N-CSRS

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, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Emerging Markets Debt Fund

Semiannual Report

July 31, 2019

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

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

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

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

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

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

Semiannual Report July 31, 2019

Eaton Vance

Emerging Markets Debt Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Officers and Trustees	21
Important Notices	22

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class I at NAV		05/01/2018		05/01/2018		8.99	%		11.86	%		—			8.28	%
J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified		—		—		7.90	%		10.98	%		5.47	%		9.30	%
% Total Annual Operating Expense Ratios3														Class I
Gross															3.09	%
Net															0.85

Fund Profile

Asset Allocation (% of net assets)⁴

Country Allocation (% of net assets)⁵

Ukraine	10.8	%	Colombia	2.6	%
Kenya	6.4		Barbados	2.6
Argentina	5.7		Bahamas	2.5
El Salvador	5.0		Rwanda	2.5
Tanzania	4.9		Ethiopia	2.5
Sri Lanka	4.7		Macedonia	2.4
Indonesia	4.1		Fiji	2.4
Egypt	3.9		Mexico	2.3
Albania	3.8		Nigeria	2.1
Honduras	3.7		Vietnam	1.8
Turkey	3.4		Costa Rica	1.5
Dominican Republic	2.9		Brazil	1.5
Benin	2.7		Lebanon	0.6
Bahrain	2.7

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Endnotes and Additional Disclosures

¹  J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified is a market-cap weighted index that measures USD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2019, J.P. Morgan Chase & Co. All rights reserved. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Class I shares are offered at net asset value (NAV). Total Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

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

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

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

3

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Fund Expenses

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

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

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

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

	Beginning Account Value (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)			Annualized Expense Ratio
Actual
Class I	$	1,000.00	$	1,089.90	$	4.40	**		0.85	%
Hypothetical*
(5% return per year before expenses)
Class I	$	1,000.00	$	1,020.60	$	4.26	**		0.85	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2019.

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

4

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Portfolio of Investments (Unaudited)

Foreign Government Bonds — 72.9%
Security	Principal Amount (000’s omitted)		Value
Albania — 3.8%
Republic of Albania, 3.50%, 10/9/25(1)	EUR	270	$	317,902
Total Albania			$	317,902
Argentina — 5.7%
Republic of Argentina, 6.25%, 11/9/47	EUR	320	$	261,125
Republic of Argentina, 6.625%, 7/6/28	USD	270		218,025
Total Argentina			$	479,150
Bahamas — 2.5%
Commonwealth of Bahamas, 5.75%, 1/16/24(1)	USD	200	$	215,252
Total Bahamas			$	215,252
Bahrain — 2.7%
Kingdom of Bahrain, 7.00%, 1/26/26(1)	USD	200	$	224,982
Total Bahrain			$	224,982
Barbados — 2.6%
Government of Barbados, 7.25%, 12/15/21(1)(2)	USD	350	$	216,982
Total Barbados			$	216,982
Benin — 2.7%
Benin Government International Bond, 5.75%, 3/26/26(1)	EUR	200	$	228,319
Total Benin			$	228,319
Brazil — 1.5%
Federative Republic of Brazil, 8.875%, 4/15/24	USD	100	$	127,250
Total Brazil			$	127,250
Colombia — 2.6%
Republic of Colombia, 5.00%, 6/15/45	USD	200	$	223,150
Total Colombia			$	223,150
Costa Rica — 1.5%
Costa Rica Government International Bond, 9.20%, 2/21/24(1)	USD	118	$	131,865
Total Costa Rica			$	131,865
Dominican Republic — 2.9%
Dominican Republic, 8.625%, 4/20/27(1)	USD	200	$	242,252
Total Dominican Republic			$	242,252

Security	Principal Amount (000’s omitted)		Value
Egypt — 3.9%
Arab Republic of Egypt, 4.75%, 4/16/26(1)	EUR	100	$	115,074
Arab Republic of Egypt, 8.50%, 1/31/47(1)	USD	200		218,814
Total Egypt			$	333,888
El Salvador — 5.0%
Republic of El Salvador, 7.125%, 1/20/50(1)(3)	USD	200	$	203,500
Republic of El Salvador, 7.65%, 6/15/35(1)	USD	200		218,252
Total El Salvador			$	421,752
Ethiopia — 2.5%
Ethiopia International Bond, 6.625%, 12/11/24(1)	USD	200	$	208,198
Total Ethiopia			$	208,198
Fiji — 2.4%
Republic of Fiji, 6.625%, 10/2/20(1)	USD	200	$	200,000
Total Fiji			$	200,000
Honduras — 3.7%
Republic of Honduras, 6.25%, 1/19/27(1)	USD	285	$	309,584
Total Honduras			$	309,584
Kenya — 2.5%
Republic of Kenya, 7.25%, 2/28/28(1)	USD	200	$	208,849
Total Kenya			$	208,849
Lebanon — 0.6%
Lebanon Government International Bond, 6.60%, 11/27/26(1)	USD	45	$	35,118
Lebanon Government International Bond, 6.85%, 3/23/27(1)	USD	16		12,540
Total Lebanon			$	47,658
Macedonia — 2.4%
Republic of Macedonia, 2.75%, 1/18/25(1)	EUR	170	$	201,113
Total Macedonia			$	201,113
Rwanda — 2.5%
Republic of Rwanda, 6.625%, 5/2/23(1)	USD	200	$	214,060
Total Rwanda			$	214,060
Sri Lanka — 4.7%
Republic of Sri Lanka, 6.125%, 6/3/25(1)	USD	400	$	393,395
Total Sri Lanka			$	393,395

5 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)			Value
Turkey — 3.4%
Republic of Turkey, 7.625%, 4/26/29	USD		272	$	286,181
Total Turkey				$	286,181
Ukraine — 10.8%
Ukraine Government International Bond, 0.00% to 5/31/21, 5/31/40(1)(4)	USD		245	$	209,239
Ukraine Government International Bond, 9.75%, 11/1/28(1)	USD		600		702,255
Total Ukraine				$	911,494
Total Foreign Government Bonds (identified cost $6,005,636)				$	6,143,276
Foreign Corporate Bonds — 8.2%
Security	Principal Amount (000’s omitted)			Value
Indonesia — 4.1%
Perusahaan Listrik Negara PT, 5.25%, 10/24/42(1)	USD		320	$	344,400
Total Indonesia				$	344,400
Mexico — 2.3%
Petroleos Mexicanos, 6.50%, 3/13/27	USD		200	$	198,840
Total Mexico				$	198,840
Vietnam — 1.8%
Debt and Asset Trading Corp., 1.00%, 10/10/25(1)	USD		200	$	149,500
Total Vietnam				$	149,500
Total Foreign Corporate Bonds (identified cost $653,665)				$	692,740
Sovereign Loans — 10.9%
Borrower	Principal Amount (000’s omitted)			Value
Kenya — 3.9%
Republic Government of Kenya, Term Loan, 8.65%, (6 mo. USD LIBOR + 6.45%), Maturing June 29, 2025(5)		$	325	$	328,322
Total Kenya				$	328,322

Borrower	Principal Amount (000’s omitted)			Value
Nigeria — 2.1%
Bank of Industry Limited, Term Loan, 8.34%, (3 mo. USD LIBOR + 6.00%), Maturing May 21, 2021(5)(6)		$	175	$	176,321
Total Nigeria				$	176,321
Tanzania — 4.9%
Government of the United Republic of Tanzania, Term Loan, 7.76%, (6 mo. USD LIBOR + 5.20%), Maturing June 23, 2023(5)		$	400	$	415,669
Total Tanzania				$	415,669
Total Sovereign Loans (identified cost $895,375)				$	920,312
Short-Term Investments— 1.3%
Description		Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.31%(7)			106,065	$	106,065
Total Short-Term Investments (identified cost $106,054)				$	106,065
Total Investments — 93.3% (identified cost $7,660,730)				$	7,862,393
Other Assets, Less Liabilities — 6.7%				$	564,042
Net Assets — 100.0%				$	8,426,435

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

⁽¹⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At July 31, 2019, the aggregate value of these securities is $5,521,445 or 65.5% of the Fund’s net assets.

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

⁽³⁾  When-issued security.

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

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

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

⁽⁷⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2019.

6 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold			Settlement Date		Value/Unrealized Appreciation
USD	190,553		EUR	169,119		8/8/19	$	3,249
USD	269,126		EUR	238,524		8/8/19		4,954
USD	312,086		EUR	276,980		8/8/19		5,322
USD	222,164		EUR	197,548		8/30/19		2,991
USD	3,134		EUR	2,768		9/27/19		56
							$	16,572

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	110,497	EUR	96,632	Citibank, N.A.		10/15/19	$	2,886	$	—
							$	2,886	$	—

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
Euro-Bobl		2		Short		9/6/19	$	(298,890	)	$	(2,480	)
U.S. 5-Year Treasury Note		14		Long		9/30/19		1,645,766			10,367
U.S. 10-Year Treasury Note		16		Long		9/19/19		2,038,750			21,524
U.S. Long Treasury Bond		3		Long		9/19/19		466,781			9,844
U.S. Ultra-Long Treasury Bond		5		Long		9/19/19		887,812			17,969
										$	57,224

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

Centrally Cleared Interest Rate Swaps
Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
EUR	370	Receives	6-month EURIBOR (pays semi-annually)	0.40% (pays annually)	10/4/23	$	(15,185	)	$	351		$	(14,834	)
EUR	66	Receives	6-month EURIBOR (pays semi-annually)	1.06% (pays annually)	10/16/28		(8,224	)		(14	)		(8,238	)
EUR	117	Receives	6-month EURIBOR (pays semi-annually)	0.80% (pays annually)	7/16/49		(10,126	)		135			(9,991	)
USD	3,100	Pays	3-month USD-LIBOR (pays quarterly)	2.61% (pays semi-annually)	3/11/21		51,080			111			51,191

7 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
USD	200	Receives	3-month USD-LIBOR (pays quarterly)	3.06% (pays semi-annually)	10/2/23	$	(11,653	)	$	(20	)	$	(11,673	)
USD	19	Pays	3-month USD-LIBOR (pays quarterly)	2.36% (pays semi-annually)	4/29/24		589			—			589
USD	35	Pays	3-month USD-LIBOR (pays quarterly)	2.33% (pays semi-annually)	4/30/24		1,033			—			1,033
USD	69	Receives	3-month USD-LIBOR (pays quarterly)	2.15% (pays semi-annually)	5/17/24		(1,011	)		—			(1,011	)
USD	90	Receives	3-month USD-LIBOR (pays quarterly)	2.04% (pays semi-annually)	5/31/24		(893	)		—			(893	)
USD	139	Receives	3-month USD-LIBOR (pays quarterly)	1.95% (pays semi-annually)	6/13/24		(774	)		—			(774	)
USD	72	Receives	3-month USD-LIBOR (pays quarterly)	1.80% (pays semi-annually)	7/23/24		20			—			20
USD	121	Receives	3-month USD-LIBOR (pays quarterly)	1.95% (pays semi-annually)	7/16/26		(780	)		(17	)		(797	)
USD	213	Receives	3-month USD-LIBOR (pays quarterly)	3.11% (pays semi-annually)	5/17/28		(20,845	)		31			(20,814	)
USD	220	Receives	3-month USD-LIBOR (pays quarterly)	2.74% (pays semi-annually)	1/31/29		(15,501	)		—			(15,501	)
USD	600	Receives	3-month USD-LIBOR (pays quarterly)	2.72% (pays semi-annually)	3/11/29		(45,485	)		928			(44,557	)
USD	145	Receives	3-month USD-LIBOR (pays quarterly)	2.63% (pays semi-annually)	3/25/29		(9,862	)		1,328			(8,534	)
USD	214	Receives	3-month USD-LIBOR (pays quarterly)	2.52% (pays semi-annually)	4/29/29		(12,488	)		—			(12,488	)
USD	300	Pays	3-month USD-LIBOR (pays quarterly)	2.34% (pays semi-annually)	5/17/29		10,513			—			10,513
USD	438	Receives	3-month USD-LIBOR (pays quarterly)	2.09% (pays semi-annually)	7/15/29		(5,572	)		148			(5,424	)
USD	95	Receives	3-month USD-LIBOR (pays quarterly)	2.88% (pays semi-annually)	1/31/49		(14,680	)		(49	)		(14,729	)
USD	125	Receives	3-month USD-LIBOR (pays quarterly)	2.54% (pays semi-annually)	5/17/49		(10,184	)		—			(10,184	)
USD	116	Receives	3-month USD-LIBOR (pays quarterly)	2.21% (pays semi-annually)	8/1/49		(892	)		—			(892	)
Total						$	(120,920	)	$	2,932		$	(117,988	)

8 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Credit Default Swaps — Sell Protection
Reference Entity	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation
Brazil	$	200	1.00% (pays quarterly)(1)	6/20/24		1.26	%	$	(2,163	)	$	5,877	$	3,714
Mexico		200	1.00% (pays quarterly)(1)	6/20/24		1.15			(1,187	)		2,495		1,308
Russia		200	1.00% (pays quarterly)(1)	6/20/24		0.99			339			2,763		3,102
Turkey		85	1.00% (pays quarterly)(1)	6/20/20		1.90			(577	)		2,504		1,927
Total	$	685						$	(3,588	)	$	13,639	$	10,051

* If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At July 31, 2019, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $685,000.

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

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

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

Abbreviations:

EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate

Currency Abbreviations:

EUR	–	Euro
USD	–	United States Dollar

9 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2019
Unaffiliated investments, at value (identified cost, $7,554,676)	$	7,756,328
Affiliated investment, at value (identified cost, $106,054)		106,065
Deposits for derivatives collateral —
Financial futures contracts		72,715
Centrally cleared derivatives		412,766
Foreign currency, at value (identified cost, $30,465)		30,042
Interest receivable		130,521
Dividends receivable from affiliated investment		425
Receivable for investments sold		432,920
Receivable for variation margin on open financial futures contracts		13,173
Receivable for open forward foreign currency exchange contracts		2,886
Receivable from affiliate		2,617
Total assets	$	8,960,458
Liabilities
Payable for investments purchased	$	223,186
Payable for when-issued securities		200,000
Payable for variation margin on open centrally cleared derivatives		24,652
Payable for closed swap contracts		19,135
Due to custodian		24,208
Payable to affiliate:
Investment adviser and administration fee		4,623
Accrued expenses		38,219
Total liabilities	$	534,023
Net Assets	$	8,426,435
Sources of Net Assets
Paid-in capital	$	8,004,266
Distributable earnings		422,169
Total	$	8,426,435
Class I Shares
Net Assets	$	8,426,435
Shares Outstanding		800,784
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.52

10 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2019
Interest	$	241,556
Dividends from affiliated investment		4,596
Total investment income	$	246,152
Expenses
Investment adviser and administration fee	$	26,024
Trustees’ fees and expenses		455
Custodian fee		16,261
Transfer and dividend disbursing agent fees		128
Legal and accounting services		37,665
Printing and postage		5,067
Registration fees		17,559
Miscellaneous		882
Total expenses	$	104,041
Deduct —
Allocation of expenses to affiliate	$	69,834
Total expense reductions	$	69,834
Net expenses	$	34,207
Net investment income	$	211,945
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	17,196
Investment transactions — affiliated investment		(32	)
Financial futures contracts		220,290
Swap contracts		(126,283	)
Foreign currency transactions		(1,569	)
Forward foreign currency exchange contracts		31,679
Net realized gain	$	141,281
Change in unrealized appreciation (depreciation) —
Investments	$	377,749
Investments — affiliated investment		11
Financial futures contracts		(13,089	)
Swap contracts		(43,207	)
Foreign currency		10
Forward foreign currency exchange contracts		22,063
Net change in unrealized appreciation (depreciation)	$	343,537
Net realized and unrealized gain	$	484,818
Net increase in net assets from operations	$	696,763

11 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2019 (Unaudited)			Period Ended January 31, 2019(1)
From operations —
Net investment income	$	211,945		$	229,194
Net realized gain		141,281			51,145
Net change in unrealized appreciation (depreciation)		343,537			(173,687	)
Net increase in net assets from operations	$	696,763		$	106,652
Distributions to shareholders	$	(148,944	)	$	(235,680	)
Total distributions to shareholders	$	(148,944	)	$	(235,680	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	—		$	8,007,500
Net asset value of shares issued to shareholders in payment of distributions declared		144			—
Net increase in net assets from Fund share transactions	$	144		$	8,007,500
Net increase in net assets	$	547,963		$	7,878,472
Net Assets
At beginning of period	$	7,878,472		$	—
At end of period	$	8,426,435		$	7,878,472

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

12 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Financial Highlights

	Class I
	Six Months Ended July 31, 2019 (Unaudited)			Period Ended January 31,  2019(1)
Net asset value — Beginning of period	$	9.840		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.265		$	0.286
Net realized and unrealized gain (loss)		0.601			(0.151	)
Total income from operations	$	0.866		$	0.135
Less Distributions
From net investment income	$	(0.186	)	$	(0.219	)
From net realized gain		—			(0.076	)
Total distributions	$	(0.186	)	$	(0.295	)
Net asset value — End of period	$	10.520		$	9.840
Total Return(3)(4)		8.99	%(5)		1.34	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,426		$	7,878
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.85	%(6)		0.85	%(6)
Net investment income		5.29	%(6)		3.92	%(6)
Portfolio Turnover		68	%(5)		82	%(5)

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

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 1.74% and 2.24% of average daily net assets for the six months ended July 31, 2019 and the period ended January 31, 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

13 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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

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

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

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

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

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

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

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

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, 2019, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

14

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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

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

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

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

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

J  Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Fund and a counterparty, certain contracts may be “centrally cleared”, whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Fund is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.

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

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

15

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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

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

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

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on 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, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	7,657,655
Gross unrealized appreciation	$	404,883
Gross unrealized depreciation		(231,400	)
Net unrealized appreciation	$	173,483

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

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 six months ended July 31, 2019, the investment adviser and administration fee amounted to $26,024 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, 2020. Pursuant to this agreement, EVM was allocated $69,834 of the Fund’s operating expenses for the six months ended July 31, 2019.

16

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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, 2019, EVM earned $34 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $5,330,597 and $4,948,240, respectively, for the six months ended July 31, 2019.

5  Shares of Beneficial Interest

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

	Six Months Ended July 31, 2019 (Unaudited)		Period Ended January 31, 2019(1)
Sales		—		800,770
Issued to shareholders electing to receive payments of distributions in Fund shares		14		—
Net increase		14		800,770

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

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

6  Financial Instruments

The Fund may trade in financial instruments 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, 2019 is included in the Portfolio of Investments. At July 31, 2019, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

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

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

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

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

The OTC derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund

17

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

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

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

	Fair Value
Statement of Assets and Liabilities Caption	Credit			Foreign Exchange		Interest Rate			Total
Distributable earnings*	$	339		$	16,572	$	122,939		$	139,850
Receivable for open forward foreign currency exchange contracts		—			2,886		—			2,886
Total Asset Derivatives	$	339		$	19,458	$	122,939		$	142,736
Derivatives not subject to master netting or similar agreements	$	339		$	16,572	$	122,939		$	139,850
Total Asset Derivatives subject to master netting or similar agreements	$	—		$	2,886	$	—		$	2,886
Distributable earnings*	$	(3,927	)	$	—	$	(186,635	)	$	(190,562	)
Total Liability Derivatives	$	(3,927	)	$	—	$	(186,635	)	$	(190,562	)
Derivatives not subject to master netting or similar agreements	$	(3,927	)	$	—	$	(186,635	)	$	(190,562	)
Total Liability Derivatives subject to master netting or similar agreements	$	—		$	—	$	—		$	—

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

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

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
Citibank, N.A.	$	2,886	$	—	$	—	$	—	$	2,886

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

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

18

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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

Statement of Operations Caption	Credit		Foreign Exchange		Interest Rate
Net realized gain (loss) —
Financial futures contracts	$	—	$	—	$	220,290
Swap contracts		7,595		—		(133,878	)
Forward foreign currency exchange contracts		—		31,679		—
Total	$	7,595	$	31,679	$	86,412
Change in unrealized appreciation (depreciation) —
Financial futures contracts	$	—	$	—	$	(13,089	)
Swap contracts		553		—		(43,760	)
Forward foreign currency exchange contracts		—		22,063		—
Total	$	553	$	22,063	$	(56,849	)

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

Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*		Swap Contracts
	$4,874,000	$	296,000	$	1,425,000	$	6,631,000

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

7  Line of Credit

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

8  Overdraft Advances

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

9  Risks Associated with Foreign Investments

The Fund’s investments in foreign instruments can be adversely affected by changes in currency exchange rates and political, economic and market developments abroad. In emerging or less developed countries, these risks can be more significant. Investment markets in emerging market countries are

19

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

typically substantially smaller, less liquid and more volatile than the major markets in developed countries. Emerging market countries may have relatively unstable governments and economies. Emerging market investments often are subject to speculative trading, which typically contributes to volatility.

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

10  Fair Value Measurements

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

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

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

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

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

At July 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Foreign Government Bonds	$	—		$	6,143,276		$	—	$	6,143,276
Foreign Corporate Bonds		—			692,740			—		692,740
Sovereign Loans		—			920,312			—		920,312
Short-Term Investments		—			106,065			—		106,065
Total Investments	$	—		$	7,862,393		$	—	$	7,862,393
Forward Foreign Currency Exchange Contracts	$	—		$	19,458		$	—	$	19,458
Futures Contracts		59,704			—			—		59,704
Swap Contracts		—			63,574			—		63,574
Total	$	59,704		$	7,945,425		$	—	$	8,005,129
Liability Description
Futures Contracts	$	(2,480	)	$	—		$	—	$	(2,480	)
Swap Contracts		—			(188,082	)		—		(188,082	)
Total	$	(2,480	)	$	(188,082	)	$	—	$	(190,562	)

20

Eaton Vance

Emerging Markets Debt Fund

July 31, 2019

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

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

21

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

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

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most 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.

22

This Page Intentionally Left Blank

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.

29947    7.31.19

Parametric

Emerging Markets Fund

Semiannual Report

July 31, 2019

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

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

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

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

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

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

Semiannual Report July 31, 2019

Parametric

Emerging Markets Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	38
Officers and Trustees	41
Important Notices	42

Parametric

Emerging Markets Fund

July 31, 2019

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Investor Class at NAV		06/30/2006		06/30/2006		–0.56	%		–3.16	%		–0.54	%		3.67	%
Class C at NAV		06/30/2006		06/30/2006		–0.93			–3.92			–1.28			2.90
Class C with 1% Maximum Sales Charge		—		—		–1.92			–4.87			–1.28			2.90
Institutional Class at NAV		06/30/2006		06/30/2006		–0.42			–2.94			–0.30			3.93
Class R6 at NAV		07/01/2014		06/30/2006		–0.49			–2.93			–0.27			3.95
MSCI Emerging Markets Index		—		—		0.44	%		–2.18	%		1.84	%		4.56	%
% Total Annual Operating Expense Ratios3					Investor Class			Class C			Institutional Class			Class R6
						1.44	%		2.19	%		1.19	%		1.13	%

See Endnotes and Additional Disclosures in this report.

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

Parametric

Emerging Markets Fund

July 31, 2019

Fund Profile

Sector Allocation (% of net assets)⁴

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁴

Sberbank of Russia PJSC	0.8	%
Gazprom PJSC ADR	0.8
Credicorp, Ltd.	0.7
America Movil SAB de CV, Series L	0.7
Naspers, Ltd., Class N	0.7
Tencent Holdings, Ltd.	0.6
Lukoil PJSC ADR	0.5
Samsung Electronics Co., Ltd.	0.5
Petroleo Brasileiro SA, PFC Shares	0.5
Fomento Economico Mexicano SAB de CV, Series UBD	0.5
Total	6.3	%

See Endnotes and Additional Disclosures in this report.

3

Parametric

Emerging Markets Fund

July 31, 2019

Endnotes and Additional Disclosures

¹  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.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Investor Class, Institutional Class and Class R6 shares are offered without a sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

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

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Parametric

Emerging Markets Fund

July 31, 2019

Fund Expenses

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

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

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

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

	Beginning Account Value (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)		Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	994.40	$	7.02		1.42	%
Class C	$	1,000.00	$	990.70	$	10.76		2.18	%
Institutional Class	$	1,000.00	$	995.80	$	5.79		1.17	%
Class R6	$	1,000.00	$	995.10	$	5.54		1.12	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,017.80	$	7.10		1.42	%
Class C	$	1,000.00	$	1,014.00	$	10.89		2.18	%
Institutional Class	$	1,000.00	$	1,019.00	$	5.86		1.17	%
Class R6	$	1,000.00	$	1,019.20	$	5.61		1.12	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2019.

5

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited)

Common Stocks — 99.3%
Security	Shares		Value
Argentina — 0.7%
Adecoagro SA(1)		75,206	$	507,641
Arcos Dorados Holdings, Inc., Class A		32,114		255,306
Banco BBVA Argentina SA ADR		25,288		293,088
Banco Macro SA, Class B ADR		6,487		449,419
Cresud SA ADR(1)		26,863		272,928
Grupo Financiero Galicia SA, Class B ADR		24,487		899,653
IRSA Inversiones y Representaciones SA ADR(1)		16,910		174,173
MercadoLibre, Inc.(1)		6,122		3,804,333
Pampa Energia SA ADR(1)		42,199		1,388,347
Transportadora de Gas del Sur SA ADR		20,764		324,126
YPF SA ADR		72,924		1,199,600
			$	9,568,614
Bahrain — 0.8%
Ahli United Bank BSC		5,590,958	$	5,276,200
Al Salam Bank-Bahrain BSC		7,588,874		1,785,294
GFH Financial Group BSC		8,771,588		2,225,834
Ithmaar Holding BSC(1)(2)		14,771,027		902,566
			$	10,189,894
Bangladesh — 0.7%
ACI, Ltd.		62,264	$	186,921
Aftab Automobiles, Ltd.		349,827		138,439
Bangladesh Export Import Co., Ltd.		1,512,367		335,222
Bangladesh Submarine Cable Co., Ltd.		111,014		156,266
Beximco Pharmaceuticals, Ltd.		116,421		112,776
BSRM Steels, Ltd.		938,510		621,567
City Bank, Ltd. (The)		435,051		141,830
Grameenphone, Ltd.		215,817		851,016
Heidelberger Cement Bangladesh, Ltd.		146,500		334,208
Islami Bank Bangladesh, Ltd.		929,748		251,899
Jamuna Oil Co., Ltd.		87,929		174,885
Khulna Power Co., Ltd.		320,573		191,491
LankaBangla Finance, Ltd.		829,367		171,177
Meghna Petroleum, Ltd.		79,364		181,321
National Bank, Ltd.(1)		2,588,281		260,283
Olympic Industries, Ltd.		458,511		1,202,846
Orion Pharma, Ltd.		258,206		97,868
Padma Oil Co., Ltd.		98,234		264,081
Pubali Bank, Ltd.		1,042,120		323,966
Renata, Ltd.		14,460		200,046
Singer Bangladesh, Ltd.(1)		137,622		348,203
Social Islami Bank, Ltd.(1)		1,177,708		198,025
Southeast Bank, Ltd.(1)		2,062,748		347,081

Security	Shares		Value
Bangladesh (continued)
Square Pharmaceuticals, Ltd.		247,043	$	734,212
Summit Power, Ltd.		912,732		423,615
Titas Gas Transmission & Distribution Co., Ltd.		623,246		279,544
Unique Hotel & Resorts, Ltd.		450,062		268,426
United Airways Bangladesh, Ltd.(1)		6,170,401		116,407
United Commercial Bank, Ltd.(1)		1,343,068		247,992
			$	9,161,613
Botswana — 0.7%
Barclays Bank of Botswana, Ltd.		1,539,465	$	751,710
Botswana Insurance Holdings, Ltd.		859,111		1,406,492
First National Bank of Botswana, Ltd.		7,940,100		2,041,830
Letshego Holdings, Ltd.		17,758,614		2,163,842
Sechaba Breweries Holdings, Ltd.		1,220,550		2,347,528
Standard Chartered Bank Botswana, Ltd.		531,120		83,721
			$	8,795,123
Brazil — 5.9%
AMBEV SA		691,050	$	3,645,063
B2W Cia Digital(1)		55,270		549,463
B3 SA - Brasil Bolsa Balcao		93,800		1,036,965
Banco Bradesco SA, PFC Shares		224,906		2,033,162
Banco do Brasil SA		84,998		1,096,231
BB Seguridade Participacoes SA		51,500		437,899
BR Malls Participacoes SA		146,211		575,059
Bradespar SA, PFC Shares		28,600		236,962
Braskem SA, PFC Shares		26,060		232,443
BRF SA(1)		145,040		1,269,744
CCR SA		327,100		1,281,367
Centrais Eletricas Brasileiras SA, PFC Shares		125,000		1,297,051
Cia Brasileira de Distribuicao, PFC Shares		38,469		942,989
Cia de Saneamento Basico do Estado de Sao Paulo		77,760		1,088,051
Cia de Saneamento de Minas Gerais-COPASA		14,400		254,316
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		66,760		423,334
Cia Energetica de Minas Gerais, PFC Shares		296,355		1,098,028
Cia Energetica de Sao Paulo, Class B, PFC Shares		36,400		276,504
Cia Hering		68,200		571,855
Cia Paranaense de Energia, PFC Shares		30,600		394,091
Cia Siderurgica Nacional SA		81,200		351,707
Cielo SA		1,418,506		2,691,049
Construtora Tenda SA		78,268		519,688
Cosan SA		56,800		757,264
Cyrela Brazil Realty SA Empreendimentos e Participacoes		105,400		673,879
Duratex SA		37,558		123,706

