Eaton Vance Mutual Funds Trust

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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

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

Portfolio Managers Thomas Seto and Timothy W. Atwill, Ph.D., CFA, each of Parametric Portfolio Associates LLC

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

Top 10 Holdings (% of net assets)⁴


America Movil SAB de CV, Series L	0.8	%

Naspers, Ltd., Class N	0.7

China Mobile, Ltd.	0.7

Sberbank of Russia PJSC	0.7

Cielo SA	0.6

MTN Group, Ltd.	0.5

Samsung Electronics Co., Ltd.	0.5

Credicorp, Ltd.	0.5

Tencent Holdings, Ltd.	0.5

Yandex NV, Class A	0.4

Total	5.9	%

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

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

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

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

⁴	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2017 – July 31, 2017).

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

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

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


Common Stocks — 98.7%


Security	Shares		Value


Argentina — 0.7%
Adecoagro SA⁽¹⁾		195,406	$	1,987,279
Arcos Dorados Holdings, Inc., Class A⁽¹⁾		368,914		3,246,443
Banco Macro SA, Class B ADR		11,287		979,824
BBVA Banco Frances SA ADR		25,288		396,263
Cresud SA ADR⁽¹⁾		55,441		1,007,917
Grupo Financiero Galicia SA, Class B ADR		47,287		1,717,464
IRSA Inversiones y Representaciones SA ADR⁽¹⁾		35,110		781,549
MercadoLibre, Inc.		17,522		5,053,695
Pampa Energia SA ADR⁽¹⁾		58,999		3,206,596
Transportadora de Gas del Sur SA ADR⁽¹⁾		20,764		315,613
YPF SA ADR		121,524		2,454,785

			$	21,147,428


Bahrain — 0.6%
Ahli United Bank BSC		14,236,325	$	9,995,607
Al Salam Bank-Bahrain BSC		9,398,388		2,480,040
GFH Financial Group BSC		8,415,329		4,912,955
Ithmaar Holding BSC⁽¹⁾		11,053,027		1,621,196

			$	19,009,798


Bangladesh — 0.7%
ACI, Ltd.		54,690	$	348,981
Aftab Automobiles, Ltd.		349,827		306,570
Bangladesh Export Import Co., Ltd.⁽¹⁾		3,652,155		1,520,424
Bangladesh Submarine Cable Co., Ltd.		192,647		292,150
Beximco Pharmaceuticals, Ltd.		457,495		632,724
BSRM Steels, Ltd.		1,068,413		1,198,476
City Bank, Ltd. (The)		1,250,881		644,316
CVO Petrochemical Refinery, Ltd.		88,500		258,245
Grameenphone, Ltd.		551,510		2,572,595
Heidelberger Cement Bangladesh, Ltd.		146,500		815,485
Islami Bank Bangladesh, Ltd.		1,269,074		556,651
Jamuna Oil Co., Ltd.		180,599		461,653
Khulna Power Co., Ltd.		757,470		575,465
LankaBangla Finance, Ltd.		514,337		372,098
Meghna Petroleum, Ltd.		174,079		421,695
National Bank, Ltd.⁽¹⁾		3,910,869		595,788
Olympic Industries, Ltd.		607,819		2,129,341
Orion Pharma, Ltd.		258,206		157,718
Padma Oil Co., Ltd.		195,600		596,033
People’s Leasing and Financial Services, Ltd.⁽¹⁾		1,467,409		243,079
Pubali Bank, Ltd.		2,029,094		610,776
Renata, Ltd.		23,954		332,730


Security	Shares		Value


Bangladesh (continued)
Singer Bangladesh, Ltd.		142,500	$	346,304
Social Islami Bank, Ltd.		1,610,176		472,322
Southeast Bank, Ltd.		1,630,632		386,564
Square Pharmaceuticals, Ltd.		433,431		1,502,781
Summit Power, Ltd.⁽¹⁾		1,655,358		842,339
Titas Gas Transmission & Distribution Co., Ltd.		1,020,740		638,629
Unique Hotel & Resorts, Ltd.		1,020,672		708,343
United Airways Bangladesh, Ltd.⁽¹⁾		6,170,401		515,740
United Commercial Bank, Ltd.		1,220,971		328,572

			$	21,384,587


Botswana — 0.3%
Barclays Bank of Botswana, Ltd.		1,137,465	$	654,245
Botswana Insurance Holdings, Ltd.		575,111		1,061,310
First National Bank of Botswana, Ltd.		6,069,100		1,426,194
Letshego Holdings, Ltd.		14,102,614		2,844,920
Sechaba Breweries Holdings, Ltd.		905,550		1,769,094
Standard Chartered Bank Botswana, Ltd.		531,120		293,931

			$	8,049,694


Brazil — 6.0%
AES Tiete Energia SA		98,400	$	443,665
AMBEV SA		1,613,650		9,909,535
B2W Cia Digital⁽¹⁾		144,970		618,308
B3 SA - Brasil Bolsa Balcao		340,200		2,235,380
Banco Bradesco SA, PFC Shares		502,239		4,862,377
Banco do Brasil SA		172,498		1,587,600
Banco do Estado do Rio Grande do Sul, PFC Shares		93,300		437,725
BB Seguridade Participacoes SA		142,700		1,256,150
BR Malls Participacoes SA		146,211		618,912
Bradespar SA, PFC Shares		121,000		895,563
Braskem SA, PFC Shares		57,460		687,489
BRF SA⁽¹⁾		288,140		3,411,461
CCR SA		844,000		4,622,804
Centrais Eletricas Brasileiras SA, PFC Shares		291,500		1,558,294
Cia Brasileira de Distribuicao, PFC Shares		63,069		1,466,321
Cia de Saneamento Basico do Estado de Sao Paulo		195,260		2,100,782
Cia de Saneamento de Minas Gerais-COPASA		34,800		472,950
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		31,790		713,615
Cia Energetica de Minas Gerais SA, PFC Shares		540,555		1,476,912
Cia Energetica de Sao Paulo, Class B, PFC Shares		156,300		781,913
Cia Hering		157,600		1,086,095
Cia Paranaense de Energia, PFC Shares		85,800		712,902
Cia Siderurgica Nacional SA⁽¹⁾		205,600		502,404


Security	Shares		Value


Brazil (continued)
Cielo SA		2,066,606	$	17,297,102
Construtora Tenda SA⁽¹⁾		55,284		278,339
Cosan SA Industria e Comercio		82,300		952,757
CPFL Energia SA		387,972		3,341,808
Cyrela Brazil Realty SA Empreendimentos e Participacoes		235,500		924,373
Duratex SA		162,858		413,628
EcoRodovias Infraestrutura e Logistica SA		260,600		893,362
EDP-Energias do Brasil SA		186,700		860,352
Eletropaulo Metropolitana SA, Class B, PFC Shares		117,480		538,358
Embraer SA		194,900		985,641
Embraer SA ADR		111,148		2,252,970
Engie Brasil Energia SA		126,500		1,419,821
Equatorial Energia SA		114,300		2,078,282
Estacio Participacoes SA		270,800		1,771,552
Even Construtora e Incorporadora SA⁽¹⁾		341,400		501,423
Ez Tec Empreendimentos e Participacoes SA		142,098		892,228
Fibria Celulose SA		69,257		734,690
Fleury SA		304,200		2,929,474
Gafisa SA⁽¹⁾		55,284		210,084
Gerdau SA, PFC Shares		290,100		991,699
Gol Linhas Aereas Inteligentes SA, PFC Shares		204,000		585,502
Hypermarcas SA		177,000		1,588,734
Iochpe Maxion SA		115,700		626,298
Itau Unibanco Holding SA, PFC Shares		430,380		5,150,731
Itausa-Investimentos Itau SA, PFC Shares		816,887		2,423,142
JBS SA		406,725		1,004,308
Klabin SA		102,100		523,867
Klabin SA, PFC Shares		1,067,900		965,728
Kroton Educacional SA		846,236		4,092,305
Light SA⁽¹⁾		80,000		578,511
Localiza Rent a Car SA		149,184		2,482,932
Lojas Americanas SA, PFC Shares		505,700		2,541,190
Lojas Renner SA		452,870		4,255,164
Marcopolo SA, PFC Shares		585,600		612,201
Marfrig Global Foods SA⁽¹⁾		287,155		591,189
Metalurgica Gerdau SA, PFC Shares		260,300		439,071
MRV Engenharia e Participacoes SA		264,600		1,215,937
Multiplus SA		60,200		768,149
Natura Cosmeticos SA		120,900		971,201
Odontoprev SA		688,600		2,872,893
Petroleo Brasileiro SA, PFC Shares		2,564,500		10,929,564
Prumo Logistica SA⁽¹⁾		159,600		562,990
Qualicorp SA		485,600		5,107,727
Randon SA Implementos e Participacoes, PFC Shares		303,500		518,754
Rumo SA⁽¹⁾		185,919		616,481


Security	Shares		Value


Brazil (continued)
Smiles SA		55,000	$	1,148,027
Suzano Papel e Celulose SA, Class A, PFC Shares		223,625		1,005,411
Telefonica Brasil SA, PFC Shares		796,000		11,923,344
TIM Participacoes SA		1,670,650		5,700,359
Totvs SA		306,690		2,950,503
Transmissora Alianca de Energia Electrica SA		91,000		677,608
Ultrapar Participacoes SA		201,384		4,778,943
Usinas Siderurgicas de Minas Gerais SA, Class A, PFC Shares		478,350		793,070
Vale SA, PFC Shares		996,840		9,324,746
Valid Solucoes SA		100,870		545,698
Via Varejo SA		259,400		1,197,032
Weg SA		792,440		4,813,063

			$	179,609,473


Bulgaria — 0.1%
CB First Investment Bank AD⁽¹⁾		235,000	$	806,314
Chimimport AD		329,922		340,779
MonBat AD		60,235		417,006
Petrol AD⁽¹⁾⁽²⁾		102,500		13,617
Sopharma AD		354,600		1,051,384

			$	2,629,100


Chile — 3.0%
AES Gener SA		1,904,140	$	707,543
Aguas Andinas SA, Series A		2,012,998		1,270,117
AntarChile SA		153,213		2,083,097
Banco de Chile		17,553,528		2,539,331
Banco de Chile ADR		7,998		683,676
Banco de Credito e Inversiones		43,067		2,599,105
Banco Santander Chile		48,812,922		3,460,828
Banmedica SA		706,730		1,719,649
Cap SA		128,112		1,350,540
Cencosud SA		1,566,681		4,459,492
Cia Cervecerias Unidas SA		207,308		2,763,160
Cia Sud Americana de Vapores SA⁽¹⁾		14,510,741		673,293
Colbun SA		5,619,135		1,314,438
Embotelladora Andina SA, Class B, PFC Shares		393,044		1,790,440
Empresa Nacional de Telecomunicaciones SA		312,724		3,560,912
Empresas CMPC SA		1,931,482		4,934,302
Empresas COPEC SA		957,761		11,682,565
Enel Americas SA		20,695,903		4,179,375
Enel Chile SA		14,024,447		1,529,159
Enel Chile SA ADR		1,700		9,299
Enel Generacion Chile SA		2,564,627		1,997,109


Security	Shares		Value


Chile (continued)
Engie Energia Chile SA		328,455	$	715,252
Forus SA		132,100		475,693
Grupo Security SA		2,092,052		792,017
Inversiones Aguas Metropolitanas SA		386,815		675,657
Inversiones La Construccion SA		34,520		462,181
Itau CorpBanca		133,731,904		1,267,776
Latam Airlines Group SA		440,244		5,172,167
Parque Arauco SA		541,699		1,423,962
Quinenco SA		389,755		1,109,541
Ripley Corp. SA		1,279,400		1,092,764
S.A.C.I. Falabella		1,074,355		9,925,619
Sigdo Koppers SA		817,252		1,245,115
Sociedad Matriz SAAM SA		6,242,812		667,236
Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares		132,433		5,429,062
Sonda SA		1,525,843		2,899,569
Vina Concha y Toro SA		864,834		1,393,498

			$	90,054,539


China — 11.3%
3SBio, Inc.⁽¹⁾⁽³⁾		1,558,500	$	1,953,879
AECC Aviation Power Co., Ltd.		40,221		173,299
Agile Group Holdings, Ltd.		1,096,000		1,302,997
Agricultural Bank of China, Ltd., Class H		2,350,000		1,096,139
Air China, Ltd., Class H		1,646,000		1,484,475
Aisino Corp.		70,100		200,223
Aluminum Corp. of China, Ltd., Class H⁽¹⁾		4,984,000		3,122,583
Angang Steel Co., Ltd., Class H		1,994,000		1,616,042
Anhui Conch Cement Co., Ltd., Class H		1,450,000		5,356,740
ANTA Sports Products, Ltd.		658,000		2,255,830
Baidu, Inc. ADR⁽¹⁾		20,900		4,730,715
Bank of Beijing Co., Ltd.		182,760		212,209
Bank of China, Ltd., Class H		6,646,000		3,268,586
Bank of Communications, Ltd., Class H		2,468,900		1,826,213
Bank of Nanjing Co., Ltd.		169,400		201,483
Beijing Capital Co., Ltd.		323,000		282,185
Beijing Capital International Airport Co., Ltd., Class H		918,000		1,444,769
Beijing Enterprises Holdings, Ltd.		171,500		910,157
Beijing Enterprises Water Group, Ltd.		3,236,000		2,685,189
Beijing Tongrentang Co., Ltd.		42,800		209,027
Beijing Xinwei Technology Group Co., Ltd.⁽²⁾		80,600		0
Beiqi Foton Motor Co., Ltd.		407,100		174,183
Brilliance China Automotive Holdings, Ltd.		1,086,000		2,747,600
BYD Co., Ltd., Class H		401,200		2,497,057
CGN Power Co., Ltd., Class H⁽³⁾		6,666,000		1,824,324
China Agri-Industries Holdings, Ltd.		2,074,000		928,406


Security	Shares		Value


China (continued)
China Biologic Products Holdings, Inc.⁽¹⁾		32,700	$	3,253,650
China Bluechemical, Ltd., Class H		1,270,000		357,838
China Cinda Asset Management Co., Ltd., Class H		1,495,000		621,183
China CITIC Bank Corp., Ltd., Class H		840,000		544,478
China Coal Energy Co., Ltd., Class H		2,967,000		1,464,567
China Communications Construction Co., Ltd., Class H		1,612,000		2,146,992
China Communications Services Corp., Ltd., Class H		1,642,000		891,884
China Construction Bank Corp., Class H		7,084,630		5,882,471
China Dongxiang Group Co., Ltd.		4,257,000		789,701
China Everbright Bank Co., Ltd.		341,400		214,665
China Everbright International, Ltd.		880,000		1,147,531
China Everbright, Ltd.		408,000		929,168
China Evergrande Group⁽¹⁾		1,368,000		3,804,663
China Fortune Land Development Co., Ltd.		52,329		240,825
China Gas Holdings, Ltd.		1,294,000		3,130,008
China Gezhouba Group Co., Ltd.		152,700		258,394
China Hongqiao Group, Ltd.⁽²⁾		410,000		185,032
China Huishan Dairy Holdings Co., Ltd.⁽²⁾		1,800,000		0
China International Marine Containers Co., Ltd.		482,672		1,008,834
China International Travel Service Corp., Ltd.		63,000		270,448
China Jinmao Holdings Group, Ltd.		478,000		221,878
China Life Insurance Co., Ltd., Class H		584,000		1,845,705
China Longyuan Power Group Corp., Ltd., Class H		2,928,000		2,141,351
China Mengniu Dairy Co., Ltd.		2,187,000		4,256,350
China Merchants Bank Co., Ltd., Class H		497,524		1,633,639
China Merchants Energy Shipping Co., Ltd.⁽²⁾		252,000		96,622
China Merchants Port Holdings Co., Ltd.		318,035		998,422
China Merchants Securities Co., Ltd.		77,000		205,104
China Minsheng Banking Corp., Ltd., Class H		1,350,240		1,357,003
China Mobile, Ltd.		1,959,500		20,945,384
China Molybdenum Co., Ltd., Class H		4,203,000		2,284,007
China National Building Material Co., Ltd., Class H		3,868,000		2,359,599
China National Nuclear Power Co., Ltd.		210,800		245,041
China Northern Rare Earth Group High-Tech Co., Ltd.		117,100		323,926
China Oilfield Services, Ltd., Class H		1,420,000		1,209,837
China Overseas Land & Investment, Ltd.		1,358,160		4,601,158
China Pacific Insurance (Group) Co., Ltd., Class H		196,400		865,378
China Petroleum & Chemical Corp., Class H		10,960,300		8,308,651
China Power International Development, Ltd.		1,381,000		473,376
China Railway Construction Corp., Ltd., Class H		1,393,500		1,839,148
China Railway Group, Ltd., Class H		2,179,000		1,731,523
China Resources Beer Holdings Co., Ltd.		964,000		2,434,193
China Resources Gas Group, Ltd.		742,000		2,810,068
China Resources Land, Ltd.		1,020,000		3,273,085


Security	Shares		Value


China (continued)
China Resources Phoenix Healthcare Holdings Co., Ltd.		355,000	$	448,258
China Resources Power Holdings Co., Ltd.		1,569,600		2,988,719
China Shenhua Energy Co., Ltd., Class H		1,500,500		3,732,375
China Shineway Pharmaceutical Group, Ltd.		381,000		381,108
China Shipbuilding Industry Co., Ltd.⁽¹⁾⁽²⁾		185,800		137,178
China Southern Airlines Co., Ltd., Class H		2,200,000		1,674,560
China Sports Industry Group Co., Ltd.		69,000		141,212
China State Construction Engineering Corp., Ltd.		215,100		329,515
China Taiping Insurance Holdings Co., Ltd.		453,800		1,362,660
China Telecom Corp., Ltd., Class H		4,948,000		2,351,943
China Travel International Investment Hong Kong, Ltd.		4,692,000		1,393,334
China Unicom (Hong Kong), Ltd.⁽¹⁾		2,090,372		3,029,621
China United Network Communications, Ltd.⁽¹⁾⁽²⁾		888,000		492,901
China Vanke Co., Ltd., Class H		742,520		2,187,783
China Yangtze Power Co., Ltd.		225,100		510,115
China Yurun Food Group, Ltd.⁽¹⁾		1,776,000		229,554
CIFI Holdings Group Co., Ltd.		772,000		439,288
CITIC, Ltd.		1,152,000		1,750,326
CNOOC, Ltd.		4,530,000		5,070,268
COFCO Tunhe Sugar Co., Ltd.		118,100		171,753
COSCO SHIPPING Development Co., Ltd., Class H⁽¹⁾		4,252,000		1,006,008
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		1,702,000		957,367
COSCO SHIPPING Holdings Co., Ltd., Class H⁽¹⁾		2,694,975		1,671,408
COSCO SHIPPING Ports, Ltd.		1,250,000		1,528,980
Country Garden Holdings Co., Ltd.		2,971,631		4,148,839
CSPC Pharmaceutical Group, Ltd.		3,280,000		5,111,306
Ctrip.com International, Ltd. ADR⁽¹⁾		75,854		4,530,759
Daqin Railway Co., Ltd.		191,900		249,614
Datang International Power Generation Co., Ltd., Class H⁽¹⁾		4,476,000		1,522,916
Deluxe Family Co., Ltd.		146,700		176,673
Dongfeng Motor Group Co., Ltd., Class H		1,966,000		2,406,302
Dr Peng Telecom & Media Group Co., Ltd.		104,900		263,136
Fullshare Holdings, Ltd.		4,362,500		1,742,367
Fuyao Glass Industry Group Co., Ltd.		75,200		259,346
GD Power Development Co., Ltd.⁽²⁾		528,500		226,200
Gemdale Corp.		169,600		304,166
Golden Eagle Retail Group, Ltd.		739,000		956,017
Great Wall Motor Co., Ltd., Class H		1,771,500		2,268,879
Guangdong Investment, Ltd.		2,338,000		3,290,125
Guanghui Energy Co., Ltd.		355,600		231,040
Guangxi Wuzhou Zhongheng Group Co., Ltd.		285,723		169,942
Guangzhou Automobile Group Co., Ltd., Class H		1,666,013		3,580,103
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		320,000		843,309


Security	Shares		Value


China (continued)
Guangzhou R&F Properties Co., Ltd., Class H		868,800	$	1,551,164
Haier Electronics Group Co., Ltd.		161,000		414,572
Harbin Pharmaceutical Group Co., Ltd.		150,900		127,598
Hengan International Group Co., Ltd.		665,000		5,070,714
Hengdeli Holdings, Ltd.⁽¹⁾		2,681,800		270,990
Hengtong Optic-electric Co., Ltd.		69,200		279,820
Huadian Power International Corp., Ltd., Class H		1,100,000		464,287
Huaneng Power International, Inc., Class H		6,396,000		4,508,500
Huaneng Renewables Corp., Ltd., Class H		1,716,000		522,368
Huatai Securities Co., Ltd.		73,700		218,051
Huaxia Bank Co., Ltd.		146,972		218,500
Huayu Automotive Systems Co., Ltd.		82,008		260,295
Humanwell Healthcare Group Co., Ltd.		69,600		192,236
Hundsun Technologies, Inc.		28,100		176,391
iKang Healthcare Group, Inc. ADR⁽¹⁾		36,000		422,280
Industrial & Commercial Bank of China, Ltd., Class H		5,073,000		3,544,794
Industrial Bank Co., Ltd.		163,702		432,287
Inner Mongolia BaoTou Steel Union Co., Ltd.⁽¹⁾		707,000		295,322
Inner Mongolia Yili Industrial Group Co., Ltd.		237,200		728,887
Jiangsu Broadcasting Cable Information Network Corp., Ltd.⁽²⁾		129,200		162,362
Jiangsu Changjiang Electronics Technology Co., Ltd.		76,300		176,723
Jiangsu Expressway Co., Ltd., Class H		878,000		1,273,867
Jiangsu Hengrui Medicine Co., Ltd.		44,640		339,575
Jiangxi Copper Co., Ltd., Class H		1,803,000		3,286,624
Jinyu Bio-Technology Co., Ltd.		40,600		198,827
Kangmei Pharmaceutical Co., Ltd.		93,100		286,983
Kingboard Chemical Holdings, Ltd.		472,600		2,127,706
Kingfa Sci & Tech Co., Ltd.		171,338		152,630
Kunlun Energy Co., Ltd.		1,734,000		1,728,585
Kweichow Moutai Co., Ltd.		18,000		1,287,001
KWG Property Holding, Ltd.		476,000		353,226
Lee & Man Paper Manufacturing, Ltd.		1,220,000		1,299,241
Lenovo Group, Ltd.		2,934,000		1,814,817
Li Ning Co., Ltd.⁽¹⁾		774,208		609,843
Liaoning Cheng Da Co., Ltd.⁽¹⁾		72,100		204,131
Longfor Properties Co., Ltd.		316,500		794,288
LONGi Green Energy Technology Co., Ltd.		101,600		337,498
Luye Pharma Group, Ltd.		496,500		281,434
Maanshan Iron & Steel Co., Ltd., Class H⁽¹⁾		2,294,000		1,110,972
NARI Technology Co., Ltd.		85,600		221,418
NetEase, Inc. ADR		6,200		1,929,936
Neusoft Corp.		74,400		172,287
New Oriental Education & Technology Group, Inc. ADR⁽¹⁾		45,800		3,648,428
Nine Dragons Paper Holdings, Ltd.		2,051,000		3,051,527


Security	Shares		Value


China (continued)
Offshore Oil Engineering Co., Ltd.		217,300	$	205,389
PetroChina Co., Ltd., Class H		7,560,000		4,863,796
PICC Property & Casualty Co., Ltd., Class H		352,000		654,846
Ping An Insurance (Group) Co. of China, Ltd., Class H		435,000		3,219,919
Pingdingshan Tianan Coal Mining Co., Ltd.⁽¹⁾		262,600		260,382
Poly Property Group Co., Ltd.⁽¹⁾		2,484,000		1,302,586
Poly Real Estate Group Co., Ltd.		271,600		424,096
Power Construction Corp. of China, Ltd.		187,000		225,738
Qingdao Haier Co., Ltd.		133,100		277,913
SAIC Motor Corp., Ltd.		82,400		369,445
Sanan Optoelectronics Co., Ltd.		125,500		358,080
Sany Heavy Industry Co., Ltd.		219,800		277,924
SDIC Power Holdings Co., Ltd.		200,900		246,013
Semiconductor Manufacturing International Corp.⁽¹⁾		1,823,200		1,998,569
Shandong Gold Mining Co., Ltd.		42,500		202,247
Shandong Nanshan Aluminum Co., Ltd.		409,500		224,019
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		2,148,000		1,730,979
Shanghai Dazhong Public Utilities Group Co., Ltd.		220,900		182,147
Shanghai Electric Group Co., Ltd., Class H⁽¹⁾		2,414,000		1,120,942
Shanghai Industrial Holdings, Ltd.		304,000		878,512
Shanghai Jahwa United Co., Ltd.		52,000		238,039
Shanghai Oriental Pearl Media Co., Ltd.		58,400		181,615
Shanghai Pudong Development Bank Co., Ltd.		244,400		485,292
Shanghai Zhangjiang High-Tech Park Development Co., Ltd.		75,395		189,473
Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		219,400
Shenergy Co., Ltd.		227,800		210,965
Shenzhen Investment, Ltd.		674,000		309,389
Shimao Property Holdings, Ltd.		763,500		1,520,922
Sichuan Changhong Electric Co., Ltd.		307,800		168,820
Sichuan Chuantou Energy Co., Ltd.		152,000		225,888
Sihuan Pharmaceutical Holdings Group, Ltd.		3,161,000		1,330,141
SINA Corp.⁽¹⁾		22,900		2,171,149
Sino Biopharmaceutical, Ltd.		6,022,000		5,316,410
Sino-Ocean Group Holding, Ltd.		2,570,500		1,436,377
Sinopec Shanghai Petrochemical Co., Ltd., Class H		5,245,000		2,980,554
Sinopharm Group Co., Ltd., Class H		1,298,800		5,436,099
Sohu.com, Inc.⁽¹⁾		10,300		585,349
Sun Art Retail Group, Ltd.		1,476,000		1,201,907
Sunac China Holdings, Ltd.		1,033,000		2,747,991
Tasly Pharmaceutical Group Co., Ltd.		33,400		186,599
TBEA Co., Ltd.		168,237		262,479
Tencent Holdings, Ltd.		336,402		13,427,137
Tingyi (Cayman Islands) Holding Corp.		2,176,000		2,770,690


Security	Shares		Value


China (continued)
Tonghua Dongbao Pharmaceutical Co., Ltd.		71,640	$	182,572
Tsinghua Tongfang Co., Ltd.⁽²⁾		100,600		105,550
Tsingtao Brewery Co., Ltd., Class H		324,000		1,388,125
Wanhua Chemical Group Co., Ltd.		85,165		438,781
Want Want China Holdings, Ltd.		5,426,000		3,664,399
Weibo Corp. ADR⁽¹⁾		2,290		176,216
Weichai Power Co., Ltd., Class H		887,600		854,277
West China Cement, Ltd.⁽¹⁾		4,450,000		637,727
Western Mining Co., Ltd.		169,300		239,667
WH Group, Ltd.⁽³⁾		3,559,000		3,337,067
Wintime Energy Co., Ltd.		327,670		184,578
Xinhu Zhongbao Co., Ltd.⁽¹⁾		301,800		198,355
Yang Quan Coal Industry Group Co., Ltd.⁽¹⁾		189,300		231,853
Yangzijiang Shipbuilding Holdings, Ltd.		1,535,000		1,601,691
Yanzhou Coal Mining Co., Ltd., Class H		1,416,000		1,392,893
Yonghui Superstores Co., Ltd.		304,700		309,632
Yonyou Network Technology Co., Ltd.		58,800		156,978
Youngor Group Co., Ltd.		132,440		211,671
Yuexiu Property Co., Ltd.		1,590,000		298,903
Yunnan Chihong Zinc & Germanium Co., Ltd.		160,600		182,514
Zhaojin Mining Industry Co., Ltd., Class H		1,440,000		1,183,795
Zhejiang China Commodities City Group Co., Ltd.		167,200		182,162
Zhejiang Expressway Co., Ltd., Class H		1,034,000		1,289,950
Zhejiang Huahai Pharmaceutical Co., Ltd.		58,450		174,068
Zhejiang Longsheng Group Co., Ltd.		148,343		239,059
Zhejiang Zheneng Electric Power Co., Ltd.		246,600		203,424
Zhengzhou Yutong Bus Co., Ltd.		66,400		218,197
Zhongjin Gold Corp., Ltd.		115,900		188,834
Zhuzhou CRRC Times Electric Co., Ltd., Class H		89,500		425,792
Zijin Mining Group Co., Ltd., Class H		8,448,000		3,063,468
ZTE Corp., Class H⁽¹⁾		876,903		2,251,900

