Eaton Vance Mutual Funds Trust

N-CSRS 1 d620386dncsrs.htm EATON VANCE MUTUAL FUNDS TRUST Eaton Vance Mutual Funds Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

January 31

Date of Fiscal Year End

July 31, 2018

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Eaton Vance

Emerging Markets Debt Fund

Semiannual Report

July 31, 2018

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund is considered to be a commodity pool operator under CFTC regulations. The Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor. The CFTC has neither reviewed nor approved the Fund’s investment strategies.

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

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report July 31, 2018

Eaton Vance

Emerging Markets Debt Fund

Table of Contents


Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Fund Expenses			4

Financial Statements			5

Board of Trustees’ Contract Approval			21

Officers and Trustees			24

Important Notices			25

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Performance^1,2

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


% Cumulative Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class I at NAV		05/01/2018		05/01/2018		—			—			—			–1.26	%
JPMorgan Emerging Market Bond Index (EMBI) Global Diversified		—		—		–2.76	%		0.07	%		5.42	%		0.70	%
% Total Annual Operating Expense Ratios³														Class I
Gross															1.00	%
Net															0.85

Fund Profile

Asset Allocation (% of net assets)⁴

LOGO

Country Allocation (% of net assets)⁵


Turkey	6.0	%	Egypt	2.6	%

Argentina	5.7		Fiji	2.6

Tanzania	5.1		United Arab Emirates	2.6

Sri Lanka	5.0		Macedonia	2.6

El Salvador	4.9		Romania	2.5

Indonesia	4.1		Croatia	2.5

Honduras	4.0		Barbados	2.5

Lithuania	3.0		Albania	2.5

Dominican Republic	2.9		Colombia	2.4

Georgia	2.7		Saudi Arabia	2.4

Angola	2.7		Tunisia	2.4

Armenia	2.6		India	2.4

Bahamas	2.6		China	2.3

Nigeria	2.6		Vietnam	1.8

Serbia	2.6		Brazil	1.5

See Endnotes and Additional Disclosures in this report.

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


		2

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Endnotes and Additional Disclosures

JPMorgan Emerging Market Bond Index (EMBI) Global Diversified is a market-cap weighted index that measures USD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

³	Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/19. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

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

⁵	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		3

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees 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 (May 1, 2018 – July 31, 2018). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (February 1, 2018 – July 31, 2018).

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

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

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


	Beginning Account Value (5/1/18)		Ending Account Value (7/31/18)		Expenses Paid During Period (5/1/18 – 7/31/18)			Annualized Expense Ratio

Actual*
Class I	$	1,000.00	$	987.40	$	2.13	***		0.85	%

The Fund had not commenced operations on February 1, 2018. 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 92/365 (to reflect the period from commencement of operations on May 1, 2018 to July 31, 2018). The Example assumes that the $1,000 was invested at the net asset value per share determined at the opening of business on May 1, 2018.


	Beginning Account Value (2/1/18)		Ending Account Value (7/31/18)		Expenses Paid During Period (2/1/18 – 7/31/18)			Annualized Expense Ratio

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

Hypothetical expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the opening of business on May 1, 2018.

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


		4

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Portfolio of Investments (Unaudited)


Foreign Government Bonds — 77.9%
Security		Principal Amount (000’s omitted)		Value

Albania — 2.5%
Republic of Albania, 5.75%, 11/12/20⁽¹⁾	EUR		150	$	192,763
Total Albania				$	192,763

Angola — 2.7%
Republic of Angola, 8.25%, 5/9/28⁽¹⁾	USD		200	$	208,102
Total Angola				$	208,102

Argentina — 5.7%
Republic of Argentina, 6.25%, 11/9/47	EUR		220	$	210,452
Republic of Argentina, 6.625%, 7/6/28	USD		270		239,153
Total Argentina				$	449,605

Armenia — 2.6%
Republic of Armenia, 6.00%, 9/30/20⁽¹⁾	USD		200	$	206,278
Total Armenia				$	206,278

Bahamas — 2.6%
Commonwealth of Bahamas, 5.75%, 1/16/24⁽¹⁾	USD		200	$	204,500
Total Bahamas				$	204,500

Barbados — 2.5%
Government of Barbados, 7.25%, 12/15/21⁽¹⁾⁽²⁾	USD		350	$	192,920
Total Barbados				$	192,920

Brazil — 1.5%
Federative Republic of Brazil, 8.875%, 4/15/24	USD		100	$	121,450
Total Brazil				$	121,450

Colombia — 2.4%
Republic of Colombia, 2.625%, 3/15/23	USD		200	$	191,375
Total Colombia				$	191,375

Croatia — 2.5%
Croatia, 3.875%, 5/30/22⁽¹⁾	EUR		150	$	195,988
Total Croatia				$	195,988

Dominican Republic — 2.9%
Dominican Republic, 8.625%, 4/20/27⁽¹⁾	USD		200	$	227,500
Total Dominican Republic				$	227,500


Security		Principal Amount (000’s omitted)		Value

Egypt — 2.6%
Arab Republic of Egypt, 6.125%, 1/31/22⁽¹⁾	USD		200	$	203,280
Total Egypt				$	203,280

El Salvador — 4.9%
Republic of El Salvador, 7.75%, 1/24/23⁽¹⁾	USD		365	$	387,670
Total El Salvador				$	387,670

Fiji — 2.6%
Republic of Fiji, 6.625%, 10/2/20⁽¹⁾	USD		200	$	203,038
Total Fiji				$	203,038

Georgia — 2.7%
Republic of Georgia, 6.875%, 4/12/21⁽¹⁾	USD		200	$	213,874
Total Georgia				$	213,874

Honduras — 4.0%
Republic of Honduras, 8.75%, 12/16/20⁽¹⁾	USD		285	$	312,562
Total Honduras				$	312,562

Indonesia — 4.1%
Republic of Indonesia, 3.70%, 1/8/22⁽¹⁾	USD		320	$	319,431
Total Indonesia				$	319,431

Lithuania — 3.0%
Republic of Lithuania, 7.375%, 2/11/20⁽¹⁾	USD		220	$	234,880
Total Lithuania				$	234,880

Macedonia — 2.6%
Republic of Macedonia, 2.75%, 1/18/25⁽¹⁾	EUR		170	$	200,001
Total Macedonia				$	200,001

Romania — 2.5%
Romania, 6.75%, 2/7/22⁽¹⁾	USD		180	$	197,710
Total Romania				$	197,710

Saudi Arabia — 2.4%
Saudi International Bond, 3.25%, 10/26/26⁽¹⁾	USD		200	$	188,990
Total Saudi Arabia				$	188,990

Serbia — 2.6%
Republic of Serbia, 4.875%, 2/25/20⁽¹⁾	USD		200	$	203,855
Total Serbia				$	203,855


		5		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security		Principal Amount (000’s omitted)		Value

Sri Lanka — 5.0%
Republic of Sri Lanka, 6.125%, 6/3/25⁽¹⁾	USD		400	$	389,319
Total Sri Lanka				$	389,319

Tunisia — 2.4%
Banque Centrale de Tunisie International Bond, 5.625%, 2/17/24⁽¹⁾	EUR		156	$	185,577
Total Tunisia				$	185,577

Turkey — 6.0%
Republic of Turkey, 6.125%, 10/24/28	USD		215	$	196,666
Republic of Turkey, 6.25%, 9/26/22	USD		275		272,468
Total Turkey				$	469,134

United Arab Emirates — 2.6%
Dubai DOF Sukuk, Ltd., 3.875%, 1/30/23⁽¹⁾	USD		200	$	201,238
Total United Arab Emirates				$	201,238

Total Foreign Government Bonds (identified cost $6,288,718)				$	6,101,040

Foreign Corporate Bonds — 6.5%
Security		Principal Amount (000’s omitted)		Value

China — 2.3%
State Grid Overseas Investment 2016, Ltd., 2.875%, 5/18/26⁽¹⁾	USD		200	$	184,105
Total China				$	184,105

India — 2.4%
Export-Import Bank of India, 3.375%, 8/5/26⁽¹⁾	USD		200	$	184,534
Total India				$	184,534

Vietnam — 1.8%
Debt and Asset Trading Corp., 1.00%, 10/10/25⁽¹⁾	USD		200	$	139,500
Total Vietnam				$	139,500

Total Foreign Corporate Bonds (identified cost $512,816)				$	508,139


Sovereign Loans — 7.7%
Borrower		Principal Amount (000’s omitted)		Value

Nigeria — 2.6%
Bank of Industry Limited, Term Loan, 8.31%, (3 mo. USD LIBOR + 6.00%), Maturing May 21, 2021⁽³⁾⁽⁴⁾	USD		200	$	203,953
Total Nigeria				$	203,953

Tanzania — 5.1%
Government of the United Republic of Tanzania, Term Loan, 7.53%, (6 mo. USD LIBOR + 5.20%), Maturing May 23, 2023⁽³⁾⁽⁴⁾	USD		400	$	402,712
Total Tanzania				$	402,712

Total Sovereign Loans (identified cost $595,588)				$	606,665

Short-Term Investments — 3.9%
Description		Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.16%⁽⁵⁾			304,315	$	304,315

Total Short-Term Investments (identified cost $304,332)				$	304,315

Total Investments — 96.0% (identified cost $7,701,454)				$	7,520,159

Other Assets, Less Liabilities — 4.0%				$	316,354

Net Assets — 100.0%				$	7,836,513

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

⁽¹⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At July 31, 2018, the aggregate value of these securities is $5,377,615 or 68.6% of the Fund’s net assets.

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

⁽³⁾	Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽⁴⁾	Variable rate security. The stated interest rate represents the rate in effect at July 31, 2018.

⁽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, 2018.


		6		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Forward Foreign Currency Exchange Contracts

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

USD	208,279	EUR	172,574	Standard Chartered Bank		8/6/18	$	6,422	$	—
USD	108,646	EUR	92,507	Standard Chartered Bank		10/30/18		—		(255	)
USD	186,876	EUR	159,116	Standard Chartered Bank		10/30/18		—		(439	)
USD	198,623	EUR	169,119	Standard Chartered Bank		10/30/18		—		(467	)
USD	200,655	EUR	170,848	Standard Chartered Bank		10/30/18		—		(472	)
USD	114,911	EUR	97,161	Barclays Bank PLC		11/15/18		378		—

							$	6,800	$	(1,633	)


Futures Contracts

Description	Number of Contracts		Position		Expiration Month/Year		Notional Amount		Value/Net Unrealized Depreciation

Interest Rate Futures
U.S. 5-Year Treasury Note		10		Long		Sep-18	$	1,131,250	$	(786	)
U.S. 10-Year Treasury Note		12		Long		Sep-18		1,433,063		(941	)

									$	(1,727	)

Centrally Cleared Interest Rate Swaps

Counterparty

Notional
Amount
(000’s omitted)

Fund
Pays/Receives
Floating Rate

Floating Rate

Annual
Fixed Rate

Termination
Date

Value/Net
Unrealized
Appreciation
(Depreciation)

LCH.Clearnet

EUR

130

Receives

6-month Euro Interbank Offered Rate (pays semi-annually)

0.36%
(pays annually)

5/8/23

(701

)

LCH.Clearnet

EUR

165

Receives

6-month Euro Interbank Offered Rate (pays semi-annually)

0.37%
(pays annually)

5/9/23

(935

)

LCH.Clearnet

EUR

Receives

6-month Euro Interbank Offered Rate (pays semi-annually)

0.40%
(pays annually)

5/15/23

(620

)

LCH.Clearnet

EUR

Receives

6-month Euro Interbank Offered Rate (pays semi-annually)

1.60%
(pays annually)⁽¹⁾

5/18/48

(25

)

LCH.Clearnet

EUR

Receives

6-month Euro Interbank Offered Rate (pays semi-annually)

1.46%
(pays annually)

5/31/48

676

LCH.Clearnet

USD

213

Receives

3-month USD-LIBOR-BBA (pays quarterly)

3.11%
(pays semi-annually)

5/17/28

(1,865

)

(3,470

)

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


		7		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Centrally Cleared Credit Default Swaps — Sell Protection

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

Brazil	ICE Clear Credit	$	200		1.00% (pays quarterly)⁽¹⁾		6/20/23		2.13	%	$	(9,642	)	$	7,327	$	(2,315	)
Mexico	ICE Clear Credit		200		1.00% (pays quarterly)⁽¹⁾		6/20/23		1.14			(1,055	)		1,331		276
Russia	ICE Clear Credit		200		1.00% (pays quarterly)⁽¹⁾		6/20/23		1.31			(2,569	)		3,387		818

Total		$	600								$	(13,266	)	$	12,045	$	(1,221	)


Credit Default Swaps — Sell Protection

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

Turkey	Citibank, N.A.	$	210		1.00% (pays quarterly)⁽¹⁾		6/20/23		3.21	%	$	(19,238	)	$	14,487	$	(4,751	)

Total		$	210								$	(19,238	)	$	14,487	$	(4,751	)

If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At July 31, 2018, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $810,000.

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

***

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

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

Abbreviations:


LIBOR		–		London Interbank Offered Rate

Currency Abbreviations:


EUR	–	Euro
USD	–	United States Dollar


		8		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Statement of Assets and Liabilities (Unaudited)


Assets	July 31, 2018
Unaffiliated investments, at value (identified cost, $7,397,122)	$	7,215,844
Affiliated investment, at value (identified cost, $304,332)		304,315
Deposits for derivatives collateral —
Financial futures contracts		19,400
Centrally cleared swap contracts		206,969
Foreign currency, at value (identified cost, $12,154)		12,135
Interest receivable		118,189
Dividends receivable from affiliated investment		394
Receivable for variation margin on open financial futures contracts		48,183
Receivable for open forward foreign currency exchange contracts		6,800
Receivable from affiliate		8,040
Total assets	$	7,940,269

Liabilities
Payable for variation margin on open centrally cleared swap contracts	$	3,886
Payable for open forward foreign currency exchange contracts		1,633
Payable for open swap contracts		4,751
Premium received on open non-centrally cleared swap contracts		14,487
Due to custodian		32,657
Payable to affiliate:
Investment adviser and administration fee		4,309
Accrued expenses		42,033
Total liabilities	$	103,756
Net Assets	$	7,836,513

Sources of Net Assets
Paid-in capital	$	8,000,000
Accumulated undistributed net investment income		397
Accumulated net realized gain		23,555
Net unrealized depreciation		(187,439	)
Total	$	7,836,513

Class I Shares
Net Assets	$	7,836,513
Shares Outstanding		800,000
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.80


		9		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Statement of Operations (Unaudited)


Investment Income	Period Ended July 31, 2018⁽¹⁾
Interest	$	71,821
Dividends from affiliated investment		4,298
Total investment income	$	76,119

Expenses
Investment adviser and administration fee	$	12,734
Trustees’ fees and expenses		417
Custodian fee		8,273
Transfer and dividend disbursing agent fees		896
Legal and accounting services		18,281
Printing and postage		3,014
Registration fees		11,911
Miscellaneous		2,664
Total expenses	$	58,190
Deduct —
Allocation of expenses to affiliate	$	41,508
Total expense reductions	$	41,508

Net expenses	$	16,682

Net investment income	$	59,437

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	961
Investment transactions — affiliated investment		768
Financial futures contracts		3,377
Swap contracts		2,031
Foreign currency transactions		(677	)
Forward foreign currency exchange contracts		17,095
Net realized gain	$	23,555
Change in unrealized appreciation (depreciation) —
Investments	$	(181,278	)
Investments — affiliated investment		(17	)
Financial futures contracts		(1,727	)
Swap contracts		(9,442	)
Foreign currency		(142	)
Forward foreign currency exchange contracts		5,167
Net change in unrealized appreciation (depreciation)	$	(187,439	)

Net realized and unrealized loss	$	(163,884	)

Net decrease in net assets from operations	$	(104,447	)

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


		10		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Statement of Changes in Net Assets


Increase (Decrease) in Net Assets	Period Ended July 31, 2018 (Unaudited)⁽¹⁾
From operations —
Net investment income	$	59,437
Net realized gain		23,555
Net change in unrealized appreciation (depreciation)		(187,439	)
Net decrease in net assets from operations	$	(104,447	)
Distributions to shareholders —
From net investment income	$	(59,040	)
Total distributions to shareholders	$	(59,040	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	8,000,000
Net increase in net assets from Fund share transactions	$	8,000,000

Net increase in net assets	$	7,836,513

Net Assets
At beginning of period	$	—
At end of period	$	7,836,513

Accumulated undistributed net investment income included in net assets
At end of period	$	397

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


		11		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Financial Highlights


	Class I
	Period Ended July 31, 2018 (Unaudited)⁽¹⁾
Net asset value — Beginning of period	$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.074
Net realized and unrealized loss		(0.200	)

Total loss from operations	$	(0.126	)

Less Distributions
From net investment income	$	(0.074	)

Total distributions	$	(0.074	)

Net asset value — End of period	$	9.800

Total Return⁽³⁾⁽⁴⁾		(1.26	)%⁽⁵⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,837
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾		0.85	%⁽⁶⁾
Net investment income		3.03	%⁽⁶⁾
Portfolio Turnover		11	%⁽⁵⁾

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

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾	The investment adviser and administrator reimbursed certain operating expenses (equal to 2.12% of average daily net assets for the period ended July 31, 2018). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.


		12		See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Emerging Markets Debt Fund (the Fund) is a non-diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund commenced operations on May 1, 2018. The Fund’s investment objective is total return. The Fund offers Class I shares, which are sold at net asset value and are not subject to a sales charge.

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

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

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

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

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

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

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

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

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

As of July 31, 2018, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.


		13

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

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

F 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 Financial Futures Contracts — Upon entering into a financial futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

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

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

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

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


		14

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 6 and 10. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

L Interim Financial Statements — The interim financial statements relating to July 31, 2018 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.

2 Distributions to Shareholders and Income Tax Information

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

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



Aggregate cost	$	7,715,747

Gross unrealized appreciation	$	33,406
Gross unrealized depreciation		(234,996	)

Net unrealized depreciation	$	(201,590	)

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.65% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the period ended July 31, 2018, the investment adviser and administration fee amounted to $12,734 or 0.65% (annualized) of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.85% of the Fund’s average daily net assets for Class I. This agreement may be changed or terminated after May 31, 2019. Pursuant to this agreement, EVM was allocated $41,508 of the Fund’s operating expenses for the period ended July 31, 2018.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the period ended July 31, 2018, EVM earned no fees from the Fund pursuant to such agreement.

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


		15

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $8,189,183 and $783,643, respectively, for the period ended July 31, 2018.

5 Shares of Beneficial Interest

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


	Period Ended July 31, 2018 (Unaudited)⁽¹⁾

Sales		800,000

Net increase		800,000

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

At July 31, 2018, EVM owned 100% of the outstanding shares of the Fund.

6 Financial Instruments

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

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

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

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

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

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At July 31, 2018, the fair value of derivatives with credit-related contingent features in a net liability position was $20,871. At July 31, 2018, there were no assets pledged by the Fund for such liability.

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


		16

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2018 was as follows:


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


Net unrealized depreciation*	$	—		$	—		$	676		$	676
Receivable for open forward foreign currency exchange contracts		—			6,800			—			6,800

Total Asset Derivatives	$	—		$	6,800		$	676		$	7,476

Derivatives not subject to master netting or similar agreements	$	—		$	—		$	676		$	676

Total Asset Derivatives subject to master netting or similar agreements	$	—		$	6,800		$	—		$	6,800

	Credit			Foreign Exchange			Interest Rate			Total

Net unrealized depreciation*	$	(13,266	)	$	—		$	(5,873	)	$	(19,139	)
Payable for open forward foreign currency exchange contracts		—			(1,633	)		—			(1,633	)
Payable for open swap contracts; Premium received on open non-centrally cleared swap contracts		(19,238	)		—			—			(19,238	)

Total Liability Derivatives	$	(32,504	)	$	(1,633	)	$	(5,873	)	$	(40,010	)

Derivatives not subject to master netting or similar agreements	$	(13,266	)	$	—		$	(5,873	)	$	(19,139	)

Total Liability Derivatives subject to master netting or similar agreements	$	(19,238	)	$	(1,633	)	$	—		$	(20,871	)

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


		17

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

The Fund’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of July 31, 2018.


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

Barclays Bank PLC	$	378		$	—		$	—	$	—	$	378
Standard Chartered Bank		6,422			(1,633	)		—		—		4,789

	$	6,800		$	(1,633	)	$	—	$	—	$	5,167

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

Citibank, N.A.	$	(19,238	)	$	—		$	—	$	—	$	(19,238	)
Standard Chartered Bank		(1,633	)		1,633			—		—		—

	$	(20,871	)	$	1,633		$	—	$	—	$	(19,238	)

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

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the period ended July 31, 2018 was as follows:


Statement of Operations Caption	Credit			Foreign Exchange		Interest Rate

Net realized gain (loss) —
Financial futures contracts	$	—		$	—	$	3,377
Swap contracts		2,012			—		19
Forward foreign currency exchange contracts		—			17,095		—

Total	$	2,012		$	17,095	$	3,396

Change in unrealized appreciation (depreciation) —
Financial futures contracts	$	—		$	—	$	(1,727	)
Swap contracts		(5,972	)		—		(3,470	)
Forward foreign currency exchange contracts		—			5,167		—

Total	$	(5,972	)	$	5,167	$	(5,197	)


		18

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the period ended July 31, 2018, which are indicative of the volume of these derivative types, were approximately as follows:


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

	$1,409,000	$	1,037,000	$	1,591,000

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

7 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 30, 2018. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the period ended July 31, 2018.

8 Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At July 31, 2018, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $32,657. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at July 31, 2018. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at July 31, 2018. The Fund’s average overdraft advances during the period ended July 31, 2018 were not significant.

9 Risks Associated with Foreign Investments

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

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

10 Fair Value Measurements

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

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

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


		19

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

At July 31, 2018, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2			Level 3		Total

Foreign Government Bonds	$	—		$	6,101,040		$	—	$	6,101,040
Foreign Corporate Bonds		—			508,139			—		508,139
Sovereign Loans		—			606,665			—		606,665
Short-Term Investments		—			304,315			—		304,315

Total Investments	$	—		$	7,520,159		$	—	$	7,520,159

Forward Foreign Currency Exchange Contracts	$	—		$	6,800		$	—	$	6,800
Swap Contracts		—			676			—		676

Total	$	—		$	7,527,635		$	—	$	7,527,635

Liability Description

Forward Foreign Currency Exchange Contracts	$	—		$	(1,633	)	$	—	$	(1,633	)
Futures Contracts		(1,727	)		—			—		(1,727	)
Swap Contracts		—			(36,650	)		—		(36,650	)

Total	$	(1,727	)	$	(38,283	)	$	—	$	(40,010	)


		20

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that 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 Board 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 24 and 25, 2018 (the “Meeting”), the Board, including a majority of the Independent Trustees, voted to approve the investment advisory and administrative agreement of Eaton Vance Emerging Markets Debt (the “Fund”) with Eaton Vance Management (the “Adviser”).

Prior to voting its approval of the investment advisory and administrative agreement, the Board received information from the Adviser that the Board considered reasonably necessary to evaluate the terms of the agreement. The Board considered information furnished by the 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:

Information about Fees and Expenses

•

The advisory and related fees payable by the Fund and the anticipated expense ratio of the Fund;

•

Information comparing the advisory and related fees to be payable by the Fund with fees paid by comparable funds, as identified by an independent data provider (“comparable funds”);

•

Information comparing the expected total expense ratio and its components to comparable funds;

•

Pro forma profitability analyses for the Adviser with respect to the Fund;

Information about Portfolio Management and Trading

•

Descriptions of the investment management services provided by the Adviser, including with respect to the Fund’s investment strategies and policies;

•

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

•

Information about policies and practices with respect to trading, including processes for monitoring best execution of portfolio transactions;

•

Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information with respect to “soft dollars”;

Information about the Adviser

•

Reports detailing the financial results and condition of the Adviser;

•

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities will include portfolio management and investment research for the Fund, and information relating to their responsibilities with respect to managing other mutual funds and investment accounts;

•

The Codes of Ethics of the Adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

•

Information concerning the resources devoted to compliance efforts undertaken by the Adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

•

Information concerning the business continuity and disaster recovery plans of the Adviser and its affiliates;

Other Relevant Information

•

Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by the Adviser and its affiliates;

•

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the Adviser and its affiliates; and

•

The terms of the investment advisory and administrative agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board concluded that the terms of the Fund’s investment advisory and administrative agreement with the Adviser, including its fee structure, are in the interests of shareholders and, therefore, the Board, including a majority of the Independent Trustees, voted to approve the agreement for the Fund. The


		21

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Board of Trustees’ Contract Approval — continued

conclusions reached with respect to the 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 the agreement.

Nature, Extent and Quality of Services

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

The Board considered the 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. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing factors relevant to investing in investment grade income instruments issued by emerging market entities or sovereign nations and derivative instruments, based on currencies, interest rates, or issues of emerging market countries. 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 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. 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 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.

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, taken as a whole, will be appropriate and consistent with the terms of the investment advisory and administrative agreement.

Fund Performance

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

Management Fees and Expenses

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, the Board concluded that the management fees proposed to be charged for advisory and related services are reasonable.

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits projected to be realized by the Adviser and relevant affiliates thereof 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 in connection with their relationships with the Fund, including the benefits of research services that may be available to the 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 with respect to the Fund are deemed not to be excessive.


		22

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Board of Trustees’ Contract Approval — continued

Economies of Scale


		23

Eaton Vance

Emerging Markets Debt Fund

July 31, 2018

Officers and Trustees

Officers of Eaton Vance Emerging Markets Debt Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Emerging Markets Debt Fund

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Scott E. Wennerholm

*	Interested Trustee


		24

Eaton Vance Funds

IMPORTANT NOTICES

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

•

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

•

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

•

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

•

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

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

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.


		25

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

LOGO

29947 7.31.18

LOGO

Parametric Emerging Markets Fund

Semiannual Report

July 31, 2018

LOGO

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

Semiannual Report July 31, 2018

Parametric Emerging Markets Fund

Table of Contents


Performance			2

Fund Profile			3

Endnotes and Additional Disclosures			4

Fund Expenses			5

Financial Statements			6

Board of Trustees’ Contract Approval			41

Officers and Trustees			44

Important Notices			45

Parametric Emerging Markets Fund

July 31, 2018

Performance^1,2

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


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Investor Class at NAV		06/30/2006		06/30/2006		–11.10	%		1.61	%		2.76	%		1.66	%
Class C at NAV		06/30/2006		06/30/2006		–11.43			0.87			2.00			0.91
Class C with 1% Maximum Sales Charge		—		—		–12.31			–0.13			2.00			0.91
Institutional Class at NAV		06/30/2006		06/30/2006		–10.94			1.89			3.03			1.92
Class R6 at NAV		07/01/2014		06/30/2006		–10.99			1.94			3.07			1.94
MSCI Emerging Markets Index		—		—		–11.94	%		4.36	%		5.25	%		2.87	%


% Total Annual Operating Expense Ratios³					Investor Class			Class C			Institutional Class			Class R6
						1.37	%		2.12	%		1.12	%		1.07	%

See Endnotes and Additional Disclosures in this report.


		2

Parametric Emerging Markets Fund

July 31, 2018

Fund Profile

Sector Allocation (% of net assets)⁴

LOGO

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁴


America Movil SAB de CV, Series L	0.9	%

China Mobile, Ltd.	0.8

Sberbank of Russia PJSC	0.7

Naspers, Ltd., Class N	0.7

Credicorp, Ltd.	0.6

MTN Group, Ltd.	0.6

Lukoil PJSC ADR	0.6

Grupo Financiero Banorte SAB de CV, Class O	0.5

Petroleo Brasileiro SA, PFC Shares	0.5

Gazprom PJSC ADR	0.5

Total	6.4	%

LOGO

See Endnotes and Additional Disclosures in this report.


		3

Parametric Emerging Markets Fund

July 31, 2018

Endnotes and Additional Disclosures

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

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

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

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

⁴	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		4

Parametric Emerging Markets Fund

July 31, 2018

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 – July 31, 2018).


	Beginning Account Value (2/1/18)		Ending Account Value (7/31/18)		Expenses Paid During Period* (2/1/18 – 7/31/18)		Annualized Expense Ratio

Actual
Investor Class	$	1,000.00	$	889.00	$	6.60		1.41	%
Class C	$	1,000.00	$	885.70	$	10.10		2.16	%
Institutional Class	$	1,000.00	$	890.60	$	5.44		1.16	%
Class R6	$	1,000.00	$	890.10	$	5.11		1.09	%

Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,017.80	$	7.05		1.41	%
Class C	$	1,000.00	$	1,014.10	$	10.79		2.16	%
Institutional Class	$	1,000.00	$	1,019.00	$	5.81		1.16	%
Class R6	$	1,000.00	$	1,019.40	$	5.46		1.09	%

Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2018.


