 and the period ended January 31, 2019 was as follows:

	Year Ended January 31, 2020		Period Ended January 31, 2019
Ordinary income	$	510,625	$	235,680
Long-term capital gains	$	51,949	$	—

As of January 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	45,749
Net unrealized appreciation	$	455,719

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	7,351,543
Gross unrealized appreciation	$	621,045
Gross unrealized depreciation		(165,633	)
Net unrealized appreciation	$	455,412

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 0.65% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the year ended January 31, 2020, the investment adviser and administration fee amounted to $53,436 or 0.65% of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

17

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Notes to Financial Statements — continued

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 $154,660 of the Fund’s operating expenses for the year ended January 31, 2020.

EVM providessub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the year ended January 31, 2020, EVM earned $72 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $13,502,348 and $13,700,923, respectively, for the year ended January 31, 2020.

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:

	Year Ended January 31, 2020		Period Ended January 31, 2019(1)
Sales		2,254		800,770
Issued to shareholders electing to receive payments of distributions in Fund shares		63		—
Net increase		2,317		800,770

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

At January 31, 2020, EVM owned 99.6% 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 January 31, 2020 is included in the Portfolio of Investments. At January 31, 2020, 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 January 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $570. At January 31, 2020, there were no assets pledged by the Fund for such liability.

18

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Notes to Financial Statements — continued

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

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2020 was as follows:

	Fair Value
Statement of Assets and Liabilities Caption	Credit			Foreign Exchange			Interest Rate			Total
Not applicable	$	5,662	*	$	492	*	$	128,246	*	$	134,400
Receivable for open forward foreign currency exchange contracts		—			407			—			407
Total Asset Derivatives	$	5,662		$	899		$	128,246		$	134,807
Derivatives not subject to master netting or similar agreements	$	5,662		$	492		$	128,246		$	134,400
Total Asset Derivatives subject to master netting or similar agreements	$	—		$	407		$	—		$	407
Not applicable	$	(11,923	)*	$	—		$	(173,659	)*	$	(185,582	)
Payable for open forward foreign currency exchange contracts		—			(570	)		—			(570	)
Total Liability Derivatives	$	(11,923	)	$	(570	)	$	(173,659	)	$	(186,152	)
Derivatives not subject to master netting or similar agreements	$	(11,923	)	$	—		$	(173,659	)	$	(185,582	)
Total Liability Derivatives subject to master netting or similar agreements	$	—		$	(570	)	$	—		$	(570	)

* 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.

19

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Notes to Financial Statements — continued

The Fund’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of January 31, 2020.

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)
Goldman Sachs International	$	407		$	(407	)	$	—	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
Goldman Sachs International	$	(570	)	$	407		$	—	$	—	$	(163	)

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

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended January 31, 2020 was as follows:

Statement of Operations Caption	Credit		Foreign Exchange		Interest Rate			Total
Net realized gain (loss) —
Financial futures contracts	$	—	$	—	$	386,618		$	386,618
Swap contracts		35,094		—		(243,483	)		(208,389	)
Forward foreign currency exchange contracts		—		56,839		—			56,839
Total	$	35,094	$	56,839	$	143,135		$	235,068
Change in unrealized appreciation (depreciation) —
Financial futures contracts	$	—	$	—	$	21,889		$	21,889
Swap contracts		6,603		—		(62,053	)		(55,450	)
Forward foreign currency exchange contracts		—		2,934		—			2,934
Total	$	6,603	$	2,934	$	(40,164	)	$	(30,627	)

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended January 31, 2020, 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
	$5,289,000	$	304,000	$	1,412,000	$	5,496,000

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

20

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Notes to Financial Statements — continued

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2020.

8  Risks Associated with Foreign Investments

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

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

9  Investments in Affiliated Funds

At January 31, 2020, the value of the Fund’s investment in affiliated funds was $589,017, which represents 6.9% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended January 31, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	24,800	$	8,471,283	$	(7,907,098	)	$	(3	)	$	35	$	589,017	$	9,589		588,958

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.

21

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Notes to Financial Statements — continued

At January 31, 2020, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Foreign Government Bonds	$	—		$	5,742,502		$	—	$	5,742,502
Foreign Corporate Bonds		—			737,703			—		737,703
Sovereign Loans		—			868,494			—		868,494
Short-Term Investments		—			589,017			—		589,017
Total Investments	$	—		$	7,937,716		$	—	$	7,937,716
Forward Foreign Currency Exchange Contracts	$	—		$	899		$	—	$	899
Futures Contracts		93,134			—			—		93,134
Swap Contracts		—			40,774			—		40,774
Total	$	93,134		$	7,979,389		$	—	$	8,072,523
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(570	)	$	—	$	(570	)
Futures Contracts		(932	)		—			—		(932	)
Swap Contracts		—			(184,650	)		—		(184,650	)
Total	$	(932	)	$	(185,220	)	$	—	$	(186,152	)

11  Subsequent Event

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time and through March 20, 2020, the date these financial statements were issued, has resulted in substantial market volatility and may result in a significant economic downturn.

22

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Emerging Markets Debt Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended January 31, 2020 and for the period from the start of business, May 1, 2018, to January 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2020, and the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year ended January 31, 2020 and for the period from the start of business, May 1, 2018, to January 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 20, 2020

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

23

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Federal Tax Information (Unaudited)

The Form1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund.

24

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 159 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years.None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years.Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

25

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years.None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

26

Eaton Vance

Emerging Markets Debt Fund

January 31, 2020

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

⁽²⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling1-800-262-1122.

27

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 Vanceat 1-800-262-1122, 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.

28

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617)482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800)262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

29948    1.31.20

Parametric

Emerging Markets Fund

Annual Report

January 31, 2020

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.

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 adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.

Annual ReportJanuary 31, 2020

Parametric

Emerging Markets Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	39
Federal Tax Information	40
Management and Organization	41
Important Notices	44

Parametric

Emerging Markets Fund

January 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Emerging market equities advanced during the12-month period ended January 31, 2020, with the MSCI Emerging Markets Index (the Index)² returning 3.81%. While volatility surroundingtrade-war concerns resulted in muted returns through the first half of the period, emerging market equities rallied during the last four months of 2019, buoyed by strength in Asian information technology companies. Markets once again changed course at the start of 2020, as prices for emerging market equities were broadly lower amid fears that the outbreak of the deadly coronavirus virus in China would derail the strong gains posted just a month prior.

From a country perspective, 16 of the 26 emerging market countries within the Index delivered positive returns during the period. Egypt, Russia, and Greece experienced the strongest growth. The smaller countries of Chile and Argentina were the worst performers. Frontier markets outperformed emerging markets, bolstered by strength in one large constituent, Kuwait. During the period, the MSCI Frontier Markets Index returned 12.57%, over three times the Index.

Fund Performance

For the12-month period ended January 31, 2020, Parametric Emerging Markets Fund (the Fund) returned –0.46% for Investor Class shares at net asset value (NAV), underperforming its benchmark, the Index, which returned 3.81%.

The Fund’s emphasis on diversification⁶ — via a system of target weights by country and systematic rebalancing back to those target weights — detracted from performance relative to the Index during the period. The diversification targets consistently have the Fund underweight in larger countries and overweight in smaller countries. The Fund’s emphasis on diversification at the sector

level within each country also detracted from relative returns during the period.

The Fund’s underweight exposure to Taiwan detracted from returns versus the Index. An underweight exposure to information technology (IT) stocks in Taiwan further weighed on relative results amid a rally following a“phase-one” trade deal between the U.S. and China late in the period, which helped ease global trading tensions. An underweight exposure to China also detracted from relative performance, as improving trade relations with the U.S., better economic data, and monetary support from the central authority bolstered Chinese equity prices during theend-of-year rally.

An overweight exposure to Chile also weighed on relative results during the period. Chilean stocks and the peso were overcome by political unrest and rioting in the country, which triggered concerns over economic growth potential.

By contrast, the Fund’s stock selection in Brazil contributed to returns relative to the Index during the period. This was partially the result of includingsmall-cap companies in the country’s IT sector, which experienced strong outperformance relative to the sole constituent included in the Index. In addition, sector diversification in Saudi Arabia contributed to returns versus the Index, partially due to an overweight exposure to the utilities sector, which rallied on the strength of its only constituent. Additionally, an overweight exposure to Russia aided relative performance during the period.

Finally, frontier countries included in the Fund, but not in the Index, contributed to performance relative to the Index, as the Fund held overweight positions in frontier market countries that outperformed the Index during the period.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining 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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recentmonth-end, please refer to eatonvance.com.

2

Parametric

Emerging Markets Fund

January 31, 2020

Performance^2,3

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			One Year			Five Years			Ten Years
Investor Class at NAV		06/30/2006		06/30/2006			–0.46	%		2.02	%		2.47	%
Class C at NAV		06/30/2006		06/30/2006			–1.21			1.25			1.71
Class C with 1% Maximum Sales Charge		—		—			–2.18			1.25			1.71
Institutional Class at NAV		06/30/2006		06/30/2006			–0.20			2.26			2.73
Class R6 at NAV		07/01/2014		06/30/2006			–0.13			2.33			2.77
MSCI Emerging Markets Index		—		—			3.81	%		4.48	%		3.78	%
% Total Annual Operating Expense Ratios4			Investor Class			Class C			Institutional Class			Class R6
				1.44	%		2.19	%		1.19	%		1.13	%

Growth of $10,000

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

Growth of Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		01/31/2010	$	11,846		N.A.
Institutional Class	$	50,000		01/31/2010	$	65,461		N.A.
Class R6	$	1,000,000		01/31/2010	$	1,313,842		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining 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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recentmonth-end, please refer to eatonvance.com.

3

Parametric

Emerging Markets Fund

January 31, 2020

Fund Profile

Sector Allocation (% of net assets)⁵

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁵

Sberbank of Russia PJSC	0.8	%
Credicorp, Ltd.	0.7
America Movil SAB de CV, Series L	0.7
Gazprom PJSC ADR	0.6
Tencent Holdings, Ltd.	0.6
Lukoil PJSC ADR	0.6
Samsung Electronics Co., Ltd.	0.5
Naspers, Ltd., Class N	0.5
Petroleo Brasileiro SA, PFC Shares	0.5
Fomento Economico Mexicano SAB de CV, Series UBD	0.5
Total	6.0	%

See Endnotes and Additional Disclosures in this report.

4

Parametric

Emerging Markets Fund

January 31, 2020

Endnotes and Additional Disclosures

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

²  MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI Frontier Markets Index is an unmanaged index that measures the performance of stock markets with less-developed economies and financial markets than emerging markets, and that typically have more restrictions on foreign stock ownership. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns

do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Investor Class, Institutional Class and Class R6 shares are offered without a sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Institutional Class. Performance presented in the Financial Highlights included in the financial statements is not linked.

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

⁵ Excludes cash and cash equivalents.

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

Fund profile subject to change due to active management.

5

Parametric

Emerging Markets Fund

January 31, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 – January 31, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)		Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,001.00	$	7.51		1.49	%
Class C	$	1,000.00	$	997.20	$	11.28		2.24	%
Institutional Class	$	1,000.00	$	1,002.20	$	6.26		1.24	%
Class R6	$	1,000.00	$	1,003.70	$	5.91		1.17	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,017.70	$	7.58		1.49	%
Class C	$	1,000.00	$	1,013.90	$	11.37		2.24	%
Institutional Class	$	1,000.00	$	1,019.00	$	6.31		1.24	%
Class R6	$	1,000.00	$	1,019.30	$	5.95		1.17	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2019.

6

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments

Common Stocks — 99.6%
Security	Shares		Value
Argentina — 0.7%
Adecoagro SA(1)		75,206	$	561,789
Arcos Dorados Holdings, Inc., Class A		32,114		246,314
Banco BBVA Argentina SA ADR(1)(2)		25,288		118,348
Banco Macro SA, Class B ADR		6,487		198,956
Cresud SA ADR(1)(2)		27,577		154,983
Grupo Financiero Galicia SA, Class B ADR		24,487		351,388
IRSA Inversiones y Representaciones SA ADR(1)		16,910		89,961
IRSA Propiedades Comerciales SA ADR		170		2,168
MercadoLibre, Inc.(1)		6,122		4,058,886
Pampa Energia SA ADR(1)(2)		42,199		555,761
Transportadora de Gas del Sur SA ADR(2)		21,563		133,475
YPF SA ADR(2)		72,924		684,756
			$	7,156,785
Bahrain — 0.7%
Ahli United Bank BSC		3,905,254	$	4,361,330
Al Salam Bank-Bahrain BSC		6,123,287		1,599,503
GFH Financial Group BSC		5,341,616		1,248,301
Ithmaar Holding BSC(1)(3)		14,771,027		755,320
			$	7,964,454
Bangladesh — 0.7%
ACI, Ltd.		71,603	$	154,791
Aftab Automobiles, Ltd.		349,827		99,186
Bangladesh Export Import Co., Ltd.		1,512,367		249,020
Bangladesh Submarine Cable Co., Ltd.		111,014		134,550
Beximco Pharmaceuticals, Ltd.		116,421		100,425
BSRM Steels, Ltd.		938,510		397,687
City Bank, Ltd. (The)		435,051		96,618
Grameenphone, Ltd.		215,817		652,327
Heidelberger Cement Bangladesh, Ltd.		146,500		266,236
Islami Bank Bangladesh, Ltd.		929,748		204,542
Jamuna Oil Co., Ltd.		87,929		143,319
Khulna Power Co., Ltd.		320,573		188,933
LankaBangla Finance, Ltd.		829,367		156,976
Meghna Petroleum, Ltd.		79,364		147,763
National Bank, Ltd.(1)		2,588,281		231,275
Olympic Industries, Ltd.		458,511		1,051,576
Orion Pharma, Ltd.		258,206		83,015
Padma Oil Co., Ltd.		98,234		204,204
Pubali Bank, Ltd.		1,042,120		300,098
Renata, Ltd.		15,906		204,940
Singer Bangladesh, Ltd.(1)		137,622		278,391
Social Islami Bank, Ltd.(1)		1,177,708		198,336

Security	Shares		Value
Bangladesh (continued)
Southeast Bank, Ltd.(1)		2,062,748	$	315,285
Square Pharmaceuticals, Ltd.		264,336		614,805
Summit Power, Ltd.		912,732		421,883
Titas Gas Transmission & Distribution Co., Ltd.		623,246		227,367
Unique Hotel & Resorts, Ltd.		450,062		249,869
United Airways Bangladesh, Ltd.(1)		6,170,401		138,784
United Commercial Bank, Ltd.(1)		1,343,068		216,531
			$	7,728,732
Botswana — 0.8%
Barclays Bank of Botswana, Ltd.		1,539,465	$	772,083
Botswana Insurance Holdings, Ltd.		859,111		1,370,390
First National Bank of Botswana, Ltd.		7,940,100		2,062,779
Letshego Holdings, Ltd.		17,758,614		1,389,968
Sechaba Breweries Holdings, Ltd.		1,220,550		2,454,142
Standard Chartered Bank Botswana, Ltd.		531,120		80,847
			$	8,130,209
Brazil — 5.7%
AMBEV SA		499,250	$	2,080,888
B2W Cia Digital(1)		37,770		627,942
B3 SA - Brasil Bolsa Balcao		93,800		1,055,704
Banco Bradesco SA, PFC Shares		224,906		1,727,259
Banco do Brasil SA		67,298		762,771
BB Seguridade Participacoes SA		51,500		418,244
BR Malls Participacoes SA		146,211		628,189
Bradespar SA, PFC Shares		28,600		247,160
Braskem SA, PFC Shares		26,060		191,985
BRF SA(1)		108,840		776,412
CCR SA		209,800		893,558
Centrais Eletricas Brasileiras SA, PFC Shares		104,300		995,363
Cia Brasileira de Distribuicao, PFC Shares		38,469		764,242
Cia de Saneamento Basico do Estado de Sao Paulo		43,860		624,728
Cia de Saneamento de Minas Gerais-COPASA		14,400		226,629
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		66,760		346,068
Cia Energetica de Minas Gerais, PFC Shares		212,255		740,955
Cia Energetica de Sao Paulo, Class B, PFC Shares		36,400		270,369
Cia Hering		68,200		395,256
Cia Paranaense de Energia, PFC Shares		30,600		524,600
Cia Siderurgica Nacional SA		81,200		244,590
Cielo SA		1,418,506		2,341,764
Cogna Educacao		289,536		785,599
Construtora Tenda SA		18,168		151,789
Cosan SA		34,700		645,774
Cyrela Brazil Realty SA Empreendimentos e Participacoes		36,500		271,027

7 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Brazil (continued)
Duratex SA		37,558	$	137,688
EDP-Energias do Brasil SA		102,800		536,492
Embraer SA		33,400		141,474
Embraer SA ADR(2)		28,248		475,696
Engie Brasil Energia SA		45,950		558,469
Equatorial Energia SA		164,500		915,724
Even Construtora e Incorporadora SA(1)		69,300		270,721
Ez Tec Empreendimentos e Participacoes SA		16,227		210,672
Fleury SA		232,600		1,683,697
Gerdau SA, PFC Shares		97,200		455,065
Gol Linhas Aereas Inteligentes SA, PFC Shares		30,400		243,123
Hypera SA		177,000		1,470,109
Iochpe Maxion SA		61,000		309,373
Itau Unibanco Holding SA, PFC Shares		196,620		1,506,811
Itausa-Investimentos Itau SA, PFC Shares		195,875		588,183
JBS SA		166,325		1,071,135
Klabin SA, PFC Shares		320,200		305,052
Light SA		29,700		158,812
Localiza Rent a Car SA		118,389		1,482,558
LOG Commercial Properties e Participacoes SA		9,877		72,879
Lojas Americanas SA(1)		1,441		9,270
Lojas Americanas SA, PFC Shares		144,200		927,640
Lojas Renner SA		92,377		1,239,214
Marcopolo SA, PFC Shares		86,500		97,758
Marfrig Global Foods SA(1)	��	177,855		455,581
Metalurgica Gerdau SA, PFC Shares		111,800		248,787
MRV Engenharia e Participacoes SA		101,300		493,656
Natura & Co. Holding SA		67,400		748,819
Odontoprev SA		373,200		1,538,951
Petroleo Brasileiro SA, PFC Shares		757,900		5,034,851
Qualicorp Consultoria e Corretora de Seguros SA		149,000		1,442,474
Randon SA Implementos e Participacoes, PFC Shares		72,800		231,187
Rumo SA(1)		185,919		1,007,173
Smiles Fidelidade SA		22,500		202,167
Suzano SA		48,920		453,149
Telefonica Brasil SA, PFC Shares		226,300		3,138,270
TIM Participacoes SA		409,850		1,602,995
Totvs SA		235,290		4,101,340
Transmissora Alianca de Energia Electrica SA		44,200		319,533
Ultrapar Participacoes SA		100,868		594,948
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, PFC Shares		87,850		197,543
Vale SA		289,847		3,402,281
Valid Solucoes SA		54,670		224,292
Weg SA		108,252		996,173
YDUQS Part		57,700		710,168
			$	60,750,818

Security	Shares		Value
Bulgaria — 0.2%
CB First Investment Bank AD(1)		235,000	$	429,283
Chimimport AD		329,922		299,318
MonBat AD		60,235		216,867
Petrol AD(1)		25,625		9,263
Sopharma AD		354,600		702,915
			$	1,657,646
Chile — 2.6%
AES Gener SA		1,325,140	$	246,549
Aguas Andinas SA, Series A		1,073,898		402,561
Banco de Chile		14,370,869		1,415,000
Banco de Credito e Inversiones SA		20,851		870,542
Banco Santander Chile		20,090,862		993,874
Cap SA		56,612		336,715
Cencosud SA		935,529		1,157,283
Cia Cervecerias Unidas SA		107,129		945,728
Cia Sud Americana de Vapores SA(1)		14,510,741		456,373
Colbun SA		2,922,868		425,483
Embotelladora Andina SA, Class B, PFC Shares		154,121		402,471
Empresa Nacional de Telecomunicaciones SA(1)		191,089		1,253,552
Empresas CMPC SA		710,444		1,628,970
Empresas COPEC SA		396,674		3,538,988
Enel Americas SA		10,652,906		2,099,167
Enel Chile SA		9,679,267		917,976
Engie Energia Chile SA		173,855		243,327
Forus SA		87,698		119,356
Inversiones Aguas Metropolitanas SA		130,715		122,499
Inversiones La Construccion SA		18,894		172,341
Itau CorpBanca		72,085,733		350,385
Latam Airlines Group SA		225,220		1,870,877
Parque Arauco SA		541,699		1,238,672
Ripley Corp. SA		721,671		336,804
S.A.C.I. Falabella		580,600		2,278,001
Sociedad Matriz SAAM SA		6,242,812		495,337
Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares		58,504		1,630,188
Sonda SA		736,417		569,543
Vina Concha y Toro SA		371,443		667,326
			$	27,185,888
China — 11.1%
3SBio, Inc.(1)(4)		508,000	$	645,258
AECC Aviation Power Co., Ltd.		40,221		123,256
Agile Group Holdings, Ltd.		254,000		334,248
Agricultural Bank of China, Ltd., Class H		1,075,000		415,035
Aier Eye Hospital Group Co., Ltd., Class A		39,319		223,658

8 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
Air China, Ltd., Class H(2)		628,000	$	515,380
Aisino Corp.		38,800		125,938
Alibaba Group Holding, Ltd. ADR(1)		15,200		3,140,168
Aluminum Corp. of China, Ltd., Class H(1)		2,486,000		726,777
Angang Steel Co., Ltd., Class H(2)		1,258,400		420,599
Anhui Conch Cement Co., Ltd., Class H		251,500		1,605,246
ANTA Sports Products, Ltd.		26,000		226,361
Baidu, Inc. ADR(1)		8,632		1,066,570
Bank of Beijing Co., Ltd.		182,760		140,747
Bank of China, Ltd., Class H		1,834,000		709,440
Bank of Communications, Ltd., Class H		847,900		543,135
Bank of Nanjing Co., Ltd.		80,900		94,377
Bank of Ningbo Co., Ltd., Class A		67,000		254,594
Beijing Capital International Airport Co., Ltd., Class H		436,000		351,159
Beijing Enterprises Holdings, Ltd.		135,000		590,274
Beijing Enterprises Water Group, Ltd.		1,560,000		693,762
Beijing Originwater Technology Co., Ltd., Class A		127,500		152,980
Beijing Tongrentang Co., Ltd.		22,000		85,816
BOE Technology Group Co., Ltd., Class A		341,100		223,880
Brilliance China Automotive Holdings, Ltd.		650,000		576,102
BYD Co., Ltd., Class H(2)		79,700		414,904
CGN Power Co., Ltd., Class H(4)		2,585,000		634,361
Changchun High & New Technology Industry Group, Inc., Class A		3,100		219,330
Changjiang Securities Co., Ltd., Class A		213,800		206,237
Chengdu Xingrong Environment Co., Ltd., Class A		243,600		154,263
China Agri-Industries Holdings, Ltd.		1,724,000		920,819
China Biologic Products Holdings, Inc.(1)(2)		10,100		1,170,590
China Bluechemical, Ltd., Class H		1,270,000		269,352
China Cinda Asset Management Co., Ltd., Class H		1,495,000		299,004
China CITIC Bank Corp., Ltd., Class H		343,000		179,049
China Coal Energy Co., Ltd., Class H		1,058,000		359,933
China Communications Construction Co., Ltd., Class H		509,000		359,706
China Communications Services Corp., Ltd., Class H		658,000		441,650
China Construction Bank Corp., Class H		2,016,630		1,527,670
China Dongxiang Group Co., Ltd.		4,257,000		437,481
China Everbright International, Ltd.		373,925		265,215
China Everbright, Ltd.		186,000		285,303
China Evergrande Group(2)		354,000		782,221
China Fortune Land Development Co., Ltd.		52,329		193,473
China Gas Holdings, Ltd.		429,800		1,697,887
China International Marine Containers Co., Ltd.		579,206		509,027
China International Travel Service Corp., Ltd.		16,300		187,783
China Life Insurance Co., Ltd., Class H		214,000		511,039
China Longyuan Power Group Corp., Ltd., Class H		954,000		564,065
China Mengniu Dairy Co., Ltd.		391,000		1,434,004

Security	Shares		Value
China (continued)
China Merchants Bank Co., Ltd., Class H		151,524	$	730,582
China Merchants Port Holdings Co., Ltd.		318,035		489,221
China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		74,674		189,991
China Minsheng Banking Corp., Ltd., Class H		561,288		391,848
China Mobile, Ltd.		140,500		1,154,861
China Molybdenum Co., Ltd., Class H(2)		2,058,000		754,823
China National Building Material Co., Ltd., Class H		858,000		820,201
China National Nuclear Power Co., Ltd.		210,800		145,647
China Northern Rare Earth Group High-Tech Co., Ltd.		117,100		172,306
China Oilfield Services, Ltd., Class H		368,000		533,960
China Overseas Land & Investment, Ltd.		314,160		1,009,845
China Pacific Insurance (Group) Co., Ltd., Class H		107,600		358,901
China Petroleum & Chemical Corp., Class H		4,390,300		2,312,026
China Railway Construction Corp., Ltd., Class H		436,500		425,910
China Railway Group, Ltd., Class H		1,053,000		577,535
China Resources Beer Holdings Co., Ltd.		290,000		1,341,753
China Resources Gas Group, Ltd.		212,000		1,117,359
China Resources Land, Ltd.		302,000		1,256,296
China Resources Medical Holdings Co., Ltd.(2)		355,000		188,629
China Resources Power Holdings Co., Ltd.		477,600		641,178
China Shenhua Energy Co., Ltd., Class H		632,000		1,110,637
China Shineway Pharmaceutical Group, Ltd.		381,000		329,546
China Shipbuilding Industry Co., Ltd.		185,800		131,598
China Southern Airlines Co., Ltd., Class H(2)		564,000		311,638
China State Construction Engineering Corp., Ltd.		156,440		120,241
China Taiping Insurance Holdings Co., Ltd.		110,200		228,918
China Telecom Corp., Ltd., Class H		1,120,000		435,776
China Travel International Investment Hong Kong, Ltd.		1,998,000		318,701
China Unicom (Hong Kong), Ltd.		356,372		297,292
China United Network Communications, Ltd., Class A		514,100		408,970
China Vanke Co., Ltd., Class H		227,977		803,701
China Yangtze Power Co., Ltd.		162,200		395,362
Chongqing Changan Automobile Co., Ltd., Class A		98,800		136,866
CIFI Holdings Group Co., Ltd.		374,000		256,811
CITIC, Ltd.		458,000		517,901
CNOOC, Ltd.		2,111,000		3,160,246
COSCO SHIPPING Development Co., Ltd., Class H		4,252,000		449,928
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		912,000		396,555
COSCO SHIPPING Holdings Co., Ltd., Class H(1)		1,482,975		529,280
COSCO SHIPPING Ports, Ltd.		516,000		364,966
Country Garden Holdings Co., Ltd.(2)		685,631		867,055
Country Garden Services Holdings Co., Ltd.		155,589		502,656
CSPC Pharmaceutical Group, Ltd.		728,000		1,596,842
Daqin Railway Co., Ltd.		104,300		114,992
Datang International Power Generation Co., Ltd., Class H		2,626,000		457,367

9 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
Dong-E-E-Jiao Co., Ltd., Class A		16,200	$	78,445
Dongfeng Motor Group Co., Ltd., Class H		590,000		440,895
East Money Information Co., Ltd., Class A		58,632		120,426
Focus Media Information Technology Co., Ltd., Class A		196,344		161,285
Ganfeng Lithium Co., Ltd., Class A		51,150		310,086
Gemdale Corp.		80,700		149,625
Golden Eagle Retail Group, Ltd.		649,000		668,791
Great Wall Motor Co., Ltd., Class H(2)		715,000		472,444
Gree Electric Appliances, Inc. of Zhuhai, Class A		46,500		415,190
Guangdong Baolihua New Energy Stock Co., Ltd., Class A		255,400		215,337
Guangdong Investment, Ltd.		626,000		1,270,573
Guangzhou Automobile Group Co., Ltd., Class H(2)		355,218		356,017
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		220,000		704,675
Guangzhou R&F Properties Co., Ltd., Class H		178,000		268,508
Guosen Securities Co., Ltd., Class A		117,628		201,548
Haier Electronics Group Co., Ltd.		161,000		483,599
Haier Smart Home Co., Ltd.		66,800		174,505
Han’s Laser Technology Industry Group Co., Ltd., Class A		23,400		139,912
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		41,700		208,564
Harbin Pharmaceutical Group Co., Ltd.(1)		150,900		87,010
Hengan International Group Co., Ltd.		110,000		801,256
Hengtong Optic-electric Co., Ltd.		38,780		90,120
Hesteel Co., Ltd., Class A		506,400		174,280
Huadian Power International Corp., Ltd., Class H		1,100,000		362,815
Huadong Medicine Co., Ltd., Class A		56,653		166,930
Huaneng Power International, Inc., Class H		1,690,000		797,573
Huaneng Renewables Corp., Ltd., Class H		974,000		398,385
Huaxia Bank Co., Ltd.		146,972		154,757
Huayu Automotive Systems Co., Ltd.		53,308		201,392
Hubei Energy Group Co., Ltd., Class A		277,714		152,377
Huishan Dairy(2)(3)		1,800,000		0
Hundsun Technologies, Inc.		13,310		162,904
Iflytek Co., Ltd., Class A		34,550		170,662
Industrial & Commercial Bank of China, Ltd., Class H		1,526,000		1,012,918
Industrial Bank Co., Ltd.		97,902		256,330
Inner Mongolia BaoTou Steel Union Co., Ltd.		707,000		125,139
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		53,200		228,829
JD.com, Inc. ADR(1)		18,700		704,803
Jiangsu Expressway Co., Ltd., Class H		428,000		530,295
Jiangsu Hengrui Medicine Co., Ltd.		26,918		334,950
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		14,600		218,671
Jiangxi Copper Co., Ltd., Class H		562,000		662,679
Jinke Properties Group Co., Ltd., Class A		130,499		130,989