6 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Brazil (continued)
EDP-Energias do Brasil SA		102,800	$	519,610
Embraer SA		33,400		168,998
Embraer SA ADR		28,248		570,610
Engie Brasil Energia SA		69,650		880,948
Equatorial Energia SA		32,900		814,666
Even Construtora e Incorporadora SA(1)		160,300		411,634
Ez Tec Empreendimentos e Participacoes SA		50,427		434,061
Fleury SA		304,200		1,859,627
Gerdau SA, PFC Shares		142,400		513,056
Gol Linhas Aereas Inteligentes SA, PFC Shares(1)		30,400		326,356
Hypera SA		177,000		1,399,730
Iochpe Maxion SA		61,000		348,928
Itau Unibanco Holding SA, PFC Shares		196,620		1,793,941
Itausa-Investimentos Itau SA, PFC Shares		274,075		895,545
JBS SA		166,325		1,085,197
Klabin SA, PFC Shares		624,800		479,690
Kroton Educacional SA		289,536		952,893
Light SA		29,700		150,588
Localiza Rent a Car SA		135,852		1,566,284
LOG Commercial Properties e Participacoes SA		9,877		60,897
Lojas Americanas SA, PFC Shares		187,800		893,149
Lojas Renner SA		169,977		2,113,828
Marcopolo SA, PFC Shares		403,000		402,329
Marfrig Global Foods SA(1)		287,155		498,863
Metalurgica Gerdau SA, PFC Shares		111,800		194,812
MRV Engenharia e Participacoes SA		101,300		538,306
Natura Cosmeticos SA		52,900		847,903
Odontoprev SA		509,200		2,334,954
Petroleo Brasileiro SA, PFC Shares		884,800		6,046,506
Qualicorp Consultoria e Corretora de Seguros SA		325,600		1,895,746
Randon SA Implementos e Participacoes, PFC Shares		196,700		510,775
Rumo SA(1)		185,919		1,067,864
Smiles Fidelidade SA		22,500		232,467
Suzano SA		77,820		625,398
Telefonica Brasil SA, PFC Shares		314,300		4,307,228
TIM Participacoes SA		827,250		2,648,865
Totvs SA		306,690		3,897,563
Transmissora Alianca de Energia Electrica SA		91,000		663,362
Ultrapar Participacoes SA		154,368		804,533
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, PFC Shares		87,850		201,420
Vale SA		357,947		4,671,830
Valid Solucoes SA		100,870		402,016
Weg SA		202,252		1,262,369
YDUQS Part(1)		57,700		518,587
			$	76,671,802

Security	Shares		Value
Bulgaria — 0.1%
CB First Investment Bank AD(1)		235,000	$	425,819
Chimimport AD		329,922		333,265
MonBat AD		60,235		230,252
Petrol AD(1)		25,625		9,935
Sopharma AD		354,600		654,776
			$	1,654,047
Chile — 2.8%
AES Gener SA		1,325,140	$	332,200
Aguas Andinas SA, Series A		1,073,898		601,080
Banco de Chile		14,370,869		2,061,686
Banco de Credito e Inversiones SA		20,851		1,313,555
Banco Santander Chile		24,707,062		1,789,118
Cap SA		56,612		580,574
Cencosud SA		935,529		1,847,099
Cia Cervecerias Unidas SA		107,129		1,501,904
Cia Sud Americana de Vapores SA(1)		14,510,741		488,490
Colbun SA		2,922,868		548,857
Embotelladora Andina SA, Class B, PFC Shares		154,121		541,820
Empresa Nacional de Telecomunicaciones SA(1)		191,089		1,750,707
Empresas CMPC SA		710,444		1,666,077
Empresas COPEC SA		396,674		3,639,857
Enel Americas SA		10,652,906		1,757,692
Enel Chile SA		9,679,267		877,302
Engie Energia Chile SA		173,855		306,215
Forus SA		87,698		193,081
Inversiones Aguas Metropolitanas SA		130,715		190,870
Inversiones La Construccion SA		27,038		424,380
Itau CorpBanca		91,142,033		706,854
Latam Airlines Group SA		393,944		3,754,699
Parque Arauco SA		541,699		1,475,791
Ripley Corp. SA		721,671		532,529
S.A.C.I. Falabella		580,600		3,587,438
Sociedad Matriz SAAM SA		6,242,812		567,516
Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares		58,504		1,716,025
Sonda SA		736,417		972,803
Vina Concha y Toro SA		433,836		871,967
			$	36,598,186
China — 11.6%
3SBio, Inc.(3)		788,500	$	1,331,598
AECC Aviation Power Co., Ltd.		40,221		136,634
Agile Group Holdings, Ltd.		254,000		326,457
Agricultural Bank of China, Ltd., Class H		1,832,000		741,548

7 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
Aier Eye Hospital Group Co., Ltd., Class A		39,319	$	172,962
Air China, Ltd., Class H		628,000		609,871
Aisino Corp.		38,800		128,198
Alibaba Group Holding, Ltd. ADR(1)		15,200		2,631,272
Aluminum Corp. of China, Ltd., Class H(1)		2,486,000		811,808
Angang Steel Co., Ltd., Class H		1,258,400		477,320
Anhui Conch Cement Co., Ltd., Class H		590,500		3,409,687
ANTA Sports Products, Ltd.		139,000		1,037,626
Baidu, Inc. ADR(1)		11,300		1,262,210
Bank of Beijing Co., Ltd.		182,760		148,728
Bank of China, Ltd., Class H		1,834,000		744,765
Bank of Communications, Ltd., Class H		1,053,900		766,763
Bank of Nanjing Co., Ltd.		169,400		202,801
Bank of Ningbo Co., Ltd., Class A		67,000		228,369
Beijing Capital International Airport Co., Ltd., Class H		436,000		343,528
Beijing Enterprises Holdings, Ltd.		135,000		659,099
Beijing Enterprises Water Group, Ltd.		1,560,000		821,100
Beijing Originwater Technology Co., Ltd., Class A		127,500		120,997
Beijing Sanju Environmental Protection and New Material Co., Ltd., Class A		98,410		107,013
Beijing Tongrentang Co., Ltd.		22,000		90,287
Beijing Water Business Doctor Co., Ltd., Class A		101,700		99,144
Beijing Xinwei Technology Group Co., Ltd.(1)(2)		93,610		0
BOE Technology Group Co., Ltd., Class A		514,900		299,852
Brilliance China Automotive Holdings, Ltd.		650,000		708,377
BYD Co., Ltd., Class H		126,200		788,577
Cangzhou Mingzhu Plastic Co., Ltd., Class A		135,226		73,639
CGN Power Co., Ltd., Class H(3)		2,585,000		746,137
Changchun High & New Technology Industry Group, Inc., Class A		3,100		148,510
Changjiang Securities Co., Ltd., Class A		213,800		229,139
Chengdu Xingrong Environment Co., Ltd., Class A		243,600		168,056
China Agri-Industries Holdings, Ltd.		2,074,000		631,322
China Biologic Products Holdings, Inc.(1)		17,600		1,688,368
China Bluechemical, Ltd., Class H		1,270,000		348,195
China Cinda Asset Management Co., Ltd., Class H		1,495,000		326,133
China CITIC Bank Corp., Ltd., Class H		343,000		190,037
China Coal Energy Co., Ltd., Class H		1,058,000		409,930
China Communications Construction Co., Ltd., Class H		509,000		429,012
China Communications Services Corp., Ltd., Class H		658,000		458,106
China Construction Bank Corp., Class H		2,016,630		1,548,228
China Dongxiang Group Co., Ltd.		4,257,000		525,220
China Everbright International, Ltd.		373,925		329,282
China Everbright, Ltd.		186,000		245,703
China Evergrande Group		354,000		934,580

Security	Shares		Value
China (continued)
China Fortune Land Development Co., Ltd.		52,329	$	220,315
China Gas Holdings, Ltd.		520,000		2,154,612
China Huishan Dairy Holdings Co., Ltd.(1)(2)		1,800,000		0
China International Marine Containers Co., Ltd.		579,206		548,590
China International Travel Service Corp., Ltd.		16,300		212,732
China Life Insurance Co., Ltd., Class H		267,000		680,094
China Longyuan Power Group Corp., Ltd., Class H		1,260,000		770,478
China Mengniu Dairy Co., Ltd.		581,000		2,344,359
China Merchants Bank Co., Ltd., Class H		323,024		1,600,228
China Merchants Port Holdings Co., Ltd.		318,035		526,337
China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		74,674		222,154
China Minsheng Banking Corp., Ltd., Class H		1,109,788		764,432
China Mobile, Ltd.		224,000		1,904,980
China Molybdenum Co., Ltd., Class H		2,058,000		585,313
China National Building Material Co., Ltd., Class H		1,138,000		997,712
China National Nuclear Power Co., Ltd.		210,800		171,740
China Northern Rare Earth Group High-Tech Co., Ltd.		117,100		189,664
China Oilfield Services, Ltd., Class H		698,000		787,400
China Overseas Land & Investment, Ltd.		314,160		1,070,989
China Pacific Insurance (Group) Co., Ltd., Class H		196,400		837,740
China Petroleum & Chemical Corp., Class H		4,390,300		2,818,618
China Railway Construction Corp., Ltd., Class H		436,500		504,340
China Railway Group, Ltd., Class H		1,385,000		969,725
China Resources Beer Holdings Co., Ltd.		378,000		1,771,103
China Resources Gas Group, Ltd.		212,000		1,073,057
China Resources Land, Ltd.		302,000		1,290,569
China Resources Medical Holdings Co., Ltd.		355,000		256,682
China Resources Power Holdings Co., Ltd.		575,600		826,571
China Shenhua Energy Co., Ltd., Class H		837,000		1,653,539
China Shineway Pharmaceutical Group, Ltd.		381,000		317,762
China Shipbuilding Industry Co., Ltd.		185,800		161,056
China Southern Airlines Co., Ltd., Class H		564,000		361,526
China State Construction Engineering Corp., Ltd.		156,440		132,917
China Taiping Insurance Holdings Co., Ltd.		110,200		304,956
China Telecom Corp., Ltd., Class H		1,120,000		499,554
China Travel International Investment Hong Kong, Ltd.		1,998,000		367,272
China Unicom (Hong Kong), Ltd.		356,372		347,197
China United Network Communications, Ltd., Class A		711,800		608,846
China Vanke Co., Ltd., Class H		742,520		2,788,965
China Yangtze Power Co., Ltd.		162,200		439,748
Chongqing Changan Automobile Co., Ltd., Class A		98,800		112,992
CIFI Holdings Group Co., Ltd.		772,000		492,134
CITIC Guoan Information Industry Co., Ltd., Class A		138,800		77,160
CITIC, Ltd.		813,000		1,076,467
CNOOC, Ltd.		2,111,000		3,480,540

8 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
COSCO SHIPPING Development Co., Ltd., Class H		4,252,000	$	523,465
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		912,000		519,400
COSCO SHIPPING Holdings Co., Ltd., Class H(1)		1,482,975		551,520
COSCO SHIPPING Ports, Ltd.		516,000		449,682
Country Garden Holdings Co., Ltd.		685,631		923,754
Country Garden Services Holdings Co., Ltd.		155,589		374,642
CSPC Pharmaceutical Group, Ltd.		1,192,000		2,068,568
Ctrip.com International, Ltd. ADR(1)		35,554		1,385,895
Daqin Railway Co., Ltd.		104,300		119,328
Datang International Power Generation Co., Ltd., Class H		2,626,000		590,045
Dong-E-E-Jiao Co., Ltd., Class A		16,200		78,054
Dongfeng Motor Group Co., Ltd., Class H		690,000		615,420
Dr Peng Telecom & Media Group Co., Ltd.(1)		104,900		110,339
East Money Information Co., Ltd., Class A		58,632		122,829
Focus Media Information Technology Co., Ltd., Class A		196,344		143,343
Ganfeng Lithium Co., Ltd., Class A		51,150		162,636
GD Power Development Co., Ltd.		269,900		99,658
Gemdale Corp.		80,700		142,179
Golden Eagle Retail Group, Ltd.		739,000		853,337
Great Wall Motor Co., Ltd., Class H		715,000		484,350
Gree Electric Appliances, Inc. of Zhuhai, Class A		46,500		369,738
Guangdong Baolihua New Energy Stock Co., Ltd., Class A		255,400		238,004
Guangdong Investment, Ltd.		784,000		1,647,768
Guangzhou Automobile Group Co., Ltd., Class H		579,218		588,917
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		320,000		1,314,832
Guangzhou R&F Properties Co., Ltd., Class H		302,000		546,406
Guosen Securities Co., Ltd., Class A		117,628		231,277
Haier Electronics Group Co., Ltd.		161,000		378,396
Haier Smart Home Co., Ltd.		66,800		161,995
Han’s Laser Technology Industry Group Co., Ltd., Class A		23,400		98,238
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		41,700		184,722
Harbin Pharmaceutical Group Co., Ltd.(1)		150,900		84,491
Henan Shuanghui Investment & Development Co., Ltd., Class A		34,200		118,819
Hengan International Group Co., Ltd.		178,000		1,346,326
Hengtong Optic-electric Co., Ltd.		38,780		89,808
Hesteel Co., Ltd., Class A		506,400		200,714
Huadian Power International Corp., Ltd., Class H		1,100,000		460,410
Huadong Medicine Co., Ltd., Class A		56,653		224,835
Huaneng Power International, Inc., Class H		2,634,000		1,526,174

Security	Shares		Value
China (continued)
Huaneng Renewables Corp., Ltd., Class H		1,716,000	$	466,401
Huaxia Bank Co., Ltd.		146,972		160,710
Huayu Automotive Systems Co., Ltd.		82,008		273,798
Hubei Energy Group Co., Ltd., Class A		277,714		168,861
Humanwell Healthcare Group Co., Ltd.(1)		69,600		107,687
Hundsun Technologies, Inc.		21,710		221,892
Iflytek Co., Ltd., Class A(1)		34,550		163,520
Industrial & Commercial Bank of China, Ltd., Class H		1,526,000		1,024,779
Industrial Bank Co., Ltd.		97,902		270,435
Inner Mongolia BaoTou Steel Union Co., Ltd.		707,000		161,463
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		53,200		239,461
JD.com, Inc. ADR(1)		33,900		1,013,949
Jiangsu Expressway Co., Ltd., Class H		428,000		576,667
Jiangsu Hengrui Medicine Co., Ltd.		26,918		259,550
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		14,600		244,770
Jiangxi Copper Co., Ltd., Class H		805,000		996,270
Jinke Properties Group Co., Ltd., Class A		130,499		118,288
Jinyu Bio-Technology Co., Ltd.		43,862		97,552
Jizhong Energy Resources Co., Ltd., Class A		231,400		125,324
Kangmei Pharmaceutical Co., Ltd.		61,700		28,778
Kingboard Holdings., Ltd.		256,100		629,821
Kunlun Energy Co., Ltd.		668,000		582,581
Kweichow Moutai Co., Ltd.		4,100		574,997
KWG Group Holdings, Ltd.		476,000		442,562
Lee & Man Paper Manufacturing, Ltd.		788,000		480,995
Lenovo Group, Ltd.		1,316,000		1,058,924
Lepu Medical Technology Beijing Co., Ltd., Class A		33,300		118,962
Li Ning Co., Ltd.		450,208		1,109,945
Longfor Group Holdings, Ltd.(3)		149,500		552,879
LONGi Green Energy Technology Co., Ltd.		60,242		223,496
Luxshare Precision Industry Co., Ltd., Class A		92,443		287,674
Luye Pharma Group, Ltd.(3)		496,500		383,387
Maanshan Iron & Steel Co., Ltd., Class H		1,832,000		694,435
Midea Group Co., Ltd., Class A		32,300		254,412
NARI Technology Co., Ltd.		48,600		132,492
NetEase, Inc. ADR		3,500		807,870
New Oriental Education & Technology Group, Inc. ADR(1)		9,000		938,790
Nine Dragons Paper Holdings, Ltd.		615,000		497,794
Oceanwide Holdings Co., Ltd., Class A		204,000		149,372
Offshore Oil Engineering Co., Ltd.		217,300		169,418
OFILM Group Co., Ltd., Class A		65,800		79,987
Oriental Energy Co., Ltd., Class A		132,900		155,839
Oriental Pearl Group Co., Ltd., Class A		75,920		108,826
PetroChina Co., Ltd., Class H		4,840,000		2,567,153
Ping An Bank Co., Ltd., Class A		151,588		308,276

9 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
Ping An Insurance (Group) Co. of China, Ltd., Class H		259,500	$	3,058,417
Pingdingshan Tianan Coal Mining Co., Ltd.(1)		262,600		164,181
Poly Developments and Holdings Group Co., Ltd., Class A		179,100		366,677
Poly Property Group Co., Ltd.		946,000		348,984
Power Construction Corp. of China, Ltd.		187,000		134,011
RiseSun Real Estate Development Co., Ltd., Class A		163,200		205,932
SAIC Motor Corp., Ltd.		82,400		295,614
Sanan Optoelectronics Co., Ltd.		84,900		139,960
SDIC Power Holdings Co., Ltd.		98,000		120,874
Semiconductor Manufacturing International Corp.(1)		787,700		927,814
Shandong Gold Mining Co., Ltd.(1)		42,500		258,958
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,720,000		1,639,782
Shanghai Electric Group Co., Ltd., Class H		1,792,000		622,410
Shanghai Industrial Holdings, Ltd.		204,000		417,972
Shanghai Pudong Development Bank Co., Ltd., Class A		136,500		233,786
Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		180,704
Shanxi Xishan Coal & Electricity Power Co., Ltd., Class A		152,700		135,097
Shenzhen Inovance Technology Co., Ltd., Class A		56,300		202,475
Shenzhen Investment, Ltd.		674,000		241,670
Shenzhen Overseas Chinese Town Co., Ltd., Class A		176,600		183,790
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		171,300		107,482
Shimao Property Holdings, Ltd.		227,000		626,929
Siasun Robot & Automation Co., Ltd., Class A(1)		55,000		125,942
Sichuan Chuantou Energy Co., Ltd.		152,000		206,213
Sihuan Pharmaceutical Holdings Group, Ltd.		3,161,000		647,567
SINA Corp.(1)		5,700		222,984
Sino Biopharmaceutical, Ltd.		1,860,000		2,268,764
Sino-Ocean Group Holding, Ltd.		1,455,500		585,620
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,963,000		684,857
Sinopharm Group Co., Ltd., Class H		479,200		1,771,408
Sun Art Retail Group, Ltd.		1,011,500		1,024,287
Sunac China Holdings, Ltd.		249,000		1,123,157
Suning.com Co., Ltd, Class A		69,200		107,066
TCL Corp., Class A		373,200		183,490
Tencent Holdings, Ltd.		168,702		7,860,326
Tianqi Lithium Corp., Class A		44,850		150,398
Tingyi (Cayman Islands) Holding Corp.		622,000		928,282
Tongling Nonferrous Metals Group Co., Ltd., Class A		424,000		142,330
Tsingtao Brewery Co., Ltd., Class H		190,000		1,111,262
Tus Environmental Science and Technology Development Co., Ltd., Class A		65,660		98,960

Security	Shares		Value
China (continued)
Wanhua Chemical Group Co., Ltd.		19,665	$	124,480
Want Want China Holdings, Ltd.		1,949,000		1,515,834
Weichai Power Co., Ltd., Class H		699,600		1,074,401
Wens Foodstuffs Group Co., Ltd., Class A		42,500		249,074
West China Cement, Ltd.		3,420,000		576,282
WH Group, Ltd.(3)		2,378,000		2,314,673
Wuliangye Yibin Co., Ltd., Class A		18,600		323,112
Xiaomi Corp., Class B(1)(3)		1,107,000		1,264,169
Xinhu Zhongbao Co., Ltd.		301,800		126,809
Yang Quan Coal Industry Group Co., Ltd.		189,300		149,571
Yangzijiang Shipbuilding Holdings, Ltd.		326,900		337,087
Yanzhou Coal Mining Co., Ltd., Class H		518,000		455,922
Yonghui Superstores Co., Ltd.		124,700		174,351
Yuan Longping High-tech Agriculture Co., Ltd., Class A		65,900		128,042
Yuexiu Property Co., Ltd.		1,590,000		359,432
Yunnan Baiyao Group Co., Ltd., Class A		21,200		232,956
Yunnan Chihong Zinc & Germanium Co., Ltd.		160,600		111,022
Zhaojin Mining Industry Co., Ltd., Class H		372,500		432,952
Zhejiang Dahua Technology Co., Ltd., Class A		69,550		161,057
Zhejiang Expressway Co., Ltd., Class H		422,000		408,473
Zhejiang Huahai Pharmaceutical Co., Ltd.(1)		37,500		88,423
Zhengzhou Yutong Bus Co., Ltd.		66,400		124,409
Zhongjin Gold Corp., Ltd.		115,900		157,330
Zhongtian Financial Group Co., Ltd., Class A		315,000		170,709
Zhuzhou CRRC Times Electric Co., Ltd., Class H		89,500		427,793
Zijin Mining Group Co., Ltd., Class H		3,588,000		1,435,959
ZTE Corp., Class H(1)		456,103		1,362,217
			$	152,263,680
Colombia — 1.5%
Almacenes Exito SA		240,918	$	1,277,678
Avianca Holdings SA, PFC Shares		551,298		268,850
Banco Davivienda SA, PFC Shares		36,732		460,587
Bancolombia SA		84,155		1,008,035
Bancolombia SA ADR, PFC Shares		38,600		1,925,368
Celsia SA ESP		740,070		1,003,774
Cementos Argos SA		487,554		1,142,752
Cemex Latam Holdings SA(1)		173,596		222,225
Corporacion Financiera Colombiana SA(1)		30,859		254,138
Ecopetrol SA		3,529,471		3,162,714
Grupo Argos SA		346,526		1,776,499
Grupo Aval Acciones y Valores SA, PFC Shares		1,441,727		555,874
Grupo de Inversiones Suramericana SA		86,859		913,349
Grupo de Inversiones Suramericana SA, PFC Shares		38,415		372,333
Grupo Nutresa SA		320,862		2,456,637

10 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Colombia (continued)
Interconexion Electrica SA		448,261	$	2,431,946
			$	19,232,759
Croatia — 0.7%
AD Plastik DD		2,428	$	66,908
Adris Grupa DD, PFC Shares		22,699		1,589,374
Atlantic Grupa DD		1,465		270,500
Atlantska Plovidba DD(1)		4,389		267,104
Ericsson Nikola Tesla DD		4,264		729,713
Hrvatski Telekom DD		87,575		2,097,944
INA Industrija Nafte DD		900		431,746
Koncar-Elektroindustrija DD		2,396		224,093
Kras DD		4,381		256,536
Ledo DD(1)(2)		978		0
Podravka Prehrambena Industrija DD		15,808		982,532
Valamar Riviera DD		304,982		1,707,404
Zagrebacka Banka DD		78,143		726,108
			$	9,349,962
Czech Republic — 0.7%
CEZ AS		178,200	$	3,995,437
Komercni Banka AS		107,288		4,138,575
Philip Morris CR AS		1,678		988,269
			$	9,122,281
Egypt — 0.7%
Alexandria Mineral Oils Co.		519,744	$	116,104
Commercial International Bank Egypt SAE		567,741		2,518,836
Eastern Co. SAE		1,027,297		984,227
Egypt Kuwait Holding Co. SAE		395,868		485,999
Egyptian Financial Group-Hermes Holding Co.		264,772		265,433
ElSewedy Electric Co.		1,186,970		882,242
Ezz Steel Co SAE(1)		330,083		164,747
Global Telecom Holding SAE(1)		2,947,624		885,504
Juhayna Food Industries		658,122		397,770
Orascom Investment Holding(1)		3,692,103		135,475
Oriental Weavers		383,580		238,712
Palm Hills Developments SAE(1)		2,709,769		332,513
Pioneers Holding for Financial Investments SAE(1)		225,466		69,959
Sidi Kerir Petrochemicals Co.		202,688		103,335
Six of October Development & Investment Co.		382,178		306,476
Talaat Moustafa Group		1,151,986		695,408
Telecom Egypt		576,834		488,169
			$	9,070,909

Security	Shares		Value
Estonia — 0.6%
AS Merko Ehitus		78,018	$	832,125
AS Tallink Grupp		3,623,652		3,816,600
AS Tallinna Kaubamaja Grupp		192,740		1,765,049
AS Tallinna Vesi		116,590		1,431,010
Nordecon AS		145,374		173,520
			$	8,018,304
Ghana — 0.2%
CAL Bank, Ltd.		2,063,694	$	380,412
Ghana Commercial Bank, Ltd.		1,626,918		1,494,496
Produce Buying Co., Ltd.(1)		28		0
Standard Chartered Bank of Ghana, Ltd.		244,300		858,944
			$	2,733,852
Greece — 1.5%
Aegean Airlines SA		27,897	$	252,288
Alpha Bank AE(1)		907,413		1,761,320
Athens Water Supply & Sewage Co. SA		59,947		547,997
Costamare, Inc.		71,719		432,466
Diana Shipping, Inc.(1)		116,290		384,920
Ellaktor SA(1)		100,337		240,835
Eurobank Ergasias SA(1)		903,107		877,030
FF Group(1)(2)		46,335		0
GasLog, Ltd.		38,401		546,830
GEK Terna Holding Real Estate Construction SA(1)		99,900		707,583
Hellenic Exchanges - Athens Stock Exchange SA		74,720		409,890
Hellenic Petroleum SA		46,772		487,706
Hellenic Telecommunications Organization SA		197,948		2,721,823
Holding Co. ADMIE IPTO SA		174,643		436,094
JUMBO SA		67,636		1,325,581
Motor Oil (Hellas) Corinth Refineries SA		62,160		1,541,074
Mytilineos SA		94,494		1,148,489
National Bank of Greece SA(1)		350,261		1,021,474
OPAP SA		144,112		1,622,013
Public Power Corp. SA(1)		150,886		469,852
StealthGas, Inc.(1)		37,397		136,125
Terna Energy SA		60,987		488,676
Titan Cement Co. SA		105,165		2,286,194
Tsakos Energy Navigation, Ltd.		80,600		245,830
			$	20,092,090
Hungary — 0.7%
Magyar Telekom Telecommunications PLC		521,442	$	754,415
MOL Hungarian Oil & Gas PLC		294,700		2,990,819
OTP Bank Nyrt.		75,800		3,156,763

11 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Hungary (continued)
Richter Gedeon Nyrt.		145,700	$	2,559,963
			$	9,461,960
India — 5.6%
ABB India, Ltd.		19,900	$	395,294
ACC, Ltd.		18,085		408,806
Adani Enterprises, Ltd.		180,900		335,575
Adani Gas, Ltd.		180,900		391,416
Adani Ports and Special Economic Zone, Ltd.		137,520		751,889
Adani Power, Ltd.(1)		556,250		488,110
Adani Transmission, Ltd.(1)		190,553		570,212
Aditya Birla Capital, Ltd.(1)		94,280		112,226
Aditya Birla Fashion and Retail, Ltd.(1)		92,050		251,305
Ambuja Cements, Ltd.		191,950		558,298
Asian Paints, Ltd.		43,100		949,994
Aurobindo Pharma, Ltd.		18,125		149,396
Axis Bank, Ltd.		66,806		652,668
Bajaj Auto, Ltd.		13,775		500,114
Bank of Baroda(1)		109,850		169,329
Bank of India(1)		109,562		114,218
Bharat Forge, Ltd.		68,789		422,412
Bharat Heavy Electricals, Ltd.		648,450		552,165
Bharat Petroleum Corp., Ltd.		78,872		393,658
Bharti Airtel, Ltd.		695,223		3,384,092
Bharti Infratel, Ltd.		315,991		1,118,559
Biocon, Ltd.		175,318		575,294
Canara Bank(1)		67,631		229,760
Cipla, Ltd.		131,806		989,309
Coal India, Ltd.		126,399		373,574
Colgate-Palmolive (India), Ltd.		33,518		578,134
Container Corp. of India, Ltd.		97,674		726,340
Crompton Greaves Consumer Electricals, Ltd.		153,025		509,635
Cummins India, Ltd.		49,900		515,026
Dabur India, Ltd.		146,992		908,626
Divi’s Laboratories, Ltd.		31,384		743,015
DLF, Ltd.		327,850		840,251
Dr. Reddy’s Laboratories, Ltd.		29,945		1,111,859
Eicher Motors, Ltd.		2,146		503,973
GAIL (India), Ltd.		556,986		1,039,849
GlaxoSmithKline Pharmaceuticals, Ltd.		17,360		303,532
Glenmark Pharmaceuticals, Ltd.		61,248		377,892
GMR Infrastructure, Ltd.(1)		1,721,400		374,770
Godrej Consumer Products, Ltd.		33,317		289,960
Grasim Industries, Ltd.		41,543		471,435
Gujarat State Petronet, Ltd.		176,208		544,752
Havells India, Ltd.		40,009		373,860

Security	Shares		Value
India (continued)
HCL Technologies, Ltd.		50,523	$	757,245
HDFC Bank, Ltd.		57,923		1,887,702
Hero MotoCorp, Ltd.		17,877		607,119
Hindalco Industries, Ltd.		182,020		501,454
Hindustan Petroleum Corp., Ltd.		81,188		310,973
Hindustan Unilever, Ltd.		108,191		2,703,319
Hindustan Zinc, Ltd.		103,100		323,885
Housing Development Finance Corp., Ltd.		46,502		1,430,576
ICICI Bank, Ltd.		114,517		706,729
IDBI Bank, Ltd.(1)		161,700		65,268
IDFC Bank, Ltd.(1)		260,034		157,880
IDFC, Ltd.(1)		260,034		135,425
Indiabulls Housing Finance, Ltd.		19,115		148,209
Indiabulls Real Estate, Ltd.(1)		228,961		289,567
Indian Hotels Co., Ltd. (The)		197,136		407,255
Indian Oil Corp., Ltd.		242,425		487,063
Infosys, Ltd.		293,092		3,350,737
ITC, Ltd.		375,295		1,472,594
Jindal Steel & Power, Ltd.(1)		129,924		252,273
JSW Steel, Ltd.		203,796		698,630
Kotak Mahindra Bank, Ltd.		31,020		681,742
Larsen & Toubro, Ltd.		78,408		1,576,826
Lupin, Ltd.		80,300		892,998
Mahindra & Mahindra, Ltd.		94,791		753,060
Maruti Suzuki India, Ltd.		17,711		1,403,166
Nestle India, Ltd.		4,923		831,021
NTPC, Ltd.		973,812		1,786,167
Oberoi Realty, Ltd.(1)		31,878		253,063
Oil & Natural Gas Corp., Ltd.		251,509		504,411
Oracle Financial Services Software, Ltd.		5,025		247,356
Piramal Enterprises, Ltd.		31,480		826,932
Power Grid Corporation of India, Ltd.		561,700		1,726,881
Reliance Industries, Ltd.		272,852		4,595,511
Reliance Infrastructure, Ltd.		101,537		70,808
Reliance Power, Ltd.(1)		658,646		35,251
Siemens, Ltd.		33,479		554,823
Sobha, Ltd.		26,300		209,209
State Bank of India(1)		73,106		351,659
Steel Authority of India, Ltd.(1)		513,200		316,966
Sun Pharmaceutical Industries, Ltd.		227,118		1,402,343
Sun TV Network, Ltd.		55,449		379,684
Suzlon Energy, Ltd.(1)		2,099,450		127,608
Tata Communications, Ltd.		104,859		712,569
Tata Consultancy Services, Ltd.		69,769		2,228,410
Tata Global Beverages, Ltd.		74,700		271,229
Tata Motors, Ltd.(1)		208,855		409,019