		5

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited)


Common Stocks — 98.8%
Security	Shares		Value

Argentina — 0.7%
Adecoagro SA⁽¹⁾		162,806	$	1,367,570
Arcos Dorados Holdings, Inc., Class A		330,114		2,310,798
Banco Macro SA, Class B ADR		6,487		443,127
BBVA Banco Frances SA ADR		25,288		344,676
Cresud SA ADR		42,441		720,224
Grupo Financiero Galicia SA, Class B ADR		30,387		1,082,689
IRSA Inversiones y Representaciones SA ADR		35,110		655,153
MercadoLibre, Inc.		13,622		4,671,120
Pampa Energia SA ADR⁽¹⁾		50,499		2,128,533
Transportadora de Gas del Sur SA ADR		20,764		342,398
YPF SA ADR		121,524		2,017,298
			$	16,083,586

Bahrain — 0.7%
Ahli United Bank BSC		12,490,967	$	8,581,738
Al Salam Bank-Bahrain BSC		9,267,781		2,528,916
GFH Financial Group BSC		11,076,329		4,195,384
Ithmaar Holding BSC⁽¹⁾		14,771,027		1,505,401
			$	16,811,439

Bangladesh — 0.7%
ACI, Ltd.		60,159	$	261,545
Aftab Automobiles, Ltd.		349,827		224,925
Bangladesh Export Import Co., Ltd.		3,029,993		931,472
Bangladesh Submarine Cable Co., Ltd.		192,647		207,180
Beximco Pharmaceuticals, Ltd.		261,957		275,273
BSRM Steels, Ltd.		1,068,413		897,296
City Bank, Ltd. (The)		1,313,425		465,118
Grameenphone, Ltd.		376,134		1,753,986
Heidelberger Cement Bangladesh, Ltd.		146,500		608,580
Islami Bank Bangladesh, Ltd.		1,269,074		348,212
Jamuna Oil Co., Ltd.		180,599		383,629
Khulna Power Co., Ltd.		434,064		351,079
LankaBangla Finance, Ltd.		829,367		251,575
Meghna Petroleum, Ltd.		174,079		374,135
National Bank, Ltd.⁽¹⁾		4,380,173		480,696
Olympic Industries, Ltd.		607,819		1,502,337
Orion Pharma, Ltd.		258,206		129,363
Padma Oil Co., Ltd.		166,408		446,575
People’s Leasing and Financial Services, Ltd.⁽¹⁾		1,467,409		115,076
Pubali Bank, Ltd.		2,130,548		585,178
Renata, Ltd.		21,085		314,040
Singer Bangladesh, Ltd.		142,500		336,347
Social Islami Bank, Ltd.⁽¹⁾		1,771,193		314,120


Security	Shares		Value

Bangladesh (continued)
Southeast Bank, Ltd.⁽¹⁾		1,875,226	$	325,598
Square Pharmaceuticals, Ltd.		406,810		1,300,515
Summit Power, Ltd.		1,385,358		642,031
Titas Gas Transmission & Distribution Co., Ltd.		898,740		409,724
Unique Hotel & Resorts, Ltd.		1,020,672		627,891
United Airways Bangladesh, Ltd.⁽¹⁾		6,170,401		287,154
United Commercial Bank, Ltd.		1,220,971		241,579
			$	15,392,229

Botswana — 0.4%
Barclays Bank of Botswana, Ltd.		1,539,465	$	831,913
Botswana Insurance Holdings, Ltd.		859,111		1,462,270
First National Bank of Botswana, Ltd.		7,940,100		1,732,084
Letshego Holdings, Ltd.		17,758,614		3,178,656
Sechaba Breweries Holdings, Ltd.		1,220,550		2,291,900
Standard Chartered Bank Botswana, Ltd.⁽¹⁾		531,120		213,488
			$	9,710,311

Brazil — 5.6%
AES Tiete Energia SA		98,400	$	265,315
AMBEV SA		1,387,850		7,177,196
B2W Cia Digital⁽¹⁾		144,970		1,087,285
B3 SA - Brasil Bolsa Balcao		304,500		1,930,050
Banco Bradesco SA, PFC Shares		449,722		3,658,118
Banco do Brasil SA		172,498		1,493,668
Banco do Estado do Rio Grande do Sul, PFC Shares		93,300		391,018
BB Seguridade Participacoes SA		142,700		931,107
BR Malls Participacoes SA⁽¹⁾		146,211		387,605
Bradespar SA, PFC Shares		50,800		440,962
Braskem SA, PFC Shares		57,460		837,566
BRF SA⁽¹⁾		288,140		1,738,835
CCR SA		634,000		1,778,707
Centrais Eletricas Brasileiras SA, PFC Shares		291,500		1,497,381
Cia Brasileira de Distribuicao, PFC Shares		63,069		1,397,220
Cia de Saneamento Basico do Estado de Sao Paulo		195,260		1,300,589
Cia de Saneamento de Minas Gerais-COPASA		34,800		377,179
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		31,790		519,542
Cia Energetica de Minas Gerais SA, PFC Shares		540,555		1,185,295
Cia Energetica de Sao Paulo, Class B, PFC Shares		156,300		725,011
Cia Hering		68,200		268,018
Cia Paranaense de Energia, PFC Shares		85,800		468,628
Cia Siderurgica Nacional SA⁽¹⁾		205,600		502,866
Cielo SA		1,724,706		6,594,072
Construtora Tenda SA⁽¹⁾		55,284		391,656
Cosan SA		82,300		808,462


		6		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Brazil (continued)
CPFL Energia SA		338,972	$	1,964,309
Cyrela Brazil Realty SA Empreendimentos e Participacoes		235,500		727,212
Duratex SA		162,858		441,716
EcoRodovias Infraestrutura e Logistica SA		166,400		345,808
EDP-Energias do Brasil SA		186,700		678,991
Embraer SA		194,900		999,607
Embraer SA ADR		77,548		1,585,857
Engie Brasil Energia SA		126,500		1,260,180
Equatorial Energia SA		90,400		1,475,235
Estacio Participacoes SA		124,600		861,474
Even Construtora e Incorporadora SA⁽¹⁾		341,400		338,371
Ez Tec Empreendimentos e Participacoes SA		111,998		516,827
Fibria Celulose SA		69,257		1,365,470
Fleury SA		304,200		2,219,113
Gafisa SA⁽¹⁾		55,284		180,141
Gerdau SA, PFC Shares		290,100		1,289,230
Gol Linhas Aereas Inteligentes SA, PFC Shares⁽¹⁾		97,000		356,905
Hypera SA		177,000		1,308,648
Iochpe Maxion SA		61,000		374,617
Itau Unibanco Holding SA, PFC Shares		344,780		4,133,722
Itausa-Investimentos Itau SA, PFC Shares		454,175		1,260,891
JBS SA		406,725		977,449
Klabin SA, PFC Shares		983,700		864,895
Kroton Educacional SA		652,836		1,965,483
Light SA		80,000		278,795
Localiza Rent a Car SA		317,352		2,008,129
Lojas Americanas SA, PFC Shares		342,800		1,656,780
Lojas Renner SA		328,270		2,700,817
Marcopolo SA, PFC Shares		585,600		592,886
Marfrig Global Foods SA⁽¹⁾		287,155		627,360
Metalurgica Gerdau SA, PFC Shares		260,300		533,319
MRV Engenharia e Participacoes SA		205,500		723,272
Multiplus SA		60,200		444,286
Natura Cosmeticos SA		120,900		937,359
Odontoprev SA		688,600		2,445,591
Petroleo Brasileiro SA, PFC Shares		2,133,000		11,206,874
Qualicorp Consultoria e Corretora de Seguros SA		485,600		2,594,059
Randon SA Implementos e Participacoes, PFC Shares		303,500		555,523
Rumo SA⁽¹⁾		185,919		735,592
Smiles Fidelidade SA		22,500		306,930
Suzano Papel e Celulose SA		91,125		1,081,613
Telefonica Brasil SA, PFC Shares		626,100		6,849,350
TIM Participacoes SA		1,422,350		4,699,102
Totvs SA		306,690		2,407,238
Transmissora Alianca de Energia Electrica SA		91,000		489,998


Security	Shares		Value

Brazil (continued)
Ultrapar Participacoes SA		155,384	$	1,682,882
Usinas Siderurgicas de Minas Gerais SA, Class A, PFC Shares		181,750		429,521
Vale SA		749,647		10,953,199
Valid Solucoes SA		100,870		487,782
Via Varejo SA		49,500		280,781
Weg SA		820,352		4,045,697
			$	127,400,237

Bulgaria — 0.1%
CB First Investment Bank AD⁽¹⁾		235,000	$	499,690
Chimimport AD		329,922		433,806
MonBat AD		60,235		302,346
Petrol AD⁽¹⁾		25,625		15,320
Sopharma AD		354,600		846,642
			$	2,097,804

Chile — 3.1%
AES Gener SA		1,904,140	$	505,724
Aguas Andinas SA, Series A		1,752,898		1,022,475
AntarChile SA		60,007		1,034,076
Banco de Chile		16,902,605		2,642,154
Banco de Credito e Inversiones SA		31,519		2,183,984
Banco Santander Chile		38,925,155		3,197,656
Cap SA		79,412		821,832
Cencosud SA		1,434,617		3,934,402
Cia Cervecerias Unidas SA		176,718		2,402,441
Cia Sud Americana de Vapores SA⁽¹⁾		14,510,741		427,305
Colbun SA		4,152,944		924,693
Embotelladora Andina SA, Class B, PFC Shares		393,044		1,608,550
Empresa Nacional de Telecomunicaciones SA		266,625		2,516,600
Empresas CMPC SA		1,102,633		4,468,314
Empresas COPEC SA		606,723		9,748,552
Enel Americas SA		17,888,503		3,160,070
Enel Chile SA		18,347,681		1,944,251
Engie Energia Chile SA		328,455		669,533
Forus SA		132,100		393,559
Inversiones Aguas Metropolitanas SA		218,715		344,871
Inversiones La Construccion SA		34,520		579,172
Itau CorpBanca		133,731,904		1,413,344
Latam Airlines Group SA		412,844		4,676,130
Parque Arauco SA		541,699		1,514,476
Quinenco SA		274,187		850,534
Ripley Corp. SA		721,671		678,959
S.A.C.I. Falabella		871,770		8,118,221
Sigdo Koppers SA		440,196		693,689


		7		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Chile (continued)
Sociedad Matriz SAAM SA		6,242,812	$	589,389
Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares		81,159		3,907,243
Sonda SA		1,014,743		1,543,456
Vina Concha y Toro SA		765,576		1,647,007
			$	70,162,662

China — 11.4%
3SBio, Inc.⁽²⁾		954,500	$	2,036,460
AECC Aviation Power Co., Ltd.		40,221		140,762
Agile Group Holdings, Ltd.		254,000		392,182
Agricultural Bank of China, Ltd., Class H		2,350,000		1,141,993
Aier Eye Hospital Group Co., Ltd., Class A		30,246		148,362
Air China, Ltd., Class H		938,000		866,312
Aisino Corp.		70,100		280,363
Alibaba Group Holding, Ltd. ADR⁽¹⁾		15,200		2,845,896
Aluminum Corp. of China, Ltd., Class H⁽¹⁾		3,986,000		1,817,607
Angang Steel Co., Ltd., Class H		968,000		1,030,813
Anhui Conch Cement Co., Ltd., Class H		828,500		5,328,247
ANTA Sports Products, Ltd.		289,000		1,475,989
AVIC Aircraft Co., Ltd., Class A		125,600		308,278
Baidu, Inc. ADR⁽¹⁾		11,300		2,793,134
Bank of Beijing Co., Ltd.		182,760		159,485
Bank of China, Ltd., Class H		2,928,000		1,383,235
Bank of Communications, Ltd., Class H		1,338,900		969,273
Bank of Nanjing Co., Ltd.		169,400		192,384
Bank of Ningbo Co., Ltd., Class A		115,300		295,892
Beijing Capital International Airport Co., Ltd., Class H		592,000		674,304
Beijing Enterprises Holdings, Ltd.		171,500		836,712
Beijing Enterprises Water Group, Ltd.		2,088,000		1,141,544
Beijing Orient Landscape & Environment Co., Ltd., Class A⁽³⁾		79,000		173,935
Beijing Originwater Technology Co., Ltd., Class A		127,500		249,264
Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A		98,410		277,062
Beijing Tongrentang Co., Ltd.		22,000		109,087
Beijing Water Business Doctor Co., Ltd., Class A		101,700		172,067
Beijing Xinwei Technology Group Co., Ltd.⁽¹⁾⁽³⁾		80,600		0
Beiqi Foton Motor Co., Ltd.		407,100		120,002
BOE Technology Group Co., Ltd., Class A		514,900		284,860
Brilliance China Automotive Holdings, Ltd.		1,086,000		1,421,754
BYD Co., Ltd., Class H		401,200		2,279,143
Cangzhou Mingzhu Plastic Co., Ltd., Class A		135,226		104,374
CGN Power Co., Ltd., Class H⁽²⁾		4,108,000		1,089,567
Changchun High & New Technology Industries, Inc., Class A		10,400		314,817
Changjiang Securities Co., Ltd., Class A		213,800		168,113


Security	Shares		Value

China (continued)
Chengdu Xingrong Environment Co., Ltd., Class A		243,600	$	159,093
China Agri-Industries Holdings, Ltd.		2,074,000		823,365
China Biologic Products Holdings, Inc.⁽¹⁾		20,100		2,049,798
China Bluechemical, Ltd., Class H		1,270,000		471,815
China Cinda Asset Management Co., Ltd., Class H		1,495,000		420,162
China CITIC Bank Corp., Ltd., Class H		840,000		540,643
China Coal Energy Co., Ltd., Class H		1,058,000		444,463
China Communications Construction Co., Ltd., Class H		1,612,000		1,785,697
China Communications Services Corp., Ltd., Class H		1,236,000		783,571
China Construction Bank Corp., Class H		3,352,630		3,065,251
China Dongxiang Group Co., Ltd.		4,257,000		705,977
China Everbright Bank Co., Ltd.		341,400		184,169
China Everbright International, Ltd.		880,000		1,073,667
China Everbright, Ltd.		408,000		721,192
China Evergrande Group⁽¹⁾		774,000		2,148,014
China Fortune Land Development Co., Ltd.		52,329		202,438
China Gas Holdings, Ltd.		1,046,600		4,245,734
China Gezhouba Group Co., Ltd.		152,700		175,634
China Huishan Dairy Holdings Co., Ltd.⁽¹⁾⁽³⁾		1,800,000		0
China International Marine Containers Co., Ltd.		482,672		554,815
China International Travel Service Corp., Ltd.		16,300		168,170
China Jinmao Holdings Group, Ltd.		478,000		230,726
China Life Insurance Co., Ltd., Class H		335,000		841,811
China Longyuan Power Group Corp., Ltd., Class H		1,260,000		1,173,617
China Mengniu Dairy Co., Ltd.		1,014,000		3,146,749
China Merchants Bank Co., Ltd., Class H		497,524		1,951,421
China Merchants Port Holdings Co., Ltd.		318,035		659,458
China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		130,374		365,170
China Minsheng Banking Corp., Ltd., Class H		1,620,288		1,204,730
China Mobile, Ltd.		1,901,500		17,177,038
China Molybdenum Co., Ltd., Class H		2,703,000		1,384,569
China National Building Material Co., Ltd., Class H		1,138,000		1,238,881
China National Nuclear Power Co., Ltd.		210,800		177,849
China Northern Rare Earth Group High-Tech Co., Ltd.		117,100		191,235
China Oilfield Services, Ltd., Class H		698,000		638,282
China Overseas Land & Investment, Ltd.		554,160		1,745,841
China Pacific Insurance (Group) Co., Ltd., Class H		196,400		768,470
China Petroleum & Chemical Corp., Class H		7,294,300		7,011,588
China Power International Development, Ltd.		1,381,000		343,459
China Railway Construction Corp., Ltd., Class H		1,393,500		1,683,332
China Railway Group, Ltd., Class H		2,179,000		1,892,915
China Resources Beer Holdings Co., Ltd.		772,000		3,478,694
China Resources Gas Group, Ltd.		394,000		1,870,018
China Resources Land, Ltd.		586,000		2,148,683


		8		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

China (continued)
China Resources Phoenix Healthcare Holdings Co., Ltd.		355,000	$	330,150
China Resources Power Holdings Co., Ltd.		1,019,600		1,969,517
China Shenhua Energy Co., Ltd., Class H		1,164,500		2,640,304
China Shineway Pharmaceutical Group, Ltd.		381,000		480,834
China Shipbuilding Industry Co., Ltd.⁽¹⁾		185,800		114,953
China Southern Airlines Co., Ltd., Class H		1,354,000		950,301
China Sports Industry Group Co., Ltd.		69,000		111,285
China State Construction Engineering Corp., Ltd.		301,140		256,678
China Taiping Insurance Holdings Co., Ltd.		254,800		874,339
China Telecom Corp., Ltd., Class H		4,592,000		2,171,797
China Travel International Investment Hong Kong, Ltd.		1,998,000		803,626
China Unicom (Hong Kong), Ltd.		2,090,372		2,581,117
China United Network Communications, Ltd., Class A		711,800		546,028
China Vanke Co., Ltd., Class H		742,520		2,377,320
China Yangtze Power Co., Ltd.		225,100		556,534
China Yurun Food Group, Ltd.⁽¹⁾		1,776,000		229,044
Chongqing Changan Automobile Co., Ltd., Class A		98,800		117,078
CIFI Holdings Group Co., Ltd.		772,000		504,323
CITIC Guoan Information Industry Co., Ltd., Class A		138,800		100,265
CITIC, Ltd.		1,152,000		1,632,939
CNOOC, Ltd.		3,223,000		5,399,645
COFCO Tunhe Sugar Co., Ltd.		118,100		135,826
COSCO SHIPPING Development Co., Ltd., Class H⁽¹⁾		4,252,000		678,620
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		1,702,000		740,749
COSCO SHIPPING Holdings Co., Ltd., Class H⁽¹⁾		1,482,975		621,485
COSCO SHIPPING Ports, Ltd.		1,066,000		1,002,563
Country Garden Holdings Co., Ltd.		1,353,631		2,109,470
Country Garden Services Holdings Co., Ltd.⁽¹⁾		155,589		254,126
CSPC Pharmaceutical Group, Ltd.		1,192,000		3,124,914
Ctrip.com International, Ltd. ADR⁽¹⁾		43,354		1,784,017
Daqin Railway Co., Ltd.		191,900		252,442
Datang International Power Generation Co., Ltd., Class H		4,476,000		1,296,928
Deluxe Family Co., Ltd.		146,700		87,744
Dong-E-E-Jiao Co., Ltd., Class A		16,200		124,538
Dongfeng Motor Group Co., Ltd., Class H		1,318,000		1,325,144
Dr Peng Telecom & Media Group Co., Ltd.		104,900		177,898
East Money Information Co., Ltd., Class A		113,760		224,836
Financial Street Holdings Co., Ltd., Class A		242,398		266,096
Focus Media Information Technology Co., Ltd., Class A		196,344		306,278
Fullshare Holdings, Ltd.		2,425,000		1,070,363
GD Power Development Co., Ltd.		528,500		215,612
Gemdale Corp.		80,700		108,852
GoerTek, Inc., Class A		63,700		90,327


Security	Shares		Value

China (continued)
Golden Eagle Retail Group, Ltd.		739,000	$	884,065
Great Wall Motor Co., Ltd., Class H		1,771,500		1,276,951
Gree Electric Appliances, Inc. of Zhuhai, Class A⁽¹⁾		73,500		477,429
Guangdong Baolihua New Energy Stock Co., Ltd., Class A		255,400		278,060
Guangdong Golden Dragon Development, Inc., Class A		82,300		114,419
Guangdong Investment, Ltd.		1,542,000		2,658,427
Guangdong Wens Foodstuffs Group Co., Ltd., Class A		100,500		346,700
Guanghui Energy Co., Ltd.		355,600		240,048
Guangzhou Automobile Group Co., Ltd., Class H		1,761,218		1,657,832
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		320,000		1,363,499
Guangzhou R&F Properties Co., Ltd., Class H		522,400		940,522
Guosen Securities Co., Ltd., Class A		117,628		156,317
Guoyuan Securities Co., Ltd., Class A		113,850		117,862
Haier Electronics Group Co., Ltd.		161,000		470,851
Han’s Laser Technology Industry Group Co., Ltd., Class A		42,100		298,777
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		70,700		359,126
Harbin Pharmaceutical Group Co., Ltd.		150,900		89,721
Henan Shuanghui Investment & Development Co., Ltd., Class A		34,200		126,679
Hengan International Group Co., Ltd.		271,500		2,418,508
Hengtong Optic-electric Co., Ltd.		96,880		322,227
Hesteel Co., Ltd., Class A		506,400		217,780
Huadian Power International Corp., Ltd., Class H		1,100,000		516,958
Huadong Medicine Co., Ltd., Class A		47,211		321,237
Huaneng Power International, Inc., Class H		3,904,000		2,941,208
Huaneng Renewables Corp., Ltd., Class H		1,716,000		638,509
Huaxia Bank Co., Ltd.		146,972		163,873
Huayu Automotive Systems Co., Ltd.		82,008		280,839
Hubei Energy Group Co., Ltd., Class A		277,714		175,237
Humanwell Healthcare Group Co., Ltd.		69,600		125,523
Hundsun Technologies, Inc.		28,100		211,633
Iflytek Co., Ltd., Class A		34,550		159,657
iKang Healthcare Group, Inc. ADR⁽¹⁾		36,000		737,280
Industrial & Commercial Bank of China, Ltd., Class H		3,258,000		2,421,227
Industrial Bank Co., Ltd.		163,702		371,948
Inner Mongolia BaoTou Steel Union Co., Ltd.		707,000		172,196
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		92,700		360,465
JD.com, Inc. ADR⁽¹⁾		33,900		1,215,654
Jiangsu Changjiang Electronics Technology Co., Ltd.		76,300		188,574
Jiangsu Expressway Co., Ltd., Class H		692,000		841,768
Jiangsu Hengrui Medicine Co., Ltd.		36,432		368,629
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		20,000		376,632
Jiangxi Copper Co., Ltd., Class H		1,175,000		1,486,560


		9		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

China (continued)
Jiangxi Ganfeng Lithium Co., Ltd., Class A		51,150	$	277,154
Jilin Aodong Pharmaceutical Group Co., Ltd., Class A		60,400		154,032
Jinke Properties Group Co., Ltd., Class A		265,299		197,446
Jinyu Bio-Technology Co., Ltd.		43,862		103,704
Jizhong Energy Resources Co., Ltd., Class A		231,400		144,858
Kaidi Ecological and Environmental Technology Co., Ltd., Class A⁽¹⁾		297,600		70,542
Kangde Xin Composite Material Group Co., Ltd., Class A⁽¹⁾⁽³⁾		76,700		153,524
Kangmei Pharmaceutical Co., Ltd.		93,100		291,461
Kingboard Holdings., Ltd.		256,100		896,201
Kingfa Sci & Tech Co., Ltd.		171,338		126,863
Kunlun Energy Co., Ltd.		958,000		828,739
Kweichow Moutai Co., Ltd.		8,200		874,796
KWG Property Holding, Ltd.		476,000		544,296
Lee & Man Paper Manufacturing, Ltd.		957,000		932,480
Lenovo Group, Ltd.		1,316,000		731,857
Lepu Medical Technology Beijing Co., Ltd., Class A		69,200		349,928
Li Ning Co., Ltd.⁽¹⁾		774,208		844,590
Liaoning Cheng Da Co., Ltd.		72,100		155,610
Longfor Group Holdings., Ltd.		316,500		892,926
LONGi Green Energy Technology Co., Ltd.		46,340		107,231
Luxshare Precision Industry Co., Ltd., Class A		71,110		189,151
Luye Pharma Group, Ltd.		496,500		483,610
Luzhou Laojiao Co., Ltd., Class A		27,300		220,381
Maanshan Iron & Steel Co., Ltd., Class H		2,294,000		1,229,159
Meinian Onehealth Healthcare Holdings Co., Ltd., Class A		37,200		106,863
Midea Group Co., Ltd., Class A		60,900		425,801
NARI Technology Co., Ltd.		85,600		199,827
NetEase, Inc. ADR		6,200		1,599,600
Neusoft Corp.		74,400		141,016
New Oriental Education & Technology Group, Inc. ADR		24,800		2,133,792
Nine Dragons Paper Holdings, Ltd.		879,000		1,090,254
O-film Tech Co., Ltd., Class A		65,800		161,333
Oceanwide Holdings Co., Ltd., Class A		204,000		193,740
Offshore Oil Engineering Co., Ltd.		217,300		170,134
Oriental Energy Co., Ltd., Class A		132,900		189,633
PetroChina Co., Ltd., Class H		5,384,000		4,100,161
PICC Property & Casualty Co., Ltd., Class H		528,000		596,607
Ping An Bank Co., Ltd., Class A		429,188		594,967
Ping An Insurance (Group) Co. of China, Ltd., Class H		435,000		4,049,536
Pingdingshan Tianan Coal Mining Co., Ltd.⁽¹⁾		262,600		160,456
Poly Property Group Co., Ltd.		2,078,000		831,147
Poly Real Estate Group Co., Ltd., Class A		271,600		485,489
Power Construction Corp. of China, Ltd.		187,000		155,404
Qingdao Haier Co., Ltd.		66,800		169,496


Security	Shares		Value

China (continued)
RiseSun Real Estate Development Co., Ltd., Class A		249,300	$	301,416
SAIC Motor Corp., Ltd.		82,400		386,246
Sanan Optoelectronics Co., Ltd.		84,900		236,755
Sany Heavy Industry Co., Ltd.		122,300		166,308
SDIC Power Holdings Co., Ltd.		200,900		230,108
Semiconductor Manufacturing International Corp.⁽¹⁾		787,700		955,256
Shandong Gold Mining Co., Ltd.		42,500		152,529
Shandong Nanshan Aluminum Co., Ltd.		409,500		172,465
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		2,148,000		1,643,941
Shanghai Dazhong Public Utilities Group Co., Ltd., Class A		220,900		121,578
Shanghai Electric Group Co., Ltd., Class H		2,414,000		809,954
Shanghai Industrial Holdings, Ltd.		304,000		709,665
Shanghai Oriental Pearl Group Co., Ltd., Class A		58,400		121,762
Shanghai Pudong Development Bank Co., Ltd., Class A		244,400		364,910
Shanghai Zhangjiang High-Tech Park Development Co., Ltd., Class A		75,395		122,412
Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		197,332
Shanxi Xishan Coal & Electricity Power Co., Ltd., Class A		152,700		154,115
Shenwan Hongyuan Group Co., Ltd., Class A		389,701		253,754
Shenzhen Inovance Technology Co., Ltd., Class A		56,300		220,597
Shenzhen Investment, Ltd.		674,000		243,224
Shenzhen Overseas Chinese Town Co., Ltd., Class A		176,600		175,461
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		171,300		121,619
Shimao Property Holdings, Ltd.		394,500		1,121,971
Siasun Robot & Automation Co., Ltd., Class A		55,000		137,925
Sichuan Changhong Electric Co., Ltd.		307,800		132,373
Sichuan Chuantou Energy Co., Ltd.		152,000		197,345
Sihuan Pharmaceutical Holdings Group, Ltd.		3,161,000		682,098
SINA Corp.⁽¹⁾		11,900		957,712
Sino Biopharmaceutical, Ltd.		2,794,000		3,826,723
Sino-Ocean Group Holding, Ltd.		1,455,500		823,254
Sinopec Shanghai Petrochemical Co., Ltd., Class H		2,375,000		1,428,052
Sinopharm Group Co., Ltd., Class H		758,800		3,211,815
Sohu.com, Ltd. ADR⁽¹⁾		10,300		259,560
Sun Art Retail Group, Ltd.		1,476,000		1,886,818
Sunac China Holdings, Ltd.		406,000		1,327,550
Suning.com Co., Ltd, Class A		69,200		134,630
Tasly Pharmaceutical Group Co., Ltd.		46,760		170,624
TBEA Co., Ltd.		93,537		94,939
TCL Corp., Class A		373,200		164,387
Tencent Holdings, Ltd.		183,702		8,361,080


		10		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

China (continued)
Tianqi Lithium Corp., Class A		44,850	$	305,580
Tingyi (Cayman Islands) Holding Corp.		838,000		1,937,558
Tonghua Dongbao Pharmaceutical Co., Ltd.		30,168		96,257
Tongling Nonferrous Metals Group Co., Ltd., Class A		776,200		250,779
Tsinghua Tongfang Co., Ltd.		100,600		141,289
Tsingtao Brewery Co., Ltd., Class H		324,000		1,735,031
Tus-Sound Environmental Resources Co., Ltd., Class A		65,660		167,019
Wanhua Chemical Group Co., Ltd.		35,865		269,223
Want Want China Holdings, Ltd.		2,635,000		2,183,807
Weibo Corp. ADR⁽¹⁾		2,290		189,497
Weichai Power Co., Ltd., Class H		887,600		1,085,920
West China Cement, Ltd.		4,450,000		783,954
Western Mining Co., Ltd.		169,300		163,853
Western Securities Co., Ltd., Class A		104,100		114,527
WH Group, Ltd.⁽²⁾		3,559,000		2,865,400
Wintime Energy Co., Ltd.⁽³⁾		327,670		40,080
Wuliangye Yibin Co., Ltd., Class A		47,900		508,661
Xinhu Zhongbao Co., Ltd.		301,800		163,198
Yang Quan Coal Industry Group Co., Ltd.		189,300		178,415
Yango Group Co., Ltd., Class A		206,192		186,485
Yangzijiang Shipbuilding Holdings, Ltd.		1,535,000		1,069,912
Yanzhou Coal Mining Co., Ltd., Class H		518,000		647,087
Yonghui Superstores Co., Ltd.		124,700		139,877
Youngor Group Co., Ltd.		132,440		141,181
Yuan Longping High-tech Agriculture Co., Ltd., Class A		65,900		185,732
Yuexiu Property Co., Ltd.		1,590,000		302,415
Yunnan Baiyao Group Co., Ltd., Class A		21,200		310,056
Yunnan Chihong Zinc & Germanium Co., Ltd.		160,600		122,894
Zhaojin Mining Industry Co., Ltd., Class H		372,500		300,763
Zhejiang China Commodities City Group Co., Ltd.		167,200		107,525
Zhejiang Dahua Technology Co., Ltd., Class A		69,550		192,314
Zhejiang Expressway Co., Ltd., Class H		1,034,000		878,237
Zhejiang Huahai Pharmaceutical Co., Ltd.		37,500		111,644
Zhejiang Longsheng Group Co., Ltd.		69,143		118,843
Zhejiang Wanfeng Auto Wheel Co., Ltd., Class A		84,800		113,279
Zhejiang Zheneng Electric Power Co., Ltd.		246,600		181,887
Zhengzhou Yutong Bus Co., Ltd.		66,400		163,654
Zhongjin Gold Corp., Ltd.		115,900		118,648
Zhongtian Financial Group Co., Ltd., Class A⁽³⁾		315,000		113,052
Zhuzhou CRRC Times Electric Co., Ltd., Class H		89,500		537,661
Zijin Mining Group Co., Ltd., Class H		8,142,000		3,018,573
ZTE Corp., Class H⁽¹⁾		456,103		782,176
			$	258,869,789


Security	Shares		Value

Colombia — 1.4%
Almacenes Exito SA		353,690	$	1,987,174
Avianca Holdings SA, PFC Shares		551,298		457,746
Banco Davivienda SA, PFC Shares		68,070		840,719
Bancolombia SA		114,355		1,323,757
Bancolombia SA ADR, PFC Shares		66,100		3,034,651
Celsia SA ESP		740,070		1,149,598
Cementos Argos SA		487,554		1,551,807
Cementos Argos SA, PFC Shares		253,603		701,894
Cemex Latam Holdings SA⁽¹⁾		173,596		438,419
Corporacion Financiera Colombiana SA⁽¹⁾		51,420		422,674
Ecopetrol SA		5,754,255		6,111,594
Empresa de Telecommunicaciones de Bogota SA⁽¹⁾		1,844,218		246,917
Grupo Argos SA		346,526		2,325,758
Grupo Argos SA, PFC Shares		108,995		656,119
Grupo Aval Acciones y Valores SA, PFC Shares		2,143,838		849,228
Grupo de Inversiones Suramericana SA		121,659		1,519,422
Grupo de Inversiones Suramericana SA, PFC Shares		48,367		581,977
Grupo Nutresa SA		461,855		4,304,575
Interconexion Electrica SA		762,587		3,746,319
			$	32,250,348

Croatia — 0.7%
AD Plastik DD		5,907	$	182,910
Adris Grupa DD, PFC Shares		35,644		2,422,954
Atlantic Grupa DD		1,465		230,364
Atlantska Plovidba DD⁽¹⁾		8,876		562,453
Ericsson Nikola Tesla DD		6,510		1,065,262
Hrvatski Telekom DD		160,831		3,962,896
INA Industrija Nafte DD		900		463,439
Koncar-Elektroindustrija DD		7,378		787,080
Kras DD		4,381		283,953
Ledo DD⁽¹⁾⁽³⁾		978		47,952
Podravka Prehrambena Industrija DD		19,726		1,059,157
Valamar Riviera DD		615,561		3,879,213
Zagrebacka Banka DD		136,778		1,299,721
			$	16,247,354

Czech Republic — 0.8%
CEZ AS		310,200	$	8,146,149
Komercni Banka AS		170,428		7,399,707
Philip Morris CR AS		3,278		2,261,436
			$	17,807,292


		11		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Egypt — 0.7%
Alexandria Mineral Oils Co.		949,744	$	588,646
Arab Co. for Asset Management & Development⁽¹⁾		491,303		78,356
Arab Cotton Ginning		491,303		63,726
Commercial International Bank Egypt SAE		708,878		3,369,252
Eastern Tobacco		193,927		1,790,274
Egypt Kuwait Holding Co. SAE		638,089		727,809
Egyptian Financial Group-Hermes Holding Co.⁽¹⁾		264,772		259,741
ElSewedy Electric Co.		176,997		1,854,520
Ezz Steel⁽¹⁾		491,084		769,908
Global Telecom Holding SAE⁽¹⁾		4,772,720		1,111,565
Juhayna Food Industries		658,122		420,026
Maridive & Oil Services SAE⁽¹⁾		295,875		135,990
Orascom Telecom Media and Technology Holding SAE		7,289,225		277,352
Oriental Weavers Co.		383,580		257,866
Palm Hills Developments SAE⁽¹⁾		2,709,769		609,131
Pioneers Holding⁽¹⁾		373,831		163,593
Sidi Kerir Petrochemicals Co.		344,688		473,120
Six of October Development & Investment Co.⁽¹⁾		382,178		507,508
Talaat Moustafa Group		1,719,986		1,082,965
Telecom Egypt		806,834		625,646
			$	15,166,994

Estonia — 0.4%
AS Merko Ehitus		78,018	$	898,363
AS Tallink Grupp		3,623,652		4,428,793
AS Tallinna Kaubamaja Grupp		192,740		2,054,492
AS Tallinna Vesi		116,590		1,403,237
Nordecon AS		145,374		180,212
			$	8,965,097

Ghana — 0.1%
CAL Bank, Ltd.⁽¹⁾		2,063,694	$	547,273
Ghana Commercial Bank, Ltd.		1,626,918		1,725,661
Produce Buying Co., Ltd.⁽¹⁾		28		0
Standard Chartered Bank of Ghana, Ltd.⁽¹⁾		244,300		1,325,931
			$	3,598,865

Greece — 1.4%
Aegean Airlines SA		63,648	$	606,300
Alpha Bank AE⁽¹⁾		994,698		2,171,714
Athens Water Supply & Sewage Co. SA		104,694		709,505
Costamare, Inc.		71,719		497,730
Diana Shipping, Inc.⁽¹⁾		116,290		523,305
Ellaktor SA⁽¹⁾		260,188		529,193
Eurobank Ergasias SA⁽¹⁾		668,793		693,091


Security	Shares		Value

Greece (continued)
FF Group⁽³⁾		46,335	$	208,058
GasLog, Ltd.		61,501		1,036,292
GEK Terna Holding Real Estate Construction SA⁽¹⁾		145,762		918,908
Grivalia Properties REIC AE		14,830		148,680
Hellenic Exchanges - Athens Stock Exchange SA		230,984		1,265,589
Hellenic Petroleum SA		114,694		959,056
Hellenic Telecommunications Organization SA		405,150		5,265,154
Holding Co. ADMIE IPTO SA⁽¹⁾		300,006		597,053
JUMBO SA		120,623		1,932,061
Motor Oil (Hellas) Corinth Refineries SA		114,124		2,424,789
Mytilineos Holdings SA		163,406		1,643,184
National Bank of Greece SA⁽¹⁾		7,183,088		2,337,593
Navios Maritime Holdings, Inc.⁽¹⁾		154,629		126,796
OPAP SA		249,882		2,789,914
Public Power Corp. SA⁽¹⁾		291,796		605,844
StealthGas, Inc.⁽¹⁾		37,397		138,369
Terna Energy SA		112,955		742,276
Titan Cement Co. SA		131,818		3,197,890
Tsakos Energy Navigation, Ltd.		106,400		372,400
			$	32,440,744

Hungary — 0.8%
Magyar Telekom Telecommunications PLC		1,023,950	$	1,476,146
MOL Hungarian Oil & Gas PLC		561,932		5,505,748
OTP Bank Nyrt		156,074		5,870,588
Richter Gedeon Nyrt.		251,599		4,547,011
			$	17,399,493

India — 6.0%
ABB India, Ltd.		19,900	$	353,551
ACC, Ltd.		28,894		647,608
Adani Enterprises, Ltd.		180,900		515,473
Adani Green Energy, Ltd.⁽¹⁾		137,664		121,233
Adani Ports and Special Economic Zone, Ltd.		658,048		3,855,466
Adani Power, Ltd.⁽¹⁾		556,250		253,655
Adani Transmission, Ltd.⁽¹⁾		299,124		738,104
Aditya Birla Capital, Ltd.⁽¹⁾		94,280		201,789
Aditya Birla Fashion and Retail, Ltd.⁽¹⁾		92,050		189,211
Ambuja Cements, Ltd.		273,970		921,497
Asian Paints, Ltd.		90,305		1,910,446
Axis Bank, Ltd.⁽¹⁾		150,119		1,202,820
Bajaj Auto, Ltd.		27,253		1,076,350
Bank of Baroda		175,282		392,705
Bank of India⁽¹⁾		109,562		151,106
Bharat Forge, Ltd.		98,933		929,498
Bharat Heavy Electricals, Ltd.		648,450		699,744


