Eaton Vance Floating-Rate & High Income Fund (EIFHX) N-CSR Certified annual shareholder report (management investment company)

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, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Emerging Markets Debt Fund

Annual Report

January 31, 2021

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser is registered with the CFTC as a commodity pool operator with respect to its management of the Fund. As the commodity pool operator of the Fund, the adviser has claimed relief under the Commodity Exchange Act from certain reporting and recordkeeping requirements. The adviser is also registered as a commodity trading advisor.

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

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

Annual Report January 31, 2021

Eaton Vance

Emerging Markets Debt Fund

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	4
Fund Profile	5
Endnotes and Additional Disclosures	6
Fund Expenses	7
Financial Statements	8
Report of Independent Registered Public Accounting Firm	26
Federal Tax Information	27
Board of Trustees’ Contract Approval	28
Management and Organization	33
Important Notices	36

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period that began on February 1, 2020, was dominated by a black swan event: the outbreak of a new coronavirus in China that became known as COVID-19. As the virus turned into a global pandemic in February and March, it ended the longest-ever U.S. economic expansion and triggered a global economic slowdown. Credit markets along with equity markets plunged in value amid unprecedented volatility.

Emerging market (EM) economies were particularly hard-hit as many workers in those nations could not work remotely and were part of an informal economy with few government supports. In contrast with developed nations where many workers shifted to working safely from home, most workers in EMs faced the choice of going to work despite COVID-19, or losing their income. Oil-exporting EM nations suffered the additional shock of plunging prices for their exports as demand for transportation fuels slowed to a trickle. Tourism and remittances from family members overseas — additional sources of income for many EM economies — also declined dramatically during the period.

In response to the pandemic slowdown, the U.S. Federal Reserve announced two emergency rate cuts in March 2020 — lowering the federal funds rate to 0.00%-0.25% — along with other measures designed to shore up the markets. Across the globe, other central banks and governments launched aggressive monetary and fiscal responses to help mitigate the economic effects of COVID-19. These actions provided liquidity to the global economy that, in turn, helped calm investment markets and initiated a fixed-income rally that began in April and lasted through most of the summer.

For EM bond issuers specifically, this combination also helped to re-open the market for new debt issues and provide the much-needed ability to refinance maturing bonds. As economies started to emerge from COVID-19 lockdowns, factories resumed production and global market indexes reflected investor optimism.

In September and October, however, the fixed-income rally stalled as the pandemic appeared to increase its drag on the global economy. Across Europe, nations that seemed to have beaten back the coronavirus during the summer initiated new lockdowns to combat a second wave of infections. In the U.S., coronavirus cases were on the rise in virtually every state. Reflecting an increasingly grim economic outlook for fall and winter, EM fixed-income indexes, along with many of their developed-market counterparts, reported negative returns in September and October.

In the closing months of 2020, however, bonds reversed course again. Joe Biden’s victory in the November U.S. presidential election eased political uncertainties that had dogged investment markets through much of the fall. Additionally, the announcement that two COVID-19 vaccine candidates had proven more than 90% effective in late-stage trials — and the initial distribution of those vaccines in December — boosted investor optimism and powered a global market rally. But in the final month of the period, bond returns turned negative amid concerns over variant strains of the virus as well as an increase in real yields in the U.S.

Nonetheless, the EM debt asset class ended the period solidly in positive territory for the period, although it lagged developed-market returns. For the 12 tumultuous months ended January 31, 2021, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified (the Index), a broad measure of the asset class, returned 2.55%, while the Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. fixed-income market, returned 4.72%.

Fund Performance

For the 12-month period ended January 31, 2021, Eaton Vance Emerging Markets Debt Fund (the Fund) returned 2.81% for Class I shares at net asset value (NAV), outperforming its benchmark, the Index, which returned 2.55%.

On a regional basis, the largest contributors to Fund performance versus the Index were the Fund’s allocations to the Middle East, Eastern Europe, and Asia. In the Middle East, concerns about the potential effects of the nascent COVID-19 outbreak led the Fund to sell its position in Bahrain government bonds in mid-February 2020, after a strong rally during the prior 18 months sparked by fiscal reforms and the repair of relations with Bahrain’s neighbor Saudi Arabia. Prices of Bahraini bonds plunged during the pandemic market downturn, and not owning them in March was a further boost to relative returns. Beginning in April, however, the Fund then acquired an overweight position relative to the Index in Bahraini debt, which subsequently rallied and contributed to Fund performance versus the Index during the period.

In Eastern Europe, the Fund’s overweight position in Ukrainian sovereign debt also helped performance versus the Index. Despite considerable volatility during the period, prices of Ukrainian debt ended the period about where they began, while the debt delivered a notably higher yield than the Index throughout the period. In Asia, not owning Sri Lankan debt, an Index component, contributed to relative returns as well. Sri Lankan debt levels had been high entering the period, and the virtual absence of tourism — a key driver of the nation’s economy — during the pandemic led Sri Lankan bond prices to decline substantially to distressed levels.

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

In Latin America, the Fund’s overweight positions in Costa Rican, El Salvadoran and Ecuadorian sovereign debt negatively impacted relative returns. As tourism — a mainstay of the Costa Rican economy — virtually disappeared during the pandemic, the country’s debt declined in value and was sold from the Fund. In El Salvador, a new president elected on a reform platform in 2019 appeared to turn more authoritarian in the face of the pandemic, and El Salvadoran debt lost value and was also sold from the Fund.

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Management’s Discussion of Fund Performance¹ — continued

The Fund’s Ecuador debt position was initiated in early February 2020 in response to an improving political environment. But as falling oil prices during the pandemic hurt Ecuador’s oil-dependent economy, its bonds declined in price and were sold from the Fund. After the bonds subsequently defaulted, the Fund initiated a new Ecuador position in October as the debt was restructured.

As a whole, the Fund’s use of derivatives contributed to returns versus the Index. Interest rate futures and swaps, which were used to manage interest rate exposures, positively impacted performance. Sovereign credit default swaps also contributed to performance versus the Index during the period. However, currency forwards, generally used to hedge euro exposure in the Fund’s euro-denominated holdings, detracted from performance relative to the Index.

See Endnotes and Additional Disclosures in this report.

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

3

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Performance^2,3

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class I at NAV		05/01/2018		05/01/2018		2.81	%		—			6.97	%
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified		—		—		2.55	%		6.88	%		6.45	%
% Total Annual Operating Expense Ratios4											Class I
Gross												2.73	%
Net												0.85

Growth of $250,000

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

See Endnotes and Additional Disclosures in this report.

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

4

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Fund Profile

Asset Allocation (% of net assets)⁵

Country Allocation (% of net assets)⁶

See Endnotes and Additional Disclosures in this report.

5

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Endnotes and Additional Disclosures

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

²  J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified is a market-cap weighted index that measures USD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2021, J.P. Morgan Chase & Co. All rights reserved. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

⁴  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

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

⁶  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information

Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities.

Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

Important Notice to Shareholders

Effective April 1, 2021, the portfolio management team for the Fund will be John R. Baur and Michael A. Cirami.

6

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2020 – January 31, 2021).

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 (8/1/20)		Ending Account Value (1/31/21)		Expenses Paid During Period* (8/1/20 – 1/31/21)			Annualized Expense Ratio
Actual
Class I	$	1,000.00	$	1,092.50	$	4.47	**		0.85	%
Hypothetical*
(5% return per year before expenses)
Class I	$	1,000.00	$	1,020.90	$	4.32	**		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 184/366 (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, 2020.

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

7

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Portfolio of Investments

Foreign Corporate Bonds — 5.0%
Security		Principal Amount* (000’s omitted)		Value
Brazil — 1.6%
Petrobras Global Finance BV, 6.90%, 3/19/49			120	$	144,602
Total Brazil				$	144,602
Mexico — 1.4%
Petroleos Mexicanos, 6.75%, 9/21/47			142	$	124,270
Total Mexico				$	124,270
Vietnam — 2.0%
Debt and Asset Trading Corp., 1.00%, 10/10/25(1)			200	$	175,500
Total Vietnam				$	175,500
Total Foreign Corporate Bonds (identified cost $404,406)				$	444,372
Foreign Government Bonds — 72.9%
Security		Principal Amount* (000’s omitted)		Value
Argentina — 1.2%
Republic of Argentina, 0.125% to 3/15/21, 7/9/35(2)			187	$	64,421
Republic of Argentina, 0.125% to 3/15/21, 7/9/41(2)			43		15,695
Republic of Argentina, 0.125% to 3/15/21, 7/9/46(2)			71		24,637
Total Argentina				$	104,753
Bahrain — 7.5%
Bahrain Government International Bond, 5.45%, 9/16/32(1)			200	$	203,648
Bahrain Government International Bond, 7.00%, 1/26/26(1)			200		231,979
CBB International Sukuk Programme Co., 6.25%, 11/14/24(1)			200		221,344
Total Bahrain				$	656,971
Barbados — 2.4%
Government of Barbados, 6.50%, 10/1/29(3)			206	$	207,656
Total Barbados				$	207,656
Belarus — 2.4%
Republic of Belarus, 6.875%, 2/28/23(1)			200	$	208,694
Total Belarus				$	208,694
Benin — 2.6%
Benin Government International Bond, 6.875%, 1/19/52(1)	EUR		180	$	231,184
Total Benin				$	231,184

Security		Principal Amount* (000’s omitted)		Value
Dominican Republic — 5.6%
Dominican Republic, 4.50%, 1/30/30(1)			220	$	230,835
Dominican Republic, 5.875%, 1/30/60(1)			250		263,000
Total Dominican Republic				$	493,835
Ecuador — 0.7%
Republic of Ecuador, 0.50% to 6/20/21, 7/31/40(1)(2)			182	$	62,426
Total Ecuador				$	62,426
Egypt — 10.0%
Arab Republic of Egypt, 8.15%, 11/20/59(1)			200	$	213,244
Arab Republic of Egypt, 8.50%, 1/31/47(1)			400		441,393
Arab Republic of Egypt, 8.875%, 5/29/50(1)			200		227,108
Total Egypt				$	881,745
Ivory Coast — 3.4%
Ivory Coast Government International Bond, 4.875%, 1/30/32(1)	EUR		100	$	125,208
Ivory Coast Government International Bond, 6.625%, 3/22/48(1)	EUR		131		172,925
Total Ivory Coast				$	298,133
Jamaica — 3.2%
Jamaica Government International Bond, 7.875%, 7/28/45			200	$	282,500
Total Jamaica				$	282,500
Jordan — 2.6%
Jordan Government International Bond, 7.375%, 10/10/47(1)			200	$	228,453
Total Jordan				$	228,453
Lebanon — 0.3%
Lebanese Republic, 6.25%, 11/4/24(1)(4)			33	$	4,322
Lebanese Republic, 6.40%, 5/26/23(4)			33		4,328
Lebanese Republic, 6.65%, 4/22/24(1)(4)			33		4,363
Lebanese Republic, 6.65%, 11/3/28(1)(4)			14		1,876
Lebanese Republic, 6.85%, 3/23/27(1)(4)			26		3,456
Lebanese Republic, 6.85%, 5/25/29(4)			45		6,007
Lebanese Republic, 7.00%, 12/3/24(4)			15		1,964
Lebanese Republic, 7.00%, 3/20/28(1)(4)			11		1,465
Lebanese Republic, 7.05%, 11/2/35(1)(4)			5		663
Total Lebanon				$	28,444

8 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Mongolia — 2.4%
Mongolia Government International Bond, 5.125%, 4/7/26(1)			200	$	214,484
Total Mongolia				$	214,484
Philippines — 3.0%
Republic of the Philippines, 2.95%, 5/5/45			255	$	264,761
Total Philippines				$	264,761
Romania — 9.0%
Romanian Government International Bond, 2.625%, 12/2/40(1)	EUR		13	$	16,495
Romanian Government International Bond, 2.75%, 2/26/26(1)	EUR		30		40,312
Romanian Government International Bond, 3.375%, 1/28/50(1)	EUR		177		242,521
Romanian Government International Bond, 3.624%, 5/26/30(1)	EUR		50		72,367
Romanian Government International Bond, 4.625%, 4/3/49(1)	EUR		261		425,710
Total Romania				$	797,405
Suriname — 1.5%
Republic of Suriname, 9.25%, 10/26/26(1)			205	$	134,623
Total Suriname				$	134,623
Turkey — 2.6%
Republic of Turkey, 7.625%, 4/26/29			200	$	231,179
Total Turkey				$	231,179
Ukraine — 10.1%
Ukraine Government International Bond, 0.00%, GDP-Linked, 5/31/40(1)(3)(5)			144	$	163,054
Ukraine Government International Bond, 9.75%, 11/1/28(1)			600		729,783
Total Ukraine				$	892,837
United Arab Emirates — 2.4%
Abu Dhabi Government International Bond, 3.125%, 9/30/49(1)			200	$	210,196
Total United Arab Emirates				$	210,196
Total Foreign Government Bonds (identified cost $5,811,940)				$	6,430,279

Sovereign Loans — 9.0%
Borrower	Principal Amount (000’s omitted)		Value
Kenya — 3.3%
Government of Kenya, Term Loan, 6.71%, (6 mo. USD LIBOR + 6.45%), Maturing June 29, 2025(6)	$	293	$	294,984
Total Kenya			$	294,984
Nigeria — 2.4%
Bank of Industry Limited, Term Loan, 6.22%, (3 mo. USD LIBOR + 6.00%), Maturing December 14, 2023(6)(7)	$	205	$	207,334
Total Nigeria			$	207,334
Tanzania — 3.3%
Government of the United Republic of Tanzania, Term Loan, 5.46%, (6 mo. USD LIBOR + 5.20%), Maturing May 23, 2023(6)	$	286	$	288,080
Total Tanzania			$	288,080
Total Sovereign Loans (identified cost $781,308)			$	790,398
Short-Term Investments — 5.6%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.11%(8)		499,206	$	499,206
Total Short-Term Investments (identified cost $499,206)			$	499,206
Total Investments — 92.5% (identified cost $7,496,860)			$	8,164,255
Other Assets, Less Liabilities — 7.5%			$	658,487
Net Assets — 100.0%			$	8,822,742

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At January 31, 2021, the aggregate value of these securities is $5,502,631 or 62.4% of the Fund’s net assets.

⁽²⁾  Step coupon security. Interest rate represents the rate in effect at January 31, 2021.

9 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Portfolio of Investments — continued

⁽³⁾  Security exempt from registration under Rule 144A of 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, 2021, the aggregate value of these securities is $370,710 or 4.2% of the Fund’s net assets.

⁽⁴⁾  Issuer is in default with respect to interest payments.

⁽⁵⁾  Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment.

⁽⁶⁾  Variable rate security. The stated interest rate represents the rate in effect at January 31, 2021.

⁽⁷⁾  Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.

⁽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, 2021.

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
EUR	171,832	USD	208,759		2/2/21	$	(232	)
EUR	130,000	USD	158,045		2/2/21		(284	)
EUR	130,000	USD	158,029		3/2/21		(268	)
USD	157,937	EUR	130,000		2/2/21		176
USD	208,902	EUR	171,832		2/2/21		376
USD	208,880	EUR	171,832		3/2/21		226
						$	(6	)

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	712,749	EUR	578,427	Standard Chartered Bank		2/8/21	$	10,710	$	—
USD	291,470	EUR	236,540	Standard Chartered Bank		2/8/21		4,380		—
USD	171,511	EUR	139,188	Standard Chartered Bank		2/8/21		2,577		—
USD	96,864	EUR	80,000	UBS AG		2/8/21		—		(232	)
							$	17,667	$	(232	)

Futures Contracts
Description	Number of Contracts			Position			Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. Long Treasury Bond		1			Long	��		3/22/21	$	168,719		$	(96	)
U.S. Ultra-Long Treasury Bond		8			Long			3/22/21		1,637,750			(53,424	)
Euro-Bobl		(1	)		Short			3/8/21		(164,133	)		11
Euro-Bund		(4	)		Short			3/8/21		(860,407	)		903
												$	(52,606	)

10 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps
Notional Amount (000’s omitted)		Fund Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
EUR	19	Receives	6-month EURIBOR (pays semi-annually)	0.37% (pays annually)	2/12/50	$	(1,804	)	$	—		$	(1,804	)
EUR	19	Receives	6-month EURIBOR (pays semi-annually)	0.39% (pays annually)	2/13/50		(1,866	)		—			(1,866	)
EUR	5	Receives	6-month EURIBOR (pays semi-annually)	0.38% (pays annually)	2/13/50		(485	)		—			(485	)
EUR	16	Receives	6-month EURIBOR (pays semi-annually)	0.38% (pays annually)	2/13/50		(1,557	)		—			(1,557	)
EUR	8	Receives	6-month EURIBOR (pays semi-annually)	0.39% (pays annually)	2/14/50		(814	)		—			(814	)
EUR	7	Receives	6-month EURIBOR (pays semi-annually)	0.34% (pays annually)	2/20/50		(583	)		—			(583	)
EUR	58	Receives	6-month EURIBOR (pays semi-annually)	0.32% (pays annually)	2/21/50		(4,392	)		—			(4,392	)
EUR	62	Receives	6-month EURIBOR (pays semi-annually)	0.26% (pays annually)	2/25/50		(3,375	)		—			(3,375	)
EUR	16	Receives	6-month EURIBOR (pays semi-annually)	0.21% (pays annually)	2/26/50		(571	)		—			(571	)
EUR	49	Receives	6-month EURIBOR (pays semi-annually)	0.12% (pays annually)	6/8/50		(104	)		—			(104	)
USD	200	Receives	3-month USD-LIBOR (pays quarterly)	0.55% (pays semi-annually)	3/12/23		(1,864	)		—			(1,864	)
USD	1,605	Pays	3-month USD-LIBOR (pays quarterly)	0.61% (pays semi-annually)	3/16/25		16,734			—			16,734
USD	169	Receives	3-month USD-LIBOR (pays quarterly)	0.33% (pays semi-annually)	5/12/25		601			—			601
USD	147	Receives	3-month USD-LIBOR (pays quarterly)	1.74% (pays semi-annually)	12/16/26		(9,586	)		—			(9,586	)
USD	140	Receives	3-month USD-LIBOR (pays quarterly)	0.57% (pays semi-annually)	4/17/27		928			—			928
USD	209	Pays	3-month USD-LIBOR (pays quarterly)	2.34% (pays semi-annually)	5/17/29		24,230			—			24,230
USD	438	Receives	3-month USD-LIBOR (pays quarterly)	2.09% (pays semi-annually)	7/15/29		(40,367	)		126			(40,241	)
USD	150	Receives	3-month USD-LIBOR (pays quarterly)	0.69% (pays semi-annually)	4/17/30		4,576			—			4,576
USD	10	Receives	3-month USD-LIBOR (pays quarterly)	0.74% (pays semi-annually)	6/18/30		296			—			296
USD	95	Receives	3-month USD-LIBOR (pays quarterly)	2.88% (pays semi-annually)	1/31/49		(28,979	)		(47	)		(29,026	)

11 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Portfolio of Investments — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Fund Pays/ Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
USD	121	Receives	3-month USD-LIBOR (pays quarterly)	2.54% (pays semi-annually)	5/17/49	$	(28,048	)	$	14,178	$	(13,870	)
USD	99	Receives	3-month USD-LIBOR (pays quarterly)	1.65% (pays semi-annually)	9/9/49		(1,940	)		—		(1,940	)
USD	7	Receives	3-month USD-LIBOR (pays quarterly)	1.70% (pays semi-annually)	9/12/49		(219	)		—		(219	)
USD	110	Receives	3-month USD-LIBOR (pays quarterly)	1.87% (pays semi-annually)	10/25/49		(7,910	)		—		(7,910	)
USD	37	Receives	3-month USD-LIBOR (pays quarterly)	1.97% (pays semi-annually)	11/15/49		(3,493	)		—		(3,493	)
USD	130	Receives	3-month USD-LIBOR (pays quarterly)	0.84% (pays semi-annually)	3/30/50		23,649			—		23,649
USD	160	Receives	3-month USD-LIBOR (pays quarterly)	0.83% (pays semi-annually)	4/29/50		29,725			—		29,725
USD	50	Receives	3-month USD-LIBOR (pays quarterly)	0.93% (pays semi-annually)	5/26/50		8,102			—		8,102
USD	100	Receives	3-month USD-LIBOR (pays quarterly)	0.97% (pays semi-annually)	6/17/50		15,272			—		15,272
Total						$	(13,844	)	$	14,257	$	413

Centrally Cleared Credit Default Swaps — Sell Protection
Reference Entity	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
Brazil	$	130	1.00% (pays quarterly)(1)	12/20/25		1.72	%	$	(4,298	)	$	6,787	$	2,489
Colombia		275	1.00% (pays quarterly)(1)	12/20/25		1.13			(1,359	)		4,175		2,816
Indonesia		320	1.00% (pays quarterly)(1)	12/20/25		0.76			4,055			—		4,055
Mexico		290	1.00% (pays quarterly)(1)	12/20/30		1.56			(14,278	)		14,658		380
South Africa		150	1.00% (pays quarterly)(1)	6/20/21		0.50			477			685		1,162
Turkey		137	1.00% (pays quarterly)(1)	6/20/21		1.35			(26	)		2,540		2,514

12 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Portfolio of Investments — continued

Centrally Cleared Credit Default Swaps — Sell Protection (continued)
Reference Entity	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date	Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
Turkey	$	90	1.00% (pays quarterly)(1)	6/20/25		2.98	%	$	(7,210	)	$	14,122	$	6,912
Total	$	1,392						$	(22,639	)	$	42,967	$	20,328

* If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At January 31, 2021, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $1,392,000.

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

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

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

Abbreviations:

EURIBOR	–	Euro Interbank Offered Rate
GDP	–	Gross Domestic Product
LIBOR	–	London Interbank Offered Rate

Currency Abbreviations:

EUR	–	Euro
USD	–	United States Dollar

13 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Statement of Assets and Liabilities

Assets	January 31, 2021
Unaffiliated investments, at value (identified cost, $6,997,654)	$	7,665,049
Affiliated investment, at value (identified cost, $499,206)		499,206
Deposits for derivatives collateral —
Financial futures contracts		81,673
Centrally cleared derivatives		491,743
Foreign currency, at value (identified cost, $41,238)		41,191
Interest receivable		138,721
Dividends receivable from affiliated investment		28
Receivable for investments sold		591,908
Receivable for variation margin on open centrally cleared derivatives		11,401
Receivable for open forward foreign currency exchange contracts		17,667
Receivable from affiliate		5,319
Total assets	$	9,543,906
Liabilities
Payable for investments purchased	$	394,913
Payable for variation margin on open financial futures contracts		9,912
Payable for open forward foreign currency exchange contracts		232
Due to custodian		204,998
Payable to affiliate:
Investment adviser and administration fee		4,890
Accrued expenses		106,219
Total liabilities	$	721,164
Net Assets	$	8,822,742
Sources of Net Assets
Paid-in capital	$	8,620,718
Distributable earnings		202,024
Total	$	8,822,742
Class I Shares
Net Assets	$	8,822,742
Shares Outstanding		852,310
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.35

14 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Statement of Operations

Investment Income	Year Ended January 31, 2021
Interest	$	480,012
Dividends from affiliated investment		2,634
Total investment income	$	482,646
Expenses
Investment adviser and administration fee	$	54,610
Trustees’ fees and expenses		937
Custodian fee		94,481
Transfer and dividend disbursing agent fees		478
Legal and accounting services		60,827
Printing and postage		12,493
Registration fees		23,784
Interest expense		754
Miscellaneous		11,122
Total expenses	$	259,486
Deduct —
Allocation of expenses to affiliate	$	187,115
Total expense reductions	$	187,115
Net expenses	$	72,371
Net investment income	$	410,275
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(461,640	)
Investment transactions — affiliated investment		(19	)
Financial futures contracts		484,385
Swap contracts		(280,332	)
Foreign currency transactions		(3,760	)
Forward foreign currency exchange contracts		(101,078	)
Net realized loss	$	(362,444	)
Change in unrealized appreciation (depreciation) —
Investments	$	85,571
Investments — affiliated investment		(35	)
Financial futures contracts		(144,808	)
Swap contracts		140,921
Foreign currency		372
Forward foreign currency exchange contracts		17,100
Net change in unrealized appreciation (depreciation)	$	99,121
Net realized and unrealized loss	$	(263,323	)
Net increase in net assets from operations	$	146,952

15 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2021			2020
From operations —
Net investment income	$	410,275		$	421,165
Net realized gain (loss)		(362,444	)		40,324
Net change in unrealized appreciation (depreciation)		99,121			728,203
Net increase in net assets from operations	$	146,952		$	1,189,692
Distributions to shareholders —
Class I	$	(446,396	)	$	(562,574	)
Total distributions to shareholders	$	(446,396	)	$	(562,574	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	1,796,027		$	23,743
Net asset value of shares issued to shareholders in payment of distributions declared		32,636			654
Cost of shares redeemed		(1,236,464	)		—
Net increase in net assets from Fund share transactions	$	592,199		$	24,397
Net increase in net assets	$	292,755		$	651,515
Net Assets
At beginning of year	$	8,529,987		$	7,878,472
At end of year	$	8,822,742		$	8,529,987

16 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Financial Highlights

	Class I
	Year Ended January 31,						Period Ended January 31,  2019(1)
	2021			2020
Net asset value — Beginning of period	$	10.620		$	9.840		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.476		$	0.526		$	0.286
Net realized and unrealized gain (loss)		(0.229	)		0.956			(0.151	)
Total income from operations	$	0.247		$	1.482		$	0.135
Less Distributions
From net investment income	$	(0.517	)	$	(0.577	)	$	(0.219	)
From net realized gain		—			(0.125	)		(0.076	)
Total distributions	$	(0.517	)	$	(0.702	)	$	(0.295	)
Net asset value — End of period	$	10.350		$	10.620		$	9.840
Total Return(3)(4)		2.81	%		15.57	%		1.34	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,823		$	8,530		$	7,878
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.86	%(6)		0.85	%		0.85	%(7)
Net investment income		4.88	%		5.12	%		3.92	%(7)
Portfolio Turnover		220	%		187	%		82	%(5)

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

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  The investment adviser and administrator reimbursed certain operating expenses (equal to 2.23%, 1.88% and 2.24% of average daily net assets for the years ended January 31, 2021, 2020 and the period ended January 31, 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Includes interest expense of 0.01% for the year ended January 31, 2021.

⁽⁷⁾  Annualized.

17 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Notes to Financial Statements

1  Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

As of January 31, 2021, 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.

18

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Notes to Financial Statements — continued

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

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

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

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

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

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

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

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

19

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Notes to Financial Statements — continued

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

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2021 and January 31, 2020 was as follows:

	Year Ended January 31,
	2021		2020
Ordinary income	$	446,396	$	510,625
Long-term capital gains	$	—	$	51,949

As of January 31, 2021, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	13,564
Deferred capital losses	$	(410,899	)
Net unrealized appreciation	$	599,359

At January 31, 2021, the Fund, for federal income tax purposes, had deferred capital losses of $410,899 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, 2021, $410,899 are short-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	7,581,269
Gross unrealized appreciation	$	657,666
Gross unrealized depreciation		(58,985	)
Net unrealized appreciation	$	598,681

20

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Notes to Financial Statements — continued

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.65% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the year ended January 31, 2021, the investment adviser and administration fee amounted to $54,610 or 0.65% of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 0.85% of the Fund’s average daily net assets for Class I. This agreement may be changed or terminated after May 31, 2021. Pursuant to this agreement, EVM was allocated $187,115 of the Fund’s operating expenses for the year ended January 31, 2021.

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, 2021, EVM earned $120 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2021, 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 $16,608,344 and $15,980,675, respectively, for the year ended January 31, 2021.

5  Shares of Beneficial Interest

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

	Year Ended January 31,
	2021			2020
Sales		180,018			2,254
Issued to shareholders electing to receive payments of distributions in Fund shares		3,429			63
Redemptions		(134,224	)		—
Net increase		49,223			2,317

At January 31, 2021, EVM owned 93.8% of the outstanding shares of the Fund.

6  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, financial futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at January 31, 2021 is included in the Portfolio of Investments. At January 31, 2021, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

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

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

21

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Notes to Financial Statements — continued

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

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At January 31, 2021, the fair value of derivatives with credit-related contingent features in a net liability position was $232. At January 31, 2021, there were no assets pledged by the Fund for such liability.

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

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2021 was as follows:

	Fair Value
Statement of Assets and Liabilities Caption	Credit			Foreign Exchange			Interest Rate			Total
Distributable earnings	$	4,532		$	778	*	$	125,027	*	$	130,337
Receivable for open forward foreign currency exchange contracts		—			17,667			—			17,667
Total Asset Derivatives	$	4,532		$	18,445		$	125,027		$	148,004
Derivatives not subject to master netting or similar agreements	$	4,532		$	778		$	125,027		$	130,337
Total Asset Derivatives subject to master netting or similar agreements	$	—		$	17,667		$	—		$	17,667
Distributable earnings	$	(27,171	)*	$	(784	)*	$	(191,477	)*	$	(219,432	)
Payable for open forward foreign currency exchange contracts		—			(232	)		—			(232	)
Total Liability Derivatives	$	(27,171	)	$	(1,016	)	$	(191,477	)	$	(219,664	)
Derivatives not subject to master netting or similar agreements	$	(27,171	)	$	(784	)	$	(191,477	)	$	(219,432	)
Total Liability Derivatives subject to master netting or similar agreements	$	—		$	(232	)	$	—		$	(232	)

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

22

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Notes to Financial Statements — continued

The Fund’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of January 31, 2021.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
Standard Chartered Bank	$	17,667		$	—	$	—	$	—	$	17,667
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
UBS AG	$	(232	)	$	—	$	—	$	—	$	(232	)

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

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended January 31, 2021 was as follows:

Statement of Operations Caption	Credit		Foreign Exchange			Interest Rate			Total
Net realized gain (loss) —
Financial futures contracts	$	—	$	—		$	484,385		$	484,385
Swap contracts		22,713		—			(303,045	)		(280,332	)
Forward foreign currency exchange contracts		—		(101,078	)		—			(101,078	)
Total	$	22,713	$	(101,078	)	$	181,340		$	102,975
Change in unrealized appreciation (depreciation) —
Financial futures contracts	$	—	$	—		$	(144,808	)	$	(144,808	)
Swap contracts		4,227		—			136,694			140,921
Forward foreign currency exchange contracts		—		17,100			—			17,100
Total	$	4,227	$	17,100		$	(8,114	)	$	13,213

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended January 31, 2021, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*		Swap Contracts
	$4,025,000	$	644,000	$	1,210,000	$	6,314,000

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

23

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Notes to Financial Statements — continued

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. 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, 2021.

8  Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Fund to make properly authorized payments. When such payments result in an overdraft, the Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Fund’s assets to the extent of any overdraft. At January 31, 2021, the Fund had a payment due to SSBT pursuant to the foregoing arrangement of $204,998. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at January 31, 2021. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at January 31, 2021. The Fund’s average overdraft advances during the year ended January 31, 2021 were not significant.

9  Investments in Affiliated Funds

At January 31, 2021, the value of the Fund’s investment in affiliated funds was $499,206, which represents 5.6% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended January 31, 2021 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	589,017	$	8,713,387	$	(8,803,144	)	$	(19	)	$	(35	)	$	499,206	$	2,634		499,206

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.

24

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Notes to Financial Statements — continued

At January 31, 2021, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Foreign Corporate Bonds	$	—		$	444,372		$	—	$	444,372
Foreign Government Bonds		—			6,430,279			—		6,430,279
Sovereign Loans		—			790,398			—		790,398
Short-Term Investments		—			499,206			—		499,206
Total Investments	$	—		$	8,164,255		$	—	$	8,164,255
Forward Foreign Currency Exchange Contracts	$	—		$	18,445		$	—	$	18,445
Futures Contracts		914			—			—		914
Swap Contracts		—			128,645			—		128,645
Total	$	914		$	8,311,345		$	—	$	8,312,259
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(1,016	)	$	—	$	(1,016	)
Futures Contracts		(53,520	)		—			—		(53,520	)
Swap Contracts		—			(165,128	)		—		(165,128	)
Total	$	(53,520	)	$	(166,144	)	$	—	$	(219,664	)

11  Risks and Uncertainties

Risks Associated with Foreign Investments

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

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

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

12  Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may have been deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory and administrative agreement. The new investment advisory and administrative agreement was approved by Fund shareholders at a joint special meeting of shareholders held on February 18, 2021, and became effective upon the consummation of the transaction on March 1, 2021.

25

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Emerging Markets Debt Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from the start of business, May 1, 2018, to January 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and the period from the start of business, May 1, 2018, to January 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 19, 2021

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

26

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2022 will show the tax status of all distributions paid to your account in calendar year 2021. 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 163(j) interest dividends.

163(j) Interest Dividends.  For the fiscal year ended January 31, 2021, the Fund designates 91.97% of distributions from net investment income as a 163(j) interest dividend.

27

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Eaton Vance Emerging Markets Debt Fund.

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance Emerging Markets Debt Fund	Eaton Vance Management	None

At a meeting held on November 24, 2020 (the “November Meeting”), the Board of each Eaton Vance open-end Fund and portfolios in which each such Fund invests, as applicable (each, a “Fund” and, collectively, the “Funds”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds, Eaton Vance Management (“EVM”) or Boston Management and Research (“BMR” and, together with EVM, the “Advisers”), voted to approve a new investment advisory agreement between each Fund and either EVM or BMR (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between an Adviser and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”⁽¹⁾ and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below), as more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by the Advisers, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendation. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from the Advisers and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by the Advisers and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020, November 10, 2020, November 13, 2020, November 17, 2020 and November 24, 2020.

During its meetings on November 10, 2020 and November 17, 2020, the Contract Review Committee further discussed the approval of the New Agreements with senior representatives of the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley. The representatives from the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review Committee considered the Advisers’, the Affiliated Sub-Advisers’ and Morgan Stanley’s responses related to the Transaction and specifically to the Funds, as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

Information about the Transaction and its Terms

• Information about the material terms and conditions, and expected impacts, of the Transaction that relate to the Funds, including the expected impacts on the businesses conducted by the Advisers, the Affiliated Sub-Advisers and Eaton Vance Distributors, Inc., as the distributor of Fund shares;

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

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Emerging Markets Debt Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

• Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

• A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

• A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

• A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

• Information with respect to personnel and/or other resources of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as a result of the Transaction, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

• Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

• Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

• Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

• Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as they relate to the Funds;

• Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

• Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements for Funds

• A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

• Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and its Adviser (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between a Fund and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

• Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

• A report from an independent data provider comparing the investment performance of each Fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

• A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the Advisers in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

• Comparative information concerning the fees charged and services provided by the Adviser and the Sub-Adviser to each Fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such Fund(s), if any;

• Profitability analyses of the Advisers and the Affiliated Sub-Advisers, as applicable, with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;

Information about Portfolio Management and Trading

• Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Transaction, as well as each of the Funds’ investment strategies and policies;

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

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Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

• Information about any changes to the policies and practices of the Advisers and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information regarding the impact on trading and access to capital markets associated with the Funds’ affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about the Advisers and the Sub-Advisers

• Information about the financial results and condition of the Advisers and the Affiliated Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

• Information regarding contemplated changes to the individual investment professionals whose responsibilities include portfolio management and investment research for the Funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable, post-Closing;

• The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the Advisers and their affiliates, including the Affiliated Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• A description of the Advisers’ oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by EVM and/or administrator to each of the Funds;

• Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

• Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

• Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

• Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of the Advisers and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the Funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the Funds, and received and participated in reports and presentations provided by the Advisers and their affiliates, including the Affiliated Sub-Advisers, with respect to such matters.