12 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
India (continued)
Tata Power Co., Ltd. (The)		697,463	$	611,122
Tata Steel, Ltd.		70,165		439,314
Tech Mahindra, Ltd.		57,252		526,628
Titan Co., Ltd.		56,002		855,434
UltraTech Cement, Ltd.		12,390		777,164
Unitech, Ltd.(1)		2,836,900		41,005
United Spirits, Ltd.(1)		80,035		687,494
UPL, Ltd.		81,370		700,391
Vedanta, Ltd.		337,085		747,395
Vodafone Idea, Ltd.(1)		3,478,480		348,394
Voltas, Ltd.		87,855		738,332
Wipro, Ltd.		179,977		694,047
Yes Bank, Ltd.		156,523		202,871
Zee Entertainment Enterprises, Ltd.		206,320		1,078,645
			$	73,341,433
Indonesia — 3.1%
Adaro Energy Tbk PT		12,309,500	$	1,106,974
AKR Corporindo Tbk PT		1,649,000		468,169
Aneka Tambang Tbk		10,251,500		675,341
Astra Argo Lestari Tbk PT		544,200		386,363
Astra International Tbk PT		8,480,200		4,203,039
Bank Central Asia Tbk PT		1,547,600		3,397,565
Bank Danamon Indonesia Tbk PT		591,903		214,048
Bank Mandiri Persero Tbk PT		2,743,800		1,543,645
Bank Negara Indonesia Persero Tbk PT		1,034,000		619,876
Bank Pan Indonesia Tbk PT(1)		4,945,000		506,095
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,068,100		120,725
Bank Rakyat Indonesia Persero Tbk PT		7,661,900		2,427,887
Bank Tabungan Negara Tbk PT		1,779,800		309,272
Bukit Asam Tbk PT		2,764,800		537,326
Bumi Serpong Damai Tbk PT(1)		3,215,100		322,724
Charoen Pokphand Indonesia Tbk PT		2,161,300		827,036
Gudang Garam Tbk PT		188,000		1,009,918
Hanson International Tbk PT(1)		23,744,500		174,457
Indo Tambangraya Megah Tbk PT		361,400		431,789
Indocement Tunggal Prakarsa Tbk PT		1,172,500		1,862,704
Indofood Sukses Makmur Tbk PT		1,858,100		932,911
Jasa Marga (Persero) Tbk PT		1,366,100		580,179
Kalbe Farma Tbk PT		13,399,800		1,400,159
Lippo Karawaci Tbk PT		19,017,880		378,979
Matahari Department Store Tbk PT		686,300		181,072
Medco Energi Internasional Tbk PT(1)		9,927,500		597,579
Media Nusantara Citra Tbk PT		3,201,000		312,414
Mitra Keluarga Karyasehat Tbk PT		3,345,900		483,595

Security	Shares		Value
Indonesia (continued)
MNC Investama Tbk PT(1)		49,042,500	$	272,317
Perusahaan Gas Negara Tbk PT		7,539,200		1,095,322
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		5,297,700		399,412
PP Persero Tbk PT		2,468,989		374,684
Semen Indonesia Persero Tbk PT		2,039,600		1,854,074
Sigmagold Inti Perkasa Tbk PT(1)(2)		17,097,000		12,197
Siloam International Hospitals Tbk PT(1)		1,962,400		879,630
Surya Semesta Internusa Tbk PT		6,615,900		381,145
Telekomunikasi Indonesia Persero Tbk PT		12,890,700		3,934,004
Tower Bersama Infrastructure Tbk PT		787,700		235,796
Unilever Indonesia Tbk PT		364,900		1,130,699
United Tractors Tbk PT		931,483		1,649,900
Vale Indonesia Tbk PT(1)		4,133,500		884,664
Waskita Karya Persero Tbk PT		3,562,200		515,792
Wijaya Karya Persero Tbk PT		2,252,900		372,307
XL Axiata Tbk PT(1)		2,092,600		479,514
			$	40,483,298
Jordan — 0.8%
Al-Eqbal Investment Co. PLC(1)		59,475	$	993,117
Arab Bank PLC		540,810		4,587,388
Arab Potash Co. PLC		43,763		1,159,814
Bank of Jordan		119,866		361,481
Cairo Amman Bank		193,771		303,285
Capital Bank of Jordan		243,043		331,979
Jordan Ahli Bank		251,292		347,596
Jordan Islamic Bank		95,145		388,888
Jordan Petroleum Refinery		225,864		1,046,244
Jordanian Electric Power Co.		179,108		312,827
			$	9,832,619
Kazakhstan — 0.7%
Halyk Savings Bank of Kazakhstan JSC GDR(4)		266,602	$	3,710,836
KAZ Minerals PLC		458,342		3,172,690
Kcell JSC GDR(1)(4)		414,605		1,892,355
Nostrum Oil & Gas PLC(1)		75,523		40,297
			$	8,816,178
Kenya — 0.7%
ARM Cement, Ltd.(1)(2)		1,653,600	$	0
Bamburi Cement Co., Ltd.		325,100		356,821
Barclays Bank of Kenya, Ltd.		4,356,960		443,236
British American Tobacco Kenya, Ltd.		52,000		257,167
Co-operative Bank of Kenya, Ltd. (The)		3,447,112		382,182

13 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Kenya (continued)
East African Breweries, Ltd.		1,086,780	$	2,092,386
Equity Group Holdings PLC		3,843,700		1,480,113
KCB Group, Ltd.		2,905,020		1,118,085
Kenya Power & Lighting, Ltd.(1)		7,482,654		284,405
Nation Media Group PLC		488,284		219,681
Safaricom PLC		9,954,372		2,628,881
Standard Chartered Bank Kenya, Ltd.		219,542		413,192
			$	9,676,149
Kuwait — 1.5%
Agility Public Warehousing Co. KSC		666,512	$	1,754,015
Ahli United Bank		240,820		282,863
Al Ahli Bank of Kuwait KSCP		209,247		222,917
ALAFCO Aviation Lease and Finance Co. KSCP		225,463		216,062
Boubyan Bank KSCP		284,622		562,873
Boubyan Petrochemicals Co. KSCP		283,836		810,274
Burgan Bank SAK		270,556		312,350
Commercial Bank of Kuwait KSCP		363,024		596,211
Commercial Real Estate Co. KSCC		1,513,762		466,844
Gulf Bank KSCP		553,473		577,712
Gulf Cable & Electrical Industries Co. KSCP		152,800		233,944
Jazeera Airways Co. KSC		81,382		254,231
Kuwait Cement Co.		333,684		310,022
Kuwait Finance House KSCP		1,022,182		2,615,010
Kuwait Portland Cement Co. KSC		72,250		286,837
Kuwait Projects Co. Holdings KSC		378,400		285,322
Kuwait Real Estate Co. KSC(1)		492,240		132,919
Mabanee Co. SAKC		387,636		1,005,555
Mezzan Holding Co. KSCC		65,569		134,574
Mobile Telecommunications Co.		1,718,087		3,258,828
National Bank of Kuwait SAK		1,135,306		3,725,851
National Industries Group Holding SAK		841,419		694,483
National Real Estate Co. KPSC(1)		1,043,207		290,946
Qurain Petrochemical Industries Co.		490,699		571,803
Warba Bank KSCP(1)		508,308		429,003
			$	20,031,449
Latvia — 0.0%(5)
Grindeks		42,000	$	596,641
			$	596,641
Lithuania — 0.3%
Apranga PVA		427,588	$	867,033
Energijos Skirstymo Operatorius AB		128,934		105,570
Klaipedos Nafta AB		1,345,900		575,572

Security	Shares		Value
Lithuania (continued)
Pieno Zvaigzdes		104,200	$	115,043
Rokiskio Suris		122,500		336,633
Siauliu Bankas		2,303,871		1,260,108
			$	3,259,959
Malaysia — 3.0%
Aeon Co. (M) Bhd		661,200	$	276,192
AirAsia Group Bhd		346,600		164,049
Alliance Bank Malaysia Bhd		150,000		133,428
AMMB Holdings Bhd		145,400		148,729
Astro Malaysia Holdings Bhd		979,300		342,882
Axiata Group Bhd		1,020,750		1,239,472
Berjaya Sports Toto Bhd		590,650		375,788
British American Tobacco Malaysia Bhd		46,200		252,317
Bursa Malaysia Bhd		122,550		200,128
CIMB Group Holdings Bhd		387,500		475,480
Dialog Group Bhd		2,276,114		1,898,729
Digi.com Bhd		776,300		938,301
FGV Holdings Bhd(1)		884,500		241,368
Gamuda Bhd		649,400		581,939
Genting Bhd		903,900		1,501,086
Genting Malaysia Bhd		1,062,600		992,642
Genting Plantations Bhd		122,000		286,777
Globetronics Technology Bhd		736,900		315,063
Hartalega Holdings Bhd		350,100		419,158
Hong Leong Bank Bhd		57,100		247,977
IGB Real Estate Investment Trust		474,900		220,689
IHH Healthcare Bhd		1,197,400		1,657,868
IJM Corp. Bhd		967,680		544,575
Inari Amertron Bhd		2,886,200		1,141,435
IOI Corp. Bhd		469,418		475,405
IOI Properties Group Bhd		1,044,058		317,708
KLCCP Stapled Group		399,100		757,138
Kuala Lumpur Kepong Bhd		93,800		536,212
Magnum Bhd		770,540		499,361
Malayan Banking Bhd		447,687		936,483
Malaysia Airports Holdings Bhd		342,800		694,371
Maxis Bhd		516,400		709,648
MISC Bhd		390,000		680,384
MMC Corp. Bhd		1,217,800		323,574
My EG Services Bhd		2,853,450		1,063,243
Nestle Malaysia Bhd		12,300		442,660
Petronas Chemicals Group Bhd		1,048,400		1,900,050
Petronas Dagangan Bhd		233,500		1,325,723
Petronas Gas Bhd		166,700		648,798
PPB Group Bhd		134,500		609,517

14 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Malaysia (continued)
Press Metal Aluminium Holdings Bhd		1,092,820	$	1,201,815
Public Bank Bhd		204,820		1,085,014
RHB Bank Bhd		101,700		135,386
Sapura Energy Bhd		5,340,168		385,055
Silverlake Axis, Ltd.		1,724,000		650,157
Sime Darby Bhd		1,193,039		630,946
Sime Darby Plantation Bhd		527,239		587,714
Sime Darby Property Bhd		1,732,039		408,929
SP Setia Bhd Group		575,400		272,351
Sunway Bhd		1,128,917		452,935
Sunway Real Estate Investment Trust		688,700		318,814
Supermax Corp. Bhd		1,203,600		481,189
Telekom Malaysia Bhd		533,900		528,025
Tenaga Nasional Bhd		727,825		2,429,643
Top Glove Corp. Bhd		871,100		955,870
UEM Sunrise Bhd		1,683,050		325,059
UMW Holdings Bhd		184,400		225,797
VS Industry Bhd		2,509,800		726,041
YTL Corp. Bhd		1,319,034		328,220
YTL Power International Bhd		893,660		168,643
			$	38,813,950
Mauritius — 0.7%
Alteo, Ltd.		852,532	$	453,393
CIEL, Ltd.		1,801,109		316,424
MCB Group, Ltd.		436,335		3,424,751
Phoenix Beverages, Ltd.		24,345		379,388
Rogers & Co., Ltd.		1,809,940		2,054,958
SBM Holdings, Ltd.		6,041,362		917,670
Sun, Ltd., Class A		516,880		478,748
Terra Mauricia, Ltd.		432,330		265,490
United Basalt Products, Ltd.		306,621		1,121,571
			$	9,412,393
Mexico — 5.5%
Alfa SAB de CV, Series A		2,416,672	$	2,093,367
Alsea SAB de CV(1)		694,800		1,420,146
America Movil SAB de CV, Series L		12,581,050		8,816,829
Arca Continental SAB de CV		230,580		1,225,228
Bolsa Mexicana de Valores SAB de CV		776,675		1,290,828
Cemex SAB de CV, Series CPO		7,329,339		2,608,367
Coca-Cola Femsa SAB de CV, Series L		287,500		1,768,769
El Puerto de Liverpool SAB de CV		163,780		796,434
Fibra Uno Administracion SA de CV		2,054,090		2,644,284
Fomento Economico Mexicano SAB de CV, Series UBD		657,156		5,961,941

Security	Shares		Value
Mexico (continued)
Genomma Lab Internacional SAB de CV(1)		2,297,600	$	2,100,526
Gentera SAB de CV		573,500		471,040
Grupo Aeroportuario del Pacifico SAB de CV, Class B		264,887		2,658,027
Grupo Aeroportuario del Sureste SAB de CV, Class B		163,785		2,478,515
Grupo Bimbo SAB de CV, Series A		905,245		1,729,832
Grupo Carso SAB de CV, Series A1		741,400		2,371,165
Grupo Elektra SAB de CV		27,083		1,816,778
Grupo Financiero Banorte SAB de CV, Class O		1,146,400		5,735,066
Grupo Financiero Inbursa SAB de CV, Class O		2,347,700		2,875,247
Grupo Mexico SAB de CV, Series B		2,139,079		5,246,192
Grupo Sanborns SAB de CV		126,089		134,881
Grupo Televisa SAB ADR		219,400		2,086,494
Grupo Televisa SAB, Series CPO		325,100		615,805
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		284,100		369,139
Industrias CH SAB de CV, Series B(1)		222,900		732,192
Industrias Penoles SAB de CV		95,765		881,005
Infraestructura Energetica Nova SAB de CV		180,000		693,747
Kimberly-Clark de Mexico SAB de CV, Class A		712,600		1,478,467
Mexichem SAB de CV		675,699		1,234,778
Minera Frisco SAB de CV(1)		714,800		98,844
Organizacion Soriana SAB de CV, Class B(1)		120,000		126,364
Promotora y Operadora de Infraestructura SAB de CV		193,500		1,741,765
Telesites SAB de CV(1)		1,126,268		671,162
Ternium SA ADR		26,100		551,493
Wal-Mart de Mexico SAB de CV, Series V		1,708,080		5,040,346
			$	72,565,063
Morocco — 0.8%
Attijariwafa Bank		37,995	$	1,916,020
Banque Centrale Populaire		30,563		867,022
BMCE Bank		29,719		579,551
Cosumar		45,622		1,004,890
Douja Promotion Groupe Addoha SA		160,235		157,631
Label Vie		1,418		356,368
LafargeHolcim Maroc SA		8,628		1,523,562
Lesieur Cristal		19,185		361,962
Managem SA		2,236		196,710
Maroc Telecom		110,498		1,657,492
Samir(1)(2)		15,717		0
Societe d’Exploitation des Ports		29,732		574,724
TAQA Morocco SA		4,428		411,790
TOTAL Maroc SA		1,894		262,353
			$	9,870,075

15 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Nigeria — 0.6%
Access Bank PLC		15,309,588	$	275,639
Afriland Properties PLC(1)(2)		1,286,159		0
Dangote Cement PLC		2,624,741		1,182,060
Ecobank Transnational, Inc.(1)		5,093,625		113,025
FBN Holdings PLC		20,750,490		327,970
Flour Mills of Nigeria PLC		3,215,556		133,840
Guaranty Trust Bank PLC		18,484,256		1,446,967
Guiness Nigeria PLC		1,391,550		159,240
Lafarge Africa PLC(1)		5,061,475		201,013
Lekoil, Ltd.(1)		1,111,089		55,818
Nestle Nigeria PLC		355,667		1,254,245
Nigerian Breweries PLC		4,747,707		654,922
SEPLAT Petroleum Development Co. PLC(3)		604,091		845,313
Stanbic IBTC Holdings PLC		1,977,675		209,802
Transnational Corp. of Nigeria PLC		44,100,342		116,940
United Bank for Africa PLC		25,521,594		425,523
Zenith Bank PLC		19,093,381		963,650
			$	8,365,967
Oman — 0.7%
Bank Dhofar SAOG		970,518	$	316,038
Bank Muscat SAOG		2,165,144		2,351,654
Bank Nizwa SAOG(1)		1,001,800		218,419
HSBC Bank Oman SAOG		589,256		181,839
National Bank of Oman SAOG		1,396,197		593,024
Oman Cables Industry SAOG		127,600		262,101
Oman Cement Co. SAOG		578,260		308,785
Oman Flour Mills Co. SAOG		90,796		154,139
Oman Telecommunications Co. SAOG		913,435		1,292,592
Ominvest		374,413		317,320
Ooredoo		659,614		827,664
Raysut Cement Co. SAOG		286,166		231,574
Renaissance Services SAOG(1)		1,256,309		963,059
Sembcorp Salalah Power & Water Co.		1,120,000		307,733
Sohar International Bank SAOG		1,707,287		470,170
			$	8,796,111
Pakistan — 0.6%
Bank Alfalah, Ltd.		865,691	$	227,116
D.G. Khan Cement Co., Ltd.		322,232		90,187
Engro Corp., Ltd.		270,585		435,469
Engro Fertilizers, Ltd.		610,528		245,215
Fauji Fertilizer Co., Ltd.		560,610		333,954
Habib Bank, Ltd.		612,217		460,341
Hub Power Co., Ltd. (The)		2,473,344		1,088,973

Security	Shares		Value
Pakistan (continued)
K-Electric, Ltd.(1)		4,344,000	$	93,744
Kot Addu Power Co., Ltd.		765,900		155,508
Lucky Cement, Ltd.		147,650		350,552
Maple Leaf Cement Factory, Ltd.		624,937		68,865
Mari Petroleum Co., Ltd.		24,530		144,659
MCB Bank, Ltd.		460,830		503,901
Millat Tractors, Ltd.		66,390		328,940
National Bank of Pakistan(1)		672,540		139,097
Nishat Mills, Ltd.		884,171		409,148
Oil & Gas Development Co., Ltd.		520,591		413,412
Pak Elektron, Ltd.(1)		892,000		83,142
Pakistan Oilfields, Ltd.		128,520		327,669
Pakistan Petroleum, Ltd.		453,143		379,679
Pakistan State Oil Co., Ltd.		194,028		182,977
Searle Co., Ltd. (The)		269,627		221,185
SUI Southern Gas Co., Ltd.(1)		864,051		95,616
TRG Pakistan(1)		989,500		76,522
United Bank, Ltd.		406,745		370,872
			$	7,226,743
Panama — 0.3%
Copa Holdings SA, Class A		38,129	$	3,854,842
			$	3,854,842
Peru — 1.4%
Alicorp SAA		410,225	$	1,316,296
Cementos Pacasmayo SAA		192,689		349,973
Cia de Minas Buenaventura SA ADR		217,650		3,316,986
Credicorp, Ltd.		41,700		9,090,183
Ferreycorp SAA		1,797,472		1,175,281
Southern Copper Corp.		85,576		3,062,765
Volcan Cia Minera SAA, Class B		2,886,275		419,377
			$	18,730,861
Philippines — 2.9%
Aboitiz Equity Ventures, Inc.		841,510	$	872,530
Aboitiz Power Corp.		1,716,000		1,191,127
Alliance Global Group, Inc.		1,585,400		483,939
Ayala Corp.		84,565		1,587,326
Ayala Land, Inc.		2,092,000		2,039,861
Ayala Land, Inc., PFC Shares(2)		3,951,800		0
Bank of the Philippine Islands		608,840		1,073,116
BDO Unibank, Inc.		590,794		1,698,793
Bloomberry Resorts Corp.		4,546,400		1,022,834
Cosco Capital, Inc.		3,726,300		501,437

16 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Philippines (continued)
D&L Industries, Inc.		4,201,800	$	848,445
DMCI Holdings, Inc.		1,492,900		297,031
First Gen Corp.		1,226,122		639,662
First Philippine Holdings Corp.		220,440		374,837
Globe Telecom, Inc.		29,950		1,262,331
GT Capital Holdings, Inc.		27,518		499,636
International Container Terminal Services, Inc.		271,820		719,454
JG Summit Holdings, Inc.		921,870		1,177,287
Jollibee Foods Corp.		435,820		2,214,686
LT Group, Inc.		1,202,200		332,703
Manila Electric Co.		274,300		1,962,657
Manila Water Co.		701,100		323,327
Megaworld Corp.		4,024,400		483,270
Metro Pacific Investments Corp.		4,416,700		415,162
Metropolitan Bank & Trust Co.		525,427		781,015
Nickel Asia Corp.		9,507,240		471,014
Petron Corp.		4,267,400		464,403
PLDT, Inc.		82,970		1,862,012
Puregold Price Club, Inc.		1,099,300		979,272
Robinsons Land Corp.		1,000,882		537,838
Robinsons Retail Holdings, Inc.		362,300		565,037
San Miguel Corp.		154,070		537,849
Security Bank Corp.		101,780		364,525
Semirara Mining & Power Corp.		1,827,920		825,409
SM Investments Corp.		162,733		3,182,407
SM Prime Holdings, Inc.		3,901,099		2,789,103
Travellers International Hotel Group, Inc.		3,521,900		378,892
Universal Robina Corp.		752,580		2,358,309
Vista Land & Lifescapes, Inc.		1,567,200		235,259
			$	38,353,795
Poland — 2.7%
Alior Bank SA(1)		26,565	$	319,929
AmRest Holdings SE(1)		71,663		745,280
Asseco Poland SA		243,017		3,434,336
Bank Handlowy w Warszawie SA		11,785		160,284
Bank Millennium SA(1)		196,890		384,479
Bank Polska Kasa Opieki SA		57,442		1,525,962
Boryszew SA(1)		122,670		141,289
Budimex SA		17,729		589,462
CCC SA		25,700		992,206
Ciech SA		32,562		331,906
Cyfrowy Polsat SA		206,500		1,597,106
Enea SA(1)		204,687		434,379
Energa SA(1)		215,408		405,959
Eurocash SA		317,200		1,529,249

Security	Shares		Value
Poland (continued)
Grupa Azoty SA		39,918	$	459,297
Grupa Lotos SA		31,066		697,813
ING Bank Slaski SA		12,513		616,217
Jastrzebska Spolka Weglowa SA(1)		58,043		582,971
KGHM Polska Miedz SA(1)		101,713		2,459,213
LPP SA		1,317		2,661,092
Lubelski Wegiel Bogdanka SA		8,815		83,599
mBank SA(1)		5,230		469,594
Netia SA(1)		97,800		118,060
Orange Polska SA(1)		1,310,117		2,277,892
PGE SA(1)		803,788		1,838,109
PKP Cargo SA		40,141		348,976
Polski Koncern Naftowy ORLEN SA		115,790		2,901,281
Polskie Gornictwo Naftowe i Gazownictwo SA		592,315		858,875
Powszechna Kasa Oszczednosci Bank Polski SA		298,805		3,146,575
Powszechny Zaklad Ubezpieczen SA		204,511		2,199,422
Santander Bank Polska SA		11,775		990,970
Tauron Polska Energia SA(1)		1,248,226		507,824
			$	35,809,606
Qatar — 1.5%
Aamal Co. QSC		465,350	$	100,638
Al Meera Consumer Goods Co.		36,720		147,574
Barwa Real Estate Co.		1,371,670		1,338,844
Commercial Bank PQSC (The)		488,180		641,222
Doha Bank QPSC		337,400		251,865
Gulf International Services QSC(1)		730,130		338,350
Industries Qatar		800,970		2,457,989
Masraf Al Rayan QSC		945,380		988,775
Medicare Group		95,760		194,601
Ooredoo QPSC		709,260		1,383,802
Qatar Electricity & Water Co. QSC		356,450		1,520,909
Qatar Gas Transport Co., Ltd.		1,679,290		1,084,657
Qatar Insurance Co.		348,370		331,941
Qatar International Islamic Bank		117,050		241,389
Qatar Islamic Bank		273,020		1,224,857
Qatar National Bank QPSC		1,084,390		5,782,710
Qatar Navigation QSC		240,210		436,145
United Development Co. QSC		1,202,690		456,767
Vodafone Qatar QSC		1,376,120		529,306
			$	19,452,341
Romania — 0.8%
Banca Transilvania SA		5,119,068	$	3,097,056
BRD-Groupe Societe Generale SA		384,580		1,227,709

17 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Romania (continued)
OMV Petrom SA		20,225,974	$	1,969,831
Societatea Energetica Electrica SA		548,668		1,461,330
Societatea Nationala de Gaze Naturale ROMGAZ SA		159,170		1,245,965
Transelectrica SA		114,909		561,098
Transgaz SA Medias		6,771		576,926
			$	10,139,915
Russia — 5.8%
Aeroflot PJSC		131,896	$	222,138
Alrosa PJSC		650,100		831,363
Evraz PLC		154,201		1,207,822
Federal Grid Co. Unified Energy System PJSC		177,935,440		510,833
Gazprom PJSC ADR		1,355,333		9,906,674
Globaltrans Investment PLC GDR(4)		122,581		1,071,923
Inter RAO UES PJSC		20,242,070		1,429,164
LSR Group PJSC GDR(4)		186,400		469,205
Lukoil PJSC ADR(6)		1,600		130,320
Lukoil PJSC ADR(6)		82,202		6,746,155
Magnit PJSC		41,447		2,454,207
Magnit PJSC GDR(4)		27,169		391,606
Magnitogorsk Iron & Steel Works PJSC		721,700		483,191
Mail.ru Group, Ltd. GDR(1)(4)		72,911		1,869,940
Mechel PJSC ADR(1)		152,000		319,200
MMC Norilsk Nickel PJSC ADR(6)		823		18,773
MMC Norilsk Nickel PJSC ADR(6)		202,092		4,655,953
Mobile TeleSystems PJSC		565,677		2,348,418
Moscow Exchange MICEX-RTS PJSC		506,840		742,123
Mosenergo PJSC		8,811,603		316,219
Novatek PJSC GDR(4)		19,903		4,152,779
Novolipetsk Steel PJSC GDR		39,000		916,078
PhosAgro PJSC GDR(4)(6)		12,600		157,122
PhosAgro PJSC GDR(4)(6)		28,064		349,215
Polymetal International PLC		84,700		1,020,037
QIWI PLC ADR		11,566		254,105
Rosneft Oil Co. PJSC GDR(4)(6)		3,905		25,875
Rosneft Oil Co. PJSC GDR(4)(6)		269,824		1,779,794
Rostelecom PJSC		657,637		846,252
RusHydro PJSC		119,151,080		1,061,918
Sberbank of Russia PJSC		2,724,688		9,947,822
Severstal PJSC GDR(4)		82,406		1,321,573
Sistema PJSFC		2,303,578		438,148
Surgutneftegas PJSC ADR		227,679		949,590
Surgutneftegas PJSC, PFC Shares		1,968,100		968,977
Tatneft PJSC ADR		57,896		4,064,299
TMK PJSC GDR(4)		64,757		231,153
Transneft PJSC, PFC Shares		445		1,108,300

Security	Shares		Value
Russia (continued)
Unipro PJSC		8,737,000	$	366,455
VEON, Ltd. ADR		370,784		1,160,554
VTB Bank PJSC		1,213,960,000		809,828
X5 Retail Group NV GDR(4)		78,400		2,624,926
Yandex NV, Class A(1)		141,300		5,541,786
			$	76,221,813
Saudi Arabia — 3.0%
Abdullah Al Othaim Markets Co.		30,295	$	689,068
Advanced Petrochemical Co.		9,519		148,457
Al Hammadi Co. for Development and Investment(1)		60,117		350,323
Al Rajhi Bank		95,657		1,749,701
Alandalus Property Co.		60,105		243,125
Aldrees Petroleum and Transport Services Co.		35,520		365,298
Alinma Bank		61,312		409,905
Almarai Co. JSC		176,412		2,374,170
Arab National Bank		49,150		344,739
Arriyadh Development Co.		139,870		564,090
Bank AlBilad		30,000		231,517
Banque Saudi Fransi		27,000		290,164
Dallah Healthcare Co.		25,120		355,492
Dar Al Arkan Real Estate Development Co.(1)		545,237		1,662,500
Emaar Economic City(1)		552,380		1,522,170
Etihad Etisalat Co.(1)		152,803		991,780
Fawaz Abdulaziz Al Hokair & Co.(1)		59,694		352,000
Jarir Marketing Co.		46,074		2,046,848
Leejam Sports Co. JSC		20,900		443,824
Middle East Healthcare Co.(1)		53,535		391,307
Mobile Telecommunications Co. Saudi Arabia(1)		123,207		463,303
Mouwasat Medical Services Co.		41,022		956,620
National Agriculture Development Co. (The)(1)		17,649		116,762
National Commercial Bank		87,935		1,283,784
National Gas & Industrialization Co.		25,806		205,570
National Industrialization Co.(1)		30,681		125,827
National Medical Care Co.		19,273		274,183
Rabigh Refining & Petrochemical Co.(1)		88,189		454,371
Riyad Bank		68,200		472,435
Sahara International Petrochemical Co.		76,374		406,291
Samba Financial Group		80,905		701,924
Saudi Airlines Catering Co.		35,475		853,389
Saudi Arabian Amiantit Co.(1)		106,500		168,421
Saudi Arabian Fertilizer Co.		16,723		391,847
Saudi Arabian Mining Co.(1)		56,208		706,076
Saudi Automotive Services Co.		29,045		125,198
Saudi Basic Industries Corp.		76,791		2,193,294
Saudi British Bank (The)		12,007		126,397

