Eaton Vance Floating Rate Fund (EIBLX) N-CSRS Certified semi-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)

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

January 31

Date of Fiscal Year End

July 31, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Parametric

International Equity Fund

Semiannual Report

July 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.

Semiannual Report July 31, 2021

Parametric

International Equity Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Joint Special Meeting of Shareholders	34
Liquidity Risk Management Program	35
Officers and Trustees	36
Privacy Notice	37
Important Notices	39

Parametric

International Equity Fund

July 31, 2021

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		04/01/2010		04/01/2010		9.74	%		27.43	%		9.34	%		6.59	%
Class A with 5.75% Maximum Sales Charge		—		—		3.42			20.13			8.06			5.96
Institutional Class at NAV		04/01/2010		04/01/2010		9.81			27.66			9.61			6.87
Class R at NAV		08/10/2015		04/01/2010		9.53			27.06			9.07			6.43
Class R6 at NAV		08/10/2015		04/01/2010		9.89			27.75			9.64			6.88
MSCI EAFE Index		—		—		10.83	%		30.31	%		9.35	%		6.13	%
% Total Annual Operating Expense Ratios3					Class A			Institutional Class			Class R			Class R6
Gross						0.82	%		0.57	%		1.07	%		0.54	%
Net						0.75			0.50			1.00			0.47

See Endnotes and Additional Disclosures in this report.

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

July 31, 2021

Fund Profile

Sector Allocation (% of net assets)⁴

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁴

Nestle S.A.	1.2	%
Cie Financiere Richemont S.A.	1.0
ASML Holding NV	1.0
TotalEnergies SE	0.8
Air Liquide S.A.	0.8
CSL, Ltd.	0.8
SAP SE	0.7
Deutsche Telekom AG	0.7
Sanofi	0.7
Sika AG	0.6
Total	8.3	%

See Endnotes and Additional Disclosures in this report.

3

Parametric

International Equity Fund

July 31, 2021

Endnotes and Additional Disclosures

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

²  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.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/22. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Parametric

International Equity Fund

July 31, 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 (February 1, 2021 – July 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 (2/1/21)		Ending Account Value (7/31/21)		Expenses Paid During Period* (2/1/21 – 7/31/21)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,097.40	$	3.90	**		0.75	%
Institutional Class	$	1,000.00	$	1,098.10	$	2.60	**		0.50	%
Class R	$	1,000.00	$	1,095.30	$	5.20	**		1.00	%
Class R6	$	1,000.00	$	1,098.90	$	2.45	**		0.47	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.10	$	3.76	**		0.75	%
Institutional Class	$	1,000.00	$	1,022.30	$	2.51	**		0.50	%
Class R	$	1,000.00	$	1,019.80	$	5.01	**		1.00	%
Class R6	$	1,000.00	$	1,022.50	$	2.36	**		0.47	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2021.

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

5

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited)

Common Stocks— 99.2%
Security	Shares		Value
Australia — 8.9%
Abacus Property Group		53,600	$	124,916
AGL Energy, Ltd.		148,900		788,520
Alumina, Ltd.		168,000		206,023
Ampol, Ltd.		36,100		751,536
ARB Corp., Ltd.		10,500		361,186
ASX, Ltd.		7,100		402,212
Atlas Arteria, Ltd.		84,000		388,064
Atlassian Corp. PLC, Class A(1)		10,500		3,413,760
Aurizon Holdings, Ltd.		179,648		509,824
AusNet Services, Ltd.		790,600		1,057,332
Austal, Ltd.		72,300		114,820
Bank of Queensland, Ltd.		45,200		299,599
Bapcor, Ltd.		45,765		275,210
Beach Energy, Ltd.		428,666		377,064
Bendigo & Adelaide Bank, Ltd.		46,000		349,199
BHP Group, Ltd.		65,244		2,562,706
Brambles, Ltd.		113,965		975,731
Bravura Solutions, Ltd.		100,400		250,515
Breville Group, Ltd.		13,134		312,233
BWP Trust		79,954		241,520
Centuria Industrial REIT		91,244		256,601
Centuria Office REIT		67,500		122,151
Charter Hall Long Wale REIT		52,200		188,497
Charter Hall Retail REIT		75,300		205,318
Cimic Group, Ltd.		12,227		185,402
Cleanaway Waste Management, Ltd.		257,200		481,984
Coles Group, Ltd.		145,600		1,873,805
Collins Foods, Ltd.		20,500		166,435
Commonwealth Bank of Australia		30,923		2,266,905
Computershare, Ltd.		59,912		688,850
Cooper Energy, Ltd.(1)(2)		664,724		112,244
Cromwell Property Group(2)		165,783		106,581
Crown Resorts, Ltd.(1)(2)		25,500		161,781
CSL, Ltd.		28,210		6,005,643
CSR, Ltd.		49,000		201,004
Dexus		66,800		504,611
Domain Holdings Australia, Ltd.(1)		156,678		561,792
Domino’s Pizza Enterprises, Ltd.		4,231		364,036
EML Payments, Ltd.(1)(2)		73,900		193,863
Endeavour Group, Ltd.(1)		113,396		551,720
Evolution Mining, Ltd.		80,276		244,141
Fortescue Metals Group, Ltd.		44,569		814,392
Goodman Group		112,583		1,872,499
GPT Group (The)		166,566		571,106