Security	Shares		Value
China (continued)
Jinyu Bio-Technology Co., Ltd.		43,862	$	125,203
Jizhong Energy Resources Co., Ltd., Class A		231,400		112,570
Kingboard Holdings., Ltd.		256,100		673,910
Kunlun Energy Co., Ltd.		668,000		517,415
Kweichow Moutai Co., Ltd.		2,900		426,339
KWG Group Holdings, Ltd.		156,000		202,011
Lee & Man Paper Manufacturing, Ltd.		788,000		544,277
Lenovo Group, Ltd.		1,316,000		858,693
Lepu Medical Technology Beijing Co., Ltd., Class A		33,300		150,906
Li Ning Co., Ltd.		148,708		434,284
Longfor Group Holdings, Ltd.(4)		149,500		630,912
LONGi Green Energy Technology Co., Ltd.		60,242		245,637
Luxshare Precision Industry Co., Ltd., Class A		54,643		340,222
Luye Pharma Group, Ltd.(2)(4)		496,500		318,517
Maanshan Iron & Steel Co., Ltd., Class H(2)		1,498,000		529,831
NARI Technology Co., Ltd.		48,600		125,308
NetEase, Inc. ADR		1,900		609,444
New Oriental Education & Technology Group, Inc. ADR(1)		6,200		753,610
Nine Dragons Paper Holdings, Ltd.		615,000		581,181
Oceanwide Holdings Co., Ltd., Class A		204,000		131,577
Offshore Oil Engineering Co., Ltd.		217,300		221,002
OFILM Group Co., Ltd., Class A(1)		65,800		162,264
Oriental Pearl Group Co., Ltd., Class A		75,920		114,741
PetroChina Co., Ltd., Class H		3,934,000		1,734,666
Ping An Bank Co., Ltd., Class A		151,588		324,233
Ping An Insurance (Group) Co. of China, Ltd., Class H		161,000		1,820,564
Pingdingshan Tianan Coal Mining Co., Ltd.(1)		262,600		147,139
Poly Developments and Holdings Group Co., Ltd., Class A		179,100		381,599
Poly Property Group Co., Ltd.		946,000		366,425
Power Construction Corp. of China, Ltd.		187,000		108,225
RiseSun Real Estate Development Co., Ltd., Class A		163,200		207,721
SAIC Motor Corp., Ltd.		55,100		175,373
Sanan Optoelectronics Co., Ltd.		84,900		265,176
SDIC Power Holdings Co., Ltd.		98,000		114,349
Semiconductor Manufacturing International Corp.(1)(2)		787,700		1,438,291
Shandong Gold Mining Co., Ltd.		36,200		173,634
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,152,000		1,373,706
Shanghai Electric Group Co., Ltd., Class H		1,792,000		529,626
Shanghai Industrial Holdings, Ltd.		204,000		359,320
Shanghai Pudong Development Bank Co., Ltd., Class A		136,500		218,129
Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		143,622
Shanxi Xishan Coal & Electricity Power Co., Ltd., Class A		152,700		120,014

10 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
Shenzhen Inovance Technology Co., Ltd., Class A		56,300	$	232,853
Shenzhen Investment, Ltd.		674,000		232,746
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		171,300		98,340
Shimao Property Holdings, Ltd.		155,000		500,184
Siasun Robot & Automation Co., Ltd., Class A(1)		55,000		117,569
Sichuan Chuantou Energy Co., Ltd.		88,600		115,844
Sihuan Pharmaceutical Holdings Group, Ltd.		3,161,000		356,418
SINA Corp.(1)		5,700		220,818
Sino Biopharmaceutical, Ltd.		941,000		1,242,662
Sino-Ocean Group Holding, Ltd.		920,000		330,840
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,963,000		499,110
Sinopharm Group Co., Ltd., Class H		368,000		1,197,445
Sun Art Retail Group, Ltd.		653,500		776,454
Sunac China Holdings, Ltd.		216,000		1,041,782
Suning.com Co., Ltd, Class A		69,200		96,972
TCL Corp., Class A		373,200		263,775
Tencent Holdings, Ltd.		142,502		6,795,945
Tianqi Lithium Corp., Class A		58,305		252,453
Tingyi (Cayman Islands) Holding Corp.		484,000		816,531
Tongling Nonferrous Metals Group Co., Ltd., Class A		424,000		132,762
Trip.com Group, Ltd. ADR(1)		9,254		297,331
Tsingtao Brewery Co., Ltd., Class H		118,000		652,671
Wanhua Chemical Group Co., Ltd.		19,665		143,212
Want Want China Holdings, Ltd.		1,355,000		1,118,484
Weichai Power Co., Ltd., Class H		381,742		668,327
Wens Foodstuffs Group Co., Ltd., Class A		42,500		195,653
West China Cement, Ltd.		2,834,000		455,378
WH Group, Ltd.(4)		1,592,000		1,498,233
Wuliangye Yibin Co., Ltd., Class A		18,600		325,278
Xiaomi Corp., Class B(1)(2)(4)		1,107,000		1,622,384
Xinhu Zhongbao Co., Ltd.		301,800		150,092
Yang Quan Coal Industry Group Co., Ltd.		189,300		136,100
Yangzijiang Shipbuilding Holdings, Ltd.		326,900		224,393
Yanzhou Coal Mining Co., Ltd., Class H		518,000		382,199
Yonghui Superstores Co., Ltd.		124,700		133,193
Yuan Longping High-tech Agriculture Co., Ltd., Class A		65,900		169,204
Yuexiu Property Co., Ltd.		1,590,000		318,271
Yunnan Baiyao Group Co., Ltd., Class A		21,200		261,180
Zhaojin Mining Industry Co., Ltd., Class H		372,500		429,164
Zhejiang Dahua Technology Co., Ltd., Class A		69,550		191,351
Zhejiang Expressway Co., Ltd., Class H		422,000		344,507
Zhejiang Huahai Pharmaceutical Co., Ltd.(1)		37,500		93,287
Zhongjin Gold Corp., Ltd.		115,900		137,433
Zhongtian Financial Group Co., Ltd., Class A		315,000		135,450

Security	Shares		Value
China (continued)
Zhuzhou CRRC Times Electric Co., Ltd., Class H		89,500	$	301,368
Zijin Mining Group Co., Ltd., Class H		2,028,000		889,893
ZTE Corp., Class H(1)(2)		456,103		1,461,338
			$	118,500,875
Colombia — 1.5%
Almacenes Exito SA		132,101	$	533,039
Avianca Holdings SA, PFC Shares		551,298		324,814
Banco Davivienda SA, PFC Shares		36,732		493,841
Bancolombia SA		65,794		816,461
Bancolombia SA ADR, PFC Shares		29,255		1,535,010
Celsia SA ESP		740,070		981,350
Cementos Argos SA		487,554		926,638
Cemex Latam Holdings SA(1)		173,596		212,680
Corporacion Financiera Colombiana SA(1)		30,859		293,251
Ecopetrol SA		3,156,982		2,935,439
Grupo Argos SA		318,026		1,625,466
Grupo Aval Acciones y Valores SA, PFC Shares		1,103,827		467,997
Grupo de Inversiones Suramericana SA		70,759		662,073
Grupo de Inversiones Suramericana SA, PFC Shares		38,415		313,386
Grupo Nutresa SA		212,422		1,537,886
Interconexion Electrica SA		337,952		1,857,748
			$	15,517,079
Croatia — 0.8%
Adris Grupa DD, PFC Shares		15,294	$	1,142,011
Atlantic Grupa DD(1)		1,465		292,318
Atlantska Plovidba DD(1)		4,389		220,507
Ericsson Nikola Tesla DD(1)		3,020		645,879
Hrvatski Telekom DD(1)		63,192		1,728,391
INA Industrija Nafte DD(1)		900		419,097
Koncar-Elektroindustrija DD(1)		2,396		223,522
Kras DD(1)		2,986		364,577
Podravka Prehrambena Industrija DD(1)		12,708		903,042
Valamar Riviera DD(1)		286,736		1,613,090
Zagrebacka Banka DD(1)		53,782		504,338
			$	8,056,772
Czech Republic — 0.7%
CEZ AS		158,070	$	3,460,081
Komercni Banka AS		100,100		3,440,508
Philip Morris CR AS		1,378		934,464
			$	7,835,053

11 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Egypt — 0.8%
Alexandria Mineral Oils Co.		519,744	$	120,807
Commercial International Bank Egypt SAE		567,741		3,059,162
Eastern Co. SAE		1,027,297		974,571
Egypt Kuwait Holding Co. SAE		395,868		502,904
Egyptian Financial Group-Hermes Holding Co.		264,772		268,924
ElSewedy Electric Co.		937,063		664,815
Ezz Steel Co SAE(1)		330,083		184,901
Juhayna Food Industries		658,122		397,656
Orascom Investment Holding(1)		3,692,103		129,457
Oriental Weavers		383,580		252,831
Palm Hills Developments SAE(1)		2,010,268		212,208
Pioneers Holding for Financial Investments SAE(1)		225,466		66,107
Sidi Kerir Petrochemicals Co.		202,688		123,575
Six of October Development & Investment Co.		382,178		306,114
Talaat Moustafa Group		947,420		484,566
Telecom Egypt		576,834		450,927
			$	8,199,525
Estonia — 0.8%
AS Merko Ehitus		78,018	$	880,118
AS Tallink Grupp		3,623,652		3,997,072
AS Tallinna Kaubamaja Grupp		192,740		1,966,876
AS Tallinna Vesi		116,590		1,706,776
Nordecon AS		145,374		172,655
			$	8,723,497
Ghana — 0.2%
CAL Bank, Ltd.		2,063,694	$	351,111
Ghana Commercial Bank, Ltd.		1,626,918		1,501,057
Standard Chartered Bank of Ghana, Ltd.		244,300		803,678
			$	2,655,846
Greece — 1.5%
Aegean Airlines SA		27,897	$	258,594
Alpha Bank AE(1)		505,248		1,011,236
Athens Water Supply & Sewage Co. SA		48,321		397,780
Costamare, Inc.		43,219		342,727
Diana Shipping, Inc.(1)		79,890		210,910
Ellaktor SA(1)		100,337		189,313
Eurobank Ergasias SA(1)		903,107		828,621
FF Group(1)(3)		46,335		0
GasLog, Ltd.		27,501		178,206
GEK Terna Holding Real Estate Construction SA(1)		58,104		526,639
Hellenic Exchanges - Athens Stock Exchange SA		74,720		386,632
Hellenic Petroleum SA		46,772		408,527

Security	Shares		Value
Greece (continued)
Hellenic Telecommunications Organization SA		151,124	$	2,256,977
Holding Co. ADMIE IPTO SA		174,643		446,218
JUMBO SA		60,659		1,233,692
Motor Oil (Hellas) Corinth Refineries SA		50,346		1,069,041
Mytilineos SA		74,126		759,543
National Bank of Greece SA(1)		271,701		862,444
OPAP SA		94,190		1,172,860
Public Power Corp. SA(1)		116,368		538,666
StealthGas, Inc.(1)		37,397		112,191
Terna Energy SA(1)		60,987		548,536
Titan Cement International SA(1)		80,754		1,679,551
Tsakos Energy Navigation, Ltd.		80,600		249,860
			$	15,668,764
Hungary — 0.7%
Magyar Telekom Telecommunications PLC		440,342	$	656,473
MOL Hungarian Oil & Gas PLC		214,900		1,822,283
OTP Bank Nyrt.		70,000		3,242,537
Richter Gedeon Nyrt.		103,100		2,216,296
			$	7,937,589
India — 5.9%
ABB India, Ltd.		19,900	$	363,300
ABB Power Products and Systems India, Ltd.(1)		3,980		58,453
ACC, Ltd.		8,974		189,067
Adani Enterprises, Ltd.		180,900		578,384
Adani Gas, Ltd.		180,900		419,769
Adani Ports and Special Economic Zone, Ltd.		137,520		710,451
Adani Power, Ltd.(1)		556,250		474,419
Adani Transmission, Ltd.(1)		190,553		887,582
Aditya Birla Capital, Ltd.(1)		94,280		130,489
Aditya Birla Fashion and Retail, Ltd.(1)		92,050		301,243
Ambuja Cements, Ltd.		141,512		405,607
Asian Paints, Ltd.		33,300		837,411
Aurobindo Pharma, Ltd.		18,125		122,267
Axis Bank, Ltd.		66,806		683,500
Bajaj Auto, Ltd.		9,134		406,180
Bank of Baroda(1)		109,850		141,696
Bank of India(1)		109,562		105,168
Bharat Forge, Ltd.		28,189		193,227
Bharat Heavy Electricals, Ltd.		648,450		387,276
Bharat Petroleum Corp., Ltd.		62,972		403,531
Bharti Airtel, Ltd.(1)		477,704		3,323,668
Bharti Infratel, Ltd.		224,591		781,611
Biocon, Ltd.		117,518		482,477

12 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
India (continued)
Cipla, Ltd.		72,706	$	455,130
Coal India, Ltd.		126,399		324,059
Colgate-Palmolive (India), Ltd.		25,618		477,819
Container Corp. of India, Ltd.		68,849		548,716
Crompton Greaves Consumer Electricals, Ltd.		111,925		439,227
Cummins India, Ltd.		49,900		401,340
Dabur India, Ltd.		57,492		399,311
Divi’s Laboratories, Ltd.		19,250		525,692
DLF, Ltd.		327,850		1,192,245
Dr. Reddy’s Laboratories, Ltd.		21,745		950,227
Eicher Motors, Ltd.		2,146		606,655
GAIL (India), Ltd.		462,886		780,138
GlaxoSmithKline Pharmaceuticals, Ltd.		17,360		403,877
Glenmark Pharmaceuticals, Ltd.		61,248		265,428
GMR Infrastructure, Ltd.(1)		1,721,400		547,747
Godrej Consumer Products, Ltd.		33,317		313,586
Grasim Industries, Ltd.		41,543		452,004
Gujarat State Petronet, Ltd.		176,208		624,175
Havells India, Ltd.		40,009		338,181
HCL Technologies, Ltd.		101,046		837,901
HDFC Bank, Ltd.		96,646		1,652,699
Hemisphere Properties India, Ltd.(1)		104,859		218,292
Hero MotoCorp, Ltd.		13,543		472,515
Hindalco Industries, Ltd.		182,020		480,335
Hindustan Petroleum Corp., Ltd.		45,088		147,081
Hindustan Unilever, Ltd.		75,791		2,160,970
Hindustan Zinc, Ltd.(1)		103,100		279,237
Housing Development Finance Corp., Ltd.		40,244		1,361,440
ICICI Bank, Ltd.		85,117		627,354
IDBI Bank, Ltd.(1)		161,700		75,996
IDFC Bank, Ltd.(1)		260,034		147,937
IDFC, Ltd.		260,034		127,267
Indiabulls Housing Finance, Ltd.		19,115		82,049
Indiabulls Real Estate, Ltd.(1)		228,961		333,827
Indian Hotels Co., Ltd. (The)		197,136		393,957
Indian Oil Corp., Ltd.		162,210		257,653
Infosys, Ltd.		236,466		2,588,140
ITC, Ltd.		375,295		1,235,691
Jindal Steel & Power, Ltd.(1)		129,924		318,758
JSW Steel, Ltd.		111,396		388,008
Kotak Mahindra Bank, Ltd.		21,720		512,928
Larsen & Toubro, Ltd.		62,664		1,200,941
Lupin, Ltd.		80,300		806,039
Mahindra & Mahindra, Ltd.		94,791		754,069
Maruti Suzuki India, Ltd.		13,311		1,287,958
Nestle India, Ltd.		2,723		585,486

Security	Shares		Value
India (continued)
NTPC, Ltd.		751,812	$	1,189,197
Oberoi Realty, Ltd.		31,878		243,659
Oil & Natural Gas Corp., Ltd.		251,509		387,789
Oracle Financial Services Software, Ltd.(1)		5,025		205,667
Piramal Enterprises, Ltd.		31,480		679,547
Piramal Enterprises, Ltd.(1)		4,172		90,272
Power Grid Corporation of India, Ltd.		507,373		1,330,287
Reliance Industries, Ltd.		217,773		4,290,426
Siemens, Ltd.		20,310		425,926
Sobha, Ltd.		26,300		165,275
State Bank of India(1)		73,106		324,689
Steel Authority of India, Ltd.		513,200		332,818
Sun Pharmaceutical Industries, Ltd.		227,118		1,384,787
Sun TV Network, Ltd.		26,788		176,312
Tata Communications, Ltd.		104,859		604,790
Tata Consultancy Services, Ltd.		58,569		1,711,023
Tata Global Beverages, Ltd.		74,700		401,378
Tata Motors, Ltd.(1)		208,855		513,111
Tata Power Co., Ltd. (The)		347,800		280,776
Tata Steel, Ltd.		45,080		274,595
Tech Mahindra, Ltd.		33,352		373,646
Titan Co., Ltd.		45,002		746,559
UltraTech Cement, Ltd.		12,390		766,576
United Spirits, Ltd.(1)		61,527		534,971
UPL, Ltd.		81,370		598,979
Vedanta, Ltd.		271,198		518,649
Vodafone Idea, Ltd.(1)		3,478,480		258,914
Voltas, Ltd.		51,328		499,581
Wipro, Ltd.		113,214		376,090
Yes Bank, Ltd.		156,523		85,744
Zee Entertainment Enterprises, Ltd.		206,320		773,887
			$	62,312,781
Indonesia — 2.8%
Adaro Energy Tbk PT		6,814,700	$	605,649
AKR Corporindo Tbk PT		1,044,200		252,029
Aneka Tambang Tbk		10,251,500		538,630
Astra Argo Lestari Tbk PT		544,200		472,141
Astra International Tbk PT		6,962,400		3,214,104
Bank Central Asia Tbk PT		1,547,600		3,657,009
Bank Danamon Indonesia Tbk PT		591,903		150,337
Bank Mandiri Persero Tbk PT		2,743,800		1,500,297
Bank Negara Indonesia Persero Tbk PT		1,034,000		541,751
Bank Pan Indonesia Tbk PT(1)		4,945,000		418,619
Bank Rakyat Indonesia Persero Tbk PT		7,375,300		2,397,745
Bank Tabungan Negara Tbk PT		1,254,900		170,805

13 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Indonesia (continued)
Bukit Asam Tbk PT		1,905,100	$	306,074
Bumi Serpong Damai Tbk PT(1)		3,215,100		260,685
Charoen Pokphand Indonesia Tbk PT		1,595,800		773,472
Gudang Garam Tbk PT		111,800		455,526
Hanson International Tbk PT(1)(3)		23,744,500		86,944
Indo Tambangraya Megah Tbk PT		361,400		264,631
Indocement Tunggal Prakarsa Tbk PT		883,900		1,059,238
Indofood Sukses Makmur Tbk PT		1,296,700		742,992
Jasa Marga (Persero) Tbk PT		1,366,100		458,001
Kalbe Farma Tbk PT		7,829,900		816,771
Lippo Karawaci Tbk PT(1)		19,017,880		319,655
Matahari Department Store Tbk PT		686,300		147,411
Medco Energi Internasional Tbk PT(1)		4,956,200		253,544
Media Nusantara Citra Tbk PT		1,995,400		231,025
Mitra Keluarga Karyasehat Tbk PT		2,056,900		389,967
MNC Investama Tbk PT(1)		29,275,700		139,219
Perusahaan Gas Negara Tbk PT		4,681,600		580,229
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		3,360,100		288,522
PP Persero Tbk PT		2,468,989		247,577
Semen Indonesia Persero Tbk PT		1,469,700		1,280,369
Sigmagold Inti Perkasa Tbk PT(1)(3)		17,097,000		0
Siloam International Hospitals Tbk PT(1)		1,396,200		673,531
Surya Semesta Internusa Tbk PT		4,418,300		211,600
Telekomunikasi Indonesia Persero Tbk PT		9,920,000		2,751,579
Tower Bersama Infrastructure Tbk PT		2,018,000		170,897
Unilever Indonesia Tbk PT		1,540,400		894,730
United Tractors Tbk PT		678,683		948,389
Vale Indonesia Tbk PT(1)		2,056,700		472,672
Waskita Karya Persero Tbk PT		2,474,900		221,952
Wijaya Karya Persero Tbk PT		2,252,900		309,937
XL Axiata Tbk PT(1)		1,282,800		270,929
			$	29,947,184
Jordan — 0.8%
Al-Eqbal Investment Co. PLC(1)		51,637	$	950,950
Arab Bank PLC		432,486		3,564,074
Arab Potash Co. PLC		36,537		1,065,173
Bank of Jordan		119,866		384,355
Cairo Amman Bank		124,878		202,240
Capital Bank of Jordan		150,938		212,955
Jordan Ahli Bank		175,803		235,922
Jordan Islamic Bank		65,198		277,324
Jordan Petroleum Refinery		182,633		866,774
Jordanian Electric Power Co.		141,990		256,420
			$	8,016,187

Security	Shares		Value
Kazakhstan — 0.5%
Halyk Savings Bank of Kazakhstan JSC GDR(5)		99,125	$	1,442,913
KAZ Minerals PLC		412,861		2,379,583
Kcell JSC GDR		302,572		1,788,042
Nostrum Oil & Gas PLC(1)		75,523		11,165
			$	5,621,703
Kenya — 0.7%
ARM Cement, Ltd.(1)(3)		1,653,600	$	0
Bamburi Cement Co., Ltd.		325,100		233,183
Barclays Bank of Kenya, Ltd.		2,476,760		324,096
British American Tobacco Kenya, Ltd.		52,000		252,061
Co-operative Bank of Kenya, Ltd. (The)		2,447,112		372,874
East African Breweries, Ltd.		828,380		1,758,801
Equity Group Holdings PLC		2,172,700		1,095,039
KCB Group, Ltd.		1,713,520		889,944
Kenya Power & Lighting, Ltd.(1)		7,380,954		204,298
Nation Media Group PLC		304,184		105,399
Safaricom PLC		7,967,372		2,431,170
Standard Chartered Bank Kenya, Ltd.		166,442		332,036
			$	7,998,901
Kuwait — 1.5%
Agility Public Warehousing Co. KSC		585,649	$	1,633,388
Ahli United Bank		240,820		265,927
ALAFCO Aviation Lease and Finance Co. KSCP		225,463		184,022
Boubyan Bank KSCP		284,622		605,001
Boubyan Petrochemicals Co. KSCP		283,836		631,182
Burgan Bank SAK		270,556		271,056
Commercial Bank of Kuwait KSCP		361,479		663,621
Gulf Bank KSCP		342,573		351,235
Kuwait Cement Co.		178,947		143,353
Kuwait Finance House KSCP		843,382		2,320,910
Kuwait Portland Cement Co. KSC		7,004		22,355
Kuwait Projects Co. Holdings KSC		378,400		261,488
Kuwait Real Estate Co. KSC(1)		492,240		164,704
Mabanee Co. SAK		295,836		887,003
Mobile Telecommunications Co.		1,338,337		2,535,547
National Bank of Kuwait SAK		1,135,306		3,914,968
National Industries Group Holding SAK		664,558		532,917
National Real Estate Co. KPSC(1)		495,275		148,812
Warba Bank KSCP(1)		178,108		163,221
			$	15,700,710
Latvia — 0.1%
Grindeks		42,000	$	678,666
			$	678,666

14 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Lithuania — 0.3%
Apranga PVA		427,588	$	1,005,981
Energijos Skirstymo Operatorius AB(1)		128,934		124,663
Klaipedos Nafta AB		1,345,900		604,957
Pieno Zvaigzdes		104,200		113,709
Rokiskio Suris		122,500		362,617
Siauliu Bankas		2,303,871		1,331,239
			$	3,543,166
Malaysia — 2.8%
Aeon Co. (M) Bhd		440,600	$	145,757
Alliance Bank Malaysia Bhd		150,000		89,214
AMMB Holdings Bhd		145,400		130,800
Astro Malaysia Holdings Bhd		636,200		185,451
Axiata Group Bhd		1,020,750		1,066,103
Berjaya Sports Toto Bhd		410,650		252,731
Bursa Malaysia Bhd		122,550		165,381
CIMB Group Holdings Bhd		387,500		464,688
Dialog Group Bhd		1,812,014		1,440,054
Digi.com Bhd		663,000		680,670
FGV Holdings Bhd(1)		363,700		106,526
Gamuda Bhd		649,400		608,789
Genting Bhd		760,900		1,017,946
Genting Malaysia Bhd		1,062,600		778,938
Genting Plantations Bhd		71,600		182,300
Globetronics Technology Bhd		736,900		419,245
Hartalega Holdings Bhd		350,100		504,757
Hong Leong Bank Bhd		57,100		222,097
IGB Real Estate Investment Trust		474,900		222,196
IHH Healthcare Bhd		978,500		1,355,149
IJM Corp. Bhd		657,480		337,749
Inari Amertron Bhd		1,700,400		718,875
IOI Corp. Bhd		469,418		517,318
IOI Properties Group Bhd		1,044,058		296,407
KLCCP Stapled Group		348,200		664,729
Kuala Lumpur Kepong Bhd		93,800		520,122
Magnum Bhd		597,640		371,198
Malayan Banking Bhd		358,287		735,289
Malaysia Airports Holdings Bhd		263,700		431,833
Maxis Bhd		367,000		473,017
MISC Bhd		304,900		569,595
MMC Corp. Bhd		1,217,800		260,860
My EG Services Bhd		2,432,950		612,387
Nestle Malaysia Bhd		12,300		432,336
Petronas Chemicals Group Bhd		960,400		1,444,814
Petronas Dagangan Bhd		183,100		989,411
Petronas Gas Bhd		166,700		650,128

Security	Shares		Value
Malaysia (continued)
PPB Group Bhd		95,200	$	431,323
Press Metal Aluminium Holdings Bhd		973,420		1,153,723
Public Bank Bhd		178,320		806,388
RHB Bank Bhd		101,700		141,248
Sapura Energy Bhd		5,340,168		316,853
Silverlake Axis, Ltd.		1,398,100		382,816
Sime Darby Bhd		901,839		477,807
Sime Darby Plantation Bhd		469,539		578,729
Sime Darby Property Bhd		1,732,039		328,504
SP Setia Bhd Group		575,400		183,079
Sunway Bhd		1,140,206		499,123
Sunway Real Estate Investment Trust		688,700		305,676
Supermax Corp. Bhd		800,630		345,744
Telekom Malaysia Bhd		381,700		358,450
Tenaga Nasional Bhd		544,025		1,646,898
Top Glove Corp. Bhd		440,100		626,773
UEM Sunrise Bhd(1)		1,683,050		244,719
UMW Holdings Bhd		184,400		175,771
VS Industry Bhd		1,446,700		472,420
YTL Corp. Bhd		1,319,034		287,250
YTL Power International Bhd		893,660		163,163
			$	29,991,317
Mauritius — 0.8%
Alteo, Ltd.		680,307	$	298,140
CIEL, Ltd.		1,801,109		264,034
MCB Group, Ltd.		345,202		3,161,644
Phoenix Beverages, Ltd.		24,345		402,211
Rogers & Co., Ltd.		1,466,885		1,482,581
SBM Holdings, Ltd.		4,966,408		839,640
Sun, Ltd., Class A		516,880		408,823
Terra Mauricia, Ltd.		432,330		240,421
United Basalt Products, Ltd.		233,731		912,569
			$	8,010,063
Mexico — 6.0%
Alfa SAB de CV, Series A		2,092,972	$	1,573,980
Alsea SAB de CV(1)		694,800		1,687,038
America Movil SAB de CV, Series L		8,391,250		6,941,083
Arca Continental SAB de CV		203,680		1,153,384
Bolsa Mexicana de Valores SAB de CV		572,575		1,332,993
Cemex SAB de CV, Series CPO		5,452,339		2,190,112
Coca-Cola Femsa SAB de CV, Series L		229,400		1,401,616
El Puerto de Liverpool SAB de CV		163,780		870,234
Fibra Uno Administracion SA de CV		2,054,090		3,375,380

15 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Mexico (continued)
Fomento Economico Mexicano SAB de CV, Series UBD		554,856	$	5,002,822
Genomma Lab Internacional SAB de CV(1)		1,979,800		2,332,320
Gentera SAB de CV		473,400		536,147
Grupo Aeroportuario del Pacifico SAB de CV, Class B		177,587		2,198,938
Grupo Aeroportuario del Sureste SAB de CV, Class B		105,085		2,020,949
Grupo Bimbo SAB de CV, Series A		779,545		1,398,564
Grupo Carso SAB de CV, Series A1		646,100		2,329,591
Grupo Elektra SAB de CV		22,108		1,615,204
Grupo Financiero Banorte SAB de CV, Class O		734,700		4,527,841
Grupo Financiero Inbursa SAB de CV, Class O		2,019,900		2,299,386
Grupo Mexico SAB de CV, Series B		1,493,579		3,970,388
Grupo Televisa SAB ADR		164,900		1,833,688
Grupo Televisa SAB, Series CPO		325,100		722,444
Industrias CH SAB de CV, Series B(1)		222,900		1,102,851
Industrias Penoles SAB de CV(2)		95,765		994,065
Infraestructura Energetica Nova SAB de CV		180,000		845,916
Kimberly-Clark de Mexico SAB de CV, Class A		581,500		1,202,976
Minera Frisco SAB de CV(1)		620,008		103,359
Orbia Advance Corp., SAB de CV		527,799		1,247,187
Promotora y Operadora de Infraestructura SAB de CV		127,700		1,381,043
Telesites SAB de CV(1)		1,126,268		828,511
Ternium SA ADR(2)		19,500		408,135
Wal-Mart de Mexico SAB de CV, Series V		1,528,480		4,472,475
			$	63,900,620
Morocco — 0.8%
Attijariwafa Bank		27,886	$	1,461,190
Banque Centrale Populaire		24,266		691,280
BMCE Bank		29,719		614,221
Cosumar		35,561		815,006
Douja Promotion Groupe Addoha SA(1)		160,235		155,166
Label Vie		748		249,981
LafargeHolcim Maroc SA		5,942		1,187,549
Lesieur Cristal		14,365		263,012
Managem SA		1,422		125,861
Maroc Telecom		82,835		1,342,259
Societe d’Exploitation des Ports		26,481		607,620
TAQA Morocco SA		3,336		338,188
TOTAL Maroc SA		1,304		193,971
			$	8,045,304
Nigeria — 0.7%
Access Bank PLC		15,309,588	$	415,269
Dangote Cement PLC		2,624,741		1,222,005
Ecobank Transnational, Inc.(1)		5,093,625		103,974
FBN Holdings PLC		20,750,490		373,812