18 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Saudi Arabia (continued)
Saudi Ceramic Co.(1)		46,140	$	275,745
Saudi Chemical Co.		25,900		220,517
Saudi Co. for Hardware CJSC		15,187		263,095
Saudi Electricity Co.		759,405		3,953,066
Saudi Ground Services Co.		63,562		519,546
Saudi Industrial Investment Group		28,574		179,263
Saudi Industrial Services Co.		57,275		246,040
Saudi Kayan Petrochemical Co.(1)		59,809		179,300
Saudi Pharmaceutical Industries & Medical Appliances Corp.		19,138		133,343
Saudi Public Transport Co.(1)		82,600		304,550
Saudi Research & Marketing Group(1)		8,978		215,339
Saudi Telecom Co.		125,572		3,605,247
Saudia Dairy & Foodstuff Co.		10,319		337,995
Savola Group (The)(1)		166,646		1,421,896
Seera Group Holding		132,487		648,555
United Electronics Co.		22,007		446,016
United International Transportation Co.		37,546		340,249
Yanbu National Petrochemical Co.		28,127		441,288
			$	39,283,220
Slovenia — 0.7%
Cinkarna Celje DD		2,659	$	559,913
KRKA DD		42,669		2,855,675
Luka Koper		36,558		1,142,961
Petrol		4,871		1,946,953
Pozavarovalnica Sava DD		42,725		780,932
Telekom Slovenije DD		13,820		968,109
Zavarovalnica Triglav DD		26,606		932,213
			$	9,186,756
South Africa — 5.6%
Absa Group, Ltd.		94,735	$	1,049,720
AECI, Ltd.		52,556		342,089
African Rainbow Minerals, Ltd.		35,834		441,418
Anglo American Platinum, Ltd.		12,485		741,160
AngloGold Ashanti, Ltd.		79,824		1,371,751
Aspen Pharmacare Holdings, Ltd.		392,807		2,465,483
Astral Foods, Ltd.		18,500		212,289
AVI, Ltd.		186,900		1,130,760
Barloworld, Ltd.		357,375		2,995,846
Bid Corp., Ltd.		119,527		2,500,164
Bidvest Group, Ltd. (The)		326,254		4,177,898
Capitec Bank Holdings, Ltd.		8,932		733,740
Clicks Group, Ltd.		109,500		1,555,164

Security	Shares		Value
South Africa (continued)
DataTec, Ltd.		160,600	$	376,452
Discovery, Ltd.		77,690		712,828
Exxaro Resources, Ltd.		118,010		1,368,431
FirstRand, Ltd.		363,258		1,554,314
Foschini Group, Ltd. (The)		63,545		730,932
Gold Fields, Ltd.		162,131		828,069
Grindrod, Ltd.		340,300		142,828
Growthpoint Properties, Ltd.		1,042,876		1,730,578
Harmony Gold Mining Co., Ltd.(1)		230,129		570,116
Hyprop Investments, Ltd.		92,800		450,126
Impala Platinum Holdings, Ltd.(1)		155,673		830,492
Imperial Logistics, Ltd.		60,958		193,242
Investec, Ltd.		62,594		357,677
JSE, Ltd.		40,800		364,579
Kumba Iron Ore, Ltd.		14,360		472,595
Liberty Holdings, Ltd.		47,175		356,790
Life Healthcare Group Holdings, Ltd.		1,510,419		2,377,961
Massmart Holdings, Ltd.		98,355		350,649
Mediclinic International PLC		253,849		1,057,301
Momentum Metropolitan Holdings		365,188		430,003
Mondi, Ltd.		40,419		884,815
Motus Holdings, Ltd.		60,958		314,076
Mr Price Group, Ltd.		59,321		728,179
MTN Group, Ltd.		289,276		2,265,404
MultiChoice Group, Ltd.(1)		44,057		411,804
Murray & Roberts Holdings, Ltd.		915,850		735,791
Nampak, Ltd.(1)		465,438		322,903
Naspers, Ltd., Class N		35,657		8,691,755
Nedbank Group, Ltd.		44,331		740,765
Netcare, Ltd.		1,305,994		1,522,809
Northam Platinum, Ltd.(1)		166,038		729,080
Oceana Group, Ltd.		19,823		94,152
Pick’n Pay Stores, Ltd.		225,781		1,049,996
PPC, Ltd.(1)		468,427		159,026
Rand Merchant Investment Holdings, Ltd.		241,697		518,470
Redefine Properties, Ltd.		2,311,150		1,414,058
Remgro, Ltd.		67,399		836,452
Reunert, Ltd.		371,825		1,687,547
RMB Holdings, Ltd.		93,764		493,026
Sanlam, Ltd.		213,591		1,105,496
Sappi, Ltd.		166,248		602,860
Sasol, Ltd.		121,456		2,626,312
Shoprite Holdings, Ltd.		172,823		1,856,699
Sibanye Gold, Ltd.(1)		534,218		660,673
SPAR Group, Ltd. (The)		91,631		1,171,239
Standard Bank Group, Ltd.		130,101		1,617,688

19 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Africa (continued)
Steinhoff International Holdings NV(1)		787,883	$	65,511
Telkom SA SOC, Ltd.		188,450		1,125,237
Tiger Brands, Ltd.		76,630		1,186,217
Tongaat Hulett, Ltd.(2)		99,910		73,610
Truworths International, Ltd.		105,912		458,591
Vodacom Group, Ltd.		116,477		952,094
Wilson Bayly Holmes-Ovcon, Ltd.		106,200		854,124
Woolworths Holdings, Ltd.		245,524		937,778
			$	73,867,682
South Korea — 5.4%
AMOREPACIFIC Corp.		5,380	$	632,152
AMOREPACIFIC Group		6,000		289,497
BNK Financial Group, Inc.		34,935		206,075
Celltrion, Inc.(1)		14,223		2,029,990
Cheil Worldwide, Inc.		31,519		718,506
CJ CheilJedang Corp.		2,752		661,184
CJ Corp.		1,800		141,200
CJ Corp., PFC Shares(1)		270		11,821
CJ ENM Co., Ltd.		2,216		308,753
CJ Logistics Corp.(1)		2,049		236,558
Daelim Industrial Co., Ltd.		3,151		279,942
Daesang Corp.		8,000		160,740
Daewoo Engineering & Construction Co., Ltd.(1)		36,541		125,955
Daewoo Industrial Development Co., Ltd.(1)		3,657		6,476
Daewoong Pharmaceutical Co., Ltd.		4,700		624,638
DB Insurance Co., Ltd.		5,340		252,721
DGB Financial Group Co., Ltd.		34,537		219,301
Dong-A Pharmaceutical Co., Ltd.		2,407		177,503
Dong-A ST Co., Ltd.		4,078		315,957
Dongkuk Steel Mill Co., Ltd.(1)		50,333		281,662
Doosan Corp.		1,901		167,824
E-MART, Inc.		5,525		566,359
GS Engineering & Construction Corp.		10,435		297,204
GS Holdings Corp.		21,120		894,784
Hana Financial Group, Inc.		27,700		810,782
Hanjin Kal Corp.		10,383		225,863
Hankook Tire and Technology Co., Ltd.		14,523		378,537
Hanmi Pharm Co., Ltd.		2,304		561,071
Hanmi Science Co., Ltd.		9,239		364,857
Hansol Holdings Co., Ltd.(1)		38,317		137,542
Hansol Paper Co., Ltd.		12,933		153,960
Hanwha Aerospace Co., Ltd.(1)		5,395		146,171
Hanwha Chemical Corp.		28,250		442,068
Hanwha Corp.		6,080		121,708

Security	Shares		Value
South Korea (continued)
HDC Hyundai Development Co-Engineering & Construction, Class E		4,650	$	145,678
Helixmith Co., Ltd.(1)		5,376		888,384
Hite-Jinro Co., Ltd.		20,121		360,534
Hyosung Corp.		3,287		225,875
Hyosung TNC Co., Ltd.		1,031		124,751
Hyundai Department Store Co., Ltd.		2,715		169,356
Hyundai Engineering & Construction Co., Ltd.		7,842		282,883
Hyundai Glovis Co., Ltd.		3,070		397,809
Hyundai Heavy Industries Holdings Co., Ltd.		867		237,701
Hyundai Marine & Fire Insurance Co., Ltd.		5,856		138,088
Hyundai Mipo Dockyard Co., Ltd.		4,150		149,167
Hyundai Mobis Co., Ltd.		6,259		1,266,520
Hyundai Motor Co.		19,239		2,046,597
Hyundai Steel Co.		16,100		524,706
Hyundai Wia Corp.		5,400		196,480
Industrial Bank of Korea		26,180		289,984
Kakao Corp.		3,565		379,768
Kangwon Land, Inc.		23,766		616,578
KB Financial Group, Inc.		38,300		1,399,551
KCC Corp.		745		152,740
Kia Motors Corp.		28,703		1,057,273
Korea Electric Power Corp.(1)		86,095		2,026,881
Korea Gas Corp.		15,148		545,290
Korea Investment Holdings Co., Ltd.		4,490		280,118
Korea Shipbuilding and Offshore Engineering Co., Ltd.(1)		4,301		390,483
Korea Zinc Co., Ltd.		1,988		740,681
Korean Air Lines Co., Ltd.		10,010		214,969
Korean Reinsurance Co.		29,387		198,105
KT Corp.		69,653		1,628,153
KT Corp. ADR		3,700		43,660
KT&G Corp.		25,725		2,088,954
Kumho Petrochemical Co., Ltd.		4,400		301,734
LG Chem, Ltd.		6,650		1,880,804
LG Corp.		13,532		807,225
LG Display Co., Ltd.(1)		19,325		234,804
LG Electronics, Inc.		13,143		719,700
LG Hausys, Ltd.		2,858		144,094
LG Household & Health Care, Ltd.		1,800		1,905,885
LG Uplus Corp.		103,900		1,137,801
Lotte Chemical Corp.		2,291		447,732
Lotte Corp.		5,796		165,802
LOTTE Fine Chemical Co., Ltd.		9,050		369,969
Lotte Shopping Co., Ltd.		1,923		219,919
LS Corp.		3,530		131,072

20 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
LS Industrial Systems Co., Ltd.		3,300	$	127,901
Medy-Tox, Inc.		1,853		649,790
Mirae Asset Daewoo Co., Ltd.		44,889		283,402
Naver Corp.		6,970		808,638
NCsoft Corp.		1,263		513,215
NH Investment & Securities Co., Ltd.		21,508		235,790
NHN Corp.(1)		4,718		247,605
Nong Shim Co., Ltd.		3,000		594,385
OCI Co., Ltd.		4,137		261,202
Orion Corp. of Republic of Korea		8,200		557,572
POSCO		10,900		2,054,459
Posco International Corp.		9,000		141,684
S-Oil Corp.		16,180		1,278,252
S1 Corp.		3,266		288,420
Samsung Biologics Co., Ltd.(1)(3)		2,681		630,246
Samsung C&T Corp.		8,300		639,770
Samsung Card Co., Ltd.		3,060		93,763
Samsung Electro-Mechanics Co., Ltd.		3,583		274,681
Samsung Electronics Co., Ltd.		167,030		6,326,212
Samsung Fire & Marine Insurance Co., Ltd.		2,779		616,921
Samsung Heavy Industries Co., Ltd.(1)		67,350		398,968
Samsung Life Insurance Co., Ltd.		8,610		552,721
Samsung SDI Co., Ltd.		2,525		525,837
Samsung Securities Co., Ltd.		9,540		293,077
Shinhan Financial Group Co., Ltd.		44,051		1,613,527
Shinsegae, Inc.		1,984		421,995
SK Chemicals Co., Ltd.		5,375		201,389
SK Holdings Co., Ltd.		3,484		647,806
SK Hynix, Inc.		21,000		1,344,297
SK Innovation Co., Ltd.		21,591		3,102,392
SK Networks Co., Ltd.		41,210		172,807
SK Telecom Co., Ltd.		13,100		2,742,240
Woongjin Coway Co., Ltd.		5,240		370,128
Woori Financial Group, Inc.		48,286		533,422
Yuhan Corp.		4,620		841,455
Zyle Motor Sales Corp.(1)		5,113		7,131
			$	71,016,719
Sri Lanka — 0.8%
Access Engineering PLC		1,359,048	$	142,256
Aitken Spence PLC		984,592		247,542
Ceylon Tobacco Co. PLC		122,121		892,211
Chevron Lubricants Lanka PLC		686,662		260,414
Commercial Bank of Ceylon PLC		1,906,422		1,177,130
DFCC Bank PLC		293,137		158,038
Dialog Axiata PLC		8,819,002		553,892

Security	Shares		Value
Sri Lanka (continued)
Hatton National Bank PLC		1,130,909	$	1,181,671
Hemas Holdings PLC		518,341		227,904
John Keells Holdings PLC		2,738,134		2,342,419
Lanka IOC PLC		1,004,003		97,381
Melstacorp PLC(1)		5,523,537		1,411,551
National Development Bank PLC		567,373		354,146
Nations Trust Bank PLC(1)		394,717		193,192
Sampath Bank PLC		560,185		539,940
Teejay Lanka PLC		1,705,074		363,970
			$	10,143,657
Taiwan — 5.9%
AcBel Polytech, Inc.		429,000	$	311,045
Acer, Inc.		263,519		159,159
AirTAC International Group		62,714		640,375
AmTRAN Technology Co., Ltd.(1)		650,067		235,541
ASE Technology Holding Co., Ltd.		123,561		275,308
Asia Cement Corp.		280,356		374,973
Asustek Computer, Inc.		40,325		285,703
AU Optronics Corp.		578,837		152,824
Capital Securities Corp.		761,762		231,790
Catcher Technology Co., Ltd.		37,183		272,482
Cathay Financial Holding Co., Ltd.		647,533		845,450
Center Laboratories, Inc.		548,831		1,401,078
Chailease Holding Co., Ltd.		107,457		450,785
Chang Hwa Commercial Bank, Ltd.		584,655		408,600
Cheng Shin Rubber Industry Co., Ltd.		492,672		637,002
Chicony Electronics Co., Ltd.		47,164		119,928
China Airlines, Ltd.		2,591,887		794,081
China Development Financial Holding Corp.		1,527,050		453,451
China Life Insurance Co., Ltd.		383,996		316,451
China Motor Corp.		595,315		488,267
China Petrochemical Development Corp.		435,292		144,595
China Steel Corp.		1,153,734		887,607
Chong Hong Construction Co., Ltd.		184,999		531,052
Chunghwa Telecom Co., Ltd.		1,412,746		4,887,322
Clevo Co.		260,155		265,307
Compal Electronics, Inc.		260,345		159,062
CTBC Financial Holding Co., Ltd.		1,509,275		981,066
Delta Electronics, Inc.		95,151		459,307
Dynapack International Technology Corp.		97,374		149,374
E Ink Holdings, Inc.		172,000		188,462
E.Sun Financial Holding Co., Ltd.		813,008		677,173
Eclat Textile Co., Ltd.		47,159		617,137
Elan Microelectronics Corp.		66,710		170,033
EVA Airways Corp.		1,981,733		927,688

21 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Taiwan (continued)
Evergreen International Storage & Transport Corp.		868,000	$	398,136
Evergreen Marine Corp.		1,881,441		865,694
Far Eastern Department Stores, Ltd.		1,001,995		758,387
Far Eastern New Century Corp.		1,313,695		1,242,866
Far EasTone Telecommunications Co., Ltd.		684,084		1,570,243
Feng Hsin Steel Co., Ltd.		183,260		336,041
First Financial Holding Co., Ltd.		719,322		540,091
Formosa Chemicals & Fibre Corp.		439,399		1,336,586
Formosa International Hotels Corp.		42,084		227,770
Formosa Petrochemical Corp.		812,320		2,753,570
Formosa Plastics Corp.		480,896		1,546,952
Formosa Taffeta Co., Ltd.		331,000		374,525
Formosan Rubber Group, Inc.		350,730		216,617
Foxconn Technology Co., Ltd.		109,087		224,131
Fubon Financial Holding Co., Ltd.		607,596		839,976
Giant Manufacturing Co., Ltd.		69,208		528,264
Goldsun Building Materials Co., Ltd.		1,301,928		347,408
Great Wall Enterprise Co., Ltd.		881,050		1,152,174
Highwealth Construction Corp.		441,669		690,541
Hiwin Technologies Corp.		115,241		1,022,020
Hon Hai Precision Industry Co., Ltd.		444,747		1,114,878
Hota Industrial Manufacturing Co., Ltd.		58,360		203,871
Hotai Motor Co., Ltd.		78,000		1,122,612
Hu Lane Associate, Inc.		90,000		224,183
Hua Nan Financial Holdings Co., Ltd.		777,678		547,277
IBF Financial Holdings Co., Ltd.		723,556		257,733
Innolux Corp.		623,762		144,218
Inventec Corp.		324,966		241,678
Kenda Rubber Industrial Co., Ltd.		238,367		221,945
Kinpo Electronics, Inc.		1,125,000		375,017
Largan Precision Co., Ltd.		4,795		648,181
MediaTek, Inc.		59,462		594,752
Mega Financial Holding Co., Ltd.		898,730		924,158
Merida Industry Co., Ltd.		54,657		340,496
Nan Kang Rubber Tire Co., Ltd.		629,253		754,872
Nan Ya Plastics Corp.		557,214		1,272,367
Novatek Microelectronics Corp., Ltd.		41,942		221,498
Pegatron Corp.		135,028		219,168
Pou Chen Corp.		656,819		808,288
Powertech Technology, Inc.		59,865		163,453
President Chain Store Corp.		248,664		2,391,406
Quanta Computer, Inc.		103,508		190,234
Radium Life Tech Co., Ltd.(1)		633,422		280,067
Realtek Semiconductor Corp.		23,002		152,764
Ruentex Development Co., Ltd.		314,860		417,587
Sanyang Motor Co., Ltd.		839,866		564,492

Security	Shares		Value
Taiwan (continued)
ScinoPharm Taiwan, Ltd.		255,343	$	197,195
Shin Kong Financial Holding Co., Ltd.		1,243,256		359,364
Sino-American Silicon Products, Inc.		70,233		191,066
SinoPac Financial Holdings Co., Ltd.		894,414		354,764
St. Shine Optical Co., Ltd.		22,000		366,947
Synnex Technology International Corp.		169,358		207,911
Tainan Spinning Co., Ltd.		941,822		370,089
Taishin Financial Holding Co., Ltd.		791,729		370,511
Taiwan Cement Corp.		479,513		685,804
Taiwan Cooperative Financial Holding Co., Ltd.		684,886		460,830
Taiwan Fertilizer Co., Ltd.		130,000		199,979
Taiwan Glass Industry Corp.		542,564		210,170
Taiwan Mobile Co., Ltd.		690,296		2,429,991
Taiwan Semiconductor Manufacturing Co., Ltd.		641,465		5,274,799
Taiwan Tea Corp.		395,711		206,097
Tatung Co., Ltd.(1)		427,785		275,144
Teco Electric & Machinery Co., Ltd.		1,100,000		875,938
Tong Yang Industry Co., Ltd.		105,608		154,272
Tripod Technology Corp.		68,535		227,827
TSRC Corp.		256,063		222,145
TTY Biopharm Co., Ltd.		534,330		1,387,063
Tung Ho Steel Enterprise Corp.		798,060		551,804
U-Ming Marine Transport Corp.		186,000		208,690
Uni-President Enterprises Corp.		1,941,831		5,026,364
United Microelectronics Corp.		816,090		362,341
United Renewable Energy Co., Ltd.(1)		685,542		196,581
Walsin Lihwa Corp.		1,614,000		773,904
Wan Hai Lines, Ltd.		518,962		345,085
Wei Chuan Food Corp.		623,000		597,929
Wistron Corp.		289,489		215,064
Xxentria Technology Materials Corp.		234,700		529,678
Yageo Corp.		19,591		164,506
Yang Ming Marine Transport(1)		1,153,621		322,269
YFY, Inc.		531,120		197,451
Yieh Phui Enterprise Co., Ltd.		1,480,438		430,116
Yuanta Financial Holding Co., Ltd.		843,629		472,658
Yulon Motor Co., Ltd.		250,950		192,660
			$	76,883,671
Thailand — 3.0%
Advanced Info Service PCL(7)		295,600	$	2,040,361
Airports of Thailand PCL(7)		908,300		2,116,537
AP Thailand PCL(7)		1,657,700		410,495
Bangkok Bank PCL(7)		101,600		596,945
Bangkok Dusit Medical Services PCL(7)		2,556,700		2,068,568
Bangkok Land PCL(7)		7,258,500		405,089

22 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Thailand (continued)
Banpu PCL(7)		403,300	$	186,226
BEC World PCL(1)(7)		1,120,800		360,781
Berli Jucker PCL(7)		207,500		347,271
BTS Group Holdings PCL(7)		1,624,000		652,839
Bumrungrad Hospital PCL(7)		273,300		1,508,918
Central Pattana PCL(7)		537,000		1,273,471
Central Plaza Hotel PCL(7)		268,400		294,872
CH. Karnchang PCL(7)		187,120		163,655
Charoen Pokphand Foods PCL(7)		579,600		521,010
CP ALL PCL(7)		601,800		1,688,145
Electricity Generating PCL(7)		130,900		1,396,524
Hana Microelectronics PCL(7)		803,900		728,757
Home Product Center PCL(7)		1,842,455		1,026,766
Indorama Ventures PCL(7)		657,600		871,116
IRPC PCL(7)		2,114,500		328,057
Italian-Thai Development PCL(7)		2,682,406		194,309
Jasmine International PCL(7)		662,900		135,250
Kasikornbank PCL(7)		144,500		806,597
KCE Electronics PCL(7)		562,600		312,930
Khon Kaen Sugar Industry PCL(7)		1,189,180		106,912
Kiatnakin Bank PCL(7)		103,100		243,834
Krung Thai Bank PCL(7)		535,400		340,330
L.P.N. Development PCL(7)		1,255,000		295,001
Land & Houses PCL(7)		1,634,300		597,350
Minor International PCL(7)		1,038,477		1,351,095
Pruksa Holding PCL(7)		518,200		369,459
PTT Exploration & Production PCL(7)		259,798		1,135,854
PTT Global Chemical PCL(7)		470,200		918,280
PTT PCL(7)		1,276,000		1,949,655
Quality House PCL(7)		3,480,946		342,951
Ratch Group PCL(7)		441,300		966,568
Robinson PCL(7)		315,200		646,895
Samart Corp. PCL(7)		867,800		283,870
Siam Cement PCL(7)		75,100		1,054,901
Siam City Cement PCL(7)		39,783		306,851
Siam Commercial Bank PCL(7)		238,100		1,060,530
Siam Global House PCL (The)(7)		1,002,689		537,287
Sino-Thai Engineering & Construction PCL(7)		452,157		373,635
Super Energy Corp. PCL(1)(7)		11,910,000		273,790
Thai Airways International PCL(1)(7)		472,700		157,523
Thai Beverage PCL(7)		1,370,600		830,198
Thai Oil PCL(7)		158,700		353,934
Thai Union Group PCL(7)		465,900		285,436
Thanachart Capital PCL(7)		139,700		266,915
Thoresen Thai Agencies PCL(7)		1,334,265		268,112
TMB Bank PCL(7)		4,639,200		284,457

Security	Shares		Value
Thailand (continued)
Total Access Communication PCL(7)		241,900	$	458,540
TPI Polene PCL(7)		4,974,200		307,299
True Corp. PCL(7)		5,357,890		1,115,833
TTW PCL(7)		2,149,000		942,896
			$	38,861,680
Tunisia — 0.3%
Attijari Bank		16,957	$	205,667
Banque de Tunisie		168,735		432,080
Banque Internationale Arabe de Tunisie		8,448		333,645
Banque Nationale Agricole(1)		88,698		399,571
Carthage Cement(1)		597,550		249,301
Euro Cycles SA		18,760		99,690
Poulina Group		122,715		534,047
Societe d’Articles Hygieniques SA(1)		95,830		384,101
Societe Frigorifique et Brasserie de Tunis SA(1)		111,218		744,118
Telnet Holding		95,416		316,586
Union Internationale de Banques SA		40,688		317,877
			$	4,016,683
Turkey — 1.5%
AG Anadolu Grubu Holding AS		109,884	$	244,101
Akbank T.A.S.(1)		512,261		685,254
Aksa Akrilik Kimya Sanayii AS		141,731		239,909
Aksa Enerji Uretim AS(1)		600,923		259,088
Anadolu Efes Biracilik ve Malt Sanayii AS		112,441		431,453
Arcelik AS(1)		233,338		728,315
Aygaz AS		279,132		510,741
BIM Birlesik Magazalar AS		203,806		1,710,744
Cimsa Cimento Sanayi ve Ticaret AS(1)		141,400		170,832
Coca-Cola Icecek AS		37,723		224,352
Dogan Sirketler Grubu Holding AS		907,806		211,001
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		440,700		191,289
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		3,901,886		850,603
Enka Insaat ve Sanayi AS		456,597		498,360
Eregli Demir ve Celik Fabrikalari TAS		853,212		1,133,303
Ford Otomotiv Sanayi AS		57,339		626,697
Haci Omer Sabanci Holding AS		221,439		390,664
Is Gayrimenkul Yatirim Ortakligi AS(1)		1,075,056		184,497
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		762,505		298,070
KOC Holding AS		234,415		784,904
Koza Altin Isletmeleri AS(1)		40,782		414,866
Petkim Petrokimya Holding AS(1)		674,380		472,589
TAV Havalimanlari Holding AS		49,964		224,552

23 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Turkey (continued)
Tekfen Holding AS		52,700	$	222,547
Tofas Turk Otomobil Fabrikasi AS		157,606		555,157
Tupras-Turkiye Petrol Rafinerileri AS		104,739		2,626,436
Turk Hava Yollari AO(1)		162,600		362,500
Turk Sise ve Cam Fabrikalari AS		147,100		129,822
Turk Telekomunikasyon AS(1)		356,891		343,689
Turkcell Iletisim Hizmetleri AS		919,354		2,142,421
Turkiye Garanti Bankasi AS(1)		406,584		715,113
Turkiye Halk Bankasi AS		130,144		139,858
Turkiye Is Bankasi AS, Class C(1)		240,517		267,793
Turkiye Vakiflar Bankasi TAO, Class D		175,317		158,937
Ulker Biskuvi Sanayi AS(1)		75,263		249,871
Vestel Elektronik Sanayi ve Ticaret AS(1)		138,308		233,100
Yapi ve Kredi Bankasi AS(1)		330,032		160,654
			$	19,794,082
United Arab Emirates — 1.6%
Abu Dhabi Commercial Bank PJSC		762,399	$	1,870,894
Abu Dhabi National Hotels		108,000		92,515
Agthia Group PJSC		661,180		647,593
Air Arabia PJSC(1)		2,563,979		781,954
Al Waha Capital PJSC		702,377		192,569
Aldar Properties PJSC		2,692,498		1,687,319
Arabtec Holding PJSC		690,341		330,115
Dana Gas PJSC		4,421,906		1,247,798
DP World PLC		145,089		2,228,691
Dubai Financial Market PJSC(1)		801,704		205,627
Dubai Investments PJSC		1,856,227		689,861
Dubai Islamic Bank PJSC		593,639		859,498
DXB Entertainments PJSC(1)		3,800,000		231,881
Emaar Properties PJSC		2,404,456		3,602,739
Emirates Telecommunications Group Co. PJSC		577,000		2,706,723
First Abu Dhabi Bank PJSC		841,203		3,638,394
RAK Properties PJSC(1)		2,150,800		280,177
			$	21,294,348
Vietnam — 1.6%
Bank for Foreign Trade of Vietnam JSC		794,155	$	2,723,942
Bao Viet Holdings		271,150		976,227
Development Investment Construction Corp.		64,199		36,096
FLC Faros Construction JSC(1)		383,532		446,235
FPT Corp.		88,783		197,908
HAGL JSC(1)		1		0
Hoa Phat Group JSC(1)		2,319,105		2,234,851
KIDO Group Corp.		529,520		424,342

Security	Shares		Value
Vietnam (continued)
Kinh Bac City Development Share Holding Corp.		328,860	$	207,446
Masan Group Corp.(1)		377,350		1,291,297
PetroVietnam Drilling & Well Services JSC(1)		894,635		640,513
PetroVietnam Fertilizer & Chemical JSC		515,620		318,609
PetroVietnam Gas JSC		215,050		1,000,442
PetroVietnam Technical Services Corp.		554,700		531,691
Phu Nhuan Jewelry JSC		50,653		166,240
SSI Securities Corp.		198,000		195,978
Vietjet Aviation JSC		278,536		1,595,170
Vietnam Dairy Products JSC		368,967		1,948,424
Vingroup JSC(1)		1,036,707		5,427,331
			$	20,362,742
Total Common Stocks (identified cost $1,125,620,860)			$	1,300,347,517
Rights(1) — 0.0%(5)
Security	Shares		Value
Banque Nationale Agricole, Exp. 4/15/49		50	$	4
Euro Cycles SA, Exp. 7/1/49		18,760		9,984
Helixmith Co., Ltd., Exp. 8/6/19		359		18,661
Telnet Holding, Exp. 7/1/49		95,416		33,378
Total Rights (identified cost $0)			$	62,027
Warrants(1) — 0.0%(5)
Security	Shares		Value
Minor International PCL, Exp. 9/30/21, Strike THB 43.00		51,924	$	9,286
Total Warrants (identified cost $0)			$	9,286
Total Investments — 99.3% (identified cost $1,125,620,860)			$	1,300,418,830
Other Assets, Less Liabilities — 0.7%			$	9,133,691
Net Assets — 100.0%			$	1,309,552,521

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

⁽¹⁾ Non-income producing security.

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

24 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

⁽³⁾ Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2019, the aggregate value of these securities is $8,068,402 or 0.6% of the Fund’s net assets.

⁽⁴⁾ Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At July 31, 2019, the aggregate value of these securities is $20,048,302 or 1.5% of the Fund’s net assets.

⁽⁵⁾ Amount is less than 0.05%.