Security	Shares		Value
Australia (continued)
GUD Holdings, Ltd.		15,500	$	134,231
GWA Group, Ltd.		67,200		138,804
Hansen Technologies, Ltd.		30,805		140,576
Harvey Norman Holdings, Ltd.(2)		71,004		296,542
IDP Education, Ltd.(2)		15,800		327,396
Infomedia, Ltd.		61,241		62,738
Ingenia Communities Group		56,700		242,016
InvoCare, Ltd.(2)		17,400		136,953
IPH, Ltd.		40,216		239,156
IRESS, Ltd.		53,584		556,098
JB Hi-Fi, Ltd.		10,699		377,821
Karoon Energy, Ltd.(1)		257,876		236,810
Lendlease Corp., Ltd.		59,878		537,453
Lifestyle Communities, Ltd.(2)		20,030		251,217
Link Administration Holdings, Ltd.		96,491		344,250
Medibank Pvt, Ltd.		167,700		409,001
Megaport, Ltd.(1)(2)		29,807		364,734
Metcash, Ltd.(2)		235,800		698,070
Mirvac Group		288,800		606,163
Monadelphous Group, Ltd.		19,351		153,605
National Australia Bank, Ltd.		61,500		1,172,789
National Storage REIT		157,700		247,513
Newcrest Mining, Ltd.		23,300		450,332
NEXTDC, Ltd.(1)		46,000		432,403
Northern Star Resources, Ltd.		56,796		423,197
Orica, Ltd.(2)		16,599		151,395
Origin Energy, Ltd.		280,172		846,466
Orora, Ltd.		65,655		174,009
Premier Investments, Ltd.		11,500		227,655
Qube Holdings, Ltd.		200,231		431,477
REA Group, Ltd.		12,200		1,453,311
Regis Resources, Ltd.		52,500		98,955
Rio Tinto, Ltd.		9,700		950,697
Service Stream, Ltd.(2)		198,800		132,347
Shopping Centres Australasia Property Group		118,852		214,503
Sigma Healthcare, Ltd.(2)		463,931		214,466
Spark Infrastructure Group		758,533		1,508,552
St. Barbara, Ltd.		108,600		140,605
Suncorp Group, Ltd.		46,300		393,219
Tabcorp Holdings, Ltd.		131,400		479,624
Technology One, Ltd.		50,588		351,620
Telstra Corp., Ltd.		892,573		2,486,194
TPG Telecom, Ltd.(2)		143,163		653,223
Transurban Group		207,541		2,189,098
Tuas, Ltd.(1)(2)		53,150		24,881
Viva Energy Group, Ltd.(3)		245,901		372,941