			$	336,763,673


Colombia — 1.5%
Almacenes Exito SA		465,190	$	2,374,138
Avianca Holdings SA, PFC Shares		551,298		487,395
Banco Davivienda SA, PFC Shares		99,500		1,129,570
Banco de Bogota SA		98,407		2,244,211
Bancolombia SA		114,355		1,171,837
Bancolombia SA ADR, PFC Shares		88,700		3,879,738
Celsia SA ESP		740,070		1,174,740
Cementos Argos SA		529,343		2,109,477
Cementos Argos SA, PFC Shares		253,603		896,827
Cemex Latam Holdings SA⁽¹⁾		173,596		633,661
Corporacion Financiera Colombiana SA		74,770		724,129


Security	Shares		Value


Colombia (continued)
Ecopetrol SA		11,994,305	$	5,603,248
Empresa de Energia de Bogota SA		4,082,407		2,706,899
Empresa de Telecommunicaciones de Bogota SA⁽¹⁾		1,844,218		361,292
Grupo Argos SA		395,281		2,843,353
Grupo Argos SA, PFC Shares		108,995		712,487
Grupo Aval Acciones y Valores SA, PFC Shares		3,439,700		1,520,495
Grupo de Inversiones Suramericana SA		215,091		3,026,696
Grupo de Inversiones Suramericana SA, PFC Shares		48,367		668,620
Grupo Nutresa SA		582,655		5,209,707
Interconexion Electrica SA		823,887		3,774,369

			$	43,252,889


Croatia — 0.8%
AD Plastik DD		22,190	$	605,845
Adris Grupa DD, PFC Shares		47,518		3,460,056
Atlantic Grupa DD		1,465		190,425
Atlantska Plovidba DD⁽¹⁾		13,077		878,505
Ericsson Nikola Tesla DD		7,395		1,446,806
Hrvatski Telekom DD		196,301		5,648,818
INA Industrija Nafte DD		900		459,766
Koncar-Elektroindustrija DD		8,576		983,790
Kras DD⁽¹⁾		4,381		321,945
Ledo DD⁽²⁾		978		273,491
Podravka Prehrambena Industrija DD		19,726		993,493
Valamar Riviera DD		795,373		5,585,487
Zagrebacka Banka DD		178,504		1,540,484

			$	22,388,911


Czech Republic — 0.8%
CEZ AS		320,800	$	5,820,173
Komercni Banka AS		193,428		8,333,331
Pegas Nonwovens SA		71,178		3,278,528
Philip Morris CR AS		3,878		2,674,558
Unipetrol AS		209,352		2,796,230

			$	22,902,820


Egypt — 1.5%
Alexandria Mineral Oils Co.		1,545,930	$	880,822
Arab Cotton Ginning		1,993,380		532,612
Citadel Capital SAE⁽¹⁾		2,280,400		130,001
Commercial International Bank Egypt SAE		2,349,243		10,835,637
Eastern Tobacco		538,424		9,168,506
Egypt Kuwait Holding Co. SAE		1,862,146		1,098,206
Egyptian Financial Group-Hermes Holding Co.		1,981,023		2,459,672
Egyptian Resorts Co.⁽¹⁾		4,721,950		274,223


Security	Shares		Value


Egypt (continued)
El Ezz Aldekhela Steel Alexandria⁽¹⁾		4,000	$	109,510
ElSewedy Electric Co.		529,606		2,513,795
Ezz Steel⁽¹⁾		1,265,460		1,200,559
Global Telecom Holding SAE⁽¹⁾		12,928,866		4,694,902
Juhayna Food Industries⁽¹⁾		4,185,624		1,576,151
Maridive & Oil Services SAE⁽¹⁾		2,013,484		402,737
Misr Beni-Suef Cement Co.		69,150		88,300
Orascom Telecom Media and Technology Holding SAE		21,964,609		833,195
Oriental Weavers Co.		936,875		940,000
Palm Hills Developments SAE⁽¹⁾		3,564,918		622,976
Pioneers Holding⁽¹⁾		953,068		473,411
QNB Alahli Bank SAE⁽¹⁾		217,171		515,216
Sidi Kerir Petrochemicals Co.		1,365,164		1,272,507
Six of October Development & Investment Co.⁽¹⁾		382,178		295,032
South Valley Cement⁽¹⁾		704,261		161,006
Talaat Moustafa Group		2,277,606		955,189
Telecom Egypt		1,949,337		1,206,995

			$	43,241,160


Estonia — 0.3%
AS Merko Ehitus		50,618	$	561,889
AS Tallink Grupp		3,623,652		4,632,499
AS Tallinna Kaubamaja Grupp		137,340		1,548,321
AS Tallinna Vesi		58,790		877,344
Nordecon AS		145,374		221,917
Olympic Entertainment Group AS		503,790		1,121,205

			$	8,963,175


Ghana — 0.1%
Aluworks Ghana, Ltd.⁽¹⁾		457,409	$	16,633
CAL Bank, Ltd.⁽¹⁾		1,805,732		369,804
Ghana Commercial Bank, Ltd.		1,626,918		1,904,186
Produce Buying Co., Ltd.⁽¹⁾		582,428		5,957
Standard Chartered Bank of Ghana, Ltd.		171,500		1,022,375

			$	3,318,955


Greece — 1.4%
Aegean Airlines SA		78,939	$	772,297
Aegean Marine Petroleum Network, Inc.		66,025		326,824
Alpha Bank AE⁽¹⁾		994,698		2,384,579
Athens Water Supply & Sewage Co. SA		104,694		766,695
Costamare, Inc.		108,419		697,134
Diana Shipping, Inc.⁽¹⁾		182,990		708,171
Ellaktor SA⁽¹⁾		333,206		649,410
Eurobank Ergasias SA⁽¹⁾		668,793		729,928


Security	Shares		Value


Greece (continued)
FF Group⁽¹⁾		46,335	$	1,110,111
GasLog, Ltd.		70,301		1,282,993
GEK Terna Holding Real Estate Construction SA⁽¹⁾		240,147		1,074,606
Grivalia Properties REIC AE		14,830		159,328
Hellenic Exchanges - Athens Stock Exchange SA		230,984		1,454,398
Hellenic Petroleum SA		127,570		1,179,537
Hellenic Telecommunications Organization SA		515,132		6,568,911
HOLDING Co. ADMIE IPTO SA⁽¹⁾		469,250		1,133,217
JUMBO SA		135,382		2,267,141
Motor Oil (Hellas) Corinth Refineries SA		119,734		2,695,905
Mytilineos Holdings SA⁽¹⁾		226,913		2,254,163
National Bank of Greece SA⁽¹⁾		9,050,198		3,658,629
Navios Maritime Acquisition Corp.		120,006		169,208
Navios Maritime Holdings, Inc.⁽¹⁾		293,886		361,480
OPAP SA		249,882		2,875,343
Public Power Corp. SA⁽¹⁾		447,585		1,183,776
StealthGas, Inc.⁽¹⁾		63,078		189,234
Terna Energy SA		112,955		521,030
Titan Cement Co. SA		180,471		5,026,908
Tsakos Energy Navigation, Ltd.		137,300		676,889

			$	42,877,845


Hungary — 0.8%
Magyar Telekom Telecommunications PLC		1,141,750	$	2,063,096
MOL Hungarian Oil & Gas Rt.		82,429		7,143,809
OTP Bank PLC		205,674		7,653,929
Richter Gedeon Nyrt.		256,699		6,567,463

			$	23,428,297


India — 5.9%
ABB India, Ltd.		19,900	$	441,274
ACC, Ltd.		45,970		1,243,171
Adani Enterprises, Ltd.		180,900		390,138
Adani Ports and Special Economic Zone, Ltd.		715,048		4,421,284
Adani Power, Ltd.⁽¹⁾		556,250		289,886
Adani Transmission, Ltd.⁽¹⁾		299,124		581,339
Aditya Birla Capital, Ltd.⁽¹⁾		94,280		270,622
Aditya Birla Fashion and Retail, Ltd.⁽¹⁾		92,050		248,224
Ambuja Cements, Ltd.		436,320		1,788,881
Asian Paints, Ltd.		102,017		1,850,836
Axis Bank, Ltd.		189,668		1,538,771
Bajaj Auto, Ltd.		33,912		1,486,087
Bank of Baroda		175,282		454,154
Bank of India⁽¹⁾		109,562		283,438
Bharat Forge, Ltd.		63,650		1,138,412


Security	Shares		Value


India (continued)
Bharat Heavy Electricals, Ltd.		432,300	$	975,766
Bharat Petroleum Corp., Ltd.		192,772		1,415,153
Bharti Airtel, Ltd.		1,816,136		11,884,240
Biocon, Ltd.		181,800		1,092,966
Canara Bank		67,631		387,490
CG Power and Industrial Solutions, Ltd.⁽¹⁾		213,600		282,731
Cipla, Ltd.		237,210		2,078,253
Coal India, Ltd.		402,200		1,565,126
Colgate-Palmolive (India), Ltd.		89,800		1,512,780
Container Corp. of India, Ltd.		67,800		1,207,881
Crompton Greaves Consumer Electricals, Ltd.		213,600		727,713
Cummins India, Ltd.		49,900		767,812
Dabur India, Ltd.		504,400		2,429,560
Divi’s Laboratories, Ltd.⁽¹⁾		93,600		981,544
DLF, Ltd.⁽¹⁾		88,900		267,314
Dr. Reddy’s Laboratories, Ltd.		48,300		1,787,341
GAIL (India), Ltd.		472,222		2,770,212
GlaxoSmithKline Pharmaceuticals, Ltd.		8,680		323,584
Glenmark Pharmaceuticals, Ltd.		125,460		1,361,518
GMR Infrastructure, Ltd.⁽¹⁾		1,721,400		502,926
Grasim Industries, Ltd.		67,343		1,121,644
Gujarat State Petronet, Ltd.		265,747		811,855
HCL Technologies, Ltd.		156,435		2,173,915
HDFC Bank, Ltd.		133,384		3,705,647
Hero MotoCorp, Ltd.		31,601		1,801,621
Hindalco Industries, Ltd.		515,910		1,769,662
Hindustan Petroleum Corp., Ltd.		190,488		1,136,555
Hindustan Unilever, Ltd.		329,643		5,962,360
Hindustan Zinc, Ltd.		148,400		653,934
Housing Development Finance Corp., Ltd.		129,630		3,612,058
ICICI Bank, Ltd.		282,999		1,332,571
IDBI Bank, Ltd.⁽¹⁾		367,000		341,153
Idea Cellular, Ltd.		1,816,900		2,612,290
IDFC Bank, Ltd.		260,034		241,487
IDFC, Ltd.		260,034		237,720
IFCI, Ltd.⁽¹⁾		673,372		283,363
Indiabulls Housing Finance, Ltd.		40,115		735,855
Indiabulls Real Estate, Ltd.⁽¹⁾		91,200		322,001
Indian Hotels Co., Ltd. (The)		164,280		318,807
Indian Oil Corp., Ltd.		283,600		1,620,671
Infosys, Ltd.		483,819		7,632,884
ITC, Ltd.		978,546		4,348,199
Jindal Steel & Power, Ltd.⁽¹⁾		268,800		640,283
JSW Steel, Ltd.		442,738		1,525,275
Kotak Mahindra Bank, Ltd.		85,911		1,370,322
Larsen & Toubro, Ltd.		256,557		4,771,578


Security	Shares		Value


India (continued)
LIC Housing Finance, Ltd.		49,663	$	533,236
Lupin, Ltd.		80,300		1,290,561
Mahindra & Mahindra, Ltd.		105,760		2,317,304
Maruti Suzuki India, Ltd.		27,850		3,361,696
Nestle India, Ltd.		11,930		1,258,036
NMDC, Ltd.		86,003		169,764
NTPC, Ltd.		1,745,919		4,465,391
Oil & Natural Gas Corp., Ltd.		694,501		1,829,725
Oracle Financial Services Software, Ltd.		13,345		757,443
Piramal Enterprises, Ltd.		76,807		3,536,043
Power Grid Corporation of India, Ltd.		1,431,367		4,973,157
Reliance Capital, Ltd.		36,735		413,111
Reliance Communications, Ltd.⁽¹⁾		1,412,060		577,401
Reliance Industries, Ltd.		405,948		10,220,464
Reliance Infrastructure, Ltd.		133,300		1,097,028
Reliance Power, Ltd.⁽¹⁾		1,400,250		985,347
Siemens, Ltd.		47,180		1,065,198
State Bank of India		248,606		1,211,758
Steel Authority of India, Ltd.⁽¹⁾		513,200		506,115
Sun Pharmaceutical Industries, Ltd.		498,368		4,119,598
Sun TV Network, Ltd.		55,449		676,092
Suzlon Energy, Ltd.⁽¹⁾		2,099,450		620,026
Tata Communications, Ltd.		127,400		1,333,595
Tata Consultancy Services, Ltd.		123,237		4,791,888
Tata Global Beverages, Ltd.		279,500		741,224
Tata Motors, Ltd.⁽¹⁾		362,950		2,514,247
Tata Power Co., Ltd. (The)		1,346,918		1,721,796
Tata Steel, Ltd.		149,296		1,320,770
Tech Mahindra, Ltd.		160,844		965,040
Titan Co., Ltd.		138,900		1,177,434
UltraTech Cement, Ltd.		30,328		1,921,099
Unitech, Ltd.⁽¹⁾		2,836,900		387,049
United Spirits, Ltd.⁽¹⁾		29,285		1,156,675
UPL, Ltd.		105,956		1,444,402
Vedanta, Ltd.		476,489		2,075,709
Vedanta, Ltd., PFC Shares		7,817,640		154,918
Voltas, Ltd.		214,800		1,689,875
Wipro, Ltd.		361,218		1,625,686
Yes Bank, Ltd.		44,963		1,269,835
Zee Entertainment Enterprises, Ltd.		227,750		1,917,238

			$	176,025,111


Indonesia — 3.0%
Adaro Energy Tbk PT		23,914,000	$	3,202,768
AKR Corporindo Tbk PT		4,864,500		2,519,097


Security	Shares		Value


Indonesia (continued)
Aneka Tambang Persero Tbk PT⁽¹⁾		10,251,500	$	530,811
Astra Argo Lestari Tbk PT		775,000		856,398
Astra International Tbk PT		13,196,100		7,895,840
Bank Central Asia Tbk PT		3,075,800		4,318,567
Bank Danamon Indonesia Tbk PT		1,913,203		818,121
Bank Mandiri Persero Tbk PT		2,275,500		2,329,151
Bank Negara Indonesia Persero Tbk PT		1,726,700		964,732
Bank Pan Indonesia Tbk PT⁽¹⁾		4,945,000		402,559
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,068,100		165,919
Bank Rakyat Indonesia Persero Tbk PT		2,419,700		2,680,957
Bank Tabungan Negara Tbk PT		2,513,500		490,423
Berlian Laju Tanker Tbk PT⁽¹⁾⁽²⁾		7,544,500		0
Bumi Serpong Damai Tbk PT		3,215,100		431,843
Charoen Pokphand Indonesia Tbk PT		5,565,200		1,114,543
Energi Mega Persada Tbk PT⁽¹⁾		8,046,150		102,673
Gudang Garam Tbk PT		295,000		1,685,487
Hanson International Tbk PT⁽¹⁾		23,744,500		231,681
Indo Tambangraya Megah Tbk PT		652,700		979,742
Indocement Tunggal Prakarsa Tbk PT		2,435,200		3,196,545
Indofood Sukses Makmur Tbk PT		3,485,500		2,190,657
Indosat Tbk PT		1,634,500		797,429
Jasa Marga (Persero) Tbk PT		3,198,000		1,404,062
Kalbe Farma Tbk PT		61,346,500		7,983,904
Lippo Karawaci Tbk PT		6,134,800		329,163
Matahari Department Store Tbk PT		686,300		652,469
Matahari Putra Prima Tbk PT⁽¹⁾		7,240,000		347,782
Medco Energi Internasional Tbk PT⁽¹⁾		4,497,500		897,959
Media Nusantara Citra Tbk PT		3,201,000		432,170
Mitra Keluarga Karyasehat Tbk PT		3,345,900		562,438
MNC Investama Tbk PT⁽¹⁾		49,042,500		401,165
Pembangunan Perumahan Persero Tbk PT		8,311,089		1,891,031
Perusahaan Gas Negara Persero Tbk PT		31,781,800		5,366,420
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,185,000		759,917
Semen Indonesia Persero Tbk PT		5,479,200		4,089,626
Sigmagold Inti Perkasa Tbk PT⁽¹⁾⁽²⁾		17,097,000		51,327
Siloam International Hospitals Tbk PT⁽¹⁾		2,296,600		1,663,358
Sugih Energy Tbk PT⁽¹⁾⁽²⁾		50,181,300		150,649
Surya Semesta Internusa Tbk PT		14,275,000		734,180
Tambang Batubara Bukit Asam Tbk PT		1,343,500		1,320,653
Telekomunikasi Indonesia Persero Tbk PT		25,815,800		9,073,447
Tower Bersama Infrastructure Tbk PT		2,272,900		1,149,896
Unilever Indonesia Tbk PT		746,500		2,741,496
United Tractors Tbk PT		2,381,583		5,377,392
Vale Indonesia Tbk PT⁽¹⁾		5,222,500		947,441


Security	Shares		Value


Indonesia (continued)
Waskita Karya Persero Tbk PT		4,712,800	$	845,150
Wijaya Karya Beton Tbk PT		3,158,200		143,494
Wijaya Karya Persero Tbk PT		6,522,800		1,017,821
XL Axiata Tbk PT⁽¹⁾		2,604,900		656,961

			$	88,897,314


Jordan — 0.7%
Al-Eqbal Investment Co. PLC		70,342	$	2,483,675
Alia The Royal Jordanian Airlines PLC⁽¹⁾		249,829		137,484
Arab Bank PLC		903,834		7,459,637
Arab Potash Co. PLC		77,671		2,054,403
Bank of Jordan		276,495		1,060,918
Cairo Amman Bank		313,506		707,585
Capital Bank of Jordan		406,376		493,044
Jordan Ahli Bank		453,459		774,110
Jordan Islamic Bank		227,486		1,196,948
Jordan Petroleum Refinery		450,709		1,893,611
Jordan Telecommunications Co.		120,379		360,264
Jordanian Electric Power Co.		395,572		1,071,671
Union Investment Corp. PLC⁽¹⁾		99,181		187,124

			$	19,880,474


Kazakhstan — 0.8%
Halyk Savings Bank of Kazakhstan JSC GDR⁽¹⁾⁽⁴⁾		656,818	$	6,161,710
KAZ Minerals PLC⁽¹⁾		766,942		7,264,218
Kazkommertsbank JSC GDR⁽¹⁾⁽⁴⁾		307,468		209,001
KazMunaiGas Exploration Production GDR⁽⁴⁾		513,051		5,001,302
Kcell JSC GDR⁽⁴⁾		652,768		2,649,614
Nostrum Oil & Gas PLC⁽¹⁾		239,901		1,280,749

			$	22,566,594


Kenya — 0.8%
ARM Cement, Ltd.⁽¹⁾		1,653,600	$	341,994
Bamburi Cement Co., Ltd.		564,900		1,031,695
Barclays Bank of Kenya, Ltd.		9,494,460		876,835
British American Tobacco Kenya, Ltd.		52,000		410,073
Co-operative Bank of Kenya, Ltd. (The)		7,647,436		1,154,192
East African Breweries, Ltd.		1,825,380		4,652,824
Equity Group Holdings, Ltd.		7,774,500		3,069,010
KCB Group, Ltd.		7,773,320		3,024,516
KenolKobil, Ltd.		5,013,500		728,244
Kenya Electricity Generating Co., Ltd.⁽¹⁾		983,900		77,240
Kenya Power & Lighting, Ltd.		7,482,654		618,329
Nation Media Group, Ltd.		518,384		528,693
Safaricom, Ltd.		25,440,072		5,880,629


Security	Shares		Value


Kenya (continued)
Standard Chartered Bank Kenya, Ltd.		219,542	$	455,454

			$	22,849,728


Kuwait — 1.3%
Agility Public Warehousing Co. KSC		1,676,506	$	4,661,592
Ahli United Bank		352,908		490,731
Al Ahli Bank of Kuwait KSCP		587,702		621,928
Al-Mazaya Holding Co.		882,500		345,134
ALAFCO Aviation Lease and Finance Co. KSCP		830,284		951,389
Boubyan Bank KSCP		471,971		646,982
Boubyan Petrochemicals Co.		1,754,743		3,315,738
Burgan Bank SAK		562,380		653,057
Combined Group Contracting Co. KSC		149,084		280,415
Commercial Bank of Kuwait KSCP		472,404		552,562
Commercial Real Estate Co. KSCC		2,296,205		619,793
Gulf Bank		1,247,063		1,020,179
Gulf Cable & Electrical Industries Co. KSCP		308,785		437,323
Gulf National Holding Co.⁽²⁾		595,711		0
Jazeera Airways Co. KSC		299,261		495,781
Kuwait Cement Co.		533,870		754,292
Kuwait Finance House KSCP		2,071,196		3,669,502
Kuwait International Bank		556,951		455,501
Kuwait Portland Cement Co. KSC		200,012		636,734
Kuwait Projects Co. Holdings KSC		476,189		574,403
Kuwait Real Estate Co. KSC⁽¹⁾		2,762,965		548,932
Mabanee Co. SAKC		588,595		1,510,186
Mezzan Holding Co. KSCC		138,999		415,340
Mobile Telecommunications Co.		4,568,989		6,719,274
National Bank of Kuwait SAK		2,190,745		5,057,341
National Industries Group Holding SAK⁽¹⁾		2,272,316		1,053,929
National Investment Co.		581,744		214,263
National Real Estate Co. KPSC⁽¹⁾		862,155		362,633
Qurain Petrochemical Industries Co. KSC		1,814,306		2,090,436
Sultan Center Food Products Co.⁽¹⁾⁽²⁾		3,421,833		379,700
Warba Bank KSCP⁽¹⁾		338,872		300,605

			$	39,835,675


Latvia — 0.0%⁽⁵⁾
Grindeks		42,000	$	411,463
Latvian Shipping Co.⁽¹⁾		405,000		339,824

			$	751,287


Lebanon — 0.1%
Solidere GDR⁽⁴⁾		316,363	$	2,477,122

			$	2,477,122


Security	Shares		Value


Lithuania — 0.1%
Apranga PVA		278,536	$	877,135
Energijos Skirstymo Operatorius AB		128,934		132,924
Klaipedos Nafta AB		1,345,900		762,947
Pieno Zvaigzdes⁽¹⁾		104,200		172,601
Rokiskio Suris⁽¹⁾		122,500		319,301
Siauliu Bankas		1,366,893		915,552

			$	3,180,460


Malaysia — 2.9%
Aeon Co. (M) Bhd		661,200	$	338,279
Airasia Bhd		1,228,200		926,019
Alliance Financial Group Bhd		560,300		514,443
AMMB Holdings Bhd		316,900		366,228
Astro Malaysia Holdings Bhd		979,300		589,968
Axiata Group Bhd		2,706,750		2,926,979
Berjaya Corp. Bhd⁽¹⁾		2,090,591		161,137
Berjaya Sports Toto Bhd		830,250		461,450
Boustead Holdings Bhd		834,694		524,194
British American Tobacco Malaysia Bhd		109,700		1,126,874
Bumi Armada Bhd⁽¹⁾		3,133,350		512,313
Bursa Malaysia Bhd		344,900		834,663
CIMB Group Holdings Bhd		892,200		1,364,659
Dialog Group Bhd		3,532,614		1,592,502
Digi.com Bhd		1,873,500		2,100,135
Felda Global Ventures Holdings Bhd		1,358,400		517,277
Gamuda Bhd		965,900		1,195,496
Genting Bhd		1,448,500		3,288,395
Genting Malaysia Bhd		2,155,600		3,017,874
Genting Plantations Bhd		261,700		655,030
Hartalega Holdings Bhd		118,600		195,899
Hong Leong Bank Bhd		116,000		425,247
Hong Leong Financial Group Bhd		198,300		792,991
IHH Healthcare Bhd		4,325,800		5,963,657
IJM Corp. Bhd		1,567,680		1,270,352
IOI Corp. Bhd		2,439,818		2,546,259
IOI Properties Group Bhd		1,044,058		512,011
KLCCP Stapled Group		399,100		728,144
KNM Group Bhd⁽¹⁾		5,003,150		286,229
Kuala Lumpur Kepong Bhd		358,700		2,077,080
Lafarge Malaysia Bhd		942,950		1,258,273
Magnum Bhd		940,340		375,542
Malayan Banking Bhd		1,117,087		2,489,086
Malaysia Airports Holdings Bhd		342,800		700,343
Malaysia Marine and Heavy Engineering Holdings Bhd⁽¹⁾		739,000		126,907
Malaysian Resources Corp. Bhd		761,400		216,685


Security	Shares		Value


Malaysia (continued)
Maxis Bhd		1,496,900	$	1,975,561
Media Prima Bhd		575,000		120,844
MISC Bhd		482,400		832,063
MMC Corp. Bhd		1,217,800		682,162
My EG Services Bhd		727,950		367,126
Nestle Malaysia Bhd		12,300		241,054
Petronas Chemicals Group Bhd		3,391,200		5,509,262
Petronas Dagangan Bhd		507,500		2,818,965
Petronas Gas Bhd		378,800		1,657,519
PPB Group Bhd		404,100		1,590,766
Press Metal Bhd		4,114,320		2,738,716
Public Bank Bhd		461,120		2,184,286
RHB Bank Bhd		662,800		774,063
Sapura Energy Bhd		5,340,168		1,921,440
Silverlake Axis, Ltd.		703,200		300,480
Sime Darby Bhd		1,193,039		2,633,145
Sunway Bhd		307,646		307,506
Supermax Corp. Bhd		1,732,700		776,798
Telekom Malaysia Bhd		1,249,900		1,857,437
Tenaga Nasional Bhd		1,933,125		6,373,588
Top Glove Corp. Bhd		1,427,800		1,913,459
UEM Sunrise Bhd⁽¹⁾		1,683,050		451,860
UMW Holdings Bhd⁽¹⁾		448,400		610,570
UMW Oil & Gas Corp. Bhd⁽¹⁾		1,012,090		70,940
Unisem (M) Bhd		2,784,300		2,494,831
WCT Holdings Bhd⁽¹⁾		734,737		325,916
YTL Corp. Bhd		2,863,465		936,109
YTL Power International Bhd		1,883,197		615,648

			$	86,060,734


Mauritius — 0.8%
Alteo, Ltd.		852,532	$	892,734
Attitude Property, Ltd.		700,989		226,095
CIEL, Ltd.		1,801,109		398,321
CIM Financial Services, Ltd.		3,603,829		994,736
ENL Land, Ltd.		41,615		59,037
LUX Island Resorts, Ltd.		987,060		1,729,596
MCB Group, Ltd.		1,305,689		10,560,900
Phoenix Beverages, Ltd.		24,345		343,899
Rogers & Co., Ltd.		2,004,091		1,765,718
SBM Holdings, Ltd.		14,621,998		3,368,543
Sun, Ltd., Class A⁽¹⁾		449,032		553,505
Terra Mauricia, Ltd.		638,420		633,909
United Basalt Products, Ltd.		334,219		1,191,311