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

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

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Hong Kong Dollar		9.4	%	$	122,819,470
United States Dollar		7.9			103,195,003
New Taiwan Dollar		5.9			76,883,671
Brazilian Real		5.8			76,101,192
South African Rand		5.6			73,802,171
Indian Rupee		5.6			73,341,433
South Korean Won		5.4			70,991,720
Mexican Peso		5.3			69,927,076
Indonesian Rupiah		3.1			40,483,298
Euro		3.0			39,473,090
Saudi Riyal		3.0			39,283,220
Philippine Peso		2.9			38,353,795
Malaysian Ringgit		2.9			38,163,793
Thai Baht		2.9			38,040,768
Chilean Peso		2.8			36,598,186
Polish Zloty		2.7			35,809,606
Kuwaiti Dinar		2.0			26,210,215
Russian Ruble		1.9			24,885,356
United Arab Emirates Dirham		1.8			23,076,785
Vietnamese Dong		1.6			20,362,742
New Turkish Lira		1.5			19,794,082
Qatari Riyal		1.5			19,452,341
Chinese Yuan Renminbi		1.5			19,155,785
Colombian Peso		1.3			17,307,391
Other currency, less than 1% each		12.0			156,906,641
Total Investments		99.3	%	$	1,300,418,830

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		19.4	%	$	253,353,149
Consumer Staples		11.0			144,073,069
Materials		10.6			138,896,977
Industrials		10.6			138,339,507
Communication Services		9.9			130,164,169
Energy		8.9			116,540,068
Consumer Discretionary		8.3			108,764,734
Utilities		6.2			81,634,655
Health Care		5.4			71,027,790
Real Estate		4.8			62,341,793
Information Technology		4.2			55,282,919
Total Investments		99.3	%	$	1,300,418,830

Abbreviations:

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

Currency Abbreviations:

THB – Thai Baht

25 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2019
Unaffiliated investments, at value (identified cost, $1,125,620,860)	$	1,300,418,830
Cash		4,963,182
Foreign currency, at value (identified cost, $2,825,103)		2,805,802
Dividends receivable		5,565,329
Receivable for Fund shares sold		566,574
Tax reclaims receivable		89,370
Other assets		2,536
Total assets	$	1,314,411,623
Liabilities
Payable for investments purchased	$	54,843
Payable for Fund shares redeemed		1,961,553
Payable to affiliates:
Investment adviser fee		927,331
Administration fee		171,264
Distribution and service fees		37,690
Accrued foreign capital gains taxes		760,595
Accrued expenses		945,826
Total liabilities	$	4,859,102
Net Assets	$	1,309,552,521
Sources of Net Assets
Paid-in capital	$	1,452,693,316
Accumulated loss		(143,140,795	)
Total	$	1,309,552,521
Investor Class Shares
Net Assets	$	152,683,148
Shares Outstanding		10,754,422
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.20
Class C Shares
Net Assets	$	5,039,319
Shares Outstanding		363,077
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	13.88
Institutional Class Shares
Net Assets	$	1,085,674,543
Shares Outstanding		76,193,313
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.25
Class R6 Shares
Net Assets	$	66,155,511
Shares Outstanding		4,644,080
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.25

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

26 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2019
Dividends (net of foreign taxes, $3,458,545)	$	31,979,522
Interest		11,475
Other income		363,310
Total investment income	$	32,354,307
Expenses
Investment adviser fee	$	5,762,577
Administration fee		1,067,348
Distribution and service fees
Investor Class		200,837
Class C		26,894
Trustees’ fees and expenses		33,432
Custodian fee		706,477
Transfer and dividend disbursing agent fees		453,192
Legal and accounting services		66,070
Printing and postage		31,956
Registration fees		59,452
Miscellaneous		146,057
Total expenses	$	8,554,292
Net investment income	$	23,800,015
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $65,045)	$	(155,090	)
Foreign currency transactions		(193,206	)
Net realized loss	$	(348,296	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $125,046)	$	(31,718,617	)
Foreign currency		(60,830	)
Net change in unrealized appreciation (depreciation)	$	(31,779,447	)
Net realized and unrealized loss	$	(32,127,743	)
Net decrease in net assets from operations	$	(8,327,728	)

27 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
From operations —
Net investment income	$	23,800,015		$	45,497,354
Net realized gain (loss)		(348,296	)		36,431,013
Net change in unrealized appreciation (depreciation)		(31,779,447	)		(493,215,853	)
Net decrease in net assets from operations	$	(8,327,728	)	$	(411,287,486	)
Distributions to shareholders —
Investor Class	$	—		$	(3,545,868	)
Class C		—			(92,406	)
Institutional Class		—			(30,416,590	)
Class R6		—			(2,160,862	)
Total distributions to shareholders	$	—		$	(36,215,726	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	10,465,696		$	41,632,451
Class C		16,473			206,360
Institutional Class		57,811,392			280,037,814
Class R6		6,572,420			38,528,359
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		—			3,432,138
Class C		—			87,818
Institutional Class		—			23,229,644
Class R6		—			2,160,862
Cost of shares redeemed
Investor Class		(29,852,895	)		(220,377,035	)
Class C		(507,104	)		(1,907,825	)
Institutional Class		(234,036,128	)		(757,598,270	)
Class R6		(34,107,959	)		(463,667,721	)
Net asset value of shares converted
Investor Class		308,430			1,071,377
Class C		(308,430	)		(1,071,377	)
Net decrease in net assets from Fund share transactions	$	(223,638,105	)	$	(1,054,235,405	)
Net decrease in net assets	$	(231,965,833	)	$	(1,501,738,617	)
Net Assets
At beginning of period	$	1,541,518,354		$	3,043,256,971
At end of period	$	1,309,552,521		$	1,541,518,354

28 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Financial Highlights

	Investor Class
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	14.280		$	16.850		$	13.340		$	10.990		$	13.850		$	14.070
Income (Loss) From Operations
Net investment income(1)	$	0.221		$	0.283		$	0.223		$	0.179		$	0.185		$	0.204
Net realized and unrealized gain (loss)		(0.301	)		(2.570	)		3.650			2.364			(2.851	)		(0.166	)
Total income (loss) from operations	$	(0.080	)	$	(2.287	)	$	3.873		$	2.543		$	(2.666	)	$	0.038
Less Distributions
From net investment income	$	—		$	(0.283	)	$	(0.363	)	$	(0.193	)	$	(0.016	)	$	(0.180	)
From net realized gain		—			—			—			—			(0.178	)		(0.078	)
Total distributions	$	—		$	(0.283	)	$	(0.363	)	$	(0.193	)	$	(0.194	)	$	(0.258	)
Net asset value — End of period	$	14.200		$	14.280		$	16.850		$	13.340		$	10.990		$	13.850
Total Return(2)		(0.56	)%(3)		(13.43	)%		29.33	%		23.32	%		(19.59	)%		0.25	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	152,683		$	172,773		$	400,814		$	520,939		$	527,198		$	599,094
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.42	%(5)		1.44	%		1.37	%		1.38	%		1.37	%		1.36	%
Net investment income		3.14	%(5)		1.89	%		1.52	%		1.44	%		1.43	%		1.34	%
Portfolio Turnover		2	%(3)		2	%		3	%		6	%		8	%		9	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

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

⁽⁵⁾ Annualized.

29 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Financial Highlights — continued

	Class C
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	14.010		$	16.530		$	13.120		$	10.840		$	13.760		$	13.960
Income (Loss) From Operations
Net investment income(1)	$	0.165		$	0.146		$	0.096		$	0.083		$	0.096		$	0.094
Net realized and unrealized gain (loss)		(0.295	)		(2.484	)		3.580			2.340			(2.834	)		(0.163	)
Total income (loss) from operations	$	(0.130	)	$	(2.338	)	$	3.676		$	2.423		$	(2.738	)	$	(0.069	)
Less Distributions
From net investment income	$	—		$	(0.182	)	$	(0.266	)	$	(0.143	)	$	(0.004	)	$	(0.053	)
From net realized gain		—			—			—			—			(0.178	)		(0.078	)
Total distributions	$	—		$	(0.182	)	$	(0.266	)	$	(0.143	)	$	(0.182	)	$	(0.131	)
Net asset value — End of period	$	13.880		$	14.010		$	16.530		$	13.120		$	10.840		$	13.760
Total Return(2)		(0.93	)%(3)		(14.10	)%		28.32	%		22.50	%		(20.23	)%		(0.51	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,039		$	5,885		$	10,152		$	9,209		$	9,573		$	15,996
Ratios (as a percentage of average daily net assets):
Expenses(4)		2.18	%(5)		2.19	%		2.12	%		2.13	%		2.12	%		2.11	%
Net investment income		2.39	%(5)		1.01	%		0.66	%		0.68	%		0.74	%		0.63	%
Portfolio Turnover		2	%(3)		2	%		3	%		6	%		8	%		9	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

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

⁽⁵⁾ Annualized.

30 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Financial Highlights — continued

	Institutional Class
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	14.310		$	16.910		$	13.400		$	11.040		$	13.890		$	14.110
Income (Loss) From Operations
Net investment income(1)	$	0.239		$	0.304		$	0.245		$	0.212		$	0.233		$	0.243
Net realized and unrealized gain (loss)		(0.299	)		(2.565	)		3.673			2.375			(2.880	)		(0.162	)
Total income (loss) from operations	$	(0.060	)	$	(2.261	)	$	3.918		$	2.587		$	(2.647	)	$	0.081
Less Distributions
From net investment income	$	—		$	(0.339	)	$	(0.408	)	$	(0.227	)	$	(0.025	)	$	(0.223	)
From net realized gain		—			—			—			—			(0.178	)		(0.078	)
Total distributions	$	—		$	(0.339	)	$	(0.408	)	$	(0.227	)	$	(0.203	)	$	(0.301	)
Net asset value — End of period	$	14.250		$	14.310		$	16.910		$	13.400		$	11.040		$	13.890
Total Return(2)		(0.42	)%(3)		(13.20	)%		29.56	%		23.64	%		(19.40	)%		0.55	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,085,675		$	1,268,618		$	2,030,663		$	1,884,610		$	1,803,056		$	3,227,614
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.17	%(5)		1.19	%		1.12	%		1.13	%		1.12	%		1.11	%
Net investment income		3.38	%(5)		2.04	%		1.65	%		1.68	%		1.77	%		1.59	%
Portfolio Turnover		2	%(3)		2	%		3	%		6	%		8	%		9	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ Not annualized.

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

⁽⁵⁾ Annualized.

31 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Financial Highlights — continued

	Class R6
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,												Period Ended January 31, 2015(1)
				2019			2018			2017			2016
Net asset value — Beginning of period	$	14.300		$	16.910		$	13.400		$	11.040		$	13.890		$	16.010
Income (Loss) From Operations
Net investment income(2)	$	0.238		$	0.380		$	0.249		$	0.225		$	0.223		$	0.027
Net realized and unrealized gain (loss)		(0.288	)		(2.639	)		3.676			2.370			(2.861	)		(1.842	)
Total income (loss) from operations	$	(0.050	)	$	(2.259	)	$	3.925		$	2.595		$	(2.638	)	$	(1.815	)
Less Distributions
From net investment income	$	—		$	(0.351	)	$	(0.415	)	$	(0.235	)	$	(0.034	)	$	(0.227	)
From net realized gain		—			—			—			—			(0.178	)		(0.078	)
Total distributions	$	—		$	(0.351	)	$	(0.415	)	$	(0.235	)	$	(0.212	)	$	(0.305	)
Net asset value — End of period	$	14.250		$	14.300		$	16.910		$	13.400		$	11.040		$	13.890
Total Return(3)		(0.49	)%(4)		(13.18	)%		29.69	%		23.71	%		(19.34	)%		(11.36	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	66,156		$	94,243		$	601,629		$	539,794		$	555,338		$	593,622
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.12	%(6)		1.13	%		1.07	%		1.08	%		1.07	%		1.07	%(6)
Net investment income		3.37	%(6)		2.48	%		1.67	%		1.79	%		1.72	%		0.31	%(6)
Portfolio Turnover		2	%(4)		2	%		3	%		6	%		8	%		9	%(7)

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

⁽²⁾ Computed using average shares outstanding.

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

⁽⁴⁾ Not annualized.

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

⁽⁶⁾ Annualized.

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

32 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2019

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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

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

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

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

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

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

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the six months ended July 31, 2019, the Fund received approximately $363,000 from Poland for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Interest income is recorded on the basis of interest accrued.

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

In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain

33

Parametric

Emerging Markets Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of July 31, 2019, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

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

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on 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, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $321,812,527 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2019, $321,812,527 are long-term.

34

Parametric

Emerging Markets Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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

Aggregate cost	$	1,144,407,802
Gross unrealized appreciation	$	412,229,821
Gross unrealized depreciation		(256,218,793	)
Net unrealized appreciation	$	156,011,028

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.85% of the Fund’s average daily net assets up to $500 million, 0.80% on net assets of $500 million but less than $1 billion, 0.775% on net assets of $1 billion but less than $2.5 billion, 0.75% on net assets of $2.5 billion but less than $5 billion, 0.73% on net assets of $5 billion but less than $7.5 billion and 0.71% on net assets of $7.5 billion and over, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the six months ended July 31, 2019, the investment adviser fee amounted to $5,762,577 or 0.81% (annualized) of the Fund’s average daily net assets. Pursuant to 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, 2019, the administration fee amounted to $1,067,348.

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, 2019, EVM earned $25,473 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to 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, 2019 amounted to $200,837 for Investor Class shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to 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, 2019, the Fund paid or accrued to EVD $20,170 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended July 31, 2019 amounted to $6,724 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended July 31, 2019, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders.

35

Parametric

Emerging Markets Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $24,122,217 and $229,758,894, respectively, for the six months ended July 31, 2019.

7  Shares of Beneficial Interest

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

Investor Class	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		738,576			2,821,720
Issued to shareholders electing to receive payments of distributions in Fund shares		—			260,627
Redemptions		(2,105,336	)		(14,848,715	)
Converted from Class C shares		21,405			77,276
Net decrease		(1,345,355	)		(11,689,092	)
Class C	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		1,189			13,559
Issued to shareholders electing to receive payments of distributions in Fund shares		—			6,807
Redemptions		(36,236	)		(135,557	)
Converted to Investor Class shares		(21,879	)		(78,753	)
Net decrease		(56,926	)		(193,944	)
Institutional Class	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		4,071,235			18,769,605
Issued to shareholders electing to receive payments of distributions in Fund shares		—			1,758,840
Redemptions		(16,512,300	)		(51,951,337	)
Net decrease		(12,441,065	)		(31,422,892	)
Class R6	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		468,235			2,639,075
Issued to shareholders electing to receive payments of distributions in Fund shares		—			162,478
Redemptions		(2,412,862	)		(31,780,927	)
Net decrease		(1,944,627	)		(28,979,374	)

36

Parametric

Emerging Markets Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

8  Line of Credit

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

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

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

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

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

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

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

At July 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	10,315,904	$	575,401,058		$	12,197	$	585,729,159
Emerging Europe		13,428,140		199,279,276			0		212,707,416
Latin America		237,222,127		—			—		237,222,127
Middle East/Africa		968,536		262,744,103			976,176		264,688,815
Total Common Stocks	$	261,934,707	$	1,037,424,437	**	$	988,373	$	1,300,347,517
Rights	$	33,351	$	28,676		$	—	$	62,027
Warrants		9,286		—			—		9,286
Total Investments	$	261,977,344	$	1,037,453,113		$	988,373	$	1,300,418,830

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended July 31, 2019 is not presented.

37

Parametric

Emerging Markets Fund

July 31, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.

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

Information about Fees, Performance and Expenses

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

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

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

• Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser (where applicable) to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

• The Code of Ethics of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

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Parametric

Emerging Markets Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

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

Results of the Process

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

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of 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, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent

39

Parametric

Emerging Markets Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

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

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and 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 with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Fund as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Fund and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

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

Profitability and “Fall-Out” Benefits

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

The Board 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.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

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

40

Parametric

Emerging Markets Fund

July 31, 2019

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

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

41

Eaton Vance Funds

IMPORTANT NOTICES

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

42

This Page Intentionally Left Blank

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

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.

7750    7.31.19

Parametric

International Equity Fund

Semiannual Report

July 31, 2019

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

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

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

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

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

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

Semiannual Report July 31, 2019

Parametric

International Equity Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	32
Officers and Trustees	35
Important Notices	36

Parametric

International Equity Fund

July 31, 2019

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Investor Class at NAV		04/01/2010		04/01/2010		4.62	%		–2.50	%		3.59	%		5.49	%
Institutional Class at NAV		04/01/2010		04/01/2010		4.76			–2.31			3.85			5.76
Class R at NAV		08/10/2015		04/01/2010		4.56			–2.72			3.38			5.38
Class R6 at NAV		08/10/2015		04/01/2010		4.84			–2.26			3.88			5.78
MSCI EAFE Index		—		—		5.64	%		–2.60	%		2.39	%		4.90	%
% Total Annual Operating Expense Ratios3					Investor Class			Institutional Class			Class R			Class R6
Gross						0.86	%		0.61	%		1.11	%		0.58	%
Net						0.75			0.50			1.00			0.47

See Endnotes and Additional Disclosures in this report.

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

Parametric

International Equity Fund

July 31, 2019

Fund Profile

Sector Allocation (% of net assets)⁴

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁴

Nestle SA	1.3	%
Cie Financiere Richemont SA	1.0
Sanofi	0.8
Total SA	0.8
Unilever NV	0.8
Air Liquide SA	0.7
ASML Holding NV	0.6
Deutsche Telekom AG	0.6
SAP SE	0.6
Novartis AG	0.6
Total	7.8	%

See Endnotes and Additional Disclosures in this report.

3

Parametric

International Equity Fund

July 31, 2019

Endnotes and Additional Disclosures

¹  MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

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

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

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Parametric

International Equity Fund

July 31, 2019

Fund Expenses

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

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

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

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

	Beginning Account Value (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,046.20	$	3.81	**		0.75	%
Institutional Class	$	1,000.00	$	1,047.60	$	2.54	**		0.50	%
Class R	$	1,000.00	$	1,045.60	$	5.07	**		1.00	%
Class R6	$	1,000.00	$	1,048.40	$	2.39	**		0.47	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,021.10	$	3.76	**		0.75	%
Institutional Class	$	1,000.00	$	1,022.30	$	2.51	**		0.50	%
Class R	$	1,000.00	$	1,019.80	$	5.01	**		1.00	%
Class R6	$	1,000.00	$	1,022.50	$	2.36	**		0.47	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2019.

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

5

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited)

Common Stocks— 101.6%
Security	Shares		Value
Australia — 9.2%
Abacus Property Group		53,600	$	151,723
Adelaide Brighton, Ltd.		26,000		62,712
Alumina, Ltd.		55,500		87,988
AMP, Ltd.		208,300		253,375
Ansell, Ltd.		5,999		114,124
APA Group		232,800		1,753,439
ARB Corp., Ltd.		5,909		74,554
Aristocrat Leisure, Ltd.		35,100		730,398
Atlas Arteria, Ltd.		46,400		258,614
Atlassian Corp. PLC, Class A(1)		6,500		910,780
Aurizon Holdings, Ltd.		123,000		482,862
AusNet Services		608,600		737,353
Australia and New Zealand Banking Group, Ltd.		36,900		701,273
Australian Pharmaceutical Industries, Ltd.		100,174		98,544
BHP Group, Ltd.		55,300		1,522,445
Boral, Ltd.		41,600		145,792
Brambles, Ltd.		83,200		744,217
Bravura Solutions, Ltd.		100,400		335,577
BWP Trust		66,800		171,252
Caltex Australia, Ltd.		23,300		428,558
carsales.com, Ltd.		66,000		663,271
Charter Hall Retail REIT		73,500		226,602
Cimic Group, Ltd.		6,836		170,637
Cleanaway Waste Management, Ltd.		110,518		181,984
Coca-Cola Amatil, Ltd.		65,490		473,994
Cochlear, Ltd.		2,716		408,078
Coles Group, Ltd.(1)		91,610		889,458
Commonwealth Bank of Australia		20,800		1,167,329
Computershare, Ltd.		69,400		747,596
Corporate Travel Management, Ltd.		4,900		76,696
Cromwell Property Group		233,500		188,225
Crown Resorts, Ltd.		25,500		206,178
CSL, Ltd.		16,900		2,637,116
CSR, Ltd.		25,925		70,883
Dexus		67,400		602,823
Domino’s Pizza Enterprises, Ltd.		6,400		168,468
DuluxGroup, Ltd.		13,768		87,796
Evolution Mining, Ltd.		44,676		151,629
Flight Centre Travel Group, Ltd.		5,800		182,405
Fortescue Metals Group, Ltd.		39,000		219,578
GPT Group (The)		125,200		531,440
GrainCorp, Ltd., Class A		48,000		281,232
GUD Holdings, Ltd.		15,500		100,410
GWA Group, Ltd.		32,000		78,242

Security	Shares		Value
Australia (continued)
Hansen Technologies, Ltd.		30,805	$	80,821
Harvey Norman Holdings, Ltd.		37,504		112,314
IDP Education, Ltd.		14,400		188,211
Incitec Pivot, Ltd.		42,949		101,971
Inghams Group, Ltd.		91,800		254,353
InvoCare, Ltd.		7,600		81,184
IRESS, Ltd.		33,584		321,162
James Hardie Industries PLC CDI		11,700		158,241
JB Hi-Fi, Ltd.		6,499		133,315
Link Administration Holdings, Ltd.		100,600		348,417
Mirvac Group		235,300		517,025
National Australia Bank, Ltd.		33,675		655,847
National Storage REIT(1)		157,700		176,691
Newcrest Mining, Ltd.		18,500		446,501
nib Holdings, Ltd.		46,300		252,345
Nine Entertainment Co. Holdings, Ltd.		385,413		529,128
Northern Star Resources, Ltd.		21,400		188,307
Oil Search, Ltd.		125,100		605,780
Orica, Ltd.		5,800		86,409
Orora, Ltd.		42,869		99,058
Premier Investments, Ltd.		7,193		77,387
Qantas Airways, Ltd.		60,000		233,579
Qube Holdings, Ltd.		99,942		215,164
Ramsay Health Care, Ltd.		4,300		213,653
Rio Tinto, Ltd.		6,580		440,382
Santos, Ltd.		151,700		747,451
Scentre Group		292,700		797,352
Shopping Centres Australasia Property Group		118,852		198,130
Sonic Healthcare, Ltd.		19,100		365,553
Southern Cross Media Group, Ltd.		275,000		250,986
Spark Infrastructure Group		512,700		830,854
SpeedCast International, Ltd.		182,800		234,072
Star Entertainment Group, Ltd. (The)		62,300		175,838
Sydney Airport		61,800		352,746
Technology One, Ltd.		75,000		391,377
Telstra Corp., Ltd.		684,700		1,856,442
Transurban Group		112,400		1,191,270
Vicinity Centres		200,913		357,869
Viva Energy Group, Ltd.(2)		199,940		326,874
Washington H. Soul Pattinson & Co., Ltd.		21,300		329,751
Wesfarmers, Ltd.		59,000		1,580,022
Westpac Banking Corp.		43,900		861,314
Woodside Petroleum, Ltd.		64,000		1,509,182
Woolworths Group, Ltd.		83,600		2,038,197
			$	41,190,175

6 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Austria — 1.2%
Agrana Beteiligungs AG		3,000	$	57,380
ams AG(1)		19,000		991,903
ANDRITZ AG		9,170		326,617
CA Immobilien Anlagen AG		9,460		333,215
DO & Co. AG		2,581		227,521
Erste Group Bank AG		12,670		454,761
EVN AG		5,000		79,343
IMMOFINANZ AG		9,282		247,321
Lenzing AG		1,700		173,405
Oesterreichische Post AG		4,700		156,984
OMV AG		12,093		605,097
Porr AG		3,440		75,035
Rhi Magnesita NV		3,292		178,267
Telekom Austria AG		50,680		374,319
UNIQA Insurance Group AG		14,300		128,129
Verbund AG		9,682		540,317
Wienerberger AG		9,550		218,295
			$	5,167,909
Belgium — 2.3%
Ageas		5,900	$	316,750
AGFA-Gevaert NV(1)		35,603		143,392
Anheuser-Busch InBev SA/NV		16,340		1,642,768
Barco NV		2,240		467,792
Befimmo SA		4,380		246,884
Bekaert SA		11,000		309,754
bpost SA		33,332		309,928
Colruyt SA		1,550		80,765
D’ieteren SA/NV		5,100		238,852
Econocom Group SA/NV		45,600		150,604
Elia System Operator SA/NV		7,000		532,952
Euronav SA		42,060		354,001
Fagron		11,540		191,620
Gimv NV		1,766		103,658
Ion Beam Applications(1)		6,500		124,418
KBC Group NV		10,950		704,061
Mithra Pharmaceuticals SA(1)		3,200		94,554
Montea C.V.A.		1,730		146,075
Proximus SA		27,400		781,224
Retail Estates NV		1,500		134,287
Sofina SA		780		150,966
Solvay SA		8,100		829,399
Telenet Group Holding NV		10,500		515,706
Tessenderlo Group SA(1)		6,179		193,433
UCB SA		9,540		743,895

Security	Shares		Value
Belgium (continued)
Warehouses De Pauw CVA		4,300	$	718,536
			$	10,226,274
Denmark — 2.3%
Alm Brand A/S		9,000	$	80,462
Bakkafrost P/F		3,814		219,735
Carlsberg A/S, Class B		6,821		931,679
Chr. Hansen Holding A/S		8,860		773,627
Danske Bank A/S		42,800		635,262
Dfds A/S		2,300		84,713
Drilling Co. of 1972 A/S (The)(1)		2,300		156,035
DSV A/S		5,210		497,262
GN Store Nord A/S		3,600		170,767
H Lundbeck AS		3,865		148,994
ISS A/S		4,580		128,444
Jyske Bank A/S(1)		3,966		126,395
Netcompany Group AS(1)(2)		2,900		113,984
Nilfisk Holding A/S(1)		2,150		54,425
Novo Nordisk A/S, Class B		21,300		1,022,811
Novozymes A/S, Class B		15,940		737,148
Orsted A/S(2)		15,750		1,435,691
Pandora A/S		16,480		631,716
Ringkjoebing Landbobank A/S		2,260		154,449
Rockwool International A/S, Class B		460		112,273
Royal Unibrew A/S		2,700		201,211
Scandinavian Tobacco Group AS(2)		5,600		59,101
SimCorp A/S		6,380		575,045
Sydbank A/S		7,200		125,258
Topdanmark A/S		2,527		129,524
Torm PLC(1)		8,103		66,765
Tryg A/S		6,850		209,070
Vestas Wind Systems A/S		5,800		475,957
			$	10,057,803
Finland — 2.3%
Adapteo Oyj(1)		8,400	$	98,248
Citycon Oyj		17,313		176,501
Cramo Oyj		11,500		99,807
DNA Oyj		11,250		260,072
Elisa Oyj		17,720		832,344
Fortum Oyj		45,489		1,043,501
Huhtamaki Oyj		6,700		254,509
Kemira Oyj		9,600		141,589
Kesko Oyj, Class B		16,060		972,557
Kone Oyj, Class B		9,640		549,224

7 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Finland (continued)
Metsa Board Oyj		21,700	$	108,247
Neste Oyj		29,714		983,423
Nokia Oyj		175,074		943,588
Nordea Bank AB		80,400		515,787
Orion Oyj, Class B		23,460		802,573
Sampo Oyj, Class A		12,300		510,740
Terveystalo Oyj(2)		16,200		159,689
Tieto Oyj		4,494		114,638
Tokmanni Group Corp.		75,570		683,306
UPM-Kymmene Oyj		21,860		589,236
Valmet Oyj		3,811		74,000
Wartsila Oyj Abp		11,154		140,136
YIT Oyj		13,000		71,937
			$	10,125,652
France — 8.9%
Aeroports de Paris		945	$	162,455
Air Liquide SA		23,830		3,289,405
Airbus SE		5,797		819,469
Alstom SA		2,298		98,972
Alten SA		3,460		428,035
Altran Technologies SA		25,000		394,384
Arkema SA		3,800		342,021
Atos SE		7,380		593,433
AXA SA		54,150		1,363,943
Bureau Veritas SA		4,718		117,559
Carrefour SA		32,300		620,688
Christian Dior SE		216		111,993
Cie Generale des Etablissements Michelin SCA		2,440		269,736
CNP Assurances		14,000		289,355
Covivio		9,000		920,082
Credit Agricole SA		46,900		558,296
Dassault Systemes SE		8,350		1,270,173
Edenred		4,250		213,272
Eiffage SA		1,270		125,492
Elior Group SA(2)		7,300		95,468
Elis SA		4,300		79,568
Engie SA		124,500		1,915,992
EssilorLuxottica SA		5,834		789,727
Eurazeo SE		4,500		301,972
Eutelsat Communications SA		15,290		292,294
Fnac Darty SA(1)		1,400		98,202
Gaztransport Et Technigaz SA		1,000		90,725
Gecina SA		7,440		1,137,988
Getlink SE		10,600		153,056

Security	Shares		Value
France (continued)
Hermes International		370	$	259,897
Imerys SA		3,240		135,447
Ingenico Group SA		5,880		557,119
JCDecaux SA		10,230		294,530
L’Oreal SA		6,137		1,642,042
Lagardere SCA		10,568		238,788
Legrand SA		3,162		222,736
LVMH Moet Hennessy Louis Vuitton SE		3,070		1,268,092
Neopost SA		11,000		221,018
Orange SA		119,900		1,777,216
Pernod-Ricard SA		6,020		1,056,412
Peugeot SA		5,850		138,077
Publicis Groupe SA		15,200		750,056
Remy Cointreau SA		2,546		376,725
Renault SA		2,980		166,217
Rubis SCA		7,000		394,449
Safran SA		4,000		574,243
Sanofi		41,674		3,472,772
SCOR SE		9,170		376,836
SEB SA		492		78,696
Societe BIC SA		1,500		104,533
Societe Generale SA		25,200		617,266
Sodexo SA		2,760		316,854
Suez		32,100		470,527
Teleperformance		1,008		211,163
Thales SA		1,800		202,813
Total SA		65,860		3,413,536
Unibail-Rodamco-Westfield(3)		2,270		304,060
Unibail-Rodamco-Westfield(3)		9,970		1,334,081
Veolia Environnement SA		37,830		954,672
Vinci SA		6,630		681,986
Virbac SA(1)		1,840		341,556
			$	39,898,170
Germany — 9.0%
Aareal Bank AG		5,640	$	160,459
adidas AG		3,413		1,087,870
Allianz SE		8,380		1,944,235
alstria office REIT AG		29,399		474,307
Axel Springer SE		1,600		110,437
Axel Springer SE, Tendered Shares(1)		5,100		350,034
BASF SE		33,300		2,210,595
Bayerische Motoren Werke AG		8,860		651,999
Bayerische Motoren Werke AG, PFC Shares		3,678		218,368
Bechtle AG		1,900		210,464