The Contract Review Committee was advised throughout the evaluation process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating the New Agreements and the weight to be given to each such factor. The conclusions reached with respect to the New Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Independent Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the New Agreements.

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

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Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

The Board also considered the financial resources of Morgan Stanley and the Advisers and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and the Advisers’ commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered the Advisers’ and the Sub-Advisers’ management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of the Advisers’ and, as applicable, the Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Advisers and other factors, including the reputation and resources of the Advisers to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and the Advisers regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from the Advisers and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers or their affiliates may be subject in managing the Funds and in connection with the Transaction.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Advisers and their affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of the Advisers and the Sub-Advisers, the Board noted information regarding the impacts of the Transaction, as well as the Advisers’ and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by the Advisers and their affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and, where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanation from the applicable Adviser concerning the Fund’s relative performance versus its peer group.

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, the Advisers and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by the Advisers and their affiliates, including the Affiliated Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of the Advisers and their affiliates, including the Affiliated Sub-Advisers, to provide those services. The

Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered

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Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

each Fund’s management fees and total expense ratio over various periods, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by the Advisers and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services the Advisers and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Advisers and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by the Advisers and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers, in providing investment advisory and administrative services to the Funds and to all Eaton Vance funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Advisers and their affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Advisers and their affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and the Advisers are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from the Advisers and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by the Advisers and their affiliates, including the Affiliated Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Advisers and their affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by the Advisers and their affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by the Advisers and their affiliates in connection with services provided pursuant to the Current Advisory Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of the Advisers and their affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

Economies of Scale

The Board also considered the extent to which the Advisers and their affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific Fund or group of funds. As part of the 2020 Annual Approval Process, the Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Advisers and their affiliates may have been affected by such increases or decreases.

The Board noted that Morgan Stanley and the Advisers are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the Funds and recommended that shareholders approve the New Agreements.

32

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

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 EV LLC, “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect wholly-owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 139 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 138 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 of Morgan Stanley Investment Management, Inc. (MSIM), Manager and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 138 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (2012-2021) (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Vice-Chairperson of the Board and Trustee	2021 (Vice-Chairperson) 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. None.
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

33

Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Deidre E. Walsh 1971	Vice President	2009	Vice President of EVM and BMR.

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Eaton Vance

Emerging Markets Debt Fund

January 31, 2021

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Maureen A. Gemma 1960	Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

35

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

• We have adopted a Privacy Program we believe is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to your information.

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

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance WaterOak Advisors, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

36

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by 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.

29948    1.31.21

Parametric

Emerging Markets Fund

Annual Report

January 31, 2021

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser and Parametric Portfolio Associates LLC (Parametric), sub-adviser to the Fund, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

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

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

Annual Report January 31, 2021

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	37
Federal Tax Information	38
Board of Trustees’ Contract Approval	39
Management and Organization	44
Important Notices	47

Parametric

Emerging Markets Fund

January 31, 2021

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Emerging market equities experienced two starkly different performance regimes over 2020. Panicked selling in response to coronavirus fears eventually gave way to optimism that 2021 and beyond would bring a vaccine and a boost to the corporate bottom line. This optimism drove overall markets into positive territory with the MSCI Emerging Markets Index (the Index) ending the 12-month period ended January 31, 2021 up 27.89%.

Looking beyond the aggregate reveals some key trends. From a country perspective, the three largest countries in the Index (China, Taiwan, and Korea) significantly outperformed all of the remaining 24 countries. Smaller countries generally trailed, and in some cases by a significant margin. Many of the energy-producing markets including Russia, Colombia, and Brazil experienced significant declines as oil and many other commodities were hit hard by excess supply and falling demand. In addition, frontier markets experienced broad weakness because many were far less resourced to manage the pandemic.

Fund Performance

For the 12-month period ended January 31, 2021, Parametric Emerging Markets Fund (the Fund) had a total return of 7.23% for Investor Class shares at net asset value, underperforming the Fund’s benchmark, the Index, which had a total return of 27.89% for the same period.

The Fund’s emphasis on diversification via a system of target country weights and systematic rebalancing back to these target weights detracted from relative performance during the period. The diversification targets consistently have the Fund underweight larger countries and overweight smaller countries. The Fund’s emphasis on diversification at the sector level within each country contributed to returns relative to the Index. Finally, frontier countries included in the Fund, but not in the Index, detracted from relative performance, as the Fund held overweight positions to the frontier market countries that underperformed the Index.

An underweight to China detracted from performance relative to the Index, as did the sector diversification process which led to an underweight to consumer discretionary stocks within the country. China’s market proved remarkably resilient to coronavirus fears throughout the year and was supported by strong gains from many of its discretionary names as consumers adjusted to a more digitalized economy. An underweight to Taiwan also harmed relative results, as U.S. dollar returns were supported by a large gain from the country’s dominant technology sector and a rally in the Taiwanese dollar. Furthermore, an underweight to Korea detracted from relative performance as local equities and the Korean won were boosted by a targeted monetary and fiscal response to the pandemic and a robust rebound in export demand, particularly in the technology sector.

The sector diversification process within Thailand benefited results relative to the Index. This was particularly due to an overweight to the information technology sector which benefited from a triple-digit gain from its sole constituent. An underweight to India also enhanced relative returns, as Indian equity markets lagged the broader Index over concerns

that the country’s fragile health care system would become overwhelmed due to Covid-19. In addition, an underweight to Brazil contributed to relative performance, as a modest gain from local stocks was more than wiped out by a sharp drop in the Brazilian real versus the U.S. dollar.

See Endnotes and Additional Disclosures in this report.

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

2

Parametric

Emerging Markets Fund

January 31, 2021

Performance^2,3

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Investor Class at NAV		06/30/2006		06/30/2006			7.23	%		8.06	%		1.14	%
Class C at NAV		06/30/2006		06/30/2006			6.42			7.25			0.38
Class C with 1% Maximum Sales Charge		—		—			5.42			7.25			0.38
Institutional Class at NAV		06/30/2006		06/30/2006			7.50			8.32			1.40
Class R6 at NAV		07/01/2014		06/30/2006			7.45			8.36			1.43
MSCI Emerging Markets Index		—		—			27.89	%		15.01	%		4.22	%
% Total Annual Operating Expense Ratios4			Investor Class			Class C			Institutional Class			Class R6
				1.45	%		2.20	%		1.20	%		1.14	%

Growth of $10,000

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

Growth of Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C		$10,000		01/31/2011		$10,390		N.A.
Institutional Class		$50,000		01/31/2011		$57,440		N.A.
Class R6		$1,000,000		01/31/2011		$1,152,416		N.A.

See Endnotes and Additional Disclosures in this report.

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

3

Parametric

Emerging Markets Fund

January 31, 2021

Fund Profile

Sector Allocation (% of net assets)⁵

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁵

Tencent Holdings, Ltd.	1.4	%
Samsung Electronics Co., Ltd.	0.9
Taiwan Semiconductor Manufacturing Co., Ltd.	0.8
Naspers, Ltd., Class N	0.8
Alibaba Group Holding, Ltd. ADR	0.8
Delta Electronics (Thailand) PCL	0.7
Saudi Arabian Oil Co.	0.6
America Movil SAB de CV, Series L	0.6
Yandex NV, Class A	0.6
MercadoLibre, Inc.	0.5
Total	7.7	%

See Endnotes and Additional Disclosures in this report.

4

Parametric

Emerging Markets Fund

January 31, 2021

Endnotes and Additional Disclosures

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

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

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

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

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

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information

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

5

Parametric

Emerging Markets Fund

January 31, 2021

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, 2020 – January 31, 2021).

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 (8/1/20)		Ending Account Value (1/31/21)		Expenses Paid During Period* (8/1/20 – 1/31/21)		Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,198.50	$	8.29		1.50	%
Class C	$	1,000.00	$	1,194.00	$	12.30		2.23	%
Institutional Class	$	1,000.00	$	1,199.20	$	6.97		1.26	%
Class R6	$	1,000.00	$	1,199.70	$	6.52		1.18	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,017.60	$	7.61		1.50	%
Class C	$	1,000.00	$	1,013.90	$	11.29		2.23	%
Institutional Class	$	1,000.00	$	1,018.80	$	6.39		1.26	%
Class R6	$	1,000.00	$	1,019.20	$	5.99		1.18	%

* 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 184/366 (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, 2020.

6

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments

Common Stocks — 99.7%
Security	Shares		Value
Argentina — 0.6%
Arcos Dorados Holdings, Inc., Class A		14,242	$	70,356
Grupo Financiero Galicia S.A., Class B ADR(1)		3,387		25,267
MercadoLibre, Inc.(2)		1,496		2,662,147
Pampa Energia S.A. ADR(1)(2)		2,099		26,468
Transportadora de Gas del Sur S.A. ADR(2)		11,563		58,046
YPF S.A. ADR(2)		11,024		40,238
			$	2,882,522
Bahrain — 0.9%
Ahli United Bank BSC		2,768,393	$	2,044,058
Al Salam Bank-Bahrain BSC		5,961,324		1,152,558
GFH Financial Group BSC		1,280,190		224,610
Ithmaar Holding BSC(2)		14,771,027		1,073,580
			$	4,494,806
Bangladesh — 0.6%
ACI, Ltd.		36,966	$	113,126
Bangladesh Export Import Co., Ltd.		109,867		109,670
Beximco Pharmaceuticals, Ltd.		128,063		276,162
City Bank, Ltd. (The)		435,051		157,170
Grameenphone, Ltd.		47,579		211,608
Heidelberger Cement Bangladesh, Ltd.(2)		80,232		154,080
Islami Bank Bangladesh, Ltd.		238,618		77,720
Jamuna Oil Co., Ltd.		41,841		79,730
Khulna Power Co., Ltd.		180,134		96,369
Meghna Petroleum, Ltd.		52,773		117,288
Olympic Industries, Ltd.		121,003		261,529
Padma Oil Co., Ltd.		24,924		58,642
Pubali Bank, Ltd.		477,334		138,811
Renata, Ltd.		12,838		177,774
Social Islami Bank, Ltd.		840,676		133,779
Square Pharmaceuticals, Ltd.		171,709		479,774
Summit Power, Ltd.		213,128		125,301
Titas Gas Transmission & Distribution Co., Ltd.		278,098		113,421
Unique Hotel & Resorts, Ltd.		419,519		195,263
United Commercial Bank, Ltd.		881,064		159,338
			$	3,236,555
Botswana — 0.9%
Absa Bank Botswana, Ltd.		644,814	$	311,506
Botswana Insurance Holdings, Ltd.		706,169		1,126,428
First National Bank of Botswana, Ltd.		4,416,706		887,469
Letshego Holdings, Ltd.		2,275,836		155,713

Security	Shares		Value
Botswana (continued)
Sechaba Breweries Holdings, Ltd.		1,098,655	$	2,067,941
			$	4,549,057
Brazil — 4.7%
AMBEV S.A.		234,450	$	647,465
B2W Cia Digital(2)		21,080		317,159
B3 S.A. - Brasil Bolsa Balcao		26,800		292,912
Banco Bradesco S.A., PFC Shares		94,796		428,639
Banco do Brasil S.A.		22,198		137,373
BB Seguridade Participacoes S.A.		19,700		99,591
Bradespar S.A., PFC Shares		8,800		100,539
BRF S.A.(2)		63,340		245,655
CCR S.A.		73,900		163,700
Centrais Eletricas Brasileiras S.A., PFC Shares		33,600		176,493
Cia Brasileira de Distribuicao		11,369		156,840
Cia de Saneamento Basico do Estado de Sao Paulo		20,960		156,566
Cia de Saneamento de Minas Gerais-COPASA		43,200		122,461
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		25,460		122,614
Cia Energetica de Minas Gerais, PFC Shares		58,337		146,072
Cia Energetica de Sao Paulo, Class B, PFC Shares		22,100		118,146
Cia Hering		68,200		215,143
Cia Paranaense de Energia, PFC Shares		10,700		127,663
Cia Siderurgica Nacional S.A.		19,600		108,901
Cielo S.A.		566,406		425,472
Cogna Educacao(2)		289,536		239,190
Cosan S.A.		16,300		223,613
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		63,400		296,988
Embraer S.A. ADR(1)(2)		28,248		181,352
Engie Brasil Energia S.A.		16,250		127,591
Equatorial Energia S.A.		51,900		213,618
Ez Tec Empreendimentos e Participacoes S.A.		16,227		108,785
Fleury S.A.		87,400		419,476
Gerdau S.A., PFC Shares		35,500		150,853
Hypera S.A.		126,700		747,732
Iochpe Maxion S.A.		61,000		155,973
Itau Unibanco Holding S.A., PFC Shares		85,520		442,965
Itausa S.A., PFC Shares		92,775		179,907
JBS S.A.		68,325		301,952
Klabin S.A., PFC Shares		103,800		103,584
Localiza Rent a Car S.A.		42,789		499,572
Lojas Americanas S.A., PFC Shares		95,341		419,776
Lojas Renner S.A.		55,977		424,273
Magazine Luiza S.A.		40,000		184,742
Marfrig Global Foods S.A.(2)		38,855		94,379
MRV Engenharia e Participacoes S.A.		45,900		159,392

7 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Brazil (continued)
Multiplan Empreendimentos Imobiliarios S.A.		30,700	$	118,953
Natura & Co. Holding S.A.(2)		34,100		305,762
Notre Dame Intermedica Participacoes S.A.		112,100		1,936,150
Odontoprev S.A.		110,900		287,212
Pagseguro Digital, Ltd., Class A(2)		44,800		2,192,960
Petroleo Brasileiro S.A., PFC Shares		472,200		2,303,436
Qualicorp Consultoria e Corretora de Seguros S.A.		60,200		342,293
Rumo S.A.(2)		133,419		495,011
StoneCo, Ltd., Class A(2)		23,400		1,682,460
Suzano S.A.(2)		18,720		212,300
Telefonica Brasil S.A., PFC Shares		40,700		336,228
TIM S.A.		136,650		332,172
Totvs S.A.		210,270		1,091,433
Transmissora Alianca de Energia Electrica S.A.		24,900		146,040
Ultrapar Participacoes S.A.		46,968		186,965
Vale S.A.		71,947		1,156,512
Weg S.A.		55,452		849,202
YDUQS Participacoes S.A.		24,300		149,005
			$	24,109,211
Bulgaria — 0.2%
CB First Investment Bank AD(2)		235,000	$	265,390
Chimimport AD(2)		329,922		204,604
MonBat AD(2)		60,235		171,811
Petrol AD(2)		25,625		4,340
Sopharma AD		254,600		536,440
			$	1,182,585
Chile — 2.4%
Aguas Andinas S.A., Series A		483,322	$	146,695
Banco de Chile		6,284,563		640,338
Banco de Credito e Inversiones S.A.		7,803		327,061
Banco Santander Chile		9,060,612		458,625
CAP S.A.		17,326		220,422
Cencosud S.A.		441,352		765,714
Cia Cervecerias Unidas S.A.		62,053		508,389
Cia Sud Americana de Vapores S.A.(2)		10,656,196		449,420
Colbun S.A.		1,345,305		231,974
Embotelladora Andina S.A., Class B, PFC Shares		93,248		236,112
Empresa Nacional de Telecomunicaciones S.A.		73,583		450,700
Empresas CMPC S.A.		202,216		540,723
Empresas COPEC S.A.		175,577		1,843,393
Enel Americas S.A.		4,179,631		628,590
Enel Chile S.A.(2)		4,113,329		298,036
Engie Energia Chile S.A.		113,637		135,765

Security	Shares		Value
Chile (continued)
Falabella S.A.		380,140	$	1,300,997
Parque Arauco S.A.		541,699		793,593
Ripley Corp. S.A.		721,671		214,034
Sociedad Matriz SAAM S.A.		5,008,549		388,496
Sociedad Quimica y Minera de Chile S.A., Series B, PFC Shares		21,616		1,094,763
Sonda S.A.		377,536		218,233
Vina Concha y Toro S.A.		194,743		312,545
			$	12,204,618
China — 19.4%
3SBio, Inc.(2)(3)		508,000	$	472,238
AAC Technologies Holdings, Inc.(1)		69,500		376,865
AECC Aviation Power Co., Ltd.		40,221		370,095
Agile Group Holdings, Ltd.		254,000		315,611
Aier Eye Hospital Group Co., Ltd., Class A		51,114		621,269
Air China, Ltd., Class H		628,000		434,561
Aisino Corp.		38,800		68,578
Alibaba Group Holding, Ltd. ADR(2)		15,200		3,858,216
Aluminum Corp. of China, Ltd., Class H(2)		1,672,000		507,159
Angang Steel Co., Ltd., Class H(1)		306,400		120,042
Anhui Conch Cement Co., Ltd., Class H		172,500		1,019,100
ANTA Sports Products, Ltd.		26,000		428,182
Baidu, Inc. ADR(2)		5,032		1,182,621
Bank of Beijing Co., Ltd.		182,760		133,625
Bank of China, Ltd., Class H		896,000		303,282
Bank of Ningbo Co., Ltd., Class A		33,500		199,075
BeiGene, Ltd. ADR(2)		2,200		704,000
Beijing Capital International Airport Co., Ltd., Class H		436,000		335,128
Beijing Enterprises Holdings, Ltd.		75,000		245,161
Beijing Enterprises Water Group, Ltd.		648,000		263,143
Beijing Originwater Technology Co., Ltd., Class A		127,500		142,307
BOE Technology Group Co., Ltd., Class A		341,100		324,699
Brilliance China Automotive Holdings, Ltd.		326,000		254,873
BYD Co., Ltd., Class H(1)		7,654		231,178
BYD Electronic (International) Co., Ltd.		42,500		292,704
Changchun High & New Technology Industry Group, Inc., Class A		6,200		435,407
Changjiang Securities Co., Ltd., Class A		112,200		133,849
Chengdu Xingrong Environment Co., Ltd., Class A		125,700		88,140
China Biologic Products Holdings, Inc.(2)		5,300		624,605
China Bluechemical, Ltd., Class H		1,270,000		254,817
China Coal Energy Co., Ltd., Class H		772,000		223,696
China Communications Services Corp., Ltd., Class H		658,000		293,631
China Construction Bank Corp., Class H		1,469,630		1,113,125
China Dongxiang Group Co., Ltd.		1,842,624		182,611

8 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
China Everbright Environment Group, Ltd.		373,925	$	209,877
China Evergrande Group(1)		135,000		258,919
China Fortune Land Development Co., Ltd.(4)		68,027		99,420
China Gas Holdings, Ltd.		234,600		825,668
China International Marine Containers Co., Ltd.		229,206		369,115
China Jinmao Holdings Group, Ltd.		586,000		229,360
China Life Insurance Co., Ltd., Class H		92,000		195,386
China Longyuan Power Group Corp., Ltd., Class H		476,000		696,783
China Mengniu Dairy Co., Ltd.		268,000		1,593,783
China Merchants Bank Co., Ltd., Class H		58,524		448,169
China Merchants Port Holdings Co., Ltd.		318,035		442,720
China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		74,674		136,188
China Molybdenum Co., Ltd., Class H		915,000		575,227
China National Building Material Co., Ltd., Class H		382,000		455,273
China Northern Rare Earth Group High-Tech Co., Ltd.(2)		117,100		321,394
China Oilfield Services, Ltd., Class H(1)		368,000		405,156
China Overseas Land & Investment, Ltd.		314,160		713,637
China Petroleum & Chemical Corp., Class H		3,909,741		1,851,582
China Railway Group, Ltd., Class H		412,000		187,025
China Resources Beer Holdings Co., Ltd.		72,000		634,811
China Resources Gas Group, Ltd.		96,000		478,187
China Resources Land, Ltd.		196,000		775,600
China Resources Medical Holdings Co., Ltd.		355,000		349,149
China Resources Power Holdings Co., Ltd.		267,600		282,347
China Shenhua Energy Co., Ltd., Class H		765,000		1,413,095
China Shineway Pharmaceutical Group, Ltd.		381,000		269,357
China Shipbuilding Industry Co., Ltd.(2)		185,800		117,126
China Southern Airlines Co., Ltd., Class H(2)		564,000		314,041
China State Construction Engineering Corp., Ltd.		156,440		116,183
China Tourism Group Duty Free Corp., Ltd.		6,700		303,523
China Travel International Investment Hong Kong, Ltd.(2)		1,372,855		187,128
China Vanke Co., Ltd., Class H		227,977		815,668
China Yangtze Power Co., Ltd.		162,200		493,169
Chongqing Changan Automobile Co., Ltd., Class A(2)		98,800		262,560
CIFI Holdings Group Co., Ltd.		374,000		306,568
CITIC, Ltd.		458,000		356,540
COSCO SHIPPING Development Co., Ltd., Class H		2,095,000		331,462
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		792,000		316,706
COSCO SHIPPING Holdings Co., Ltd., Class H(1)(2)		314,975		318,809
COSCO SHIPPING Ports, Ltd.		516,000		366,050
Country Garden Holdings Co., Ltd.		533,880		641,268
Country Garden Services Holdings Co., Ltd.		114,589		931,337
CSPC Pharmaceutical Group, Ltd.		755,760		768,304
Daqin Railway Co., Ltd.		235,100		231,490
Dong-E-E-Jiao Co., Ltd., Class A		16,200		81,803

Security	Shares		Value
China (continued)
Dongfeng Motor Group Co., Ltd., Class H		264,000	$	260,050
East Money Information Co., Ltd., Class A		70,358		381,754
Focus Media Information Technology Co., Ltd., Class A		196,344		329,056
Ganfeng Lithium Co., Ltd., Class A		51,150		941,944
GDS Holdings, Ltd. ADR(2)		9,300		963,108
Gemdale Corp.		80,700		134,833
Golden Eagle Retail Group, Ltd.		287,941		260,220
Great Wall Motor Co., Ltd., Class H		50,000		155,885
Gree Electric Appliances, Inc. of Zhuhai, Class A		11,100		96,314
Guangdong Baolihua New Energy Stock Co., Ltd., Class A		86,500		101,309
Guangdong Investment, Ltd.		258,000		451,878
Guangzhou Automobile Group Co., Ltd., Class H		199,218		180,818
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		220,000		551,653
Guangzhou R&F Properties Co., Ltd., Class H		178,000		218,937
Haier Smart Home Co., Ltd.		66,800		327,943
Haier Smart Home Co., Ltd., Class H(1)(2)		47,553		196,879
Han’s Laser Technology Industry Group Co., Ltd., Class A		23,400		154,494
Hengan International Group Co., Ltd.		110,000		786,722
Hengtong Optic-electric Co., Ltd.		38,780		73,618
Hesteel Co., Ltd., Class A(2)		506,400		161,083
Huadian Power International Corp., Ltd., Class H(1)		460,000		117,211
Huadong Medicine Co., Ltd., Class A		56,653		230,540
Huaneng Power International, Inc., Class H		670,000		236,995
Huayu Automotive Systems Co., Ltd.		53,308		245,079
Hubei Energy Group Co., Ltd., Class A		277,714		151,943
Huishan Dairy(1)(4)		1,800,000		0
Hundsun Technologies, Inc.		17,303		259,117
Iflytek Co., Ltd., Class A		34,550		248,818
Industrial & Commercial Bank of China, Ltd., Class H		1,167,000		744,394
Industrial Bank Co., Ltd.		97,902		349,259
Inner Mongolia BaoTou Steel Union Co., Ltd.(2)		707,000		125,508
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		53,200		363,036
Innovent Biologics, Inc.(2)(3)		72,500		824,124
JD.com, Inc. ADR(2)		8,606		763,266
Jiangsu Expressway Co., Ltd., Class H		214,000		248,166
Jiangsu Hengrui Medicine Co., Ltd.		32,301		516,902
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		14,600		459,672
Jiangxi Copper Co., Ltd., Class H		154,000		252,996
Jinke Properties Group Co., Ltd., Class A		130,499		139,991
Jinyu Bio-Technology Co., Ltd.		43,862		154,181
Jizhong Energy Resources Co., Ltd., Class A		231,400		115,352
Kingboard Holdings., Ltd.		46,600		189,897
Kingdee International Software Group Co., Ltd.		246,000		985,419
Kingsoft Corp, Ltd.(1)		105,000		809,401
Kunlun Energy Co., Ltd.		338,000		288,065

9 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
China (continued)
Kweichow Moutai Co., Ltd.		2,900	$	947,756
KWG Group Holdings, Ltd.		156,000		206,692
KWG Living Group Holdings, Ltd.(2)		78,000		82,193
Lee & Man Paper Manufacturing, Ltd.		275,000		241,136
Lenovo Group, Ltd.		640,000		744,923
Lepu Medical Technology Beijing Co., Ltd., Class A		33,300		138,375
Li Ning Co., Ltd.		75,708		471,646
Longfor Group Holdings, Ltd.(3)		128,000		720,828
LONGi Green Energy Technology Co., Ltd.		60,242		996,965
Luxshare Precision Industry Co., Ltd., Class A		71,034		579,247
Luye Pharma Group, Ltd.(1)(3)		496,500		248,468
Maanshan Iron & Steel Co., Ltd., Class H(1)		1,498,000		414,705
NARI Technology Co., Ltd.		48,600		220,603
NetEase, Inc. ADR		9,710		1,116,553
New Oriental Education & Technology Group, Inc. ADR(2)		2,300		385,250
Nine Dragons Paper Holdings, Ltd.		195,000		300,399
Oceanwide Holdings Co., Ltd., Class A		204,000		92,283
Offshore Oil Engineering Co., Ltd.		141,100		92,025
OFILM Group Co., Ltd., Class A		65,800		104,176
Oriental Pearl Group Co., Ltd., Class A		75,920		102,236
PetroChina Co., Ltd., Class H		4,802,000		1,448,186
Ping An Bank Co., Ltd., Class A		79,188		282,356
Ping An Insurance (Group) Co. of China, Ltd., Class H		95,000		1,118,889
Pingdingshan Tianan Coal Mining Co., Ltd.		131,900		99,646
Poly Developments and Holdings Group Co., Ltd., Class A		94,900		202,148
Poly Property Group Co., Ltd.		700,000		201,248
Power Construction Corp. of China, Ltd.		354,500		206,832
RiseSun Real Estate Development Co., Ltd., Class A		163,200		158,211
SAIC Motor Corp., Ltd.		55,100		186,403
Sanan Optoelectronics Co., Ltd.		84,900		386,599
SDIC Power Holdings Co., Ltd.		98,000		131,597
Shan Xi Hua Yang Group New Energy Co., Ltd.		126,000		93,127
Shandong Gold Mining Co., Ltd.		50,680		172,710
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		456,000		851,611
Shanghai Electric Group Co., Ltd., Class H(2)		1,184,000		432,292
Shanghai Industrial Holdings, Ltd.		204,000		279,528
Shanghai Pudong Development Bank Co., Ltd., Class A		136,500		210,024
Shanxi Coking Coal Energy Group Co., Ltd., Class A		198,510		147,688
Shanxi Lu’an Environmental Energy Development Co., Ltd.		152,200		128,272
Shenzhen Inovance Technology Co., Ltd., Class A		18,600		273,222
Shenzhen Investment, Ltd.		674,000		222,617
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		171,300		110,893
Shimao Group Holdings, Ltd.		118,500		342,624
Siasun Robot & Automation Co., Ltd., Class A(2)		55,000		100,915
Sichuan Chuantou Energy Co., Ltd.		88,600		150,032

Security	Shares		Value
China (continued)
Sihuan Pharmaceutical Holdings Group, Ltd.		3,161,000	$	783,744
SINA Corp.(2)		5,700		238,374
Sino Biopharmaceutical, Ltd.		639,500		593,686
Sino-Ocean Group Holding, Ltd.		659,000		132,823
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,963,000		433,877
Sinopharm Group Co., Ltd., Class H		302,000		740,097
Sunac China Holdings, Ltd.		188,000		698,489
Sunac Services Holdings, Ltd.(2)(3)		6,048		17,005
Sunny Optical Technology Group Co., Ltd.		50,900		1,329,708
TCL Technology Group Corp., Class A		373,200		493,343
Tencent Holdings, Ltd.		80,839		7,203,019
Tianqi Lithium Corp., Class A(2)		58,305		538,546
Tingyi (Cayman Islands) Holding Corp.		484,000		961,728
Tongling Nonferrous Metals Group Co., Ltd., Class A		424,000		149,772
Trip.com Group, Ltd. ADR(2)		9,254		294,555
Tsingtao Brewery Co., Ltd., Class H		77,566		748,023
Wanhua Chemical Group Co., Ltd.		19,665		338,963
Want Want China Holdings, Ltd.		1,157,920		831,514
Weichai Power Co., Ltd., Class H		244,742		721,828
Weimob, Inc.(1)(2)(3)		99,000		283,290
Wens Foodstuffs Group Co., Ltd., Class A		51,000		133,651
West China Cement, Ltd.		1,502,000		218,176
WH Group, Ltd.(3)		834,000		675,835
Wuliangye Yibin Co., Ltd., Class A		18,600		835,482
Wuxi Biologics Cayman, Inc.(2)(3)		130,500		1,827,251
Xiaomi Corp., Class B(2)(3)		621,800		2,322,227
Xinhu Zhongbao Co., Ltd.		301,800		140,401
Xinyi Solar Holdings, Ltd.		438,000		958,344
Yangzijiang Shipbuilding Holdings, Ltd.		326,900		241,418
Yanzhou Coal Mining Co., Ltd., Class H		522,000		403,487
Yonghui Superstores Co., Ltd.		124,700		131,415
Yuan Longping High-tech Agriculture Co., Ltd., Class A(2)		65,900		183,170
Yuexiu Property Co., Ltd.		1,130,000		220,733
Yunnan Baiyao Group Co., Ltd., Class A		21,200		435,168
Zhaojin Mining Industry Co., Ltd., Class H		372,500		400,792
Zhejiang Dahua Technology Co., Ltd., Class A		69,550		261,444
Zhejiang Expressway Co., Ltd., Class H		422,000		341,274
Zhejiang Huahai Pharmaceutical Co., Ltd.		41,250		155,985
Zhongjin Gold Corp., Ltd.		115,900		150,164
Zhongtian Financial Group Co., Ltd., Class A(2)		315,000		131,087
Zhuzhou CRRC Times Electric Co., Ltd., Class H		89,500		448,237
Zijin Mining Group Co., Ltd., Class H		980,000		1,081,788
ZTE Corp., Class H(1)		155,303		439,467
ZTO Express Cayman, Inc. ADR		6,900		228,252
			$	99,620,147

10 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Colombia — 1.1%
Bancolombia S.A.		36,723	$	314,856
Bancolombia S.A. ADR, PFC Shares		15,255		536,824
Celsia S.A. ESP		144,823		194,774
Cementos Argos S.A.		283,280		463,534
Corp. Financiera Colombiana S.A.(2)		13,924		125,702
Ecopetrol S.A.		2,468,635		1,404,125
Grupo Argos S.A.		172,980		644,615
Grupo Aval Acciones y Valores S.A., PFC Shares		673,418		218,497
Grupo de Inversiones Suramericana S.A.		27,791		176,760
Grupo de Inversiones Suramericana S.A., PFC Shares		17,097		98,203
Grupo Nutresa S.A.		125,847		860,371
Interconexion Electrica S.A.		124,080		801,704
			$	5,839,965
Croatia — 0.6%
Adris Grupa DD, PFC Shares(2)		8,306	$	546,552
Atlantic Grupa DD		832		178,774
Ericsson Nikola Tesla DD		1,039		249,511
Hrvatski Telekom DD		16,850		496,924
Koncar-Elektroindustrija DD(2)		1,251		124,087
Podravka Prehrambena Ind DD		3,233		253,869
Valamar Riviera DD(2)		233,109		1,113,541
Zagrebacka Banka DD(2)		14,722		131,169
			$	3,094,427
Czech Republic — 0.6%
CEZ AS		80,821	$	1,938,080
Komercni Banka AS(2)		27,280		828,003
O2 Czech Republic AS		8,600		100,959
Philip Morris CR AS		504		357,193
			$	3,224,235
Egypt — 0.6%
Cleopatra Hospital(2)		330,000	$	101,396
Commercial International Bank Egypt SAE		210,183		845,181
Eastern Co. SAE		594,265		554,623
Egypt Kuwait Holding Co. SAE		465,000		486,046
Egyptian Financial Group-Hermes Holding Co.(2)		120,844		120,599
ElSewedy Electric Co.		281,156		185,816
Ibnsina Pharma SAE		257,560		84,836
Juhayna Food Industries		264,000		117,580
Medinet Nasr Housing & Development		500,000		126,619
Oriental Weavers		271,447		122,589
Six of October Development & Investment Co.		134,471		133,895
Talaat Moustafa Group		316,254		149,511

Security	Shares		Value
Egypt (continued)
Telecom Egypt Co.		267,772	$	196,148
			$	3,224,839
Estonia — 0.6%
AS Merko Ehitus(2)		8,852	$	114,338
AS Tallink Grupp(2)		1,844,311		1,547,963
AS Tallinna Kaubamaja Grupp		66,001		760,680
AS Tallinna Vesi		32,785		552,375
			$	2,975,356
Ghana — 0.4%
CalBank PLC		1,765,286	$	229,497
Ghana Commercial Bank, Ltd.		1,434,648		1,086,125
Standard Chartered Bank of Ghana, Ltd.		215,500		671,473
			$	1,987,095
Greece — 1.2%
Aegean Airlines S.A.(2)		27,897	$	139,013
Alpha Bank AE(2)		252,670		228,604
Athens Water Supply & Sewage Co. S.A.		12,891		102,331
Costamare, Inc.		17,619		140,952
Eurobank Ergasias Services and Holdings S.A.(2)		501,026		330,928
FF Group(2)(4)		46,335		0
GEK Terna Holding Real Estate Construction S.A.(2)		35,563		308,557
Hellenic Petroleum S.A.		46,772		310,506
Hellenic Telecommunications Organization S.A.		62,260		904,989
Holding Co. ADMIE IPTO S.A.		26,908		77,689
JUMBO S.A.		35,549		556,874
Motor Oil (Hellas) Corinth Refineries S.A.		35,902		504,665
Mytilineos S.A.		42,775		622,794
National Bank of Greece S.A.(2)		102,241		239,936
OPAP S.A.		65,464		801,422
Public Power Corp. S.A.(2)		24,112		205,807
Terna Energy S.A.		7,268		123,909
Titan Cement International S.A.		17,213		301,349
Tsakos Energy Navigation, Ltd.		16,120		134,441
			$	6,034,766
Hungary — 0.6%
Magyar Telekom Telecommunications PLC		102,640	$	136,866
MOL Hungarian Oil & Gas PLC(2)		120,135		902,129
OTP Bank Nyrt.(2)		18,380		838,050
Richter Gedeon Nyrt.		45,522		1,282,331
			$	3,159,376

