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

January 31, 2016

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric Global

Small-Cap Fund

Annual Report

January 31, 2016

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

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

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

Annual Report January 31, 2016

Parametric Global Small-Cap Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	29
Federal Tax Information	30
Management and Organization	31
Important Notices	34

Parametric Global Small-Cap Fund

January 31, 2016

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

During the 12-month period ended January 31, 2016, the major influences on world equity markets could be summed up in four words: China, commodities, the U.S. Federal Reserve (the Fed) and the dollar. China replaced Greece as many investors’ biggest country-level concern during the period, as slowing growth in the world’s second-largest economy weighed heavily on other emerging economies dependent on Chinese commodity purchases, as well as on multinational firms doing business in emerging markets. Falling prices for oil and other commodities, driven by both increased supply and slowing global demand, were a boon to consumers, but impacted the stock prices of many energy firms and the economies of oil-exporting nations. The Fed kept investors in suspense until December 2015 about when it would finally raise interest rates, while most other central banks were lowering rates. A strengthening U.S. dollar during the period, especially against the euro, posed a headwind for U.S. companies competing in global markets. In addition, it hurt results for American investors converting overseas returns into U.S. dollars.

The final month of the period was particularly challenging for investors, with oil plummeting to its lowest price in more than a decade, Chinese stocks dropping dramatically and U.S. equities experiencing what was widely reported as their worst-ever start to a new year.

All of these factors combined to produce significant volatility in global equities during the 12-month period. As a consequence, nearly every major market index recorded negative returns for the period. With a small loss of 0.67%, the S&P 500 Index,² a measure of the broad U.S. equity market, turned out to be one of the better-performing major indices. The MSCI World Index, a proxy for global equities, declined 5.08% for the period, while the MSCI EAFE Index of developed-market international stocks lost 8.43%. Emerging markets were notable laggards during the period, with the MSCI Emerging Markets Index down 20.91% for the 12 months.

Fund Performance

For the 12-month period ended January 31, 2016, Parametric Global Small-Cap Fund (the Fund) had a total return of –2.84% for Institutional Class shares at net asset value (NAV), outperforming the Fund’s benchmark, the S&P Global

SmallCap Index (the Index), which returned –7.30% for the same period.

The Fund focuses on diversification⁶ at the country, sector and security levels. The portfolio is built in a top-down fashion, using target weights that emphasize country and sector-level diversification, while taking into consideration the implementation difficulties of equal-weighting countries or sectors of different sizes.

For the 12-month period, the largest factor contributing to the Fund’s performance relative to the Index was the Fund’s emphasis on U.S. stocks that were selected with the objective of minimizing portfolio risk and emphasizing broad diversification. This factor alone accounted for well over half of the Fund’s relative outperformance. The Fund’s overweight position versus the Index in South Korea also helped boost Fund performance versus the Index, as South Korea’s export-led economy benefited from its close trading ties to China during the period. Other relative performance contributors included the Fund’s emphasis on risk-minimizing stocks in Japan and Canada.

Factors detracting from the Fund’s performance relative to the Index included the Fund’s overweight position versus the Index in Brazil. For the 12-month period, Brazilian equities were down more than 40% amid the country’s continuing political turmoil and deteriorating conditions within its commodity-focused economy. In addition, the Fund’s emphasis on securities selected with the objective of minimizing risk in China further detracted from relative Fund performance.

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 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 Global Small-Cap Fund

January 31, 2016

Performance^2,3

Portfolio Managers Thomas Seto and Paul Bouchey, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Institutional Class at NAV		12/20/2012		12/20/2012		–2.84	%		—			4.87	%
S&P Global SmallCap Index		—		—		–7.30	%		4.49	%		5.66	%
% Total Annual Operating Expense Ratios4											Institutional Class
Gross												3.33	%
Net												0.85

Growth of $50,000

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

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and prin-cipal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current perfor-mance 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.

3

Parametric Global Small-Cap Fund

January 31, 2016

Fund Profile

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Hubbell, Inc.	0.8%
STERIS PLC	0.6
Kirby Corp.	0.5
Six Flags Entertainment Corp.	0.5
Murphy USA, Inc.	0.5
Heartland Payment Systems, Inc.	0.5
PulteGroup, Inc.	0.4
PerkinElmer, Inc.	0.4
DUET Group	0.4
Helen of Troy, Ltd.	0.4
Total	5.0%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

4

Parametric Global Small-Cap Fund

January 31, 2016

Endnotes and Additional Disclosures

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

²  S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. 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. S&P Global SmallCap Index is an unmanaged index of global small-cap stocks. Effective May 29, 2015, the Fund changed its primary benchmark to the S&P Global SmallCap Index because the Russell Global 2000^® Index terminated. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

⁴  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/16. Without the reimbursement, if applicable, performance would have been lower.

⁵  Excludes cash and cash equivalents.

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

Fund profile subject to change due to active management.

5

Parametric Global Small-Cap Fund

January 31, 2016

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2015 – January 31, 2016).

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

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

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

	Beginning Account Value (8/1/15)		Ending Account Value (1/31/16)		Expenses Paid During Period* (8/1/15 – 1/31/16)			Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	910.10	$	4.09	**		0.85	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,020.90	$	4.33	**		0.85	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2015.

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

6

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments

Common Stocks — 99.1%
Security	Shares		Value
Australia — 3.6%
Aconex, Ltd.(1)		2,347	$	8,311
Adelaide Brighton, Ltd.		970		3,277
Alumina, Ltd.		3,204		2,398
Ansell, Ltd.		486		6,985
AWE, Ltd.(1)		3,708		1,385
Beach Energy, Ltd.		4,500		1,224
Challenger, Ltd.		919		5,230
CSG, Ltd.		4,974		6,142
Drillsearch Energy, Ltd.(1)		6,991		2,470
DUET Group		14,436		23,757
DuluxGroup, Ltd.		752		3,485
GrainCorp, Ltd., Class A		840		5,123
Greencross, Ltd.		371		1,904
Healthscope, Ltd.		5,431		8,585
Investa Office Fund		2,551		7,135
IOOF Holdings, Ltd.		535		3,140
IRESS, Ltd.		881		6,067
JB Hi-Fi, Ltd.		315		5,281
M2 Group, Ltd.		1,436		12,960
Macquarie Atlas Roads Group		1,021		3,126
New Hope Corp., Ltd.		3,189		3,760
NEXTDC, Ltd.(1)		2,526		4,506
Orora, Ltd.		1,851		2,890
Primary Health Care, Ltd.		1,699		2,994
Recall Holdings, Ltd.		740		3,477
Reece, Ltd.		125		2,861
Regis Resources, Ltd.		5,382		9,025
Select Harvests, Ltd.		642		2,447
Sims Metal Management, Ltd.		311		1,517
Spotless Group Holdings, Ltd.		3,690		2,757
Star Entertainment Group, Ltd. (The)		2,682		10,352
Tabcorp Holdings, Ltd.		1,469		4,829
Tassal Group, Ltd.		1,158		3,969
TPG Telecom, Ltd.		819		5,901
Transpacific Industries Group, Ltd.		4,376		2,299
Treasury Wine Estates, Ltd.		1,877		12,217
Veda Group, Ltd.		2,979		5,961
Whitehaven Coal, Ltd.(1)		2,505		745
WorleyParsons, Ltd.		1,970		4,833
			$	205,325
Austria — 0.4%
AMAG Austria Metall AG(2)		72	$	2,300
Conwert Immobilien Invest SE(1)		261		3,691

Security	Shares		Value
Austria (continued)
DO & Co. AG		59	$	5,891
Kapsch TrafficCom AG		97		3,421
RHI AG		317		5,957
Schoeller-Bleckmann Oilfield Equipment AG		67		3,497
			$	24,757
Belgium — 0.9%
Agfa-Gevaert NV(1)		823	$	3,512
Barco NV		38		2,386
Befimmo SCA Sicafi		28		1,606
Cie d’Entreprises CFE		56		5,738
Cofinimmo		20		2,178
D’Ieteren SA NV		85		2,782
Elia System Operator SA NV		124		5,980
Euronav SA		475		5,539
EVS Broadcast Equipment SA		60		1,920
Fagron		45		336
Gimv NV		47		2,265
Mobistar SA(1)		268		5,569
Ontex Group NV		176		6,523
Tessenderlo Chemie NV(1)		113		2,993
ThromboGenics NV(1)		220		717
			$	50,044
Brazil — 1.8%
Arteris SA		1,470	$	3,506
BR Properties SA		1,400		2,853
Bradespar SA, PFC Shares		2,450		2,034
Braskem SA, PFC Shares		800		4,800
CETIP SA - Mercados Organizados		550		5,258
Cia Energetica de Sao Paulo, Class B, PFC Shares		1,300		4,287
Cosan, Ltd.		1,200		3,840
Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,400		4,290
Duratex SA		1,550		2,054
EcoRodovias Infraestrutura e Logistica SA		2,500		2,494
Equatorial Energia SA		900		8,139
Estacio Participacoes SA		500		1,464
Linx SA		125		1,567
Mahle-Metal Leve		500		3,034
Marcopolo SA, PFC Shares		11,900		6,039
Marfrig Global Foods SA(1)		3,800		5,795
Metalurgica Gerdau SA, PFC Shares		2,300		592
Minerva SA(1)		600		1,842
Odontoprev SA		2,577		6,507
QGEP Participacoes SA		3,100		3,232

7 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Brazil (continued)
Qualicorp SA		2,305	$	7,774
SLC Agricola SA		1,100		4,499
Sonae Sierra Brasil SA		1,100		4,153
Totvs SA		1,275		10,328
Valid Solucoes SA		200		1,994
			$	102,375
Canada — 3.7%
Aimia, Inc.		497	$	3,321
Alamos Gold, Inc.		341		1,112
Algonquin Power & Utilities Corp.		1,000		8,209
Allied Properties REIT		181		4,302
AuRico Metals, Inc.(1)		149		62
Birchcliff Energy, Ltd.(1)		378		1,357
Bonterra Energy Corp.		78		903
Canadian Apartment Properties REIT		200		4,270
Canadian REIT		100		2,930
Capital Power Corp.		566		7,612
Celestica, Inc.(1)		500		4,533
Chartwell Retirement Residences		900		8,191
China Gold International Resources Corp., Ltd.(1)		1,591		2,226
Cineplex, Inc.		59		2,059
Cogeco Communications, Inc.		100		4,515
Colliers International Group, Inc.		100		4,346
Computer Modelling Group, Ltd.		720		4,780
Corus Entertainment, Inc.		375		2,605
Cott Corp.		500		5,129
Descartes Systems Group, Inc. (The)(1)		247		4,397
Detour Gold Corp.(1)		500		6,082
E-L Financial Corp, Ltd.		4		1,929
Enbridge Income Fund Holdings, Inc.		111		2,319
Enerflex, Ltd.		317		2,908
Enghouse Systems, Ltd.		200		8,582
First Majestic Silver Corp.(1)		665		1,994
Freehold Royalties, Ltd.		374		2,859
Gibson Energy, Inc.		306		3,392
Gran Tierra Energy, Inc.(1)		526		1,201
High Liner Foods, Inc.		509		5,584
Hudson’s Bay Co.		300		3,705
Jean Coutu Group PJC, Inc. (The)		300		4,217
Laurentian Bank of Canada		100		3,405
MacDonald Dettwiler & Associates, Ltd.		57		3,542
Manitoba Telecom Services, Inc.		89		1,917
Medical Facilities Corp.		499		4,969
Mullen Group, Ltd.		179		1,919

Security	Shares		Value
Canada (continued)
North West Co., Inc. (The)		352	$	7,671
Northland Power, Inc.		529		7,341
Novadaq Technologies, Inc.(1)		300		3,303
Parkland Fuel Corp.		150		2,377
Pason Systems, Inc.		201		2,573
Progressive Waste Solutions, Ltd.		200		5,624
Quebecor, Inc., Class B		123		3,117
Ritchie Bros Auctioneers, Inc.		132		3,013
RONA, Inc.		382		3,354
Sienna Senior Living, Inc.		400		4,568
Smart Real Estate Investment Trust		200		4,420
Stantec, Inc.		125		3,046
Tahoe Resources, Inc.		900		6,990
Toromont Industries, Ltd.		304		6,176
Veresen, Inc.		400		2,279
Westshore Terminals Investment Corp.		361		3,378
Yamana Gold, Inc.		3,600		6,193
			$	212,806
Chile — 0.4%
A.F.P. Habitat SA		3,057	$	3,612
Almendral SA		17,297		1,144
Banmedica SA		2,310		3,206
Besalco SA		3,333		1,028
Cap SA		1,418		2,922
Inversiones Aguas Metropolitanas SA		2,520		3,426
Ripley Corp. SA		8,187		3,234
Sigdo Koppers SA		3,329		3,827
Vina Concha y Toro SA		2,004		3,188
			$	25,587
China — 2.9%
3SBio, Inc.(1)(2)		6,000	$	7,251
Beijing Jingneng Clean Energy Co., Ltd., Class H		8,000		2,361
Carnival Group International Holdings, Ltd.(1)		30,000		4,446
Chia Tai Enterprises International, Ltd.(1)		300		75
China Datang Corp. Renewable Power Co., Ltd., Class H(1)		18,000		2,052
China Foods, Ltd.(1)		8,000		2,574
China Jinmao Holdings Group, Ltd.		10,000		2,630
China Oil & Gas Group, Ltd.(1)		22,000		1,268
China Shineway Pharmaceutical Group, Ltd.		2,000		2,296
China Suntien Green Energy Corp., Ltd., Class H		35,000		3,945
China Tian Lun Gas Holdings, Ltd.(1)		3,000		2,312
China Travel International Investment Hong Kong, Ltd.		20,000		6,809
China Water Affairs Group, Ltd.		16,000		6,820

8 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
China Zhongwang Holdings, Ltd.		7,600	$	3,452
CITIC Telecom International Holdings, Ltd.		12,000		4,159
E-House China Holdings, Ltd. ADR		300		1,764
Fufeng Group, Ltd.		12,000		3,857
Future Land Holdings Co., Ltd.(1)		2,894		5,362
GOME Electrical Appliances Holding, Ltd.		33,000		4,626
Guangzhou Automobile Group Co., Ltd., Class H		2,000		1,689
Hanergy Thin Film Power Group, Ltd.(1)(3)		26,000		0
Huabao International Holdings, Ltd.		5,000		1,871
Imperial Pacific International Holdings, Ltd.(1)		260,000		5,248
Inner Mongolia Yitai Coal Co., Ltd., Class B		6,200		4,707
Intime Retail Group Co., Ltd.		5,000		3,825
Lee & Man Paper Manufacturing, Ltd.		10,000		5,667
Leju Holdings, Ltd. ADR		15		60
Renhe Commercial Holdings Co., Ltd.(1)		126,000		5,230
Shenguan Holdings Group, Ltd.		44,000		4,844
Shenzhen International Holdings, Ltd.		7,500		11,784
Shougang Fushan Resources Group, Ltd.		14,000		1,524
Shui On Land, Ltd.		14,500		3,536
SIIC Environment Holdings, Ltd.(1)		9,400		4,335
Sinopec Kantons Holdings, Ltd.		10,000		5,205
Sohu.com, Inc.(1)		100		5,039
Sunny Optical Technology (Group) Co., Ltd.		2,000		4,287
TAL Education Group ADR(1)		100		4,797
Tech Pro Technology Development, Ltd.(1)		24,000		6,309
Vinda International Holdings, Ltd.		3,000		4,872
Xinyi Solar Holdings, Ltd.		16,000		5,142
Youku Tudou, Inc. ADR(1)		114		3,104
Yuexiu Property Co., Ltd.		14,000		2,036
YY, Inc. ADR(1)		28		1,627
Zhaojin Mining Industry Co., Ltd., Class H		9,500		5,415
			$	170,212
Denmark — 0.9%
ALK-Abello A/S		19	$	2,629
GN Store Nord A/S		153		2,864
Jyske Bank A/S(1)		64		2,810
Matas A/S		200		3,780
NKT Holding A/S		39		2,168
Rockwool International A/S		29		4,393
Royal Unibrew A/S		180		7,547
SimCorp A/S		218		10,696
Spar Nord Bank A/S		285		2,345
Topdanmark A/S(1)		96		2,440
Torm A/S(1)		235		2,675

Security	Shares		Value
Denmark (continued)
United International Enterprises, Ltd.		19	$	2,736
Zealand Pharma A/S(1)		205		3,793
			$	50,876
Finland — 0.9%
Metsa Board Oyj		1,877	$	12,552
Oriola-KD Oyj, Series B(1)		1,275		5,795
Raisio Oyj		1,138		5,082
Ramirent Oyj		365		2,440
Sponda Oyj		2,649		10,835
Tieto Oyj		439		11,819
Uponor Oyj		193		2,969
Valmet Oyj		305		3,032
			$	54,524
France — 3.6%
Alten SA		168	$	9,456
Arkema SA		160		9,994
bioMerieux		62		7,797
Edenred		176		3,311
Eutelsat Communications SA		98		3,167
Faurecia		143		5,194
Fonciere des Regions		52		4,418
Gecina SA		35		4,499
Groupe Eurotunnel SE		407		4,677
ICADE		48		3,411
Imerys SA		91		5,632
Ingenico Group SA		191		22,547
Ipsen SA		130		7,493
IPSOS		159		3,261
JCDecaux SA		132		5,198
Lagardere SCA		116		3,296
Nexity SA		174		7,875
Orpea		44		3,483
Remy Cointreau SA		165		11,851
Rubis SCA		174		13,018
Sartorius Stedim Biotech		28		10,211
Societe BIC SA		47		7,655
Technip SA		378		17,613
UBISOFT Entertainment(1)		575		15,794
Vicat SA		71		3,836
Vilmorin & Cie SA		51		3,605
Virbac SA		49		9,002
Zodiac Aerospace		164		3,420
			$	210,714

9 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Germany — 3.5%
AIXTRON SE(1)		195	$	706
Aurubis AG		78		3,180
Axel Springer SE		52		2,708
BayWa AG		46		1,347
Bechtle AG		33		2,913
Biotest AG, PFC Shares		81		1,073
Brenntag AG		78		3,827
Carl Zeiss Meditec AG		175		5,173
CompuGroup Medical AG		131		5,269
Deutsche EuroShop AG		219		9,367
Deutsche Lufthansa AG(1)		142		2,082
Draegerwerk AG & Co. KGaA, PFC Shares		33		2,203
Fielmann AG		46		3,471
Fraport AG		37		2,244
Freenet AG		724		22,515
Fuchs Petrolub SE		87		3,079
Fuchs Petrolub SE, PFC Shares		125		5,127
Gerry Weber International AG		112		1,497
Grand City Properties SA		264		5,470
GRENKELEASING AG		30		5,773
Hawesko Holding AG		53		2,322
Hella KGaA Hueck & Co.		127		5,306
Hugo Boss AG		71		5,655
Krones AG		32		3,450
KUKA AG		48		3,690
LANXESS AG		78		3,220
LEG Immobilien AG(1)		74		6,007
MorphoSys AG(1)		79		3,758
MTU Aero Engines AG		32		2,938
Pfeiffer Vacuum Technology AG		51		4,699
QSC AG		3,096		5,007
Rhoen-Klinikum AG		256		7,434
Sartorius AG, PFC Shares		23		5,916
Software AG		105		3,552
Suedzucker AG		333		5,037
Symrise AG		169		10,960
TAG Immobilien AG		228		2,684
United Internet AG		189		9,781
Vossloh AG(1)		59		3,383
Wincor Nixdorf AG(1)		53		2,687
Wirecard AG		238		12,036
Zalando SE(1)(2)		184		6,337
			$	204,883

Security	Shares		Value
Greece — 0.4%
Aegean Marine Petroleum Network, Inc.		700	$	4,984
Ellaktor SA(1)		1,575		2,032
GEK Terna Holding Real Estate Construction SA(1)		686		1,021
Hellenic Exchanges - Athens Stock Exchange SA		1,001		4,906
Intralot SA(1)		1,505		1,949
LAMDA Development SA(1)		461		1,897
Metka SA		283		2,143
StealthGas, Inc.(1)		500		1,350
Terna Energy SA		1,369		3,207
			$	23,489
Hong Kong — 2.0%
APT Satellite Holdings, Ltd.		3,750	$	2,745
Canvest Environmental Protection Group Co., Ltd.(1)		12,000		4,778
Champion REIT		6,000		2,831
China Huarong Energy Co., Ltd.(1)		154,000		4,266
China Railway Signal & Communication Corp, Ltd.(1)(2)		6,000		3,034
China Traditional Chinese Medicine Co., Ltd.(1)		10,000		5,532
China Water Industry Group, Ltd.(1)		16,000		2,978
Chow Sang Sang Holdings International, Ltd.		2,000		2,999
CK Life Sciences Int’l., (Holdings) Inc.		48,000		3,801
Fortune REIT		3,000		3,052
Fullshare Holdings, Ltd.(1)		20,000		4,689
G-Resources Group, Ltd.		114,000		2,686
Giordano International, Ltd.		6,000		2,399
Great Eagle Holdings, Ltd.		1,000		2,828
HC International, Inc.(1)		10,000		4,648
HKBN, Ltd.		7,000		8,969
Honbridge Holdings, Ltd.(1)		14,000		1,221
Hopewell Highway Infrastructure, Ltd.		8,050		3,707
Hopewell Holdings, Ltd.		1,000		3,035
Johnson Electric Holdings, Ltd.		1,500		4,447
KuangChi Science, Ltd.(1)		30,000		10,936
Pacific Andes International Holdings, Ltd.(1)(3)		100,000		1,501
PAX Global Technology, Ltd.		4,000		4,060
SA SA International Holdings, Ltd.		4,000		1,087
Sino Oil and Gas Holdings, Ltd.(1)		95,000		2,342
Tong Ren Tang Technologies Co., Ltd.		3,000		4,622
Truly International Holdings, Ltd.		8,000		1,818
Up Energy Development Group, Ltd.(1)		28,000		1,360
Vitasoy International Holdings, Ltd.		6,000		11,345
Yanchang Petroleum International, Ltd.(1)		50,000		1,165
Yuexiu REIT		6,000		3,046
			$	117,927

10 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
India — 0.1%
Videocon d2h, Ltd. ADR(1)		300	$	1,986
WNS Holdings, Ltd. ADR(1)		130		3,730
			$	5,716
Indonesia — 0.4%
Bank Tabungan Negara Tbk PT		38,900	$	3,891
Garuda Indonesia Persero Tbk PT(1)		103,402		2,978
Hanson International Tbk PT(1)		65,000		3,172
Holcim Indonesia Tbk PT		17,500		1,153
MNC Investama Tbk PT		197,100		1,869
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		31,500		3,297
Sigmagold Inti Perkasa Tbk PT(1)		85,000		2,642
Siloam International Hospitals Tbk PT		5,800		3,814
Sugih Energy Tbk PT(1)		91,000		2,465
			$	25,281
Ireland — 0.4%
C&C Group PLC		1,034	$	4,023
Dalata Hotel Group PLC(1)		640		3,407
FBD Holdings PLC		164		1,147
FleetMatics Group PLC(1)		127		5,513
Green REIT PLC		1,906		3,095
Irish Continental Group PLC		649		3,691
Kenmare Resources PLC(1)		15,591		145
UDG Healthcare PLC		631		4,717
			$	25,738
Israel — 0.5%
Alony Hetz Properties & Investments, Ltd.		403	$	2,864
Delek Automotive Systems, Ltd.		427		3,784
Evogene, Ltd.(1)		233		1,542
EZchip Semiconductor, Ltd.(1)		130		3,307
Oil Refineries, Ltd.(1)		12,316		5,097
Partner Communications Co., Ltd.(1)		927		4,201
Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.		70		3,046
Sarine Technologies, Ltd.		2,800		3,052
			$	26,893
Italy — 1.8%
ACEA SpA		349	$	5,187
Amplifon SpA		446		3,739
Ansaldo STS SpA		280		2,993
Autogrill SpA(1)		314		2,669
Banca Generali SpA		173		4,719

Security	Shares		Value
Italy (continued)
Banca Popolare di Sondrio SCARL		653	$	2,505
Brunello Cucinelli SpA		131		2,192
Danieli & C. Officine Meccaniche SpA		139		2,697
De’Longhi SpA		113		2,703
DiaSorin SpA		159		8,369
Ei Towers SpA		234		13,615
ERG SpA		683		8,570
Hera SpA		3,417		9,591
Infrastrutture Wireless Italiane SpA(1)(2)		1,863		9,409
International Game Technology PLC		112		1,621
Italmobiliare SpA, PFC Shares		230		6,500
MARR SpA		177		3,393
Societa Iniziative Autostradali e Servizi SpA		723		6,859
Unipol Gruppo Finanziario SpA		940		3,851
Zignago Vetro SpA		773		4,577
			$	105,759
Japan — 7.9%
Adastria Co., Ltd.		90	$	5,411
ADEKA Corp.		300		4,087
Ai Holdings Corp.		300		7,328
Aica Kogyo Co., Ltd.		300		5,721
Anritsu Corp.		1,000		6,197
Autobacs Seven Co., Ltd.		400		6,994
Awa Bank, Ltd. (The)		1,000		5,513
Azbil Corp.		200		4,640
Capcom Co., Ltd.		300		6,648
Cosmo Energy Holdings Co., Ltd.(1)		300		3,308
Daiichikosho Co., Ltd.		300		12,093
Daishi Bank, Ltd. (The)		1,000		3,803
Daiwa House Residential Investment Corp.		2		4,101
Daiwa Office Investment Corp.		1		5,722
Denka Co., Ltd.		1,000		4,432
Disco Corp.		100		9,512
Enplas Corp.		200		7,013
Fancl Corp.		700		9,224
FP Corp.		200		7,295
Furukawa Electric Co., Ltd.		3,000		6,173
Hogy Medical Co., Ltd.		100		4,941
Hokuetsu Kishu Paper Co., Ltd.		1,000		6,068
House Foods Group, Inc.		300		5,958
IT Holdings Corp.		200		4,413
Itochu Enex Co., Ltd.		500		3,830
Itoham Foods, Inc.		1,000		5,747
Japan Excellent, Inc.		3		3,342

11 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Japan Hotel REIT Investment Corp.		8	$	6,075
Japan Logistics Fund, Inc.		2		3,982
Keiyo Bank, Ltd. (The)		1,000		4,335
Kenedix Office Investment Corp.		1		5,067
Komeri Co., Ltd.		200		3,972
Kureha Corp.		1,000		3,533
KYORIN Holdings, Inc.		300		5,554
Kyowa Exeo Corp.		500		5,146
Kyushu Financial Group, Inc.(1)		1,800		11,228
Lion Corp.		1,000		9,295
Megmilk Snow Brand Co., Ltd.		300		7,833
Miura Co., Ltd.		400		5,343
Mori Hills REIT Investment Corp.		3		3,800
Morinaga Milk Industry Co., Ltd.		2,000		9,126
Nagase & Co., Ltd.		400		4,791
Nakanishi, Inc.		100		3,907
Nichi-Iko Pharmaceutical Co., Ltd.		200		4,613
Nichirei Corp.		1,000		7,447
Nihon Kohden Corp.		400		8,995
Nippon Accommodations Fund, Inc.		1		3,579
Nippon Light Metal Holdings Co., Ltd.		2,400		4,156
Nipro Corp.		500		4,972
Nishi-Nippon Railroad Co., Ltd.		1,000		6,253
NOF Corp.		1,000		7,107
Nomura Real Estate Master Fund, Inc.(1)		3		3,690
Noritz Corp.		400		6,192
NS Solutions Corp.		400		9,069
Okinawa Electric Power Co., Inc. (The)		400		9,761
Pilot Corp.		200		7,573
Plenus Co., Ltd.		200		3,087
Rohto Pharmaceutical Co., Ltd.		500		9,334
Ryosan Co., Ltd.		200		5,417
Sawai Pharmaceutical Co., Ltd.		200		13,870
Seino Holdings Co., Ltd.		700		7,625
Shimachu Co., Ltd.		200		4,540
Shinko Plantech Co., Ltd.		500		3,929
Ship Healthcare Holdings, Inc.		200		4,778
Sumitomo Forestry Co., Ltd.		400		5,079
Sumitomo Osaka Cement Co., Ltd.		2,000		8,152
T-Gaia Corp.		400		4,341
Tokyo Ohka Kogyo Co., Ltd.		200		6,250
Tokyo Seimitsu Co., Ltd.		300		6,436
Towa Pharmaceutical Co., Ltd.		100		5,570
Toyobo Co., Ltd.		3,000		3,944
UACJ Corp.		1,000		2,180
UNY Group Holdings Co., Ltd.		1,200		7,688

Security	Shares		Value
Japan (continued)
Wacoal Holdings Corp.		1,000	$	11,692
Xebio Holdings Co., Ltd.		200		3,527
ZERIA Pharmaceutical Co., Ltd.		200		2,346
			$	455,693
Malaysia — 1.0%
Airasia Bhd		12,200	$	4,193
Berjaya Auto Bhd		8,400		4,399
Berjaya Sports Toto Bhd		4,261		3,212
Gas Malaysia Bhd		3,800		2,145
Karex Bhd		5,700		5,625
KNM Group Bhd(1)		66,400		7,931
Mah Sing Group Bhd		9,500		2,933
My EG Services Bhd		8,000		4,421
Puncak Niaga Holdings Bhd		4,400		1,191
Scientex Bhd		2,300		5,822
Silverlake Axis, Ltd.		7,200		2,816
Supermax Corp. Bhd		11,800		8,464
TIME dotCom Bhd		2,800		5,151
			$	58,303
Mexico — 0.9%
Alpek SAB de CV		4,400	$	5,676
Axtel SA de CV, Series CPO(1)		7,600		3,365
Concentradora Fibra Danhos SA de CV		2,400		4,450
El Puerto de Liverpool SAB de CV		400		4,776
Genomma Lab Internacional SAB de CV(1)		6,100		4,113
Grupo Aeromexico SAB de CV(1)		2,800		6,128
Grupo Aeroportuario del Centro Norte SAB de CV		1,000		4,647
Grupo Herdez SAB de CV		1,600		3,835
Grupo Simec SA de CV, Series B(1)		1,300		2,749
Megacable Holdings SAB de CV		900		3,290
Organizacion Cultiba SAB de CV		2,700		3,705
PLA Administradora Industrial S de RL de CV		2,500		3,992
			$	50,726
Netherlands — 1.7%
Arcadis NV		387	$	5,190
AVG Technologies NV(1)		300		5,661
Beter Bed Holding NV		320		7,464
Boskalis Westminster		120		4,727
Cimpress NV(1)		100		7,852
Eurocommercial Properties NV		156		6,819
Fugro NV(1)		223		3,286
InterXion Holding NV(1)		272		8,544

12 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Netherlands (continued)
Lucas Bols BV(1)(2)		304	$	6,369
SBM Offshore NV(1)		800		10,561
Sligro Food Group NV		249		9,127
TKH Group NV		171		6,355
TNT Express NV		976		8,326
Vastned Retail NV		139		6,086
Wereldhave NV		80		4,370
			$	100,737
New Zealand — 0.4%
A2 Milk Co., Ltd.(1)		3,484	$	4,253
Diligent Corp.(1)		998		3,882
New Zealand Oil & Gas, Ltd.(1)		4,006		1,082
Nuplex Industries, Ltd.		1,410		3,801
Property for Industry, Ltd.		3,009		3,173
Skellerup Holdings, Ltd.		3,673		3,439
Summerset Group Holdings, Ltd.		2,032		5,242
			$	24,872
Norway — 1.0%
ABG Sundal Collier Holding ASA		3,080	$	2,133
Atea ASA		272		2,214
Austevoll Seafood ASA		600		3,850
Avance Gas Holding, Ltd.(2)		216		2,749
Borregaard ASA		1,022		5,187
Ekornes ASA		639		6,912
Hoegh LNG Holdings, Ltd.		194		2,023
Nordic American Tankers, Ltd.		661		8,401
Nordic Semiconductor ASA(1)		453		2,117
Norway Royal Salmon ASA		322		2,960
Opera Software ASA		232		1,188
Prosafe SE		1,040		1,694
Protector Forsikring ASA		837		6,922
Scatec Solar ASA(2)		549		2,340
Stolt-Nielsen, Ltd.		272		3,124
Tomra Systems ASA		291		2,825
			$	56,639
Poland — 0.4%
Asseco Poland SA		321	$	4,428
Ciech SA(1)		256		4,908
Emperia Holding SA		136		2,231
Fabryki Mebli Forte SA		283		3,331
KRUK SA		76		3,049
Lubelski Wegiel Bogdanka SA		27		204
Netia SA		2,062		2,822

Security	Shares		Value
Poland (continued)
PKP Cargo SA		136	$	1,632
			$	22,605
Portugal — 0.4%
Banco BPI SA(1)		5,475	$	5,991
CTT-Correios de Portugal SA		435		3,779
Pharol SGPS SA(1)		11,006		2,859
REN - Redes Energeticas Nacionais SGPS SA		2,462		7,401
Sonaecom SGPS SA		1,352		2,889
			$	22,919
Russia — 0.9%
AK Transneft OAO, PFC Shares		4	$	10,252
CTC Media, Inc.		1,000		1,940
E.ON Russia JSC		62,421		2,523
Globaltrans Investment PLC GDR(1)(4)		884		3,457
Inter RAO UES PJSC		234,000		4,240
Lenta, Ltd. GDR(1)(4)		519		3,069
Luxoft Holding, Inc.(1)		100		7,508
O’Key Group SA GDR(4)		357		604
PIK Group PJSC(1)		1,530		4,262
Polymetal International PLC		450		3,711
QIWI PLC ADR		146		1,885
Rostelecom PJSC		2,950		3,370
TCS Group Holding PLC GDR(1)(4)		1,515		4,124
			$	50,945
Singapore — 0.8%
ARA Asset Management, Ltd.		2,000	$	1,459
Biosensors International Group, Ltd.(1)		8,300		4,500
Boustead Singapore, Ltd.		1,600		892
BW LPG, Ltd.(2)		435		3,340
CDL Hospitality Trusts		4,000		3,679
China Everbright Water, Ltd.(1)		5,900		1,962
CSE Global, Ltd.		15,400		4,763
CWT, Ltd.		3,900		5,041
Ezra Holdings, Ltd.(1)		44,020		1,785
Haw Par Corp, Ltd.		700		3,797
Keppel Infrastructure Trust		11,000		3,560
Metro Holdings, Ltd.		4,000		2,353
OSIM International, Ltd.		2,000		1,431
Sheng Siong Group, Ltd.		8,000		4,700
UMS Holdings, Ltd.		6,000		2,135
United Engineers, Ltd.		2,000		2,509
			$	47,906