Security	Shares		Value
Nigeria (continued)
Flour Mills of Nigeria PLC		3,215,556	$	186,446
Guaranty Trust Bank PLC		10,118,660		836,317
Guiness Nigeria PLC		1,391,550		121,376
Lafarge Africa PLC(1)		5,061,475		211,283
Nestle Nigeria PLC		355,667		1,256,479
Nigerian Breweries PLC		4,747,707		704,519
SEPLAT Petroleum Development Co. PLC(4)		604,091		879,738
Stanbic IBTC Holdings PLC		1,977,675		207,663
Transnational Corp. of Nigeria PLC		44,100,342		118,285
United Bank for Africa PLC		25,521,594		565,327
Zenith Bank PLC		10,375,481		594,862
			$	7,797,355
Oman — 0.8%
Bank Dhofar SAOG		970,518	$	283,438
Bank Muscat SAOG		1,819,742		2,103,802
Bank Nizwa SAOG(1)		1,001,800		259,909
HSBC Bank Oman SAOG		589,256		189,734
National Bank of Oman SAOG		1,184,658		612,536
Oman Cables Industry SAOG		127,600		200,254
Oman Cement Co. SAOG		410,869		255,336
Oman Flour Mills Co. SAOG		90,796		136,582
Oman Telecommunications Co. SAOG		744,854		1,198,914
Ominvest		374,413		331,650
Ooredoo		634,160		838,177
Renaissance Services SAOG(1)		589,601		779,688
Sembcorp Salalah Power & Water Co.		1,120,000		420,894
Sohar International Bank SAOG		1,707,287		495,430
			$	8,106,344
Pakistan — 0.7%
Bank Alfalah, Ltd.		865,691	$	277,446
Engro Corp., Ltd.		270,585		596,336
Engro Fertilizers, Ltd.		610,528		267,256
Fauji Fertilizer Co., Ltd.		560,610		380,962
Habib Bank, Ltd.		484,618		512,749
Hub Power Co., Ltd. (The)(1)		2,169,573		1,367,080
Lucky Cement, Ltd.		147,650		453,090
Mari Petroleum Co., Ltd.		26,983		236,479
MCB Bank, Ltd.		460,830		627,315
Millat Tractors, Ltd.		74,688		352,722
National Bank of Pakistan(1)		672,540		190,945
Nishat Mills, Ltd.		211,771		152,591
Oil & Gas Development Co., Ltd.		520,591		463,573
Pakistan Oilfields, Ltd.		128,520		351,728

16 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Pakistan (continued)
Pakistan Petroleum, Ltd.		543,771	$	500,495
Pakistan State Oil Co., Ltd.		232,833		313,196
Searle Co., Ltd. (The)		182,251		224,010
United Bank, Ltd.		406,745		447,795
			$	7,715,768
Panama — 0.3%
Copa Holdings SA, Class A		30,229	$	2,961,233
			$	2,961,233
Peru — 1.4%
Alicorp SAA		121,771	$	327,264
Cementos Pacasmayo SAA		192,689		349,412
Cia de Minas Buenaventura SA ADR		217,650		2,814,214
Credicorp, Ltd.		35,600		7,354,248
Ferreycorp SAA		1,532,691		905,311
Southern Copper Corp.(2)		85,576		3,224,504
Volcan Cia Minera SAA, Class B(1)		2,886,275		410,864
			$	15,385,817
Philippines — 2.9%
Aboitiz Equity Ventures, Inc.		718,410	$	693,847
Aboitiz Power Corp.		1,574,400		1,002,915
Alliance Global Group, Inc.		1,093,800		232,016
Altus San Nicolas Corp.(1)		19,271		0
Ayala Corp.		76,465		1,088,902
Ayala Land, Inc.		1,840,800		1,498,408
Ayala Land, Inc., PFC Shares(3)		3,951,800		0
Bank of the Philippine Islands		608,840		987,174
BDO Unibank, Inc.		590,794		1,715,731
Bloomberry Resorts Corp.		4,546,400		803,505
Cosco Capital, Inc.		3,726,300		446,945
D&L Industries, Inc.		4,201,800		728,446
DMCI Holdings, Inc.		1,492,900		178,583
First Gen Corp.		1,029,022		410,338
First Philippine Holdings Corp.		220,440		288,502
Globe Telecom, Inc.		26,020		968,018
GT Capital Holdings, Inc.		27,518		364,823
International Container Terminal Services, Inc.		271,820		692,985
JG Summit Holdings, Inc.		921,870		1,264,716
Jollibee Foods Corp.		390,940		1,466,873
LT Group, Inc.		1,202,200		232,298
Manila Electric Co.		259,940		1,309,491
Manila Water Co.		701,100		167,552
Megaworld Corp.		4,024,400		319,751

Security	Shares		Value
Philippines (continued)
Metro Pacific Investments Corp.		4,416,700	$	278,228
Metropolitan Bank & Trust Co.		593,732		668,699
Nickel Asia Corp.		5,745,240		322,883
Petron Corp.		4,267,400		303,125
PLDT, Inc.		82,970		1,614,129
Puregold Price Club, Inc.		981,200		734,786
Robinsons Land Corp.		796,782		398,540
Robinsons Retail Holdings, Inc.		180,510		274,412
San Miguel Corp.		154,070		422,490
Security Bank Corp.		101,780		353,060
Semirara Mining & Power Corp.		1,827,920		788,492
SM Investments Corp.		141,833		2,697,526
SM Prime Holdings, Inc.		3,518,199		2,682,378
Universal Robina Corp.		752,580		2,144,440
Vista Land & Lifescapes, Inc.		1,567,200		215,939
			$	30,760,946
Poland — 2.9%
Alior Bank SA(1)		26,565	$	181,651
AmRest Holdings SE(1)		71,663		891,485
Asseco Poland SA		218,274		3,594,622
Bank Handlowy w Warszawie SA		11,785		171,416
Bank Millennium SA(1)		196,890		301,733
Bank Polska Kasa Opieki SA		57,442		1,465,264
Budimex SA		17,729		843,653
CCC SA		25,700		640,841
Ciech SA(1)		32,562		325,722
Cyfrowy Polsat SA		206,500		1,447,431
Enea SA(1)		204,687		378,724
Energa SA(1)		215,408		398,297
Eurocash SA		317,200		1,592,133
Grupa Azoty SA(1)		39,918		255,961
Grupa Lotos SA		31,066		616,520
Jastrzebska Spolka Weglowa SA		58,043		280,680
KGHM Polska Miedz SA(1)		101,713		2,390,853
LPP SA		1,017		2,216,227
mBank SA(1)		5,230		501,147
Orange Polska SA(1)		1,310,117		2,363,801
PGE SA(1)		803,788		1,426,878
PKP Cargo SA		40,141		183,556
Polski Koncern Naftowy ORLEN SA		115,790		2,259,125
Polskie Gornictwo Naftowe i Gazownictwo SA		592,315		549,771
Powszechna Kasa Oszczednosci Bank Polski SA		298,805		2,633,339
Powszechny Zaklad Ubezpieczen SA		204,511		2,118,905
Santander Bank Polska SA		11,775		871,325
Tauron Polska Energia SA(1)		1,248,226		478,773
			$	31,379,833

17 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Qatar — 1.5%
Aamal Co. QSC		465,350	$	101,138
Al Meera Consumer Goods Co.		36,720		157,846
Barwa Real Estate Co.		1,216,570		1,171,107
Commercial Bank PSQC (The)		341,880		445,277
Doha Bank QPSC		337,400		251,820
Gulf International Services QSC(1)		730,130		309,363
Industries Qatar		728,670		1,975,637
Masraf Al Rayan QSC		546,811		613,412
Medicare Group		95,760		217,377
Ooredoo QPSC		709,260		1,342,069
Qatar Electricity & Water Co. QSC		308,550		1,350,577
Qatar Gas Transport Co., Ltd.		1,679,290		1,087,621
Qatar Insurance Co.		348,370		300,484
Qatar International Islamic Bank		117,050		298,785
Qatar Islamic Bank		238,272		1,084,366
Qatar National Bank QPSC		733,712		4,077,811
Qatar Navigation QSC		164,108		270,943
United Development Co. QSC		1,202,690		497,503
Vodafone Qatar QSC		953,720		319,472
			$	15,872,608
Romania — 0.7%
Banca Transilvania SA		3,881,428	$	2,328,247
BRD-Groupe Societe Generale SA		200,826		751,382
OMV Petrom SA		17,163,291		1,672,879
Societatea Energetica Electrica SA		481,203		1,193,764
Societatea Nationala de Gaze Naturale ROMGAZ SA		115,168		937,601
Transelectrica SA		114,909		533,237
Transgaz SA Medias		4,871		373,991
			$	7,791,101
Russia — 5.7%
Alrosa PJSC		650,100	$	815,896
Evraz PLC		154,201		715,928
Federal Grid Co. Unified Energy System PJSC		145,275,440		495,167
Gazprom PJSC ADR		978,133		6,856,354
Globaltrans Investment PLC GDR(5)		100,058		866,988
Inter RAO UES PJSC		14,717,070		1,328,039
LSR Group PJSC GDR(5)		186,400		516,998
Lukoil PJSC ADR(6)		66,202		6,735,682
Lukoil PJSC ADR(6)		1,600		163,408
Magnit PJSC		31,447		1,835,958
Magnitogorsk Iron & Steel Works PJSC		399,600		279,872
Mail.ru Group, Ltd. GDR(1)(5)		43,862		1,032,031
Mechel PJSC ADR(1)		78,486		236,243

Security	Shares		Value
Russia (continued)
MMC Norilsk Nickel PJSC ADR(6)		135,588	$	4,372,651
MMC Norilsk Nickel PJSC ADR(6)		823		26,550
Mobile TeleSystems PJSC		392,507		2,002,498
Moscow Exchange MICEX-RTS PJSC		227,820		391,986
Mosenergo PJSC		8,811,603		316,240
Novatek PJSC GDR(5)		16,169		2,909,855
Novolipetsk Steel PJSC GDR		33,000		712,912
PhosAgro PJSC GDR(5)(6)		12,600		159,894
PhosAgro PJSC GDR(5)(6)		28,064		356,005
Polymetal International PLC		49,400		838,057
QIWI PLC ADR		11,566		214,549
Rosneft Oil Co. PJSC GDR(5)(6)		3,905		29,264
Rosneft Oil Co. PJSC GDR(5)(6)		183,924		1,376,357
Rostelecom PJSC		442,887		608,500
RusHydro PJSC		75,500,080		812,982
Sberbank of Russia PJSC		2,063,068		8,137,490
Severstal PJSC GDR(5)		43,209		607,550
Sistema PJSFC		1,780,078		509,998
Surgutneftegas PJSC ADR		145,064		1,026,716
Surgutneftegas PJSC, PFC Shares		1,299,000		731,991
Tatneft PJSC ADR		42,996		3,087,150
TMK PJSC GDR(5)		64,757		224,621
Transneft PJSC, PFC Shares		373		961,401
Unipro PJSC		8,737,000		401,664
VEON, Ltd. ADR		279,784		724,641
VTB Bank PJSC		1,037,060,000		752,052
X5 Retail Group NV GDR(5)		48,766		1,785,173
Yandex NV, Class A(1)		105,800		4,740,898
			$	60,698,209
Saudi Arabia — 3.1%
Abdullah Al Othaim Markets Co.		30,295	$	719,172
Advanced Petrochemical Co.		10,470		133,944
Al Hammadi Co. for Development and Investment(1)		36,417		226,513
Al Rajhi Bank		60,692		1,071,291
Alandalus Property Co.		60,105		256,257
Aldrees Petroleum and Transport Services Co.		35,520		613,117
Alinma Bank		61,312		423,140
Almarai Co. JSC		116,112		1,466,775
Arab National Bank		24,184		171,240
Arriyadh Development Co.		139,870		585,251
Bank AlBilad		30,000		217,969
Banque Saudi Fransi		27,000		265,954
Dallah Healthcare Co.		14,920		184,594
Dar Al Arkan Real Estate Development Co.(1)		545,237		1,425,373
Emaar Economic City(1)		510,380		1,359,350

18 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Saudi Arabia (continued)
Etihad Etisalat Co.(1)		121,903	$	855,965
Fawaz Abdulaziz Al Hokair & Co.(1)		59,694		468,398
Jarir Marketing Co.		31,574		1,352,738
Leejam Sports Co. JSC		20,900		440,660
Middle East Healthcare Co.(1)		26,535		236,801
Mobile Telecommunications Co. Saudi Arabia(1)		92,407		319,146
Mouwasat Medical Services Co.		41,022		880,393
National Agriculture Development Co. (The)(1)		17,649		126,470
National Commercial Bank		67,845		846,809
National Gas & Industrialization Co.		25,806		217,467
National Medical Care Co.		19,273		252,375
Rabigh Refining & Petrochemical Co.(1)		88,189		468,653
Riyad Bank		68,200		427,826
Sahara International Petrochemical Co.		76,374		350,661
Samba Financial Group		48,705		391,824
Saudi Airlines Catering Co.		23,375		639,632
Saudi Arabian Amiantit Co.(1)		31,767		138,240
Saudi Arabian Fertilizer Co.		16,723		333,614
Saudi Arabian Mining Co.(1)		42,708		487,270
Saudi Arabian Oil Co.(1)(4)		124,500		1,133,176
Saudi Basic Industries Corp.		70,347		1,637,423
Saudi Ceramic Co.(1)		46,140		471,513
Saudi Chemical Co. Holding		34,533		230,818
Saudi Co. for Hardware CJSC		15,187		216,116
Saudi Electricity Co.		607,145		3,212,082
Saudi Ground Services Co.		63,562		623,523
Saudi Industrial Investment Group		28,574		179,253
Saudi Industrial Services Co.		57,275		357,048
Saudi Kayan Petrochemical Co.(1)		59,809		157,883
Saudi Pharmaceutical Industries & Medical Appliances Corp.		19,138		145,209
Saudi Public Transport Co.(1)		82,600		422,640
Saudi Research & Marketing Group(1)		8,978		181,938
Saudi Telecom Co.		100,472		2,435,021
Saudia Dairy & Foodstuff Co.		10,319		399,208
Savola Group (The)(1)		127,846		1,215,884
Seera Group Holding		89,711		557,189
United Electronics Co.		15,707		344,749
United International Transportation Co.		37,546		375,224
Yanbu National Petrochemical Co.		28,127		393,191
			$	33,043,970
Slovenia — 0.7%
Cinkarna Celje DD		2,659	$	571,869
KRKA DD		31,469		2,644,926
Luka Koper		19,676		531,993

Security	Shares		Value
Slovenia (continued)
Petrol		4,171	$	1,804,441
Pozavarovalnica Sava DD		38,525		831,434
Telekom Slovenije DD		8,465		557,449
Zavarovalnica Triglav DD		26,606		1,047,928
			$	7,990,040
South Africa — 5.7%
Absa Group, Ltd.		59,735	$	543,600
AECI, Ltd.		52,556		365,307
African Rainbow Minerals, Ltd.		35,834		401,360
Anglo American Platinum, Ltd.		7,785		621,105
AngloGold Ashanti, Ltd.		59,424		1,212,316
Aspen Pharmacare Holdings, Ltd.(1)		392,807		3,023,622
Astral Foods, Ltd.		18,500		246,582
AVI, Ltd.		137,600		705,280
Barloworld, Ltd.		292,775		1,809,206
Bid Corp., Ltd.		109,527		2,416,374
Bidvest Group, Ltd. (The)		280,075		3,853,255
Capitec Bank Holdings, Ltd.		8,932		797,943
Clicks Group, Ltd.		79,800		1,287,516
DataTec, Ltd.		160,600		356,571
Discovery, Ltd.		39,190		304,153
Exxaro Resources, Ltd.		118,010		955,808
FirstRand, Ltd.		363,258		1,392,165
Foschini Group, Ltd. (The)		63,545		582,005
Gold Fields, Ltd.		162,131		1,049,584
Grindrod, Ltd.		340,300		109,033
Growthpoint Properties, Ltd.		1,042,876		1,461,285
Harmony Gold Mining Co., Ltd.(1)		112,429		379,526
Hyprop Investments, Ltd.		92,800		330,460
Impala Platinum Holdings, Ltd.(1)		155,673		1,462,798
Imperial Logistics, Ltd.		60,958		205,023
Investec, Ltd.		62,594		346,927
JSE, Ltd.		40,800		296,660
Kumba Iron Ore, Ltd.		14,360		332,040
Liberty Holdings, Ltd.		47,175		329,777
Life Healthcare Group Holdings, Ltd.		1,510,419		2,521,278
Massmart Holdings, Ltd.(2)		98,355		347,954
Mediclinic International PLC		253,849		1,224,728
Momentum Metropolitan Holdings		262,188		349,311
Motus Holdings, Ltd.		60,958		326,350
Mr Price Group, Ltd.		59,321		668,371
MTN Group, Ltd.		289,276		1,548,606
MultiChoice Group, Ltd.(1)		44,057		313,172
Murray & Roberts Holdings, Ltd.		915,850		649,263
Nampak, Ltd.(1)		465,438		151,099

19 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
South Africa (continued)
Naspers, Ltd., Class N		35,657	$	5,783,441
Nedbank Group, Ltd.		44,331		575,445
Netcare, Ltd.		1,305,994		1,739,834
Northam Platinum, Ltd.(1)		90,938		760,094
Pick’n Pay Stores, Ltd.		225,781		974,395
Rand Merchant Investment Holdings, Ltd.		241,697		435,604
Redefine Properties, Ltd.		2,311,150		1,102,259
Remgro, Ltd.		67,399		814,380
Reunert, Ltd.		351,136		1,424,214
RMB Holdings, Ltd.		93,764		459,024
Sanlam, Ltd.		213,591		1,045,864
Sappi, Ltd.(1)		166,248		421,230
Sasol, Ltd.		96,056		1,525,951
Shoprite Holdings, Ltd.		172,823		1,341,378
Sibanye Gold, Ltd.(1)(2)		296,818		764,492
SPAR Group, Ltd. (The)		70,831		901,237
Standard Bank Group, Ltd.		130,101		1,357,052
Steinhoff International Holdings NV(1)		787,883		49,779
Telkom SA SOC, Ltd.		188,450		401,894
Tiger Brands, Ltd.		76,630		1,002,124
Tongaat Hulett, Ltd.(1)(3)		99,910		43,969
Truworths International, Ltd.		105,912		309,232
Vodacom Group, Ltd.		116,477		905,402
Wilson Bayly Holmes-Ovcon, Ltd.		106,200		922,077
Woolworths Holdings, Ltd.		245,524		719,574
			$	61,057,358
South Korea — 5.6%
AMOREPACIFIC Corp.		5,380	$	832,734
AMOREPACIFIC Group		6,000		358,902
BNK Financial Group, Inc.		34,935		197,040
Celltrion, Inc.(1)		14,934		2,034,358
Cheil Worldwide, Inc.		31,519		557,251
CJ CheilJedang Corp.		2,752		543,110
CJ Corp.		1,800		124,024
CJ ENM Co., Ltd.		2,216		253,463
CJ Logistics Corp.(1)		2,049		248,956
Daelim Industrial Co., Ltd.		3,151		211,726
Daesang Corp.		8,000		139,544
Daewoo Engineering & Construction Co., Ltd.(1)		36,541		132,058
Daewoo Industrial Development Co., Ltd.(1)		3,657		5,186
Daewoong Pharmaceutical Co., Ltd.		4,700		460,248
DB Insurance Co., Ltd.		5,340		189,009
DGB Financial Group Co., Ltd.		34,537		186,984
Dong-A Pharmaceutical Co., Ltd.		2,407		188,763
Dong-A ST Co., Ltd.		4,078		319,374

Security	Shares		Value
South Korea (continued)
Dongkuk Steel Mill Co., Ltd.(1)		50,333	$	205,462
Doosan Co., Ltd.		1,722		89,964
E-MART, Inc.		5,525		509,291
GS Engineering & Construction Corp.		10,435		242,149
GS Holdings Corp.		12,720		484,840
Hana Financial Group, Inc.		27,700		765,506
Hanjin Kal Corp.		3,783		129,550
Hankook Tire and Technology Co., Ltd.		14,523		346,559
Hanmi Pharm Co., Ltd.		2,350		546,887
Hanmi Science Co., Ltd.		9,423		251,906
Hansol Holdings Co., Ltd.(1)		38,317		111,734
Hansol Paper Co., Ltd.		12,933		153,950
Hanwha Aerospace Co., Ltd.(1)		5,395		145,887
Hanwha Corp.		6,080		109,242
Hanwha Solutions Corp.		28,250		391,938
HDC Hyundai Development Co-Engineering & Construction, Class E(2)		4,650		80,617
Helixmith Co., Ltd.(1)		7,168		455,558
Hite-Jinro Co., Ltd.		20,121		502,848
Hyosung Corp.		1,124		66,658
Hyosung TNC Co., Ltd.		1,031		141,839
Hyundai Department Store Co., Ltd.		2,715		176,228
Hyundai Engineering & Construction Co., Ltd.		7,842		247,575
Hyundai Glovis Co., Ltd.		3,070		376,563
Hyundai Heavy Industries Holdings Co., Ltd.		867		197,308
Hyundai Marine & Fire Insurance Co., Ltd.		5,856		107,428
Hyundai Mipo Dockyard Co., Ltd.		4,150		142,474
Hyundai Mobis Co., Ltd.		6,259		1,196,868
Hyundai Motor Co.		15,339		1,592,374
Hyundai Steel Co.		16,100		377,647
Hyundai Wia Corp.		5,400		191,619
Industrial Bank of Korea		26,180		234,536
Kakao Corp.		3,565		469,936
Kangwon Land, Inc.		9,866		227,119
KB Financial Group, Inc.		28,900		1,063,098
KCC Corp.		627		105,075
KCC Glass Corp.(1)		589		16,852
Kia Motors Corp.		28,703		976,269
Korea Electric Power Corp.		73,995		1,565,358
Korea Gas Corp.		6,748		182,852
Korea Investment Holdings Co., Ltd.		4,490		246,953
Korea Shipbuilding & Offshore Engineering Co., Ltd.(1)		4,301		405,280
Korea Zinc Co., Ltd.		1,988		630,659
Korean Reinsurance Co.		29,387		211,811
KT&G Corp.		20,325		1,615,099
Kumho Petrochemical Co., Ltd.		4,400		238,226

20 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
LG Chem, Ltd.		5,879	$	1,639,298
LG Corp.		13,532		795,224
LG Display Co., Ltd.		19,325		244,788
LG Electronics, Inc.		13,143		716,673
LG Hausys, Ltd.		2,858		116,583
LG Household & Health Care, Ltd.		1,200		1,255,105
LG Uplus Corp.		103,900		1,150,015
Lotte Chemical Corp.		2,291		359,352
Lotte Corp.		5,796		170,072
LOTTE Fine Chemical Co., Ltd.		9,050		292,864
Lotte Shopping Co., Ltd.		1,923		184,631
LS Corp.		3,530		116,493
LS Industrial Systems Co., Ltd.		3,300		144,230
Medy-Tox, Inc.		1,908		512,150
Mirae Asset Daewoo Co., Ltd.(2)		44,889		255,108
Naver Corp.		6,970		1,039,426
NCsoft Corp.		1,263		669,071
NH Investment & Securities Co., Ltd.		21,508		195,929
NHN Corp.(1)		4,718		296,441
Nong Shim Co., Ltd.		2,523		485,311
OCI Co., Ltd.		4,137		190,988
Orion Corp. of Republic of Korea		4,700		401,440
POSCO		8,473		1,535,040
Posco International Corp.		9,000		126,050
S-Oil Corp.		14,880		936,811
S1 Corp.		3,266		249,354
Samsung Biologics Co., Ltd.(1)(4)		2,681		1,077,546
Samsung C&T Corp.		8,300		746,921
Samsung Card Co., Ltd.		3,060		97,054
Samsung Electro-Mechanics Co., Ltd.		3,583		367,356
Samsung Electronics Co., Ltd.		125,596		5,819,238
Samsung Fire & Marine Insurance Co., Ltd.		2,779		489,286
Samsung Heavy Industries Co., Ltd.(1)		67,350		370,831
Samsung Life Insurance Co., Ltd.		8,610		498,224
Samsung SDI Co., Ltd.		2,525		574,786
Samsung Securities Co., Ltd.		9,540		278,702
Shinhan Financial Group Co., Ltd.		33,151		1,081,828
Shinsegae, Inc.		727		161,231
SK Chemicals Co., Ltd.		5,375		259,080
SK Holdings Co., Ltd.		3,484		681,089
SK Hynix, Inc.(2)		12,691		965,612
SK Innovation Co., Ltd.		15,696		1,689,309
SK Networks Co., Ltd.		41,210		170,222
SK Telecom Co., Ltd.		13,100		2,509,501
Woongjin Coway Co., Ltd.		5,240		384,471
Woori Financial Group, Inc.		48,286		407,634

Security	Shares		Value
South Korea (continued)
Yuhan Corp.		4,851	$	880,023
Zyle Motor Sales Corp.(1)		5,113		4,933
			$	59,103,646
Sri Lanka — 0.8%
Aitken Spence PLC		515,800	$	122,387
Ceylon Tobacco Co. PLC		116,289		701,828
Chevron Lubricants Lanka PLC		636,242		259,202
Commercial Bank of Ceylon PLC		1,539,657		781,718
DFCC Bank PLC		293,137		134,527
Dialog Axiata PLC		7,195,302		498,641
Hatton National Bank PLC		1,026,509		910,111
Hemas Holdings PLC		518,341		213,299
John Keells Holdings PLC		2,230,432		1,985,210
Lanka IOC PLC		1,004,003		100,868
Melstacorp PLC		5,098,120		1,068,874
National Development Bank PLC		567,373		306,888
Nations Trust Bank PLC(1)		394,717		168,003
Sampath Bank PLC		560,185		504,010
Teejay Lanka PLC		1,222,185		265,653
			$	8,021,219
Taiwan — 5.9%
AcBel Polytech, Inc.		429,000	$	327,026
Acer, Inc.		263,519		145,734
AirTAC International Group		37,714		570,002
AmTRAN Technology Co., Ltd.(1)		650,067		219,874
ASE Technology Holding Co., Ltd.		123,561		298,154
Asia Cement Corp.		280,356		417,009
Asustek Computer, Inc.		24,325		179,149
AU Optronics Corp.		578,837		192,022
Capital Securities Corp.		393,762		132,414
Catcher Technology Co., Ltd.		37,183		294,456
Cathay Financial Holding Co., Ltd.		447,916		599,522
Center Laboratories, Inc.		631,122		1,089,154
Chailease Holding Co., Ltd.		68,457		283,879
Chang Hwa Commercial Bank, Ltd.		596,348		422,406
Cheng Shin Rubber Industry Co., Ltd.		407,672		527,905
Chicony Electronics Co., Ltd.		47,164		132,800
China Airlines, Ltd.		2,591,887		685,312
China Development Financial Holding Corp.		739,050		226,103
China Life Insurance Co., Ltd.(1)		244,996		198,934
China Motor Corp.		188,926		233,123
China Steel Corp.		1,153,734		879,121
Chong Hong Construction Co., Ltd.		184,999		512,313

21 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Taiwan (continued)
Chunghwa Telecom Co., Ltd.		1,150,746	$	4,111,182
Clevo Co.		180,155		204,473
Compal Electronics, Inc.		260,345		156,770
CTBC Financial Holding Co., Ltd.		1,236,275		896,654
Delta Electronics, Inc.		62,151		290,387
Dynapack International Technology Corp.		97,374		212,655
E Ink Holdings, Inc.		172,000		167,351
E.Sun Financial Holding Co., Ltd.		658,008		607,875
Eclat Textile Co., Ltd.		34,159		435,664
Elan Microelectronics Corp.		32,710		91,890
EVA Airways Corp.		1,370,861		551,172
Evergreen International Storage & Transport Corp.		868,000		394,790
Evergreen Marine Corp.(1)		1,336,441		513,991
Far Eastern Department Stores, Ltd.		616,995		500,164
Far Eastern New Century Corp.		1,180,695		1,094,560
Far EasTone Telecommunications Co., Ltd.		620,084		1,404,556
Feng Hsin Steel Co., Ltd.		183,260		320,952
First Financial Holding Co., Ltd.		587,515		457,223
Formosa Chemicals & Fibre Corp.		374,399		1,045,076
Formosa International Hotels Corp.		42,084		212,475
Formosa Petrochemical Corp.		617,320		1,825,458
Formosa Plastics Corp.		407,896		1,252,529
Formosa Taffeta Co., Ltd.		331,000		368,250
Formosan Rubber Group, Inc.		350,730		219,452
Foxconn Technology Co., Ltd.		48,087		95,438
Fubon Financial Holding Co., Ltd.		422,596		626,696
Giant Manufacturing Co., Ltd.		69,208		407,537
Great Wall Enterprise Co., Ltd.		650,102		885,644
Highwealth Construction Corp.		441,669		659,660
Hiwin Technologies Corp.		71,698		713,415
Hon Hai Precision Industry Co., Ltd.		328,747		893,865
Hota Industrial Manufacturing Co., Ltd.		58,360		228,874
Hotai Motor Co., Ltd.		55,000		1,121,860
Hu Lane Associate, Inc.		90,000		276,704
Hua Nan Financial Holdings Co., Ltd.		626,061		446,185
IBF Financial Holdings Co., Ltd.		730,791		283,522
Innolux Corp.		623,762		179,324
Inventec Corp.		178,966		134,730
Kenda Rubber Industrial Co., Ltd.		238,367		227,484
Kinpo Electronics, Inc.		846,000		391,608
Largan Precision Co., Ltd.		2,795		434,140
MediaTek, Inc.		43,462		549,898
Mega Financial Holding Co., Ltd.		695,730		722,862
Merida Industry Co., Ltd.		34,657		188,677
Nan Kang Rubber Tire Co., Ltd.		95,253		151,897
Nan Ya Plastics Corp.		557,214		1,277,107