11 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
India — 4.7%
ABB India, Ltd.		6,696	$	127,037
ACC, Ltd.		4,578		100,455
Adani Enterprises, Ltd.		19,174		131,443
Adani Ports and Special Economic Zone, Ltd.		35,949		250,746
Alkem Laboratories, Ltd.		4,518		186,282
Apollo Hospitals Enterprise, Ltd.		9,012		315,948
Asian Paints, Ltd.		10,700		353,303
Aurobindo Pharma, Ltd.		20,924		259,240
Axis Bank, Ltd.(2)		16,772		152,807
Bajaj Auto, Ltd.		4,334		238,713
Bharat Forge, Ltd.		28,189		226,155
Bharat Heavy Electricals, Ltd.(2)		277,624		137,108
Bharat Petroleum Corp., Ltd.		30,291		159,870
Bharti Airtel, Ltd.		117,185		885,285
Biocon, Ltd.(2)		54,499		277,955
Cadila Healthcare, Ltd.		32,897		203,046
Cipla, Ltd.		38,493		436,145
Coal India, Ltd.		73,904		127,140
Coforge, Ltd.		4,821		156,829
Container Corp. of India, Ltd.		33,600		200,926
Crompton Greaves Consumer Electricals, Ltd.		19,469		113,157
Cummins India, Ltd.		12,800		115,480
Dabur India, Ltd.		29,492		207,303
Divi’s Laboratories, Ltd.		9,150		422,760
DLF, Ltd.		36,243		126,807
Dr. Reddy’s Laboratories, Ltd.		7,621		478,602
Eicher Motors, Ltd.		3,860		145,586
GAIL (India), Ltd.		104,139		177,946
GlaxoSmithKline Pharmaceuticals, Ltd.		7,462		149,933
Glenmark Pharmaceuticals, Ltd.		21,554		139,469
Godrej Consumer Products, Ltd.		20,875		214,112
Grasim Industries, Ltd.		12,543		182,094
Gujarat State Petronet, Ltd.		48,082		130,730
Havells India, Ltd.		14,443		206,389
HCL Technologies, Ltd.		35,417		442,698
Hero MotoCorp, Ltd.		5,743		257,000
Hindalco Industries, Ltd.		50,236		154,466
Hindustan Unilever, Ltd.		17,701		548,170
Housing Development Finance Corp., Ltd.		16,467		535,501
ICICI Bank, Ltd.(2)		64,117		475,639
Indian Oil Corp., Ltd.		99,120		126,443
Indus Towers, Ltd.		59,046		187,176
Infosys, Ltd.		120,258		2,055,743
Ipca Laboratories, Ltd.		6,586		168,017
ITC, Ltd.		76,886		213,739
JSW Steel, Ltd.		41,470		206,233

Security	Shares		Value
India (continued)
Kotak Mahindra Bank, Ltd.(2)		8,924	$	208,754
Larsen & Toubro, Ltd.		32,335		590,966
Lupin, Ltd.		28,226		389,483
Mahindra & Mahindra, Ltd.		37,002		380,750
Maruti Suzuki India, Ltd.		5,154		509,097
Nestle India, Ltd.		1,119		262,604
NTPC, Ltd.		271,426		329,317
Oil & Natural Gas Corp., Ltd.		123,509		150,473
Piramal Enterprises, Ltd.		9,852		176,138
Power Grid Corporation of India, Ltd.		150,500		378,682
Reliance Industries, Ltd.		74,874		1,887,340
Siemens, Ltd.		5,381		117,076
Sun Pharmaceutical Industries, Ltd.		88,876		714,852
Sun TV Network, Ltd.		26,788		174,944
Tata Consultancy Services, Ltd.		34,951		1,494,505
Tata Consumer Products, Ltd.		18,584		141,011
Tata Motors, Ltd.(2)		78,747		281,139
Tata Power Co., Ltd. (The)		149,699		154,426
Tata Steel, Ltd.		17,980		147,408
Tech Mahindra, Ltd.		28,861		378,774
Titan Co., Ltd.		16,302		317,073
Torrent Pharmaceuticals, Ltd.		4,744		168,143
UltraTech Cement, Ltd.		2,833		206,135
UPL, Ltd.		24,538		188,954
Vedanta, Ltd.		41,367		91,100
Vodafone Idea, Ltd.(2)		759,569		114,663
Voltas, Ltd.		20,000		246,733
Wipro, Ltd.		71,474		411,416
WNS Holdings, Ltd. ADR(2)		3,000		201,540
Zee Entertainment Enterprises, Ltd.		44,401		133,028
			$	24,054,150
Indonesia — 2.2%
Ace Hardware Indonesia Tbk PT		1,088,200	$	120,745
Adaro Energy Tbk PT		4,096,500		349,002
AKR Corporindo Tbk PT		470,000		94,674
Aneka Tambang Tbk		1,730,400		272,166
Astra Argo Lestari Tbk PT		159,300		126,348
Astra International Tbk PT		3,968,600		1,719,710
Bank Central Asia Tbk PT		310,700		747,274
Bank Mandiri Persero Tbk PT		430,100		201,223
Bank Negara Indonesia Persero Tbk PT		359,100		141,289
Bank Rakyat Indonesia Persero Tbk PT		1,547,100		458,664
Bintang Oto Global Tbk PT(2)		1,572,600		145,080
Bukit Asam Tbk PT		1,334,900		244,415
Bumi Serpong Damai Tbk PT(2)		3,215,100		256,940

12 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Indonesia (continued)
Charoen Pokphand Indonesia Tbk PT		801,800	$	327,432
Erajaya Swasembada Tbk PT(2)		981,500		192,988
Gudang Garam Tbk PT(2)		89,300		239,812
Hanson International Tbk PT(2)(4)		23,744,500		0
Indocement Tunggal Prakarsa Tbk PT		342,500		325,343
Indofood Sukses Makmur Tbk PT		672,300		289,325
Jasa Marga (Persero) Tbk PT		780,500		239,769
Kalbe Farma Tbk PT		4,445,600		463,407
Lippo Karawaci Tbk PT(2)		19,017,880		236,229
Medco Energi Internasional Tbk PT(2)		3,858,120		177,650
Media Nusantara Citra Tbk PT(2)		1,995,400		146,572
Mitra Adiperkasa Tbk PT(2)		2,749,100		150,431
Mitra Keluarga Karyasehat Tbk PT		1,185,700		244,831
Perusahaan Gas Negara Tbk PT		1,221,100		116,349
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,193,000		112,968
PP Persero Tbk PT		1,377,389		159,545
Semen Indonesia Persero Tbk PT		509,000		383,519
Sigmagold Inti Perkasa Tbk PT(2)(4)		17,097,000		0
Telkom Indonesia Persero Tbk PT		4,521,300		999,298
Tower Bersama Infrastructure Tbk PT		2,018,000		321,055
Unilever Indonesia Tbk PT		596,900		294,064
United Tractors Tbk PT		322,883		524,256
Vale Indonesia Tbk PT(2)		690,800		269,060
Waskita Karya Persero Tbk PT		2,474,900		248,530
Wijaya Karya Persero Tbk PT		982,300		125,344
XL Axiata Tbk PT		485,100		76,463
			$	11,541,770
Jordan — 0.6%
Arab Bank PLC(2)		249,678	$	1,474,518
Arab Potash Co. PLC		22,442		686,723
Bank of Jordan(2)		83,270		233,025
Jordan Islamic Bank(2)		30,248		132,379
Jordan Petroleum Refinery		85,173		283,524
Jordanian Electric Power Co.		94,235		155,415
			$	2,965,584
Kazakhstan — 0.6%
Halyk Savings Bank of Kazakhstan JSC GDR(5)		21,561	$	273,449
KAZ Minerals PLC		168,039		1,661,991
Kcell JSC GDR(5)		185,789		1,208,695
			$	3,144,135

Security	Shares		Value
Kenya — 0.6%
ABSA Bank Kenya PLC		1,104,860	$	93,065
ARM Cement, Ltd.(2)(4)		1,653,600		0
British American Tobacco Kenya PLC		35,200		130,329
Co-operative Bank of Kenya, Ltd. (The)		285,821		32,518
East African Breweries, Ltd.		442,080		601,450
Equity Group Holdings PLC(2)		816,800		270,831
KCB Group, Ltd.		709,420		230,021
Kenya Power & Lighting, Ltd.(2)		4,351,554		59,092
Nation Media Group PLC(2)		334,602		45,583
Safaricom PLC		5,216,872		1,678,136
Standard Chartered Bank Kenya, Ltd.		37,446		47,252
			$	3,188,277
Kuwait — 1.3%
Agility Public Warehousing Co. KSC		389,573	$	963,312
Boubyan Bank KSCP		108,984		206,904
Boubyan Petrochemicals Co. KSCP		146,006		322,112
Burgan Bank SAK		129,020		93,759
Gulf Bank KSCP		196,041		142,439
Kuwait Finance House KSCP		406,584		960,612
Kuwait Real Estate Co. KSC(2)		220,214		82,885
Mabanee Co. KPSC		198,852		463,632
Mobile Telecommunications Co. KSCP		630,904		1,319,942
National Bank of Kuwait SAK		582,312		1,677,389
National Industries Group Holding SAK		522,891		328,396
			$	6,561,382
Lithuania — 0.4%
Apranga PVA(2)		317,588	$	659,072
Klaipedos Nafta AB		815,900		314,290
Rokiskio Suris		122,500		431,169
Siauliu Bankas(2)		1,084,702		695,675
			$	2,100,206
Malaysia — 2.4%
Aeon Co. (M) Bhd		440,600	$	100,630
Axiata Group Bhd		194,650		159,936
Berjaya Sports Toto Bhd		274,265		137,597
CIMB Group Holdings Bhd		172,700		163,673
Dialog Group Bhd		1,024,731		768,073
Digi.com Bhd		173,244		162,076
Gamuda Bhd		308,500		251,339
Genting Bhd		522,600		512,999
Genting Malaysia Bhd		654,000		397,206
Globetronics Technology Bhd		582,200		457,198

13 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Malaysia (continued)
Hartalega Holdings Bhd		212,408	$	674,032
Hong Leong Bank Bhd		26,900		114,677
IGB Real Estate Investment Trust		192,600		80,958
IHH Healthcare Bhd		476,500		601,366
IJM Corp. Bhd		323,680		119,842
Inari Amertron Bhd		1,026,300		857,603
IOI Corp. Bhd		71,207		74,257
IOI Properties Group Bhd		266,058		85,290
KLCCP Stapled Group		42,600		74,257
Kossan Rubber Industries		210,000		230,613
Kuala Lumpur Kepong Bhd		14,600		83,706
Magnum Bhd		315,867		164,564
Malayan Banking Bhd		113,587		219,084
Malaysia Airports Holdings Bhd		141,100		179,597
Maxis Bhd		126,200		148,654
MISC Bhd		121,500		178,737
MMC Corp. Bhd		750,200		143,047
My EG Services Bhd		1,150,050		543,371
Nestle Malaysia Bhd		2,600		87,917
Petronas Chemicals Group Bhd		242,400		400,745
Petronas Dagangan Bhd		79,300		378,820
Petronas Gas Bhd		39,500		156,418
PPB Group Bhd		30,500		139,347
Press Metal Aluminium Holdings Bhd		118,520		233,451
Public Bank Bhd		266,690		275,889
RHB Bank Bhd		101,700		127,985
Silverlake Axis, Ltd.		627,992		124,477
Sime Darby Bhd		241,339		130,894
Sime Darby Plantation Bhd		81,539		97,495
Sunway Bhd		339,006		125,611
Supermax Corp. Bhd(2)		213,440		357,633
Telekom Malaysia Bhd		111,400		174,546
Tenaga Nasional Bhd		51,238		122,081
Top Glove Corp. Bhd		567,100		943,284
VS Industry Bhd		676,700		455,548
YTL Corp. Bhd(2)		404,791		64,330
			$	12,080,853
Mauritius — 0.6%
Alteo, Ltd.		436,204	$	223,076
CIEL, Ltd.		1,801,109		174,553
MCB Group, Ltd.(2)		171,702		1,023,175
Phoenix Beverages, Ltd.		24,345		366,210
Rogers & Co., Ltd.(2)		898,291		457,880
SBM Holdings, Ltd.(2)		2,636,400		235,203
Sun, Ltd., Class A(2)		516,880		167,556

Security	Shares		Value
Mauritius (continued)
Terra Mauricia, Ltd.		432,330	$	217,493
United Basalt Products, Ltd.		107,345		341,334
			$	3,206,480
Mexico — 4.6%
Alfa SAB de CV, Series A		775,172	$	486,681
Alsea SAB de CV(1)(2)		258,700		290,263
America Movil SAB de CV, Series L		4,364,505		2,906,263
Arca Continental SAB de CV		63,680		289,867
Bolsa Mexicana de Valores SAB de CV		78,775		176,695
Cemex SAB de CV, Series CPO(2)		2,066,439		1,187,504
Coca-Cola Femsa SAB de CV, Series L		85,355		372,832
Corp. Inmobiliaria Vesta SAB de CV		182,300		343,719
El Puerto de Liverpool SAB de CV(1)		69,380		219,691
Fibra Uno Administracion S.A. de CV		1,655,790		1,856,999
Fomento Economico Mexicano SAB de CV, Series UBD		253,456		1,726,058
Genomma Lab Internacional SAB de CV(2)		221,300		225,413
Gruma SAB de CV, Class B		30,000		329,284
Grupo Aeroportuario del Centro Norte SAB de CV(2)		90,200		527,674
Grupo Aeroportuario del Pacifico SAB de CV, Class B(2)		107,687		1,082,806
Grupo Aeroportuario del Sureste SAB de CV, Class B(2)		55,260		869,835
Grupo Bimbo SAB de CV, Series A		221,045		416,663
Grupo Carso SAB de CV, Series A1(2)		293,000		735,966
Grupo Elektra SAB de CV(1)		5,748		389,327
Grupo Financiero Banorte SAB de CV, Class O(2)		217,800		1,084,803
Grupo Financiero Inbursa SAB de CV, Class O(2)		238,800		214,115
Grupo Mexico SAB de CV, Series B		435,579		1,879,881
Grupo Televisa SAB ADR(2)		77,600		582,776
Grupo Televisa SAB, Series CPO(2)		124,100		188,641
Industrias Penoles SAB de CV(2)		16,880		251,994
Infraestructura Energetica Nova SAB de CV(2)		125,500		459,046
Kimberly-Clark de Mexico SAB de CV, Class A		256,500		450,586
Macquarie Mexico Real Estate Management S.A. de CV(3)		240,600		296,129
Orbia Advance Corp., SAB de CV		174,399		372,807
PLA Administradora Industrial S de RL de CV		127,200		178,709
Promotora y Operadora de Infraestructura SAB de CV		57,915		436,700
Telesites SAB de CV(1)(2)		236,668		240,490
Ternium S.A. ADR(2)		9,400		248,630
Vista Oil & Gas SAB de CV ADR(1)(2)		48,000		119,520
Wal-Mart de Mexico SAB de CV, Series V		695,980		1,981,772
			$	23,420,139
Morocco — 0.6%
Attijariwafa Bank		7,338	$	357,111
Bank of Africa		8,400		150,650

14 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Morocco (continued)
Banque Centrale Populaire		7,451	$	215,283
Co Sucrerie Marocaine et de Raffinage		13,010		335,229
Label Vie		499		176,847
LafargeHolcim Maroc S.A.		3,640		667,092
Lesieur Cristal		4,686		88,843
Maroc Telecom		47,538		780,723
Societe d’Exploitation des Ports		10,039		245,612
TAQA Morocco S.A.		695		72,592
TOTAL Maroc S.A.		466		65,206
			$	3,155,188
Nigeria — 1.0%
Access Bank PLC(4)		9,080,193	$	176,055
Dangote Cement PLC(4)		2,401,432		1,185,855
FBN Holdings PLC(4)		8,190,197		130,088
Flour Mills of Nigeria PLC(4)		3,215,556		232,133
Guaranty Trust Bank PLC(4)		8,113,125		583,815
Lafarge Africa PLC(4)		3,378,540		211,811
MTN Nigeria Communications PLC(4)		1,163,700		450,080
Nestle Nigeria PLC(4)		141,303		445,334
Nigerian Breweries PLC(4)		2,570,740		344,980
SEPLAT Petroleum Development Co. PLC(3)		528,379		528,727
Stanbic IBTC Holdings PLC(4)		1,298,604		121,989
Transnational Corp. of Nigeria PLC(4)		44,100,342		94,805
United Bank for Africa PLC(4)		10,544,352		198,003
Zenith Bank PLC(4)		7,051,959		399,390
			$	5,103,065
Oman — 0.6%
Bank Dhofar SAOG		238,170	$	64,933
Bank Muscat SAOG		666,889		694,760
Bank Nizwa SAOG(2)		427,781		106,447
HSBC Bank Oman SAOG		391,338		84,429
National Bank of Oman SAOG		297,921		100,425
Oman Cables Industry SAOG		64,900		75,990
Oman Cement Co. SAOG		304,694		221,255
Oman Flour Mills Co. SAOG		90,796		158,106
Oman Telecommunications Co. SAOG		375,888		742,102
Omani Qatari Telecommunications Co. SAOG		310,885		344,230
Ominvest		103,161		83,993
Renaissance Services SAOG		249,496		227,777
Sembcorp Salalah Power & Water Co.		776,242		195,577
Sohar International Bank SAOG		649,633		152,556
			$	3,252,580

Security	Shares		Value
Pakistan — 0.6%
Bank Alfalah, Ltd.		369,958	$	84,263
Engro Corp., Ltd.		90,410		173,578
Engro Fertilizers, Ltd.		158,054		64,160
Fauji Fertilizer Co., Ltd.		220,485		151,475
Habib Bank, Ltd.		269,518		238,882
Hub Power Co., Ltd. (The)		403,309		220,330
Lucky Cement, Ltd.(2)		56,709		257,333
Mari Petroleum Co., Ltd.		17,083		149,991
MCB Bank, Ltd.		163,295		196,313
Millat Tractors, Ltd.		46,738		312,682
Nishat Mills, Ltd.		211,771		149,395
Oil & Gas Development Co., Ltd.		382,291		253,555
Pakistan Oilfields, Ltd.		56,711		143,680
Pakistan Petroleum, Ltd.		387,571		220,755
Pakistan State Oil Co., Ltd.(2)		144,660		219,103
Searle Co., Ltd. (The)		121,651		198,691
United Bank, Ltd.		219,304		187,164
			$	3,221,350
Panama — 0.2%
Banco Latinoamericano de Comercio Exterior S.A., Class E		33,600	$	512,064
Copa Holdings S.A., Class A		8,929		690,837
			$	1,202,901
Peru — 1.2%
Cia de Minas Buenaventura SAA ADR(2)		108,350	$	1,103,003
Credicorp, Ltd.		13,700		2,059,521
Ferreycorp SAA		779,746		439,408
Southern Copper Corp.		34,476		2,289,551
Volcan Cia Minera SAA, Class B(2)		1,290,875		216,459
			$	6,107,942
Philippines — 2.3%
Aboitiz Equity Ventures, Inc.		397,000	$	328,265
Aboitiz Power Corp.		730,800		364,371
Alliance Global Group, Inc.		772,200		158,669
Ayala Corp.		35,395		565,081
Ayala Land, Inc.		817,831		638,801
Ayala Land, Inc. GDR, PFC Shares(4)		3,951,800		0
Bank of the Philippine Islands		144,030		237,810
BDO Unibank, Inc.		184,394		385,035
Bloomberry Resorts Corp.		2,210,600		365,320
Cosco Capital, Inc.		2,744,100		293,455
D&L Industries, Inc.		1,162,500		160,002
First Gen Corp.		319,822		197,961

15 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Philippines (continued)
Globe Telecom, Inc.		10,029	$	404,318
International Container Terminal Services, Inc.		133,500		328,719
JG Summit Holdings, Inc.		453,358		571,247
Jollibee Foods Corp.		175,326		646,450
Manila Electric Co.		49,700		269,273
Manila Water Co.(2)		415,800		125,185
Megaworld Corp.		1,361,400		107,772
Metropolitan Bank & Trust Co.		303,732		283,515
Nickel Asia Corp.		1,816,240		176,770
Petron Corp.		2,007,400		147,495
PLDT, Inc.		30,440		830,448
Puregold Price Club, Inc.		337,403		252,133
San Miguel Corp.		82,970		210,735
Semirara Mining & Power Corp.		681,020		173,649
SM Investments Corp.		67,671		1,383,883
SM Prime Holdings, Inc.		1,228,829		899,171
Universal Robina Corp.		375,105		1,052,560
			$	11,558,093
Poland — 2.4%
AmRest Holdings SE(2)		39,708	$	301,118
Asseco Poland S.A.		47,782		869,779
Bank Polska Kasa Opieki S.A.(2)		18,661		317,611
Budimex S.A.		9,658		836,598
Cyfrowy Polsat S.A.		81,987		671,373
Enea S.A.(2)		80,414		147,458
Eurocash S.A.(1)(2)		317,200		1,162,273
Grupa Azoty S.A.(2)		25,745		199,588
Grupa Lotos S.A.		23,698		244,626
KGHM Polska Miedz S.A.(2)		19,644		988,735
LPP S.A.(2)		815		1,675,726
mBank S.A.(2)		1,863		97,422
Neuca S.A.		662		120,804
Orange Polska S.A.(2)		471,620		830,188
PGE S.A.(2)		134,122		234,211
Polski Koncern Naftowy ORLEN S.A.		77,189		1,156,853
Polskie Gornictwo Naftowe i Gazownictwo S.A.		484,200		732,882
Powszechna Kasa Oszczednosci Bank Polski S.A.(2)		94,583		730,280
Powszechny Zaklad Ubezpieczen S.A.(2)		65,560		523,299
Santander Bank Polska S.A.(2)		5,775		279,453
Tauron Polska Energia S.A.(2)		318,408		238,893
			$	12,359,170
Qatar — 1.2%
Aamal Co. QSC		465,350	$	109,210
Al Meera Consumer Goods Co.		36,720		202,102

Security	Shares		Value
Qatar (continued)
Barwa Real Estate Co.		438,180	$	395,429
Commercial Bank PSQC (The)		112,207		130,848
Gulf International Services QSC(2)		443,811		191,214
Industries Qatar		392,804		1,294,346
Masraf Al Rayan QSC		228,674		274,388
Medicare Group		45,960		110,229
Ooredoo QPSC		210,500		479,750
Qatar Electricity & Water Co. QSC		64,821		315,230
Qatar Gas Transport Co., Ltd.		922,290		831,928
Qatar International Islamic Bank		62,147		151,200
Qatar Islamic Bank		48,537		220,010
Qatar National Bank QPSC		234,986		1,155,468
United Development Co. QSC		396,214		169,354
Vodafone Qatar QSC		422,193		173,131
			$	6,203,837
Romania — 0.8%
Banca Transilvania S.A.		1,083,999	$	617,362
BRD-Groupe Societe Generale S.A.(2)		71,221		266,084
NEPI Rockcastle PLC		136,380		824,383
OMV Petrom S.A.		11,647,882		1,151,204
Societatea Energetica Electrica S.A.		58,301		189,558
Societatea Nationala de Gaze Naturale ROMGAZ S.A.		87,362		670,350
Transelectrica S.A.		15,017		105,684
Transgaz S.A. Medias		2,688		204,332
			$	4,028,957
Russia — 4.8%
Aeroflot PJSC(2)		320,440	$	293,589
Alrosa PJSC		275,900		361,371
Detsky Mir PJSC(3)		223,540		420,218
Evraz PLC		50,131		342,766
Federal Grid Co. Unified Energy System PJSC		153,745,440		425,152
Gazprom PJSC ADR		319,540		1,776,296
Globaltrans Investment PLC GDR(5)		56,001		377,013
Inter RAO UES PJSC		14,928,070		1,031,288
LSR Group PJSC GDR(5)		82,952		196,950
Lukoil PJSC ADR		18,549		1,312,797
Magnit PJSC		32,440		2,104,227
Magnitogorsk Iron & Steel Works PJSC		377,300		255,495
Mail.Ru Group, Ltd. GDR(2)(5)		15,136		394,309
MMC Norilsk Nickel PJSC ADR(6)		54,880		1,761,996
MMC Norilsk Nickel PJSC ADR(6)		8,578		277,155
Mobile TeleSystems PJSC		130,217		565,358
Moscow Exchange MICEX-RTS PJSC		84,490		174,461
Novatek PJSC GDR(5)		5,296		883,738

16 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Russia (continued)
Novolipetskiy Metallurgicheskiy Kombinat PAO GDR(5)		11,326	$	315,024
OGK-2 PJSC		12,211,000		122,609
PhosAgro PJSC GDR(5)		22,492		351,956
PIK Group PJSC		20,850		194,167
Polymetal International PLC		28,470		614,488
QIWI PLC ADR(1)		22,466		217,696
Rosneft Oil Co. PJSC GDR(5)(6)		3,905		24,203
Rosneft Oil Co. PJSC GDR(5)(6)		92,461		570,572
Rosseti PJSC		8,311,000		175,335
Rostelecom PJSC(2)		178,067		236,678
RusHydro PJSC		62,585,080		645,807
Sberbank of Russia PJSC		322,298		1,094,969
Severstal PAO GDR(5)		25,659		428,478
Sistema PJSFC		807,378		334,262
Surgutneftegas PJSC ADR		85,751		374,022
Surgutneftegas PJSC, PFC Shares		421,400		223,236
Tatneft PJSC ADR		14,679		568,947
Transneft PJSC, PFC Shares		148		279,839
Unipro PJSC		3,687,000		136,917
VEON, Ltd. ADR		112,584		181,260
VTB Bank PJSC		267,370,000		129,142
X5 Retail Group NV GDR(5)(6)		33,518		1,181,760
X5 Retail Group NV GDR(5)(6)		8,586		303,773
Yandex NV, Class A(1)(2)		45,300		2,837,592
			$	24,496,911
Saudi Arabia — 5.0%
Abdullah Al Othaim Markets Co.		11,103	$	368,604
Advanced Petrochemical Co.		9,504		161,663
Al Hammadi Co. for Development and Investment(2)		31,678		235,638
Al Rajhi Bank		36,453		708,254
Alandalus Property Co.		41,044		234,909
Aldrees Petroleum and Transport Services Co.		7,178		124,292
Alinma Bank(2)		41,348		179,941
Almarai Co. JSC		66,532		954,669
Arabian Centres Co., Ltd.		48,197		304,838
Arriyadh Development Co.		72,620		350,750
Astra Industrial Group(2)		26,471		181,128
Bank AlBilad		13,959		103,147
Banque Saudi Fransi		17,591		157,528
Dallah Healthcare Co.		11,134		162,925
Dar Al Arkan Real Estate Development Co.(2)		293,087		671,325
Dr Sulaiman Al Habib Medical Services Group Co.		40,333		1,238,509
Dur Hospitality Co.		17,800		138,283
Emaar Economic City(2)		217,285		522,825
Etihad Etisalat Co.(2)		51,337		390,909

Security	Shares		Value
Saudi Arabia (continued)
Fawaz Abdulaziz Al Hokair & Co.(2)		30,477	$	172,613
Herfy Food Services Co.		12,001		186,064
Jadwa REIT Saudi Fund		21,152		80,500
Jarir Marketing Co.		30,570		1,422,279
Leejam Sports Co. JSC(2)		15,200		298,034
Maharah Human Resources Co.		8,190		166,284
Middle East Healthcare Co.(2)		22,602		208,566
Mobile Telecommunications Co. Saudi Arabia(2)		52,345		191,273
Mouwasat Medical Services Co.		22,928		878,674
National Agriculture Development Co. (The)(2)		22,099		169,324
National Commercial Bank		47,545		546,499
National Gas & Industrialization Co.(2)		12,747		102,841
National Medical Care Co.		8,200		114,738
Rabigh Refining & Petrochemical Co.(2)		28,719		107,004
Riyad Bank		33,722		191,495
SABIC Agri-Nutrients Co.		11,770		290,675
Sahara International Petrochemical Co.		34,099		166,792
Samba Financial Group		24,713		198,308
Saudi Airlines Catering Co.		20,273		414,649
Saudi Arabian Mining Co.(2)		22,495		251,103
Saudi Arabian Oil Co.(3)		319,869		2,961,474
Saudi Basic Industries Corp.		42,981		1,173,703
Saudi British Bank (The)		26,256		187,283
Saudi Ceramic Co.(2)		21,140		273,187
Saudi Chemical Co. Holding(2)		23,815		217,555
Saudi Electricity Co.		300,173		1,770,080
Saudi Ground Services Co.(2)		51,767		429,725
Saudi Industrial Investment Group		24,764		169,740
Saudi Industrial Services Co.		17,935		169,965
Saudi Kayan Petrochemical Co.(2)		59,809		229,449
Saudi Pharmaceutical Industries & Medical Appliances Corp.		19,138		196,275
Saudi Public Transport Co.(2)		35,200		163,985
Saudi Telecom Co.		70,824		2,134,002
Saudia Dairy & Foodstuff Co.		4,476		191,231
Savola Group (The)		62,022		650,019
Seera Group Holding(2)		79,590		384,016
United Electronics Co.		17,042		423,842
United International Transportation Co.		15,846		164,974
Yanbu National Petrochemical Co.		18,600		317,298
			$	25,555,655
Slovenia — 0.6%
Cinkarna Celje DD		468	$	105,068
KRKA DD		17,069		1,970,716
Luka Koper		4,115		101,726

17 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Slovenia (continued)
Petrol		1,221	$	498,094
Pozavarovalnica Sava DD(2)		6,675		159,953
Telekom Slovenije DD		1,849		103,188
Zavarovalnica Triglav DD(2)		6,306		242,451
			$	3,181,196
South Africa — 4.9%
African Rainbow Minerals, Ltd.		9,775	$	176,196
Anglo American Platinum, Ltd.		3,644		362,525
AngloGold Ashanti, Ltd.		23,304		543,045
Aspen Pharmacare Holdings, Ltd.(2)		132,591		1,251,678
AVI, Ltd.		52,938		263,597
Barloworld, Ltd.(2)		123,543		768,911
Bid Corp., Ltd.		43,400		720,693
Bidvest Group, Ltd. (The)		98,842		1,018,870
Capitec Bank Holdings, Ltd.(1)(2)		2,132		195,157
Clicks Group, Ltd.		36,700		602,992
DataTec, Ltd.(2)		160,600		261,286
Discovery, Ltd.		21,090		178,772
Equites Property Fund, Ltd.		104,000		115,199
Exxaro Resources, Ltd.		85,410		848,372
FirstRand, Ltd.		239,835		753,262
Fortress REIT, Ltd., Class A		395,418		340,854
Foschini Group, Ltd. (The)(2)		27,608		186,306
Gold Fields, Ltd.		51,097		479,105
Growthpoint Properties, Ltd.		976,000		780,022
Harmony Gold Mining Co., Ltd.(2)		39,953		177,215
Hyprop Investments, Ltd.(1)		165,000		270,720
Impala Platinum Holdings, Ltd.		43,462		586,935
Imperial Logistics, Ltd.		60,958		170,558
Kumba Iron Ore, Ltd.		4,760		190,693
Life Healthcare Group Holdings, Ltd.(2)		258,186		329,651
Mediclinic International PLC(2)		175,506		683,139
Mr Price Group, Ltd.		12,155		138,115
MTN Group, Ltd.(1)		330,800		1,364,733
MultiChoice Group, Ltd.		44,057		375,186
Naspers, Ltd., Class N		17,507		4,049,880
Netcare, Ltd.		662,637		585,316
Northam Platinum, Ltd.(2)		22,902		284,521
Pick’n Pay Stores, Ltd.		68,562		241,219
Redefine Properties, Ltd.(1)(2)		1,426,091		313,224
Resilient REIT, Ltd.		80,000		209,572
Reunert, Ltd.(1)		148,479		373,959
Sanlam, Ltd.		28,912		110,165
Sasol, Ltd.(2)		26,893		289,890
Shoprite Holdings, Ltd.		77,515		716,417

Security	Shares		Value
South Africa (continued)
Sibanye Stillwater, Ltd.		109,812	$	416,865
SPAR Group, Ltd. (The)		35,131		449,224
Standard Bank Group, Ltd.		16,101		133,481
Telkom S.A. SOC, Ltd.(1)		126,250		280,130
Tiger Brands, Ltd.		30,240		397,457
Truworths International, Ltd.(1)		58,994		173,316
Vodacom Group, Ltd.		170,100		1,387,534
Wilson Bayly Holmes-Ovcon, Ltd.(2)		56,523		307,030
Woolworths Holdings, Ltd.		46,024		136,356
			$	24,989,343
South Korea — 4.6%
Alteogen, Inc.(2)		1,032	$	121,931
AMOREPACIFIC Corp.		1,675		333,864
AMOREPACIFIC Group		3,776		198,833
Bukwang Pharmaceutical Co., Ltd.		7,850		156,373
Celltrion Healthcare Co., Ltd.(2)		4,045		518,156
Celltrion Pharm, Inc.(2)		1,249		195,144
Celltrion, Inc.(2)		4,022		1,161,000
Cheil Worldwide, Inc.		6,871		118,273
CJ CheilJedang Corp.		423		160,623
CJ ENM Co., Ltd.		525		71,579
CJ Logistics Corp.(2)		1,141		171,072
Coway Co., Ltd.(2)		2,548		158,242
Daewoo Industrial Development Co., Ltd.(2)		3,657		11,917
DL E&C Co., Ltd.(2)		963		95,983
DL Holdings Co., Ltd.		768		41,747
E-MART, Inc.		1,232		180,480
GS Engineering & Construction Corp.		4,785		162,947
GS Holdings Corp.		3,569		115,819
Hana Financial Group, Inc.		4,716		137,492
Hanjin Kal Corp.		2,015		109,781
Hankook Tire and Technology Co., Ltd.		3,779		138,536
Hanmi Pharm Co., Ltd.		910		310,056
Hanwha Solutions Corp.		3,548		157,851
Helixmith Co., Ltd.(2)		6,351		144,686
Hugel, Inc.(2)		1,353		236,809
Hyundai Department Store Co., Ltd.		1,615		112,886
Hyundai Engineering & Construction Co., Ltd.		4,384		157,497
Hyundai Glovis Co., Ltd.		758		128,543
Hyundai Heavy Industries Holdings Co., Ltd.		522		109,690
Hyundai Mobis Co., Ltd.		1,774		502,732
Hyundai Motor Co.		3,829		780,700
Hyundai Steel Co.		3,449		119,329
Kakao Corp.(2)		1,323		519,736
Kangwon Land, Inc.		5,706		119,926