		12		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

India (continued)
Bharat Petroleum Corp., Ltd.		192,772	$	1,101,408
Bharti Airtel, Ltd.		1,171,536		6,675,927
Biocon, Ltd.		132,779		1,133,503
Canara Bank		67,631		281,875
CG Power and Industrial Solutions, Ltd.⁽¹⁾		213,600		198,664
Cipla, Ltd.		181,328		1,692,824
Coal India, Ltd.		290,700		1,110,633
Colgate-Palmolive (India), Ltd.		49,296		823,755
Container Corp. Of India, Ltd.		135,600		1,323,086
Crompton Greaves Consumer Electricals, Ltd.		213,600		757,171
Cummins India, Ltd.		49,900		491,013
Dabur India, Ltd.		255,954		1,576,221
Divi’s Laboratories, Ltd.		76,503		1,283,161
DLF, Ltd.		88,900		254,855
Dr. Reddy’s Laboratories, Ltd.		48,300		1,506,530
GAIL (India), Ltd.		370,696		2,032,520
GlaxoSmithKline Pharmaceuticals, Ltd.		8,680		401,552
Glenmark Pharmaceuticals, Ltd.		125,460		1,069,902
GMR Infrastructure, Ltd.⁽¹⁾		1,721,400		448,133
Grasim Industries, Ltd.		67,343		1,008,442
Gujarat State Petronet, Ltd.		265,747		767,895
HCL Technologies, Ltd.		103,048		1,450,959
HDFC Bank, Ltd.		84,023		2,657,799
Hero MotoCorp, Ltd.		31,601		1,518,750
Hindalco Industries, Ltd.		229,710		717,955
Hindustan Petroleum Corp., Ltd.		190,488		792,242
Hindustan Unilever, Ltd.		187,967		4,756,235
Hindustan Zinc, Ltd.		148,400		607,157
Housing Development Finance Corp., Ltd.		108,675		3,155,047
ICICI Bank, Ltd.		282,999		1,249,613
IDBI Bank, Ltd.⁽¹⁾		367,000		317,093
Idea Cellular, Ltd.⁽¹⁾		1,816,900		1,449,239
IDFC Bank, Ltd.		260,034		152,684
IDFC, Ltd.		260,034		177,502
IFCI, Ltd.⁽¹⁾		673,372		169,482
Indiabulls Housing Finance, Ltd.		40,115		760,350
Indiabulls Real Estate, Ltd.⁽¹⁾		91,200		200,842
Indian Hotels Co., Ltd. (The)		197,136		382,413
Indian Oil Corp., Ltd.		425,400		1,023,701
Infosys, Ltd.		287,003		5,711,913
ITC, Ltd.		836,085		3,632,021
Jindal Steel & Power, Ltd.⁽¹⁾		190,924		571,728
JSW Steel, Ltd.		320,881		1,542,332
Kotak Mahindra Bank, Ltd.		66,537		1,270,376
Larsen & Toubro, Ltd.		198,857		3,784,197
LIC Housing Finance, Ltd.		49,663		382,476


Security	Shares		Value

India (continued)
Lupin, Ltd.		80,300	$	964,294
Mahindra & Mahindra, Ltd.		121,720		1,661,122
Maruti Suzuki India, Ltd.		24,011		3,342,314
Nestle India, Ltd.		11,930		1,841,780
NTPC, Ltd.		1,547,619		3,505,666
Oil & Natural Gas Corp., Ltd.		607,209		1,468,865
Oracle Financial Services Software, Ltd.⁽¹⁾		10,452		592,151
Piramal Enterprises, Ltd.		50,846		1,980,952
Power Grid Corporation of India, Ltd.		1,307,767		3,485,397
Reliance Capital, Ltd.		36,735		225,595
Reliance Communications, Ltd.⁽¹⁾		1,412,060		301,916
Reliance Industries, Ltd.		576,699		9,979,172
Reliance Infrastructure, Ltd.		133,300		776,188
Reliance Power, Ltd.⁽¹⁾		1,400,250		685,137
Siemens, Ltd.		47,180		681,915
State Bank of India⁽¹⁾		176,606		757,604
Steel Authority of India, Ltd.⁽¹⁾		513,200		581,188
Sun Pharmaceutical Industries, Ltd.		427,669		3,558,456
Sun TV Network, Ltd.		55,449		625,759
Suzlon Energy, Ltd.⁽¹⁾		2,099,450		239,444
Tata Communications, Ltd.		127,400		1,076,172
Tata Consultancy Services, Ltd.		146,457		4,161,718
Tata Global Beverages, Ltd.		74,700		269,914
Tata Motors, Ltd.⁽¹⁾		208,855		788,633
Tata Power Co., Ltd. (The)		1,346,918		1,464,327
Tata Steel, Ltd.		118,663		977,389
Tech Mahindra, Ltd.		113,951		1,131,297
Titan Co., Ltd.		103,677		1,380,310
UltraTech Cement, Ltd.		30,328		1,856,948
Unitech, Ltd.⁽¹⁾		2,836,900		178,798
United Spirits, Ltd.⁽¹⁾		146,425		1,254,138
UPL, Ltd.		105,956		993,624
Vedanta, Ltd.		476,489		1,553,092
Voltas, Ltd.		214,800		1,782,380
Wipro, Ltd.		241,827		978,368
Yes Bank, Ltd.		156,523		840,706
Zee Entertainment Enterprises, Ltd.		142,399		1,093,216
			$	137,569,377

Indonesia — 3.0%
Adaro Energy Tbk PT		20,118,500	$	2,661,957
AKR Corporindo Tbk PT		4,864,500		1,422,749
Aneka Tambang Tbk		10,251,500		652,101
Astra Argo Lestari Tbk PT		775,000		584,787
Astra International Tbk PT		13,196,100		6,546,885
Bank Central Asia Tbk PT		1,999,700		3,227,855


		13		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Indonesia (continued)
Bank Danamon Indonesia Tbk PT		1,913,203	$	873,455
Bank Mandiri Persero Tbk PT		3,765,100		1,738,341
Bank Negara Indonesia Persero Tbk PT		1,726,700		887,925
Bank Pan Indonesia Tbk PT⁽¹⁾		4,945,000		265,605
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,068,100		152,566
Bank Rakyat Indonesia Persero Tbk PT		12,098,500		2,577,695
Bank Tabungan Negara Tbk PT		2,513,500		411,652
Berlian Laju Tanker Tbk PT⁽¹⁾⁽³⁾		7,544,500		0
Bukit Asam Tbk PT		6,717,500		2,090,920
Bumi Serpong Damai Tbk PT		3,215,100		301,818
Charoen Pokphand Indonesia Tbk PT		5,565,200		1,746,129
Gudang Garam Tbk PT		295,000		1,538,798
Hanson International Tbk PT⁽¹⁾		23,744,500		215,962
Indo Tambangraya Megah Tbk PT		652,700		1,289,962
Indocement Tunggal Prakarsa Tbk PT		2,435,200		2,389,697
Indofood Sukses Makmur Tbk PT		3,485,500		1,536,083
Indosat Tbk PT		1,634,500		398,005
Jasa Marga (Persero) Tbk PT		3,198,000		1,041,297
Kalbe Farma Tbk PT		61,346,500		5,513,752
Lippo Karawaci Tbk PT		6,134,800		155,797
Matahari Department Store Tbk PT		686,300		382,814
Matahari Putra Prima Tbk PT⁽¹⁾		7,240,000		127,550
Medco Energi Internasional Tbk PT⁽¹⁾		17,990,000		1,236,216
Media Nusantara Citra Tbk PT		3,201,000		219,082
Mitra Keluarga Karyasehat Tbk PT		3,345,900		463,971
MNC Investama Tbk PT⁽¹⁾		49,042,500		349,769
Perusahaan Gas Negara Persero Tbk PT		31,781,800		3,753,682
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,185,000		501,107
PP Persero Tbk PT		8,311,089		1,200,451
Semen Indonesia Persero Tbk PT		5,479,200		2,891,162
Sigmagold Inti Perkasa Tbk PT⁽¹⁾⁽³⁾		17,097,000		29,641
Siloam International Hospitals Tbk PT⁽¹⁾		2,296,600		497,782
Surya Semesta Internusa Tbk PT		14,275,000		575,129
Telekomunikasi Indonesia Persero Tbk PT		25,815,800		6,401,504
Tower Bersama Infrastructure Tbk PT		2,272,900		828,261
Unilever Indonesia Tbk PT		746,500		2,240,514
United Tractors Tbk PT		1,701,383		4,168,230
Vale Indonesia Tbk PT⁽¹⁾		5,222,500		1,585,512
Waskita Karya Persero Tbk PT		4,712,800		694,136
Wijaya Karya Beton Tbk PT		3,158,200		87,224
Wijaya Karya Persero Tbk PT		6,522,800		702,333
XL Axiata Tbk PT⁽¹⁾		2,604,900		498,199
			$	69,656,062


Security	Shares		Value

Jordan — 0.6%
Al-Eqbal Investment Co. PLC⁽¹⁾		50,157	$	2,030,674
Alia The Royal Jordanian Airlines PLC⁽¹⁾		249,829		140,919
Arab Bank PLC		746,208		6,989,468
Arab Potash Co. PLC		55,440		1,227,112
Bank of Jordan		218,804		722,374
Cairo Amman Bank		183,573		392,926
Capital Bank of Jordan		406,376		504,657
Jordan Ahli Bank		321,537		516,373
Jordan Islamic Bank		129,843		585,575
Jordan Petroleum Refinery		270,214		914,473
Jordan Telecommunications Co.		69,284		166,060
Jordanian Electric Power Co.		319,209		593,254
Union Investment Corp. PLC⁽¹⁾		99,181		160,738
			$	14,944,603

Kazakhstan — 0.6%
Halyk Savings Bank of Kazakhstan JSC GDR⁽⁴⁾		447,782	$	5,215,231
KAZ Minerals PLC⁽¹⁾		550,742		6,099,548
Kcell JSC GDR⁽⁴⁾		414,605		1,855,658
Nostrum Oil & Gas PLC⁽¹⁾		75,523		197,719
			$	13,368,156

Kenya — 0.7%
ARM Cement, Ltd.⁽¹⁾		1,653,600	$	70,034
Bamburi Cement Co., Ltd.		408,700		728,609
Barclays Bank of Kenya, Ltd.		6,474,160		747,398
British American Tobacco Kenya, Ltd.		52,000		326,857
Co-operative Bank of Kenya, Ltd. (The)		6,002,136		1,027,979
East African Breweries, Ltd.		1,355,280		3,035,246
Equity Group Holdings, Ltd.		4,838,900		2,406,448
KCB Group, Ltd.		3,921,120		1,830,592
KenolKobil, Ltd.		2,894,200		515,585
Kenya Power & Lighting, Ltd.		7,482,654		469,307
Nation Media Group PLC		518,384		464,194
Safaricom PLC		13,965,772		3,885,793
Standard Chartered Bank Kenya, Ltd.		219,542		446,133
			$	15,954,175

Kuwait — 1.5%
Agility Public Warehousing Co. KSC		1,223,868	$	3,409,003
Ahli United Bank		370,553		363,589
Al Ahli Bank of Kuwait KSCP		339,889		362,354
Al-Mazaya Holding Co.		882,500		260,141
ALAFCO Aviation Lease and Finance Co. KSCP		495,253		585,782
Boubyan Bank KSCP		435,013		737,261


		14		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Kuwait (continued)
Boubyan Petrochemicals Co.		1,195,545	$	3,652,192
Burgan Bank SAK		424,273		387,743
Commercial Bank of Kuwait KSCP		519,644		903,619
Commercial Real Estate Co. KSCC		2,296,205		568,662
Gulf Bank KSCP		928,963		804,321
Gulf Cable & Electrical Industries Co. KSCP		308,785		386,187
Gulf National Holding Co.⁽³⁾		297,855		0
Jazeera Airways Co. KSC		134,546		335,242
Kuwait Cement Co.		533,870		686,723
Kuwait Finance House KSCP		1,521,812		2,930,640
Kuwait International Bank KSCP		326,536		279,351
Kuwait Portland Cement Co. KSC		126,123		461,307
Kuwait Projects Co. Holdings KSC		378,400		297,612
Kuwait Real Estate Co. KSC⁽¹⁾		2,762,965		457,105
Mabanee Co. SAKC		618,024		1,353,651
Mezzan Holding Co. KSCC		138,999		330,759
Mobile Telecommunications Co.		3,941,289		6,326,410
National Bank of Kuwait SAK		1,683,508		4,508,432
National Industries Group Holding SAK		1,375,456		731,938
National Investment Co.		581,744		176,174
National Real Estate Co. KPSC⁽¹⁾		948,370		361,662
Qurain Petrochemical Industries Co. KSC		1,291,648		1,389,860
Sultan Center Food Products Co.⁽¹⁾		3,421,833		760,500
Warba Bank KSCP⁽¹⁾		338,872		262,707
			$	34,070,927

Latvia — 0.0%⁽⁵⁾
Grindeks		42,000	$	350,038
			$	350,038

Lebanon — 0.1%
Solidere GDR⁽¹⁾		316,363	$	2,315,777
			$	2,315,777

Lithuania — 0.2%
Apranga PVA		427,588	$	1,149,762
Energijos Skirstymo Operatorius AB		128,934		129,537
Klaipedos Nafta AB		1,345,900		853,819
Pieno Zvaigzdes⁽¹⁾		104,200		140,202
Rokiskio Suris		122,500		375,601
Siauliu Bankas		2,303,871		1,352,358
			$	4,001,279


Security	Shares		Value

Malaysia — 3.0%
Aeon Co. (M) Bhd		661,200	$	370,604
AirAsia Group Bhd		1,228,200		1,078,092
Alliance Bank Malaysia Bhd		416,600		412,124
AMMB Holdings Bhd		316,900		313,850
Astro Malaysia Holdings Bhd		979,300		441,076
Axiata Group Bhd		2,357,650		2,553,965
Berjaya Corp. Bhd⁽¹⁾		2,090,591		154,338
Berjaya Sports Toto Bhd		830,250		482,288
Boustead Holdings Bhd		834,694		488,950
British American Tobacco Malaysia Bhd		74,500		628,582
Bumi Armada Bhd⁽¹⁾		3,133,350		551,066
Bursa Malaysia Bhd		122,550		235,928
CIMB Group Holdings Bhd		892,200		1,284,695
Dialog Group Bhd		3,532,614		2,890,765
Digi.com Bhd		1,873,500		2,099,443
FGV Holdings Bhd		1,358,400		579,542
Gamuda Bhd		965,900		920,831
Genting Bhd		1,146,500		2,469,917
Genting Malaysia Bhd		1,760,500		2,194,608
Genting Plantations Bhd		261,700		602,095
Hartalega Holdings Bhd		237,200		359,405
Hong Leong Bank Bhd		116,000		545,637
Hong Leong Financial Group Bhd		59,900		266,685
IHH Healthcare Bhd		2,141,700		3,117,303
IJM Corp. Bhd		1,567,680		756,962
IOI Corp. Bhd		1,111,018		1,264,770
IOI Properties Group Bhd		1,044,058		488,740
KLCCP Stapled Group		399,100		755,420
KNM Group Bhd⁽¹⁾		5,003,150		246,458
Kuala Lumpur Kepong Bhd		178,100		1,085,693
Lafarge Malaysia Bhd⁽¹⁾		942,950		734,847
Magnum Bhd		940,340		508,926
Malayan Banking Bhd		733,187		1,771,393
Malaysia Airports Holdings Bhd		342,800		781,107
Malaysian Resources Corp. Bhd		761,400		145,719
Maxis Bhd		1,037,800		1,480,862
MISC Bhd		482,400		793,846
MMC Corp. Bhd		1,217,800		440,667
My EG Services Bhd		727,950		222,697
Nestle Malaysia Bhd		12,300		447,059
Petronas Chemicals Group Bhd		1,952,800		4,294,775
Petronas Dagangan Bhd		422,200		2,808,276
Petronas Gas Bhd		315,800		1,457,111
PPB Group Bhd		246,960		1,003,059
Press Metal Aluminium Holdings Bhd		1,975,820		2,329,834
Public Bank Bhd		360,020		2,132,519
RHB Bank Bhd		206,400		276,507


		15		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Malaysia (continued)
Sapura Energy Bhd⁽¹⁾		5,340,168	$	795,929
Silverlake Axis, Ltd.		703,200		263,398
Sime Darby Bhd		1,193,039		741,972
Sime Darby Plantation Bhd		1,056,339		1,366,649
Sime Darby Property Bhd		1,193,039		394,361
Sunway Bhd		717,840		270,381
Supermax Corp. Bhd		1,126,100		1,215,164
Telekom Malaysia Bhd		1,249,900		1,220,076
Tenaga Nasional Bhd		1,175,625		4,542,115
Top Glove Corp. Bhd		723,500		1,807,019
UEM Sunrise Bhd		1,683,050		379,644
UMW Holdings Bhd		448,400		662,042
Unisem (M) Bhd		2,784,300		1,796,304
WCT Holdings Bhd		734,737		180,110
YTL Corp. Bhd		2,920,734		971,734
YTL Power International Bhd		1,920,860		576,654
			$	68,452,588

Mauritius — 0.7%
Alteo, Ltd.		852,532	$	652,468
Attitude Property, Ltd.		700,989		261,299
CIEL, Ltd.		1,801,109		369,210
CIM Financial Services, Ltd.		2,484,951		698,798
MCB Group, Ltd.		918,789		7,150,965
Phoenix Beverages, Ltd.		24,345		424,173
Rogers & Co., Ltd.		2,004,091		1,991,092
SBM Holdings, Ltd.		9,094,160		1,972,219
Sun, Ltd., Class A		516,880		732,630
Terra Mauricia, Ltd.		594,238		466,937
United Basalt Products, Ltd.		334,219		1,285,586
			$	16,005,377

Mexico — 6.2%
Alfa SAB de CV, Series A		4,741,372	$	6,456,574
Alsea SAB de CV		694,800		2,394,069
America Movil SAB de CV, Series L		22,692,550		19,420,057
Arca Continental SAB de CV		329,780		2,189,834
Bolsa Mexicana de Valores SAB de CV		1,204,875		2,262,646
Cemex SAB de CV ADR⁽¹⁾		185,473		1,381,774
Cemex SAB de CV, Series CPO⁽¹⁾		7,728,239		5,772,000
Coca-Cola Femsa SAB de CV, Series L		319,500		1,998,830
El Puerto de Liverpool SAB de CV		163,780		1,221,029
Fibra Uno Administracion SA de CV		2,054,090		2,966,887
Fomento Economico Mexicano SAB de CV, Series UBD		1,073,456		10,545,214
Genomma Lab Internacional SAB de CV⁽¹⁾		2,778,500		2,209,353
Gentera SAB de CV		1,792,600		1,935,164


Security	Shares		Value

Mexico (continued)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		370,587	$	3,505,492
Grupo Aeroportuario del Sureste SAB de CV, Class B		206,415		3,686,902
Grupo Bimbo SAB de CV, Series A		1,376,145		2,947,550
Grupo Carso SAB de CV, Series A1		934,900		3,892,543
Grupo Elektra SAB de CV		61,453		2,299,029
Grupo Financiero Banorte SAB de CV, Class O		1,701,800		11,870,210
Grupo Financiero Inbursa SAB de CV, Class O		3,303,000		5,449,545
Grupo Mexico SAB de CV, Series B		2,409,679		7,585,458
Grupo Sanborns SAB de CV		226,889		236,168
Grupo Simec SA de CV, Series B⁽¹⁾		133,800		437,989
Grupo Televisa SAB ADR		431,500		8,578,220
Grupo Televisa SAB, Series CPO		1,550,600		6,169,870
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1⁽¹⁾		958,200		1,574,486
Industrias CH SAB de CV, Series B⁽¹⁾		225,500		1,050,202
Industrias Penoles SAB de CV		106,665		1,808,488
Infraestructura Energetica Nova SAB de CV		180,000		880,890
Kimberly-Clark de Mexico SAB de CV, Class A		1,101,000		2,027,408
Mexichem SAB de CV		815,799		2,854,766
Minera Frisco SAB de CV⁽¹⁾		714,800		306,818
Organizacion Soriana SAB de CV, Class B⁽¹⁾		120,000		226,637
Promotora y Operadora de Infraestructura SAB de CV		345,845		3,572,431
Telesites SAB de CV⁽¹⁾		1,386,268		1,025,694
Ternium SA ADR		26,100		946,125
TV Azteca SAB de CV, Series CPO		1,240,300		155,056
Wal-Mart de Mexico SAB de CV, Series V		2,708,580		7,907,276
			$	141,748,684

Morocco — 0.7%
Attijariwafa Bank		54,975	$	2,752,970
Banque Centrale Populaire		63,220		1,912,567
BMCE Bank		49,850		1,053,536
Cosumar		92,324		1,682,812
Douja Promotion Groupe Addoha SA		160,235		307,544
Label Vie		3,100		696,154
LafargeHolcim Maroc SA		14,330		2,612,754
Lesieur Cristal		35,208		572,335
Managem SA		2,236		309,139
Maroc Telecom		202,750		3,055,480
Samir⁽¹⁾⁽³⁾		15,717		0
Taqa Morocco		10,428		939,653
			$	15,894,944

Nigeria — 0.7%
Access Bank PLC		23,343,745	$	643,217
Afriland Properties PLC⁽¹⁾⁽³⁾		1,286,159		0
Dangote Cement PLC		3,302,044		2,076,827


		16		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Nigeria (continued)
Ecobank Transnational, Inc.⁽¹⁾		7,244,274	$	411,613
FBN Holdings PLC		29,232,719		815,445
Flour Mills of Nigeria PLC		3,215,556		248,757
Guaranty Trust Bank PLC		23,743,326		2,625,204
Guiness Nigeria PLC		1,391,550		356,801
Lafarge Africa PLC		5,061,475		386,366
Lekoil, Ltd.⁽¹⁾		1,111,089		286,401
Nestle Nigeria PLC		413,429		1,879,051
Nigerian Breweries PLC		4,747,707		1,376,917
SEPLAT Petroleum Development Co. PLC⁽²⁾		764,746		1,489,085
Stanbic IBTC Holdings PLC		1,977,675		270,802
Transnational Corp. of Nigeria PLC		44,100,342		146,973
Unilever Nigeria PLC		2,740,833		399,484
United Bank for Africa PLC		25,521,594		673,651
Zenith Bank PLC		23,186,709		1,474,378
			$	15,560,972

Oman — 0.7%
Al Anwar Ceramic Tiles Co.		1,033,027	$	246,732
Bank Dhofar SAOG		2,257,341		965,765
Bank Muscat SAOG		2,778,388		2,626,937
Bank Sohar SAOG		2,977,139		950,704
Dhofar International Development & Investment Holding SAOG		339,824		251,730
HSBC Bank Oman SAOG		915,535		278,697
National Bank of Oman SAOG		1,713,121		766,298
Oman Cables Industry SAOG		127,600		308,887
Oman Cement Co. SAOG		951,260		910,175
Oman Flour Mills Co. SAOG		90,796		185,810
Oman Telecommunications Co. SAOG		936,551		1,650,571
Ominvest		1,586,849		1,351,262
Ooredoo		731,509		967,128
Phoenix Power Co. SAOC		2,829,100		830,987
Raysut Cement Co. SAOG		634,342		721,217
Renaissance Services SAOG⁽¹⁾		1,523,972		1,694,531
Sembcorp Salalah Power & Water Co.		1,120,000		647,295
			$	15,354,726

Pakistan — 1.3%
Adamjee Insurance Co., Ltd.		1,115,744	$	446,449
Bank Alfalah, Ltd.		2,236,538		1,026,124
Cherat Cement Co., Ltd.		231,500		173,453
D.G. Khan Cement Co., Ltd.		322,232		299,410
Engro Corp., Ltd.		487,387		1,330,896
Engro Fertilizers, Ltd.		610,528		389,451
Engro Foods, Ltd.		512,800		377,280


Security	Shares		Value

Pakistan (continued)
Fatima Fertilizer Co., Ltd.		680,500	$	192,323
Fauji Cement Co., Ltd.		1,580,000		307,330
Fauji Fertilizer Bin Qasim, Ltd.		1,026,000		327,403
Fauji Fertilizer Co., Ltd.		1,398,110		1,124,538
Habib Bank, Ltd.		1,125,817		1,613,746
Hub Power Co., Ltd. (The)		3,388,900		2,627,197
K-Electric, Ltd.⁽¹⁾		11,230,000		489,362
Kot Addu Power Co., Ltd.		1,364,400		623,775
Lucky Cement, Ltd.		303,500		1,350,135
Maple Leaf Cement Factory, Ltd.		624,937		272,392
Mari Petroleum Co., Ltd.		43,100		506,691
MCB Bank, Ltd.		1,209,730		2,024,666
Millat Tractors, Ltd.		97,690		932,591
National Bank of Pakistan⁽¹⁾		672,540		272,957
Nishat Mills, Ltd.		2,394,071		2,649,680
Oil & Gas Development Co., Ltd.		1,122,391		1,364,504
Pak Elektron, Ltd.		892,000		275,977
Pak Suzuki Motor Co., Ltd.		106,700		296,349
Pakistan Oilfields, Ltd.		188,600		1,007,811
Pakistan Petroleum, Ltd.		837,777		1,439,089
Pakistan State Oil Co., Ltd.		503,274		1,321,259
Pakistan Telecommunication Co., Ltd.		1,949,200		185,949
Searle Co., Ltd. (The)		686,633		1,859,973
SUI Southern Gas Co., Ltd.⁽¹⁾		1,500,051		389,173
TRG Pakistan⁽¹⁾		1,992,000		497,033
United Bank, Ltd.		556,245		790,527
			$	28,785,493

Panama — 0.2%
Copa Holdings SA, Class A		59,767	$	5,817,720
			$	5,817,720

Peru — 1.5%
Alicorp SAA		1,031,466	$	3,701,260
BBVA Banco Continental SA		358,301		454,488
Cementos Pacasmayo SAA		192,689		447,607
Cia de Minas Buenaventura SA ADR		281,597		3,869,143
Credicorp, Ltd.		63,400		14,504,018
Ferreycorp SAA		2,543,060		1,834,405
Grana y Montero SAA⁽¹⁾		1,115,664		852,511
Southern Copper Corp.		139,376		6,879,599
Volcan Cia Minera SAA, Class B		3,886,275		962,155
			$	33,505,186


		17		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Philippines — 3.0%
Aboitiz Equity Ventures, Inc.		1,404,010	$	1,524,971
Aboitiz Power Corp.		2,919,900		2,046,541
Alliance Global Group, Inc.⁽¹⁾		2,794,300		627,882
Ayala Corp.		143,035		2,697,514
Ayala Land, Inc.		3,502,500		2,697,342
Ayala Land, Inc., PFC Shares⁽³⁾		3,951,800		0
Bank of the Philippine Islands		1,107,720		2,047,869
BDO Unibank, Inc.		1,091,944		2,717,867
Bloomberry Resorts Corp.		11,870,300		2,345,120
Cosco Capital, Inc.		3,726,300		428,066
D&L Industries, Inc.		4,814,000		923,415
DMCI Holdings, Inc.		2,571,600		571,826
Emperador, Inc.		4,313,300		591,212
Energy Development Corp.⁽¹⁾		14,106,300		1,352,099
Filinvest Land, Inc.		9,303,000		248,746
First Gen Corp.		2,377,522		694,891
First Philippine Holdings Corp.		587,500		691,064
Globe Telecom, Inc.		45,740		1,580,927
GT Capital Holdings, Inc.		56,950		1,039,671
International Container Terminal Services, Inc.		579,270		971,237
JG Summit Holdings, Inc.		1,805,920		1,905,653
Jollibee Foods Corp.		933,070		4,746,781
Lopez Holdings Corp.		4,600,000		328,276
LT Group, Inc.		1,873,000		634,962
Manila Electric Co.		433,030		3,098,423
Manila Water Co.		1,388,900		693,662
Megaworld Corp.		9,443,000		826,028
Melco Resorts and Entertainment (Philippines) Corp.⁽¹⁾		3,711,400		481,767
Metro Pacific Investments Corp.		7,682,400		681,902
Metropolitan Bank & Trust Co.		936,617		1,301,349
Nickel Asia Corp.		5,281,800		432,705
Petron Corp.		4,267,400		713,399
Philex Mining Corp.		6,094,825		508,271
PLDT, Inc.		178,645		4,481,534
Puregold Price Club, Inc.		2,240,100		1,911,062
Robinsons Land Corp.		1,507,082		556,360
Robinsons Retail Holdings, Inc.		1,269,250		2,042,613
San Miguel Corp.		306,670		804,406
Security Bank Corp.		186,200		711,735
Semirara Mining & Power Corp.		3,622,920		2,163,101
SM Investments Corp.		275,083		4,930,083
SM Prime Holdings, Inc.		6,510,499		4,634,954
SSI Group, Inc.		2,061,000		79,999
Travellers International Hotel Group, Inc.⁽¹⁾		3,521,900		336,490
Universal Robina Corp.		1,611,430		3,885,707
Vista Land & Lifescapes, Inc.		3,675,000		415,061
			$	69,104,543


Security	Shares		Value

Poland — 3.1%
Alior Bank SA⁽¹⁾		65,097	$	1,294,418
AmRest Holdings SE⁽¹⁾		12,198		1,456,313
Asseco Poland SA		480,583		6,066,278
Bank Handlowy w Warszawie SA		39,181		804,674
Bank Millennium SA⁽¹⁾		687,285		1,729,073
Bank Polska Kasa Opieki SA		102,868		3,149,746
Bank Zachodni WBK SA		19,800		1,985,755
Boryszew SA⁽¹⁾		122,670		226,461
Budimex SA		33,545		1,146,400
CCC SA		38,814		2,391,218
Ciech SA		42,262		644,302
Cyfrowy Polsat SA⁽¹⁾		342,382		2,226,550
Enea SA⁽¹⁾		392,460		1,029,111
Energa SA		367,797		901,774
Eurocash SA		317,200		1,606,736
Getin Noble Bank SA⁽¹⁾		774,062		207,599
Grupa Azoty SA		74,494		850,236
Grupa Lotos SA		74,062		1,323,107
ING Bank Slaski SA		35,724		1,877,049
Jastrzebska Spolka Weglowa SA⁽¹⁾		80,467		1,736,735
KGHM Polska Miedz SA		151,583		4,010,388
LPP SA		2,021		4,963,174
Lubelski Wegiel Bogdanka SA⁽¹⁾		12,326		209,123
mBank SA		11,330		1,326,200
Netia SA		393,220		533,591
Orange Polska SA⁽¹⁾		1,362,301		1,857,551
PGE SA⁽¹⁾		1,443,963		3,886,458
PKP Cargo SA⁽¹⁾		51,483		676,750
Polski Koncern Naftowy ORLEN SA		227,752		5,776,026
Polskie Gornictwo Naftowe i Gazownictwo SA⁽¹⁾		1,282,036		1,937,515
Powszechna Kasa Oszczednosci Bank Polski SA⁽¹⁾		630,169		7,191,285
Powszechny Zaklad Ubezpieczen SA		439,397		5,053,673
Tauron Polska Energia SA⁽¹⁾		1,898,392		1,169,179
			$	71,244,448

Qatar — 1.5%
Aamal Co. QSC		230,040	$	644,214
Al Meera Consumer Goods Co.		12,300		544,632
Barwa Real Estate Co.		172,367		1,714,166
Commercial Bank PQSC (The)		144,180		1,609,923
Doha Bank QPSC		98,700		689,537
Gulf International Services QSC⁽¹⁾		124,213		579,709
Industries Qatar		116,126		3,956,327
Masraf Al Rayan QSC		228,260		2,421,143
Medicare Group		18,044		346,656
Ooredoo QPSC		170,000		3,276,608


		18		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Qatar (continued)
Qatar Electricity & Water Co. QSC		49,258	$	2,565,821
Qatar Gas Transport Co., Ltd.		489,281		2,248,517
Qatar Insurance Co.		103,644		1,031,123
Qatar International Islamic Bank		31,943		490,027
Qatar Islamic Bank		36,702		1,336,208
Qatar National Bank QPSC		136,354		6,528,094
Qatar National Cement Co. QSC		33,300		516,070
Qatar Navigation QSC		44,721		801,450
Qatari Investors Group		21,054		177,099
United Development Co. QSC		366,035		1,393,605
Vodafone Qatar QSC⁽¹⁾		571,700		1,430,020
			$	34,300,949

Romania — 0.7%
Banca Transilvania SA		8,448,000	$	5,356,260
BRD-Groupe Societe Generale SA		642,412		2,228,661
OMV Petrom SA		34,103,833		2,742,575
Societatea Energetica Electrica SA		487,729		1,171,665
Societatea Nationala de Gaze Naturale ROMGAZ SA		235,067		1,816,063
Societatea Nationala Nuclearelectrica SA		227,761		430,975
Transelectrica SA		299,241		1,723,840
Transgaz SA Medias		10,700		902,092
			$	16,372,131