Security	Shares		Value
Taiwan (continued)
Novatek Microelectronics Corp., Ltd.		16,942	$	119,461
Pegatron Corp.		69,028		143,120
Pou Chen Corp.		491,819		568,050
Powertech Technology, Inc.		59,865		212,101
President Chain Store Corp.		215,664		2,121,745
Quanta Computer, Inc.		103,508		210,157
Radium Life Tech Co., Ltd.		646,090		217,599
Realtek Semiconductor Corp.		23,002		184,810
Ruentex Development Co., Ltd.		314,860		439,842
Sanyang Motor Co., Ltd.		839,866		563,877
ScinoPharm Taiwan, Ltd.		255,343		219,009
Shin Kong Financial Holding Co., Ltd.		817,968		264,546
Sino-American Silicon Products, Inc.		30,233		96,588
SinoPac Financial Holdings Co., Ltd.		642,414		272,459
St. Shine Optical Co., Ltd.		22,000		298,119
Synnex Technology International Corp.		169,358		209,001
Tainan Spinning Co., Ltd.		941,822		316,537
Taishin Financial Holding Co., Ltd.		808,193		376,668
Taiwan Cement Corp.		390,131		539,850
Taiwan Cooperative Financial Holding Co., Ltd.		511,432		350,598
Taiwan Glass Industry Corp.		542,564		185,596
Taiwan Mobile Co., Ltd.		542,296		1,918,804
Taiwan Semiconductor Manufacturing Co., Ltd.		461,465		4,759,644
Taiwan Tea Corp.		395,711		206,858
Tatung Co., Ltd.(1)		225,785		145,160
Teco Electric & Machinery Co., Ltd.		856,000		760,806
Tong Yang Industry Co., Ltd.		105,608		147,961
Tripod Technology Corp.		27,535		101,034
TSRC Corp.		129,063		97,947
TTY Biopharm Co., Ltd.		534,330		1,377,322
Tung Ho Steel Enterprise Corp.		798,060		593,766
U-Ming Marine Transport Corp.		186,000		188,088
Uni-President Enterprises Corp.		1,669,831		3,978,321
United Microelectronics Corp.		383,090		187,007
United Renewable Energy Co., Ltd.(1)		718,244		171,887
Walsin Lihwa Corp.		801,000		389,609
Wan Hai Lines, Ltd.		518,962		289,448
Wei Chuan Food Corp.		623,000		448,797
Wistron Corp.		145,489		129,660
Xxentria Technology Materials Corp.		234,700		475,418
Yageo Corp.		19,591		245,744
Yang Ming Marine Transport(1)		1,153,621		256,889
YFY, Inc.		531,120		229,259
Yieh Phui Enterprise Co., Ltd.		1,510,046		454,211
Yuanta Financial Holding Co., Ltd.		588,629		381,184
Yulon Motor Co., Ltd.		250,950		147,279
			$	62,790,924

22 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Thailand — 2.9%
Advanced Info Service PCL(7)		190,200	$	1,236,560
Airports of Thailand PCL(7)		738,300		1,661,213
AP Thailand PCL(7)		1,657,700		365,521
Bangkok Bank PCL(7)		101,600		466,131
Bangkok Dusit Medical Services PCL(7)		2,556,700		2,033,075
Bangkok Land PCL(7)		7,258,500		277,113
Banpu PCL(7)		403,300		130,058
BEC World PCL(1)(7)		1,120,800		189,154
Berli Jucker PCL(7)		207,500		271,079
BTS Group Holdings PCL(7)		1,624,000		648,890
Bumrungrad Hospital PCL(7)		273,300		1,168,547
Central Pattana PCL(7)		537,000		1,040,406
Central Plaza Hotel PCL(7)		268,400		186,089
CH. Karnchang PCL(7)		187,120		118,375
Charoen Pokphand Foods PCL(7)		579,600		554,488
CP ALL PCL(7)		601,800		1,360,568
Electricity Generating PCL(7)		105,200		1,023,784
Hana Microelectronics PCL(7)		803,900		902,070
Home Product Center PCL(7)		1,842,455		859,322
Indorama Ventures PCL(7)		657,600		586,565
IRPC PCL(7)		2,114,500		193,074
Italian-Thai Development PCL(7)		2,682,406		123,912
Jasmine International PCL(7)		662,900		106,799
Kasikornbank PCL(7)		144,500		646,396
KCE Electronics PCL(7)		562,600		334,464
Khon Kaen Sugar Industry PCL(7)		1,189,180		90,616
Kiatnakin Bank PCL(7)		103,100		224,703
Krung Thai Bank PCL(7)		535,400		275,485
L.P.N. Development PCL(7)		1,255,000		195,022
Land & Houses PCL(7)		1,634,300		484,498
Minor International PCL(7)		714,977		702,176
Pruksa Holding PCL(7)		518,200		233,688
PTT Exploration & Production PCL(7)		259,798		1,028,110
PTT Global Chemical PCL(7)		470,200		730,713
PTT PCL(7)		1,276,000		1,760,641
Quality House PCL(7)		3,480,946		275,783
Ratch Group PCL(7)		441,300		960,814
Robinson PCL(7)		315,200		543,334
Samart Corp. PCL(7)		867,800		206,983
Siam Cement PCL(7)		75,100		857,813
Siam City Cement PCL(7)		39,783		238,029
Siam Commercial Bank PCL(7)		238,100		742,762
Siam Global House PCL (The)(7)		1,002,689		453,220
Sino-Thai Engineering & Construction PCL(7)		452,157		217,306
Super Energy Corp. PCL(7)		11,910,000		194,028
Thai Airways International PCL(1)(7)		472,700		86,714

Security	Shares		Value
Thailand (continued)
Thai Beverage PCL(7)		1,370,600	$	795,531
Thai Oil PCL(7)		158,700		261,906
Thai Union Group PCL(7)		465,900		227,942
Thanachart Capital PCL(7)		139,700		231,684
Thoresen Thai Agencies PCL(7)		1,334,265		155,022
TMB Bank PCL(7)		4,639,200		208,693
Total Access Communication PCL(7)		241,900		342,914
TPI Polene PCL(7)		4,974,200		250,301
True Corp. PCL(7)		5,357,890		640,444
TTW PCL(7)		2,149,000		956,074
			$	31,056,602
Tunisia — 0.3%
Attijari Bank		16,957	$	186,818
Banque de Tunisie		168,735		455,626
Banque Internationale Arabe de Tunisie		6,030		241,244
Banque Nationale Agricole(1)		65,193		269,517
Carthage Cement(1)		597,550		254,665
Euro Cycles SA		20,636		152,521
Poulina Group		122,715		569,850
Societe d’Articles Hygieniques SA(1)		71,336		302,409
Societe Frigorifique et Brasserie de Tunis SA		81,951		587,950
Telnet Holding		104,957		323,335
Union Internationale de Banques SA		28,431		221,381
			$	3,565,316
Turkey — 1.5%
AG Anadolu Grubu Holding AS		48,884	$	163,343
Akbank T.A.S.(1)		420,261		579,968
Aksa Akrilik Kimya Sanayii AS		141,731		333,905
Anadolu Efes Biracilik ve Malt Sanayii AS		72,541		299,710
Arcelik AS(1)		144,893		505,072
Aygaz AS		279,132		616,650
BIM Birlesik Magazalar AS		140,631		1,144,637
Coca-Cola Icecek AS		37,723		291,980
Dogan Sirketler Grubu Holding AS		427,506		145,486
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		2,441,960		680,073
Enka Insaat ve Sanayi AS		297,397		350,070
Eregli Demir ve Celik Fabrikalari TAS		653,344		1,014,764
Ford Otomotiv Sanayi AS		57,339		717,963
Haci Omer Sabanci Holding AS		168,100		273,298
Is Gayrimenkul Yatirim Ortakligi AS(1)		628,180		196,421
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		762,505		358,320
KOC Holding AS		184,591		600,776
Koza Altin Isletmeleri AS(1)		20,682		276,801
Petkim Petrokimya Holding AS(1)		674,380		454,078

23 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Turkey (continued)
TAV Havalimanlari Holding AS		49,964	$	227,286
Tekfen Holding AS		52,700		169,300
Tofas Turk Otomobil Fabrikasi AS		97,106		428,242
Tupras-Turkiye Petrol Rafinerileri AS		88,839		1,669,027
Turk Hava Yollari AO(1)		121,754		277,769
Turk Telekomunikasyon AS(1)		356,891		462,648
Turkcell Iletisim Hizmetleri AS		673,536		1,584,570
Turkiye Garanti Bankasi AS(1)		266,184		528,234
Turkiye Halk Bankasi AS(1)		130,144		150,392
Turkiye Is Bankasi AS, Class C(1)		182,514		220,452
Turkiye Vakiflar Bankasi TAO, Class D(1)		175,317		193,302
Ulker Biskuvi Sanayi AS(1)		75,263		293,214
Vestel Elektronik Sanayi ve Ticaret AS(1)		50,308		116,691
Yapi ve Kredi Bankasi AS(1)		330,032		163,603
			$	15,488,045
United Arab Emirates — 1.5%
Abu Dhabi Commercial Bank PJSC		677,199	$	1,404,538
Abu Dhabi National Hotels		108,000		108,166
Agthia Group PJSC		424,180		382,331
Air Arabia PJSC(1)		1,727,085		714,708
Al Waha Capital PJSC		702,377		174,506
Aldar Properties PJSC		1,897,498		1,146,172
Arabtec Holding PJSC		690,341		187,553
Dana Gas PJSC		3,559,706		872,281
DP World PLC		100,454		1,394,433
Dubai Financial Market PJSC(1)		801,704		205,242
Dubai Investments PJSC		1,556,946		551,907
Dubai Islamic Bank PJSC		487,539		756,217
DXB Entertainments PJSC(1)		3,800,000		194,170
Emaar Properties PJSC		1,628,281		1,776,760
Emirates Telecommunications Group Co. PJSC		577,000		2,557,251
First Abu Dhabi Bank PJSC		705,595		2,960,415
RAK Properties PJSC(1)		2,150,800		271,656
			$	15,658,306
Vietnam — 1.5%
Bank for Foreign Trade of Vietnam JSC		575,155	$	2,174,839
Bao Viet Holdings		240,830		605,515
FLC Faros Construction JSC(1)		383,532		155,715
FPT Corp.		88,783		212,715
Hoa Phat Group JSC(1)		1,806,175		1,848,564
KIDO Group Corp.		417,980		338,160
Kinh Bac City Development Share Holding Corp.		328,860		203,799
Masan Group Corp.(1)		313,620		672,488
PetroVietnam Drilling & Well Services JSC(1)		764,295		429,081
PetroVietnam Fertilizer & Chemical JSC		341,840		170,191

Security	Shares		Value
Vietnam (continued)
PetroVietnam Gas JSC		215,050	$	791,502
PetroVietnam Technical Services Corp.		247,200		171,650
Phu Nhuan Jewelry JSC		50,653		196,743
SSI Securities Corp.		198,000		148,737
Vietjet Aviation JSC		278,536		1,556,462
Vietnam Dairy Products JSC		299,737		1,390,103
Vingroup JSC(1)		984,667		4,840,359
			$	15,906,623
Total Common Stocks (identified cost $917,124,731)			$	1,059,587,397
Warrants(1) — 0.0%
Security	Shares		Value
BTS Group Holdings PCL, Exp. 2/16/21, Strike THB 14.00		162,400	$	0
Total Warrants (identified cost $0)			$	0
Rights(1) — 0.0%(8)
Security	Shares		Value
Banque Nationale Agricole, Exp. 4/15/49		50	$	4
Carthage Cement, Exp. 2/28/20		597,550		2,126
HDC Hyundai Development Co-Engineering & Construction, Class E, Exp. 3/6/20		2,325		5,365
Telnet Holding, Exp. 7/1/49		6		0
Total Rights (identified cost $0)			$	7,495
Short-Term Investments — 0.3%
Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62%(9)		3,167,097	$	3,167,097
Total Short-Term Investments (identified cost $3,167,097)			$	3,167,097
Total Investments — 99.9% (identified cost $920,291,828)			$	1,062,761,989
Other Assets, Less Liabilities — 0.1%			$	1,331,917
Net Assets — 100.0%			$	1,064,093,906

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

24 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Portfolio of Investments — continued

⁽¹⁾  Non-income producing security.

⁽²⁾  All or a portion of this security was on loan at January 31, 2020. The aggregate market value of securities on loan at January 31, 2020 was $16,877,046.

⁽³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).

⁽⁴⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2020, the aggregate value of these securities is $8,440,125 or 0.8% of the Fund’s net assets.

⁽⁵⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At January 31, 2020, the aggregate value of these securities is $11,307,649 or 1.1% of the Fund’s net assets.

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

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

⁽⁸⁾  Amount is less than 0.05%.

⁽⁹⁾  Represents investment of cash collateral received in connection with securities lending.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Hong Kong Dollar		8.8	%	$	93,363,596
United States Dollar		7.9			83,878,620
New Taiwan Dollar		5.9			62,790,924
Indian Rupee		5.9			62,312,781
Mexican Peso		5.8			61,658,797
South African Rand		5.7			61,007,579
Brazilian Real		5.7			60,275,122
South Korean Won		5.6			59,109,011
Euro		3.3			35,560,018
Saudi Riyal		3.1			33,043,970
Polish Zloty		2.9			31,379,833
Philippine Peso		2.9			30,760,946
Thai Baht		2.8			30,261,071
Indonesian Rupiah		2.8			29,947,184
Malaysian Ringgit		2.8			29,608,501
Chilean Peso		2.6			27,185,888
Kuwaiti Dinar		2.0			20,817,360
Russian Ruble		1.9			20,381,734
United Arab Emirates Dirham		1.6			17,111,677
Chinese Yuan Renminbi		1.6			16,949,552
Vietnamese Dong		1.5			15,906,623
Qatari Riyal		1.5			15,872,608
New Turkish Lira		1.5			15,488,045
Colombian Peso		1.3			13,982,069
Other currency, less than 1% each		12.5			134,108,480
Total Investments		99.9	%	$	1,062,761,989

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		19.5	%	$	207,444,602
Consumer Staples		10.8			114,660,101
Materials		10.6			113,336,913
Industrials		10.4			110,321,835
Communication Services		9.7			103,220,787
Energy		8.7			93,088,850
Consumer Discretionary		8.1			86,200,183
Utilities		6.4			67,624,707
Health Care		5.8			61,562,568
Real Estate		4.9			51,995,737
Information Technology		4.7			50,138,609
Short-Term Investments		0.3			3,167,097
Total Investments		99.9	%	$	1,062,761,989

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

January 31, 2020

Statement of Assets and Liabilities

Assets	January 31, 2020
Unaffiliated investments, at value including $16,877,046 of securities on loan (identified cost, $920,291,828)	$	1,062,761,989
Cash		8,942
Foreign currency, at value (identified cost, $6,840,122)		6,808,469
Dividends receivable		1,294,351
Receivable for investments sold		4,647,998
Receivable for Fund shares sold		749,158
Securities lending income receivable		17,290
Tax reclaims receivable		94,783
Total assets	$	1,076,382,980
Liabilities
Demand note payable	$	4,000,000
Collateral for securities loaned		3,167,097
Payable for investments purchased		58,290
Payable for Fund shares redeemed		1,581,835
Payable to affiliates:
Investment adviser fee		806,676
Administration fee		147,912
Distribution and service fees		34,385
Accrued foreign capital gains taxes		608,352
Accrued expenses		1,884,527
Total liabilities	$	12,289,074
Net Assets	$	1,064,093,906
Sources of Net Assets
Paid-in capital	$	1,239,299,959
Accumulated loss		(175,206,053	)
Total	$	1,064,093,906
Investor Class Shares
Net Assets	$	136,829,393
Shares Outstanding		9,864,375
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.87
Class C Shares
Net Assets	$	4,094,256
Shares Outstanding		300,524
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	13.62
Institutional Class Shares
Net Assets	$	868,665,894
Shares Outstanding		62,478,565
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.90
Class R6 Shares
Net Assets	$	54,504,363
Shares Outstanding		3,922,928
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.89

* 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

January 31, 2020

Statement of Operations

Investment Income	Year Ended January 31, 2020
Dividends (net of foreign taxes, $4,709,640)	$	43,724,969
Non-cash dividends		3,013,645
Interest		15,723
Securities lending income, net		76,576
Other income		2,810,318
Total investment income	$	49,641,231
Expenses
Investment adviser fee	$	10,675,592
Administration fee		1,969,469
Distribution and service fees
Investor Class		386,253
Class C		50,209
Trustees’ fees and expenses		62,535
Custodian fee		1,550,301
Transfer and dividend disbursing agent fees		904,965
Legal and accounting services		135,877
Printing and postage		58,086
Registration fees		94,891
Miscellaneous		272,687
Total expenses	$	16,160,865
Net investment income	$	33,480,366
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $73,794)	$	26,376,252
Foreign currency transactions		(439,041	)
Net realized gain	$	25,937,211
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $277,289)	$	(63,894,183	)
Foreign currency		(98,195	)
Net change in unrealized appreciation (depreciation)	$	(63,992,378	)
Net realized and unrealized loss	$	(38,055,167	)
Net decrease in net assets from operations	$	(4,574,801	)

27 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2020			2019
From operations —
Net investment income	$	33,480,366		$	45,497,354
Net realized gain		25,937,211			36,431,013
Net change in unrealized appreciation (depreciation)		(63,992,378	)		(493,215,853	)
Net decrease in net assets from operations	$	(4,574,801	)	$	(411,287,486	)
Distributions to shareholders —
Investor Class	$	(3,563,992	)	$	(3,545,868	)
Class C		(71,989	)		(92,406	)
Institutional Class		(26,125,933	)		(30,416,590	)
Class R6		(1,708,275	)		(2,160,862	)
Total distributions to shareholders	$	(31,470,189	)	$	(36,215,726	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	22,407,787		$	41,632,451
Class C		25,393			206,360
Institutional Class		101,088,906			280,037,814
Class R6		13,876,477			38,528,359
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		3,415,839			3,432,138
Class C		67,952			87,818
Institutional Class		19,632,098			23,229,644
Class R6		1,688,797			2,160,862
Cost of shares redeemed
Investor Class		(58,261,381	)		(220,377,035	)
Class C		(1,054,357	)		(1,907,825	)
Institutional Class		(490,943,703	)		(757,598,270	)
Class R6		(53,323,266	)		(463,667,721	)
Net asset value of shares converted
Investor Class		707,712			1,071,377
Class C		(707,712	)		(1,071,377	)
Net decrease in net assets from Fund share transactions	$	(441,379,458	)	$	(1,054,235,405	)
Net decrease in net assets	$	(477,424,448	)	$	(1,501,738,617	)
Net Assets
At beginning of year	$	1,541,518,354		$	3,043,256,971
At end of year	$	1,064,093,906		$	1,541,518,354

28 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Financial Highlights

	Investor Class
	Year Ended January 31,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	14.280		$	16.850		$	13.340		$	10.990		$	13.850
Income (Loss) From Operations
Net investment income(1)	$	0.326		$	0.283		$	0.223		$	0.179		$	0.185
Net realized and unrealized gain (loss)		(0.376	)		(2.570	)		3.650			2.364			(2.851	)
Total income (loss) from operations	$	(0.050	)	$	(2.287	)	$	3.873		$	2.543		$	(2.666	)
Less Distributions
From net investment income	$	(0.360	)	$	(0.283	)	$	(0.363	)	$	(0.193	)	$	(0.016	)
From net realized gain		—			—			—			—			(0.178	)
Total distributions	$	(0.360	)	$	(0.283	)	$	(0.363	)	$	(0.193	)	$	(0.194	)
Net asset value — End of year	$	13.870		$	14.280		$	16.850		$	13.340		$	10.990
Total Return(2)		(0.46	)%		(13.43	)%		29.33	%		23.32	%		(19.59	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	136,829		$	172,773		$	400,814		$	520,939		$	527,198
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.45	%		1.44	%		1.37	%		1.38	%		1.37	%
Net investment income		2.30	%		1.89	%		1.52	%		1.44	%		1.43	%
Portfolio Turnover		2	%		2	%		3	%		6	%		8	%

⁽¹⁾  Computed using average shares outstanding.

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

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

29 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Financial Highlights — continued

	Class C
	Year Ended January 31,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	14.010		$	16.530		$	13.120		$	10.840		$	13.760
Income (Loss) From Operations
Net investment income(1)	$	0.220		$	0.146		$	0.096		$	0.083		$	0.096
Net realized and unrealized gain (loss)		(0.379	)		(2.484	)		3.580			2.340			(2.834	)
Total income (loss) from operations	$	(0.159	)	$	(2.338	)	$	3.676		$	2.423		$	(2.738	)
Less Distributions
From net investment income	$	(0.231	)	$	(0.182	)	$	(0.266	)	$	(0.143	)	$	(0.004	)
From net realized gain		—			—			—			—			(0.178	)
Total distributions	$	(0.231	)	$	(0.182	)	$	(0.266	)	$	(0.143	)	$	(0.182	)
Net asset value — End of year	$	13.620		$	14.010		$	16.530		$	13.120		$	10.840
Total Return(2)		(1.21	)%		(14.10	)%		28.32	%		22.50	%		(20.23	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	4,094		$	5,885		$	10,152		$	9,209		$	9,573
Ratios (as a percentage of average daily net assets):
Expenses(3)		2.20	%		2.19	%		2.12	%		2.13	%		2.12	%
Net investment income		1.59	%		1.01	%		0.66	%		0.68	%		0.74	%
Portfolio Turnover		2	%		2	%		3	%		6	%		8	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

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

30 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	14.310		$	16.910		$	13.400		$	11.040		$	13.890
Income (Loss) From Operations
Net investment income(1)	$	0.367		$	0.304		$	0.245		$	0.212		$	0.233
Net realized and unrealized gain (loss)		(0.378	)		(2.565	)		3.673			2.375			(2.880	)
Total income (loss) from operations	$	(0.011	)	$	(2.261	)	$	3.918		$	2.587		$	(2.647	)
Less Distributions
From net investment income	$	(0.399	)	$	(0.339	)	$	(0.408	)	$	(0.227	)	$	(0.025	)
From net realized gain		—			—			—			—			(0.178	)
Total distributions	$	(0.399	)	$	(0.339	)	$	(0.408	)	$	(0.227	)	$	(0.203	)
Net asset value — End of year	$	13.900		$	14.310		$	16.910		$	13.400		$	11.040
Total Return(2)		(0.20	)%		(13.20	)%		29.56	%		23.64	%		(19.40	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	868,666		$	1,268,618		$	2,030,663		$	1,884,610		$	1,803,056
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.20	%		1.19	%		1.12	%		1.13	%		1.12	%
Net investment income		2.59	%		2.04	%		1.65	%		1.68	%		1.77	%
Portfolio Turnover		2	%		2	%		3	%		6	%		8	%

⁽¹⁾  Computed using average shares outstanding.

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

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

31 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Financial Highlights — continued

	Class R6
	Year Ended January 31,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	14.300		$	16.910		$	13.400		$	11.040		$	13.890
Income (Loss) From Operations
Net investment income(1)	$	0.379		$	0.380		$	0.249		$	0.225		$	0.223
Net realized and unrealized gain (loss)		(0.379	)		(2.639	)		3.676			2.370			(2.861	)
Total income (loss) from operations	$	—		$	(2.259	)	$	3.925		$	2.595		$	(2.638	)
Less Distributions
From net investment income	$	(0.410	)	$	(0.351	)	$	(0.415	)	$	(0.235	)	$	(0.034	)
From net realized gain		—			—			—			—			(0.178	)
Total distributions	$	(0.410	)	$	(0.351	)	$	(0.415	)	$	(0.235	)	$	(0.212	)
Net asset value — End of year	$	13.890		$	14.300		$	16.910		$	13.400		$	11.040
Total Return(2)		(0.13	)%		(13.18	)%		29.69	%		23.71	%		(19.34	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	54,504		$	94,243		$	601,629		$	539,794		$	555,338
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.14	%		1.13	%		1.07	%		1.08	%		1.07	%
Net investment income		2.67	%		2.48	%		1.67	%		1.79	%		1.72	%
Portfolio Turnover		2	%		2	%		3	%		6	%		8	%

⁽¹⁾  Computed using average shares outstanding.

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

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

32 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2020

Notes to Financial Statements

1  Significant Accounting Policies

Parametric Emerging Markets Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund offers four classes of shares. Investor Class, Institutional Class and Class R6 shares are sold at net asset value and are not subject to a sales charge. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective March 1, 2013, Class C shares of the Fund are no longer available for purchase, except by existing shareholders (including shares acquired through the reinvestment of dividends and distributions) or employer sponsored retirement plans. Effective January 25, 2019, Class C shares of the Fund generally automatically convert to Investor Class shares ten years after their purchase as described in the Fund’s prospectus. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

Equity Securities.Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and 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.

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

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 — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. 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 year ended January 31, 2020, the Fund received approximately $2,810,000 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.

33

Parametric

Emerging Markets Fund

January 31, 2020

Notes to Financial Statements — continued

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

As of January 31, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2020 and January 31, 2019 was as follows:

	Year Ended January 31,
	2020		2019
Ordinary income	$	31,470,189	$	36,215,726

During the year ended January 31, 2020, accumulated loss was increased by $4,347,996 and paid-in capital was increased by $4,347,996 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

34

Parametric

Emerging Markets Fund

January 31, 2020

Notes to Financial Statements — continued

As of January 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	979,806
Deferred capital losses	$	(299,929,201	)
Net unrealized appreciation	$	123,743,342

At January 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $299,929,201 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, 2020, $1,488,647 are short-term and $298,440,554 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	938,342,510
Gross unrealized appreciation	$	344,993,247
Gross unrealized depreciation		(220,573,768	)
Net unrealized appreciation	$	124,419,479

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.85% of the Fund’s average daily net assets up to $500 million, 0.80% on net assets of $500 million but less than $1 billion, 0.775% on net assets of $1 billion but less than $2.5 billion, 0.75% on net assets of $2.5 billion but less than $5 billion, 0.73% on net assets of $5 billion but less than $7.5 billion and 0.71% on net assets of $7.5 billion and over, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the year ended January 31, 2020, the investment adviser fee amounted to $10,675,592 or 0.81% 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 wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended January 31, 2020, the administration fee amounted to $1,969,469.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2020, EVM earned $49,326 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2020 amounted to $386,253 for Investor Class shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended January 31, 2020, the Fund paid or accrued to EVD $37,657 for Class C shares.

35

Parametric

Emerging Markets Fund

January 31, 2020

Notes to Financial Statements — continued

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2020 amounted to $12,552 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2020, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $28,377,949 and $468,863,676, respectively, for the year ended January 31, 2020.

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

	Year Ended January 31,
Investor Class	2020			2019
Sales		1,591,889			2,821,720
Issued to shareholders electing to receive payments of distributions in Fund shares		235,413			260,627
Redemptions		(4,111,999	)		(14,848,715	)
Converted from Class C shares		49,295			77,276
Net decrease		(2,235,402	)		(11,689,092	)
	Year Ended January 31,
Class C	2020			2019
Sales		1,831			13,559
Issued to shareholders electing to receive payments of distributions in Fund shares		4,765			6,807
Redemptions		(75,626	)		(135,557	)
Converted to Investor Class shares		(50,449	)		(78,753	)
Net decrease		(119,479	)		(193,944	)
	Year Ended January 31,
Institutional Class	2020			2019
Sales		7,138,019			18,769,605
Issued to shareholders electing to receive payments of distributions in Fund shares		1,350,213			1,758,840
Redemptions		(34,644,045	)		(51,951,337	)
Net decrease		(26,155,813	)		(31,422,892	)

36

Parametric

Emerging Markets Fund

January 31, 2020

Notes to Financial Statements — continued

	Year Ended January 31,
Class R6	2020			2019
Sales		981,777			2,639,075
Issued to shareholders electing to receive payments of distributions in Fund shares		116,228			162,478
Redemptions		(3,763,784	)		(31,780,927	)
Net decrease		(2,665,779	)		(28,979,374	)

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. 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 January 31, 2020, the Fund had a balance outstanding pursuant to this line of credit of $4,000,000 at an annual interest rate of 2.55%. 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 January 31, 2020. 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 11) at January 31, 2020. The Fund’s average borrowings or allocated fees during the year ended January 31, 2020 were not significant.

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  Securities Lending Agreement

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.

At January 31, 2020, the value of the securities loaned (all common stock) and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $16,877,046 and $18,421,763, respectively. Collateral received was comprised of cash of $3,167,097 and U.S. government and/or agencies securities of $15,254,666. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time. The carrying amount of the liability for collateral for securities loaned at January 31, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 11) at January 31, 2020.

37

Parametric

Emerging Markets Fund

January 31, 2020

Notes to Financial Statements — continued

11  Fair Value Measurements

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

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

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

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

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

At January 31, 2020, 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	$	8,267,418	$	461,103,958		$	86,944	$	469,458,320
Emerging Europe		7,398,604		170,049,777			0		177,448,381
Latin America		192,848,970		9,270			—		192,858,240
Middle East/Africa		2,584,413		216,438,754			799,289		219,822,456
Total Common Stocks	$	211,099,405	$	847,601,759	**	$	886,233	$	1,059,587,397
Warrants	$	—	$	0		$	—	$	0
Rights		2,130		5,365			—		7,495
Short-Term Investments		3,167,097		—			—		3,167,097
Total Investments	$	214,268,632	$	847,607,124		$	886,233	$	1,062,761,989

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended January 31, 2020 is not presented.

12  Subsequent Event

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time and through March 20, 2020, the date these financial statements were issued, has resulted in substantial market volatility and may result in a significant economic downturn.

38

Parametric

Emerging Markets Fund

January 31, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric Emerging Markets Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 20, 2020

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

39

Parametric

Emerging Markets Fund

January 31, 2020

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the foreign tax credit.

Qualified Dividend Income.  For the fiscal year ended January 31, 2020, the Fund designates approximately $30,424,132, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit.  For the fiscal year ended January 31, 2020, the Fund paid foreign taxes of $1,481,189 and recognized foreign source income of $54,068,948.

40

Parametric

Emerging Markets Fund

January 31, 2020

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 159 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

41

Parametric

Emerging Markets Fund

January 31, 2020

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

42

Parametric

Emerging Markets Fund

January 31, 2020

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

⁽²⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

43

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.Eaton Vance, or your financial 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 Vanceat 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.