13 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
South Africa — 1.0%
Adcock Ingram Holdings, Ltd.		819	$	2,022
AECI, Ltd.		397		2,077
African Bank Investments, Ltd.(1)(3)		4,545		0
Attacq, Ltd.(1)		2,304		2,450
Aveng, Ltd.(1)		1,540		232
AVI, Ltd.		610		3,061
Curro Holdings, Ltd.(1)		1,766		4,737
DataTec, Ltd.		1,003		2,663
EOH Holdings, Ltd.		712		6,038
Exxaro Resources, Ltd.		644		2,492
Famous Brands, Ltd.		417		3,058
Fortress Income Fund, Ltd., Class A		904		829
Fortress Income Fund, Ltd., Class B		904		1,975
Hosken Consolidated Investments, Ltd.		284		1,861
Illovo Sugar, Ltd.		1,950		2,313
KAP Industrial Holdings, Ltd.		7,474		2,777
Lewis Group, Ltd.		494		1,361
Reunert, Ltd.		684		2,767
Royal Bafokeng Platinum, Ltd.(1)		494		882
Sibanye Gold, Ltd.		2,302		5,124
Tongaat Hulett, Ltd.		328		1,843
Trencor, Ltd.		315		752
Vukile Property Fund, Ltd.		5,597		5,434
			$	56,748
South Korea — 3.7%
Asiana Airlines, Inc.(1)		1,317	$	5,048
Binggrae Co., Ltd.(1)		88		5,272
Com2uSCorp(1)		78		8,900
Cosmax BTI, Inc.(1)		84		5,187
Crown Confectionery Co., Ltd.(1)		15		7,406
Daou Technology, Inc.(1)		324		5,575
Dongkuk Steel Mill Co., Ltd.(1)		927		3,989
Dongwon Industries Co., Ltd.(1)		20		4,393
EO Technics Co., Ltd.(1)		45		4,736
Fila Korea, Ltd.(1)		65		5,282
GS Home Shopping, Inc.(1)		30		4,090
Hanil Cement Co., Ltd.(1)		24		1,977
Hanjin Transportation Co., Ltd.(1)		164		7,141
Hansol Chemical Co., Ltd.(1)		74		3,714
Huchems Fine Chemical Corp.		132		1,855
Huons Co., Ltd.(1)		65		4,468
Ilyang Pharmaceutical Co., Ltd.(1)		116		6,007
iMarketKorea, Inc.(1)		99		1,827
JB Financial Group Co., Ltd.		1,307		5,648

Security	Shares		Value
South Korea (continued)
KB Insurance Co., Ltd.		430	$	10,706
Kolon Industries, Inc.(1)		76		3,778
Komipharm International Co., Ltd.(1)		228		7,841
Korea District Heating Corp.(1)		92		4,582
Korea Real Estate Investment & Trust Co., Ltd.		2,231		5,894
LF Corp.		169		3,668
LG Hausys, Ltd.		18		1,788
LG International Corp.		277		7,201
LG Life Sciences, Ltd.(1)		96		5,625
Lock & Lock Co., Ltd.(1)		270		2,916
Lotte Food Co., Ltd.(1)		8		6,339
LOTTE Himart Co., Ltd.(1)		90		4,251
LS Industrial Systems Co., Ltd.		72		2,458
Mirae Asset Life Insurance Co., Ltd.(1)		1,235		4,657
Muhak Co., Ltd.(1)		149		3,805
Nexen Tire Corp.		304		2,923
NHN Entertainment Corp.(1)		147		5,928
Osstem Implant Co., Ltd.(1)		88		6,101
Posco ICT Co., Ltd.(1)		584		2,239
S&T Motiv Co., Ltd.(1)		65		4,598
Samchully Co., Ltd.(1)		25		1,933
Samsung Fine Chemicals Co., Ltd.		102		3,228
Seegene, Inc.(1)		146		4,725
SK Chemicals Co., Ltd.(1)		71		4,786
SK Gas, Ltd.		34		2,067
SM Entertainment Co.(1)		140		5,092
Tongyang, Inc.(1)		1,685		3,995
			$	215,639
Spain — 1.7%
Almirall SA		611	$	11,796
Bolsas y Mercados Espanoles SHMSF SA		231		6,940
Cellnex Telecom SAU(2)		698		12,029
CIE Automotive SA		442		6,446
Duro Felguera SA		747		969
Ebro Foods SA		165		3,234
Enagas SA		391		11,373
Ence Energia y Celulosa SA		3,003		9,577
Faes Farma SA		882		2,585
Grupo Catalana Occidente SA		111		3,407
Indra Sistemas SA(1)		738		7,296
Melia Hotels International SA		398		4,346
Prosegur Cia de Seguridad SA		917		4,114
Tecnicas Reunidas SA		156		5,198
Viscofan SA		89		5,335

14 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Spain (continued)
Zardoya Otis SA		413	$	4,351
			$	98,996
Sweden — 1.9%
AAK AB		146	$	9,504
Atrium Ljungberg AB		326		4,714
Axfood AB		660		11,547
BillerudKorsnas AB		419		6,677
Clas Ohlson AB, Class B		452		7,494
Com Hem Holding AB		570		4,817
Fingerprint Cards AB, Class B(1)		105		5,682
Hexpol AB		1,220		10,826
Hufvudstaden AB, Class A		350		4,823
Industrial & Financial Systems, Class B		150		6,380
Indutrade AB		83		4,419
Loomis AB, Class B		101		3,008
NIBE Industrier AB, Class B		174		5,028
Swedish Orphan Biovitrum AB(1)		1,121		14,189
Unibet Group PLC SDR		376		4,256
Wallenstam AB, Class B		752		5,357
			$	108,721
Switzerland — 3.6%
Alpiq Holding, Ltd.(1)		38	$	3,906
APG SGA SA		10		3,889
Ascom Holding AG		265		4,230
Barry Callebaut AG		7		8,014
Burckhardt Compression Holdings AG		18		5,620
Chocoladefabriken Lindt & Spruengli AG PC		3		17,579
Clariant AG(1)		726		11,855
Comet Holding AG		6		3,683
dorma+kaba Holding AG		19		11,737
Dufry AG(1)		79		8,566
Emmi AG		18		8,304
Ems-Chemie Holding AG		19		7,975
Flughafen Zuerich AG		16		11,797
Galenica AG		5		6,986
Georg Fischer AG		7		4,626
Inficon Holding AG		14		3,973
Kudelski SA		376		5,163
Kuoni Reisen Holding AG		21		6,536
Metall Zug AG		2		4,927
Mobimo Holding AG		54		11,401
Schmolz & Bickenbach AG(1)		8,274		3,972
Sonova Holding AG		98		11,771

Security	Shares		Value
Switzerland (continued)
Straumann Holding AG		22	$	6,680
Sunrise Communications Group AG(1)(2)		84		4,949
Temenos Group AG		174		8,457
Valora Holding AG		24		4,942
Vontobel Holding AG		378		15,924
			$	207,462
Taiwan — 1.9%
Ability Enterprise Co., Ltd.		2,399	$	1,421
China Bills Finance Corp.		8,000		2,746
China Synthetic Rubber Corp.		3,270		2,260
ChipMOS TECHNOLOGIES Bermuda, Ltd.		200		3,600
Chlitina Holding, Ltd.		1,000		9,858
Chong Hong Construction Co., Ltd.		4,000		5,149
Coretronic Corp.		4,000		3,144
E Ink Holdings, Inc.(1)		8,000		3,471
Formosan Rubber Group, Inc.		10,000		5,115
Gigabyte Technology Co., Ltd.		4,000		4,142
Hota Industrial Manufacturing Co., Ltd.		2,059		8,654
Kerry TJ Logistics Co., Ltd.		3,000		3,336
Lien Hwa Industrial Corp.		10,000		5,638
Long Bon International Co., Ltd.		6,000		3,280
MIN AIK Technology Co., Ltd.		1,000		1,504
PharmaEngine, Inc.		1,000		6,954
Primax Electronics, Ltd.		3,000		3,468
Prince Housing & Development Corp.		10,000		2,777
Sercomm Corp.		2,000		4,900
TA Chen Stainless Pipe Co., Ltd.		5,204		2,253
Taiwan Hon Chuan Enterprise Co., Ltd.		3,000		4,059
Taiwan Paiho, Ltd.		3,000		7,504
Taiwan Shin Kong Security Co., Ltd.		3,030		3,501
Xxentria Technology Materials Corp.		1,700		4,408
YungShin Global Holding Corp.		3,000		4,254
			$	107,396
Thailand — 0.5%
Bangkok Chain Hospital PCL(5)		10,700	$	2,480
Bangkok Expressway & Metro PCL(1)(5)		32,890		4,924
Hana Microelectronics PCL(5)		2,700		2,325
Major Cineplex Group PCL(5)		4,400		3,459
Polyplex Thailand PCL(5)		12,700		2,303
SPCG PCL(5)		5,900		3,378
Thai Vegetable Oil PCL(5)		4,200		2,703
Thanachart Capital PCL(5)		4,400		4,668
			$	26,240

15 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Turkey — 0.5%
Akcansa Cimento AS		449	$	2,003
Aksa Enerji Uretim AS(1)		2,157		1,737
Bizim Toptan Satis Magazalari AS		234		1,037
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS		1,337		3,319
Cimsa Cimento Sanayi ve Ticaret AS		416		2,030
Dogan Sirketler Grubu Holding AS(1)		26,101		4,786
Eczacibasi Ilac Sanayi ve Ticaret AS		2,706		2,775
Is Gayrimenkul Yatirim Ortakligi AS		9,940		5,704
Net Holding AS(1)		2,214		2,425
			$	25,816
United Kingdom — 6.9%
A.G. BARR PLC		416	$	3,129
Amlin PLC		435		4,152
Auto Trader Group PLC(2)		1,169		6,562
BBA Aviation PLC		1,694		3,946
Beazley PLC		1,650		8,872
Berendsen PLC		317		4,943
Betfair Group PLC		236		14,777
Britvic PLC		734		7,578
BTG PLC(1)		1,108		9,286
Cairn Energy PLC(1)		3,128		6,394
Cambian Group PLC		1,218		2,027
Capital & Counties Properties PLC		1,928		10,202
Centamin PLC		4,786		4,642
Cobham PLC		810		2,941
Cranswick PLC		187		5,581
Croda International PLC		186		7,596
Dairy Crest Group PLC		556		5,187
De La Rue PLC		835		5,311
Dechra Pharmaceuticals PLC		495		7,071
Devro PLC		1,216		5,192
Domino’s Pizza Group PLC		751		10,565
Dunelm Group PLC		551		6,900
Elementis PLC		1,668		5,123
Fidessa Group PLC		343		9,216
Genus PLC		390		8,004
Great Portland Estates PLC		347		3,806
Greene King PLC		330		4,157
Greggs PLC		519		7,735
Gulf Marine Services PLC		2,454		3,024
Halma PLC		667		7,981
Hays PLC		2,382		4,325
Jardine Lloyd Thompson Group PLC		485		5,782
John Wood Group PLC		1,430		13,218

Security	Shares		Value
United Kingdom (continued)
Kcom Group PLC		8,923	$	14,823
Lamprell PLC(1)		2,500		2,991
Lancashire Holdings, Ltd.		182		1,627
Marshalls PLC		933		4,104
Melrose Industries PLC(1)		180		767
Micro Focus International PLC		746		14,776
Moneysupermarket.com Group PLC		1,776		8,593
NMC Health PLC		400		5,522
Pennon Group PLC		1,680		21,295
Renewables Infrastructure Group, Ltd. (The)		4,150		5,872
Rentokil Initial PLC		1,494		3,345
Rexam PLC		971		8,326
RPC Group PLC		335		3,599
Segro PLC		990		6,213
Shaftesbury PLC		439		5,270
Soco International PLC		1,980		4,550
Synthomer PLC		1,038		4,363
TalkTalk Telecom Group PLC		3,382		10,600
Tate & Lyle PLC		1,234		11,057
Telecom Plus PLC		424		6,096
Tullow Oil PLC(1)		3,568		8,843
Ultra Electronics Holdings PLC		486		13,223
Vectura Group PLC(1)		2,562		6,154
WH Smith PLC		163		4,301
William Hill PLC		1,462		8,139
			$	399,674
United States — 33.8%
ACI Worldwide, Inc.(1)		423	$	7,572
Acorda Therapeutics, Inc.(1)		611		22,497
Aegerion Pharmaceuticals, Inc.(1)		1,159		8,206
Akorn, Inc.(1)		617		16,036
Alexandria Real Estate Equities, Inc.		164		12,985
Alleghany Corp.(1)		17		8,125
Allegiant Travel Co.		139		22,305
ALLETE, Inc.		236		12,484
Alliant Energy Corp.		300		19,602
Anworth Mortgage Asset Corp.		1,864		7,941
AptarGroup, Inc.		163		11,883
Arthur J. Gallagher & Co.		256		9,636
Aspen Technology, Inc.(1)		272		8,824
athenahealth, Inc.(1)		135		19,143
Avangrid, Inc.(1)		264		10,151
Avery Dennison Corp.		212		12,909
Avista Corp.		353		13,072

16 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
United States (continued)
Balchem Corp.		168	$	9,431
Bemis Co., Inc.		251		12,015
Blackbaud, Inc.		170		10,452
Boston Beer Co., Inc. (The), Class A(1)		55		9,859
Bristow Group, Inc.		578		13,444
Buckle, Inc. (The)		403		11,453
Cabot Corp.		343		13,837
Cabot Microelectronics Corp.(1)		174		7,071
CACI International, Inc., Class A(1)		123		10,218
Calgon Carbon Corp.		468		7,577
Camden Property Trust		192		14,650
Capstead Mortgage Corp.		766		7,154
Casey’s General Stores, Inc.		116		14,006
Cheesecake Factory, Inc. (The)		279		13,476
Chemours Co. (The)		1,300		5,122
Chesapeake Energy Corp.		2,600		8,814
CLARCOR, Inc.		230		10,778
Cleco Corp.		326		17,324
Cloud Peak Energy, Inc.(1)		541		811
Cogent Communications Group, Inc.		170		5,680
Colony Starwood Homes		378		8,135
CommVault Systems, Inc.(1)		113		4,240
Conn’s, Inc.(1)		216		2,661
Contango Oil & Gas Co.(1)		155		994
Convergys Corp.		361		8,823
Cornerstone OnDemand, Inc.(1)		308		9,452
Cracker Barrel Old Country Store, Inc.		93		12,204
Cree, Inc.(1)		200		5,606
Cypress Semiconductor Corp.(1)		500		3,930
CYS Investments, Inc.		918		6,325
Delek US Holdings, Inc.		569		9,684
Diamondback Energy, Inc.(1)		238		17,981
Dril-Quip, Inc.(1)		290		17,006
El Paso Electric Co.		294		12,033
Endurance Specialty Holdings, Ltd.		140		8,670
Finish Line, Inc. (The), Class A		255		4,830
FLIR Systems, Inc.		100		2,924
GNC Holdings, Inc., Class A		623		17,450
Government Properties Income Trust		629		8,636
Graphic Packaging Holding Co.		838		9,520
GulfMark Offshore, Inc., Class A(1)		164		622
Haemonetics Corp.(1)		658		20,819
Hatteras Financial Corp.		685		8,398
Heartland Express, Inc.		1,065		18,265
Heartland Payment Systems, Inc.		306		28,176
Hecla Mining Co.		3,530		6,566

Security	Shares		Value
United States (continued)
Helen of Troy, Ltd.(1)		259	$	23,147
Hibbett Sports, Inc.(1)		711		22,866
Hillenbrand, Inc.		397		10,751
HSN, Inc.		168		7,906
Hubbell, Inc.		500		45,215
Investors Bancorp, Inc.		1,167		13,642
J&J Snack Foods Corp.		95		10,258
Kirby Corp.(1)		600		30,390
Lancaster Colony Corp.		72		7,321
Leidos Holdings, Inc.		100		4,612
Lexicon Pharmaceuticals, Inc.(1)		1,456		14,837
Louisiana-Pacific Corp.(1)		446		7,011
Manhattan Associates, Inc.(1)		360		20,754
ManTech International Corp., Class A		190		5,478
MarketAxess Holdings, Inc.		169		19,643
MAXIMUS, Inc.		265		14,143
Medicines Co. (The)(1)		366		12,649
Mentor Graphics Corp.		364		6,326
MFA Financial, Inc.		1,138		7,226
Mid-America Apartment Communities, Inc.		171		16,043
Middleby Corp.(1)		160		14,458
Monro Muffler Brake, Inc.		242		15,911
Mueller Industries, Inc.		430		10,943
Murphy USA, Inc.(1)		500		28,925
National Health Investors, Inc.		156		9,466
National Retail Properties, Inc.		272		11,680
Nektar Therapeutics(1)		1,272		17,350
New Jersey Resources Corp.		432		15,215
NewMarket Corp.		23		8,723
Northwest Bancshares, Inc.		864		10,860
Northwest Natural Gas Co.		205		10,650
NorthWestern Corp.		292		16,305
Owens & Minor, Inc.		655		22,696
Packaging Corp. of America		175		8,895
PDC Energy, Inc.(1)		280		15,924
People’s United Financial, Inc.		900		12,933
PerkinElmer, Inc.		500		24,160
Piedmont Natural Gas Co., Inc.		304		18,009
Pilgrim’s Pride Corp.(1)		600		13,308
Plantronics, Inc.		191		8,562
PNM Resources, Inc.		484		15,202
PolyOne Corp.		196		5,304
Portland General Electric Co.		361		14,032
Post Properties, Inc.		251		14,380
ProAssurance Corp.		250		12,530
PulteGroup, Inc.		1,500		25,140

17 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
United States (continued)
RBC Bearings, Inc.(1)		197	$	11,688
Reinsurance Group of America, Inc.		162		13,645
RenaissanceRe Holdings, Ltd.		153		17,235
RLI Corp.		236		13,995
RMR Group, Inc. (The)(1)		6		125
Rollins, Inc.		540		14,877
Royal Gold, Inc.		229		6,822
RPM International, Inc.		247		9,695
Sanderson Farms, Inc.		148		12,021
Saul Centers, Inc.		131		6,664
Schweitzer-Mauduit International, Inc.		204		8,568
Seaboard Corp.(1)		3		8,631
SemGroup Corp., Class A		304		6,731
Sensient Technologies Corp.		197		11,755
Six Flags Entertainment Corp.		598		30,061
Snyder’s-Lance, Inc.		250		7,892
SolarWinds, Inc.(1)		155		9,292
Sonoco Products Co.		253		9,996
Sovran Self Storage, Inc.		123		13,860
SS&C Technologies Holdings, Inc.		338		21,730
Starwood Property Trust, Inc.		392		7,464
Stepan Co.		130		5,845
STERIS PLC		490		33,928
Take-Two Interactive Software, Inc.(1)		473		16,413
Tanger Factory Outlet Centers, Inc.		267		8,541
Team Health Holdings, Inc.(1)		400		16,348
Teledyne Technologies, Inc.(1)		189		15,356
Telephone & Data Systems, Inc.		500		11,595
Tenet Healthcare Corp.(1)		700		18,984
Tennant Co.		189		10,227
TiVo, Inc.(1)		471		3,759
TreeHouse Foods, Inc.(1)		151		11,983
Tyler Technologies, Inc.(1)		74		11,622
Ultimate Software Group, Inc.(1)		86		15,104
Universal Corp.		121		6,622
Vector Group, Ltd.		458		10,681
Verint Systems, Inc.(1)		100		3,661
ViaSat, Inc.(1)		101		6,312
W.R. Grace & Co.(1)		206		16,756
Watsco, Inc.		124		14,410
Weis Markets, Inc.		197		8,002
West Pharmaceutical Services, Inc.		286		16,365
Westamerica Bancorporation		258		11,267
Western Refining, Inc.		423		13,917
WGL Holdings, Inc.		239		15,963
Williams-Sonoma, Inc.		280		14,465

Security	Shares		Value
United States (continued)
World Fuel Services Corp.		430	$	16,748
WR Berkley Corp.		300		15,045
			$	1,954,938
Total Common Stocks (identified cost $6,099,737)			$	5,735,881

Equity-Linked Securities(2)(6) — 0.8%
Security	Maturity Date		Shares		Value
India — 0.8%
Aurobindo Pharma, Ltd.		12/4/18		514	$	6,325
Bharat Forge, Ltd.		11/2/16		242		2,976
Britannia Industries, Ltd.		10/17/17		88		3,491
Havells India, Ltd.		8/8/19		785		3,436
Hindustan Petroleum Corp., Ltd.		8/8/19		441		5,308
Jaiprakash Power Ventures, Ltd.		10/26/18		13,980		1,237
JSW Energy, Ltd.		10/26/18		2,310		2,612
Mahindra & Mahindra Financial Services, Ltd.		11/3/20		1,007		3,087
Marico, Ltd.		10/17/17		764		2,498
Mindtree, Ltd.		12/5/18		183		3,974
Pidilite Industries, Ltd.		8/8/19		599		5,003
Piramal Enterprises, Ltd.		12/3/18		260		3,810
Reliance Capital, Ltd.		10/26/18		293		1,662
Shree Cement, Ltd.		7/20/17		25		3,890
Total Equity-Linked Securities (identified cost $37,302)					$	49,309

Rights(1) — 0.0%(7)
Security	Shares		Value
Brazil — 0.0%(7)
Minerva SA, Exp. 2/25/16		312	$	1
Total Rights (identified cost $0)			$	1

18 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Portfolio of Investments — continued

Warrants(1) — 0.0%(7)
Security	Shares		Value
South Africa — 0.0%(7)
Adcock Ingram Holdings, Ltd., Exp. 7/26/19		45	$	8
Total Warrants (identified cost $0)			$	8
Short-Term Investments — 0.4%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.40%(8)	$	21	$	20,810
Total Short-Term Investments (identified cost $20,810)			$	20,810
Total Investments — 100.3% (identified cost $6,157,849)			$	5,806,009
Other Assets, Less Liabilities — (0.3)%			$	(19,733	)
Net Assets — 100.0%			$	5,786,276

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 January 31, 2016, the aggregate value of these securities is $115,978 or 2.0% of the Fund’s net assets.

⁽³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽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 January 31, 2016, the aggregate value of these securities is $11,254 or 0.2% of the Fund’s net assets.

⁽⁵⁾  Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁶⁾  Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (JPMorgan Chase) in addition to the market risk of the underlying security.

⁽⁷⁾  Amount is less than 0.05%.

⁽⁸⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2016.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		36.7	%	$	2,125,287
Euro		15.1			876,282
Japanese Yen		7.9			455,693
British Pound Sterling		7.1			408,247
Hong Kong Dollar		4.4			257,344
South Korean Won		3.7			215,639
Canadian Dollar		3.6			209,503
Swiss Franc		3.6			207,462
Australian Dollar		3.6			205,325
Swedish Krona		1.9			108,721
New Taiwan Dollar		1.8			103,796
Brazilian Real		1.8			102,376
Other currency, less than 1% each		9.1			530,334
Total Investments		100.3	%	$	5,806,009

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		14.5	%	$	844,071
Information Technology		13.3			770,294
Health Care		12.1			702,352
Industrials		12.1			698,277
Consumer Discretionary		11.5			666,278
Materials		10.6			611,289
Consumer Staples		9.6			554,440
Utilities		7.1			411,995
Energy		6.2			356,758
Telecommunication Services		2.9			169,445
Short-Term Investments		0.4			20,810
Total Investments		100.3	%	$	5,806,009

Abbreviations:

ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PC	–	Participation Certificate
PCL	–	Public Company Ltd.
PFC Shares	–	Preference Shares
SDR	–	Swedish Depositary Receipt

19 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Statement of Assets and Liabilities

Assets	January 31, 2016
Unaffiliated investments, at value (identified cost, $6,137,039)	$	5,785,199
Affiliated investment, at value (identified cost, $20,810)		20,810
Cash		51
Foreign currency, at value (identified cost, $37,354)		36,948
Dividends receivable		9,148
Interest receivable from affiliated investment		6
Tax reclaims receivable		578
Receivable from affiliates		14,604
Total assets	$	5,867,344
Liabilities
Payable to affiliate:
Investment adviser and administration fee	$	3,427
Accrued expenses		77,641
Total liabilities	$	81,068
Net Assets	$	5,786,276
Sources of Net Assets
Paid-in capital	$	6,150,039
Accumulated net realized gain		1,077
Accumulated distributions in excess of net investment income		(12,485	)
Net unrealized depreciation		(352,355	)
Net Assets	$	5,786,276
Institutional Class
Net Assets	$	5,786,276
Shares Outstanding		611,259
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.47

20 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Statement of Operations

Investment Income	Year Ended January 31, 2016
Dividends (net of foreign taxes, $10,804)	$	145,378
Interest allocated from affiliated investment		61
Expenses allocated from affiliated investment		(3	)
Total investment income	$	145,436
Expenses
Investment adviser and administration fee	$	43,488
Trustees’ fees and expenses		840
Custodian fee		60,330
Transfer and dividend disbursing agent fees		185
Legal and accounting services		72,937
Printing and postage		10,108
Registration fees		20,702
Miscellaneous		7,692
Total expenses	$	216,282
Deduct —
Allocation of expenses to affiliates	$	163,439
Total expense reductions	$	163,439
Net expenses	$	52,843
Net investment income	$	92,593
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	236,773
Foreign currency transactions		(3,306	)
Net realized gain	$	233,467
Change in unrealized appreciation (depreciation) —
Investments	$	(496,993	)
Foreign currency		188
Net change in unrealized appreciation (depreciation)	$	(496,805	)
Net realized and unrealized loss	$	(263,338	)
Net decrease in net assets from operations	$	(170,745	)

21 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2016			2015
From operations —
Net investment income	$	92,593		$	73,814
Net realized gain from investment and foreign currency transactions		233,467			468,137
Net change in unrealized appreciation (depreciation) from investments and foreign currency		(496,805	)		(387,606	)
Net increase (decrease) in net assets from operations	$	(170,745	)	$	154,345
Distributions to shareholders —
From net investment income	$	(92,222	)	$	(86,097	)
From net realized gain		(254,522	)		(441,916	)
Total distributions to shareholders	$	(346,744	)	$	(528,013	)
Transactions in shares of beneficial interest —
Net asset value of shares issued to shareholders in payment of distributions declared	$	346,744		$	528,013
Cost of shares redeemed		(25,000	)		(8,353	)
Net increase in net assets from Fund share transactions	$	321,744		$	519,660
Net increase (decrease) in net assets	$	(195,745	)	$	145,992
Net Assets
At beginning of year	$	5,982,021		$	5,836,029
At end of year	$	5,786,276		$	5,982,021
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(12,485	)	$	(12,450	)

22 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Financial Highlights

	Institutional Class
	Year Ended January 31,									Period Ended January 31, 2013(1)
	2016			2015			2014
Net asset value — Beginning of period	$	10.320		$	11.010		$	10.420		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.159		$	0.138		$	0.181		$	0.006
Net realized and unrealized gain (loss)		(0.410	)		0.170			1.023			0.418
Total income (loss) from operations	$	(0.251	)	$	0.308		$	1.204		$	0.424
Less Distributions
From net investment income	$	(0.159	)	$	(0.163	)	$	(0.257	)	$	(0.004	)
From net realized gain		(0.440	)		(0.835	)		(0.357	)		—
Total distributions	$	(0.599	)	$	(0.998	)	$	(0.614	)	$	(0.004	)
Net asset value — End of period	$	9.470		$	10.320		$	11.010		$	10.420
Total Return(3)		(2.84	)%		2.68	%		11.50	%		4.24	%(4)(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,786		$	5,982		$	5,836		$	5,209
Ratios (as a percentage of average daily net assets):
Expenses(6)		0.85	%		0.85	%		0.85	%		0.85	%(7)
Net investment income		1.49	%		1.21	%		1.63	%		0.52	%(7)
Portfolio Turnover		42	%		49	%		38	%		13	%(4)

⁽¹⁾  For the period from the start of business, December 20, 2012, to January 31, 2013.

⁽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⁾  During the period ended January 31, 2013, the sub-adviser reimbursed the Fund for a net loss realized on the disposal of an investment which did not meet the Fund’s investment guidelines. The reimbursement had no effect on total return for the period ended January 31, 2013.

⁽⁶⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 2.63%, 2.48%, 2.86% and 10.98% of average daily net assets for the years ended January 31, 2016, 2015 and 2014 and the period ended January 31, 2013, respectively). Absent these reimbursements, total return would be lower.

⁽⁷⁾  Annualized.

23 See Notes to Financial Statements.

Parametric Global Small-Cap Fund

January 31, 2016

Notes to Financial Statements

1  Significant Accounting Policies

Parametric Global Small-Cap 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’s shares are offered to institutional investors and 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 asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices. Equity-linked securities are generally valued based on the value of the underlying equity security or instrument.

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

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). The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities based on available market quotations provided by a third party pricing service.

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

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

C  Income — 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.

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

24

Parametric Global Small-Cap Fund

January 31, 2016

Notes to Financial Statements — continued

As of January 31, 2016, 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  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

G  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.

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

I  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.

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

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.

25

Parametric Global Small-Cap Fund

January 31, 2016

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended January 31, 2016 and January 31, 2015 was as follows:

	Year Ended January 31,
	2016		2015
Distributions declared from:
Ordinary income	$	111,250	$	124,092
Long-term capital gains	$	235,494	$	403,921

During the year ended January 31, 2016, accumulated net realized gain was increased by $406 and accumulated distributions in excess of net investment income was increased by $406 due to differences between book and tax accounting, primarily for foreign currency gain (loss), investments in passive foreign investment companies (PFICs), distributions from real estate investment trusts (REITs), investments in partnerships and dividend redesignations. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2016, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed long-term capital gains	$	3,734
Post October capital losses	$	(2,251	)
Late year ordinary losses	$	(6,577	)
Net unrealized depreciation	$	(358,669	)

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, investments in partnerships, distributions from REITs and investments in PFICs.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	6,164,163
Gross unrealized appreciation	$	669,967
Gross unrealized depreciation		(1,028,121	)
Net unrealized depreciation	$	(358,154	)

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 0.70% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the year ended January 31, 2016, the investment adviser and administration fee amounted to $43,488 or 0.70% 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 advisory 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 0.85% of the Fund’s average daily net assets. This agreement may be changed or terminated after May 31, 2016. Pursuant to this agreement, EVM and Parametric were allocated $163,439 in total of the Fund’s operating expenses for the year ended January 31, 2016.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2016, EVM earned $26 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

26

Parametric Global Small-Cap Fund

January 31, 2016

Notes to Financial Statements — continued

accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2016, 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 $2,639,356 and $2,581,733, respectively, for the year ended January 31, 2016.

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). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

	Year Ended January 31,
Institutional Class	2016			2015
Issued to shareholders electing to receive payments of distributions in Fund shares		33,924			50,528
Redemptions		(2,370	)		(735	)
Net increase		31,554			49,793

At January 31, 2016, an affiliate of EVM owned 99.3% of the outstanding shares of the Fund.

6  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.

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 September 2, 2016. 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 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2016.

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.

27

Parametric Global Small-Cap Fund

January 31, 2016

Notes to Financial Statements — continued

At January 31, 2016, 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	$	35,993	$	1,423,016		$	1,501	$	1,460,510
Developed Europe		37,592		1,684,851			—		1,722,443
Developed Middle East		—		26,893			—		26,893
Emerging Europe		17,667		105,188			—		122,855
Latin America		178,688		—			—		178,688
Middle East/Africa		—		56,748			0		56,748
North America		2,167,744		—			—		2,167,744
Total Common Stocks	$	2,437,684	$	3,296,696	**	$	1,501	$	5,735,881
Equity-Linked Securities — India	$	—	$	49,309		$	—	$	49,309
Rights		1		—			—		1
Warrants		8		—			—		8
Short-Term Investments		—		20,810			—		20,810
Total Investments	$	2,437,693	$	3,366,815		$	1,501	$	5,806,009

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended January 31, 2016 is not presented. At January 31, 2016, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

28

Parametric Global Small-Cap Fund

January 31, 2016

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Mutual Funds Trust and Shareholders of Parametric Global Small-Cap Fund:

We have audited the accompanying statement of assets and liabilities of Parametric Global Small-Cap Fund (“the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2016, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Parametric Global Small-Cap Fund as of January 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 17, 2016

29

Parametric Global Small-Cap Fund

January 31, 2016

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2017 will show the tax status of all distributions paid to your account in calendar year 2016. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations, the foreign tax credit and capital gains dividends.

Qualified Dividend Income.  For the fiscal year ended January 31, 2016, the Fund designates approximately $110,729, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2016 ordinary income dividends, 23.91% qualifies for the corporate dividends received deduction.

Foreign Tax Credit.  For the fiscal year ended January 31, 2016, the Fund paid foreign taxes of $10,384 and recognized foreign source income of $117,558.

Capital Gains Dividends.  The Fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2016, $219,471 or, if subsequently determined to be different, the net capital gain of such year.

30

Parametric Global Small-Cap Fund

January 31, 2016

Management and Organization

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, “EVMI” refers to Eaton Vance Management (International) Limited and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVMI is an indirect, wholly-owned subsidiary of EVC. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 175 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD and EVMI. Trustee and/or officer of 175 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVMI, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Scott E. Eston 1956	Trustee	2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1987-1997). Directorships in the Last Five Years.(2) None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Consultant, Bain and Company (management consulting firm) (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the Bank of America Money Market Funds Series Trust (2011-2014) and of the Ashmore Funds (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

31

Parametric Global Small-Cap Fund

January 31, 2016

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Vice-Chairperson of the Board and Trustee	2016 (Vice-Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Susan J. Sutherland(3) 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Harriett Tee Taggart 1948	Trustee	2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Ralph F. Verni 1943	Chairperson of the Board and Trustee	2007 (Chairperson) and 2005 (Trustee)	Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006). Directorships in the Last Five Years.(2) None.
Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR.

32

Parametric Global Small-Cap Fund

January 31, 2016

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Paul M. O’Neil 1953	Chief Compliance Officer	2004	Vice President of EVM and BMR.

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

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Mr. Gorman) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Ms. Sutherland began serving as a Trustee effective May 1, 2015.

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

33

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

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

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

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

34

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

6603    1.31.16

Parametric International Equity Fund

Annual Report

January 31, 2016

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

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

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

Annual Report January 31, 2016

Parametric International Equity Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	33
Federal Tax Information	34
Management and Organization	35
Important Notices	38

Parametric International Equity Fund

January 31, 2016

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

During the 12-month period ended January 31, 2016, the major influences on world equity markets could be summed up in four words: China, commodities, the U.S. Federal Reserve (the Fed) and the dollar. China replaced Greece as many investors’ biggest country-level concern during the period, as slowing growth in the world’s second-largest economy weighed heavily on other emerging economies dependent on Chinese commodity purchases, as well as on multinational firms doing business in emerging markets.

Falling prices for oil and other commodities, driven by both increased supply and slowing global demand, were a boon to consumers, but impacted the stock prices of many energy firms and the economies of oil-exporting nations. The Fed kept investors in suspense until December 2015 about when it would finally raise interest rates, while most other central banks were lowering rates. A strengthening U.S. dollar during the period, especially against the euro, posed a headwind for U.S. companies competing in global markets. In addition, it hurt results for American investors converting overseas returns into U.S. dollars.

The final month of the period was particularly challenging for investors, with oil plummeting to its lowest price in more than a decade, Chinese stocks dropping dramatically and U.S. equities experiencing what was widely reported as their worst-ever start to a new year.