			$	22,718,304


Security	Shares		Value


Mexico — 5.8%
Alfa SAB de CV, Series A		5,242,472	$	7,276,589
Alsea SAB de CV		694,800		2,703,876
America Movil SAB de CV, Series L		25,844,950		22,836,178
America Movil SAB de CV, Series L ADR		225,701		3,990,394
Arca Continental SAB de CV		403,380		2,998,868
Bolsa Mexicana de Valores SAB de CV		1,323,775		2,273,896
Cemex SAB de CV ADR⁽¹⁾		238,073		2,311,689
Cemex SAB de CV, Series CPO⁽¹⁾		7,728,239		7,466,688
Coca-Cola Femsa SAB de CV, Series L		319,500		2,719,137
El Puerto de Liverpool SAB de CV		163,780		1,471,973
Fibra Uno Administracion SA de CV		2,054,090		3,827,225
Fomento Economico Mexicano SAB de CV ADR		1,400		141,232
Fomento Economico Mexicano SAB de CV, Series UBD		1,189,956		11,998,821
Genomma Lab Internacional SAB de CV⁽¹⁾		2,778,500		3,566,281
Gentera SAB de CV		2,133,200		3,235,298
Grupo Aeroportuario del Pacifico SAB de CV, Class B		370,587		4,239,919
Grupo Aeroportuario del Sureste SAB de CV, Class B		206,415		4,388,717
Grupo Bimbo SAB de CV, Series A		1,376,145		3,460,751
Grupo Carso SAB de CV, Series A1		934,900		3,905,023
Grupo Elektra SAB de CV		76,153		3,403,433
Grupo Financiero Banorte SAB de CV, Class O		1,803,600		11,953,757
Grupo Financiero Inbursa SAB de CV, Class O		3,836,400		6,893,775
Grupo Mexico SAB de CV, Series B		2,709,379		8,819,464
Grupo Sanborns SAB de CV		226,889		274,650
Grupo Simec SA de CV, Series B⁽¹⁾		133,800		477,704
Grupo Televisa SAB ADR		431,500		11,486,530
Grupo Televisa SAB, Series CPO		1,550,600		8,271,028
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1⁽¹⁾		958,200		1,830,013
Industrias CH SAB de CV, Series B⁽¹⁾		225,500		1,092,888
Industrias Penoles SAB de CV		126,965		3,116,624
Infraestructura Energetica Nova SAB de CV		180,000		1,019,183
Kimberly-Clark de Mexico SAB de CV, Class A		1,219,500		2,452,358
Mexichem SAB de CV		1,049,899		2,995,920
Minera Frisco SAB de CV⁽¹⁾		714,800		455,320
Organizacion Soriana SAB de CV, Class B⁽¹⁾		120,000		297,194
Promotora y Operadora de Infraestructura SAB de CV		345,845		3,794,242
Telesites SAB de CV⁽¹⁾		1,386,268		1,014,637
Ternium SA ADR		26,100		798,660
TV Azteca SAB de CV, Series CPO		1,240,300		236,181
Wal-Mart de Mexico SAB de CV, Series V		3,152,980		7,296,884

			$	172,793,000


Morocco — 0.8%
Attijariwafa Bank		84,175	$	3,985,576
Banque Centrale Populaire		71,323		2,191,451


Security	Shares		Value


Morocco (continued)
BMCE Bank		63,923	$	1,389,661
Cosumar		61,500		1,849,820
Douja Promotion Groupe Addoha SA		160,235		796,634
Label Vie		3,100		492,406
LafargeHolcim Maroc SA		19,430		4,462,171
Lesieur Cristal		53,800		912,350
Managem SA		5,236		889,851
Maroc Telecom		299,850		4,336,650
Samir⁽¹⁾⁽²⁾		15,717		0
Taqa Morocco		13,828		1,236,964

			$	22,543,534


Nigeria — 0.6%
Access Bank PLC		26,850,917	$	732,107
Dangote Cement PLC		4,601,375		2,793,640
Dangote Sugar Refinery PLC		5,586,250		181,394
Diamond Bank PLC⁽¹⁾		16,654,000		58,602
Ecobank Transnational, Inc.		14,145,874		632,868
FBN Holdings PLC		40,511,481		658,994
FCMB Group PLC		14,697,603		50,091
Fidelity Bank PLC		22,430,824		76,322
Flour Mills of Nigeria PLC		2,057,956		161,469
Forte Oil PLC⁽¹⁾		1,622,126		258,513
Guaranty Trust Bank PLC		28,968,558		3,073,973
Guiness Nigeria PLC		956,691		172,104
Lafarge Africa PLC		5,098,121		800,268
Lekoil, Ltd.⁽¹⁾		2,651,411		603,788
Nestle Nigeria PLC		413,429		1,128,856
Nigerian Breweries PLC		4,747,707		2,153,920
Oando PLC⁽¹⁾		27,394,906		580,689
PZ Cussons Nigeria PLC		2,100,282		137,017
SEPLAT Petroleum Development Co. PLC⁽¹⁾⁽³⁾		996,758		1,395,969
Skye Bank PLC⁽¹⁾		16,828,665		31,080
Stanbic IBTC Holdings PLC		1,977,675		192,613
Transnational Corp. of Nigeria PLC⁽¹⁾		19,112,836		75,041
UAC of Nigeria PLC		4,651,935		211,814
Unilever Nigeria PLC		2,740,833		295,531
United Bank for Africa PLC		29,618,308		780,641
Zenith Bank PLC		31,763,724		2,121,454

			$	19,358,758


Oman — 0.6%
Al Anwar Ceramic Tiles Co.		1,033,027	$	349,507
Bank Dhofar SAOG		2,090,131		1,180,370
Bank Muscat SAOG		2,646,084		2,570,358


Security	Shares		Value


Oman (continued)
Bank Sohar SAOG		2,706,490	$	1,005,563
Dhofar International Development & Investment Holding SAOG⁽¹⁾		339,824		278,046
HSBC Bank Oman SAOG		915,535		285,285
National Bank of Oman SAOG		1,631,544		876,287
Oman Cables Industry SAOG		127,600		493,187
Oman Cement Co. SAOG		951,260		1,097,601
Oman Flour Mills Co. SAOG		90,796		191,017
Oman Telecommunications Co. SAOG		936,551		2,746,741
Ominvest		1,442,590		1,834,296
Ooredoo		731,509		816,115
Phoenix Power Co. SAOC		2,829,100		867,020
Raysut Cement Co. SAOG		634,342		1,483,738
Renaissance Services SAOG⁽¹⁾		1,523,972		714,102
Sembcorp Salalah Power & Water Co.		1,120,000		636,980

			$	17,426,213


Pakistan — 1.3%
Adamjee Insurance Co., Ltd.		1,115,744	$	762,317
Bank Alfalah, Ltd.⁽¹⁾		2,236,538		838,105
Cherat Cement Co., Ltd.		231,500		348,248
D.G. Khan Cement Co., Ltd.		322,232		592,285
Engro Corp., Ltd.		487,387		1,509,037
Engro Fertilizers, Ltd.		610,528		336,979
Engro Foods, Ltd.		512,800		600,179
Fatima Fertilizer Co., Ltd.		680,500		210,008
Fauji Cement Co., Ltd.		1,580,000		603,781
Fauji Fertilizer Bin Qasim, Ltd.		1,026,000		370,398
Fauji Fertilizer Co., Ltd.		1,398,110		1,065,861
Ferozsons Laboratories, Ltd.		38,000		131,560
Habib Bank, Ltd.		1,125,817		2,522,777
Hub Power Co., Ltd.		3,388,900		3,987,747
K-Electric, Ltd.⁽¹⁾		11,230,000		698,590
Kot Addu Power Co., Ltd.		1,364,400		964,099
Lucky Cement, Ltd.		303,500		2,039,406
Maple Leaf Cement Factory, Ltd.		555,500		601,173
Mari Petroleum Co., Ltd.		43,100		715,652
MCB Bank, Ltd.		1,209,730		2,371,153
Millat Tractors, Ltd.		97,690		1,265,872
National Bank of Pakistan		672,540		389,210
Nishat Mills, Ltd.		2,394,071		3,756,193
Oil & Gas Development Co., Ltd.		1,122,391		1,664,843
Pak Elektron, Ltd.		892,000		877,487
Pak Suzuki Motor Co., Ltd.		106,700		629,230
Pakistan Oilfields, Ltd.		188,600		862,260
Pakistan Petroleum, Ltd.		837,777		1,413,563


Security	Shares		Value


Pakistan (continued)
Pakistan State Oil Co., Ltd.		422,920	$	1,581,393
Pakistan Telecommunication Co., Ltd.		1,949,200		264,339
Searle Co., Ltd. (The)		577,003		2,686,126
SUI Southern Gas Co., Ltd.⁽¹⁾		1,500,051		586,988
TRG Pakistan⁽¹⁾		1,992,000		790,392
United Bank, Ltd.		556,245		1,096,984

			$	39,134,235


Panama — 0.3%
Copa Holdings SA, Class A		65,167	$	8,175,852

			$	8,175,852


Peru — 1.5%
Alicorp SAA		2,861,818	$	7,338,901
BBVA Banco Continental SA		558,246		680,473
Cementos Pacasmayo SAA		192,689		454,890
Cia de Minas Buenaventura SA ADR		281,597		3,446,747
Cia Minera Milpo SA⁽¹⁾		676,862		781,195
Credicorp, Ltd.		82,300		15,237,022
Engie Energia Peru SA		15,994		39,979
Ferreycorp SAA		3,485,530		1,936,107
Fossal SAA⁽¹⁾		48,911		6,037
Grana y Montero SAA⁽¹⁾		1,558,220		1,019,419
Intercorp Financial Services, Inc.		58,290		2,011,005
Southern Copper Corp.		267,776		10,534,308
Volcan Cia Minera SAA, Class B		3,886,275		1,019,390

			$	44,505,473


Philippines — 2.9%
Aboitiz Equity Ventures, Inc.		1,554,400	$	2,340,161
Aboitiz Power Corp.		3,330,700		2,573,483
ABS-CBN Holdings Corp. PDR		138,370		119,993
Alliance Global Group, Inc.		2,794,300		794,966
Ayala Corp.		181,315		3,106,268
Ayala Land, Inc.		4,407,900		3,668,504
Ayala Land, Inc., PFC Shares⁽²⁾		3,951,800		0
Bank of the Philippine Islands		1,157,055		2,397,622
BDO Unibank, Inc.		1,277,344		3,185,250
Bloomberry Resorts Corp.⁽¹⁾		12,417,700		2,166,564
Cosco Capital, Inc.		3,726,300		570,916
D&L Industries, Inc.		4,814,000		1,169,455
DMCI Holdings, Inc.		3,819,500		1,218,321
Emperador, Inc.		4,313,300		640,069
Energy Development Corp.		16,100,700		1,904,881
Filinvest Land, Inc.		9,303,000		326,399


Security	Shares		Value


Philippines (continued)
First Gen Corp.		2,859,922	$	980,512
First Philippine Holdings Corp.		587,500		768,396
Globe Telecom, Inc.		45,740		1,918,924
GT Capital Holdings, Inc.		55,025		1,323,256
International Container Terminal Services, Inc.		666,670		1,410,803
JG Summit Holdings, Inc.		1,959,520		3,086,679
Jollibee Foods Corp.		1,179,850		5,257,337
Lopez Holdings Corp.		4,600,000		637,910
LT Group, Inc.		1,873,000		653,599
Manila Electric Co.		523,630		2,895,489
Manila Water Co.		1,633,000		1,035,149
Megaworld Corp.		12,596,000		1,198,148
Melco Resorts And Entertainment (Philippines) Corp.⁽¹⁾		3,711,400		662,151
Metro Pacific Investments Corp.		7,682,400		1,033,504
Metropolitan Bank & Trust Co.		967,766		1,668,956
Nickel Asia Corp.		5,281,800		627,765
Petron Corp.		4,267,400		800,163
Philex Mining Corp.		6,094,825		1,068,284
PLDT, Inc.		214,145		6,947,721
Puregold Price Club, Inc.		2,240,100		2,091,717
Robinsons Land Corp.		1,187,900		605,250
Robinsons Retail Holdings, Inc.		1,269,250		2,179,838
San Miguel Corp.		375,000		754,914
Security Bank Corp.		243,300		1,127,958
Semirara Mining & Power Corp.		905,730		3,042,498
SM Investments Corp.		329,603		5,270,970
SM Prime Holdings, Inc.		8,118,399		5,617,534
SSI Group, Inc.⁽¹⁾		2,061,000		177,506
Travellers International Hotel Group, Inc.		3,521,900		235,076
Universal Robina Corp.		1,737,930		5,543,556
Vista Land & Lifescapes, Inc.		3,675,000		436,098

			$	87,240,513


Poland — 3.0%
Alior Bank SA⁽¹⁾		65,097	$	1,159,647
AmRest Holdings SE⁽¹⁾		12,198		1,254,247
Asseco Poland SA		480,583		6,040,842
Bank Handlowy w Warszawie SA		39,181		774,075
Bank Millennium SA⁽¹⁾		687,285		1,474,979
Bank Pekao SA		116,468		4,138,342
Bank Zachodni WBK SA		19,800		2,090,500
Boryszew SA⁽¹⁾		122,670		372,174
Budimex SA		33,545		2,063,361
CCC SA		51,714		3,510,112
Ciech SA⁽¹⁾		42,262		678,551


Security	Shares		Value


Poland (continued)
Cyfrowy Polsat SA		468,823	$	3,341,852
Enea SA		456,516		1,924,350
Energa SA		523,100		1,852,135
Eurocash SA		317,200		3,133,392
Getin Noble Bank SA⁽¹⁾		774,062		303,369
Grupa Azoty SA		74,494		1,457,013
Grupa Lotos SA⁽¹⁾		86,962		1,175,071
ING Bank Slaski SA⁽¹⁾		39,601		2,177,352
Jastrzebska Spolka Weglowa SA⁽¹⁾		89,767		2,066,566
KGHM Polska Miedz SA		180,983		6,157,281
LPP SA		2,121		4,133,616
Lubelski Wegiel Bogdanka SA		12,326		245,962
mBank SA⁽¹⁾		13,504		1,708,180
Netia SA		981,002		1,080,055
Orange Polska SA⁽¹⁾		1,700,793		2,579,285
PGE SA		1,599,158		5,827,621
PKP Cargo SA⁽¹⁾		51,483		887,766
Polski Koncern Naftowy ORLEN SA		256,752		7,601,760
Polskie Gornictwo Naftowe i Gazownictwo SA		1,614,136		2,999,963
Powszechna Kasa Oszczednosci Bank Polski SA⁽¹⁾		727,169		7,445,082
Powszechny Zaklad Ubezpieczen SA		439,397		5,412,599
Synthos SA		860,839		1,063,091
Tauron Polska Energia SA⁽¹⁾		2,384,461		2,527,025

			$	90,657,216


Qatar — 1.2%
Aamal Co. QSC		230,040	$	710,422
Al Meera Consumer Goods Co.		12,300		500,654
Barwa Real Estate Co.		93,367		852,478
Commercial Bank QSC (The)⁽¹⁾		129,780		1,105,889
Doha Bank QSC		125,995		1,066,768
Gulf International Services QSC		124,213		776,775
Industries Qatar		130,200		3,422,092
Masraf Al Rayan QSC		267,194		3,050,913
Medicare Group		18,044		418,778
Ooredoo QSC		171,500		4,486,215
Qatar Electricity & Water Co. QSC		65,558		3,530,918
Qatar Gas Transport Co., Ltd.		368,081		1,819,862
Qatar Insurance Co.		90,126		1,723,506
Qatar International Islamic Bank		45,943		726,257
Qatar Islamic Bank		54,850		1,446,902
Qatar National Bank QPSC		152,313		5,739,228
Qatar National Cement Co. QSC		38,265		770,864
Qatar Navigation QSC		61,021		1,116,626
Qatari Investors Group		99,029		1,305,700


Security	Shares		Value


Qatar (continued)
United Development Co. QSC		117,835	$	546,143
Vodafone Qatar QSC⁽¹⁾		726,000		1,841,186

			$	36,958,176


Romania — 0.8%
Banca Transilvania SA⁽¹⁾		8,122,327	$	6,114,103
BRD-Groupe Societe Generale SA		677,012		2,474,343
OMV Petrom SA		45,352,995		3,717,441
Societatea Energetica Electrica SA		622,400		2,261,098
Societatea Nationala de Gaze Naturale ROMGAZ SA		326,225		2,387,122
Societatea Nationala Nuclearelectrica SA		794,100		1,466,821
Transelectrica SA		369,345		2,734,810
Transgaz SA Medias		13,144		1,316,861

			$	22,472,599


Russia — 5.9%
Aeroflot PJSC		1,504,756	$	5,081,428
Alrosa PJSC		650,100		912,717
Evraz PLC⁽¹⁾		626,150		1,967,845
Federal Grid Co. Unified Energy System PJSC		640,705,440		1,800,608
Gazprom PJSC ADR⁽⁶⁾		385,900		1,508,869
Gazprom PJSC ADR⁽⁶⁾		3,157,995		12,293,222
Globaltrans Investment PLC GDR⁽⁴⁾⁽⁶⁾		47,400		365,454
Globaltrans Investment PLC GDR⁽⁴⁾⁽⁶⁾		207,458		1,598,921
Inter RAO UES PJSC		61,640,070		3,880,299
Lenta, Ltd. GDR^(1)(4)(6)		34,542		207,252
Lenta, Ltd. GDR^(1)(4)(6)		133,659		802,381
LSR Group PJSC GDR⁽⁴⁾		186,400		466,908
Lukoil PJSC ADR⁽⁶⁾		23,800		1,121,932
Lukoil PJSC ADR⁽⁶⁾		229,382		10,688,109
Luxoft Holding, Inc.⁽¹⁾		19,800		1,246,410
Magnit PJSC		62,447		9,922,305
Magnit PJSC GDR⁽⁴⁾		109,571		4,021,706
Magnitogorsk Iron & Steel Works PJSC		721,700		408,528
Magnitogorsk Iron & Steel Works PJSC GDR⁽⁴⁾		105,708		786,928
Mail.ru Group, Ltd. GDR⁽¹⁾⁽⁴⁾		232,150		6,414,565
Mechel PJSC ADR⁽¹⁾		189,000		899,640
MegaFon PJSC GDR⁽⁴⁾⁽⁶⁾		42,781		411,981
MegaFon PJSC GDR⁽⁴⁾⁽⁶⁾		183,402		1,760,504
MMC Norilsk Nickel PJSC ADR⁽⁶⁾		60,900		914,718
MMC Norilsk Nickel PJSC ADR⁽⁶⁾		592,237		8,788,559
Mobile TeleSystems PJSC		2,006,997		7,944,883
Moscow Exchange MICEX-RTS PJSC		1,378,440		2,483,756
Mosenergo PJSC		8,811,603		385,055
Novatek PJSC GDR⁽⁴⁾		39,308		4,118,356


Security	Shares		Value


Russia (continued)
Novolipetsk Steel PJSC GDR		131,400	$	2,745,399
PhosAgro PJSC GDR⁽⁴⁾⁽⁶⁾		12,600		173,880
PhosAgro PJSC GDR⁽⁴⁾⁽⁶⁾		28,064		385,017
PIK Group PJSC⁽¹⁾		12,354		60,531
Polymetal International PLC		295,128		3,593,905
QIWI PLC ADR		66,466		1,216,992
Rosneft Oil Co. PJSC GDR⁽⁴⁾⁽⁶⁾		117,400		602,262
Rosneft Oil Co. PJSC GDR⁽⁴⁾⁽⁶⁾		613,543		3,151,205
Rosseti PJSC		56,614,437		818,488
Rostelecom PJSC		1,498,617		1,654,988
RusHydro PJSC		229,274,080		2,957,390
Sberbank of Russia PJSC		7,117,248		19,755,985
Severstal PJSC GDR⁽⁴⁾		230,664		3,170,011
Sistema PJSC FC		8,496,578		1,697,154
Sollers PJSC⁽¹⁾		24,262		212,998
Surgutneftegas OJSC ADR⁽⁶⁾		45,600		199,500
Surgutneftegas OJSC ADR⁽⁶⁾		576,704		2,513,128
Surgutneftegas OJSC, PFC Shares		5,198,000		2,467,349
Tatneft PJSC ADR⁽⁶⁾		6,500		251,453
Tatneft PJSC ADR⁽⁶⁾		148,800		5,737,845
TMK PJSC GDR⁽⁴⁾		64,757		338,483
Transneft PJSC, PFC Shares		1,045		3,143,426
Unipro PJSC		8,737,000		357,309
VEON, Ltd. ADR		663,984		2,715,695
VTB Bank PJSC		2,908,170,000		2,905,835
X5 Retail Group NV GDR^(1)(4)(6)		11,435		442,306
X5 Retail Group NV GDR^(1)(4)(6)		199,309		7,710,197
Yandex NV, Class A⁽¹⁾		447,000		12,954,060

			$	177,136,630


Slovenia — 0.8%
Cinkarna Celje DD		6,272	$	1,240,529
Gorenje DD⁽¹⁾		133,188		1,039,832
KRKA DD		94,452		6,158,612
Luka Koper		85,401		3,227,878
Petrol⁽¹⁾		9,174		4,182,719
Pozavarovalnica Sava DD		120,491		2,198,078
Telekom Slovenije DD		27,437		2,726,538
Zavarovalnica Triglav DD		75,019		2,373,575

			$	23,147,761


South Africa — 6.1%
AECI, Ltd.		73,130	$	587,985
African Phoenix Investments, Ltd.⁽¹⁾		1,537,194		82,847
African Rainbow Minerals, Ltd.		94,900		676,073


Security	Shares		Value


South Africa (continued)
Anglo American Platinum, Ltd.⁽¹⁾		58,680	$	1,436,982
AngloGold Ashanti, Ltd.		341,930		3,454,538
Aspen Pharmacare Holdings, Ltd.		392,807		8,233,127
Astral Foods, Ltd.		18,500		203,501
Aveng, Ltd.⁽¹⁾		939,990		371,861
AVI, Ltd.		281,000		2,089,823
Barclays Africa Group, Ltd.		126,562		1,389,385
Barloworld, Ltd.		662,120		5,958,335
Bid Corp., Ltd.		366,496		8,801,728
Bidvest Group, Ltd. (The)		605,796		7,711,558
Capitec Bank Holdings, Ltd.		37,400		2,439,722
Clicks Group, Ltd.		167,700		1,901,422
DataTec, Ltd.		160,600		699,803
Discovery, Ltd.		96,631		1,028,630
Exxaro Resources, Ltd.		118,010		974,466
FirstRand, Ltd.		843,545		3,318,092
Foschini Group, Ltd. (The)		63,545		731,501
Gold Fields, Ltd.		509,300		2,031,727
Grindrod, Ltd.⁽¹⁾		340,300		319,621
Group Five, Ltd.		81,460		105,293
Growthpoint Properties, Ltd.		1,042,876		1,962,118
Harmony Gold Mining Co., Ltd.		374,410		669,091
Hyprop Investments, Ltd.		92,800		832,212
Impala Platinum Holdings, Ltd.⁽¹⁾		533,748		1,425,113
Imperial Holdings, Ltd.		78,001		1,030,306
Investec, Ltd.		182,794		1,368,048
JSE, Ltd.		105,800		1,059,284
Kumba Iron Ore, Ltd.⁽¹⁾		66,960		999,445
Lewis Group, Ltd.		62,700		146,537
Liberty Holdings, Ltd.		107,168		919,405
Life Healthcare Group Holdings, Ltd.		1,510,419		2,902,891
Massmart Holdings, Ltd.		149,614		1,256,630
Mediclinic International PLC		253,849		2,467,414
MMI Holdings, Ltd.		692,950		1,086,851
Mondi, Ltd.		91,130		2,365,966
Mr Price Group, Ltd.		91,080		1,196,940
MTN Group, Ltd.		1,815,795		16,327,295
Murray & Roberts Holdings, Ltd.		915,850		962,530
Nampak, Ltd.⁽¹⁾		465,438		675,000
Naspers, Ltd., Class N		98,247		21,717,930
Nedbank Group, Ltd.		104,031		1,730,294
Netcare, Ltd.		1,305,994		2,430,427
Northam Platinum, Ltd.⁽¹⁾		207,738		723,020
Pick’n Pay Stores, Ltd.		371,278		1,786,958
PPC, Ltd.⁽¹⁾		468,427		169,803
Rand Merchant Investment Holdings, Ltd.		479,034		1,527,426


Security	Shares		Value


South Africa (continued)
Redefine Properties, Ltd.		2,311,150	$	1,890,147
Remgro, Ltd.		167,010		2,709,854
Reunert, Ltd.		407,260		2,221,572
RMB Holdings, Ltd.		388,133		1,873,221
Sanlam, Ltd.		427,873		2,154,999
Sappi, Ltd.		345,500		2,288,617
Sasol, Ltd.		269,000		8,108,199
Shoprite Holdings, Ltd.		352,900		5,399,320
Sibanye Gold, Ltd.		503,600		642,790
SPAR Group, Ltd. (The)		147,000		1,842,510
Standard Bank Group, Ltd.		298,646		3,710,014
Steinhoff International Holdings NV		787,883		3,992,003
Sun International, Ltd.		30,482		128,350
Telkom SA SOC, Ltd.		309,050		1,525,459
Tiger Brands, Ltd.		142,550		4,322,014
Tongaat Hulett, Ltd.		99,910		900,248
Truworths International, Ltd.		300,800		1,725,629
Vodacom Group, Ltd.		613,500		8,290,075
Wilson Bayly Holmes-Ovcon, Ltd.		106,200		1,103,387
Woolworths Holdings, Ltd.		287,328		1,373,228

			$	180,488,590


South Korea — 6.2%
AMOREPACIFIC Corp.		12,580	$	3,187,309
AMOREPACIFIC Group		6,000		651,242
Asiana Airlines, Inc.⁽¹⁾		92,200		426,137
BNK Financial Group, Inc.		68,935		696,558
Celltrion, Inc.⁽¹⁾		76,365		7,401,052
Cheil Worldwide, Inc.		51,100		929,224
CJ CheilJedang Corp.		6,096		2,014,797
CJ Corp.		3,500		606,689
CJ Korea Express Corp.⁽¹⁾		2,049		341,336
CJ O Shopping Co., Ltd.		3,130		556,207
Coway Co., Ltd.		14,240		1,260,696
Daelim Industrial Co., Ltd.		8,650		708,844
Daesang Corp.		8,000		183,720
Daewoo Engineering & Construction Co., Ltd.⁽¹⁾		65,741		481,496
Daewoo Industrial Development Co., Ltd.⁽¹⁾		3,657		3,758
Daewoo Shipbuilding & Marine Engineering Co., Ltd.⁽¹⁾⁽²⁾		45,532		0
Daewoong Pharmaceutical Co., Ltd.		5,630		469,046
DGB Financial Group Co., Ltd.		34,537		368,946
Dong-A Pharmaceutical Co., Ltd.		2,407		277,704
Dong-A ST Co., Ltd.		4,078		302,488
Dongbu Insurance Co., Ltd.		9,940		711,434
Dongkuk Steel Mill Co., Ltd.		67,733		868,308


Security	Shares		Value


South Korea (continued)
Doosan Corp.		6,101	$	643,298
Doosan Heavy Industries & Construction Co., Ltd.		23,400		430,834
Doosan Infracore Co., Ltd.⁽¹⁾		34,600		248,995
E-MART, Inc.		10,328		2,344,550
GS Engineering & Construction Corp.⁽¹⁾		19,935		566,867
GS Holdings Corp.		45,920		3,095,333
Hana Financial Group, Inc.		61,100		2,787,819
Hanjin Kal Corp.⁽¹⁾		19,283		405,215
Hankook Tire Co., Ltd.		21,623		1,208,356
Hanmi Pharmaceutical Co., Ltd.⁽¹⁾		8,834		2,904,030
Hanmi Science Co., Ltd.⁽¹⁾		8,881		660,991
Hansol Holdings Co., Ltd.⁽¹⁾		37,566		209,133
Hansol Paper Co., Ltd.		22,933		389,366
Hanwha Chemical Corp.		47,550		1,433,227
Hanwha Corp.		11,790		515,675
Hanwha Techwin Co., Ltd.⁽¹⁾		9,095		324,599
Hite-Jinro Co., Ltd.		20,121		430,608
Hyosung Corp.		8,368		1,252,692
Hyundai Construction Equipment Co., Ltd.⁽¹⁾		550		180,130
Hyundai Department Store Co., Ltd.		7,615		755,478
Hyundai Development Co. Engineering & Construction		15,700		598,032
Hyundai Electric & Energy System Co., Ltd.⁽¹⁾		569		164,743
Hyundai Engineering & Construction Co., Ltd.		15,844		640,771
Hyundai Glovis Co., Ltd.		4,770		669,312
Hyundai Heavy Industries Co., Ltd.⁽¹⁾		8,701		1,355,746
Hyundai Marine & Fire Insurance Co., Ltd.		15,956		647,352
Hyundai Mipo Dockyard Co., Ltd.⁽¹⁾		5,275		506,354
Hyundai Mobis Co., Ltd.		14,074		3,093,002
Hyundai Motor Co.		36,039		4,665,452
Hyundai Robotics Co., Ltd.⁽¹⁾		867		341,284
Hyundai Steel Co.		26,879		1,504,865
Hyundai Wia Corp.		5,400		333,051
Industrial Bank of Korea		66,080		912,835
Kakao Corp.		5,600		599,858
Kangwon Land, Inc.		30,266		1,000,965
KB Financial Group, Inc.		75,301		4,003,768
KCC Corp.		2,345		913,918
Kia Motors Corp.		53,420		1,745,594
Korea Electric Power Corp.		207,095		8,256,472
Korea Gas Corp.⁽¹⁾		29,048		1,302,997
Korea Investment Holdings Co., Ltd.		13,590		864,701
Korea Zinc Co., Ltd.		4,175		1,840,580
Korean Air Lines Co., Ltd.⁽¹⁾		10,010		317,873
Korean Reinsurance Co.		29,387		338,777
KT Corp.		69,653		2,165,813
KT Corp. ADR		16,800		305,592