6 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Australia (continued)
Washington H. Soul Pattinson & Co., Ltd.(2)		21,300	$	512,816
Waypoint REIT		96,300		186,111
Wesfarmers, Ltd.		60,785		2,740,592
Westpac Banking Corp.		68,400		1,228,631
Whitehaven Coal, Ltd.(1)		299,361		487,903
WiseTech Global, Ltd.		22,264		505,005
Woodside Petroleum, Ltd.		118,100		1,897,154
Woolworths Group, Ltd.		113,396		3,243,831
			$	65,740,480
Austria — 1.1%
Agrana Beteiligungs AG		5,979	$	126,972
ams AG(1)		27,700		529,314
ANDRITZ AG		12,066		664,294
BAWAG Group AG(1)(3)		5,440		309,043
CA Immobilien Anlagen AG		22,201		977,329
Erste Group Bank AG		15,837		613,693
Lenzing AG(1)		2,500		322,435
Mayr Melnhof Karton AG		459		97,667
Oesterreichische Post AG		6,444		340,173
OMV AG		21,502		1,160,974
PIERER Mobility AG		3,700		325,180
Porr AG(1)		3,440		67,150
Rhi Magnesita NV		4,792		252,492
S&T AG(2)		9,400		238,560
Telekom Austria AG(1)		70,800		603,379
UNIQA Insurance Group AG		14,300		122,572
Verbund AG		10,478		966,488
Vienna Insurance Group AG Wiener Versicherung Gruppe		2,987		82,317
voestalpine AG		6,646		293,192
			$	8,093,224
Belgium — 2.3%
Ackermans & van Haaren NV		1,660	$	286,056
Ageas S.A./NV		9,300		491,093
AGFA-Gevaert NV(1)		57,503		283,623
Anheuser-Busch InBev S.A./NV		28,644		1,807,783
Befimmo S.A.		5,550		235,231
bpost S.A.(1)		49,232		552,864
Care Property Invest N.V.		4,146		139,635
Cofinimmo S.A.		3,691		596,470
D’ieteren Group		7,319		1,173,077
Econocom Group S.A./NV		65,622		285,373
Elia Group S.A./NV(2)		10,200		1,205,547
Etablissements Franz Colruyt NV		1,550		88,129

Security	Shares		Value
Belgium (continued)
Euronav S.A.		60,260	$	523,652
EVS Broadcast Equipment S.A.		8,119		168,611
Fagron		11,540		239,366
Gimv NV		1,766		112,685
Groupe Bruxelles Lambert S.A.		6,034		702,051
Intervest Offices & Warehouses N.V.		3,632		107,093
Materialise NV ADR(1)		12,600		274,302
Melexis NV		7,198		802,286
Mithra Pharmaceuticals S.A.(1)(2)		3,231		78,049
Montea NV		2,560		343,048
Proximus SADP		65,274		1,341,398
Shurgard Self Storage S.A.		3,517		188,526
Sofina S.A.		1,080		506,394
Telenet Group Holding NV		13,745		515,870
Tessenderlo Group S.A.(1)		11,279		477,117
UCB S.A.		12,121		1,310,974
Umicore S.A.		22,700		1,408,915
VGP NV		1,031		212,255
Xior Student Housing N.V.		4,221		272,809
			$	16,730,282
Denmark — 2.2%
Alm Brand A/S		16,800	$	121,974
Ambu AS		2,700		99,891
Ascendis Pharma A/S ADR(1)		700		82,733
Bakkafrost P/F		6,022		511,764
Carlsberg A/S, Class B		7,339		1,356,140
Chr. Hansen Holding A/S		9,839		884,827
Coloplast A/S, Class B		1,700		310,868
D/S Norden A/S		1,600		45,665
Drilling Co. of 1972 A/S (The)(1)		4,300		165,867
DSV Panalpina A/S		3,300		804,424
Jyske Bank A/S(1)		8,666		420,506
Matas A/S		10,900		194,322
Netcompany Group A/S(3)		2,500		308,847
NKT A/S(1)		3,200		152,064
Novo Nordisk A/S, Class B		20,178		1,867,903
Novozymes A/S, Class B		17,900		1,406,310
Orsted A/S(3)		13,973		2,072,477
Pandora A/S		13,360		1,728,210
Per Aarsleff Holding AS		2,600		112,055
Ringkjoebing Landbobank A/S		4,160		472,369
Scandinavian Tobacco Group AS(3)		13,300		272,467
SimCorp A/S		7,565		1,051,127
Spar Nord Bank A/S		15,000		180,319
Sydbank A/S		6,400		195,934