Russia — 5.8%
Aeroflot PJSC		789,856	$	1,553,543
Alrosa PJSC		650,100		1,008,364
Evraz PLC		247,452		1,805,227
Federal Grid Co. Unified Energy System PJSC		371,445,440		1,007,926
Gazprom PJSC ADR		2,454,895		11,009,222
Globaltrans Investment PLC GDR⁽⁴⁾		208,663		2,397,270
Inter RAO UES PJSC		37,254,070		2,485,460
Lenta, Ltd. GDR⁽¹⁾⁽⁴⁾		168,201		839,270
LSR Group PJSC GDR⁽⁴⁾		186,400		459,883
Lukoil PJSC ADR⁽⁶⁾		10,200		729,300
Lukoil PJSC ADR⁽⁶⁾		178,782		12,824,258
Luxoft Holding, Inc.⁽¹⁾		19,800		752,400
Magnit PJSC		62,447		4,153,420
Magnit PJSC GDR⁽⁴⁾		66,434		1,089,524
Magnitogorsk Iron & Steel Works PJSC		721,700		531,891
Magnitogorsk Iron & Steel Works PJSC GDR⁽⁴⁾		46,201		445,754
Mail.ru Group, Ltd. GDR⁽¹⁾⁽⁴⁾		130,162		3,515,231
Mechel PJSC ADR⁽¹⁾		152,000		428,640
MegaFon PJSC GDR⁽⁴⁾⁽⁶⁾		27,210		259,855
MegaFon PJSC GDR⁽⁴⁾⁽⁶⁾		120,383		1,142,855
MMC Norilsk Nickel PJSC ADR⁽⁶⁾		32,723		566,599


Security	Shares		Value

Russia (continued)
MMC Norilsk Nickel PJSC ADR⁽⁶⁾		419,792	$	7,250,252
Mobile TeleSystems PJSC		1,171,567		4,924,799
Moscow Exchange MICEX-RTS PJSC		834,940		1,373,956
Mosenergo PJSC		8,811,603		341,450
Novatek PJSC GDR⁽⁴⁾		34,108		5,415,616
Novolipetsk Steel PJSC GDR		81,300		2,100,982
PhosAgro PJSC GDR⁽⁴⁾⁽⁶⁾		12,600		165,942
PhosAgro PJSC GDR⁽⁴⁾⁽⁶⁾		28,064		370,927
Polymetal International PLC		228,081		1,989,297
QIWI PLC ADR		57,166		902,651
Rosneft Oil Co. PJSC GDR⁽⁴⁾⁽⁶⁾		3,905		25,773
Rosneft Oil Co. PJSC GDR⁽⁴⁾⁽⁶⁾		461,943		3,051,570
Rosseti PJSC		28,171,437		346,889
Rostelecom PJSC		1,260,647		1,417,097
RusHydro PJSC		205,845,080		2,241,158
Sberbank of Russia PJSC		4,662,848		15,940,501
Severstal PJSC GDR⁽⁴⁾		144,000		2,349,758
Sistema PJSFC		5,535,478		800,957
Sollers PJSC⁽¹⁾		24,262		194,724
Surgutneftegas PJSC ADR⁽⁶⁾		10,800		49,248
Surgutneftegas PJSC ADR⁽⁶⁾		527,704		2,416,019
Surgutneftegas PJSC, PFC Shares		4,537,600		2,520,381
Tatneft PJSC ADR⁽⁶⁾		3,614		250,812
Tatneft PJSC ADR⁽⁶⁾		100,386		6,920,012
TMK PJSC GDR⁽⁴⁾		64,757		299,255
Transneft PJSC, PFC Shares		845		2,203,972
Unipro PJSC		8,737,000		377,773
VEON, Ltd. ADR		370,784		1,123,476
VTB Bank PJSC		2,908,170,000		2,237,718
X5 Retail Group NV GDR⁽⁴⁾		157,800		4,228,232
Yandex NV, Class A⁽¹⁾		265,300		9,540,188
			$	132,377,277

Slovenia — 0.7%
Cinkarna Celje DD		3,159	$	979,927
Gorenje DD		51,507		702,623
KRKA DD		67,125		4,563,024
Luka Koper		54,318		2,003,126
Petrol		6,269		2,656,791
Pozavarovalnica Sava DD		56,957		1,144,135
Telekom Slovenije DD		21,981		1,966,421
Zavarovalnica Triglav DD		48,275		1,757,178
			$	15,773,225


		19		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

South Africa — 6.3%
Absa Group, Ltd.		115,033	$	1,498,619
AECI, Ltd.		73,130		588,203
African Rainbow Minerals, Ltd.		94,900		818,930
Anglo American Platinum, Ltd.		48,769		1,500,133
AngloGold Ashanti, Ltd.		218,130		1,914,780
Aspen Pharmacare Holdings, Ltd.		392,807		7,609,245
Astral Foods, Ltd.		18,500		409,886
Aveng, Ltd.⁽¹⁾		939,990		6,401
AVI, Ltd.		233,600		1,939,753
Barloworld, Ltd.		560,920		5,398,884
Bid Corp., Ltd.		187,327		3,745,532
Bidvest Group, Ltd. (The)		489,196		6,953,823
Capitec Bank Holdings, Ltd.		12,100		873,797
Clicks Group, Ltd.		167,700		2,461,328
DataTec, Ltd.		160,600		298,861
Discovery, Ltd.		96,631		1,245,523
Exxaro Resources, Ltd.		118,010		1,162,810
FirstRand, Ltd.		703,860		3,699,561
Foschini Group, Ltd. (The)		63,545		829,718
Gold Fields, Ltd.		509,300		1,869,003
Grindrod Shipping Holdings, Ltd.⁽¹⁾		8,507		86,572
Grindrod, Ltd.⁽¹⁾		340,300		203,056
Growthpoint Properties, Ltd.		1,042,876		2,070,756
Harmony Gold Mining Co., Ltd.		374,410		623,180
Hyprop Investments, Ltd.		92,800		723,829
Impala Platinum Holdings, Ltd.⁽¹⁾		533,748		792,801
Imperial Holdings, Ltd.		60,958		988,365
Investec, Ltd.		62,594		452,315
JSE, Ltd.		40,800		514,683
Kumba Iron Ore, Ltd.		23,160		512,399
Liberty Holdings, Ltd.		88,826		777,145
Life Healthcare Group Holdings, Ltd.		1,510,419		2,754,572
Massmart Holdings, Ltd.		116,773		1,041,426
Mediclinic International PLC		253,849		1,707,753
MMI Holdings, Ltd.		478,158		616,973
Mondi, Ltd.		49,630		1,359,848
Mr Price Group, Ltd.		74,702		1,332,669
MTN Group, Ltd.		1,536,595		13,367,388
Murray & Roberts Holdings, Ltd.		915,850		1,258,612
Nampak, Ltd.⁽¹⁾		465,438		535,251
Naspers, Ltd., Class N		61,047		15,027,860
Nedbank Group, Ltd.		44,331		917,372
Netcare, Ltd.		1,305,994		2,678,361
Northam Platinum, Ltd.⁽¹⁾		207,738		557,290
Pick’n Pay Stores, Ltd.		305,481		1,724,810
PPC, Ltd.⁽¹⁾		468,427		227,005


Security	Shares		Value

South Africa (continued)
Rand Merchant Investment Holdings, Ltd.		322,134	$	974,866
Redefine Properties, Ltd.		2,311,150		1,865,236
Remgro, Ltd.		103,310		1,705,331
Reunert, Ltd.		407,260		2,529,740
RMB Holdings, Ltd.		163,033		1,019,032
Sanlam, Ltd.		378,884		2,196,656
Sappi, Ltd.		345,500		2,469,265
Sasol, Ltd.		244,489		9,634,705
Shoprite Holdings, Ltd.		224,300		3,709,672
Sibanye Gold, Ltd.⁽¹⁾		534,218		326,997
SPAR Group, Ltd. (The)		147,000		2,140,723
Standard Bank Group, Ltd.		246,739		3,815,253
Steinhoff International Holdings NV⁽¹⁾		787,883		153,511
Telkom SA SOC, Ltd.		309,050		1,187,121
Tiger Brands, Ltd.		103,271		2,737,396
Tongaat Hulett, Ltd.		99,910		640,266
Truworths International, Ltd.		155,016		962,984
Vodacom Group, Ltd.		528,700		5,633,065
Wilson Bayly Holmes-Ovcon, Ltd.		106,200		1,121,426
Woolworths Holdings, Ltd.		287,328		1,116,263
			$	143,616,589

South Korea — 5.7%
AMOREPACIFIC Corp.		9,380	$	2,244,420
AMOREPACIFIC Group		6,000		514,279
BNK Financial Group, Inc.		34,935		280,153
Celltrion, Inc.⁽¹⁾		21,040		5,123,910
Cheil Worldwide, Inc.		31,519		569,928
CJ CheilJedang Corp.		4,652		1,407,572
CJ Corp.		3,500		439,960
CJ ENM Co., Ltd.		3,130		649,971
CJ Logistics Corp.⁽¹⁾		2,049		277,104
Coway Co., Ltd.		14,240		1,195,863
Daelim Industrial Co., Ltd.		4,800		336,795
Daesang Corp.		8,000		176,133
Daewoo Engineering & Construction Co., Ltd.⁽¹⁾		65,741		334,407
Daewoo Industrial Development Co., Ltd.⁽¹⁾		3,657		8,827
Daewoong Pharmaceutical Co., Ltd.		5,630		923,500
DB Insurance Co., Ltd.		9,940		573,272
DGB Financial Group Co., Ltd.		34,537		289,143
Dong-A Pharmaceutical Co., Ltd.		2,407		208,023
Dong-A ST Co., Ltd.		4,078		349,769
Dongkuk Steel Mill Co., Ltd.		50,333		345,824
Doosan Corp.		3,701		344,576
Doosan Heavy Industries & Construction Co., Ltd.⁽¹⁾		23,400		315,654
Doosan Infracore Co., Ltd.⁽¹⁾		34,600		312,486


		20		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

South Korea (continued)
E-MART, Inc.		6,525	$	1,275,618
GS Engineering & Construction Corp.		10,435		424,218
GS Holdings Corp.		29,120		1,401,488
Hana Financial Group, Inc.		46,600		1,873,675
Hanjin Kal Corp.		19,283		318,483
Hankook Tire Co., Ltd.		21,623		858,247
Hanmi Pharmaceutical Co., Ltd.		3,953		1,502,985
Hanmi Science Co., Ltd.		9,058		562,328
Hansol Holdings Co., Ltd.		37,566		159,760
Hansol Paper Co., Ltd.		22,933		376,786
Hanwha Aerospace Co., Ltd.⁽¹⁾		9,095		183,454
Hanwha Chemical Corp.		35,850		679,916
Hanwha Corp.		11,790		339,302
HDC Holdings Co., Ltd.		6,549		155,760
HDC Hyundai Development Co-Engineering & Construction, Class E⁽¹⁾		9,150		470,321
Hite-Jinro Co., Ltd.		20,121		327,418
Hyosung Advanced Materials Corp.⁽¹⁾		1,067		162,151
Hyosung Chemical Corp.⁽¹⁾		760		114,477
Hyosung Corp.		3,287		131,114
Hyosung Heavy Industries Corp.⁽¹⁾		2,221		105,029
Hyosung TNC Co., Ltd.⁽¹⁾		1,031		205,066
Hyundai Construction Equipment Co., Ltd.⁽¹⁾		1,100		131,182
Hyundai Department Store Co., Ltd.		7,615		671,019
Hyundai Engineering & Construction Co., Ltd.		15,844		832,744
Hyundai Glovis Co., Ltd.		4,770		585,092
Hyundai Heavy Industries Co., Ltd.⁽¹⁾		6,601		630,633
Hyundai Heavy Industries Holdings Co., Ltd.⁽¹⁾		867		260,696
Hyundai Marine & Fire Insurance Co., Ltd.		10,256		336,350
Hyundai Mipo Dockyard Co., Ltd.⁽¹⁾		5,275		442,334
Hyundai Mobis Co., Ltd.		12,774		2,603,924
Hyundai Motor Co.		30,410		3,524,314
Hyundai Steel Co.		16,100		775,937
Hyundai Wia Corp.		5,400		227,733
Industrial Bank of Korea		37,480		525,085
Kakao Corp.		5,600		564,663
Kangwon Land, Inc.		30,266		702,903
KB Financial Group, Inc.		56,400		2,710,778
KCC Corp.		1,345		407,762
Kia Motors Corp.		53,420		1,514,490
Korea Electric Power Corp.		147,695		4,388,833
Korea Gas Corp.⁽¹⁾		15,148		789,397
Korea Investment Holdings Co., Ltd.		6,990		447,817
Korea Zinc Co., Ltd.		3,675		1,357,124
Korean Air Lines Co., Ltd.		10,010		262,140
Korean Reinsurance Co.		29,387		290,250


Security	Shares		Value

South Korea (continued)
KT Corp.		69,653	$	1,776,969
KT Corp. ADR		16,800		230,160
KT&G Corp.		36,763		3,634,611
Kumho Petrochemical Co., Ltd.		4,400		445,945
LG Chem, Ltd.		8,233		2,768,950
LG Corp.		20,410		1,375,833
LG Display Co., Ltd.		19,325		366,367
LG Electronics, Inc.		15,743		1,055,221
LG Hausys, Ltd.		2,858		172,041
LG Household & Health Care, Ltd.		2,500		2,707,289
LG International Corp.		8,000		169,035
LG Uplus Corp.		121,400		1,671,340
Lotte Chemical Corp.		4,379		1,410,308
Lotte Corp.⁽¹⁾		5,796		273,020
LOTTE Fine Chemical Co., Ltd.		9,050		499,116
Lotte Shopping Co., Ltd.		4,523		834,128
LS Corp.		7,030		472,304
LS Industrial Systems Co., Ltd.		3,300		214,021
Medy-Tox, Inc.		2,500		1,606,943
Mirae Asset Daewoo Co., Ltd.		76,889		561,765
Naver Corp.		1,979		1,269,713
NCsoft Corp.		1,263		435,995
NH Investment & Securities Co., Ltd.		21,508		250,948
NHN Entertainment Corp.⁽¹⁾		4,718		265,533
Nong Shim Co., Ltd.		3,700		973,208
OCI Co., Ltd.		4,137		367,260
Orion Corp./Republic of Korea		10,527		1,256,375
POSCO		14,872		4,377,057
Posco Daewoo Corp.		9,000		154,594
S-Oil Corp.		22,412		2,353,993
S1 Corp.		3,266		253,353
Samsung Biologics Co., Ltd.⁽¹⁾⁽²⁾		5,181		1,728,758
Samsung C&T Corp.		14,200		1,570,846
Samsung Card Co., Ltd.		8,160		258,444
Samsung Electro-Mechanics Co., Ltd.		5,701		784,757
Samsung Electronics Co., Ltd.		240,100		9,966,606
Samsung Fire & Marine Insurance Co., Ltd.		4,379		1,069,384
Samsung Heavy Industries Co., Ltd.⁽¹⁾		67,350		391,257
Samsung Life Insurance Co., Ltd.		14,110		1,214,796
Samsung SDI Co., Ltd.		3,725		765,316
Samsung Securities Co., Ltd.		16,440		479,455
Shinhan Financial Group Co., Ltd.		67,151		2,619,513
Shinsegae, Inc.		1,984		588,773
SK Chemicals Co., Ltd.⁽¹⁾		5,375		431,044
SK Holdings Co., Ltd.		6,084		1,434,117
SK Hynix, Inc.		26,400		2,040,466


		21		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

South Korea (continued)
SK Innovation Co., Ltd.		34,891	$	6,196,866
SK Networks Co., Ltd.		64,010		269,478
SK Telecom Co., Ltd.		21,600		4,827,378
ViroMed Co., Ltd.⁽¹⁾		9,440		1,691,648
Woori Bank		61,986		936,914
Yuanta Securities Korea Co., Ltd.⁽¹⁾		78,565		257,095
Yuhan Corp.		6,867		1,370,582
Zyle Motor Sales Corp.⁽¹⁾		5,113		7,564
			$	128,936,817

Sri Lanka — 0.7%
Access Engineering PLC		3,199,414	$	336,435
Aitken Spence PLC		1,072,547		329,059
Ceylon Tobacco Co. PLC		140,993		1,037,475
Chevron Lubricants Lanka PLC		1,500,000		814,080
Commercial Bank of Ceylon PLC		2,108,547		1,664,620
DFCC Bank PLC		293,137		190,034
Dialog Axiata PLC		13,459,868		1,203,621
Distilleries Co. of Sri Lanka PLC		1,996,476		255,637
Hatton National Bank PLC		1,368,463		1,936,632
Hemas Holdings PLC		500,000		312,760
John Keells Holdings PLC		3,177,989		2,770,190
Lanka IOC PLC		1,479,571		303,588
Melstacorp PLC⁽¹⁾		6,101,508		1,891,090
National Development Bank PLC		538,000		387,844
Nations Trust Bank PLC⁽¹⁾		386,337		220,274
Sampath Bank PLC⁽¹⁾		839,158		1,550,786
Teejay Lanka PLC		1,705,074		344,909
			$	15,549,034

Taiwan — 5.8%
AcBel Polytech, Inc.		429,000	$	273,676
Acer, Inc.		263,519		215,967
AirTAC International Group		106,714		1,162,068
AmTRAN Technology Co., Ltd.		650,067		278,491
ASE Technology Holding Co., Ltd.		262,561		673,047
Asia Cement Corp.		524,356		700,367
Asustek Computer, Inc.		63,325		545,886
AU Optronics Corp.		1,011,837		437,914
Capital Securities Corp.		711,928		261,915
Catcher Technology Co., Ltd.		49,183		605,814
Cathay Financial Holding Co., Ltd.		1,110,533		1,915,222
Center Laboratories, Inc.⁽¹⁾		523,551		1,603,297
Chailease Holding Co., Ltd.		209,328		685,062
Chang Hwa Commercial Bank, Ltd.		829,476		490,903
Cheng Shin Rubber Industry Co., Ltd.		843,672		1,304,820


Security	Shares		Value

Taiwan (continued)
Chicony Electronics Co., Ltd.		100,164	$	227,050
China Airlines, Ltd.⁽¹⁾		2,591,887		839,123
China Development Financial Holding Corp.		2,042,050		748,030
China Life Insurance Co., Ltd.		473,009		501,050
China Motor Corp.		762,315		659,054
China Petrochemical Development Corp.⁽¹⁾		1,155,564		533,525
China Steel Corp.		2,389,734		1,953,549
Chipbond Technology Corp.		68,000		146,600
Chong Hong Construction Co., Ltd.		184,999		561,735
Chunghwa Telecom Co., Ltd.		2,498,746		8,659,468
Clevo Co.		260,155		297,659
Compal Electronics, Inc.		572,345		356,137
Coretronic Corp.		165,702		258,763
CTBC Financial Holding Co., Ltd.		2,741,275		1,859,933
Delta Electronics, Inc.		132,151		460,737
Dynapack International Technology Corp.		183,374		233,722
E Ink Holdings, Inc.		278,000		358,235
E.Sun Financial Holding Co., Ltd.		1,733,040		1,209,478
Eclat Textile Co., Ltd.		90,159		1,038,816
Elan Microelectronics Corp.		95,300		150,838
Epistar Corp.		125,472		155,658
EVA Airways Corp.		1,789,366		884,008
Evergreen International Storage & Transport Corp.		868,000		377,420
Evergreen Marine Corp.⁽¹⁾		2,373,754		1,076,431
Everlight Electronics Co., Ltd.		142,291		187,519
Far Eastern Department Stores, Ltd.		1,200,995		696,963
Far Eastern New Century Corp.		2,912,695		3,110,317
Far EasTone Telecommunications Co., Ltd.		1,232,084		2,924,207
Feng Hsin Steel Co., Ltd.		183,260		324,667
FIH Mobile, Ltd.⁽¹⁾		1,391,000		211,317
First Financial Holding Co., Ltd.		1,373,587		944,852
Formosa Chemicals & Fibre Corp.		709,399		2,798,674
Formosa International Hotels Corp.		118,084		551,804
Formosa Petrochemical Corp.		1,005,320		3,962,299
Formosa Plastics Corp.		837,896		3,085,462
Formosa Taffeta Co., Ltd.		673,000		713,110
Formosan Rubber Group, Inc.		350,730		161,049
Foxconn Technology Co., Ltd.		109,087		271,117
Fubon Financial Holding Co., Ltd.		1,022,596		1,696,531
Giant Manufacturing Co., Ltd.		201,208		862,942
Goldsun Building Materials Co., Ltd.⁽¹⁾		1,672,928		541,720
Great Wall Enterprise Co., Ltd.		930,888		1,210,171
Highwealth Construction Corp.		441,669		683,157
Hiwin Technologies Corp.		247,241		2,427,093
Hon Hai Precision Industry Co., Ltd.		882,434		2,420,498
Hota Industrial Manufacturing Co., Ltd.		89,360		381,220


		22		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Taiwan (continued)
Hotai Motor Co., Ltd.		197,000	$	1,715,350
HTC Corp.⁽¹⁾		185,535		327,392
Hu Lane Associate, Inc.		157,000		688,594
Hua Nan Financial Holdings Co., Ltd.		1,191,080		714,345
Innolux Corp.		1,213,762		457,136
Inventec Corp.		324,966		260,039
Kenda Rubber Industrial Co., Ltd.		238,367		252,090
Kinpo Electronics, Inc.		2,159,000		716,534
Largan Precision Co., Ltd.		5,795		975,796
Lite-On Technology Corp.		240,941		316,653
MediaTek, Inc.		98,462		818,873
Mega Financial Holding Co., Ltd.		1,516,730		1,351,102
Merida Industry Co., Ltd.		146,657		707,248
Nan Kang Rubber Tire Co., Ltd.		1,001,253		830,417
Nan Ya Plastics Corp.		973,214		2,704,260
Neo Solar Power Corp.⁽¹⁾		685,542		225,484
Novatek Microelectronics Corp., Ltd.		62,942		304,799
Pegatron Corp.		223,028		496,854
Pou Chen Corp.		1,061,819		1,168,037
Powertech Technology, Inc.		111,865		316,980
President Chain Store Corp.		480,664		5,295,330
Quanta Computer, Inc.		198,508		343,618
Radiant Opto-Electronics Corp.		141,264		298,735
Radium Life Tech Co., Ltd.⁽¹⁾		633,422		279,718
Realtek Semiconductor Corp.		74,002		298,191
Ruentex Development Co., Ltd.		524,767		583,323
Sanyang Motor Co., Ltd.		1,013,866		697,481
ScinoPharm Taiwan, Ltd.		255,343		266,260
Shin Kong Financial Holding Co., Ltd.		1,899,606		721,626
Shin Kong Synthetic Fibers Corp.		750,483		325,096
Simplo Technology Co., Ltd.		30,533		177,472
Sino-American Silicon Products, Inc.		70,233		241,873
SinoPac Financial Holdings Co., Ltd.		1,948,446		732,880
St. Shine Optical Co., Ltd.		22,000		485,262
Synnex Technology International Corp.		169,358		242,046
Tainan Spinning Co., Ltd.		941,822		411,398
Taishin Financial Holding Co., Ltd.		1,426,766		700,035
Taiwan Business Bank		767,898		253,448
Taiwan Cement Corp.		799,513		1,028,825
Taiwan Cooperative Financial Holding Co., Ltd.		1,253,288		766,406
Taiwan Fertilizer Co., Ltd.		328,000		461,106
Taiwan Glass Industry Corp.		542,564		294,595
Taiwan Mobile Co., Ltd.		1,169,296		4,031,773
Taiwan Semiconductor Manufacturing Co., Ltd.		1,022,465		8,175,331
Taiwan Tea Corp.		395,711		199,868
Tatung Co., Ltd.⁽¹⁾		1,151,785		1,472,073


Security	Shares		Value

Taiwan (continued)
Teco Electric & Machinery Co., Ltd.		2,247,000	$	1,642,609
Tong Yang Industry Co., Ltd.		483,608		711,727
TPK Holding Co., Ltd.		79,148		156,967
Tripod Technology Corp.		68,535		189,453
TSRC Corp.		554,063		579,677
TTY Biopharm Co., Ltd.		534,330		1,614,921
Tung Ho Steel Enterprise Corp.		798,060		597,482
U-Ming Marine Transport Corp.		186,000		192,356
Uni-President Enterprises Corp.		3,558,831		9,413,795
United Microelectronics Corp.		816,090		467,359
Walsin Lihwa Corp.		2,539,000		1,730,035
Wan Hai Lines, Ltd.		518,962		281,894
Waterland Financial Holdings		714,977		262,920
Wei Chuan Food Corp.⁽¹⁾		623,000		486,793
Wistron Corp.		281,230		217,590
WPG Holdings Co., Ltd.		247,489		343,766
Xxentria Technology Materials Corp.		234,700		684,241
Yageo Corp.		19,591		501,470
Yang Ming Marine Transport⁽¹⁾		1,153,621		346,539
YFY, Inc.		899,120		356,320
Yieh Phui Enterprise Co., Ltd.		1,437,319		500,741
Yuanta Financial Holding Co., Ltd.		1,535,629		708,369
Yulon Motor Co., Ltd.		857,950		593,508
			$	131,580,441

Thailand — 3.1%
Advanced Info Service PCL⁽⁷⁾		635,100	$	3,856,202
Airports of Thailand PCL⁽⁷⁾		1,801,600		3,590,983
AP Thailand PCL⁽⁷⁾		2,428,300		671,900
Bangkok Bank PCL⁽⁷⁾		126,300		783,184
Bangkok Dusit Medical Services PCL⁽⁷⁾		4,713,300		3,754,837
Bangkok Land PCL⁽⁷⁾		13,071,100		750,613
Banpu PCL⁽⁷⁾		853,900		542,466
BEC World PCL⁽⁷⁾		1,752,100		511,828
Berli Jucker PCL⁽⁷⁾		591,200		1,012,444
BTS Group Holdings PCL⁽⁷⁾		3,681,100		1,046,953
Bumrungrad Hospital PCL⁽⁷⁾		482,200		2,632,029
Central Pattana PCL⁽⁷⁾		537,000		1,223,745
Central Plaza Hotel PCL⁽⁷⁾		268,400		353,574
CH. Karnchang PCL⁽⁷⁾		442,520		353,090
Charoen Pokphand Foods PCL⁽⁷⁾		975,500		799,547
CP ALL PCL⁽⁷⁾		1,230,300		2,775,516
Delta Electronics (Thailand) PCL⁽⁷⁾		1,096,800		2,300,918
Electricity Generating PCL⁽⁷⁾		299,200		2,077,085
Glow Energy PCL⁽⁷⁾		673,400		1,894,540
Hana Microelectronics PCL⁽⁷⁾		1,549,800		1,677,925


		23		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Thailand (continued)
Home Product Center PCL⁽⁷⁾		3,521,555	$	1,559,250
Indorama Ventures PCL⁽⁷⁾		879,700		1,575,914
IRPC PCL⁽⁷⁾		3,717,200		721,246
Italian-Thai Development PCL⁽¹⁾⁽⁷⁾		4,208,006		359,324
Jasmine International PCL⁽⁷⁾		662,900		107,770
Kasikornbank PCL⁽⁷⁾		300,200		1,959,841
KCE Electronics PCL⁽⁷⁾		562,600		697,224
Khon Kaen Sugar Industry PCL⁽⁷⁾		2,728,780		269,200
Kiatnakin Bank PCL⁽⁷⁾		103,100		224,849
Krung Thai Bank PCL⁽⁷⁾		1,231,400		704,001
L.P.N. Development PCL⁽⁷⁾		1,255,000		380,831
Land & Houses PCL⁽⁷⁾		2,593,500		935,335
Minor International PCL⁽⁷⁾		2,603,577		2,977,005
Pruksa Holding PCL⁽⁷⁾		518,200		319,474
PTT Exploration & Production PCL⁽⁷⁾		314,498		1,305,761
PTT Global Chemical PCL⁽⁷⁾		876,200		2,156,808
PTT PCL⁽⁷⁾		2,036,000		3,137,181
Quality House PCL⁽⁷⁾		8,192,646		856,984
Ratchaburi Electricity Generating Holding PCL⁽⁷⁾		676,000		1,046,419
Robinson PCL⁽⁷⁾		644,300		1,226,824
Samart Corp. PCL⁽⁷⁾		2,188,100		477,367
Siam Cement PCL⁽⁷⁾		146,100		1,968,420
Siam City Cement PCL⁽⁷⁾		59,183		423,714
Siam Commercial Bank PCL⁽⁷⁾		482,500		2,031,921
Siam Global House PCL (The)⁽⁷⁾		1,162,656		608,598
Sino-Thai Engineering & Construction PCL⁽¹⁾⁽⁷⁾		452,157		291,166
Super Energy Corp. PCL⁽¹⁾⁽⁷⁾		11,910,000		261,656
Thai Airways International PCL⁽¹⁾⁽⁷⁾		794,000		334,471
Thai Beverage PCL⁽⁷⁾		2,240,500		1,252,203
Thai Oil PCL⁽⁷⁾		330,500		797,490
Thai Union Group PCL⁽⁷⁾		950,700		468,999
Thanachart Capital PCL⁽⁷⁾		363,800		561,122
Thoresen Thai Agencies PCL⁽⁷⁾		1,334,265		291,074
TMB Bank PCL⁽⁷⁾		9,863,000		682,642
Total Access Communication PCL⁽⁷⁾		689,400		850,415
TPI Polene PCL⁽⁷⁾		7,161,500		408,894
True Corp. PCL⁽⁷⁾		8,870,490		1,666,675
TTW PCL⁽⁷⁾		3,598,200		1,352,183
			$	69,859,630

Tunisia — 0.2%
Attijari Bank		9,305	$	181,359
Banque de Tunisie		134,784		438,123
Banque Internationale Arabe de Tunisie		6,838		446,823
Banque Nationale Agricole⁽¹⁾		87,116		673,582
Carthage Cement⁽¹⁾		597,550		429,912


Security	Shares		Value

Tunisia (continued)
Euro Cycles SA		18,760	$	191,166
Poulina Group		122,715		520,655
Societe D’Articles Hygieniques SA⁽¹⁾		84,735		458,800
Societe Frigorifique et Brasserie de Tunis SA		92,682		839,616
Telnet Holding		95,416		402,862
Union Internationale de Banques SA		40,688		509,561
			$	5,092,459

Turkey — 2.5%
AG Anadolu Grubu Holding AS		109,884	$	394,709
Akbank Turk AS		887,877		1,307,312
Akcansa Cimento AS		126,800		225,994
Aksa Akrilik Kimya Sanayii AS		251,413		597,584
Aksa Enerji Uretim AS⁽¹⁾		600,923		520,628
Albaraka Turk Katilim Bankasi AS		522,467		139,390
Anadolu Efes Biracilik ve Malt Sanayii AS		257,058		1,081,236
Arcelik AS		516,256		1,324,482
Aygaz AS		279,132		588,494
Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS⁽¹⁾		372,500		181,857
BIM Birlesik Magazalar AS		271,885		3,907,845
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS⁽¹⁾		121,177		179,431
Cimsa Cimento Sanayi ve Ticaret AS		141,400		286,268
Coca-Cola Icecek AS		102,495		616,527
Dogan Sirketler Grubu Holding AS⁽¹⁾		1,732,915		352,531
Dogus Otomotiv Servis ve Ticaret AS		111,778		144,628
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		440,700		319,382
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		9,265,567		3,320,779
Enka Insaat ve Sanayi AS		1,336,833		1,326,224
Eregli Demir ve Celik Fabrikalari TAS		2,495,893		5,600,905
Ford Otomotiv Sanayi AS		157,461		1,889,123
Gubre Fabrikalari TAS⁽¹⁾		239,300		172,799
Haci Omer Sabanci Holding AS		498,524		860,656
Is Gayrimenkul Yatirim Ortakligi AS		1,682,412		342,200
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D⁽¹⁾		2,316,004		2,065,750
KOC Holding AS		746,532		2,109,003
Koza Altin Isletmeleri AS⁽¹⁾		77,300		672,546
Migros Ticaret AS⁽¹⁾		75,000		293,840
Net Holding AS⁽¹⁾		325,363		115,113
Pegasus Hava Tasimaciligi AS⁽¹⁾		36,600		215,122
Petkim Petrokimya Holding AS		1,139,360		1,029,977
TAV Havalimanlari Holding AS		101,888		601,535
Tekfen Holding AS		209,373		829,243
Tofas Turk Otomobil Fabrikasi AS		266,109		1,243,727
Trakya Cam Sanayii AS		365,441		326,907


		24		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Turkey (continued)
Tupras-Turkiye Petrol Rafinerileri AS		353,994	$	7,756,514
Turk Hava Yollari AO⁽¹⁾		578,119		2,034,456
Turk Sise ve Cam Fabrikalari AS		769,408		782,034
Turk Telekomunikasyon AS⁽¹⁾		1,467,995		1,434,275
Turkcell Iletisim Hizmetleri AS		2,156,473		5,666,958
Turkiye Garanti Bankasi AS		882,172		1,272,793
Turkiye Halk Bankasi AS		267,144		377,332
Turkiye Is Bankasi AS, Class C		563,039		582,322
Turkiye Sinai Kalkinma Bankasi AS		1,026,653		179,601
Turkiye Vakiflar Bankasi TAO, Class D		458,258		384,047
Ulker Biskuvi Sanayi AS⁽¹⁾		269,059		955,068
Vestel Elektronik Sanayi ve Ticaret AS⁽¹⁾		242,175		456,346
Yapi ve Kredi Bankasi AS⁽¹⁾		609,032		262,526
			$	57,328,019