All of these factors combined to produce significant volatility in global equities during the 12-month period. As a consequence, nearly every major market index recorded negative returns for the period. With a small loss of 0.67%, the S&P 500 Index,² a measure of the broad U.S. equity market, turned out to be one of the better-performing major indices. The MSCI World Index, a proxy for global equities, declined 5.08% for the period, while the MSCI EAFE Index of developed-market international stocks lost 8.43%. Emerging markets were notable laggards during the period, with the MSCI Emerging Markets Index down 20.91% for the 12 months.

Fund Performance

For the 12-month period ended January 31, 2016, Parametric International Equity Fund (the Fund) had a total return of –3.73% for Investor Class shares at net asset value (NAV),

outperforming the Fund’s benchmark, the MSCI EAFE Index (the Index), which returned –8.43% for the same period.

The primary driver of the Fund’s outperformance versus the Index for the 12-month period was the Fund’s exposure to securities selected with the objective of minimizing portfolio risk and emphasizing broad diversification.⁶ The Fund’s rules-based system of country diversification was also beneficial, as was the Fund’s process of sector diversification within countries.

Specific factors contributing to the Fund’s performance relative to the Index included the Fund’s emphasis on broad diversification at the security level in Japan. The Fund’s underweight position versus the Index in the United Kingdom (UK) also aided relative Fund performance, as the UK market faltered in the face of weak economic growth and lower energy prices during the period. Additionally, in Australia, the Fund’s emphasis on diversification at the sector level contributed to relative Fund performance. This process led the Fund to overweight the utilities and consumer discretionary sectors within Australia, both of which proved more defensive than other sectors of the economy that are tied to Australia’s role as a major exporter to China.

Detractors from the Fund’s performance relative to the Index included the Fund’s underweight position in Japan. The Japanese equity market was buoyed by economic stimulus measures and a series of corporate governance reforms during the period. The Fund’s overweight position in Norway also hurt relative Fund performance, as Norway’s market experienced a broad drop during the period due to falling crude oil prices and a steep depreciation in its currency. Finally, in Hong Kong, the Fund’s inclusion of a broad universe of shares with the objective of minimizing portfolio risk further detracted from relative Fund performance.

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 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

January 31, 2016

Performance^2,3

Portfolio Managers Thomas Seto and Paul Bouchey, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			One Year			Five Years			Since Inception
Investor Class at NAV		04/01/2010		04/01/2010			–3.73	%		2.53	%		3.91	%
Institutional Class at NAV		04/01/2010		04/01/2010			–3.37			2.83			4.19
Class R at NAV		08/10/2015		04/01/2010			–3.81			2.52			3.90
Class R6 at NAV		08/10/2015		04/01/2010			–3.35			2.83			4.20
MSCI EAFE Index		—		—			–8.43	%		1.58	%		2.92	%
% Total Annual Operating Expense Ratios4			Investor Class			Institutional Class			Class R			Class R6
Gross				1.19	%		0.94	%		1.44	%		0.91	%
Net				0.90			0.65			1.15			0.62

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Institutional Class	$	50,000		04/01/2010	$	63,542		N.A.
Class R	$	10,000		04/01/2010	$	12,501		N.A.
Class R6	$	1,000,000		04/01/2010	$	1,271,172		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than 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.

3

Parametric International Equity Fund

January 31, 2016

Fund Profile

Sector Allocation (% of net assets)⁵

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁵

Nestle SA	1.0	%
Vodafone Group PLC	0.9
National Grid PLC	0.8
KDDI Corp.	0.8
Deutsche Telekom AG	0.8
Compagnie Financiere Richemont SA, Class A	0.7
Total SA	0.7
GlaxoSmithKline PLC	0.7
Iliad SA	0.7
Novartis AG	0.7
Total	7.8	%

See Endnotes and Additional Disclosures in this report.

4

Parametric International Equity Fund

January 31, 2016

Endnotes and Additional Disclosures

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

²  S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. 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.

³  Returns are historical and are calculated by determining the percentage change in net asset value (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. Performance presented in the financial highlights included in the financial statements is not linked. In the performance table, 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.

⁴  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 8/10/16. Without the reimbursement, if applicable, performance would have been lower.

⁵  Excludes cash and cash equivalents.

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

Fund profile subject to change due to active management.

5

Parametric International Equity Fund

January 31, 2016

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2015 – January 31, 2016) for Investor Class and Institutional Class and (August 10, 2015 – January 31, 2016) for Class R and Class R6. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2015 – January 31, 2016).

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

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

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

	Beginning Account Value (8/1/15)		Ending Account Value (1/31/16)		Expenses Paid During Period (8/1/15 – 1/31/16)			Annualized Expense Ratio
Actual*
Investor Class	$	1,000.00	$	898.90	$	4.31	***		0.90	%
Institutional Class	$	1,000.00	$	900.90	$	3.11	***		0.65	%
Class R	$	1,000.00	$	890.20	$	5.21	***		1.15	%
Class R6	$	1,000.00	$	892.30	$	2.81	***		0.62	%
Hypothetical**
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,020.70	$	4.58	***		0.90	%
Institutional Class	$	1,000.00	$	1,021.90	$	3.31	***		0.65	%
Class R	$	1,000.00	$	1,019.40	$	5.85	***		1.15	%
Class R6	$	1,000.00	$	1,022.10	$	3.16	***		0.62	%

* Class R and Class R6 had not commenced operations on August 1, 2015. Actual expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period); 175/365 for Class R and Class R6 ( to reflect the period from the commencement of operations on August 10, 2015 to January 31, 2016). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2015 (August 10, 2015 for Class R and Class R6).

** Hypothetical expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2015 (August 10, 2015 for Class R and Class R6).

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

6

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments

Common Stocks — 99.0%
Security	Shares		Value
Australia — 7.9%
1-Page, Ltd.(1)		24,808	$	61,683
Aconex, Ltd.(1)		20,673		73,207
Adelaide Brighton, Ltd.		13,200		44,596
AGL Energy, Ltd.		37,513		500,280
Alumina, Ltd.		55,500		41,543
Amcor, Ltd.		10,892		103,866
Ansell, Ltd.		2,656		38,171
APA Group		58,775		358,299
ARB Corp., Ltd.		2,740		29,886
Ardent Leisure Group		12,741		18,688
Aristocrat Leisure, Ltd.		13,434		98,721
Asciano, Ltd.		19,164		121,493
Automotive Holdings Group, Ltd.		8,319		25,790
Beach Energy, Ltd.		98,106		26,687
Boral, Ltd.		7,182		28,819
Brambles, Ltd.		25,682		205,157
Caltex Australia, Ltd.		7,309		195,461
Commonwealth Bank of Australia		4,269		241,308
Computershare, Ltd.		18,612		138,955
CSG, Ltd.		39,369		48,613
CSL, Ltd.		6,885		512,857
CSR, Ltd.		25,925		47,347
Dexus Property Group		10,799		56,957
Domino’s Pizza Enterprises, Ltd.		1,673		71,838
DuluxGroup, Ltd.		10,000		46,345
Event Hospitality and Entertainment, Ltd.		3,962		42,725
Fairfax Media, Ltd.		50,378		31,964
Fortescue Metals Group, Ltd.		33,300		41,849
Goodman Group		4,772		20,895
GPT Group (The)		15,885		55,567
GUD Holdings, Ltd.		3,393		15,793
GWA Group, Ltd.		11,240		16,221
Healthscope, Ltd.		21,535		34,043
Iluka Resources, Ltd.		9,500		37,273
Incitec Pivot, Ltd.		24,973		55,664
Insurance Australia Group, Ltd.		10,182		38,512
IRESS, Ltd.		9,077		62,508
iSentia Group, Ltd.		12,985		42,487
James Hardie Industries PLC CDI		4,080		47,278
JB Hi-Fi, Ltd.		2,369		39,717
Link Administration Holdings, Ltd.(1)		9,500		52,686
Macquarie Atlas Roads Group		13,855		42,419
Mantra Group, Ltd.		15,349		53,004
McMillan Shakespeare, Ltd.		2,231		20,306

Security	Shares		Value
Australia (continued)
Mirvac Group		42,165	$	57,573
National Australia Bank, Ltd.		6,809		135,268
Navitas, Ltd.		7,563		25,220
New Hope Corp., Ltd.		11,960		14,101
Newcrest Mining, Ltd.(1)		10,442		98,162
Nine Entertainment Co. Holdings, Ltd.		20,195		23,919
Orica, Ltd.		5,800		59,107
Origin Energy, Ltd.		45,540		134,782
Orora, Ltd.		18,060		28,201
Premier Investments, Ltd.		3,446		32,402
Primary Health Care, Ltd.		7,957		14,023
Prime Media Group, Ltd.		20,455		7,070
Ramsay Health Care, Ltd.		2,040		88,569
Recall Holdings, Ltd.		7,050		33,122
Rio Tinto, Ltd.		4,493		126,881
Scentre Group		14,175		44,279
Select Harvests, Ltd.		5,679		21,643
Sims Metal Management, Ltd.		5,711		27,862
Sonic Healthcare, Ltd.		9,334		123,054
Southern Cross Media Group, Ltd.		25,786		20,803
SpeedCast International, Ltd.		12,175		40,606
Spotless Group Holdings, Ltd.		56,010		41,845
Star Entertainment Group, Ltd. (The)		16,693		64,434
Stockland		7,062		20,720
STW Communications Group, Ltd.		74,259		40,114
Suncorp Group, Ltd.		2,585		21,566
Super Retail Group, Ltd.		3,746		27,381
Sydney Airport		14,426		67,931
Tabcorp Holdings, Ltd.		22,318		73,370
Tatts Group, Ltd.		26,125		77,715
Telstra Corp., Ltd.		182,304		734,567
Tox Free Solutions, Ltd.		9,194		17,254
Transpacific Industries Group, Ltd.		55,685		29,251
Transurban Group		30,586		235,808
Treasury Wine Estates, Ltd.		16,804		109,369
Veda Group, Ltd.		21,772		43,566
Vicinity Centres		34,152		71,100
Village Roadshow, Ltd.		4,552		22,614
Washington H. Soul Pattinson & Co., Ltd.		5,073		60,509
Wesfarmers, Ltd.		14,990		452,293
Westfield Corp.		5,863		41,736
Westpac Banking Corp.		9,340		206,846
Whitehaven Coal, Ltd.(1)		54,939		16,335
Woodside Petroleum, Ltd.		17,317		349,013
Woolworths, Ltd.		17,765		308,839
			$	8,178,301

7 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Austria — 1.0%
ams AG		3,319	$	91,651
Austria Technologie & Systemtechnik AG		1,392		18,076
CA Immobilien Anlagen AG		1,562		26,788
Conwert Immobilien Invest SE(1)		2,111		29,853
DO & Co. AG		559		56,940
EVN AG		2,151		23,772
Flughafen Wien AG		562		49,408
Immofinanz AG(1)		26,800		50,509
Mayr Melnhof Karton AG		170		19,291
Oesterreichische Post AG		1,018		36,130
OMV AG		5,658		145,639
Porr AG		788		21,135
RHI AG		858		16,122
S&T AG		4,566		27,483
Schoeller-Bleckmann Oilfield Equipment AG		688		35,913
Telekom Austria AG		7,553		41,619
UNIQA Insurance Group AG		2,146		13,576
Verbund AG		9,599		116,046
Vienna Insurance Group		607		14,996
Voestalpine AG		3,799		99,910
Wienerberger AG		3,907		59,788
			$	994,645
Belgium — 2.0%
Ackermans & van Haaren NV		418	$	54,159
Ageas		1,632		66,277
Agfa-Gevaert NV(1)		3,669		15,658
Anheuser-Busch InBev SA/NV		2,885		362,836
Barco NV		628		39,438
Befimmo SCA Sicafi		400		22,944
Bekaert SA		2,177		70,140
bpost SA		4,751		112,708
Cofinimmo		337		36,703
Colruyt SA		400		21,388
D’Ieteren SA NV		858		28,083
Delhaize Group		367		38,520
Econocom Group SA/NV		2,876		26,965
Elia System Operator SA NV		1,508		72,726
Euronav SA		5,783		67,438
EVS Broadcast Equipment SA		507		16,220
Galapagos NV(1)		1,186		59,101
Groupe Bruxelles Lambert SA		777		59,074
Nyrstar NV(1)		40,270		59,088
Proximus SADP		6,399		221,196
Sofina SA		347		36,628

Security	Shares		Value
Belgium (continued)
Telenet Group Holding NV(1)		2,884	$	150,124
Tessenderlo Chemie NV(1)		1,992		52,753
UCB SA		2,535		216,745
Umicore SA		3,110		114,340
			$	2,021,252
Denmark — 1.9%
A.P. Moller-Maersk A/S, Class A		39	$	49,295
A.P. Moller-Maersk A/S, Class B		54		69,478
Bakkafrost P/F		1,915		63,782
Carlsberg A/S, Class B		2,519		212,371
Chr. Hansen Holding A/S		1,605		98,269
Danske Bank A/S		7,159		192,659
DSV A/S		2,805		109,160
FLSmidth & Co. A/S		687		24,094
GN Store Nord A/S		898		16,812
H Lundbeck AS(1)		626		20,333
ISS A/S		890		31,464
Jyske Bank A/S(1)		993		43,604
Matas A/S		1,465		27,685
Novo Nordisk A/S, Class B		4,950		276,549
Novozymes A/S, Class B		4,261		177,851
Pandora A/S		2,045		273,591
Royal Unibrew A/S		945		39,622
SimCorp A/S		1,201		58,925
TDC A/S		26,972		115,830
Topdanmark A/S(1)		1,346		34,206
Tryg A/S		1,443		27,592
William Demant Holding A/S(1)		198		17,454
			$	1,980,626
Finland — 2.0%
Amer Sports Oyj		5,077	$	138,965
Elisa Oyj		4,873		176,496
Fiskars Oyj Abp		2,200		42,601
Fortum Oyj		12,570		197,656
Huhtamaki Oyj		1,924		68,013
Kemira Oyj		3,783		42,858
Kesko Oyj, Class B		4,822		193,460
Kone Oyj, Class B		3,256		143,115
Metsa Board Oyj		2,363		15,802
Neste Oyj		7,267		227,670
Nokia Oyj		24,851		179,013
Oriola-KD Oyj, Series B(1)		6,575		29,883
Orion Oyj, Class B		4,461		147,178

8 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Finland (continued)
Sampo Oyj, Class A		3,861	$	186,966
Sanoma Oyj		6,906		31,906
Sponda Oyj		5,906		24,157
Stora Enso Oyj		10,080		82,149
Tieto Oyj		900		24,231
Uponor Oyj		3,709		57,065
Valmet Oyj		2,592		25,769
			$	2,034,953
France — 7.8%
Accor SA		1,838	$	69,804
ADP		489		55,394
Air Liquide SA		6,902		713,732
Airbus Group SE		2,312		145,416
Alstom SA(1)		1,046		28,068
Alten SA		1,223		68,840
Altran Technologies SA		7,912		99,917
Atos SE		1,969		155,656
bioMerieux		279		35,086
BNP Paribas SA		4,583		217,105
Bouygues SA		1,412		55,271
Christian Dior SE		183		30,950
CNP Assurances		2,298		30,730
Compagnie Generale des Etablissements Michelin, Class B		912		83,205
Danone SA		5,411		372,685
Dassault Systemes SA		2,349		181,562
Edenred		2,324		43,726
Engie SA		33,939		541,516
Euler Hermes Group		307		26,252
Eurazeo SA		700		42,731
Eutelsat Communications SA		1,770		57,205
Fonciere des Regions		470		39,934
Gecina SA		349		44,863
Groupe Eurotunnel SE		4,517		51,906
Hermes International		100		34,021
ICADE		448		31,838
Iliad SA		2,964		743,247
Ingenico Group SA		1,085		128,079
Ipsen SA		503		28,993
Kering SA		354		59,657
Klepierre		1,536		66,573
Korian SA		1,362		46,091
L’Oreal SA		2,121		362,531
Lagardere SCA		1,608		45,696
LVMH Moet Hennessy Louis Vuitton SE		1,313		211,191

Security	Shares		Value
France (continued)
Neopost SA		3,120	$	74,669
Nexity SA		1,269		57,435
Orange SA		6,541		116,140
Orpea		747		59,132
Remy Cointreau SA		1,470		105,579
Rexel SA		3,275		38,785
Rubis SCA		2,227		166,617
Safran SA		1,656		107,280
Sanofi		6,826		567,655
Sartorius Stedim Biotech		78		28,446
SCOR SE		1,208		42,109
Sodexo SA		863		84,521
Sopra Steria Group		819		88,779
Technip SA		1,507		70,218
Teleperformance		618		51,489
Thales SA		583		44,375
Total SA		16,909		751,113
Unibail-Rodamco SE		496		125,023
Veolia Environnement SA		4,135		99,691
Vicat SA		1,244		67,203
Vinci SA		2,031		137,595
Virbac SA		157		28,842
Vivendi SA		6,567		142,767
Wendel SA		480		48,068
Zodiac Aerospace		1,509		31,467
			$	8,084,469
Germany — 7.8%
Adidas AG		1,352	$	139,219
Allianz SE		2,211		357,820
alstria office REIT AG		2,172		27,120
BASF SE		6,613		440,777
Bayer AG		4,480		504,207
Bayerische Motoren Werke AG, PFC Shares		687		47,302
Brenntag AG		1,284		63,003
Daimler AG		3,847		269,343
Deutsche EuroShop AG		619		26,474
Deutsche Lufthansa AG(1)		3,810		55,869
Deutsche Telekom AG		44,848		780,932
Deutsche Wohnen AG, Bearer Shares		1,891		49,854
E.ON SE		54,364		557,058
Evonik Industries AG		1,623		50,106
Fraport AG		1,039		63,017
Freenet AG		1,731		53,830
Fresenius Medical Care AG & Co. KGaA		1,217		108,083

9 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Germany (continued)
Fresenius SE & Co. KGaA		2,115	$	140,347
Fuchs Petrolub SE, PFC Shares		1,198		49,133
GEA Group AG		1,564		65,615
Gerresheimer AG		360		25,578
Grand City Properties SA		1,598		33,108
Hannover Rueck SE		760		79,988
HeidelbergCement AG		1,013		74,621
Henkel AG & Co. KGaA		3,663		337,763
Henkel AG & Co. KGaA, PFC Shares		5,084		540,183
Hugo Boss AG		623		49,617
Kabel Deutschland Holding AG		314		40,231
KION Group AG		1,797		88,711
Krones AG		267		28,786
KWS Saat SE		176		48,994
LANXESS AG		989		40,833
LEG Immobilien AG		453		36,771
Linde AG		1,381		187,920
MAN SE		315		31,829
Merck KGaA		594		51,721
MTU Aero Engines AG		466		42,784
Muenchener Rueckversicherungs-Gesellschaft AG		784		151,054
Nemetschek AG		1,372		62,975
Porsche Automobil Holding SE, PFC Shares		1,013		45,942
ProSiebenSat.1 Media SE		2,109		105,374
Rational AG		70		31,392
RWE AG		15,994		224,036
SAP SE		7,657		610,148
Sartorius AG, PFC Shares		205		52,729
Siemens AG		4,885		468,226
Software AG		3,450		116,718
Stada Arzneimittel AG		691		23,939
Symrise AG		793		51,425
TAG Immobilien AG		2,395		28,195
Talanx AG		794		22,942
Telefonica Deutschland Holdings AG		10,035		49,775
TUI AG		1,983		33,677
Volkswagen AG		452		59,333
Volkswagen AG, PFC Shares		642		74,762
Vonovia SE		3,427		104,451
Wincor Nixdorf AG(1)		668		33,872
Wirecard AG		1,800		91,027
			$	8,030,539
Hong Kong — 3.9%
Bank of East Asia, Ltd. (The)		17,600	$	51,621
BOC Hong Kong (Holdings), Ltd.		18,000		48,035

Security	Shares		Value
Hong Kong (continued)
Brightoil Petroleum Holdings, Ltd.		103,000	$	30,617
Cafe de Coral Holdings, Ltd.		6,000		16,518
Cathay Pacific Airways, Ltd.		11,000		17,361
Cheung Kong Infrastructure Holdings, Ltd.		14,000		131,767
China Innovationpay Group, Ltd.(1)		484,000		19,243
China Traditional Chinese Medicine Co., Ltd.(1)		172,000		95,149
Chow Sang Sang Holdings International, Ltd.		12,000		17,992
CK Hutchison Holdings, Ltd.		23,996		300,290
CLP Holdings, Ltd.		29,500		247,042
Dairy Farm International Holdings, Ltd.		20,300		125,848
Esprit Holdings, Ltd.		44,800		46,324
G-Resources Group, Ltd.		1,836,000		43,263
GCL New Energy Holdings, Ltd.(1)		600,000		29,584
Global Brands Group Holdings, Ltd.(1)		126,000		19,184
Hang Lung Group, Ltd.		13,000		35,915
Hang Lung Properties, Ltd.		31,000		57,424
Hang Seng Bank, Ltd.		4,800		79,875
HC International, Inc.(1)		58,000		26,956
Henderson Land Development Co., Ltd.		6,050		33,033
HK Electric Investments & HK Electric Investments, Ltd.(2)		39,000		30,525
HKT Trust and HKT, Ltd.		140,000		184,529
Honbridge Holdings, Ltd.(1)		282,000		24,596
Hong Kong Exchanges and Clearing, Ltd.		4,900		108,970
Hongkong Land Holdings, Ltd.		9,300		58,598
Hopewell Holdings, Ltd.		8,000		24,278
Hysan Development Co., Ltd.		8,000		31,152
Jardine Matheson Holdings, Ltd.		2,800		147,097
Jardine Strategic Holdings, Ltd.		2,000		54,779
Kerry Properties, Ltd.		10,500		24,165
Kingston Financial Group, Ltd.(1)		88,000		27,030
Kong Sun Holdings, Ltd.(1)		500,000		36,329
KuangChi Science, Ltd.(1)		135,000		49,214
Landing International Development, Ltd.(1)		900,000		12,789
Li & Fung, Ltd.		104,000		59,826
Lifestyle International Holdings, Ltd.		11,000		13,575
Link REIT		15,000		86,152
Macau Legend Development, Ltd.(1)		273,000		35,331
Man Wah Holdings, Ltd.		15,600		16,971
Melco International Development, Ltd.		19,000		23,039
MGM China Holdings, Ltd.		31,600		38,206
MTR Corp., Ltd.		19,000		86,268
New World Development Co., Ltd.		29,000		23,702
NWS Holdings, Ltd.		17,000		25,567
Pacific Textiles Holdings, Ltd.		15,000		21,986
PAX Global Technology, Ltd.		55,000		55,825
PCCW, Ltd.		279,000		167,720

10 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Hong Kong (continued)
Power Assets Holdings, Ltd.		25,500	$	233,243
Shangri-La Asia, Ltd.		50,000		46,838
Sino Land Co., Ltd.		22,000		28,378
Sino Oil and Gas Holdings, Ltd.(1)		1,125,000		27,736
SJM Holdings, Ltd.		56,000		37,030
Stella International Holdings, Ltd.		9,500		22,794
Sun Hung Kai Properties, Ltd.		7,000		75,718
Superb Summit International Group, Ltd.(1)(3)		230,000		0
Swire Pacific, Ltd., Class A		3,000		28,960
Swire Properties, Ltd.		16,200		42,047
Techtronic Industries Co., Ltd.		20,000		76,402
Television Broadcasts, Ltd.		13,800		47,971
Texwinca Holdings, Ltd.		18,000		17,418
Town Health International Medical Group, Ltd.		254,000		47,364
Truly International Holdings, Ltd.		278,000		63,175
VTech Holdings, Ltd.		10,200		102,330
Wharf (Holdings), Ltd. (The)		8,000		37,282
Wheelock & Co., Ltd.		7,000		26,799
Wynn Macau, Ltd.		66,800		72,504
Yue Yuen Industrial Holdings, Ltd.		21,500		74,116
			$	4,049,365
Ireland — 1.9%
Bank of Ireland(1)		626,258	$	206,544
CRH PLC		8,863		235,087
Dalata Hotel Group PLC(1)		13,628		72,540
DCC PLC		2,273		175,482
FBD Holdings PLC		1,257		8,794
FleetMatics Group PLC(1)		4,360		189,268
Fly Leasing, Ltd. ADR		4,861		57,165
Glanbia PLC		3,682		69,904
Green REIT PLC		16,052		26,065
Hibernia REIT PLC		16,439		23,030
ICON PLC(1)		3,565		235,540
Irish Continental Group PLC		12,582		71,551
Kerry Group PLC, Class A		2,866		233,701
King Digital Entertainment PLC		2,215		39,715
Paddy Power PLC		1,764		263,476
Smurfit Kappa Group PLC		2,502		54,285
UDG Healthcare PLC		3,363		25,139
			$	1,987,286
Israel — 1.9%
Azrieli Group		575	$	20,293
Bank Hapoalim B.M.		20,465		95,057

Security	Shares		Value
Israel (continued)
Bezeq Israeli Telecommunication Corp., Ltd.		136,162	$	293,532
Check Point Software Technologies, Ltd.(1)		1,700		133,977
Delek Automotive Systems, Ltd.		2,964		26,270
Delta-Galil Industries, Ltd.		580		15,129
Elbit Systems, Ltd.		1,992		170,448
Gazit-Globe, Ltd.		2,355		18,622
Israel Chemicals, Ltd.		40,719		164,104
Israel Corp., Ltd.		441		74,059
Israel Discount Bank, Ltd., Series A(1)		37,711		62,023
Kenon Holdings, Ltd.(1)		1,393		12,609
Kornit Digital, Ltd.(1)		3,200		36,672
Melisron, Ltd.		900		28,557
Mellanox Technologies, Ltd.(1)		1,000		45,450
Mizrahi Tefahot Bank, Ltd.		3,412		38,303
NICE-Systems, Ltd.		790		47,403
Oil Refineries, Ltd.(1)		129,181		53,461
Orbotech, Ltd.(1)		1,435		29,948
Osem Investment, Ltd.		3,280		54,882
Paz Oil Co., Ltd.		820		127,410
Sarine Technologies, Ltd.		24,100		26,267
Shufersal, Ltd.(1)		12,222		38,728
Stratasys, Ltd.(1)		1,100		17,930
Teva Pharmaceutical Industries, Ltd. ADR		5,508		338,632
Tower Semiconductor, Ltd.(1)		467		5,926
			$	1,975,692
Italy — 3.8%
A2A SpA		30,000	$	35,973
Amplifon SpA		4,300		36,048
Anima Holding SpA(2)		6,783		49,876
Ansaldo STS SpA		6,279		67,110
Assicurazioni Generali SpA		4,822		72,401
Astaldi SpA		4,000		20,154
ASTM SpA		2,449		26,693
Atlantia SpA		7,448		195,155
Autogrill SpA(1)		4,891		41,569
Banca Monte dei Paschi di Siena SpA(1)		31,090		22,567
Banca Popolare di Sondrio SCARL		7,176		27,527
Brembo SpA		901		36,968
CNH Industrial NV		16,821		104,941
Danieli & C Officine Meccaniche SpA, PFC Shares		1,258		18,126
Davide Campari-Milano SpA		13,191		115,715
De’Longhi SpA		1,326		31,722
DiaSorin SpA		1,861		97,949
Ei Towers SpA		915		53,240
Enel Green Power SpA		14,139		27,712

11 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Italy (continued)
Enel SpA		63,320	$	259,972
ENI SpA		32,585		472,877
EXOR SpA		550		17,929
Ferrari N.V.(1)		1,000		39,770
Hera SpA		8,691		24,395
Infrastrutture Wireless Italiane SpA(1)(2)		7,000		35,353
International Game Technology PLC		2,666		38,577
Interpump Group SpA		3,123		39,745
Intesa Sanpaolo SpA		63,201		180,070
Intesa Sanpaolo SpA, PFC Shares		8,400		22,335
Italcementi SpA		5,848		65,557
Italmobiliare SpA, PFC Shares		4,962		140,234
Luxottica Group SpA		1,955		122,204
Mediaset SpA		11,919		40,011
Moncler SpA		2,119		31,417
Parmalat SpA		15,867		41,225
Poste Italiane SpA(1)(2)		6,640		49,093
Prada SpA		7,400		22,134
Recordati SpA		5,502		136,368
Reply SpA		289		37,962
Saipem SpA(1)		2,600		1,611
Snam SpA		15,964		89,572
Societa Iniziative Autostradali e Servizi SpA		2,008		19,050
STMicroelectronics NV		28,651		187,486
Telecom Italia SpA(1)		424,035		471,944
Tenaris SA		5,074		52,546
Terna Rete Elettrica Nazionale SpA		16,318		87,448
Tod’s SpA		613		48,514
Unipol Gruppo Finanziario SpA		8,650		35,442
UnipolSai SpA		12,219		25,964
Yoox Net-A-Porter Group SpA(1)		851		29,281
			$	3,947,532
Japan — 16.0%
Aeon Co., Ltd.		7,100	$	94,758
Air Water, Inc.		3,000		47,700
Aisin Seiki Co., Ltd.		1,200		50,955
Ajinomoto Co., Inc.		5,000		118,921
Alps Electric Co., Ltd.		1,600		31,722
Asahi Glass Co., Ltd.		6,000		36,584
Asahi Kasei Corp.		19,000		123,450
Asics Corp.		1,600		29,704
Astellas Pharma, Inc.		17,000		235,392
Bank of Yokohama, Ltd. (The)		7,000		37,336
Bridgestone Corp.		2,400		87,437
Calbee, Inc.		1,500		62,335

Security	Shares		Value
Japan (continued)
Canon, Inc.		6,600	$	184,420
Chiba Bank, Ltd. (The)		7,000		43,301
Chubu Electric Power Co., Inc.		16,500		211,917
Chugai Pharmaceutical Co., Ltd.		3,000		91,905
Chugoku Bank, Ltd. (The)		2,000		23,809
Citizen Holdings Co., Ltd.		5,500		33,558
Coca-Cola West Co., Ltd.		1,500		33,094
Cosmo Energy Holdings Co., Ltd.(1)		5,200		57,335
Dai Nippon Printing Co., Ltd.		6,000		56,135
Daicel Corp.		4,000		58,844
Daido Steel Co., Ltd.		12,000		49,889
Daihatsu Motor Co., Ltd.		3,900		60,884
Daito Trust Construction Co., Ltd.		700		88,995
Daiwa House Industry Co., Ltd.		3,100		87,523
DeNA Co., Ltd.		2,800		40,525
Denka Co., Ltd.		9,000		39,887
Denso Corp.		2,400		103,507
DIC Corp.		12,000		30,923
Disco Corp.		800		76,094
Dowa Holdings Co., Ltd.		5,000		33,910
East Japan Railway Co.		1,700		156,260
Eisai Co., Ltd.		2,700		163,199
Electric Power Development Co., Ltd.		5,800		195,686
Ezaki Glico Co., Ltd.		1,100		60,125
FamilyMart Co., Ltd.		700		32,758
Fast Retailing Co., Ltd.		200		64,669
Fuji Heavy Industries, Ltd.		2,200		90,030
FUJIFILM Holdings Corp.		3,600		139,096
Fujitsu, Ltd.		20,000		83,518
Fukuoka Financial Group, Inc.		7,000		29,708
Hachijuni Bank, Ltd. (The)		5,000		27,960
Hankyu Hanshin Holdings, Inc.		8,000		49,908
Hirose Electric Co., Ltd.		400		45,455
Hiroshima Bank, Ltd. (The)		7,000		35,045
Hitachi Metals, Ltd.		3,000		33,755
Hitachi, Ltd.		26,000		128,493
Hokkaido Electric Power Co., Inc.(1)		9,900		92,240
Hokuhoku Financial Group, Inc.		19,000		35,243
Honda Motor Co., Ltd.		5,700		154,510
Ibiden Co., Ltd.		2,400		33,808
Idemitsu Kosan Co., Ltd.		3,200		47,996
ITOCHU Corp.		8,400		98,725
Iyo Bank, Ltd. (The)		6,000		50,862
Japan Airlines Co., Ltd.		1,000		37,533
Japan Real Estate Investment Corp.		14		74,368
Japan Retail Fund Investment Corp.		17		36,011

12 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Japan Tobacco, Inc.		9,000	$	352,473
JGC Corp.		2,000		31,726
Joyo Bank, Ltd. (The)		9,000		36,551
JSR Corp.		2,400		34,854
JX Holdings, Inc.		59,300		226,467
Kajima Corp.		9,000		50,910
Kakaku.com, Inc.		2,000		38,802
Kaneka Corp.		6,000		57,422
Kao Corp.		3,900		209,295
Kawasaki Heavy Industries, Ltd.		13,000		40,254
KDDI Corp.		31,400		795,130
Keikyu Corp.		5,000		41,437
Keio Corp.		5,000		44,437
Kewpie Corp.		1,300		28,439
Kintetsu Group Holdings Co., Ltd.		12,000		49,483
Kirin Holdings Co., Ltd.		7,500		106,508
Kobayashi Pharmaceutical Co., Ltd.		700		59,645
Komatsu, Ltd.		3,200		47,845
Konami Holdings Corp.		2,400		55,576
Kuraray Co., Ltd.		3,500		42,218
Kyowa Hakko Kirin Co., Ltd.		5,000		72,485
Kyushu Electric Power Co., Inc.(1)		12,800		138,322
Lawson, Inc.		1,000		78,956
Lion Corp.		5,000		46,476
M3, Inc.		2,200		50,458
Makita Corp.		1,000		56,287
Marubeni Corp.		12,600		60,264
Maruichi Steel Tube, Ltd.		1,200		33,981
Matsumotokiyoshi Holdings Co., Ltd.		1,000		46,798
MEIJI Holdings Co., Ltd.		1,400		117,513
Miraca Holdings, Inc.		1,700		70,158
Mitsubishi Chemical Holdings Corp.		14,500		80,870
Mitsubishi Corp.		5,000		80,150
Mitsubishi Gas Chemical Co., Inc.		10,000		47,797
Mitsubishi Heavy Industries, Ltd.		12,000		47,162
Mitsubishi Materials Corp.		18,000		55,523
Mitsubishi Motors Corp.		7,000		56,529
Mitsubishi Tanabe Pharma Corp.		3,600		59,155
Mitsubishi UFJ Financial Group, Inc.		47,300		242,549
Mitsui & Co., Ltd.		5,400		61,380
Mitsui Chemicals, Inc.		14,000		61,288
Mitsui O.S.K. Lines, Ltd.		23,000		45,573
Mizuho Financial Group, Inc.		77,400		133,919
MS&AD Insurance Group Holdings, Inc.		3,700		100,496
Murata Manufacturing Co., Ltd.		1,500		173,502
NEC Corp.		32,000		84,753