7 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Denmark (continued)
Topdanmark A/S		4,627	$	235,622
Tryg A/S		20,915		516,909
Vestas Wind Systems AS		25,505		940,485
			$	16,512,079
Finland — 2.2%
Elisa Oyj		21,597	$	1,388,065
Fortum Oyj		56,906		1,567,776
Huhtamaki Oyj		6,300		335,540
Kemira Oyj		9,600		161,784
Kesko Oyj, Class B		36,656		1,571,148
Kojamo Oyj		33,700		830,894
Kone Oyj, Class B		12,214		1,011,644
Metsa Board Oyj		21,700		239,876
Neste Oyj		25,835		1,588,097
Nokia Oyj(1)		236,427		1,452,688
Nokian Renkaat Oyj		2,900		122,309
Nordea Bank Abp		144,229		1,688,980
Orion Oyj, Class B(2)		31,613		1,345,622
QT Group Oyj(1)		900		121,884
TietoEVRY Oyj		4,494		151,153
Tokmanni Group Corp.		46,810		1,351,521
UPM-Kymmene Oyj		21,860		893,317
Valmet Oyj		8,331		347,677
YIT Oyj		23,700		143,707
			$	16,313,682
France — 9.0%
Aeroports de Paris(1)(2)		2,445	$	296,374
Air Liquide S.A.		34,685		6,032,014
Albioma S.A.		8,000		319,672
Alstom S.A.(1)		7,150		296,556
Altarea SCA		2,100		470,701
Amundi S.A.(3)		8,135		751,295
Atos SE		8,580		410,319
AXA S.A.		85,700		2,219,375
BioMerieux		2,400		286,167
Bouygues S.A.		7,300		281,353
Bureau Veritas S.A.		12,318		406,786
Carmila SA		25,100		354,227
Casino Guichard Perrachon S.A.(1)		25,468		719,964
Cie Generale des Etablissements Michelin SCA		3,940		643,569
Credit Agricole S.A.		88,407		1,232,704
Danone S.A.		37,118		2,730,158
Dassault Aviation S.A.		200		238,130

Security	Shares		Value
France (continued)
Dassault Systemes SE		48,930	$	2,699,086
Edenred		9,450		549,007
Eiffage S.A.		3,370		343,553
Engie S.A.		176,500		2,353,681
EssilorLuxottica S.A.		5,934		1,120,238
Eurazeo SE		7,500		726,460
Eurofins Scientific SE		5,900		705,713
Eutelsat Communications S.A.		30,600		332,961
Gaztransport & Technigaz S.A.		1,301		104,324
Gecina S.A.		9,234		1,464,430
Getlink SE		15,500		248,288
Hermes International		670		1,024,280
ICADE		8,000		731,278
Iliad S.A.		3,000		646,515
Klepierre S.A.(1)		39,039		945,210
L’Oreal S.A.		6,600		3,019,457
La Francaise des Jeux SAEM(3)		7,500		400,963
Legrand S.A.		6,562		739,510
LVMH Moet Hennessy Louis Vuitton SE		4,370		3,498,915
Mercialys S.A.		25,100		304,047
Metropole Television S.A.		17,662		353,664
Neoen S.A.(1)(2)(3)		7,631		330,933
Nexity S.A.		12,400		624,639
Orange S.A.		138,000		1,535,820
Quadient S.A.		11,000		322,866
Robertet SA		171		202,970
Rothschild & Co.		5,492		205,535
Rubis SCA		15,200		609,751
Sanofi		49,604		5,112,843
Schneider Electric SE		6,400		1,071,925
SCOR SE		20,167		563,196
SEB S.A.		1,980		328,993
Societe BIC S.A.		3,200		216,947
SOITEC(1)		1,400		335,646
Sopra Steria Group SACA		1,900		377,679
Suez S.A.		50,800		1,184,991
Talend S.A. ADR(1)(2)		8,600		567,600
Teleperformance		1,408		593,890
Thales S.A.		4,200		440,810
TotalEnergies SE		143,415		6,253,856
Ubisoft Entertainment S.A.(1)		7,800		494,472
Valneva SE(1)		11,600		163,175
Vinci S.A.		10,230		1,083,095
Vivendi SE(2)		57,500		1,942,720
Voltalia SA(1)		12,800		344,506
Wendel SE		4,600		645,678