44

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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

2774    1.31.20

Parametric

International Equity Fund

Annual Report

January 31, 2020

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.

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 adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.

Annual ReportJanuary 31, 2020

Parametric

International Equity Fund

Table of Contents

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

Parametric

International Equity Fund

January 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Developed equity markets outside the U.S., as measured by the MSCI EAFE Index (the Index),² delivered solid returns during the12-month period ended January 31, 2020. Returns were broadly positive, with only three countries experiencing a decline.

Strongyear-end results masked underlying volatility during the period, as investors were bombarded withon-again/off-again trade tensions, dovish tilts by the European Central Bank and the U.S. Federal Reserve (the Fed), and fears of slowing global growth. In the U.K., weaker economic data and uncertainties surrounding Brexit weighed on local markets for much of the period. However, amid-December vote to rubber stamp Prime Minister Boris Johnson and the Conservative Party resulted in an overwhelming Parliamentary majority, fueling local equities and the British pound.

While trade tensions had a volatile impact on Asian equities broadly, Japan benefited from consumer spending and economic strength as the continuation of “Abenomics” policies provided a much-needed boost to international equity markets. Markets in Hong Kong declined amid several months of political unrest and protesting. In Israel, weakness in health care company Teva Pharmaceutical Industries, Ltd., (Teva) depressed overall results, with the company returning-3.0% during the period. Teva shares plummeted after news that an antitrust lawsuit had been filed against the generic drug company, alleging it was the ringleader behind a price-fixing scheme.

At the country level, New Zealand, Denmark, and Switzerland were thetop-performing countries, with each returning over 25%. Norway, Hong Kong, and Austria were the only countries to post negative results for the period.

Fund Performance

For the12-month period ended January 31, 2020, Parametric International Equity Fund (the Fund) returned 11.53% for Class A shares at net asset value (NAV), underperforming its benchmark, the Index, which returned 12.10%.

Factors detracting from the Fund’s performance relative to the Index included sector diversification⁶ within Japan, particularly due to an overweight exposure to the utilities sector. Utilities fell out of favor as investors allocated capital toward growth sectors and companies directly benefiting from government stimulus programs. The inclusion ofsmall-cap companies in a number of sectors in Hong Kong harmed relative results amid a challenging political environment. Additionally, sector diversification in Portugal weighed on relative results, in part, due to anout-of-Index exposure to the financials and materials sectors.

Factors contributing to the Fund’s performance relative to the Index included the Fund’s sector diversification within the U.K., particularly due to the resulting overweight positions in energy and real estate. Specifically, utility stocks rallied following December elections that ended nationalization rumors from the defeated Labour Party. Sector diversification in Germany also helped relative returns during the period. This was partially the result of an overweight exposure to the utilities sector, which outpaced the broader German economy due to a strong rally in one of its main constituents. Additionally, anout-of-Index exposure tosmall-cap consumer discretionary companies in Finland aided relative performance during the period.

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Parametric

International Equity Fund

January 31, 2020

Performance^2,3

Portfolio ManagersThomas 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			One Year			Five Years			Since Inception
Class A at NAV		04/01/2010		04/01/2010			11.53	%		6.21	%		5.89	%
Class A with 5.75% Maximum Sales Charge		—		—			5.09			4.95			5.26
Institutional Class at NAV		04/01/2010		04/01/2010			11.79			6.48			6.16
Class R at NAV		08/10/2015		04/01/2010			11.25			5.95			5.76
Class R6 at NAV		08/10/2015		04/01/2010			11.85			6.50			6.17
MSCI EAFE Index		—		—			12.10	%		5.12	%		5.27	%
% Total Annual Operating Expense Ratios4			Class A			Institutional Class			Class R			Class R6
Gross				0.86	%		0.61	%		1.11	%		0.58	%
Net				0.75			0.50			1.00			0.47

Growth of $10,000

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

Growth of Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Institutional Class	$	50,000		04/01/2010	$	90,017		N.A.
Class R	$	10,000		04/01/2010	$	17,356		N.A.
Class R6	$	1,000,000		04/01/2010	$	1,802,419		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Parametric

International Equity Fund

January 31, 2020

Fund Profile

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Nestle SA	1.2	%
Air Liquide SA	0.8
Unilever NV	0.8
Sanofi	0.8
SAP SE	0.8
Total SA	0.8
Cie Financiere Richemont SA	0.7
ASML Holding NV	0.7
Deutsche Telekom AG	0.6
CSL, Ltd.	0.6
Total	7.8	%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

4

Parametric

International Equity Fund

January 31, 2020

Endnotes and Additional Disclosures

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

²  MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  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. 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 Class A (formerly, the Investor Class) and the performance of Class R6 is linked to Institutional Class. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

⁴ Source: Fund prospectus. Net expense 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.

⁵  Excludes cash and cash equivalents.

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

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective January 15, 2020, the Fund’s Investor Class shares were redesignated as Class A shares. Class A shares are subject to afront-end sales charge. Former Investor Class shareholders, who established their Fund accounts before January 15, 2020, will not be subject to this sales charge for Class A purchases for such accounts. The minimum initial purchase of Class A shares of the Fund is $1,000.

5

Parametric

International Equity Fund

January 31, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 – January 31, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,066.10	$	3.91	**		0.75	%
Institutional Class	$	1,000.00	$	1,067.10	$	2.61	**		0.50	%
Class R	$	1,000.00	$	1,064.00	$	5.20	**		1.00	%
Class R6	$	1,000.00	$	1,066.80	$	2.45	**		0.47	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.40	$	3.82	**		0.75	%
Institutional Class	$	1,000.00	$	1,022.70	$	2.55	**		0.50	%
Class R	$	1,000.00	$	1,020.20	$	5.09	**		1.00	%
Class R6	$	1,000.00	$	1,022.80	$	2.40	**		0.47	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2019.

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

6

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments

Common Stocks — 99.1%
Security	Shares		Value
Australia — 8.9%
Abacus Property Group		53,600	$	134,897
AMA Group, Ltd.		248,700		150,823
AP Eagers, Ltd.		25,700		153,034
APA Group		258,489		1,940,893
ARB Corp., Ltd.		10,500		129,117
ASX, Ltd.		5,600		316,824
Atlas Arteria, Ltd.		64,200		345,745
Atlassian Corp. PLC, Class A(1)		13,200		1,940,400
Aurizon Holdings, Ltd.		129,400		463,835
AusNet Services		726,400		856,007
Austal, Ltd.		72,300		186,728
Bank of Queensland, Ltd.(2)		45,200		229,801
Bendigo & Adelaide Bank, Ltd.(2)		31,400		216,812
BHP Group, Ltd.		66,926		1,716,243
Brambles, Ltd.		104,724		874,699
Bravura Solutions, Ltd.		100,400		363,537
Breville Group, Ltd.		13,134		161,797
BWP Trust		66,800		182,273
Caltex Australia, Ltd.		29,800		679,559
Centuria Metropolitan REIT(2)		120,600		241,888
Charter Hall Group		42,400		361,776
Charter Hall Long Wale REIT		52,200		197,653
Charter Hall Retail REIT		73,500		230,227
Coca-Cola Amatil, Ltd.		72,551		576,484
Coles Group, Ltd.		112,900		1,238,856
Collins Foods, Ltd.		20,500		116,581
Commonwealth Bank of Australia		27,023		1,529,974
Computershare, Ltd.		59,912		707,444
Cromwell Property Group(2)		233,500		190,516
Crown Resorts, Ltd.		25,500		198,229
CSL, Ltd.		17,300		3,558,067
CSR, Ltd.		49,000		157,084
Dexus		66,800		563,667
Domain Holdings Australia, Ltd.(2)		82,300		206,245
Domino’s Pizza Enterprises, Ltd.(2)		6,400		232,664
EML Payments, Ltd.(1)		73,900		256,122
Evolution Mining, Ltd.		80,276		202,603
Flight Centre Travel Group, Ltd.		5,800		151,065
GPT Group (The)		125,200		499,560
GUD Holdings, Ltd.(2)		15,500		123,267
GWA Group, Ltd.(2)		67,200		159,610
Hansen Technologies, Ltd.		30,805		75,260
Harvey Norman Holdings, Ltd.(2)		71,004		199,256
IDP Education, Ltd.		15,800		183,934
Ingenia Communities Group		56,700		180,647

Security	Shares		Value
Australia (continued)
Inghams Group, Ltd.(2)		129,100	$	303,372
InvoCare, Ltd.(2)		17,400		155,077
IRESS, Ltd.		53,584		495,104
James Hardie Industries PLC CDI		13,706		288,179
JB Hi-Fi, Ltd.(2)		10,699		281,363
Link Administration Holdings, Ltd.(2)		96,491		434,798
Medibank Pvt, Ltd.		115,300		236,910
Megaport, Ltd.(1)		18,000		132,576
Mirvac Group		301,100		679,270
National Australia Bank, Ltd.		49,800		850,689
National Storage REIT		157,700		226,048
nearmap, Ltd.(1)(2)		60,000		66,382
Newcrest Mining, Ltd.		23,300		466,467
NEXTDC, Ltd.(1)(2)		46,000		230,080
nib Holdings, Ltd.		45,300		162,199
Northern Star Resources, Ltd.		33,400		287,713
Oil Search, Ltd.		125,100		597,935
Orica, Ltd.		16,599		250,782
Orora, Ltd.		82,069		175,202
Premier Investments, Ltd.		11,500		151,225
Qantas Airways, Ltd.		60,000		254,388
Qube Holdings, Ltd.		143,942		328,104
Ramsay Health Care, Ltd.		11,000		578,626
REA Group, Ltd.(2)		12,200		923,111
Regis Resources, Ltd.		52,500		160,936
Rio Tinto, Ltd.(2)		9,700		629,417
Santos, Ltd.		163,380		937,706
Saracen Mineral Holdings, Ltd.(1)		85,475		230,379
Scentre Group		311,000		797,973
Service Stream, Ltd.		75,800		131,887
Shopping Centres Australasia Property Group		118,852		228,885
Sonic Healthcare, Ltd.		35,400		742,010
Spark Infrastructure Group		694,733		1,016,952
St. Barbara, Ltd.		108,600		202,439
Star Entertainment Group, Ltd. (The)		62,300		172,045
Suncorp Group, Ltd.		35,800		305,827
Sydney Airport		78,700		437,738
Tabcorp Holdings, Ltd.		131,400		409,013
Technology One, Ltd.		50,588		283,150
Telstra Corp., Ltd.		844,600		2,153,687
TPG Telecom, Ltd.		106,300		528,469
Transurban Group		146,041		1,522,298
Viva Energy Group, Ltd.(3)		199,940		227,470
Viva Energy REIT		96,300		177,666
Vocus Group, Ltd.(1)		178,100		399,152
Washington H. Soul Pattinson & Co., Ltd.		21,300		303,460

7 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Australia (continued)
Wesfarmers, Ltd.		66,429	$	1,993,003
Westpac Banking Corp.		62,000		1,036,109
Whitehaven Coal, Ltd.		178,061		294,512
Woodside Petroleum, Ltd.		74,700		1,711,417
Woolworths Group, Ltd.		102,643		2,850,790
			$	51,821,693
Austria — 1.1%
Agrana Beteiligungs AG		5,979	$	127,143
ams AG(1)		19,000		772,106
ANDRITZ AG		11,270		443,430
BAWAG Group AG(3)		3,400		146,951
CA Immobilien Anlagen AG		11,931		524,944
Erste Group Bank AG		14,770		542,315
IMMOFINANZ AG		12,282		340,824
Lenzing AG		2,500		197,597
Nabriva Therapeutics PLC(1)(2)		19,000		25,650
Oesterreichische Post AG		7,800		296,096
OMV AG		16,369		813,442
Porr AG(2)		3,440		59,964
Rhi Magnesita NV		4,792		201,697
S&T AG		5,130		137,716
Telekom Austria AG		58,072		466,811
UNIQA Insurance Group AG		14,300		135,234
Verbund AG		17,482		924,395
Wienerberger AG		14,590		413,952
			$	6,570,267
Belgium — 2.2%
Ackermans & van Haaren NV		1,660	$	265,912
Ageas		7,200		397,019
AGFA-Gevaert NV(1)		57,503		282,436
Anheuser-Busch InBev SA/NV		19,200		1,448,448
Barco NV		3,865		961,027
Befimmo SA		5,550		341,440
Bekaert SA		14,100		357,962
Biocartis NV(1)(2)(3)		11,000		69,893
bpost SA		38,532		383,987
Cofinimmo SA		4,991		795,568
Colruyt SA		1,550		77,552
D’Ieteren SA/NV		6,400		413,092
Econocom Group SA/NV		45,600		129,646
Elia System Operator SA/NV		8,400		810,098
Euronav SA		48,660		483,493
Fagron		11,540		267,141
Gimv NV		1,766		108,816

Security	Shares		Value
Belgium (continued)
Groupe Bruxelles Lambert SA		3,900	$	391,925
KBC Ancora		2,150		107,087
Materialise NV ADR(1)(2)		8,900		161,802
Montea C.V.A.		2,560		253,157
Orange Belgium SA		2,682		54,532
Proximus SA		56,918		1,621,713
Retail Estates NV		2,980		273,586
Sofina SA		1,080		247,075
Solvay SA(2)		8,500		880,942
Tessenderlo Group SA(1)		6,179		207,891
UCB SA		11,900		1,095,064
			$	12,888,304
Denmark — 2.3%
ALK-Abello A/S(1)		515	$	137,566
Alm Brand A/S		16,800		148,765
Bakkafrost P/F		3,922		279,048
Carlsberg A/S, Class B		7,837		1,144,466
Chr. Hansen Holding A/S		9,600		714,458
DSV PANALPINA A/S		7,414		804,929
ISS A/S		7,300		176,824
Jyske Bank A/S(1)		8,666		329,530
Maersk Drilling A/S(1)		4,300		239,980
Novo Nordisk A/S, Class B		29,866		1,817,993
Novozymes A/S, Class B		21,056		1,097,834
Orsted A/S(3)		16,692		1,820,625
Pandora A/S		18,200		939,408
Ringkjoebing Landbobank A/S		4,160		309,053
Rockwool International A/S, Class B		897		209,126
Royal Unibrew A/S		2,700		256,684
Scandinavian Tobacco Group AS(3)		5,600		73,230
SimCorp A/S		8,491		941,285
Sydbank A/S		12,000		261,116
Topdanmark A/S		6,227		294,527
Tryg A/S		14,915		451,922
Vestas Wind Systems A/S		6,300		625,385
			$	13,073,754
Finland — 2.3%
Citycon Oyj(2)		17,313	$	183,164
Elisa Oyj		22,797		1,373,418
Fortum Oyj		52,506		1,270,639
Huhtamaki Oyj		3,800		168,893
Kemira Oyj		9,600		145,034
Kesko Oyj, Class B		17,460		1,180,400
Kone Oyj, Class B		12,159		784,707

8 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Finland (continued)
Metsa Board Oyj		21,700	$	131,424
Neste Oyj		37,502		1,493,249
Nokia Oyj		309,741		1,205,729
Nokian Renkaat Oyj		2,900		77,978
Nordea Bank Abp		96,500		761,226
Orion Oyj, Class B		28,135		1,329,294
Sampo Oyj, Class A		12,300		556,786
TietoEVRY Oyj		4,494		146,554
Tokmanni Group Corp.		74,930		1,086,819
UPM-Kymmene Oyj		21,860		688,774
Valmet Oyj		8,331		180,214
Wartsila Oyj Abp		18,254		223,835
YIT Oyj		13,000		92,803
			$	13,080,940
France — 8.9%
Accor SA		4,792	$	196,186
Aeroports de Paris		945		178,794
Air Liquide SA		33,440		4,835,071
Airbus SE		8,098		1,189,304
Alstom SA		5,250		278,251
Alten SA		3,012		371,207
Atos SE		8,580		711,526
AXA SA		64,400		1,712,496
Bollore SA		97,700		396,983
Bouygues SA		5,400		213,352
Bureau Veritas SA		7,818		215,423
Casino Guichard Perrachon SA		17,729		720,443
Christian Dior SE		406		190,177
Cie Generale des Etablissements Michelin SCA		3,940		457,131
CNP Assurances		25,862		465,523
Covivio		8,980		1,065,605
Criteo SA ADR(1)		18,200		280,098
Danone SA		27,452		2,196,831
Dassault Systemes SE		9,786		1,694,091
Edenred		5,350		288,908
Eiffage SA		1,970		228,350
Electricite de France SA		46,000		567,882
Elior Group SA(3)		11,967		167,779
Engie SA		132,100		2,273,878
EssilorLuxottica SA		4,834		715,715
Eurazeo SE		6,400		458,037
Eutelsat Communications SA		24,500		367,209
Gaztransport Et Technigaz SA		1,301		131,510
Gecina SA		7,840		1,478,702
Getlink SE		10,600		186,998

Security	Shares		Value
France (continued)
Hermes International		670	$	500,307
Iliad SA(2)		3,000		393,723
Ingenico Group SA		5,398		627,750
Legrand SA		4,262		341,010
LVMH Moet Hennessy Louis Vuitton SE		4,370		1,903,013
Metropole Television SA		7,662		127,423
Orange SA		125,300		1,771,237
Pernod-Ricard SA		10,667		1,846,851
Quadient		11,000		264,603
Renault SA		6,180		241,720
Sanofi		49,604		4,783,726
SCOR SE		14,170		602,266
Societe BIC SA		3,200		216,014
Societe Generale SA		33,010		1,068,192
Sodexo SA(2)		2,860		299,456
Sopra Steria Group		1,900		303,323
Suez		39,200		643,305
Talend SA ADR(1)(2)		8,600		317,340
Teleperformance		1,408		353,264
Thales SA		2,900		318,220
Total SA		90,715		4,416,976
Unibail-Rodamco-Westfield(4)		2,200		299,133
Unibail-Rodamco-Westfield(4)		13,900		1,888,602
Veolia Environnement SA		43,830		1,293,002
Vinci SA		6,930		767,768
Vivendi SA		54,800		1,498,740
Wendel SA		3,900		520,320
			$	51,840,744
Germany — 9.0%
Aareal Bank AG		5,640	$	184,701
adidas AG		3,900		1,232,845
Allianz SE		10,380		2,478,157
Aroundtown SA		84,640		801,271
BASF SE		48,181		3,252,057
Bayer AG		30,600		2,455,818
Bayerische Motoren Werke AG		8,860		631,111
Bayerische Motoren Werke AG, PFC Shares		4,800		267,557
Beiersdorf AG		17,677		2,004,107
Borussia Dortmund GmbH & Co. KGaA		34,542		337,467
Carl Zeiss Meditec AG		2,900		354,061
Continental AG		3,700		422,233
Delivery Hero SE(1)(3)		5,167		397,567
Deutsche Boerse AG		5,440		883,040
Deutsche Lufthansa AG		11,330		172,597
Deutsche Post AG		26,500		924,581

9 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Germany (continued)
Deutsche Telekom AG		224,340	$	3,633,365
Deutsche Wohnen SE		29,100		1,231,227
E.ON SE		267,400		3,029,903
Fielmann AG		2,817		224,047
Fraport AG Frankfurt Airport Services Worldwide		1,930		143,548
Fresenius SE & Co. KGaA		13,155		671,699
FUCHS PETROLUB SE, PFC Shares		16,802		744,642
GEA Group AG		7,094		212,414
Gerresheimer AG		3,000		237,309
Hannover Rueck SE		2,000		388,333
Henkel AG & Co. KGaA		17,721		1,632,734
Hochtief AG		1,380		159,618
HUGO BOSS AG		4,900		231,484
Knorr-Bremse AG		2,191		239,001
KWS Saat SE and Co. KGaA		1,025		63,293
Merck KGaA		5,220		669,358
Metro AG		57,610		801,585
MTU Aero Engines AG		1,361		412,199
Muenchener Rueckversicherungs-Gesellschaft AG		3,869		1,140,737
OSRAM Licht AG(1)		2,700		121,993
Puma SE		4,602		368,495
QIAGEN NV(1)		12,000		400,809
Rational AG		214		160,485
RWE AG		66,137		2,292,783
SAP SE		34,842		4,537,513
Scout24 AG(3)		11,624		798,971
Siemens AG		19,740		2,434,694
Siemens Healthineers AG(3)		8,326		391,282
Software AG		15,209		507,030
Suedzucker AG		42,800		723,325
Symrise AG		11,900		1,222,783
TAG Immobilien AG		21,338		562,378
Talanx AG(1)		3,637		181,502
Telefonica Deutschland Holding AG(3)		177,000		535,725
TLG Immobilien AG(1)		17,400		582,783
TUI AG		33,700		345,273
Varta AG(1)		1,600		135,689
VERBIO Vereinigte BioEnergie AG		4,576		64,756
Volkswagen AG, PFC Shares		3,228		579,144
Vonovia SE		39,461		2,252,280
Zalando SE(1)(3)		6,600		316,007
			$	52,181,366
Hong Kong — 4.1%
AIA Group, Ltd.		227,800	$	2,257,258
Alibaba Health Information Technology, Ltd.(1)		774,000		1,078,322

Security	Shares			Value
Hong Kong (continued)
Bank of East Asia, Ltd. (The)		85,800		$	185,068
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		158,000			237,854
BOC Hong Kong Holdings, Ltd.		115,500			381,795
Brightoil Petroleum Holdings, Ltd.(1)(5)		262,000			0
Budweiser Brewing Co., APAC, Ltd.(1)(3)		198,100			599,026
Cafe de Coral Holdings, Ltd.		84,000			188,470
Cathay Pacific Airways, Ltd.(2)		180,000			227,000
Champion REIT		149,000			89,410
China Traditional Chinese Medicine Holdings Co., Ltd.		326,000			150,639
China Youzan, Ltd.(1)		4,112,000			300,038
Chow Sang Sang Holdings International, Ltd.		153,000			178,642
Chow Tai Fook Jewellery Group, Ltd.		242,200			218,301
CK Hutchison Holdings, Ltd.		136,500			1,206,074
CLP Holdings, Ltd.		114,000			1,185,548
Dairy Farm International Holdings, Ltd.		25,500			131,001
Evergrande Health Industry Group, Ltd.(1)(2)		110,000			100,056
First Pacific Co., Ltd.		472,000			148,151
Fortune REIT		129,000			147,056
Global Cord Blood Corp.(1)		29,600			137,640
Glory Sun Financial Group, Ltd.(2)		2,992,000			140,682
Hang Lung Group, Ltd.		48,000			118,615
Hang Lung Properties, Ltd.		86,000			179,648
Hang Seng Bank, Ltd.		20,000			404,266
Henderson Land Development Co., Ltd.		71,867			322,658
HK Electric Investments & HK Electric Investments, Ltd.		358,000			357,473
HKBN, Ltd.		403,000			698,369
HKT Trust and HKT, Ltd.		825,000			1,231,503
Hong Kong & China Gas Co., Ltd.		656,531			1,256,389
Hongkong Land Holdings, Ltd.		41,300			219,219
Hysan Development Co., Ltd.		48,000			179,183
Jardine Matheson Holdings, Ltd.		17,000			947,613
Jardine Strategic Holdings, Ltd.		12,100			370,263
Kerry Properties, Ltd.		32,500			90,652
Li & Fung, Ltd.(2)		1,346,000			117,870
Lifestyle International Holdings, Ltd.		152,500			152,515
Link REIT		63,000			637,088
Luk Fook Holdings International, Ltd.		45,000			121,888
Man Wah Holdings, Ltd.		390,000			268,883
MTR Corp., Ltd.		89,500			501,975
Nexteer Automotive Group, Ltd.		219,000			161,003
NWS Holdings, Ltd.		190,000			244,141
Pacific Textiles Holdings, Ltd.		244,000			157,782
PAX Global Technology, Ltd.(2)		180,000			83,410
Power Assets Holdings, Ltd.		104,500			754,429
SA SA International Holdings, Ltd.(2)		636,000	��		112,154
Sands China, Ltd.		185,200			893,091

10 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Hong Kong (continued)
Shangri-La Asia, Ltd.		208,000	$	191,729
Sino Land Co., Ltd.		116,000		158,089
SJM Holdings, Ltd.		165,000		183,958
Sun Hung Kai Properties, Ltd.		36,000		501,493
Superb Summit International Group, Ltd.(1)(5)		230,000		0
Swire Pacific, Ltd., Class A		23,500		206,348
Swire Pacific, Ltd., Class B		45,000		63,627
Swire Properties, Ltd.		45,400		140,940
Tongda Group Holdings, Ltd.		2,940,000		309,132
Town Health International Medical Group, Ltd.(2)(5)		604,000		0
Vitasoy International Holdings, Ltd.		196,000		706,478
VSTECS Holdings, Ltd.		154,000		74,136
VTech Holdings, Ltd.		64,900		586,612
Wharf Real Estate Investment Co., Ltd.		40,000		206,570
Yue Yuen Industrial Holdings, Ltd.		96,500		268,319
Yuexiu Real Estate Investment Trust		120,000		78,763
			$	23,546,305
Ireland — 2.2%
AIB Group PLC		212,800	$	623,896
Bank of Ireland Group PLC		272,200		1,325,675
Cairn Homes PLC		146,637		198,622
CRH PLC		52,918		1,986,902
Dalata Hotel Group PLC		38,617		194,972
Fineos Corp. Holdings PLC CDI(1)		41,347		86,104
Flutter Entertainment PLC(2)		13,750		1,559,748
Fly Leasing, Ltd. ADR(1)		15,600		266,292
Grafton Group PLC		43,000		522,080
ICON PLC(1)		9,200		1,551,304
Irish Continental Group PLC		57,130		296,619
Irish Residential Properties REIT PLC		360,340		661,984
Kerry Group PLC, Class A		13,863		1,771,925
Kingspan Group PLC		15,700		968,310
Origin Enterprises PLC		36,000		149,325
Total Produce PLC(2)		95,500		141,411
UDG Healthcare PLC		45,800		453,022
			$	12,758,191
Israel — 2.2%
Alony Hetz Properties & Investments, Ltd.		19,200	$	317,293
Amot Investments, Ltd.		22,481		163,524
Azrieli Group, Ltd.		5,400		397,963
Bank Hapoalim B.M.		55,600		477,361
Bank Leumi Le-Israel B.M.		70,867		509,529
Bezeq The Israeli Telecommunication Corp., Ltd.(1)		1,151,312		884,326
Check Point Software Technologies, Ltd.(1)		4,900		560,119

Security	Shares		Value
Israel (continued)
Delta-Galil Industries, Ltd.		3,099	$	81,175
Elbit Systems, Ltd.		4,530		691,742
Electra, Ltd.		720		378,650
Fattal Holdings 1998, Ltd.		2,197		328,050
First International Bank of Israel, Ltd.		4,135		115,625
Fox Wizel, Ltd.		4,200		199,382
Inrom Construction Industries, Ltd.		40,400		186,283
Israel Chemicals, Ltd.		312,354		1,312,004
Kenon Holdings, Ltd.		9,700		200,068
Melisron, Ltd.		3,626		238,088
Mellanox Technologies, Ltd.(1)		2,600		314,340
Mizrahi Tefahot Bank, Ltd.		12,760		347,347
Nice, Ltd.(1)		2,738		471,932
Oil Refineries, Ltd.		912,196		401,615
Paz Oil Co., Ltd.		5,420		657,380
Radware, Ltd.(1)		6,000		152,880
Reit 1, Ltd.		31,600		193,326
Sella Capital Real Estate, Ltd.		44,539		140,123
Shapir Engineering and Industry, Ltd.		30,000		213,431
Shufersal, Ltd.		42,700		266,496
Strauss Group, Ltd.		28,400		833,687
Taro Pharmaceutical Industries, Ltd.(1)		2,100		169,407
Teva Pharmaceutical Industries, Ltd. ADR(1)(2)		136,600		1,420,640
UroGen Pharma, Ltd.(1)(2)		4,300		126,463
			$	12,750,249
Italy — 4.4%
A2A SpA		85,363	$	170,526
Arnoldo Mondadori Editore SpA(1)		66,000		135,268
Assicurazioni Generali SpA		27,086		527,789
ASTM SpA		12,765		372,860
Atlantia SpA		43,200		1,060,047
Autogrill SpA		29,700		288,719
Azimut Holding SpA		7,000		171,741
Banca Mediolanum SpA		14,000		126,267
Banca Popolare di Sondrio SCPA		35,600		76,669
Banco BPM SpA(1)		78,600		160,708
Bio-On SpA(1)(2)(5)		12,900		0
BPER Banca		32,400		148,812
Brunello Cucinelli SpA		9,000		326,334
Buzzi Unicem SpA		7,400		172,815
Cementir Holding NV		48,418		343,704
Cerved Group SpA		9,600		94,102
COSMO Pharmaceuticals NV(1)(2)		3,282		278,777
Datalogic SpA(2)		5,730		99,260
Davide Campari-Milano SpA		132,200		1,277,842

11 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Italy (continued)
De’Longhi SpA		10,450	$	196,910
DiaSorin SpA		7,620		936,855
Enav SpA(3)		46,000		297,029
Enel SpA		263,000		2,292,391
Eni SpA		180,631		2,530,203
ERG SpA		5,300		125,255
Ferrari NV		7,500		1,265,638
Fila SpA(2)		5,500		78,173
Fincantieri SpA(1)(2)		128,000		116,215
Gamenet Group SpA(3)		5,500		79,160
Hera SpA		25,600		116,439
IMA Industria Macchine Automatiche SpA(2)		2,600		169,662
Infrastrutture Wireless Italiane SpA(3)		134,600		1,398,999
Interpump Group SpA		11,400		321,450
Intesa Sanpaolo SpA		342,500		850,604
Iren SPA		42,400		141,427
Italgas SpA		24,300		161,528
Leonardo SpA		39,700		487,754
Mediaset SpA(1)(2)		358,200		945,963
Mediobanca Banca di Credito Finanziario SpA		17,200		171,580
Nexi SpA(1)(3)		11,200		158,812
Poste Italiane SpA(3)		16,700		191,299
Prada SpA		62,700		240,406
Recordati SpA		19,994		855,556
Reply SpA		4,480		351,576
Retelit SpA(2)		222,200		364,008
Salini Impregilo SpA(1)		73,300		118,704
Salvatore Ferragamo SpA		16,300		300,733
Saras SpA		171,700		230,397
STMicroelectronics NV		112,200		3,124,986
Technogym SpA(3)		16,800		208,680
Terna Rete Elettrica Nazionale SpA		52,300		364,860
Tod’s SpA(2)		3,100		125,319
Unione di Banche Italiane SpA		49,455		148,011
Unipol Gruppo SpA		33,400		170,060
UnipolSai Assicurazioni SpA		28,030		75,052
			$	25,543,934
Japan — 13.6%
Activia Properties, Inc.		50	$	266,255
Advance Residence Investment Corp.(2)		88		276,748
AGC, Inc.		4,800		161,800
Air Water, Inc.		12,300		168,942
Ajinomoto Co., Inc.		16,600		273,400
Alps Alpine Co., Ltd.		7,800		140,032
Aozora Bank, Ltd.		7,600		204,788