8 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Germany (continued)
Beiersdorf AG		13,130	$	1,521,608
Brenntag AG		3,500		170,945
CANCOM SE		3,700		206,853
Carl Zeiss Meditec AG		2,900		317,751
Continental AG		3,090		423,653
Covestro AG(2)		9,000		405,910
Delivery Hero SE(1)(2)		6,407		307,762
Deutsche Boerse AG		4,640		644,136
Deutsche EuroShop AG		15,200		411,246
Deutsche Lufthansa AG		6,130		97,148
Deutsche Post AG		20,200		657,036
Deutsche Telekom AG		168,200		2,755,297
Deutsche Wohnen SE		29,900		1,090,397
Dialog Semiconductor PLC(1)		6,400		286,480
Evonik Industries AG		10,200		290,258
Evotec SE(1)		8,500		239,535
Fielmann AG		2,817		196,019
Fraport AG		1,930		161,180
Fresenius Medical Care AG & Co. KGaA		7,970		552,009
Fresenius SE & Co. KGaA		15,500		774,494
Fuchs Petrolub SE, PFC Shares		4,702		180,175
GEA Group AG		4,394		109,059
Gerresheimer AG		3,000		233,346
Grand City Properties SA		19,000		428,045
Hannover Rueck SE		1,570		244,820
HeidelbergCement AG		6,083		439,299
Henkel AG & Co. KGaA		13,700		1,287,130
Hochtief AG		680		77,057
HUGO BOSS AG		3,687		231,730
Innogy SE(2)		21,800		1,048,922
KION Group AG		1,800		95,943
Knorr-Bremse AG		1,291		130,935
KWS Saat SE and Co. KGaA		1,025		71,308
LEG Immobilien AG		6,140		708,072
Merck KGaA		5,220		532,408
Metro AG		36,800		566,051
MorphoSys AG(1)		2,218		267,635
MTU Aero Engines AG		1,061		264,398
Muenchener Rueckversicherungs-Gesellschaft AG		3,320		791,181
Nemetschek SE		3,900		216,829
Osram Licht AG		2,700		101,628
ProSiebenSat.1 Media SE		25,032		323,342
Puma SE		4,602		320,606
QIAGEN NV(1)		12,000		455,487
Rational AG		114		77,599
Rheinmetall AG		1,350		153,188

Security	Shares		Value
Germany (continued)
RWE AG		80,237	$	2,167,912
SAP SE		22,200		2,713,639
Sartorius AG, PFC Shares		1,950		394,447
Siemens AG		17,540		1,908,936
Siemens Healthineers AG(2)		7,200		298,922
Software AG		5,200		145,963
Suedzucker AG		31,389		487,462
Symrise AG		5,600		516,000
TAG Immobilien AG		21,500		506,137
Talanx AG(1)		3,637		152,618
Telefonica Deutschland Holding AG(2)		131,800		331,820
TLG Immobilien AG		12,120		355,742
TUI AG		33,700		334,623
Uniper SE		32,700		1,007,463
VERBIO Vereinigte BioEnergie AG		4,576		36,409
Zalando SE(1)(2)		6,600		301,927
			$	39,944,698
Hong Kong — 4.4%
AIA Group, Ltd.		192,000	$	1,968,910
Alibaba Health Information Technology, Ltd.(1)		786,000		706,122
ASM Pacific Technology, Ltd.		42,900		501,178
Bank of East Asia, Ltd. (The)		66,000		190,742
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.		137,000		225,180
BOC Hong Kong Holdings, Ltd.		93,000		354,367
Brightoil Petroleum Holdings, Ltd.(1)(4)		262,000		0
Cafe de Coral Holdings, Ltd.		58,000		192,861
Champion REIT		149,000		110,453
Chow Tai Fook Jewellery Group, Ltd.		164,000		156,377
CK Asset Holdings, Ltd.		73,000		548,897
CK Hutchison Holdings, Ltd.		103,000		962,533
CLP Holdings, Ltd.		98,000		1,065,519
Esprit Holdings, Ltd.(1)		257,000		42,532
First Pacific Co., Ltd.		282,000		117,573
Fortune REIT		70,000		91,642
Galaxy Entertainment Group, Ltd.		148,000		1,007,480
Global Cord Blood Corp.		29,600		171,088
Glory Sun Financial Group, Ltd.		2,992,000		114,534
Hang Lung Group, Ltd.		48,000		123,294
Hang Lung Properties, Ltd.		86,000		202,231
Hang Seng Bank, Ltd.		16,700		396,922
Henderson Land Development Co., Ltd.		54,867		283,780
HK Electric Investments & HK Electric Investments, Ltd.		304,000		308,174
HKBN, Ltd.		228,000		411,617
HKT Trust and HKT, Ltd.		427,000		682,105

9 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Hong Kong (continued)
Hong Kong & China Gas Co., Ltd.		522,531	$	1,153,801
Hongkong Land Holdings, Ltd.		41,300		251,868
Hutchison Telecommunications Hong Kong Holdings, Ltd.		180,000		38,968
Hysan Development Co., Ltd.		29,000		138,157
Jardine Matheson Holdings, Ltd.		10,400		631,236
Jardine Strategic Holdings, Ltd.		7,900		270,822
Kerry Properties, Ltd.		26,000		97,630
Li & Fung, Ltd.		1,346,000		187,601
Lifestyle International Holdings, Ltd.		80,000		109,314
Link REIT		47,500		552,481
Luk Fook Holdings International, Ltd.		45,000		135,744
Macau Legend Development, Ltd.(1)		629,000		89,786
Madison Holdings Group, Ltd.(1)		760,000		36,379
MGM China Holdings, Ltd.		114,000		186,290
MTR Corp., Ltd.		69,000		452,811
Nexteer Automotive Group, Ltd.		104,000		108,087
NWS Holdings, Ltd.		138,000		256,225
Pacific Textiles Holdings, Ltd.		158,000		124,622
PCCW, Ltd.		617,000		351,877
Power Assets Holdings, Ltd.		92,000		657,549
Shangri-La Asia, Ltd.		122,000		148,434
SmarTone Telecommunication Holdings, Ltd.		80,000		73,520
Superb Summit International Group, Ltd.(1)(4)		230,000		0
Swire Pacific, Ltd., Class A		16,000		182,369
Swire Pacific, Ltd., Class B		45,000		80,130
Swire Properties, Ltd.		45,400		163,935
Techtronic Industries Co., Ltd.		68,000		505,692
Tongda Group Holdings, Ltd.		910,000		66,812
Town Health International Medical Group, Ltd.(1)(4)		604,000		0
Vitasoy International Holdings, Ltd.		202,000		950,940
VSTECS Holdings, Ltd.		154,000		84,226
VTech Holdings, Ltd.		32,700		286,789
Wharf Real Estate Investment Co., Ltd.		40,000		252,332
Yue Yuen Industrial Holdings, Ltd.		68,000		190,531
			$	19,753,069
Ireland — 2.2%
AIB Group PLC		178,200	$	610,358
Bank of Ireland Group PLC		202,400		893,127
Cairn Homes PLC(1)		146,637		172,805
CRH PLC		35,960		1,196,763
Dalata Hotel Group PLC		38,617		198,698
Flutter Entertainment PLC(1)		13,759		1,086,784
Glanbia PLC		13,900		180,942
Grafton Group PLC		40,400		355,533

Security	Shares		Value
Ireland (continued)
Greencore Group PLC		42,726	$	111,185
Hibernia REIT PLC		461,400		770,135
ICON PLC(1)		6,145		959,665
Irish Continental Group PLC		57,130		261,729
Irish Residential Properties REIT PLC		206,764		392,674
Kerry Group PLC, Class A		10,220		1,189,152
Kingspan Group PLC		13,900		679,853
Nabriva Therapeutics PLC(1)		19,000		45,125
Smurfit Kappa Group PLC		11,941		375,684
UDG Healthcare PLC		34,700		335,967
			$	9,816,179
Israel — 2.3%
Airport City, Ltd.(1)		12,070	$	221,349
Amot Investments, Ltd.		22,481		158,506
Bank Leumi Le-Israel B.M.		58,667		426,774
Bayside Land Corp.		213		114,528
Bezeq The Israeli Telecommunication Corp., Ltd.		1,047,874		712,909
Big Shopping Centers, Ltd.(1)		1,000		78,224
Brack Capital Properties NV(1)		284		27,781
Check Point Software Technologies, Ltd.(1)		3,500		391,825
CyberArk Software, Ltd.(1)		1,300		180,544
Delek Automotive Systems, Ltd.		13,963		59,381
Delta-Galil Industries, Ltd.		3,099		90,259
Elbit Systems, Ltd.		5,440		870,326
Electra Consumer Products 1970, Ltd.		7,750		108,095
Electra, Ltd.		720		204,207
First International Bank of Israel, Ltd.(1)		4,135		106,585
Gazit-Globe, Ltd.		11,000		98,641
IDI Insurance Co., Ltd.		2,200		79,017
Inrom Construction Industries, Ltd.		18,751		73,789
Israel Chemicals, Ltd.		226,000		1,216,326
Israel Discount Bank, Ltd., Series A		69,300		299,101
Kenon Holdings, Ltd.		6,255		131,548
Melisron, Ltd.		3,626		190,463
Mizrahi Tefahot Bank, Ltd.(1)		12,760		306,169
Nice, Ltd.(1)		2,738		417,543
Oil Refineries, Ltd.(1)		708,000		379,891
Paz Oil Co., Ltd.		4,140		586,331
Radware, Ltd.(1)		3,600		94,968
Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		6,074		320,541
Reit 1, Ltd.		31,600		164,681
Sella Capital Real Estate, Ltd.		44,539		100,033
Shapir Engineering and Industry, Ltd.		30,000		114,016
Strauss Group, Ltd.		21,000		633,638

10 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Israel (continued)
Taro Pharmaceutical Industries, Ltd.		1,200	$	96,924
Teva Pharmaceutical Industries, Ltd. ADR(1)		117,700		933,361
UroGen Pharma, Ltd.(1)		1,800		61,380
			$	10,049,654
Italy — 4.5%
A2A SpA		44,663	$	78,070
Amplifon SpA		31,240		769,982
Assicurazioni Generali SpA		27,086		505,162
ASTM SpA		3,850		132,741
Atlantia SpA		25,789		663,173
Autogrill SpA		9,900		104,639
Azimut Holding SpA		3,800		71,221
Banca Mediolanum SpA		14,000		100,172
Banca Popolare di Sondrio SCPA		35,600		73,981
Bio-On SpA(1)		8,000		186,697
BPER Banca		16,800		62,507
Brunello Cucinelli SpA		2,300		72,844
Cementir Holding SpA		48,418		340,045
Cerved Group SpA		9,600		75,646
COSMO Pharmaceuticals NV(1)		3,282		286,540
Datalogic SpA		5,730		100,752
Davide Campari-Milano SpA		117,385		1,091,725
De’Longhi SpA		10,450		210,109
DiaSorin SpA		6,920		802,531
El.En. SpA		9,389		183,320
Enav SpA(2)		33,000		181,507
Enel SpA		232,600		1,591,129
Eni SpA		136,500		2,132,307
Ferrari NV		5,080		818,011
Fincantieri SpA(1)		128,000		132,214
FinecoBank Banca Fineco SpA		14,163		140,893
Freni Brembo SpA		8,900		91,034
Hera SpA		40,000		148,937
IMA Industria Macchine Automatiche SpA		2,600		204,135
Infrastrutture Wireless Italiane SpA(2)		68,200		689,920
Interpump Group SpA		6,800		191,143
Intesa Sanpaolo SpA		315,000		683,205
Italgas SpA		24,300		153,546
Leonardo SpA		21,600		262,988
Mediobanca Banca di Credito Finanziario SpA		17,200		172,276
Moncler SpA		8,209		337,063
OVS SpA(1)(2)		51,000		89,735
Pirelli & C SpA(2)		19,600		115,448
Poste Italiane SpA(2)		16,700		178,226

Security	Shares		Value
Italy (continued)
Prada SpA		38,500	$	118,186
Prysmian SpA		14,500		298,506
Reply SpA		4,480		299,734
Retelit SpA		143,500		238,366
Salvatore Ferragamo SpA		3,800		79,694
Saras SpA		128,400		211,353
Snam SpA		101,700		499,324
Societa Iniziative Autostradali e Servizi SpA		9,300		176,402
STMicroelectronics NV		112,200		2,050,702
Technogym SpA(2)		8,800		94,528
Telecom Italia SpA(1)		2,638,000		1,483,154
Terna Rete Elettrica Nazionale SpA		40,600		247,249
Tod’s SpA		1,500		74,689
Unione di Banche Italiane SpA		49,455		126,970
UnipolSai Assicurazioni SpA		28,030		73,075
			$	20,297,506
Japan — 14.2%
Activia Properties, Inc.		50	$	229,190
Advance Residence Investment Corp.		100		309,513
Aeon Co., Ltd.		19,000		328,780
Air Water, Inc.		12,300		201,018
Aisin Seiki Co., Ltd.		4,700		152,741
Ajinomoto Co., Inc.		16,600		297,446
Alps Alpine Co., Ltd.		7,800		141,994
Aozora Bank, Ltd.		5,200		119,171
Asahi Intecc Co., Ltd.		8,800		229,955
Asahi Kasei Corp.		45,800		465,918
Astellas Pharma, Inc.		40,100		568,293
Bandai Namco Holdings, Inc.		2,900		155,902
Bridgestone Corp.		8,300		311,586
Calbee, Inc.		7,800		220,049
Canon, Inc.		19,900		539,713
Central Japan Railway Co.		2,300		462,329
Chubu Electric Power Co., Inc.		53,900		760,872
Chugai Pharmaceutical Co., Ltd.		6,000		429,282
Chugoku Bank, Ltd. (The)		15,500		135,514
Chugoku Electric Power Co., Inc. (The)		29,200		364,394
Citizen Watch Co., Ltd.		27,900		138,843
Dai Nippon Printing Co., Ltd.		5,700		119,555
Daicel Corp.		19,800		167,549
Daido Steel Co., Ltd.		2,900		110,104
Daiichi Sankyo Co., Ltd.		12,500		759,588
Daikin Industries, Ltd.		2,400		297,880
Daito Trust Construction Co., Ltd.		3,000		386,860

11 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Daiwa House REIT Investment Corp.		107	$	261,887
Daiwa Securities Group, Inc.		37,700		162,545
DeNA Co., Ltd.		11,700		223,148
Dentsu, Inc.		7,800		257,837
East Japan Railway Co.		3,200		293,360
Eisai Co., Ltd.		7,000		378,334
Ezaki Glico Co., Ltd.		3,400		147,619
FamilyMart UNY Holdings Co., Ltd.		10,500		224,173
FUJIFILM Holdings Corp.		7,400		350,748
Fujitsu, Ltd.		3,700		288,742
GLP J-REIT		205		228,606
Hachijuni Bank, Ltd. (The)		24,100		90,817
Hakuhodo DY Holdings, Inc.		12,400		194,476
Hamamatsu Photonics K.K.		4,900		181,715
Hankyu Hanshin Holdings, Inc.		4,400		154,477
Hirose Electric Co., Ltd.		1,740		182,304
Hisamitsu Pharmaceutical Co., Inc.		6,600		265,245
Hitachi, Ltd.		14,500		514,095
Hokuhoku Financial Group, Inc.		8,000		80,154
House Foods Group, Inc.		4,300		158,163
Hulic Co., Ltd.		34,000		292,073
Idemitsu Kosan Co., Ltd.		15,513		427,498
Inpex Corp.		63,900		560,426
ITOCHU Corp.		12,000		228,489
Iwatani Corp.		4,100		135,341
Japan Airlines Co., Ltd.		3,900		122,130
Japan Exchange Group, Inc.		21,100		309,231
Japan Hotel REIT Investment Corp.		307		256,351
Japan Post Bank Co., Ltd.		18,700		181,694
Japan Post Holdings Co., Ltd.		30,100		295,056
Japan Prime Realty Investment Corp.		62		274,077
Japan Real Estate Investment Corp.		50		312,758
Japan Retail Fund Investment Corp.		145		292,136
Japan Tobacco, Inc.		24,600		542,030
JFE Holdings, Inc.		18,000		237,978
JSR Corp.		10,200		168,452
JXTG Holdings, Inc.		218,000		1,025,870
Kajima Corp.		10,500		135,039
Kakaku.com, Inc.		6,900		143,321
Kaneka Corp.		4,000		148,510
Kansai Paint Co., Ltd.		10,500		207,341
Kao Corp.		9,700		707,913
KDDI Corp.		48,300		1,260,219
Keikyu Corp.		5,900		99,153
Keio Corp.		2,200		136,131
Kenedix Office Investment Corp.		30		215,450

Security	Shares		Value
Japan (continued)
Kewpie Corp.		6,000	$	135,773
Keyence Corp.		1,400		803,388
Kintetsu Group Holdings Co., Ltd.		2,700		128,016
Kobe Steel, Ltd.		31,700		203,396
Konami Holdings Corp.		3,900		165,476
Konica Minolta, Inc.		18,500		153,312
Kubota Corp.		12,200		188,191
Kuraray Co., Ltd.		20,800		245,997
Kyushu Electric Power Co., Inc.		50,200		498,802
Lawson, Inc.		2,800		139,920
Lion Corp.		8,700		170,786
M3, Inc.		15,600		314,270
Makita Corp.		4,000		131,888
Marubeni Corp.		30,500		197,718
Maruichi Steel Tube, Ltd.		5,100		134,268
Mazda Motor Corp.		15,000		145,121
Mebuki Financial Group, Inc.		47,600		117,452
MEIJI Holdings Co., Ltd.		4,800		333,336
MISUMI Group, Inc.		8,300		186,265
Mitsubishi Chemical Holdings Corp.		42,000		298,179
Mitsubishi Corp.		14,300		383,988
Mitsubishi Heavy Industries, Ltd.		4,700		193,880
Mitsubishi Materials Corp.		7,400		203,541
Mitsubishi Motors Corp.		28,900		127,174
Mitsubishi Tanabe Pharma Corp.		17,300		195,315
Mitsubishi UFJ Financial Group, Inc.		209,300		1,033,733
Mitsui & Co., Ltd.		19,400		315,383
Mitsui Chemicals, Inc.		9,100		208,093
Mizuho Financial Group, Inc.		481,500		683,403
Modec, Inc.		4,800		127,396
MS&AD Insurance Group Holdings, Inc.		10,200		334,341
Murata Manufacturing Co., Ltd.		10,000		457,912
NEC Corp.		6,800		277,979
Nexon Co., Ltd.(1)		13,200		208,936
NH Foods, Ltd.		4,300		159,478
Nidec Corp.		2,700		361,033
Nikon Corp.		10,000		135,017
Nintendo Co., Ltd.		2,600		956,521
Nippon Accommodations Fund, Inc.		35		206,072
Nippon Building Fund, Inc.		54		379,025
Nippon Express Co., Ltd.		2,500		140,901
Nippon Kayaku Co., Ltd.		11,400		134,041
Nippon Paint Holdings Co., Ltd.		6,400		278,466
Nippon Paper Industries Co., Ltd.		10,000		176,312
Nippon Prologis REIT, Inc.		138		331,795
Nippon Shokubai Co., Ltd.		3,300		214,186

12 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Nippon Steel Corp.		25,300	$	396,379
Nippon Telegraph & Telephone Corp.		23,300		1,051,554
Nissan Chemical Corp.		5,300		231,776
Nissan Motor Co., Ltd.		41,000		266,497
Nissin Foods Holdings Co., Ltd.		2,500		155,178
Nitori Holdings Co., Ltd.		1,600		215,785
Nitto Denko Corp.		5,700		280,724
NOF Corp.		4,200		150,336
Nomura Real Estate Master Fund, Inc.		245		389,256
Nomura Research Institute, Ltd.		11,400		201,846
NTT Data Corp.		20,600		270,484
NTT DoCoMo, Inc.		40,800		978,277
Obayashi Corp.		14,900		141,118
Obic Co., Ltd.		1,700		181,136
Odakyu Electric Railway Co., Ltd.		4,900		109,398
Oji Holdings Corp.		48,300		249,772
Okinawa Electric Power Co., Inc. (The)		14,862		231,134
Olympus Corp.		37,800		412,129
Omron Corp.		4,600		218,851
Ono Pharmaceutical Co., Ltd.		15,800		286,662
Oracle Corp. Japan		1,900		157,757
Oriental Land Co., Ltd.		2,200		290,280
Orix JREIT, Inc.		176		341,594
Osaka Gas Co., Ltd.		31,100		571,325
Otsuka Corp.		5,900		232,649
Otsuka Holdings Co., Ltd.		12,900		474,397
Pan Pacific International Holdings Corp.		3,500		223,913
Pigeon Corp.		6,400		233,375
Rakuten, Inc.		18,600		189,705
Recruit Holdings Co., Ltd.		13,400		453,757
Relo Group, Inc.		8,400		222,598
Ricoh Co., Ltd.		25,600		234,479
Rinnai Corp.		1,700		114,564
Ryohin Keikaku Co., Ltd.		900		159,753
Sawai Pharmaceutical Co., Ltd.		3,400		187,586
SECOM Co., Ltd.		2,000		156,742
Seiko Epson Corp.		11,300		166,287
Sekisui Chemical Co., Ltd.		13,800		203,978
Sekisui House Reit, Inc.		278		215,580
Sekisui House, Ltd.		11,000		184,947
Seven & i Holdings Co., Ltd.		17,900		610,890
Seven Bank, Ltd.		59,700		161,514
SG Holdings Co., Ltd.		3,600		95,166
Shimadzu Corp.		10,900		261,717
Shimamura Co., Ltd.		1,800		127,276
Shimano, Inc.		1,300		183,533

Security	Shares		Value
Japan (continued)
Shionogi & Co., Ltd.		7,000	$	387,555
Shiseido Co., Ltd.		8,200		603,393
Softbank Corp.		36,200		487,765
Sompo Holdings, Inc.		8,600		356,151
Sony Corp.		11,700		665,425
Sony Financial Holdings, Inc.		7,500		181,702
Subaru Corp.		11,600		270,352
Sumitomo Corp.		15,000		222,580
Sumitomo Mitsui Financial Group, Inc.		23,800		832,281
Sumitomo Mitsui Trust Holdings, Inc.		9,500		324,694
Sumitomo Osaka Cement Co., Ltd.		2,500		95,477
Sumitomo Realty & Development Co., Ltd.		17,000		618,578
Suntory Beverage & Food, Ltd.		4,100		162,681
Suzuki Motor Corp.		7,000		273,759
Sysmex Corp.		4,100		297,673
T&D Holdings, Inc.		15,400		172,940
Taiheiyo Cement Corp.		6,000		168,512
Taisei Corp.		4,500		155,253
Taisho Pharmaceutical Holdings Co., Ltd.		3,500		266,876
Takashimaya Co., Ltd.		12,400		142,238
Takeda Pharmaceutical Co., Ltd.		29,100		1,001,502
TEIJIN, Ltd.		9,600		166,086
Toho Co., Ltd.		4,900		190,253
Toho Gas Co., Ltd.		10,100		384,052
Tohoku Electric Power Co., Inc.		44,000		440,256
Tokio Marine Holdings, Inc.		12,400		658,204
Tokyo Gas Co., Ltd.		32,200		803,766
Tokyo Tatemono Co., Ltd.		17,700		206,525
Tokyu Corp.		11,700		204,877
Tokyu Fudosan Holdings Corp.		35,500		205,370
Toray Industries, Inc.		56,800		390,754
Toshiba Corp.		6,400		204,203
Tosoh Corp.		13,400		187,813
Toyo Seikan Group Holdings, Ltd.		7,500		130,924
Toyo Suisan Kaisha, Ltd.		4,400		176,938
Toyota Motor Corp.		22,100		1,427,951
Trend Micro, Inc.		3,900		170,047
Tsuruha Holdings, Inc.		1,300		132,329
Ube Industries, Ltd.		6,000		124,923
Unicharm Corp.		9,300		263,107
United Urban Investment Corp.		140		236,863
USS Co., Ltd.		5,000		99,015
West Japan Railway Co.		2,500		204,643
Yahoo! Japan Corp.		76,800		224,942
Yakult Honsha Co., Ltd.		4,300		242,433
Yamaguchi Financial Group, Inc.		19,600		136,839

13 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Yamaha Corp.		3,600	$	169,713
Yamaha Motor Co., Ltd.		7,100		124,498
Yamato Holdings Co., Ltd.		6,600		129,574
Yamazaki Baking Co., Ltd.		8,800		133,631
Yokogawa Electric Corp.		10,000		178,968
			$	63,583,164
Netherlands — 4.5%
ABN AMRO Bank NV(2)		10,000	$	200,175
Accell Group		2,450		58,468
Adyen NV(1)(2)		620		468,463
Aegon NV		38,540		189,922
AerCap Holdings NV(1)		5,400		294,462
Akzo Nobel NV		16,587		1,565,055
Argenx SE(1)		1,410		198,087
ASM International NV		1,781		145,273
ASML Holding NV		12,460		2,776,390
ASR Nederland NV		5,300		199,156
Basic-Fit NV(1)(2)		2,000		62,984
Corbion NV		20,000		653,733
Eurocommercial Properties NV		8,200		206,281
Euronext NV(2)		1,764		136,174
GrandVision NV(2)		6,200		185,838
IMCD NV		2,869		252,759
ING Groep NV		111,200		1,233,847
Koninklijke Ahold Delhaize NV		62,800		1,426,371
Koninklijke BAM Groep NV		30,000		100,359
Koninklijke KPN NV		359,000		1,023,669
Koninklijke Philips NV		44,600		2,092,215
Koninklijke Vopak NV		4,900		241,595
NN Group NV		8,750		328,747
NXP Semiconductors NV		6,700		692,713
PostNL NV		71,792		122,893
SBM Offshore NV		16,200		320,551
Signify NV(2)		11,700		317,640
Takeaway.com NV(1)(2)		2,700		241,530
TKH Group NV		2,968		176,089
Unilever NV		57,920		3,357,253
Vastned Retail NV		1,000		29,182
Wolters Kluwer NV		12,020		871,273
			$	20,169,147
New Zealand — 1.1%
A2 Milk Co., Ltd.(1)		51,765	$	608,244
Air New Zealand, Ltd.		34,574		61,550

Security	Shares		Value
New Zealand (continued)
Auckland International Airport, Ltd.		66,312	$	403,975
Contact Energy, Ltd.		50,800		259,179
Fisher & Paykel Healthcare Corp., Ltd.		35,800		385,881
Fletcher Building, Ltd.		158,500		515,161
Goodman Property Trust		120,709		162,405
Infratil, Ltd.		38,198		116,447
Kiwi Property Group, Ltd.		221,000		234,898
Mercury NZ, Ltd.		47,223		141,237
Precinct Properties New Zealand, Ltd.		121,300		142,043
Pushpay Holdings, Ltd.(1)		28,817		63,091
Restaurant Brands New Zealand, Ltd.(1)		19,660		126,759
SKYCITY Entertainment Group, Ltd.		163,000		427,606
Spark New Zealand, Ltd.		189,031		492,756
Summerset Group Holdings, Ltd.		32,561		120,491
Xero, Ltd.(1)		9,348		411,518
Z Energy, Ltd.		109,700		466,564
			$	5,139,805
Norway — 2.3%
Adevinta ASA, Class A(1)		10,000	$	112,513
Adevinta ASA, Class B(1)		10,600		117,570
Aker Solutions ASA(1)(2)		20,000		63,973
Atea ASA		30,636		389,756
Austevoll Seafood ASA		16,139		164,197
Borr Drilling, Ltd.(1)		8,800		84,076
Borregaard ASA		21,042		220,375
BW Offshore, Ltd.(1)		23,200		130,249
DNB ASA		42,200		754,983
DNO ASA		44,400		74,262
Elkem ASA(2)		86,003		233,961
Entra ASA(2)		39,000		565,695
Equinor ASA		42,800		767,416
Europris ASA(2)		129,500		371,573
Fjordkraft Holding ASA(2)		18,200		95,546
Frontline, Ltd.(1)		9,000		65,679
Gjensidige Forsikring ASA		12,400		240,852
Grieg Seafood ASA		8,860		126,025
Kongsberg Gruppen ASA		22,500		285,187
Leroy Seafood Group ASA		27,620		173,632
Mowi ASA		29,600		711,374
Nordic Nanovector ASA(1)		15,000		62,248
Norway Royal Salmon ASA		2,422		52,935
REC Silicon ASA(1)		427,273		250,011
Salmar ASA		4,000		184,755
Sbanken ASA(2)		7,500		57,613
Scatec Solar ASA(2)		19,000		195,700

14 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Norway (continued)
SpareBank 1 SMN		8,400	$	92,479
Storebrand ASA		27,500		185,835
Telenor ASA		59,800		1,211,725
Tomra Systems ASA		29,640		871,768
Veidekke ASA		20,997		189,190
Yara International ASA		21,700		1,016,631
			$	10,119,784
Portugal — 1.1%
Altri SGPS SA		93,200	$	611,562
Banco Comercial Portugues SA		3,110,020		794,824
Corticeira Amorim SGPS SA		9,900		106,484
CTT-Correios de Portugal SA		137,610		293,160
EDP Renovaveis SA		12,421		127,880
EDP-Energias de Portugal SA		159,000		582,039
Galp Energia SGPS SA, Class B		53,400		831,337
Jeronimo Martins SGPS SA		49,100		792,281
NOS SGPS SA		127,800		793,559
REN - Redes Energeticas Nacionais SGPS SA		29,300		79,199
Semapa-Sociedade de Investimento e Gestao		9,400		124,175
			$	5,136,500
Singapore — 2.3%
AEM Holdings, Ltd.		100,000	$	84,581
Ascendas Real Estate Investment Trust		69,500		154,303
Ascott Residence Trust		72,000		68,504
BOC Aviation, Ltd.(2)		11,800		101,661
CapitaLand Commercial Trust, Ltd.		94,500		141,151
CapitaLand Mall Trust		82,400		156,599
CDL Hospitality Trusts		40,000		47,622
China Aviation Oil Singapore Corp, Ltd.		96,100		88,236
ComfortDelGro Corp., Ltd.		140,700		275,770
DBS Group Holdings, Ltd.		36,300		692,126
Ezion Holdings, Ltd.(1)(4)		1,126,000		17,618
First Resources, Ltd.		76,000		86,090
Flex, Ltd.(1)		57,700		643,355
Frasers Logistics & Industrial Trust		110,000		95,962
Genting Singapore, Ltd.		990,000		658,806
Golden Agri-Resources, Ltd.		1,250,000		266,988
Hi-P International, Ltd.		84,400		84,221
Hutchison Port Holdings Trust		446,200		97,555
Jardine Cycle & Carriage, Ltd.		16,300		398,827
Keppel DC REIT		83,400		103,787
Keppel Infrastructure Trust		641,585		237,659
Keppel REIT		110,000		99,079