United Arab Emirates — 1.5%
Abu Dhabi Commercial Bank PJSC		1,023,599	$	1,972,297
Abu Dhabi National Hotels		232,683		181,088
Agthia Group PJSC		1,013,903		1,329,741
Air Arabia PJSC		4,253,944		1,239,619
Ajman Bank PJSC		825,022		216,200
Al Waha Capital PJSC		1,587,889		779,482
Aldar Properties PJSC		4,132,498		2,286,886
Arabtec Holding PJSC		1,673,286		902,409
Dana Gas PJSC		5,241,906		1,560,696
DP World, Ltd.		211,673		4,870,222
Dubai Financial Market PJSC		1,928,561		509,920
Dubai Investments PJSC		1,856,227		1,023,591
Dubai Islamic Bank PJSC		982,741		1,346,396
DXB Entertainments PJSC⁽¹⁾		4,892,600		448,068
Emaar Properties PJSC		2,668,666		3,844,351
Emirates Telecommunications Group Co. PJSC		577,000		2,726,849
First Abu Dhabi Bank PJSC		1,640,026		6,081,182
National Central Cooling Co. (Tabreed)		828,054		417,654
RAK Properties PJSC		2,150,800		391,859
Union National Bank PJSC		1,310,400		1,244,262
			$	33,372,772

Vietnam — 1.5%
Bank for Foreign Trade of Vietnam JSC		1,188,355	$	2,995,156
Bao Viet Holdings		307,150		1,032,752
Development Investment Construction Corp.		322,120		222,094
FLC Faros Construction JSC⁽¹⁾		383,532		701,934
FPT Corp.		187,852		369,491
HAGL JSC⁽¹⁾		1,155,511		379,153
Hoa Phat Group JSC⁽¹⁾		2,967,967		4,768,098


Security	Shares		Value

Vietnam (continued)
KIDO Group Corp.		633,520	$	923,040
Kinh Bac City Development Share Holding Corp.⁽¹⁾		328,860		169,030
Masan Group Corp.⁽¹⁾		408,780		1,483,620
PetroVietnam Drilling & Well Services JSC⁽¹⁾		813,305		459,264
PetroVietnam Fertilizer & Chemical JSC		880,500		698,756
PetroVietnam Gas JSC		352,900		1,332,542
PetroVietnam Technical Services Corp.		1,236,400		914,090
Pha Lai Thermal Power JSC		483,390		391,164
Phu Nhuan Jewelry JSC		73,305		325,092
Refrigeration Electrical Engineering Corp.		186,753		283,688
Saigon Securities, Inc.		198,000		246,832
Tan Tao Investment & Industry JSC⁽¹⁾		1,554,838		180,574
Vietjet Aviation JSC		410,676		2,554,187
Vietnam Dairy Products JSC		492,098		3,560,627
Vietnam Joint Stock Commercial Bank for Industry and Trade		1,255,523		1,279,350
Vingroup JSC⁽¹⁾		1,808,537		8,274,419
			$	33,544,953

Total Common Stocks (identified cost $1,971,359,859)			$	2,251,813,615



Equity-Linked Securities⁽²⁾⁽⁸⁾ — 0.7%
Security	Maturity Date		Shares		Value


Saudi Arabia— 0.7%
Abdullah Al Othaim Markets		7/20/20		23,008	$	464,405
Al Rajhi Bank		1/19/21		85,461		2,014,386
Al Tayyar Travel Group Holding Co.		2/24/21		46,623		310,538
Alinma Bank		1/19/21		109,712		673,999
Almarai Co.		7/20/20		38,453		544,436
Arab National Bank		3/13/20		49,700		460,504
Bank Albilad		2/24/21		28,212		197,087
Banque Saudi Fransi		3/24/20		49,100		455,599
Etihad Etisalat Co.		11/9/20		95,838		490,638
Fawaz Abdulaziz Alhokair Co.		2/28/20		43,595		246,896
Jarir Marketing Co.		1/19/21		11,895		574,705
Mobile Telecommunication Co.		4/5/21		123,207		204,666
National Industrialization Co.		8/26/19		30,681		177,195
Rabigh Refining and Petrochemicals Co.		7/20/20		64,000		477,816
Riyad Bank		11/9/20		68,200		321,870
Sahara Petrochemical Co.		9/14/18		43,292		218,168
Samba Financial Group		5/6/20		61,205		517,331
Saudi Airlines Catering Co.		5/10/21		5,500		129,493
Saudi Arabian Amiantit Co.		4/5/21		106,500		182,876
Saudi Arabian Fertilizer Co.		7/20/20		12,058		210,591


		25		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Maturity Date		Shares		Value


Saudi Arabia(continued)
Saudi Arabian Mining Co.		4/5/21		21,900	$	335,764
Saudi Basic Industries Corp.		1/19/21		38,437		1,320,042
Saudi British Bank		3/24/20		58,524		529,000
Saudi Chemical Co.		4/05/21		25,900		234,802
Saudi Electricity Co.		1/19/21		190,400		973,729
Saudi Industrial Investment Group		12/12/19		35,563		256,974
Saudi International Petrochemical		1/19/21		40,200		248,463
Saudi Kayan Petrochemical Co.		1/19/21		59,809		290,880
Saudi Telecom Co.		4/5/21		45,600		1,051,728
Savola AB		1/24/20		63,323		563,937
Yanbu National Petrochemicals Co.		7/20/20		18,678		368,042

Total Equity-Linked Securities (identified cost $12,863,374)					$	15,046,560



Warrants⁽¹⁾ — 0.0%⁽⁵⁾
Security	Shares		Value
Samart Corp. PCL, Exp. 5/17/21, Strike THB 15.00		729,366	$	7,015

Total Warrants (identified cost $0)			$	7,015

Rights⁽¹⁾ — 0.0%⁽⁵⁾
Security	Shares		Value
Cosumar, Exp. 12/28/18		1	$	9

Total Rights (identified cost $5)			$	9

Short-Term Investments— 0.2%
Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Eurodollar Time Deposit, 0.35%, 8/1/18	$	4,122	$	4,122,253

Total Short-Term Investments (identified cost $4,122,253)			$	4,122,253

Total Investments — 99.7% (identified cost $1,988,345,491)			$	2,270,989,452

Other Assets, Less Liabilities — 0.3%			$	7,758,789

Net Assets — 100.0%			$	2,278,748,241

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, 2018, the aggregate value of these securities is $24,255,830 or 1.1% of the Fund’s net assets.

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

⁽⁴⁾

⁽⁵⁾	Amount is less than 0.05%.

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

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

⁽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		9.2	%	$	210,299,149
United States Dollar		8.8			199,381,959
South African Rand		6.3			143,463,078
Indian Rupee		6.0			137,569,377
New Taiwan Dollar		5.8			131,369,124
Mexican Peso		5.7			130,842,565
South Korean Won		5.7			128,706,657
Brazilian Real		5.5			125,814,380
Polish Zloty		3.1			71,244,448
Chilean Peso		3.1			70,162,662
Indonesian Rupiah		3.0			69,656,062
Philippine Peso		3.0			69,104,543
Thai Baht		3.0			68,614,442
Malaysian Ringgit		3.0			68,189,190
Euro		2.6			58,989,002
New Turkish Lira		2.5			57,328,019
Russian Ruble		2.0			45,661,979
Kuwaiti Dinar		1.9			44,158,066
United Arab Emirates Dirham		1.5			35,226,850
Qatari Riyal		1.5			34,300,949
Vietnamese Dong		1.5			33,544,953
Chinese Yuan Renminbi		1.4			31,146,105
Colombian Peso		1.3			29,215,697
Pakistani Rupee		1.3			28,785,493
Other currency, less than 1% each		11.0			248,214,703
Total Investments		99.7	%	$	2,270,989,452


		26		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		19.2	%	$	436,903,306
Materials		11.6			265,085,919
Consumer Staples		10.7			242,906,463
Industrials		10.5			238,735,656
Energy		9.4			214,844,920
Telecommunication Services		8.9			203,825,431
Consumer Discretionary		8.8			199,317,971
Utilities		6.2			141,402,340
Information Technology		5.4			124,010,728
Health Care		5.1			115,552,259
Real Estate		3.7			84,282,206
Short-Term Investments		0.2			4,122,253
Total Investments		99.7	%	$	2,270,989,452

Abbreviations:


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

Currency Abbreviations:


THB		–		Thai Baht


		27		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Statement of Assets and Liabilities (Unaudited)


Assets	July 31, 2018
Unaffiliated investments, at value (identified cost, $1,988,345,491)	$	2,270,989,452
Cash		885,887
Foreign currency, at value (identified cost, $11,265,288)		11,306,118
Dividends and interest receivable		7,323,541
Receivable for investments sold		83,463
Receivable for Fund shares sold		1,272,886
Tax reclaims receivable		74,990
Total assets	$	2,291,936,337

Liabilities
Payable for investments purchased	$	527,476
Payable for Fund shares redeemed		6,889,216
Payable to affiliates:
Investment adviser fee		1,519,928
Administration fee		285,960
Distribution and service fees		66,127
Accrued foreign capital gains taxes		2,451,775
Accrued expenses		1,447,614
Total liabilities	$	13,188,096
Net Assets	$	2,278,748,241

Sources of Net Assets
Paid-in capital	$	2,285,934,102
Accumulated undistributed net investment income		14,726,750
Accumulated net realized loss		(302,021,621	)
Net unrealized appreciation		280,109,010
Total	$	2,278,748,241

Investor Class Shares
Net Assets	$	279,542,031
Shares Outstanding		18,660,325
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.98

Class C Shares
Net Assets	$	8,345,583
Shares Outstanding		569,777
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	14.65

Institutional Class Shares
Net Assets	$	1,695,496,258
Shares Outstanding		112,599,709
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.06

Class R6 Shares
Net Assets	$	295,364,369
Shares Outstanding		19,609,230
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.06

*	Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.


		28		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Statement of Operations (Unaudited)


Investment Income	Six Months Ended July 31, 2018
Dividends (net of foreign taxes, $5,943,930)	$	53,974,213
Interest		4,730
Total investment income	$	53,978,943

Expenses
Investment adviser fee	$	10,399,640
Administration fee		1,969,765
Distribution and service fees
Investor Class		405,965
Class C		45,427
Trustees’ fees and expenses		48,379
Custodian fee		1,494,807
Transfer and dividend disbursing agent fees		723,964
Legal and accounting services		78,444
Printing and postage		98,508
Registration fees		59,369
Miscellaneous		199,263
Total expenses	$	15,523,531

Net investment income	$	38,455,412

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $137,641)	$	54,578,042
Foreign currency transactions		(1,138,682	)
Net realized gain	$	53,439,360
Change in unrealized appreciation (depreciation) —
Investments (including net increase in accrued foreign capital gains taxes of $1,577,300)	$	(418,757,520	)
Foreign currency		(135,725	)
Net change in unrealized appreciation (depreciation)	$	(418,893,245	)

Net realized and unrealized loss	$	(365,453,885	)

Net decrease in net assets from operations	$	(326,998,473	)


		29		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31, 2018
From operations —
Net investment income	$	38,455,412		$	48,219,970
Net realized gain		53,439,360			14,886,813
Net change in unrealized appreciation (depreciation)		(418,893,245	)		704,772,106
Net increase (decrease) in net assets from operations	$	(326,998,473	)	$	767,878,889
Distributions to shareholders —
From net investment income
Investor Class	$	—		$	(10,183,156	)
Class C		—			(168,458	)
Institutional Class		—			(49,803,465	)
Class R6		—			(16,110,983	)
Total distributions to shareholders	$	—		$	(76,266,062	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	20,145,848		$	55,520,901
Class C		170,176			885,164
Institutional Class		158,927,355			420,440,001
Class R6		16,177,698			80,751,262
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		—			9,992,931
Class C		—			158,118
Institutional Class		—			36,505,344
Class R6		—			15,633,121
Cost of shares redeemed
Investor Class		(100,940,244	)		(292,705,286	)
Class C		(827,120	)		(2,294,846	)
Institutional Class		(274,235,081	)		(756,611,346	)
Class R6		(256,928,889	)		(171,183,425	)
Net decrease in net assets from Fund share transactions	$	(437,510,257	)	$	(602,908,061	)

Net increase (decrease) in net assets	$	(764,508,730	)	$	88,704,766

Net Assets
At beginning of period	$	3,043,256,971		$	2,954,552,205
At end of period	$	2,278,748,241		$	3,043,256,971

Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	14,726,750		$	(23,728,662	)


		30		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Financial Highlights


	Investor Class
	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2018 (Unaudited)			2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	16.850		$	13.340		$	10.990		$	13.850		$	14.070		$	15.260

Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.207		$	0.223		$	0.179		$	0.185		$	0.204		$	0.201
Net realized and unrealized gain (loss)		(2.077	)		3.650			2.364			(2.851	)		(0.166	)		(1.204	)

Total income (loss) from operations	$	(1.870	)	$	3.873		$	2.543		$	(2.666	)	$	0.038		$	(1.003	)

Less Distributions
From net investment income	$	—		$	(0.363	)	$	(0.193	)	$	(0.016	)	$	(0.180	)	$	(0.187	)
From net realized gain		—			—			—			(0.178	)		(0.078	)		—

Total distributions	$	—		$	(0.363	)	$	(0.193	)	$	(0.194	)	$	(0.258	)	$	(0.187	)

Net asset value — End of period	$	14.980		$	16.850		$	13.340		$	10.990		$	13.850		$	14.070

Total Return⁽²⁾		(11.10	)%⁽³⁾		29.33	%		23.32	%		(19.59	)%		0.25	%		(6.62	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	279,542		$	400,814		$	520,939		$	527,198		$	599,094		$	755,768
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾		1.41	%⁽⁵⁾		1.37	%		1.38	%		1.37	%		1.36	%		1.38	%
Net investment income		2.67	%⁽⁵⁾		1.52	%		1.44	%		1.43	%		1.34	%		1.36	%
Portfolio Turnover		1	%⁽³⁾		3	%		6	%		8	%		9	%		7	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if applicable, which were eliminated effective March 1, 2013.

⁽³⁾	Not annualized.

⁽⁴⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾	Annualized.


		31		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Financial Highlights — continued


	Class C
	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2018 (Unaudited)			2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	16.530		$	13.120		$	10.840		$	13.760		$	13.960		$	15.130

Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.150		$	0.096		$	0.083		$	0.096		$	0.094		$	0.091
Net realized and unrealized gain (loss)		(2.030	)		3.580			2.340			(2.834	)		(0.163	)		(1.188	)

Total income (loss) from operations	$	(1.880	)	$	3.676		$	2.423		$	(2.738	)	$	(0.069	)	$	(1.097	)

Less Distributions
From net investment income	$	—		$	(0.266	)	$	(0.143	)	$	(0.004	)	$	(0.053	)	$	(0.073	)
From net realized gain		—			—			—			(0.178	)		(0.078	)		—

Total distributions	$	—		$	(0.266	)	$	(0.143	)	$	(0.182	)	$	(0.131	)	$	(0.073	)

Net asset value — End of period	$	14.650		$	16.530		$	13.120		$	10.840		$	13.760		$	13.960

Total Return⁽²⁾		(11.43	)%⁽³⁾		28.32	%		22.50	%		(20.23	)%		(0.51	)%		(7.27	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,346		$	10,152		$	9,209		$	9,573		$	15,996		$	19,779
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾		2.16	%⁽⁵⁾		2.12	%		2.13	%		2.12	%		2.11	%		2.13	%
Net investment income		1.98	%⁽⁵⁾		0.66	%		0.68	%		0.74	%		0.63	%		0.63	%
Portfolio Turnover		1	%⁽³⁾		3	%		6	%		8	%		9	%		7	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Not annualized.

⁽⁴⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾	Annualized.


		32		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Financial Highlights — continued


	Institutional Class
	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2018 (Unaudited)			2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	16.910		$	13.400		$	11.040		$	13.890		$	14.110		$	15.310

Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.231		$	0.245		$	0.212		$	0.233		$	0.243		$	0.224
Net realized and unrealized gain (loss)		(2.081	)		3.673			2.375			(2.880	)		(0.162	)		(1.197	)

Total income (loss) from operations	$	(1.850	)	$	3.918		$	2.587		$	(2.647	)	$	0.081		$	(0.973	)

Less Distributions
From net investment income	$	—		$	(0.408	)	$	(0.227	)	$	(0.025	)	$	(0.223	)	$	(0.227	)
From net realized gain		—			—			—			(0.178	)		(0.078	)		—

Total distributions	$	—		$	(0.408	)	$	(0.227	)	$	(0.203	)	$	(0.301	)	$	(0.227	)

Net asset value — End of period	$	15.060		$	16.910		$	13.400		$	11.040		$	13.890		$	14.110

Total Return⁽²⁾		(10.94	)%⁽³⁾		29.56	%		23.64	%		(19.40	)%		0.55	%		(6.42	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,695,496		$	2,030,663		$	1,884,610		$	1,803,056		$	3,227,614		$	3,392,890
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾		1.16	%⁽⁵⁾		1.12	%		1.13	%		1.12	%		1.11	%		1.13	%
Net investment income		2.98	%⁽⁵⁾		1.65	%		1.68	%		1.77	%		1.59	%		1.52	%
Portfolio Turnover		1	%⁽³⁾		3	%		6	%		8	%		9	%		7	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Not annualized.

⁽⁴⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾	Annualized.


		33		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Financial Highlights — continued


	Class R6
	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31,									Period Ended January 31, 2015⁽¹⁾
	Six Months Ended July 31, 2018 (Unaudited)			2018			2017			2016			Period Ended January 31, 2015⁽¹⁾
Net asset value — Beginning of period	$	16.910		$	13.400		$	11.040		$	13.890		$	16.010

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.231		$	0.249		$	0.225		$	0.223		$	0.027
Net realized and unrealized gain (loss)		(2.081	)		3.676			2.370			(2.861	)		(1.842	)

Total income (loss) from operations	$	(1.850	)	$	3.925		$	2.595		$	(2.638	)	$	(1.815	)

Less Distributions
From net investment income	$	—		$	(0.415	)	$	(0.235	)	$	(0.034	)	$	(0.227	)
From net realized gain		—			—			—			(0.178	)		(0.078	)

Total distributions	$	—		$	(0.415	)	$	(0.235	)	$	(0.212	)	$	(0.305	)

Net asset value — End of period	$	15.060		$	16.910		$	13.400		$	11.040		$	13.890

Total Return⁽³⁾		(10.99	)%⁽⁴⁾		29.69	%		23.71	%		(19.34	)%		(11.36	)%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	295,364		$	601,629		$	539,794		$	555,338		$	593,622
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		1.09	%⁽⁶⁾		1.07	%		1.08	%		1.07	%		1.07	%⁽⁶⁾
Net investment income		2.96	%⁽⁶⁾		1.67	%		1.79	%		1.72	%		0.31	%⁽⁶⁾
Portfolio Turnover		1	%⁽⁴⁾		3	%		6	%		8	%		9	%⁽⁷⁾

⁽¹⁾	For the period from the commencement of operations, July 1, 2014, to January 31, 2015.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾	Annualized.

⁽⁷⁾	For the Fund’s year ended January 31, 2015.


		34		See Notes to Financial Statements.

Parametric Emerging Markets Fund

July 31, 2018

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Parametric Emerging Markets Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as 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.

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.

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

C Income — Dividend income is recorded on 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.


		35

Parametric Emerging Markets Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

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

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, 2018 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on 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, 2018, the Fund, for federal income tax purposes, had deferred capital losses of $349,111,888 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The


		36

Parametric Emerging Markets Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2018, $349,111,888 are long-term.

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



Aggregate cost	$	2,019,721,488

Gross unrealized appreciation	$	660,934,280
Gross unrealized depreciation		(409,666,316	)

Net unrealized appreciation	$	251,267,964

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.85% of the Fund’s average daily net assets up to $500 million, 0.80% on net assets of $500 million but less than $1 billion, 0.775% on net assets of $1 billion but less than $2.5 billion, 0.75% on net assets of $2.5 billion but less than $5 billion, 0.73% on net assets of $5 billion but less than $7.5 billion and 0.71% on net assets of $7.5 billion and over, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the six months ended July 31, 2018, the investment adviser fee amounted to $10,399,640 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, 2018, the administration fee amounted to $1,969,765.

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, 2018, EVM earned $31,834 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, 2018, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 31, 2018 amounted to $405,965 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, 2018, the Fund paid or accrued to EVD $34,070 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, 2018 amounted to $11,357 for Class C shares.

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


		37

Parametric Emerging Markets Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended July 31, 2018, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $16,114,787 and $422,864,752, respectively, for the six months ended July 31, 2018.

7 Shares of Beneficial Interest

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


Investor Class	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31, 2018

Sales		1,284,537			3,766,534
Issued to shareholders electing to receive payments of distributions in Fund shares		—			654,358
Redemptions		(6,413,081	)		(19,672,231	)

Net decrease		(5,128,544	)		(15,251,339	)

Class C	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31, 2018

Sales		10,885			58,977
Issued to shareholders electing to receive payments of distributions in Fund shares		—			10,606
Redemptions		(55,055	)		(157,753	)

Net decrease		(44,170	)		(88,170	)

Institutional Class	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31, 2018

Sales		10,104,643			28,311,462
Issued to shareholders electing to receive payments of distributions in Fund shares		—			2,369,982
Redemptions		(17,562,204	)		(51,281,512	)

Net decrease		(7,457,561	)		(20,600,068	)

Class R6	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31, 2018

Sales		1,038,731			5,554,714
Issued to shareholders electing to receive payments of distributions in Fund shares		—			1,015,051
Redemptions		(16,997,582	)		(11,291,637	)

Net decrease		(15,958,851	)		(4,721,872	)


		38

Parametric Emerging Markets Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

8 Line of Credit

9 Risks Associated with Foreign Investments

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

10 Fair Value Measurements

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

At July 31, 2018, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3*		Total

Common Stocks
Asia/Pacific	$	18,244,894	$	1,021,913,986		$	510,232	$	1,040,669,112
Emerging Europe		17,505,096		374,643,095			256,010		392,404,201
Latin America		426,968,423		—			—		426,968,423
Middle East/Africa		2,670,316		389,101,563			0		391,771,879

Total Common Stocks	$	465,388,729	$	1,785,658,644	**	$	766,242	$	2,251,813,615

Equity-Linked Securities — Saudi Arabia	$	—	$	15,046,560		$	—	$	15,046,560
Warrants		7,015		—			—		7,015
Rights		9		—			—		9
Short-Term Investments		—		4,122,253			—		4,122,253

Total Investments	$	465,395,753	$	1,804,827,457		$	766,242	$	2,270,989,452

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

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


		39

Parametric Emerging Markets Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

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, 2018 is not presented. At July 31, 2018, the value of investments transferred between Level 1 and Level 2 during the six months then ended was not significant.


		40

Parametric Emerging Markets Fund

July 31, 2018

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that 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 24, 2018, 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 2018. 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):

Information about Fees, Performance and Expenses

•

A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

•

A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

•

A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

•

Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;

•

For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

•

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

•

Descriptions of the investment management services provided to each fund, including the fund’s investment strategies and policies;

•

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

•

Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

•

Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

•

Data relating to portfolio turnover rates of each fund;

Information about each Adviser

•

Reports detailing the financial results and condition of each adviser;

•

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their responsibilities with respect to managing other mutual funds and investment accounts;

•

The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

•

Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

•

Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

•

A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;


		41

Parametric Emerging Markets Fund

July 31, 2018

Board of Trustees’ Contract Approval — continued

Other Relevant Information

•

Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

•

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

•

The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2018, with respect to one or more funds, the Board met seven 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 nine 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.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement 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.

Nature, Extent and Quality of Services

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.


		42

Parametric Emerging Markets Fund

July 31, 2018

Board of Trustees’ Contract Approval — continued

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 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.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2017 for the Fund. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. 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 also noted that sector allocation within these countries also had a negative impact on the Fund’s relative performance.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one year period ended September 30, 2017, 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.

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered 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.

Economies of Scale

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


		43

Parametric Emerging Markets Fund

July 31, 2018

Officers and Trustees

Officers of Parametric Emerging Markets Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Parametric Emerging Markets Fund

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Scott E. Wennerholm

*	Interested Trustee


		44

Eaton Vance Funds

IMPORTANT NOTICES

•

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

•

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

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

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


		45

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

LOGO

7750 7.31.18

LOGO

Parametric International Equity Fund

Semiannual Report

July 31, 2018

LOGO

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

Semiannual Report July 31, 2018

Parametric International Equity Fund

Table of Contents


Performance			2

Fund Profile			3

Endnotes and Additional Disclosures			4

Fund Expenses			5

Financial Statements			6

Board of Trustees’ Contract Approval			32

Officers and Trustees			35

Important Notices			36

Parametric International Equity Fund

July 31, 2018

Performance^1,2

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


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Investor Class at NAV		04/01/2010		04/01/2010		–3.14	%		7.10	%		6.77	%		6.49	%
Institutional Class at NAV		04/01/2010		04/01/2010		–2.98			7.42			7.06			6.77
Class R at NAV		08/10/2015		04/01/2010		–3.22			6.87			6.60			6.40
Class R6 at NAV		08/10/2015		04/01/2010		–2.98			7.40			7.08			6.78
MSCI EAFE Index		—		—		–5.12	%		6.40	%		5.86	%		5.83	%


% Total Annual Operating Expense Ratios³					Investor Class			Institutional Class			Class R			Class R6
Gross						0.86	%		0.61	%		1.11	%		0.58	%
Net						0.75			0.50			1.00			0.47

See Endnotes and Additional Disclosures in this report.


		2

Parametric International Equity Fund

July 31, 2018

Fund Profile

Sector Allocation (% of net assets)⁴

LOGO

Top 10 Holdings (% of net assets)⁴


Nestle SA	1.2	%

Total SA	0.8

Air Liquide SA	0.8

Deutsche Telekom AG	0.7

Orange SA	0.7

Unilever NV	0.7

Compagnie Financiere Richemont SA, Class A	0.7

Novartis AG	0.6

CSL, Ltd.	0.6

Vodafone Group PLC	0.6

Total	7.4	%

Geographic Allocation (% of common stocks)

LOGO

See Endnotes and Additional Disclosures in this report.


		3

Parametric International Equity Fund

July 31, 2018

Endnotes and Additional Disclosures

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

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

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

³	Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/19. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		4

Parametric International Equity Fund

July 31, 2018

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 – July 31, 2018).


	Beginning Account Value (2/1/18)		Ending Account Value (7/31/18)		Expenses Paid During Period* (2/1/18 – 7/31/18)			Annualized Expense Ratio

Actual
Investor Class	$	1,000.00	$	968.60	$	3.66	**		0.75	%
Institutional Class	$	1,000.00	$	970.20	$	2.44	**		0.50	%
Class R	$	1,000.00	$	967.80	$	4.88	**		1.00	%
Class R6	$	1,000.00	$	970.20	$	2.30	**		0.47	%

Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,021.10	$	3.76	**		0.75	%
Institutional Class	$	1,000.00	$	1,022.30	$	2.51	**		0.50	%
Class R	$	1,000.00	$	1,019.80	$	5.01	**		1.00	%
Class R6	$	1,000.00	$	1,022.50	$	2.36	**		0.47	%

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


		5

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited)


Common Stocks — 98.1%
Security	Shares		Value

Australia — 8.7%
Adelaide Brighton, Ltd.		13,200	$	67,565
AGL Energy, Ltd.		61,713		1,009,840
Altium, Ltd.		17,033		258,846
Alumina, Ltd.		55,500		116,979
Amcor, Ltd.		17,100		191,428
AMP, Ltd.		36,161		91,452
ARB Corp., Ltd.		5,909		92,403
Aristocrat Leisure, Ltd.		21,634		518,198
Asx, Ltd.		1,485		72,515
Atlas Arteria, Ltd.		33,880		164,661
Atlassian Corp. PLC, Class A⁽¹⁾		8,534		617,947
Aurizon Holdings, Ltd.		31,941		108,187
AusNet Services		252,683		306,218
Australian Pharmaceutical Industries, Ltd.		100,174		126,075
Automotive Holdings Group, Ltd.		23,000		46,741
Bank of Queensland, Ltd.		6,700		55,390
Beach Energy, Ltd.		41,800		59,307
Bendigo & Adelaide Bank, Ltd.		15,000		130,655
Blackmores, Ltd.		1,038		114,397
BlueScope Steel, Ltd.		10,995		144,473
Boral, Ltd.		21,487		106,188
Brambles, Ltd.		56,335		413,743
BWP Trust		43,000		105,844
Caltex Australia, Ltd.		14,550		351,991
carsales.com, Ltd.		16,291		168,919
Cimic Group, Ltd.		2,560		92,067
Cleanaway Waste Management, Ltd.		110,518		152,874
Coca-Cola Amatil, Ltd.		25,021		178,227
Cochlear, Ltd.		2,716		410,537
Commonwealth Bank of Australia		11,400		634,831
Cromwell Property Group		126,000		103,891
CSL, Ltd.		10,380		1,518,660
CSR, Ltd.		25,925		81,810
Dexus		30,795		231,035
Domain Holdings Australia, Ltd.		33,200		78,516
DuluxGroup, Ltd.		13,768		78,345
Elders, Ltd.		17,500		97,710
Evolution Mining, Ltd.		44,676		92,645
G8 Education, Ltd.		67,000		123,960
Goodman Group		44,165		316,616
GPT Group (The)		52,362		201,101
GrainCorp, Ltd., Class A		25,572		140,927
GUD Holdings, Ltd.		8,300		87,543
GWA Group, Ltd.		16,000		38,899


Security	Shares		Value

Australia (continued)
Hansen Technologies, Ltd.		30,805	$	77,494
Harvey Norman Holdings, Ltd.		37,504		99,044
Iluka Resources, Ltd.		9,500		80,969
Incitec Pivot, Ltd.		24,973		70,413
Insurance Australia Group, Ltd.		20,689		123,680
Investa Office Fund		19,533		74,901
InvoCare, Ltd.		7,600		80,150
IOOF Holdings, Ltd.		7,250		49,322
James Hardie Industries PLC CDI		6,121		97,872
JB Hi-Fi, Ltd.		6,499		115,134
Link Administration Holdings, Ltd.		45,000		257,033
Medibank Pvt, Ltd.		42,014		97,169
Metcash, Ltd.		68,363		133,653
Mirvac Group		126,845		215,302
National Australia Bank, Ltd.		15,330		322,777
Navitas, Ltd.		32,100		102,702
Newcrest Mining, Ltd.		10,706		171,993
Northern Star Resources, Ltd.		21,243		113,648
Oil Search, Ltd.		69,256		461,989
Orica, Ltd.		5,800		75,765
Orora, Ltd.		42,869		115,599
Premier Investments, Ltd.		7,193		92,906
Qantas Airways, Ltd.		38,249		191,174
REA Group, Ltd.		4,583		295,898
Reliance Worldwide Corp, Ltd.		24,300		107,349
Rio Tinto, Ltd.		3,197		193,218
Scentre Group		133,091		421,696
Sims Metal Management, Ltd.		5,711		72,911
South32, Ltd.		47,043		125,199
Southern Cross Media Group, Ltd.		51,672		48,436
Spark Infrastructure Group		270,383		462,579
SpeedCast International, Ltd.		46,511		214,271
Star Entertainment Group, Ltd. (The)		38,085		140,515
Stockland		71,106		219,717
Suncorp Group, Ltd.		10,356		115,228
Super Retail Group, Ltd.		18,050		124,039
Sydney Airport		45,111		237,078
Tabcorp Holdings, Ltd.		89,236		309,935
Technology One, Ltd.		32,500		119,420
Telstra Corp., Ltd.		346,742		731,155
Transurban Group		71,615		622,723
Treasury Wine Estates, Ltd.		28,241		386,730
Vicinity Centres		71,300		141,254
Washington H. Soul Pattinson & Co., Ltd.		17,626		285,745
Webjet, Ltd.		9,738		96,709
Wesfarmers, Ltd.		26,741		983,223


		6		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Australia (continued)
Westpac Banking Corp.		16,749	$	366,677
WiseTech Global, Ltd.		17,700		200,806
Woodside Petroleum, Ltd.		33,435		896,172
			$	21,239,528

Austria — 1.1%
ams AG		3,370	$	242,451
ANDRITZ AG		2,354		133,446
BUWOG AG		3,930		133,233
CA Immobilien Anlagen AG		4,051		141,623
DO & Co. AG		1,870		131,199
Erste Group Bank AG		5,900		254,829
EVN AG		2,151		42,786
Lenzing AG		409		51,941
Oesterreichische Post AG		3,050		144,469
OMV AG		6,515		368,183
Porr AG		1,731		61,322
Rhi Magnesita NV		2,046		131,045
S IMMO AG		2,800		60,880
S&T AG		3,000		85,283
Telekom Austria AG		19,133		166,461
UNIQA Insurance Group AG		4,365		43,647
Verbund AG		9,000		354,850
Vienna Insurance Group		2,101		59,809
Wienerberger AG		6,800		166,690
			$	2,774,147

Belgium — 2.2%
Ackermans & van Haaren NV		418	$	76,236
Aedifica SA		3,049		290,788
Ageas		2,473		132,640
AGFA-Gevaert NV⁽¹⁾		19,500		93,095
Anheuser-Busch InBev SA/NV		7,300		742,877
Barco NV		1,818		258,043
Bekaert SA		2,430		68,256
Biocartis NV⁽¹⁾⁽²⁾		6,300		92,521
bpost SA		14,900		234,889
Cofinimmo		2,670		349,657
Colruyt SA		750		44,836
D’ieteren SA/NV		2,000		87,118
Econocom Group SA/NV		26,944		95,132
Elia System Operator SA/NV		3,060		190,698
Euronav SA		16,700		141,322
Gimv NV		500		29,716
Groupe Bruxelles Lambert SA		1,360		144,471