8 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
France (continued)
Worldline S.A.(1)(3)		8,496	$	795,226
			$	66,350,706
Germany — 8.9%
adidas AG		3,900	$	1,415,518
Allianz SE		12,080		3,002,645
BASF SE		48,181		3,785,987
Bayerische Motoren Werke AG		8,860		880,961
Bayerische Motoren Werke AG, PFC Shares		4,800		412,003
Befesa S.A.(3)		4,524		355,207
Beiersdorf AG		19,796		2,351,243
Carl Zeiss Meditec AG		2,900		645,867
CompuGroup Medical SE & Co. KgaA		3,284		263,446
Continental AG(1)		3,700		502,627
Covestro AG(3)		7,500		483,159
Cropenergies Ag		5,200		61,231
Delivery Hero SE(1)(3)		5,167		772,428
Deutsche Bank AG(1)		59,700		752,593
Deutsche Boerse AG		6,040		1,007,858
Deutsche Post AG		23,100		1,565,514
Deutsche Telekom AG		248,395		5,155,226
Deutsche Wohnen SE		38,910		2,429,234
Dialog Semiconductor PLC(1)		3,197		245,886
E.ON SE		261,600		3,215,981
Evonik Industries AG		8,000		278,161
Evotec SE(1)		10,547		437,326
Fielmann AG		2,817		211,545
Fresenius Medical Care AG & Co. KGaA		10,428		821,947
FUCHS PETROLUB SE		3,686		147,555
FUCHS PETROLUB SE, PFC Shares		2,000		99,657
Gerresheimer AG		4,000		417,656
Hannover Rueck SE		2,400		403,400
HelloFresh SE(1)		3,900		365,584
Henkel AG & Co. KGaA, PFC Shares		30,430		3,085,133
Knorr-Bremse AG		3,291		372,672
KWS Saat SE and Co. KGaA		1,025		86,166
LEG Immobilien SE		9,217		1,456,716
Merck KGaA		6,220		1,273,259
MorphoSys AG(1)		3,473		193,482
Muenchener Rueckversicherungs-Gesellschaft AG		4,469		1,205,843
Puma SE		4,602		564,525
QIAGEN NV(1)		12,000		643,117
Rational AG		340		370,234
RWE AG		79,737		2,835,102
SAP SE		37,952		5,446,538
Sartorius AG, PFC Shares		1,569		949,108

Security	Shares		Value
Germany (continued)
Scout24 AG(3)		7,300	$	625,130
Siemens AG		19,540		3,048,885
Siemens Energy AG(1)		9,770		265,791
Siemens Healthineers AG(3)		12,008		792,784
Suedzucker AG		42,800		644,247
Symrise AG		9,900		1,459,744
TeamViewer AG(1)(3)		21,345		717,651
Telefonica Deutschland Holding AG(3)		364,647		982,926
Uniper SE		13,300		519,271
United Internet AG		3,400		140,717
Varta AG		3,100		537,728
VERBIO Vereinigte BioEnergie AG		2,600		140,842
Volkswagen AG		900		298,697
Volkswagen AG, PFC Shares		4,126		1,004,972
Vonovia SE		47,566		3,166,893
Washtec AG		1,347		92,027
Zalando SE(1)(3)		3,800		422,227
			$	65,829,872
Hong Kong — 4.6%
AIA Group, Ltd.		233,800	$	2,797,595
Aidigong Maternal & Child Health, Ltd.(1)(2)		660,000		109,638
Alibaba Health Information Technology, Ltd.(1)		1,014,000		1,580,427
Bank of East Asia, Ltd. (The)		76,600		126,208
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.(2)		83,000		117,454
BOC Hong Kong Holdings, Ltd.		88,500		284,198
Budweiser Brewing Co. APAC Ltd.(3)		443,900		1,238,842
C-Mer Eye Care Holdings, Ltd.		180,000		175,773
Cafe de Coral Holdings, Ltd.		84,000		163,534
Cathay Pacific Airways, Ltd.(1)(2)		317,000		254,360
Champion REIT		349,000		198,246
China Evergrande New Energy Vehicle Group, Ltd.(1)(2)		616,500		995,728
China Tobacco International HK Co., Ltd.(2)		43,000		84,773
China Traditional Chinese Medicine Holdings Co., Ltd.(1)		662,000		413,699
China Youzan, Ltd.(1)		6,036,000		866,183
Chow Sang Sang Holdings International, Ltd.		153,000		256,015
Chow Tai Fook Jewellery Group, Ltd.		251,200		526,640
CK Hutchison Holdings, Ltd.		176,000		1,285,909
CLP Holdings, Ltd.		149,500		1,541,557
Fortune REIT		129,000		140,191
Fosun International, Ltd.		266,000		352,137
Galaxy Entertainment Group, Ltd.(1)		225,000		1,524,833
Global Cord Blood Corp.(1)(2)		29,600		144,448
Glory Sun Financial Group, Ltd.(1)		2,992,000		89,663
Hang Lung Properties, Ltd.		136,000		352,021
Hang Seng Bank, Ltd.		13,000		248,969