Security	Shares		Value


South Korea (continued)
KT&G Corp.		51,115	$	5,206,506
Kumho Petrochemical Co., Ltd.		12,900		869,651
LG Chem, Ltd.		13,533		3,967,548
LG Corp.		29,710		2,001,491
LG Display Co., Ltd.		19,325		545,305
LG Electronics, Inc.		25,843		1,549,148
LG Hausys, Ltd.		2,858		280,883
LG Household & Health Care, Ltd.		4,550		4,029,222
LG International Corp.		20,600		541,203
LG Uplus Corp.		180,229		2,679,343
Lotte Chemical Corp.		4,379		1,441,722
LOTTE Fine Chemical Co., Ltd.		18,150		701,031
Lotte Shopping Co., Ltd.		5,065		1,189,758
LS Corp.		7,030		528,439
LS Industrial Systems Co., Ltd.		9,200		474,807
Medy-Tox, Inc.		3,894		2,056,573
Mirae Asset Daewoo Co., Ltd.		76,889		745,861
Naver Corp.		1,979		1,420,974
NCsoft Corp.		2,450		790,236
NH Investment & Securities Co., Ltd.		42,208		533,888
NHN Entertainment Corp.⁽¹⁾		4,718		323,336
Nong Shim Co., Ltd.		3,700		1,056,067
OCI Co., Ltd.		11,537		951,609
Orion Corp./Republic of Korea⁽¹⁾		10,527		772,322
Orion Holdings Corp.		5,472		134,958
POSCO		22,172		6,625,323
Posco Daewoo Corp.		21,675		455,151
S-Oil Corp.		33,212		3,459,638
S1 Corp.		6,966		573,985
Samsung Biologics Co., Ltd.⁽¹⁾⁽³⁾		7,181		1,745,591
Samsung C&T Corp.		17,126		2,126,785
Samsung Card Co., Ltd.		8,160		289,374
Samsung Electro-Mechanics Co., Ltd.		5,701		476,108
Samsung Electronics Co., Ltd.		7,469		16,061,927
Samsung Fire & Marine Insurance Co., Ltd.		7,379		1,925,136
Samsung Heavy Industries Co., Ltd.⁽¹⁾		67,350		674,006
Samsung Life Insurance Co., Ltd.		16,110		1,806,661
Samsung SDI Co., Ltd.		6,517		979,290
Samsung Securities Co., Ltd.		16,440		595,922
Shinhan Financial Group Co., Ltd.		85,451		4,061,227
Shinsegae, Inc.		3,084		655,401
SK Chemicals Co., Ltd.		10,382		635,208
SK Holdings Co., Ltd.		6,584		1,596,911
SK Hynix, Inc.		37,255		2,190,309
SK Innovation Co., Ltd.		50,491		7,968,788
SK Networks Co., Ltd.		64,010		362,100


Security	Shares		Value


South Korea (continued)
SK Telecom Co., Ltd.		33,082	$	8,179,581
ViroMed Co., Ltd.⁽¹⁾		9,440		860,536
Woori Bank		61,986		1,058,662
Yuanta Securities Korea Co., Ltd.⁽¹⁾		78,565		272,476
Yuhan Corp.		6,540		1,382,332
Zyle Daewoo Motor Sales Corp.⁽¹⁾		5,113		6,031

			$	184,140,234


Sri Lanka — 0.7%
Access Engineering PLC		3,199,414	$	556,205
Aitken Spence PLC		1,072,547		455,045
Ceylon Tobacco Co. PLC		140,993		872,625
Chevron Lubricants Lanka PLC		1,821,700		1,737,785
Commercial Bank of Ceylon PLC		2,081,782		1,868,222
DFCC Bank PLC		293,137		238,076
Dialog Axiata PLC		17,294,868		1,294,841
Hatton National Bank PLC		1,527,082		2,311,675
Hemas Holdings PLC		500,000		478,623
John Keells Holdings PLC		3,927,989		4,446,137
Lanka IOC PLC		1,479,571		327,983
Melstacorp PLC		6,738,108		2,919,516
National Development Bank PLC		773,114		709,810
Nations Trust Bank PLC		376,548		196,241
Sampath Bank PLC		898,108		1,573,625
Teejay Lanka PLC		1,705,074		456,483

			$	20,442,892


Taiwan — 5.8%
AcBel Polytech, Inc.		429,000	$	330,225
Acer, Inc.		593,519		291,650
Advanced Semiconductor Engineering, Inc.		525,123		704,525
AirTAC International Group		102,150		1,381,724
AmTRAN Technology Co., Ltd.		650,067		418,673
Asia Cement Corp.		1,507,356		1,332,205
Asia Optical Co., Inc.		198,907		468,163
Asustek Computer, Inc.		63,325		588,942
AU Optronics Corp.		1,011,837		409,620
Capital Securities Corp.		711,928		234,105
Catcher Technology Co., Ltd.		71,183		818,099
Cathay Financial Holding Co., Ltd.		1,631,533		2,658,396
Center Laboratories, Inc.⁽¹⁾		475,956		931,459
Chailease Holding Co., Ltd.		425,224		1,222,418
Chang Hwa Commercial Bank, Ltd.		1,969,025		1,154,299
Cheng Shin Rubber Industry Co., Ltd.		1,362,672		2,756,240
Chicony Electronics Co., Ltd.		277,666		714,438


Security	Shares		Value


Taiwan (continued)
China Airlines, Ltd.		2,591,887	$	796,531
China Development Financial Holding Corp.		3,842,050		1,158,801
China Life Insurance Co., Ltd.		949,954		1,005,095
China Motor Corp.		881,315		761,507
China Petrochemical Development Corp.⁽¹⁾		2,633,564		1,099,012
China Steel Corp.		5,100,734		4,188,267
Chipbond Technology Corp.		189,000		311,322
Chong Hong Construction Co., Ltd.		184,999		439,261
Chunghwa Telecom Co., Ltd.		2,646,746		8,946,529
Clevo Co.		394,155		352,238
Compal Electronics, Inc.		572,345		380,119
Coretronic Corp.		389,702		492,998
CTBC Financial Holding Co., Ltd.		4,658,275		2,992,794
Delta Electronics, Inc.		190,151		1,010,387
Dynapack International Technology Corp.		183,374		237,906
E Ink Holdings, Inc.		278,000		297,212
E.Sun Financial Holding Co., Ltd.		2,631,080		1,677,307
Eclat Textile Co., Ltd.		142,159		1,636,670
Elan Microelectronics Corp.		183,300		277,476
Epistar Corp.⁽¹⁾		526,472		503,269
EVA Airways Corp.		1,737,249		841,862
Evergreen International Storage & Transport Corp.		868,000		402,425
Evergreen Marine Corp.⁽¹⁾		2,373,754		1,300,773
Everlight Electronics Co., Ltd.		142,291		216,444
Far Eastern Department Stores, Ltd.		1,427,995		711,825
Far Eastern New Century Corp.		2,912,695		2,397,210
Far EasTone Telecommunications Co., Ltd.		1,332,084		3,220,482
Faraday Technology Corp.		244,128		334,592
Feng Hsin Steel Co., Ltd.		183,260		313,823
FIH Mobile, Ltd.		1,391,000		464,767
First Financial Holding Co., Ltd.		2,529,988		1,708,833
Formosa Chemicals & Fibre Corp.		1,314,399		3,960,167
Formosa International Hotels Corp.		118,084		611,995
Formosa Petrochemical Corp.		1,005,320		3,529,185
Formosa Plastics Corp.		1,601,896		4,804,212
Formosa Taffeta Co., Ltd.		842,000		833,735
Formosan Rubber Group, Inc.		389,700		194,117
Foxconn Technology Co., Ltd.		109,087		327,989
Fubon Financial Holding Co., Ltd.		1,423,596		2,211,491
Giant Manufacturing Co., Ltd.		262,208		1,294,291
Goldsun Building Materials Co., Ltd.⁽¹⁾		1,672,928		520,139
Great Wall Enterprise Co., Ltd.		930,888		1,009,904
Highwealth Construction Corp.		441,669		731,260
Hiwin Technologies Corp.		235,334		1,708,753
Hon Hai Precision Industry Co., Ltd.		1,268,434		4,933,035
Hota Industrial Manufacturing Co., Ltd.		128,360		587,481


Security	Shares		Value


Taiwan (continued)
Hotai Motor Co., Ltd.		240,000	$	2,916,378
HTC Corp.⁽¹⁾		185,535		440,385
Hu Lane Associate, Inc.		181,000		1,078,983
Hua Nan Financial Holdings Co., Ltd.		2,635,315		1,540,265
Innolux Corp.		1,213,762		592,083
Inventec Corp.		324,966		259,589
Kenda Rubber Industrial Co., Ltd.		238,367		373,691
Kinpo Electronics, Inc.		2,159,000		790,380
Kinsus Interconnect Technology Corp.		182,000		490,546
Largan Precision Co., Ltd.		9,795		1,787,189
Lite-On Technology Corp.		240,941		389,943
MediaTek, Inc.		151,462		1,333,306
Medigen Biotechnology Corp.⁽¹⁾		69,000		110,991
Mega Financial Holding Co., Ltd.		2,860,730		2,421,180
Merida Industry Co., Ltd.		233,657		1,117,853
Nan Kang Rubber Tire Co., Ltd.		1,153,253		1,055,423
Nan Ya Plastics Corp.		1,838,214		4,626,603
Neo Solar Power Corp.⁽¹⁾		685,542		316,616
Novatek Microelectronics Corp., Ltd.		138,942		528,349
Pegatron Corp.		223,028		727,406
Phison Electronics Corp.		17,363		241,207
Pou Chen Corp.		1,957,819		2,644,776
Powertech Technology, Inc.		111,865		362,486
President Chain Store Corp.		619,664		5,250,858
Quanta Computer, Inc.		317,508		752,797
Radiant Opto-Electronics Corp.		141,264		335,576
Radium Life Tech Co., Ltd.⁽¹⁾		633,422		277,948
Realtek Semiconductor Corp.		74,002		276,905
Ruentex Development Co., Ltd.⁽¹⁾		437,306		473,614
Ruentex Industries, Ltd.		701,060		1,040,343
Sanyang Motor Co., Ltd.		1,819,866		1,261,558
ScinoPharm Taiwan, Ltd.		245,523		332,975
Shin Kong Financial Holding Co., Ltd.		3,899,606		1,042,454
Shin Kong Synthetic Fibers Corp.		1,321,483		401,371
Siliconware Precision Industries Co., Ltd.		343,243		565,244
Simplo Technology Co., Ltd.		50,889		161,667
Sino-American Silicon Products, Inc.		268,233		538,009
SinoPac Financial Holdings Co., Ltd.		3,681,591		1,154,368
St. Shine Optical Co., Ltd.		22,000		453,248
Synnex Technology International Corp.		380,358		422,937
Tainan Spinning Co., Ltd.		941,822		411,503
Taishin Financial Holding Co., Ltd.		2,617,309		1,230,816
Taiwan Business Bank		2,269,804		644,183
Taiwan Cement Corp.		1,686,830		1,954,988
Taiwan Cooperative Financial Holding Co., Ltd.		2,454,649		1,341,351
Taiwan Fertilizer Co., Ltd.		615,000		835,112


Security	Shares		Value


Taiwan (continued)
Taiwan Glass Industry Corp.⁽¹⁾		542,564	$	277,641
Taiwan Mobile Co., Ltd.		1,302,296		4,660,757
Taiwan Semiconductor Manufacturing Co., Ltd.		1,448,465		10,239,053
Taiwan Tea Corp.		395,711		212,269
Tatung Co., Ltd.⁽¹⁾		2,377,785		999,812
Teco Electric & Machinery Co., Ltd.		2,247,000		2,116,145
Tong Yang Industry Co., Ltd.		758,608		1,408,259
TPK Holding Co., Ltd.⁽¹⁾		155,148		520,946
Tripod Technology Corp.		234,535		765,671
TSRC Corp.		693,063		778,221
TTY Biopharm Co., Ltd.		534,330		1,741,892
Tung Ho Steel Enterprise Corp.		991,060		818,836
U-Ming Marine Transport Corp.		186,000		193,360
Uni-President Enterprises Corp.		4,204,831		8,047,383
Unimicron Technology Corp.		667,000		433,723
United Microelectronics Corp.		1,215,090		557,714
Walsin Lihwa Corp.		2,539,000		1,117,990
Wan Hai Lines, Ltd.		518,962		297,249
Waterland Financial Holdings		1,147,886		363,789
Wei Chuan Food Corp.⁽¹⁾		623,000		383,796
Wistron Corp.		273,143		275,640
WPG Holdings Co., Ltd.		247,489		346,595
Xxentria Technology Materials Corp.		234,700		488,952
Yageo Corp.		133,593		508,764
Yang Ming Marine Transport⁽¹⁾		1,153,621		513,606
YFY, Inc.⁽¹⁾		899,120		305,198
Yieh Phui Enterprise Co., Ltd.⁽¹⁾		1,772,943		768,970
Yuanta Financial Holding Co., Ltd.		2,872,629		1,231,404
Yulon Motor Co., Ltd.		1,112,950		972,382

			$	172,802,142


Thailand — 3.0%
Advanced Info Service PCL⁽⁷⁾		999,300	$	5,568,536
Airports of Thailand PCL⁽⁷⁾		2,594,000		4,016,530
AP Thailand PCL⁽⁷⁾		2,428,300		562,161
Bangkok Bank PCL⁽⁷⁾		230,600		1,243,866
Bangkok Dusit Medical Services PCL⁽⁷⁾		5,594,000		3,209,655
Bangkok Land PCL⁽⁷⁾		13,071,100		711,378
Banpu PCL⁽⁷⁾		1,627,000		797,509
BEC World PCL⁽⁷⁾		1,752,100		974,389
Berli Jucker PCL⁽⁷⁾		802,100		1,114,916
BTS Group Holdings PCL⁽⁷⁾		5,448,200		1,408,552
Bumrungrad Hospital PCL⁽⁷⁾		899,500		4,729,017
Central Pattana PCL⁽⁷⁾		537,000		1,121,646
Central Plaza Hotel PCL⁽⁷⁾		268,400		328,976


Security	Shares		Value


Thailand (continued)
CH. Karnchang PCL⁽⁷⁾		442,520	$	379,031
Charoen Pokphand Foods PCL⁽⁷⁾		1,456,900		1,076,804
CP ALL PCL⁽⁷⁾		1,792,500		3,274,168
Delta Electronics (Thailand) PCL⁽⁷⁾		1,422,300		3,798,686
Electricity Generating PCL⁽⁷⁾		413,800		2,710,429
Glow Energy PCL⁽⁷⁾		877,300		2,135,140
Hana Microelectronics PCL⁽⁷⁾		1,730,900		2,089,834
Home Product Center PCL⁽⁷⁾		3,521,555		1,047,685
Indorama Ventures PCL⁽⁷⁾		1,087,200		1,216,066
IRPC PCL⁽⁷⁾		7,649,000		1,264,344
Italian-Thai Development PCL⁽⁷⁾		4,208,006		498,312
Jasmine International PCL⁽⁷⁾		662,900		149,340
Kasikornbank PCL⁽⁷⁾		408,800		2,365,070
KCE Electronics PCL⁽⁷⁾		281,300		730,888
Khon Kaen Sugar Industry PCL⁽⁷⁾		3,574,480		474,667
Kiatnakin Bank PCL⁽⁷⁾		359,500		720,996
Krung Thai Bank PCL⁽⁷⁾		1,231,400		669,836
L.P.N. Development PCL⁽⁷⁾		1,255,000		437,618
Land & Houses PCL⁽⁷⁾		2,593,500		779,278
Minor International PCL⁽⁷⁾		2,813,577		3,576,083
Pruksa Holding PCL⁽⁷⁾		518,200		356,543
PTT Exploration & Production PCL⁽⁷⁾		647,498		1,713,701
PTT Global Chemical PCL⁽⁷⁾		1,325,000		2,853,894
PTT PCL⁽⁷⁾		338,500		3,947,903
Quality House PCL⁽⁷⁾		8,192,646		600,582
Ratchaburi Electricity Generating Holding PCL⁽⁷⁾		676,000		1,096,814
Robinson PCL⁽⁷⁾		644,300		1,128,372
Samart Corp. PCL⁽⁷⁾		2,188,100		940,686
Siam Cement PCL⁽⁷⁾		197,600		3,003,510
Siam City Cement PCL⁽⁷⁾		126,183		1,179,326
Siam Commercial Bank PCL⁽⁷⁾		535,300		2,364,856
Siam Global House PCL, (The)⁽⁷⁾		1,116,150		459,527
Sino-Thai Engineering & Construction PCL⁽⁷⁾		830,657		642,834
Superblock PCL⁽¹⁾⁽⁷⁾		11,910,000		461,601
Thai Airways International PCL⁽¹⁾⁽⁷⁾		794,000		443,755
Thai Beverage PCL⁽⁷⁾		4,248,200		2,992,490
Thai Oil PCL⁽⁷⁾		479,200		1,235,267
Thai Union Group PCL⁽⁷⁾		1,460,400		891,060
Thanachart Capital PCL⁽⁷⁾		363,800		522,087
Thoresen Thai Agencies PCL⁽⁷⁾		2,584,565		659,934
TMB Bank PCL⁽⁷⁾		11,654,600		826,844
Total Access Communication PCL⁽⁷⁾		1,130,500		1,841,407
TPI Polene PCL⁽⁷⁾		11,119,000		755,512
True Corp. PCL⁽¹⁾⁽⁷⁾		8,870,490		1,506,239
TTW PCL⁽⁷⁾		3,598,200		1,178,538

			$	88,784,688


Security	Shares		Value


Turkey — 3.0%
Akbank TAS		887,877	$	2,641,335
Akcansa Cimento AS		126,800		442,540
Aksa Akrilik Kimya Sanayii AS		251,413		995,640
Aksa Enerji Uretim AS⁽¹⁾		600,923		707,361
Albaraka Turk Katilim Bankasi AS		522,467		213,926
Anadolu Efes Biracilik ve Malt Sanayii AS		301,358		1,767,917
Arcelik AS		516,256		3,816,247
Aygaz AS		279,132		1,279,074
Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS⁽¹⁾		372,500		487,155
BIM Birlesik Magazalar AS		271,885		5,302,625
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS⁽¹⁾		69,682		144,606
Cimsa Cimento Sanayi ve Ticaret AS		141,400		605,162
Coca-Cola Icecek AS		102,495		1,238,593
Dogan Sirketler Grubu Holding AS⁽¹⁾		1,732,915		409,198
Dogus Otomotiv Servis ve Ticaret AS⁽¹⁾		111,778		305,043
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		440,700		601,528
Emlak Konut Gayrimenkul Yatirim Ortakligi AS⁽¹⁾		9,265,567		8,381,050
Enka Insaat ve Sanayi AS		1,229,887		1,929,901
Eregli Demir ve Celik Fabrikalari TAS		2,495,893		5,564,676
Ford Otomotiv Sanayi AS		157,461		2,014,624
Gubre Fabrikalari TAS⁽¹⁾		239,300		365,221
Haci Omer Sabanci Holding AS		565,924		1,739,526
Is Gayrimenkul Yatirim Ortakligi AS		1,603,447		673,968
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D⁽¹⁾		2,316,004		1,330,492
KOC Holding AS		746,532		3,476,662
Koza Altin Isletmeleri AS⁽¹⁾		77,300		709,828
Migros Ticaret AS⁽¹⁾		75,000		634,470
Net Holding AS⁽¹⁾		325,363		285,661
Pegasus Hava Tasimaciligi AS⁽¹⁾		36,600		250,830
Petkim Petrokimya Holding AS		1,345,782		2,460,369
TAV Havalimanlari Holding AS		101,888		617,490
Tekfen Holding AS		209,373		650,956
Tofas Turk Otomobil Fabrikasi AS		266,109		2,338,223
Trakya Cam Sanayii AS		330,359		349,437
Tupras-Turkiye Petrol Rafinerileri AS		368,894		11,368,504
Turk Hava Yollari AO⁽¹⁾		578,119		1,451,654
Turk Sise ve Cam Fabrikalari AS		769,408		984,290
Turk Telekomunikasyon AS⁽¹⁾		1,467,995		3,026,232
Turkcell Iletisim Hizmetleri AS		2,424,073		8,864,311
Turkiye Garanti Bankasi AS		882,172		2,641,828
Turkiye Halk Bankasi AS		267,144		1,146,146
Turkiye Is Bankasi, Class B		563,039		1,212,038
Turkiye Sinai Kalkinma Bankasi AS		879,989		382,884
Turkiye Vakiflar Bankasi TAO, Class D		458,258		917,235


Security	Shares		Value


Turkey (continued)
Ulker Biskuvi Sanayi AS		269,059	$	1,624,607
Vestel Elektronik Sanayi ve Ticaret AS⁽¹⁾		242,175		495,638
Yapi ve Kredi Bankasi AS⁽¹⁾		313,444		404,610
Yazicilar Holding AS		158,584		1,140,658

			$	90,391,969


United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank PJSC		1,558,421	$	3,074,475
Abu Dhabi National Hotels		232,683		205,321
Agthia Group PJSC		1,013,903		1,463,309
Air Arabia PJSC		6,129,835		1,769,350
Ajman Bank PJSC⁽¹⁾		825,022		267,547
Al Waha Capital PJSC		1,587,889		795,644
Aldar Properties PJSC		4,132,498		2,631,358
Arabtec Holding PJSC⁽¹⁾		1,673,286		1,576,440
Dana Gas PJSC⁽¹⁾		5,241,906		912,450
DP World, Ltd.		336,282		7,729,799
Dubai Financial Market PJSC⁽¹⁾		1,928,561		623,980
Dubai Investments PJSC		1,856,227		1,192,668
Dubai Islamic Bank PJSC		982,741		1,625,643
DXB Entertainments PJSC⁽¹⁾		4,892,600		1,028,988
Emaar Properties PJSC		2,668,666		5,982,056
Emirates Telecommunications Group Co. PJSC		577,000		2,943,835
First Abu Dhabi Bank PJSC		2,038,161		5,910,151
National Bank of Ras Al-Khaimah PSC (The)		62,608		73,744
National Central Cooling Co. (Tabreed)		828,054		466,290
RAK Properties PJSC		2,150,800		397,997
Ras Al Khaimah Ceramics		351,660		233,970
Union National Bank PJSC		1,310,400		1,614,384

			$	42,519,399


Vietnam — 0.7%
Bank for Foreign Trade of Vietnam JSC		1,188,355	$	1,973,358
Bao Viet Holdings		307,150		798,369
Development Investment Construction Corp.⁽¹⁾		322,120		212,746
FPT Corp.		163,350		347,512
HAGL JSC⁽¹⁾		1,155,511		478,203
Hoa Phat Group JSC		2,676,477		3,802,174
KIDO Group Corp.		633,520		1,240,002
Kinh Bac City Development Share Holding Corp.⁽¹⁾		328,860		211,877
Masan Group Corp.		408,780		770,043
PetroVietnam Construction JSC⁽¹⁾		919,725		101,258
PetroVietnam Drilling & Well Services JSC⁽¹⁾		813,305		476,192
PetroVietnam Fertilizer & Chemical JSC		880,500		894,777
PetroVietnam Gas JSC		166,550		458,824


Security	Shares		Value


Vietnam (continued)
PetroVietnam Technical Services Corp.		1,236,400	$	887,003
Pha Lai Thermal Power JSC		483,390		483,820
Phu Nhuan Jewelry JSC		235,560		1,077,002
Refrigeration Electrical Engineering Corp.		186,753		305,601
Saigon Securities, Inc.		198,000		229,003
Tan Tao Investment & Industry JSC⁽¹⁾		1,554,838		287,153
Vietnam Dairy Products JSC		335,228		2,250,376
Vietnam Joint Stock Commercial Bank for Industry and Trade		1,255,523		1,126,752
Vingroup JSC⁽¹⁾		1,902,229		3,723,406

			$	22,135,451


Total Common Stocks (identified cost $2,583,977,259)			$	2,937,520,472


Equity-Linked Securities⁽³⁾⁽⁸⁾ — 0.8%


Security	Maturity Date		Shares		Value


Saudi Arabia — 0.8%
Abdullah Al Othaim Markets		7/20/20		26,995	$	853,019
Al Abdullatif Industrial Investment Co.		4/30/18		64,200		222,899
Al Rajhi Bank		1/22/18		111,080		1,835,019
Al Tayyar		3/5/18		70,167		600,156
Alinma Bank		1/22/18		109,712		467,219
Almarai Co.		7/20/20		79,199		1,680,052
Arab National Bank		3/13/20		70,000		422,233
Bank Albilad		3/5/18		124,748		623,727
Banque Saudi Fransi		1/22/18		100,840		816,794
Dar Al Arkan Real Estate Development		7/20/18		185,500		295,066
Etihad Etisalat Co.		11/20/17		134,038		646,593
Fawaz Abdulaziz Alhokair Co.		2/28/20		60,000		688,392
Jarir Marketing Co.		1/22/18		25,425		1,029,190
Mobile Telecommunications Co.		4/30/18		123,207		289,943
National Industrialization Co.		8/26/19		62,181		234,957
Rabigh Refining and Petrochemicals Co.		7/20/20		92,400		289,020
Riyad Bank		11/20/17		161,200		455,229
Sahara Petrochemical Co.		9/14/18		122,800		427,663
Samba Financial Group		5/6/20		130,582		870,016
Saudi Airlines Catering Co.		5/28/18		5,500		127,232
Saudi Arabian Amiantit Co.		4/30/18		106,500		144,978
Saudi Arabian Fertilizer Co.		7/20/20		21,858		355,839
Saudi Arabian Mining Co.		4/30/18		54,900		700,148
Saudi Basic Industries Corp.		1/22/18		62,380		1,621,858
Saudi British Bank		1/22/18		93,450		636,694


Security	Maturity Date		Shares		Value


Saudi Arabia (continued)
Saudi Cable Co. ⁽¹⁾⁽²⁾		7/20/18		52,056	$	0
Saudi Cement Co.		7/20/18		25,900		344,984
Saudi Chemical Co.		4/23/18		25,900		265,558
Saudi Electricity Co.		1/22/18		268,400		1,708,433
Saudi Industrial Investment Group		10/9/17		95,000		488,419
Saudi International Petrochemicals Co.		1/22/18		40,200		156,402
Saudi Kayan Petrochemical Co.		1/22/18		123,009		285,873
Saudi Telecom Co.		4/23/18		98,200		1,939,096
Savola AB		1/24/20		88,024		1,053,929
Yanbu National Petrochemicals Co.		7/20/20		25,838		379,292


Total Equity-Linked Securities (identified cost $27,633,712)					$	22,955,922


Rights⁽¹⁾ — 0.0%⁽⁵⁾


Security	Shares		Value

Cosumar, Exp. 8/4/17		61,500	$	919,468
Grupo Security SA, Exp. 8/24/17		280,345		11,002
Guiness Nigeria PLC, Exp. 8/30/17		434,859		4,352
Unilever Nigeria PLC, Exp. 9/8/17		1,421,173		37,356


Total Rights (identified cost $407,572)			$	972,178


Short-Term Investments — 0.0%⁽⁵⁾


Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Euro Time Deposit, 0.12%, 8/1/17	$	20	$	19,570


Total Short-Term Investments (identified cost $19,570)			$	19,570


Total Investments — 99.5% (identified cost $2,612,038,113)			$	2,961,468,142


Other Assets, Less Liabilities — 0.5%			$	16,344,268


Net Assets — 100.0%			$	2,977,812,410

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

⁽¹⁾	Non-income producing security.

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

⁽³⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2017, the aggregate value of these securities is $33,212,752 or 1.1% of the Fund’s net assets.