Security	Shares		Value
Japan (continued)
NGK Spark Plug Co., Ltd.		1,900	$	44,890
NH Foods, Ltd.		2,000		38,809
Nidec Corp.		1,500		102,343
Nihon Kohden Corp.		2,000		44,975
Nikon Corp.		4,700		69,144
Nippon Building Fund, Inc.		14		72,411
Nippon Electric Glass Co., Ltd.		8,000		41,405
Nippon Express Co., Ltd.		6,000		28,106
Nippon Kayaku Co., Ltd.		4,000		42,855
Nippon Paint Holdings Co., Ltd.		2,000		38,229
Nippon Paper Industries Co., Ltd.		1,900		30,522
Nippon Shinyaku Co., Ltd.		1,000		34,837
Nippon Shokubai Co., Ltd.		600		39,218
Nippon Telegraph & Telephone Corp.		13,200		561,958
Nippon Yusen K.K.		16,000		34,325
Nissan Chemical Industries, Ltd.		2,000		46,302
Nissan Motor Co., Ltd.		9,100		90,506
Nisshin Seifun Group, Inc.		3,800		61,515
Nissin Foods Holdings Co., Ltd.		800		40,781
Nitori Holdings Co., Ltd.		400		32,490
Nitto Denko Corp.		2,100		120,759
Nomura Real Estate Master Fund, Inc.(1)		40		49,204
Nomura Research Institute, Ltd.		900		32,659
NTT Data Corp.		1,600		77,095
NTT DoCoMo, Inc.		24,700		547,802
Obayashi Corp.		5,000		45,107
Obic Co., Ltd.		1,000		51,800
Odakyu Electric Railway Co., Ltd.		4,000		42,546
Okinawa Electric Power Co., Inc. (The)		2,900		70,766
Ono Pharmaceutical Co., Ltd.		1,000		161,163
Oracle Corp. Japan		1,400		63,582
Oriental Land Co., Ltd.		1,300		83,012
Osaka Gas Co., Ltd.		48,000		182,056
Otsuka Holdings Co., Ltd.		4,700		158,115
Recruit Holdings Co., Ltd.		1,700		53,669
Resona Holdings, Inc.		9,200		42,309
Ricoh Co., Ltd.		4,500		43,508
Rinnai Corp.		500		45,917
San-Ai Oil Co., Ltd.		4,000		31,019
Santen Pharmaceutical Co., Ltd.		5,500		87,862
Sawai Pharmaceutical Co., Ltd.		1,000		69,348
SECOM Co., Ltd.		700		48,777
Seiko Epson Corp.		2,900		40,666
Sekisui House, Ltd.		3,000		47,223
Seven Bank, Ltd.		9,500		40,460
Sharp Corp.(1)		55,000		63,733

13 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Shimadzu Corp.		4,000	$	61,935
Shimamura Co., Ltd.		400		44,744
Shimizu Corp.		6,000		46,515
Shin-Etsu Chemical Co., Ltd.		4,200		214,520
Shionogi & Co., Ltd.		2,100		91,643
Shizuoka Bank, Ltd. (The)		7,000		61,108
Showa Denko K.K.		23,000		25,202
Showa Shell Sekiyu K.K.		6,200		50,603
Sompo Japan Nipponkoa Holdings, Inc.		3,000		88,970
Sumitomo Corp.		6,300		62,799
Sumitomo Electric Industries, Ltd.		3,600		47,433
Sumitomo Metal Mining Co., Ltd.		5,000		53,055
Sumitomo Mitsui Financial Group, Inc.		4,300		144,259
Sumitomo Osaka Cement Co., Ltd.		12,000		48,913
Sumitomo Realty & Development Co., Ltd.		2,000		56,065
Suntory Beverage & Food, Ltd.		1,200		55,498
Suruga Bank, Ltd.		2,000		36,311
Taiheiyo Cement Corp.		23,000		66,307
Taisei Corp.		7,000		43,565
Takashimaya Co., Ltd.		6,000		51,388
Takeda Pharmaceutical Co., Ltd.		6,200		300,227
TDK Corp.		1,400		76,901
TEIJIN, Ltd.		12,000		43,967
Terumo Corp.		3,800		120,823
Toho Gas Co., Ltd.		15,000		98,652
Tokio Marine Holdings, Inc.		2,500		89,449
Tokyo Electric Power Co., Inc.(1)		25,000		125,623
Tokyo Gas Co., Ltd.		53,000		244,205
Tokyu Corp.		7,000		54,557
TonenGeneral Sekiyu K.K.		10,000		81,522
Toray Industries, Inc.		14,000		118,675
Toshiba Corp.(1)		25,000		41,741
TOTO, Ltd.		1,500		48,682
Toyo Suisan Kaisha, Ltd.		1,400		48,483
Toyota Motor Corp.		7,700		463,768
Trend Micro, Inc.(1)		1,500		63,103
Tsuruha Holdings, Inc.		600		49,791
Ube Industries, Ltd.		32,000		62,326
Unicharm Corp.		4,500		87,840
UNY Group Holdings Co., Ltd.		8,100		51,894
USS Co., Ltd.		2,100		32,259
West Japan Railway Co.		1,000		64,789
Yahoo! Japan Corp.		13,100		49,975
Yamaguchi Financial Group, Inc.		3,000		32,486
Yamato Holdings Co., Ltd.		1,600		35,129
Yamazaki Baking Co., Ltd.		2,000		43,626

Security	Shares		Value
Japan (continued)
Yokohama Rubber Co., Ltd. (The)		2,500	$	37,479
Zeon Corp.		6,000		40,469
			$	16,566,578
Netherlands — 3.8%
Aalberts Industries NV		1,603	$	50,630
Aegon NV		12,684		71,728
Akzo Nobel NV		3,900		250,173
Altice NV, Class B(1)		1,339		19,816
Arcadis NV		1,684		22,583
ASM International NV		1,283		51,103
ASML Holding NV		3,797		348,497
AVG Technologies NV(1)		1,500		28,305
Boskalis Westminster		1,167		45,972
Cimpress NV(1)		973		76,400
Eurocommercial Properties NV		530		23,167
Euronext NV(2)		672		32,576
Fugro NV(1)		3,598		53,012
Gemalto NV		1,094		65,740
IMCD Group NV		1,268		44,951
ING Groep NV		29,974		341,472
InterXion Holding NV(1)		1,200		37,692
Koninklijke BAM Groep NV(1)		5,882		31,606
Koninklijke DSM NV		3,099		150,215
Koninklijke KPN NV		66,651		257,916
Koninklijke Philips NV		8,684		231,252
Koninklijke Vopak NV		1,811		78,770
NN Group NV		1,200		40,655
OCI NV(1)		2,698		48,827
QIAGEN NV(1)		4,267		97,478
Refresco Gerber NV(1)(2)		2,496		41,770
RELX NV		20,724		345,810
Sligro Food Group NV		3,203		117,402
TKH Group NV		1,737		64,554
Unilever NV		15,496		679,954
Wereldhave NV		361		19,722
Wessanen		11,335		96,233
Wolters Kluwer NV		3,405		115,952
			$	3,981,933
New Zealand — 1.0%
A2 Milk Co., Ltd.(1)		72,319	$	88,288
Auckland International Airport, Ltd.		25,117		90,616
Contact Energy, Ltd.		12,191		36,440
Fisher & Paykel Healthcare Corp., Ltd.		10,700		60,150

14 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
New Zealand (continued)
Fletcher Building, Ltd.		17,578	$	78,803
Goodman Property Trust		59,100		48,137
Kiwi Property Group, Ltd.		27,554		24,534
Meridian Energy, Ltd.		16,299		24,910
Mighty River Power, Ltd.		16,147		27,824
Nuplex Industries, Ltd.		8,690		23,429
Precinct Properties New Zealand, Ltd.		57,750		46,073
Ryman Healthcare, Ltd.		8,800		45,939
SKYCITY Entertainment Group, Ltd.		20,643		62,655
Spark New Zealand, Ltd.		47,000		102,806
Trade Me, Ltd.		13,289		34,639
Xero, Ltd.(1)		7,224		79,008
Z Energy, Ltd.		25,537		111,497
			$	985,748
Norway — 2.0%
Atea ASA		6,981	$	56,823
Austevoll Seafood ASA		5,049		32,397
Borregaard ASA		13,595		68,997
DNB ASA		13,456		162,361
Gjensidige Forsikring ASA		3,579		56,949
Golar LNG, Ltd.		2,320		43,198
Kongsberg Gruppen ASA		4,193		66,866
Leroy Seafood Group ASA		1,349		51,737
Nordic American Tankers, Ltd.		1,500		19,065
Nordic Semiconductor ASA(1)		21,943		102,570
Opera Software ASA		17,007		87,060
Orkla ASA		13,667		110,722
Prosafe SE		5,622		9,160
Salmar ASA		3,093		60,985
Schibsted ASA, Class B(1)		6,615		186,029
SpareBank 1 SMN		4,478		24,279
SpareBank 1 SR-Bank ASA		4,300		17,798
Statoil ASA		12,312		168,471
Stolt-Nielsen, Ltd.		2,767		31,777
Subsea 7 SA(1)		3,900		23,354
Telenor ASA		14,873		242,612
TGS Nopec Geophysical Co. ASA		3,696		53,564
Tomra Systems ASA		7,121		69,133
Veidekke ASA		5,447		68,235
XXL ASA(2)		5,174		54,457
Yara International ASA		5,175		196,183
			$	2,064,782

Security	Shares		Value
Portugal — 1.0%
Banco BPI SA(1)		20,010	$	21,898
Banco Comercial Portugues SA(1)		2,736,645		115,768
CTT-Correios de Portugal SA		12,934		112,353
EDP-Energias de Portugal SA		33,754		117,871
Galp Energia SGPS SA, Class B		13,146		155,972
Jeronimo Martins SGPS SA		12,608		175,835
NOS SGPS SA		18,782		136,299
Pharol SGPS SA(1)		189,661		49,268
Portucel SA		38,006		127,229
REN - Redes Energeticas Nacionais SGPS SA		6,664		20,032
			$	1,032,525
Singapore — 2.0%
Ascendas Real Estate Investment Trust		33,000	$	54,110
Biosensors International Group, Ltd.(1)		146,600		79,486
Boustead Singapore, Ltd.		5,000		2,787
BW LPG, Ltd.(2)		6,119		46,983
CapitaLand Commercial Trust, Ltd.		39,500		36,143
CapitaLand Mall Trust		23,000		32,315
ComfortDelGro Corp., Ltd.		28,000		55,952
DBS Group Holdings, Ltd.		6,900		68,595
Ezra Holdings, Ltd.(1)		291,000		11,800
Flextronics International, Ltd.(1)		22,878		239,761
Genting Singapore PLC		119,400		59,555
Golden Agri-Resources, Ltd.		236,400		61,926
Haw Par Corp, Ltd.		3,200		17,359
Hutchison Port Holdings Trust		59,500		28,430
IGG, Inc.		53,000		24,524
International Healthway Corp, Ltd.(1)		602,900		29,224
Keppel Infrastructure Trust		169,500		54,860
Keppel REIT		75,800		47,726
Midas Holdings, Ltd.		80,000		14,402
Neptune Orient Lines, Ltd.(1)		40,000		34,812
OSIM International, Ltd.		58,000		41,512
Oversea-Chinese Banking Corp., Ltd.		13,000		72,749
Pacific Radiance, Ltd.		38,400		8,172
Petra Foods, Ltd.		11,000		17,852
Sheng Siong Group, Ltd.		45,400		26,671
Singapore Airlines, Ltd.		6,000		46,677
Singapore Airport Terminal Services, Ltd.		8,800		24,075
Singapore Exchange, Ltd.		8,300		41,348
Singapore Post, Ltd.		37,200		35,014
Singapore Press Holdings, Ltd.		62,700		157,385
Singapore Technologies Engineering, Ltd.		20,000		40,569
Singapore Telecommunications, Ltd.		109,200		270,778

15 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Singapore (continued)
Suntec REIT		17,000	$	18,988
UOL Group, Ltd.		4,700		18,620
Venture Corp., Ltd.		9,000		49,309
Wilmar International, Ltd.		75,700		153,054
			$	2,023,523
Spain — 3.9%
Abertis Infraestructuras SA		8,707	$	129,720
Aena SA(1)(2)		991		110,342
Almirall SA		5,496		106,109
Amadeus IT Holding SA, Class A		10,576		431,911
Banco Popular Espanol SA		25,747		69,567
Banco Santander SA		46,504		199,289
Bankia SA		37,040		36,860
Bankinter SA		4,724		32,966
Bolsas y Mercados Espanoles SHMSF SA		760		22,833
CaixaBank SA		20,372		61,895
Cellnex Telecom SAU(2)		1,783		30,729
Cia de Distribucion Integral Logista Holdings SA		1,397		29,123
Construcciones y Auxiliar de Ferrocarriles SA		75		19,908
Ebro Foods SA		7,320		143,464
Enagas SA		2,646		76,962
Ence Energia y Celulosa SA		8,194		26,130
Faes Farma SA		11,377		33,348
Ferrovial SA		4,972		108,951
Grifols SA		12,900		269,239
Iberdrola SA		42,072		295,735
Industria de Diseno Textil SA		10,957		360,586
Mediaset Espana Comunicacion SA		3,563		34,650
Melia Hotels International SA		3,749		40,940
Merlin Properties Socimi SA		3,200		37,162
Pharma Mar SA(1)		18,969		48,175
Prosegur Cia de Seguridad SA		6,773		30,382
Red Electrica Corp. SA		938		75,944
Repsol SA		44,446		460,838
Tecnicas Reunidas SA		848		28,256
Telefonica SA		38,500		406,347
Tubacex SA		18,507		33,445
Vidrala SA		1,474		72,162
Viscofan SA		2,464		147,687
Zardoya Otis SA		4,388		46,227
			$	4,057,882

Security	Shares		Value
Sweden — 3.9%
Assa Abloy AB, Class B		4,267	$	90,440
Axfood AB		3,353		58,666
Betsson AB(1)		4,560		72,890
BillerudKorsnas AB		7,160		114,094
BioGaia AB, Class B		1,123		33,692
Castellum AB		1,758		26,209
Cloetta AB, Class B(1)		10,000		32,151
Elekta AB, Class B		16,733		124,788
Evolution Gaming Group AB(1)(2)		1,245		44,214
Fabege AB		1,995		30,929
Fingerprint Cards AB, Class B(1)		1,275		68,997
Granges AB		7,960		61,807
Hennes & Mauritz AB, Class B		7,899		258,670
Hexpol AB		14,655		130,045
Holmen AB, Class B		2,067		59,241
Hufvudstaden AB, Class A		4,040		55,671
ICA Gruppen AB		2,746		97,119
Industrial & Financial Systems, Class B		1,025		43,597
Industrivarden AB, Class A		1,313		22,716
Industrivarden AB, Class C		1,606		25,436
L E Lundbergforetagen, Class B		596		30,512
Lifco AB		2,300		51,158
Lundin Petroleum AB(1)		7,983		114,776
Meda AB, Class A		13,150		141,518
Medivir AB, Class B(1)		11,060		86,666
Mycronic AB		3,200		28,699
NCC AB, Class B		1,940		65,862
NetEnt AB(1)		490		24,506
NIBE Industrier AB, Class B		1,022		29,533
Pandox AB(1)		2,329		36,286
Sandvik AB		8,816		73,775
Securitas AB, Class B		2,566		37,823
Skandinaviska Enskilda Banken AB, Class A		9,689		93,387
Skanska AB, Class B		3,676		70,923
SKF AB, Class B		3,418		52,130
SSAB AB, Class A(1)		14,126		34,072
SSAB AB, Class B(1)		7,841		16,471
Svenska Cellulosa AB SCA, Class A		1,100		32,446
Svenska Cellulosa AB SCA, Class B		9,895		293,264
Svenska Handelsbanken AB, Class A		5,505		69,266
Swedbank AB, Class A		5,347		112,142
Telefonaktiebolaget LM Ericsson, Class B		37,675		334,647
TeliaSonera AB		109,516		517,242
Trelleborg AB, Class B		2,000		34,521
Unibet Group PLC SDR		4,616		52,247
Vitrolife AB		1,255		39,534

16 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Sweden (continued)
Volvo AB		6,473	$	58,793
Wallenstam AB, Class B		3,541		25,224
Wihlborgs Fastigheter AB		1,547		29,721
			$	4,038,516
Switzerland — 7.7%
Allreal Holding AG		213	$	28,092
Baloise Holding AG		255		31,259
Banque Cantonale Vaudoise		88		53,129
Barry Callebaut AG		43		49,226
Belimo Holding AG		10		22,677
Berner Kantonalbank AG		118		22,285
Bucher Industries AG		171		35,062
Burckhardt Compression Holdings AG		110		34,341
Cembra Money Bank AG		435		26,173
Chocoladefabriken Lindt & Spruengli AG		1		69,066
Chocoladefabriken Lindt & Spruengli AG PC		9		52,737
Clariant AG(1)		3,271		53,414
Comet Holding AG		91		55,855
Compagnie Financiere Richemont SA, Class A		11,694		760,062
Credit Suisse Group AG		7,921		140,323
Daetwyler Holding AG		436		55,660
DKSH Holding AG		1,013		62,376
dorma+kaba Holding AG		62		38,300
Dufry AG(1)		818		88,698
EFG International AG		2,974		25,927
Ems-Chemie Holding AG		229		96,120
Flughafen Zuerich AG		114		84,055
Gategroup Holding AG		975		36,042
Geberit AG		465		164,828
Givaudan SA		184		344,574
Helvetia Holding AG		91		47,422
Implenia AG		1,071		52,547
Inficon Holding AG		86		24,405
Julius Baer Group, Ltd.		1,792		76,065
Kardex AG(1)		528		37,840
Komax Holding AG		194		41,182
Kudelski SA		2,140		29,383
Kuehne & Nagel International AG		525		69,484
Kuoni Reisen Holding AG		203		63,186
LEM Holding SA		25		18,366
Leonteq AG		316		39,319
Luzerner Kantonalbank AG		71		26,371
Mobimo Holding AG		140		29,558
Nestle SA		14,747		1,086,446
Novartis AG		9,527		738,089

Security	Shares		Value
Switzerland (continued)
Panalpina Welttransport Holding AG		480	$	46,593
Pargesa Holding SA		707		41,205
Partners Group Holding AG		209		75,377
PSP Swiss Property AG		555		47,295
Roche Holding AG		600		154,368
Roche Holding AG PC		717		185,720
Schindler Holding AG		363		56,096
Schindler Holding AG PC		787		120,607
Schmolz & Bickenbach AG(1)		42,451		20,380
SFS Group AG		763		49,569
SGS SA		81		157,419
Sika AG		47		168,196
Sonova Holding AG		815		97,895
Sulzer AG		739		67,398
Swatch Group, Ltd. (The)		1,267		84,085
Swatch Group, Ltd. (The), Bearer Shares		692		236,670
Swiss Life Holding AG		185		47,157
Swiss Prime Site AG		635		50,818
Swiss Re AG		1,807		168,207
Swisscom AG		786		390,975
Syngenta AG		1,503		553,427
Temenos Group AG		1,809		87,929
Valiant Holding AG		314		34,265
Valora Holding AG		105		21,622
Vontobel Holding AG		783		32,985
Zurich Insurance Group AG		818		181,322
			$	7,987,524
United Kingdom — 15.8%
AA PLC		6,677	$	28,145
Admiral Group PLC		1,744		44,311
Anglo American PLC		41,349		164,929
Antofagasta PLC		15,011		81,918
AstraZeneca PLC		9,375		603,661
Auto Trader Group PLC(2)		25,470		142,979
Aviva PLC		17,656		121,769
Babcock International Group PLC		5,474		71,734
BAE Systems PLC		27,981		206,943
Bellway PLC		1,268		50,349
Berendsen PLC		3,622		56,479
Berkeley Group Holdings PLC		1,706		86,250
BP PLC		90,222		487,219
British American Tobacco PLC		8,746		487,357
British Land Co. PLC (The)		6,863		72,703
BT Group PLC		73,850		513,967
BTG PLC(1)		12,710		106,517

17 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
United Kingdom (continued)
Bunzl PLC		3,482	$	93,152
Burberry Group PLC		2,842		48,703
Capita PLC		7,284		122,610
Capital & Counties Properties PLC		4,760		25,189
Carnival PLC		1,340		66,845
Centamin PLC		78,849		76,477
Close Brothers Group PLC		2,061		37,973
Cobham PLC		15,469		56,162
Compass Group PLC		9,959		171,393
Computacenter PLC		3,234		38,140
Croda International PLC		3,328		135,914
Daily Mail & General Trust PLC, Class A		3,261		31,577
Derwent London PLC		788		36,548
Diageo PLC		13,712		369,148
Dignity PLC		1,144		38,413
Direct Line Insurance Group PLC		6,547		35,167
Dixons Carphone PLC		13,582		92,112
easyJet PLC		3,104		68,805
Electrocomponents PLC		27,748		83,237
Elementis PLC		29,679		91,146
Essentra PLC		8,366		87,917
Experian PLC		9,393		160,234
Fidessa Group PLC		1,354		36,382
FirstGroup PLC(1)		21,263		28,319
Fresnillo PLC		10,369		107,328
G4S PLC		20,179		65,509
Galliford Try PLC		1,479		31,434
Genus PLC		3,036		62,309
GlaxoSmithKline PLC		36,324		748,291
Grainger PLC		13,002		42,946
Great Portland Estates PLC		2,834		31,082
Greene King PLC		3,179		40,045
Halma PLC		12,223		146,263
Hammerson PLC		5,110		42,689
Hays PLC		19,112		34,702
Hikma Pharmaceuticals PLC		3,708		107,027
Howden Joinery Group PLC		5,262		37,690
HSBC Holdings PLC		59,473		419,434
IMI PLC		3,418		39,468
Inchcape PLC		5,101		52,450
Informa PLC		6,043		54,958
Inmarsat PLC		9,579		150,816
Intertek Group PLC		1,996		80,900
Kingfisher PLC		14,107		66,015
Laird PLC		9,172		46,643
Land Securities Group PLC		3,692		57,903

Security	Shares		Value
United Kingdom (continued)
Legal & General Group PLC		29,072	$	101,471
Lloyds Banking Group PLC		176,761		165,600
LondonMetric Property PLC		21,023		48,632
Marks & Spencer Group PLC		13,275		80,605
Marston’s PLC		18,673		42,098
Mears Group PLC		5,306		32,208
Melrose Industries PLC		2,018		8,606
Merlin Entertainments PLC(2)		4,727		28,022
Micro Focus International PLC		4,308		85,329
Moneysupermarket.com Group PLC		20,202		97,750
National Grid PLC		61,086		860,622
NCC Group PLC		10,809		48,769
Next PLC		916		90,791
Oxford Instruments PLC		4,584		47,994
Pearson PLC		8,808		99,438
Pennon Group PLC		12,929		163,879
Persimmon PLC(1)		2,218		64,720
Playtech PLC		9,889		108,675
Premier Farnell PLC		25,654		36,883
Provident Financial PLC		887		37,310
Randgold Resources, Ltd.		1,843		130,798
Reckitt Benckiser Group PLC		3,663		325,791
RELX PLC		7,191		126,522
Renishaw PLC		2,641		68,801
Rentokil Initial PLC		29,063		65,071
Restaurant Group PLC (The)		4,207		32,051
Rexam PLC		11,995		102,847
Rio Tinto PLC		18,383		450,784
Rotork PLC		16,830		41,207
Royal Dutch Shell PLC, Class A		32,328		706,221
Royal Dutch Shell PLC, Class B		26,445		576,182
Royal Mail PLC		7,486		49,216
RPC Group PLC		7,957		85,479
RSA Insurance Group PLC		10,493		62,648
Sage Group PLC (The)		30,341		270,462
SDL PLC		5,875		37,633
Segro PLC		8,230		51,648
Serco Group PLC(1)		19,990		24,401
Severn Trent PLC		6,390		200,525
Sky PLC		6,095		94,306
Smiths Group PLC		4,467		60,435
Spectris PLC		3,439		77,901
Spirax-Sarco Engineering PLC		1,300		56,741
Spirent Communications PLC		34,304		36,316
Sports Direct International PLC(1)		3,723		22,138
SSE PLC		16,510		342,572

18 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
United Kingdom (continued)
Standard Chartered PLC		13,815	$	93,196
Standard Life PLC		7,333		38,314
Synthomer PLC		7,258		30,508
Tate & Lyle PLC		14,341		128,504
Telecom Plus PLC		5,780		83,095
Travis Perkins PLC		2,151		56,281
TT Electronics PLC		18,160		41,157
UBM PLC		7,445		55,695
Unilever PLC		7,481		328,900
UNITE Group PLC (The)		4,128		37,963
Victrex PLC		3,310		73,480
Vodafone Group PLC		299,585		962,971
William Hill PLC		9,326		51,919
Worldpay Group PLC(1)(2)		17,865		80,056
WS Atkins PLC		1,396		28,832
Xaar PLC		6,654		45,547
Xchanging PLC		20,955		56,623
			$	16,365,834
Total Common Stocks (identified cost $106,007,290)			$	102,389,505
Rights(1)  — 0.0%(4)
Security	Shares		Value
Saipem SpA, Exp. 02/11/16		2,600	$	8,168
Total Rights (identified cost $19,486)			$	8,168
Short-Term Investments — 0.7%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.40%(5)	$	757	$	757,143
Total Short-Term Investments (identified cost $757,143)			$	757,143
Total Investments — 99.7% (identified cost $106,783,919)			$	103,154,816
Other Assets, Less Liabilities — 0.3%			$	331,345
Net Assets — 100.0%			$	103,486,161

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 January 31, 2016, the aggregate value of these securities is $776,975 or 0.8% of the Fund’s net assets.

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

⁽⁴⁾  Amount is less than 0.05%.

⁽⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2016.

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
Euro		33.9	%	$	35,090,669
British Pound Sterling		16.0			16,600,132
Japanese Yen		16.0			16,566,578
Australian Dollar		7.9			8,178,301
Swiss Franc		7.8			8,079,175
Swedish Krona		3.9			4,038,516
Hong Kong Dollar		3.6			3,709,701
United States Dollar		2.7			2,818,960
Norwegian Krone		2.0			2,113,284
Danish Krone		1.9			1,916,844
Singapore Dollar		1.7			1,710,092
Israeli Shekel		1.3			1,346,816
New Zealand Dollar		1.0			985,748
Total Investments		99.7	%	$	103,154,816

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		12.2	%	$	12,604,058
Industrials		11.5			11,906,068
Consumer Discretionary		11.3			11,686,718
Consumer Staples		11.2			11,614,990
Materials		10.1			10,462,519
Health Care		9.9			10,202,953
Telecommunication Services		9.7			10,028,633
Information Technology		9.2			9,553,168
Utilities		7.6			7,815,022
Energy		6.3			6,523,544
Short-Term Investments		0.7			757,143
Total Investments		99.7	%	$	103,154,816

19 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Portfolio of Investments — continued

Abbreviations:

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

20 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Statement of Assets and Liabilities

Assets	January 31, 2016
Unaffiliated investments, at value (identified cost, $106,026,776)	$	102,397,673
Affiliated investment, at value (identified cost, $757,143)		757,143
Foreign currency, at value (identified cost, $175,755)		174,759
Dividends receivable		123,311
Interest receivable from affiliated investment		316
Receivable for Fund shares sold		91,940
Tax reclaims receivable		157,607
Receivable from affiliates		42,870
Total assets	$	103,745,619
Liabilities
Payable for Fund shares redeemed	$	97,124
Payable to affiliates:
Investment adviser and administration fee		54,432
Distribution and service fees		2,488
Accrued expenses		105,414
Total liabilities	$	259,458
Net Assets	$	103,486,161
Sources of Net Assets
Paid-in capital	$	107,631,049
Accumulated net realized loss		(414,127	)
Accumulated distributions in excess of net investment income		(83,447	)
Net unrealized depreciation		(3,647,314	)
Total	$	103,486,161
Investor Class Shares
Net Assets	$	12,069,071
Shares Outstanding		1,123,210
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.75
Institutional Class Shares
Net Assets	$	30,808,312
Shares Outstanding		2,860,841
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.77
Class R Shares
Net Assets	$	870
Shares Outstanding		81
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.74
Class R6 Shares
Net Assets	$	60,607,908
Shares Outstanding		5,628,226
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.77

21 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Statement of Operations

Investment Income	Year Ended January 31, 2016
Dividends (net of foreign taxes, $315,958)	$	3,268,730
Interest allocated from affiliated investment		1,786
Expenses allocated from affiliated investment		(107	)
Total investment income	$	3,270,409
Expenses
Investment adviser and administration fee	$	778,423
Distribution and service fees
Investor Class		24,674
Class R		2
Trustees’ fees and expenses		6,541
Custodian fee		99,246
Transfer and dividend disbursing agent fees		25,202
Legal and accounting services		47,942
Printing and postage		16,912
Registration fees		89,601
Miscellaneous		39,397
Total expenses	$	1,127,940
Deduct —
Allocation of expenses to affiliates	$	390,011
Total expense reductions	$	390,011
Net expenses	$	737,929
Net investment income	$	2,532,480
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(105,554	)
Investment transactions allocated from affiliated investment		1
Foreign currency transactions		18,804
Net realized loss	$	(86,749	)
Change in unrealized appreciation (depreciation) —
Investments	$	(6,232,282	)
Foreign currency		(12,498	)
Net change in unrealized appreciation (depreciation)	$	(6,244,780	)
Net realized and unrealized loss	$	(6,331,529	)
Net decrease in net assets from operations	$	(3,799,049	)

22 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2016			2015
From operations —
Net investment income	$	2,532,480		$	2,467,163
Net realized gain (loss) from investment and foreign currency transactions		(86,749	)		8,074,145
Net change in unrealized appreciation (depreciation) from investments and foreign currency		(6,244,780	)		(10,199,743	)
Net increase (decrease) in net assets from operations	$	(3,799,049	)	$	341,565
Distributions to shareholders —
From net investment income
Investor Class	$	(274,718	)	$	(181,582	)
Institutional Class		(832,932	)		(2,111,617	)
Class R		(21	)		—
Class R6		(1,471,848	)		—
From net realized gain
Investor Class		(4,239	)		(298,365	)
Institutional Class		(11,866	)		(2,931,932	)
Class R		(0	)(1)		—
Class R6		(20,752	)		—
Total distributions to shareholders	$	(2,616,376	)	$	(5,523,496	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	9,665,385		$	5,338,950
Institutional Class		36,179,080			34,388,019
Class R		1,000			—
Class R6		66,776,856			—
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		278,957			405,557
Institutional Class		541,239			2,101,145
Class R6		154,003			—
Cost of shares redeemed
Investor Class		(5,436,174	)		(10,964,044	)
Institutional Class		(88,215,174	)		(16,308,189	)
Class R6		(2,741,307	)		—
Net increase in net assets from Fund share transactions	$	17,203,865		$	14,961,438
Net increase in net assets	$	10,788,440		$	9,779,507
Net Assets
At beginning of year	$	92,697,721		$	82,918,214
At end of year	$	103,486,161		$	92,697,721
Accumulated distributions in excess of net investment income included in net assets
At end of year	$	(83,447	)	$	(206,492	)

⁽¹⁾  Amount is less than $(0.50).

23 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Financial Highlights

	Investor Class
	Year Ended January 31,
	2016			2015			2014			2013			2012
Net asset value — Beginning of year	$	11.410		$	11.960		$	11.180		$	9.850		$	10.960
Income (Loss) From Operations
Net investment income(1)	$	0.217		$	0.355	(2)	$	0.195		$	0.227		$	0.172
Net realized and unrealized gain (loss)		(0.607	)		(0.242	)		0.822			1.370			(1.073	)
Total income (loss) from operations	$	(0.390	)	$	0.113		$	1.017		$	1.597		$	(0.901	)
Less Distributions
From net investment income	$	(0.266	)	$	(0.251	)	$	(0.237	)	$	(0.267	)	$	(0.209	)
From net realized gain		(0.004	)		(0.412	)		—			—			—
Total distributions	$	(0.270	)	$	(0.663	)	$	(0.237	)	$	(0.267	)	$	(0.209	)
Net asset value — End of year	$	10.750		$	11.410		$	11.960		$	11.180		$	9.850
Total Return(3)		(3.73	)%		1.01	%		9.04	%		16.32	%		(8.11	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	12,069		$	8,503		$	14,007		$	7,038		$	12,263
Ratios (as a percentage of average daily net assets):
Expenses(4)(5)		0.90	%		0.97	%		1.05	%		1.29	%		1.50	%
Net investment income		1.86	%		2.83	%(2)		1.65	%		2.22	%		1.68	%
Portfolio Turnover		34	%		63	%		35	%		44	%		60	%

⁽¹⁾  Computed using average shares outstanding.

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

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

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁵⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.35%, 0.32%, 0.29%, 0.29% and 0.25% of average daily net assets for the years ended January 31, 2016, 2015, 2014, 2013 and 2012, respectively). Absent this reimbursement, total return would be lower.

24 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,
	2016			2015			2014			2013			2012
Net asset value — Beginning of year	$	11.430		$	11.990		$	11.200		$	9.880		$	10.970
Income (Loss) From Operations
Net investment income(1)	$	0.325		$	0.333	(2)	$	0.259		$	0.252		$	0.239
Net realized and unrealized gain (loss)		(0.693	)		(0.184	)		0.790			1.375			(1.104	)
Total income (loss) from operations	$	(0.368	)	$	0.149		$	1.049		$	1.627		$	(0.865	)
Less Distributions
From net investment income	$	(0.288	)	$	(0.297	)	$	(0.259	)	$	(0.307	)	$	(0.225	)
From net realized gain		(0.004	)		(0.412	)		—			—			—
Total distributions	$	(0.292	)	$	(0.709	)	$	(0.259	)	$	(0.307	)	$	(0.225	)
Net asset value — End of year	$	10.770		$	11.430		$	11.990		$	11.200		$	9.880
Total Return(3)		(3.37	)%		1.22	%		9.31	%		16.59	%		(7.76	)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	30,808		$	84,195		$	68,911		$	54,167		$	45,957
Ratios (as a percentage of average daily net assets):
Expenses(4)(5)		0.65	%		0.72	%		0.80	%		1.02	%		1.25	%
Net investment income		2.72	%		2.66	%(2)		2.20	%		2.45	%		2.28	%
Portfolio Turnover		34	%		63	%		35	%		44	%		60	%

⁽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⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁵⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.35%, 0.32%, 0.29%, 0.30% and 0.25% of average daily net assets for the years ended January 31, 2016, 2015, 2014, 2013 and 2012, respectively). Absent this reimbursement, total return would be lower.

25 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Financial Highlights — continued

	Class R
	Period Ended January 31, 2016(1)
Net asset value — Beginning of period	$	12.340
Income (Loss) From Operations
Net investment income(2)	$	0.044
Net realized and unrealized loss		(1.384	)
Total loss from operations	$	(1.340	)
Less Distributions
From net investment income	$	(0.256	)
From net realized gain		(0.004	)
Total distributions	$	(0.260	)
Net asset value — End of period	$	10.740
Total Return(3)		(10.98	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.15	%(6)
Net investment income		0.82	%(6)
Portfolio Turnover		34	%(7)

⁽¹⁾  For the period from the commencerment 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⁾  Not annualized.

⁽⁵⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.35% of average daily net assets for the period ended January 31, 2016). Absent this reimbursement, total return would be lower.

⁽⁶⁾  Annualized.