Security	Shares		Value
Singapore (continued)
Mapletree Commercial Trust		77,600	$	116,580
Mapletree Industrial Trust		68,200		111,525
Mapletree Logistics Trust		159,100		177,904
Mapletree North Asia Commercial Trust		106,100		109,396
Midas Holdings, Ltd.(1)(4)		480,000		0
Raffles Medical Group, Ltd.		140,800		105,223
SATS, Ltd.		48,200		167,937
Sembcorp Industries, Ltd.		47,500		80,369
Sembcorp Marine, Ltd.(1)		80,000		77,886
Sheng Siong Group, Ltd.		91,200		76,899
Singapore Airlines, Ltd.		31,600		221,238
Singapore Exchange, Ltd.		40,000		229,499
Singapore Post, Ltd.		211,600		148,171
Singapore Technologies Engineering, Ltd.		75,100		230,350
Singapore Telecommunications, Ltd.(3)		97,200		233,892
Singapore Telecommunications, Ltd.(3)		437,100		1,054,379
StarHub, Ltd.		208,800		228,778
Suntec Real Estate Investment Trust		89,800		124,120
United Overseas Bank, Ltd.		31,600		602,067
Venture Corp., Ltd.		43,500		485,436
Wilmar International, Ltd.		364,000		1,052,189
			$	10,234,338
Spain — 4.4%
Aena SME SA(2)		3,850	$	697,936
Almirall SA		9,140		165,672
Amadeus IT Group SA		24,040		1,878,652
Applus Services SA		7,400		104,020
Banco Bilbao Vizcaya Argentaria SA		111,530		567,878
Banco de Sabadell SA		268,800		234,765
Bankia SA		81,600		161,779
Bankinter SA		23,700		153,736
Bolsas y Mercados Espanoles SHMSF SA		5,400		127,433
CaixaBank SA		101,600		251,810
Cellnex Telecom SA(2)		9,082		339,652
Cia de Distribucion Integral Logista Holdings SA		4,197		87,450
Coca-Cola European Partners PLC		28,800		1,592,064
Construcciones y Auxiliar de Ferrocarriles SA		2,050		92,628
Ebro Foods SA		12,141		243,964
Enagas SA		16,820		366,914
Ence Energia y Celulosa SA		68,100		246,182
Endesa SA		11,000		271,793
Ercros SA		35,810		68,902
Faes Farma SA		33,498		165,835
Ferrovial SA		17,848		464,294
Grifols SA		34,845		1,129,278

15 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Spain (continued)
Grifols SA ADR		22,700	$	516,652
Grupo Catalana Occidente SA		2,596		92,677
Iberdrola SA		127,600		1,210,590
Indra Sistemas SA(1)		10,000		85,645
Industria de Diseno Textil SA		59,500		1,780,378
Lar Espana Real Estate Socimi SA		59,616		459,455
Mapfre SA		54,387		149,719
Masmovil Ibercom SA(1)		3,750		84,937
Mediaset Espana Comunicacion SA		16,500		96,863
Melia Hotels International SA		16,000		140,957
Merlin Properties Socimi SA		85,000		1,160,556
Naturgy Energy Group SA		8,600		217,845
NH Hotel Group SA		14,274		71,353
Prosegur Cash SA(2)		47,137		95,649
Prosegur Cia de Seguridad SA		16,517		77,087
Red Electrica Corp. SA		7,578		142,874
Repsol SA		129,563		2,054,981
Siemens Gamesa Renewable Energy SA		16,900		236,475
Tecnicas Reunidas SA(1)		3,280		79,088
Telefonica SA		169,341		1,290,991
Telepizza Group SA(2)		11,173		58,132
Tubacex SA		34,340		109,558
			$	19,625,099
Sweden — 4.6%
AAK AB		18,550	$	379,493
Alfa Laval AB		6,950		129,827
Arjo AB, Class B		55,760		224,432
Assa Abloy AB, Class B		16,810		385,573
Attendo AB(2)		51,800		235,447
Avanza Bank Holding AB		21,500		191,857
Betsson AB		23,476		123,927
BillerudKorsnas AB		28,875		333,361
BioGaia AB, Class B		2,949		122,621
Bonava AB, Class B		9,800		117,324
Castellum AB		30,000		609,018
Dios Fastigheter AB		19,400		166,409
Dometic Group AB(2)		18,000		164,212
Elekta AB, Class B		52,300		744,112
Epiroc AB, Class A		16,126		176,705
Epiroc AB, Class B		11,200		116,409
Essity AB, Class B		43,400		1,289,114
Fabege AB		29,200		450,619
Fingerprint Cards AB, Class B(1)		51,000		91,805
Granges AB		26,120		260,082
Hennes & Mauritz AB, Class B		47,400		826,423

Security	Shares		Value
Sweden (continued)
Hexagon AB, Class B		14,300	$	692,868
Hexpol AB		46,472		353,608
Holmen AB, Class B		17,600		371,612
Hufvudstaden AB, Class A		17,000		299,419
Husqvarna AB, Class B		34,170		302,570
Indutrade AB		3,149		89,218
JM AB		7,000		180,574
Karo Pharma AB(1)		29,600		116,702
Kungsleden AB		30,100		261,774
Lifco AB, Class B		2,000		102,183
Lundin Petroleum AB		27,181		854,941
Modern Times Group MTG AB, Class B(1)		15,300		141,662
Mycronic AB		4,200		64,541
NCC AB, Class B		4,080		65,108
NetEnt AB		26,464		78,515
Nibe Industrier AB, Class B		12,473		176,136
Nordic Entertainment Group AB, Class B		12,020		287,358
Nyfosa AB(1)		21,257		130,785
Pandox AB		5,668		103,338
Paradox Interactive AB		8,600		136,805
RaySearch Laboratories AB(1)		6,321		90,448
Recipharm AB, Class B		17,200		213,605
Saab AB, Class B		4,437		139,678
Sandvik AB		19,450		298,472
Scandic Hotels Group AB(2)		11,600		97,270
Securitas AB, Class B		12,200		188,933
Skandinaviska Enskilda Banken AB, Class A		70,950		667,075
Skanska AB, Class B		9,000		168,039
Svenska Cellulosa AB SCA, Class B		91,900		762,763
Svenska Handelsbanken AB, Class A		75,900		682,942
Swedbank AB, Class A		45,200		615,521
Swedish Match AB		14,280		544,840
Swedish Orphan Biovitrum AB(1)		24,700		476,773
Tele2 AB, Class B		46,720		667,600
Telefonaktiebolaget LM Ericsson, Class B		144,400		1,263,395
Telia Co. AB		216,000		960,908
Tethys Oil AB		12,500		105,396
Thule Group AB(2)		5,900		128,874
Trelleborg AB, Class B		7,200		99,145
Wallenstam AB, Class B		24,800		259,101
			$	20,379,265
Switzerland — 9.3%
Adecco Group AG		8,560	$	467,026
Alcon, Inc.(1)		7,200		416,949
Allreal Holding AG		3,190		557,189

16 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Switzerland (continued)
ALSO Holding AG		1,880	$	289,704
Ascom Holding AG		5,950		77,256
Baloise Holding AG		1,940		350,396
Banque Cantonale Vaudoise		292		217,164
Belimo Holding AG		38		223,810
BKW AG		2,892		187,207
Cembra Money Bank AG		2,620		252,506
Cie Financiere Richemont SA		53,300		4,567,450
Clariant AG		40,700		743,714
Comet Holding AG		2,450		226,191
Daetwyler Holding AG, Bearer Shares		950		146,434
DKSH Holding AG		3,500		176,743
dormakaba Holding AG		270		197,856
Emmi AG		330		274,567
Ems-Chemie Holding AG		1,209		755,599
Flughafen Zurich AG		1,375		251,097
Forbo Holding AG		412		642,640
Galenica AG(2)		1,668		85,837
Geberit AG		2,100		969,448
Georg Fischer AG		350		301,689
Givaudan SA		718		1,909,586
Helvetia Holding AG		1,860		236,820
Huber + Suhner AG		2,145		170,808
Inficon Holding AG		450		280,711
Interroll Holding AG		80		162,704
Intershop Holding AG		234		117,561
Julius Baer Group, Ltd.		10,210		436,300
Komax Holding AG		700		131,238
Kuehne & Nagel International AG		2,865		421,852
Landis+Gyr Group AG		4,400		355,573
LEM Holding SA		53		73,250
Mobimo Holding AG		1,468		391,849
Nestle SA		52,700		5,590,794
Novartis AG		29,400		2,695,945
Panalpina Welttransport Holding AG(1)		1,300		292,534
Pargesa Holding SA, Bearer Shares		3,800		285,211
Partners Group Holding AG		760		604,420
PSP Swiss Property AG		7,400		887,263
Roche Holding AG PC		8,200		2,194,854
Roche Holding AG, Bearer Shares		473		126,855
Schindler Holding AG		1,316		296,055
Schindler Holding AG PC		2,380		548,665
SFS Group AG		2,800		214,921
SGS SA		268		661,817
SIG Combibloc Group AG		42,100		512,912
Sika AG		11,700		1,689,177

Security	Shares		Value
Switzerland (continued)
Sonova Holding AG		920	$	211,560
Sulzer AG		1,800		181,378
Sunrise Communications Group AG(2)		4,740		350,575
Swiss Life Holding AG		1,150		555,725
Swiss Re AG		10,000		968,368
Swisscom AG		3,060		1,483,004
Tecan Group AG		371		94,259
Temenos AG		8,500		1,496,362
u-blox Holding AG		2,140		174,651
Valiant Holding AG		1,958		200,716
Valora Holding AG		2,140		589,649
Vontobel Holding AG		3,573		188,042
Zurich Insurance Group AG		4,240		1,474,806
			$	41,637,242
United Kingdom — 9.2%
3i Group PLC		15,400	$	207,515
Admiral Group PLC		5,900		155,159
Antofagasta PLC		17,000		191,808
Ascential PLC(2)		49,879		241,115
Assura PLC		285,800		223,985
AstraZeneca PLC		18,400		1,589,646
Auto Trader Group PLC(2)		54,500		357,770
Avast PLC(2)		45,000		183,774
Aveva Group PLC		5,829		281,601
Aviva PLC		42,900		210,623
B&M European Value Retail SA		40,600		182,237
Babcock International Group PLC		24,788		142,847
BAE Systems PLC		53,000		352,118
Barratt Developments PLC		24,895		194,361
Berkeley Group Holdings PLC		3,100		145,802
BHP Group PLC		39,200		934,666
Big Yellow Group PLC		13,089		157,175
BP PLC		300,800		1,990,317
British American Tobacco PLC		27,400		976,331
BT Group PLC		352,800		826,382
BTG PLC(1)		10,830		110,054
Bunzl PLC		6,100		158,994
Burberry Group PLC		9,210		253,954
Carnival PLC		4,600		207,640
Centrica PLC		413,134		380,325
Cineworld Group PLC		110,700		343,638
Cobham PLC(1)		77,000		154,182
Compass Group PLC		30,800		779,256
Computacenter PLC		8,800		163,230
ConvaTec Group PLC(2)		54,000		102,030

17 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United Kingdom (continued)
Croda International PLC		3,787	$	215,116
Daily Mail & General Trust PLC, Class A		24,002		230,542
Dechra Pharmaceuticals PLC		4,650		166,084
Derwent London PLC		9,240		327,313
Direct Line Insurance Group PLC		42,288		165,418
DS Smith PLC		57,100		246,279
Electrocomponents PLC		52,000		383,145
Elementis PLC		58,068		106,450
Equiniti Group PLC(2)		48,600		124,218
Essentra PLC		29,000		150,361
Euromoney Institutional Investor PLC		5,501		92,725
Experian PLC		12,304		373,170
F&C Commercial Property Trust, Ltd.		89,046		123,118
Ferguson PLC(1)		3,830		285,001
FirstGroup PLC(1)		104,625		145,627
Fresnillo PLC		19,500		140,743
GlaxoSmithKline PLC		73,400		1,517,980
Great Portland Estates PLC		23,683		190,238
Greene King PLC		13,600		103,265
Halma PLC		29,680		716,756
Hammerson PLC		79,700		206,697
Howden Joinery Group PLC		23,000		154,505
HSBC Holdings PLC		172,100		1,378,261
Imperial Brands PLC		19,400		492,373
Indivior PLC(1)		190,000		125,633
Informa PLC		54,100		572,797
Inmarsat PLC		40,064		278,528
Intertek Group PLC		3,900		269,975
Johnson Matthey PLC		5,200		202,758
Kingfisher PLC		66,000		178,192
Land Securities Group PLC		51,600		499,371
Legal & General Group PLC		64,000		202,963
Lloyds Banking Group PLC		774,100		500,753
London Stock Exchange Group PLC		3,660		293,941
LondonMetric Property PLC		90,700		223,746
Marks & Spencer Group PLC		46,700		117,377
Meggitt PLC		24,500		176,800
Merlin Entertainments PLC(2)		20,000		109,407
Micro Focus International PLC		26,000		547,666
Mondi PLC		16,140		351,623
National Grid PLC		209,040		2,142,506
NCC Group PLC		72,058		162,062
Next PLC		3,170		233,342
Pearson PLC		41,300		437,341
Persimmon PLC		7,100		173,230
Playtech PLC		28,800		154,602

Security	Shares		Value
United Kingdom (continued)
Primary Health Properties PLC		90,643	$	144,797
Provident Financial PLC		20,000		105,350
Reckitt Benckiser Group PLC		11,400		881,257
RELX PLC		29,880		708,703
Rentokil Initial PLC		39,000		206,053
Rightmove PLC		68,300		436,834
Rio Tinto PLC		21,100		1,191,548
Rolls-Royce Holdings PLC		29,300		306,253
Royal Bank of Scotland Group PLC		78,500		206,812
Royal Dutch Shell PLC, Class A		63,400		1,996,813
Royal Mail PLC		29,400		75,082
RSA Insurance Group PLC		15,500		105,421
Safestore Holdings PLC		19,133		145,196
Segro PLC		68,100		631,854
Severn Trent PLC		17,993		440,017
Shaftesbury PLC		18,300		174,931
Smith & Nephew PLC		11,900		269,402
Spectris PLC		11,100		341,913
Spirax-Sarco Engineering PLC		1,720		187,554
SSP Group PLC		21,800		186,471
St. James’s Place PLC		10,600		126,488
Standard Life Aberdeen PLC		48,718		176,702
TalkTalk Telecom Group PLC		127,917		163,473
Tate & Lyle PLC		32,900		301,317
Taylor Wimpey PLC		90,000		176,340
Travis Perkins PLC		9,000		148,996
Tritax Big Box REIT PLC		152,000		282,511
Unilever PLC		14,580		877,164
UNITE Group PLC (The)		18,800		235,757
United Utilities Group PLC		59,600		569,627
Victrex PLC		4,400		108,803
WH Smith PLC		5,897		151,668
Whitbread PLC		4,567		250,881
William Hill PLC		63,000		116,489
WM Morrison Supermarkets PLC		108,663		256,590
			$	40,873,600
Total Common Stocks (identified cost $427,162,525)			$	453,425,033
Rights(1) — 0.0%
Security	Shares		Value
BUWOG AG(4)		3,930	$	0
Total Rights (identified cost $0)			$	0

18 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Warrants(1) — 0.0%
Security	Shares		Value
Ezion Holdings, Ltd., Exp. 4/16/23, Strike SGD 0.2763(4)		135,600	$	0
Total Warrants (identified cost $0)			$	0
Short-Term Investments— 0.0%(5)
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.31%(6)		22,886	$	22,886
Total Short-Term Investments (identified cost $22,883)			$	22,886
Total Investments — 101.6% (identified cost $427,185,408)			$	453,447,919
Other Assets, Less Liabilities — (1.6)%			$	(7,273,069	)
Net Assets — 100.0%			$	446,174,850

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

⁽¹⁾  Non-income producing security.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2019, the aggregate value of these securities is $12,905,858 or 2.9% of the Fund’s net assets.

⁽³⁾  Securities are traded on separate exchanges for the same entity.

⁽⁴⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽⁵⁾  Amount is less than 0.05%.

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

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Euro		38.7	%	$	172,980,214
Japanese Yen		14.2			63,583,164
Swiss Franc		9.6			42,915,685
British Pound Sterling		9.5			42,189,175
Australian Dollar		9.1			40,690,913
Swedish Krona		4.7			20,993,300
Hong Kong Dollar		4.2			18,647,902
Norwegian Krone		2.3			10,339,519
Danish Krone		2.2			9,838,068
Singapore Dollar		2.1			9,391,767
United States Dollar		2.0			8,859,273
Israeli Shekel		1.9			8,290,652
New Zealand Dollar		1.1			4,728,287
Total Investments		101.6	%	$	453,447,919

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		11.1	%	$	49,503,658
Consumer Staples		11.1			49,304,880
Industrials		10.9			48,465,514
Health Care		9.9			44,302,056
Materials		9.6			42,882,399
Consumer Discretionary		9.5			42,519,166
Information Technology		9.2			41,004,768
Communication Services		8.9			39,636,880
Real Estate		8.4			37,565,202
Utilities		7.3			32,767,418
Energy		5.7			25,473,092
Short-Term Investments		0.0	*		22,886
Total Investments		101.6	%	$	453,447,919

* Amount is less than 0.05%

Abbreviations:

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

Currency Abbreviations:

SGD           – Singapore Dollar

19 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2019
Unaffiliated investments, at value (identified cost, $427,162,525)	$	453,425,033
Affiliated investment, at value (identified cost, $22,883)		22,886
Foreign currency, at value (identified cost, $104,780)		103,513
Dividends receivable		392,574
Dividends receivable from affiliated investment		7,444
Receivable for investments sold		5,295,465
Receivable for Fund shares sold		808,783
Tax reclaims receivable		773,115
Receivable from affiliates		32,960
Total assets	$	460,861,773
Liabilities
Demand note payable	$	3,700,000
Payable for investments purchased		10,418,771
Payable for Fund shares redeemed		287,912
Due to custodian		625
Payable to affiliates:
Investment adviser and administration fee		154,160
Distribution and service fees		19,135
Accrued expenses		106,320
Total liabilities	$	14,686,923
Net Assets	$	446,174,850
Sources of Net Assets
Paid-in capital	$	414,045,886
Distributable earnings		32,128,964
Total	$	446,174,850
Investor Class Shares
Net Assets	$	83,520,378
Shares Outstanding		6,357,216
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.14
Institutional Class Shares
Net Assets	$	264,976,173
Shares Outstanding		20,057,742
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.21
Class R Shares
Net Assets	$	2,950,492
Shares Outstanding		225,989
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.06
Class R6 Shares
Net Assets	$	94,727,807
Shares Outstanding		7,173,104
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.21

20 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2019
Dividends (net of foreign taxes, $923,305)	$	7,854,229
Dividends from affiliated investment		51,362
Total investment income	$	7,905,591
Expenses
Investment adviser and administration fee	$	744,149
Distribution and service fees
Investor Class		95,663
Class R		5,808
Trustees’ fees and expenses		11,068
Custodian fee		77,412
Transfer and dividend disbursing agent fees		96,732
Legal and accounting services		28,534
Printing and postage		17,395
Registration fees		50,422
Miscellaneous		25,900
Total expenses	$	1,153,083
Deduct —
Allocation of expenses to affiliates	$	133,437
Total expense reductions	$	133,437
Net expenses	$	1,019,646
Net investment income	$	6,885,945
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	706,582
Investment transactions — affiliated investment		1,677
Foreign currency transactions		(7,338	)
Net realized gain	$	700,921
Change in unrealized appreciation (depreciation) —
Investments	$	7,315,699
Investments — affiliated investment		3
Foreign currency		(38,428	)
Net change in unrealized appreciation (depreciation)	$	7,277,274
Net realized and unrealized gain	$	7,978,195
Net increase in net assets from operations	$	14,864,140

21 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
From operations —
Net investment income	$	6,885,945		$	6,287,100
Net realized gain		700,921			1,947,458
Net change in unrealized appreciation (depreciation)		7,277,274			(32,116,757	)
Net increase (decrease) in net assets from operations	$	14,864,140		$	(23,882,199	)
Distributions to shareholders —
Investor Class	$	—		$	(1,966,658	)
Institutional Class		—			(3,780,522	)
Class R		—			(44,240	)
Class R6		—			(2,734,087	)
Total distributions to shareholders	$	—		$	(8,525,507	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	28,015,783		$	43,303,796
Institutional Class		126,834,536			116,046,127
Class R		990,347			2,412,325
Class R6		19,273,056			26,275,473
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		—			1,705,158
Institutional Class		—			3,519,375
Class R		—			44,237
Class R6		—			2,734,087
Cost of shares redeemed
Investor Class		(12,700,734	)		(31,664,113	)
Institutional Class		(20,063,155	)		(42,712,163	)
Class R		(76,080	)		(1,510,692	)
Class R6		(20,437,327	)		(34,967,907	)
Net increase in net assets from Fund share transactions	$	121,836,426		$	85,185,703
Net increase in net assets	$	136,700,566		$	52,777,997
Net Assets
At beginning of period	$	309,474,284		$	256,696,287
At end of period	$	446,174,850		$	309,474,284

22 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Financial Highlights

	Investor Class
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.560		$	14.350		$	11.570		$	10.750		$	11.410		$	11.960
Income (Loss) From Operations
Net investment income(1)	$	0.233		$	0.301		$	0.272		$	0.198		$	0.217		$	0.355	(2)
Net realized and unrealized gain (loss)		0.347			(1.700	)		2.869			0.810			(0.607	)		(0.242	)
Total income (loss) from operations	$	0.580		$	(1.399	)	$	3.141		$	1.008		$	(0.390	)	$	0.113
Less Distributions
From net investment income	$	—		$	(0.211	)	$	(0.361	)	$	(0.178	)	$	(0.266	)	$	(0.251	)
From net realized gain		—			(0.180	)		—			(0.010	)		(0.004	)		(0.412	)
Total distributions	$	—		$	(0.391	)	$	(0.361	)	$	(0.188	)	$	(0.270	)	$	(0.663	)
Net asset value — End of period	$	13.140		$	12.560		$	14.350		$	11.570		$	10.750		$	11.410
Total Return(3)(4)		4.62	%(5)		(9.73	)%		27.29	%		9.55	%		(3.73	)%		1.01	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	83,520		$	65,056		$	59,858		$	34,386		$	12,069		$	8,503
Ratios (as a percentage of average daily net assets):
Expenses(4)(6)		0.75	%(7)		0.75	%		0.75	%		0.84	%		0.90	%		0.97	%
Net investment income		3.60	%(7)		2.27	%		2.06	%		1.75	%		1.86	%		2.83	%(2)
Portfolio Turnover		3	%(5)		30	%		36	%		22	%		34	%		63	%

⁽¹⁾  Computed using average shares outstanding.

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

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

⁽⁴⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.07%, 0.11%, 0.11%, 0.23%, 0.35% and 0.32% of average daily net assets for the six months ended July 31, 2019 and the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

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

⁽⁷⁾  Annualized.

23 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Financial Highlights — continued

	Institutional Class
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.610		$	14.410		$	11.610		$	10.770		$	11.430		$	11.990
Income (Loss) From Operations
Net investment income(1)	$	0.238		$	0.310		$	0.312		$	0.257		$	0.325		$	0.333	(2)
Net realized and unrealized gain (loss)		0.362			(1.689	)		2.874			0.788			(0.693	)		(0.184	)
Total income (loss) from operations	$	0.600		$	(1.379	)	$	3.186		$	1.045		$	(0.368	)	$	0.149
Less Distributions
From net investment income	$	—		$	(0.241	)	$	(0.386	)	$	(0.195	)	$	(0.288	)	$	(0.297	)
From net realized gain		—			(0.180	)		—			(0.010	)		(0.004	)		(0.412	)
Total distributions	$	—		$	(0.421	)	$	(0.386	)	$	(0.205	)	$	(0.292	)	$	(0.709	)
Net asset value — End of period	$	13.210		$	12.610		$	14.410		$	11.610		$	10.770		$	11.430
Total Return(3)(4)		4.76	%(5)		(9.53	)%		27.60	%		9.78	%		(3.37	)%		1.22	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	264,976		$	151,107		$	86,446		$	55,324		$	30,808		$	84,195
Ratios (as a percentage of average daily net assets):
Expenses(4)(6)		0.50	%(7)		0.50	%		0.50	%		0.60	%		0.65	%		0.72	%
Net investment income		3.65	%(7)		2.35	%		2.36	%		2.26	%		2.72	%		2.66	%(2)
Portfolio Turnover		3	%(5)		30	%		36	%		22	%		34	%		63	%

⁽¹⁾  Computed using average shares outstanding.

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

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

⁽⁴⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.07%, 0.11%, 0.11%, 0.24%, 0.35% and 0.32% of average daily net assets for the six months ended July 31, 2019 and the years ended January 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

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

⁽⁷⁾  Annualized.

24 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Financial Highlights — continued

	Class R
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,									Period Ended January 31,  2016(1)
				2019			2018			2017
Net asset value — Beginning of period	$	12.490		$	14.290		$	11.530		$	10.740		$	12.340
Income (Loss) From Operations
Net investment income(2)	$	0.205		$	0.231		$	0.259		$	0.064		$	0.044
Net realized and unrealized gain (loss)		0.365			(1.657	)		2.827			0.919			(1.384	)
Total income (loss) from operations	$	0.570		$	(1.426	)	$	3.086		$	0.983		$	(1.340	)
Less Distributions
From net investment income	$	—		$	(0.194	)	$	(0.326	)	$	(0.183	)	$	(0.256	)
From net realized gain		—			(0.180	)		—			(0.010	)		(0.004	)
Total distributions	$	—		$	(0.374	)	$	(0.326	)	$	(0.193	)	$	(0.260	)
Net asset value — End of period	$	13.060		$	12.490		$	14.290		$	11.530		$	10.740
Total Return(3)(4)		4.56	%(5)		(9.96	)%		26.90	%		9.22	%		(10.98	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,950		$	1,939		$	1,167		$	786		$	1
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.00	%(6)		1.00	%		1.00	%		1.04	%		1.15	%(6)
Net investment income		3.18	%(6)		1.77	%		1.98	%		0.56	%		0.82	%(6)
Portfolio Turnover		3	%(5)		30	%		36	%		22	%		34	%(7)

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

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.07%, 0.11%, 0.11%, 0.19% and 0.35% of average daily net assets for the six months ended July 31, 2019, the years ended January 31, 2019, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

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

25 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Financial Highlights — continued

	Class R6
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31,									Period Ended January 31,  2016(1)
				2019			2018			2017
Net asset value — Beginning of period	$	12.600		$	14.410		$	11.610		$	10.770		$	12.380
Income (Loss) From Operations
Net investment income(2)	$	0.250		$	0.363		$	0.319		$	0.267		$	0.059
Net realized and unrealized gain (loss)		0.360			(1.746	)		2.875			0.780			(1.374	)
Total income (loss) from operations	$	0.610		$	(1.383	)	$	3.194		$	1.047		$	(1.315	)
Less Distributions
From net investment income	$	—		$	(0.247	)	$	(0.394	)	$	(0.197	)	$	(0.291	)
From net realized gain		—			(0.180	)		—			(0.010	)		(0.004	)
Total distributions	$	—		$	(0.427	)	$	(0.394	)	$	(0.207	)	$	(0.295	)
Net asset value — End of period	$	13.210		$	12.600		$	14.410		$	11.610		$	10.770
Total Return(3)(4)		4.84	%(5)		(9.56	)%		27.67	%		9.79	%		(10.77	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	94,728		$	91,371		$	109,225		$	84,858		$	60,608
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.47	%(6)		0.47	%		0.47	%		0.58	%		0.62	%(6)
Net investment income		3.84	%(6)		2.72	%		2.42	%		2.34	%		1.10	%(6)
Portfolio Turnover		3	%(5)		30	%		36	%		22	%		34	%(7)

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

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.07%, 0.11%, 0.11%, 0.25% and 0.35% of average daily net assets for the six months ended July 31, 2019, the years ended January 31, 2019, 2018 and 2017 and the period ended January 31, 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

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

26 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2019

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

As of July 31, 2019, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

27

Parametric

International Equity Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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

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

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

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

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

2  Distributions to Shareholders and Income Tax Information

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

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

Aggregate cost	$	429,923,115
Gross unrealized appreciation	$	49,819,906
Gross unrealized depreciation		(26,295,102	)
Net unrealized appreciation	$	23,524,804

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreements between the Fund and EVM, the fee is computed at an annual rate of 0.40% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the six months ended July 31, 2019, the investment adviser and administration fee amounted to $744,149 or 0.40% (annualized) of the Fund’s average daily net assets. Pursuant to 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, 2019

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, 2020. Pursuant to this agreement, EVM and Parametric were allocated $133,437 in total of the Fund’s operating expenses for the six months ended July 31, 2019.

EVM 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, 2019, EVM earned $5,232 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class and Class R shares (see Note 4).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  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, 2019 amounted to $95,663 for Investor Class shares.

The Fund also has in effect a distribution plan for Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended July 31, 2019, the Fund paid or accrued to EVD $2,904 for Class R shares.

Pursuant to the Class R Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended July 31, 2019 amounted to $2,904 for Class R shares.

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

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $151,303,275 and $10,746,731, respectively, for the six months ended July 31, 2019.

6  Shares of Beneficial Interest

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

Investor Class	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		2,153,109			3,305,438
Issued to shareholders electing to receive payments of distributions in Fund shares		—			136,439
Redemptions		(976,924	)		(2,432,842	)
Net increase		1,176,185			1,009,035

29

Parametric

International Equity Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

Institutional Class	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		9,615,914			8,991,953
Issued to shareholders electing to receive payments of distributions in Fund shares		—			285,209
Redemptions		(1,540,549	)		(3,294,832	)
Net increase		8,075,365			5,982,330
Class R	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		76,662			189,290
Issued to shareholders electing to receive payments of distributions in Fund shares		—			3,620
Redemptions		(5,894	)		(119,318	)
Net increase		70,768			73,592
Class R6	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		1,467,656			2,048,683
Issued to shareholders electing to receive payments of distributions in Fund shares		—			219,111
Redemptions		(1,543,645	)		(2,600,467	)
Net decrease		(75,989	)		(332,673	)

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. At July 31, 2019, the Fund had a balance outstanding pursuant to this line of credit of $3,700,000 at an interest rate of 3.40%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at July 31, 2019. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 10) at July 31, 2019. The Fund’s average borrowings or allocated fees during the six months ended July 31, 2019 were not significant.

8  Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At July 31, 2019, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $625. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at July 31, 2019. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at July 31, 2019. The Fund’s average overdraft advances during the six months ended July 31, 2019 were not significant.

30

Parametric

International Equity Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

9  Risks Associated with Foreign Investments

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

10  Fair Value Measurements

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

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

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

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

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

At July 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	1,829,010	$	138,053,923		$	17,618	$	139,900,551
Developed Europe		5,245,364		298,229,464			—		303,474,828
Developed Middle East		1,759,002		8,290,652			—		10,049,654
Total Common Stocks	$	8,833,376	$	444,574,039	**	$	17,618	$	453,425,033
Rights	$	—	$	—		$	0	$	0
Warrants		—		—			0		0
Short-Term Investments		—		22,886			—		22,886
Total Investments	$	8,833,376	$	444,596,925		$	17,618	$	453,447,919

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended July 31, 2019 is not presented.