18 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
South Korea (continued)
KB Financial Group, Inc.(2)		3,231	$	116,656
Kia Motors Corp.		5,941		435,405
Korea Electric Power Corp.(2)		4,640		94,679
Korea Shipbuilding & Offshore Engineering Co., Ltd.(2)		1,749		146,500
Korea Zinc Co., Ltd.		591		213,248
KT&G Corp.(2)		5,452		390,072
Kumho Petrochemical Co., Ltd.		743		163,211
LG Chem, Ltd.		852		694,936
LG Corp.		4,000		353,706
LG Electronics, Inc.		3,189		435,373
LG Household & Health Care, Ltd.		353		491,398
LG Uplus Corp.		7,151		76,287
Lotte Chemical Corp.		814		189,308
Lotte Corp.		2,725		78,994
MedPacto, Inc.(2)		1,418		97,119
Medytox, Inc.		1,454		157,700
Mezzion Pharma Co., Ltd.(2)		1,299		155,223
Naver Corp.		3,055		932,176
NCsoft Corp.		372		315,177
NHN Corp.(2)		1,349		84,017
Nong Shim Co., Ltd.		592		149,207
Orion Corp. of Republic of Korea		1,268		135,934
POSCO		2,031		445,816
S-Oil Corp.		3,651		222,799
S1 Corp.		1,533		110,503
Samsung Biologics Co., Ltd.(2)(3)		829		586,927
Samsung C&T Corp.		2,297		266,175
Samsung Electro-Mechanics Co., Ltd.		1,243		226,087
Samsung Electronics Co., Ltd.		60,082		4,392,413
Samsung Heavy Industries Co., Ltd.(2)		11,850		65,737
Samsung SDI Co., Ltd.		823		537,667
Samsung SDS Co., Ltd.		1,370		238,565
Seegene, Inc.		1,630		237,803
Shinhan Financial Group Co., Ltd.(2)		4,669		128,045
Shinsegae, Inc.		727		151,878
SK Holdings Co., Ltd.		1,250		347,351
SK Hynix, Inc.		6,250		682,378
SK Innovation Co., Ltd.		3,846		960,135
SK Telecom Co., Ltd.		1,060		231,174
Yuhan Corp.		3,861		226,468
Zyle Motor Sales Corp.(2)		5,113		5,485
			$	23,729,965
Sri Lanka — 0.6%
Ceylon Tobacco Co. PLC		38,480	$	221,749
Chevron Lubricants Lanka PLC		343,215		198,598

Security	Shares		Value
Sri Lanka (continued)
Commercial Bank of Ceylon PLC		340,279	$	179,587
Dialog Axiata PLC		2,513,619		167,013
Hatton National Bank PLC		218,856		177,397
Hemas Holdings PLC		285,028		144,823
John Keells Holdings PLC		1,335,887		1,180,699
Lanka IOC PLC		537,378		74,700
Melstacorp PLC		1,431,058		498,922
National Development Bank PLC		184,215		94,546
Sampath Bank PLC		170,952		181,560
Teejay Lanka PLC		836,829		195,317
			$	3,314,911
Taiwan — 4.7%
AcBel Polytech, Inc.		287,000	$	288,026
Accton Technology Corp.		20,000		191,982
Acer, Inc.		119,519		115,095
Advantech Co., Ltd.		18,697		230,556
AirTAC International Group		10,178		362,125
ASE Technology Holding Co., Ltd.		48,561		159,907
Asustek Computer, Inc.		18,325		187,256
AU Optronics Corp.(2)		187,837		98,772
Catcher Technology Co., Ltd.		20,183		142,322
Cathay Financial Holding Co., Ltd.		96,916		137,854
Center Laboratories, Inc.		195,079		416,728
Cheng Shin Rubber Industry Co., Ltd.		257,672		366,829
China Motor Corp.(2)		112,926		186,927
China Steel Corp.		497,734		407,506
Chunghwa Telecom Co., Ltd.		346,746		1,338,331
Compal Electronics, Inc.		260,345		199,132
CTBC Financial Holding Co., Ltd.		171,275		116,032
Delta Electronics, Inc.		23,151		233,028
E.Sun Financial Holding Co., Ltd.		133,890		112,834
Eclat Textile Co., Ltd.		18,159		262,388
EVA Airways Corp.		463,861		207,666
Evergreen International Storage & Transport Corp.		354,000		196,975
Evergreen Marine Corp.(2)		329,441		366,159
Far Eastern Department Stores, Ltd.		212,990		163,463
Far Eastern New Century Corp.		386,695		358,146
Far EasTone Telecommunications Co., Ltd.		139,084		297,848
Feng Hsin Steel Co., Ltd.		71,260		160,063
First Financial Holding Co., Ltd.		158,120		113,926
Formosa Chemicals & Fibre Corp.		135,014		373,136
Formosa Petrochemical Corp.		146,320		464,321
Formosa Plastics Corp.		171,183		531,612
Formosa Taffeta Co., Ltd.		182,149		189,002
Fubon Financial Holding Co., Ltd.		77,596		125,993

19 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Taiwan (continued)
Giant Manufacturing Co., Ltd.		36,208	$	351,303
Great Wall Enterprise Co., Ltd.		151,102		259,993
Hiwin Technologies Corp.		26,082		367,906
Hon Hai Precision Industry Co., Ltd.		131,443		522,763
Hota Industrial Manufacturing Co., Ltd.		62,659		255,545
Hotai Motor Co., Ltd.		22,000		443,323
Inventec Corp.		178,966		148,592
Kenda Rubber Industrial Co., Ltd.		139,902		159,589
Largan Precision Co., Ltd.		1,795		187,884
MediaTek, Inc.		17,462		545,402
Mega Financial Holding Co., Ltd.		128,303		128,862
Merida Industry Co., Ltd.		17,657		166,820
Nan Kang Rubber Tire Co., Ltd.		95,253		128,094
Nan Ya Plastics Corp.		236,214		553,485
Novatek Microelectronics Corp.		9,000		126,203
Pegatron Corp.		92,028		257,517
PharmaEssentia Corp.(2)		45,064		145,372
Pou Chen Corp.		151,819		151,515
Powertech Technology, Inc.		59,865		207,574
President Chain Store Corp.		57,664		549,448
Quanta Computer, Inc.		42,508		122,292
Radium Life Tech Co., Ltd.		1		0
Realtek Semiconductor Corp.		13,002		209,158
Ruentex Development Co., Ltd.		56,790		78,371
Sanyang Motor Co., Ltd.		224,866		252,436
St. Shine Optical Co., Ltd.		22,000		208,099
Tainan Spinning Co., Ltd.		224,822		100,996
Taiwan Cement Corp.		156,441		223,920
Taiwan Mobile Co., Ltd.		136,296		467,981
Taiwan Semiconductor Manufacturing Co., Ltd.		202,369		4,276,743
Teco Electric & Machinery Co., Ltd.		120,000		114,859
Tong Yang Industry Co., Ltd.		105,608		134,910
TTY Biopharm Co., Ltd.		194,096		424,049
Tung Ho Steel Enterprise Corp.		118,060		132,204
Uni-President Enterprises Corp.		378,831		919,588
United Microelectronics Corp.		156,090		279,676
Walsin Lihwa Corp.		462,000		271,081
Wan Hai Lines, Ltd.		72,962		111,156
Wei Chuan Foods Corp.		179,000		128,343
Win Semiconductors Corp.		16,000		234,894
Xxentria Technology Materials Corp.		143,700		294,793
Yageo Corp.		13,000		265,393
Yang Ming Marine Transport(2)		179,621		126,473
Yieh Phui Enterprise Co., Ltd.(2)		212,046		85,743
			$	24,222,288

Security	Shares		Value
Thailand — 4.9%
Advanced Info Service PCL(7)		153,900	$	882,688
Airports of Thailand PCL(7)		669,800		1,325,955
Asset World Corp. PCL(7)		2,001,200		306,175
Bangkok Bank PCL(7)		68,500		258,678
Bangkok Chain Hospital PCL(7)		974,100		471,916
Bangkok Dusit Medical Services PCL(7)		2,541,100		1,753,151
Bangkok Expressway & Metro PCL(7)		1,065,400		289,505
Bangkok Land PCL(7)		4,163,800		143,292
Banpu PCL(7)		365,500		126,266
BTS Group Holdings PCL(7)		1,082,800		341,107
Bumrungrad Hospital PCL(7)		234,200		979,272
Carabao Group PCL(7)		27,500		133,028
Central Pattana PCL(7)		255,500		416,435
Central Retail Corp. PCL(2)(7)		729,066		745,356
CH. Karnchang PCL(2)(7)		187,120		95,950
Charoen Pokphand Foods PCL(7)		412,400		374,576
Chularat Hospital PCL(7)		3,228,500		280,458
CP ALL PCL(2)(7)		390,200		744,863
Delta Electronics (Thailand) PCL(7)		195,200		3,427,191
Electricity Generating PCL(7)		35,200		209,109
Energy Absolute PCL(7)		157,000		339,242
Global Power Synergy PCL(7)		92,100		239,814
Gulf Energy Development PCL(7)		396,400		442,539
Hana Microelectronics PCL(7)		287,900		515,066
Home Product Center PCL(7)		945,455		431,139
Indorama Ventures PCL(7)		365,900		426,145
IRPC PCL(7)		2,001,600		226,028
Jasmine International PCL(7)		2,514,300		253,321
Jay Mart PCL(7)		333,000		249,228
Kasikornbank PCL(7)		86,600		365,576
KCE Electronics PCL(7)		281,900		515,753
Land & Houses PCL(7)		862,500		223,856
Mega Lifesciences PCL(7)		324,800		437,997
Minor International PCL(2)(7)		585,044		483,003
Pruksa Holding PCL(7)		518,200		212,401
PTG Energy PCL(7)		277,800		159,645
PTT Exploration & Production PCL(7)		209,398		719,030
PTT Global Chemical PCL(7)		291,500		571,545
PTT PCL(7)		1,024,200		1,284,904
Quality House PCL(7)		2,194,346		171,257
Ratch Group PCL(7)		86,900		143,339
Samart Corp. PCL(7)		556,600		119,760
Siam Cement PCL(7)		51,600		650,240
Siam City Cement PCL(7)		39,783		180,301
Siam Commercial Bank PCL(7)		113,600		356,074
Siam Global House PCL(7)		581,522		402,149

20 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		��	Value
Thailand (continued)
Sino-Thai Engineering & Construction PCL(7)		251,357		$	98,738
Sri Trang Agro-Industry PCL(7)		201,600			202,072
Thai Beverage PCL(7)		772,600			478,386
Thai Oil PCL(7)		122,400			221,219
Total Access Communication PCL(7)		197,600			213,927
True Corp. PCL(7)		2,633,690			280,666
VGI PCL(7)		729,400			162,324
WHA Corp. PCL(7)		1,909,300			191,571
				$	25,273,226
Tunisia — 0.6%
Attijari Bank(2)		12,409		$	116,604
Banque de Tunisie(2)		137,839			320,712
Banque Internationale Arabe de Tunisie(2)		4,129			141,896
Banque Nationale Agricole(2)		65,193			190,257
Carthage Cement(2)		597,550			414,141
Euro Cycles S.A.		20,636			197,635
Poulina Group		121,415			449,294
Societe d’Articles Hygieniques S.A.		54,642			245,540
Societe Frigorifique et Brasserie de Tunis S.A.		102,438			718,436
Telnet Holding		80,460			244,854
Union Internationale de Banques S.A.(2)		15,493			90,649
				$	3,130,018
Turkey — 2.4%
AG Anadolu Grubu Holding AS(2)		29,984		$	111,127
Akbank T.A.S.(2)		173,896			150,478
Aksa Akrilik Kimya Sanayii AS		115,402			230,135
Anadolu Efes Biracilik ve Malt Sanayii AS		70,980			240,146
Arcelik AS(2)		105,751			475,748
Aselsan Elektronik Sanayi Ve Ticaret AS		123,586			291,826
Aygaz AS		214,571			531,766
Bera Holding AS(2)		64,248			179,578
BIM Birlesik Magazalar AS		79,132			778,763
EGE Endustri VE Ticaret AS		780			178,653
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		844,248			277,839
Enka Insaat ve Sanayi AS		223,270			237,126
Eregli Demir ve Celik Fabrikalari TAS		253,414			495,181
Ford Otomotiv Sanayi AS		36,741			720,087
Haci Omer Sabanci Holding AS		124,627			178,645
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(2)		90,659			156,456
Is Gayrimenkul Yatirim Ortakligi AS(2)		294,820			97,783
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(2)		319,727			291,089
KOC Holding AS		181,039			495,759

Security	Shares			Value
Turkey (continued)
Koza Altin Isletmeleri AS(2)		11,612		$	182,217
Koza Anadolu Metal Madencilik Isletmeleri AS(2)		96,193			202,236
Logo Yazilim Sanayi Ve Ticaret AS(2)		16,770			317,562
Mavi Giyim Sanayi Ve Ticaret AS, Class B(2)(3)		16,665			120,342
Migros Ticaret AS(2)		29,279			176,085
MLP Saglik Hizmetleri AS(2)(3)		115,614			359,949
Petkim Petrokimya Holding AS(2)		333,696			228,126
Selcuk Ecza Deposu Ticaret ve Sanayi AS		167,309			290,987
Tofas Turk Otomobil Fabrikasi AS		72,038			354,772
Turk Hava Yollari AO(2)		136,076			224,489
Turk Telekomunikasyon AS		271,014			292,016
Turkcell Iletisim Hizmetleri AS		536,300			1,174,412
Turkiye Garanti Bankasi AS(2)		132,898			168,345
Turkiye Is Bankasi AS, Class C(2)		182,514			152,270
Turkiye Petrol Rafinerileri AS(2)		111,203			1,503,321
Turkiye Sise ve Cam Fabrikalari AS		252,910			249,128
Ulker Biskuvi Sanayi AS(2)		45,810			141,203
Vestel Elektronik Sanayi ve Ticaret AS(2)		32,694			116,683
				$	12,372,328
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		244,653		$	427,662
Agthia Group PJSC		54,046			77,829
Air Arabia PJSC		617,797			213,968
Aldar Properties PJSC		448,750			426,569
Dana Gas PJSC		1,146,811			212,108
Dubai Investments PJSC		551,381			247,685
Dubai Islamic Bank PJSC		185,711			253,640
DXB Entertainments PJSC(2)		2,622,754			58,928
Emaar Development PJSC(2)		214,000			170,758
Emaar Malls PJSC(2)		290,300			142,690
Emaar Properties PJSC(2)		501,217			517,232
Emirates Telecommunications Group Co. PJSC		370,519			2,001,072
First Abu Dhabi Bank PJSC		279,636			1,140,721
Network International Holdings PLC(2)(3)		54,200			252,510
RAK Properties PJSC		762,162	��		119,944
				$	6,263,316
Vietnam — 1.1%
Bank for Foreign Trade of Vietnam JSC		71,355		$	286,642
Bao Viet Holdings		76,930			187,671
FLC Faros Construction JSC(2)		2			0
Hoa Phat Group JSC		768,644			1,299,526
Hoang Anh Gia Lai International Agriculture JSC(2)		107,600			52,129
Kinh Bac City Development Share Holding Corp.(2)		60			95

21 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Vietnam (continued)
Masan Group Corp.		100,680	$	371,947
No Va Land Investment Group Corp.(2)		68,640		238,557
PetroVietnam Drilling & Well Services JSC(2)		156,985		119,599
PetroVietnam Gas JSC		74,340		244,626
PetroVietnam Technical Services Corp.		141,700		101,620
Phu Nhuan Jewelry JSC		3		12
Saigon Beer Alcohol Beverage Corp.		24,110		168,692
Vietjet Aviation JSC(2)		150,066		817,997
Vietnam Dairy Products JSC		157,192		698,849
Vincom Retail JSC(2)		131,380		181,746
Vingroup JSC(2)		137,687		591,810
Vinhomes JSC(2)(3)		103,000		415,505
			$	5,777,023
Total Common Stocks (identified cost $389,655,172)			$	512,581,799
Rights (2) — 0.0%(8)
Security	Shares		Value
Banque Nationale Agricole, Exp. 4/15/49		50	$	3
Hanwha Solutions Corp., Exp. 2/25/21		555		2,431
No Va Land Investment Group Corp., Exp. 3/9/21		68,640		4,919
Societe Frigorifique et Brasserie de Tunis S.A., Exp. 7/20/50		3		0
Telnet Holding, Exp. 7/1/49		6		0
Total Rights (identified cost $0)			$	7,353
Short-Term Investments— 0.3%
Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.06%(9)		1,561,493	$	1,561,493
Total Short-Term Investments (identified cost $1,561,493)			$	1,561,493
Total Investments — 100.0% (identified cost $391,216,665)			$	514,150,645
Other Assets, Less Liabilities — 0.0%(8)			$	17,557
Net Assets — 100.0%			$	514,168,202

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

⁽¹⁾  All or a portion of this security was on loan at January 31, 2021. The aggregate market value of securities on loan at January 31, 2021 was $10,205,813.

⁽²⁾  Non-income producing security.

⁽³⁾  Security exempt from registration under Rule 144A of 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, 2021, the aggregate value of these securities is $13,333,047 or 2.6% of the Fund’s net assets.

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

⁽⁵⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, 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, as amended. At January 31, 2021, the aggregate value of these securities is $6,509,920 or 1.3% of the Fund’s net assets.

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

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

⁽⁸⁾  Amount is less than 0.05%.

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

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		12.1	%	$	62,119,423
Materials		10.6			54,233,114
Consumer Staples		10.3			53,131,004
Industrials		10.1			51,996,813
Communication Services		10.0			51,483,871
Consumer Discretionary		9.9			51,053,885
Information Technology		9.5			48,641,309
Health Care		8.9			45,676,424
Energy		8.7			44,535,384
Real Estate		5.0			25,843,063
Utilities		4.6			23,874,862
Short-Term Investments		0.3			1,561,493
Total Investments		100.0	%	$	514,150,645

Abbreviations:

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

22 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Statement of Assets and Liabilities

Assets	January 31, 2021
Unaffiliated investments, at value including $10,205,813 of securities on loan (identified cost, $391,216,665)	$	514,150,645
Cash		1,202,202
Foreign currency, at value (identified cost, $3,712,882)		3,463,373
Dividends receivable		402,391
Receivable for investments sold		189,451
Receivable for Fund shares sold		294,788
Securities lending income receivable		4,171
Tax reclaims receivable		67,402
Total assets	$	519,774,423
Liabilities
Collateral for securities loaned	$	1,561,493
Payable for investments purchased		80,549
Payable for Fund shares redeemed		1,795,856
Payable to affiliates:
Investment adviser fee		393,231
Administration fee		69,761
Distribution and service fees		10,630
Accrued foreign capital gains taxes		836,865
Accrued expenses		857,836
Total liabilities	$	5,606,221
Net Assets	$	514,168,202
Sources of Net Assets
Paid-in capital	$	739,294,613
Accumulated loss		(225,126,411	)
Total	$	514,168,202
Investor Class Shares
Net Assets	$	45,629,303
Shares Outstanding		3,101,736
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.71
Class C Shares
Net Assets	$	592,030
Shares Outstanding		40,906
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	14.47
Institutional Class Shares
Net Assets	$	383,983,508
Shares Outstanding		26,103,578
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.71
Class R6 Shares
Net Assets	$	83,963,361
Shares Outstanding		5,714,245
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.69

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

23 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Statement of Operations

Investment Income	Year Ended January 31, 2021
Dividends (net of foreign taxes, $1,971,130)	$	18,634,292
Interest		23
Securities lending income, net		106,170
Other income		22,148
Total investment income	$	18,762,633
Expenses
Investment adviser fee	$	5,237,982
Administration fee		935,439
Distribution and service fees
Investor Class		172,258
Class C		15,771
Trustees’ fees and expenses		30,472
Custodian fee		785,017
Transfer and dividend disbursing agent fees		499,914
Legal and accounting services		175,572
Printing and postage		79,978
Registration fees		85,109
Interest expense and fees		75,719
Miscellaneous		94,078
Total expenses	$	8,187,309
Net investment income	$	10,575,324
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $97,762)	$	(28,359,771	)
Foreign currency transactions		(1,501,307	)
Net realized loss	$	(29,861,078	)
Change in unrealized appreciation (depreciation) —
Investments (including net increase in accrued foreign capital gains taxes of $228,513)	$	(19,764,694	)
Foreign currency		(188,798	)
Net change in unrealized appreciation (depreciation)	$	(19,953,492	)
Net realized and unrealized loss	$	(49,814,570	)
Net decrease in net assets from operations	$	(39,239,246	)

24 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2021			2020
From operations —
Net investment income	$	10,575,324		$	33,480,366
Net realized gain (loss)		(29,861,078	)		25,937,211
Net change in unrealized appreciation (depreciation)		(19,953,492	)		(63,992,378	)
Net decrease in net assets from operations	$	(39,239,246	)	$	(4,574,801	)
Distributions to shareholders —
Investor Class	$	(517,127	)	$	(3,563,992	)
Class C		(2,636	)		(71,989	)
Institutional Class		(6,548,939	)		(26,125,933	)
Class R6		(1,365,394	)		(1,708,275	)
Total distributions to shareholders	$	(8,434,096	)	$	(31,470,189	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	19,968,785		$	22,407,787
Class C		7,509			25,393
Institutional Class		113,192,804			101,088,906
Class R6		57,809,024			13,876,477
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		473,732			3,415,839
Class C		2,299			67,952
Institutional Class		4,692,336			19,632,098
Class R6		1,365,394			1,688,797
Cost of shares redeemed
Investor Class		(102,246,783	)		(58,261,381	)
Class C		(2,368,248	)		(1,054,357	)
Institutional Class		(563,557,711	)		(490,943,703	)
Class R6		(31,591,503	)		(53,323,266	)
Net asset value of shares converted
Investor Class		847,874			707,712
Class C		(847,874	)		(707,712	)
Net decrease in net assets from Fund share transactions	$	(502,252,362	)	$	(441,379,458	)
Net decrease in net assets	$	(549,925,704	)	$	(477,424,448	)
Net Assets
At beginning of year	$	1,064,093,906		$	1,541,518,354
At end of year	$	514,168,202		$	1,064,093,906

25 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Financial Highlights

	Investor Class
	Year Ended January 31,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	13.870		$	14.280		$	16.850		$	13.340		$	10.990
Income (Loss) From Operations
Net investment income(1)	$	0.213		$	0.326		$	0.283		$	0.223		$	0.179
Net realized and unrealized gain (loss)		0.786	(2)		(0.376	)		(2.570	)		3.650			2.364
Total income (loss) from operations	$	0.999		$	(0.050	)	$	(2.287	)	$	3.873		$	2.543
Less Distributions
From net investment income	$	(0.159	)	$	(0.360	)	$	(0.283	)	$	(0.363	)	$	(0.193	)
Total distributions	$	(0.159	)	$	(0.360	)	$	(0.283	)	$	(0.363	)	$	(0.193	)
Net asset value — End of year	$	14.710		$	13.870		$	14.280		$	16.850		$	13.340
Total Return(3)		7.23	%		(0.46	)%		(13.43	)%		29.33	%		23.32	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	45,629		$	136,829		$	172,773		$	400,814		$	520,939
Ratios (as a percentage of average daily net assets):
Expenses		1.55	%		1.45	%		1.44	%		1.37	%		1.38	%
Net investment income		1.74	%		2.30	%		1.89	%		1.52	%		1.44	%
Portfolio Turnover		19	%		2	%		2	%		3	%		6	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

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

26 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Financial Highlights — continued

	Class C
	Year Ended January 31,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	13.620		$	14.010		$	16.530		$	13.120		$	10.840
Income (Loss) From Operations
Net investment income(1)	$	0.116		$	0.220		$	0.146		$	0.096		$	0.083
Net realized and unrealized gain (loss)		0.755	(2)		(0.379	)		(2.484	)		3.580			2.340
Total income (loss) from operations	$	0.871		$	(0.159	)	$	(2.338	)	$	3.676		$	2.423
Less Distributions
From net investment income	$	(0.021	)	$	(0.231	)	$	(0.182	)	$	(0.266	)	$	(0.143	)
Total distributions	$	(0.021	)	$	(0.231	)	$	(0.182	)	$	(0.266	)	$	(0.143	)
Net asset value — End of year	$	14.470		$	13.620		$	14.010		$	16.530		$	13.120
Total Return(3)		6.42	%		(1.21	)%		(14.10	)%		28.32	%		22.50	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	592		$	4,094		$	5,885		$	10,152		$	9,209
Ratios (as a percentage of average daily net assets):
Expenses		2.30	%		2.20	%		2.19	%		2.12	%		2.13	%
Net investment income		0.96	%		1.59	%		1.01	%		0.66	%		0.68	%
Portfolio Turnover		19	%		2	%		2	%		3	%		6	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

⁽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.

27 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	13.900		$	14.310		$	16.910		$	13.400		$	11.040
Income (Loss) From Operations
Net investment income(1)	$	0.210		$	0.367		$	0.304		$	0.245		$	0.212
Net realized and unrealized gain (loss)		0.827	(2)		(0.378	)		(2.565	)		3.673			2.375
Total income (loss) from operations	$	1.037		$	(0.011	)	$	(2.261	)	$	3.918		$	2.587
Less Distributions
From net investment income	$	(0.227	)	$	(0.399	)	$	(0.339	)	$	(0.408	)	$	(0.227	)
Total distributions	$	(0.227	)	$	(0.399	)	$	(0.339	)	$	(0.408	)	$	(0.227	)
Net asset value — End of year	$	14.710		$	13.900		$	14.310		$	16.910		$	13.400
Total Return(3)		7.50	%		(0.20	)%		(13.20	)%		29.56	%		23.64	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	383,984		$	868,666		$	1,268,618		$	2,030,663		$	1,884,610
Ratios (as a percentage of average daily net assets):
Expenses		1.30	%		1.20	%		1.19	%		1.12	%		1.13	%
Net investment income		1.68	%		2.59	%		2.04	%		1.65	%		1.68	%
Portfolio Turnover		19	%		2	%		2	%		3	%		6	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

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

28 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Financial Highlights — continued

	Class R6
	Year Ended January 31,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	13.890		$	14.300		$	16.910		$	13.400		$	11.040
Income (Loss) From Operations
Net investment income(1)	$	0.228		$	0.379		$	0.380		$	0.249		$	0.225
Net realized and unrealized gain (loss)		0.813	(2)		(0.379	)		(2.639	)		3.676			2.370
Total income (loss) from operations	$	1.041		$	—		$	(2.259	)	$	3.925		$	2.595
Less Distributions
From net investment income	$	(0.241	)	$	(0.410	)	$	(0.351	)	$	(0.415	)	$	(0.235	)
Total distributions	$	(0.241	)	$	(0.410	)	$	(0.351	)	$	(0.415	)	$	(0.235	)
Net asset value — End of year	$	14.690		$	13.890		$	14.300		$	16.910		$	13.400
Total Return(3)		7.45	%		(0.13	)%		(13.18	)%		29.69	%		23.71	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	83,963		$	54,504		$	94,243		$	601,629		$	539,794
Ratios (as a percentage of average daily net assets):
Expenses		1.21	%		1.14	%		1.13	%		1.07	%		1.08	%
Net investment income		1.83	%		2.67	%		2.48	%		1.67	%		1.79	%
Portfolio Turnover		19	%		2	%		2	%		3	%		6	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time.

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

29 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

January 31, 2021

Notes to Financial Statements

1  Significant Accounting Policies

Parametric Emerging Markets Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund offers four classes of shares. Investor Class, Institutional Class and Class R6 shares are sold at net asset value and are not subject to a sales charge. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective March 1, 2013, Class C shares of the Fund are no longer available for purchase, except by existing shareholders (including shares acquired through the reinvestment of dividends and distributions) or employer sponsored retirement plans. Effective January 25, 2019, Class C shares of the Fund generally automatically convert to Investor Class shares ten years after their purchase and, effective November 5, 2020, automatically convert to Investor Class shares eight years after their purchase as described in the Fund’s prospectus. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

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

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year ended January 31, 2020, the Fund received approximately $22,000 from Poland for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Interest income is recorded on the basis of interest accrued.

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

30

Parametric

Emerging Markets Fund

January 31, 2021

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, 2021, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2021 and January 31, 2020 was as follows:

	Year Ended January 31,
	2021		2020
Ordinary income	$	8,434,096	$	31,470,189

During the year ended January 31, 2021, accumulated loss was increased by $2,247,016 and paid-in capital was increased by $2,247,016 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

31

Parametric

Emerging Markets Fund

January 31, 2021

Notes to Financial Statements — continued

As of January 31, 2021, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	15,729
Deferred capital losses	$	(334,221,137	)
Net unrealized appreciation	$	109,078,997

At January 31, 2021, the Fund, for federal income tax purposes, had deferred capital losses of $334,221,137 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, 2021, $334,221,137 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	403,978,200
Gross unrealized appreciation	$	189,458,393
Gross unrealized depreciation		(79,285,948	)
Net unrealized appreciation	$	110,172,445

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), a wholly-owned subsidiary of Eaton Vance Corp., as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is computed at an annual rate of 0.85% of the Fund’s average daily net assets up to $500 million, 0.80% on net assets of $500 million but less than $1 billion, 0.775% on net assets of $1 billion but less than $2.5 billion, 0.75% on net assets of $2.5 billion but less than $5 billion, 0.73% on net assets of $5 billion but less than $7.5 billion and 0.71% on net assets of $7.5 billion and over, and is payable monthly. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the year ended January 31, 2021, the investment adviser fee amounted to $5,237,982 or 0.84% of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended January 31, 2021, the administration fee amounted to $935,439.

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, 2021, EVM earned $5,866 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).

During the year ended January 31, 2021, Parametric reimbursed the Fund $63,809 for a net realized loss due to a trading error. The impact of the reimbursement was less than $0.01 per share for each class and had no significant impact on total return.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser 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, 2021, 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, 2021 amounted to $172,258 for Investor Class shares.

32

Parametric

Emerging Markets Fund

January 31, 2021

Notes to Financial Statements — continued

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, 2021, the Fund paid or accrued to EVD $11,828 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, 2021 amounted to $3,943 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months 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, 2021, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $115,755,958 and $614,948,792, respectively, for the year ended January 31, 2021.

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	2021			2020
Sales		1,768,073			1,591,889
Issued to shareholders electing to receive payments of distributions in Fund shares		33,222			235,413
Redemptions		(8,628,672	)		(4,111,999	)
Converted from Class C shares		64,738			49,295
Net decrease		(6,762,639	)		(2,235,402	)
	Year Ended January 31,
Class C	2021			2020
Sales		615			1,831
Issued to shareholders electing to receive payments of distributions in Fund shares		185			4,765
Redemptions		(194,163	)		(75,626	)
Converted to Investor Class shares		(66,255	)		(50,449	)
Net decrease		(259,618	)		(119,479	)

33

Parametric

Emerging Markets Fund

January 31, 2021

Notes to Financial Statements — continued

	Year Ended January 31,
Institutional Class	2021			2020
Sales		9,494,655			7,138,019
Issued to shareholders electing to receive payments of distributions in Fund shares		326,892			1,350,213
Redemptions		(46,196,534	)		(34,644,045	)
Net decrease		(36,374,987	)		(26,155,813	)
	Year Ended January 31,
Class R6	2021			2020
Sales		4,381,694			981,777
Issued to shareholders electing to receive payments of distributions in Fund shares		94,763			116,228
Redemptions		(2,685,140	)		(3,763,784	)
Net increase (decrease)		1,791,317			(2,665,779	)

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. 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. Average borrowings and the average annual interest rate (excluding fees) for the year ended January 31, 2021 were $4,335,519 and 1.54%, respectively.

9  Securities Lending Agreement

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

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

At January 31, 2021, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $10,205,813 and $10,875,897, respectively. Collateral received was comprised of cash of $1,561,493 and U.S. government and/or agencies securities of $9,314,404. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

34

Parametric

Emerging Markets Fund

January 31, 2021

Notes to Financial Statements — continued

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of January 31, 2021.

	Remaining Contractual Maturity of the Transactions								Total
	Overnight and Continuous		<30 days		30 to 90 days		>90 days
Common Stocks	$	1,561,493	$	—	$	—	$	—	$	1,561,493

The carrying amount of the liability for collateral for securities loaned at January 31, 2021 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at January 31, 2021.

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, 2021, 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	$	12,227,185	$	238,447,861		$	99,420	$	250,774,466
Emerging Europe		4,121,412		74,088,101			0		78,209,513
Latin America		63,562,680		12,204,618			—		75,767,298
Middle East/Africa		3,505,875		99,750,309			4,574,338		107,830,522
Total Common Stocks	$	83,417,152	$	424,490,889	**	$	4,673,758	$	512,581,799
Rights	$	3	$	7,350		$	—	$	7,353
Short-Term Investments		1,561,493		—			—		1,561,493
Total Investments	$	84,978,648	$	424,498,239		$	4,673,758	$	514,150,645

* 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, 2021 is not presented.

35

Parametric

Emerging Markets Fund

January 31, 2021

Notes to Financial Statements — continued

11  Risks and Uncertainties

Risks Associated with Foreign Investments

Investments in foreign issuers could be affected by factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, lack of uniform accounting and auditing standards, less publicly available financial and other information, and potential difficulties in enforcing contractual obligations. Settlements of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than in the United States. Evidence of ownership of certain foreign investments may be held outside the United States, and the Fund may be subject to the risks associated with the holding of such property overseas. Foreign issuers may become subject to sanctions imposed by the United States or another country, which could result in the immediate freeze of the foreign issuers’ assets or securities. Trading in certain foreign markets is also subject to liquidity risk. Political events in foreign countries may cause market disruptions.

The risks of foreign investments can be more significant in emerging markets. Political and economic structures in emerging market countries generally lack the social, political and economic stability of developed countries. Securities markets within emerging market countries may experience low or non-existent trading volume. Governmental actions can have a significant effect on the economic conditions in emerging market countries. In particular, trade disputes may result in governmental actions, including but not limited to restrictions on investments in, or required divestment of, particular issuers or industries. There may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets. The laws of emerging market countries relating to the limited liability of corporate shareholders, fiduciary duties of officers and directors, and bankruptcy of state enterprises are generally less developed than or different from such laws in the United States. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. The prices at which investments may be acquired may be affected by trading by persons with information that is not publicly available and by securities transactions by brokers in anticipation of transactions in particular securities. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility. These foregoing risks may be even greater in frontier markets.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

12  Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may have been deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory agreement and a new sub-advisory agreement. The new investment advisory agreement and new sub-advisory agreement were approved by Fund shareholders at a joint special meeting of shareholders held on February 18, 2021, and became effective upon the consummation of the transaction on March 1, 2021.