9 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Hong Kong (continued)
Henderson Land Development Co., Ltd.		71,867	$	321,094
HengTen Networks Group, Ltd.(1)(2)		300,000		134,561
HK Electric Investments & HK Electric Investments, Ltd.		507,500		514,707
HKT Trust and HKT, Ltd.		912,000		1,239,662
Hong Kong & China Gas Co., Ltd.		1,016,502		1,653,176
Hong Kong Exchanges & Clearing, Ltd.		23,300		1,489,096
Hongkong Land Holdings, Ltd.		61,200		277,663
Hysan Development Co., Ltd.		63,000		247,954
Jardine Matheson Holdings, Ltd.		17,700		1,053,073
Kerry Logistics Network, Ltd.		116,500		347,158
Kerry Properties, Ltd.		56,500		166,857
Lifestyle International Holdings, Ltd.(1)		152,500		108,822
Link REIT		87,600		837,136
Luk Fook Holdings International, Ltd.		83,000		265,655
MGM China Holdings, Ltd.(1)(2)		166,400		200,992
MTR Corp., Ltd.		108,500		643,258
New World Development Co., Ltd.		77,000		365,038
NWS Holdings, Ltd.		295,000		297,299
Pacific Basin Shipping, Ltd.(1)		802,000		357,474
Pacific Textiles Holdings, Ltd.		244,000		132,206
PCCW, Ltd.		1,166,000		610,785
Power Assets Holdings, Ltd.		151,000		976,244
S-Enjoy Service Group Co., Ltd.(1)		60,000		137,047
Sands China, Ltd.(1)		266,800		908,735
Shangri-La Asia, Ltd.(1)		200,000		177,687
Sino Land Co., Ltd.		210,000		321,797
SJM Holdings, Ltd.(1)		358,000		322,887
Sun Hung Kai Properties, Ltd.		71,500		1,022,833
SUNeVision Holdings, Ltd.		399,000		420,973
Superb Summit International Group, Ltd.(1)(2)(4)		230,000		0
Swire Properties, Ltd.		87,600		249,148
Vitasoy International Holdings, Ltd.		200,000		561,892
VSTECS Holdings, Ltd.		600,000		479,175
VTech Holdings, Ltd.		71,500		709,052
Yuexiu Real Estate Investment Trust		255,000		127,467
			$	33,547,644
Ireland — 2.3%
Bank of Ireland Group PLC(1)		434,265	$	2,303,861
CRH PLC		53,902		2,693,971
DCC PLC		11,500		962,818
Fineos Corp. Holdings PLC CDI(1)		41,347		112,425
Flutter Entertainment PLC(1)		12,153		2,071,768
Glenveagh Properties PLC(1)(3)		77,242		91,603
Hibernia REIT PLC		69,210		107,225
ICON PLC(1)		9,100		2,213,757