Security	Shares		Value
Japan (continued)
Asahi Group Holdings, Ltd.		11,600	$	537,753
Asahi Intecc Co., Ltd.		8,800		242,463
Asahi Kasei Corp.		53,000		542,102
Bandai Namco Holdings, Inc.		4,200		244,056
Bridgestone Corp.		10,700		378,983
Brother Industries, Ltd.		7,500		144,843
Calbee, Inc.		4,300		140,612
Canon, Inc.		19,300		506,129
Capcom Co., Ltd.		11,100		314,066
Casio Computer Co., Ltd.		7,300		135,308
Central Japan Railway Co.		2,200		431,819
Chubu Electric Power Co., Inc.		62,400		847,435
Chugai Pharmaceutical Co., Ltd.		5,800		594,086
Chugoku Electric Power Co., Inc. (The)(2)		36,100		476,455
Citizen Watch Co., Ltd.		27,900		134,881
Coca-Cola Bottlers Japan Holdings, Inc.		8,100		213,199
CyberAgent, Inc.		9,400		374,583
Dai Nippon Printing Co., Ltd.(2)		5,700		157,175
Daicel Corp.		19,800		187,433
Daido Steel Co., Ltd.		4,700		179,729
Daiichi Sankyo Co., Ltd.		12,500		844,714
Daikin Industries, Ltd.		2,800		394,541
Daiwa House REIT Investment Corp.		107		285,479
Daiwa Office Investment Corp.		35		280,503
Daiwa Securities Group, Inc.		55,200		279,161
DeNA Co., Ltd.		17,400		286,159
Dentsu Group, Inc.		12,100		400,982
DIC Corp.		9,200		241,176
East Japan Railway Co.		3,900		343,401
Ezaki Glico Co., Ltd.(2)		3,400		145,080
FamilyMart Co., Ltd.(2)		10,500		229,637
Fast Retailing Co., Ltd.		900		484,088
FUJIFILM Holdings Corp.		7,400		367,517
Fujitsu, Ltd.		4,200		444,077
GLP J-REIT(2)		270		362,671
Hakuhodo DY Holdings, Inc.		21,800		308,885
Hamamatsu Photonics K.K.		4,900		207,178
Hankyu Hanshin Holdings, Inc.		4,400		178,517
Hikari Tsushin, Inc.		600		147,482
Hirose Electric Co., Ltd.		1,740		215,811
Hitachi Chemical Co., Ltd.		5,600		234,434
Hitachi, Ltd.		16,300		620,826
House Foods Group, Inc.		4,300		136,343
Hulic Co., Ltd.		29,000		351,614
Industrial & Infrastructure Fund Investment Corp.		174		266,974
Inpex Corp.		83,100		775,669

12 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Invincible Investment Corp.		490	$	247,539
Ito En, Ltd.		3,900		189,383
ITOCHU Corp.		14,500		338,734
Iwatani Corp.(2)		8,200		273,258
Japan Airlines Co., Ltd.		3,900		109,709
Japan Exchange Group, Inc.		19,900		356,636
Japan Hotel REIT Investment Corp.		307		206,767
Japan Petroleum Exploration Co., Ltd.		9,900		243,132
Japan Post Bank Co., Ltd.(2)		18,700		173,086
Japan Post Holdings Co., Ltd.		37,200		338,396
Japan Prime Realty Investment Corp.		62		286,834
Japan Real Estate Investment Corp.		63		460,046
Japan Retail Fund Investment Corp.		145		310,272
Japan Tobacco, Inc.		30,300		640,677
JFE Holdings, Inc.		23,700		280,653
JSR Corp.		10,200		181,672
JXTG Holdings, Inc.		250,400		1,064,995
Kajima Corp.		10,500		133,207
Kakaku.com, Inc.		9,700		253,407
Kansai Electric Power Co., Inc. (The)		64,800		727,239
Kansai Paint Co., Ltd.		10,500		251,348
Kao Corp.		11,200		893,280
KDDI Corp.		46,200		1,396,120
Keikyu Corp.		10,800		198,806
Keio Corp.		2,200		125,840
Keisei Electric Railway Co., Ltd.		5,200		188,121
Kenedix Office Investment Corp.		30		240,978
Kewpie Corp.		6,000		125,132
Keyence Corp.		3,200		1,075,702
Kintetsu Group Holdings Co., Ltd.		2,700		142,299
Kirin Holdings Co., Ltd.		27,300		599,577
Konami Holdings Corp.		7,700		298,201
Konica Minolta, Inc.		18,500		112,926
Kubota Corp.		17,600		275,609
Kuraray Co., Ltd.		19,500		234,399
Kyocera Corp.		6,700		440,232
Kyowa Kirin Co., Ltd.		9,500		223,338
Kyushu Electric Power Co., Inc.		44,700		368,095
Lawson, Inc.(2)		2,800		162,059
Lion Corp.		12,400		235,559
LIXIL Group Corp.		7,400		123,043
Makita Corp.		4,000		152,998
Marubeni Corp.		30,400		218,443
Marui Group Co., Ltd.		5,700		131,829
Maruichi Steel Tube, Ltd.		5,100		141,511
Medipal Holdings Corp.		12,500		264,875

Security	Shares		Value
Japan (continued)
MEIJI Holdings Co., Ltd.		3,900	$	274,458
Mitsubishi Chemical Holdings Corp.		50,700		366,407
Mitsubishi Corp.		14,300		366,589
Mitsubishi Estate Co., Ltd.		50,500		989,015
Mitsubishi Heavy Industries, Ltd.		4,700		171,444
Mitsubishi Materials Corp.		7,400		186,115
Mitsubishi UFJ Financial Group, Inc.		252,000		1,293,923
Mitsui & Co., Ltd.		18,500		329,034
Mizuho Financial Group, Inc.		547,400		811,756
Mori Hills REIT Investment Corp.(2)		160		267,790
MS&AD Insurance Group Holdings, Inc.		12,500		415,158
Murata Manufacturing Co., Ltd.		11,900		673,716
Nagoya Railroad Co., Ltd.		4,300		126,155
NEC Corp.		6,800		302,691
Nexon Co., Ltd.(1)		26,400		357,533
NH Foods, Ltd.		4,300		188,758
Nichirei Corp.		7,300		176,473
Nihon Kohden Corp.		6,600		193,436
Nippon Accommodations Fund, Inc.		35		232,182
Nippon Building Fund, Inc.		66		534,646
Nippon Express Co., Ltd.		2,500		130,273
Nippon Kayaku Co., Ltd.		17,700		207,553
Nippon Paint Holdings Co., Ltd.		8,000		382,410
Nippon Paper Industries Co., Ltd.		10,000		162,739
Nippon Prologis REIT, Inc.		135		388,091
Nippon Shinyaku Co., Ltd.		3,500		310,304
Nippon Shokubai Co., Ltd.		3,500		205,209
Nippon Steel Corp.		36,900		512,005
Nippon Telegraph & Telephone Corp.		45,900		1,170,314
Nissan Chemical Corp.		7,300		301,665
Nissan Motor Co., Ltd.		40,500		219,765
Nisshin Seifun Group, Inc.		11,500		196,362
Nissin Foods Holdings Co., Ltd.		3,400		255,199
Nitori Holdings Co., Ltd.		1,600		248,642
NOF Corp.		6,600		214,845
Nomura Real Estate Master Fund, Inc.		238		418,586
Nomura Research Institute, Ltd.		11,400		250,865
NTT Data Corp.		20,600		289,373
NTT DoCoMo, Inc.		41,400		1,176,273
Obayashi Corp.		14,900		163,408
Obic Co., Ltd.		1,700		231,645
Odakyu Electric Railway Co., Ltd.		8,700		192,979
Oji Holdings Corp.		48,300		245,393
Olympus Corp.		33,200		536,420
Ono Pharmaceutical Co., Ltd.		15,800		363,824
Oracle Corp. Japan		1,900		164,459

13 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Oriental Land Co., Ltd.		2,800	$	364,658
ORIX Corp.		29,400		496,638
Orix JREIT, Inc.		151		319,037
Osaka Gas Co., Ltd.		36,600		619,340
Otsuka Corp.		4,400		171,577
Otsuka Holdings Co., Ltd.		13,000		577,530
Pan Pacific International Holdings Corp.		13,600		219,460
Rakuten, Inc.(1)		18,600		143,489
Recruit Holdings Co., Ltd.		13,400		522,282
Resona Holdings, Inc.		65,300		269,287
Ricoh Co., Ltd.		25,600		290,469
Rinnai Corp.		1,700		121,179
Ryohin Keikaku Co., Ltd.		9,000		150,467
Santen Pharmaceutical Co., Ltd.		16,700		311,464
Sawai Pharmaceutical Co., Ltd.		3,400		220,951
SECOM Co., Ltd.		2,800		245,707
Seiko Epson Corp.		11,300		165,230
Sekisui Chemical Co., Ltd.		12,600		209,858
Sekisui House Reit, Inc.		278		238,119
Sekisui House, Ltd.(2)		11,000		236,524
Seven & i Holdings Co., Ltd.(2)		18,100		694,014
Seven Bank, Ltd.		59,700		178,536
SG Holdings Co., Ltd.		5,700		120,517
Shikoku Electric Power Co., Inc.		29,300		248,480
Shimadzu Corp.		7,900		221,713
Shimamura Co., Ltd.		1,800		135,240
Shimano, Inc.		1,900		291,322
Shimizu Corp.		15,300		156,930
Shin-Etsu Chemical Co., Ltd.		11,600		1,326,618
Shinsei Bank, Ltd.		12,500		191,390
Shionogi & Co., Ltd.		7,000		416,319
Softbank Corp.		51,900		712,021
Sompo Holdings, Inc.		10,900		407,265
Sony Corp.		14,100		985,968
Sony Financial Holdings, Inc.		7,500		172,681
Square Enix Holdings Co., Ltd.		7,100		348,536
Stanley Electric Co., Ltd.		6,700		172,559
Subaru Corp.		11,400		285,142
Sumitomo Corp.		15,000		223,120
Sumitomo Dainippon Pharma Co., Ltd.(2)		8,800		151,064
Sumitomo Mitsui Financial Group, Inc.		28,900		1,016,106
Sumitomo Mitsui Trust Holdings, Inc.		9,500		350,264
Sumitomo Osaka Cement Co., Ltd.		4,000		162,625
Sumitomo Realty & Development Co., Ltd.		17,600		647,953
Suntory Beverage & Food, Ltd.		6,800		287,900
Suzuken Co., Ltd.		5,100		195,534

Security	Shares		Value
Japan (continued)
Suzuki Motor Corp.		7,800	$	356,895
Sysmex Corp.		4,900		350,547
Taiheiyo Cement Corp.		8,600		231,468
Taisei Corp.		4,500		179,657
Taisho Pharmaceutical Holdings Co., Ltd.		2,900		204,873
Takashimaya Co., Ltd.(2)		12,400		132,585
Takeda Pharmaceutical Co., Ltd.		33,300		1,278,833
TEIJIN, Ltd.		13,700		244,940
Terumo Corp.		18,600		669,521
TIS, Inc.		2,900		174,221
Tobu Railway Co., Ltd.		3,900		137,385
Toho Co., Ltd.(2)		9,300		342,600
Toho Gas Co., Ltd.		10,100		390,184
Tokio Marine Holdings, Inc.		15,500		841,359
Tokyo Gas Co., Ltd.		30,100		661,778
Tokyu Corp.		9,800		172,698
Toppan Printing Co., Ltd.		7,900		157,447
Toray Industries, Inc.		58,000		379,512
Toshiba Corp.		6,400		204,546
TOTO, Ltd.		3,200		130,030
Toyo Seikan Group Holdings, Ltd.		10,900		184,402
Toyo Suisan Kaisha, Ltd.		4,400		184,342
Toyota Motor Corp.		26,600		1,849,436
Toyota Tsusho Corp.		4,900		169,403
Trend Micro, Inc.		3,900		203,777
Tsuruha Holdings, Inc.		1,300		159,122
Unicharm Corp.		11,900		407,261
United Urban Investment Corp.		170		304,528
USS Co., Ltd.		8,100		147,012
Welcia Holdings Co., Ltd.(2)		3,000		164,741
West Japan Railway Co.		2,500		211,525
Yakult Honsha Co., Ltd.		5,500		276,624
Yamaguchi Financial Group, Inc.		32,200		193,850
Yamato Holdings Co., Ltd.		6,600		105,688
Yamazaki Baking Co., Ltd.		8,800		167,468
Yokogawa Electric Corp.		10,000		174,000
Z Holdings Corp.		120,000		476,632
ZOZO, Inc.		8,300		138,243
			$	78,492,052
Netherlands — 4.5%
ABN AMRO Bank NV(3)		19,600	$	341,147
Accell Group		2,450		75,760
Akzo Nobel NV		17,396		1,641,617
Arcadis NV		8,400		190,804
ASML Holding NV		14,028		3,936,776

14 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Netherlands (continued)
ASR Nederland NV		5,300	$	197,208
Basic-Fit NV(1)(3)		2,000		73,994
Corbion NV		20,000		692,721
Eurocommercial Properties NV		8,200		205,059
Euronext NV(3)		2,900		251,380
GrandVision NV(3)		6,200		189,945
IMCD NV		3,669		316,813
ING Groep NV		137,200		1,489,609
InterXion Holding NV(1)		6,300		548,289
Koninklijke BAM Groep NV		66,800		183,928
Koninklijke DSM NV		3,500		425,969
Koninklijke KPN NV		408,000		1,143,149
Koninklijke Philips NV		51,100		2,340,249
Koninklijke Vopak NV		6,400		342,696
NN Group NV		10,850		376,587
NXP Semiconductors NV		11,000		1,395,460
Pharming Group NV(1)(2)		96,500		141,277
PostNL NV		71,792		132,454
Prosus NV(1)		28,673		2,068,288
Randstad NV		7,200		413,539
SBM Offshore NV		20,128		346,273
Signify NV(3)		11,700		389,924
Takeaway.com NV(1)(2)(3)		2,700		254,153
Unilever NV		82,578		4,818,605
Vastned Retail NV		3,510		94,559
Wolters Kluwer NV		13,820		1,038,455
			$	26,056,687
New Zealand — 1.1%
A2 Milk Co., Ltd.(1)		62,845	$	602,126
Argosy Property, Ltd.		99,700		91,875
Auckland International Airport, Ltd.		122,652		682,697
Contact Energy, Ltd.		53,366		255,438
Fisher & Paykel Healthcare Corp., Ltd.		43,461		650,122
Fletcher Building, Ltd.		178,821		638,253
Genesis Energy, Ltd.		38,800		78,682
Goodman Property Trust		250,000		373,838
Infratil, Ltd.		51,298		179,110
Mercury NZ, Ltd.		54,400		183,268
Precinct Properties New Zealand, Ltd.		189,100		229,001
Pushpay Holdings, Ltd.(1)		28,817		83,212
Restaurant Brands New Zealand, Ltd.(1)		19,660		169,398
SKYCITY Entertainment Group, Ltd.		181,739		425,741
Spark New Zealand, Ltd.		222,031		665,010
Xero, Ltd.(1)		10,014		564,467
Z Energy, Ltd.		169,400		485,124
			$	6,357,362

Security	Shares		Value
Norway — 2.3%
Adevinta ASA, Class B(1)		38,998	$	475,813
Aker Solutions ASA(1)(3)		43,000		86,833
Atea ASA		34,276		444,870
Borregaard ASA		27,054		258,697
BW Offshore, Ltd.(1)		20,098		109,604
DHT Holdings, Inc.		13,700		77,131
DNB ASA		54,300		949,304
Entra ASA(3)		58,483		998,068
Equinor ASA		50,531		911,962
Europris ASA(3)		107,100		389,442
Fjordkraft Holding ASA(3)		18,200		124,887
Frontline, Ltd.		9,000		81,369
Gjensidige Forsikring ASA		16,200		353,067
Golar LNG, Ltd.(2)		7,300		70,226
Hexagon Composites ASA(1)		15,072		53,864
Kongsberg Gruppen ASA		32,120		498,475
Mowi ASA		40,150		957,648
Nordic American Tankers, Ltd.		20,400		68,952
Nordic Nanovector ASA(1)(2)		42,000		112,301
Opera, Ltd. ADR(1)(2)		32,300		244,834
Orkla ASA		75,100		724,999
REC Silicon ASA(1)(2)		555,600		311,396
Sbanken ASA(3)		7,500		56,994
Scatec Solar ASA(3)		35,541		605,561
SFL Corp, Ltd.		7,300		96,652
SpareBank 1 SMN		14,400		158,861
SpareBank 1 SR-Bank ASA		13,600		144,686
Telenor ASA		67,600		1,221,603
Tomra Systems ASA		28,600		841,837
Veidekke ASA		20,997		264,435
Yara International ASA		37,582		1,364,807
			$	13,059,178
Portugal — 1.1%
Altri SGPS SA		96,781	$	597,351
Banco Comercial Portugues SA		4,861,000		1,031,116
Corticeira Amorim SGPS SA		9,900		118,727
CTT-Correios de Portugal SA(2)		155,356		504,246
EDP-Energias de Portugal SA		211,095		1,058,627
Galp Energia SGPS SA, Class B		65,300		986,718
Jeronimo Martins SGPS SA		60,981		1,049,355
NOS SGPS SA		188,048		976,042
REN - Redes Energeticas Nacionais SGPS SA		29,300		88,782
Semapa-Sociedade de Investimento e Gestao		15,074		210,002
			$	6,620,966

15 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Singapore — 2.2%
AEM Holdings, Ltd.		100,000	$	136,053
Ascendas Real Estate Investment Trust		109,000		250,976
Ascott Residence Trust		72,000		66,481
BW LPG, Ltd.(3)		9,091		73,181
CapitaLand Commercial Trust, Ltd.		94,500		142,221
CapitaLand Mall Trust		82,400		151,496
CDL Hospitality Trusts		80,000		91,395
China Aviation Oil Singapore Corp, Ltd.		96,100		80,433
ComfortDelGro Corp., Ltd.		248,700		393,403
DBS Group Holdings, Ltd.		43,200		795,789
Ezion Holdings, Ltd.(1)(5)		1,126,000		0
First Resources, Ltd.		133,900		166,294
Flex, Ltd.(1)		85,300		1,121,695
Frasers Centrepoint Trust		56,900		119,993
Frasers Logistics & Industrial Trust		110,000		98,217
Genting Singapore, Ltd.		990,000		619,581
Hi-P International, Ltd.(2)		84,400		78,698
Hutchison Port Holdings Trust		446,200		71,221
Jardine Cycle & Carriage, Ltd.		23,200		493,286
Keppel DC REIT		92,156		152,083
Keppel Infrastructure Trust		801,185		307,552
Keppel REIT		110,000		97,558
Manulife US Real Estate Investment Trust		113,000		119,707
Mapletree Commercial Trust		83,109		142,726
Mapletree Industrial Trust		68,200		138,620
Mapletree Logistics Trust		83,200		111,968
Mapletree North Asia Commercial Trust		106,100		92,208
Midas Holdings, Ltd.(1)(5)		480,000		0
Raffles Medical Group, Ltd.		220,700		168,167
SATS, Ltd.		70,100		233,329
Sembcorp Industries, Ltd.		141,300		217,841
Sheng Siong Group, Ltd.		175,500		158,007
SIA Engineering Co., Ltd.		40,000		76,471
Singapore Airlines, Ltd.		46,700		291,129
Singapore Exchange, Ltd.		53,800		341,327
Singapore Post, Ltd.		211,600		138,403
Singapore Technologies Engineering, Ltd.		132,800		397,762
Singapore Telecommunications, Ltd.(4)		84,700		203,756
Singapore Telecommunications, Ltd.(4)		562,600		1,353,762
StarHub, Ltd.		272,300		287,146
Suntec Real Estate Investment Trust		89,800		120,636
United Overseas Bank, Ltd.		38,500		718,107
Venture Corp., Ltd.		43,500		513,668
Wilmar International, Ltd.		514,200		1,464,232
			$	12,796,578

Security	Shares		Value
Spain — 4.4%
Acerinox SA		19,300	$	187,899
Aena SME SA(3)		4,250		786,590
Almirall SA		22,300		329,815
Amadeus IT Group SA		31,540		2,472,927
Applus Services SA		15,000		174,053
Banco Bilbao Vizcaya Argentaria SA		141,430		732,126
Banco Santander SA		139,750		550,740
Bankia SA		81,600		148,294
Bankinter SA		38,100		247,063
Bolsas y Mercados Espanoles SHMSF SA		5,400		209,471
CaixaBank SA		101,600		296,953
Cellnex Telecom SA(3)		15,982		794,867
Cia de Distribucion Integral Logista Holdings SA		10,097		226,567
Coca-Cola European Partners PLC		43,000		2,262,230
Construcciones y Auxiliar de Ferrocarriles SA		2,050		91,111
Ebro Foods SA		15,441		319,198
Ence Energia y Celulosa SA(2)		90,514		366,161
Endesa SA		14,100		387,145
Faes Farma SA		49,165		267,932
Ferrovial SA		26,359		837,305
Grifols SA(2)		53,600		1,800,167
Grupo Catalana Occidente SA		2,596		85,255
Iberdrola SA		192,035		2,101,132
Industria de Diseno Textil SA		74,475		2,504,376
Mapfre SA		82,487		211,097
Masmovil Ibercom SA(1)		6,950		145,386
Merlin Properties Socimi SA		156,700		2,222,543
Prosegur Cash SA(3)		47,137		80,286
Prosegur Cia de Seguridad SA		28,400		111,995
Red Electrica Corp. SA		17,578		351,670
Repsol SA		158,972		2,187,895
Tecnicas Reunidas SA(1)(2)		3,280		79,838
Telefonica SA		255,600		1,728,803
Telepizza Group SA(1)(5)		3,701		0
Tubacex SA		34,340		97,131
Zardoya Otis SA		30,400		229,054
			$	25,625,075
Sweden — 4.5%
Alfa Laval AB		6,950	$	173,494
Arjo AB, Class B		55,760		267,104
Assa Abloy AB, Class B		16,810		399,007
Atrium Ljungberg AB, Class B		7,700		186,164
Attendo AB(3)		51,800		284,993
Avanza Bank Holding AB		31,760		311,171
Axfood AB		24,587		509,811

16 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Sweden (continued)
Betsson AB		23,476	$	100,672
Bilia AB		16,300		178,928
BillerudKorsnas AB(2)		39,250		504,357
BioGaia AB, Class B		4,249		183,917
Bonava AB, Class B		18,268		163,412
Castellum AB		30,000		736,990
Catena AB		2,100		90,920
Dios Fastigheter AB		19,400		178,899
Dustin Group AB(3)		25,800		199,466
Elekta AB, Class B		69,311		793,877
Embracer Group AB(1)		20,945		174,821
Epiroc AB, Class A		16,126		186,554
Epiroc AB, Class B		11,200		126,579
Essity AB, Class B		51,646		1,639,549
Fabege AB		29,200		500,536
Fingerprint Cards AB, Class B(1)(2)		205,863		364,387
Granges AB		33,564		310,058
Hennes & Mauritz AB, Class B(2)		52,488		1,151,575
Hexpol AB		58,200		524,669
Holmen AB, Class B		20,596		609,803
Husqvarna AB, Class B		34,170		257,532
ICA Gruppen AB		14,700		646,351
Indutrade AB		3,149		113,419
JM AB		7,000		213,883
Karo Pharma AB(1)		29,600		132,963
Lifco AB, Class B		2,000		117,950
Lundin Petroleum AB		37,152		1,129,966
Modern Times Group MTG AB, Class B(1)		32,300		321,938
Mycronic AB		26,942		524,380
NCC AB, Class B(2)		12,400		231,641
NetEnt AB		55,000		140,818
Nibe Industrier AB, Class B		12,473		216,173
Nobia AB		15,200		112,073
Nordic Entertainment Group AB, Class B		12,020		364,731
Nyfosa AB(1)		21,257		208,079
Pandox AB		9,800		218,517
Paradox Interactive AB(2)		8,600		135,740
RaySearch Laboratories AB(1)		11,321		110,440
Saab AB, Class B(2)		4,437		144,060
Samhallsbyggnadsbolaget i Norden AB		161,789		398,878
Scandic Hotels Group AB(3)		11,600		123,037
Securitas AB, Class B		12,200		192,020
Skandinaviska Enskilda Banken AB, Class A		91,100		900,243
Skanska AB, Class B		9,000		208,321
Svenska Cellulosa AB SCA, Class B		91,900		919,476
Svenska Handelsbanken AB, Class A		82,000		803,371

Security	Shares		Value
Sweden (continued)
Swedbank AB, Class A		55,600	$	853,667
Swedish Orphan Biovitrum AB(1)		38,814		690,835
Tele2 AB, Class B		46,720		704,869
Telefonaktiebolaget LM Ericsson, Class B		211,600		1,663,689
Telia Co. AB		245,200		1,048,584
Tethys Oil AB		12,500		104,144
Trelleborg AB, Class B		13,600		223,294
Vitrolife AB		11,800		247,384
Volvo AB, Class B		22,095		377,686
Wallenstam AB, Class B		24,800		324,749
Wihlborgs Fastigheter AB		18,900		362,011
			$	26,338,625
Switzerland — 8.9%
Adecco Group AG		11,579	$	678,392
ALSO Holding AG		1,880		306,939
Baloise Holding AG		2,590		467,958
Banque Cantonale Vaudoise		428		358,431
Belimo Holding AG		66		462,755
BKW AG		2,892		269,375
Cembra Money Bank AG		2,620		306,362
Cie Financiere Richemont SA		58,100		4,219,380
Comet Holding AG		2,450		313,100
DKSH Holding AG		5,000		257,923
dormakaba Holding AG		350		220,075
Dufry AG		3,000		260,069
Ems-Chemie Holding AG		1,460		955,339
Flughafen Zurich AG		2,182		379,085
Forbo Holding AG		500		858,137
Galenica AG(3)		4,400		299,673
Geberit AG		2,353		1,241,752
Givaudan SA		836		2,758,358
Gurit Holding AG		178		269,378
Helvetia Holding AG		2,550		366,578
Huber+Suhner AG		3,060		227,992
Inficon Holding AG		575		443,142
Intershop Holding AG		234		150,657
Kuehne & Nagel International AG		3,878		626,769
Landis+Gyr Group AG		5,600		513,208
LEM Holding SA		200		302,153
Nestle SA		65,500		7,224,165
Novartis AG		33,500		3,164,681
Pargesa Holding SA, Bearer Shares		3,800		304,414
Partners Group Holding AG		760		695,745
PSP Swiss Property AG		9,100		1,375,983
Roche Holding AG PC		9,124		3,060,813

17 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Switzerland (continued)
Roche Holding AG, Bearer Shares		1,080	$	358,013
Schindler Holding AG		1,944		483,322
Schindler Holding AG PC		2,895		747,794
Schweiter Technologies AG		147		181,992
SGS SA		332		960,367
SIG Combibloc Group AG		52,800		832,284
Sika AG		13,700		2,463,608
Sonova Holding AG		1,580		396,219
Stadler Rail AG(1)(2)		7,634		364,573
Swatch Group AG (The)		2,820		707,387
Swiss Life Holding AG		1,360		683,637
Swiss Prime Site AG		11,100		1,355,145
Swiss Re AG		10,700		1,208,232
Swisscom AG		4,230		2,320,846
Temenos AG		9,800		1,576,510
Valiant Holding AG		3,200		329,014
Valora Holding AG		2,330		619,966
Vontobel Holding AG		5,350		372,715
Zurich Insurance Group AG		4,830		2,005,018
			$	51,305,423
United Kingdom — 8.9%
3i Group PLC		15,400	$	224,020
Admiral Group PLC		5,900		175,652
Aggreko PLC		7,800		79,177
Associated British Foods PLC		10,000		346,137
Assura PLC		231,800		238,003
AstraZeneca PLC		33,000		3,228,309
Auto Trader Group PLC(3)		65,800		485,524
Avast PLC(3)		45,000		252,741
Aviva PLC		57,900		303,424
B&M European Value Retail SA		40,600		194,675
BAE Systems PLC		53,000		440,587
Barclays PLC		182,900		403,901
Barratt Developments PLC		31,795		336,630
Bellway PLC		5,400		284,126
Berkeley Group Holdings PLC		4,400		303,891
BHP Group PLC		50,600		1,101,390
Big Yellow Group PLC		13,089		203,377
BMO Commercial Property Trust		89,046		129,794
BP PLC		382,100		2,300,281
BT Group PLC		352,800		748,690
Bunzl PLC		6,100		157,992
Capita PLC(1)		45,100		86,536
Centamin PLC		103,700		185,989
Civitas Social Housing PLC		80,000		104,597