36

Parametric

Emerging Markets Fund

January 31, 2021

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric Emerging Markets Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 19, 2021

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

37

Parametric

Emerging Markets Fund

January 31, 2021

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2022 will show the tax status of all distributions paid to your account in calendar year 2021. 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.

Qualified Dividend Income.  For the fiscal year ended January 31, 2021, the Fund designates approximately $10,372,456, 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%.

38

Parametric

Emerging Markets Fund

January 31, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Parametric Emerging Markets Fund.

Fund	Investment Adviser	Investment Sub-Adviser
Parametric Emerging Markets Fund	Eaton Vance Management	Parametric Portfolio Associates LLC

At a meeting held on November 24, 2020 (the “November Meeting”), the Board of each Eaton Vance open-end Fund and portfolios in which each such Fund invests, as applicable (each, a “Fund” and, collectively, the “Funds”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds, Eaton Vance Management (“EVM”) or Boston Management and Research (“BMR” and, together with EVM, the “Advisers”), voted to approve a new investment advisory agreement between each Fund and either EVM or BMR (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between an Adviser and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”⁽¹⁾ and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below), as more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by the Advisers, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendation. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from the Advisers and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by the Advisers and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020, November 10, 2020, November 13, 2020, November 17, 2020 and November 24, 2020.

During its meetings on November 10, 2020 and November 17, 2020, the Contract Review Committee further discussed the approval of the New Agreements with senior representatives of the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley. The representatives from the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review Committee considered the Advisers’, the Affiliated Sub-Advisers’ and Morgan Stanley’s responses related to the Transaction and specifically to the Funds, as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

Information about the Transaction and its Terms

• Information about the material terms and conditions, and expected impacts, of the Transaction that relate to the Funds, including the expected impacts on the businesses conducted by the Advisers, the Affiliated Sub-Advisers and Eaton Vance Distributors, Inc., as the distributor of Fund shares;

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

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• Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

• A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

• A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

• A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

• Information with respect to personnel and/or other resources of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as a result of the Transaction, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

• Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

• Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

• Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

• Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as they relate to the Funds;

• Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

• Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements for Funds

• A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

• Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and its Adviser (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between a Fund and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

• Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

• A report from an independent data provider comparing the investment performance of each Fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

• A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the Advisers in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

• Comparative information concerning the fees charged and services provided by the Adviser and the Sub-Adviser to each Fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such Fund(s), if any;

• Profitability analyses of the Advisers and the Affiliated Sub-Advisers, as applicable, with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;

Information about Portfolio Management and Trading

• Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Transaction, as well as each of the Funds’ investment strategies and policies;

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

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• Information about any changes to the policies and practices of the Advisers and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information regarding the impact on trading and access to capital markets associated with the Funds’ affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about the Advisers and the Sub-Advisers

• Information about the financial results and condition of the Advisers and the Affiliated Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

• Information regarding contemplated changes to the individual investment professionals whose responsibilities include portfolio management and investment research for the Funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable, post-Closing;

• The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the Advisers and their affiliates, including the Affiliated Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• A description of the Advisers’ oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by EVM and/or administrator to each of the Funds;

• Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

• Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

• Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

• Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of the Advisers and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the Funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the Funds, and received and participated in reports and presentations provided by the Advisers and their affiliates, including the Affiliated Sub-Advisers, with respect to such matters.

The Contract Review Committee was advised throughout the evaluation process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating the New Agreements and the weight to be given to each such factor. The conclusions reached with respect to the New Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Independent Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the New Agreements.

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

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The Board also considered the financial resources of Morgan Stanley and the Advisers and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and the Advisers’ commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered the Advisers’ and the Sub-Advisers’ management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of the Advisers’ and, as applicable, the Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Advisers and other factors, including the reputation and resources of the Advisers to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and the Advisers regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from the Advisers and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers or their affiliates may be subject in managing the Funds and in connection with the Transaction.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Advisers and their affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of the Advisers and the Sub-Advisers, the Board noted information regarding the impacts of the Transaction, as well as the Advisers’ and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by the Advisers and their affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and, where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanation from the applicable Adviser concerning the Fund’s relative performance versus its peer group.

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, the Advisers and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by the Advisers and their affiliates, including the Affiliated Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of the Advisers and their affiliates, including the Affiliated Sub-Advisers, to provide those services. The Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered

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each Fund’s management fees and total expense ratio over various periods, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by the Advisers and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services the Advisers and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Advisers and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by the Advisers and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers, in providing investment advisory and administrative services to the Funds and to all Eaton Vance funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Advisers and their affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Advisers and their affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and the Advisers are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from the Advisers and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by the Advisers and their affiliates, including the Affiliated Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Advisers and their affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by the Advisers and their affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by the Advisers and their affiliates in connection with services provided pursuant to the Current Advisory Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of the Advisers and their affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

Economies of Scale

The Board also considered the extent to which the Advisers and their affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific Fund or group of funds. As part of the 2020 Annual Approval Process, the Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Advisers and their affiliates may have been affected by such increases or decreases.

The Board noted that Morgan Stanley and the Advisers are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the Funds and recommended that shareholders approve the New Agreements.

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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 EV LLC, “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect wholly-owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 139 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 138 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 of Morgan Stanley Investment Management, Inc. (MSIM), Manager and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 138 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (2012-2021) (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Vice-Chairperson of the Board and Trustee	2021 (Vice-Chairperson) 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. None.
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

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Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Deidre E. Walsh 1971	Vice President	2009	Vice President of EVM and BMR.

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Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Maureen A. Gemma 1960	Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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

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

46

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

• We have adopted a Privacy Program we believe is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to your information.

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

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance WaterOak Advisors, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

47

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

2774    1.31.21

Parametric

International Equity Fund

Annual Report

January 31, 2021

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser and Parametric Portfolio Associates LLC (Parametric), sub-adviser to the Fund, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

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

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

Annual Report January 31, 2021

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	36
Federal Tax Information	37
Board of Trustees’ Contract Approval	38
Management and Organization	44
Important Notices	47

Parametric

International Equity Fund

January 31, 2021

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Developed equity markets outside the U.S., as measured by the MSCI EAFE Index (the Index), delivered solid returns during the 12-month period ended January 31, 2021. Returns were broadly positive, with only four of the 23 countries within the index delivering negative results.

The strong year-end results masked underlying volatility during the period. International equities experienced two starkly different performance regimes over the 2020 calendar year. The first quarter brought panicked selling as investors reacted to the many unknowns of the coronavirus. Sentiment improved later in March, rather resoundingly. In the second quarter, local equities advanced in all member countries as stocks rebounded. Governments gradually began to lift stay-at-home orders and business shutdowns, which positively shifted investor sentiment and resulted in rising worldwide equity prices. Additionally, central banks took interventional measures utilizing a variety of monetary policy tools to backstop domestic economies and aid a stressed citizenry facing unprecedented spikes in unemployment. Following gains in July and the best August returns in years, equities sold-off in September as an uptick in new Covid-19 cases popped up across the globe spurring new restrictions and shutdown precautions. Announcements of vaccine approvals and the conclusion of the U.S. Presidential election pushed November returns to historic levels, which persisted into December. The market turned downward slightly in January to end the period.

Fund Performance

For the 12-month period ended January 31, 2021, the Parametric International Equity Fund (the Fund) had a total return of 10.35% for Class A shares at net asset value (NAV), outperforming the Fund’s benchmark, the Index, which had a total return of 8.94% for the same period.

Factors contributing to the Fund’s performance relative to the Index included the Fund’s underweight to the U.K. The combination of local challenges emanating from Covid-19 and the sluggish pace of trade negotiations with the European Union stifled much of the potential rebound for British equities. Additionally, the Fund’s sector allocation process in Switzerland boosted relative results due to overweight positions in information technology and consumer discretionary. The Fund’s sector diversification within Norway also contributed.

Factors detracting from the Fund’s performance relative to the Index included an underweight to Japan. Japanese equities flourished relative to larger, developed market peers as the country proved more resilient amid the second wave of virus outbreaks later in the year. An overweight to Spain also weighed on relative results. The country experienced a broad-based sell-off following a disheartening spike in new virus cases during the latter part of the year. The Fund’s sector diversification process within Portugal also detracted from relative performance during the period.

See Endnotes and Additional Disclosures in this report.

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

2

Parametric

International Equity Fund

January 31, 2021

Performance^2,3

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Class A at NAV		04/01/2010		04/01/2010			10.35	%		9.14	%		5.79	%
Class A with 5.75% Maximum Sales Charge		—		—			4.04			7.85			5.16
Institutional Class at NAV		04/01/2010		04/01/2010			10.75			9.42			6.07
Class R at NAV		08/10/2015		04/01/2010			10.20			8.87			5.65
Class R6 at NAV		08/10/2015		04/01/2010			10.75			9.43			6.08
MSCI EAFE Index		—		—			8.94	%		8.83	%		5.15	%
% Total Annual Operating Expense Ratios4			Class A			Institutional Class			Class R			Class R6
Gross				0.81	%		0.56	%		1.06	%		0.53	%
Net				0.75			0.50			1.00			0.47

Growth of $10,000

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

Growth of Investment3	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Institutional Class		$50,000		01/31/2011		$90,191		N.A.
Class R		$10,000		01/31/2011		$17,327		N.A.
Class R6		$1,000,000		01/31/2011		$1,805,822		N.A.

See Endnotes and Additional Disclosures in this report.

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

3

Parametric

International Equity Fund

January 31, 2021

Fund Profile

Sector Allocation (% of net assets)⁵

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁵

Nestle S.A.	1.2	%
Cie Financiere Richemont S.A.	0.9
TOTAL SE	0.9
Air Liquide S.A.	0.8
ASML Holding NV	0.8
SAP SE	0.7
Sanofi	0.7
Deutsche Telekom AG	0.7
BASF SE	0.6
CSL, Ltd.	0.5
Total	7.8	%

See Endnotes and Additional Disclosures in this report.

4

Parametric

International Equity Fund

January 31, 2021

Endnotes and Additional Disclosures

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

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

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

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

⁴  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information

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

5

Parametric

International Equity Fund

January 31, 2021

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, 2020 – January 31, 2021).

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 (8/1/20)		Ending Account Value (1/31/21)		Expenses Paid During Period* (8/1/20 – 1/31/21)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,161.20	$	4.07	**		0.75	%
Institutional Class	$	1,000.00	$	1,162.50	$	2.72	**		0.50	%
Class R	$	1,000.00	$	1,160.00	$	5.43	**		1.00	%
Class R6	$	1,000.00	$	1,162.50	$	2.55	**		0.47	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.40	$	3.81	**		0.75	%
Institutional Class	$	1,000.00	$	1,022.60	$	2.54	**		0.50	%
Class R	$	1,000.00	$	1,020.10	$	5.08	**		1.00	%
Class R6	$	1,000.00	$	1,022.80	$	2.39	**		0.47	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (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, 2020.

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

6

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments

Common Stocks — 98.7%
Security	Shares		Value
Australia — 8.6%
Abacus Property Group		53,600	$	111,039
AGL Energy, Ltd.		148,900		1,301,617
Alumina, Ltd.		71,500		91,781
AMA Group, Ltd.(1)(2)		248,700		121,976
Ampol, Ltd.		36,100		718,753
ARB Corp., Ltd.(1)		10,500		280,440
ASX, Ltd.		7,100		387,958
Atlas Arteria, Ltd.		64,200		309,426
Atlassian Corp. PLC, Class A(2)		10,500		2,426,865
Aurizon Holdings, Ltd.		129,400		364,997
AusNet Services		790,600		1,040,739
Austal, Ltd.		72,300		141,098
Australian Agricultural Co., Ltd.(1)(2)		99,614		84,057
Bank of Queensland, Ltd.(1)		45,200		273,585
Bapcor, Ltd.		45,765		261,377
Bendigo & Adelaide Bank, Ltd.(1)		46,000		321,505
BHP Group, Ltd.		60,444		2,015,747
Boral, Ltd.		45,753		168,179
Brambles, Ltd.		104,724		842,623
Bravura Solutions, Ltd.(1)		100,400		231,188
Breville Group, Ltd.		13,134		288,814
Centuria Office REIT		67,500		100,391
Charter Hall Group		42,400		438,101
Charter Hall Long Wale REIT		52,200		182,935
Charter Hall Retail REIT		42,000		113,424
Cleanaway Waste Management, Ltd.		189,000		318,403
Coca-Cola Amatil, Ltd.		99,170		987,147
Collins Foods, Ltd.(1)		20,500		150,277
Commonwealth Bank of Australia		30,923		1,963,357
Computershare, Ltd.		59,912		653,924
Cromwell Property Group		165,783		102,208
Crown Resorts, Ltd.(1)		25,500		186,229
CSL, Ltd.		17,300		3,586,662
CSR, Ltd.		49,000		196,603
Dexus		66,800		457,459
Domain Holdings Australia, Ltd.		126,219		477,280
Domino’s Pizza Enterprises, Ltd.		3,100		216,783
Eagers Automotive, Ltd.(1)		25,700		259,352
EML Payments, Ltd.(1)(2)		73,900		215,364
Evolution Mining, Ltd.		80,276		286,701
Flight Centre Travel Group, Ltd.(1)(2)		5,800		61,857
Goodman Group		73,900		994,471
GPT Group (The)		125,200		411,446
GUD Holdings, Ltd.(1)		15,500		140,590

Security	Shares		Value
Australia (continued)
GWA Group, Ltd.(1)		67,200	$	176,002
Hansen Technologies, Ltd.		30,805		90,764
Harvey Norman Holdings, Ltd.(1)		71,004		287,572
IDP Education, Ltd.(1)		15,800		275,002
Infomedia, Ltd.		61,241		84,600
Ingenia Communities Group		56,700		215,959
Inghams Group, Ltd.(1)		205,700		516,022
InvoCare, Ltd.(1)		17,400		147,734
IRESS, Ltd.(1)		53,584		407,173
James Hardie Industries PLC CDI(2)		13,706		383,094
JB Hi-Fi, Ltd.(1)		10,699		420,495
Link Administration Holdings, Ltd.		96,491		349,582
Medibank Pvt, Ltd.		167,700		372,511
Megaport, Ltd.(1)(2)		29,807		303,582
Mirvac Group		234,000		422,264
National Australia Bank, Ltd.		61,500		1,102,393
National Storage REIT		157,700		229,265
Newcrest Mining, Ltd.		23,300		442,850
NEXTDC, Ltd.(2)		46,000		405,043
Northern Star Resources, Ltd.		33,400		323,221
Oil Search, Ltd.		273,800		804,956
Orica, Ltd.		16,599		192,676
Orora, Ltd.		65,655		125,375
Premier Investments, Ltd.		11,500		195,854
Qantas Airways, Ltd.(2)		60,000		205,295
Qube Holdings, Ltd.		143,942		311,905
Ramsay Health Care, Ltd.		11,000		527,826
REA Group, Ltd.(1)		12,200		1,356,080
Regis Resources, Ltd.		52,500		144,308
Rio Tinto, Ltd.		9,700		811,880
Santos, Ltd.		236,080		1,163,596
Saracen Mineral Holdings, Ltd.(2)		62,175		228,673
Scentre Group		311,000		644,281
Select Harvests, Ltd.(1)		74,600		296,130
Service Stream, Ltd.(1)		75,800		109,876
Shopping Centres Australasia Property Group		118,852		210,166
Sonic Healthcare, Ltd.		20,400		533,131
Spark Infrastructure Group(1)		758,533		1,271,090
St. Barbara, Ltd.		108,600		181,260
Star Entertainment Group, Ltd. (The)		62,300		162,950
Suncorp Group, Ltd.		46,300		354,728
Sydney Airport(1)(2)		78,700		341,975
Tabcorp Holdings, Ltd.		131,400		398,192
Technology One, Ltd.(1)		50,588		332,216
Telstra Corp., Ltd.		892,573		2,119,745
TPG Telecom, Ltd.(1)(2)		106,300		596,780

7 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Australia (continued)
Transurban Group(1)		146,041	$	1,471,524
Tuas, Ltd.(1)(2)		53,150		30,203
United Malt Grp, Ltd.		36,900		112,262
Viva Energy Group, Ltd.(3)		245,901		327,139
Vocus Group, Ltd.(2)		262,382		820,760
Washington H. Soul Pattinson & Co., Ltd.(1)		21,300		441,211
Waypoint REIT		96,300		188,231
Wesfarmers, Ltd.		54,885		2,278,240
Westpac Banking Corp.		68,400		1,096,533
Whitehaven Coal, Ltd.(1)		299,361		339,708
Woodside Petroleum, Ltd.		118,100		2,192,118
Woolworths Group, Ltd.		109,096		3,393,292
			$	57,552,021
Austria — 1.2%
Agrana Beteiligungs AG		5,979	$	127,122
ams AG(2)		27,700		692,855
ANDRITZ AG		15,966		758,470
BAWAG Group AG(2)(3)		5,440		236,519
CA Immobilien Anlagen AG		16,401		706,358
Erste Group Bank AG(2)		15,837		483,649
IMMOFINANZ AG(1)(2)		20,512		433,306
Lenzing AG(2)		2,500		321,450
Oesterreichische Post AG(1)		6,444		272,523
OMV AG		21,502		902,263
Porr AG(1)(2)		3,440		57,846
Rhi Magnesita NV		4,792		254,080
S&T AG(2)		9,400		246,702
Telekom Austria AG		70,800		538,867
UNIQA Insurance Group AG		14,300		110,774
Verbund AG(1)		10,478		944,408
Vienna Insurance Group AG Wiener Versicherung Gruppe		2,987		76,469
Wienerberger AG		16,700		567,165
			$	7,730,826
Belgium — 2.2%
Ackermans & van Haaren NV		1,660	$	253,718
Ageas S.A./NV		9,300		476,132
AGFA-Gevaert NV(2)		57,503		266,316
Anheuser-Busch InBev S.A./NV		26,635		1,671,950
Barco NV(1)		31,255		603,802
Befimmo S.A.		5,550		236,045
Bekaert S.A.		17,140		589,566
Biocartis Group NV(2)(3)		11,000		60,079
bpost S.A.(2)		38,532		455,866

Security	Shares		Value
Belgium (continued)
Cofinimmo S.A.		3,691	$	551,799
D’Ieteren S.A./NV		6,400		504,596
Econocom Group S.A./NV		45,600		140,876
Elia Group S.A./NV		9,400		1,131,257
Etablissements Franz Colruyt NV		1,550		95,614
Euronav S.A.		48,660		389,927
EVS Broadcast Equipment S.A.(2)		3,375		62,609
Fagron		11,540		285,355
Gimv NV		1,766		105,272
Groupe Bruxelles Lambert S.A.		6,034		596,884
KBC Ancora(2)		2,150		83,845
Materialise NV ADR(1)(2)		12,600		822,654
Montea C.V.A.		2,560		312,134
Orange Belgium S.A.		10,380		279,986
Proximus SADP		65,274		1,375,531
Sofina S.A.		1,080		349,120
Solvay S.A.(1)		10,917		1,241,700
Tessenderlo Group S.A.(2)		6,179		263,640
UCB S.A.		9,000		931,970
Warehouses De Pauw CVA		13,800		495,495
			$	14,633,738
China — 0.3%
Alibaba Health Information Technology, Ltd.(2)		686,000	$	2,138,656
			$	2,138,656
Denmark — 2.2%
ALK-Abello A/S(2)		515	$	201,367
Alm Brand A/S		16,800		187,853
Bakkafrost P/F(2)		3,922		276,150
Carlsberg A/S, Class B		8,337		1,217,970
Chr. Hansen Holding A/S(2)		8,939		808,702
Coloplast A/S, Class B		1,700		253,755
Drilling Co. of 1972 A/S (The)(2)		4,300		117,725
DSV PANALPINA A/S		4,700		733,319
ISS A/S(2)		7,300		125,371
Jyske Bank A/S(2)		8,666		323,916
Netcompany Group A/S(2)(3)		2,500		233,222
Novo Nordisk A/S, Class B		22,678		1,579,935
Novozymes A/S, Class B		18,400		1,104,340
Orsted A/S(3)		11,417		2,168,397
Pandora A/S		14,660		1,410,678
Ringkjoebing Landbobank A/S		4,160		365,448
Rockwool International A/S, Class B		600		226,351
Royal Unibrew A/S		4,000		394,861

8 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Denmark (continued)
SimCorp A/S		7,565	$	979,169
Spar Nord Bank A/S(2)		15,000		136,736
Sydbank A/S(2)		12,000		249,329
Topdanmark A/S		4,627		213,647
Tryg A/S		14,915		464,009
Vestas Wind Systems A/S		3,800		815,927
			$	14,588,177
Finland — 2.2%
Citycon Oyj(1)		17,313	$	169,621
Elisa Oyj		21,597		1,285,817
Fortum Oyj		56,906		1,376,436
Huhtamaki Oyj		6,300		308,925
Kemira Oyj		9,600		162,499
Kesko Oyj, Class B		59,056		1,533,484
Kojamo Oyj		23,100		492,280
Kone Oyj, Class B		12,214		960,571
Metsa Board Oyj		21,700		233,235
Neste Oyj		27,035		1,904,361
Nokia Oyj(2)		265,527		1,276,013
Nokian Renkaat Oyj		2,900		106,184
Nordea Bank Abp(2)		96,500		782,104
Orion Oyj, Class B		21,335		978,882
Revenio Group Oyj		3,900		237,676
Sampo Oyj, Class A		12,300		517,111
TietoEVRY Oyj		4,494		147,665
Tokmanni Group Corp.		69,346		1,342,384
UPM-Kymmene Oyj		21,860		781,101
Valmet Oyj		8,331		266,699
YIT Oyj(1)		23,700		140,874
			$	15,003,922
France — 8.8%
Accor S.A.(2)		4,792	$	161,135
Aeroports de Paris(2)		2,445		280,602
Air Liquide S.A.		31,340		5,125,560
Alstom S.A.(2)		7,150		387,670
Alten S.A.(2)		3,012		317,131
Atos SE(2)		8,580		658,425
AXA S.A.		85,700		1,898,627
BNP Paribas S.A.(2)		46,900		2,249,120
Bouygues S.A.		7,300		286,392
Bureau Veritas S.A.(2)		12,318		323,221
Casino Guichard Perrachon S.A.(1)(2)		25,468		863,831
Christian Dior SE		406		211,937

Security	Shares		Value
France (continued)
Cie Generale des Etablissements Michelin SCA		3,940	$	542,961
CNP Assurances(2)		25,862		391,966
Coface S.A.(2)		14,300		140,675
Covivio		8,980		737,350
Criteo S.A. ADR(2)		18,200		338,520
Danone S.A.		37,118		2,468,295
Dassault Aviation S.A.(2)		200		208,527
Dassault Systemes SE		9,786		1,953,514
Edenred		9,450		511,848
Eiffage S.A.(2)		3,370		305,887
Electricite de France S.A.(2)		46,000		571,990
Elior Group S.A.(1)(3)		11,967		75,395
Engie S.A.(2)		169,700		2,633,619
EssilorLuxottica S.A.		4,834		683,806
Eurazeo SE(2)		6,400		448,223
Eutelsat Communications S.A.		24,500		291,768
Gaztransport Et Technigaz S.A.		1,301		118,506
Gecina S.A.		7,840		1,113,861
Getlink SE(2)		15,500		238,865
Hermes International		670		683,625
Iliad S.A.		3,000		554,797
Klepierre S.A.(1)		34,800		834,056
La Francaise des Jeux SAEM(3)		3,200		137,445
Lagardere SCA(1)(2)		17,800		413,748
Legrand S.A.		6,562		602,962
LVMH Moet Hennessy Louis Vuitton SE		4,370		2,642,080
Mercialys S.A.		25,100		227,576
Metropole Television S.A.(2)		7,662		130,175
Neoen S.A.(1)(2)(3)		4,431		312,419
Orange S.A.		138,000		1,619,626
Pernod-Ricard S.A.		11,578		2,182,013
Quadient S.A.		11,000		240,133
Renault S.A.(2)		6,180		262,826
Safran S.A.(2)		6,400		804,528
Sanofi		49,604		4,665,169
SCOR SE(2)		14,170		430,890
SEB S.A.		700		133,027
Societe BIC S.A.		3,200		182,638
Sodexo S.A.(2)		2,860		254,471
Sopra Steria Group(2)		1,900		315,197
Suez S.A.		39,200		804,523
Talend S.A. ADR(1)(2)		8,600		376,164
Teleperformance		1,408		460,531
Thales S.A.		4,200		376,854
TOTAL SE		143,415		6,044,709
Unibail-Rodamco-Westfield		19,900		1,680,345

9 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
France (continued)
Veolia Environnement S.A.		50,330	$	1,341,203
Vinci S.A.		10,230		948,609
Vivendi S.A.		57,500		1,766,888
Wendel SE		3,900		450,245
Worldline S.A.(2)(3)		8,496		718,166
			$	59,136,865
Germany — 8.7%
adidas AG(2)		3,900	$	1,236,607
Allianz SE		12,080		2,730,189
Amadeus Fire AG(2)		502		68,650
Aroundtown S.A.		116,780		810,719
BASF SE		48,181		3,723,726
Bayer AG		31,643		1,915,124
Bayerische Motoren Werke AG		8,860		750,166
Bayerische Motoren Werke AG, PFC Shares		4,800		313,266
Befesa S.A.(3)		4,524		300,213
Beiersdorf AG		17,677		1,929,534
Carl Zeiss Meditec AG		2,900		453,227
Continental AG		3,700		517,830
Delivery Hero SE(2)(3)		5,167		784,789
Deutsche Boerse AG		6,040		969,740
Deutsche Lufthansa AG(2)		17,146		220,884
Deutsche Telekom AG		248,395		4,417,098
Deutsche Wohnen SE		29,100		1,440,058
E.ON SE		236,000		2,496,534
Fielmann AG(2)		2,817		244,419
Fraport AG Frankfurt Airport Services Worldwide(2)		3,330		180,407
Fresenius Medical Care AG & Co. KGaA		6,800		550,112
Fresenius SE & Co. KGaA		13,155		585,828
FUCHS PETROLUB SE		3,686		164,477
Gerresheimer AG		3,000		319,192
Hannover Rueck SE		2,400		371,911
HeidelbergCement AG		11,589		856,650
Henkel AG & Co. KGaA		18,721		1,750,507
Hochtief AG		2,480		230,588
HUGO BOSS AG		4,900		174,413
Knorr-Bremse AG		3,291		435,503
KWS Saat SE and Co. KGaA		1,025		89,667
Merck KGaA		5,220		870,011
Metro AG		80,910		944,133
MTU Aero Engines AG		2,061		478,221
Muenchener Rueckversicherungs-Gesellschaft AG		4,469		1,184,991
Nordex SE(2)		18,820		532,798
Puma SE(2)		4,602		450,321
QIAGEN NV(2)		12,000		650,618

Security	Shares		Value
Germany (continued)
Rational AG		340	$	326,835
RWE AG		70,537		3,030,148
SAP SE		37,952		4,815,653
Siemens AG		19,540		3,027,530
Siemens Energy AG(2)		9,770		361,036
Siemens Healthineers AG(3)		8,326		466,934
Suedzucker AG		42,800		623,793
Symrise AG		9,900		1,231,991
TAG Immobilien AG		21,338		655,220
Talanx AG(2)		7,137		266,528
TeamViewer AG(2)(3)		21,345		1,103,846
Telefonica Deutschland Holding AG		364,647		999,294
TUI AG(1)		33,700		161,697
Varta AG(1)(2)		3,100		551,766
Volkswagen AG		900		189,928
Volkswagen AG, PFC Shares		4,126		780,022
Vonovia SE		40,861		2,728,288
Washtec AG(2)		1,347		79,937
Zalando SE(2)(3)		3,800		435,712
			$	57,979,279
Hong Kong — 4.3%
AIA Group, Ltd.		203,000	$	2,447,519
ASM Pacific Technology, Ltd.		61,700		895,969
Bank of East Asia, Ltd. (The)		27,800		60,163
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.(1)		83,000		89,028
BOC Hong Kong Holdings, Ltd.		60,000		178,920
Budweiser Brewing Co. APAC Ltd.(3)		443,900		1,484,131
C-Mer Eye Care Holdings, Ltd.		180,000		144,837
Cafe de Coral Holdings, Ltd.		84,000		172,458
Cathay Pacific Airways, Ltd.(1)(2)		317,000		244,073
Champion REIT		149,000		85,495
China Evergrande New Energy Vehicle Group, Ltd.(1)(2)		360,500		1,962,002
China Tobacco International HK Co., Ltd.(1)		43,000		83,603
China Traditional Chinese Medicine Holdings Co., Ltd.		662,000		361,458
China Youzan, Ltd.(2)		3,432,000		1,473,354
Chow Sang Sang Holdings International, Ltd.		153,000		183,516
Chow Tai Fook Jewellery Group, Ltd.		251,200		301,590
CK Hutchison Holdings, Ltd.		154,000		1,062,758
CLP Holdings, Ltd.		132,000		1,238,762
Dairy Farm International Holdings, Ltd.		146,500		630,510
Fortune REIT		129,000		114,961
Global Cord Blood Corp.(2)		29,600		114,552
Glory Sun Financial Group, Ltd.(1)(2)		2,992,000		117,484
Hang Lung Group, Ltd.		48,000		121,399
Hang Lung Properties, Ltd.		86,000		228,537

10 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Hong Kong (continued)
Hang Seng Bank, Ltd.		13,000	$	234,447
Henderson Land Development Co., Ltd.		49,867		203,955
HK Electric Investments & HK Electric Investments, Ltd.		355,500		350,913
HKBN, Ltd.		357,000		516,456
HKT Trust and HKT, Ltd.		912,000		1,200,353
Hong Kong & China Gas Co., Ltd.		911,907		1,309,713
Hong Kong Exchanges & Clearing, Ltd.		20,000		1,278,643
Hongkong Land Holdings, Ltd.		61,200		282,152
Hysan Development Co., Ltd.		37,000		134,180
Jardine Matheson Holdings, Ltd.		15,900		916,431
Jardine Strategic Holdings, Ltd.		16,700		432,946
Johnson Electric Holdings, Ltd.		47,500		140,291
Kerry Logistics Network, Ltd.		116,500		248,455
Kerry Properties, Ltd.		32,500		84,114
Lifestyle International Holdings, Ltd.(1)(2)		152,500		108,403
Link REIT		70,900		615,075
Luk Fook Holdings International, Ltd.		45,000		97,482
Man Wah Holdings, Ltd.		176,800		389,942
Melco International Development, Ltd.		108,000		188,450
MGM China Holdings, Ltd.		166,400		250,760
MTR Corp., Ltd.		108,500		629,657
Nexteer Automotive Group, Ltd.(1)		113,000		181,193
NWS Holdings, Ltd.		295,000		283,632
Pacific Textiles Holdings, Ltd.		244,000		151,462
PAX Global Technology, Ltd.		180,000		176,798
Power Assets Holdings, Ltd.		151,000		801,305
Sands China, Ltd.		200,400		795,858
Shangri-La Asia, Ltd.(2)		200,000		169,952
Sino Land Co., Ltd.		116,000		160,667
SJM Holdings, Ltd.		233,000		249,823
Sun Hung Kai Properties, Ltd.		56,000		764,972
Swire Pacific, Ltd., Class A		23,500		146,865
Swire Pacific, Ltd., Class B		87,500		88,874
Swire Properties, Ltd.		45,400		131,598
Town Health International Medical Group, Ltd.(1)(2)(4)		604,000		0
UNTRADE.BRIGHTOIL(4)		262,000		0
UNTRADE.SUPERB SUMMIT(1)(4)		230,000		0
VSTECS Holdings, Ltd.		154,000		134,453
VTech Holdings, Ltd.		48,500		387,724
Wharf Holdings, Ltd. (The)		54,000		118,816
Wharf Real Estate Investment Co., Ltd.		73,000		385,557
Yue Yuen Industrial Holdings, Ltd.		130,500		283,880
Yuexiu Real Estate Investment Trust		120,000		57,877
			$	28,881,203

Security	Shares		Value
Ireland — 2.1%
AIB Group PLC(1)(2)		300,977	$	535,189
Bank of Ireland Group PLC(2)		353,265		1,312,334
Cairn Homes PLC(2)		146,637		162,496
CRH PLC		59,402		2,437,549
Fineos Corp. Holdings PLC CDI(2)		41,347		113,145
Flutter Entertainment PLC(2)		12,153		2,262,813
Fly Leasing, Ltd. ADR(2)		27,800		265,212
Glenveagh Properties PLC(2)(3)		77,242		78,888
Grafton Group PLC		50,858		600,495
Hibernia REIT PLC		69,210		91,882
ICON PLC(2)		9,100		1,854,671
Irish Continental Group PLC(1)(2)		57,130		265,873
Irish Residential Properties REIT PLC		311,874		547,932
Kerry Group PLC, Class A		14,363		1,949,159
Kingspan Group PLC(2)		15,053		1,021,880
Nabriva Therapeutics PLC(1)(2)		13,289		34,817
Origin Enterprises PLC		36,000		143,668
UDG Healthcare PLC		41,868		466,828
Uniphar PLC(2)		37,081		114,961
			$	14,259,792
Israel — 2.3%
Airport City, Ltd.(2)		16,700	$	239,483
Amot Investments, Ltd.		40,781		224,618
AudioCodes, Ltd.(1)		3,200		96,000
Azrieli Group, Ltd.		10,067		611,977
Bank Hapoalim B.M.(2)		55,057		387,443
Bank Leumi Le-Israel B.M.		92,631		570,825
Bezeq The Israeli Telecommunication Corp., Ltd.(2)		1,151,312		1,186,532
Check Point Software Technologies, Ltd.(2)		4,700		600,378
Danel Adir Yeoshua, Ltd.		1,100		164,030
Elbit Systems, Ltd.		3,930		542,417
Electra, Ltd.		720		378,364
Energix-Renewable Energies, Ltd.		109,890		410,117
Enlight Renewable Energy, Ltd.(2)		210,055		389,824
Fattal Holdings 1998, Ltd.(2)		7,224		700,348
FIBI Holdings, Ltd.		2,300		68,731
First International Bank of Israel, Ltd.		7,535		196,753
Hilan, Ltd.		3,200		146,672
ICL Group, Ltd		317,723		1,690,336
Inrom Construction Industries, Ltd.		40,400		184,046
Kenon Holdings, Ltd.		13,168		357,399
Matrix IT, Ltd.		7,477		161,094
Maytronics, Ltd.		41,700		723,624
Melisron, Ltd.		6,004		308,293
Mizrahi Tefahot Bank, Ltd.		12,760		296,758