⁽⁴⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At July 31, 2017, the aggregate value of these securities is $53,427,066 or 1.8% of the Fund’s net assets.

⁽⁵⁾	Amount is less than 0.05%.

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

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

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


Currency Concentration of Portfolio


Currency	Percentage of Net Assets			Value
Hong Kong Dollar		9.8	%	$	291,469,162
United States Dollar		8.9			263,701,388
South Korean Won		6.2			183,834,642
Brazilian Real		6.0			177,356,503
South African Rand		5.9			176,496,587
Indian Rupee		5.9			176,025,111
New Taiwan Dollar		5.8			172,337,375
Mexican Peso		5.2			154,064,495
Polish Zloty		3.0			90,657,216
New Turkish Lira		3.0			90,391,969
Chilean Peso		3.0			89,372,566
Indonesian Rupiah		3.0			88,897,314
Philippine Peso		2.9			87,240,513
Thai Baht		2.9			85,792,198
Malaysian Ringgit		2.9			85,760,254
Euro		2.6			78,500,598
Russian Ruble		2.3			68,851,032
Kuwaiti Dinar		1.7			51,452,478
United Arab Emirates Dirham		1.4			42,182,595
Egyptian Pound		1.4			41,740,217
Colombian Peso		1.3			39,373,151
Pakistani Rupee		1.3			39,134,235
Qatari Riyal		1.2			36,958,176
Other currency, less than 1% each		11.9			349,878,367

Total Investments		99.5	%	$	2,961,468,142


Sector Classification of Portfolio


Sector	Percentage of Net Assets			Value
Financials		18.6	%	$	553,691,969
Materials		11.7			349,528,029
Consumer Staples		10.5			313,255,390
Industrials		10.1			300,190,192
Telecommunication Services		9.6			284,098,072
Consumer Discretionary		9.5			281,653,376
Energy		8.6			256,576,579
Utilities		6.4			190,986,874
Information Technology		6.1			182,499,781
Health Care		5.0			147,646,737
Real Estate		3.4			101,321,573
Short-Term Investments		0.0	⁽¹⁾		19,570

Total Investments		99.5	%	$	2,961,468,142

⁽¹⁾	Amount is less than 0.05%.

Abbreviations:


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

J Interim Financial Statements — The interim financial statements relating to July 31, 2017 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

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.

At January 31, 2017, the Fund, for federal income tax purposes, had deferred capital losses of $363,180,969 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The

deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2017, $8,080,574 are short-term and $355,100,395 are long-term.

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

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.85% of the Fund’s average daily net assets up to $500 million, 0.80% on net assets of $500 million but less than $1 billion, 0.775% on net assets of $1 billion but less than $2.5 billion, 0.75% on net assets of $2.5 billion but less than $5 billion, 0.73% on net assets of $5 billion but less than $7.5 billion and 0.71% on net assets of $7.5 billion and over, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the six months ended July 31, 2017, the investment adviser fee amounted to $11,581,564 or 0.79% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser 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 six months ended July 31, 2017, the administration fee amounted to $2,204,737.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2017, EVM earned $21,738 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 2017, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

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 six months ended July 31, 2017 amounted to $637,804 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 six months ended July 31, 2017, the Fund paid or accrued to EVD $35,250 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended July 31, 2017 amounted to $11,750 for Class C shares.

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

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended July 31, 2017, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders.

Purchases and sales of investments, other than short-term obligations, aggregated $42,036,202 and $346,541,453, respectively, for the six months ended July 31, 2017.

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:

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 1, 2017. Pursuant to an amendment dated August 16, 2017 to the line of credit agreement, the expiration date was extended to October 31, 2017. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. At July 31, 2017, the Fund had a balance outstanding pursuant to this line of credit of $5,700,000 at an interest rate of 2.16%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at July 31, 2017. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 10) at July 31, 2017. The Fund’s average borrowings or allocated fees during the six months ended July 31, 2017 were not significant.

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.

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.

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

At July 31, 2017, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

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

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised by either Eaton Vance Management or its affiliate, Boston Management and Research, (the “Eaton Vance Funds”) held on April 25, 2017, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2017. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Over the course of the twelve-month period ended April 30, 2017, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, thirteen, six, eight and ten times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Parametric Emerging Markets Fund (the “Fund”) with Eaton Vance Management (the “Adviser”) and the sub-advisory agreement with Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.

In considering whether to approve the investment advisory agreement and the sub-advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. With respect to the Adviser, the Board considered the Adviser’s responsibilities overseeing the Sub-adviser. The Board also noted the Adviser’s in-house equity research capabilities. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in emerging markets. The Board also noted the Sub-adviser’s experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board was aware that on April 24, 2017 a former employee of the Adviser agreed to plead guilty to fraud charges arising from the individual’s prior activities as an equity options trader for certain Eaton Vance Funds. The Board was informed that the Adviser became aware of the matter on April 18, 2017, at which time management contacted federal authorities, alerted the Board and began an internal investigation. The Adviser represented to the Board that, based on information available as of April 25, 2017, management had no reason to believe that any other employee of the Adviser or its affiliates was involved in any wrongful activities or that any fund had been materially harmed. The Adviser agreed to keep the Board fully apprised as additional information is learned, and assured the Board that any fund harmed by the former employee’s wrongful activities will be made whole, as determined in consultation with the Board. The Board concluded that the Adviser’s actions in response to these events are appropriate and consistent with the Adviser’s commitment to protect and provide quality services to the Eaton Vance Funds.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2016 for the Fund. In considering the Fund’s performance, the Board noted that the Fund’s underperformance was primarily attributable to relative underweights in certain larger countries in the Fund’s primary benchmark index which had stronger returns.

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one year period ended September 30, 2016, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of clients with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Fund as compared to other types of clients and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Fund and other types of clients. The Board also considered factors that had an impact on Fund expense ratios relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies, if any, of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in any benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund, the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

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

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

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

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

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

Portfolio Managers Thomas Seto, Timothy W. Atwill, Ph.D., CFA, and Paul Bouchey, CFA, each of Parametric Portfolio Associates LLC

Top 10 Holdings (% of net assets)⁴


Nestle SA	1.0	%

Vodafone Group PLC	0.9

National Grid PLC	0.7

Total SA	0.7

Air Liquide SA	0.7

Royal Dutch Shell PLC, Class A	0.7

Deutsche Telekom AG	0.7

Compagnie Financiere Richemont SA, Class A	0.7

BP PLC	0.6

GlaxoSmithKline PLC	0.6

Total	7.3	%

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

²	Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R is linked to Investor Class and the performance of Class R6 is linked to Institutional Class. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

³	Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/18. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


Common Stocks — 99.2%


Security	Shares		Value


Australia — 7.9%
Adelaide Brighton, Ltd.		13,200	$	59,400
AGL Energy, Ltd.		51,120		985,784
Altium, Ltd.		14,858		103,902
Alumina, Ltd.		55,500		84,298
Amaysim Australia, Ltd.		74,342		95,132
Amcor, Ltd.		17,100		209,910
AMP, Ltd.		36,161		155,889
Ansell, Ltd.		6,904		121,305
ARB Corp., Ltd.		5,909		72,437
Ardent Leisure Group		26,840		44,862
Aristocrat Leisure, Ltd.		21,400		347,032
Atlassian Corp. PLC, Class A⁽¹⁾		7,000		250,740
Aurizon Holdings, Ltd.		31,941		128,203
AusNet Services		252,683		330,508
Automotive Holdings Group, Ltd.		8,319		25,489
Beach Energy, Ltd.		285,089		155,450
Bendigo & Adelaide Bank, Ltd.		14,170		126,040
Blackmores, Ltd.		1,718		121,703
BlueScope Steel, Ltd.		10,995		115,827
Boral, Ltd.		26,137		144,843
Brambles, Ltd.		57,633		426,125
Caltex Australia, Ltd.		11,050		275,375
carsales.com, Ltd.		23,243		229,680
Cleanaway Waste Management, Ltd.		110,518		115,337
Coca-Cola Amatil, Ltd.		36,548		240,666
Cochlear, Ltd.		1,692		193,283
Commonwealth Bank of Australia		8,287		555,186
Computershare, Ltd.		39,434		443,692
CSL, Ltd.		11,436		1,152,202
CSR, Ltd.		25,925		81,346
Dexus		30,795		231,242
DuluxGroup, Ltd.		25,000		131,821
Event Hospitality and Entertainment, Ltd.		3,962		41,674
Fairfax Media, Ltd.		91,648		72,582
GPT Group (The)		68,630		263,132
GrainCorp, Ltd., Class A		25,572		178,545
GUD Holdings, Ltd.		8,300		79,336
GWA Group, Ltd.		23,533		61,046
Hansen Technologies, Ltd.		30,805		93,933
Harvey Norman Holdings, Ltd.		27,935		97,676
Iluka Resources, Ltd.		9,500		68,583
Incitec Pivot, Ltd.		24,973		63,761
Insurance Australia Group, Ltd.		20,689		110,343


Security	Shares		Value


Australia (continued)
Investa Office Fund		35,475	$	128,891
InvoCare, Ltd.		7,600		84,511
iSentia Group, Ltd.		53,326		94,673
James Hardie Industries PLC CDI		6,121		93,724
JB Hi-Fi, Ltd.		4,885		101,623
Macquarie Atlas Roads Group		30,129		134,017
Mantra Group, Ltd.		30,934		74,515
Medibank Pvt, Ltd.		42,014		91,424
Metcash, Ltd.		118,895		249,280
Mirvac Group		126,845		220,324
National Australia Bank, Ltd.		15,330		367,503
Navitas, Ltd.		16,799		66,730
Newcrest Mining, Ltd.		10,706		173,957
NEXTDC, Ltd.⁽¹⁾		44,031		144,509
Oil Search, Ltd.		69,256		368,484
Orica, Ltd.		5,800		92,206
Orora, Ltd.		42,869		94,657
Primary Health Care, Ltd.		35,809		97,028
Qantas Airways, Ltd.		38,249		162,561
REA Group, Ltd.		2,110		116,388
Rio Tinto, Ltd.		4,493		236,851
Scentre Group		133,091		440,095
Shopping Centres Australasia Property Group		58,958		102,415
Sims Metal Management, Ltd.		5,711		70,939
Sonic Healthcare, Ltd.		11,451		204,365
South32, Ltd.		79,639		185,746
Southern Cross Media Group, Ltd.		51,672		54,799
Spark Infrastructure Group		201,056		402,514
SpeedCast International, Ltd.		32,788		90,470
Star Entertainment Group, Ltd. (The)		29,873		120,510
Stockland		60,729		204,186
Suncorp Group, Ltd.		10,356		118,366
Super Retail Group, Ltd.		7,504		50,302
Sydney Airport		39,652		213,733
Tabcorp Holdings, Ltd.		43,747		146,177
Tatts Group, Ltd.		56,862		181,968
Telstra Corp., Ltd.		294,404		965,812
Transurban Group		60,504		552,554
Vicinity Centres		90,098		198,291
Village Roadshow, Ltd.		13,829		44,469
Washington H. Soul Pattinson & Co., Ltd.		17,626		248,714
Wesfarmers, Ltd.		30,491		993,567
Westpac Banking Corp.		16,777		427,648
Woodside Petroleum, Ltd.		29,945		699,832
WPP AUNZ, Ltd.		37,384		34,435

			$	18,831,083


Security	Shares		Value


Austria — 1.0%
ams AG		3,349	$	241,351
ANDRITZ AG		1,347		82,468
Austria Technologie & Systemtechnik AG		1,392		18,478
BUWOG AG		5,424		159,390
CA Immobilien Anlagen AG		4,051		104,547
DO & Co. AG		1,870		136,871
Erste Group Bank AG		4,767		197,472
EVN AG		2,151		32,933
Lenzing AG		409		73,174
Oesterreichische Post AG		3,050		140,231
OMV AG		5,153		291,903
Porr AG		1,731		61,703
RHI AG		2,046		77,201
S IMMO AG		2,800		41,902
S&T AG		4,566		79,817
Schoeller-Bleckmann Oilfield Equipment AG⁽¹⁾		688		52,106
Telekom Austria AG		7,553		68,286
UNIQA Insurance Group AG		4,365		45,188
Verbund AG		13,823		273,433
Vienna Insurance Group		2,101		63,246
Wienerberger AG		6,800		156,319

			$	2,398,019


Belgium — 2.0%
Ablynx NV⁽¹⁾		13,227	$	200,244
Ackermans & van Haaren NV		418		75,570
Aedifica SA		3,049		279,193
Ageas		3,821		172,016
Anheuser-Busch InBev SA/NV		5,088		613,778
Barco NV		870		87,137
Bekaert SA		2,430		117,534
Biocartis NV⁽¹⁾⁽²⁾		6,300		76,853
bpost SA		11,593		317,372
Cofinimmo		2,089		265,311
Colruyt SA		750		42,029
Econocom Group SA/NV⁽¹⁾		22,212		169,751
Elia System Operator SA/NV		2,116		124,088
Euronav SA		10,783		86,028
Gimv NV		1,583		100,161
Groupe Bruxelles Lambert SA		1,360		139,485
Kinepolis Group NV		1,796		103,196
Melexis NV		1,340		115,274
Ontex Group NV		977		33,505
Orange Belgium SA		1,888		46,567
Proximus SA		11,473		403,445


Security	Shares		Value


Belgium (continued)
Sofina SA		347	$	51,685
Telenet Group Holding NV⁽¹⁾		4,108		286,797
Tessenderlo Group SA⁽¹⁾		3,583		157,300
UCB SA		4,334		315,610
Umicore SA		4,120		330,762
Van de Velde NV		1,568		84,442

			$	4,795,133


Denmark — 2.0%
Bakkafrost P/F		2,234	$	87,719
Carlsberg A/S, Class B		3,498		388,625
Chr. Hansen Holding A/S		2,898		233,380
Coloplast A/S, Class B		715		61,425
Danske Bank A/S		12,233		495,408
DONG Energy AS⁽²⁾		13,333		643,217
DSV A/S		1,975		127,517
FLSmidth & Co. A/S		687		42,047
GN Store Nord A/S		1,667		50,704
H Lundbeck AS		626		37,536
ISS A/S		1,926		78,956
Matas A/S		1,465		22,609
Nets A/S⁽¹⁾⁽²⁾		9,300		224,146
NKT A/S⁽¹⁾		1,020		89,601
Novo Nordisk A/S, Class B		10,335		439,541
Novozymes A/S, Class B		6,973		321,981
Pandora A/S		4,050		466,109
Ringkjoebing Landbobank A/S		795		41,855
Rockwool International A/S		246		55,984
Royal Unibrew A/S		1,773		88,343
SimCorp A/S		2,359		147,504
TDC A/S		55,343		341,497
Topdanmark A/S⁽¹⁾		2,527		86,344
Vestas Wind Systems A/S		2,141		209,244
William Demant Holding A/S⁽¹⁾		1,895		50,348

			$	4,831,640


Finland — 1.9%
Amer Sports Oyj		8,339	$	223,995
Caverion Corp.⁽¹⁾		4,767		39,881
Citycon Oyj		50,397		137,149
Cramo Oyj		1,607		46,101
DNA Oyj		6,160		110,081
Elisa Oyj		9,357		385,198
Ferratum Oyj		2,041		55,573
Fiskars Oyj Abp		2,200		55,267
Fortum Oyj		26,787		438,024


Security	Shares		Value


Finland (continued)
Huhtamaki Oyj		1,924	$	74,556
Kemira Oyj		3,783		47,684
Kesko Oyj, Class B		7,618		385,197
Kone Oyj, Class B		4,394		228,872
Metsa Board Oyj		9,623		68,070
Neste Oyj		9,906		429,465
Nokia Oyj		65,149		415,728
Oriola Oyj, Series B		6,575		28,201
Orion Oyj, Class B		6,223		314,515
Raisio Oyj		9,946		41,656
Sampo Oyj, Class A		6,792		371,465
Sanoma Oyj		11,316		105,111
Technopolis Oyj		15,622		67,687
Tieto Oyj		2,033		64,495
Tokmanni Group Corp.		7,975		70,885
UPM-Kymmene Oyj		7,729		210,407
Uponor Oyj		2,142		34,586
Valmet Oyj		3,811		69,469

			$	4,519,318


France — 7.8%
Aeroports de Paris		489	$	82,756
Air Liquide SA		13,621		1,670,120
Airbus SE		3,305		276,154
Alstom SA		2,298		82,328
Alten SA		1,223		105,585
Altran Technologies SA		7,912		139,120
Atos SE		2,791		424,331
AXA SA		19,142		565,330
bioMerieux		260		57,292
BNP Paribas SA		8,890		688,936
Bouygues SA		3,572		153,146
Bureau Veritas SA		4,718		107,498
CNP Assurances		5,800		140,022
Compagnie Generale des Etablissements Michelin, Class B		1,341		181,620
Danone SA		10,447		779,557
Dassault Systemes SE		3,427		336,181
Engie SA		54,924		884,617
Essilor International SA		1,973		249,795
Eurazeo SA		1,764		143,986
Eutelsat Communications SA		5,093		137,838
Fonciere des Regions		2,659		256,661
Gecina SA		2,473		373,898
Groupe Eurotunnel SE		4,517		50,087
Hermes International		349		176,774
ICADE		2,907		249,596


Security	Shares		Value


France (continued)
Iliad SA		2,569	$	637,303
Ingenico Group SA		2,444		256,364
Ipsen SA		859		109,947
Klepierre		9,603		390,818
Korian SA		2,511		83,024
L’Oreal SA		4,258		882,173
Lagardere SCA		3,693		121,336
Legrand SA		2,162		149,346
LVMH Moet Hennessy Louis Vuitton SE		2,305		578,990
Mercialys SA		6,623		134,027
Nexity SA		4,423		237,232
Orange SA		67,287		1,132,230
Orpea		747		85,661
Publicis Groupe SA		1,902		143,822
Rubis SCA		3,910		248,879
Safran SA		2,043		193,290
Sanofi		10,504		1,000,916
Sartorius Stedim Biotech		786		56,004
SCOR SE		2,300		97,004
Sodexo SA		863		101,946
Sopra Steria Group		819		141,634
Suez		11,330		204,860
Teleperformance		618		86,108
Thales SA		1,146		126,871
Total SA		34,558		1,757,401
Ubisoft Entertainment SA⁽¹⁾		4,174		264,112
Veolia Environnement SA		17,802		401,199
Vinci SA		4,149		371,528
Vivendi SA		6,567		151,789
Wendel SA		602		90,578
Worldline SA⁽¹⁾⁽²⁾		2,397		97,417

			$	18,647,037


Germany — 7.8%
adidas AG		1,945	$	444,227
ADO Properties SA⁽²⁾		3,266		147,429
Allianz SE		4,781		1,019,108
alstria office REIT AG		9,111		133,705
BASF SE		8,406		800,251
Bayer AG		7,848		994,037
Bayerische Motoren Werke AG, PFC Shares		1,536		122,399
Bechtle AG		2,306		165,988
Brenntag AG		1,852		104,948
CANCOM SE		1,114		73,262
Capital Stage AG		14,430		103,676
Continental AG		968		218,059
Covestro AG⁽²⁾		800		62,039


Security	Shares		Value


Germany (continued)
Daimler AG		8,182	$	573,270
Deutsche Boerse AG		2,447		255,509
Deutsche EuroShop AG		2,966		123,518
Deutsche Lufthansa AG		3,810		81,820
Deutsche Post AG		8,239		319,612
Deutsche Telekom AG		88,400		1,614,956
Deutsche Wohnen AG, Bearer Shares		16,783		665,084
E.ON SE		100,650		995,705
Evonik Industries AG		2,553		86,949
Fraport AG		1,039		104,044
Freenet AG		4,137		139,644
Fresenius Medical Care AG & Co. KGaA		2,510		236,694
Fresenius SE & Co. KGaA		3,257		274,906
GEA Group AG		2,527		102,700
Gerresheimer AG		554		45,721
Grand City Properties SA		7,140		148,038
Hamborner REIT AG		9,742		104,460
Hannover Rueck SE		1,092		137,831
HeidelbergCement AG		3,445		341,131
Henkel AG & Co. KGaA		5,268		662,762
Henkel AG & Co. KGaA, PFC Shares		7,797		1,104,429
Hugo Boss AG		1,223		92,249
Innogy SE⁽²⁾		10,638		446,795
KION Group AG		994		86,253
KWS Saat SE		383		155,583
LEG Immobilien AG		3,170		304,813
Linde AG		1,936		369,313
MAN SE		587		65,004
Merck KGaA		1,353		148,467
MTU Aero Engines AG		394		57,742
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,071		444,850
ProSiebenSat.1 Media SE		3,293		131,569
Rational AG		70		43,956
SAP SE		12,615		1,335,741
Siemens AG		6,447		874,868
Software AG		2,606		113,942
Stada Arzneimittel AG		691		53,801
Symrise AG		1,730		121,127
TAG Immobilien AG		9,614		157,755
Talanx AG⁽¹⁾		1,940		80,000
Telefonica Deutschland Holding AG⁽²⁾		25,160		129,970
TLG Immobilien AG		5,304		115,037
TUI AG		5,129		80,616
Uniper SE		14,396		296,687
VERBIO Vereinigte BioEnergie AG		4,576		52,049


Security	Shares		Value


Germany (continued)
Volkswagen AG		452	$	71,075
Wirecard AG		3,075		235,325
Zalando SE⁽¹⁾⁽²⁾		3,599		161,082

			$	18,733,580


Hong Kong — 3.9%
AIA Group, Ltd.		110,400	$	868,352
ASM Pacific Technology, Ltd.		19,100		246,843
Bloomage BioTechnology Corp., Ltd.		32,500		60,845
Brightoil Petroleum Holdings, Ltd.⁽¹⁾		262,000		68,080
Cafe de Coral Holdings, Ltd.		18,000		57,937
China Cord Blood Corp.⁽¹⁾		8,600		101,308
China Goldjoy Group, Ltd.		996,000		49,704
China Innovationpay Group, Ltd.⁽¹⁾		1,120,000		64,475
China Regenerative Medicine International, Ltd.⁽¹⁾		1,265,000		34,779
China Traditional Chinese Medicine Holdings Co., Ltd.		242,000		128,423
Chow Tai Fook Jewellery Group, Ltd.		78,600		81,664
CK Hutchison Holdings, Ltd.		41,996		552,630
CK Infrastructure Holdings, Ltd.		35,500		330,884
CLP Holdings, Ltd.		53,500		570,050
Dairy Farm International Holdings, Ltd.		33,100		266,874
Esprit Holdings, Ltd.⁽¹⁾		121,300		59,768
First Pacific Co., Ltd.		108,000		80,827
Fortune REIT		70,000		87,442
G-Resources Group, Ltd.⁽¹⁾		3,273,000		42,732
Global Brands Group Holdings, Ltd.⁽¹⁾		364,000		34,445
Hang Lung Group, Ltd.		13,000		49,380
Hang Seng Bank, Ltd.		6,700		145,662
Henderson Land Development Co., Ltd.		18,320		105,885
HK Electric Investments & HK Electric Investments, Ltd.⁽²⁾		145,500		138,548
HKT Trust and HKT, Ltd.		192,000		251,513
Honbridge Holdings, Ltd.⁽¹⁾		338,000		38,468
Hong Kong & China Gas Co., Ltd.		243,100		459,473
Hong Kong Exchanges and Clearing, Ltd.		12,800		364,649
Hongkong Land Holdings, Ltd.		14,000		105,203
Hopewell Holdings, Ltd.		16,000		61,196
Hysan Development Co., Ltd.		18,000		87,043
Jardine Matheson Holdings, Ltd.		4,100		261,535
Jardine Strategic Holdings, Ltd.		2,900		118,253
Kerry Properties, Ltd.		26,500		92,863
KuangChi Science, Ltd.⁽¹⁾		203,000		71,169
Landing International Development, Ltd.⁽¹⁾		6,490,000		74,671
Li & Fung, Ltd.		266,000		97,304
Link REIT		32,500		263,856
Macau Legend Development, Ltd.⁽¹⁾		273,000		47,118
Madison Wine Holdings, Ltd.⁽¹⁾		192,000		44,727


Security	Shares		Value


Hong Kong (continued)
Man Wah Holdings, Ltd.		68,800	$	59,388
Melco International Development, Ltd.		62,000		146,506
MGM China Holdings, Ltd.		31,600		62,174
MTR Corp., Ltd.		19,000		109,717
New World Development Co., Ltd.		69,000		93,181
Nexteer Automotive Group, Ltd.		48,000		82,698
NWS Holdings, Ltd.		51,000		97,567
Orient Overseas (International), Ltd.⁽¹⁾		16,000		148,902
Pacific Textiles Holdings, Ltd.		81,000		91,603
PCCW, Ltd.		439,000		246,884
Shangri-La Asia, Ltd.		50,000		81,199
Sino Land Co., Ltd.		70,000		115,449
SJM Holdings, Ltd.		111,000		110,970
Stella International Holdings, Ltd.		23,000		39,421
Superb Summit International Group, Ltd.⁽¹⁾⁽³⁾		230,000		0
Swire Pacific, Ltd., Class A		14,000		139,498
Swire Properties, Ltd.		16,200		55,963
Techtronic Industries Co., Ltd.		43,500		193,283
Television Broadcasts, Ltd.		13,800		50,516
Texwinca Holdings, Ltd.		70,000		42,467
Town Health International Medical Group, Ltd.		604,000		45,634
Truly International Holdings, Ltd.		310,000		103,859
VTech Holdings, Ltd.		10,400		150,429
Wharf (Holdings), Ltd. (The)		21,000		178,492
Wheelock & Co., Ltd.		16,000		120,568
Yue Yuen Industrial Holdings, Ltd.		21,500		88,766

			$	9,321,712


Ireland — 2.0%
Bank of Ireland Group PLC⁽¹⁾		85,417	$	712,873
C&C Group PLC		23,800		86,205
Cairn Homes PLC⁽¹⁾		59,850		111,032
CPL Resources PLC⁽¹⁾		9,893		69,217
CRH PLC		15,393		540,307
Dalata Hotel Group PLC⁽¹⁾		13,628		76,571
Datalex PLC		12,396		55,361
DCC PLC		4,845		425,936
Hibernia REIT PLC		159,345		264,424
ICON PLC⁽¹⁾		4,887		512,891
Irish Continental Group PLC		29,897		189,932
Irish Residential Properties REIT PLC		93,395		147,897
Kerry Group PLC, Class A		5,773		522,529
Paddy Power Betfair PLC		5,013		502,263
Smurfit Kappa Group PLC		4,388		130,504
Total Produce PLC		45,956		117,022
UDG Healthcare PLC		20,978		234,211

			$	4,699,175


Security	Shares		Value


Israel — 1.9%
Alony Hetz Properties & Investments, Ltd.		14,251	$	142,230
Amot Investments, Ltd.		12,300		65,287
Azrieli Group, Ltd.		2,874		157,046
Bank Hapoalim B.M.		32,076		222,184
Bank Leumi Le-Israel B.M.		34,165		164,134
Bezeq The Israeli Telecommunication Corp., Ltd.		319,251		473,975
Check Point Software Technologies, Ltd.⁽¹⁾		1,950		206,271
CyberArk Software, Ltd.⁽¹⁾		960		40,013
Delek Automotive Systems, Ltd.		13,963		115,450
Delta-Galil Industries, Ltd.		3,600		99,698
El Al Israel Airlines		64,692		61,555
Elbit Systems, Ltd.		2,388		301,522
Electra, Ltd.		291		57,545
First International Bank of Israel, Ltd.		2,419		44,151
Frutarom Industries, Ltd.		3,846		272,691
Israel Chemicals, Ltd.		62,008		295,486
Jerusalem Oil Exploration⁽¹⁾		1,706		90,521
Kenon Holdings, Ltd.⁽¹⁾		1,393		19,388
Kornit Digital, Ltd.⁽¹⁾		3,200		66,240
Melisron, Ltd.		1,766		90,025
Mellanox Technologies, Ltd.⁽¹⁾		1,000		46,950
Mizrahi Tefahot Bank, Ltd.		7,050		127,393
Nice, Ltd.		790		58,885
Oil Refineries, Ltd.		269,615		125,370
Orbotech, Ltd.⁽¹⁾		735		26,063
Paz Oil Co., Ltd.		1,823		304,353
Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		1,200		57,141
Reit 1, Ltd.		19,864		74,563
Sarine Technologies, Ltd.		35,500		39,780
Shufersal, Ltd.		14,733		80,050
Strauss Group, Ltd.		3,000		57,450
Teva Pharmaceutical Industries, Ltd. ADR		14,670		471,934
Tower Semiconductor, Ltd.⁽¹⁾		2,339		62,206
Wix.com, Ltd.⁽¹⁾		800		49,360