Security	Shares		Value

Belgium (continued)
Ion Beam Applications⁽¹⁾		3,519	$	92,097
KBC Group NV		2,922		224,318
Kinepolis Group NV		1,796		114,859
Ontex Group NV		977		29,540
Orange Belgium SA		1,888		30,286
Proximus SA		16,200		397,047
Retail Estates NV		755		68,258
Sofina SA		347		62,884
Solvay SA		1,639		224,544
Telenet Group Holding NV⁽¹⁾		4,666		224,686
UCB SA		4,872		418,869
Umicore SA		6,674		390,580
			$	5,350,263

Denmark — 2.2%
Alm Brand A/S		4,100	$	42,605
Bakkafrost P/F		2,234		137,275
Carlsberg A/S, Class B		3,846		463,974
Chr. Hansen Holding A/S		4,046		418,823
Coloplast A/S, Class B		1,302		142,009
Danske Bank A/S		18,200		528,901
Dfds A/S		1,122		73,900
DSV A/S		2,531		212,043
H Lundbeck AS		1,459		105,589
ISS A/S		1,926		71,942
Matas A/S		4,212		33,862
Nilfisk Holding A/S⁽¹⁾		1,020		52,774
NKT A/S⁽¹⁾		2,500		67,305
Novo Nordisk A/S, Class B		11,400		567,119
Novozymes A/S, Class B		7,184		378,272
Orsted A/S⁽²⁾		12,900		796,038
Pandora A/S		9,000		639,111
Ringkjoebing Landbobank A/S		795		44,935
Rockwool International A/S, Class B		246		98,499
Royal Unibrew A/S		1,899		158,172
Topdanmark A/S		2,527		108,530
Vestas Wind Systems A/S		2,869		185,136
William Demant Holding A/S⁽¹⁾		1,895		90,577
			$	5,417,391

Finland — 2.2%
Amer Sports Oyj		8,339	$	267,386
Caverion OYJ⁽¹⁾		4,767		39,981
Citycon Oyj		50,397		106,052
Cramo Oyj		3,655		78,062


		7		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Finland (continued)
DNA Oyj		2,547	$	50,484
Elisa Oyj		9,357		406,290
Ferratum Oyj		2,041		42,341
Fortum Oyj		23,080		579,839
Huhtamaki Oyj		1,924		69,097
Kemira Oyj		3,783		49,656
Kesko Oyj, Class B		7,618		427,815
Kone Oyj, Class B		4,394		240,202
Metsa Board Oyj		9,623		99,764
Neste Oyj		6,224		513,395
Nokia Oyj		81,195		440,698
Nokian Renkaat Oyj		4,149		179,936
Oriola Oyj, Series B		21,185		68,345
Orion Oyj, Class B		14,650		504,355
Raisio Oyj, Class V		9,946		41,846
Sampo Oyj, Class A		8,646		439,113
Technopolis Oyj		15,622		70,636
Tieto Oyj		2,033		63,228
Tokmanni Group Corp.		7,975		66,175
UPM-Kymmene Oyj		8,531		302,617
Uponor Oyj		4,213		64,063
Valmet Oyj		3,811		79,174
YIT Oyj		7,400		50,316
			$	5,340,866

France — 8.8%
Aeroports de Paris		489	$	109,312
Air Liquide SA		15,550		1,988,131
Airbus SE		2,843		351,876
Alstom SA		2,298		103,024
Alten SA		1,210		120,084
Altran Technologies SA		7,912		75,290
Amundi SA⁽²⁾		1,276		87,922
Atos SE		2,791		373,986
AXA SA		21,900		551,818
BioMerieux		780		64,865
BNP Paribas SA		11,980		777,140
Bollore SA		11,284		52,462
Bouygues SA		2,581		113,343
Bureau Veritas SA		4,718		121,373
CNP Assurances		6,100		142,448
Danone SA		11,280		885,618
Dassault Systemes SE		3,155		470,425
Eiffage SA		672		75,097
Elior Group SA⁽²⁾		3,613		58,990


Security	Shares		Value

France (continued)
Engie SA		57,248	$	924,472
Essilor International Cie Generale d’Optique SA		2,822		415,861
Eurazeo SA		1,050		81,177
Eutelsat Communications SA		5,093		109,029
Fnac Darty SA⁽¹⁾		617		55,982
Gecina SA		1,913		325,867
Getlink		4,517		59,624
Hermes International		207		131,009
ICADE		2,907		281,460
Iliad SA		936		147,979
Ingenico Group SA		1,627		134,763
Kering SA		624		331,647
Korian SA		2,511		87,948
L’Oreal SA		4,377		1,069,613
Lagardere SCA		3,693		107,760
Legrand SA		2,162		158,686
LVMH Moet Hennessy Louis Vuitton SE		1,956		681,643
Mercialys SA		6,623		118,573
Nexity SA		4,423		272,157
Orange SA		104,500		1,780,858
Orpea		1,348		185,116
Publicis Groupe SA		1,902		121,379
Rubis SCA		3,910		230,604
Safran SA		2,043		253,340
Sanofi		13,534		1,177,408
Sartorius Stedim Biotech		786		93,553
SCOR SE		4,600		178,957
SEB SA		492		93,454
Societe BIC SA		456		43,613
Sodexo SA		790		87,513
SOITEC⁽¹⁾		1,589		135,779
Sopra Steria Group		819		144,866
Suez		25,209		356,605
Teleperformance		618		113,175
Thales SA		1,146		150,440
Total SA		31,097		2,028,311
Ubisoft Entertainment SA⁽¹⁾		2,315		255,159
Unibail-Rodamco-Westfield		4,184		928,853
Veolia Environnement SA		19,808		451,994
Vinci SA		3,092		311,122
Vivendi SA		6,567		170,145
Wendel SA		602		87,670
Worldline SA⁽¹⁾⁽²⁾		2,397		142,559
			$	21,540,927


		8		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Germany — 8.9%
1&1 Drillisch AG		1,305	$	77,627
adidas AG		1,442		318,817
ADO Properties SA⁽²⁾		4,405		251,283
Allianz SE		4,451		984,804
alstria office REIT AG		16,144		250,656
AURELIUS Equity Opportunities SE & Co. KGaA		1,200		74,110
Aurubis AG		1,067		87,337
Axel Springer SE		773		57,760
BASF SE		10,528		1,009,198
Bayer AG		9,834		1,094,791
Bayerische Motoren Werke AG, PFC Shares		1,536		127,194
Bechtle AG		1,050		94,281
Beiersdorf AG		4,645		541,463
Brenntag AG		1,852		111,124
CANCOM SE		2,228		120,611
Continental AG		968		223,081
Covestro AG⁽²⁾		1,700		163,262
Daimler AG		7,929		548,799
Delivery Hero SE⁽¹⁾⁽²⁾		2,000		113,584
Deutsche Boerse AG		1,786		235,371
Deutsche Lufthansa AG		2,062		57,854
Deutsche Pfandbriefbank AG⁽²⁾		4,793		75,074
Deutsche Post AG		8,239		291,047
Deutsche Telekom AG		110,815		1,832,333
Deutsche Wohnen SE		14,811		721,079
E.ON SE		111,516		1,258,148
Encavis AG		18,946		137,342
Evonik Industries AG		2,553		94,478
Fielmann AG		567		39,807
Fraport AG		716		71,476
Freenet AG		4,137		118,559
Fresenius Medical Care AG & Co. KGaA		2,940		286,809
Fresenius SE & Co. KGaA		5,187		399,858
Fuchs Petrolub SE, PFC Shares		1,895		106,990
GEA Group AG		2,527		98,767
Gerresheimer AG		913		77,737
Grand City Properties SA		12,766		331,545
GRENKE AG		857		94,725
Hannover Rueck SE		1,092		145,656
Hella GmbH & Co. KGaA		898		52,903
Henkel AG & Co. KGaA		4,580		491,127
Henkel AG & Co. KGaA, PFC Shares		8,725		1,094,884
Hochtief AG		363		65,273
Hugo Boss AG		1,223		110,280
Innogy SE⁽²⁾		7,900		351,008
KION Group AG		994		68,217


Security	Shares		Value

Germany (continued)
KWS Saat SE		205	$	80,836
LEG Immobilien AG		3,814		428,983
Linde AG		2,386		590,050
MAN SE		587		65,896
Merck KGaA		1,900		195,312
MTU Aero Engines AG		567		120,237
Muenchener Rueckversicherungs-Gesellschaft AG		1,785		395,547
Osram Licht AG		742		33,129
ProSiebenSat.1 Media SE		3,293		88,878
Puma SE		52		26,101
Rational AG		114		78,081
RWE AG, PFC Shares		10,176		215,303
SAP SE		10,536		1,226,242
Scout24 AG⁽²⁾		2,000		104,056
Siemens AG		7,855		1,108,647
Software AG		2,606		123,011
Symrise AG		1,730		156,373
Talanx AG		1,940		74,238
Telefonica Deutschland Holding AG		22,223		97,326
TLG Immobilien AG		9,950		260,094
TUI AG		5,129		109,723
Uniper SE		12,515		390,767
United Internet AG		1,626		87,465
VERBIO Vereinigte BioEnergie AG		4,576		33,131
Volkswagen AG		452		77,988
Wirecard AG		2,394		447,855
Zalando SE⁽¹⁾⁽²⁾		3,599		206,477
			$	21,779,875

Hong Kong — 4.5%
AIA Group, Ltd.		109,800	$	961,140
ASM Pacific Technology, Ltd.		19,100		229,843
Beijing Gas Blue Sky Holdings, Ltd.⁽¹⁾		1,400,000		91,045
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		38,000		79,901
BOC Hong Kong (Holdings), Ltd.		31,500		152,884
Brightoil Petroleum Holdings, Ltd.⁽¹⁾⁽³⁾		262,000		0
C-Mer Eye Care Holdings, Ltd.⁽¹⁾		74,000		65,231
Cafe de Coral Holdings, Ltd.		38,000		95,853
Canvest Environmental Protection Group Co., Ltd.		100,000		54,916
China Goldjoy Group, Ltd.		996,000		61,075
China Regenerative Medicine International, Ltd.⁽¹⁾		3,140,000		44,825
China Youzan, Ltd.⁽¹⁾		1,120,000		134,111
Chow Tai Fook Jewellery Group, Ltd.		78,600		77,792
CK Asset Holdings, Ltd.		33,500		256,559
CK Infrastructure Holdings, Ltd.		35,500		263,527


		9		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Hong Kong (continued)
CLP Holdings, Ltd.		60,000	$	685,856
Esprit Holdings, Ltd.⁽¹⁾		257,000		69,541
First Pacific Co., Ltd.		108,000		50,183
Fortune REIT		70,000		87,439
G-Resources Group, Ltd.⁽¹⁾		5,688,000		66,758
Global Cord Blood Corp.		12,700		99,187
Hang Lung Group, Ltd.		21,000		62,138
Hang Seng Bank, Ltd.		6,700		182,590
HC Group, Inc.		134,000		75,275
Henderson Land Development Co., Ltd.		20,152		112,560
HK Electric Investments & HK Electric Investments, Ltd.⁽²⁾		145,500		148,498
HKBN, Ltd.		105,000		162,689
HKT Trust and HKT, Ltd.		339,000		453,964
Honbridge Holdings, Ltd.⁽¹⁾		640,000		95,510
Hong Kong & China Gas Co., Ltd.		218,210		445,577
Hong Kong Exchanges and Clearing, Ltd.		10,900		323,027
Hongkong Land Holdings, Ltd.		23,200		168,944
Hysan Development Co., Ltd.		18,000		98,689
Jardine Matheson Holdings, Ltd.		9,000		609,379
Jardine Strategic Holdings, Ltd.		7,900		315,587
Johnson Electric Holdings, Ltd.		38,000		112,635
Kerry Logistics Network, Ltd.		73,500		96,266
Kerry Properties, Ltd.		13,500		68,482
KuangChi Science, Ltd.⁽¹⁾		737,000		83,740
Landing International Development, Ltd.⁽¹⁾		127,400		126,378
Lee’s Pharmaceutical Holdings, Ltd.		98,000		105,074
Li & Fung, Ltd.		266,000		90,204
Link REIT		25,500		253,013
Macau Legend Development, Ltd.		273,000		48,398
Madison Holdings Group, Ltd.⁽¹⁾		492,000		102,282
Man Wah Holdings, Ltd.		68,800		50,741
Melco International Development, Ltd.		36,000		102,400
MGM China Holdings, Ltd.		31,600		68,154
MTR Corp., Ltd.		51,000		286,253
New World Development Co., Ltd.		104,000		148,294
Nexteer Automotive Group, Ltd.		48,000		68,492
NWS Holdings, Ltd.		91,000		164,484
Pacific Textiles Holdings, Ltd.		81,000		67,961
Sands China, Ltd.		54,800		283,138
Shangri-La Asia, Ltd.		50,000		82,057
Shunten International Holdings, Ltd.⁽¹⁾		720,000		27,949
Sino Land Co., Ltd.		70,000		120,342
SJM Holdings, Ltd.		111,000		135,172
Superb Summit International Group, Ltd.⁽¹⁾⁽³⁾		230,000		0
Swire Pacific, Ltd., Class A		9,500		103,177
Swire Properties, Ltd.		25,400		100,034


Security	Shares		Value

Hong Kong (continued)
Techtronic Industries Co., Ltd.		41,500	$	231,443
Television Broadcasts, Ltd.		19,500		60,539
Texwinca Holdings, Ltd.		70,000		30,817
Town Health International Medical Group, Ltd.⁽³⁾		604,000		26,548
Vitasoy International Holdings, Ltd.		96,000		342,064
VTech Holdings, Ltd.		14,500		162,514
Wharf Real Estate Investment Co., Ltd.		22,000		160,263
Yue Yuen Industrial Holdings, Ltd.		43,000		115,699
			$	10,907,100

Ireland — 2.1%
Bank of Ireland Group PLC		93,050	$	798,591
C&C Group PLC		23,800		95,642
Cairn Homes PLC⁽¹⁾		59,850		118,965
CRH PLC		18,510		633,094
DCC PLC		4,921		455,277
Glenveagh Properties PLC⁽¹⁾⁽²⁾		62,500		81,766
Grafton Group PLC		33,399		335,123
Greencore Group PLC		42,726		99,494
Hibernia REIT PLC		202,785		345,085
ICON PLC⁽¹⁾		4,430		616,479
Irish Residential Properties REIT PLC		93,395		149,982
Kerry Group PLC, Class A		5,539		588,201
Paddy Power Betfair PLC		5,318		579,991
Smurfit Kappa Group PLC		4,388		180,304
UDG Healthcare PLC		17,588		193,636
			$	5,271,630

Israel — 2.2%
ADO Group, Ltd.⁽¹⁾		2,500	$	51,235
Amot Investments, Ltd.		22,481		113,391
Azrieli Group, Ltd.		2,874		137,654
Bank Hapoalim B.M.		24,638		174,247
Bayside Land Corp.		83		36,544
Bezeq The Israeli Telecommunication Corp., Ltd.		488,290		517,315
Brack Capital Properties NV⁽¹⁾		284		31,684
Check Point Software Technologies, Ltd.⁽¹⁾		2,350		264,774
Delek Automotive Systems, Ltd.		13,963		73,808
Delta-Galil Industries, Ltd.		1,119		32,342
El Al Israel Airlines⁽¹⁾		154,187		38,363
Elbit Systems, Ltd.		2,388		286,713
Electra, Ltd.		291		67,187
First International Bank of Israel, Ltd.		4,135		88,968
Frutarom Industries, Ltd.		5,600		566,041
IDI Insurance Co., Ltd.		672		40,741


		10		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Israel (continued)
Inrom Construction Industries, Ltd.		18,751	$	68,421
Israel Discount Bank, Ltd., Series A		46,000		145,419
Jerusalem Oil Exploration⁽¹⁾		2,690		135,703
Kenon Holdings, Ltd.		3,095		49,322
Melisron, Ltd.		3,626		142,512
Mizrahi Tefahot Bank, Ltd.		7,050		137,101
Nice, Ltd.⁽¹⁾		1,437		156,882
Nova Measuring Instruments, Ltd.⁽¹⁾		2,500		70,240
Oil Refineries, Ltd.		389,192		179,267
Orbotech, Ltd.⁽¹⁾		1,735		111,456
Paz Oil Co., Ltd.		2,262		322,864
Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		2,600		123,114
Reit 1, Ltd.		19,864		77,931
Shapir Engineering and Industry, Ltd.		30,000		86,976
Shufersal, Ltd.		34,218		206,711
SodaStream International, Ltd.⁽¹⁾		4,100		357,930
Teva Pharmaceutical Industries, Ltd. ADR		22,170		530,750
			$	5,423,606

Italy — 4.4%
Amplifon SpA		18,720	$	417,498
Anima Holding SpA⁽²⁾		11,048		59,219
Ansaldo STS SpA⁽¹⁾		6,279		92,527
Assicurazioni Generali SpA		10,926		193,751
ASTM SpA		2,449		66,599
Atlantia SpA		13,328		394,784
Autogrill SpA		4,891		53,391
Banca Mediolanum SpA		7,021		50,342
Banca Popolare di Sondrio SCPA		17,850		77,195
Beni Stabili SpA SIIQ		132,963		117,040
Brembo SpA		4,505		61,661
Buzzi Unicem SpA		7,100		156,162
Cementir Holding SpA		15,000		121,513
Cerved Group SpA		9,600		110,288
Danieli & C Officine Meccaniche SpA, PFC Shares		3,048		53,545
Davide Campari-Milano SpA		50,493		425,332
De’Longhi SpA		3,050		89,610
Ei Towers SpA		6,517		433,945
Enav SpA⁽²⁾		13,855		71,361
Enel SpA		156,774		873,377
ENI SpA		42,600		819,988
ERG SpA		2,068		46,480
EXOR NV		1,123		73,668
Ferrari NV⁽⁴⁾		400		53,048
Ferrari NV⁽⁴⁾		1,850		245,538


Security	Shares		Value

Italy (continued)
FinecoBank Banca Fineco SpA		4,180	$	49,016
Hera SpA		14,846		49,237
IMA Industria Macchine Automatiche SpA		1,000		83,972
Infrastrutture Wireless Italiane SpA⁽²⁾		76,500		625,668
International Game Technology PLC		2,666		67,396
Interpump Group SpA		2,600		81,731
Intesa Sanpaolo SpA		105,800		324,238
Intesa Sanpaolo SpA, PFC Shares		17,593		56,041
Iren SPA		22,040		62,315
Italgas SpA		13,643		78,474
Leonardo SpA		13,286		158,729
Luxottica Group SpA		3,446		232,991
MARR SpA		2,736		73,740
Mediaset SpA⁽¹⁾		17,964		60,820
Mediobanca Banca di Credito Finanziario SpA		6,800		70,412
Moncler SpA		3,636		160,252
OVS SpA⁽²⁾		20,100		65,709
Parmalat SpA		31,548		109,056
Poste Italiane SpA⁽²⁾		8,902		82,819
Prada SpA		18,400		87,676
Prysmian SpA		7,258		185,402
Recordati SpA		15,114		563,270
Reply SpA		1,900		128,335
Retelit SpA		143,500		269,771
Salvatore Ferragamo SpA		1,935		44,676
Saras SpA		30,643		73,366
Snam SpA		43,650		187,457
Societa Iniziative Autostradali e Servizi SpA		4,176		73,968
STMicroelectronics NV		49,997		1,079,741
Tenaris SA		8,771		160,682
Terna Rete Elettrica Nazionale SpA		28,000		156,846
Tod’s SpA		613		39,024
Unipol Gruppo SpA		15,281		63,475
UnipolSai Assicurazioni SpA		28,030		63,709
			$	10,827,876

Japan — 13.4%
Activia Properties, Inc.		19	$	84,828
Advance Residence Investment Corp.		55		143,221
Air Water, Inc.		6,900		126,134
Aisin Seiki Co., Ltd.		2,800		130,598
Ajinomoto Co., Inc.		7,400		131,020
Asahi Group Holdings, Ltd.		5,400		262,466
Asahi Kasei Corp.		19,000		253,972
Astellas Pharma, Inc.		24,800		404,510


		11		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Japan (continued)
Bandai Namco Holdings, Inc.		2,900	$	116,024
Bridgestone Corp.		4,200		165,675
Calbee, Inc.		3,300		109,469
Canon, Inc.		7,200		233,599
Central Japan Railway Co.		1,100		229,106
Chiba Bank, Ltd. (The)		10,000		71,385
Chugai Pharmaceutical Co., Ltd.		3,600		183,116
Chugoku Bank, Ltd. (The)		9,000		95,485
Chugoku Electric Power Co., Inc. (The)		12,600		165,795
Citizen Watch Co., Ltd.		12,000		79,041
Coca-Cola Bottlers Japan Holdings, Inc.		3,200		115,385
Concordia Financial Group, Ltd.		25,400		136,566
Cosmo Energy Holdings Co., Ltd.		5,700		201,162
Dai Nippon Printing Co., Ltd.		5,700		124,537
Daicel Corp.		9,200		101,361
Daido Steel Co., Ltd.		1,200		59,263
Daikin Industries, Ltd.		1,300		155,389
Daito Trust Construction Co., Ltd.		1,600		268,108
Daiwa House Industry Co., Ltd.		11,100		404,767
Daiwa House REIT Investment Corp.		77		190,479
Daiwa Securities Group, Inc.		25,000		145,812
DeNA Co., Ltd.		2,800		52,810
Denka Co., Ltd.		2,400		82,713
Denso Corp.		3,500		173,128
Dentsu, Inc.		2,100		88,180
Disco Corp.		600		102,427
East Japan Railway Co.		2,500		233,830
Eisai Co., Ltd.		4,000		344,369
Ezaki Glico Co., Ltd.		2,200		101,894
FamilyMart UNY Holdings Co., Ltd.		1,800		167,977
FANUC Corp.		1,200		241,969
Fast Retailing Co., Ltd.		400		175,182
FUJIFILM Holdings Corp.		4,000		165,099
Fukuoka Financial Group, Inc.		19,000		103,991
GLP J-REIT		123		131,470
Hachijuni Bank, Ltd. (The)		13,400		59,076
Hankyu Hanshin Holdings, Inc.		2,700		107,526
Hirose Electric Co., Ltd.		840		102,422
Hiroshima Bank, Ltd. (The)		9,500		65,374
Hisamitsu Pharmaceutical Co., Inc.		1,700		124,442
Hokkaido Electric Power Co., Inc.		16,300		105,194
Hokuhoku Financial Group, Inc.		4,000		57,630
Hokuriku Electric Power Co.⁽¹⁾		14,300		150,112
Hulic Co., Ltd.		17,000		166,835
Idemitsu Kosan Co., Ltd.		7,100		319,822
ITOCHU Corp.		8,400		149,154


Security	Shares		Value

Japan (continued)
Iyo Bank, Ltd. (The)		9,200	$	63,500
Japan Airlines Co., Ltd.		2,000		73,829
Japan Exchange Group, Inc.		7,500		133,412
Japan Hotel REIT Investment Corp.		191		140,059
Japan Post Holdings Co., Ltd.		8,000		88,206
Japan Prime Realty Investment Corp.		38		136,908
Japan Real Estate Investment Corp.		34		178,090
Japan Retail Fund Investment Corp.		95		173,572
Japan Tobacco, Inc.		10,400		295,981
JSR Corp.		6,500		124,981
JXTG Holdings, Inc.		100,800		739,005
Kajima Corp.		9,000		70,221
Kakaku.com, Inc.		3,700		77,924
Kaneka Corp.		9,000		79,222
Kansai Electric Power Co., Inc. (The)		27,800		395,745
Kansai Paint Co., Ltd.		6,000		138,073
Kao Corp.		4,700		343,344
KDDI Corp.		48,300		1,344,519
Keikyu Corp.		5,900		96,599
Keio Corp.		1,400		68,753
Keyence Corp.		600		317,381
Kikkoman Corp.		3,000		142,383
Kintetsu Group Holdings Co., Ltd.		2,700		107,444
Kirin Holdings Co., Ltd.		9,900		253,454
Kobayashi Pharmaceutical Co., Ltd.		1,400		116,872
Konami Holdings Corp.		2,400		112,917
Kuraray Co., Ltd.		6,400		90,457
Kyocera Corp.		3,600		209,521
Kyowa Hakko Kirin Co., Ltd.		4,500		85,501
Kyushu Electric Power Co., Inc.		20,600		242,763
Lawson, Inc.		1,600		96,080
Lion Corp.		5,000		90,533
M3, Inc.		3,200		122,020
Makita Corp.		2,000		89,972
Marubeni Corp.		12,600		96,197
Maruichi Steel Tube, Ltd.		3,000		103,368
Mebuki Financial Group, Inc.		21,500		76,823
MEIJI Holdings Co., Ltd.		2,200		173,000
Miraca Holdings, Inc.		2,700		78,468
Mitsubishi Gas Chemical Co., Inc.		5,000		111,715
Mitsubishi Motors Corp.		16,700		127,670
Mitsubishi Tanabe Pharma Corp.		6,300		118,122
Mitsui & Co., Ltd.		8,900		149,164
Mizuho Financial Group, Inc.		212,500		369,387
MS&AD Insurance Group Holdings, Inc.		4,600		140,896
NEC Corp.		4,500		125,014


		12		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Japan (continued)
NH Foods, Ltd.		3,000	$	119,433
Nidec Corp.		1,500		217,875
Nintendo Co., Ltd.		800		270,550
Nippon Building Fund, Inc.		44		244,968
Nippon Express Co., Ltd.		1,400		91,643
Nippon Kayaku Co., Ltd.		5,000		57,018
Nippon Paper Industries Co., Ltd.		5,100		83,556
Nippon Prologis REIT, Inc.		100		202,391
Nippon Shinyaku Co., Ltd.		2,000		113,842
Nippon Shokubai Co., Ltd.		1,400		100,094
Nippon Steel & Sumitomo Metal Corp.		10,400		207,410
Nippon Telegraph & Telephone Corp.		20,700		957,448
Nissan Chemical Corp.		3,100		138,978
Nissan Motor Co., Ltd.		15,900		150,400
Nisshin Seifun Group, Inc.		6,900		135,206
Nissin Foods Holdings Co., Ltd.		1,600		110,391
Nitori Holdings Co., Ltd.		800		120,565
Nomura Real Estate Master Fund, Inc.		165		233,798
Nomura Research Institute, Ltd.		2,400		115,338
NTT Data Corp.		12,500		142,384
NTT DoCoMo, Inc.		34,900		898,498
Obic Co., Ltd.		1,700		146,042
Odakyu Electric Railway Co., Ltd.		4,900		103,786
Okinawa Electric Power Co., Inc. (The)		3,662		79,772
Omron Corp.		2,900		131,250
Ono Pharmaceutical Co., Ltd.		7,000		165,405
Oracle Corp. Japan		900		75,541
Oriental Land Co., Ltd.		1,300		141,355
ORIX Corp.		11,000		178,172
Orix JREIT, Inc.		116		180,899
Osaka Gas Co., Ltd.		15,700		302,151
Otsuka Holdings Co., Ltd.		6,700		309,408
Rakuten, Inc.		9,100		64,151
Recruit Holdings Co., Ltd.		6,600		180,850
Relo Group, Inc.		6,000		162,522
Resona Holdings, Inc.		27,900		158,687
Ricoh Co., Ltd.		15,500		151,320
Rinnai Corp.		800		69,285
Ryohin Keikaku Co., Ltd.		400		128,386
Santen Pharmaceutical Co., Ltd.		7,600		127,121
Sawai Pharmaceutical Co., Ltd.		1,900		89,823
SECOM Co., Ltd.		1,300		99,362
Sekisui Chemical Co., Ltd.		7,200		128,870
Sekisui House, Ltd.		6,100		103,977
Seven Bank, Ltd.		26,300		79,610
Shimadzu Corp.		4,000		114,070


Security	Shares		Value

Japan (continued)
Shimamura Co., Ltd.		1,000	$	93,576
Shimano, Inc.		800		115,366
Shin-Etsu Chemical Co., Ltd.		4,300		434,995
Shionogi & Co., Ltd.		3,900		212,872
Shizuoka Bank, Ltd. (The)		8,000		73,940
Showa Denko K.K.		3,100		147,858
Showa Shell Sekiyu K.K.		6,200		101,757
Sompo Holdings, Inc.		4,900		199,156
Sumitomo Corp.		9,500		156,434
Sumitomo Electric Industries, Ltd.		6,400		98,452
Sumitomo Metal Mining Co., Ltd.		5,000		179,734
Sumitomo Mitsui Financial Group, Inc.		10,000		396,877
Sumitomo Osaka Cement Co., Ltd.		12,000		57,218
Suntory Beverage & Food, Ltd.		2,200		93,591
Suruga Bank, Ltd.		12,200		109,308
Suzuki Motor Corp.		2,500		147,045
T&D Holdings, Inc.		8,800		131,490
Taiheiyo Cement Corp.		3,000		94,793
Taisei Corp.		2,100		116,790
Taisho Pharmaceutical Holdings Co., Ltd.		1,400		158,592
Takashimaya Co., Ltd.		14,000		117,250
Takeda Pharmaceutical Co., Ltd.		8,800		371,561
TEIJIN, Ltd.		5,500		102,724
Terumo Corp.		4,100		225,238
Toho Gas Co., Ltd.		5,300		181,066
Tohoku Electric Power Co., Inc.		19,200		244,508
Tokio Marine Holdings, Inc.		5,500		261,668
Tokyo Electron, Ltd.		1,400		245,420
Tokyo Gas Co., Ltd.		12,900		315,088
Tokyu Corp.		6,500		111,907
Toray Industries, Inc.		17,900		138,722
Tosoh Corp.		8,200		133,932
Toyota Motor Corp.		10,800		709,896
Trend Micro, Inc.		1,300		76,813
Tsuruha Holdings, Inc.		600		73,808
Ube Industries, Ltd.		3,200		86,137
United Urban Investment Corp.		96		149,272
USS Co., Ltd.		5,000		94,894
West Japan Railway Co.		1,300		90,883
Yahoo! Japan Corp.		24,900		94,734
Yakult Honsha Co., Ltd.		2,100		151,431
Yamaguchi Financial Group, Inc.		8,000		90,659
Yamato Holdings Co., Ltd.		3,300		95,645
Yamazaki Baking Co., Ltd.		4,400		109,415
Yaskawa Electric Corp.		2,800		92,598
Zeon Corp.		6,000		67,977
			$	32,706,655


		13		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Netherlands — 4.5%
Aalberts Industries NV		2,908	$	131,773
ABN AMRO Group NV⁽²⁾		4,855		134,367
Accell Group		2,450		51,003
Akzo Nobel NV		8,135		751,356
ALTICE EUROPE NV, Class B⁽¹⁾		6,916		22,987
AMG Advanced Metallurgical Group NV		4,069		240,237
ASM International NV		2,469		142,136
ASML Holding NV		6,736		1,442,637
ASR Nederland NV		2,400		107,368
Cimpress NV⁽¹⁾		473		69,091
Corbion NV		6,263		214,438
Eurocommercial Properties NV		1,439		60,877
Euronext NV⁽²⁾		1,764		109,480
Flow Traders⁽²⁾		2,849		84,644
Gemalto NV⁽¹⁾		3,224		188,071
GrandVision NV⁽²⁾		5,474		125,664
IMCD NV		2,169		157,585
ING Groep NV		53,109		811,864
InterXion Holding NV⁽¹⁾		3,300		214,104
Koninklijke Ahold Delhaize NV		27,230		692,477
Koninklijke KPN NV		143,773		415,680
Koninklijke Philips NV		25,141		1,103,678
Koninklijke Vopak NV		2,501		117,638
NN Group NV		5,540		244,741
NSI NV		1,162		45,306
NXP Semiconductors NV⁽¹⁾		1,100		104,874
PostNL NV		28,142		111,089
QIAGEN NV⁽¹⁾		6,909		250,498
RELX NV		17,050		370,815
SBM Offshore NV		6,486		100,498
Signify NV⁽²⁾		3,321		91,960
TKH Group NV		1,737		108,564
TomTom NV⁽¹⁾		6,730		68,731
Unilever NV		30,450		1,756,690
Vastned Retail NV		1,000		45,407
Wolters Kluwer NV		4,270		257,134
			$	10,945,462

New Zealand — 1.1%
A2 Milk Co., Ltd.⁽¹⁾		32,739	$	233,829
Air New Zealand, Ltd.		34,574		76,525
Auckland International Airport, Ltd.		40,500		184,394
Contact Energy, Ltd.		28,474		112,261
Fisher & Paykel Healthcare Corp., Ltd.		11,759		118,742
Fletcher Building, Ltd.		59,700		286,090


Security	Shares		Value

New Zealand (continued)
Goodman Property Trust		65,888	$	66,766
Heartland Bank, Ltd.		76,907		89,653
Infratil, Ltd.		38,198		90,147
Kiwi Property Group, Ltd.		150,000		138,749
Mercury NZ, Ltd.		47,223		108,220
Precinct Properties New Zealand, Ltd.		121,300		114,148
Restaurant Brands New Zealand, Ltd.		8,227		42,915
Ryman Healthcare, Ltd.		12,285		101,940
SKYCITY Entertainment Group, Ltd.		62,322		168,354
Spark New Zealand, Ltd.		101,061		266,840
Summerset Group Holdings, Ltd.		16,945		89,380
Trade Me, Ltd.		28,289		93,626
Z Energy, Ltd.		55,400		271,304
			$	2,653,883