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

26 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Financial Highlights — continued

	Class R6
	Period Ended January 31,  2016(1)
Net asset value — Beginning of period	$	12.380
Income (Loss) From Operations
Net investment income(2)	$	0.059
Net realized and unrealized loss		(1.374	)
Total loss from operations	$	(1.315	)
Less Distributions
From net investment income	$	(0.291	)
From net realized gain		(0.004	)
Total distributions	$	(0.295	)
Net asset value — End of period	$	10.770
Total Return(3)		(10.77	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	60,608
Ratios (as a percentage of average daily net assets):
Expenses(5)		0.62	%(6)
Net investment income		1.10	%(6)
Portfolio Turnover		34	%(7)

⁽¹⁾  For the period from the 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⁾  Not annualized.

⁽⁵⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.35% of average daily net assets for the period ended January 31, 2016). Absent this reimbursement, total return would be lower.

⁽⁶⁾  Annualized.

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

27 See Notes to Financial Statements.

Parametric International Equity Fund

January 31, 2016

Notes to Financial Statements

1  Significant Accounting Policies

Parametric International Equity Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund offers four classes of shares, Investor Class, Institutional Class, Class R and Class R6 shares, 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 asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices.

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). The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities based on available market quotations provided by a third party pricing service.

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

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

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

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

As of January 31, 2016, 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.

28

Parametric International Equity Fund

January 31, 2016

Notes to Financial Statements — continued

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

F  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

G  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.

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

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

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2016 and January 31, 2015 was as follows:

	Year Ended January 31,
	2016		2015
Distributions declared from:
Ordinary income	$	2,579,519	$	2,293,199
Long-term capital gains	$	36,857	$	3,230,297

During the year ended January 31, 2016, accumulated net realized loss was increased by $170,084 and accumulated distributions in excess of net investment income was decreased by $170,084 due to differences between book and tax accounting, primarily for foreign currency gain (loss), investments in passive foreign investment companies (PFICs) and investments in partnerships. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2016, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$	49,728
Undistributed long-term capital gains	$	97,234
Net unrealized depreciation	$	(4,291,850	)

29

Parametric International Equity Fund

January 31, 2016

Notes to Financial Statements — continued

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, investments in partnerships and investments in PFICs.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	107,428,455
Gross unrealized appreciation	$	10,468,665
Gross unrealized depreciation		(14,742,304	)
Net unrealized depreciation	$	(4,273,639	)

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 fee reduction agreements between the Fund and EVM, the fee is computed at an annual rate of 0.65% (0.75% prior to August 10, 2015) 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. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the year ended January 31, 2016, the investment adviser and administration fee amounted to $778,423 or 0.70% 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 advisory 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 0.90%, 0.65%, 1.15% and 0.62% 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 August 10, 2016. Pursuant to this agreement, EVM and Parametric were allocated $390,011 in total of the Fund’s operating expenses for the year ended January 31, 2016.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2016, EVM earned $1,692 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 services fees from Investor Class (see Note 4).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2016, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2016 amounted to $24,674 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 year ended January 31, 2016, the Fund paid or accrued to EVD $1 for Class R shares.

Pursuant to the Class R Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended January 31, 2016 amounted to $1 for Class R shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

30

Parametric International Equity Fund

January 31, 2016

Notes to Financial Statements — continued

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $52,689,942 and $37,187,732, respectively, for the year ended January 31, 2016.

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:

	Year Ended January 31,
Investor Class	2016			2015
Sales		821,612			418,943
Issued to shareholders electing to receive payments of distributions in Fund shares		24,406			35,420
Redemptions		(467,746	)		(880,596	)
Net increase (decrease)		378,272			(426,233	)
	Year Ended January 31,
Institutional Class	2016			2015
Sales		3,067,229			2,733,329
Issued to shareholders electing to receive payments of distributions in Fund shares		47,270			183,186
Redemptions		(7,618,165	)		(1,297,574	)
Net increase (decrease)		(4,503,666	)		1,618,941
Class R	Period Ended January 31, 2016(1)
Sales		81
Net increase		81
Class R6	Period Ended January 31, 2016(1)
Sales		5,858,132
Issued to shareholders electing to receive payments of distributions in Fund shares		13,450
Redemptions		(243,356	)
Net increase		5,628,226

⁽¹⁾  Class R and Class R6 commenced operations on August 10, 2015.

At January 31, 2016, an Eaton Vance collective investment trust and donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 53.0% of the value of the outstanding shares of the Fund.

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 September 2, 2016. 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.

31

Parametric International Equity Fund

January 31, 2016

Notes to Financial Statements — continued

In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2016.

8  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.

9  Fair Value Measurements

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

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

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

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

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

At January 31, 2016, 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	$	239,761	$	31,563,754		$	0	$	31,803,515
Developed Europe		912,889		67,697,409			—		68,610,298
Developed Middle East		602,609		1,373,083			—		1,975,692
Total Common Stocks	$	1,755,259	$	100,634,246	**	$	0	$	102,389,505
Rights	$	8,168	$	—		$	—	$	8,168
Short-Term Investments		—		757,143			—		757,143
Total Investments	$	1,763,427	$	101,391,389		$	0	$	103,154,816

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended January 31, 2016 is not presented. At January 31, 2016, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

32

Parametric International Equity Fund

January 31, 2016

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Parametric International Equity Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2016, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Parametric International Equity Fund as of January 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 17, 2016

33

Parametric International Equity Fund

January 31, 2016

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2017 will show the tax status of all distributions paid to your account in calendar year 2016. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the foreign tax credit and capital gains dividends.

Qualified Dividend Income.  For the fiscal year ended January 31, 2016, the Fund designates approximately $3,203,342, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit.  For the fiscal year ended January 31, 2016, the Fund paid foreign taxes of $292,799 and recognized foreign source income of $3,584,268.

Capital Gains Dividends.  The Fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2016, $97,701 or, if subsequently determined to be different, the net capital gain of such year.

34

Parametric International Equity Fund

January 31, 2016

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, “EVMI” refers to Eaton Vance Management (International) Limited and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVMI is an indirect, wholly-owned subsidiary of EVC. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 175 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD and EVMI. Trustee and/or officer of 175 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVMI, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Scott E. Eston 1956	Trustee	2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1987-1997). Directorships in the Last Five Years.(2) None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Consultant, Bain and Company (management consulting firm) (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the Bank of America Money Market Funds Series Trust (2011-2014) and of the Ashmore Funds (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

35

Parametric International Equity Fund

January 31, 2016

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Vice-Chairperson of the Board and Trustee	2016 (Vice-Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Susan J. Sutherland(3) 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Harriett Tee Taggart 1948	Trustee	2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Ralph F. Verni 1943	Chairperson of the Board and Trustee	2007 (Chairperson) and 2005 (Trustee)	Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006). Directorships in the Last Five Years.(2) None.
Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR.

36

Parametric International Equity Fund

January 31, 2016

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Paul M. O’Neil 1953	Chief Compliance Officer	2004	Vice President of EVM and BMR.

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

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Mr. Gorman) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Ms. Sutherland began serving as a Trustee effective May 1, 2015.

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

37

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

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

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

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

38

This Page Intentionally Left Blank

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touch LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

4736    1.31.16

Parametric Emerging Markets Fund

Annual Report

January 31, 2016

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

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

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

Annual Report January 31, 2016

Parametric Emerging Markets Fund

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	41
Federal Tax Information	42
Management and Organization	43
Important Notices	46

Parametric Emerging Markets Fund

January 31, 2016

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended January 31, 2016, emerging-market equities were generally characterized by dramatic volatility, fed by country-specific themes such as political unrest, fiscal challenges and unstable currency values.

The 12-month period began with investors pessimistic toward the emerging-market asset class. This was partially due to the collapse in crude oil prices at the end of 2014, paired with continuing political challenges in Greece, Brazil and Russia. These factors contributed to a steep decline in emerging-market returns at the start of the 12-month period. One bright spot in early 2015 was a sharp rally in Chinese shares, which was aided by a renewed use of margin accounts by local retail investors. This rally continued to support emerging-market returns in the first half of 2015 and was assisted by a bounce-back in Russia, as the ruble experienced a dramatic rally, making Russian securities among the highest-returning for the first six months of 2015. However, results again turned negative in the middle of the year, with Brazil’s market experiencing a strong decline on government corruption scandals, China’s rally ending with a sharp reversal in July and August, and Greece’s confrontation with Europe resulting in its market being shuttered for an extended period. The remainder of the 12-month period was difficult for the asset class, as the continuing decline in commodity prices, along with growing concerns about China’s economic slowdown, negatively affected a large number of emerging economies.

Frontier markets (as measured by the MSCI Frontier Markets Index)² presented a slightly better situation than the broader emerging markets category (as measured by the MSCI Emerging Markets Index), as many of the less globally integrated economies did not fall as sharply in the latter half of the 12-month period. In particular, Argentina’s market rallied over the period, as surprise election results led to political reforms that are on course to bring the country back into the global economic community.

Fund Performance

For the 12-month period ended January 31, 2016, Parametric Emerging Markets Fund (the Fund) had a total return of –19.59% for Investor Class shares at net asset value (NAV), outperforming the Fund’s benchmark, the MSCI Emerging Markets Index (the Index), which returned –20.91% for the same period.

The Fund’s overweight position versus the Index in Hungary was a significant contributor to Fund performance relative to the Index, as Hungary’s economy grew in response to a series of wide-ranging political reforms during the period. In addition, the Fund’s underweight position in Brazil was a large contributor to relative Fund performance, as Brazil’s equity market fell on continuing political turmoil and deteriorating economic conditions during the period. Also, the Fund’s overweight position in Russia aided relative Fund performance, as the country rebounded strongly over the course of 2015.

Two of the largest detractors from Fund performance relative to the Index were the Fund’s underweight positions in Taiwan and South Korea. Both countries’ equity markets outperformed during the period amid healthy demand from the developed world for their technology exports. The Fund’s overweight position in Egypt also hurt relative Fund performance, as the country found itself mired in low economic growth and a worsening currency situation brought on by dwindling reserves of hard currencies during the period.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than 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

January 31, 2016

Performance^2,3

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

% Average Annual Total Returns

Class Inception Date

Performance Inception Date

One Year

Five Years

Since Inception

Investor Class at NAV

06/30/2006

06/30/2006

–19.59

%

–5.34

%

2.12

%

Class C at NAV

06/30/2006

06/30/2006

–20.23

–6.05

1.35

Class C with 1% Maximum Sales Charge

—

—

–21.02

–6.05

1.35

Institutional Class at NAV

06/30/2006

06/30/2006

–19.40

–5.09

2.37

Class R6 at NAV

07/01/2014

06/30/2006

–19.34

–5.07

2.38

MSCI Emerging Markets Index

—

—

–20.91

%

–5.55

%

2.31

%

% Total Annual Operating Expense Ratios4

Investor Class

Class C

Institutional Class

Class R6

1.36

%

2.11

%

1.11

%

1.07

%

Growth of $10,000

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

Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		06/30/2006	$	11,372		N.A.
Institutional Class	$	50,000		06/30/2006	$	62,596		N.A.
Class R6	$	1,000,000		06/30/2006	$	1,253,172		N.A.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than 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.

3

Parametric Emerging Markets Fund

January 31, 2016

Fund Profile

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

China Mobile, Ltd.	0.8%
Naspers, Ltd., Class N	0.7
America Movil SAB de CV, Series L	0.7
Richter Gedeon Nyrt.	0.6
OTP Bank Rt.	0.6
Taiwan Semiconductor Manufacturing Co., Ltd.	0.6
MTN Group, Ltd.	0.6
Komercni Banka AS	0.5
Cielo SA	0.5
Credicorp, Ltd.	0.5
Total	6.1%

Geographic Allocation (% of common stocks)

See Endnotes and Additional Disclosures in this report.

4

Parametric Emerging Markets Fund

January 31, 2016

Endnotes and Additional Disclosures

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

²  MSCI Frontier Markets Index is an unmanaged index that measures the performance of stock markets with less-developed economies and financial markets than emerging markets, and that typically have more restrictions on foreign stock ownership. MSCI 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.

³  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

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

⁴  Source: Fund prospectus.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

5

Parametric Emerging Markets Fund

January 31, 2016

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2015 – January 31, 2016).

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

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

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

	Beginning Account Value (8/1/15)		Ending Account Value (1/31/16)		Expenses Paid During Period* (8/1/15 – 1/31/16)		Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	837.70	$	6.48		1.40	%
Class C	$	1,000.00	$	833.80	$	9.94		2.15	%
Institutional Class	$	1,000.00	$	838.70	$	5.33		1.15	%
Class R6	$	1,000.00	$	839.30	$	5.05		1.09	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,018.10	$	7.12		1.40	%
Class C	$	1,000.00	$	1,014.40	$	10.92		2.15	%
Institutional Class	$	1,000.00	$	1,019.40	$	5.85		1.15	%
Class R6	$	1,000.00	$	1,019.70	$	5.55		1.09	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2015.

6

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments

Common Stocks — 97.9%
Security	Shares		Value
Argentina — 0.8%
Adecoagro SA(1)		218,000	$	2,598,560
Arcos Dorados Holdings, Inc., Class A(1)		982,061		2,808,695
Banco Macro SA, Class B ADR(1)		19,887		1,272,171
BBVA Banco Frances SA ADR(1)		25,288		510,312
Cresud SA ADR(1)		40,240		439,018
Grupo Financiero Galicia SA, Class B ADR		55,800		1,522,782
IRSA Inversiones y Representaciones SA ADR(1)		11,610		129,800
MercadoLibre, Inc.		26,600		2,613,184
Pampa Energia SA ADR(1)		129,500		2,899,505
Petrobras Argentina SA ADR		439,508		2,637,048
Telecom Argentina SA ADR		225,602		3,530,671
YPF SA ADR		95,400		1,606,536
			$	22,568,282
Bahrain — 0.7%
Ahli United Bank BSC		19,238,052	$	12,979,480
Al Salam Bank-Bahrain BSC		15,929,031		3,601,195
GFH Financial Group BSC(1)		18,596,767		2,878,239
Ithmaar Bank BSC(1)		20,377,675		2,196,469
			$	21,655,383
Bangladesh — 0.8%
Aftab Automobiles, Ltd.		783,888	$	569,616
Al-Arafah Islami Bank, Ltd.		464,196		93,210
Bangladesh Export Import Co., Ltd.(1)		5,739,302		2,165,244
Beximco Pharmaceuticals, Ltd.		435,710		483,586
BSRM Steels, Ltd.		1,504,500		1,718,868
City Bank, Ltd. (The)		2,460,541		696,499
Grameenphone, Ltd.		811,232		2,688,161
Heidelberger Cement Bangladesh, Ltd.		146,500		1,025,085
Islami Bank Bangladesh, Ltd.		933,267		309,817
Jamuna Oil Co., Ltd.		177,760		344,395
Khulna Power Co., Ltd.		959,467		916,826
Lankabangla Finance, Ltd.		1,036,130		371,686
Malek Spinning Mills, Ltd.		897,500		197,612
Meghna Petroleum, Ltd.		174,079		314,350
National Bank, Ltd.(1)		4,479,055		539,485
Olympic Industries, Ltd.		529,740		1,791,745
Orion Pharma, Ltd.		258,206		116,560
Padma Oil Co., Ltd.		195,600		433,143
People’s Leasing and Financial Services, Ltd.(1)		1,467,409		263,359
Pubali Bank, Ltd.		1,878,791		509,584
Renata, Ltd.		47,129		738,839
Social Islami Bank, Ltd.		2,944,930		557,931

Security	Shares		Value
Bangladesh (continued)
Southeast Bank, Ltd.		1,630,632	$	360,326
Square Pharmaceuticals, Ltd.		492,184		1,596,017
Summit Power, Ltd.		1,561,659		786,149
Titas Gas Transmission & Distribution Co., Ltd.		2,051,457		1,218,763
United Airways Bangladesh, Ltd.(1)		6,170,401		603,717
United Commercial Bank, Ltd.		2,171,429		559,213
			$	21,969,786
Botswana — 0.3%
Barclays Bank of Botswana, Ltd.		1,137,465	$	448,290
Botswana Insurance Holdings, Ltd.		575,111		779,098
First National Bank of Botswana, Ltd.		6,069,100		1,975,542
Letshego Holdings, Ltd.		14,102,614		3,320,692
Sechaba Breweries, Ltd.		905,550		2,258,661
Standard Chartered Bank Botswana, Ltd.		531,120		507,869
			$	9,290,152
Brazil — 5.5%
AES Tiete Energia SA		226,300	$	742,867
AMBEV SA		1,970,350		9,192,142
AMBEV SA ADR		141,760		662,019
B2W Cia Digital(1)		200,970		666,249
Banco Bradesco SA ADR, PFC Shares		131,149		599,351
Banco Bradesco SA, PFC Shares		861,677		3,910,055
Banco do Brasil SA		277,098		959,500
Banco do Estado do Rio Grande do Sul, PFC Shares		164,900		183,460
BB Seguridade Participacoes SA		168,700		975,557
BM&F Bovespa SA		451,151		1,157,260
BR Malls Participacoes SA		296,000		878,424
BR Properties SA		212,800		433,602
Bradespar SA, PFC Shares		121,000		100,435
Braskem SA, PFC Shares		89,760		538,587
BRF SA		338,540		4,082,150
BRF SA ADR		19,900		241,387
CCR SA		1,194,700		3,817,257
Centrais Eletricas Brasileiras SA, PFC Shares		533,500		1,340,486
CETIP SA - Mercados Organizados		62,600		598,486
Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares		63,069		602,812
Cia de Saneamento Basico do Estado de Sao Paulo		481,160		2,564,711
Cia de Saneamento de Minas Gerais-COPASA		72,900		234,568
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		64,890		740,919
Cia Energetica de Minas Gerais SA ADR		84,265		124,712
Cia Energetica de Minas Gerais SA, PFC Shares		1,036,755		1,531,882
Cia Energetica de Sao Paulo, Class B, PFC Shares		247,500		816,172

7 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Brazil (continued)
Cia Hering		299,100	$	967,637
Cia Paranaense de Energia-Copel, PFC Shares		144,000		793,840
Cia Siderurgica Nacional SA		589,500		523,207
Cielo SA		1,853,977		15,699,335
Contax Participacoes SA, PFC Shares		121,500		3,645
Cosan Logistica SA		169,700		22,062
Cosan SA Industria e Comercio		170,300		1,070,389
CPFL Energia SA(1)		811,310		3,287,998
Cyrela Brazil Realty SA Empreendimentos e Participacoes		320,100		572,207
Duratex SA		235,758		312,395
EcoRodovias Infraestrutura e Logistica SA		357,100		356,225
EDP-Energias do Brasil SA		340,400		1,031,464
Eletropaulo Metropolitana SA, Class B, PFC Shares(1)		210,580		414,863
Embraer SA		307,700		2,212,474
Embraer SA ADR		152,348		4,384,576
Equatorial Energia SA		234,100		2,116,955
Estacio Participacoes SA		384,300		1,125,095
Even Construtora e Incorporadora SA		341,400		352,513
Ez Tec Empreendimentos e Participacoes SA		196,843		607,783
Fibria Celulose SA		175,057		1,928,349
Fleury SA		152,100		555,193
Gafisa SA(1)		745,400		437,944
Gerdau SA, PFC Shares		771,800		694,655
Gol Linhas Aereas Inteligentes SA, PFC Shares(1)		204,000		78,034
Hypermarcas SA(1)		267,800		1,496,407
Iochpe Maxion SA		115,700		309,224
Itau Unibanco Holding SA ADR, PFC Shares		158,904		999,506
Itau Unibanco Holding SA, PFC Shares		641,173		3,999,517
Itausa-Investimentos Itau SA, PFC Shares		1,110,189		1,909,621
JBS SA		406,725		1,098,212
Klabin SA		170,600		895,695
Klabin SA, PFC Shares		1,300,000		1,196,060
Kroton Educacional SA		1,642,536		3,490,564
Light SA		132,200		268,379
Localiza Rent a Car SA		224,780		1,232,418
Lojas Americanas SA, PFC Shares		654,528		3,050,253
Lojas Renner SA		796,500		3,532,654
Marcopolo SA, PFC Shares		1,222,300		620,348
Marfrig Global Foods SA(1)		287,155		437,933
Metalurgica Gerdau SA, PFC Shares		260,300		67,031
MRV Engenharia e Participacoes SA		529,700		1,211,749
Multiplus SA		60,200		477,109
Natura Cosmeticos SA		120,900		677,376
Odontoprev SA		1,052,600		2,657,948
Oi SA, PFC Shares(1)		2,356,785		972,222

Security	Shares		Value
Brazil (continued)
PDG Realty SA Empreendimentos e Participacoes(1)		292,042	$	147,489
Petroleo Brasileiro SA ADR(1)		71,900		174,717
Petroleo Brasileiro SA, PFC Shares(1)		6,117,600		7,402,666
Prumo Logistica SA(1)		159,600		367,098
Qualicorp SA		763,000		2,573,346
Randon SA Implementos e Participacoes, PFC Shares		303,500		166,933
Rumo Logistica Operadora Multimodal SA(1)		314,419		148,570
Smiles SA		122,100		869,396
Suzano Papel e Celulose SA, PFC Shares		437,425		1,744,319
Telefonica Brasil SA, PFC Shares		1,468,226		12,759,522
Tim Participacoes SA		2,697,027		4,295,230
Totvs SA		338,990		2,745,956
Tractebel Energia SA		269,100		2,276,700
Transmissora Alianca de Energia Electrica SA		201,900		877,804
Ultrapar Participacoes SA		347,684		5,161,627
Usinas Siderurgicas de Minas Gerais SA, Class A, PFC Shares		872,350		185,384
Vale SA		34,400		83,596
Vale SA ADR		65,300		159,985
Vale SA, PFC Shares		2,875,340		5,204,626
Valid Solucoes SA		91,700		914,295
Via Varejo SA		259,400		189,372
Weg SA		980,640		3,790,363
			$	160,083,108
Bulgaria — 0.0%(2)
CB First Investment Bank AD(1)		235,000	$	280,282
Chimimport AD(1)		329,922		246,104
Corporate Commercial Bank AD(1)		10,400		2,454
MonBat AD		60,235		245,602
Petrol AD(1)		102,500		30,116
Sopharma AD(1)		354,600		518,873
			$	1,323,431
Chile — 3.1%
AES Gener SA		1,904,140	$	835,430
Aguas Andinas SA, Series A		2,726,600		1,368,269
Antarchile SA, Series A		215,131		1,929,967
Banco de Chile		27,221,427		2,812,194
Banco de Chile ADR		7,621		476,008
Banco de Credito e Inversiones		74,976		2,890,160
Banco Santander Chile		52,337,922		2,262,548
Banmedica SA		706,730		980,734
Besalco SA		1,307,600		403,241
Cap SA		196,612		405,130
Cencosud SA		2,375,307		4,851,167

8 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Chile (continued)
Cia Cervecerias Unidas SA		306,026	$	3,348,098
Cia Sud Americana de Vapores SA(1)		14,510,741		274,593
Colbun SA		5,619,135		1,424,790
Corpbanca SA		162,332,751		1,231,035
E.CL SA		548,992		758,000
Embotelladora Andina SA, Class B, PFC Shares		535,258		1,508,086
Empresa Nacional de Electricidad SA		2,564,627		3,339,695
Empresa Nacional de Telecomunicaciones SA		489,619		4,800,792
Empresas AquaChile SA(1)		336,541		92,933
Empresas CMPC SA		2,641,020		5,997,270
Empresas COPEC SA		1,305,068		11,250,586
Enersis SA		14,024,447		3,341,962
Enersis SA ADR		42,700		503,433
Forus SA		132,100		293,494
Grupo Security SA		2,644,909		704,419
Inversiones Aguas Metropolitanas SA		386,815		525,947
Inversiones La Construccion SA		34,520		343,748
Latam Airlines Group SA(1)		581,137		2,997,735
Latam Airlines Group SA BDR(1)		28,260		111,491
Molibdenos y Metales SA(1)		47,469		269,483
Parque Arauco SA		911,699		1,419,817
Quinenco SA		389,755		693,845
Ripley Corp. SA		1,779,400		702,880
S.A.C.I. Falabella		1,812,255		11,939,443
Salfacorp SA		1,726,600		859,210
Sigdo Koppers SA		1,121,831		1,289,461
Sociedad de Inversiones Pampa Calichera SA, Class A		43,000		26,400
Sociedad Matriz SAAM SA		6,242,812		388,885
Sociedad Quimica y Minera de Chile SA, Series B		212,340		3,407,738
Sociedad Quimica y Minera de Chile SA, Series B ADR		58,400		947,832
Socovesa SA		850,705		134,749
Sonda SA		3,108,976		4,913,176
Vina Concha y Toro SA		1,133,915		1,804,028
			$	90,859,902
China — 8.2%
Agile Property Holdings, Ltd.		1,096,000	$	529,403
Agricultural Bank of China, Ltd., Class H		2,350,000		844,951
Air China, Ltd., Class H		1,960,000		1,271,733
Aluminum Corp. of China, Ltd., Class H(1)		3,374,000		1,029,793
Angang Steel Co., Ltd., Class H		1,226,000		538,084
Anhui Conch Cement Co., Ltd., Class H		906,500		1,777,420
ANTA Sports Products, Ltd.		658,000		1,592,353
Baidu, Inc. ADR(1)		39,700		6,481,819
Bank of China, Ltd., Class H		6,646,000		2,602,380
Bank of Communications, Ltd., Class H		2,468,900		1,509,435

Security	Shares		Value
China (continued)
Beijing Capital International Airport Co., Ltd., Class H		1,568,000	$	1,424,504
Beijing Enterprises Holdings, Ltd.		309,500		1,557,314
Beijing Enterprises Water Group, Ltd.		1,206,000		603,372
Belle International Holdings, Ltd.		2,320,000		1,560,123
Brilliance China Automotive Holdings, Ltd.		1,086,000		1,047,069
BYD Co., Ltd., Class H(1)		401,200		1,845,655
China Agri-Industries Holdings, Ltd.(1)		2,074,000		563,074
China Bluechemical, Ltd., Class H		1,270,000		266,911
China Cinda Asset Management Co., Ltd., Class H		1,495,000		470,421
China CITIC Bank Corp., Ltd., Class H(1)		840,000		490,803
China Coal Energy Co., Ltd., Class H		3,400,000		1,164,490
China Communications Construction Co., Ltd., Class H		1,612,000		1,439,925
China Communications Services Corp., Ltd., Class H		2,540,000		987,121
China Construction Bank Corp., Class H		7,369,630		4,518,145
China COSCO Holdings Co., Ltd., Class H(1)		2,694,975		964,785
China Dongxiang (Group) Co., Ltd.		4,257,000		847,417
China Everbright International, Ltd.		880,000		934,678
China Everbright, Ltd.		408,000		849,394
China Gas Holdings, Ltd.		606,000		774,190
China High Speed Transmission Equipment Group Co., Ltd.(1)		2,184,000		1,673,434
China International Marine Containers Co., Ltd., Class B		482,672		761,949
China Life Insurance Co., Ltd., Class H		584,000		1,418,905
China Longyuan Power Group Corp., Ltd., Class H		2,914,000		1,741,150
China Mengniu Dairy Co., Ltd.		1,920,000		2,683,576
China Merchants Bank Co., Ltd., Class H		497,524		967,123
China Merchants Holdings (International) Co., Ltd.		702,035		1,937,703
China Minsheng Banking Corp., Ltd., Class H		662,740		589,026
China Mobile, Ltd.		2,049,500		22,590,870
China National Building Material Co., Ltd., Class H		2,522,000		1,048,532
China Oilfield Services, Ltd., Class H		1,420,000		1,032,820
China Overseas Land & Investment, Ltd.		390,160		1,142,438
China Pacific Insurance (Group) Co., Ltd., Class H		196,400		695,565
China Petroleum & Chemical Corp., Class H		14,838,300		8,382,722
China Pharmaceutical Group, Ltd.		1,402,000		1,182,070
China Railway Construction Corp., Ltd., Class H		1,393,500		1,403,085
China Railway Group, Ltd., Class H		2,179,000		1,590,547
China Resources Beer Holdings Co., Ltd.		842,000		1,338,405
China Resources Gas Group, Ltd.		830,000		2,086,248
China Resources Land, Ltd.		250,000		619,803
China Resources Power Holdings Co., Ltd.		1,591,600		2,719,818
China Shenhua Energy Co., Ltd., Class H		2,164,500		3,273,821
China Shineway Pharmaceutical Group, Ltd.		381,000		437,353
China Shipping Container Lines Co., Ltd., Class H(1)		4,252,000		832,727
China Shipping Development Co., Ltd., Class H		1,702,000		1,073,403
China Southern Airlines Co., Ltd., Class H		2,200,000		1,336,939

9 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
China Taiping Insurance Holdings Co., Ltd.(1)		453,800	$	962,705
China Telecom Corp., Ltd., Class H		10,918,000		5,149,447
China Travel International Investment Hong Kong, Ltd.		4,692,000		1,597,405
China Unicom (Hong Kong), Ltd.		4,340,372		4,825,602
China Vanke Co., Ltd., Class H		789,920		1,815,534
China Yurun Food Group, Ltd.(1)		1,776,000		244,146
Chongqing Changan Automobile Co., Ltd., Class B		1,100,286		2,160,272
CITIC, Ltd.		1,152,000		1,636,452
CNOOC, Ltd.		8,296,000		8,487,726
Cosco Pacific, Ltd.		1,516,000		1,718,765
Country Garden Holdings Co., Ltd.		3,785,631		1,457,427
Ctrip.com International, Ltd. ADR(1)		230,200		9,824,936
Datang International Power Generation Co., Ltd., Class H		3,414,000		903,215
Dongfeng Motor Group Co., Ltd., Class H		1,966,000		2,348,113
Golden Eagle Retail Group, Ltd.		739,000		821,929
Great Wall Motor Co., Ltd., Class H		1,771,500		1,372,360
Guangdong Investment, Ltd.		2,022,000		2,584,413
Guangzhou Automobile Group Co., Ltd., Class H		1,892,013		1,597,458
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		320,000		711,012
Guangzhou R&F Properties Co., Ltd., Class H		516,800		559,176
Haier Electronics Group Co., Ltd.		161,000		284,226
Hengan International Group Co., Ltd.		355,000		3,189,253
Hengdeli Holdings, Ltd.		2,681,800		291,199
Huaneng Power International, Inc., Class H		2,746,000		2,248,602
Industrial & Commercial Bank of China, Ltd., Class H		5,073,000		2,640,196
Inner Mongolia Eerduosi Resources Co., Ltd., Class B		72,000		59,863
Inner Mongolia Yitai Coal Co., Ltd., Class B		669,000		507,909
Jiangsu Expressway Co., Ltd., Class H		1,152,000		1,387,606
Jiangxi Copper Co., Ltd., Class H		1,298,000		1,321,938
Kingboard Chemical Holdings, Ltd.		648,600		997,376
Kunlun Energy Co., Ltd.		2,206,000		1,664,442
Lee & Man Paper Manufacturing, Ltd.		1,220,000		691,394
Lenovo Group, Ltd.		3,494,000		3,122,673
Li Ning Co., Ltd.(1)		774,208		357,204
Maanshan Iron & Steel Co., Ltd., Class H(1)		2,294,000		424,464
Mindray Medical International, Ltd. ADR		77,700		2,097,900
NetEase, Inc. ADR		14,000		2,185,960
New Oriental Education & Technology Group, Inc. ADR		80,200		2,519,082
Nine Dragons Paper Holdings, Ltd.		2,051,000		1,296,044
PetroChina Co., Ltd., Class H		10,400,000		6,456,263
PICC Property & Casualty Co., Ltd., Class H		352,000		602,115
Ping An Insurance (Group) Co. of China, Ltd., Class H		435,000		1,976,470
Poly Property Group Co., Ltd.		1,918,000		524,497
Semiconductor Manufacturing International Corp.(1)		23,397,000		2,061,959
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,396,000		900,147

Security	Shares		Value
China (continued)
Shanghai Electric Group Co., Ltd., Class H		2,414,000	$	1,071,350
Shanghai Industrial Holdings, Ltd.		304,000		663,872
Shimao Property Holdings, Ltd.		480,000		681,739
Sihuan Pharmaceutical Holdings Group, Ltd. (3)		3,161,000		0
SINA Corp.(1)		22,900		1,052,255
Sino Biopharmaceutical, Ltd.		4,140,000		2,847,437
Sino-Ocean Land Holdings, Ltd.		1,219,000		618,050
Sinopec Shanghai Petrochemical Co., Ltd., Class H(1)		2,931,000		1,192,292
Sinopharm Group Co., Ltd., Class H		1,075,600		3,820,642
Sohu.com, Inc.(1)		10,300		519,017
Sun Art Retail Group, Ltd.		1,476,000		828,866
Tencent Holdings, Ltd.		707,400		13,289,705
Tingyi (Cayman Islands) Holding Corp.		1,266,000		1,451,346
Tsingtao Brewery Co., Ltd., Class H		254,000		903,681
Want Want China Holdings, Ltd.		3,750,000		2,468,389
Weichai Power Co., Ltd., Class H		912,800		875,863
Yangzijiang Shipbuilding Holdings, Ltd.		1,809,000		1,191,890
Yanzhou Coal Mining Co., Ltd., Class H		2,200,000		901,310
Zhaojin Mining Industry Co., Ltd., Class H		1,140,000		649,835
Zhejiang Expressway Co., Ltd., Class H		1,404,000		1,234,950
Zhuzhou CSR Times Electric Co., Ltd., Class H		318,000		1,642,882
Zijin Mining Group Co., Ltd., Class H		6,290,000		1,430,452
ZTE Corp., Class H		876,903		1,598,132
			$	236,567,624
Colombia — 1.5%
Almacenes Exito SA		465,190	$	1,933,036
Avianca Holdings SA, PFC Shares		551,298		259,484
Banco Davivienda SA, PFC Shares		186,400		1,315,163
Banco de Bogota SA		98,407		1,672,844
Bancolombia SA		114,355		787,334
Bancolombia SA ADR, PFC Shares		149,600		4,413,200
Bolsa de Valores de Colombia		72,389,909		363,879
Celsia SA ESP		809,070		752,996
Cementos Argos SA		697,019		2,080,971
Cementos Argos SA, PFC Shares		307,566		853,595
Cemex Latam Holdings SA(1)		372,500		1,100,762
Corporacion Financiera Colombiana SA		112,407		1,241,699
Corporacion Financiera Colombiana SA-ND(1)		1,043		11,058
Ecopetrol SA		12,707,769		3,987,510
Empresa de Energia de Bogota SA		5,363,581		2,712,428
Empresa de Telecommunicaciones de Bogota SA		2,532,380		420,456
Grupo Argos SA		453,128		2,305,327
Grupo Argos SA, PFC Shares		108,995		540,575
Grupo Aval Acciones y Valores SA		3,145,485		1,020,546
Grupo Aval Acciones y Valores SA, PFC Shares		6,098,800		1,960,163