			$	4,566,910


Italy — 4.1%
A2A SpA		30,000	$	51,034
Amplifon SpA		11,875		170,214
Anima Holding SpA⁽²⁾		6,783		55,048
Ansaldo STS SpA⁽¹⁾		6,279		86,169
Assicurazioni Generali SpA		10,926		198,178
ASTM SpA		2,449		53,550
Atlantia SpA		11,722		356,576
Autogrill SpA		4,891		58,071
Banca Mediolanum SpA		7,021		61,390


Security	Shares		Value


Italy (continued)
Banca Popolare di Sondrio SCPA		17,850	$	77,891
Beni Stabili SpA SIIQ		88,650		70,723
Brembo SpA		4,505		69,276
Cementir Holding SpA		40,889		291,271
Danieli & C Officine Meccaniche SpA, PFC Shares		3,048		57,073
Davide Campari-Milano SpA		38,408		283,926
De’Longhi SpA		1,326		43,609
Ei Towers SpA		8,610		526,728
Enav SpA⁽²⁾		13,855		63,543
Enel SpA		157,274		897,137
ENI SpA		47,550		752,866
EXOR NV		1,123		67,253
Ferrari NV⁽⁴⁾		1,000		105,190
Ferrari NV⁽⁴⁾		2,400		252,551
Infrastrutture Wireless Italiane SpA⁽²⁾		101,090		652,798
International Game Technology PLC		2,666		50,761
Interpump Group SpA		5,945		180,884
Intesa Sanpaolo SpA		123,180		424,038
Intesa Sanpaolo SpA, PFC Shares		26,600		84,793
Italgas SpA		13,643		75,115
Leonardo SpA		17,196		299,663
Luxottica Group SpA		4,320		249,390
MARR SpA		2,736		70,152
Moncler SpA		4,402		118,213
OVS SpA⁽²⁾		7,513		56,832
Parmalat SpA		31,548		114,326
Poste Italiane SpA⁽²⁾		12,640		93,046
Prada SpA		18,400		65,684
Recordati SpA		15,315		653,729
Reply SpA		663		140,172
Salvatore Ferragamo SpA		1,935		56,088
Saras SpA		30,643		70,506
Snam SpA		43,650		206,520
Societa Iniziative Autostradali e Servizi SpA		5,294		72,845
STMicroelectronics NV		55,404		939,508
Tenaris SA		5,650		89,397
Terna Rete Elettrica Nazionale SpA		25,640		146,475
Tod’s SpA		613		42,587
Unipol Gruppo Finanziario SpA		8,650		40,497
UnipolSai Assicurazioni SpA		28,030		64,799

			$	9,708,085


Japan — 15.6%
Activia Properties, Inc.		43	$	193,295
Advance Residence Investment Corp.		88		215,092
Aeon Co., Ltd.		10,900		164,241


Security	Shares		Value


Japan (continued)
Air Water, Inc.		6,900	$	133,592
Aisin Seiki Co., Ltd.		2,800		145,569
Ajinomoto Co., Inc.		7,400		148,834
Alfresa Holdings Corp.		5,200		95,702
Asahi Glass Co., Ltd.		2,800		117,850
Asahi Group Holdings, Ltd.		5,500		224,187
Asahi Kasei Corp.		19,000		216,979
Astellas Pharma, Inc.		31,900		406,263
Bandai Namco Holdings, Inc.		4,000		139,053
Bridgestone Corp.		6,300		265,050
Calbee, Inc.		3,300		136,811
Canon, Inc.		11,800		410,532
Central Japan Railway Co.		1,100		177,020
Chiba Bank, Ltd. (The)		21,000		150,663
Chubu Electric Power Co., Inc.		29,800		391,571
Chugai Pharmaceutical Co., Ltd.		4,600		184,479
Chugoku Bank, Ltd. (The)		4,200		60,880
Chugoku Electric Power Co., Inc. (The)		17,200		188,563
Citizen Watch Co., Ltd.		12,000		89,222
Coca-Cola Bottlers Japan, Inc.		3,200		96,518
Concordia Financial Group, Ltd.		28,000		141,195
Cosmo Energy Holdings Co., Ltd.		11,100		192,334
Dai Nippon Printing Co., Ltd.		6,000		66,181
Dai-ichi Life Holdings, Inc.		10,400		179,649
Daicel Corp.		9,200		119,583
Daido Steel Co., Ltd.		12,000		73,028
Daito Trust Construction Co., Ltd.		1,900		321,144
Daiwa House REIT Investment Corp.		92		228,021
Daiwa Securities Group, Inc.		18,000		103,667
DeNA Co., Ltd.		2,800		61,513
Denka Co., Ltd.		30,000		166,609
DIC Corp.		2,700		101,840
Disco Corp.		800		141,787
East Japan Railway Co.		2,800		262,590
Eisai Co., Ltd.		5,600		300,113
Ezaki Glico Co., Ltd.		2,200		115,677
FamilyMart UNY Holdings Co., Ltd.		1,800		100,812
FANUC Corp.		1,200		245,346
Fast Retailing Co., Ltd.		600		180,029
FUJIFILM Holdings Corp.		5,900		216,874
Fujitsu, Ltd.		20,000		148,935
Fukuoka Financial Group, Inc.		19,000		87,596
GLP J-Reit		210		228,653
Hachijuni Bank, Ltd. (The)		13,400		85,075
Hankyu Hanshin Holdings, Inc.		3,900		139,197
Hirose Electric Co., Ltd.		800		108,935


Security	Shares		Value


Japan (continued)
Hiroshima Bank, Ltd. (The)		19,000	$	81,220
Hisamitsu Pharmaceutical Co., Inc.		2,700		126,577
Hokkaido Electric Power Co., Inc.		16,300		122,756
Hokuhoku Financial Group, Inc.		4,000		65,026
Hokuriku Electric Power Co.		20,100		186,094
Honda Motor Co., Ltd.		12,100		338,701
Idemitsu Kosan Co., Ltd.		7,100		172,328
ITOCHU Corp.		8,400		131,725
Iyo Bank, Ltd. (The)		17,300		141,255
Japan Airlines Co., Ltd.		2,000		64,619
Japan Exchange Group, Inc.		7,500		134,605
Japan Hotel REIT Investment Corp.		214		154,699
Japan Post Holdings Co., Ltd.		8,000		100,838
Japan Prime Realty Investment Corp.		62		233,171
Japan Real Estate Investment Corp.		41		215,342
Japan Retail Fund Investment Corp.		149		284,599
JGC Corp.		4,900		78,494
JSR Corp.		6,500		114,543
JXTG Holdings, Inc.		133,100		591,633
Kajima Corp.		9,000		78,477
Kakaku.com, Inc.		3,700		52,277
Kaneka Corp.		16,000		128,211
Kansai Paint Co., Ltd.		7,200		164,690
Kao Corp.		7,200		438,369
KDDI Corp.		53,200		1,409,639
Keikyu Corp.		5,000		58,028
Keio Corp.		15,000		125,614
Kewpie Corp.		2,500		62,884
Keyence Corp.		800		369,531
Kintetsu Group Holdings Co., Ltd.		27,000		103,538
Kirin Holdings Co., Ltd.		10,500		231,249
Kobayashi Pharmaceutical Co., Ltd.		1,400		87,011
Konami Holdings Corp.		2,400		125,169
Kuraray Co., Ltd.		6,400		124,425
Kyocera Corp.		3,600		218,700
Kyowa Hakko Kirin Co., Ltd.		8,900		161,181
Lawson, Inc.		500		34,039
Lion Corp.		5,000		107,026
M3, Inc.		6,000		161,850
Makita Corp.		2,000		78,231
Marubeni Corp.		12,600		83,494
Maruichi Steel Tube, Ltd.		3,000		92,592
Mebuki Financial Group, Inc.		21,500		82,765
MEIJI Holdings Co., Ltd.		2,200		175,325
Miraca Holdings, Inc.		4,600		209,909
Mitsubishi Chemical Holdings Corp.		21,800		182,515


Security	Shares		Value


Japan (continued)
Mitsubishi Estate Co., Ltd.		31,000	$	563,672
Mitsubishi Gas Chemical Co., Inc.		5,000		115,358
Mitsubishi Motors Corp.		16,700		120,467
Mitsubishi Tanabe Pharma Corp.		6,300		149,976
Mitsui & Co., Ltd.		9,100		132,321
Mizuho Financial Group, Inc.		209,500		372,569
MS&AD Insurance Group Holdings, Inc.		6,300		220,970
NEC Corp.		45,000		122,330
NH Foods, Ltd.		6,000		177,476
Nidec Corp.		1,500		165,284
Nikon Corp.		10,000		176,198
Nintendo Co., Ltd.		1,100		373,576
Nippon Building Fund, Inc.		44		237,519
Nippon Express Co., Ltd.		14,000		89,401
Nippon Kayaku Co., Ltd.		9,000		125,962
Nippon Paper Industries Co., Ltd.		5,100		101,678
Nippon Prologis REIT, Inc.		100		210,875
Nippon Shinyaku Co., Ltd.		2,000		126,229
Nippon Shokubai Co., Ltd.		1,400		91,589
Nippon Telegraph & Telephone Corp.		24,200		1,184,304
Nippon Yusen K.K.⁽¹⁾		36,000		68,724
Nissan Chemical Industries, Ltd.		4,100		136,103
Nisshin Seifun Group, Inc.		7,100		116,592
Nissin Foods Holdings Co., Ltd.		3,100		194,757
Nitori Holdings Co., Ltd.		800		112,898
Nomura Real Estate Master Fund, Inc.		143		202,761
Nomura Research Institute, Ltd.		2,400		89,840
NTT Data Corp.		12,500		136,161
NTT DoCoMo, Inc.		45,700		1,061,245
Obayashi Corp.		13,300		160,141
Obic Co., Ltd.		2,400		150,044
Odakyu Electric Railway Co., Ltd.		4,900		97,062
Okinawa Electric Power Co., Inc. (The)		4,730		111,558
OMRON Corp.		2,900		144,687
Ono Pharmaceutical Co., Ltd.		11,200		245,008
Oracle Corp. Japan		1,400		94,101
Oriental Land Co., Ltd.		2,200		159,479
Orix JREIT, Inc.		167		253,547
Osaka Gas Co., Ltd.		102,000		408,522
Otsuka Holdings Co., Ltd.		8,900		391,949
Rakuten, Inc.		9,100		111,158
Recruit Holdings Co., Ltd.		9,900		171,366
Resona Holdings, Inc.		27,900		143,731
Ricoh Co., Ltd.		15,500		145,739
Rinnai Corp.		1,600		149,372
Santen Pharmaceutical Co., Ltd.		10,000		140,884


Security	Shares		Value


Japan (continued)
Sawai Pharmaceutical Co., Ltd.		1,900	$	107,087
SECOM Co., Ltd.		1,300		97,536
Sekisui Chemical Co., Ltd.		7,200		132,626
Sekisui House, Ltd.		6,100		105,592
Seven & i Holdings Co., Ltd.		10,600		427,229
Seven Bank, Ltd.		26,300		104,079
Sharp Corp.⁽¹⁾		25,000		88,005
Shikoku Electric Power Co., Inc.		12,200		146,606
Shimadzu Corp.		4,000		78,760
Shimamura Co., Ltd.		1,000		124,343
Shimano, Inc.		800		117,288
Shimizu Corp.		6,000		63,396
Shin-Etsu Chemical Co., Ltd.		5,400		493,911
Shizuoka Bank, Ltd. (The)		16,000		142,752
Showa Denko K.K.		4,900		127,544
Showa Shell Sekiyu K.K.		21,100		229,837
Sompo Holdings, Inc.		5,300		207,878
Sumitomo Corp.		12,200		164,905
Sumitomo Metal Mining Co., Ltd.		11,000		166,129
Sumitomo Mitsui Financial Group, Inc.		11,600		447,595
Sumitomo Osaka Cement Co., Ltd.		12,000		56,170
Suntory Beverage & Food, Ltd.		1,900		93,137
Suruga Bank, Ltd.		5,000		120,570
Suzuki Motor Corp.		3,700		175,385
T&D Holdings, Inc.		8,800		129,815
Taiheiyo Cement Corp.		43,000		161,348
Taisei Corp.		15,000		143,580
Taisho Pharmaceutical Holdings Co., Ltd.		1,400		104,878
Takashimaya Co., Ltd.		16,000		146,365
Takeda Pharmaceutical Co., Ltd.		9,600		507,138
TEIJIN, Ltd.		5,500		110,272
Terumo Corp.		5,100		192,831
Toho Gas Co., Ltd.		27,000		182,973
Tohoku Electric Power Co., Inc.		23,000		313,324
Tokio Marine Holdings, Inc.		8,000		336,426
Tokyo Electron, Ltd.		1,700		239,084
Tokyo Gas Co., Ltd.		85,000		450,995
Tokyu Corp.		6,500		95,647
Toray Industries, Inc.		31,000		279,927
Toshiba Corp.⁽¹⁾		59,000		133,873
Tosoh Corp.		16,000		189,442
TOTO, Ltd.		1,500		60,362
Toyo Suisan Kaisha, Ltd.		4,200		152,587
Toyota Motor Corp.		13,200		743,950
Trend Micro, Inc.		2,700		135,033
Tsuruha Holdings, Inc.		1,200		125,906


Security	Shares		Value


Japan (continued)
Ube Industries, Ltd.		32,000	$	86,684
United Urban Investment Corp.		160		238,614
USS Co., Ltd.		5,000		101,006
West Japan Railway Co.		2,300		165,092
Yahoo! Japan Corp.		24,900		112,696
Yakult Honsha Co., Ltd.		2,100		143,106
Yamaguchi Financial Group, Inc.		8,000		94,159
Yamato Holdings Co., Ltd.		3,300		66,239
Yamazaki Baking Co., Ltd.		3,200		64,194
Zeon Corp.		6,000		74,857

			$	37,109,259


Netherlands — 4.0%
Aalberts Industries NV		2,908	$	126,968
ABN AMRO Group NV⁽²⁾		4,855		137,228
Accell Group		4,836		147,420
Akzo Nobel NV		6,702		606,759
Altice NV, Class B⁽¹⁾		6,916		170,863
ASM International NV		2,469		148,579
ASML Holding NV		6,427		969,198
ASR Nederland NV		2,400		90,756
Boskalis Westminster		2,525		90,311
Cimpress NV⁽¹⁾		973		85,857
Corbion NV		2,621		84,649
Eurocommercial Properties NV		1,439		58,248
Euronext NV⁽²⁾		1,764		103,087
Flow Traders⁽²⁾		2,849		86,270
Gemalto NV⁽⁴⁾		975		49,668
Gemalto NV⁽⁴⁾		2,249		114,641
GrandVision NV⁽²⁾		5,474		154,689
Heineken NV		2,734		285,291
IMCD Group NV		2,169		121,440
ING Groep NV		50,630		945,963
InterXion Holding NV⁽¹⁾		3,300		157,971
Koninklijke Ahold Delhaize NV		10,958		224,135
Koninklijke BAM Groep NV		15,659		93,115
Koninklijke DSM NV		5,331		393,259
Koninklijke KPN NV		143,773		521,371
Koninklijke Vopak NV		2,501		119,079
NN Group NV		3,534		143,247
NSI NV		1,162		45,437
Patheon NV⁽¹⁾		2,440		85,302
Philips Lighting NV⁽²⁾		3,321		126,213
PostNL NV		28,142		133,204
QIAGEN NV		6,909		229,167
Refresco Group NV⁽²⁾		7,754		151,504


Security	Shares		Value


Netherlands (continued)
RELX NV		17,050	$	358,125
SBM Offshore NV		6,486		112,164
Sligro Food Group NV		3,203		144,873
TKH Group NV		1,737		106,238
TomTom NV⁽¹⁾		13,510		143,406
Unilever NV		22,282		1,298,542
Vastned Retail NV		1,000		45,686
Wessanen		6,292		110,941
Wolters Kluwer NV		6,570		292,190

			$	9,613,054


New Zealand — 1.0%
A2 Milk Co., Ltd.⁽¹⁾		83,700	$	277,565
Air New Zealand, Ltd.		34,574		87,042
Auckland International Airport, Ltd.		29,669		155,109
Contact Energy, Ltd.		21,345		85,949
EBOS Group, Ltd.		3,287		44,653
Fletcher Building, Ltd.		39,637		237,939
Goodman Property Trust		65,888		62,114
Heartland Bank, Ltd.		76,907		105,123
Infratil, Ltd.		16,238		37,698
Mercury NZ, Ltd.		47,223		123,494
NZX, Ltd.		53,345		47,225
Precinct Properties New Zealand, Ltd.		121,300		114,751
Property for Industry, Ltd.		26,936		33,383
Restaurant Brands New Zealand, Ltd.		8,227		39,633
Ryman Healthcare, Ltd.		20,485		135,667
SKYCITY Entertainment Group, Ltd.		41,260		125,215
Spark New Zealand, Ltd.		68,388		192,622
Summerset Group Holdings, Ltd.		16,945		61,726
Trade Me, Ltd.		13,289		54,639
Xero, Ltd.⁽¹⁾		13,130		260,148
Z Energy, Ltd.		32,350		188,078

			$	2,469,773


Norway — 2.1%
AF Gruppen ASA		3,717	$	70,728
Atea ASA		15,540		190,543
Austevoll Seafood ASA		5,049		44,849
Borregaard ASA		13,595		170,037
DNB ASA		16,445		323,054
Entra ASA⁽²⁾		23,484		312,138
Europris ASA⁽²⁾		11,200		52,372
Gjensidige Forsikring ASA		7,400		128,074
Golar LNG, Ltd.		2,320		55,239


Security	Shares		Value


Norway (continued)
Kongsberg Gruppen ASA		11,096	$	188,690
Marine Harvest ASA		9,883		184,254
Nordic American Tankers, Ltd.		4,900		28,812
Nordic Nanovector ASA⁽¹⁾		4,831		51,378
Nordic Semiconductor ASA⁽¹⁾		28,405		140,290
Norwegian Finans Holding ASA⁽¹⁾		8,625		92,658
Orkla ASA		23,999		247,215
REC Silicon ASA⁽¹⁾		478,387		58,719
Salmar ASA		3,093		80,413
Scatec Solar ASA⁽²⁾		8,900		52,215
Schibsted ASA, Class B		13,669		319,757
Ship Finance International, Ltd.		3,500		47,600
SpareBank 1 SMN		4,478		45,221
SpareBank 1 SR-Bank ASA		4,300		42,918
Statoil ASA		17,807		334,666
Telenor ASA		32,196		642,746
TGS Nopec Geophysical Co. ASA		3,657		77,282
Tomra Systems ASA		20,574		292,425
Wilh Wilhelmsen Holding ASA, Class A		1,536		48,289
XXL ASA⁽²⁾		21,116		205,672
Yara International ASA		9,849		391,460

			$	4,919,714


Portugal — 1.0%
Banco Comercial Portugues SA⁽¹⁾		1,248,220	$	355,793
CTT-Correios de Portugal SA		43,307		282,406
EDP-Energias de Portugal SA		60,115		213,435
Galp Energia SGPS SA, Class B		19,320		309,516
Jeronimo Martins SGPS SA		17,350		341,246
Navigator Co. SA (The)		61,000		262,922
NOS SGPS SA		48,999		311,827
Pharol SGPS SA⁽¹⁾		189,661		74,157
REN - Redes Energeticas Nacionais SGPS SA		15,211		49,291
Semapa-Sociedade de Investimento e Gestao		4,106		79,805

			$	2,280,398


Singapore — 1.9%
Ascendas Real Estate Investment Trust		33,000	$	65,697
Best World International, Ltd.		98,000		111,254
BOC Aviation, Ltd.⁽²⁾		11,800		61,301
Boustead Singapore, Ltd.		40,000		28,008
CapitaLand Commercial Trust, Ltd.		39,500		50,110
CapitaLand Mall Trust		45,800		67,895
City Developments, Ltd.		8,800		73,046
ComfortDelGro Corp., Ltd.		49,300		83,998


Security	Shares		Value


Singapore (continued)
CWT, Ltd.		33,700	$	51,450
DBS Group Holdings, Ltd.		13,800		220,160
Delfi, Ltd.		11,000		16,269
Ezion Holdings, Ltd.⁽¹⁾		226,000		40,023
Flex, Ltd.⁽¹⁾		26,178		418,586
Genting Singapore PLC		318,200		273,395
Haw Par Corp, Ltd.		14,200		110,081
Hutchison Port Holdings Trust		103,000		48,894
IGG, Inc.		53,000		89,160
Keppel Infrastructure Trust		291,400		118,245
Keppel REIT		66,000		56,484
M1, Ltd.		14,400		19,179
Mapletree Commercial Trust		57,000		67,506
Mapletree Greater China Commercial Trust		75,000		61,419
Mapletree Industrial Trust		34,200		46,807
Mapletree Logistics Trust		64,000		56,648
Metro Holdings, Ltd.		53,000		45,528
Midas Holdings, Ltd.⁽¹⁾		80,000		12,084
mm2 Asia, Ltd.⁽¹⁾		142,500		54,115
Olam International, Ltd.		50,200		72,225
Raffles Medical Group, Ltd.		89,600		85,008
Sheng Siong Group, Ltd.		45,400		31,656
Singapore Airlines, Ltd.		8,900		68,206
Singapore Airport Terminal Services, Ltd.		14,800		52,731
Singapore Exchange, Ltd.		19,500		108,836
Singapore Post, Ltd.		37,200		36,078
Singapore Press Holdings, Ltd.		98,300		211,047
Singapore Technologies Engineering, Ltd.		47,600		132,358
Singapore Telecommunications, Ltd.⁽⁴⁾		48,900		143,165
Singapore Telecommunications, Ltd.⁽⁴⁾		144,100		421,814
StarHub, Ltd.		21,000		42,296
Suntec Real Estate Investment Trust		45,000		63,087
United Engineers, Ltd.		17,000		32,840
United Overseas Bank, Ltd.		16,900		299,056
Venture Corp., Ltd.		9,000		87,432
Wilmar International, Ltd.		163,000		401,267

			$	4,636,444


Spain — 4.0%
Abertis Infraestructuras SA		8,707	$	171,678
Aena SA⁽²⁾		1,223		239,033
Almirall SA		16,800		162,492
Amadeus IT Group SA		14,832		912,967
Applus Services SA		4,183		53,876
Axiare Patrimonio SOCIMI SA		6,150		114,713
Banco Bilbao Vizcaya Argentaria SA		38,700		350,145


Security	Shares		Value


Spain (continued)
Banco de Sabadell SA		59,508	$	132,889
Bankia SA		20,510		103,664
Bankinter SA		8,786		85,509
Bolsas y Mercados Espanoles SHMSF SA		1,920		70,422
CaixaBank SA		34,214		178,208
Cellnex Telecom SA⁽²⁾		2,400		53,982
Cia de Distribucion Integral Logista Holdings SA		4,197		108,370
Coca-Cola European Partners PLC		16,500		713,295
Codere SA/Spain⁽¹⁾		78,000		41,571
Construcciones y Auxiliar de Ferrocarriles SA		2,050		91,153
Ebro Foods SA		8,304		198,771
EDP Renovaveis SA		9,550		76,322
Enagas SA		6,668		188,458
Endesa SA		5,685		134,583
Ercros SA		35,810		130,107
Ferrovial SA		9,686		208,877
Grifols SA		23,818		668,333
Hispania Activos Inmobiliarios SOCIMI SA		9,833		177,001
Iberdrola SA		76,204		600,708
Industria de Diseno Textil SA		21,123		838,465
Lar Espana Real Estate Socimi SA		14,031		140,505
Merlin Properties Socimi SA		34,347		462,231
Prosegur Cia de Seguridad SA		6,773		46,293
Red Electrica Corp. SA		9,736		208,578
Repsol SA		42,200		706,761
Tecnicas Reunidas SA		848		30,071
Telefonica SA		75,835		858,677
Tubacex SA⁽¹⁾		34,340		134,406
Vidrala SA		1,474		114,974

			$	9,508,088


Sweden — 3.9%
Alfa Laval AB		3,749	$	83,729
Assa Abloy AB, Class B		7,770		166,456
Atrium Ljungberg AB		5,102		87,124
Attendo AB⁽²⁾		10,840		136,375
Axfood AB		3,353		56,470
BillerudKorsnas AB		9,771		154,503
BioGaia AB, Class B		2,949		109,953
Boliden AB		15,560		488,491
Bonava AB, Class B		4,887		85,514
Capio AB⁽²⁾		13,000		73,861
Castellum AB		23,503		365,321
Catena Media PLC⁽¹⁾		6,265		70,921
Cloetta AB, Class B		10,000		35,788
Com Hem Holding AB		13,980		204,170


Security	Shares		Value


Sweden (continued)
D Carnegie & Co. AB⁽¹⁾		3,500	$	50,707
Dometic Group AB⁽²⁾		18,000		152,154
Elekta AB, Class B		28,916		278,310
Essity Aktiebolag, Class B⁽¹⁾		16,323		473,286
Fabege AB		9,848		194,511
Granges AB		7,960		87,988
Hennes & Mauritz AB, Class B		17,530		457,361
Hexpol AB		14,655		149,890
Holmen AB, Class B		2,606		117,701
Hufvudstaden AB, Class A		6,860		119,408
ICA Gruppen AB		2,746		110,030
Industrivarden AB, Class A		3,290		85,161
Industrivarden AB, Class C		3,570		86,592
Kindred Group PLC SDR		8,056		89,658
Kungsleden AB		12,476		82,060
L E Lundbergforetagen, Class B		2,000		157,423
Lifco AB, Class B		4,005		133,527
Lundin Petroleum AB⁽¹⁾		12,602		286,994
Medivir AB, Class B⁽¹⁾		11,060		91,716
Mycronic AB		12,782		133,245
NCC AB, Class B		1,905		49,567
NetEnt AB		13,642		131,630
Nibe Industrier AB, Class B		15,288		145,757
Nordea Bank AB		24,478		308,860
Pandox AB		2,329		41,893
Sagax AB		4,466		56,087
Securitas AB, Class B		6,225		103,667
Skanska AB, Class B		3,995		90,780
SKF AB, Class B		3,418		67,937
Starbreeze AB⁽¹⁾		33,624		63,261
Svenska Cellulosa AB SCA, Class B		16,323		135,153
Svenska Handelsbanken AB, Class A		10,742		159,885
Swedbank AB, Class A		7,727		201,500
Swedish Match AB		5,910		207,874
Telefonaktiebolaget LM Ericsson, Class B		84,535		547,145
Telia Co. AB		179,900		845,685
Thule Group AB⁽²⁾		8,119		158,002
Trelleborg AB, Class B		2,484		58,504
Vitrolife AB		1,255		101,659
Volvo AB		12,900		219,112
Wihlborgs Fastigheter AB		5,892		143,320

			$	9,293,676


Switzerland — 7.7%
Allreal Holding AG		1,304	$	237,105
ALSO Holding AG		520		68,001


Security	Shares		Value


Switzerland (continued)
Ascom Holding AG		5,950	$	117,841
Autoneum Holding AG		176		42,293
Baloise Holding AG		1,432		230,074
Banque Cantonale Vaudoise		202		146,146
Barry Callebaut AG		43		61,324
Belimo Holding AG		20		82,927
Berner Kantonalbank AG		342		64,776
BKW AG		844		48,092
Bucher Industries AG		335		111,705
Burckhardt Compression Holdings AG		260		77,225
Cembra Money Bank AG		1,074		96,343
Chocoladefabriken Lindt & Spruengli AG		1		68,153
Chocoladefabriken Lindt & Spruengli AG PC		18		102,476
Comet Holding AG		1,329		189,555
Compagnie Financiere Richemont SA, Class A		18,954		1,611,281
Daetwyler Holding AG		436		71,260
DKSH Holding AG		1,013		79,716
dormakaba Holding AG		136		121,222
EFG International AG		8,368		62,136
Ems-Chemie Holding AG		842		585,879
Flughafen Zurich AG		570		145,372
Forbo Holding AG		55		83,509
Geberit AG		841		404,483
Georg Fischer AG		150		170,601
Givaudan SA		484		962,970
Helvetia Holding AG		372		207,920
Inficon Holding AG		320		175,494
Kardex AG		528		58,195
Komax Holding AG		194		56,668
Kuehne & Nagel International AG		1,725		300,398
LEM Holding SA		25		30,247
Luzerner Kantonalbank AG		71		31,926
Mobimo Holding AG		577		164,715
Nestle SA		28,543		2,409,300
Novartis AG		14,656		1,248,365
Panalpina Welttransport Holding AG		480		60,772
Pargesa Holding SA		1,628		129,922
Partners Group Holding AG		326		211,629
Roche Holding AG		473		121,950
Roche Holding AG PC		3,938		996,981
Schindler Holding AG		842		177,069
Schindler Holding AG PC		1,220		263,111
Schmolz & Bickenbach AG⁽¹⁾		42,451		39,028
SFS Group AG		763		86,798
SGS SA		107		236,490
Sika AG		144		992,341