Norway — 2.1%
Aker BP ASA		3,100	$	110,766
Atea ASA		18,187		259,956
Austevoll Seafood ASA		16,139		235,057
Borregaard ASA		7,950		75,470
DNB ASA		16,445		331,149
Entra ASA⁽²⁾		16,712		244,018
Equinor ASA		12,900		342,265
Europris ASA⁽²⁾		27,574		71,739
Gjensidige Forsikring ASA		7,400		118,778
Golar LNG, Ltd.		2,320		60,343
Kongsberg Gruppen ASA		11,096		225,344
Marine Harvest ASA		17,300		378,285
Nordic American Tankers, Ltd.		13,100		29,475
Nordic Nanovector ASA⁽¹⁾		4,831		37,782
Nordic Semiconductor ASA⁽¹⁾		30,100		181,440
Norsk Hydro ASA		33,693		192,186
Norwegian Finans Holding ASA⁽¹⁾		8,625		105,355
Salmar ASA		2,400		122,457
Scatec Solar ASA⁽²⁾		8,900		68,574
Schibsted ASA, Class B		13,669		443,146
Ship Finance International, Ltd.		5,500		80,025
SpareBank 1 SMN		4,478		46,839
SpareBank 1 SR-Bank ASA		4,300		47,761
Telenor ASA		29,669		580,385
Tomra Systems ASA		13,200		272,597
Veidekke ASA		7,872		77,256
Wilh Wilhelmsen Holding ASA, Class A		1,536		38,423
XXL ASA⁽²⁾		21,116		129,519
Yara International ASA		8,282		365,171
			$	5,271,561


		14		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Portugal — 1.1%
Banco Comercial Portugues SA⁽¹⁾		1,242,000	$	388,961
CTT-Correios de Portugal SA		69,614		244,519
EDP Renovaveis SA		4,900		50,611
EDP-Energias de Portugal SA		75,050		306,190
Galp Energia SGPS SA, Class B		21,650		444,651
Jeronimo Martins SGPS SA		24,150		358,848
Navigator Co. SA (The)		50,600		288,582
NOS SGPS SA		65,302		380,359
Pharol SGPS SA⁽¹⁾		189,661		51,061
REN - Redes Energeticas Nacionais SGPS SA		15,211		44,540
Semapa-Sociedade de Investimento e Gestao		4,106		96,347
			$	2,654,669

Singapore — 2.2%
Ascendas Real Estate Investment Trust		69,500	$	140,646
Best World International, Ltd.		76,000		71,100
BOC Aviation, Ltd.⁽²⁾		11,800		74,324
CapitaLand Commercial Trust, Ltd.		94,500		121,727
CapitaLand Mall Trust		45,800		72,802
CDL Hospitality Trusts		40,000		47,671
China Aviation Oil Singapore Corp, Ltd.		40,000		44,113
ComfortDelGro Corp., Ltd.		49,300		85,217
DBS Group Holdings, Ltd.		17,700		348,253
Ezion Holdings, Ltd.⁽¹⁾		226,000		13,514
Flex, Ltd.⁽¹⁾		29,200		407,632
Frasers Logistics & Industrial Trust		49,500		38,176
Genting Singapore, Ltd.		388,400		365,190
Hutchison Port Holdings Trust		196,200		50,113
IGG, Inc.		53,000		68,682
Keppel Infrastructure Trust		291,400		111,380
Keppel REIT		66,000		56,767
M1, Ltd.		44,000		53,010
Mapletree Commercial Trust		35,100		41,802
Mapletree Industrial Trust		34,200		50,304
Mapletree Logistics Trust		70,400		65,199
Mapletree North Asia Commercial Trust		46,100		39,004
Metro Holdings, Ltd.		53,000		45,571
Midas Holdings, Ltd.⁽¹⁾⁽³⁾		480,000		0
mm2 Asia, Ltd.⁽¹⁾		142,500		46,124
Olam International, Ltd.		50,200		82,331
Raffles Medical Group, Ltd.		140,800		115,958
Sea, Ltd. ADR⁽¹⁾		4,300		60,630
Sheng Siong Group, Ltd.		91,200		71,698
Singapore Airlines, Ltd.		22,900		166,170
Singapore Airport Terminal Services, Ltd.		25,700		98,126


Security	Shares		Value

Singapore (continued)
Singapore Exchange, Ltd.		21,600	$	118,235
Singapore Post, Ltd.		72,300		71,263
Singapore Press Holdings, Ltd.		123,000		263,343
Singapore Technologies Engineering, Ltd.		47,600		119,760
Singapore Telecommunications, Ltd.		262,200		618,797
StarHub, Ltd.		21,000		26,568
Suntec Real Estate Investment Trust		45,000		60,964
United Overseas Bank, Ltd.		15,700		312,202
Venture Corp., Ltd.		13,300		163,545
Wilmar International, Ltd.		213,500		491,700
			$	5,299,611

Spain — 4.2%
Acerinox SA		8,856	$	128,003
Aena SME SA⁽²⁾		2,240		406,727
Almirall SA		9,140		130,790
Amadeus IT Group SA		12,900		1,100,447
Banco Bilbao Vizcaya Argentaria SA		38,700		283,503
Banco de Sabadell SA		53,823		89,603
Bankia SA		20,510		80,627
Bankinter SA		11,334		109,319
Bolsas y Mercados Espanoles SHMSF SA		1,920		61,776
CaixaBank SA		34,214		157,414
Cellnex Telecom SA⁽²⁾		3,584		95,242
Cia de Distribucion Integral Logista Holdings SA		4,197		99,426
Coca-Cola European Partners PLC		17,900		738,196
Construcciones y Auxiliar de Ferrocarriles SA		2,050		90,800
Ebro Foods SA		12,141		262,771
Enagas SA		6,668		186,414
Endesa SA		5,685		131,463
Ercros SA		35,810		204,440
Gestamp Automocion SA⁽²⁾		12,257		92,375
Grifols SA		20,691		600,849
Grifols SA ADR		12,300		255,594
Grupo Catalana Occidente SA		2,596		110,841
Iberdrola SA		95,182		740,033
Industria de Diseno Textil SA		23,800		779,941
Inmobiliaria Colonial Socimi SA		53,263		573,280
Lar Espana Real Estate Socimi SA		14,031		149,217
Mapfre SA		26,500		83,166
Neinor Homes SA⁽¹⁾⁽²⁾		4,963		93,885
Prosegur Cash SA⁽²⁾		18,590		49,996
Prosegur Cia de Seguridad SA		16,517		109,876
Red Electrica Corp. SA		7,578		160,617
Repsol SA		39,916		791,730


		15		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Spain (continued)
Siemens Gamesa Renewable Energy SA		16,900	$	238,391
Tecnicas Reunidas SA		1,615		54,521
Telefonica SA		107,200		963,248
Tubacex SA⁽¹⁾		34,340		126,435
			$	10,330,956

Sweden — 4.6%
Alfa Laval AB		3,749	$	103,058
Arjo AB, Class B		13,601		46,110
Assa Abloy AB, Class B		9,306		183,705
Atlas Copco AB, Class B		2,941		77,076
Attendo AB⁽²⁾		14,762		133,529
Axfood AB		7,649		154,860
BillerudKorsnas AB		16,002		190,646
BioGaia AB, Class B		2,949		144,704
Bonava AB, Class B		4,887		63,999
Capio AB⁽²⁾		22,400		133,557
Castellum AB		18,524		334,138
Catena Media PLC⁽¹⁾		6,265		82,456
Cloetta AB, Class B		24,800		78,827
Com Hem Holding AB		17,822		318,418
D Carnegie & Co. AB⁽¹⁾		6,188		115,537
Dometic Group AB⁽²⁾		18,000		174,631
Elekta AB, Class B		33,916		476,187
Epiroc AB, Class B⁽¹⁾		2,941		31,166
Essity Aktiebolag, Class B		22,241		556,347
Fabege AB		25,800		365,413
Getinge AB, Class B		20,810		223,720
Granges AB		7,960		99,647
Hennes & Mauritz AB, Class B		25,700		400,139
Hexpol AB		24,200		260,310
Holmen AB, Class B		8,326		185,331
Hufvudstaden AB, Class A		11,335		175,385
Industrivarden AB, Class A		3,874		84,767
Industrivarden AB, Class C		3,570		75,193
Kindred Group PLC SDR		16,200		209,065
Kungsleden AB		20,778		167,590
L E Lundbergforetagen, Class B		4,000		130,707
LeoVegas AB⁽²⁾		12,500		103,680
Lundin Petroleum AB		14,116		465,427
Medivir AB, Class B⁽¹⁾		11,060		47,836
Modern Times Group MTG AB, Class B		2,700		99,157
Mycronic AB		12,782		130,245
NCC AB, Class B		4,080		65,860
NetEnt AB		26,464		113,139


Security	Shares		Value

Sweden (continued)
Nibe Industrier AB, Class B		6,212	$	69,817
Nordea Bank AB		41,200		437,868
Pandox AB		5,668		106,536
RaySearch Laboratories AB⁽¹⁾		6,321		82,981
Scandic Hotels Group AB⁽²⁾		6,000		62,610
Securitas AB, Class B		6,225		112,000
Skanska AB, Class B		3,995		75,147
SKF AB, Class B		3,418		70,173
Starbreeze AB⁽¹⁾		33,624		34,350
Svenska Cellulosa AB SCA, Class B		31,061		321,386
Svenska Handelsbanken AB, Class A		16,280		201,099
Swedbank AB, Class A		14,600		345,251
Swedish Match AB		8,034		439,197
Telefonaktiebolaget LM Ericsson, Class B		95,300		748,129
Telia Co. AB		173,127		832,772
Trelleborg AB, Class B		2,484		51,723
Volvo AB, Class A		3,800		66,841
Volvo AB, Class B		12,900		226,382
Wihlborgs Fastigheter AB		11,784		140,166
			$	11,225,990

Switzerland — 8.9%
Allreal Holding AG		1,304	$	202,884
ALSO Holding AG		1,183		129,300
Ascom Holding AG		5,950		108,136
Autoneum Holding AG		372		85,032
Baloise Holding AG		1,432		223,305
Banque Cantonale Vaudoise		202		151,022
Belimo Holding AG		28		117,793
BKW AG		1,604		108,271
Burckhardt Compression Holdings AG		260		94,547
Cembra Money Bank AG		1,074		98,501
Clariant AG		23,873		570,835
Comet Holding AG		1,329		131,356
Compagnie Financiere Richemont SA, Class A		20,009		1,752,365
Daetwyler Holding AG, Bearer Shares		436		80,591
DKSH Holding AG		1,552		113,459
dormakaba Holding AG		136		87,142
EFG International AG		8,368		62,337
Emmi AG		245		200,948
Ems-Chemie Holding AG		258		165,474
Flughafen Zurich AG		707		147,936
Forbo Holding AG		79		124,905
Geberit AG		1,101		490,247
Georg Fischer AG		150		193,537


		16		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Switzerland (continued)
Givaudan SA		443	$	1,036,932
Helvetia Holding AG		372		219,861
Inficon Holding AG		320		149,733
Intershop Holding AG		234		119,345
Julius Baer Group, Ltd.		4,417		242,315
Kardex AG		528		81,089
Komax Holding AG		326		91,292
Kuehne & Nagel International AG		1,725		275,310
Landis+Gyr Group AG		3,200		204,210
LEM Holding SA		53		72,274
Mobimo Holding AG		577		143,175
Nestle SA		34,693		2,827,249
Novartis AG		18,255		1,531,991
Panalpina Welttransport Holding AG		731		104,364
Pargesa Holding SA, Bearer Shares		1,628		135,980
Partners Group Holding AG		326		247,390
Roche Holding AG PC		5,093		1,251,077
Roche Holding AG, Bearer Shares		473		117,196
Schindler Holding AG		842		190,477
Schindler Holding AG PC		1,220		284,105
Schmolz & Bickenbach AG⁽¹⁾		96,337		79,209
SFS Group AG		1,027		121,550
SGS SA		132		344,079
Sika AG		7,980		1,133,067
Sonova Holding AG		585		107,851
Straumann Holding AG		149		115,702
Sulzer AG		513		62,923
Swatch Group AG (The)		3,577		294,375
Swatch Group AG (The), Bearer Shares		1,354		606,038
Swiss Life Holding AG		703		252,081
Swiss Prime Site AG		5,856		536,658
Swiss Re AG		4,990		457,499
Swisscom AG		2,095		983,593
Temenos AG		4,862		782,546
Valiant Holding AG		1,138		121,474
Valora Holding AG		268		82,393
VAT Group AG⁽²⁾		929		121,967
Vontobel Holding AG		2,114		146,561
Zurich Insurance Group AG		2,123		651,019
			$	21,765,873

United Kingdom — 8.7%
3i Group PLC		7,509	$	93,260
Admiral Group PLC		3,026		78,660
Assura PLC		171,909		127,562


Security	Shares		Value

United Kingdom (continued)
AstraZeneca PLC		11,023	$	848,508
Aveva Group PLC		4,558		157,256
Aviva PLC		25,000		163,843
Babcock International Group PLC		11,872		111,284
BAE Systems PLC		21,824		186,821
Bellway PLC		1,558		59,559
Berkeley Group Holdings PLC		1,364		66,763
BHP Billiton PLC		16,329		375,791
Big Yellow Group PLC		8,638		107,766
British American Tobacco PLC		13,450		739,377
BTG PLC⁽¹⁾		10,830		75,400
Bunzl PLC		2,708		80,466
Carnival PLC		2,885		167,467
Compass Group PLC		13,137		282,568
Computacenter PLC		4,400		90,454
ConvaTec Group PLC⁽²⁾		54,000		155,047
Croda International PLC		2,464		166,237
Daily Mail & General Trust PLC, Class A		7,483		73,144
Direct Line Insurance Group PLC		15,813		71,346
DS Smith PLC		15,415		101,846
easyJet PLC		5,421		115,123
Elementis PLC		29,679		101,119
Essentra PLC		15,665		98,831
Experian PLC		5,985		146,945
F&C Commercial Property Trust, Ltd.		51,629		99,107
Ferguson PLC		2,207		174,050
Fidessa Group PLC		2,212		111,920
FirstGroup PLC⁽¹⁾		47,376		54,747
Fresnillo PLC		4,298		58,539
G4S PLC		22,268		80,596
GlaxoSmithKline PLC		39,957		829,917
Grainger PLC		28,961		116,324
Great Portland Estates PLC		11,841		111,053
Greene King PLC		6,800		45,908
Halma PLC		11,833		218,286
Hammerson PLC		22,747		155,568
Howden Joinery Group PLC		9,910		62,041
HSBC Holdings PLC		76,825		735,699
Imperial Brands PLC		9,400		359,998
Indivior PLC⁽¹⁾		23,948		96,058
Informa PLC		16,240		168,221
Inmarsat PLC		40,064		299,352
Intertek Group PLC		1,038		80,074
John Wood Group PLC		28,791		245,638
Johnson Matthey PLC		3,050		150,267
Just Eat PLC⁽¹⁾		20,538		213,487


		17		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

United Kingdom (continued)
Kingfisher PLC		16,823	$	65,404
Land Securities Group PLC		20,525		253,780
Legal & General Group PLC		37,400		128,706
Lloyds Banking Group PLC		311,400		255,248
London Stock Exchange Group PLC		2,149		123,854
LondonMetric Property PLC		26,800		66,195
Marks & Spencer Group PLC		21,900		88,512
Meggitt PLC		11,454		85,651
Melrose Industries PLC		28,400		80,362
Merlin Entertainments PLC⁽²⁾		10,000		51,694
Micro Focus International PLC		18,295		298,527
Mimecast, Ltd.⁽¹⁾		2,500		89,775
Mondi PLC		5,400		148,476
Moneysupermarket.com Group PLC		32,372		133,423
National Grid PLC		93,281		996,517
NCC Group PLC		32,556		94,067
NEPI Rockcastle PLC		17,458		161,680
Next PLC		1,260		98,096
Pearson PLC		10,040		121,605
Pennon Group PLC		27,207		268,474
Persimmon PLC		2,550		82,938
Playtech PLC		5,601		39,503
Provident Financial PLC⁽¹⁾		10,491		92,179
Randgold Resources, Ltd.		1,380		102,177
Reckitt Benckiser Group PLC		3,215		286,619
RELX PLC		7,273		158,459
Rentokil Initial PLC		17,999		80,023
Rightmove PLC		3,180		203,159
Rio Tinto PLC		9,070		497,951
Rolls-Royce Holdings PLC		12,632		164,235
Royal Dutch Shell PLC, Class A		27,600		945,766
Royal Dutch Shell PLC, Class B		18,789		658,126
Royal Mail PLC		12,695		78,107
RPC Group PLC		11,288		120,674
RSA Insurance Group PLC		6,332		53,553
Sage Group PLC (The)		38,000		309,888
Savills PLC		11,000		127,851
Segro PLC		29,923		260,820
Severn Trent PLC		13,453		341,440
Shaftesbury PLC		10,274		125,627
Sky PLC		6,960		139,056
Spirax-Sarco Engineering PLC		959		87,361
St. James’s Place PLC		4,600		72,783
Standard Life Aberdeen PLC		27,303		111,837
TalkTalk Telecom Group PLC		75,000		112,913
Tate & Lyle PLC		16,484		134,823


Security	Shares		Value

United Kingdom (continued)
Travis Perkins PLC		3,350	$	52,571
Tritax Big Box REIT PLC		51,456		102,819
Unilever PLC		8,140		464,997
UNITE Group PLC (The)		9,707		111,430
United Utilities Group PLC		30,928		291,865
Victrex PLC		1,727		71,555
Vodafone Group PLC		613,643		1,499,106
WH Smith PLC		2,540		64,131
Whitbread PLC		1,688		86,713
William Hill PLC		12,074		47,128
WPP PLC		11,945		186,843
			$	21,286,365

Total Common Stocks (identified cost $203,634,192)			$	240,014,234

Rights⁽¹⁾ — 0.0%
Security	Shares		Value
Glenveagh Properties PLC, Exp. 8/9/18		10,416	$	0

Total Rights (identified cost $0)			$	0

Warrants⁽¹⁾ — 0.0%
Security	Shares		Value
Ezion Holdings, Ltd., Exp. 4/16/23, Strike SGD 0.2763		135,600	$	0

Total Warrants (identified cost $0)			$	0

Short-Term Investments — 1.1%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.16%⁽⁵⁾		2,760,308	$	2,760,308

Total Short-Term Investments (identified cost $2,760,308)			$	2,760,308

Total Investments — 99.2% (identified cost $206,394,500)			$	242,774,542

Other Assets, Less Liabilities — 0.8%			$	2,020,537

Net Assets — 100.0%			$	244,795,079

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


		18		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued

⁽¹⁾	Non-income producing security.

⁽²⁾

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

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

⁽⁵⁾	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, 2018.



Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Euro		38.0	%	$	93,043,464
Japanese Yen		13.4			32,706,655
British Pound Sterling		9.1			22,359,208
Swiss Franc		9.0			22,008,324
Australian Dollar		8.4			20,621,581
Swedish Krona		4.6			11,225,990
Hong Kong Dollar		4.1			9,944,685
United States Dollar		3.6			8,733,037
Danish Krone		2.1			5,280,116
Norwegian Krone		2.1			5,238,993
Singapore Dollar		1.9			4,638,230
Israeli Shekel		1.7			4,158,696
New Zealand Dollar		1.1			2,653,883
South African Rand		0.1			161,680
Total Investments		99.2	%	$	242,774,542


Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		10.9	%	$	26,605,357
Industrials		10.6			25,917,440
Consumer Staples		10.4			25,370,142
Consumer Discretionary		10.1			24,701,815
Health Care		9.6			23,616,633
Materials		9.2			22,508,698
Information Technology		8.9			21,857,186
Real Estate		8.2			20,085,294
Telecommunication Services		7.7			18,831,478
Utilities		7.0			17,177,358
Energy		5.5			13,342,833
Short-Term Investments		1.1			2,760,308
Total Investments		99.2	%	$	242,774,542

Abbreviations:


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

Currency Abbreviations:


SGD		–		Singapore Dollar


		19		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Statement of Assets and Liabilities (Unaudited)


Assets	July 31, 2018
Unaffiliated investments, at value (identified cost, $203,634,192)	$	240,014,234
Affiliated investment, at value (identified cost, $2,760,308)		2,760,308
Cash		728
Foreign currency, at value (identified cost, $520,488)		521,515
Dividends receivable		333,212
Dividends receivable from affiliated investment		2,392
Receivable for Fund shares sold		1,094,597
Tax reclaims receivable		588,787
Receivable from affiliates		30,278
Other assets		4,374
Total assets	$	245,350,425

Liabilities
Payable for Fund shares redeemed	$	357,685
Payable to affiliates:
Investment adviser and administration fee		81,467
Distribution and service fees		13,816
Accrued expenses		102,378
Total liabilities	$	555,346
Net Assets	$	244,795,079

Sources of Net Assets
Paid-in capital	$	202,042,116
Accumulated undistributed net investment income		3,091,480
Accumulated net realized gain		3,290,716
Net unrealized appreciation		36,370,767
Total	$	244,795,079

Investor Class Shares
Net Assets	$	65,535,690
Shares Outstanding		4,713,156
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.90

Institutional Class Shares
Net Assets	$	93,400,903
Shares Outstanding		6,680,869
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.98

Class R Shares
Net Assets	$	1,159,694
Shares Outstanding		83,826
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.83

Class R6 Shares
Net Assets	$	84,698,792
Shares Outstanding		6,059,510
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.98


		20		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Statement of Operations (Unaudited)


Investment Income	Six Months Ended July 31, 2018
Dividends (net of foreign taxes, $621,829)	$	5,140,224
Dividends from affiliated investment		14,563
Total investment income	$	5,154,787

Expenses
Investment adviser and administration fee	$	490,527
Distribution and service fees
Investor Class		75,004
Class R		2,842
Trustees’ fees and expenses		5,545
Custodian fee		71,908
Transfer and dividend disbursing agent fees		52,395
Legal and accounting services		27,155
Printing and postage		10,285
Registration fees		43,067
Miscellaneous		28,428
Total expenses	$	807,156
Deduct —
Allocation of expenses to affiliates	$	127,277
Total expense reductions	$	127,277

Net expenses	$	679,879

Net investment income	$	4,474,908

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	2,227,224
Investment transactions — affiliated investment		377
Foreign currency transactions		(79,808	)
Net realized gain	$	2,147,793
Change in unrealized appreciation (depreciation) —
Investments	$	(14,649,613	)
Investments — affiliated investment		(219	)
Foreign currency		(35,433	)
Net change in unrealized appreciation (depreciation)	$	(14,685,265	)

Net realized and unrealized loss	$	(12,537,472	)

Net decrease in net assets from operations	$	(8,062,564	)


		21		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31, 2018
From operations —
Net investment income	$	4,474,908		$	5,300,423
Net realized gain		2,147,793			5,586,140
Net change in unrealized appreciation (depreciation)		(14,685,265	)		43,457,767
Net increase (decrease) in net assets from operations	$	(8,062,564	)	$	54,344,330
Distributions to shareholders —
From net investment income
Investor Class	$	—		$	(1,486,587	)
Institutional Class		—			(2,196,786	)
Class R		—			(25,865	)
Class R6		—			(2,816,034	)
Total distributions to shareholders	$	—		$	(6,525,272	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	17,895,121		$	33,141,322
Institutional Class		24,909,671			35,797,290
Class R		160,239			463,484
Class R6		7,064,518			48,292,478
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		—			1,162,366
Institutional Class		—			1,799,165
Class R		—			25,865
Class R6		—			2,215,954
Cost of shares redeemed
Investor Class		(10,389,069	)		(19,269,279	)
Institutional Class		(15,524,150	)		(21,722,920	)
Class R		(128,957	)		(343,580	)
Class R6		(27,826,017	)		(48,038,853	)
Net increase (decrease) in net assets from Fund share transactions	$	(3,838,644	)	$	33,523,292

Net increase (decrease) in net assets	$	(11,901,208	)	$	81,342,350

Net Assets
At beginning of period	$	256,696,287		$	175,353,937
At end of period	$	244,795,079		$	256,696,287

Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	3,091,480		$	(1,383,428	)


		22		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Financial Highlights


	Investor Class
	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2018 (Unaudited)			2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	14.350		$	11.570		$	10.750		$	11.410		$	11.960		$	11.180

Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.235		$	0.272		$	0.198		$	0.217		$	0.355	⁽²⁾	$	0.195
Net realized and unrealized gain (loss)		(0.685	)		2.869			0.810			(0.607	)		(0.242	)		0.822

Total income (loss) from operations	$	(0.450	)	$	3.141		$	1.008		$	(0.390	)	$	0.113		$	1.017

Less Distributions
From net investment income	$	—		$	(0.361	)	$	(0.178	)	$	(0.266	)	$	(0.251	)	$	(0.237	)
From net realized gain		—			—			(0.010	)		(0.004	)		(0.412	)		—

Total distributions	$	—		$	(0.361	)	$	(0.188	)	$	(0.270	)	$	(0.663	)	$	(0.237	)

Net asset value — End of period	$	13.900		$	14.350		$	11.570		$	10.750		$	11.410		$	11.960

Total Return⁽³⁾⁽⁴⁾		(3.14	)%⁽⁵⁾		27.29	%		9.55	%		(3.73	)%		1.01	%		9.04	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	65,536		$	59,858		$	34,386		$	12,069		$	8,503		$	14,007
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾⁽⁶⁾		0.75	%⁽⁷⁾		0.75	%		0.84	%		0.90	%		0.97	%		1.05	%
Net investment income		3.43	%⁽⁷⁾		2.06	%		1.75	%		1.86	%		2.83	%⁽²⁾		1.65	%
Portfolio Turnover		9	%⁽⁵⁾		36	%		22	%		34	%		63	%		35	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share reflects special dividends which amounted to $0.059 per share. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.35%.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if applicable, which were eliminated effective March 1, 2013.

⁽⁴⁾

The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.10%, 0.11%, 0.23%, 0.35%, 0.32% and 0.29% of average daily net assets for the six months ended July 31, 2018 and the years ended January 31, 2018, 2017, 2016, 2015 and 2014, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾	Annualized.


		23		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Financial Highlights — continued


	Institutional Class
	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31,
	Six Months Ended July 31, 2018 (Unaudited)			2018			2017			2016			2015			2014
Net asset value — Beginning of period	$	14.410		$	11.610		$	10.770		$	11.430		$	11.990		$	11.200

Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.251		$	0.312		$	0.257		$	0.325		$	0.333	⁽²⁾	$	0.259
Net realized and unrealized gain (loss)		(0.681	)		2.874			0.788			(0.693	)		(0.184	)		0.790

Total income (loss) from operations	$	(0.430	)	$	3.186		$	1.045		$	(0.368	)	$	0.149		$	1.049

Less Distributions
From net investment income	$	—		$	(0.386	)	$	(0.195	)	$	(0.288	)	$	(0.297	)	$	(0.259	)
From net realized gain		—			—			(0.010	)		(0.004	)		(0.412	)		—

Total distributions	$	—		$	(0.386	)	$	(0.205	)	$	(0.292	)	$	(0.709	)	$	(0.259	)

Net asset value — End of period	$	13.980		$	14.410		$	11.610		$	10.770		$	11.430		$	11.990

Total Return⁽³⁾⁽⁴⁾		(2.98	)%⁽⁵⁾		27.60	%		9.78	%		(3.37	)%		1.22	%		9.31	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	93,401		$	86,446		$	55,324		$	30,808		$	84,195		$	68,911
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾⁽⁶⁾		0.50	%⁽⁷⁾		0.50	%		0.60	%		0.65	%		0.72	%		0.80	%
Net investment income		3.65	%⁽⁷⁾		2.36	%		2.26	%		2.72	%		2.66	%⁽²⁾		2.20	%
Portfolio Turnover		9	%⁽⁵⁾		36	%		22	%		34	%		63	%		35	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share reflects special dividends which amounted to $0.048 per share. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 2.28%.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾

The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.10%, 0.11%, 0.24%, 0.35%, 0.32% and 0.29% of average daily net assets for the six months ended July 31, 2018 and the years ended January 31, 2018, 2017, 2016, 2015 and 2014, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾	Annualized.


		24		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Financial Highlights — continued


	Class R
	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31,						Period Ended January 31, 2016⁽¹⁾
	Six Months Ended July 31, 2018 (Unaudited)			2018			2017			Period Ended January 31, 2016⁽¹⁾
Net asset value — Beginning of period	$	14.290		$	11.530		$	10.740		$	12.340

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.219		$	0.259		$	0.064		$	0.044
Net realized and unrealized gain (loss)		(0.679	)		2.827			0.919			(1.384	)

Total income (loss) from operations	$	(0.460	)	$	3.086		$	0.983		$	(1.340	)

Less Distributions
From net investment income	$	—		$	(0.326	)	$	(0.183	)	$	(0.256	)
From net realized gain		—			—			(0.010	)		(0.004	)

Total distributions	$	—		$	(0.326	)	$	(0.193	)	$	(0.260	)

Net asset value — End of period	$	13.830		$	14.290		$	11.530		$	10.740

Total Return⁽³⁾⁽⁴⁾		(3.22	)%⁽⁵⁾		26.90	%		9.22	%		(10.98	)%⁽⁵⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,160		$	1,167		$	786		$	1
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾		1.00	%⁽⁶⁾		1.00	%		1.04	%		1.15	%⁽⁶⁾
Net investment income		3.22	%⁽⁶⁾		1.98	%		0.56	%		0.82	%⁽⁶⁾
Portfolio Turnover		9	%⁽⁵⁾		36	%		22	%		34	%⁽⁷⁾

⁽¹⁾	For the period from commencement of operations, August 10, 2015, to January 31, 2016.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾

The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.10%, 0.11%, 0.19% and 0.35% of average daily net assets for the six months ended July 31, 2018, the years ended January 31, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.

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


		25		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Financial Highlights — continued


	Class R6
	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31,						Period Ended January 31, 2016⁽¹⁾
	Six Months Ended July 31, 2018 (Unaudited)			2018			2017			Period Ended January 31, 2016⁽¹⁾
Net asset value — Beginning of period	$	14.410		$	11.610		$	10.770		$	12.380

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.261		$	0.319		$	0.267		$	0.059
Net realized and unrealized gain (loss)		(0.691	)		2.875			0.780			(1.374	)

Total income (loss) from operations	$	(0.430	)	$	3.194		$	1.047		$	(1.315	)

Less Distributions
From net investment income	$	—		$	(0.394	)	$	(0.197	)	$	(0.291	)
From net realized gain		—			—			(0.010	)		(0.004	)

Total distributions	$	—		$	(0.394	)	$	(0.207	)	$	(0.295	)

Net asset value — End of period	$	13.980		$	14.410		$	11.610		$	10.770

Total Return⁽³⁾⁽⁴⁾		(2.98	)%⁽⁵⁾		27.67	%		9.79	%		(10.77	)%⁽⁵⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	84,699		$	109,225		$	84,858		$	60,608
Ratios (as a percentage of average daily net assets):
Expenses⁽⁴⁾		0.47	%⁽⁶⁾		0.47	%		0.58	%		0.62	%⁽⁶⁾
Net investment income		3.79	%⁽⁶⁾		2.42	%		2.34	%		1.10	%⁽⁶⁾
Portfolio Turnover		9	%⁽⁵⁾		36	%		22	%		34	%⁽⁷⁾

⁽¹⁾	For the period from commencement of operations, August 10, 2015, to January 31, 2016.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾

The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.10%, 0.11%, 0.25% and 0.35% of average daily net assets for the six months ended July 31, 2018, the years ended January 31, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.

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


		26		See Notes to Financial Statements.

Parametric International Equity Fund

July 31, 2018

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Parametric International Equity Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as 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.


		27

Parametric International Equity Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

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, 2018 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

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



Aggregate cost	$	210,156,105

Gross unrealized appreciation	$	42,342,436
Gross unrealized depreciation		(9,723,999	)

Net unrealized appreciation	$	32,618,437

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, 2018, the investment adviser and administration fee amounted to $490,527 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


		28

Parametric International Equity Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.75%, 0.50%, 1.00% and 0.47% of the Fund’s average daily net assets for Investor Class, Institutional Class, Class R and Class R6, respectively. This agreement may be changed or terminated after May 31, 2019. Pursuant to this agreement, EVM and Parametric were allocated $127,277 in total of the Fund’s operating expenses for the six months ended July 31, 2018.

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, 2018, EVM earned $3,563 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class and Class R shares (see Note 4).

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

4 Distribution Plans

The Fund also has in effect a distribution plan for Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended July 31, 2018, the Fund paid or accrued to EVD $1,421 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, 2018 amounted to $1,421 for Class R shares.

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

5 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $22,744,747 and $24,992,825, respectively, for the six months ended July 31, 2018.

6 Shares of Beneficial Interest


Investor Class	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31, 2018

Sales		1,296,393			2,564,884
Issued to shareholders electing to receive payments of distributions in Fund shares		—			84,844
Redemptions		(755,233	)		(1,449,992	)

Net increase		541,160			1,199,736


		29

Parametric International Equity Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued


Institutional Class	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31, 2018

Sales		1,800,788			2,743,459
Issued to shareholders electing to receive payments of distributions in Fund shares		—			130,848
Redemptions		(1,119,966	)		(1,640,319	)

Net increase		680,822			1,233,988

Class R	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31, 2018

Sales		11,627			38,290
Issued to shareholders electing to receive payments of distributions in Fund shares		—			1,895
Redemptions		(9,430	)		(26,742	)

Net increase		2,197			13,443

Class R6	Six Months Ended July 31, 2018 (Unaudited)			Year Ended January 31, 2018

Sales		513,352			3,754,669
Issued to shareholders electing to receive payments of distributions in Fund shares		—			161,160
Redemptions		(2,035,608	)		(3,643,473	)

Net increase (decrease)		(1,522,256	)		272,356

At July 31, 2018, donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 17.0% of the value of the outstanding shares of the Fund.