10 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Colombia (continued)
Grupo de Inversiones Suramericana SA		325,070	$	3,545,318
Grupo de Inversiones Suramericana SA, PFC Shares		48,367		508,351
Grupo Nutresa SA		582,655		4,178,431
Grupo Odinsa SA(1)		74,829		193,769
Interconexion Electrica SA		901,290		2,020,866
ISAGEN SA ESP		2,296,200		2,749,144
			$	42,928,905
Croatia — 0.7%
AD Plastik DD(1)		35,190	$	461,480
Adris Grupa DD, PFC Shares		65,185		3,182,237
Atlantic Grupa DD		1,465		168,840
Atlantska Plovidba DD(1)		22,867		381,411
Dalekovod DD(1)		85,850		154,283
Ericsson Nikola Tesla DD		6,740		940,314
Hrvatski Telekom DD		319,450		6,303,694
INA Industrija Nafte DD		900		346,452
Koncar-Elektroindustrija DD		16,342		1,497,185
Kras DD		4,381		310,262
Ledo DD		1,293		1,628,693
Petrokemija DD(1)		17,383		30,668
Podravka Prehrambena Industrija DD(1)		24,326		1,098,000
Privredna Banka Zagreb DD		3,177		250,341
Valamar Riviera DD		1,138,890		3,690,265
Zagrebacka Banka DD		194,885		1,028,820
			$	21,472,945
Czech Republic — 1.4%
CEZ AS		851,160	$	14,155,132
Fortuna Entertainment Group NV(1)		246,600		829,015
Komercni Banka AS		74,719		15,712,739
Pegas Nonwovens SA		96,614		2,717,723
Philip Morris CR AS		8,877		4,623,289
Unipetrol AS(1)		289,352		1,834,126
			$	39,872,024
Egypt — 1.4%
Alexandria Mineral Oils Co.		154,593	$	483,916
Arab Cotton Ginning(1)		1,993,380		715,127
Citadel Capital SAE(1)		2,280,400		387,790
Commercial International Bank Egypt SAE		2,349,243		9,434,923
Eastern Tobacco		269,212		5,236,349
Egypt Kuwait Holding Co. SAE		1,862,146		918,027
Egyptian Financial Group-Hermes Holding Co.(1)		1,981,023		1,827,111
Egyptian Resorts Co.(1)		4,721,950		430,292

Security	Shares		Value
Egypt (continued)
El Ezz Aldekhela Steel Alexandria(1)		4,000	$	121,492
ElSewedy Electric Co.		529,606		2,285,626
Ezz Steel(1)		1,265,460		1,205,786
Global Telecom Holding SAE(1)		12,928,866		3,009,689
Juhayna Food Industries		4,185,624		4,006,587
Maridive & Oil Services SAE(1)		2,013,484		526,043
Misr Beni-Suef Cement Co.		69,150		192,616
Orascom Telecom Media and Technology Holding SAE(1)		21,964,609		1,605,861
Oriental Weavers Co.		936,875		798,138
Palm Hills Developments SAE(1)		3,395,160		944,182
Pioneers Holding(1)		761,635		703,925
QNB Alahli Bank SAE(1)		188,845		722,208
Sidi Kerir Petrochemicals Co.		1,365,164		1,817,125
Six of October Development & Investment Co.(1)		382,178		362,234
South Valley Cement(1)		704,261		352,054
Talaat Moustafa Group		2,277,606		1,510,658
Telecom Egypt		1,949,337		1,528,755
			$	41,126,514
Estonia — 0.2%
AS Merko Ehitus		50,618	$	438,664
AS Tallink Grupp		3,623,652		3,313,447
AS Tallinna Kaubamaja Grupp		137,340		993,212
AS Tallinna Vesi		58,790		866,149
Nordecon AS		145,374		159,619
Olympic Entertainment Group AS		503,790		956,330
			$	6,727,421
Ghana — 0.1%
Aluworks Ghana, Ltd.(1)		457,409	$	8,524
CAL Bank, Ltd.		1,805,732		458,893
Ghana Commercial Bank, Ltd.		1,626,918		1,543,066
Produce Buying Co., Ltd.(1)		582,428		14,305
Standard Chartered Bank of Ghana, Ltd.		171,500		705,567
			$	2,730,355
Greece — 1.3%
Aegean Airlines SA		46,112	$	373,583
Aegean Marine Petroleum Network, Inc.		91,225		649,522
Alpha Bank AE(1)		128,819		261,264
Athens Water Supply & Sewage Co. SA (The)		208,817		1,057,768
Costamare, Inc.		93,419		679,156
Diana Shipping, Inc.(1)		260,777		651,942
DryShips, Inc.(1)		1,762,212		232,612
Ellaktor SA(1)		413,947		534,144

11 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Greece (continued)
Eurobank Ergasias SA(1)		141,834	$	117,918
FF Group		68,510		1,076,132
Frigoglass SAIC(1)		104,857		184,377
GasLog, Ltd.		102,055		762,351
GEK Terna Holding Real Estate Construction SA(1)		381,049		567,091
Grivalia Properties REIC AE		14,830		114,211
Hellenic Exchanges - Athens Stock Exchange SA		180,829		886,303
Hellenic Petroleum SA(1)		248,848		1,051,111
Hellenic Telecommunications Organization SA		852,642		7,423,870
Intralot SA(1)		418,837		542,389
JUMBO SA(1)		192,931		2,049,201
Marfin Investment Group Holdings SA(1)		1,854,199		143,637
Metka SA		71,242		539,442
Motor Oil (Hellas) Corinth Refineries SA		169,674		1,828,174
Mytilineos Holdings SA		413,446		1,438,590
National Bank of Greece SA(1)		143,251		39,592
Navios Maritime Acquisition Corp.		202,800		462,384
Navios Maritime Holdings, Inc.		286,986		279,553
OPAP SA		420,506		3,117,097
Piraeus Bank SA(1)		34,736		6,969
Public Power Corp. SA		1,068,817		4,069,284
Safe Bulkers, Inc.		176,900		77,535
StealthGas, Inc.(1)		122,975		332,032
Terna Energy SA		112,955		264,564
Titan Cement Co. SA		241,081		4,648,783
Tsakos Energy Navigation, Ltd.		188,400		1,096,488
Viohalco SA(1)		223,488		342,437
			$	37,901,506
Hungary — 2.0%
Magyar Telekom Telecommunications PLC(1)		5,190,500	$	7,165,164
MOL Hungarian Oil & Gas Rt.		280,600		13,643,239
OTP Bank Rt.		854,630		18,180,356
Richter Gedeon Nyrt.		959,700		18,729,177
			$	57,717,936
India — 6.0%
ABB India, Ltd.		19,900	$	286,011
ACC, Ltd.		45,970		842,079
Adani Enterprises, Ltd.		180,900		195,626
Adani Ports and Special Economic Zone, Ltd.		1,184,852		3,710,219
Adani Power, Ltd.(1)		556,250		236,315
Adani Transmissions, Ltd.(1)		299,124		162,426
Aditya Birla Fashion and Retail, Ltd.		92,050		303,772
Aditya Birla Nuvo, Ltd.		17,702		228,680

Security	Shares		Value
India (continued)
Ambuja Cements, Ltd.		522,500	$	1,518,565
Asian Paints, Ltd.		249,700		3,222,501
Axis Bank, Ltd.		240,800		1,465,058
Bajaj Auto, Ltd.		59,560		2,077,555
Bank of Baroda		262,300		486,337
Bank of India		247,400		368,895
Bharat Forge, Ltd.		63,650		790,254
Bharat Heavy Electricals, Ltd.		659,700		1,356,024
Bharat Petroleum Corp., Ltd.		111,300		1,461,874
Bharti Airtel, Ltd.		2,225,936		9,654,298
Biocon, Ltd.		101,600		738,660
Cairn India, Ltd.		423,700		769,929
Canara Bank, Ltd.		127,831		365,406
Cipla, Ltd.		287,310		2,514,154
Coal India, Ltd.		402,200		1,905,200
Colgate-Palmolive (India), Ltd.		89,800		1,140,338
Container Corp. of India, Ltd.		54,240		952,374
Crompton Greaves, Ltd.		213,600		543,037
Cummins India, Ltd.		49,900		681,555
Dabur India, Ltd.		504,400		1,880,537
Divi’s Laboratories, Ltd.		93,600		1,580,620
DLF, Ltd.		88,900		127,919
Dr. Reddy’s Laboratories, Ltd.		56,020		2,563,756
GAIL (India), Ltd.		585,050		3,191,286
GlaxoSmithKline Pharmaceuticals, Ltd.		8,680		412,836
Glenmark Pharmaceuticals, Ltd.		125,460		1,450,492
GMR Infrastructure, Ltd.(1)		1,721,400		331,988
Grasim Industries, Ltd.		8,158		417,785
Gujarat State Petronet, Ltd.		383,800		807,780
HCL Technologies, Ltd.		156,435		2,008,388
HDFC Bank, Ltd.		205,873		3,781,840
Hero MotoCorp, Ltd.		60,900		2,309,004
Hindalco Industries, Ltd.		515,910		539,568
Hindustan Petroleum Corp., Ltd.		67,064		809,871
Hindustan Unilever, Ltd.		491,400		5,943,034
Hindustan Zinc, Ltd.		148,400		355,501
Housing Development Finance Corp., Ltd.		226,061		3,947,194
ICICI Bank, Ltd.		516,934		1,751,837
IDBI Bank, Ltd.		367,000		319,189
Idea Cellular, Ltd.		1,816,900		2,790,597
IDFC Bank, Ltd.(1)		260,034		202,082
IDFC, Ltd.		260,034		164,727
IFCI, Ltd.		1,152,200		385,065
Indiabulls Housing Finance, Ltd.		40,115		422,779
Indiabulls Real Estate, Ltd.(1)		91,200		75,050
Indian Hotels Co., Ltd.(1)		164,280		272,187

12 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
India (continued)
Indian Oil Corp., Ltd.		158,900	$	938,105
Infosys, Ltd.		523,468		9,007,170
ITC, Ltd.		1,313,460		6,175,592
Jindal Steel & Power, Ltd.(1)		268,800		256,195
JSW Steel, Ltd.		135,800		2,134,940
Kotak Mahindra Bank, Ltd.		110,900		1,121,558
Larsen & Toubro, Ltd.		253,560		4,136,639
LIC Housing Finance, Ltd.		49,663		352,074
Lupin, Ltd.		80,300		2,028,537
Mahindra & Mahindra, Ltd.		105,760		1,927,759
Maruti Suzuki India, Ltd.		67,750		4,122,252
Nestle India, Ltd.		11,930		965,344
NMDC, Ltd.		86,003		102,678
NTPC, Ltd.		2,533,900		5,323,924
Oil & Natural Gas Corp., Ltd.		886,393		2,967,009
Oracle Financial Services Software, Ltd.		16,500		890,046
Piramal Enterprises, Ltd.		76,807		1,127,595
Power Grid Corporation of India, Ltd.		2,181,400		4,769,651
Reliance Capital, Ltd.		36,735		208,742
Reliance Communications, Ltd.(1)		1,412,060		1,295,697
Reliance Industries, Ltd.		659,348		10,118,919
Reliance Infrastructure, Ltd.		227,600		1,590,027
Reliance Power, Ltd.		1,400,250		1,049,190
Siemens, Ltd.		47,180		708,363
State Bank of India		315,179		840,801
Steel Authority of India, Ltd.		513,200		325,620
Sun Pharmaceutical Industries, Ltd.		498,368		6,488,138
Sun TV Network, Ltd.		147,473		828,214
Suzlon Energy, Ltd.(1)		2,099,450		639,451
Tata Communications, Ltd.		127,400		755,757
Tata Consultancy Services, Ltd.		130,227		4,596,355
Tata Global Beverages, Ltd.		279,500		524,779
Tata Motors, Ltd.(1)		362,950		1,820,762
Tata Power Co., Ltd.		1,776,918		1,580,171
Tata Steel, Ltd.		149,296		551,605
Tech Mahindra, Ltd.		160,844		1,194,015
Titan Co., Ltd.		234,100		1,268,328
UltraTech Cement, Ltd.		58,600		2,459,353
Unitech, Ltd.(1)		2,836,900		238,033
United Spirits, Ltd.(1)		29,285		1,084,233
UPL, Ltd.		180,700		1,173,809
Vedanta, Ltd.		790,212		849,941
Voltas, Ltd.		296,300		1,259,576
Wipro, Ltd.		180,609		1,505,960
Yes Bank, Ltd.		55,200		613,345
Zee Entertainment Enterprises, Ltd.		373,114		2,322,061
			$	173,058,367

Security	Shares		Value
Indonesia — 3.2%
Adaro Energy Tbk PT		51,915,400	$	2,004,501
AKR Corporindo Tbk PT		5,472,400		2,937,840
Aneka Tambang Persero Tbk PT(1)		10,251,500		247,011
Astra Argo Lestari Tbk PT		775,000		969,383
Astra International Tbk PT		16,851,600		8,012,046
Bank Central Asia Tbk PT		3,929,800		3,768,054
Bank Danamon Indonesia Tbk PT		4,504,303		1,334,011
Bank Mandiri Tbk PT		3,318,300		2,343,389
Bank Negara Indonesia Persero Tbk PT		3,625,300		1,307,232
Bank Pan Indonesia Tbk PT(1)		4,945,000		247,122
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		12,193,000		773,463
Bank Rakyat Indonesia Tbk PT		2,939,900		2,424,616
Bank Tabungan Negara Tbk PT		10,171,500		1,017,454
Berlian Laju Tanker Tbk PT(1)(3)		7,544,500		0
Bumi Resources Tbk PT(1)		37,563,000		136,480
Bumi Serpong Damai Tbk PT		11,228,400		1,429,477
Charoen Pokphand Indonesia Tbk PT		8,948,300		2,203,978
Energi Mega Persada Tbk PT(1)		64,369,200		234,275
Gudang Garam Tbk PT		660,000		2,814,294
Harum Energy Tbk PT(1)		2,626,500		118,493
Holcim Indonesia Tbk PT		3,029,000		199,530
Indo Tambangraya Megah Tbk PT		1,056,300		372,845
Indocement Tunggal Prakarsa Tbk PT		2,435,200		3,523,351
Indofood Sukses Makmur Tbk PT		4,564,300		2,076,842
Indosat Tbk PT(1)		2,794,500		1,113,504
Jasa Marga (Persero) Tbk PT		3,198,000		1,345,965
Kalbe Farma Tbk PT		57,805,000		5,652,069
Lippo Karawaci Tbk PT		8,604,800		661,966
Matahari Putra Prima Tbk PT		7,240,000		887,469
Medco Energi Internasional Tbk PT		4,497,500		232,251
Media Nusantara Citra Tbk PT		3,201,000		280,028
MNC Investama Tbk PT		49,042,500		465,004
Pembangunan Perumahan Persero Tbk PT		9,145,000		2,604,928
Perusahaan Gas Negara Persero Tbk PT		23,109,700		4,084,610
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		7,185,000		752,078
Semen Indonesia Persero Tbk PT		5,479,200		4,447,025
Sigmagold Inti Perkasa Tbk PT(1)		17,097,000		531,432
Siloam International Hospitals Tbk PT		976,400		642,026
Sugih Energy Tbk PT(1)		28,308,700		766,860
Surya Semesta Internusa Tbk PT		14,275,000		678,008
Tambang Batubara Bukit Asam Tbk PT		2,672,800		872,941
Telekomunikasi Indonesia Tbk PT		48,305,000		11,851,103
Tower Bersama Infrastructure Tbk PT(1)		2,871,000		1,325,687
Trada Maritime Tbk PT(1)		10,350,500		37,614

13 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Indonesia (continued)
Unilever Indonesia Tbk PT		1,486,800	$	3,988,324
United Tractors Tbk PT		3,690,783		4,717,063
Vale Indonesia Tbk PT(1)		5,222,500		557,107
Wijaya Karya Persero Tbk PT		6,522,800		1,337,744
XL Axiata Tbk PT(1)		4,954,500		1,329,865
			$	91,658,358
Jordan — 0.8%
Al Eqbal Co. for Investment PLC		58,619	$	1,395,612
Alia The Royal Jordanian Airlines PLC(1)		249,829		342,984
Arab Bank PLC		925,830		7,979,101
Arab Potash Co. PLC		85,671		2,422,245
Bank of Jordan		214,422		867,690
Cairo Amman Bank		278,672		982,064
Capital Bank of Jordan		406,376		600,340
Jordan Ahli Bank		678,162		1,214,507
Jordan Dubai Islamic Bank(1)		301,685		502,745
Jordan Islamic Bank		227,438		1,145,189
Jordan Petroleum Refinery		370,048		2,281,147
Jordan Phosphate Mines(1)		128,271		977,061
Jordan Steel(1)		342,095		229,526
Jordan Telecommunications Co.		160,506		636,059
Jordanian Electric Power Co.		415,164		1,671,674
Union Investment Corp. PLC(1)		99,181		173,916
			$	23,421,860
Kazakhstan — 0.7%
Halyk Savings Bank of Kazakhstan JSC GDR(4)		1,020,429	$	4,283,182
KAZ Minerals PLC(1)		3,744,829		6,176,206
Kazkommertsbank JSC GDR(1)(4)		360,501		322,624
KazMunaiGas Exploration Production GDR(4)		718,244		4,776,882
Kcell JSC GDR(4)		864,603		2,682,770
Nostrum Oil & Gas PLC		340,501		1,329,555
			$	19,571,219
Kenya — 0.7%
ARM Cement, Ltd.		1,653,600	$	540,823
Bamburi Cement Co., Ltd.		564,900		957,928
Barclays Bank of Kenya, Ltd.		9,494,460		1,153,599
British American Tobacco Kenya, Ltd.		52,000		410,496
Co-operative Bank of Kenya, Ltd. (The)		6,372,864		1,027,005
East African Breweries, Ltd.		1,825,380		4,744,173
Equity Group Holdings, Ltd.		6,646,400		2,542,988
Kenya Airways, Ltd.(1)		218,900		10,043
Kenya Commercial Bank, Ltd.		6,085,820		2,301,683

Security	Shares		Value
Kenya (continued)
Kenya Electricity Generating Co., Ltd.		983,900	$	57,906
Kenya Power & Lighting, Ltd.		7,482,654		842,095
Nation Media Group, Ltd.		518,384		883,362
Safaricom, Ltd.		33,072,172		4,908,185
Standard Chartered Bank Kenya, Ltd.		197,588		376,924
			$	20,757,210
Kuwait — 1.3%
Agility Public Warehousing Co. KSC		2,179,578	$	3,029,319
Ahli United Bank		366,855		526,878
Al Ahli Bank of Kuwait KSCP		716,003		820,196
Al Safat Energy Holding Co. KSC(1)		1,880,000		53,900
ALAFCO Aviation Lease and Finance Co. KSCP		987,277		614,416
Boubyan Bank KSCP		561,188		732,966
Boubyan Petrochemicals Co.		1,996,843		2,940,999
Burgan Bank SAK		777,600		850,760
Combined Group Contracting Co. KSC		123,210		323,230
Commercial Bank of Kuwait KSCP		405,150		698,920
Commercial Real Estate Co. KSCC		2,296,205		573,424
Gulf Bank(1)		1,603,698		1,129,229
Gulf Cable & Electrical Industries Co. KSCP		424,072		452,361
Jazeera Airways Co. KSC		161,761		404,897
Kuwait Cement Co.		533,870		666,306
Kuwait Finance House KSCP		2,021,642		3,212,428
Kuwait Food Co. (Americana) SAK		448,108		2,575,077
Kuwait International Bank		974,124		630,660
Kuwait Pipes Industries & Oil Services Co.(1)(3)		1,188,500		0
Kuwait Portland Cement Co. KSC		267,750		891,004
Kuwait Projects Co. Holdings KSC		573,712		988,405
Kuwait Real Estate Co. KSC		2,762,965		403,395
Mabanee Co. SAK		372,217		1,084,438
Mezzan Holding Co. KSCC(1)		142,236		453,577
Mobile Telecommunications Co.		5,815,589		6,627,895
National Bank of Kuwait SAK		2,140,031		4,974,156
National Industries Group Holding SAK		2,840,456		1,036,757
National Investment Co.		959,100		213,341
National Ranges Co. KPSC(1)		2,219,111		133,380
Qurain Petrochemical Industries Co. KSC		2,293,006		1,191,963
Sultan Center Food Products Co.(1)		3,421,833		682,204
			$	38,916,481
Latvia — 0.0%(2)
Grindeks		42,000	$	230,065
Latvian Shipping Co.(1)		405,000		199,909
			$	429,974

14 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Lebanon — 0.1%
Solidere GDR(4)		327,362	$	3,386,557
Solidere, Class A		88,066		902,886
Solidere, Class B		1,760		17,804
			$	4,307,247
Lithuania — 0.1%
Apranga PVA		278,536	$	772,291
Energijos Skirstymo Operatorius AB(1)		128,934		120,260
Klaipedos Nafta AB		1,345,900		563,328
Pieno Zvaigzdes		104,200		156,478
Rokiskio Suris(1)		122,500		188,474
Siauliu Bankas		949,231		303,983
			$	2,104,814
Malaysia — 3.3%
Aeon Co. (M) Bhd		661,200	$	399,116
Airasia Bhd		1,228,200		422,172
Alliance Financial Group Bhd		560,300		460,601
AMMB Holdings Bhd		887,900		935,020
Astro Malaysia Holdings Bhd		979,300		659,352
Axiata Group Bhd		2,706,750		3,664,790
Batu Kawan Bhd		136,300		580,494
Berjaya Corp. Bhd		2,029,700		179,113
Berjaya Sports Toto Bhd		830,250		625,782
Boustead Holdings Bhd		596,210		559,258
British American Tobacco Malaysia Bhd		109,700		1,530,864
Bumi Armada Bhd(1)		3,133,350		789,720
Bursa Malaysia Bhd		344,900		694,934
CIMB Group Holdings Bhd		892,200		895,192
Dialog Group Bhd		4,115,014		1,571,989
Digi.com Bhd		1,873,500		2,205,258
Felda Global Ventures Holdings Bhd		1,358,400		565,923
Gamuda Bhd		1,699,000		1,872,365
Genting Bhd		1,448,500		2,753,114
Genting Malaysia Bhd		2,155,600		2,326,660
Genting Plantations Bhd		261,700		720,502
Hartalega Holdings Bhd		118,600		154,278
Hong Leong Bank Bhd		382,900		1,209,398
Hong Leong Financial Group Bhd		276,000		920,004
IHH Healthcare Bhd		4,325,800		6,839,750
IJM Corp. Bhd		2,147,680		1,788,509
IOI Corp. Bhd		2,439,818		2,859,333
IOI Properties Group Bhd		1,044,058		537,530
KLCCP Stapled Group		399,100		674,732
KNM Group Bhd(1)		5,003,150		597,582

Security	Shares		Value
Malaysia (continued)
Kuala Lumpur Kepong Bhd		358,700	$	2,069,225
Kulim (Malaysia) Bhd		860,000		785,459
Lafarge Malaysia Bhd		942,950		2,085,305
Magnum Bhd		940,340		559,469
Malayan Banking Bhd		1,117,087		2,313,641
Malaysia Airports Holdings Bhd		342,800		479,788
Malaysia Marine and Heavy Engineering Holdings Bhd(1)		739,000		171,744
Malaysian Resources Corp. Bhd		761,400		215,159
Maxis Bhd		1,737,900		2,400,479
Media Prima Bhd		575,000		177,325
MISC Bhd		482,400		1,021,445
MMC Corp. Bhd		1,217,800		544,469
Nestle Malaysia Bhd		12,300		219,130
Parkson Holdings Bhd(1)		958,655		225,607
Petronas Chemicals Group Bhd		4,123,000		7,157,605
Petronas Dagangan Bhd		507,500		3,122,536
Petronas Gas Bhd		378,800		2,096,249
PPB Group Bhd		404,100		1,618,474
Press Metal Bhd		1,469,400		661,526
Public Bank Bhd		461,120		2,046,246
RHB Capital Bhd		733,900		964,975
Sapurakencana Petroleum Bhd		5,340,168		2,445,589
Silverlake Axis, Ltd.		703,200		275,007
Sime Darby Bhd		2,271,939		4,416,843
Sunway Bhd		304,600		216,519
Supermax Corp. Bhd		1,732,700		1,242,793
TA Enterprise Bhd		1,323,000		166,009
Telekom Malaysia Bhd		1,249,900		1,962,035
Tenaga Nasional Bhd		2,265,225		7,431,441
Top Glove Corp. Bhd		1,427,800		1,867,718
UEM Sunrise Bhd		1,683,050		401,890
UMW Holdings Bhd		448,400		759,616
UMW Oil & Gas Corp. Bhd(1)		549,700		136,378
Unisem (M) Bhd		2,784,300		1,317,554
Wah Seong Corp. Bhd		445,076		90,821
WCT Holdings Bhd		730,311		291,198
YTL Corp. Bhd		2,863,465		1,078,135
YTL Power International Bhd		1,883,197		667,244
			$	95,695,981
Mauritius — 0.8%
Alteo, Ltd.		637,758	$	548,295
CIEL, Ltd.		1,576,086		279,877
CIM Financial Services, Ltd.		4,584,801		981,936
LUX Island Resorts, Ltd.		1,037,348		1,680,915
MCB Group, Ltd.		1,691,789		9,686,590

15 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Mauritius (continued)
New Mauritius Hotels, Ltd.		4,938,048	$	3,142,297
Phoenix Beverages, Ltd.		7,498		77,237
Rogers & Co., Ltd.		2,210,770		1,714,699
SBM Holdings, Ltd.		178,161,127		3,261,036
Sun Resorts, Ltd., Class A(1)		449,032		429,457
Terra Mauricia, Ltd.		895,156		744,061
United Basalt Products, Ltd.		371,540		794,071
			$	23,340,471
Mexico — 6.0%
Alfa SAB de CV, Series A		6,232,872	$	11,611,625
Alsea SAB de CV		694,800		2,468,493
America Movil SAB de CV ADR, Series L		528,801		7,477,246
America Movil SAB de CV, Series L		27,725,350		19,596,642
Arca Continental SAB de CV		490,380		2,945,889
Bolsa Mexicana de Valores SAB de CV		1,503,700		2,043,594
Cemex SAB de CV ADR(1)		1,066,936		4,833,220
Cemex SAB de CV, Series CPO(1)		8,766,730		3,958,568
Coca-Cola Femsa SAB de CV, Series L		319,500		2,248,932
Corporacion GEO SAB de CV, Series B(1)		11,440		5,752
Desarrolladora Homex SAB de CV(1)		77,645		17,252
El Puerto de Liverpool SAB de CV		107,300		1,281,075
Empresas ICA SAB de CV(1)		2,747,100		733,055
Fibra Uno Administracion SA de CV		2,054,090		4,115,485
Fomento Economico Mexicano SAB de CV ADR		16,100		1,526,602
Fomento Economico Mexicano SAB de CV, Series UBD		1,189,956		11,284,334
Genomma Lab Internacional SAB de CV(1)		2,778,500		1,873,499
Gentera SAB de CV		2,669,400		4,789,033
Grupo Aeroportuario del Pacifico SAB de CV, Class B		498,387		4,197,247
Grupo Aeroportuario del Sureste SAB de CV, Class B		249,115		3,408,931
Grupo Bimbo SAB de CV, Series A(1)		1,632,945		4,560,029
Grupo Carso SAB de CV, Series A1		1,017,000		4,112,240
Grupo Elektra SAB de CV		98,898		1,861,574
Grupo Financiero Banorte SAB de CV, Class O		2,178,600		11,350,785
Grupo Financiero Inbursa SAB de CV, Class O		4,335,500		6,996,462
Grupo Mexico SAB de CV, Series B		4,508,679		8,745,039
Grupo Sanborns SAB de CV		226,889		293,966
Grupo Simec SA de CV, Series B(1)		133,800		282,903
Grupo Televisa SAB ADR		431,500		11,426,120
Grupo Televisa SAB, Series CPO		1,550,600		8,211,334
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		1,038,200		1,237,523
Industrias CH SAB de CV, Series B(1)		225,500		662,038
Industrias Penoles SAB de CV		188,600		1,798,681
Infraestructura Energetica Nova SAB de CV		180,000		706,692
Kimberly-Clark de Mexico SAB de CV, Class A		1,219,500		2,910,623

Security	Shares		Value
Mexico (continued)
Mexichem SAB de CV		1,483,316	$	3,058,594
Minera Frisco SAB de CV(1)		714,800		317,247
OHL Mexico SAB de CV(1)		438,300		410,565
Organizacion Soriana SAB de CV, Class B(1)		120,000		257,364
Promotora y Operadora de Infraestructura SAB de CV		434,500		4,994,016
Telesites SAB de CV(1)		1,386,268		840,730
Ternium SA ADR		46,000		546,480
TV Azteca SAB de CV, Series CPO		1,240,300		139,500
Urbi Desarrollos Urbanos SAB de CV(1)(3)		2,260,600		0
Wal-Mart de Mexico SAB de CV, Series V		3,152,980		7,914,718
			$	174,051,697
Morocco — 0.8%
Attijariwafa Bank		119,211	$	3,942,910
Banque Centrale Populaire		115,914		2,512,881
BMCE Bank		83,129		1,767,505
Delta Holding SA		52,900		100,031
Douja Promotion Groupe Addoha SA		252,635		670,622
Holcim Maroc SA		12,874		2,163,360
Label Vie		2,100		249,508
Managem		9,862		530,186
Maroc Telecom		556,315		6,494,435
Samir(1)(3)		15,717		101,224
Societe Lafarge Ciments SA		18,510		2,886,696
Taqa Morocco		21,759		1,331,586
			$	22,750,944
Nigeria — 0.7%
Access Bank PLC		16,605,917	$	349,250
Afriland Properties PLC(1)(3)		1,169,236		0
Dangote Cement PLC		2,932,919		1,900,204
Dangote Sugar Refinery PLC		5,586,250		169,303
Diamond Bank PLC		16,654,000		148,580
Ecobank Transnational, Inc.(1)		14,145,874		1,043,971
FBN Holdings PLC		28,556,181		567,356
FCMB Group PLC		14,697,603		72,891
Fidelity Bank PLC		22,430,824		148,143
Flour Mills of Nigeria PLC		2,057,956		186,739
Forte Oil PLC		1,622,126		2,314,870
Guaranty Trust Bank PLC		22,481,741		1,903,533
Guiness Nigeria PLC		956,691		553,075
Lafarge Africa PLC		2,976,025		1,222,688
Lekoil, Ltd.(1)		1,624,911		366,175
Nestle Nigeria PLC		413,429		1,468,835
Nigerian Breweries PLC		4,747,707		2,396,760

16 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Nigeria (continued)
Oando PLC(1)		16,928,421	$	339,884
PZ Cussons Nigeria PLC		2,100,282		216,530
SEPLAT Petroleum Development Co. PLC(5)		996,758		1,017,050
Skye Bank PLC(1)		16,828,665		98,388
Stanbic IBTC Holdings PLC		1,977,675		132,021
Transnational Corp. of Nigeria PLC		18,202,701		114,764
UAC of Nigeria PLC		4,651,935		478,692
Unilever Nigeria PLC		2,740,833		441,006
United Bank for Africa PLC		29,618,308		434,021
Zenith Bank PLC		22,038,124		1,407,829
			$	19,492,558
Oman — 0.7%
Al Anwar Ceramic Tiles Co.		622,746	$	455,934
Bank Dhofar SAOG		1,720,225		1,027,862
Bank Muscat SAOG		3,266,852		3,527,368
Bank Sohar SAOG		4,118,807		1,457,780
Dhofar International Development & Investment Holding SAOG		339,824		340,863
Galfar Engineering & Contracting SAOG(1)		1,434,547		201,004
HSBC Bank Oman SAOG		1,422,114		363,117
National Bank of Oman SAOG		1,475,795		933,806
Oman Cables Industry SAOG		93,600		376,098
Oman Cement Co. SAOG		741,260		865,623
Oman Flour Mills Co. SAOG		561,100		595,598
Oman Telecommunications Co. SAOG		1,151,313		4,245,427
Omani Qatari Telecommunications Co. SAOG		1,183,219		1,907,770
Ominvest		1,572,145		1,855,278
Raysut Cement Co. SAOG		634,209		1,577,809
Renaissance Services SAOG		2,280,925		741,773
Sembcorp Salalah Power & Water Co.		50,000		318,803
Shell Oman Marketing Co. SAOG		34,398		178,840
			$	20,970,753
Pakistan — 0.8%
Adamjee Insurance Co., Ltd.		415,744	$	220,668
Azgard Nine, Ltd.(1)		200		7
Bank Alfalah, Ltd.		1,414,538		351,967
D.G. Khan Cement Co., Ltd.		503,732		766,332
Engro Corp., Ltd.		465,287		1,185,696
Engro Fertilizers, Ltd.		234,528		179,068
Engro Foods, Ltd.(1)		1,210,400		1,630,394
Fauji Fertilizer Bin Qasim, Ltd.		362,000		165,675
Fauji Fertilizer Co., Ltd.		1,165,210		1,236,333
Habib Bank, Ltd.		291,617		475,924
Hub Power Co., Ltd.		3,703,800		3,620,710

Security	Shares		Value
Pakistan (continued)
Kot Addu Power Co., Ltd.		875,900	$	659,929
Lucky Cement, Ltd.		328,200		1,514,770
MCB Bank, Ltd.		1,550,730		2,858,547
Millat Tractors, Ltd.		139,790		661,691
National Bank of Pakistan		803,040		402,474
Nishat Mills, Ltd.		1,142,810		1,060,470
Oil & Gas Development Co., Ltd.		986,391		1,031,554
Pakistan Oil Fields, Ltd.		211,100		433,067
Pakistan Petroleum, Ltd.		910,577		1,017,308
Pakistan State Oil Co., Ltd.		357,320		1,100,447
Pakistan Telecommunication Co., Ltd.		3,306,700		458,835
SUI Southern Gas Co., Ltd.(1)		1,091,500		345,607
United Bank, Ltd.		564,045		775,339
			$	22,152,812
Panama — 0.3%
Copa Holdings SA, Class A		167,154	$	7,872,953
			$	7,872,953
Peru — 1.5%
Alicorp SAA(1)		3,848,309	$	5,654,549
Banco Continental SA		626,601		454,935
Casa Grande SAA(1)		99,420		88,796
Cementos Pacasmayo SAA		241,600		313,233
Cia de Minas Buenaventura SA ADR(1)		422,080		1,688,320
Cia Minera Milpo SA		676,862		270,090
Credicorp, Ltd.		153,994		15,608,832
Edegel SA		2,160,876		1,512,844
Empresa de Distribucion Electrica de Lima Norte SAA		108,248		141,902
Energia del Sur SA		120,072		245,617
Ferreycorp SAA		6,227,411		2,188,897
Grana y Montero SAA		2,096,520		966,444
Intercorp Financial Services, Inc.		66,690		1,343,803
Luz del Sur SAA		548,126		1,287,051
Minsur SA		1,961,259		282,529
Sociedad Minera Cerro Verde SAA(1)		44,121		617,694
Southern Copper Corp.		385,027		9,979,900
Union Andina de Cementos SAA		1,014,000		423,608
Volcan Cia Minera SAA, Class B		5,911,333		407,044
			$	43,476,088
Philippines — 3.0%
Aboitiz Equity Ventures, Inc.		2,738,650	$	3,367,283
Aboitiz Power Corp.		3,597,300		3,148,820
ABS-CBN Holdings Corp. PDR		138,370		161,132