Security	Shares		Value


Switzerland (continued)
Sonova Holding AG		815	$	132,186
Straumann Holding AG		149		84,143
Sulzer AG		739		82,908
Sunrise Communications Group AG⁽²⁾		1,916		151,103
Swatch Group AG (The)		2,852		219,672
Swatch Group AG (The), Bearer Shares		1,274		505,473
Swiss Life Holding AG		703		256,562
Swiss Prime Site AG		4,998		451,179
Swiss Re AG		4,990		481,097
Swisscom AG		1,312		641,256
Temenos Group AG		3,870		374,099
Valiant Holding AG		788		92,887
Valora Holding AG		268		88,961
VAT Group AG⁽²⁾		700		92,072
Vontobel Holding AG		2,114		140,633
Zurich Insurance Group AG		1,875		571,462

			$	18,407,477


United Kingdom — 15.7%
Admiral Group PLC		7,337	$	200,153
Antofagasta PLC		15,011		187,458
Assura PLC		171,909		145,447
AstraZeneca PLC		17,806		1,061,292
Auto Trader Group PLC⁽²⁾		55,026		277,907
Aveva Group PLC		5,486		143,622
Aviva PLC		33,723		239,704
Babcock International Group PLC		11,872		132,250
BAE Systems PLC		53,721		426,213
Bellway PLC		2,729		114,915
Berendsen PLC		8,496		142,915
Berkeley Group Holdings PLC		2,841		131,022
BHP Billiton PLC		34,199		623,585
Big Yellow Group PLC		18,850		192,699
BP PLC		253,491		1,488,943
BT Group PLC		251,100		1,039,126
BTG PLC⁽¹⁾		28,530		248,019
Bunzl PLC		4,931		148,885
Capita PLC		12,557		109,107
Carnival PLC		3,100		209,239
Centamin PLC		78,849		172,945
Close Brothers Group PLC		8,168		166,080
Cobham PLC		51,870		90,859
Compass Group PLC		22,337		476,608
Computacenter PLC		6,506		75,925
ConvaTec Group PLC⁽¹⁾⁽²⁾		33,500		137,299
Croda International PLC		3,213		156,781


Security	Shares		Value


United Kingdom (continued)
Daily Mail & General Trust PLC, Class A		7,483	$	62,935
Diageo PLC		28,842		931,509
Dignity PLC		2,785		93,644
Direct Line Insurance Group PLC		36,729		181,519
DS Smith PLC		37,244		237,249
easyJet PLC		5,421		88,418
Electrocomponents PLC		31,298		256,159
Elementis PLC		29,679		116,010
Essentra PLC		15,665		110,546
Experian PLC		15,961		317,085
F&C Commercial Property Trust, Ltd.		84,703		166,278
Fidessa Group PLC		3,532		105,400
FirstGroup PLC⁽¹⁾		47,376		72,248
Fresnillo PLC		7,025		142,567
G4S PLC		40,281		174,848
GlaxoSmithKline PLC		72,294		1,439,154
Grainger PLC		44,653		154,936
Great Portland Estates PLC		22,137		175,917
Greene King PLC		15,057		136,020
Halma PLC		20,933		303,415
Hammerson PLC		50,263		380,921
Hansteen Holdings PLC		110,587		185,049
Hikma Pharmaceuticals PLC		10,323		192,159
Howden Joinery Group PLC		17,122		96,035
HSBC Holdings PLC		127,445		1,276,350
Imperial Brands PLC		14,265		587,480
Informa PLC		19,560		179,401
Inmarsat PLC		16,076		164,525
Intertek Group PLC		2,463		139,715
ITV PLC		58,097		132,856
John Wood Group PLC		39,561		319,279
Johnson Matthey PLC		4,006		148,472
Just Eat PLC⁽¹⁾		25,395		208,008
Kingfisher PLC		52,091		202,152
Land Securities Group PLC		41,979		566,109
Legal & General Group PLC		59,596		211,013
Lloyds Banking Group PLC		436,092		377,018
London Stock Exchange Group PLC		3,749		185,601
LondonMetric Property PLC		65,200		144,707
Meggitt PLC		22,446		148,980
Melrose Industries PLC		47,201		144,719
Merlin Entertainments PLC⁽²⁾		18,929		117,208
Micro Focus International PLC		11,235		330,852
Mondi PLC		7,410		195,175
Moneysupermarket.com Group PLC		49,262		215,685
National Grid PLC		143,150		1,771,320


Security	Shares		Value


United Kingdom (continued)
NCC Group PLC		55,133	$	140,922
Next PLC		3,752		195,575
Oxford Instruments PLC		4,584		63,228
Pearson PLC		23,750		205,534
Pennon Group PLC		44,900		477,243
Playtech PLC		15,382		194,928
Provident Financial PLC		4,000		108,892
Randgold Resources, Ltd.		2,477		230,569
Reckitt Benckiser Group PLC		7,993		777,138
RELX PLC		13,573		295,637
Renishaw PLC		4,494		247,018
Rentokil Initial PLC		45,403		174,008
Rio Tinto PLC		19,483		913,110
Royal Bank of Scotland Group PLC⁽¹⁾		40,000		131,142
Royal Dutch Shell PLC, Class A		58,587		1,654,580
Royal Mail PLC		24,965		132,748
RPC Group PLC		11,288		133,467
RSA Insurance Group PLC		27,586		237,510
Sage Group PLC (The)		61,511		547,016
Savills PLC		11,000		132,651
SDL PLC		5,875		49,855
Segro PLC		61,723		429,573
Severn Trent PLC		20,500		606,132
Shaftesbury PLC		21,900		284,130
Sky PLC		16,721		213,095
Spirax-Sarco Engineering PLC		2,730		200,364
Spirent Communications PLC		82,377		128,632
Standard Life PLC		27,303		157,159
Synthomer PLC		17,348		112,117
Tate & Lyle PLC		26,275		232,985
Tritax Big Box REIT PLC		139,760		275,990
UBM PLC		12,895		123,127
Unilever PLC		14,993		855,091
UNITE Group PLC (The)		22,502		199,259
United Utilities Group PLC		49,100		581,860
Victrex PLC		5,241		136,399
Vodafone Group PLC		767,900		2,250,986
WH Smith PLC		3,964		92,089
Whitbread PLC		2,947		149,649
William Hill PLC		42,200		139,478
Wolseley PLC		4,562		272,387
WPP PLC		21,438		437,202
Xaar PLC		11,461		63,907

			$	37,410,026


Total Common Stocks (identified cost $202,777,908)			$	236,699,601


Short-Term Investments— 0.7%


Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 1.28%⁽⁵⁾		1,581,977	$	1,582,294


Total Short-Term Investments (identified cost $1,582,294)			$	1,582,294


Total Investments — 99.9% (identified cost $204,360,202)			$	238,281,895


Other Assets, Less Liabilities — 0.1%			$	355,559


Net Assets — 100.0%			$	238,637,454

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

⁽¹⁾	Non-income producing security.

⁽²⁾	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally

to qualified institutional buyers). At July 31, 2017, the aggregate value of these securities is $6,080,448 or 2.5% of the Fund’s net assets.

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

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

⁽⁵⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2017.


Currency Concentration of Portfolio


Currency	Percentage of Net Assets			Value
Euro		34.4	%	$	82,025,800
British Pound Sterling		16.0			38,267,811
Japanese Yen		15.6			37,109,259
Swiss Franc		7.8			18,648,828
Australian Dollar		7.8			18,580,343
Swedish Krona		3.9			9,293,676
Hong Kong Dollar		3.6			8,684,684
United States Dollar		2.5			5,903,436
Norwegian Krone		2.1			4,875,782
Danish Krone		2.0			4,743,921
Singapore Dollar		1.7			4,058,283
Israeli Shekel		1.5			3,620,299
New Zealand Dollar		1.0			2,469,773

Total Investments		99.9	%	$	238,281,895


Sector Classification of Portfolio


Sector	Percentage of Net Assets			Value
Financials		11.1	%	$	26,576,470
Industrials		10.7			25,524,026
Consumer Staples		10.1			24,211,955
Consumer Discretionary		10.1			24,171,619
Materials		9.5			22,702,647
Information Technology		9.1			21,631,785
Health Care		8.8			20,925,358
Telecommunication Services		8.5			20,234,537
Real Estate		8.5			20,233,957
Utilities		7.2			17,189,150
Energy		5.6			13,298,097
Short-Term Investments		0.7			1,582,294

Total Investments		99.9	%	$	238,281,895

Abbreviations:


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

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

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

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

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.

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

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

I Interim Financial Statements — The interim financial statements relating to July 31, 2017 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

At January 31, 2017, the Fund, for federal income tax purposes, had deferred capital losses of $1,989,878 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2017, $1,989,878 are long-term.

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

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

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreements between the Fund and EVM, the fee is computed at an annual rate of 0.40% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the six months ended July 31, 2017, the investment adviser and administration fee amounted to $414,843 or 0.40% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.75%, 0.50%, 1.00% and 0.47% of the Fund’s average daily net assets for Investor Class, Institutional Class, Class R and Class R6, respectively. This agreement may be changed or terminated after May 31, 2018. Pursuant to this agreement, EVM and Parametric were allocated $116,381 in total of the Fund’s operating expenses for the six months ended July 31, 2017.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2017, EVM earned $1,660 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class (see Note 4).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 2017, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

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 six months ended July 31, 2017, the Fund paid or accrued to EVD $1,332 for Class R shares.

Pursuant to the Class R Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended July 31, 2017 amounted to $1,332 for Class R shares.

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

Purchases and sales of investments, other than short-term obligations, aggregated $48,752,877 and $11,868,623, respectively, for the six months ended July 31, 2017.

At July 31, 2017, an Eaton Vance collective investment trust and donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 35.9% of the value of the outstanding shares of the Fund.

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 six months ended July 31, 2017.

At July 31, 2017, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement of Parametric International Equity Fund (the “Fund”) with Eaton Vance Management (the “Adviser”) and the sub-advisory agreement with Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement and the sub-advisory agreement for the Fund.

In considering whether to approve the investment advisory and administrative agreement and the sub-advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, including recent changes to such personnel. With respect to the Adviser, the Board considered the Adviser’s responsibilities overseeing the Sub-adviser. The Board also noted the Adviser’s in-house equity research capabilities. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in global markets. The Board also noted the Sub-adviser’s experience in deploying quantitative-based investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in any benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund, the structure of the advisory fee, which includes breakpoints at several asset levels will allow the Fund to continue to benefit from any economies of scale in the future.

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

Top 10 Holdings (% of net assets)⁴


U.S. Treasury Note, 1.00%, 5/15/18	10.8	%

U.S. Treasury Note, 1.00%, 3/15/18	7.4

Apple, Inc.	1.9

Microsoft Corp.	1.4

Facebook, Inc., Class A	1.0

Johnson & Johnson	1.0

Berkshire Hathaway, Inc., Class B	0.9

Amazon.com, Inc.	0.9

Exxon Mobil Corp.	0.9

JPMorgan Chase & Co.	0.9

Total	27.1	%

CBOE S&P 500 BuyWrite Index 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. BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. BofA Merrill Lynch^® indices not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report, BofAML does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. The Blended Index consists of 50% S&P 500 Index and 50% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

³	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/18. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴	Depictions do not reflect the Fund’s option positions. Excludes short-term investments.

Fund profile subject to change due to active management.

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 9, 2017 – July 31, 2017). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (February 1, 2017 – July 31, 2017).


Common Stocks — 48.2%


Security	Shares		Value

Aerospace & Defense — 1.1%
Boeing Co. (The)		2,393	$	580,207
Raytheon Co.		1,850		317,774
United Technologies Corp.		3,436		407,407

			$	1,305,388


Air Freight & Logistics — 0.3%
C.H. Robinson Worldwide, Inc.		1,346	$	88,298
Expeditors International of Washington, Inc.		3,540		208,435

			$	296,733


Airlines — 0.3%
Alaska Air Group, Inc.		241	$	20,540
American Airlines Group, Inc.		2,108		106,328
Southwest Airlines Co.		3,872		214,935

			$	341,803


Auto Components — 0.2%
BorgWarner, Inc.		2,623	$	122,599
Goodyear Tire & Rubber Co. (The)		4,138		130,388

			$	252,987


Automobiles — 0.0%⁽¹⁾
Harley-Davidson, Inc.		595	$	28,959

			$	28,959


Banks — 3.3%
Bank of America Corp.		34,387	$	829,414
Citigroup, Inc.		10,157		695,247
Citizens Financial Group, Inc.		86		3,017
Fifth Third Bancorp		2,672		71,342
JPMorgan Chase & Co.		11,621		1,066,808
KeyCorp		4,855		87,584
People’s United Financial, Inc.		165		2,878
U.S. Bancorp		7,629		402,659
Wells Fargo & Co.		14,882		802,735

			$	3,961,684


Beverages — 1.1%
Brown-Forman Corp., Class B		66	$	3,260
Coca-Cola Co. (The)		11,727		537,566
Constellation Brands, Inc., Class A		437		84,494
Monster Beverage Corp.⁽²⁾		283		14,928


Security	Shares		Value

Beverages (continued)
PepsiCo, Inc.		5,378	$	627,129

			$	1,267,377


Biotechnology — 1.8%
AbbVie, Inc.		6,702	$	468,537
Amgen, Inc.		2,914		508,522
Celgene Corp.⁽²⁾		2,365		320,245
Gilead Sciences, Inc.		4,352		331,144
Regeneron Pharmaceuticals, Inc.⁽²⁾		564		277,274
Vertex Pharmaceuticals, Inc.⁽²⁾		1,502		228,033

			$	2,133,755


Building Products — 0.2%
Allegion PLC		279	$	22,666
Fortune Brands Home & Security, Inc.		3,024		198,586
Masco Corp.		511		19,484

			$	240,736


Capital Markets — 1.5%
Affiliated Managers Group, Inc.		19	$	3,531
Ameriprise Financial, Inc.		224		32,453
Charles Schwab Corp. (The)		7,261		311,497
E*TRADE Financial Corp.⁽²⁾		5,242		214,922
Franklin Resources, Inc.		3,065		137,251
Goldman Sachs Group, Inc. (The)		1,733		390,497
Invesco, Ltd.		193		6,711
Morgan Stanley		6,095		285,855
Nasdaq, Inc.		2,171		161,457
Northern Trust Corp.		944		82,609
S&P Global, Inc.		1,168		179,393

			$	1,806,176


Chemicals — 0.9%
Air Products and Chemicals, Inc.		1,435	$	203,985
Albemarle Corp.		1,137		131,665
CF Industries Holdings, Inc.		3,349		98,293
Eastman Chemical Co.		39		3,243
Ecolab, Inc.		1,271		167,353
FMC Corp.		2,601		198,664
International Flavors & Fragrances, Inc.		155		20,643
LyondellBasell Industries NV, Class A		2,109		190,000
Mosaic Co. (The)		2,725		65,781
PPG Industries, Inc.		31		3,263
Sherwin-Williams Co. (The)		64		21,585

			$	1,104,475


Security	Shares		Value

Commercial Services & Supplies — 0.3%
Cintas Corp.		394	$	53,131
Pitney Bowes, Inc.		232		3,652
Republic Services, Inc.		3,298		211,797
Stericycle, Inc.⁽²⁾		565		43,550

			$	312,130


Communications Equipment — 0.5%
Cisco Systems, Inc.		12,974	$	408,032
F5 Networks, Inc.⁽²⁾		22		2,657
Harris Corp.		1,886		215,891
Juniper Networks, Inc.		112		3,130

			$	629,710


Construction & Engineering — 0.1%
Fluor Corp.		1,223	$	53,115

			$	53,115


Construction Materials — 0.1%
Martin Marietta Materials, Inc.		538	$	121,819

			$	121,819


Consumer Finance — 0.0%⁽¹⁾
Navient Corp.		199	$	2,935

			$	2,935


Containers & Packaging — 0.1%
Avery Dennison Corp.		197	$	18,307
Sealed Air Corp.		816		35,504
WestRock Co.		2,020		115,989

			$	169,800


Distributors — 0.0%⁽¹⁾
LKQ Corp.⁽²⁾		99	$	3,421

			$	3,421


Diversified Consumer Services — 0.0%⁽¹⁾
H&R Block, Inc.		1,485	$	45,293

			$	45,293


Diversified Financial Services — 0.9%
Berkshire Hathaway, Inc., Class B⁽²⁾		6,202	$	1,085,164
Leucadia National Corp.		732		19,054

			$	1,104,218


Security	Shares		Value

Diversified Telecommunication Services — 1.1%
AT&T, Inc.		15,423	$	601,497
Level 3 Communications, Inc.⁽²⁾		1,345		78,925
Verizon Communications, Inc.		12,078		584,575

			$	1,264,997


Electric Utilities — 0.9%
Alliant Energy Corp.		838	$	33,964
Edison International		2,616		205,827
Entergy Corp.		2,613		200,469
Exelon Corp.		4,895		187,674
FirstEnergy Corp.		1,525		48,663
NextEra Energy, Inc.		2,470		360,842
Pinnacle West Capital Corp.		538		46,661

			$	1,084,100


Electrical Equipment — 0.2%
Acuity Brands, Inc.		246	$	49,852
AMETEK, Inc.		409		25,186
Eaton Corp. PLC		2,213		173,167

			$	248,205


Electronic Equipment, Instruments & Components — 0.2%
FLIR Systems, Inc.		85	$	3,172
TE Connectivity, Ltd.		2,514		202,101

			$	205,273


Energy Equipment & Services — 0.3%
Helmerich & Payne, Inc.		340	$	17,211
National Oilwell Varco, Inc.		1,842		60,252
Schlumberger, Ltd.		4,058		278,378
Transocean, Ltd.⁽²⁾		1,406		12,162

			$	368,003


Equity Real Estate Investment Trusts (REITs) — 1.4%
American Tower Corp.		1,504	$	205,040
Apartment Investment & Management Co., Class A		265		12,071
Boston Properties, Inc.		528		63,840
Digital Realty Trust, Inc.		1,418		163,552
Essex Property Trust, Inc.		462		120,905
Extra Space Storage, Inc.		659		52,391
Federal Realty Investment Trust		749		99,340
Host Hotels & Resorts, Inc.		2,096		39,111
Iron Mountain, Inc.		610		22,222
Kimco Realty Corp.		256		5,166
Macerich Co. (The)		1,946		111,681


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Mid-America Apartment Communities, Inc.		1,841	$	190,599
Public Storage		1,201		246,890
SL Green Realty Corp.		28		2,892
UDR, Inc.		923		36,080
Welltower, Inc.		2,206		161,898
Weyerhaeuser Co.		4,234		139,807

			$	1,673,485


Food & Staples Retailing — 1.0%
CVS Health Corp.		4,907	$	392,216
Sysco Corp.		2,872		151,125
Wal-Mart Stores, Inc.		6,279		502,257
Whole Foods Market, Inc.		3,160		131,962

			$	1,177,560


Food Products — 0.6%
Conagra Brands, Inc.		3,983	$	136,378
Hormel Foods Corp.		2,936		100,323
Kellogg Co.		3,039		206,652
McCormick & Co., Inc.		920		87,676
Tyson Foods, Inc., Class A		2,457		155,676

			$	686,705


Health Care Equipment & Supplies — 1.1%
Boston Scientific Corp.⁽²⁾		9,842	$	261,994
Cooper Cos., Inc. (The)		370		90,232
Dentsply Sirona, Inc.		974		60,417
Hologic, Inc.⁽²⁾		826		36,518
IDEXX Laboratories, Inc.⁽²⁾		692		115,190
Intuitive Surgical, Inc.⁽²⁾		279		261,775
Medtronic PLC		5,662		475,438
Varian Medical Systems, Inc.⁽²⁾		594		57,689

			$	1,359,253


Health Care Providers & Services — 1.5%
Aetna, Inc.		2,035	$	314,021
Cardinal Health, Inc.		1,739		134,355
Centene Corp.⁽²⁾		122		9,689
Cigna Corp.		1,188		206,189
DaVita, Inc.⁽²⁾		250		16,195
Envision Healthcare Corp.⁽²⁾		1,059		59,759
HCA Healthcare, Inc.⁽²⁾		862		69,253
Henry Schein, Inc.⁽²⁾		1,147		208,995
Patterson Cos., Inc.		719		29,997
UnitedHealth Group, Inc.		3,557		682,268


Security	Shares		Value

Health Care Providers & Services (continued)
Universal Health Services, Inc., Class B		715	$	79,244

			$	1,809,965


Hotels, Restaurants & Leisure — 0.8%
Darden Restaurants, Inc.		392	$	32,881
McDonald’s Corp.		3,339		518,012
Royal Caribbean Cruises, Ltd.		1,108		125,282
Starbucks Corp.		2,260		121,995
Wyndham Worldwide Corp.		855		89,236
Wynn Resorts, Ltd.		756		97,781

			$	985,187


Household Durables — 0.2%
Garmin, Ltd.		2,078	$	104,295
Leggett & Platt, Inc.		63		3,035
Lennar Corp., Class A		520		27,269
PulteGroup, Inc.		2,027		49,499

			$	184,098


Household Products — 0.7%
Clorox Co. (The)		447	$	59,670
Procter & Gamble Co. (The)		8,932		811,204

			$	870,874


Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		262	$	2,929
NRG Energy, Inc.		2,933		72,211

			$	75,140


Industrial Conglomerates — 1.2%
3M Co.		1,419	$	285,460
General Electric Co.		26,417		676,539
Honeywell International, Inc.		3,364		457,908
Roper Technologies, Inc.		39		9,066

			$	1,428,973


Insurance — 1.3%
Aflac, Inc.		3,274	$	261,102
Arthur J. Gallagher & Co.		57		3,351
Assurant, Inc.		34		3,579
Chubb, Ltd.		2,454		359,413
Cincinnati Financial Corp.		136		10,358
Hartford Financial Services Group, Inc.		4,218		231,990
Lincoln National Corp.		1,238		90,448


Security	Shares		Value

Insurance (continued)
Marsh & McLennan Cos., Inc.		1,875	$	146,194
Progressive Corp. (The)		2,370		111,698
Torchmark Corp.		751		59,306
Travelers Cos., Inc. (The)		1,249		159,984
Unum Group		1,433		71,836
XL Group, Ltd.		877		38,939

			$	1,548,198


Internet & Direct Marketing Retail — 1.3%
Amazon.com, Inc.⁽²⁾		1,097	$	1,083,595
Expedia, Inc.		451		70,568
Priceline Group, Inc. (The)⁽²⁾		172		348,902
TripAdvisor, Inc.⁽²⁾		2,651		103,442

			$	1,606,507


Internet Software & Services — 2.5%
Alphabet, Inc., Class A⁽²⁾		927	$	876,479
Alphabet, Inc., Class C⁽²⁾		978		910,029
Facebook, Inc., Class A⁽²⁾		7,314		1,237,894
VeriSign, Inc.⁽²⁾		37		3,743

			$	3,028,145


IT Services — 1.5%
Accenture PLC, Class A		1,314	$	169,270
Alliance Data Systems Corp.		63		15,210
CSRA, Inc.		101		3,294
Fidelity National Information Services, Inc.		588		53,637
Global Payments, Inc.		505		47,657
International Business Machines Corp.		2,301		332,886
Mastercard, Inc., Class A		3,938		503,276
Paychex, Inc.		53		3,066
Teradata Corp.⁽²⁾		101		3,214
Total System Services, Inc.		113		7,171
Visa, Inc., Class A		6,749		671,930
Western Union Co.		308		6,083

			$	1,816,694


Leisure Products — 0.1%
Hasbro, Inc.		516	$	54,634
Mattel, Inc.		3,684		73,754

			$	128,388


Life Sciences Tools & Services — 0.0%⁽¹⁾
PerkinElmer, Inc.		644	$	42,395

			$	42,395


Security	Shares		Value

Machinery — 0.8%
Cummins, Inc.		1,447	$	242,951
Flowserve Corp.		125		5,141
Fortive Corp.		2,243		145,212
Illinois Tool Works, Inc.		2,043		287,471
Ingersoll-Rand PLC		726		63,801
PACCAR, Inc.		3,543		242,518
Pentair PLC		53		3,343
Snap-on, Inc.		89		13,724
Xylem, Inc.		65		3,687

			$	1,007,848


Media — 1.4%
Comcast Corp., Class A		17,240	$	697,358
Discovery Communications, Inc., Class A⁽²⁾		6,304		155,078
Discovery Communications, Inc., Class C⁽²⁾		3,453		79,868
Interpublic Group of Cos., Inc.		815		17,612
News Corp., Class A		530		7,584
News Corp., Class B		244		3,587
Scripps Networks Interactive, Inc., Class A		238		20,804
TEGNA, Inc.		131		1,943
Twenty-First Century Fox, Inc., Class B		6,465		185,481
Viacom, Inc., Class B		800		27,936
Walt Disney Co. (The)		4,553		500,511

			$	1,697,762


Metals & Mining — 0.1%
Freeport-McMoRan, Inc.⁽²⁾		6,695	$	97,881
Nucor Corp.		1,032		59,515

			$	157,396


Multi-Utilities — 0.5%
Centerpoint Energy, Inc.		7,340	$	206,915
CMS Energy Corp.		1,851		85,590
NiSource, Inc.		3,625		94,468
SCANA Corp.		2,779		178,884

			$	565,857


Multiline Retail — 0.3%
Dollar Tree, Inc.⁽²⁾		2,251	$	162,252
Kohl’s Corp.		1,427		59,006
Macy’s, Inc.		1,005		23,869
Nordstrom, Inc.		584		28,365
Target Corp.		1,354		76,731

			$	350,223


Security	Shares		Value

Oil, Gas & Consumable Fuels — 2.6%
Andeavor		2,139	$	212,895
Apache Corp.		2,419		119,692
Cabot Oil & Gas Corp.		2,277		56,629
Chesapeake Energy Corp.⁽²⁾		5,248		26,030
Chevron Corp.		6,752		737,251
Concho Resources, Inc.⁽²⁾		1,069		139,248
EQT Corp.		3,632		231,358
Exxon Mobil Corp.		13,434		1,075,257
Hess Corp.		3,027		134,823
Murphy Oil Corp.		751		19,962
Newfield Exploration Co.⁽²⁾		1,152		33,097
Noble Energy, Inc.		1,655		47,846
ONEOK, Inc.		3,942		222,999

			$	3,057,087


Personal Products — 0.2%
Coty, Inc., Class A		5,861	$	120,033
Estee Lauder Cos., Inc. (The), Class A		1,089		107,800

			$	227,833


Pharmaceuticals — 2.7%
Allergan PLC		1,105	$	278,825
Bristol-Myers Squibb Co.		6,149		349,878
Johnson & Johnson		8,645		1,147,364
Mallinckrodt PLC⁽²⁾		62		2,840
Merck & Co., Inc.		10,109		645,763
Perrigo Co. PLC		686		51,395
Pfizer, Inc.		21,395		709,458

			$	3,185,523


Professional Services — 0.2%
Dun & Bradstreet Corp. (The)		58	$	6,424
Nielsen Holdings PLC		1,823		78,407
Robert Half International, Inc.		65		2,941
Verisk Analytics, Inc.⁽²⁾		1,440		125,655

			$	213,427


Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A⁽²⁾		2,422	$	92,012

			$	92,012


Road & Rail — 0.4%
J.B. Hunt Transport Services, Inc.		157	$	14,241
Kansas City Southern		1,110		114,541


Security	Shares		Value

Road & Rail (continued)
Ryder System, Inc.		41	$	2,983
Union Pacific Corp.		3,783		389,498

			$	521,263


Semiconductors & Semiconductor Equipment — 1.6%
Analog Devices, Inc.		3,094	$	244,457
Applied Materials, Inc.		5,354		237,236
Broadcom, Ltd.		1,781		439,301
First Solar, Inc.⁽²⁾		97		4,783
Intel Corp.		14,495		514,138
NVIDIA Corp.		2,497		405,787
Qorvo, Inc.⁽²⁾		290		19,882
Skyworks Solutions, Inc.		672		70,473