11 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Israel (continued)
Nice, Ltd.(2)		1,294	$	337,387
Oil Refineries, Ltd.(2)		912,196		181,705
Paz Oil Co., Ltd.		5,234		514,471
Radware, Ltd.(2)		6,000		170,100
Redhill Biopharma, Ltd. ADR(1)(2)		8,400		70,728
Reit 1, Ltd.		72,916		335,739
Shapir Engineering and Industry, Ltd.		30,000		215,370
Shufersal, Ltd.		62,623		520,827
Strauss Group, Ltd.		26,926		767,682
Taro Pharmaceutical Industries, Ltd.(2)		2,100		156,954
Teva Pharmaceutical Industries, Ltd. ADR(2)		107,600		1,267,528
UroGen Pharma, Ltd.(1)(2)		4,300		94,901
			$	15,269,454
Italy — 4.3%
A2A SpA		85,363	$	138,423
Arnoldo Mondadori Editore SpA(2)		66,000		108,608
Assicurazioni Generali SpA		32,700		558,085
ASTM SpA(2)		12,765		284,020
Atlantia SpA(2)		43,200		684,375
Autogrill SpA(1)(2)		29,700		157,191
Azimut Holding SpA		7,000		147,088
Banca Mediolanum SpA(2)		14,000		110,940
Banca Popolare di Sondrio SCPA(2)		35,600		87,357
Banco BPM SpA(2)		78,600		172,020
Bio-On SpA(1)(2)(4)		12,900		0
BPER Banca(2)		32,400		59,523
Brunello Cucinelli SpA(1)(2)		6,234		249,545
Buzzi Unicem SpA(1)		7,400		182,065
Cementir Holding NV		48,418		397,804
Cerved Group SpA(2)		9,600		81,973
COSMO Pharmaceuticals NV(1)(2)		3,282		299,626
Datalogic SpA		5,730		99,610
Davide Campari-Milano NV		127,434		1,369,704
De’Longhi SpA		10,450		375,036
DiaSorin SpA		7,620		1,666,374
Enav SpA(3)		46,000		194,945
Enel SpA		242,788		2,407,968
Eni SpA		312,531		3,156,804
Ferrari NV		7,500		1,560,667
Fila SpA(2)		5,500		56,207
Fincantieri SpA(1)(2)		128,000		80,070
FinecoBank Banca Fineco SpA(2)		16,600		258,126
Hera SpA		46,677		163,069
Infrastrutture Wireless Italiane SpA(3)		104,600		1,123,320
Interpump Group SpA		11,400		511,291

Security	Shares		Value
Italy (continued)
Intesa Sanpaolo SpA(2)		535,073	$	1,166,516
Iren SPA		42,400		104,499
Italgas SpA		24,300		145,743
Leonardo SpA		39,700		275,067
Mediaset SpA(1)(2)		390,900		1,011,381
Mediobanca Banca di Credito Finanziario SpA(2)		33,377		297,031
Nexi SpA(2)(3)		11,200		198,701
Poste Italiane SpA(3)		16,700		163,190
Prada SpA(2)		62,700		385,283
Prysmian SpA		24,700		795,687
Recordati Industria Chimica e Farmaceutica SpA		22,594		1,169,222
Reply SpA		4,480		548,021
Retelit SpA(1)		222,200		614,257
Salvatore Ferragamo SpA(2)		11,072		215,357
Saras SpA(1)(2)		254,500		166,994
STMicroelectronics NV		85,300		3,419,542
Technogym SpA(2)(3)		16,800		171,606
Terna Rete Elettrica Nazionale SpA		52,300		379,287
Unipol Gruppo SpA(2)		33,400		146,545
UnipolSai Assicurazioni SpA		64,182		162,577
Webuild SpA(1)		166,800		247,308
			$	28,525,648
Japan — 13.6%
Acom Co., Ltd.(1)		41,900	$	184,189
Activia Properties, Inc.		50		199,935
Advance Residence Investment Corp.(1)		88		261,248
AGC, Inc.		4,800		166,746
Air Water, Inc.		12,300		198,857
Ajinomoto Co., Inc.		17,200		406,714
Alps Alpine Co., Ltd.		7,800		104,236
Aozora Bank, Ltd.		13,600		250,653
Asahi Group Holdings, Ltd.		13,500		545,026
Asahi Intecc Co., Ltd.		8,800		288,925
Asahi Kasei Corp.		50,800		564,886
Bandai Namco Holdings, Inc.		4,200		358,139
Bridgestone Corp.		8,600		320,414
Brother Industries, Ltd.		7,500		167,239
Calbee, Inc.		7,600		224,757
Canon, Inc.		19,500		431,369
Capcom Co., Ltd.		4,900		307,423
Casio Computer Co., Ltd.		7,300		128,969
Central Japan Railway Co.		1,700		243,427
Chubu Electric Power Co., Inc.		62,200		761,809
Chugai Pharmaceutical Co., Ltd.		13,300		695,977
Chugoku Electric Power Co., Inc. (The)(1)		36,100		445,145

12 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Citizen Watch Co., Ltd.		27,900	$	84,835
Coca-Cola Bottlers Japan Holdings, Inc.		12,900		195,835
COSMOS Pharmaceutical NV		1,000		152,468
CyberAgent, Inc.		6,700		419,450
Dai Nippon Printing Co., Ltd.		5,700		98,252
Daicel Corp.		19,800		150,621
Daido Steel Co., Ltd.		4,700		192,328
Daiichi Sankyo Co., Ltd.		34,500		1,110,590
Daikin Industries, Ltd.		2,500		527,831
Daito Trust Construction Co., Ltd.		3,600		375,170
Daiwa House REIT Investment Corp.		141		379,828
Daiwa Office Investment Corp.		35		226,909
Daiwa Securities Group, Inc.		73,100		347,915
DeNA Co., Ltd.		17,400		324,839
Denso Corp.		5,600		311,277
Dentsu Group, Inc.		12,100		385,934
DIC Corp.		5,600		137,107
East Japan Railway Co.		4,400		290,233
ENEOS Holdings, Inc.		262,200		1,062,629
Ezaki Glico Co., Ltd.		3,400		149,390
FANUC Corp.		1,600		417,711
Fast Retailing Co., Ltd.		700		601,665
FUJIFILM Holdings Corp.		7,400		423,887
Fujitsu, Ltd.		2,600		396,760
GLP J-REIT		270		434,983
Hakuhodo DY Holdings, Inc.		21,800		315,899
Hamamatsu Photonics K.K.		6,800		394,414
Hankyu Hanshin Holdings, Inc.		4,400		142,362
Hikari Tsushin, Inc.		600		125,829
Hirose Electric Co., Ltd.		1,040		163,289
Hitachi Metals, Ltd.(1)		12,900		205,815
Hitachi, Ltd.		16,300		671,483
House Foods Group, Inc.		4,300		158,848
Hoya Corp.		7,400		946,859
Hulic Co., Ltd.		29,000		327,875
Industrial & Infrastructure Fund Investment Corp.		174		313,207
Inpex Corp.		101,600		588,116
Invincible Investment Corp.		490		163,358
Ito En, Ltd.		3,200		199,673
ITOCHU Corp.(1)		14,500		415,265
Iwatani Corp.		8,200		505,781
Japan Exchange Group, Inc.		19,100		445,899
Japan Hotel REIT Investment Corp.		505		254,381
Japan Logistics Fund, Inc.(1)		71		212,378
Japan Petroleum Exploration Co., Ltd.		9,900		188,261
Japan Post Bank Co., Ltd.		33,500		289,674

Security	Shares		Value
Japan (continued)
Japan Post Holdings Co., Ltd.		47,600	$	378,542
Japan Prime Realty Investment Corp.		87		306,947
Japan Real Estate Investment Corp.		83		505,789
Japan Retail Fund Investment Corp.		207		392,790
Japan Tobacco, Inc.		29,100		578,051
JFE Holdings, Inc.(2)		34,900		302,804
JSR Corp.		10,200		311,259
Kajima Corp.		10,500		140,685
Kakaku.com, Inc.		9,700		280,936
Kansai Electric Power Co., Inc. (The)		72,800		713,759
Kansai Paint Co., Ltd.		10,500		309,068
Kao Corp.		11,900		863,425
KDDI Corp.		44,700		1,313,855
Keikyu Corp.(1)		6,200		99,448
Keio Corp.		2,200		161,007
Keisei Electric Railway Co., Ltd.		5,800		196,932
Kenedix Office Investment Corp.(1)		30		193,091
Kewpie Corp.		9,800		225,978
Keyence Corp.		2,700		1,449,579
Kikkoman Corp.		6,600		465,715
Kintetsu Group Holdings Co., Ltd.		2,700		113,640
Kirin Holdings Co., Ltd.		24,900		535,201
Konami Holdings Corp.		7,700		471,868
Konica Minolta, Inc.		64,200		278,505
Kubota Corp.		14,300		314,187
Kuraray Co., Ltd.		19,500		208,912
Kyocera Corp.		6,300		403,781
Kyowa Kirin Co., Ltd.		9,500		281,590
Kyushu Electric Power Co., Inc.		55,000		510,242
LaSalle Logiport REIT		165		258,892
Lawson, Inc.		2,800		135,990
Lion Corp.		11,700		267,415
Lixil Corp.		7,400		172,570
Makita Corp.		4,000		190,879
Marubeni Corp.		31,400		208,631
Marui Group Co., Ltd.		5,700		102,150
Maruichi Steel Tube, Ltd.		5,100		110,109
Medipal Holdings Corp.		12,500		255,934
MEIJI Holdings Co., Ltd.		5,300		361,778
Mitsubishi Chemical Holdings Corp.		50,700		346,784
Mitsubishi Corp.		14,300		362,249
Mitsubishi Electric Corp.		18,100		276,112
Mitsubishi Estate Co., Ltd.		60,800		961,855
Mitsubishi Heavy Industries, Ltd.		4,700		135,000
Mitsubishi Materials Corp.		7,400		157,233
Mitsubishi UFJ Financial Group, Inc.		324,800		1,466,725

13 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Mitsui & Co., Ltd.		18,200	$	337,693
Mitsui Chemicals, Inc.		10,600		303,740
Mitsui Fudosan Logistics Park, Inc.		42		209,963
Mizuho Financial Group, Inc.		64,680		852,633
Mori Hills REIT Investment Corp.(1)		160		223,038
MS&AD Insurance Group Holdings, Inc.		16,500		474,727
Murata Manufacturing Co., Ltd.		8,900		854,827
Nagoya Railroad Co., Ltd.		4,300		109,520
NEC Corp.		4,000		217,635
Nexon Co., Ltd.		14,200		430,876
NH Foods, Ltd.		4,300		184,269
Nichirei Corp.		7,300		211,518
Nidec Corp.		4,500		598,852
Nihon Kohden Corp.		4,100		122,172
Nintendo Co., Ltd.		3,100		1,784,469
Nippon Accommodations Fund, Inc.		35		192,602
Nippon Building Fund, Inc.		91		549,645
Nippon Express Co., Ltd.		2,500		169,854
Nippon Kayaku Co., Ltd.		17,700		167,081
Nippon Paint Holdings Co., Ltd.(1)		7,100		638,466
Nippon Paper Industries Co., Ltd.		10,000		122,101
Nippon Prologis REIT, Inc.		135		440,084
Nippon Sanso Holdings Corp.		12,000		231,325
Nippon Shinyaku Co., Ltd.		2,200		161,961
Nippon Shokubai Co., Ltd.		3,500		196,029
Nippon Steel Corp.(2)		36,900		426,254
Nippon Telegraph & Telephone Corp.		37,700		942,267
Nissan Chemical Corp.		7,300		415,801
Nissan Motor Co., Ltd.(2)		40,500		208,806
Nisshin Seifun Group, Inc.		11,500		193,568
Nissin Foods Holdings Co., Ltd.		3,200		276,589
Nitori Holdings Co., Ltd.		900		178,617
NOF Corp.		4,300		206,634
Nomura Real Estate Master Fund, Inc.		295		449,159
Nomura Research Institute, Ltd.		6,400		215,580
NTT Data Corp.		20,600		295,839
Obayashi Corp.		14,900		124,805
Obic Co., Ltd.		1,700		318,076
Odakyu Electric Railway Co., Ltd.(1)		5,100		148,244
Oji Holdings Corp.		48,300		292,000
Olympus Corp.		29,300		529,767
Ono Pharmaceutical Co., Ltd.		13,500		402,963
Oracle Corp. Japan		1,900		223,854
Oriental Land Co., Ltd.		2,800		438,232
ORIX Corp.		36,100		579,257
Orix JREIT, Inc.		205		343,752

Security	Shares		Value
Japan (continued)
Otsuka Corp.		4,400	$	221,544
Otsuka Holdings Co., Ltd.		13,300		567,929
Pan Pacific International Holdings Corp.		5,900		132,489
Panasonic Corp.		30,900		401,151
Rakuten, Inc.(2)		18,600		183,074
Recruit Holdings Co., Ltd.		13,400		582,865
Resona Holdings, Inc.		91,700		318,325
Ricoh Co., Ltd.		25,600		194,098
Rinnai Corp.		1,700		177,562
ROHM Co., Ltd.		1,900		192,779
Ryohin Keikaku Co., Ltd.		9,000		215,197
Santen Pharmaceutical Co., Ltd.		16,700		276,198
Sawai Pharmaceutical Co., Ltd.		3,400		155,424
SECOM Co., Ltd.		1,700		154,035
Seiko Epson Corp.		11,300		192,494
Sekisui Chemical Co., Ltd.		12,600		227,256
Sekisui House Reit, Inc.		380		275,019
Sekisui House, Ltd.(1)		11,000		212,525
Seven & i Holdings Co., Ltd.		20,700		790,492
Seven Bank, Ltd.		101,900		224,492
SG Holdings Co., Ltd.		11,400		292,212
Shikoku Electric Power Co., Inc.		45,400		309,174
Shimadzu Corp.		7,900		302,026
Shimano, Inc.		900		211,026
Shimizu Corp.		15,300		107,777
Shin-Etsu Chemical Co., Ltd.		12,300		2,141,167
Shionogi & Co., Ltd.		7,000		380,030
Shizuoka Bank, Ltd. (The)		29,100		211,541
SMC Corp.		700		423,614
Softbank Corp.(1)		51,900		681,782
Sompo Holdings, Inc.		12,800		511,134
Sony Corp.		13,400		1,282,549
Square Enix Holdings Co., Ltd.		7,100		408,276
Stanley Electric Co., Ltd.		6,700		209,593
Subaru Corp.		11,400		218,997
Sumitomo Chemical Co., Ltd.		76,900		361,999
Sumitomo Corp.		15,000		199,118
Sumitomo Dainippon Pharma Co., Ltd.		14,700		238,965
Sumitomo Mitsui Financial Group, Inc.		34,300		1,065,643
Sumitomo Mitsui Trust Holdings, Inc.		13,900		415,857
Sumitomo Osaka Cement Co., Ltd.		4,000		120,999
Sumitomo Realty & Development Co., Ltd.		21,300		642,958
Suntory Beverage & Food, Ltd.		6,700		234,046
Suzuken Co., Ltd.		5,100		197,517
Suzuki Motor Corp.		7,800		351,999
Sysmex Corp.		4,900		571,645

14 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Taiheiyo Cement Corp.		8,600	$	214,114
Taisei Corp.		4,500		145,787
Takashimaya Co., Ltd.(1)		12,400		117,738
Takeda Pharmaceutical Co., Ltd.		31,700		1,114,877
TEIJIN, Ltd.		12,200		223,193
Terumo Corp.		16,400		637,397
TIS, Inc.		8,700		193,459
Tobu Railway Co., Ltd.		3,900		110,052
Toho Co., Ltd.		9,300		360,235
Toho Gas Co., Ltd.(1)		10,100		593,739
Tokio Marine Holdings, Inc.		19,000		933,296
Tokyo Electric Power Co. Holdings, Inc.(2)		148,900		571,167
Tokyo Electron, Ltd.		2,500		950,632
Tokyo Gas Co., Ltd.		33,700		738,458
Tokyu Corp.		9,800		115,230
Toppan Printing Co., Ltd.		7,900		112,354
Toray Industries, Inc.		58,000		378,434
Toshiba Corp.		6,400		208,999
TOTO, Ltd.		3,200		177,235
Toyo Seikan Group Holdings, Ltd.		10,900		116,813
Toyo Suisan Kaisha, Ltd.		4,500		221,464
Toyota Industries Corp.		2,500		196,927
Toyota Motor Corp.		26,700		1,872,627
Toyota Tsusho Corp.		4,900		191,392
Trend Micro, Inc.(2)		3,900		214,636
Tsuruha Holdings, Inc.		1,300		172,628
Unicharm Corp.		11,300		506,799
United Urban Investment Corp.		268		364,619
USS Co., Ltd.		8,100		159,502
Welcia Holdings Co., Ltd.(1)		5,200		176,168
West Japan Railway Co.		2,500		133,277
Yakult Honsha Co., Ltd.		6,500		332,000
Yamaguchi Financial Group, Inc.		32,200		183,107
Yamaha Corp.		3,200		180,340
Yamato Holdings Co., Ltd.		6,600		163,751
Yamazaki Baking Co., Ltd.(1)		8,800		162,018
Yokogawa Electric Corp.		10,000		216,184
Z Holdings Corp.		120,000		745,479
ZOZO, Inc.		8,300		232,425
			$	90,781,376
Netherlands — 4.5%
ABN AMRO Bank NV(2)(3)		19,600	$	204,703
Accell Group(2)		2,450		86,782
Akzo Nobel NV		17,396		1,770,903
Arcadis NV(2)		8,400		294,507

Security	Shares		Value
Netherlands (continued)
ASML Holding NV		9,428	$	5,033,173
ASR Nederland NV		5,300		205,450
Basic-Fit NV(1)(2)(3)		2,000		68,498
Boskalis Westminster(2)		4,300		120,804
Corbion NV		20,000		1,167,990
Eurocommercial Properties NV(2)		8,200		158,234
Euronext NV(3)		2,900		312,321
Flow Traders(3)		4,600		176,254
GrandVision NV(2)(3)		6,200		184,149
IMCD NV		4,176		518,259
ING Groep NV(2)		212,100		1,885,857
Intertrust NV(2)(3)		5,200		79,949
JDE Peet’s NV(2)		36,560		1,409,722
Just Eat Takeaway.com NV(1)(2)(3)		2,700		309,652
Koninklijke BAM Groep NV(2)		66,800		131,670
Koninklijke DSM NV		5,408		945,390
Koninklijke KPN NV		746,650		2,332,534
Koninklijke Philips NV(2)		63,457		3,458,986
Koninklijke Vopak NV		13,000		657,965
NN Group NV		18,350		764,305
NSI NV		5,968		246,060
Pharming Group NV(1)(2)		316,678		449,541
PostNL NV(2)		71,792		295,965
Prosus NV		28,673		3,349,890
Randstad NV(2)		8,944		558,801
SBM Offshore NV		42,517		729,799
Signify NV(2)(3)		11,700		558,278
Stellantis NV		27,700		421,200
Vastned Retail NV		7,610		215,623
Wolters Kluwer NV		15,920		1,322,796
			$	30,426,010
New Zealand — 1.1%
a2 Milk Co., Ltd. (The)(1)(2)		64,294	$	530,231
Argosy Property, Ltd.		99,700		110,132
Auckland International Airport, Ltd.(2)		145,752		775,387
Contact Energy, Ltd.		53,366		311,453
Fisher & Paykel Healthcare Corp., Ltd.		29,761		737,587
Fletcher Building, Ltd.(2)		202,321		899,295
Genesis Energy, Ltd.		38,800		108,828
Goodman Property Trust		179,900		290,604
Mercury NZ, Ltd.		54,400		277,429
Meridian Energy, Ltd.		54,600		278,697
Precinct Properties New Zealand, Ltd.		189,100		233,430
Pushpay Holdings, Ltd.(2)		115,268		135,796
Restaurant Brands New Zealand, Ltd.(2)		19,660		165,566

15 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
New Zealand (continued)
SKYCITY Entertainment Group, Ltd.		231,739	$	504,909
Spark New Zealand, Ltd.		222,031		762,310
Xero, Ltd.(2)		6,814		672,192
Z Energy, Ltd.(2)		168,235		355,230
			$	7,149,076
Norway — 2.3%
Adevinta ASA, Class B(2)		38,998	$	578,629
Atea ASA		48,489		737,770
Borregaard ASA		27,054		495,142
BW Energy, Ltd.(2)		4,101		11,441
DHT Holdings, Inc.		13,700		73,569
DNB ASA(2)		54,951		1,069,811
Entra ASA(1)(3)		58,483		1,301,555
Equinor ASA		60,110		1,077,242
Europris ASA(3)		82,000		454,055
Fjordkraft Holding ASA(3)		18,200		154,583
Frontline, Ltd.		20,000		115,563
Gjensidige Forsikring ASA(1)		16,200		372,535
Golar LNG, Ltd.(1)(2)		17,900		193,857
Kongsberg Gruppen ASA		25,020		483,973
Mowi ASA		40,150		889,362
Nordic American Tankers, Ltd.		20,400		60,384
Nordic Nanovector ASA(1)(2)		42,000		66,715
Norwegian Finans Holding ASA(2)		18,080		152,639
Opera, Ltd. ADR(2)		61,800		532,098
Orkla ASA		75,100		730,023
Sbanken ASA(2)(3)		7,500		59,001
Scatec ASA(3)		40,263		1,523,518
SFL Corp, Ltd.		7,300		46,136
SpareBank 1 SMN		14,400		167,629
SpareBank 1 SR-Bank ASA(2)		13,600		149,174
Telenor ASA		56,200		927,097
Tomra Systems ASA		22,377		1,024,117
Veidekke ASA		20,997		252,484
Yara International ASA		33,282		1,547,621
			$	15,247,723
Portugal — 1.1%
Banco Comercial Portugues S.A.(1)(2)		7,064,053	$	978,603
Corticeira Amorim SGPS S.A.		23,600		318,901
CTT - Correios de Portugal S.A.(2)		155,356		449,889
EDP - Energias de Portugal S.A.		211,095		1,324,237
Galp Energia SGPS S.A., Class B		123,229		1,236,865
Jeronimo Martins SGPS S.A.		65,721		1,074,740

Security	Shares		Value
Portugal (continued)
Navigator Co. S.A. (The)		260,814	$	782,759
NOS SGPS S.A.		227,848		785,713
REN - Redes Energeticas Nacionais SGPS S.A.		29,300		83,384
Semapa-Sociedade de Investimento e Gestao		24,067		255,602
Sonae SGPS S.A.		105,586		84,645
			$	7,375,338
Singapore — 2.3%
AEM Holdings, Ltd.		49,600	$	148,255
Ascendas Real Estate Investment Trust		109,000		251,499
Ascott Residence Trust		185,500		145,814
BOC Aviation, Ltd.(3)		21,900		178,349
BW LPG, Ltd.(3)		9,091		59,378
CapitaLand Integrated Commercial Trust		215,740		344,677
CDL Hospitality Trusts		80,000		73,823
China Aviation Oil Singapore Corp, Ltd.		96,100		81,574
ComfortDelGro Corp., Ltd.		201,100		238,622
Ezion Holdings, Ltd.(2)(4)		1,126,000		0
Flex, Ltd.(2)		81,400		1,435,896
Frasers Centrepoint Trust		56,900		110,622
Frasers Logistics & Commercial Trust		110,000		118,903
Genting Singapore, Ltd.		1,170,700		751,338
Hi-P International, Ltd.		84,400		126,021
Hutchison Port Holdings Trust		446,200		91,121
Jardine Cycle & Carriage, Ltd.		22,400		362,205
Keppel DC REIT		92,156		205,940
Keppel Infrastructure Trust		801,185		334,092
Keppel REIT(1)		110,000		100,525
Manulife US Real Estate Investment Trust		113,000		82,712
Mapletree Commercial Trust		83,109		128,580
Mapletree Industrial Trust		68,200		146,853
Mapletree Logistics Trust		154,800		229,590
Mapletree North Asia Commercial Trust		106,100		77,763
Medtecs International Corp, Ltd.		233,700		182,573
Midas Holdings, Ltd.(2)(4)		480,000		0
Oversea-Chinese Banking Corp., Ltd.		118,100		915,305
Parkway Life Real Estate Investment Trust		33,400		104,189
Raffles Medical Group, Ltd.		220,700		154,822
SATS, Ltd.(1)(2)		70,100		202,357
Sembcorp Industries, Ltd.		141,300		174,583
Sheng Siong Group, Ltd.		269,200		327,378
SIA Engineering Co., Ltd.		86,000		122,185
Singapore Airlines, Ltd.(2)		162,600		501,556
Singapore Exchange, Ltd.		57,600		427,912
Singapore Post, Ltd.		211,600		109,582
Singapore Press Holdings, Ltd.(1)		563,700		498,762

16 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Singapore (continued)
Singapore Technologies Engineering, Ltd.		186,800	$	520,815
Singapore Telecommunications, Ltd.(5)		84,700		150,871
Singapore Telecommunications, Ltd.(5)		638,600		1,131,309
StarHub, Ltd.		360,700		346,746
Suntec Real Estate Investment Trust		89,800		107,593
United Overseas Bank, Ltd.		48,900		859,164
Venture Corp., Ltd.		38,100		566,242
Wilmar International, Ltd.		579,300		2,292,836
			$	15,520,932
Spain — 4.3%
Acerinox S.A.		74,810	$	830,648
Aena SME S.A.(2)(3)		5,371		828,298
Almirall S.A.(1)		48,572		665,020
Amadeus IT Group S.A.		42,650		2,722,913
Applus Services S.A.(2)		29,000		290,051
Banco Bilbao Vizcaya Argentaria S.A.		206,830		943,706
Banco Santander S.A.(2)		545,973		1,593,642
Bankia S.A.		81,600		139,861
Bankinter S.A.		18,384		103,188
CaixaBank S.A.		101,600		256,387
Cellnex Telecom S.A.(3)		28,184		1,651,125
Cia de Distribucion Integral Logista Holdings S.A.		14,897		280,249
Construcciones y Auxiliar de Ferrocarriles S.A.		4,950		222,109
Deoleo S.A.(2)		879,200		265,453
Ebro Foods S.A.(1)		29,300		638,860
Endesa S.A.		14,100		360,357
Faes Farma S.A.		89,053		396,967
Ferrovial S.A.		37,362		895,698
Fluidra S.A.(1)		4,323		103,988
Global Dominion Access S.A.(3)		31,250		143,613
Grifols S.A.(1)		62,700		1,845,740
Grupo Catalana Occidente S.A.		2,596		88,199
Iberdrola S.A.		2,451		33,274
Iberdrola S.A.		171,598		2,323,297
Industria de Diseno Textil S.A.		94,975		2,816,786
Laboratorios Farmaceuticos Rovi S.A.		6,200		305,229
Mapfre S.A.		82,487		151,382
Merlin Properties Socimi S.A.		187,800		1,798,669
Neinor Homes S.A.(2)(3)		10,000		134,677
Prosegur Cash S.A.(1)(3)		47,137		41,333
Red Electrica Corp. S.A.		17,578		333,769
Repsol S.A.		334,067		3,281,768
Tecnicas Reunidas S.A.(2)		7,006		92,007
Telefonica S.A.		384,515		1,659,140
Telepizza Group S.A.(2)(3)(4)		3,701		0

Security	Shares		Value
Spain (continued)
Tubacex S.A.(2)		34,340	$	55,059
Zardoya Otis S.A.		30,400		200,053
			$	28,492,515
Sweden — 4.5%
AAK AB		16,363	$	319,827
Alfa Laval AB(2)		6,950		182,137
Arjo AB, Class B		55,760		414,152
Assa Abloy AB, Class B		16,810		415,741
Atrium Ljungberg AB, Class B		7,700		148,120
Attendo AB(2)(3)		51,800		289,872
Avanza Bank Holding AB		31,760		865,420
Axfood AB		24,587		590,892
Betsson AB		23,476		220,618
Bilia AB, Class A(2)		16,300		202,114
BillerudKorsnas AB		27,011		482,692
BioGaia AB, Class B		4,249		235,982
Bonava AB, Class B(2)		18,268		193,054
Castellum AB		30,000		719,741
Catena AB		2,100		97,794
Dios Fastigheter AB		19,400		166,020
Dustin Group AB(3)		25,800		244,580
Elekta AB, Class B		58,578		841,680
Embracer Group AB(2)		20,945		472,136
Epiroc AB, Class A		16,126		308,956
Epiroc AB, Class B		11,200		192,240
Essity AB, Class B		46,385		1,481,575
Evolution Gaming Group AB(3)		7,183		698,999
Fabege AB		29,200		435,126
Fingerprint Cards AB, Class B(1)(2)		205,863		479,042
Granges AB(2)		33,564		385,349
Hennes & Mauritz AB, Class B(2)		52,488		1,122,160
Hexpol AB		58,200		636,065
Holmen AB, Class B		16,216		742,359
Husqvarna AB, Class B		34,170		422,771
ICA Gruppen AB		14,700		736,830
Indutrade AB(2)		9,447		193,611
Investor AB, Class B		9,400		689,484
JM AB		7,000		244,317
Karo Pharma AB(2)		29,600		169,740
Lifco AB, Class B		2,000		183,598
Lundin Energy AB		29,152		791,857
Medicover AB(2)		6,400		120,812
Modern Times Group MTG AB, Class B(1)(2)		32,300		489,515
Mycronic AB(1)		26,942		755,229
NCC AB, Class B		6,000		100,487

17 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Sweden (continued)
Nibe Industrier AB, Class B		12,473	$	416,341
Nordic Entertainment Group AB, Class B(2)		12,020		627,462
Nyfosa AB(2)		21,257		205,392
Pandox AB(2)		9,800		147,154
Paradox Interactive AB		8,600		239,330
RaySearch Laboratories AB(1)(2)		11,321		117,335
Saab AB, Class B(2)		4,437		124,190
Samhallsbyggnadsbolaget i Norden AB(1)		161,789		529,853
Scandic Hotels Group AB(2)(3)		11,600		43,152
Sectra AB(1)		2,600		221,323
Securitas AB, Class B		12,200		187,985
Skandinaviska Enskilda Banken AB, Class A(2)		91,100		991,121
Skanska AB, Class B		9,000		232,560
Stillfront Group AB(2)		9,000		95,479
Svenska Cellulosa AB SCA, Class B(2)		71,064		1,251,782
Svenska Handelsbanken AB, Class A(2)		82,000		817,457
Swedish Orphan Biovitrum AB(2)		22,039		416,126
Tele2 AB, Class B		46,720		644,775
Telefonaktiebolaget LM Ericsson, Class B		140,700		1,771,616
Telia Co. AB		130,400		571,450
Tethys Oil AB		12,500		77,759
Tobii AB(2)		23,500		150,315
Trelleborg AB, Class B(2)		13,600		307,595
Vitrolife AB(2)		11,800		311,866
Volvo AB, Class B(2)		22,095		544,391
Wallenstam AB, Class B		24,800		377,587
Wihlborgs Fastigheter AB		18,900		388,131
			$	30,292,221
Switzerland — 9.0%
Adecco Group AG		12,870	$	803,929
Allreal Holding AG		2,088		454,850
ALSO Holding AG		2,411		647,180
Baloise Holding AG		3,668		614,249
Banque Cantonale Vaudoise		4,280		452,876
Belimo Holding AG		59		454,675
BKW AG		2,892		330,343
Cembra Money Bank AG		3,380		367,227
Cie Financiere Richemont S.A.		67,396		6,260,012
Clariant AG		14,579		309,745
Comet Holding AG		3,411		779,161
DKSH Holding AG		6,642		534,187
dormakaba Holding AG		591		354,209
Dufry AG(1)(2)		7,593		408,243
Ems-Chemie Holding AG		1,460		1,377,071
Flughafen Zurich AG(2)		2,182		359,535

Security	Shares		Value
Switzerland (continued)
Forbo Holding AG		376	$	640,198
Galenica AG(3)		5,783		381,996
Geberit AG		2,318		1,418,771
Givaudan S.A.		710		2,860,428
Gurit Holding AG		178		523,110
Helvetia Holding AG		4,114		412,085
Huber+Suhner AG		3,060		252,052
Inficon Holding AG		575		623,508
Intershop Holding AG		234		157,462
Kuehne & Nagel International AG		3,878		882,462
Landis+Gyr Group AG(2)		3,118		229,711
LEM Holding S.A.		200		409,042
Logitech International S.A.		24,583		2,553,153
Nestle S.A.		71,495		8,014,345
Novartis AG		36,345		3,290,862
Partners Group Holding AG		914		1,079,243
PSP Swiss Property AG		7,028		899,153
Roche Holding AG PC		10,316		3,560,173
Roche Holding AG, Bearer Shares		1,080		380,512
Schindler Holding AG		1,944		511,383
Schindler Holding AG PC		2,895		764,061
Schweiter Technologies AG		220		380,444
SGS S.A., Class R		348		1,055,482
SIG Combibloc Group AG		14,131		335,397
Sika AG		11,917		3,242,755
Softwareone Holding AG(2)		14,221		444,071
Sonova Holding AG(2)		2,027		488,991
Stadler Rail AG(1)		7,634		381,386
Swatch Group AG (The)		3,859		1,111,590
Swiss Life Holding AG		1,733		790,170
Swiss Prime Site AG		11,100		1,078,829
Swiss Re AG		13,276		1,170,435
Swisscom AG		4,086		2,223,922
Valiant Holding AG		3,200		306,114
Valora Holding AG(2)		1,474		281,909
Vontobel Holding AG		5,350		432,250
Zurich Insurance Group AG		5,566		2,225,546
			$	60,300,493
United Kingdom — 8.8%
3i Group PLC		23,056	$	349,379
Admiral Group PLC		5,900		232,524
Aggreko PLC		23,600		187,185
Assura PLC		231,800		229,556
AstraZeneca PLC		33,000		3,366,368
Atlantica Sustainable Infrastructure PLC		3,300		136,455