Security	Shares		Value
United Kingdom (continued)
Compass Group PLC		34,900	$	862,805
Computacenter PLC		8,800		208,218
ConvaTec Group PLC(3)		139,900		383,263
Croda International PLC		5,987		393,159
Daily Mail & General Trust PLC, Class A(2)		24,002		257,572
Derwent London PLC		8,000		433,447
Diageo PLC		31,400		1,241,653
Diploma PLC		3,800		97,847
Direct Line Insurance Group PLC		42,288		188,345
easyJet PLC		6,400		117,482
Elementis PLC		58,068		97,871
Endava PLC ADR(1)		3,200		147,744
Equiniti Group PLC(3)		48,600		131,198
Essentra PLC		29,000		160,160
Experian PLC		14,700		511,677
FDM Group Holdings PLC		10,700		138,597
Ferguson PLC		919		82,528
FirstGroup PLC(1)		104,625		170,657
Fresnillo PLC		19,500		170,335
Great Portland Estates PLC		23,683		291,070
Greggs PLC		4,700		139,669
Halma PLC		29,680		823,812
Hill & Smith Holdings PLC		4,600		86,053
Hiscox, Ltd.		11,000		190,309
HomeServe PLC		10,900		184,192
Howden Joinery Group PLC		23,000		208,654
HSBC Holdings PLC		188,700		1,371,883
Ibstock PLC(3)		45,000		172,650
Imperial Brands PLC		25,000		641,056
Inchcape PLC		19,600		169,878
Informa PLC		61,400		627,201
InterContinental Hotels Group PLC		4,840		298,125
Intertek Group PLC		4,100		311,100
IWG PLC		42,500		247,404
John Laing Group PLC(3)		15,800		73,902
Just Eat PLC(1)		22,400		254,228
Land Securities Group PLC		51,600		637,999
Lloyds Banking Group PLC		774,100		577,892
London Stock Exchange Group PLC		3,660		378,227
LondonMetric Property PLC		90,700		272,687
M&G PLC(1)		55,100		173,870
Manchester United PLC, Class A(2)		5,200		96,564
Marks & Spencer Group PLC		83,100		192,703
Marshalls PLC		15,800		164,635
Meggitt PLC		24,500		217,954
Micro Focus International PLC		35,300		474,061

18 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
United Kingdom (continued)
Mondi PLC		19,940	$	405,714
Moneysupermarket.com Group PLC		34,300		147,234
National Express Group PLC		13,100		77,252
National Grid PLC		214,200		2,846,006
NCC Group PLC		72,058		204,174
NewRiver REIT PLC(2)		38,200		94,765
Next PLC		3,900		354,430
Pennon Group PLC		48,800		712,297
Persimmon PLC		9,800		394,529
Phoenix Group Holdings PLC		17,800		177,690
Primary Health Properties PLC		90,643		188,288
Provident Financial PLC		20,000		122,527
QinetiQ Group PLC		19,500		90,586
Reckitt Benckiser Group PLC		11,400		943,616
RELX PLC		29,880		792,771
Rentokil Initial PLC		39,000		240,184
Rightmove PLC		66,300		574,591
Rio Tinto PLC		23,400		1,251,297
Royal Dutch Shell PLC, Class A		78,500		2,061,438
Royal Mail PLC		29,400		76,848
RSA Insurance Group PLC		28,100		203,873
Safestore Holdings PLC		19,133		203,671
Sage Group PLC (The)		90,200		878,154
Segro PLC		68,100		817,738
Serco Group PLC(1)		78,000		162,708
Severn Trent PLC		24,400		830,321
Shaftesbury PLC		18,300		217,146
Signature Aviation PLC		29,360		112,583
Smith & Nephew PLC		45,500		1,094,771
Softcat PLC		18,500		281,718
Sophos Group PLC(3)		38,500		282,823
Spirax-Sarco Engineering PLC		1,720		202,057
Spirent Communications PLC		89,600		261,740
SSP Group PLC		21,800		185,021
Standard Life Aberdeen PLC		48,718		193,577
Synthomer PLC		38,500		171,469
Tate & Lyle PLC		32,900		343,920
Taylor Wimpey PLC		90,000		255,278
Travis Perkins PLC		9,000		183,843
Tritax Big Box REIT PLC		152,000		280,113
UK Commercial Property REIT, Ltd.		77,300		88,436
Unilever PLC		15,580		929,368
UNITE Group PLC (The)		28,700		481,894
United Utilities Group PLC		65,000		869,746
Victrex PLC		4,400		128,395
Vodafone Group PLC		929,900		1,826,991

Security	Shares		Value
United Kingdom (continued)
WH Smith PLC		5,897	$	185,771
Whitbread PLC		4,567		269,219
WM Morrison Supermarkets PLC		148,000		354,877
			$	51,441,237
Total Common Stocks (identified cost $519,492,031)			$	574,148,930
Rights(1) — 0.0%
Security	Shares		Value
BUWOG AG(5)		3,930	$	0
			$	0
Total Rights (identified cost $0)			$	0
Warrants(1) — 0.0%
Security	Shares		Value
Ezion Holdings, Ltd., Exp. 4/16/23, Strike SGD 0.2763(5)		135,600	$	0
Total Warrants (identified cost $0)			$	0
Short-Term Investments — 1.7%
Description	Units/ Shares		Value
Eaton Vance Cash Reserves Fund, LLC, 1.74%(6)		2,163,174	$	2,163,390
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62%(7)		7,589,931		7,589,931
Total Short-Term Investments (identified cost $9,753,321)			$	9,753,321
Total Investments — 100.8% (identified cost $529,245,352)			$	583,902,251
Other Assets, Less Liabilities — (0.8)%			$	(4,709,933	)
Net Assets — 100.0%			$	579,192,318

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

⁽¹⁾  Non-income producing security.

⁽²⁾  All or a portion of this security was on loan at January 31, 2020. The aggregate market value of securities on loan at January 31, 2020 was $17,359,014.

19 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Portfolio of Investments — 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 January 31, 2020, the aggregate value of these securities is $16,065,027 or 2.8% of the Fund’s net assets.

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

⁽⁵⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 12).

⁽⁶⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2020.

⁽⁷⁾  Represents investment of cash collateral received in connection with securities lending.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Euro		38.5	%	$	222,697,318
Japanese Yen		13.6			78,492,052
British Pound Sterling		9.1			52,719,001
Swiss Franc		9.0			52,356,306
Australian Dollar		8.7			50,531,864
Swedish Krona		4.7			27,099,851
United States Dollar		4.3			25,166,497
Hong Kong Dollar		3.8			21,980,975
Norwegian Krone		2.2			12,853,612
Danish Krone		2.2			12,794,706
Singapore Dollar		2.0			11,410,774
Israeli Shekel		1.7			10,006,400
New Zealand Dollar		1.0			5,792,895
Total Investments		100.8	%	$	583,902,251

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		10.8	%	$	62,440,580
Industrials		10.5			61,052,973
Consumer Staples		10.5			60,720,443
Health Care		9.6			55,821,718
Consumer Discretionary		9.6			55,370,885
Information Technology		9.5			55,257,843
Materials		9.2			53,036,967
Communication Services		8.7			50,426,826
Real Estate		8.3			48,312,565
Utilities		7.2			41,455,300
Energy		5.2			30,252,830
Short-Term Investments		1.7			9,753,321
Total Investments		100.8	%	$	583,902,251

Abbreviations:

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

Currency Abbreviations:

SGD – Singapore Dollar

20 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Statement of Assets and Liabilities

Assets	January 31, 2020
Unaffiliated investments, at value including $17,359,014 of securities on loan (identified cost, $527,081,962)	$	581,738,861
Affiliated investment fund, at value (identified cost, $2,163,390)		2,163,390
Foreign currency, at value (identified cost, $442,588)		445,886
Dividends receivable		414,576
Dividends receivable from affiliated investment		7,194
Receivable for investments sold		474,396
Receivable for Fund shares sold		1,821,705
Securities lending income receivable		32,985
Tax reclaims receivable		736,001
Receivable from affiliates		129,914
Total assets	$	587,964,908
Liabilities
Collateral for securities loaned	$	7,589,931
Payable for Fund shares redeemed		674,652
Payable to affiliates:
Investment adviser and administration fee		198,047
Distribution and service fees		23,737
Accrued expenses		286,223
Total liabilities	$	8,772,590
Net Assets	$	579,192,318
Sources of Net Assets
Paid-in capital	$	529,790,152
Distributable earnings		49,402,166
Total	$	579,192,318
Class A Shares
Net Assets	$	103,800,769
Shares Outstanding		7,590,885
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.67
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	14.50
Institutional Class Shares
Net Assets	$	359,604,999
Shares Outstanding		26,170,361
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.74
Class R Shares
Net Assets	$	3,712,733
Shares Outstanding		273,153
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.59
Class R6 Shares
Net Assets	$	112,073,817
Shares Outstanding		8,161,199
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.73

On sales of $50,000 or more, the offering price of Class A shares is reduced.

21 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Statement of Operations

Investment Income	Year Ended January 31, 2020
Dividends (net of foreign taxes, $1,336,642)	$	12,447,158
Dividends from affiliated investment		91,893
Securities lending income, net		128,132
Total investment income	$	12,667,183
Expenses
Investment adviser and administration fee	$	1,781,065
Distribution and service fees
Class A		208,500
Class R		14,166
Trustees’ fees and expenses		25,355
Custodian fee		166,979
Transfer and dividend disbursing agent fees		253,144
Legal and accounting services		62,943
Printing and postage		40,343
Registration fees		94,225
Miscellaneous		57,547
Total expenses	$	2,704,267
Deduct —
Allocation of expenses to affiliates	$	280,381
Total expense reductions	$	280,381
Net expenses	$	2,423,886
Net investment income	$	10,243,297
Realized and Unrealized Gain (Loss)			��
Net realized gain (loss) —
Investment transactions	$	1,668,945
Investment transactions — affiliated investment		2,754
Foreign currency transactions		(63,214	)
Net realized gain	$	1,608,485
Change in unrealized appreciation (depreciation) —
Investments	$	35,710,090
Foreign currency		4,114
Net change in unrealized appreciation (depreciation)	$	35,714,204
Net realized and unrealized gain	$	37,322,689
Net increase in net assets from operations	$	47,565,986

22 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2020			2019
From operations —
Net investment income	$	10,243,297		$	6,287,100
Net realized gain		1,608,485			1,947,458
Net change in unrealized appreciation (depreciation)		35,714,204			(32,116,757	)
Net increase (decrease) in net assets from operations	$	47,565,986		$	(23,882,199	)
Distributions to shareholders
Class A	$	(2,323,594	)	$	(1,966,658	)
Institutional Class		(8,604,172	)		(3,780,522	)
Class R		(79,368	)		(44,240	)
Class R6		(3,166,819	)		(2,734,087	)
Total distributions to shareholders	$	(14,173,953	)	$	(8,525,507	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	58,029,682		$	43,303,796
Institutional Class		239,503,303			116,046,127
Class R		1,962,624			2,412,325
Class R6		66,622,968			26,275,473
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,173,207			1,705,158
Institutional Class		8,190,266			3,519,375
Class R		79,363			44,237
Class R6		3,166,819			2,734,087
Cost of shares redeemed
Class A		(27,691,982	)		(31,664,113	)
Institutional Class		(58,370,463	)		(42,712,163	)
Class R		(480,749	)		(1,510,692	)
Class R6		(56,859,037	)		(34,967,907	)
Net increase in net assets from Fund share transactions	$	236,326,001		$	85,185,703
Net increase in net assets	$	269,718,034		$	52,777,997
Net Assets
At beginning of year	$	309,474,284		$	256,696,287
At end of year	$	579,192,318		$	309,474,284

23 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Financial Highlights

	Class A
	Year Ended January 31,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	12.560		$	14.350		$	11.570		$	10.750		$	11.410
Income (Loss) From Operations
Net investment income(1)	$	0.298		$	0.301		$	0.272		$	0.198		$	0.217
Net realized and unrealized gain (loss)		1.144			(1.700	)		2.869			0.810			(0.607	)
Total income (loss) from operations	$	1.442		$	(1.399	)	$	3.141		$	1.008		$	(0.390	)
Less Distributions
From net investment income	$	(0.277	)	$	(0.211	)	$	(0.361	)	$	(0.178	)	$	(0.266	)
From net realized gain		(0.055	)		(0.180	)		—			(0.010	)		(0.004	)
Total distributions	$	(0.332	)	$	(0.391	)	$	(0.361	)	$	(0.188	)	$	(0.270	)
Net asset value — End of year	$	13.670		$	12.560		$	14.350		$	11.570		$	10.750
Total Return(2)(3)		11.53	%		(9.73	)%		27.29	%		9.55	%		(3.73	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	103,801		$	65,056		$	59,858		$	34,386		$	12,069
Ratios (as a percentage of average daily net assets):
Expenses(3)(4)		0.75	%		0.75	%		0.75	%		0.84	%		0.90	%
Net investment income		2.24	%		2.27	%		2.06	%		1.75	%		1.86	%
Portfolio Turnover		27	%		30	%		36	%		22	%		34	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if applicable.

⁽³⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.06%, 0.11%, 0.11%, 0.23% and 0.35% of average daily net assets for the years ended January 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽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.

24 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	12.610		$	14.410		$	11.610		$	10.770		$	11.430
Income (Loss) From Operations
Net investment income(1)	$	0.297		$	0.310		$	0.312		$	0.257		$	0.325
Net realized and unrealized gain (loss)		1.194			(1.689	)		2.874			0.788			(0.693	)
Total income (loss) from operations	$	1.491		$	(1.379	)	$	3.186		$	1.045		$	(0.368	)
Less Distributions
From net investment income	$	(0.306	)	$	(0.241	)	$	(0.386	)	$	(0.195	)	$	(0.288	)
From net realized gain		(0.055	)		(0.180	)		—			(0.010	)		(0.004	)
Total distributions	$	(0.361	)	$	(0.421	)	$	(0.386	)	$	(0.205	)	$	(0.292	)
Net asset value — End of year	$	13.740		$	12.610		$	14.410		$	11.610		$	10.770
Total Return(2)(3)		11.79	%		(9.53	)%		27.60	%		9.78	%		(3.37	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	359,605		$	151,107		$	86,446		$	55,324		$	30,808
Ratios (as a percentage of average daily net assets):
Expenses(3)(4)		0.50	%		0.50	%		0.50	%		0.60	%		0.65	%
Net investment income		2.21	%		2.35	%		2.36	%		2.26	%		2.72	%
Portfolio Turnover		27	%		30	%		36	%		22	%		34	%

⁽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⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.06%, 0.11%, 0.11%, 0.24% and 0.35% of average daily net assets for the years ended January 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽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.

25 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Financial Highlights — continued

	Class R
	Year Ended January 31,												Period Ended January 31,  2016(1)
	2020			2019			2018			2017
Net asset value — Beginning of period	$	12.490		$	14.290		$	11.530		$	10.740		$	12.340
Income (Loss) From Operations
Net investment income(2)	$	0.237		$	0.231		$	0.259		$	0.064		$	0.044
Net realized and unrealized gain (loss)		1.172			(1.657	)		2.827			0.919			(1.384	)
Total income (loss) from operations	$	1.409		$	(1.426	)	$	3.086		$	0.983		$	(1.340	)
Less Distributions
From net investment income	$	(0.254	)	$	(0.194	)	$	(0.326	)	$	(0.183	)	$	(0.256	)
From net realized gain		(0.055	)		(0.180	)		—			(0.010	)		(0.004	)
Total distributions	$	(0.309	)	$	(0.374	)	$	(0.326	)	$	(0.193	)	$	(0.260	)
Net asset value — End of period	$	13.590		$	12.490		$	14.290		$	11.530		$	10.740
Total Return(3)(4)		11.25	%		(9.96	)%		26.90	%		9.22	%		(10.98	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,713		$	1,939		$	1,167		$	786		$	1
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.00	%		1.00	%		1.00	%		1.04	%		1.15	%(6)
Net investment income		1.79	%		1.77	%		1.98	%		0.56	%		0.82	%(6)
Portfolio Turnover		27	%		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 0.06%, 0.11%, 0.11%, 0.19% and 0.35% of average daily net assets for the years ended January 31, 2020, 2019, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

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

26 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Financial Highlights — continued

	Class R6
	Year Ended January 31,												Period Ended January 31, 2016(1)
	2020			2019			2018			2017
Net asset value — Beginning of period	$	12.600		$	14.410		$	11.610		$	10.770		$	12.380
Income (Loss) From Operations
Net investment income(2)	$	0.342		$	0.363		$	0.319		$	0.267		$	0.059
Net realized and unrealized gain (loss)		1.155			(1.746	)		2.875			0.780			(1.374	)
Total income (loss) from operations	$	1.497		$	(1.383	)	$	3.194		$	1.047		$	(1.315	)
Less Distributions
From net investment income	$	(0.312	)	$	(0.247	)	$	(0.394	)	$	(0.197	)	$	(0.291	)
From net realized gain		(0.055	)		(0.180	)		—			(0.010	)		(0.004	)
Total distributions	$	(0.367	)	$	(0.427	)	$	(0.394	)	$	(0.207	)	$	(0.295	)
Net asset value — End of period	$	13.730		$	12.600		$	14.410		$	11.610		$	10.770
Total Return(3)(4)		11.85	%		(9.56	)%		27.67	%		9.79	%		(10.77	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	112,074		$	91,371		$	109,225		$	84,858		$	60,608
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.47	%		0.47	%		0.47	%		0.58	%		0.62	%(6)
Net investment income		2.56	%		2.72	%		2.42	%		2.34	%		1.10	%(6)
Portfolio Turnover		27	%		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 0.06%, 0.11%, 0.11%, 0.25% and 0.35% of average daily net assets for the years ended January 31, 2020, 2019, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

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

27 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2020

Notes to Financial Statements

1  Significant Accounting Policies

Parametric International Equity Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund offers four classes of shares. Class A (redesignated from Investor Class effective January 15, 2020) shares, are generally sold subject to a sales charge imposed at time of purchase. Institutional Class, Class R and Class R6 shares are sold at net asset value and are not subject to a sales charge. Prior to January 15, 2020, former Investor Class shares were sold at net asset value and were not subject to a sales charge. Investor Class shareholders who established their Fund accounts prior to January 15, 2020 will not be subject to a sales charge on future purchases of Class A shares for such accounts. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

Equity Securities.Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and 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.

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.

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

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 — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates.

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.

28

Parametric

International Equity Fund

January 31, 2020

Notes to Financial Statements — continued

As of January 31, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2020 and January 31, 2019 was as follows:

	Year Ended January 31,
	2020		2019
Ordinary income	$	12,464,313	$	6,650,789
Long-term capital gains	$	1,709,640	$	1,874,718

During the year ended January 31, 2020, distributable earnings was decreased by $1,254,691 and paid-in capital was increased by $1,254,691 primarily due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	498,719
Undistributed long-term capital gains	$	209,231
Net unrealized appreciation	$	48,694,216

29

Parametric

International Equity Fund

January 31, 2020

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	535,204,615
Gross unrealized appreciation	$	72,025,984
Gross unrealized depreciation		(23,328,348	)
Net unrealized appreciation	$	48,697,636

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreements between the Fund and EVM, the fee is computed at an annual rate of 0.40% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the year ended January 31, 2020, the investment adviser and administration fee amounted to $1,781,065 or 0.40% of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.75%, 0.50%, 1.00% and 0.47% of the Fund’s average daily net assets for Class A, 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 $280,381 in total of the Fund’s operating expenses for the year ended January 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2020, EVM earned $11,317 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 Class A and Class R shares (see Note 4).

During the year ended January 31, 2020, EVM reimbursed the Fund $89,859 for a net realized loss due to a trading error. The impact of the reimbursement was less than $0.01 per share for each class and had no significant impact on total return.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2020, 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 Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2020 amounted to $208,500 for Class A shares.

The Fund also has in effect a distribution plan for Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended January 31, 2020, the Fund paid or accrued to EVD $7,083 for Class R shares.

Pursuant to the Class R Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2020 amounted to $7,083 for Class R shares.

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

30

Parametric

International Equity Fund

January 31, 2020

Notes to Financial Statements — continued

5  Contingent Deferred Sales Charges

Effective January 15, 2020, Class A (redesignated from Investor Class) shares may be subject to a 1% contingent deferred sales charge (CDSC) if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2020, the Fund was informed that EVD received no CDSCs paid by Class A shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $352,455,482 and $120,447,358, respectively, for the year ended January 31, 2020.

7  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

	Year Ended January 31,
Class A	2020			2019
Sales		4,339,952			3,305,438
Issued to shareholders electing to receive payments of distributions in Fund shares		156,288			136,439
Redemptions		(2,086,386	)		(2,432,842	)
Net increase		2,409,854			1,009,035
	Year Ended January 31,
Institutional Class	2020			2019
Sales		17,962,909			8,991,953
Issued to shareholders electing to receive payments of distributions in Fund shares		586,544			285,209
Redemptions		(4,361,469	)		(3,294,832	)
Net increase		14,187,984			5,982,330
	Year Ended January 31,
Class R	2020			2019
Sales		148,954			189,290
Issued to shareholders electing to receive payments of distributions in Fund shares		5,743			3,620
Redemptions		(36,765	)		(119,318	)
Net increase		117,932			73,592
	Year Ended January 31,
Class R6	2020			2019
Sales		4,896,576			2,048,683
Issued to shareholders electing to receive payments of distributions in Fund shares		226,857			219,111
Redemptions		(4,211,327	)		(2,600,467	)
Net increase (decrease)		912,106			(332,673	)

31

Parametric

International Equity Fund

January 31, 2020

Notes to Financial Statements — continued

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2020.

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.

10  Securities Lending Agreement

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.

At January 31, 2020, the value of the securities loaned (all common stock) and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $17,359,014 and $18,504,437, respectively. Collateral received was comprised of cash of $7,589,931 and U.S. government and/or agencies securities of $10,914,506. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time. The carrying amount of the liability for collateral for securities loaned at January 31, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 12) at January 31, 2020.

11  Investments in Affiliated Funds

At January 31, 2020, the value of the Fund’s investment in affiliated funds was $2,163,390, which represents 0.4% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended January 31, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	2,447,022	$	215,099,460	$	(215,385,846	)	$	2,754	$	—	$	2,163,390	$	91,893		2,163,174

32

Parametric

International Equity Fund

January 31, 2020

Notes to Financial Statements — continued

12  Fair Value Measurements

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

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

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

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

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

At January 31, 2020, 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	$	3,266,216	$	169,747,774		$	0	$	173,013,990
Developed Europe		8,315,344		380,069,347			0		388,384,691
Developed Middle East		2,743,849		10,006,400			—		12,750,249
Total Common Stocks	$	14,325,409	$	559,823,521	**	$	0	$	574,148,930
Rights	$	—	$	—		$	0	$	0
Warrants		—		—			0		0
Short-Term Investments		7,589,931		2,163,390			—		9,753,321
Total Investments	$	21,915,340	$	561,986,911		$	0	$	583,902,251

* 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 were valued at $0 and accordingly, a reconciliation of Level 3 assets for the year ended January 31, 2020 is not presented.

13  Subsequent Event

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time and through March 20, 2020, the date these financial statements were issued, has resulted in substantial market volatility and may result in a significant economic downturn.

33

Parametric

International Equity Fund

January 31, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric International Equity Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 20, 2020

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

34

Parametric

International Equity Fund

January 31, 2020

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the foreign tax credit and capital gains dividends.

Qualified Dividend Income.  For the fiscal year ended January 31, 2020, the Fund designates approximately $11,351,868, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit.  For the fiscal year ended January 31, 2020, the Fund paid foreign taxes of $1,175,258 and recognized foreign source income of $13,383,187.

Capital Gains Dividends.  The Fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2020, $2,094,038 or, if subsequently determined to be different, the net capital gain of such year.

35

Parametric

International Equity Fund

January 31, 2020

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 159 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds)(2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

36

Parametric

International Equity Fund

January 31, 2020

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional)(2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

37

Parametric

International Equity Fund

January 31, 2020

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

⁽²⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

38

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.Eaton Vance, or your financial 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 Vanceat 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.

39

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

4736    1.31.20

Parametric

Volatility Risk Premium - Defensive Fund

Annual Report

January 31, 2020

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.

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 adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.

Annual ReportJanuary 31, 2020

Parametric

Volatility Risk Premium—Defensive Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	23
Federal Tax Information	24
Management and Organization	25
Important Notices	28

Parametric

Volatility Risk Premium—Defensive Fund

January 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended January 31, 2020, U.S. equity markets bounced back from the volatility and sell-offs experienced one year prior. U.S. equities reached new highs and posted the second-best annual returns in over 20 years.

In March 2019, U.S. equities rallied, buoyed by the halt to federal funds rate hikes by the U.S. Federal Reserve (the Fed) despite heightened rhetoric on global tariffs and trade wars. In May, U.S. equities drastically declined as trade talks between China and the U.S. deteriorated, producing the worst monthly return for 2019. Despite ongoing trade tensions, stocks posted their strongest first-half returns in more than two decades. At the same time, global bond yields fell, with German 10-year yields (-0.32%) even more negative than Japanese 10-year yields (-0.16%) during the period.

After a turbulent second quarter marked by sharp and sizeable monthly reversals, stocks spent the summer consolidating gains and U.S. equities hit an all-time high in late July. There were considerable concerns along the way. With tariffs in flux and the opening of President Trump’s impeachment inquiry, markets became volatile. Against a backdrop of continued deterioration in global economic conditions, the Fed reversed course and cut rates three times during the period — its first reductions since 2008. Global bond yields plunged and yield-curve⁶ inversions stoked fears of recession. However, U.S. equities climbed for the remainder of the period, wrapping up 2019 as one of the best years on record for equity markets.

The tide of loose monetary policy seemed to lift all boats as most asset classes delivered strong returns with muted volatility during the period. The Cboe Volatility Index^®,² a measure of option implied volatility (IV), averaged just 13.76 for December, and 15.39 for 2019 overall. Importantly, realized volatility (RV) in the equity markets remained subdued, realizing less than 10% for the year. This resulted in a strongly positive spread (IV-RV spread) between IV and subsequent RV, an important condition for long-

term volatility risk premium (VRP) capture within the strategy. IV represents the market price of volatility, or the volatility implied by the option price. RV is the subsequent realized, or actual volatility observed. Capturing VRP relies on a positive IV-RV spread, rather than the absolute level of volatility.

Fund Performance

For the 12-month period ended January 31, 2020, Parametric Volatility Risk Premium – Defensive (the Fund) returned 11.62% for Institutional Class shares at net asset value (NAV), outperforming its primary benchmark, the Cboe S&P 500 BuyWrite Index^SM (the Index), which returned 10.58%. The Fund underperformed its secondary benchmark — a blended benchmark consisting of 50% S&P 500^® Index /50% ICE BofAML 3-Month U.S. Treasury Bill Index — which returned 11.73% during the period. The Index is a passive covered call-writing index. The Fund outperformed the Index by 1.04% during the period.

The Fund pursues its objective by investing in a base portfolio generally composed of an approximately equal mix of equity securities and money market instruments, such as Treasury bills. The Fund writes (sells) call and put options on the S&P 500^® Index, a broad-based U.S. stock market index, or a substitute for the S&P 500^® Index. The written call and put options are intended to harvest the volatility VRP. The VRP is the difference between implied volatility and subsequent realized volatility, and is historically positive and uncorrelated with other sources of returns.

The long equity securities held in the Fund are passively managed to reflect the S&P 500^® Index, but actively managed to mitigate tax impact. Sampling techniques are used to help mitigate the tax impact on investors, and no capital gains were distributed to Fund investors in 2019. In 2019, equities contributed 10.59% to Fund total returns. Treasury bills and cash equivalents contributed approximately 1.20%. Net option profits for written call and put options contributed 0.30% to Fund returns during the period.

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Parametric

Volatility Risk Premium—Defensive Fund

January 31, 2020

Performance^2,3

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		One Year			Five Years			Since Inception
Institutional Class at NAV		02/09/2017		02/09/2017		11.62	%		—			7.20	%
Cboe S&P 500 BuyWrite IndexSM		—		—		10.58	%		7.06	%		6.18	%
S&P 500® Index		—		—		21.68			12.36			14.14
ICE BofAML 3-Month U.S. Treasury Bill Index		—		—		2.22			1.10			1.71
Blended Index		—		—		11.73			6.78			7.96
% Total Annual Operating Expense Ratio4											Institutional Class
												0.52	%

Growth of $50,000

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

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Parametric

Volatility Risk Premium—Defensive Fund

January 31, 2020

Fund Profile

Common Stock Sector Allocation (% of net assets)

Top 10 Holdings (% of net assets)⁵

Microsoft Corp.	2.6	%
Apple, Inc.	2.5
Amazon.com, Inc.	1.7
Facebook, Inc., Class A	1.0
Berkshire Hathaway, Inc., Class B	1.0
Alphabet, Inc., Class A	0.9
JPMorgan Chase & Co.	0.9
Alphabet, Inc., Class C	0.8
Johnson & Johnson	0.8
Visa, Inc., Class A	0.8
Total	13.0	%

Asset Allocation (% of total investments)

See Endnotes and Additional Disclosures in this report.

4

Parametric

Volatility Risk Premium—Defensive Fund

January 31, 2020

Endnotes and Additional Disclosures

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

²  Cboe Volatility Index^® tracks the implied volatilities of a wide range of S&P 500^® Index options. Cboe S&P 500 BuyWrite Index^SM measures the performance of a hypothetical buy-write strategy on the S&P 500^® Index. S&P 500^® Index is an unmanaged index of large-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 BofAML 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. ICE^® BofAML^® indices are not for redistribution or other uses;

provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 50% S&P 500^® Index and 50% ICE BofAML 3-Month U.S. Treasury Bill Index, 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.

³  Institutional Class shares are offered at net asset value (NAV). Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

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

⁵  Depictions do not reflect the Fund’s option positions. Excludes short-term investments.

⁶  Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall.

Fund profile subject to change due to active management.

5

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 – January 31, 2020).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)		Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	1,056.70	$	2.44		0.47	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,022.80	$	2.40		0.47	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2019.