			$	1,936,057


Software — 2.4%
CA, Inc.		4,455	$	138,283
Microsoft Corp.		23,183		1,685,404
Oracle Corp.		11,777		588,026
Red Hat, Inc.⁽²⁾		2,353		232,641
Symantec Corp.		7,502		232,487

			$	2,876,841


Specialty Retail — 0.9%
AutoNation, Inc.⁽²⁾		820	$	34,752
Best Buy Co., Inc.		1,662		96,961
CarMax, Inc.⁽²⁾		1,789		118,521
Foot Locker, Inc.		785		37,044
Home Depot, Inc. (The)		4,335		648,516
Ross Stores, Inc.		1,207		66,771
Staples, Inc.		340		3,451
Tiffany & Co.		844		80,611
Tractor Supply Co.		356		19,979

			$	1,106,606


Technology Hardware, Storage & Peripherals — 2.0%
Apple, Inc.		15,357	$	2,284,047
NetApp, Inc.		2,400		104,208
Xerox Corp.		1,930		59,193

			$	2,447,448


Textiles, Apparel & Luxury Goods — 0.3%
Coach, Inc.		2,359	$	111,203
Hanesbrands, Inc.		3,283		75,246


Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Michael Kors Holdings, Ltd.⁽²⁾		81	$	2,952
PVH Corp.		68		8,112
Ralph Lauren Corp.		1,633		123,536
Under Armour, Inc., Class A⁽²⁾		2,124		42,523
Under Armour, Inc., Class C⁽²⁾		872		15,792

			$	379,364


Tobacco — 0.8%
Altria Group, Inc.		7,541	$	489,939
Philip Morris International, Inc.		3,457		403,466

			$	893,405


Trading Companies & Distributors — 0.1%
Fastenal Co.		1,831	$	78,660
United Rentals, Inc.⁽²⁾		761		90,528

			$	169,188


Water Utilities — 0.1%
American Water Works Co., Inc.		1,630	$	132,193

			$	132,193


Total Common Stocks (identified cost $55,891,391)			$	57,791,992


U.S. Treasury Obligations — 18.2%


Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Notes:
1.00%, 3/15/18⁽³⁾	$	8,830	$	8,819,492
1.00%, 5/15/18		13,000		12,975,664


Total U.S. Treasury Obligations (identified cost $21,801,220)			$	21,795,156


Short-Term Investments — 27.9%

U.S. Treasury Obligations — 26.5%


Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bills:
0.00%, 10/12/17⁽³⁾	$	2,740	$	2,734,082
0.00%, 1/4/18⁽³⁾		4,115		4,095,989
0.00%, 3/29/18		5,500		5,458,843


Security	Principal Amount (000’s omitted)		Value

U.S. Treasury Bills: (continued)
0.00%, 4/26/18	$	3,600	$	3,569,313
0.00%, 6/21/18		16,000		15,831,872


Total U.S. Treasury Obligations (identified cost $31,698,881)			$	31,690,099


Other — 1.4%


Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.28%⁽⁴⁾		1,689,824	$	1,690,163


Total Other (identified cost $1,690,163)			$	1,690,163


Total Short-Term Investments (identified cost $33,389,044)			$	33,380,262


Total Investments — 94.3% (identified cost $111,081,655)			$	112,967,410



Call Options Written — (0.1)%

Exchange-Traded Options — (0.1)%


Description	Number of Contracts		Strike Price		Expiration Date		Value

S&P 500 Index		20	$	2,470		8/2/17	$	(11,200	)
S&P 500 Index		26		2,465		8/4/17		(28,730	)
S&P 500 Index		12		2,465		8/7/17		(14,580	)
S&P 500 Index		19		2,480		8/9/17		(10,070	)
S&P 500 Index		21		2,490		8/11/17		(6,353	)
S&P 500 Index		18		2,490		8/14/17		(6,840	)
S&P 500 Index		19		2,505		8/16/17		(2,945	)
S&P 500 Index		19		2,505		8/18/17		(3,942	)
S&P 500 Index		19		2,500		8/21/17		(6,270	)
S&P 500 Index		19		2,510		8/23/17		(3,990	)
S&P 500 Index		20		2,500		8/25/17		(9,300	)
S&P 500 Index		21		2,505		8/28/17		(8,085	)


Total Call Options Written (premiums received $111,262)							$	(112,305	)


Put Options Written — (0.1)%

Exchange-Traded Options — (0.1)%


Description	Number of Contracts		Strike Price		Expiration Date		Value

S&P 500 Index		20	$	2,375		8/2/17	$	(250	)
S&P 500 Index		20		2,365		8/4/17		(700	)
S&P 500 Index		18		2,375		8/7/17		(1,080	)
S&P 500 Index		20		2,390		8/9/17		(2,750	)
S&P 500 Index		19		2,410		8/11/17		(5,273	)
S&P 500 Index		17		2,410		8/14/17		(5,695	)
S&P 500 Index		19		2,425		8/16/17		(10,355	)
S&P 500 Index		18		2,420		8/18/17		(10,800	)
S&P 500 Index		19		2,425		8/21/17		(13,205	)
S&P 500 Index		19		2,430		8/23/17		(16,150	)
S&P 500 Index		20		2,420		8/25/17		(16,700	)
S&P 500 Index		20		2,420		8/28/17		(18,200	)


Total Put Options Written (premiums received $190,951)							$	(101,158	)


Other Assets, Less Liabilities — 5.9%							$	7,045,952


Net Assets — 100.0%							$	119,799,899

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

⁽¹⁾	Amount is less than 0.05%.

⁽²⁾	Non-income producing security.

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

⁽⁴⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2017.

Parametric Volatility Risk Premium - Defensive Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund commenced operations on February 9, 2017. The Fund’s investment objective is total return. The Fund offers Institutional Class shares, which are sold at net asset value and are not subject to a sales charge.

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

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

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

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 the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

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

I Interim Financial Statements — The interim financial statements relating to July 31, 2017 and for the period then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

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

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.40% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. For the period ended July 31, 2017, the investment adviser and administration fee amounted to $101,185 or 0.40% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.55% of the Fund’s average daily net assets. This agreement may be changed or terminated after May 31, 2018. Pursuant to this agreement, EVM and Parametric were allocated $67,146 in total of the Fund’s operating expenses for the period ended July 31, 2017.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the period ended July 31, 2017, EVM earned $61 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the period ended July 31, 2017, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

Purchases and sales of investments, other than short-term obligations, aggregated $56,868,417 and $851,802, respectively, for the period ended July 31, 2017.

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:

At July 31, 2017, two shareholders each owned more than 10% of the outstanding shares of the Fund aggregating 55.2%.

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at July 31, 2017 is included in the Portfolio of Investments. At July 31, 2017, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at July 31, 2017 was as follows:

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the period ended July 31, 2017 was as follows:

At July 31, 2017, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that for a fund to enter into an investment advisory agreement with an investment adviser, the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), must approve the agreement and its terms at an in-person meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each, a “Board”) of the registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on December 12 and 13, 2016 (the “Meeting”), the Board, including a majority of the Independent Trustees, voted to approve the investment advisory and administrative agreement of Parametric Volatility Risk Premium - Defensive Fund (the “Fund”) with Eaton Vance Management (the “Adviser”) and the sub-advisory agreement with Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser.

Prior to voting its approval of the investment advisory and administrative agreement and the sub-advisory agreement, the Board received information from the Adviser and the Sub-adviser that the Board considered reasonably necessary to evaluate the terms of each agreement. The Board considered information furnished by the Adviser and the Sub-adviser for the Meeting relating specifically to the Fund, as well as information furnished for prior meetings of the Board and its committees. The Board also considered information provided in connection with the annual contract review process for other Eaton Vance Funds.

The information that the Board considered included, among other things, the following:

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board concluded that the terms of the Fund’s investment advisory and administrative agreement with the Adviser and the sub-advisory agreement with the Sub-adviser, including their fee structures, are in the interests of shareholders and, therefore, the Board, including a majority of the Independent Trustees, voted to approve the investment advisory and administrative agreement and sub-advisory agreement for the Fund. The conclusions reached with respect to each agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each agreement.

In considering whether to approve the investment advisory and administrative agreement and the sub-advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services to be provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment process with respect to the types of investments to be held by the Fund, including the education, experience and number of its investment professionals and other personnel who will provide portfolio management, investment research, and similar services to the Fund. With respect to the Adviser, the Board considered the Adviser’s responsibilities supervising the Sub-adviser and coordinating activities in implementing the Fund’s investment strategies. With respect to the Sub-adviser, the Board took into account the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement and the experience of the Sub-adviser’s investment professionals in analyzing factors such as tax and other special considerations relevant to investing in stocks and selling call and put options on one or more U.S. indices. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention expected to be devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services.

The Board considered shareholder and other administrative services to be provided or managed by the Adviser and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services to be provided by the Adviser and the Sub-adviser, taken as a whole, will be appropriate and consistent with the terms of the investment advisory and administrative agreement and the sub-advisory agreement.

Because the Fund had not yet commenced operations when the agreement was approved, the Fund had no performance record.

The Board considered contractual fee rates to be payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and estimated total expense ratio for a one-year period, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses.

After considering the foregoing information, and in light of the nature, extent and quality of the services to be provided by the Adviser and the Sub-adviser, the Board concluded that the management fees proposed to be charged to the Fund for advisory and related services are reasonable.

The Board considered the level of profits projected to be realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund. The Board considered the level of profits expected to be realized without regard to marketing support or other payments expected to be made by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits expected to be received by the Adviser and its affiliates, including the Sub-adviser, in connection with

their relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services to be rendered to the Fund, the profits expected to be realized by the Adviser and its affiliates, including the Sub-adviser, with respect to the Fund are deemed not to be excessive.

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Trust’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it or a “covered person” of the accounting firm (within the meaning of applicable SEC rules relating to auditor independence) receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and one or more lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds notwithstanding the existence of one or more breaches of the Loan Rule.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to an auditor independence issue arising under the Loan Rule. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

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

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

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

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

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

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

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.

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.


Performance			2

Fund Profile			3

Endnotes and Additional Disclosures			4

Fund Expenses			5

Financial Statements			6

Board of Trustees’ Contract Approval			41

Officers and Trustees			45

Important Notices			46


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Investor Class at NAV		06/30/2006		06/30/2006		13.15	%		17.22	%		3.74	%		1.27	%
Class C at NAV		06/30/2006		06/30/2006		12.69			16.32			2.97			0.52
Class C with 1% Maximum Sales Charge		—		—		11.69			15.32			2.97			0.52
Institutional Class at NAV		06/30/2006		06/30/2006		13.24			17.49			4.00			1.52
Class R6 at NAV		07/01/2014		06/30/2006		13.24			17.56			4.03			1.54
MSCI Emerging Markets Index		—		—		18.98	%		24.84	%		4.76	%		1.98	%


% Total Annual Operating Expense Ratios³					Investor Class			Class C			Institutional Class			Class R6
						1.38	%		2.13	%		1.13	%		1.08	%


	Beginning Account Value (2/1/17)		Ending Account Value (7/31/17)		Expenses Paid During Period* (2/1/17 – 7/31/17)		Annualized Expense Ratio


Actual
Investor Class	$	1,000.00	$	1,131.50	$	7.24		1.37	%
Class C	$	1,000.00	$	1,126.90	$	11.18		2.12	%
Institutional Class	$	1,000.00	$	1,132.40	$	5.92		1.12	%
Class R6	$	1,000.00	$	1,132.40	$	5.66		1.07	%



Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,018.00	$	6.85		1.37	%
Class C	$	1,000.00	$	1,014.30	$	10.59		2.12	%
Institutional Class	$	1,000.00	$	1,019.20	$	5.61		1.12	%
Class R6	$	1,000.00	$	1,019.50	$	5.36		1.07	%


Assets	July 31, 2017
Investments, at value (identified cost, $2,612,038,113)	$	2,961,468,142
Cash		79,253
Foreign currency, at value (identified cost, $7,742,636)		7,784,641
Dividends receivable		11,605,590
Receivable for investments sold		18,284,537
Receivable for Fund shares sold		2,064,195
Tax reclaims receivable		310,663
Total assets	$	3,001,597,021

Liabilities
Demand note payable	$	5,700,000
Payable for investments purchased		227,590
Payable for Fund shares redeemed		12,995,995
Payable to affiliates:
Investment adviser fee		1,983,956
Administration fee		377,682
Distribution and service fees		111,699
Accrued foreign capital gains taxes		1,188,714
Accrued expenses		1,198,975
Total liabilities	$	23,784,611
Net Assets	$	2,977,812,410

Sources of Net Assets
Paid-in capital	$	2,999,249,758
Accumulated net realized loss		(392,199,945	)
Accumulated undistributed net investment income		22,450,470
Net unrealized appreciation		348,312,127
Total	$	2,977,812,410

Investor Class Shares
Net Assets	$	481,245,510
Shares Outstanding		32,214,468
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.94

Class C Shares
Net Assets	$	9,698,852
Shares Outstanding		663,078
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	14.63

Institutional Class Shares
Net Assets	$	1,864,521,630
Shares Outstanding		124,137,543
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.02

Class R6 Shares
Net Assets	$	622,346,418
Shares Outstanding		41,427,064
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.02


Investment Income	Six Months Ended July 31, 2017
Dividends (net of foreign taxes, $6,311,740)	$	57,370,008
Interest		2,114
Total investment income	$	57,372,122

Expenses
Investment adviser fee	$	11,581,564
Administration fee		2,204,737
Distribution and service fees
Investor Class		637,804
Class C		47,000
Trustees’ fees and expenses		50,750
Custodian fee		1,573,173
Transfer and dividend disbursing agent fees		593,744
Legal and accounting services		77,021
Printing and postage		88,207
Registration fees		61,286
Miscellaneous		80,886
Total expenses	$	16,996,172

Net investment income	$	40,375,950

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $193,693)	$	(23,997,193	)
Foreign currency transactions		(104,745	)
Net realized loss	$	(24,101,938	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $319,638)	$	354,009,725
Foreign currency		72,253
Net change in unrealized appreciation (depreciation)	$	354,081,978

Net realized and unrealized gain	$	329,980,040

Net increase in net assets from operations	$	370,355,990


Increase (Decrease) in Net Assets	Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31, 2017
From operations —
Net investment income	$	40,375,950		$	52,149,638
Net realized loss from investment and foreign currency transactions		(24,101,938	)		(255,209,262	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		354,081,978			856,577,084
Net increase in net assets from operations	$	370,355,990		$	653,517,460
Distributions to shareholders —
From net investment income
Investor Class	$	(5,039,778	)	$	(8,417,254	)
Class C		(101,901	)		(115,100	)
Institutional Class		(19,184,920	)		(35,968,674	)
Class R6		(6,356,400	)		(11,003,612	)
Total distributions to shareholders	$	(30,682,999	)	$	(55,504,640	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	29,072,956		$	76,598,630
Class C		352,373			294,195
Institutional Class		214,507,075			774,512,603
Class R6		63,629,479			108,524,243
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		4,956,476			8,258,320
Class C		95,004			103,527
Institutional Class		13,946,323			27,838,794
Class R6		6,023,310			10,270,177
Cost of shares redeemed
Investor Class		(131,908,857	)		(196,693,620	)
Class C		(985,249	)		(2,628,575	)
Institutional Class		(464,145,460	)		(1,096,484,364	)
Class R6		(51,956,216	)		(249,220,033	)
Net decrease in net assets from Fund share transactions	$	(316,412,786	)	$	(538,626,103	)

Net increase in net assets	$	23,260,205		$	59,386,717

Net Assets
At beginning of period	$	2,954,552,205		$	2,895,165,488
At end of period	$	2,977,812,410		$	2,954,552,205

Accumulated undistributed net investment income included in net assets
At end of period	$	22,450,470		$	12,757,519


	Investor Class
	Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2017 (Unaudited)			2017			2016			2015			2014			2013
Net asset value — Beginning of period	$	13.340		$	10.990		$	13.850		$	14.070		$	15.260		$	13.940

Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.177		$	0.179		$	0.185		$	0.204		$	0.201		$	0.173
Net realized and unrealized gain (loss)		1.578			2.364			(2.851	)		(0.166	)		(1.204	)		1.339

Total income (loss) from operations	$	1.755		$	2.543		$	(2.666	)	$	0.038		$	(1.003	)	$	1.512

Less Distributions
From net investment income	$	(0.155	)	$	(0.193	)	$	(0.016	)	$	(0.180	)	$	(0.187	)	$	(0.181	)
From net realized gain		—			—			(0.178	)		(0.078	)		—			—
Tax return of capital		—			—			—			—			—			(0.011	)

Total distributions	$	(0.155	)	$	(0.193	)	$	(0.194	)	$	(0.258	)	$	(0.187	)	$	(0.192	)

Net asset value — End of period	$	14.940		$	13.340		$	10.990		$	13.850		$	14.070		$	15.260

Total Return⁽²⁾		13.15	%⁽³⁾		23.32	%		(19.59	)%		0.25	%		(6.62	)%		10.89	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	481,246		$	520,939		$	527,198		$	599,094		$	755,768		$	738,776
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾		1.37	%⁽⁵⁾		1.38	%		1.37	%		1.36	%		1.38	%		1.42	%
Net investment income		2.52	%⁽⁵⁾		1.44	%		1.43	%		1.34	%		1.36	%		1.22	%
Portfolio Turnover		1	%⁽³⁾		6	%		8	%		9	%		7	%		3	%


	Institutional Class
	Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2017 (Unaudited)			2017			2016			2015			2014			2013
Net asset value — Beginning of period	$	13.400		$	11.040		$	13.890		$	14.110		$	15.310		$	13.970

Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.196		$	0.212		$	0.233		$	0.243		$	0.224		$	0.222
Net realized and unrealized gain (loss)		1.579			2.375			(2.880	)		(0.162	)		(1.197	)		1.339

Total income (loss) from operations	$	1.775		$	2.587		$	(2.647	)	$	0.081		$	(0.973	)	$	1.561

Less Distributions
From net investment income	$	(0.155	)	$	(0.227	)	$	(0.025	)	$	(0.223	)	$	(0.227	)	$	(0.209	)
From net realized gain		—			—			(0.178	)		(0.078	)		—			—
Tax return of capital		—			—			—			—			—			(0.012	)

Total distributions	$	(0.155	)	$	(0.227	)	$	(0.203	)	$	(0.301	)	$	(0.227	)	$	(0.221	)

Net asset value — End of period	$	15.020		$	13.400		$	11.040		$	13.890		$	14.110		$	15.310

Total Return⁽²⁾		13.24	%⁽³⁾		23.64	%		(19.40	)%		0.55	%		(6.42	)%		11.22	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,864,522		$	1,884,610		$	1,803,056		$	3,227,614		$	3,392,890		$	2,739,147
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾		1.12	%⁽⁵⁾		1.13	%		1.12	%		1.11	%		1.13	%		1.16	%
Net investment income		2.78	%⁽⁵⁾		1.68	%		1.77	%		1.59	%		1.52	%		1.56	%
Portfolio Turnover		1	%⁽³⁾		6	%		8	%		9	%		7	%		3	%



Aggregate cost	$	2,634,875,929

Gross unrealized appreciation	$	788,301,677
Gross unrealized depreciation		(461,709,464	)

Net unrealized appreciation	$	326,592,213


Investor Class	Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31, 2017

Sales		2,062,680			6,129,611
Issued to shareholders electing to receive payments of distributions in Fund shares		331,094			681,959
Redemptions		(9,219,514	)		(15,731,257	)

Net decrease		(6,825,740	)		(8,919,687	)


Class C	Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31, 2017

Sales		25,284			23,292
Issued to shareholders electing to receive payments of distributions in Fund shares		6,480			8,751
Redemptions		(70,803	)		(212,691	)

Net decrease		(39,039	)		(180,648	)


Institutional Class	Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31, 2017

Sales		15,102,032			61,768,701
Issued to shareholders electing to receive payments of distributions in Fund shares		926,666			2,281,417
Redemptions		(32,548,493	)		(86,735,012	)

Net decrease		(16,519,795	)		(22,684,894	)


Asset Description	Level 1		Level 2			Level 3*		Total

Common Stocks
Asia/Pacific	$	25,961,058	$	1,318,809,289		$	1,607,821	$	1,346,378,168
Emerging Europe		30,777,554		499,863,408			287,108		530,928,070
Latin America		559,538,654		—			—		559,538,654
Middle East/Africa		4,562,737		495,733,143			379,700		500,675,580

Total Common Stocks	$	620,840,003	$	2,314,405,840	**	$	2,274,629	$	2,937,520,472

Equity-Linked Securities — Saudi Arabia	$	—	$	22,955,922		$	0	$	22,955,922
Rights		930,470		41,708			—		972,178
Short-Term Investments		—		19,570			—		19,570

Total Investments	$	621,770,473	$	2,337,423,040		$	2,274,629	$	2,961,468,142


Assets	July 31, 2017
Unaffiliated investments, at value (identified cost, $202,777,908)	$	236,699,601
Affiliated investment, at value (identified cost, $1,582,294)		1,582,294
Foreign currency, at value (identified cost, $195,954)		198,741
Dividends receivable		324,839
Dividends receivable from affiliated investment		1,819
Receivable for Fund shares sold		135,903
Tax reclaims receivable		350,978
Receivable from affiliates		31,129
Total assets	$	239,325,304

Liabilities
Payable for Fund shares redeemed	$	517,021
Payable to affiliates:
Investment adviser and administration fee		79,262
Distribution and service fees		11,533
Accrued expenses		80,034
Total liabilities	$	687,850
Net Assets	$	238,637,454

Sources of Net Assets
Paid-in capital	$	204,524,235
Accumulated net realized loss		(3,154,116	)
Accumulated undistributed net investment income		3,328,374
Net unrealized appreciation		33,938,961
Total	$	238,637,454

Investor Class Shares
Net Assets	$	53,249,377
Shares Outstanding		3,997,549
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.32

Institutional Class Shares
Net Assets	$	71,527,600
Shares Outstanding		5,345,041
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.38

Class R Shares
Net Assets	$	1,050,820
Shares Outstanding		79,280
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.25

Class R6 Shares
Net Assets	$	112,809,657
Shares Outstanding		8,427,005
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.39


Investment Income	Six Months Ended July 31, 2017
Dividends (net of foreign taxes, $439,903)	$	4,138,547
Dividends from affiliated investment		8,731
Total investment income	$	4,147,278

Expenses
Investment adviser and administration fee	$	414,843
Distribution and service fees
Investor Class		55,279
Class R		2,664
Trustees’ fees and expenses		6,474
Custodian fee		71,248
Transfer and dividend disbursing agent fees		38,520
Legal and accounting services		27,400
Printing and postage		12,335
Registration fees		37,236
Miscellaneous		16,638
Total expenses	$	682,637
Deduct —
Allocation of expenses to affiliates	$	116,381
Total expense reductions	$	116,381

Net expenses	$	566,256

Net investment income	$	3,581,022

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(493,874	)
Investment transactions — affiliated investment		92
Foreign currency transactions		8,126
Net realized loss	$	(485,656	)
Change in unrealized appreciation (depreciation) —
Investments	$	26,317,459
Foreign currency		23,237
Net change in unrealized appreciation (depreciation)	$	26,340,696

Net realized and unrealized gain	$	25,855,040

Net increase in net assets from operations	$	29,436,062


		6		See Notes to Financial Statements.


		7		See Notes to Financial Statements.


		8		See Notes to Financial Statements.


		9		See Notes to Financial Statements.


	Class R
	Six Months Ended July 31, 2017 (Unaudited)			Year Ended January 31, 2017			Period Ended January 31, 2016⁽¹⁾
Net asset value — Beginning of period	$	11.530		$	10.740		$	12.340

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.191		$	0.064		$	0.044
Net realized and unrealized gain (loss)		1.529			0.919			(1.384	)

Total income (loss) from operations	$	1.720		$	0.983		$	(1.340	)

Less Distributions
From net investment income	$	—		$	(0.183	)	$	(0.256	)
From net realized gain		—			(0.010	)		(0.004	)

Total distributions	$	—		$	(0.193	)	$	(0.260	)

Net asset value — End of period	$	13.250		$	11.530		$	10.740

Total Return⁽³⁾⁽⁴⁾		14.92	%⁽⁵⁾		9.22	%		(10.98	)%⁽⁵⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,051		$	786		$	1
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾		1.00	%⁽⁶⁾		1.04	%		1.15	%⁽⁶⁾
Net investment income		3.09	%⁽⁶⁾		0.56	%		0.82	%⁽⁶⁾
Portfolio Turnover		6	%⁽⁵⁾		22	%		34	%⁽⁷⁾



Aggregate cost	$	205,370,720

Gross unrealized appreciation	$	38,524,096
Gross unrealized depreciation		(5,612,921	)

Net unrealized appreciation	$	32,911,175


% Cumulative Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Institutional Class at NAV		02/09/2017		02/09/2017		—			—			—			5.20	%
CBOE S&P 500 BuyWrite Index		—		—		6.27	%		12.65	%		7.76	%		5.48	%
Blended Index		—		—		4.86			8.08			7.38			4.14


% Total Annual Operating Expense Ratios³														Institutional Class
Gross															0.68	%
Net															0.55


	Beginning Account Value (2/9/17)		Ending Account Value (7/31/17)		Expenses Paid During Period (2/9/17 – 7/31/17)			Annualized Expense Ratio


Actual*
Institutional Class	$	1,000.00	$	1,052.00	$	2.67	***		0.55	%


* The Fund had not commenced operations on February 1, 2017. Actual 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 173/365 (to reflect the period from commencement of operations on February 9, 2017 to July 31, 2017). The Example assumes that the $1,000 was invested at the net asset value per share determined at the opening of business on February 9, 2017.


	Beginning Account Value (2/1/17)		Ending Account Value (7/31/17)		Expenses Paid During Period (2/1/17 – 7/31/17)			Annualized Expense Ratio


Hypothetical**
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,022.10	$	2.76	***		0.55	%


Investment Income	Period Ended July 31, 2017⁽¹⁾
Dividends	$	237,489
Dividends from affiliated investment		19,611
Interest		117,288
Total investment income	$	374,388

Expenses
Investment adviser and administration fee	$	101,185
Trustees’ fees and expenses		3,292
Custodian fee		36,232
Transfer and dividend disbursing agent fees		536
Legal and accounting services		35,261
Printing and postage		2,121
Registration fees		26,036
Miscellaneous		2,512
Total expenses	$	207,175
Deduct —
Allocation of expenses to affiliates	$	67,146
Total expense reductions	$	67,146

Net expenses	$	140,029

Net investment income	$	234,359

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(124,988	)
Investment transactions — affiliated investment		(2,235	)
Written options		674,641
Net realized gain	$	547,418
Change in unrealized appreciation (depreciation) —
Investments	$	1,885,755
Written options		88,750
Net change in unrealized appreciation (depreciation)	$	1,974,505

Net realized and unrealized gain	$	2,521,923

Net increase in net assets from operations	$	2,756,282


Increase (Decrease) in Net Assets	Period Ended July 31, 2017 (Unaudited) ⁽¹⁾
From operations —
Net investment income	$	234,359
Net realized gain from investment transactions and written options		547,418
Net change in unrealized appreciation (depreciation) from investments and written options		1,974,505
Net increase in net assets from operations	$	2,756,282
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	123,374,036
Cost of shares redeemed		(6,330,419	)
Net increase in net assets from Fund share transactions	$	117,043,617

Net increase in net assets	$	119,799,899

Net Assets
At beginning of period	$	—
At end of period	$	119,799,899

Accumulated undistributed net investment income included in net assets
At end of period	$	234,359



Aggregate cost	$	111,081,720

Gross unrealized appreciation	$	2,516,968
Gross unrealized depreciation		(631,278	)

Net unrealized appreciation	$	1,885,690


	Period Ended July 31, 2017 (Unaudited)⁽¹⁾

Sales		11,994,831
Redemptions		(608,129	)

Net increase		11,386,702


	Number of Contracts			Premiums Received

Outstanding, beginning of period		—		$	—
Options written		1,630			1,099,455
Options terminated in closing purchase transactions		(957	)		(656,328	)
Options expired		(211	)		(140,914	)

Outstanding, end of period		462		$	302,213


	Fair Value
Derivative	Asset Derivative		Liability Derivative⁽¹⁾

Written options	$	—	$	(213,463	)


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Written options	$	674,641	$	88,750


(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.


By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		September 25, 2017


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		September 25, 2017

By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		September 25, 2017