18 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
United Kingdom (continued)
Auto Trader Group PLC(3)		65,800	$	507,290
Avast PLC(3)		59,900		386,219
Aveva Group PLC		5,400		267,998
Aviva PLC		80,319		367,386
B&M European Value Retail S.A.		40,600		296,765
BAE Systems PLC		53,000		334,415
Barclays PLC(2)		236,832		432,028
Barratt Developments PLC(2)		31,795		276,900
Bellway PLC		5,400		203,099
Berkeley Group Holdings PLC		4,400		251,633
BHP Group PLC		59,700		1,636,098
Big Yellow Group PLC		13,089		197,512
BMO Commercial Property Trust		89,046		95,028
BP PLC		709,300		2,635,726
Britvic PLC		19,000		193,354
BT Group PLC		536,600		920,093
Bunzl PLC		6,100		195,808
Capita PLC(2)		45,100		21,505
Centamin PLC		159,300		249,312
Civitas Social Housing PLC		80,000		117,922
Coca-Cola European Partners PLC		18,400		855,048
Compass Group PLC(2)		48,700		869,917
Computacenter PLC		8,800		281,710
Countryside Properties PLC(2)(3)		32,015		188,461
Croda International PLC		5,987		514,395
Daily Mail & General Trust PLC, Class A		24,002		252,178
Derwent London PLC		8,000		346,293
Diageo PLC		31,400		1,260,621
Diploma PLC		3,800		120,075
Direct Line Insurance Group PLC		42,288		173,565
Domino’s Pizza Group PLC		39,048		175,664
easyJet PLC		18,400		182,217
Elementis PLC(2)		58,068		87,507
Endava PLC ADR(2)		3,200		252,992
Equiniti Group PLC(2)(3)		48,600		77,390
Essentra PLC(2)		29,000		114,285
Experian PLC		14,700		513,803
FDM Group Holdings PLC		10,700		146,336
Ferguson PLC		3,745		434,827
FirstGroup PLC(2)		104,625		102,426
Fresnillo PLC		32,200		433,885
Games Workshop Group PLC		1,807		254,986
GlaxoSmithKline PLC		72,400		1,344,562
Great Portland Estates PLC		23,683		210,954
Greggs PLC(2)		7,435		210,668
Halma PLC		33,980		1,145,337

Security	Shares		Value
United Kingdom (continued)
Hill & Smith Holdings PLC		9,718	$	179,383
Hiscox, Ltd.(2)		11,000		140,305
HomeServe PLC		10,900		155,388
Howden Joinery Group PLC(2)		23,000		210,885
HSBC Holdings PLC(2)		268,700		1,406,001
Ibstock PLC(2)(3)		66,300		186,934
IG Group Holdings PLC		14,640		150,032
Imperial Brands PLC		25,000		501,790
Inchcape PLC(2)		19,600		177,642
InterContinental Hotels Group PLC(2)		6,175		380,424
Intermediate Capital Group PLC		8,334		193,301
Intertek Group PLC		4,100		308,784
IWG PLC(2)		64,800		276,966
John Laing Group PLC(3)		15,800		68,270
Land Securities Group PLC		51,600		432,036
Lloyds Banking Group PLC(2)		1,173,520		526,595
London Stock Exchange Group PLC		4,413		523,889
LondonMetric Property PLC		90,700		282,301
LXI REIT PLC		62,400		106,465
M&G PLC		55,100		132,188
Manchester United PLC, Class A(1)		9,700		139,777
Marks & Spencer Group PLC(2)		83,100		160,500
Marshalls PLC(2)		23,600		209,495
Meggitt PLC(2)		24,500		132,486
Mondi PLC		19,940		469,585
Moneysupermarket.com Group PLC		34,300		125,109
National Express Group PLC(2)		54,600		186,621
National Grid PLC		198,500		2,305,715
Natwest Group PLC(2)		146,005		293,130
NCC Group PLC		72,058		243,061
Next PLC(2)		3,900		411,738
Nomad Foods, Ltd.(2)		11,900		298,690
Pearson PLC(1)		61,614		682,627
Pennon Group PLC		48,800		623,155
Persimmon PLC		9,800		341,123
Phoenix Group Holdings PLC		17,800		164,040
Primary Health Properties PLC		90,643		179,857
QinetiQ Group PLC		19,500		80,082
Reckitt Benckiser Group PLC		11,400		966,474
Redrow PLC(2)		21,200		152,236
RELX PLC		29,880		739,783
Rentokil Initial PLC(2)		39,000		264,686
Rightmove PLC(2)		66,300		542,718
Rio Tinto PLC		27,400		2,078,759
Royal Dutch Shell PLC, Class A		150,900		2,792,298
Royal Mail PLC(2)		29,400		162,419

19 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
United Kingdom (continued)
RSA Insurance Group PLC		28,100	$	259,055
Safestore Holdings PLC		19,133		211,844
Sage Group PLC (The)		100,200		806,813
Segro PLC		83,400		1,085,407
Serco Group PLC(2)		78,000		124,601
Severn Trent PLC		24,400		771,356
Shaftesbury PLC(1)(2)		20,508		156,540
Signature Aviation PLC(2)		29,360		164,950
Softcat PLC		18,500		380,938
Spirax-Sarco Engineering PLC		1,720		260,047
Spirent Communications PLC		89,600		291,611
SSP Group PLC		21,800		86,229
St. Modwen Properties PLC		12,396		65,661
Standard Life Aberdeen PLC		48,718		200,555
Tate & Lyle PLC		32,900		309,873
Taylor Wimpey PLC(2)		90,000		179,624
Travis Perkins PLC(2)		9,000		165,621
Tritax Big Box REIT PLC		152,000		382,799
UK Commercial Property REIT, Ltd.		77,300		68,943
Unilever PLC(5)		17,280		1,006,649
Unilever PLC(5)		25,541		1,484,673
UNITE Group PLC (The)(2)		33,800		443,305
United Utilities Group PLC		65,000		819,312
Vistry Group PLC(2)		14,949		172,157
Vodafone Group PLC		1,379,000		2,354,985
WH Smith PLC		11,648		243,227
Whitbread PLC(2)		7,267		276,168
WM Morrison Supermarkets PLC		148,000		362,954
			$	58,859,300
Total Common Stocks (identified cost $557,253,032)			$	660,144,565
Rights (2) — 0.0%
Security	Shares		Value
BUWOG AG(4)		3,930	$	0
Total Rights (identified cost $0)			$	0

Warrants (2) — 0.0%
Security	Shares		Value
Ezion Holdings, Ltd., Exp. 4/16/23, Strike SGD 0.2763(4)		135,600	$	0
Total Warrants (identified cost $0)			$	0
Short-Term Investments — 2.5%
Description	Units/Shares		Value
Eaton Vance Cash Reserves Fund, LLC, 0.11%(6)		5,041,104	$	5,041,104
State Street Navigator Securities Lending Government Money Market Portfolio, 0.06%(7)		11,326,945		11,326,945
Total Short-Term Investments (identified cost $16,368,049)			$	16,368,049
Total Investments — 101.2% (identified cost $573,621,081)			$	676,512,614
Other Assets, Less Liabilities — (1.2)%			$	(7,870,330	)
Net Assets — 100.0%			$	668,642,284

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

⁽¹⁾  All or a portion of this security was on loan at January 31, 2021. The aggregate market value of securities on loan at January 31, 2021 was $32,819,264.

⁽²⁾  Non-income producing security.

⁽³⁾  Security exempt from registration under Rule 144A of 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, 2021, the aggregate value of these securities is $22,271,508 or 3.3% of the Fund’s net assets.

⁽⁴⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).

⁽⁵⁾  Securities are traded on separate exchanges for the same entity.

⁽⁶⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2021.

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

20 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Portfolio of Investments — continued

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		10.8	%	$	72,265,193
Industrials		10.5			69,926,046
Consumer Discretionary		10.3			68,636,917
Information Technology		9.8			65,845,840
Materials		9.7			65,166,543
Health Care		9.7			65,078,564
Consumer Staples		9.6			63,978,183
Communication Services		8.4			55,935,431
Real Estate		7.6			51,238,965
Utilities		6.9			45,872,732
Energy		5.4			36,200,151
Short-Term Investments		2.5			16,368,049
Total Investments		101.2	%	$	676,512,614

Abbreviations:

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

Currency Abbreviations:

SGD – Singapore Dollar

21 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Statement of Assets and Liabilities

Assets	January 31, 2021
Unaffiliated investments, at value including $32,819,264 of securities on loan (identified cost, $568,579,977)	$	671,471,510
Affiliated investment, at value (identified cost, $5,041,104)		5,041,104
Foreign currency, at value (identified cost, $2,169,715)		2,178,166
Dividends receivable		382,358
Dividends receivable from affiliated investment		156
Receivable for investments sold		325,000
Receivable for Fund shares sold		1,529,764
Securities lending income receivable		74,693
Tax reclaims receivable		948,406
Receivable from affiliates		61,438
Total assets	$	682,012,595
Liabilities
Collateral for securities loaned	$	11,326,945
Payable for investments purchased		85,069
Payable for Fund shares redeemed		1,394,725
Payable to affiliates:
Investment adviser and administration fee		232,467
Distribution and service fees		26,759
Accrued expenses		304,346
Total liabilities	$	13,370,311
Net Assets	$	668,642,284
Sources of Net Assets
Paid-in capital	$	572,243,122
Distributable earnings		96,399,162
Total	$	668,642,284
Class A Shares
Net Assets	$	113,340,044
Shares Outstanding		7,609,346
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.89
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	15.80
Institutional Class Shares
Net Assets	$	400,149,381
Shares Outstanding		26,718,540
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.98
Class R Shares
Net Assets	$	5,081,797
Shares Outstanding		343,626
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.79
Class R6 Shares
Net Assets	$	150,071,062
Shares Outstanding		10,029,147
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	14.96

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

22 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Statement of Operations

Investment Income	Year Ended January 31, 2021
Dividends (net of foreign taxes, $1,410,106)	$	13,193,246
Non-cash dividends		797,896
Dividends from affiliated investment		13,172
Securities lending income, net		684,484
Total investment income	$	14,688,798
Expenses
Investment adviser and administration fee	$	2,252,538
Distribution and service fees
Class A		263,364
Class R		21,126
Trustees’ fees and expenses		31,866
Custodian fee		269,903
Transfer and dividend disbursing agent fees		352,936
Legal and accounting services		63,770
Printing and postage		49,542
Registration fees		90,548
Miscellaneous		60,240
Total expenses	$	3,455,833
Deduct —
Allocation of expenses to affiliates	$	381,495
Total expense reductions	$	381,495
Net expenses	$	3,074,338
Net investment income	$	11,614,460
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $15,009)	$	(1,494,806	)
Investment transactions — affiliated investment		3,064
Foreign currency transactions		(7,335	)
Net realized loss	$	(1,499,077	)
Change in unrealized appreciation (depreciation) —
Investments	$	48,234,634
Foreign currency		76,900
Net change in unrealized appreciation (depreciation)	$	48,311,534
Net realized and unrealized gain	$	46,812,457
Net increase in net assets from operations	$	58,426,917

23 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2021			2020
From operations —
Net investment income	$	11,614,460		$	10,243,297
Net realized gain (loss)		(1,499,077	)		1,608,485
Net change in unrealized appreciation (depreciation)		48,311,534			35,714,204
Net increase in net assets from operations	$	58,426,917		$	47,565,986
Distributions to shareholders —
Class A	$	(1,549,610	)	$	(2,323,594	)
Institutional Class		(6,125,067	)		(8,604,172	)
Class R		(64,563	)		(79,368	)
Class R6		(2,442,274	)		(3,166,819	)
Total distributions to shareholders	$	(10,181,514	)	$	(14,173,953	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	44,397,162		$	58,029,682
Institutional Class		139,733,312			239,503,303
Class R		1,563,824			1,962,624
Class R6		68,788,701			66,622,968
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,543,298			2,173,207
Institutional Class		5,899,391			8,190,266
Class R		64,560			79,363
Class R6		2,442,274			3,166,819
Cost of shares redeemed
Class A		(47,308,228	)		(27,691,982	)
Institutional Class		(130,778,358	)		(58,370,463	)
Class R		(794,029	)		(480,749	)
Class R6		(44,347,344	)		(56,859,037	)
Net increase in net assets from Fund share transactions	$	41,204,563		$	236,326,001
Net increase in net assets	$	89,449,966		$	269,718,034
Net Assets
At beginning of year	$	579,192,318		$	309,474,284
At end of year	$	668,642,284		$	579,192,318

24 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Financial Highlights

	Class A
	Year Ended January 31,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	13.670		$	12.560		$	14.350		$	11.570		$	10.750
Income (Loss) From Operations
Net investment income(1)	$	0.249		$	0.298		$	0.301		$	0.272		$	0.198
Net realized and unrealized gain (loss)		1.175			1.144			(1.700	)		2.869			0.810
Total income (loss) from operations	$	1.424		$	1.442		$	(1.399	)	$	3.141		$	1.008
Less Distributions
From net investment income	$	(0.195	)	$	(0.277	)	$	(0.211	)	$	(0.361	)	$	(0.178	)
From net realized gain		(0.009	)		(0.055	)		(0.180	)		—			(0.010	)
Total distributions	$	(0.204	)	$	(0.332	)	$	(0.391	)	$	(0.361	)	$	(0.188	)
Net asset value — End of year	$	14.890		$	13.670		$	12.560		$	14.350		$	11.570
Total Return(2)(3)		10.35	%		11.53	%		(9.73	)%		27.29	%		9.55	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	113,340		$	103,801		$	65,056		$	59,858		$	34,386
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.75	%		0.75	%		0.75	%		0.75	%		0.84	%
Net investment income		1.90	%		2.24	%		2.27	%		2.06	%		1.75	%
Portfolio Turnover		16	%		27	%		30	%		36	%		22	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.07%, 0.06%, 0.11%, 0.11% and 0.23% of average daily net assets for the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

25 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Financial Highlights — continued

	Institutional Class
	Year Ended January 31,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	13.740		$	12.610		$	14.410		$	11.610		$	10.770
Income (Loss) From Operations
Net investment income(1)	$	0.279		$	0.297		$	0.310		$	0.312		$	0.257
Net realized and unrealized gain (loss)		1.196			1.194			(1.689	)		2.874			0.788
Total income (loss) from operations	$	1.475		$	1.491		$	(1.379	)	$	3.186		$	1.045
Less Distributions
From net investment income	$	(0.226	)	$	(0.306	)	$	(0.241	)	$	(0.386	)	$	(0.195	)
From net realized gain		(0.009	)		(0.055	)		(0.180	)		—			(0.010	)
Total distributions	$	(0.235	)	$	(0.361	)	$	(0.421	)	$	(0.386	)	$	(0.205	)
Net asset value — End of year	$	14.980		$	13.740		$	12.610		$	14.410		$	11.610
Total Return(2)(3)		10.75	%		11.79	%		(9.53	)%		27.60	%		9.78	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	400,149		$	359,605		$	151,107		$	86,446		$	55,324
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.50	%		0.50	%		0.50	%		0.50	%		0.60	%
Net investment income		2.11	%		2.21	%		2.35	%		2.36	%		2.26	%
Portfolio Turnover		16	%		27	%		30	%		36	%		22	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.07%, 0.06%, 0.11%, 0.11% and 0.24% of average daily net assets for the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

26 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Financial Highlights — continued

	Class R
	Year Ended January 31,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	13.590		$	12.490		$	14.290		$	11.530		$	10.740
Income (Loss) From Operations
Net investment income(1)	$	0.204		$	0.237		$	0.231		$	0.259		$	0.064
Net realized and unrealized gain (loss)		1.180			1.172			(1.657	)		2.827			0.919
Total income (loss) from operations	$	1.384		$	1.409		$	(1.426	)	$	3.086		$	0.983
Less Distributions
From net investment income	$	(0.175	)	$	(0.254	)	$	(0.194	)	$	(0.326	)	$	(0.183	)
From net realized gain		(0.009	)		(0.055	)		(0.180	)		—			(0.010	)
Total distributions	$	(0.184	)	$	(0.309	)	$	(0.374	)	$	(0.326	)	$	(0.193	)
Net asset value — End of year	$	14.790		$	13.590		$	12.490		$	14.290		$	11.530
Total Return(2)(3)		10.20	%		11.25	%		(9.96	)%		26.90	%		9.22	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	5,082		$	3,713		$	1,939		$	1,167		$	786
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.00	%		1.00	%		1.00	%		1.00	%		1.04	%
Net investment income		1.55	%		1.79	%		1.77	%		1.98	%		0.56	%
Portfolio Turnover		16	%		27	%		30	%		36	%		22	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.07%, 0.06%, 0.11%, 0.11% and 0.19% of average daily net assets for the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

27 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Financial Highlights — continued

	Class R6
	Year Ended January 31,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	13.730		$	12.600		$	14.410		$	11.610		$	10.770
Income (Loss) From Operations
Net investment income(1)	$	0.275		$	0.342		$	0.363		$	0.319		$	0.267
Net realized and unrealized gain (loss)		1.198			1.155			(1.746	)		2.875			0.780
Total income (loss) from operations	$	1.473		$	1.497		$	(1.383	)	$	3.194		$	1.047
Less Distributions
From net investment income	$	(0.234	)	$	(0.312	)	$	(0.247	)	$	(0.394	)	$	(0.197	)
From net realized gain		(0.009	)		(0.055	)		(0.180	)		—			(0.010	)
Total distributions	$	(0.243	)	$	(0.367	)	$	(0.427	)	$	(0.394	)	$	(0.207	)
Net asset value — End of year	$	14.960		$	13.730		$	12.600		$	14.410		$	11.610
Total Return(2)(3)		10.75	%		11.85	%		(9.56	)%		27.67	%		9.79	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	150,071		$	112,074		$	91,371		$	109,225		$	84,858
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.47	%		0.47	%		0.47	%		0.47	%		0.58	%
Net investment income		2.07	%		2.56	%		2.72	%		2.42	%		2.34	%
Portfolio Turnover		16	%		27	%		30	%		36	%		22	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.07%, 0.06%, 0.11%, 0.11% and 0.25% of average daily net assets for the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

28 See Notes to Financial Statements.

Parametric

International Equity Fund

January 31, 2021

Notes to Financial Statements

1  Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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.

29

Parametric

International Equity Fund

January 31, 2021

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. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of January 31, 2021, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2021 and January 31, 2020 was as follows:

	Year Ended January 31,
	2021		2020
Ordinary income	$	9,972,146	$	12,464,313
Long-term capital gains	$	209,368	$	1,709,640

During the year ended January 31, 2021, distributable earnings was decreased by $1,248,407 and paid-in capital was increased by $1,248,407 primarily due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

30

Parametric

International Equity Fund

January 31, 2021

Notes to Financial Statements — continued

As of January 31, 2021, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	1,485,913
Deferred capital losses	$	(591,703	)
Net unrealized appreciation	$	95,504,952

At January 31, 2021, the Fund, for federal income tax purposes, had deferred capital losses of $591,703 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, 2021, $591,703 are short-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	581,084,555
Gross unrealized appreciation	$	132,424,490
Gross unrealized depreciation		(36,996,431	)
Net unrealized appreciation	$	95,428,059

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory and administrative services rendered to the Fund. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreements between the Fund and EVM, the fee is computed at an annual rate of 0.40% of the Fund’s average daily net assets up to $1 billion and is payable monthly. On net assets of $1 billion and over, the annual fee is reduced. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the year ended January 31, 2021, the investment adviser and administration fee amounted to $2,252,538 or 0.40% of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM and Parametric have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.75%, 0.50%, 1.00% and 0.47% of the Fund’s average daily net assets for Class A, Institutional Class, Class R and Class R6, respectively. This agreement may be changed or terminated after May 31, 2021. Pursuant to this agreement, EVM and Parametric were allocated $381,495 in total of the Fund’s operating expenses for the year ended January 31, 2021.

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, 2021, EVM earned $17,458 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $16 as its portion of the sales charge on sales of Class A shares for the year ended January 31, 2021. EVD also received distribution and service fees from Class A and Class R 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 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, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and

31

Parametric

International Equity Fund

January 31, 2021

Notes to Financial Statements — continued

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, 2021 amounted to $263,364 for Class A shares.

The Fund also has in effect a distribution plan for Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended January 31, 2021, the Fund paid or accrued to EVD $10,563 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, 2021 amounted to $10,563 for Class R shares.

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

5  Contingent Deferred Sales Charges

Class A shares may be subject to a 1% contingent deferred sales charge (CDSC) if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended January 31, 2021, the Fund was informed that EVD received approximately $300 of CDSCs paid by Class A shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $128,211,799 and $88,965,579, respectively, for the year ended January 31, 2021.

7  Shares of Beneficial Interest

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

	Year Ended January 31,
Class A	2021			2020
Sales		3,721,595			4,339,952
Issued to shareholders electing to receive payments of distributions in Fund shares		104,777			156,288
Redemptions		(3,807,911	)		(2,086,386	)
Net increase		18,461			2,409,854
	Year Ended January 31,
Institutional Class	2021			2020
Sales		10,891,613			17,962,909
Issued to shareholders electing to receive payments of distributions in Fund shares		397,595			586,544
Redemptions		(10,741,029	)		(4,361,469	)
Net increase		548,179			14,187,984

32

Parametric

International Equity Fund

January 31, 2021

Notes to Financial Statements — continued

	Year Ended January 31,
Class R	2021			2020
Sales		125,033			148,954
Issued to shareholders electing to receive payments of distributions in Fund shares		4,415			5,743
Redemptions		(58,975	)		(36,765	)
Net increase		70,473			117,932
	Year Ended January 31,
Class R6	2021			2020
Sales		5,086,627			4,896,576
Issued to shareholders electing to receive payments of distributions in Fund shares		164,536			226,857
Redemptions		(3,383,215	)		(4,211,327	)
Net increase		1,867,948			912,106

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. 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, 2021.

9  Securities Lending Agreement

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

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

At January 31, 2021, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $32,819,264 and $35,375,563, respectively. Collateral received was comprised of cash of $11,326,945 and U.S. government and/or agencies securities of $24,048,618. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

33

Parametric

International Equity Fund

January 31, 2021

Notes to Financial Statements — continued

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of January 31, 2021.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Common Stocks	$	11,326,945	$	—	$	—	$	—	$	11,326,945

The carrying amount of the liability for collateral for securities loaned at January 31, 2021 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 11) at January 31, 2021.

10  Investments in Affiliated Funds

At January 31, 2021, the value of the Fund’s investment in affiliated funds was $5,041,104, which represents 0.8% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended January 31, 2021 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	2,163,390	$	127,361,455	$	(124,486,805	)	$	3,064	$	—	$	5,041,104	$	13,172		5,041,104

11  Fair Value Measurements

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

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

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

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

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

At January 31, 2021, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	3,977,313	$	198,045,950		$	0	$	202,023,263
Developed Europe		8,220,191		434,631,656			0		442,851,847
Developed Middle East		2,456,589		12,812,866			—		15,269,455
Total Common Stocks	$	14,654,093	$	645,490,472	**	$	0	$	660,144,565

34

Parametric

International Equity Fund

January 31, 2021

Notes to Financial Statements — continued

Asset Description	Level 1		Level 2		Level 3*		Total
Rights	$	—	$	—	$	0	$	0
Warrants		—		—		0		0
Short-Term Investments		11,326,945		5,041,104		—		16,368,049
Total Investments	$	25,981,038	$	650,531,576	$	0	$	676,512,614

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

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

Level 3 investments at the beginning and/or end of the period were valued at $0 and accordingly, a reconciliation of Level 3 assets for the year ended January 31, 2021 is not presented.

12  Risks and Uncertainties

Risks Associated with Foreign Investments

Investments in foreign issuers could be affected by factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, lack of uniform accounting and auditing standards, less publicly available financial and other information, and potential difficulties in enforcing contractual obligations. Because foreign issuers may not be subject to uniform accounting, auditing and financial reporting standard practices and requirements and regulatory measures comparable to those in the United States, there may be less publicly available information about such foreign issuers. Settlements of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than in the United States. Evidence of ownership of certain foreign investments may be held outside the United States, and the Fund may be subject to the risks associated with the holding of such property overseas. Foreign issuers may become subject to sanctions imposed by the United States or another country, which could result in the immediate freeze of the foreign issuers’ assets or securities. Trading in certain foreign markets is also subject to liquidity risk. Political events in foreign countries may cause market disruptions.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

13  Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may have been deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory and administrative agreement and a new sub-advisory agreement. The new investment advisory and administrative agreement and new sub-advisory agreement were approved by Fund shareholders at a joint special meeting of shareholders held on February 18, 2021, and became effective upon the consummation of the transaction on March 1, 2021.

35

Parametric

International Equity Fund

January 31, 2021

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric International Equity Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 19, 2021

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

36

Parametric

International Equity Fund

January 31, 2021

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2022 will show the tax status of all distributions paid to your account in calendar year 2021. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the foreign tax credit.

Qualified Dividend Income.  For the fiscal year ended January 31, 2021, the Fund designates approximately $10,070,176, 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, 2021, the Fund paid foreign taxes of $909,442 and recognized foreign source income of $12,099,226.

37

Parametric

International Equity Fund

January 31, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Parametric International Equity Fund.

Fund	Investment Adviser	Investment Sub-Adviser
Parametric International Equity Fund	Eaton Vance Management	Parametric Portfolio Associates LLC

At a meeting held on November 24, 2020 (the “November Meeting”), the Board of each Eaton Vance open-end Fund and portfolios in which each such Fund invests, as applicable (each, a “Fund” and, collectively, the “Funds”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds, Eaton Vance Management (“EVM”) or Boston Management and Research (“BMR” and, together with EVM, the “Advisers”), voted to approve a new investment advisory agreement between each Fund and either EVM or BMR (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between an Adviser and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”⁽¹⁾ and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below), as more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by the Advisers, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendation. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from the Advisers and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by the Advisers and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020, November 10, 2020, November 13, 2020, November 17, 2020 and November 24, 2020.

During its meetings on November 10, 2020 and November 17, 2020, the Contract Review Committee further discussed the approval of the New Agreements with senior representatives of the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley. The representatives from the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review Committee considered the Advisers’, the Affiliated Sub-Advisers’ and Morgan Stanley’s responses related to the Transaction and specifically to the Funds, as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

38

Parametric

International Equity Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

Information about the Transaction and its Terms

• Information about the material terms and conditions, and expected impacts, of the Transaction that relate to the Funds, including the expected impacts on the businesses conducted by the Advisers, the Affiliated Sub-Advisers and Eaton Vance Distributors, Inc., as the distributor of Fund shares;

• Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

• A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

• A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

• A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

• Information with respect to personnel and/or other resources of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as a result of the Transaction, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

• Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

• Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

• Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

• Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as they relate to the Funds;

• Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

• Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements for Funds

• A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

• Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and its Adviser (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between a Fund and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

• Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

• A report from an independent data provider comparing the investment performance of each Fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

• A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the Advisers in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

• Comparative information concerning the fees charged and services provided by the Adviser and the Sub-Adviser to each Fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such Fund(s), if any;

• Profitability analyses of the Advisers and the Affiliated Sub-Advisers, as applicable, with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;

39

Parametric

International Equity Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

Information about Portfolio Management and Trading

• Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Transaction, as well as each of the Funds’ investment strategies and policies;

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

• Information about any changes to the policies and practices of the Advisers and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information regarding the impact on trading and access to capital markets associated with the Funds’ affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about the Advisers and the Sub-Advisers

• Information about the financial results and condition of the Advisers and the Affiliated Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

• Information regarding contemplated changes to the individual investment professionals whose responsibilities include portfolio management and investment research for the Funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable, post-Closing;

• The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the Advisers and their affiliates, including the Affiliated Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• A description of the Advisers’ oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by EVM and/or administrator to each of the Funds;

• Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

• Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

• Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

• Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of the Advisers and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the Funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the Funds, and received and participated in reports and presentations provided by the Advisers and their affiliates, including the Affiliated Sub-Advisers, with respect to such matters.

The Contract Review Committee was advised throughout the evaluation process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating the New Agreements and the weight to be given to each such factor. The conclusions reached with respect to the New Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Independent Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the New Agreements.

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by

40

Parametric

International Equity Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

The Board also considered the financial resources of Morgan Stanley and the Advisers and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and the Advisers’ commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered the Advisers’ and the Sub-Advisers’ management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of the Advisers’ and, as applicable, the Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Advisers and other factors, including the reputation and resources of the Advisers to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and the Advisers regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from the Advisers and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers or their affiliates may be subject in managing the Funds and in connection with the Transaction.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Advisers and their affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of the Advisers and the Sub-Advisers, the Board noted information regarding the impacts of the Transaction, as well as the Advisers’ and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by the Advisers and their affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and, where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanation from the applicable Adviser concerning the Fund’s relative performance versus its peer group.

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, the Advisers and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by the Advisers and their affiliates, including the Affiliated Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of the Advisers and their affiliates, including the Affiliated Sub-Advisers, to provide those services. The

41

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International Equity Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered each Fund’s management fees and total expense ratio over various periods, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by the Advisers and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services the Advisers and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Advisers and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by the Advisers and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers, in providing investment advisory and administrative services to the Funds and to all Eaton Vance funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Advisers and their affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Advisers and their affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and the Advisers are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from the Advisers and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by the Advisers and their affiliates, including the Affiliated Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Advisers and their affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by the Advisers and their affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by the Advisers and their affiliates in connection with services provided pursuant to the Current Advisory Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of the Advisers and their affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

Economies of Scale

The Board also considered the extent to which the Advisers and their affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific Fund or group of funds. As part of the 2020 Annual Approval Process, the Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Advisers and their affiliates may have been affected by such increases or decreases.

The Board noted that Morgan Stanley and the Advisers are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board

42

Parametric

International Equity Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the Funds and recommended that shareholders approve the New Agreements.

43

Parametric

International Equity Fund

January 31, 2021

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 EV LLC, “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect wholly-owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 139 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 138 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 of Morgan Stanley Investment Management, Inc. (MSIM), Manager and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 138 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (2012-2021) (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Vice-Chairperson of the Board and Trustee	2021 (Vice-Chairperson) 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. None.
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

44

Parametric

International Equity Fund

January 31, 2021

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

45

Parametric

International Equity Fund

January 31, 2021

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Deidre E. Walsh 1971	Vice President	2009	Vice President of EVM and BMR.
Maureen A. Gemma 1960	Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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

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

46

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

• We have adopted a Privacy Program we believe is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to your information.

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

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance WaterOak Advisors, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

4736    1.31.21

Parametric

Volatility Risk Premium - Defensive Fund

Annual Report

January 31, 2021

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser and Parametric Portfolio Associates LLC (Parametric), sub-adviser to the Fund, are registered with the CFTC as commodity pool operators. The adviser and Parametric are also registered as commodity trading advisors.

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

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

Annual Report January 31, 2021

Parametric

Volatility Risk Premium - Defensive Fund

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	23
Federal Tax Information	24
Board of Trustees’ Contract Approval	25
Management and Organization	30
Important Notices	33

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

For the 12-month period ended January 31, 2021, amid a pandemic driving the swiftest equity drawdown in stock market history — at one point dropping 34% in 23 trading days — the S&P 500^® Index subsequently set an all-time high, closing the entire period up 17.25%. Nearly all risk assets exhibited rebounds that erased drawdowns that had occurred during the first quarter of 2020. This volatile time frame highlighted the disconnect between Wall Street and Main Street as economic data was dismal and daily COVID-19 cases grew to pandemic levels.

The U.S. Federal Reserve’s easing monetary policies entered uncharted territory in 2020 in response to the economic downturn as America’s central bank expanded its balance sheet to over $7 trillion. Against that backdrop, U.S. 10-Year Treasurys traded below 0.5% in March, before closing the period at approximately 1%. After widening sharply during the first-quarter chaos, credit spreads declined back to pre-pandemic levels by period-end.

While many option portfolios suffered sharp losses during the first quarter of 2020, options pricing countered with the fastest increase ever. The Cboe Volatility Index^® set an all-time high at 82.69 during the period, and remained well above long-term averages throughout the period, despite the swift equity recovery.

Fund Performance

For the 12-month period ended January 31, 2021, Parametric Volatility Risk Premium — Defensive Fund (the Fund) returned 4.73% for Institutional Class shares at net asset value (NAV), outperforming its primary benchmark, the Cboe S&P 500 BuyWrite Index^SM (the Index), which returned –1.54%. The Fund underperformed its secondary benchmark — a blended benchmark consisting of 50% S&P 500^® Index/50% ICE BofA 3-Month U.S. Treasury Bill Index (the Secondary Index) — which returned 9.46% during the period. The Index is a passive covered call-writing index.

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

The long equity securities held in the Fund are passively managed to reflect the S&P 500^® Index, but actively managed to maximize after-tax results. Sampling techniques are used to help mitigate the tax impact on investors, and no capital gains were distributed to Fund investors in 2020. For the period, equities contributed 9.96% to total Fund returns. Treasury bills and cash equivalents contributed approximately 0.49%. Net option returns for written call and put options detracted 4.38% from Fund returns during the period.

See Endnotes and Additional Disclosures in this report.

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

2

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Performance^2,3

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Institutional Class at NAV		02/09/2017		02/09/2017		4.73	%		—			6.57	%
Cboe S&P 500 BuyWrite IndexSM		—		—		–1.54	%		6.26	%		4.18	%
S&P 500® Index		—		—		17.25			16.14			14.91
ICE BofA 3-Month U.S. Treasury Bill Index		—		—		0.54			1.20			1.41
Blended Index		—		—		9.46			8.75			8.33
% Total Annual Operating Expense Ratio4											Institutional Class
												0.48	%

Growth of $50,000

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

See Endnotes and Additional Disclosures in this report.

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

3

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Fund Profile

Common Stock Sector Allocation (% of net assets)

Asset Allocation (% of total investments)

Top 10 Holdings (% of net assets)⁵

Apple, Inc.	3.5	%
Microsoft Corp.	2.9
Amazon.com, Inc.	2.2
Facebook, Inc., Class A	1.1
Alphabet, Inc., Class C	0.9
Alphabet, Inc., Class A	0.9
Tesla, Inc.	0.9
Berkshire Hathaway, Inc., Class B	0.8
Johnson & Johnson	0.8
JPMorgan Chase & Co.	0.7
Total	14.7	%

See Endnotes and Additional Disclosures in this report.

4

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Endnotes and Additional Disclosures

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

²  Cboe S&P 500 BuyWrite Index^SM measures the performance of a hypothetical buy-write strategy on the S&P 500^® Index. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. ICE^® BofA^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 50% S&P 500^® Index and 50% ICE BofA 3-Month U.S. Treasury Bill Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

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

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

Fund profile subject to change due to active management.

Additional Information

Credit spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality.

Cboe Volatility Index^® tracks the implied volatilities of a wide range of S&P 500^® Index options.

Important Notice to Shareholders

Effective April 1, 2021, the portfolio management team for the Fund will be Thomas C. Seto, Thomas B. Lee and Alex Zweber.

5

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

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, 2020 – January 31, 2021).

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 (8/1/20)		Ending Account Value (1/31/21)		Expenses Paid During Period* (8/1/20 – 1/31/21)		Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	1,089.30	$	2.47		0.47	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,022.80	$	2.39		0.47	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/366 (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, 2020.