7 Line of Credit

8 Risks Associated with Foreign Investments


		30

Parametric International Equity Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

9 Fair Value Measurements

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

At July 31, 2018, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3*		Total

Common Stocks
Asia/Pacific	$	1,550,586	$	71,229,643		$	26,548	$	72,806,777
Developed Europe		3,358,979		158,424,872			—		161,783,851
Developed Middle East		1,264,910		4,158,696			—		5,423,606

Total Common Stocks	$	6,174,475	$	233,813,211	**	$	26,548	$	240,014,234

Rights	$	0	$	—		$	—	$	0

Warrants		—		0			—		0
Short-Term Investments		—		2,760,308			—		2,760,308

Total Investments	$	6,174,475	$	236,573,519		$	26,548	$	242,774,542

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

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


		31

Parametric International Equity Fund

July 31, 2018

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Information about Fees, Performance and Expenses

•

A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

•

Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;

•

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

•

Descriptions of the investment management services provided to each fund, including the fund’s investment strategies and policies;

•

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

•

Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

•

Data relating to portfolio turnover rates of each fund;

Information about each Adviser

•

Reports detailing the financial results and condition of each adviser;

•

The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

•

Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

•


		32

Parametric International Equity Fund

July 31, 2018

Board of Trustees’ Contract Approval — continued

Other Relevant Information

•

Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

•

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

•

The terms of each investment advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement 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.

Nature, Extent and Quality of Services

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. 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.


		33

Parametric International Equity Fund

July 31, 2018

Board of Trustees’ Contract Approval — continued

Fund Performance

Management Fees and Expenses

Profitability and Other “Fall-Out” Benefits

Economies of Scale

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


		34

Parametric International Equity Fund

July 31, 2018

Officers and Trustees

Officers of Parametric International Equity Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Parametric International Equity Fund

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Scott E. Wennerholm

*	Interested Trustee


		35

Eaton Vance Funds

IMPORTANT NOTICES

•

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

•

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

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

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


		36

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

LOGO

7771 7.31.18

LOGO

Parametric Volatility Risk Premium - Defensive Fund

Semiannual Report

July 31, 2018

LOGO

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

Semiannual Report July 31, 2018

Parametric Volatility Risk Premium - Defensive Fund

Table of Contents


Performance			2

Fund Profile			3

Endnotes and Additional Disclosures			4

Fund Expenses			5

Financial Statements			6

Board of Trustees’ Contract Approval			22

Officers and Trustees			25

Important Notices			26

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Performance^1,2

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


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Institutional Class at NAV		02/09/2017		02/09/2017		1.63	%		7.03	%		—			8.40	%
CBOE S&P 500 BuyWrite Index		—		—		3.77	%		8.98	%		8.47	%		9.93	%
Blended Index		—		—		0.82			8.70			6.73			8.80


% Total Annual Operating Expense Ratios³														Institutional Class
Gross															0.63	%
Net															0.55

See Endnotes and Additional Disclosures in this report.


		2

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Fund Profile

Common Stock Sector Allocation (% of net assets)

LOGO

Top 10 Holdings (% of net assets)⁴


Apple, Inc.	2.1	%

Microsoft Corp.	1.8

Amazon.com, Inc.	1.5

JPMorgan Chase & Co.	1.0

Facebook, Inc., Class A	0.9

Johnson & Johnson	0.9

Exxon Mobil Corp.	0.9

Alphabet, Inc., Class A	0.8

Alphabet, Inc., Class C	0.8

Bank of America Corp.	0.7

Total	11.4	%

Asset Allocation (% of total investments)

LOGO

See Endnotes and Additional Disclosures in this report.


		3

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Endnotes and Additional Disclosures

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

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

³	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/19. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

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

Fund profile subject to change due to active management.


		4

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 – July 31, 2018).


	Beginning Account Value (2/1/18)		Ending Account Value (7/31/18)		Expenses Paid During Period* (2/1/18 – 7/31/18)		Annualized Expense Ratio

Actual
Institutional Class	$	1,000.00	$	1,016.30	$	2.60		0.52	%

Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,022.20	$	2.61		0.52	%


		5

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Portfolio of Investments (Unaudited)


Common Stocks— 49.9%
Security	Shares		Value

Aerospace & Defense— 1.2%
Boeing Co. (The)		5,344	$	1,904,067
Harris Corp.		3,352		552,913
Raytheon Co.		2,934		581,020
United Technologies Corp.		9,195		1,248,129
			$	4,286,129

Air Freight & Logistics— 0.2%
C.H. Robinson Worldwide, Inc.		3,568	$	329,077
Expeditors International of Washington, Inc.		4,712		358,913
			$	687,990

Airlines— 0.2%
American Airlines Group, Inc.		13,109	$	518,330
			$	518,330

Auto Components— 0.1%
BorgWarner, Inc.		8,796	$	404,792
Goodyear Tire & Rubber Co. (The)		4,072		98,583
			$	503,375

Banks— 3.4%
Bank of America Corp.		83,391	$	2,575,114
Citigroup, Inc.		17,667		1,270,081
Citizens Financial Group, Inc.		15,876		631,547
JPMorgan Chase & Co.		29,332		3,371,713
People’s United Financial, Inc.		26,563		484,244
U.S. Bancorp		14,143		749,720
Wells Fargo & Co.		40,968		2,347,057
Zions Bancorporation		3,328		172,058
			$	11,601,534

Beverages— 0.9%
Coca-Cola Co. (The)		17,207	$	802,363
Constellation Brands, Inc., Class A		2,897		609,036
PepsiCo, Inc.		14,470		1,664,050
			$	3,075,449

Biotechnology— 1.4%
AbbVie, Inc.		10,857	$	1,001,341
Amgen, Inc.		7,527		1,479,432
Gilead Sciences, Inc.		13,288		1,034,205
Regeneron Pharmaceuticals, Inc.⁽¹⁾		1,944		715,412


Security	Shares		Value

Biotechnology(continued)
Vertex Pharmaceuticals, Inc.⁽¹⁾		3,744	$	655,387
			$	4,885,777

Building Products— 0.3%
A.O. Smith Corp.		621	$	36,968
Allegion PLC		947		77,218
Johnson Controls International PLC		15,170		569,027
Masco Corp.		5,899		237,907
			$	921,120

Capital Markets— 1.6%
Ameriprise Financial, Inc.		804	$	117,119
Charles Schwab Corp. (The)		17,934		915,710
E*TRADE Financial Corp.⁽¹⁾		5,242		313,524
Goldman Sachs Group, Inc. (The)		4,663		1,107,136
Morgan Stanley		19,760		999,065
Nasdaq, Inc.		4,719		431,317
Northern Trust Corp.		5,973		652,371
Raymond James Financial, Inc.		4,795		439,174
S&P Global, Inc.		3,422		685,906
			$	5,661,322

Chemicals— 1.0%
Air Products and Chemicals, Inc.		2,517	$	413,216
CF Industries Holdings, Inc.		4,816		213,927
DowDuPont, Inc.		18,784		1,291,776
Eastman Chemical Co.		1,626		168,486
Ecolab, Inc.		2,761		388,473
FMC Corp.		2,941		264,337
LyondellBasell Industries NV, Class A		3,254		360,510
Sherwin-Williams Co. (The)		1,085		478,192
			$	3,578,917

Commercial Services & Supplies— 0.2%
Cintas Corp.		1,220	$	249,466
Republic Services, Inc.		4,895		354,790
Stericycle, Inc.⁽¹⁾		732		51,137
			$	655,393

Communications Equipment— 0.5%
Cisco Systems, Inc.		36,851	$	1,558,429
			$	1,558,429


		6		See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Construction & Engineering— 0.1%
Fluor Corp.		2,321	$	118,951
Jacobs Engineering Group, Inc.		2,891		195,519
Quanta Services, Inc.⁽¹⁾		1,401		47,732
			$	362,202

Consumer Finance— 0.0%⁽²⁾
Navient Corp.		7,533	$	99,511
			$	99,511

Containers & Packaging— 0.2%
Avery Dennison Corp.		1,251	$	143,465
Sealed Air Corp.		5,857		258,118
WestRock Co.		3,448		199,915
			$	601,498

Diversified Consumer Services— 0.0%⁽²⁾
H&R Block, Inc.		2,063	$	51,905
			$	51,905

Diversified Financial Services— 0.7%
Berkshire Hathaway, Inc., Class B⁽¹⁾		11,838	$	2,342,385
			$	2,342,385

Diversified Telecommunication Services— 1.0%
AT&T, Inc.		29,923	$	956,638
CenturyLink, Inc.		30,000		563,100
Verizon Communications, Inc.		39,417		2,035,494
			$	3,555,232

Electric Utilities— 0.7%
Alliant Energy Corp.		8,824	$	379,168
Entergy Corp.		3,340		271,475
Exelon Corp.		12,226		519,605
FirstEnergy Corp.		5,163		182,925
NextEra Energy, Inc.		5,980		1,001,889
Pinnacle West Capital Corp.		2,563		206,142
			$	2,561,204

Electrical Equipment— 0.2%
Eaton Corp. PLC		5,391	$	448,369
nVent Electric PLC⁽¹⁾		2,975		81,515
			$	529,884


Security	Shares		Value

Electronic Equipment, Instruments & Components— 0.2%
FLIR Systems, Inc.		2,959	$	173,397
TE Connectivity, Ltd.		5,433		508,366
			$	681,763

Energy Equipment & Services— 0.2%
Helmerich & Payne, Inc.		5,359	$	328,775
National Oilwell Varco, Inc.		10,441		507,641
			$	836,416

Equity Real Estate Investment Trusts (REITs)— 1.3%
Alexandria Real Estate Equities, Inc.		1,834	$	233,725
American Tower Corp.		6,256		927,389
Duke Realty Corp.		11,465		333,861
Essex Property Trust, Inc.		2,047		492,201
Extra Space Storage, Inc.		3,827		359,623
Host Hotels & Resorts, Inc.		12,140		254,212
Kimco Realty Corp.		16,982		283,430
Macerich Co. (The)		2,720		160,643
Public Storage		2,207		480,751
SL Green Realty Corp.		2,729		281,387
UDR, Inc.		10,043		386,455
Weyerhaeuser Co.		10,622		363,060
			$	4,556,737

Food & Staples Retailing— 0.8%
Costco Wholesale Corp.		2,285	$	499,752
Kroger Co. (The)		18,737		543,373
Sysco Corp.		8,910		598,841
Walmart, Inc.		12,221		1,090,480
			$	2,732,446

Food Products— 0.4%
Hormel Foods Corp.		8,980	$	323,011
JM Smucker Co. (The)		3,020		335,582
McCormick & Co., Inc.		4,462		524,463
Tyson Foods, Inc., Class A		6,041		348,264
			$	1,531,320

Health Care Equipment & Supplies— 1.5%
Abbott Laboratories		18,314	$	1,200,300
Boston Scientific Corp.⁽¹⁾		23,382		785,869
Cooper Cos., Inc. (The)		1,821		474,370
IDEXX Laboratories, Inc.⁽¹⁾		2,236		547,663
Intuitive Surgical, Inc.⁽¹⁾		1,693		860,366


		7		See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Health Care Equipment & Supplies(continued)
Medtronic PLC		15,559	$	1,403,889
Varian Medical Systems, Inc.⁽¹⁾		594		68,577
			$	5,341,034

Health Care Providers & Services— 1.7%
Aetna, Inc.		4,978	$	937,805
Centene Corp.⁽¹⁾		2,767		360,623
Cigna Corp.		3,503		628,508
Envision Healthcare Corp.⁽¹⁾		9,763		432,110
Express Scripts Holding Co.⁽¹⁾		6,469		514,027
Henry Schein, Inc.⁽¹⁾		4,987		396,018
McKesson Corp.		2,951		370,646
UnitedHealth Group, Inc.		9,053		2,292,401
			$	5,932,138

Hotels, Restaurants & Leisure— 0.8%
McDonald’s Corp.		7,234	$	1,139,644
Royal Caribbean Cruises, Ltd.		4,843		546,097
Starbucks Corp.		15,899		832,948
Wyndham Destinations, Inc.		1,858		85,691
Wyndham Hotels & Resorts, Inc.		1,858		107,764
Wynn Resorts, Ltd.		756		126,086
			$	2,838,230

Household Durables— 0.2%
Garmin, Ltd.		2,621	$	163,681
Leggett & Platt, Inc.		5,438		236,934
Lennar Corp., Class A		3,976		207,826
Lennar Corp., Class B		29		1,253
PulteGroup, Inc.		5,815		165,669
			$	775,363

Household Products— 0.6%
Clorox Co. (The)		3,043	$	411,322
Procter & Gamble Co. (The)		19,591		1,584,520
			$	1,995,842

Independent Power and Renewable Electricity Producers— 0.0%⁽²⁾
NRG Energy, Inc.		2,933	$	92,888
			$	92,888

Industrial Conglomerates— 1.2%
3M Co.		6,770	$	1,437,406
General Electric Co.		102,458		1,396,503


Security	Shares		Value

Industrial Conglomerates(continued)
Honeywell International, Inc.		7,411	$	1,183,166
			$	4,017,075

Insurance— 1.2%
Aflac, Inc.		13,084	$	608,929
Arthur J. Gallagher & Co.		4,385		312,870
Assurant, Inc.		3,323		366,527
Brighthouse Financial, Inc.⁽¹⁾		2,621		113,830
Hartford Financial Services Group, Inc.		12,418		654,429
Lincoln National Corp.		3,747		255,171
Marsh & McLennan Cos., Inc.		9,475		789,836
Progressive Corp. (The)		12,829		769,868
Torchmark Corp.		4,205		370,334
Unum Group		1,456		57,847
			$	4,299,641

Internet & Direct Marketing Retail— 2.1%
Amazon.com, Inc.⁽¹⁾		2,919	$	5,188,347
Booking Holdings, Inc.⁽¹⁾		381		772,942
Netflix, Inc.⁽¹⁾		3,517		1,186,812
TripAdvisor, Inc.⁽¹⁾		3,538		205,169
			$	7,353,270

Internet Software & Services— 2.6%
Akamai Technologies, Inc.⁽¹⁾		1,829	$	137,650
Alphabet, Inc., Class A⁽¹⁾		2,240		2,748,973
Alphabet, Inc., Class C⁽¹⁾		2,168		2,639,020
Facebook, Inc., Class A⁽¹⁾		18,237		3,147,341
VeriSign, Inc.⁽¹⁾		1,339		194,463
			$	8,867,447

IT Services— 2.1%
Accenture PLC, Class A		5,282	$	841,581
Fidelity National Information Services, Inc.		4,870		502,243
Global Payments, Inc.		1,927		216,923
International Business Machines Corp.		9,624		1,394,806
Mastercard, Inc., Class A		8,791		1,740,618
Total System Services, Inc.		2,648		242,398
Visa, Inc., Class A		15,987		2,186,062
			$	7,124,631

Leisure Products— 0.0%⁽²⁾
Mattel, Inc.		10,124	$	160,668
			$	160,668


		8		See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Life Sciences Tools & Services— 0.3%
PerkinElmer, Inc.		4,025	$	318,699
Waters Corp.⁽¹⁾		2,921		576,226
			$	894,925

Machinery— 0.6%
Flowserve Corp.		1,387	$	61,486
Fortive Corp.		2,243		184,105
Illinois Tool Works, Inc.		5,987		858,117
Ingersoll-Rand PLC		1,080		106,391
PACCAR, Inc.		8,226		540,613
Pentair PLC		5,730		255,844
			$	2,006,556

Media— 1.4%
CBS Corp., Class B		10,604	$	558,513
Comcast Corp., Class A		26,489		947,776
Discovery, Inc., Class A⁽¹⁾		6,335		168,384
DISH Network Corp., Class A⁽¹⁾		8,867		279,842
News Corp., Class A		18,862		284,250
News Corp., Class B		18,883		288,910
Twenty-First Century Fox, Inc., Class B		11,328		503,190
Walt Disney Co. (The)		14,635		1,661,951
			$	4,692,816

Metals & Mining— 0.2%
Freeport-McMoRan, Inc.		6,048	$	99,792
Nucor Corp.		7,302		488,723
			$	588,515

Multi-Utilities— 0.7%
Centerpoint Energy, Inc.		17,460	$	497,261
CMS Energy Corp.		11,915		575,971
NiSource, Inc.		14,255		373,196
SCANA Corp.		9,960		398,300
WEC Energy Group, Inc.		6,473		429,613
			$	2,274,341

Multiline Retail— 0.2%
Dollar Tree, Inc.⁽¹⁾		4,652	$	424,635
Kohl’s Corp.		3,182		235,054
Nordstrom, Inc.		932		48,846
			$	708,535


Security	Shares		Value

Oil, Gas & Consumable Fuels— 2.8%
Andeavor		4,590	$	688,775
Cabot Oil & Gas Corp.		7,629		179,281
Chevron Corp.		18,059		2,280,310
Cimarex Energy Co.		5,782		570,105
EQT Corp.		6,266		311,295
Exxon Mobil Corp.		36,931		3,010,246
Hess Corp.		7,631		500,823
Marathon Oil Corp.		12,299		259,755
Newfield Exploration Co.⁽¹⁾		9,882		283,811
Noble Energy, Inc.		14,821		534,890
ONEOK, Inc.		10,511		740,395
Range Resources Corp.		12,788		197,319
			$	9,557,005

Personal Products— 0.2%
Estee Lauder Cos., Inc. (The), Class A		4,104	$	553,794
			$	553,794

Pharmaceuticals— 2.3%
Bristol-Myers Squibb Co.		15,285	$	897,994
Johnson & Johnson		23,276		3,084,535
Merck & Co., Inc.		27,031		1,780,532
Nektar Therapeutics⁽¹⁾		1,549		81,477
Pfizer, Inc.		54,674		2,183,133
			$	8,027,671

Professional Services— 0.2%
Equifax, Inc.		2,928	$	367,464
Verisk Analytics, Inc.⁽¹⁾		3,497		386,838
			$	754,302

Real Estate Management & Development— 0.0%⁽²⁾
CBRE Group, Inc., Class A⁽¹⁾		2,598	$	129,380
			$	129,380

Road & Rail— 0.6%
J.B. Hunt Transport Services, Inc.		2,653	$	318,095
Kansas City Southern		2,009		233,586
Union Pacific Corp.		9,437		1,414,512
			$	1,966,193

Semiconductors & Semiconductor Equipment— 2.0%
Analog Devices, Inc.		2,355	$	226,410
Applied Materials, Inc.		13,573		660,055


		9		See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Semiconductors & Semiconductor Equipment(continued)
Broadcom, Inc.		5,326	$	1,181,147
Intel Corp.		37,389		1,798,411
Micron Technology, Inc.⁽¹⁾		11,349		599,114
NVIDIA Corp.		4,156		1,017,638
Qorvo, Inc.⁽¹⁾		1,869		152,809
QUALCOMM, Inc.		5,297		339,485
Texas Instruments, Inc.		7,758		863,620
			$	6,838,689

Software— 3.0%
Adobe Systems, Inc.⁽¹⁾		5,164	$	1,263,528
CA, Inc.		10,105		446,742
Microsoft Corp.		59,950		6,359,496
Oracle Corp.		30,201		1,439,984
Red Hat, Inc.⁽¹⁾		3,339		471,567
salesforce.com, Inc.⁽¹⁾		2,129		291,992
			$	10,273,309

Specialty Retail— 1.0%
Best Buy Co., Inc.		4,022	$	301,771
CarMax, Inc.⁽¹⁾		3,325		248,311
Home Depot, Inc. (The)		10,379		2,050,060
Ross Stores, Inc.		5,748		502,547
Tiffany & Co.		2,114		290,802
			$	3,393,491

Technology Hardware, Storage & Peripherals— 2.2%
Apple, Inc.		38,212	$	7,271,361
NetApp, Inc.		2,550		197,676
Seagate Technology PLC		2,896		152,388
Xerox Corp.		1,864		48,408
			$	7,669,833

Textiles, Apparel & Luxury Goods— 0.5%
Michael Kors Holdings, Ltd.⁽¹⁾		2,258	$	150,676
NIKE, Inc., Class B		5,177		398,163
PVH Corp.		2,492		382,572
Ralph Lauren Corp.		1,633		220,422
Tapestry, Inc.		4,112		193,758
Under Armour, Inc., Class A⁽¹⁾		7,697		153,709
Under Armour, Inc., Class C⁽¹⁾		9,247		173,289
			$	1,672,589


Security	Shares		Value

Tobacco— 0.6%
Altria Group, Inc.		11,539	$	677,108
Philip Morris International, Inc.		16,729		1,443,713
			$	2,120,821

Trading Companies & Distributors— 0.2%
Fastenal Co.		3,445	$	196,124
United Rentals, Inc.⁽¹⁾		1,096		163,085
W.W. Grainger, Inc.		696		241,205
			$	600,414

Water Utilities— 0.1%
American Water Works Co., Inc.		3,884	$	342,763
			$	342,763

Total Common Stocks (identified cost $152,571,476)			$	172,240,437

Short-Term Investments— 49.9%

U.S. Treasury Obligations — 47.8%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bills:
0.00%, 9/13/18⁽³⁾	$	10,000	$	9,977,574
0.00%, 1/3/19		10,000		9,909,583
0.00%, 3/28/19⁽³⁾		20,000		19,708,885
0.00%, 6/20/19		20,010		19,595,052
0.00%, 7/18/19		17,690		17,285,325
			$	76,476,419
U.S. Treasury Notes:
0.75%, 2/15/19	$	15,600	$	15,473,555
1.00%, 9/15/18		15,000		14,982,298
1.25%, 10/31/18⁽³⁾		20,000		19,961,301
1.25%, 4/30/19		23,500		23,308,603
1.50%, 1/31/19		15,000		14,945,508
			$	88,671,265

Total U.S. Treasury Obligations (identified cost $165,258,663)			$	165,147,684


		10		See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Other— 2.1%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.16%⁽⁴⁾		7,360,255	$	7,360,255

Total Other (identified cost $7,360,255)			$	7,360,255

Total Short-Term Investments (identified cost $172,618,918)			$	172,507,939

Total Investments — 99.8% (identified cost $325,190,394)			$	344,748,376

Total Written Options — (0.2)% (premiums received $1,145,864)			$	(844,718	)

Other Assets, Less Liabilities — 0.4%			$	1,608,511

Net Assets — 100.0%			$	345,512,169

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

⁽¹⁾

Non-income producing security.

⁽²⁾

Amount is less than 0.05%.

⁽³⁾

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

⁽⁴⁾

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


Written Call Options— (0.1)%

Exchange-Traded Options— (0.1)%

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value

S&P 500 Index		51	$	14,363,079	$	2,800		8/1/18	$	(113,220	)
S&P 500 Index		55		15,489,595		2,810		8/3/18		(94,325	)
S&P 500 Index		50		14,081,450		2,815		8/6/18		(78,000	)
S&P 500 Index		50		14,081,450		2,840		8/8/18		(29,500	)
S&P 500 Index		55		15,489,595		2,850		8/10/18		(20,488	)
S&P 500 Index		52		14,644,708		2,850		8/13/18		(28,340	)
S&P 500 Index		45		12,673,305		2,865		8/15/18		(15,975	)
S&P 500 Index		55		15,489,595		2,855		8/17/18		(39,050	)
S&P 500 Index		48		13,518,192		2,855		8/20/18		(36,720	)
S&P 500 Index		45		12,673,305		2,880		8/22/18		(17,325	)
S&P 500 Index		50		14,081,450		2,870		8/24/18		(29,750	)
S&P 500 Index		50		14,081,450		2,855		8/27/18		(52,500	)

Total									$	(555,193	)


		11		See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Portfolio of Investments (Unaudited) — continued


Written Put Options — (0.1)%

Exchange-Traded Options— (0.1)%

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value

S&P 500 Index		50	$	14,081,450	$	2,640		8/1/18	$	(250	)
S&P 500 Index		55		15,489,595		2,675		8/3/18		(1,375	)
S&P 500 Index		50		14,081,450		2,680		8/6/18		(2,750	)
S&P 500 Index		50		14,081,450		2,715		8/8/18		(8,125	)
S&P 500 Index		55		15,489,595		2,730		8/10/18		(22,000	)
S&P 500 Index		43		12,110,047		2,730		8/13/18		(16,125	)
S&P 500 Index		46		12,954,934		2,750		8/15/18		(29,440	)
S&P 500 Index		55		15,489,595		2,735		8/17/18		(38,225	)
S&P 500 Index		48		13,518,192		2,735		8/20/18		(27,480	)
S&P 500 Index		48		13,518,192		2,760		8/22/18		(52,080	)
S&P 500 Index		50		14,081,450		2,730		8/24/18		(43,000	)
S&P 500 Index		55		15,489,595		2,725		8/27/18		(48,675	)

Total									$	(289,525	)


		12		See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Statement of Assets and Liabilities (Unaudited)


Assets	July 31, 2018
Unaffiliated investments, at value (identified cost, $317,830,139)	$	337,388,121
Affiliated investment, at value (identified cost, $7,360,255)		7,360,255
Dividends receivable		128,443
Interest receivable		248,659
Dividends receivable from affiliated investment		13,300
Receivable for premiums on written options		76,860
Receivable for Fund shares sold		1,794,803
Total assets	$	347,010,441

Liabilities
Written options outstanding, at value (premiums received, $1,145,864)	$	844,718
Payable for Fund shares redeemed		400,733
Due to custodian		39,910
Payable to affiliate:
Investment adviser and administration fee		113,811
Accrued expenses		99,100
Total liabilities	$	1,498,272
Net Assets	$	345,512,169

Sources of Net Assets
Paid-in capital	$	327,691,116
Accumulated undistributed net investment income		1,799,233
Accumulated net realized loss		(3,837,308	)
Net unrealized appreciation		19,859,128
Total	$	345,512,169

Institutional Class Shares
Net Assets	$	345,512,169
Shares Outstanding		30,838,576
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.20


		13		See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Statement of Operations (Unaudited)


Investment Income	Six Months Ended July 31, 2018
Dividends	$	1,255,793
Dividends from affiliated investment		99,517
Interest		1,101,113
Total investment income	$	2,456,423

Expenses
Investment adviser and administration fee	$	537,694
Trustees’ fees and expenses		7,222
Custodian fee		69,931
Transfer and dividend disbursing agent fees		14,032
Legal and accounting services		28,822
Printing and postage		6,412
Registration fees		34,408
Miscellaneous		6,038
Total expenses	$	704,559

Net investment income	$	1,751,864

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(3,129,302	)
Investment transactions — affiliated investment		1,218
Written options		3,294,572
Net realized gain	$	166,488
Change in unrealized appreciation (depreciation) —
Investments	$	4,819,410
Investments — affiliated investment		(822	)
Written options		609,940
Net change in unrealized appreciation (depreciation)	$	5,428,528

Net realized and unrealized gain	$	5,595,016

Net increase in net assets from operations	$	7,346,880


		14		See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended July 31, 2018 (Unaudited)			Period Ended January 31, 2018⁽¹⁾
From operations —
Net investment income	$	1,751,864		$	1,080,463
Net realized gain (loss)		166,488			(4,013,204	)
Net change in unrealized appreciation (depreciation)		5,428,528			14,430,600
Net increase in net assets from operations	$	7,346,880		$	11,497,859
Distributions to shareholders —
From net investment income	$	—		$	(912,813	)
Total distributions to shareholders	$	—		$	(912,813	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	161,140,985		$	216,359,045
Net asset value of shares issued to shareholders in payment of distributions declared		—			873,797
Cost of shares redeemed		(17,566,769	)		(33,226,815	)
Net increase in net assets from Fund share transactions	$	143,574,216		$	184,006,027

Net increase in net assets	$	150,921,096		$	194,591,073

Net Assets
At beginning of period	$	194,591,073		$	—
At end of period	$	345,512,169		$	194,591,073

Accumulated undistributed net investment income included in net assets
At end of period	$	1,799,233		$	47,369

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


		15		See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Financial Highlights


	Institutional Class
	Six Months Ended July 31, 2018 (Unaudited)			Period Ended January 31, 2018⁽¹⁾
Net asset value — Beginning of period	$	11.020		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.070		$	0.104
Net realized and unrealized gain		0.110			0.974

Total income from operations	$	0.180		$	1.078

Less Distributions
From net investment income	$	—		$	(0.058	)

Total distributions	$	—		$	(0.058	)

Net asset value — End of period	$	11.200		$	11.020

Total Return⁽³⁾		1.63	%⁽⁴⁾		10.79	%⁽⁴⁾⁽⁵⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	345,512		$	194,591
Ratios (as a percentage of average daily net assets):
Expenses		0.52	%⁽⁶⁾		0.55	%⁽⁵⁾⁽⁶⁾
Net investment income		1.30	%⁽⁶⁾		1.00	%⁽⁶⁾
Portfolio Turnover		19	%⁽⁴⁾		26	%⁽⁴⁾

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

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾	Not annualized.

⁽⁵⁾	The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.08% of average daily net assets for the period ended January 31, 2018). Absent this reimbursement, total return would be lower.

⁽⁶⁾	Annualized.


		16		See Notes to Financial Statements.

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

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

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.


		17

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

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

2 Distributions to Shareholders and Income Tax Information

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

At January 31, 2018, the Fund, for federal income tax purposes, had deferred capital losses of $4,312,213 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2018, $2,866,373 are short-term and $1,445,840 are long-term.

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



Aggregate cost	$	324,045,139

Gross unrealized appreciation	$	20,771,433
Gross unrealized depreciation		(912,914	)

Net unrealized appreciation	$	19,858,519

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.40% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. For the six months ended July 31, 2018, the investment adviser and administration fee amounted to $537,694 or 0.40% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment


		18

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

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, 2019. Pursuant to this agreement, EVM and Parametric reimbursed no expenses for the six months ended July 31, 2018.

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

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $97,309,716 and $25,978,154, respectively, for the six months ended July 31, 2018.

5 Shares of Beneficial Interest

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


Institutional Class	Six Months Ended July 31, 2018 (Unaudited)			Period Ended January 31, 2018⁽¹⁾

Sales		14,807,311			20,659,414
Issued to shareholders electing to receive payments of distributions in Fund shares		—			80,386
Redemptions		(1,620,578	)		(3,087,957	)

Net increase		13,186,733			17,651,843

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

At July 31, 2018, one shareholder owned 16.7% of the outstanding shares of the Fund.

6 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include 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, 2018 is included in the Portfolio of Investments. At July 31, 2018, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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


		19

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

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


	Fair Value
Derivative	Asset Derivative		Liability Derivative⁽¹⁾

Written options	$	—	$	(844,718	)

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

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


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

Written options	$	3,294,572	$	609,940

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

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

The average number of written options contracts outstanding during the six months ended July 31, 2018, which is indicative of the volume of this derivative type, was 968 contracts.

7 Line of Credit

8 Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At July 31, 2018, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $39,910. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at July 31, 2018. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 9) at July 31, 2018. The Fund’s average overdraft advances during the six months ended July 31, 2018 were not significant.

9 Fair Value Measurements

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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


		20

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Notes to Financial Statements (Unaudited) — continued

At July 31, 2018, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2		Level 3		Total

Common Stocks	$	172,240,437	*	$	—	$	—	$	172,240,437
Short-Term Investments —
U.S. Treasury Obligations		—			165,147,684		—		165,147,684
Other		—			7,360,255		—		7,360,255

Total Investments	$	172,240,437		$	172,507,939	$	—	$	344,748,376

Liability Description

Written Call Options	$	(555,193	)	$	—	$	—	$	(555,193	)
Written Put Options		(289,525	)		—		—		(289,525	)

Total	$	(844,718	)	$	—	$	—	$	(844,718	)

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

At July 31, 2018, there were no investments transferred between Level 1 and Level 2 during the six months then ended.


		21

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Information about Fees, Performance and Expenses

•

A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

•

Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;

•

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

•

Descriptions of the investment management services provided to each fund, including the fund’s investment strategies and policies;

•

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

•

Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

•

Data relating to portfolio turnover rates of each fund;

Information about each Adviser

•

Reports detailing the financial results and condition of each adviser;

•

The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

•

Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

•


		22

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Board of Trustees’ Contract Approval — continued

Other Relevant Information

•

Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

•

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

•

The terms of each investment advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement 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, 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.

Nature, Extent and Quality of Services

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. 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 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.


		23

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Board of Trustees’ Contract Approval — continued

Fund Performance

In light of the Fund’s relatively brief operating history, the Board concluded that additional time is required to evaluate Fund performance.

Management Fees and Expenses

Profitability and Other “Fall-Out” Benefits

Economies of Scale


		24

Parametric Volatility Risk Premium - Defensive Fund

July 31, 2018

Officers and Trustees

Officers of Parametric Volatility Risk Premium - Defensive Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Parametric Volatility Risk Premium - Defensive Fund

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Scott E. Wennerholm

*	Interested Trustee


		25

Eaton Vance Funds

IMPORTANT NOTICES

•

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

•

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

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

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


		26

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

LOGO

24692 7.31.18

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits


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

Signatures

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

Eaton Vance Mutual Funds Trust


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

Date:		September 24, 2018

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


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

Date:		September 24, 2018


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

Date:		September 24, 2018