31

Parametric

International Equity Fund

July 31, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.

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

Information about Fees, Performance and Expenses

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

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

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

• Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser (where applicable) to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

• The Code of Ethics of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any;

32

Parametric

International Equity Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

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

Results of the Process

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

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of 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, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and

33

Parametric

International Equity Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

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 and administrative agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-year periods ended September 30, 2018. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

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, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Fund as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Fund and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

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

Profitability and “Fall-Out” Benefits

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

The Board 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.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

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

34

Parametric

International Equity Fund

July 31, 2019

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

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

35

Eaton Vance Funds

IMPORTANT NOTICES

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

36

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

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

7771    7.31.19

Parametric

Volatility Risk Premium -Defensive Fund

Semiannual Report

July 31, 2019

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

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

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

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

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

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

Semiannual Report July 31, 2019

Parametric

Volatility Risk Premium - Defensive Fund

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	21
Officers and Trustees	24
Important Notices	25

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Institutional Class at NAV		02/09/2017		02/09/2017		5.63	%		3.36	%		—			6.33	%
Cboe S&P 500 BuyWrite IndexSM		—		—		7.73	%		1.30	%		6.24	%		6.35	%
S&P 500® Index		—		—		11.32			7.99			11.33			13.12
ICE BofAML 3-Month U.S. Treasury Bill Index		—		—		1.23			2.34			0.91			1.66
Blended Index		—		—		6.31			5.56			6.19			7.48
% Total Annual Operating Expense Ratio3														Institutional Class
															0.52	%

See Endnotes and Additional Disclosures in this report.

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

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Fund Profile

Common Stock Sector Allocation (% of net assets)

Asset Allocation (% of total investments)

Top 10 Holdings (% of net assets)⁴

Microsoft Corp.	2.2	%
Apple, Inc.	1.9
Amazon.com, Inc.	1.6
Facebook, Inc., Class A	1.0
Berkshire Hathaway, Inc., Class B	0.9
JPMorgan Chase & Co.	0.9
Exxon Mobil Corp.	0.8
Johnson & Johnson	0.8
Visa, Inc., Class A	0.8
Procter & Gamble Co. (The)	0.7
Total	11.6	%

See Endnotes and Additional Disclosures in this report.

3

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Endnotes and Additional Disclosures

¹  Cboe S&P 500 BuyWrite Index^SM measures the performance of a hypothetical buy-write strategy on the S&P 500^® Index. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. ICE BofAML 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. ICE^® BofAML^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 50% S&P 500^® Index and 50% ICE BofAML 3-Month U.S. Treasury Bill Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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 since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

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

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

Fund profile subject to change due to active management.

4

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Fund Expenses

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

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

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

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

	Beginning Account Value (2/1/19)		Ending Account Value (7/31/19)		Expenses Paid During Period* (2/1/19 – 7/31/19)		Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	1,056.30	$	2.50		0.49	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,022.40	$	2.46		0.49	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2019.

5

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited)

Common Stocks — 49.4%
Security	Shares		Value
Aerospace & Defense — 1.3%
Arconic, Inc.		27,825	$	696,738
Boeing Co. (The)		7,198		2,455,814
Huntington Ingalls Industries, Inc.		3,331		760,467
L3Harris Technologies, Inc.		4,662		967,831
Lockheed Martin Corp.		3,626		1,313,229
United Technologies Corp.		13,602		1,817,227
			$	8,011,306
Air Freight & Logistics — 0.2%
C.H. Robinson Worldwide, Inc.		8,292	$	694,289
Expeditors International of Washington, Inc.		7,489		571,785
			$	1,266,074
Airlines — 0.1%
Alaska Air Group, Inc.		11,292	$	715,461
			$	715,461
Auto Components — 0.1%
BorgWarner, Inc.		15,856	$	599,357
			$	599,357
Automobiles — 0.1%
Harley-Davidson, Inc.		13,521	$	483,781
			$	483,781
Banks — 3.0%
Bank of America Corp.		134,563	$	4,128,393
Citigroup, Inc.		38,244		2,721,443
Fifth Third Bancorp		28,979		860,386
JPMorgan Chase & Co.		46,464		5,389,824
People’s United Financial, Inc.		50,106		822,740
U.S. Bancorp		29,537		1,688,040
Wells Fargo & Co.		43,947		2,127,474
Zions Bancorp NA		12,453		561,257
			$	18,299,557
Beverages — 0.9%
Brown-Forman Corp., Class B		3,960	$	217,048
Coca-Cola Co. (The)		56,561		2,976,805
PepsiCo, Inc.		20,206		2,582,529
			$	5,776,382

Security	Shares		Value
Biotechnology — 1.1%
AbbVie, Inc.		21,765	$	1,449,984
Amgen, Inc.		11,392		2,125,519
Celgene Corp.(1)		12,624		1,159,641
Gilead Sciences, Inc.		17,671		1,157,804
Nektar Therapeutics(1)		4,184		119,077
Vertex Pharmaceuticals, Inc.(1)		6,029		1,004,552
			$	7,016,577
Building Products — 0.2%
A.O. Smith Corp.		7,943	$	361,010
Allegion PLC		3,195		330,810
Fortune Brands Home & Security, Inc.		9,330		512,590
			$	1,204,410
Capital Markets — 1.4%
Affiliated Managers Group, Inc.		8,382	$	719,092
Cboe Global Markets, Inc.		7,980		872,294
E*TRADE Financial Corp.		17,582		857,826
Invesco Ltd.		46,313		888,746
Morgan Stanley		33,094		1,474,669
Nasdaq, Inc.		10,782		1,039,061
Raymond James Financial, Inc.		12,516		1,009,666
S&P Global, Inc.		6,528		1,599,033
			$	8,460,387
Chemicals — 1.1%
Albemarle Corp.		3,542	$	258,424
CF Industries Holdings, Inc.		6,810		337,504
Eastman Chemical Co.		10,763		810,992
Ecolab, Inc.		5,317		1,072,598
FMC Corp.		6,473		559,397
Linde PLC		10,130		1,937,666
Mosaic Co. (The)		20,859		525,438
Sherwin-Williams Co. (The)		2,262		1,160,497
			$	6,662,516
Commercial Services & Supplies — 0.1%
Republic Services, Inc.		8,359	$	741,025
Rollins, Inc.		4,681		156,954
			$	897,979
Communications Equipment — 0.7%
Cisco Systems, Inc.		64,819	$	3,590,972
F5 Networks, Inc.(1)		4,537		665,669
			$	4,256,641

6 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Construction & Engineering — 0.1%
Jacobs Engineering Group, Inc.		6,892	$	568,659
Quanta Services, Inc.		5,728		214,342
			$	783,001
Containers & Packaging — 0.3%
Amcor PLC(1)		29,758	$	315,435
Avery Dennison Corp.		3,979		457,068
Packaging Corp. of America		5,499		555,234
Sealed Air Corp.		8,112		339,000
			$	1,666,737
Distributors — 0.1%
LKQ Corp.(1)		15,734	$	423,717
			$	423,717
Diversified Consumer Services — 0.1%
H&R Block, Inc.		12,574	$	348,174
			$	348,174
Diversified Financial Services — 1.1%
Berkshire Hathaway, Inc., Class B(1)		27,299	$	5,608,034
Jefferies Financial Group, Inc.		44,455		948,225
			$	6,556,259
Diversified Telecommunication Services — 1.1%
AT&T, Inc.		96,094	$	3,272,001
Verizon Communications, Inc.		57,679		3,187,918
			$	6,459,919
Electric Utilities — 0.9%
Alliant Energy Corp.		15,493	$	767,523
Entergy Corp.		9,151		966,528
Exelon Corp.		24,228		1,091,714
NextEra Energy, Inc.		9,047		1,874,267
Pinnacle West Capital Corp.		6,941		633,158
			$	5,333,190
Electrical Equipment — 0.2%
Eaton Corp. PLC		13,499	$	1,109,483
			$	1,109,483
Electronic Equipment, Instruments & Components — 0.3%
FLIR Systems, Inc.		9,058	$	449,821
IPG Photonics Corp.(1)		2,428		318,092

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
TE Connectivity, Ltd.		12,825	$	1,185,030
			$	1,952,943
Energy Equipment & Services — 0.3%
Helmerich & Payne, Inc.		7,181	$	356,752
National Oilwell Varco, Inc.		25,507		607,577
TechnipFMC PLC		29,800		820,692
			$	1,785,021
Entertainment — 1.0%
Netflix, Inc.(1)		6,361	$	2,054,539
Walt Disney Co. (The)		26,690		3,816,937
			$	5,871,476
Equity Real Estate Investment Trusts (REITs) — 1.4%
Alexandria Real Estate Equities, Inc.		7,043	$	1,030,813
American Tower Corp.		8,555		1,810,409
Apartment Investment & Management Co., Class A		18,044		893,900
Duke Realty Corp.		24,299		809,886
Essex Property Trust, Inc.		2,799		845,914
Extra Space Storage, Inc.		6,118		687,602
Iron Mountain, Inc.		4,947		145,491
Kimco Realty Corp.		21,942		421,506
Public Storage		3,614		877,335
SL Green Realty Corp.		2,459		199,376
UDR, Inc.		18,410		847,964
			$	8,570,196
Food & Staples Retailing — 0.7%
Costco Wholesale Corp.		6,845	$	1,886,687
Kroger Co. (The)		18,737		396,475
Walmart, Inc.		20,837		2,299,988
			$	4,583,150
Food Products — 0.6%
Campbell Soup Co.		8,871	$	366,727
Conagra Brands, Inc.		18,754		541,428
Hormel Foods Corp.		19,852		813,733
JM Smucker Co. (The)		4,974		553,059
Kraft Heinz Co. (The)		20,084		642,889
McCormick & Co., Inc.		4,716		747,675
			$	3,665,511
Health Care Equipment & Supplies — 1.6%
Abbott Laboratories		31,494	$	2,743,127
Boston Scientific Corp.(1)		30,856		1,310,145

7 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Cooper Cos., Inc. (The)		2,087	$	704,154
Dentsply Sirona, Inc.		8,384		456,509
IDEXX Laboratories, Inc.(1)		2,580		727,689
Intuitive Surgical, Inc.(1)		1,937		1,006,291
Medtronic PLC		24,136		2,460,424
Teleflex, Inc.		1,069		363,182
			$	9,771,521
Health Care Providers & Services — 1.4%
Cardinal Health, Inc.		14,182	$	648,543
Cigna Corp.(1)		8,996		1,528,600
CVS Health Corp.		19,177		1,071,419
DaVita, Inc.(1)		9,953		595,687
Henry Schein, Inc.(1)		9,155		609,174
UnitedHealth Group, Inc.		14,705		3,661,692
WellCare Health Plans, Inc.(1)		2,000		574,500
			$	8,689,615
Hotels, Restaurants & Leisure — 0.8%
McDonald’s Corp.		12,120	$	2,553,926
Royal Caribbean Cruises, Ltd.		6,249		727,009
Starbucks Corp.		18,680		1,768,809
			$	5,049,744
Household Durables — 0.3%
Garmin, Ltd.		2,621	$	205,984
Leggett & Platt, Inc.		3,079		123,068
Mohawk Industries, Inc.(1)		2,742		341,900
Newell Brands, Inc.		28,688		407,083
PulteGroup, Inc.		15,071		474,887
Whirlpool Corp.		1,073		156,100
			$	1,709,022
Household Products — 0.8%
Clorox Co. (The)		4,039	$	656,741
Procter & Gamble Co. (The)		37,710		4,451,289
			$	5,108,030
Industrial Conglomerates — 0.6%
3M Co.		2,991	$	522,588
General Electric Co.		122,047		1,275,391
Honeywell International, Inc.		12,631		2,178,342
			$	3,976,321
Insurance — 1.1%
Aflac, Inc.		18,731	$	986,000
Arthur J. Gallagher & Co.		11,912		1,077,202

Security	Shares		Value
Insurance (continued)
Assurant, Inc.		3,144	$	356,404
Everest Re Group, Ltd.		2,316		571,218
Hartford Financial Services Group, Inc.		19,607		1,129,952
Progressive Corp. (The)		16,508		1,336,818
Torchmark Corp.		10,800		986,256
Unum Group		9,173		293,077
			$	6,736,927
Interactive Media & Services — 2.4%
Alphabet, Inc., Class A(1)		3,433	$	4,182,081
Alphabet, Inc., Class C(1)		3,492		4,248,646
Facebook, Inc., Class A(1)		31,351		6,089,305
TripAdvisor, Inc.(1)		3,538		156,203
			$	14,676,235
Internet & Direct Marketing Retail — 1.9%
Amazon.com, Inc.(1)		5,379	$	10,041,410
Booking Holdings, Inc.(1)		727		1,371,565
			$	11,412,975
IT Services — 2.8%
Accenture PLC, Class A		11,019	$	2,122,039
Global Payments, Inc.		5,044		846,988
International Business Machines Corp.		14,351		2,127,392
Mastercard, Inc., Class A		13,925		3,791,360
PayPal Holdings, Inc.(1)		18,774		2,072,650
VeriSign, Inc.(1)		3,803		802,775
Visa, Inc., Class A		26,264		4,674,992
Western Union Co. (The)		24,232		508,872
			$	16,947,068
Life Sciences Tools & Services — 0.4%
PerkinElmer, Inc.		4,867	$	419,146
Thermo Fisher Scientific, Inc.		7,384		2,050,389
			$	2,469,535
Machinery — 0.5%
Flowserve Corp.		6,338	$	317,090
PACCAR, Inc.		13,853		971,650
Pentair PLC		14,053		545,397
Stanley Black & Decker, Inc.		6,382		941,919
Wabtec Corp.		5,757		447,204
			$	3,223,260
Media — 0.7%
Comcast Corp., Class A		61,759	$	2,666,136
Discovery, Inc., Class A(1)		6,335		192,014

8 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Media (continued)
Discovery, Inc., Class C(1)		8,661	$	244,587
DISH Network Corp., Class A(1)		7,168		242,708
Fox Corp., Class B(1)		4,170		155,124
Interpublic Group of Cos., Inc. (The)		8,192		187,761
News Corp., Class A		13,407		176,436
News Corp., Class B		8,717		117,331
			$	3,982,097
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.		37,032	$	409,574
			$	409,574
Multi-Utilities — 0.7%
Centerpoint Energy, Inc.		17,448	$	506,166
CMS Energy Corp.		17,481		1,017,744
Dominion Energy, Inc.		16,644		1,236,483
NiSource, Inc.		20,591		611,347
WEC Energy Group, Inc.		11,345		969,544
			$	4,341,284
Multiline Retail — 0.1%
Dollar Tree, Inc.(1)		6,234	$	634,309
Kohl’s Corp.		3,301		177,792
			$	812,101
Oil, Gas & Consumable Fuels — 2.1%
Apache Corp.		25,929	$	633,186
Cabot Oil & Gas Corp.		21,553		412,955
Chevron Corp.		29,791		3,667,570
Devon Energy Corp.		27,061		730,647
Exxon Mobil Corp.		63,830		4,746,399
Hess Corp.		11,659		755,970
HollyFrontier Corp.		9,414		468,535
Marathon Oil Corp.		12,197		171,612
ONEOK, Inc.		16,167		1,132,983
			$	12,719,857
Personal Products — 0.0%(2)
Coty, Inc., Class A		22,650	$	247,111
			$	247,111
Pharmaceuticals — 2.2%
Bristol-Myers Squibb Co.		6,367	$	282,758
Eli Lilly & Co.		12,143		1,322,980
Johnson & Johnson		36,201		4,714,094
Merck & Co., Inc.		35,726		2,964,901

Security	Shares		Value
Pharmaceuticals (continued)
Mylan N.V.(1)		24,924	$	520,912
Perrigo Co. PLC		6,647		359,005
Pfizer, Inc.		87,298		3,390,654
			$	13,555,304
Professional Services — 0.2%
Equifax, Inc.		2,588	$	359,965
Robert Half International, Inc.		3,918		236,686
Verisk Analytics, Inc.		5,648		856,915
			$	1,453,566
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(1)		10,710	$	567,737
			$	567,737
Road & Rail — 0.5%
J.B. Hunt Transport Services, Inc.		4,023	$	411,835
Kansas City Southern		3,414		422,448
Union Pacific Corp.		12,332		2,219,143
			$	3,053,426
Semiconductors & Semiconductor Equipment — 1.8%
Broadcom, Inc.		6,007	$	1,741,970
Intel Corp.		56,156		2,838,686
KLA Corp.		8,434		1,149,723
NVIDIA Corp.		9,384		1,583,268
Qorvo, Inc.(1)		7,831		573,934
QUALCOMM, Inc.		15,073		1,102,741
Texas Instruments, Inc.		18,497		2,312,310
			$	11,302,632
Software — 3.5%
Adobe, Inc.(1)		8,277	$	2,473,664
Intuit, Inc.		4,597		1,274,794
Microsoft Corp.		98,567		13,431,725
Oracle Corp.		35,863		2,019,087
salesforce.com, Inc.(1)		12,485		1,928,933
			$	21,128,203
Specialty Retail — 1.2%
CarMax, Inc.(1)		7,873	$	690,935
Home Depot, Inc. (The)		17,224		3,680,597
L Brands, Inc.		13,896		360,601
Lowe’s Cos., Inc.		11,001		1,115,501
Ross Stores, Inc.		11,737		1,244,474
			$	7,092,108

9 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 2.0%
Apple, Inc.		55,198	$	11,759,382
NetApp, Inc.		2,704		158,157
Western Digital Corp.		5,965		321,454
Xerox Corp.		9,277		297,791
			$	12,536,784
Textiles, Apparel & Luxury Goods — 0.4%
Hanesbrands, Inc.		18,023	$	289,990
NIKE, Inc., Class B		18,784		1,615,987
Ralph Lauren Corp.		1,633		170,208
Tapestry, Inc.		10,153		314,032
Under Armour, Inc., Class A(1)		7,697		177,570
Under Armour, Inc., Class C(1)		6,050		123,057
			$	2,690,844
Tobacco — 0.4%
Altria Group, Inc.		13,624	$	641,282
Philip Morris International, Inc.		23,045		1,926,792
			$	2,568,074
Trading Companies & Distributors — 0.2%
Fastenal Co.		9,722	$	299,438
United Rentals, Inc.(1)		3,088		390,786
W.W. Grainger, Inc.		1,219		354,766
			$	1,044,990
Water Utilities — 0.1%
American Water Works Co., Inc.		5,263	$	604,087
			$	604,087
Total Common Stocks (identified cost $258,447,355)			$	302,639,237
Short-Term Investments — 50.5%
U.S. Treasury Obligations — 49.3%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bills:
0.00%, 9/19/19(3)	$	25,500	$	25,432,434
0.00%, 4/23/20(3)		23,500		23,160,218
0.00%, 6/18/20		28,890		28,386,842
0.00%, 7/16/20		44,549		43,710,628
			$	120,690,122

Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Notes:
1.25%, 8/31/19(3)	$	25,000	$	24,981,256
0.875%, 9/15/19(3)		30,550		30,503,436
1.00%, 10/15/19		23,860		23,806,408
1.00%, 11/30/19		28,000		27,892,266
1.375%, 12/15/19		23,700		23,638,899
1.25%, 1/31/20		23,990		23,886,449
1.50%, 6/15/20		26,288		26,159,839
			$	180,868,553
Total U.S. Treasury Obligations (identified cost $301,359,297)			$	301,558,675
Other — 1.2%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 2.31%(4)		7,426,614	$	7,426,614
Total Other (identified cost $7,426,501)			$	7,426,614
Total Short-Term Investments (identified cost $308,785,798)			$	308,985,289
Total Investments — 99.9% (identified cost $567,233,153)			$	611,624,526
Total Written Options — (0.3)% (premiums received $2,197,128)			$	(1,760,023	)
Other Assets, Less Liabilities — 0.4%			$	2,274,593
Net Assets — 100.0%			$	612,139,096

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

⁽¹⁾  Non-income producing security.

⁽²⁾  Amount is less than 0.05%.

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

⁽⁴⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2019.

10 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Portfolio of Investments (Unaudited) — continued

Written Call Options — (0.1)%
Exchange-Traded Options — (0.1)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
S&P 500 Index		75	$	22,352,850	$	3,055	8/2/19	$	(1,312	)
S&P 500 Index		91		27,121,458		3,045	8/5/19		(5,915	)
S&P 500 Index		82		24,439,116		3,055	8/7/19		(5,535	)
S&P 500 Index		82		24,439,116		3,070	8/9/19		(4,305	)
S&P 500 Index		82		24,439,116		3,075	8/12/19		(4,510	)
S&P 500 Index		81		24,141,078		3,055	8/14/19		(22,883	)
S&P 500 Index		84		25,035,192		3,045	8/16/19		(48,300	)
S&P 500 Index		82		24,439,116		3,050	8/19/19		(44,280	)
S&P 500 Index		90		26,823,420		3,070	8/21/19		(28,800	)
S&P 500 Index		90		26,823,420		3,085	8/23/19		(21,150	)
S&P 500 Index		83		24,737,154		3,080	8/26/19		(27,390	)
S&P 500 Index		87		25,929,306		3,050	8/28/19		(94,395	)
Total								$	(308,775	)
Written Put Options — (0.2)%
Exchange-Traded Options — (0.2)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date	Value
S&P 500 Index		87	$	25,929,306	$	2,900	8/2/19	$	(27,623	)
S&P 500 Index		88		26,227,344		2,875	8/5/19		(26,180	)
S&P 500 Index		88		26,227,344		2,900	8/7/19		(59,840	)
S&P 500 Index		88		26,227,344		2,915	8/9/19		(100,320	)
S&P 500 Index		88		26,227,344		2,920	8/12/19		(118,360	)
S&P 500 Index		84		25,035,192		2,900	8/14/19		(101,640	)
S&P 500 Index		88		26,227,344		2,890	8/16/19		(113,960	)
S&P 500 Index		88		26,227,344		2,890	8/19/19		(118,800	)
S&P 500 Index		90		26,823,420		2,920	8/21/19		(189,450	)
S&P 500 Index		88		26,227,344		2,935	8/23/19		(230,560	)
S&P 500 Index		90		26,823,420		2,920	8/26/19		(208,350	)
S&P 500 Index		87		25,929,306		2,870	8/28/19		(156,165	)
Total								$	(1,451,248	)

11 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2019
Unaffiliated investments, at value (identified cost, $559,806,652)	$	604,197,912
Affiliated investment, at value (identified cost, $7,426,501)		7,426,614
Dividends receivable		253,062
Interest receivable		442,880
Dividends receivable from affiliated investment		15,211
Receivable for premiums on written options		201,666
Receivable for Fund shares sold		3,183,455
Total assets	$	615,720,800
Liabilities
Written options outstanding, at value (premiums received, $2,197,128)	$	1,760,023
Payable for investments purchased		998,315
Payable for closed written options		3,521
Payable for Fund shares redeemed		490,901
Payable to affiliate:
Investment adviser and administration fee		203,402
Accrued expenses		125,542
Total liabilities	$	3,581,704
Net Assets	$	612,139,096
Sources of Net Assets
Paid-in capital	$	578,386,175
Distributable earnings		33,752,921
Total	$	612,139,096
Institutional Class Shares
Net Assets	$	612,139,096
Shares Outstanding		53,490,192
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.44

12 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2019
Dividends (net of foreign taxes, $232)	$	2,647,243
Dividends from affiliated investment		142,296
Interest		3,033,799
Total investment income	$	5,823,338
Expenses
Investment adviser and administration fee	$	1,039,007
Trustees’ fees and expenses		14,610
Custodian fee		71,895
Transfer and dividend disbursing agent fees		74,230
Legal and accounting services		31,219
Printing and postage		5,614
Registration fees		32,730
Miscellaneous		14,568
Total expenses	$	1,283,873
Net investment income	$	4,539,465
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(2,661,247	)
Investment transactions — affiliated investment		(1,317	)
Written options		(1,485,084	)
Net realized loss	$	(4,147,648	)
Change in unrealized appreciation (depreciation) —
Investments	$	26,264,765
Investments — affiliated investment		113
Written options		1,095,982
Net change in unrealized appreciation (depreciation)	$	27,360,860
Net realized and unrealized gain	$	23,213,212
Net increase in net assets from operations	$	27,752,677

13 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
From operations —
Net investment income	$	4,539,465		$	4,861,934
Net realized loss		(4,147,648	)		(7,520,862	)
Net change in unrealized appreciation (depreciation)		27,360,860			3,037,018
Net increase in net assets from operations	$	27,752,677		$	378,090
Distributions to shareholders	$	—		$	(4,589,694	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	164,261,855		$	362,151,763
Net asset value of shares issued to shareholders in payment of distributions declared		—			3,283,866
Cost of shares redeemed		(19,533,816	)		(116,156,718	)
Net increase in net assets from Fund share transactions	$	144,728,039		$	249,278,911
Net increase in net assets	$	172,480,716		$	245,067,307
Net Assets
At beginning of period	$	439,658,380		$	194,591,073
At end of period	$	612,139,096		$	439,658,380

14 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Financial Highlights

	Institutional Class
	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019			Period Ended January 31, 2018(1)
Net asset value — Beginning of period	$	10.830		$	11.020		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.097		$	0.165		$	0.104
Net realized and unrealized gain (loss)		0.513			(0.226	)		0.974
Total income (loss) from operations	$	0.610		$	(0.061	)	$	1.078
Less Distributions
From net investment income	$	—		$	(0.129	)	$	(0.058	)
Total distributions	$	—		$	(0.129	)	$	(0.058	)
Net asset value — End of period	$	11.440		$	10.830		$	11.020
Total Return(3)		5.63	%(4)		(0.55	)%		10.79	%(4)(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	612,139		$	439,658		$	194,591
Ratios (as a percentage of average daily net assets):
Expenses		0.49	%(6)		0.52	%		0.55	%(5)(6)
Net investment income		1.74	%(6)		1.50	%		1.00	%(6)
Portfolio Turnover		12	%(4)		55	%		26	%(4)

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

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  Not annualized.

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

⁽⁶⁾  Annualized.

15 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

As of July 31, 2019, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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.

16

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

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

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

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

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

2  Distributions to Shareholders and Income Tax Information

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

At January 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $11,992,674 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at January 31, 2019, $10,423,109 are short-term and $1,569,565 are long-term.

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

Aggregate cost	$	565,168,190
Gross unrealized appreciation	$	46,292,576
Gross unrealized depreciation		(1,596,263	)
Net unrealized appreciation	$	44,696,313

17

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.40% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. For the six months ended July 31, 2019, the investment adviser and administration fee amounted to $1,039,007 or 0.40% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a majority-owned subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Prior to June 1, 2019, EVM and Parametric had agreed to reimburse the Fund’s expenses to the extent that total annual Fund operating expenses (relating to ordinary operating expenses only) exceeded 0.55% of the Fund’s average daily net assets. Pursuant to this agreement, EVM and Parametric reimbursed no operating expenses for the six months ended July 31, 2019.

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, 2019, EVM earned $31,986 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $88,208,983 and $32,527,847, respectively, for the six months ended July 31, 2019.

5  Shares of Beneficial Interest

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

Institutional Class	Six Months Ended July 31, 2019 (Unaudited)			Year Ended January 31, 2019
Sales		14,639,932			33,112,331
Issued to shareholders electing to receive payments of distributions in Fund shares		—			303,219
Redemptions		(1,735,159	)		(10,481,974	)
Net increase		12,904,773			22,933,576

6  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at July 31, 2019 is included in the Portfolio of Investments. At July 31, 2019, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

18

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at July 31, 2019 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative(1)
Written options	$	—	$	(1,760,023	)

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended July 31, 2019 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Written options	$	(1,485,084	)	$	(1,095,982	)

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

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

The average number of written options contracts outstanding during the six months ended July 31, 2019, which is indicative of the volume of this derivative type, was 1,890 contracts.

7  Line of Credit

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

8  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

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Notes to Financial Statements (Unaudited) — continued

At July 31, 2019, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	302,639,237	*	$	—	$	—	$	302,639,237
Short-Term Investments —
U.S. Treasury Obligations		—			301,558,675		—		301,558,675
Other		—			7,426,614		—		7,426,614
Total Investments	$	302,639,237		$	308,985,289	$	—	$	611,624,526
Liability Description
Written Call Options	$	(308,775	)	$	—	$	—	$	(308,775	)
Written Put Options		(1,451,248	)		—		—		(1,451,248	)
Total	$	(1,760,023	)	$	—	$	—	$	(1,760,023	)

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

20

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory and sub-advisory agreements.

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

Information about Fees, Performance and Expenses

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

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

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

• Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

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

• Information about the policies and practices of each fund’s adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (where applicable and in the context of a sub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser (where applicable) to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

• The Code of Ethics of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser (where applicable) of each fund, if any;

21

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

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

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

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

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Parametric Volatility Risk Premium – Defensive Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of 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, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

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

22

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Board of Trustees’ Contract Approval — continued

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 and administrative agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices. In light of the Fund’s relatively brief operating history, the Board concluded that additional time is required to evaluate Fund performance.

Management Fees and Expenses

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, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

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

Profitability and “Fall-Out” Benefits

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

The Board 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.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

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

23

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2019

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

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

24

Eaton Vance Funds

IMPORTANT NOTICES

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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

25

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

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

24692    7.31.19

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.    

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this 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 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 25, 2019

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	September 25, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 25, 2019

EX-99.CERT

EATON VANCE MUTUAL FUNDS TRUST

FORM N-CSR

Exhibit 13(a)(2)(i)

CERTIFICATION

I, James F. Kirchner, certify that:

1.    I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds Trust;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.     The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 25, 2019	/s/ James F. Kirchner
	James F. Kirchner Treasurer

EATON VANCE MUTUAL FUNDS TRUST

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, Payson F. Swaffield, certify that:

1.    I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds Trust;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 25, 2019	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President

EX-99.906CERT

Form N-CSR Item 13(b) Exhibit

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Mutual Funds Trust (the “Trust”) that:

(a) The Semi-Annual Report of the Trust on Form N-CSR for the period ended July 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) The information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Trust for such period.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

Eaton Vance Mutual Funds Trust

Date: September 25, 2019

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: September 25, 2019

/s/ Payson F. Swaffield

Payson F. Swaffield

President