6

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Portfolio of Investments

Common Stocks — 50.8%
Security	Shares		Value
Aerospace & Defense — 1.3%
Arconic, Inc.		13,676	$	409,596
Boeing Co. (The)		9,490		3,020,382
Huntington Ingalls Industries, Inc.		3,331		869,391
L3Harris Technologies, Inc.		5,234		1,158,441
Lockheed Martin Corp.		4,883		2,090,510
United Technologies Corp.		14,761		2,217,102
			$	9,765,422
Air Freight & Logistics — 0.2%
C.H. Robinson Worldwide, Inc.(1)		8,267	$	597,043
Expeditors International of Washington, Inc.		9,936		725,725
			$	1,322,768
Airlines — 0.2%
Alaska Air Group, Inc.		9,742	$	629,236
American Airlines Group, Inc.(1)		25,455		683,212
			$	1,312,448
Auto Components — 0.0%(2)
BorgWarner, Inc.		7,921	$	271,611
			$	271,611
Automobiles — 0.3%
Ford Motor Co.		164,338	$	1,449,461
Harley-Davidson, Inc.		30,167		1,007,578
			$	2,457,039
Banks — 2.9%
Bank of America Corp.		147,424	$	4,839,930
Citigroup, Inc.		44,402		3,303,953
Fifth Third Bancorp		44,274		1,259,595
JPMorgan Chase & Co.		53,070		7,024,345
KeyCorp.		64,327		1,203,558
People’s United Financial, Inc.		39,011		601,550
Wells Fargo & Co.		65,716		3,084,709
Zions Bancorp NA(1)		17,592		800,260
			$	22,117,900
Beverages — 1.0%
Brown-Forman Corp., Class B		7,127	$	482,070
Coca-Cola Co. (The)		66,379		3,876,534
PepsiCo, Inc.		24,700		3,507,894
			$	7,866,498

Security	Shares		Value
Biotechnology — 1.0%
AbbVie, Inc.		25,319	$	2,051,345
Amgen, Inc.		12,133		2,621,335
Gilead Sciences, Inc.		22,990		1,452,968
Vertex Pharmaceuticals, Inc.(3)		6,198		1,407,256
			$	7,532,904
Building Products — 0.2%
A.O. Smith Corp.		7,943	$	339,087
Allegion PLC		3,195		413,177
Fortune Brands Home & Security, Inc.		7,253		498,354
			$	1,250,618
Capital Markets — 1.3%
Cboe Global Markets, Inc.		10,092	$	1,243,537
E*TRADE Financial Corp.		25,081		1,068,952
MarketAxess Holdings, Inc.		3,244		1,148,960
Morgan Stanley		36,462		1,905,504
Nasdaq, Inc.		10,811		1,259,049
Raymond James Financial, Inc.		12,549		1,147,355
S&P Global, Inc.		6,996		2,054,935
			$	9,828,292
Chemicals — 1.1%
Albemarle Corp.(1)		6,560	$	526,637
CF Industries Holdings, Inc.		12,326		496,491
Eastman Chemical Co.		10,374		739,355
Ecolab, Inc.		6,537		1,281,971
FMC Corp.		8,351		798,272
Linde PLC		11,426		2,320,964
Mosaic Co. (The)		35,627		706,840
Sherwin-Williams Co. (The)		2,262		1,259,911
			$	8,130,441
Commercial Services & Supplies — 0.2%
Copart, Inc.(3)		8,781	$	890,920
Republic Services, Inc.		8,359		794,523
			$	1,685,443
Communications Equipment — 0.5%
Cisco Systems, Inc.		65,598	$	3,015,540
F5 Networks, Inc.(3)		4,692		572,987
			$	3,588,527

7 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Construction & Engineering — 0.1%
Jacobs Engineering Group, Inc.		6,892	$	637,717
Quanta Services, Inc.		9,334		365,426
			$	1,003,143
Containers & Packaging — 0.2%
Avery Dennison Corp.		3,979	$	522,204
Packaging Corp. of America		5,998		574,308
Sealed Air Corp.		8,594		305,087
			$	1,401,599
Distributors — 0.1%
LKQ Corp.(3)		15,734	$	514,266
			$	514,266
Diversified Consumer Services — 0.0%(2)
H&R Block, Inc.(1)		14,633	$	339,486
			$	339,486
Diversified Financial Services — 1.0%
Berkshire Hathaway, Inc., Class B(3)		32,888	$	7,381,054
			$	7,381,054
Diversified Telecommunication Services — 1.1%
AT&T, Inc.		122,884	$	4,622,896
Verizon Communications, Inc.		66,479		3,951,512
			$	8,574,408
Electric Utilities — 1.0%
Alliant Energy Corp.		15,581	$	924,888
Entergy Corp.		10,622		1,397,005
Exelon Corp.		30,574		1,455,017
NextEra Energy, Inc.		11,003		2,951,005
Pinnacle West Capital Corp.		8,412		821,768
			$	7,549,683
Electrical Equipment — 0.2%
Eaton Corp. PLC		16,582	$	1,566,502
			$	1,566,502
Electronic Equipment, Instruments & Components — 0.3%
FLIR Systems, Inc.		9,058	$	466,849
IPG Photonics Corp.(3)		3,367		429,865
TE Connectivity, Ltd.		12,278		1,131,786
			$	2,028,500

Security	Shares		Value
Energy Equipment & Services — 0.1%
National Oilwell Varco, Inc.		35,807	$	737,982
			$	737,982
Entertainment — 0.6%
Walt Disney Co. (The)		33,331	$	4,610,011
			$	4,610,011
Equity Real Estate Investment Trusts (REITs) — 1.3%
Alexandria Real Estate Equities, Inc.		7,043	$	1,149,418
American Tower Corp.		9,307		2,156,804
Apartment Investment & Management Co., Class A		18,044		951,099
Duke Realty Corp.		28,619		1,039,156
Essex Property Trust, Inc.		2,799		867,018
Extra Space Storage, Inc.		6,118		677,140
Iron Mountain, Inc.		18,518		585,354
Kimco Realty Corp.		20,041		381,781
Public Storage		3,614		808,669
SL Green Realty Corp.		7,852		722,698
UDR, Inc.		18,515		887,054
			$	10,226,191
Food & Staples Retailing — 0.7%
Costco Wholesale Corp.		7,802	$	2,383,667
Kroger Co. (The)		20,844		559,870
Walmart, Inc.		23,405		2,679,638
			$	5,623,175
Food Products — 0.4%
Campbell Soup Co.		11,217	$	542,790
Conagra Brands, Inc.		20,514		675,321
Hormel Foods Corp.(1)		19,852		938,205
JM Smucker Co. (The)		4,929		510,694
McCormick & Co., Inc.		5,118		836,128
			$	3,503,138
Health Care Equipment & Supplies — 1.9%
Abbott Laboratories		33,550	$	2,923,547
ABIOMED, Inc.(3)		3,692		687,783
Boston Scientific Corp.(3)		34,774		1,455,987
Cooper Cos., Inc. (The)		2,087		723,959
Danaher Corp.		13,687		2,201,828
DENTSPLY SIRONA, Inc.		8,384		469,504
IDEXX Laboratories, Inc.(3)		2,580		699,206
Intuitive Surgical, Inc.(3)		2,956		1,654,710

8 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Medtronic PLC		25,027	$	2,889,117
Teleflex, Inc.		1,451		539,061
			$	14,244,702
Health Care Providers & Services — 1.4%
Cardinal Health, Inc.		14,182	$	726,260
Centene Corp.(3)		8,240		517,554
Cigna Corp.(3)		9,224		1,774,513
CVS Health Corp.		24,856		1,685,734
DaVita, Inc.(3)		9,953		794,946
Henry Schein, Inc.(3)		9,690		668,029
UnitedHealth Group, Inc.		17,161		4,675,515
			$	10,842,551
Hotels, Restaurants & Leisure — 0.8%
McDonald’s Corp.		15,145	$	3,240,575
Royal Caribbean Cruises, Ltd.		8,647		1,012,391
Starbucks Corp.		22,460		1,905,282
			$	6,158,248
Household Durables — 0.3%
Garmin, Ltd.		4,082	$	395,750
Leggett & Platt, Inc.		6,181		294,154
Mohawk Industries, Inc.(3)		2,742		361,066
Newell Brands, Inc.		28,688		560,277
PulteGroup, Inc.		21,385		954,840
			$	2,566,087
Household Products — 0.9%
Clorox Co. (The)		6,739	$	1,060,112
Procter & Gamble Co. (The)		44,381		5,530,760
			$	6,590,872
Industrial Conglomerates — 0.8%
3M Co.		10,258	$	1,627,534
General Electric Co.		165,394		2,059,156
Honeywell International, Inc.		13,227		2,291,181
			$	5,977,871
Insurance — 1.0%
Aflac, Inc.		25,960	$	1,338,757
Arthur J. Gallagher & Co.		13,135		1,347,257
Assurant, Inc.		4,358		568,981
Everest Re Group, Ltd.		2,781		769,141

Security	Shares		Value
Insurance (continued)
Globe Life, Inc.		10,957	$	1,142,377
Hartford Financial Services Group, Inc. (The)		19,836		1,175,878
Progressive Corp. (The)		19,439		1,568,533
			$	7,910,924
Interactive Media & Services — 2.8%
Alphabet, Inc., Class A(3)		4,925	$	7,056,441
Alphabet, Inc., Class C(3)		4,475		6,418,179
Facebook, Inc., Class A(3)		36,600		7,389,906
Twitter, Inc.(3)		19,247		625,143
			$	21,489,669
Internet & Direct Marketing Retail — 1.7%
Amazon.com, Inc.(3)		6,603	$	13,263,578
			$	13,263,578
IT Services — 2.9%
Accenture PLC, Class A		12,248	$	2,513,412
Global Payments, Inc.		8,351		1,632,203
International Business Machines Corp.		20,054		2,882,362
Mastercard, Inc., Class A		16,028		5,063,886
PayPal Holdings, Inc.(3)		22,818		2,598,742
VeriSign, Inc.(3)		3,803		791,556
Visa, Inc., Class A		29,812		5,931,694
Western Union Co. (The)(1)		24,232		651,841
			$	22,065,696
Life Sciences Tools & Services — 0.4%
PerkinElmer, Inc.		5,232	$	483,855
Thermo Fisher Scientific, Inc.		8,220		2,574,422
			$	3,058,277
Machinery — 0.5%
PACCAR, Inc.		18,360	$	1,362,496
Pentair PLC		12,852		551,736
Stanley Black & Decker, Inc.		7,265		1,157,532
Westinghouse Air Brake Technologies Corp.		8,457		624,634
			$	3,696,398
Media — 0.9%
Comcast Corp., Class A		87,418	$	3,775,583
Discovery, Inc., Class A(1)(3)		15,645		457,773
Discovery, Inc., Class C(3)		17,723		492,168
DISH Network Corp., Class A(3)		10,346		380,319

9 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Media (continued)
Fox Corp., Class B(3)		18,698	$	679,298
Interpublic Group of Cos., Inc. (The)		26,155		593,718
News Corp., Class A		24,719		336,673
			$	6,715,532
Multi-Utilities — 0.8%
Centerpoint Energy, Inc.		27,649	$	732,146
CMS Energy Corp.		19,364		1,326,628
Dominion Energy, Inc.		21,154		1,813,955
NiSource, Inc.		23,033		675,097
WEC Energy Group, Inc.		14,206		1,419,037
			$	5,966,863
Multiline Retail — 0.2%
Dollar Tree, Inc.(3)		7,399	$	644,231
Kohl’s Corp.		7,796		333,279
Macy’s, Inc.(1)		27,771		442,947
Nordstrom, Inc.		9,080		334,689
			$	1,755,146
Oil, Gas & Consumable Fuels — 1.8%
Chevron Corp.		31,622	$	3,387,981
Cimarex Energy Co.		19,678		863,667
Concho Resources, Inc.		14,770		1,119,271
Exxon Mobil Corp.		76,515		4,753,112
Hess Corp.		16,173		914,907
HollyFrontier Corp.		9,414		422,877
Noble Energy, Inc.		43,094		851,968
ONEOK, Inc.		17,512		1,311,123
			$	13,624,906
Pharmaceuticals — 2.5%
Bristol-Myers Squibb Co.		45,856	$	2,886,635
Eli Lilly & Co.		19,145		2,673,408
Johnson & Johnson		40,369		6,009,733
Merck & Co., Inc.		44,343		3,788,666
Perrigo Co. PLC		6,647		379,145
Pfizer, Inc.		83,639		3,114,716
			$	18,852,303
Professional Services — 0.2%
Equifax, Inc.		4,575	$	685,793
Verisk Analytics, Inc.		7,368		1,197,079
			$	1,882,872

Security	Shares		Value
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(3)		11,217	$	684,798
			$	684,798
Road & Rail — 0.5%
J.B. Hunt Transport Services, Inc.		5,727	$	618,115
Kansas City Southern		4,156		701,076
Union Pacific Corp.		15,567		2,793,031
			$	4,112,222
Semiconductors & Semiconductor Equipment — 2.1%
Broadcom, Inc.		7,111	$	2,169,993
Intel Corp.		74,184		4,742,583
KLA Corp.		7,882		1,306,363
NVIDIA Corp.		11,581		2,738,096
Qorvo, Inc.(3)		7,831		828,990
QUALCOMM, Inc.		24,540		2,093,507
Texas Instruments, Inc.		19,447		2,346,280
			$	16,225,812
Software — 4.0%
Adobe, Inc.(3)		9,909	$	3,479,446
Intuit, Inc.		6,754		1,893,687
Microsoft Corp.		117,221		19,954,531
Oracle Corp.		44,311		2,324,112
salesforce.com, Inc.(3)		18,385		3,351,769
			$	31,003,545
Specialty Retail — 1.1%
CarMax, Inc.(3)		7,873	$	763,996
Gap, Inc. (The)(1)		31,293		544,811
Home Depot, Inc. (The)		18,224		4,156,895
Lowe’s Cos., Inc.		14,271		1,658,861
Ross Stores, Inc.		11,737		1,316,774
			$	8,441,337
Technology Hardware, Storage & Peripherals — 2.7%
Apple, Inc.		62,977	$	19,492,011
NetApp, Inc.		12,127		647,582
Western Digital Corp.		8,456		553,868
Xerox Holdings Corp.		9,386		333,860
			$	21,027,321
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		20,955	$	2,017,966
Ralph Lauren Corp., Class A		3,007		341,295

10 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Tapestry, Inc.		16,798	$	432,884
Under Armour, Inc., Class A(1)(3)		29,005		585,321
			$	3,377,466
Tobacco — 0.5%
Altria Group, Inc.		31,389	$	1,491,919
Philip Morris International, Inc.		24,344		2,013,249
			$	3,505,168
Trading Companies & Distributors — 0.2%
Fastenal Co.		18,205	$	634,990
United Rentals, Inc.(3)		3,842		521,321
W.W. Grainger, Inc.		1,219		368,955
			$	1,525,266
Water Utilities — 0.1%
American Water Works Co., Inc.		6,969	$	949,178
			$	949,178
Total Common Stocks (identified cost $314,343,236)			$	389,703,657
Short-Term Investments — 49.6%
U.S. Treasury Obligations — 48.2%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bills:
0.00%, 4/23/20(4)	$	23,500	$	23,420,274
0.00%, 6/18/20		28,890		28,726,699
0.00%, 7/16/20(4)		48,549		48,220,600
0.00%, 9/10/20		30,550		30,272,417
0.00%, 10/8/20		27,810		27,528,537
0.00%, 12/3/20		31,400		31,023,656
0.00%, 12/31/20		31,000		30,593,085
			$	219,785,268
U.S. Treasury Notes:
1.50%, 6/15/20(1)	$	30,988	$	30,978,316
1.50%, 8/15/20		31,600		31,586,422
2.625%, 8/31/20		26,350		26,504,909
1.375%, 9/15/20		30,250		30,215,142
1.375%, 10/31/20		31,000		30,960,038
			$	150,244,827
Total U.S. Treasury Obligations (identified cost $369,575,640)			$	370,030,095

Other — 1.4%
Description	Units/ Shares		Value
Eaton Vance Cash Reserves Fund, LLC, 1.74%(5)		9,874,481	$	9,875,469
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62%(6)		543,176		543,176
Total Other (identified cost $10,418,391)			$	10,418,645
Total Short-Term Investments (identified cost $379,994,031)			$	380,448,740
Total Investments — 100.4% (identified cost $694,337,267)			$	770,152,397
Total Written Options — (0.5)% (premiums received $2,767,970)			$	(3,606,625	)
Other Assets, Less Liabilities — 0.1%			$	575,205
Net Assets — 100.0%			$	767,120,977

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

⁽¹⁾  All or a portion of this security was on loan at January 31, 2020. The aggregate market value of securities on loan at January 31, 2020 was $35,724,320.

⁽²⁾  Amount is less than 0.05% or (0.05)%, as applicable.

⁽³⁾  Non-income producing security.

⁽⁴⁾  Security (or a portion thereof) has been pledged as collateral for written options.

⁽⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2020.

⁽⁶⁾  Represents investment of cash collateral received in connection with securities lending.

11 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Portfolio of Investments — continued

Written Call Options — (0.0)%(2)
Exchange-Traded Options — (0.0)%(2)
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		97	$	31,287,544	$	3,325		2/5/20	$	(7,517	)
S&P 500 Index		98		31,610,096		3,330		2/7/20		(10,535	)
S&P 500 Index		99		31,932,648		3,345		2/10/20		(7,673	)
S&P 500 Index		101		32,577,752		3,360		2/12/20		(7,828	)
S&P 500 Index		99		31,932,648		3,390		2/18/20		(6,682	)
S&P 500 Index		102		32,900,304		3,370		2/21/20		(17,850	)
S&P 500 Index		100		32,255,200		3,335		2/24/20		(59,500	)
S&P 500 Index		103		33,222,856		3,350		2/26/20		(46,865	)
S&P 500 Index		99		31,932,648		3,350		2/28/20		(52,965	)
Total									$	(217,415	)
Written Put Options — (0.5)%
Exchange-Traded Options — (0.5)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		101	$	32,577,752	$	3,125		2/3/20	$	(24,745	)
S&P 500 Index		101		32,577,752		3,155		2/5/20		(123,220	)
S&P 500 Index		101		32,577,752		3,160		2/7/20		(180,285	)
S&P 500 Index		101		32,577,752		3,180		2/10/20		(251,490	)
S&P 500 Index		101		32,577,752		3,195		2/12/20		(333,300	)
S&P 500 Index		100		32,255,200		3,225		2/14/20		(470,500	)
S&P 500 Index		91		29,352,232		3,215		2/18/20		(412,685	)
S&P 500 Index		91		29,352,232		3,225		2/19/20		(461,825	)
S&P 500 Index		100		32,255,200		3,160		2/21/20		(326,500	)
S&P 500 Index		99		31,932,648		3,100		2/24/20		(213,840	)
S&P 500 Index		103		33,222,856		3,130		2/26/20		(302,820	)
S&P 500 Index		100		32,255,200		3,115		2/28/20		(288,000	)
Total									$	(3,389,210	)

12 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Statement of Assets and Liabilities

Assets	January 31, 2020
Unaffiliated investments, at value including $35,724,320 of securities on loan (identified cost, $684,462,052)	$	760,276,928
Affiliated investment, at value (identified cost, $9,875,215)		9,875,469
Dividends receivable		407,335
Interest receivable		840,302
Dividends receivable from affiliated investment		19,161
Receivable for Fund shares sold		2,859,085
Securities lending income receivable		5,988
Total assets	$	774,284,268
Liabilities
Collateral for securities loaned	$	543,176
Written options outstanding, at value (premiums received, $2,767,970)		3,606,625
Payable for closed written options		19,246
Payable for Fund shares redeemed		2,503,884
Payable to affiliate:
Investment adviser and administration fee		256,498
Accrued expenses		233,862
Total liabilities	$	7,163,291
Net Assets	$	767,120,977
Sources of Net Assets
Paid-in capital	$	704,658,752
Distributable earnings		62,462,225
Total	$	767,120,977
Institutional Class Shares
Net Assets	$	767,120,977
Shares Outstanding		64,239,868
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.94

13 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Statement of Operations

Investment Income	Year Ended January 31, 2020
Dividends (net of foreign taxes, $232)	$	6,070,027
Dividends from affiliated investment		255,440
Interest		6,460,353
Securities lending income, net		26,971
Total investment income	$	12,812,791
Expenses
Investment adviser and administration fee	$	2,411,051
Trustees’ fees and expenses		32,315
Custodian fee		157,944
Transfer and dividend disbursing agent fees		157,581
Legal and accounting services		65,615
Printing and postage		11,705
Registration fees		43,880
Miscellaneous		30,557
Total expenses	$	2,910,648
Net investment income	$	9,902,143
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(5,070,217	)
Investment transactions — affiliated investment		(288	)
Written options		3,123,265
Net realized loss	$	(1,947,240	)
Change in unrealized appreciation (depreciation) —
Investments	$	57,688,381
Investments — affiliated investment		254
Written options		(179,778	)
Net change in unrealized appreciation (depreciation)	$	57,508,857
Net realized and unrealized gain	$	55,561,617
Net increase in net assets from operations	$	65,463,760

14 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2020			2019
From operations —
Net investment income	$	9,902,143		$	4,861,934
Net realized loss		(1,947,240	)		(7,520,862	)
Net change in unrealized appreciation (depreciation)		57,508,857			3,037,018
Net increase in net assets from operations	$	65,463,760		$	378,090
Distributions to shareholders	$	(8,675,190	)	$	(4,589,694	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	336,655,367		$	362,151,763
Net asset value of shares issued to shareholders in payment of distributions declared		5,698,916			3,283,866
Cost of shares redeemed		(71,680,256	)		(116,156,718	)
Net increase in net assets from Fund share transactions	$	270,674,027		$	249,278,911
Net increase in net assets	$	327,462,597		$	245,067,307
Net Assets
At beginning of year	$	439,658,380		$	194,591,073
At end of year	$	767,120,977		$	439,658,380

15 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Financial Highlights

	Institutional Class
	Year Ended January 31,						Period Ended January 31, 2018(1)
	2020			2019
Net asset value — Beginning of period	$	10.830		$	11.020		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.188		$	0.165		$	0.104
Net realized and unrealized gain (loss)		1.069			(0.226	)		0.974
Total income (loss) from operations	$	1.257		$	(0.061	)	$	1.078
Less Distributions
From net investment income	$	(0.147	)	$	(0.129	)	$	(0.058	)
Total distributions	$	(0.147	)	$	(0.129	)	$	(0.058	)
Net asset value — End of period	$	11.940		$	10.830		$	11.020
Total Return(3)		11.62	%		(0.55	)%		10.79	%(4)(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	767,121		$	439,658		$	194,591
Ratios (as a percentage of average daily net assets):
Expenses		0.48	%		0.52	%		0.55	%(5)(6)
Net investment income		1.64	%		1.50	%		1.00	%(6)
Portfolio Turnover		21	%		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.

16 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Notes to Financial Statements

1  Significant Accounting Policies

Parametric Volatility Risk Premium - Defensive Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is total return. The Fund offers Institutional Class shares, which are sold at net asset value and are not subject to a sales charge.

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and 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.

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

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 — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

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

As of January 31, 2020, 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.

17

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Notes to Financial Statements — continued

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

F  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.

The tax character of distributions declared for the years ended January 31, 2020 and January 31, 2019 was as follows:

	Year Ended January 31,
	2020		2019
Ordinary income	$	8,675,190	$	4,589,694

During the year ended January 31, 2020, distributable earnings was decreased by $326,589 and paid-in capital was increased by $326,589 primarily due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	821,255
Deferred capital losses	$	(14,079,894	)
Net unrealized appreciation	$	75,720,864

At January 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $14,079,894 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

18

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Notes to Financial Statements — continued

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, 2020, $14,079,894 are short-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	694,431,533
Gross unrealized appreciation	$	78,117,685
Gross unrealized depreciation		(2,396,821	)
Net unrealized appreciation	$	75,720,864

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.40% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. For the year ended January 31, 2020, the investment adviser and administration fee amounted to $2,411,051 or 0.40% of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect 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 year ended January 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2020, EVM earned $72,752 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2020, 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 $178,730,769 and $64,713,220, respectively, for the year ended January 31, 2020.

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:

	Year Ended January 31,
Institutional Class	2020			2019
Sales		29,384,549			33,112,331
Issued to shareholders electing to receive payments of distributions in Fund shares		481,327			303,219
Redemptions		(6,211,427	)		(10,481,974	)
Net increase		23,654,449			22,933,576

19

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Notes to Financial Statements — continued

6  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at January 31, 2020 is included in the Portfolio of Investments. At January 31, 2020, 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.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at January 31, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative(1)
Written options	$	—	$	(3,606,625	)

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended January 31, 2020 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	$	3,123,265	$	(179,778	)

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

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

The average number of written options contracts outstanding during the year ended January 31, 2020, which is indicative of the volume of this derivative type, was 2,032 contracts.

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2020.

8  Securities Lending Agreement

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund

20

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Notes to Financial Statements — continued

from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.

At January 31, 2020, the value of the securities loaned, including accrued interest, and the value of the collateral received, which exceeded the value of the securities loaned amounted to $35,786,885 and $36,695,025, respectively. Collateral received was comprised of cash of $543,176 and U.S. government and/or agencies securities of $36,151,849. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of January 31, 2020.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	6,020,025	$	—	$	—	$	—	$	6,020,025
U.S. Treasury Obligations		30,675,000		—		—		—		30,675,000
Total	$	36,695,025	$	—	$	—	$	—	$	36,695,025

The carrying amount of the liability for collateral for securities loaned at January 31, 2020 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at January 31, 2020.

9  Investments in Affiliated Funds

At January 31, 2020, the value of the Fund’s investment in affiliated funds was $9,875,469, which represents 1.3% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended January 31, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	3,709,933	$	282,916,069	$	(276,750,499	)	$	(288	)	$	254	$	9,875,469	$	255,440		9,874,481

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.

21

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Notes to Financial Statements — continued

At January 31, 2020, 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	$	389,703,657	*	$	—	$	—	$	389,703,657
Short-Term Investments —
U.S. Treasury Obligations		—			370,030,095		—		370,030,095
Other		543,176			9,875,469		—		10,418,645
Total Investments	$	390,246,833		$	379,905,564	$	—	$	770,152,397
Liability Description
Written Call Options	$	(217,415	)	$	—	$	—	$	(217,415	)
Written Put Options		(3,389,210	)		—		—		(3,389,210	)
Total	$	(3,606,625	)	$	—	$	—	$	(3,606,625	)

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

11  Subsequent Event

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time and through March 20, 2020, the date these financial statements were issued, has resulted in substantial market volatility and may result in a significant economic downturn.

22

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric Volatility Risk Premium - Defensive Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from the start of business, February 9, 2017 to January 31, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and the period from the start of business, February 9, 2017 to January 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 20, 2020

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

23

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified business income, qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Business Income.  For the fiscal year ended January 31, 2020, the Fund designates $132,450, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

Qualified Dividend Income.  For the fiscal year ended January 31, 2020, the Fund designates approximately $5,623,107, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2020 ordinary income dividends, 53.95% qualifies for the corporate dividends received deduction.

24

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 159 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

25

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

26

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2020

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO(2012-2017) and Managing Director at BlackRock/Barclays Global Investors(2009-2012).

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

⁽²⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

27

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.Eaton Vance, or your financial 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 Vanceat 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.

28

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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

24691    1.31.20

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in FormN-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a

certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance Emerging Markets Debt Fund, Parametric Emerging Markets Fund, Parametric International Equity Fund and Parametric Volatility Risk Premium - Defensive Fund (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 33 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as anopen-end management investment company. This FormN-CSR relates to the Funds’ annual reports.

(a)-(d)

The following tables present the aggregate fees billed to each Fund for the Fund’s fiscal periods ended January 31, 2019 and January 31, 2020 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Eaton Vance Emerging Markets Debt Fund Fiscal Years Ended*	1/31/19		1/31/20
Audit Fees	$	37,050	$	42,900
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	16,000	$	18,740
All Other Fees(3)	$	0	$	0
Total	$	53,050	$	61,640

* This fund commenced operations on May 1, 2018.

Parametric Emerging Markets Fund Fiscal Years Ended	1/31/19		1/31/20
Audit Fees	$	80,670	$	81,850
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	36,008	$	35,417
All Other Fees(3)	$	0	$	0
Total	$	116,678	$	117,267

Parametric International Equity Fund Fiscal Years Ended	1/31/19		1/31/20
Audit Fees	$	36,910	$	37,450
Audit-Related Fees(1)	$	0	$	0

Tax Fees(2)	$	15,124	$	15,701
All Other Fees(3)	$	0	$	0
Total	$	52,034	$	53,131

Parametric Volatility Risk Premium — Defensive Fund Fiscal Years Ended	1/31/19		1/31/20
Audit Fees	$	37,050	$	37,550
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	18,825	$	17,955
All Other Fees(3)	$	0	$	0
Total	$	55,875	$	55,505

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

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

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

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

Fiscal Years Ended*	2/28/18		9/30/18		10/31/18		12/31/18		1/31/19		2/28/19		7/31/19		9/30/19		10/31/19		12/31/19		1/31/20
Audit Fees	$	25,850	$	99,625	$	621,075	$	105,320	$	191,680	$	25,850	$	37,050	$	98,300	$	661,708	$	106,700	$	156,850
Audit-Related Fees(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees(2)	$	9,890	$	28,606	$	430,938	$	65,089	$	85,957	$	11,190	$	16,000	$	24,768	$	345,480	$	63,478	$	69,073
All Other Fees(3)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total	$	35,740	$	128,231	$	1,052,013	$	170,409	$	277,637	$	37,040	$	53,050	$	123,068	$	1,007,188	$	170,178	$	225,923

* Information is not presented for fiscal year ended 7/31/18, as no Series in the Trust with such fiscal year end was in operation during such period.

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

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

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

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

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

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule2-01(c)(7)(i)(C) of RegulationS-X.

(f) Not applicable.

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

Fiscal Years Ended*	2/28/18		9/30/18		10/31/18		12/31/18		1/31/19		2/28/19		7/31/19		9/30/19		10/31/19		12/31/19		1/31/20
Registrant(1)	$	9,890	$	28,606	$	430,938	$	65,089	$	85,957	$	11,190	$	16,000	$	24,768	$	345,480	$	63,478	$	69,073
Eaton Vance(2)	$	148,018	$	126,485	$	126,485	$	126,485	$	126,485	$	126,485	$	60,130	$	59,903	$	59,903	$	59,903	$	59,903

* Information is not presented for the fiscal period ended 7/31/18 as no Series in the Trust with such fiscal period end was in operation during such period.

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

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

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant ofnon-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.    

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this FormN-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Mutual Funds Trust

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 24, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	March 24, 2020
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 24, 2020