6

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Portfolio of Investments

Common Stocks — 49.1%
Security	Shares		Value
Aerospace & Defense — 0.5%
Boeing Co. (The)		4,195	$	814,627
Huntington Ingalls Industries, Inc.		7,410		1,165,815
L3Harris Technologies, Inc.		10,720		1,838,587
Raytheon Technologies Corp.		18,120		1,209,148
			$	5,028,177
Air Freight & Logistics — 0.2%
Expeditors International of Washington, Inc.		16,774	$	1,501,609
United Parcel Service, Inc., Class B		2,162		335,110
			$	1,836,719
Airlines — 0.2%
Alaska Air Group, Inc.		26,965	$	1,316,701
American Airlines Group, Inc.(1)		36,250		622,412
			$	1,939,113
Auto Components — 0.1%
BorgWarner, Inc.		31,928	$	1,340,657
			$	1,340,657
Automobiles — 0.9%
Tesla, Inc.(2)		11,347	$	9,004,185
			$	9,004,185
Banks — 2.1%
Bank of America Corp.		165,149	$	4,896,668
Citigroup, Inc.		43,544		2,525,116
Fifth Third Bancorp		30,206		873,859
Huntington Bancshares, Inc.		62,582		827,647
JPMorgan Chase & Co.		60,078		7,730,236
KeyCorp		90,709		1,529,354
People’s United Financial, Inc.		76,589		1,046,206
Regions Financial Corp.		116,292		1,978,127
Wells Fargo & Co.		25,203		753,066
			$	22,160,279
Beverages — 0.9%
Brown-Forman Corp., Class B		12,544	$	899,028
Coca-Cola Co. (The)		80,646		3,883,105
PepsiCo, Inc.		32,236		4,402,471
			$	9,184,604

Security	Shares		Value
Biotechnology — 0.7%
AbbVie, Inc.		41,425	$	4,245,234
Amgen, Inc.		10,840		2,617,101
			$	6,862,335
Building Products — 0.2%
A.O. Smith Corp.		17,325	$	940,748
Carrier Global Corp.		30,701		1,181,988
			$	2,122,736
Capital Markets — 1.4%
Ameriprise Financial, Inc.		9,372	$	1,854,438
Invesco, Ltd.		106,572		2,194,317
MarketAxess Holdings, Inc.		1,987		1,074,490
Morgan Stanley		51,353		3,443,219
Nasdaq, Inc.		11,516		1,557,769
S&P Global, Inc.		7,673		2,432,341
State Street Corp.		24,132		1,689,240
			$	14,245,814
Chemicals — 0.7%
CF Industries Holdings, Inc.		13,525	$	559,665
FMC Corp.		12,940		1,401,273
Linde PLC		13,488		3,309,955
Sherwin-Williams Co. (The)		3,674		2,541,673
			$	7,812,566
Commercial Services & Supplies — 0.1%
Republic Services, Inc.		17,069	$	1,545,086
			$	1,545,086
Communications Equipment — 0.5%
Arista Networks, Inc.(2)		3,763	$	1,157,348
Cisco Systems, Inc.		56,306		2,510,122
F5 Networks, Inc.(2)		7,494		1,468,449
Juniper Networks, Inc.		20,553		501,904
			$	5,637,823
Construction & Engineering — 0.2%
Jacobs Engineering Group, Inc.		13,603	$	1,373,359
Quanta Services, Inc.		10,835		763,542
			$	2,136,901

7 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Consumer Finance — 0.2%
Synchrony Financial		48,420	$	1,629,333
			$	1,629,333
Containers & Packaging — 0.2%
Avery Dennison Corp.		6,757	$	1,019,429
Packaging Corp. of America		6,949		934,362
Sealed Air Corp.		14,789		625,131
			$	2,578,922
Distributors — 0.1%
LKQ Corp.(2)		29,388	$	1,031,225
			$	1,031,225
Diversified Financial Services — 0.8%
Berkshire Hathaway, Inc., Class B(2)		37,878	$	8,631,260
			$	8,631,260
Diversified Telecommunication Services — 0.6%
AT&T, Inc.		68,060	$	1,948,558
Verizon Communications, Inc.		88,271		4,832,837
			$	6,781,395
Electric Utilities — 0.8%
Alliant Energy Corp.		27,469	$	1,336,367
Entergy Corp.		12,589		1,200,109
Evergy, Inc.		25,626		1,376,885
FirstEnergy Corp.		8,233		253,247
NextEra Energy, Inc.		48,023		3,883,620
			$	8,050,228
Electrical Equipment — 0.3%
Eaton Corp. PLC		23,530	$	2,769,481
			$	2,769,481
Electronic Equipment, Instruments & Components — 0.3%
FLIR Systems, Inc.		19,164	$	997,486
TE Connectivity, Ltd.		15,672		1,886,909
			$	2,884,395
Energy Equipment & Services — 0.0%(3)
NOV, Inc.		26,722	$	330,818
			$	330,818

Security	Shares		Value
Entertainment — 1.0%
Netflix, Inc.(2)		7,595	$	4,043,502
Walt Disney Co. (The)(2)		37,119		6,242,302
			$	10,285,804
Equity Real Estate Investment Trusts (REITs) — 1.1%
Alexandria Real Estate Equities, Inc.		7,796	$	1,302,790
American Tower Corp.		8,727		1,984,171
Duke Realty Corp.		28,306		1,119,785
Equity Residential		26,176		1,613,489
Extra Space Storage, Inc.		12,455		1,417,254
Healthpeak Properties, Inc.		54,054		1,602,701
Mid-America Apartment Communities, Inc.		12,456		1,653,534
Public Storage		5,646		1,285,142
			$	11,978,866
Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		9,170	$	3,231,783
Kroger Co. (The)		23,992		827,724
Walmart, Inc.		31,758		4,461,682
			$	8,521,189
Food Products — 0.4%
Campbell Soup Co.		12,740	$	612,922
Conagra Brands, Inc.		39,326		1,360,680
Hormel Foods Corp.		15,841		742,309
McCormick & Co., Inc.		15,832		1,417,597
			$	4,133,508
Health Care Equipment & Supplies — 2.0%
Abbott Laboratories		40,952	$	5,061,258
Boston Scientific Corp.(2)		28,504		1,010,182
Cooper Cos., Inc. (The)		4,414		1,606,873
Danaher Corp.		18,205		4,329,877
DENTSPLY SIRONA, Inc.		17,799		952,068
IDEXX Laboratories, Inc.(2)		4,146		1,984,607
Intuitive Surgical, Inc.(2)		3,436		2,568,891
Medtronic PLC		33,210		3,697,269
			$	21,211,025
Health Care Providers & Services — 1.1%
AmerisourceBergen Corp.		8,818	$	918,836
DaVita, Inc.(2)		16,015		1,879,681
Quest Diagnostics, Inc.		11,628		1,501,756
UnitedHealth Group, Inc.		20,771		6,928,790

8 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Health Care Providers & Services (continued)
Universal Health Services, Inc., Class B		6,456	$	804,934
			$	12,033,997
Hotels, Restaurants & Leisure — 0.8%
Carnival Corp.		61,777	$	1,153,377
McDonald’s Corp.		14,017		2,913,293
Royal Caribbean Cruises, Ltd.		7,286		473,590
Starbucks Corp.		28,890		2,796,841
Wynn Resorts, Ltd.		9,982		993,508
			$	8,330,609
Household Durables — 0.3%
Leggett & Platt, Inc.		25,899	$	1,061,859
Lennar Corp., Class A		21,924		1,822,981
			$	2,884,840
Household Products — 0.8%
Clorox Co. (The)		7,282	$	1,525,288
Procter & Gamble Co. (The)		50,222		6,438,962
			$	7,964,250
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		19,531	$	3,815,771
			$	3,815,771
Insurance — 0.7%
Arthur J. Gallagher & Co.		13,928	$	1,607,431
Assurant, Inc.		8,078		1,094,327
Everest Re Group, Ltd.		4,315		910,810
Globe Life, Inc.		13,114		1,185,374
Progressive Corp. (The)		18,233		1,589,735
Unum Group		59,356		1,378,840
			$	7,766,517
Interactive Media & Services — 2.9%
Alphabet, Inc., Class A(2)		5,097	$	9,314,054
Alphabet, Inc., Class C(2)		5,349		9,819,373
Facebook, Inc., Class A(2)		42,323		10,933,301
			$	30,066,728
Internet & Direct Marketing Retail — 2.4%
Amazon.com, Inc.(2)		7,285	$	23,357,167
eBay, Inc.		14,642		827,420
Expedia Group, Inc.		10,474		1,299,823
			$	25,484,410

Security	Shares		Value
IT Services — 2.5%
Accenture PLC, Class A		15,413	$	3,728,713
Global Payments, Inc.		8,666		1,529,722
International Business Machines Corp.		10,362		1,234,218
Mastercard, Inc., Class A		18,122		5,731,807
PayPal Holdings, Inc.(2)		27,789		6,511,241
Visa, Inc., Class A		34,419		6,651,472
Western Union Co. (The)		34,757		774,038
			$	26,161,211
Life Sciences Tools & Services — 0.8%
IQVIA Holdings, Inc.(2)		10,609	$	1,886,280
Thermo Fisher Scientific, Inc.		10,530		5,367,141
Waters Corp.(2)		6,071		1,606,812
			$	8,860,233
Machinery — 0.7%
Flowserve Corp.		18,592	$	661,132
IDEX Corp.		7,570		1,409,458
PACCAR, Inc.		20,593		1,878,494
Stanley Black & Decker, Inc.		10,057		1,744,789
Westinghouse Air Brake Technologies Corp.		20,340		1,509,431
			$	7,203,304
Media — 0.8%
Comcast Corp., Class A		73,770	$	3,656,779
Discovery, Inc., Class A(1)(2)		27,746		1,149,239
DISH Network Corp., Class A(2)		17,017		493,833
Fox Corp., Class B		9,291		277,708
ViacomCBS, Inc., Class B		51,547		2,500,030
			$	8,077,589
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		98,237	$	2,643,558
			$	2,643,558
Multi-Utilities — 0.4%
CMS Energy Corp.		26,920	$	1,531,210
Dominion Energy, Inc.		15,714		1,145,393
WEC Energy Group, Inc.		17,811		1,583,398
			$	4,260,001
Multiline Retail — 0.1%
Kohl’s Corp.		32,738	$	1,442,436
			$	1,442,436

9 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Oil, Gas & Consumable Fuels — 1.1%
Apache Corp.		43,582	$	622,351
Chevron Corp.		32,932		2,805,806
Devon Energy Corp.		45,847		754,642
EOG Resources, Inc.		28,002		1,426,982
Exxon Mobil Corp.		64,478		2,891,193
HollyFrontier Corp.		39,132		1,113,697
Marathon Oil Corp.		122,678		888,189
ONEOK, Inc.		23,516		936,642
			$	11,439,502
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.		49,328	$	3,030,219
Eli Lilly & Co.		15,663		3,257,434
Johnson & Johnson		51,461		8,394,833
Merck & Co., Inc.		52,464		4,043,400
Pfizer, Inc.		94,364		3,387,668
Viatris, Inc.(2)		6,113		103,860
			$	22,217,414
Professional Services — 0.2%
Verisk Analytics, Inc.		9,226	$	1,692,971
			$	1,692,971
Road & Rail — 0.5%
J.B. Hunt Transport Services, Inc.		10,244	$	1,379,457
Union Pacific Corp.		17,714		3,497,984
			$	4,877,441
Semiconductors & Semiconductor Equipment — 2.7%
Broadcom, Inc.		9,769	$	4,400,934
Intel Corp.		58,758		3,261,657
KLA Corp.		9,319		2,609,972
NVIDIA Corp.		12,227		6,353,027
Qorvo, Inc.(2)		14,470		2,472,634
QUALCOMM, Inc.		23,952		3,743,219
Teradyne, Inc.		11,352		1,288,225
Texas Instruments, Inc.		25,021		4,145,729
			$	28,275,397
Software — 4.4%
Adobe, Inc.(2)		11,333	$	5,199,240
Intuit, Inc.		6,767		2,444,443
Microsoft Corp.		130,236		30,209,543
Oracle Corp.		55,883		3,377,010

Security	Shares		Value
Software (continued)
salesforce.com, inc.(2)		21,075	$	4,753,677
			$	45,983,913
Specialty Retail — 1.1%
Advance Auto Parts, Inc.		8,733	$	1,302,440
Home Depot, Inc. (The)		22,409		6,068,805
L Brands, Inc.		26,068		1,062,532
Lowe’s Cos., Inc.		12,417		2,071,776
Ross Stores, Inc.		7,737		861,051
			$	11,366,604
Technology Hardware, Storage & Peripherals — 3.6%
Apple, Inc.		275,950	$	36,414,362
Western Digital Corp.		16,191		913,658
Xerox Holdings Corp.		20,610		433,428
			$	37,761,448
Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc., Class B		27,693	$	3,699,508
Ralph Lauren Corp.		5,261		531,624
Under Armour, Inc., Class A(2)		27,955		489,213
Under Armour, Inc., Class C(2)		29,952		448,381
			$	5,168,726
Tobacco — 0.3%
Philip Morris International, Inc.		39,140	$	3,117,501
			$	3,117,501
Trading Companies & Distributors — 0.2%
Fastenal Co.		24,668	$	1,124,614
W.W. Grainger, Inc.		2,835		1,033,046
			$	2,157,660
Water Utilities — 0.1%
American Water Works Co., Inc.		7,694	$	1,223,500
			$	1,223,500
Total Common Stocks (identified cost $333,030,804)			$	513,951,975

10 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Portfolio of Investments — continued

Short-Term Investments — 50.8%
U.S. Treasury Obligations — 50.3%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bills:
0.00%, 2/25/21	$	12,870	$	12,869,700
0.00%, 3/4/21		26,000		25,999,104
0.00%, 4/22/21		52,500		52,494,750
0.00%, 5/20/21		30,988		30,982,073
0.00%, 6/17/21(4)		42,000		41,990,480
0.00%, 8/12/21(1)(4)		109,700		109,667,822
0.00%, 9/9/21		49,160		49,140,473
0.00%, 10/7/21		33,050		33,034,632
0.00%, 12/2/21		49,000		48,972,553
0.00%, 12/30/21		27,000		26,982,383
			$	432,133,970
U.S. Treasury Notes:
1.375%, 4/30/21	$	34,500	$	34,607,719
2.625%, 5/15/21		16,000		16,116,711
2.75%, 8/15/21		7,750		7,861,829
1.75%, 11/30/21		18,000		18,251,818
2.125%, 12/31/21		17,400		17,724,460
			$	94,562,537
Total U.S. Treasury Obligations (identified cost $526,548,713)			$	526,696,507

Other — 0.5%
Description	Units/Shares		Value
Eaton Vance Cash Reserves Fund, LLC, 0.11%(5)		5,138,768	$	5,138,768
State Street Navigator Securities Lending Government Money Market Portfolio, 0.06%(6)		663,910		663,910
Total Other (identified cost $5,802,678)			$	5,802,678
Total Short-Term Investments (identified cost $532,351,391)			$	532,499,185
Total Investments — 99.9% (identified cost $865,382,195)			$	1,046,451,160
Total Written Options — (0.6)% (premiums received $4,329,506)			$	(5,975,688	)
Other Assets, Less Liabilities — 0.7%			$	6,875,986
Net Assets — 100.0%			$	1,047,351,458

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

⁽¹⁾  All or a portion of this security was on loan at January 31, 2021. The aggregate market value of securities on loan at January 31, 2021 was $55,644,573.

⁽²⁾  Non-income producing security.

⁽³⁾  Amount is less than 0.05%.

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

⁽⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2021.

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

Written Call Options — (0.1)%
Exchange-Traded Options — (0.1)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		115	$	42,713,760	$	3,855		2/5/21	$	(109,135	)
S&P 500 Index		100		37,142,400		3,930		2/5/21		(6,750	)
S&P 500 Index		115		42,713,760		3,950		2/10/21		(15,813	)
S&P 500 Index		115		42,713,760		3,855		2/12/21		(182,505	)
S&P 500 Index		115		42,713,760		3,925		2/16/21		(52,325	)
S&P 500 Index		115		42,713,760		3,970		2/19/21		(41,400	)
S&P 500 Index		115		42,713,760		3,950		2/24/21		(86,250	)
Total									$	(494,178	)

11 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Portfolio of Investments — continued

Written Put Options — (0.5)%
Exchange-Traded Options — (0.5)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		120	$	44,570,880	$	3,730		2/1/21	$	(414,600	)
S&P 500 Index		115		42,713,760		3,680		2/3/21		(414,575	)
S&P 500 Index		117		43,456,608		3,720		2/3/21		(539,955	)
S&P 500 Index		110		40,856,640		3,600		2/5/21		(277,750	)
S&P 500 Index		120		44,570,880		3,615		2/5/21		(215,880	)
S&P 500 Index		120		44,570,880		3,690		2/8/21		(620,400	)
S&P 500 Index		118		43,828,032		3,620		2/10/21		(504,450	)
S&P 500 Index		120		44,570,880		3,490		2/12/21		(411,720	)
S&P 500 Index		117		43,456,608		3,600		2/16/21		(579,150	)
S&P 500 Index		117		43,456,608		3,640		2/19/21		(817,830	)
S&P 500 Index		120		44,570,880		3,550		2/24/21		(685,200	)
Total									$	(5,481,510	)

12 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Statement of Assets and Liabilities

Assets	January 31, 2021
Unaffiliated investments, at value including $55,644,573 of securities on loan (identified cost, $860,243,427)	$	1,041,312,392
Affiliated investment, at value (identified cost, $5,138,768)		5,138,768
Cash		13,987
Dividends receivable		542,130
Interest receivable		398,026
Dividends receivable from affiliated investment		1,056
Receivable for investments sold		2,756,434
Receivable for premiums on written options		919,240
Receivable for Fund shares sold		5,297,000
Securities lending income receivable		1,316
Total assets	$	1,056,380,349
Liabilities
Collateral for securities loaned	$	663,910
Written options outstanding, at value (premiums received, $4,329,506)		5,975,688
Payable for closed written options		603,978
Payable for Fund shares redeemed		1,160,458
Payable to affiliate:
Investment adviser and administration fee		356,216
Accrued expenses		268,641
Total liabilities	$	9,028,891
Net Assets	$	1,047,351,458
Sources of Net Assets
Paid-in capital	$	923,949,299
Distributable earnings		123,402,159
Total	$	1,047,351,458
Institutional Class Shares
Net Assets	$	1,047,351,458
Shares Outstanding		84,411,159
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.41

13 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Statement of Operations

Investment Income	Year Ended January 31, 2021
Dividends	$	8,464,654
Dividends from affiliated investment		74,470
Interest		3,771,216
Securities lending income, net		67,548
Total investment income	$	12,377,888
Expenses
Investment adviser and administration fee	$	3,607,188
Trustees’ fees and expenses		49,208
Custodian fee		263,544
Transfer and dividend disbursing agent fees		181,970
Legal and accounting services		75,730
Printing and postage		14,526
Registration fees		43,662
Miscellaneous		41,511
Total expenses	$	4,277,339
Net investment income	$	8,100,549
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(17,531,146	)
Investment transactions — affiliated investment		(1,063	)
Written options		(25,417,876	)
Net realized loss	$	(42,950,085	)
Change in unrealized appreciation (depreciation) —
Investments	$	105,254,089
Investments — affiliated investment		(254	)
Written options		(807,527	)
Net change in unrealized appreciation (depreciation)	$	104,446,308
Net realized and unrealized gain	$	61,496,223
Net increase in net assets from operations	$	69,596,772

14 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Statements of Changes in Net Assets

	Year Ended January 31,
Increase (Decrease) in Net Assets	2021			2020
From operations —
Net investment income	$	8,100,549		$	9,902,143
Net realized loss		(42,950,085	)		(1,947,240	)
Net change in unrealized appreciation (depreciation)		104,446,308			57,508,857
Net increase in net assets from operations	$	69,596,772		$	65,463,760
Distributions to shareholders —
Institutional Class	$	(7,816,386	)	$	(8,675,190	)
Total distributions to shareholders	$	(7,816,386	)	$	(8,675,190	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	537,434,530		$	336,655,367
Net asset value of shares issued to shareholders in payment of distributions declared		6,364,015			5,698,916
Cost of shares redeemed		(325,348,450	)		(71,680,256	)
Net increase in net assets from Fund share transactions	$	218,450,095		$	270,674,027
Net increase in net assets	$	280,230,481		$	327,462,597
Net Assets
At beginning of year	$	767,120,977		$	439,658,380
At end of year	$	1,047,351,458		$	767,120,977

15 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Financial Highlights

	Institutional Class
	Year Ended January 31,									Period Ended January 31,  2018(1)
	2021			2020			2019
Net asset value — Beginning of period	$	11.940		$	10.830		$	11.020		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.103		$	0.188		$	0.165		$	0.104
Net realized and unrealized gain (loss)		0.460			1.069			(0.226	)		0.974
Total income (loss) from operations	$	0.563		$	1.257		$	(0.061	)	$	1.078
Less Distributions
From net investment income	$	(0.093	)	$	(0.147	)	$	(0.129	)	$	(0.058	)
Total distributions	$	(0.093	)	$	(0.147	)	$	(0.129	)	$	(0.058	)
Net asset value — End of period	$	12.410		$	11.940		$	10.830		$	11.020
Total Return(3)		4.73	%		11.62	%		(0.55	)%		10.79	%(4)(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,047,351		$	767,121		$	439,658		$	194,591
Ratios (as a percentage of average daily net assets):
Expenses		0.47	%		0.48	%		0.52	%		0.55	%(5)(6)
Net investment income		0.90	%		1.64	%		1.50	%		1.00	%(6)
Portfolio Turnover		69	%		21	%		55	%		26	%(4)

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

⁽²⁾  Computed using average shares outstanding.

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

⁽⁴⁾  Not annualized.

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

⁽⁶⁾  Annualized.

16 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Notes to Financial Statements

1  Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

As of January 31, 2021, 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.

17

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Notes to Financial Statements — continued

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

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

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

2  Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended January 31, 2021 and January 31, 2020 was as follows:

	Year Ended January 31,
	2021		2020
Ordinary income	$	7,816,386	$	8,675,190

During the year ended January 31, 2021, distributable earnings was decreased by $840,452 and paid-in capital was increased by $840,452 primarily due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of January 31, 2021, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	233,838
Deferred capital losses	$	(57,607,421	)
Net unrealized appreciation	$	180,775,742

At January 31, 2021, the Fund, for federal income tax purposes, had deferred capital losses of $57,607,421 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, 2021, $39,840,983 are short-term and $17,766,438 are long-term.

18

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at January 31, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	865,675,418
Gross unrealized appreciation	$	181,036,975
Gross unrealized depreciation		(261,233	)
Net unrealized appreciation	$	180,775,742

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.40% of the Fund’s average daily net assets up to $1 billion, 0.375% on net assets of $1 billion but less than $2.5 billion and at reduced rates on average daily net assets of $2.5 billion or more, and is payable monthly. For the year ended January 31, 2021, the investment adviser and administration fee amounted to $3,607,188 or 0.40% of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM 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, 2021, EVM earned $57,426 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended January 31, 2021, 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 $349,619,144 and $312,948,115, respectively, for the year ended January 31, 2021.

5  Shares of Beneficial Interest

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

	Year Ended January 31,
Institutional Class	2021			2020
Sales		48,917,770			29,384,549
Issued to shareholders electing to receive payments of distributions in Fund shares		522,438			481,327
Redemptions		(29,268,917	)		(6,211,427	)
Net increase		20,171,291			23,654,449

6  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all

19

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Notes to Financial Statements — continued

related and offsetting transactions are considered. A summary of obligations under these financial instruments at January 31, 2021 is included in the Portfolio of Investments. At January 31, 2021, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at January 31, 2021 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative(1)
Written options	$	—	$	(5,975,688	)

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended January 31, 2021 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Written options	$	(25,417,876	)	$	(807,527	)

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

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

The average number of written options contracts outstanding during the year ended January 31, 2021, which is indicative of the volume of this derivative type, was 2,237 contracts.

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. 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, 2021.

8  Securities Lending Agreement

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

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

20

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Notes to Financial Statements — continued

At January 31, 2021, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $55,644,573 and $56,805,560, respectively. Collateral received was comprised of cash of $663,910 and U.S. government and/or agencies securities of $56,141,650. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of January 31, 2021.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Common Stocks	$	663,910	$	—	$	—	$	—	$	663,910

The carrying amount of the liability for collateral for securities loaned at January 31, 2021 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 10) at January 31, 2021.

9  Investments in Affiliated Funds

At January 31, 2021, the value of the Fund’s investment in affiliated funds was $5,138,768, which represents 0.5% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended January 31, 2021 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	9,875,469	$	503,156,455	$	(507,891,839	)	$	(1,063	)	$	(254	)	$	5,138,768	$	74,470		5,138,768

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.

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Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Notes to Financial Statements — continued

At January 31, 2021, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	513,951,975	*	$	—	$	—	$	513,951,975
Short-Term Investments —
U.S. Treasury Obligations		—			526,696,507		—		526,696,507
Other		663,910			5,138,768		—		5,802,678
Total Investments	$	514,615,885		$	531,835,275	$	—	$	1,046,451,160
Liability Description
Written Call Options	$	(494,178	)	$	—	$	—	$	(494,178	)
Written Put Options		(5,481,510	)		—		—		(5,481,510	)
Total	$	(5,975,688	)	$	—	$	—	$	(5,975,688	)

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

11  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

12  Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may have been deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement and where applicable, any related sub-advisory agreement. On November 24, 2020, the Fund’s Board approved a new investment advisory and administrative agreement and new sub-advisory agreement. The new investment advisory and administrative agreement and new sub-advisory agreement were approved by Fund shareholders at a joint special meeting of shareholders held on February 18, 2021, and became effective upon the consummation of the transaction on March 1, 2021.

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Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Parametric Volatility Risk Premium - Defensive Fund (the “Fund”) (one of the funds constituting Eaton Vance Mutual Funds Trust), including the portfolio of investments, as of January 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the period from the start of business, February 9, 2017 to January 31, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and the period from the start of business, February 9, 2017 to January 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 19, 2021

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

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January 31, 2021

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2022 will show the tax status of all distributions paid to your account in calendar year 2021. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified business income, qualified dividend income for individuals, the dividends received deduction for corporations and 163(j) interest dividends.

Qualified Business Income.  For the fiscal year ended January 31, 2021, the Fund designates $128,943, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

Qualified Dividend Income.  For the fiscal year ended January 31, 2021, the Fund designates approximately $7,687,443, 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 2021 ordinary income dividends, 89.94% qualifies for the corporate dividends received deduction.

163(j) Interest Dividends.  For the fiscal year ended January 31, 2021, the Fund designates 32.44% of distributions from net investment income as a 163(j) interest dividend.

24

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Parametric Volatility Risk Premium - Defensive Fund.

Fund	Investment Adviser	Investment Sub-Adviser
Parametric Volatility Risk Premium - Defensive Fund	Eaton Vance Management	Parametric Portfolio Associates LLC

At a meeting held on November 24, 2020 (the “November Meeting”), the Board of each Eaton Vance open-end Fund and portfolios in which each such Fund invests, as applicable (each, a “Fund” and, collectively, the “Funds”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds, Eaton Vance Management (“EVM”) or Boston Management and Research (“BMR” and, together with EVM, the “Advisers”), voted to approve a new investment advisory agreement between each Fund and either EVM or BMR (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between an Adviser and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”⁽¹⁾ and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below), as more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by the Advisers, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendation. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from the Advisers and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by the Advisers and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020, November 10, 2020, November 13, 2020, November 17, 2020 and November 24, 2020.

During its meetings on November 10, 2020 and November 17, 2020, the Contract Review Committee further discussed the approval of the New Agreements with senior representatives of the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley. The representatives from the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review Committee considered the Advisers’, the Affiliated Sub-Advisers’ and Morgan Stanley’s responses related to the Transaction and specifically to the Funds, as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

Information about the Transaction and its Terms

• Information about the material terms and conditions, and expected impacts, of the Transaction that relate to the Funds, including the expected impacts on the businesses conducted by the Advisers, the Affiliated Sub-Advisers and Eaton Vance Distributors, Inc., as the distributor of Fund shares;

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

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January 31, 2021

Board of Trustees’ Contract Approval — continued

• Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

• A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

• A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

• A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

• Information with respect to personnel and/or other resources of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as a result of the Transaction, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

• Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

• Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

• Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

• Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as they relate to the Funds;

• Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

• Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements for Funds

• A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

• Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and its Adviser (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between a Fund and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

• Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

• A report from an independent data provider comparing the investment performance of each Fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

• A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the Advisers in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

• Comparative information concerning the fees charged and services provided by the Adviser and the Sub-Adviser to each Fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such Fund(s), if any;

• Profitability analyses of the Advisers and the Affiliated Sub-Advisers, as applicable, with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;

Information about Portfolio Management and Trading

• Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Transaction, as well as each of the Funds’ investment strategies and policies;

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

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Volatility Risk Premium - Defensive Fund

January 31, 2021

Board of Trustees’ Contract Approval — continued

• Information about any changes to the policies and practices of the Advisers and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information regarding the impact on trading and access to capital markets associated with the Funds’ affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about the Advisers and the Sub-Advisers

• Information about the financial results and condition of the Advisers and the Affiliated Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

• Information regarding contemplated changes to the individual investment professionals whose responsibilities include portfolio management and investment research for the Funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable, post-Closing;

• The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the Advisers and their affiliates, including the Affiliated Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• A description of the Advisers’ oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by EVM and/or administrator to each of the Funds;

• Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

• Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

• Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

• Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of the Advisers and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the Funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the Funds, and received and participated in reports and presentations provided by the Advisers and their affiliates, including the Affiliated Sub-Advisers, with respect to such matters.

The Contract Review Committee was advised throughout the evaluation process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating the New Agreements and the weight to be given to each such factor. The conclusions reached with respect to the New Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Independent Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the New Agreements.

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

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January 31, 2021

Board of Trustees’ Contract Approval — continued

The Board also considered the financial resources of Morgan Stanley and the Advisers and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and the Advisers’ commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered the Advisers’ and the Sub-Advisers’ management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of the Advisers’ and, as applicable, the Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Advisers and other factors, including the reputation and resources of the Advisers to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and the Advisers regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from the Advisers and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers or their affiliates may be subject in managing the Funds and in connection with the Transaction.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Advisers and their affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of the Advisers and the Sub-Advisers, the Board noted information regarding the impacts of the Transaction, as well as the Advisers’ and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by the Advisers and their affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and, where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanation from the applicable Adviser concerning the Fund’s relative performance versus its peer group.

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, the Advisers and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by the Advisers and their affiliates, including the Affiliated Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of the Advisers and their affiliates, including the Affiliated Sub-Advisers, to provide those services. The Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered each Fund’s management fees and total expense ratio over various periods, as compared to those of comparable funds, before and after giving effect to any

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Board of Trustees’ Contract Approval — continued

undertaking to waive fees or reimburse expenses. The Board also considered factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by the Advisers and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services the Advisers and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Advisers and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by the Advisers and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers, in providing investment advisory and administrative services to the Funds and to all Eaton Vance funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Advisers and their affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Advisers and their affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and the Advisers are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from the Advisers and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by the Advisers and their affiliates, including the Affiliated Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Advisers and their affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by the Advisers and their affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by the Advisers and their affiliates in connection with services provided pursuant to the Current Advisory Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of the Advisers and their affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

Economies of Scale

The Board also considered the extent to which the Advisers and their affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific Fund or group of funds. As part of the 2020 Annual Approval Process, the Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Advisers and their affiliates may have been affected by such increases or decreases.

The Board noted that Morgan Stanley and the Advisers are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the Funds and recommended that shareholders approve the New Agreements.

29

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

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 EV LLC, “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect wholly-owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 139 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 138 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 of Morgan Stanley Investment Management, Inc. (MSIM), Manager and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 138 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (2012-2021) (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Vice-Chairperson of the Board and Trustee	2021 (Vice-Chairperson) 2014 Trustee	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. None.
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

30

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

31

Parametric

Volatility Risk Premium - Defensive Fund

January 31, 2021

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Deidre E. Walsh 1971	Vice President	2009	Vice President of EVM and BMR.
Maureen A. Gemma 1960	Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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

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

32

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

• We have adopted a Privacy Program we believe is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to your information.

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

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance WaterOak Advisors, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

33

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

24691    1.31.21

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) 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. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

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

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

Item 4. Principal Accountant Fees and Services

Eaton Vance Emerging Markets Debt Fund, Parametric Emerging Markets Fund, Parametric International Equity Fund and Parametric Volatility Risk Premium - Defensive Fund (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 34 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.

(a)-(d)

The following tables present the aggregate fees billed to each Fund for the Fund’s fiscal periods ended January 31, 2020 and January 31, 2021 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Eaton Vance Emerging Markets Debt Fund
Fiscal Years Ended	1/31/20		1/31/21
Audit Fees	$	42,900	$	44,450
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	18,740	$	14,330
All Other Fees(3)	$	0	$	0
Total	$	61,640	$	58,780

.

Parametric Emerging Markets Fund
Fiscal Years Ended	1/31/20		1/31/21
Audit Fees	$	81,850	$	81,850
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	35,417	$	30,082
All Other Fees(3)	$	0	$	0
Total	$	117,267	$	111,932

Parametric International Equity Fund
Fiscal Years Ended	1/31/20		1/31/21
Audit Fees	$	37,450	$	37,450
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	15,701	$	12,391
All Other Fees(3)	$	0	$	0
Total	$	53,131	$	49,841

Parametric Volatility Risk Premium - Defensive Fund
Fiscal Years Ended	1/31/20		1/31/21
Audit Fees	$	37,550	$	37,550
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	17,955	$	17,170
All Other Fees(3)	$	0	$	0
Total	$	55,505	$	54,720

⁽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 28/29, September 30, October 31 or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	2/28/19		9/30/19		10/31/19		12/31/19		1/31/20		2/29/20		9/30/20		10/31/20		12/31/20		1/31/21
Audit Fees	$	25,850	$	98,300	$	661,708	$	106,700	$	156,850	$	26,250	$	110,800	$	719,575	$	106,700	$	201,300
Audit-Related Fees(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees(2)	$	11,190	$	24,768	$	345,480	$	63,478	$	69,073	$	11,413	$	24,948	$	260,719	$	60,338	$	73,973
All Other Fees(3)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total	$	37,040	$	123,068	$	1,007,188	$	170,178	$	225,923	$	37,663	$	135,748	$	980,294	$	167,038	$	275,273

⁽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	2/28/19		9/30/19		10/31/19		12/31/19		1/31/20		2/29/20		9/30/20		10/31/20		12/31/20		1/31/21
Registrant(1)	$	11,190	$	24,768	$	345,480	$	63,478	$	69,073	$	11,413	$	24,948	$	260,719	$	60,338	$	73,973
Eaton Vance(2)	$	126,485	$	59,903	$	59,903	$	59,903	$	59,903	$	59,903	$	51,800	$	51,800	$	150,300	$	150,300

⁽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 Morgan Stanley 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Mutual Funds Trust
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	March 22, 2021

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 22, 2021

By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	March 22, 2021