17 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Philippines (continued)
Alliance Global Group, Inc.		3,691,400	$	1,148,566
Ayala Corp.		199,995		2,864,024
Ayala Land, Inc.		4,864,500		3,228,093
Ayala Land, Inc., PFC Shares(3)		3,951,800		0
Bank of the Philippine Islands		1,270,595		2,342,607
BDO Unibank, Inc.		1,274,481		2,741,304
Bloomberry Resorts Corp.		12,417,700		1,073,371
Cosco Capital, Inc.		3,726,300		578,025
D&L Industries, Inc.		4,814,000		821,708
DMCI Holdings, Inc.		5,921,800		1,424,481
Emperador, Inc.		4,313,300		665,821
Energy Development Corp.		16,100,700		1,863,588
Filinvest Land, Inc.		9,303,000		289,882
First Gen Corp.		2,859,922		1,108,353
First Philippine Holdings Corp.		587,500		689,658
Globe Telecom, Inc.		45,740		1,797,298
GT Capital Holdings, Inc.		67,795		1,843,238
Holcim Philippines, Inc.		1,492,000		449,331
International Container Terminal Services, Inc.		666,670		853,885
JG Summit Holding, Inc.		2,284,320		3,224,988
Jollibee Foods Corp.		1,179,850		5,099,031
Lopez Holdings Corp.		4,600,000		502,306
LT Group, Inc.		3,482,900		1,164,374
Manila Electric Co.		577,330		3,765,051
Manila Water Co.		1,633,000		834,541
Megaworld Corp.		12,596,000		950,272
Melco Crown Philippines Resorts Corp.(1)		3,711,400		177,476
Metro Pacific Investments Corp.		7,682,400		891,331
Metropolitan Bank & Trust Co.		1,171,246		1,750,076
Nickel Asia Corp.		5,281,800		457,721
Pepsi-Cola Products Philippines, Inc.		1,388,000		86,370
Petron Corp.		4,267,400		585,163
Philex Mining Corp.		6,094,825		522,092
Philippine Long Distance Telephone Co.		214,145		10,006,227
Puregold Price Club, Inc.		2,674,400		1,852,433
Robinsons Land Corp.		1,187,900		625,895
Robinsons Retail Holdings, Inc.		1,269,250		1,581,255
San Miguel Corp.		716,000		1,098,167
Security Bank Corp.		243,300		727,202
Semirara Mining & Power Co.		1,222,930		3,059,861
SM Investments Corp.		255,802		4,473,857
SM Prime Holdings, Inc.		9,538,699		4,266,678
SSI Group, Inc.(1)		2,061,000		139,427
Travellers International Hotel Group, Inc.		3,521,900		285,667
Universal Robina Corp.		1,858,330		7,558,555
Vista Land & Lifescapes, Inc.		3,675,000		290,045
			$	88,436,529

Security	Shares		Value
Poland — 2.9%
Agora SA(1)		125,463	$	353,251
AmRest Holdings SE(1)		7,766		353,110
Asseco Poland SA		512,726		7,073,232
Bank Handlowy w Warszawie SA		50,570		929,601
Bank Millennium SA(1)		687,285		910,710
Bank Pekao SA		179,638		6,043,946
Bank Zachodni WBK SA(1)		16,600		1,064,583
Boryszew SA		122,670		129,258
Budimex SA		27,910		1,315,203
CCC SA		43,900		1,287,313
Cyfrowy Polsat SA(1)		860,096		4,541,544
Enea SA		202,800		585,010
Eurocash SA		355,800		4,816,740
Getin Holding SA(1)		365,918		120,008
Getin Noble Bank SA(1)		2,322,186		257,245
Grupa Azoty SA(1)		76,370		1,936,645
Grupa Lotos SA(1)		101,253		636,518
ING Bank Slaski SA		47,450		1,270,189
Jastrzebska Spolka Weglowa SA(1)		138,610		299,843
KGHM Polska Miedz SA		344,982		4,883,541
KOPEX SA		125,900		103,975
LPP SA		1,811		2,385,775
Lubelski Wegiel Bogdanka SA		12,326		93,102
mBank SA(1)		23,504		1,822,400
Netia SA		1,111,077		1,520,231
Orange Polska SA		2,781,316		4,425,514
Orbis SA		30,000		468,698
PGE SA		1,874,600		6,371,758
PKP Cargo SA		27,389		328,703
Polski Koncern Naftowy ORLEN SA		458,433		7,030,591
Polskie Gornictwo Naftowe i Gazownictwo SA		2,941,216		3,753,861
Powszechna Kasa Oszczednosci Bank Polski SA(1)		1,151,310		6,972,592
Powszechny Zaklad Ubezpieczen SA		785,930		6,262,236
Synthos SA		844,500		801,664
Tauron Polska Energia SA		3,279,494		2,183,939
			$	83,332,529
Qatar — 1.4%
Aamal Co. QSC		177,687	$	582,562
Barwa Real Estate Co.		146,293		1,303,285
Doha Bank QSC		100,995		1,019,640
Gulf International Services QSC		116,556		1,369,612
Industries Qatar		184,019		5,201,009
Masraf Al Rayan QSC		356,854		3,324,019
Ooredoo QSC		132,696		2,884,343
Qatar Electricity & Water Co. QSC		75,958		3,873,111

18 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Qatar (continued)
Qatar Gas Transport Co., Ltd.		409,940	$	2,351,260
Qatar Insurance Co.		67,706		1,559,349
Qatar International Islamic Bank		45,943		824,283
Qatar Islamic Bank		77,555		1,822,599
Qatar National Bank SAQ		158,448		7,173,019
Qatar National Cement Co. QSC		31,625		787,227
Qatar Navigation QSC		52,421		1,236,668
Qatari Investors Group		37,029		289,916
United Development Co. QSC		117,835		598,593
Vodafone Qatar QSC		1,185,810		3,443,011
			$	39,643,506
Romania — 0.7%
Banca Transilvania(1)		11,190,659	$	6,020,094
BRD-Groupe Societe Generale SA(1)		1,721,843		4,112,292
OMV Petrom SA		45,352,995		2,678,476
Societatea Nationala de Gaze Naturale ROMGAZ SA		407,654		2,297,294
Societatea Nationala Nuclearelectrica SA		794,100		1,131,623
Transelectrica SA		426,930		2,802,746
Transgaz SA Medias		19,337		1,196,261
			$	20,238,786
Russia — 5.9%
Aeroflot - Russian Airlines PJSC(1)		1,876,656	$	1,259,403
AK Transneft OAO, PFC Shares		1,647		4,221,409
CTC Media, Inc.		628,567		1,219,420
E.ON Russia JSC		8,737,000		353,116
Evraz PLC(1)		916,942		818,831
Federal Grid Co. Unified Energy System PJSC		1,585,875,440		1,217,651
Gazprom PAO		1,755,200		3,185,029
Gazprom PAO ADR		4,106,902		14,837,646
Globaltrans Investment PLC GDR(1)(4)		207,458		811,330
Inter RAO UES PJSC		71,597,070		1,297,455
Lenta, Ltd. GDR(1)(4)		133,659		790,316
LSR Group PJSC GDR(4)		186,400		300,635
Lukoil PJSC ADR		376,857		12,821,068
Luxoft Holding, Inc.(1)		13,100		983,548
Magnit PJSC		85,215		12,961,808
Magnit PJSC GDR(4)		109,571		4,300,270
Magnitogorsk Iron & Steel Works OJSC GDR(4)		105,708		336,113
Mail.ru Group, Ltd. GDR(1)(4)		265,535		5,781,004
Mechel ADR(1)		189,000		378,000
MegaFon PJSC GDR(4)		249,745		2,997,441
MMC Norilsk Nickel PJSC		2,386		278,988
MMC Norilsk Nickel PJSC ADR		775,037		8,980,231

Security	Shares		Value
Russia (continued)
Mobile TeleSystems PJSC		3,117,127	$	9,372,557
Moscow Exchange MICEX-RTS PJSC		1,214,410		1,542,647
Mosenergo PAO		8,811,603		99,947
Novatek OAO GDR(4)		64,508		5,606,145
Novolipetsk Steel AO GDR(4)		156,893		1,363,995
O’Key Group SA GDR(4)		15,504		26,208
PhosAgro OAO GDR(4)		28,064		333,918
PIK Group PJSC(1)		12,354		34,416
PIK Group PJSC GDR(1)(4)		166,400		458,457
Polymetal International PLC		295,128		2,433,894
QIWI PLC ADR		51,408		663,677
Rosneft OAO GDR(4)		868,232		3,119,805
Rosseti PJSC(1)		135,144,187		818,695
Rostelecom PJSC		1,492,177		1,704,577
Rostelecom PJSC ADR		15,064		101,983
RusHydro PJSC		395,274,080		3,388,925
RusHydro PJSC ADR		348,000		305,437
Sberbank of Russia PJSC		9,493,768		12,183,280
Sberbank of Russia PJSC ADR		542,087		3,001,295
Severstal PAO GDR(4)		428,946		3,479,809
Sistema JSFC		10,069,378		2,349,898
Sollers PAO(1)		24,262		136,010
Surgutneftegas OAO ADR		927,852		4,532,703
Surgutneftegas OAO, PFC Shares		6,277,500		3,829,572
Tatneft PAO ADR		218,759		5,972,339
TMK PAO GDR(4)		64,757		178,235
VimpelCom, Ltd. ADR		751,784		2,473,369
VTB Bank PJSC		2,064,590,000		2,008,284
VTB Bank PJSC GDR(4)		2,020,154		3,808,398
X5 Retail Group NV GDR(1)(4)		317,559		5,872,074
Yandex NV, Class A(1)		639,200		8,578,064
			$	169,909,325
Slovenia — 0.7%
Cinkarna Celje DD		6,272	$	503,656
Gorenje DD		349,170		1,709,454
KRKA DD		100,252		6,738,990
Luka Koper		94,050		2,339,939
Petrol		11,392		3,221,432
Sava DD(1)		17,370		5,823
Sava Reinsurance Co.		179,037		2,513,776
Telekom Slovenije DD		27,437		2,161,808
Zavarovalnica Triglav DD		92,989		2,423,491
			$	21,618,369

19 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
South Africa — 5.7%
AECI, Ltd.		73,130	$	382,549
African Bank Investments, Ltd.(1)(3)		1,537,194		0
African Rainbow Minerals, Ltd.		94,900		343,963
Allied Electronics Corp., Ltd.		186,200		66,859
Anglo American Platinum, Ltd.(1)		58,680		862,271
AngloGold Ashanti, Ltd.(1)		403,071		3,480,101
Aspen Pharmacare Holdings, Ltd.		392,807		6,687,607
Astral Foods, Ltd.		18,500		113,978
Aveng, Ltd.(1)		939,990		141,831
AVI, Ltd.		319,500		1,603,084
Barclays Africa Group, Ltd.		193,289		1,763,091
Barloworld, Ltd.		662,120		2,966,597
Bidvest Group, Ltd. (The)		605,796		13,989,713
Capitec Bank Holdings, Ltd.		42,400		1,291,331
Clicks Group, Ltd.		167,700		918,613
DataTec, Ltd.		160,600		426,432
Discovery, Ltd.		96,631		787,786
Exxaro Resources, Ltd.		118,010		456,674
FirstRand, Ltd.		843,545		2,393,039
Fortress Income Fund, Ltd., Class A		440,672		403,916
Fortress Income Fund, Ltd., Class B		440,672		962,654
Foschini Group, Ltd. (The)		63,545		495,914
Gold Fields, Ltd.		681,677		2,339,220
Grindrod, Ltd.		340,300		212,626
Group Five, Ltd.		81,460		81,092
Growthpoint Properties, Ltd.		1,042,876		1,503,863
Harmony Gold Mining Co., Ltd.(1)		374,410		687,825
Hyprop Investments, Ltd.		92,800		592,534
Illovo Sugar, Ltd.		174,700		207,209
Impala Platinum Holdings, Ltd.(1)		533,748		1,115,071
Imperial Holdings, Ltd.		78,001		599,036
Investec, Ltd.		182,794		1,189,711
JSE, Ltd.		105,800		862,087
Kumba Iron Ore, Ltd.		66,960		147,717
Lewis Group, Ltd.		62,700		172,697
Liberty Holdings, Ltd.		107,168		755,201
Life Healthcare Group Holdings, Ltd.		1,510,419		3,336,361
Massmart Holdings, Ltd.		149,614		854,433
Mediclinic International, Ltd.		574,283		4,366,819
MMI Holdings, Ltd.		692,950		992,647
Mondi, Ltd.		91,130		1,507,912
Mr Price Group, Ltd.		91,080		939,981
MTN Group, Ltd.		1,885,095		16,658,409
Murray & Roberts Holdings, Ltd.		915,850		457,533
Nampak, Ltd.		465,438		575,492
Naspers, Ltd., Class N		156,223		19,742,372

Security	Shares		Value
South Africa (continued)
Nedbank Group, Ltd.		121,638	$	1,445,004
Netcare, Ltd.		1,305,994		2,778,871
Northam Platinum, Ltd.(1)		207,738		413,530
Pick’n Pay Stores, Ltd.		371,278		1,373,925
PPC, Ltd.		468,427		388,383
Rand Merchant Investment Holdings, Ltd.(1)		479,034		1,197,061
Redefine Properties, Ltd.		2,311,150		1,387,670
Remgro, Ltd.		167,010		2,648,453
Reunert, Ltd.		407,260		1,647,457
RMB Holdings, Ltd.		441,055		1,575,372
Sanlam, Ltd.		427,873		1,575,565
Sappi, Ltd.(1)		415,236		1,891,448
Sasol, Ltd.		469,150		12,341,711
Shoprite Holdings, Ltd.		837,380		7,732,213
Sibanye Gold, Ltd.		800,277		1,781,304
SPAR Group, Ltd. (The)		206,544		2,388,479
Standard Bank Group, Ltd.		298,646		2,126,355
Steinhoff International Holdings NV		787,883		3,815,207
Sun International, Ltd.		30,482		150,187
Telkom SA SOC, Ltd.		309,050		1,251,743
Tiger Brands, Ltd.		202,394		3,718,788
Tongaat Hulett, Ltd.		99,910		561,387
Truworths International, Ltd.		300,800		1,868,203
Vodacom Group, Ltd.		613,500		5,628,801
Wilson Bayly Holmes-Ovcon, Ltd.		106,200		719,221
Woolworths Holdings, Ltd.		287,328		1,700,052
			$	164,542,241
South Korea — 6.2%
AMOREPACIFIC Corp.(1)		12,580	$	4,287,901
AMOREPACIFIC Group, Inc.(1)		6,000		752,128
Asiana Airlines, Inc.(1)		92,200		353,424
BNK Financial Group, Inc.(1)		68,935		521,049
Celltrion, Inc.(1)		72,729		6,871,649
Cheil Worldwide, Inc.		51,100		971,867
CJ CheilJedang Corp.(1)		6,096		2,098,559
CJ Corp.(1)		3,500		864,774
CJ Korea Express Co., Ltd.(1)		4,349		800,007
CJ O Shopping Co., Ltd.(1)		3,130		470,548
Coway Co., Ltd.(1)		22,950		1,888,571
Daelim Industrial Co., Ltd.(1)		8,650		569,544
Daesang Corp.(1)		8,000		254,872
Daewoo Engineering & Construction Co., Ltd.(1)		65,741		305,615
Daewoo Industrial Development Co., Ltd.(1)		3,657		3,798
Daewoo International Corp.		21,675		281,282
Daewoo Securities Co., Ltd.(1)		50,493		336,006

20 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
Daewoo Shipbuilding & Marine Engineering Co., Ltd.(1)		45,532	$	161,394
Daewoong Pharmaceutical Co., Ltd.(1)		5,630		404,703
DGB Financial Group Co., Ltd.(1)		65,650		491,114
Dong-A Pharmaceutical Co., Ltd.(1)		2,407		432,551
Dong-A ST Co., Ltd.(1)		4,078		546,920
Dongbu Insurance Co., Ltd.(1)		9,940		564,587
Dongkuk Steel Mill Co., Ltd.(1)		67,733		291,488
Doosan Corp.(1)		6,101		390,593
Doosan Heavy Industries & Construction Co., Ltd.(1)		23,400		331,671
Doosan Infracore Co., Ltd.(1)		34,600		122,358
E-MART, Inc.		10,328		1,418,122
GS Engineering & Construction Corp.(1)		19,935		425,659
GS Holdings Corp.(1)		55,400		2,345,007
Hana Financial Group, Inc.		75,951		1,366,795
Hanjin Kal Corp.(1)		19,283		253,811
Hanjin Shipping Co., Ltd.(1)		98,091		247,893
Hankook Tire Co., Ltd.(1)		21,623		843,254
Hanmi Pharmaceutical Co., Ltd.(1)		8,257		4,908,226
Hansol Holdings Co., Ltd.(1)		37,566		232,608
Hansol Paper Co., Ltd.(1)		22,933		407,931
Hanwha Chemical Corp.(1)		81,490		1,792,873
Hanwha Corp.(1)		21,390		659,818
Hanwha Techwin Co., Ltd.(1)		18,895		515,002
Hite-Jinro Co., Ltd.(1)		20,121		502,320
Hyosung Corp.(1)		15,380		1,408,574
Hyundai Department Store Co., Ltd.(1)		7,615		815,951
Hyundai Development Co.- Engineering & Construction(1)		29,900		1,136,303
Hyundai Engineering & Construction Co., Ltd.(1)		29,816		919,779
Hyundai Glovis Co., Ltd.(1)		7,670		1,316,656
Hyundai Heavy Industries Co., Ltd.(1)		11,670		907,367
Hyundai Marine & Fire Insurance Co., Ltd.(1)		27,100		733,725
Hyundai Merchant Marine Co., Ltd.(1)		68,800		165,180
Hyundai Mipo Dockyard Co., Ltd.(1)		5,275		323,182
Hyundai Mobis Co., Ltd.(1)		19,100		4,149,495
Hyundai Motor Co.		42,300		4,743,208
Hyundai Securities Co., Ltd.(1)		43,870		198,553
Hyundai Steel Co.		33,550		1,379,067
Hyundai Wia Corp.(1)		5,400		479,130
Industrial Bank of Korea(1)		66,080		639,352
Kakao Corp.(1)		5,600		515,178
Kangwon Land, Inc.(1)		50,840		1,756,043
KB Financial Group, Inc.(1)		91,817		2,348,662
KB Insurance Co., Ltd.(1)		28,900		719,569
KCC Corp.		2,345		863,189
Kia Motors Corp.		53,420		2,028,244
Korea Electric Power Corp.(1)		221,620		9,728,731

Security	Shares		Value
South Korea (continued)
Korea Gas Corp.(1)		39,170	$	1,229,054
Korea Investment Holdings Co., Ltd.(1)		21,590		844,705
Korea Zinc Co., Ltd.(1)		5,700		2,080,885
Korean Air Lines Co., Ltd.(1)		28,110		584,779
Korean Reinsurance Co.(1)		78,574		872,666
KT Corp.		69,653		1,605,940
KT Corp. ADR(1)		16,800		206,976
KT&G Corp.		51,115		4,426,768
Kumho Petrochemical Co., Ltd.(1)		12,900		549,442
LG Chem, Ltd.		16,990		4,251,416
LG Corp.(1)		39,010		2,413,789
LG Display Co., Ltd.		48,000		882,212
LG Electronics, Inc.		39,320		1,917,086
LG Hausys, Ltd.		2,858		283,920
LG Household & Health Care, Ltd.		6,450		5,376,830
LG International Corp.(1)		20,600		535,537
LG Life Sciences, Ltd.(1)		11,000		644,513
LG Uplus Corp.		207,920		1,686,278
Lotte Chemical Corp.(1)		11,770		2,737,450
Lotte Shopping Co., Ltd.(1)		5,065		1,007,579
LS Corp.(1)		7,030		221,259
LS Industrial Systems Co., Ltd.(1)		9,200		314,031
Medy-Tox, Inc.		3,894		1,691,113
Mirae Asset Securities Co., Ltd.(1)		21,435		340,316
Naver Corp.		3,879		2,045,279
NCsoft Corp.		5,150		1,013,854
NH Investment & Securities Co., Ltd.(1)		42,208		340,287
NHN Entertainment Corp.(1)		4,718		190,274
Nong Shim Co., Ltd.		3,700		1,446,445
OCI Co., Ltd.(1)		15,570		871,011
ORION Corp.(1)		1,600		1,382,339
POSCO		28,327		4,245,887
S-Oil Corp.		36,885		2,428,394
S1 Corp.		9,450		806,044
Samsung C&T Corp.		17,126		2,158,264
Samsung Card Co., Ltd.		20,460		651,976
Samsung Electro-Mechanics Co., Ltd.		17,390		807,392
Samsung Electronics Co., Ltd.		12,303		11,902,565
Samsung Fine Chemicals Co., Ltd.		18,150		574,464
Samsung Fire & Marine Insurance Co., Ltd.		9,974		2,489,705
Samsung Heavy Industries Co., Ltd.(1)		67,350		593,353
Samsung Life Insurance Co., Ltd.		26,010		2,395,697
Samsung SDI Co., Ltd.		10,466		828,029
Samsung Securities Co., Ltd.(1)		16,440		523,011
Shinhan Financial Group Co., Ltd.(1)		112,145		3,624,848
Shinsegae Co., Ltd.		5,075		904,133

21 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
SK Chemicals Co., Ltd.(1)		15,660	$	1,055,593
SK Holdings Co., Ltd.(1)		9,084		1,796,667
SK Hynix, Inc.		59,163		1,365,542
SK Innovation Co., Ltd.(1)		61,379		6,783,212
SK Networks Co., Ltd.(1)		64,010		292,985
SK Telecom Co., Ltd.		35,900		6,297,272
ViroMed Co., Ltd.(1)		9,440		1,544,938
Woori Bank		82,986		613,391
Yuanta Securities Korea Co., Ltd.(1)		78,565		206,629
Yuhan Corp.(1)		6,229		1,741,968
Zyle Daewoo Motor Sales Corp.(1)		5,113		5,331
			$	179,194,753
Sri Lanka — 0.7%
Access Engineering PLC		2,576,589	$	398,969
Aitken Spence PLC		1,072,547		631,046
Ceylon Tobacco Co. PLC		133,931		898,014
Chevron Lubricants Lanka PLC		1,001,814		2,197,748
Commercial Bank of Ceylon PLC		3,146,877		2,783,005
DFCC Bank PLC		293,137		305,945
Dialog Axiata PLC		18,848,970		1,338,063
Distilleries Co. of Sri Lanka PLC		1,684,527		2,638,109
Hatton National Bank PLC (Non-Voting)		1,687,868		2,312,163
John Keells Holdings PLC		4,681,947		5,020,286
Lanka IOC PLC		1,982,523		442,015
National Development Bank PLC		746,807		884,162
Nations Trust Bank PLC		376,548		204,309
Sampath Bank PLC		701,740		1,165,418
			$	21,219,252
Taiwan — 6.0%
AcBel Polytech, Inc.		429,000	$	310,204
Acer, Inc.(1)		1,042,519		361,777
Advanced Semiconductor Engineering, Inc.		1,607,135		1,726,336
AirTAC International Group		66,150		315,225
Ambassador Hotel		298,000		238,236
AmTRAN Technology Co., Ltd.		650,067		300,269
Asia Cement Corp.		1,507,356		1,185,687
Asia Optical Co., Inc.(1)		198,907		185,989
Asustek Computer, Inc.		210,325		1,705,113
AU Optronics Corp.		3,273,837		851,373
Capital Securities Corp.		711,928		186,357
Catcher Technology Co., Ltd.		173,183		1,288,534
Cathay Financial Holding Co., Ltd.		2,193,533		2,395,615
Center Laboratories, Inc.(1)		434,500		864,179

Security	Shares		Value
Taiwan (continued)
Chailease Holding Co., Ltd.		425,224	$	678,118
Chang Hwa Commercial Bank, Ltd.		1,857,571		930,886
Cheng Shin Rubber Industry Co., Ltd.		1,362,672		2,105,753
Chicony Electronics Co., Ltd.		337,598		701,009
China Airlines, Ltd.(1)		2,591,887		882,368
China Development Financial Holding Corp.		3,842,050		918,644
China Life Insurance Co., Ltd.		913,418		648,748
China Motor Corp.		881,315		559,774
China Petrochemical Development Corp.(1)		2,633,564		631,397
China Steel Corp.		6,459,734		3,453,133
Chipbond Technology Corp.		359,000		509,089
Chong Hong Construction Co., Ltd.		184,999		238,130
Chunghwa Telecom Co., Ltd.		2,646,746		8,200,369
Clevo Co.		394,155		374,378
Compal Electronics, Inc.		1,015,345		591,286
Coretronic Corp.		487,128		382,831
CTBC Financial Holding Co., Ltd.		4,598,403		2,159,832
Delta Electronics, Inc.		499,151		2,112,720
Dynapack International Technology Corp.		183,374		255,210
E Ink Holdings, Inc.(1)		1,234,000		535,468
E.Sun Financial Holding Co., Ltd.		2,256,726		1,171,312
Eclat Textile Co., Ltd.		136,240		1,941,310
Elan Microelectronics Corp.		345,300		440,858
Epistar Corp.		526,472		447,989
EVA Airways Corp.(1)		1,654,523		871,191
Evergreen International Storage & Transport Corp.		868,000		339,181
Evergreen Marine Corp.		2,373,754		832,027
Everlight Electronics Co., Ltd.		406,291		679,831
Far Eastern Department Stores, Ltd.		1,427,995		717,630
Far Eastern New Century Corp.		2,564,695		1,834,347
Far EasTone Telecommunications Co., Ltd.		1,332,084		2,753,114
Faraday Technology Corp.		244,128		326,961
Feng Hsin Steel Co., Ltd.		183,260		205,659
FIH Mobile, Ltd.		1,391,000		497,772
First Financial Holding Co., Ltd.		2,421,042		1,105,092
Formosa Chemicals & Fibre Corp.		1,864,399		4,023,706
Formosa International Hotels Corp.		118,084		767,189
Formosa Petrochemical Corp.		1,005,320		2,488,263
Formosa Plastics Corp.		2,344,896		5,453,333
Formosa Taffeta Co., Ltd.		842,000		751,220
Formosan Rubber Group, Inc.		433,000		221,475
Foxconn Technology Co., Ltd.		285,235		552,554
Fubon Financial Holding Co., Ltd.		2,016,596		2,226,550
Giant Manufacturing Co., Ltd.		262,208		1,731,453
Gintech Energy Corp.(1)		223,166		216,672
Goldsun Building Materials Co., Ltd.		1,672,928		386,016

22 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Taiwan (continued)
Great Wall Enterprise Co., Ltd.		930,888	$	560,529
Highwealth Construction Corp.		441,669		410,155
Hiwin Technologies Corp.		230,720		852,022
Hon Hai Precision Industry Co., Ltd.		2,973,122		6,994,580
Hota Industrial Manufacturing Co., Ltd.		120,658		507,146
Hotai Motor Co., Ltd.		240,000		2,471,160
HTC Corp.		185,535		443,777
Hu Lane Associate, Inc.		181,000		745,159
Hua Nan Financial Holdings Co., Ltd.		2,481,465		1,107,346
Innolux Corp.		2,846,762		813,631
Inventec Corp.		960,966		720,819
Kenda Rubber Industrial Co., Ltd.		233,692		332,514
Kinpo Electronics, Inc.(1)		2,159,000		643,430
Kinsus Interconnect Technology Corp.		182,000		382,564
Largan Precision Co., Ltd.		27,795		1,994,938
Lite-On Technology Corp.		729,302		775,961
MediaTek, Inc.		372,462		2,422,479
Medigen Biotechnology Corp.(1)		69,000		146,627
Mega Financial Holding Co., Ltd.		2,860,730		1,823,937
Merida Industry Co., Ltd.		233,657		1,033,438
Motech Industries, Inc.(1)		155,451		189,754
Nan Kang Rubber Tire Co., Ltd.(1)		1,153,253		945,535
Nan Ya Plastics Corp.		2,579,214		4,513,489
Neo Solar Power Corp.		685,542		450,412
Novatek Microelectronics Corp., Ltd.		138,942		582,498
Pegatron Corp.		564,028		1,288,901
Phison Electronics Corp.		68,363		497,353
Pou Chen Corp.		1,957,819		2,450,649
Powertech Technology, Inc.		224,865		472,257
President Chain Store Corp.		619,664		4,097,558
Quanta Computer, Inc.		721,508		1,150,042
Radiant Opto-Electronics Corp.		141,264		276,147
Radium Life Tech Co., Ltd.		633,422		195,058
Realtek Semiconductor Corp.		164,002		408,046
RichTek Technology Corp.		101,478		586,992
Ruentex Development Co., Ltd.		437,306		505,952
Ruentex Industries, Ltd.		701,060		1,151,660
Sanyang Motor Co., Ltd.(1)		1,819,866		1,159,822
ScinoPharm Taiwan, Ltd.		236,080		357,095
Shin Kong Financial Holding Co., Ltd.		3,899,606		748,657
Shin Kong Synthetic Fibers Corp.		1,321,483		343,285
Siliconware Precision Industries Co., Ltd.		561,243		869,142
Simplo Technology Co., Ltd.		205,889		623,129
Sino-American Silicon Products, Inc.		268,233		343,462
SinoPac Financial Holdings Co., Ltd.		3,506,278		942,798
Solar Applied Materials Technology Corp.		336,245		183,510

Security	Shares		Value
Taiwan (continued)
St. Shine Optical Co., Ltd.		22,000	$	427,185
Synnex Technology International Corp.		730,818		687,435
Tainan Spinning Co., Ltd.		941,822		384,816
Taishin Financial Holding Co., Ltd.		3,387,203		1,100,694
Taiwan Business Bank(1)		2,161,719		522,395
Taiwan Cement Corp.		1,909,830		1,536,342
Taiwan Cooperative Financial Holding Co., Ltd.		2,294,065		953,738
Taiwan Fertilizer Co., Ltd.		615,000		778,958
Taiwan Glass Industry Corp.(1)		542,564		195,017
Taiwan Mobile Co., Ltd.		1,302,296		3,918,334
Taiwan Semiconductor Manufacturing Co., Ltd.		4,013,465		17,281,686
Taiwan Tea Corp.		395,711		162,419
Tatung Co., Ltd.(1)		2,377,785		371,828
Teco Electric & Machinery Co., Ltd.		2,247,000		1,763,954
Tong Yang Industry Co., Ltd.		758,608		1,053,876
TPK Holding Co., Ltd.		155,148		320,807
Tripod Technology Corp.		396,535		654,699
TSRC Corp.		693,063		495,043
TTY Biopharm Co., Ltd.		534,330		1,880,788
Tung Ho Steel Enterprise Corp.		991,060		502,186
U-Ming Marine Transport Corp.		186,000		138,143
Uni-President Enterprises Corp.		4,204,831		7,031,487
Unimicron Technology Corp.		948,000		380,596
United Microelectronics Corp.		3,427,090		1,335,432
Walsin Lihwa Corp.(1)		2,539,000		545,637
Wan Hai Lines, Ltd.		518,962		276,657
Waterland Financial Holdings		1,118,368		243,443
Wei Chuan Food Corp.(1)		623,000		330,247
Wintek Corp.(3)		1,892,877		0
Wistron Corp.		667,186		379,123
WPG Holdings Co., Ltd.		604,489		588,547
Xxentria Technology Materials Corp.		234,700		608,510
Yageo Corp.		166,897		263,447
Yang Ming Marine Transport(1)		2,468,755		588,741
YFY, Inc.		899,120		273,382
Yieh Phui Enterprise		1,772,943		388,089
Yuanta Financial Holding Co., Ltd.		2,872,629		892,022
Yulon Motor Co., Ltd.		1,112,950		990,322
			$	172,528,182
Thailand — 3.3%
Advanced Info Service PCL(6)		999,300	$	4,756,648
Airports of Thailand PCL(6)		541,500		5,759,826
AP Thailand PCL(6)		5,199,700		813,550
Bangkok Bank PCL(6)		276,400		1,187,651
Bangkok Dusit Medical Services PCL(6)		5,594,000		3,458,837

23 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Thailand (continued)
Bangkok Land PCL(6)		13,071,100	$	526,102
Banpu PCL(6)		1,468,000		696,599
BEC World PCL(6)		1,752,100		1,481,073
Berli Jucker PCL(6)		1,563,300		1,471,136
Big C Supercenter PCL(6)		268,600		1,689,062
BTS Group Holdings PCL		6,774,200		1,549,613
Bumrungrad Hospital PCL(6)		899,500		5,570,698
Central Pattana PCL(6)		537,000		676,427
CH. Karnchang PCL(6)		1,970,620		1,432,141
Charoen Pokphand Foods PCL(6)		4,351,000		2,394,592
CP ALL PCL(6)		2,790,200		3,201,027
Delta Electronics (Thailand) PCL(6)		1,345,400		3,006,449
Electricity Generating PCL(6)		413,800		1,935,148
Glow Energy PCL(6)		877,300		1,891,077
Hana Microelectronics PCL(6)		1,730,900		1,490,571
Home Product Center PCL(6)		3,521,555		674,146
Indorama Ventures PCL(6)		2,106,900		1,252,970
IRPC PCL(6)		12,191,400		1,465,930
Italian-Thai Development PCL(1)(6)		4,208,006		823,082
Jasmine International PCL(6)		1,976,800		173,617
Kasikornbank PCL(6)		408,800		1,952,700
Khon Kaen Sugar Industry PCL(6)		4,396,800		459,614
Kiatnakin Bank PCL(6)		785,100		876,770
Krung Thai Bank PCL(6)		1,231,400		604,027
L.P.N. Development PCL(6)		1,255,000		519,328
Land & Houses PCL(6)		2,593,500		642,666
Minor International PCL(6)		2,813,577		2,677,552
Pruksa Real Estate PCL(6)		518,200		367,467
PTT Exploration & Production PCL(6)		1,579,798		2,561,001
PTT Global Chemical PCL(6)		1,844,950		2,810,044
PTT PCL(6)		713,560		4,775,316
Quality House PCL(6)		13,198,646		812,624
Ratchaburi Electricity Generating Holding PCL(6)		676,000		944,385
Samart Corp. PCL(6)		2,188,100		1,176,643
Siam Cement PCL(6)		357,600		4,352,784
Siam City Cement PCL(6)		97,390		757,069
Siam Commercial Bank PCL(6)		535,300		1,965,560
Sino Thai Engineering & Construction PCL(6)		2,449,157		1,487,563
Thai Airways International PCL(1)(6)		2,173,900		505,683
Thai Beverage PCL		7,403,000		3,543,608
Thai Oil PCL(6)		1,094,800		1,987,034
Thai Union Group PCL		2,846,508		1,474,794
Thanachart Capital PCL(6)		1,128,900		1,197,542
Thoresen Thai Agencies PCL(6)		2,584,565		561,344
TMB Bank PCL(6)		16,643,600		1,210,769
Total Access Communication PCL(6)		1,130,500		1,069,930

Security	Shares		Value
Thailand (continued)
TPI Polene PCL(6)		18,986,000	$	1,198,892
True Corp. PCL(1)(6)		14,572,601		2,922,702
TTCL PCL		224,200		97,096
TTW PCL(6)		3,598,200		1,019,100
			$	95,909,579
Turkey — 3.1%
Akbank TAS		1,842,533	$	4,502,710
Akcansa Cimento AS		126,800		565,662
Aksa Akrilik Kimya Sanayii AS		322,613		1,125,436
Aksa Enerji Uretim AS(1)		600,923		483,942
Albaraka Turk Katilim Bankasi AS		522,467		254,709
Anadolu Efes Biracilik ve Malt Sanayii AS		301,358		1,868,613
Arcelik AS		773,171		4,039,052
Aygaz AS		279,132		954,287
Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS(1)		592,900		597,820
BIM Birlesik Magazalar AS		320,185		5,418,982
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS		69,682		172,981
Cimsa Cimento Sanayi ve Ticaret AS		141,400		689,889
Coca-Cola Icecek AS		102,495		1,138,771
Dogan Sirketler Grubu Holding AS(1)		1,732,915		317,755
Dogus Otomotiv Servis ve Ticaret AS		111,778		412,734
Eczacibasi Ilac Sanayi ve Ticaret AS		255,200		261,670
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,976,700		1,731,136
Enka Insaat ve Sanayi AS		1,307,393		1,946,618
Eregli Demir ve Celik Fabrikalari TAS		4,567,951		4,795,101
Ford Otomotiv Sanayi AS		208,281		2,281,051
Gubre Fabrikalari TAS		239,300		453,379
Haci Omer Sabanci Holding AS		1,240,418		3,602,647
Is Gayrimenkul Yatirim Ortakligi AS		655,591		376,182
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		2,655,090		983,849
KOC Holding AS		807,392		3,240,630
Koza Altin Isletmeleri AS		152,600		650,058
Koza Anadolu Metal Madencilik Isletmeleri AS(1)		780,100		293,339
Migros Ticaret AS(1)		75,000		406,684
Net Holding AS(1)		325,363		356,455
Pegasus Hava Tasimaciligi AS(1)		36,600		206,750
Petkim Petrokimya Holding AS(1)		2,183,491		2,580,526
Sekerbank TAS(1)		765,199		397,510
TAV Havalimanlari Holding AS		201,088		1,193,358
Tekfen Holding AS		209,373		273,646
Tofas Turk Otomobil Fabrikasi AS		340,613		2,355,516
Trakya Cam Sanayii AS		261,657		149,262
Tupras-Turkiye Petrol Rafinerileri AS(1)		368,450		9,365,889
Turk Hava Yollari Anonim Ortakligi AS(1)		774,945		1,924,363
Turk Sise ve Cam Fabrikalari AS		929,159		942,744

24 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Shares		Value
Turkey (continued)
Turk Telekomunikasyon AS		1,346,358	$	2,466,297
Turkcell Iletisim Hizmetleri AS		2,248,426		8,020,370
Turkiye Garanti Bankasi AS		2,160,482		5,459,737
Turkiye Halk Bankasi AS		624,600		2,161,930
Turkiye Is Bankasi		1,346,812		2,114,993
Turkiye Sinai Kalkinma Bankasi AS		641,660		319,847
Turkiye Vakiflar Bankasi TAO		982,100		1,258,806
Ulker Biskuvi Sanayi AS		269,059		1,721,484
Vestel Elektronik Sanayi ve Ticaret AS(1)		368,100		646,360
Yapi ve Kredi Bankasi AS		648,885		817,997
Yazicilar Holding AS		158,584		615,188
Zorlu Enerji Elektrik Uretim AS(1)		692,954		362,168
			$	89,276,883
Ukraine — 0.3%
Astarta Holding NV(1)		171,531	$	1,249,121
Avangardco Investments Public, Ltd. GDR(1)(4)		138,412		166,115
Ferrexpo PLC		2,037,849		503,939
Kernel Holding SA		334,713		3,690,600
MHP SA GDR(4)		248,046		1,995,721
			$	7,605,496
United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank PJSC		2,281,264	$	3,776,189
Abu Dhabi National Hotels		465,151		341,320
Agthia Group PJSC		1,013,903		1,939,351
Air Arabia PJSC		7,103,683		2,235,134
Ajman Bank PJSC(1)		744,975		444,121
Al Waha Capital PJSC		2,092,394		1,127,548
Aldar Properties PJSC		4,132,498		2,476,921
Arabtec Holding PJSC(1)		6,821,504		2,222,238
Dana Gas PJSC(1)		5,241,906		638,340
DP World, Ltd.		447,522		7,899,026
Dubai Financial Market PJSC		1,928,561		602,998
Dubai Investments PJSC		1,767,836		811,831
Dubai Islamic Bank PJSC		1,313,689		2,066,436
Emaar Properties PJSC		3,707,666		4,992,404
First Gulf Bank PJSC		1,188,942		3,257,358
Gulf Pharmaceutical Industries		128,551		86,489
National Bank of Abu Dhabi PJSC		1,701,141		3,447,703
National Bank of Ras Al-Khaimah PSC (The)		62,608		91,806
National Central Cooling Co. (Tabreed)		828,054		221,978
Ras Al Khaimah Ceramics		334,915		269,831
Ras Al Khaimah Properties PJSC		2,150,800		275,965
Union National Bank PJSC		1,992,209		1,846,083
			$	41,071,070

Security	Shares		Value
Vietnam — 0.8%
Bank for Foreign Trade of Vietnam JSC		1,556,456	$	2,908,588
Bao Viet Holdings		307,150		708,275
Development Investment Construction Corp.(1)		298,260		109,445
FPT Corp.		250,726		524,798
HAGL JSC(1)		1,155,511		428,230
Hoa Phat Group JSC		2,137,846		2,647,063
KIDO Group Corp.		633,520		633,567
Kim Long Securities Corp.		824,100		230,505
Kinh Bac City Development Share Holding Corp.(1)		328,860		174,996
Masan Group Corp.(1)		272,520		895,167
PetroVietnam Construction JSC(1)		919,725		113,348
PetroVietnam Drilling & Well Services JSC		739,369		774,624
PetroVietnam Fertilizer & Chemical JSC		880,500		1,138,816
PetroVietnam Gas JSC		166,550		295,574
PetroVietnam Technical Services Corp.		1,236,400		863,617
Pha Lai Thermal Power JSC		483,390		382,248
Phu Nhuan Jewelry JSC		235,560		475,069
Refrigeration Electrical Engineering Corp.		706,420		806,447
Saigon Securities, Inc.(1)		198,000		182,316
Tan Tao Investment & Industry JSC(1)		1,554,838		365,637
Vietnam Construction and Import-Export JSC		621,655		288,582
Vietnam Dairy Products JSC		558,490		2,921,846
Vietnam Joint Stock Commercial Bank for Industry and Trade		1,810,143		1,406,936
Vingroup JSC(1)		1,398,955		3,005,266
			$	22,280,960
Total Common Stocks (identified cost $3,683,419,276)			$	2,835,632,521

Equity-Linked Securities(5)(7) — 0.8%
Security	Maturity Date		Shares		Value
Saudi Arabia — 0.8%
Abdullah Al Othaim Markets		7/31/17		36,000	$	786,884
Al Abdullatif Industrial Investment Co.		4/30/18		64,200		318,734
Al Rajhi Bank		1/22/18		149,493		1,894,816
Al Tayyar		3/5/18		70,167		872,530
Alinma Bank		1/22/18		250,600		870,071
Almarai Co.		7/31/17		59,399		967,818
Arab National Bank		5/12/17		70,000		358,722
Bank Albilad		3/5/18		103,957		578,463
Banque Saudi Fransi		1/22/18		100,840		622,939
Dar Al Arkan Real Estate Development		7/20/18		185,500		238,581
Etihad Etisalat Co.		11/20/17		134,038		819,093

25 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Security	Maturity Date		Shares		Value
Saudi Arabia (continued)
Fawaz Abdulaziz Alhokair Co.		3/20/17		60,000	$	702,918
Jarir Marketing Co.		1/22/18		25,425		807,344
Mobile Telecommunications Co.		4/30/18		123,207		189,659
National Industrialization Co.		10/31/16		156,903		337,734
Rabigh Refining and Petrochemicals Co.		7/24/17		92,400		219,824
Riyad Bank		11/20/17		161,200		473,735
Sahara Petrochemical Co.		9/14/18		122,800		256,142
Samba Financial Group		6/29/17		182,240		922,973
Saudi Airlines Catering Co.		5/28/18		5,500		143,859
Saudi Arabian Amiantit Co.		4/30/18		106,500		213,623
Saudi Arabian Fertilizer Co.		7/31/17		35,791		621,321
Saudi Arabian Mining Co.		4/30/18		54,900		425,121
Saudi Basic Industries Corp.		1/22/18		107,696		1,891,099
Saudi British Bank		1/22/18		93,450		529,964
Saudi Cable Co.		7/20/18		97,900		170,277
Saudi Cement Co.		7/20/18		25,900		339,326
Saudi Chemical Co.		4/23/18		25,900		346,058
Saudi Electricity Co.		1/22/18		268,400		1,003,413
Saudi Industrial Investment Group		10/9/17		95,000		301,976
Saudi International Petrochemicals Co.		1/22/18		40,200		114,391
Saudi Kayan Petrochemical Co.		1/22/18		247,500		311,726
Saudi Telecom Co.		4/23/18		98,200		1,567,297
Savola Group		2/6/17		115,300		1,169,442
Yanbu National Petrochemical Co.		7/31/17		51,400		411,722
Total Equity-Linked Securities (identified cost $35,400,551)					$	21,799,595
Rights(1) — 0.0%(2)
Security			Shares		Value
Banco Bradesco SA, Exp. 2/3/16				28,226	$	6,351
Flour Mills of Nigeria PLC				857,481		0
Total Rights (identified cost $0)					$	6,351
Warrants(1) — 0.0%(2)
Security			Shares		Value
Samart Corp. PCL, Exp. 2/19/18, Strike THB 45.00				437,620	$	14,819
WCT Holdings Bhd, Exp. 8/27/20, Strike MYR 2.08				256,616		11,117
Total Warrants (identified cost $0)					$	25,936

Short-Term Investments — 0.5%
Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Euro Time Deposit, 0.01%, 2/1/16	$	13,862	$	13,862,189
Total Short-Term Investments (identified cost $13,862,189)			$	13,862,189
Total Investments — 99.2% (identified cost $3,732,682,016)			$	2,871,326,592
Other Assets, Less Liabilities — 0.8%			$	23,838,896
Net Assets — 100.0%			$	2,895,165,488

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

⁽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 January 31, 2016, the aggregate value of these securities is $57,178,004 or 2.0% of the Fund’s net assets.

⁽⁵⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2016, the aggregate value of these securities is $22,816,645 or 0.8% of the Fund’s net assets.

⁽⁶⁾  Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁷⁾  Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (HSBC Bank plc) in addition to the market risk of the underlying security.

26 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Portfolio of Investments — continued

Currency Concentration of Portfolio
Currency	Percentage of Net Assets			Value
United States Dollar		10.3	%	$	297,807,824
Hong Kong Dollar		7.3			210,624,765
South Korean Won		6.2			178,987,777
Indian Rupee		6.0			173,058,367
New Taiwan Dollar		5.9			172,030,410
South African Rand		5.5			160,727,034
Brazilian Real		5.3			152,854,697
Mexican Peso		5.1			148,242,029
Malaysian Ringgit		3.3			95,432,091
Thai Baht		3.2			92,380,790
Indonesian Rupiah		3.2			91,658,358
New Turkish Lira		3.1			89,276,883
Chilean Peso		3.1			88,821,138
Philippine Peso		3.0			88,436,529
Polish Zloty		3.0			88,272,250
Euro		2.3			67,373,716
Hungarian Forint		2.0			57,717,936
Kuwaiti Dinar		1.9			54,092,430
Russian Ruble		1.8			52,871,110
Czech Koruna		1.4			39,872,024
Egyptian Pound		1.4			39,682,444
United Arab Emirates Dirham		1.4			39,651,478
Qatari Riyal		1.4			39,643,506
Colombian Peso		1.3			38,515,705
Other currency, less than 1% each		10.8			313,295,301
Total Investments		99.2	%	$	2,871,326,592

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		21.1	%	$	612,400,932
Consumer Staples		10.8			312,953,238
Telecommunication Services		10.5			303,051,360
Industrials		10.3			298,352,044
Materials		9.9			286,777,610
Energy		9.4			271,671,598
Consumer Discretionary		9.3			268,887,507
Information Technology		6.5			187,738,756
Utilities		6.3			181,790,411
Health Care		4.6			133,840,947
Short-Term Investments		0.5			13,862,189
Total Investments		99.2	%	$	2,871,326,592

Abbreviations:

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

Currency Abbreviations:

MYR	–	Malaysian Ringgit
THB	–	Thai Baht

27 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Statement of Assets and Liabilities

Assets	January 31, 2016
Investments, at value (identified cost, $3,732,682,016)	$	2,871,326,592
Cash		7,359
Foreign currency, at value (identified cost, $12,064,712)		12,047,007
Dividends and interest receivable		2,523,400
Receivable for investments sold		2,473,980
Receivable for Fund shares sold		27,053,734
Tax reclaims receivable		1,287,934
Total assets	$	2,916,720,006
Liabilities
Payable for Fund shares redeemed	$	16,088,388
Payable to affiliates:
Investment adviser fee		1,895,427
Administration fee		359,976
Distribution and service fees		118,324
Accrued foreign capital gains taxes		694,735
Accrued expenses		2,397,668
Total liabilities	$	21,554,518
Net Assets	$	2,895,165,488
Sources of Net Assets
Paid-in capital	$	3,839,495,640
Accumulated net realized loss		(110,612,909	)
Accumulated undistributed net investment income		28,629,692
Net unrealized depreciation		(862,346,935	)
Total	$	2,895,165,488
Investor Class Shares
Net Assets	$	527,197,590
Shares Outstanding		47,959,895
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.99
Class C Shares
Net Assets	$	9,573,371
Shares Outstanding		882,765
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	10.84
Institutional Class Shares
Net Assets	$	1,803,056,260
Shares Outstanding		163,342,232
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.04
Class R6 Shares
Net Assets	$	555,338,267
Shares Outstanding		50,309,652
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.04

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

28 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Statement of Operations

Investment Income	Year Ended January 31, 2016
Dividends (net of foreign taxes, $12,915,652)	$	112,481,300
Interest		1,238
Total investment income	$	112,482,538
Expenses
Investment adviser fee	$	30,629,065
Administration fee		5,900,813
Distribution and service fees
Investor Class		1,566,492
Class C		132,541
Trustees’ fees and expenses		68,000
Custodian fee		4,476,160
Transfer and dividend disbursing agent fees		1,892,979
Legal and accounting services		156,011
Printing and postage		217,973
Registration fees		174,252
Miscellaneous		272,667
Total expenses	$	45,486,953
Deduct —
Reduction of custodian fee	$	58
Total expense reductions	$	58
Net expenses	$	45,486,895
Net investment income	$	66,995,643
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $1,963,410)	$	(101,583,318	)
Foreign currency transactions		(3,594,012	)
Net realized loss	$	(105,177,330	)
Change in unrealized appreciation (depreciation) —
Investments (including net decrease in accrued foreign capital gains taxes of $747,569)	$	(727,794,944	)
Foreign currency		95,115
Net change in unrealized appreciation (depreciation)	$	(727,699,829	)
Net realized and unrealized loss	$	(832,877,159	)
Net decrease in net assets from operations	$	(765,881,516	)

29 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2016			2015
From operations —
Net investment income	$	66,995,643		$	70,454,043
Net realized gain (loss) from investment and foreign currency transactions		(105,177,330	)		124,615,509
Net change in unrealized appreciation (depreciation) from investments and foreign currency		(727,699,829	)		(223,186,051	)
Net decrease in net assets from operations	$	(765,881,516	)	$	(28,116,499	)
Distributions to shareholders —
From net investment income
Investor Class	$	(774,640	)	$	(7,624,891	)
Class C		(3,739	)		(62,696	)
Institutional Class		(5,208,750	)		(53,005,889	)
Class R6		(1,628,400	)		(8,251,614	)
From net realized gain
Investor Class		(8,843,802	)		(3,278,070	)
Class C		(190,277	)		(91,108	)
Institutional Class		(39,758,650	)		(18,387,380	)
Class R6		(8,307,331	)		(2,812,144	)
Total distributions to shareholders	$	(64,715,589	)	$	(93,513,792	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	349,528,848		$	197,861,864
Class C		558,417			897,819
Institutional Class		866,216,524			1,330,896,984
Class R6		127,497,925			666,535,564
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		9,380,760			9,748,494
Class C		162,399			129,392
Institutional Class		35,978,317			55,872,880
Class R6		9,527,391			10,865,403
Cost of shares redeemed
Investor Class		(288,580,164	)		(362,395,741	)
Class C		(4,238,349	)		(4,832,577	)
Institutional Class		(1,779,172,350	)		(1,504,658,092	)
Class R6		(37,422,332	)		(11,403,828	)
Net increase (decrease) in net assets from Fund share transactions	$	(710,562,614	)	$	389,518,162
Net increase (decrease) in net assets	$	(1,541,159,719	)	$	267,887,871
Net Assets
At beginning of year	$	4,436,325,207		$	4,168,437,336
At end of year	$	2,895,165,488		$	4,436,325,207
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of year	$	28,629,692		$	(12,478,408	)

30 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Financial Highlights

	Investor Class
	Year Ended January 31,												Period Ended January 31, 2012(1)			Year Ended October 31, 2011
	2016			2015			2014			2013
Net asset value — Beginning of period	$	13.850		$	14.070		$	15.260		$	13.940		$	13.750		$	15.540
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.185		$	0.204		$	0.201		$	0.173		$	(0.014	)	$	0.201
Net realized and unrealized gain (loss)		(2.851	)		(0.166	)		(1.204	)		1.339			0.328			(1.826	)
Total income (loss) from operations	$	(2.666	)	$	0.038		$	(1.003	)	$	1.512		$	0.314		$	(1.625	)
Less Distributions
From net investment income	$	(0.016	)	$	(0.180	)	$	(0.187	)	$	(0.181	)	$	(0.124	)	$	(0.165	)
From net realized gain		(0.178	)		(0.078	)		—			—			—			—
Tax return of capital		—			—			—			(0.011	)		—			—
Total distributions	$	(0.194	)	$	(0.258	)	$	(0.187	)	$	(0.192	)	$	(0.124	)	$	(0.165	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	—		$	—		$	0.000	(4)
Net asset value — End of period	$	10.990		$	13.850		$	14.070		$	15.260		$	13.940		$	13.750
Total Return(5)		(19.59	)%		0.25	%		(6.62	)%		10.89	%		2.38	%(6)		(10.59	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	527,198		$	599,094		$	755,768		$	738,776		$	493,567		$	481,194
Ratios (as a percentage of average daily net assets):
Expenses(7)		1.37	%		1.36	%		1.38	%		1.42	%		1.45	%(8)		1.45	%
Net investment income (loss)		1.43	%		1.34	%		1.36	%		1.22	%		(0.43	)%(8)		1.33	%
Portfolio Turnover		8	%		9	%		7	%		3	%		0	%(6)(9)		3	%

⁽¹⁾  For the three months ended January 31, 2012. The Fund changed its fiscal year-end from October 31 to January 31.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Redemption fees were discontinued as of January 1, 2011.

⁽⁴⁾  Amount is less than $0.0005.

⁽⁵⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if applicable, which were eliminated effective March 1, 2013.

⁽⁶⁾  Not annualized.

⁽⁷⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁸⁾  Annualized.

⁽⁹⁾  Amount is less than 0.5%.

31 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Financial Highlights — continued

	Class C
	Year Ended January 31,												Period Ended January 31, 2012(1)			Year Ended October 31, 2011
	2016			2015			2014			2013
Net asset value — Beginning of period	$	13.760		$	13.960		$	15.130		$	13.820		$	13.530		$	15.310
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.096		$	0.094		$	0.091		$	0.095		$	(0.038	)	$	0.074
Net realized and unrealized gain (loss)		(2.834	)		(0.163	)		(1.188	)		1.294			0.333			(1.792	)
Total income (loss) from operations	$	(2.738	)	$	(0.069	)	$	(1.097	)	$	1.389		$	0.295		$	(1.718	)
Less Distributions
From net investment income	$	(0.004	)	$	(0.053	)	$	(0.073	)	$	(0.075	)	$	(0.005	)	$	(0.062	)
From net realized gain		(0.178	)		(0.078	)		—			—			—			—
Tax return of capital		—			—			—			(0.004	)		—			—
Total distributions	$	(0.182	)	$	(0.131	)	$	(0.073	)	$	(0.079	)	$	(0.005	)	$	(0.062	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	—		$	—		$	0.000	(4)
Net asset value — End of period	$	10.840		$	13.760		$	13.960		$	15.130		$	13.820		$	13.530
Total Return(5)		(20.23	)%		(0.51	)%		(7.27	)%		10.07	%		2.18	%(6)		(11.27	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,573		$	15,996		$	19,779		$	23,348		$	22,646		$	22,866
Ratios (as a percentage of average daily net assets):
Expenses(7)		2.12	%		2.11	%		2.13	%		2.16	%		2.19	%(8)		2.19	%
Net investment income (loss)		0.74	%		0.63	%		0.63	%		0.68	%		(1.18	)%(8)		0.49	%
Portfolio Turnover		8	%		9	%		7	%		3	%		0	%(6)(9)		3	%

⁽¹⁾  For the three months ended January 31, 2012. The Fund changed its fiscal year-end from October 31 to January 31.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Redemption fees were discontinued as of January 1, 2011.

⁽⁴⁾  Amount is less than $0.0005.

⁽⁵⁾  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.

⁽⁶⁾  Not annualized.

⁽⁷⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁸⁾  Annualized.

⁽⁹⁾  Amount is less than 0.5%.

32 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,												Period Ended January 31, 2012(1)			Year Ended October 31, 2011
	2016			2015			2014			2013
Net asset value — Beginning of period	$	13.890		$	14.110		$	15.310		$	13.970		$	13.810		$	15.580
Income (Loss) From Operations
Net investment income (loss)(2)	$	0.233		$	0.243		$	0.224		$	0.222		$	(0.006	)	$	0.233
Net realized and unrealized gain (loss)		(2.880	)		(0.162	)		(1.197	)		1.339			0.322			(1.821	)
Total income (loss) from operations	$	(2.647	)	$	0.081		$	(0.973	)	$	1.561		$	0.316		$	(1.588	)
Less Distributions
From net investment income	$	(0.025	)	$	(0.223	)	$	(0.227	)	$	(0.209	)	$	(0.156	)	$	(0.182	)
From net realized gain		(0.178	)		(0.078	)		—			—			—			—
Tax return of capital		—			—			—			(0.012	)		—			—
Total distributions	$	(0.203	)	$	(0.301	)	$	(0.227	)	$	(0.221	)	$	(0.156	)	$	(0.182	)
Redemption fees(2)(3)	$	—		$	—		$	—		$	—		$	—		$	0.000	(4)
Net asset value — End of period	$	11.040		$	13.890		$	14.110		$	15.310		$	13.970		$	13.810
Total Return(5)		(19.40	)%		0.55	%		(6.42	)%		11.22	%		2.41	%(6)		(10.39	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,803,056		$	3,227,614		$	3,392,890		$	2,739,147		$	1,988,618		$	1,845,906
Ratios (as a percentage of average daily net assets):
Expenses(7)		1.12	%		1.11	%		1.13	%		1.16	%		1.20	%(8)		1.20	%
Net investment income (loss)		1.77	%		1.59	%		1.52	%		1.56	%		(0.18	)%(8)		1.53	%
Portfolio Turnover		8	%		9	%		7	%		3	%		0	%(6)(9)		3	%

⁽¹⁾  For the three months ended January 31, 2012. The Fund changed its fiscal year-end from October 31 to January 31.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Redemption fees were discontinued as of January 1, 2011.

⁽⁴⁾  Amount is less than $0.0005.

⁽⁵⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁶⁾  Not annualized.

⁽⁷⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽⁸⁾  Annualized.

⁽⁹⁾  Amount is less than 0.5%.

33 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Financial Highlights — continued

	Class R6
	Year Ended January 31, 2016			Period Ended January 31, 2015(1)
Net asset value — Beginning of period	$	13.890		$	16.010
Income (Loss) From Operations
Net investment income(2)	$	0.223		$	0.027
Net realized and unrealized loss		(2.861	)		(1.842	)
Total loss from operations	$	(2.638	)	$	(1.815	)
Less Distributions
From net investment income	$	(0.034	)	$	(0.227	)
From net realized gain		(0.178	)		(0.078	)
Total distributions	$	(0.212	)	$	(0.305	)
Net asset value — End of period	$	11.040		$	13.890
Total Return(3)		(19.34	)%		(11.36	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	555,338		$	593,622
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.07	%		1.07	%(6)
Net investment income		1.72	%		0.31	%(6)
Portfolio Turnover		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%.

⁽⁶⁾  Annualized.

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

34 See Notes to Financial Statements.

Parametric Emerging Markets Fund

January 31, 2016

Notes to Financial Statements

1  Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

35

Parametric Emerging Markets Fund

January 31, 2016

Notes to Financial Statements — continued

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

As of January 31, 2016, 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  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

G  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.

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

I  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.

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

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.

36

Parametric Emerging Markets Fund

January 31, 2016

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended January 31, 2016 and January 31, 2015 was as follows:

	Year Ended January 31,
	2016		2015
Distributions declared from:
Ordinary income	$	10,291,732	$	78,316,717
Long-term capital gains	$	54,423,857	$	15,197,075

During the year ended January 31, 2016, accumulated net realized loss was decreased by $239,728, accumulated undistributed net investment income was decreased by $18,272,014 and paid-in capital was increased by $18,032,286 due to the Fund’s use of equalization accounting and differences between book and tax accounting, primarily for foreign currency gain (loss), foreign capital gains taxes, investments in passive foreign investment companies (PFICs) and dividend redesignations. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2016, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$	40,474,384
Deferred capital losses	$	(105,464,405	)
Net unrealized depreciation	$	(879,340,131	)

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales and investments in PFICs.

At January 31, 2016, the Fund, for federal income tax purposes, had deferred capital losses of $105,464,405 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, 2016, $9,491,454 are short-term and $95,972,951 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	3,749,675,212
Gross unrealized appreciation	$	410,215,089
Gross unrealized depreciation		(1,288,563,709	)
Net unrealized depreciation	$	(878,348,620	)

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 effective May 1, 2015, 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. Prior to May 1, 2015, the annual rate on the Fund’s average daily net assets of $5 billion and over was 0.73%. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the year ended January 31, 2016, the investment adviser fee amounted to $30,629,065 or 0.78% 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 advisory fee for sub-advisory services provided to the Fund. The administration fee is

37

Parametric Emerging Markets Fund

January 31, 2016

Notes to Financial Statements — continued

earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended January 31, 2016, the administration fee amounted to $5,900,813.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended January 31, 2016, EVM earned $41,522 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2016, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended January 31, 2016 amounted to $1,566,492 for Investor Class shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended January 31, 2016, the Fund paid or accrued to EVD $99,406 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 year ended January 31, 2016 amounted to $33,135 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2016, the Fund was informed that EVD received approximately $400 of CDSCs paid by Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $293,694,406 and $1,009,057,313, respectively, for the year ended January 31, 2016.

7  Shares of Beneficial Interest

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

	Year Ended January 31,
Investor Class	2016			2015
Sales		26,531,746			13,143,124
Issued to shareholders electing to receive payments of distributions in Fund shares		644,726			694,832
Redemptions		(22,460,520	)		(24,293,071	)
Net increase (decrease)		4,715,952			(10,455,115	)

38

Parametric Emerging Markets Fund

January 31, 2016

Notes to Financial Statements — continued

	Year Ended January 31,
Class C	2016			2015
Sales		45,005			59,440
Issued to shareholders electing to receive payments of distributions in Fund shares		11,254			9,275
Redemptions		(335,903	)		(323,121	)
Net decrease		(279,644	)		(254,406	)
	Year Ended January 31,
Institutional Class	2016			2015
Sales		68,303,104			87,215,213
Issued to shareholders electing to receive payments of distributions in Fund shares		2,480,975			3,973,840
Redemptions		(139,867,250	)		(99,157,476	)
Net decrease		(69,083,171	)		(7,968,423	)
Class R6	Year Ended January 31, 2016			Period Ended January 31, 2015(1)
Sales		9,782,930			42,716,351
Issued to shareholders electing to receive payments of distributions in Fund shares		664,249			772,239
Redemptions		(2,867,760	)		(758,357	)
Net increase		7,579,419			42,730,233

⁽¹⁾  Class R6 commenced operations on July 1, 2014.

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 September 2, 2016. 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 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended January 31, 2016.

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.

39

Parametric Emerging Markets Fund

January 31, 2016

Notes to Financial Statements — continued

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 January 31, 2016, 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	$	25,402,928	$	1,214,840,474		$	0	$	1,240,243,402
Emerging Europe		19,744,350		539,787,089			—		559,531,439
Latin America		541,840,935		—			0		541,840,935
Middle East/Africa		4,156,527		489,758,994			101,224		494,016,745
Total Common Stocks	$	591,144,740	$	2,244,386,557	**	$	101,224	$	2,835,632,521
Equity-Linked Securities — Saudi Arabia	$	—	$	21,799,595		$	—	$	21,799,595
Rights		6,351		—			—		6,351
Warrants		25,936		—			—		25,936
Short-Term Investments		—		13,862,189			—		13,862,189
Total Investments	$	591,177,027	$	2,280,048,341		$	101,224	$	2,871,326,592

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended January 31, 2016 is not presented. At January 31, 2016, the value of investments transferred between Level 1 and Level 2 during the year then ended was not significant.

40

Parametric Emerging Markets Fund

January 31, 2016

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Parametric Emerging Markets Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2016, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Parametric Emerging Markets Fund as of January 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

March 17, 2016

41

Parametric Emerging Markets Fund

January 31, 2016

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2017 will show the tax status of all distributions paid to your account in calendar year 2016. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and the foreign tax credit.

Qualified Dividend Income.  For the fiscal year ended January 31, 2016, the Fund designates approximately $67,556,220, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2016 ordinary income dividends, 0.37% qualifies for the corporate dividends received deduction.

Foreign Tax Credit.  For the fiscal year ended January 31, 2016, the Fund paid foreign taxes of $14,863,344 and recognized foreign source income of $125,269,906.

42

Parametric Emerging Markets Fund

January 31, 2016

Management and Organization

Fund Management.  The Trustees of Eaton Vance Mutual Funds Trust (the Trust) are responsible for the overall management and supervision of the Trust’s affairs. The Trustees and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research, “EVMI” refers to Eaton Vance Management (International) Limited and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVMI is an indirect, wholly-owned subsidiary of EVC. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 175 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD and EVMI. Trustee and/or officer of 175 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVMI, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Scott E. Eston 1956	Trustee	2011	Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1987-1997). Directorships in the Last Five Years.(2) None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Consultant, Bain and Company (management consulting firm) (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the Bank of America Money Market Funds Series Trust (2011-2014) and of the Ashmore Funds (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

43

Parametric Emerging Markets Fund

January 31, 2016

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Vice-Chairperson of the Board and Trustee	2016 (Vice-Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Susan J. Sutherland(3) 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Harriett Tee Taggart 1948	Trustee	2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Ralph F. Verni 1943	Chairperson of the Board and Trustee	2007 (Chairperson) and 2005 (Trustee)	Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006). Directorships in the Last Five Years.(2) None.
Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust	Officer Since(4)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR.
Paul M. O’Neil 1953	Chief Compliance Officer	2004	Vice President of EVM and BMR.

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

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Mr. Gorman) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and

44

Parametric Emerging Markets Fund

January 31, 2016

Management and Organization — continued

terminated in 2014); eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Ms. Sutherland began serving as a Trustee effective May 1, 2015.

⁽⁴⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

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

45

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

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

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

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

46

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

2774    1.31.16

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

Parametric Emerging Markets Fund, Parametric Global Small-Cap Fund, and Parametric International Equity Fund (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 35 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

The following table presents the aggregate fees billed to each Fund for the Fund’s fiscal years ended January 31, 2015 and January 31, 2016 by the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Parametric Emerging Markets Fund Fiscal Years Ended	1/31/15		1/31/16
Audit Fees	$	83,170	$	79,870
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	25,595	$	25,385
All Other Fees(3)	$	0	$	0
Total	$	108,765	$	105,255
Parametric Global Small-Cap Fund Fiscal Years Ended	1/31/15		1/31/16
Audit Fees	$	23,950	$	25,950
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	9,685	$	9,853
All Other Fees(3)	$	0	$	0
Total	$	33,635	$	35,803
Parametric International Equity Fund Fiscal Years Ended	1/31/15		1/31/16
Audit Fees	$	24,910	$	30,660
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	13,105	$	14,110
All Other Fees(3)	$	0	$	0
Total	$	38,015	$	44,770

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

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

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

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

Fiscal Years Ended*	8/31/14	9/30/14	10/31/14	12/31/14	1/31/15	2/28/15	8/31/15	9/30/15	10/31/15	12/31/15	1/31/16
Audit Fees	$47,050	$122,212	$558,976	$97,220	$132,030	$22,050	$48,450	$106,700	$581,560	$105,020	$136,480
Audit-Related Fees(1)	$         0	$           0	$           0	$         0	$           0	$         0	$         0	$    2,550	$           0	$           0	$           0
Tax Fees(2)	$15,655	$  33,950	$327,920	$62,110	$  48,385	$12,780	$12,002	$  34,621	$338,673	$  51,252	$  49,348
All Other Fees(3)	$         0	$           0	$           0	$         0	$           0	$         0	$         0	$           0	$           0	$           0	$           0
Total	$62,705	$156,162	$886,896	$159,330	$180,415	$34,830	$60,452	$143,871	$920,233	$156,272	$185,828

* Information is not presented for fiscal year ended 2/28/14 as no Series in the Trust with such fiscal year end was in operation during such period.

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

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

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

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

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

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

(f) Not applicable.

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

Fiscal Years Ended*	8/31/14		9/30/14		10/31/14		12/31/14		1/31/15		2/28/15		8/31/15		9/30/15		10/31/15		12/31/15		1/31/16
Registrant(1)	$	15,655	$	33,950	$	327,920	$	62,110	$	48,385	$	12,780	$	12,002	$	37,171	$	338,673	$	51,252	$	49,348
Eaton Vance(2)	$	256,315	$	256,315	$	99,750	$	99,750	$	99,750	$	99,750	$	46,000	$	46,000	$	46,000	$	56,434	$	56,434

* Information is not presented for fiscal year ended 2/28/14 as no Series in the Trust with such fiscal year end was in operation during such period.

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

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

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

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

Signatures

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

Eaton Vance Mutual Funds Trust
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 11, 2016

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	March 11, 2016
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	March 11, 2016