Security	Shares		Value
Ireland (continued)
Irish Continental Group PLC(1)		69,445	$	364,906
Irish Residential Properties REIT PLC		311,874		569,794
Kerry Group PLC, Class A		19,618		2,906,848
Kingspan Group PLC		13,022		1,416,062
Nabriva Therapeutics PLC(1)(2)		13,289		14,618
UDG Healthcare PLC		41,868		627,034
Uniphar PLC		37,081		165,274
			$	16,621,964
Israel — 2.3%
Airport City, Ltd.(1)		16,700	$	284,601
Amot Investments, Ltd.		40,781		269,253
AudioCodes, Ltd.		3,200		104,832
Azrieli Group, Ltd.		10,067		801,781
Bank Hapoalim B.M.(1)		55,057		438,139
Bank Leumi Le-Israel B.M.(1)		92,631		707,811
Bezeq The Israeli Telecommunication Corp., Ltd.(1)		1,151,312		1,229,701
Check Point Software Technologies, Ltd.(1)		4,700		597,370
Compugen, Ltd.(1)(2)		11,500		78,085
Danel Adir Yeoshua, Ltd.		1,100		234,636
Doral Group Renewable Energy Resources, Ltd.(1)		37,500		160,755
Elbit Systems, Ltd.		3,930		517,523
Electra, Ltd.		720		404,628
Energix-Renewable Energies, Ltd.		109,890		433,049
FIBI Holdings, Ltd.(1)		2,300		82,546
First International Bank of Israel, Ltd. (The)(1)		7,535		238,936
Fiverr International, Ltd.(1)		3,600		896,076
Hilan, Ltd.		3,200		165,002
ICL Group, Ltd		251,623		1,833,601
Inrom Construction Industries, Ltd.		40,400		205,730
Kenon Holdings, Ltd.		13,168		444,897
Matrix IT, Ltd.		7,477		205,740
Maytronics, Ltd.		41,700		907,051
Mizrahi Tefahot Bank, Ltd.(1)		12,760		386,699
Nice, Ltd.(1)		1,294		360,098
Oil Refineries, Ltd.(1)		912,196		215,533
OPC Energy, Ltd.(1)		49,600		469,697
Paz Oil Co., Ltd.		5,234		631,964
Radware, Ltd.(1)		6,000		193,380
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		3,680		238,937
Redhill Biopharma, Ltd. ADR(1)(2)		8,400		54,096
Reit 1, Ltd.		72,916		398,296
Shapir Engineering and Industry, Ltd.		30,000		222,193
Shufersal, Ltd.		82,353		662,805
Taro Pharmaceutical Industries, Ltd.(1)		2,100		149,520
Teva Pharmaceutical Industries, Ltd. ADR(1)		107,600		1,038,340

10 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Israel (continued)
Tower Semiconductor, Ltd.(1)		8,100	$	218,597
Victory Supermarket Chain, Ltd.		10,200		220,128
			$	16,702,026
Italy — 4.5%
Assicurazioni Generali SpA		32,700	$	651,977
Atlantia SpA(1)		48,424		878,337
Banca Mediolanum SpA		14,000		137,786
Banca Popolare di Sondrio SCPA		35,600		156,816
Banco BPM SpA		78,600		235,802
Bio-On SpA(1)(2)(4)		12,900		0
BPER Banca SpA		32,400		63,164
Brunello Cucinelli SpA(1)		6,234		386,181
Buzzi Unicem SpA		7,400		195,605
Cementir Holding NV		48,418		545,455
Cerved Group SpA(1)		9,600		112,681
Datalogic SpA		5,730		134,281
Davide Campari-Milano NV		127,434		1,791,535
De’Longhi SpA		10,450		462,099
DiaSorin SpA		7,620		1,546,513
Digital Bros SpA(2)		8,900		257,530
Enav SpA(1)(3)		46,000		212,661
Enel SpA		242,788		2,237,419
Eni SpA		312,531		3,695,870
Ferrari NV		7,500		1,634,535
Fila SpA		5,500		68,834
Fincantieri SpA(1)		128,000		109,573
FinecoBank Banca Fineco SpA(1)		24,111		431,742
GVS SpA(3)		23,883		365,421
Hera SpA		46,677		198,352
Infrastrutture Wireless Italiane SpA(3)		104,600		1,181,580
Interpump Group SpA		11,400		712,608
Intesa Sanpaolo SpA		535,073		1,478,164
Iren SpA		42,400		129,041
Italgas SpA		24,300		164,479
Mediaset SpA		390,900		1,196,247
Moncler SpA		7,800		535,725
Nexi SpA(1)(3)		11,200		239,963
Poste Italiane SpA(3)		16,700		220,982
Prada SpA		62,700		491,301
Prysmian SpA		24,700		885,578
RAI Way SpA(3)		74,400		439,647
Recordati Industria Chimica e Farmaceutica SpA		30,447		1,883,197
Reply SpA		4,480		800,867
Retelit SpA		222,200		756,589
Salvatore Ferragamo SpA(1)		11,072		220,836

Security	Shares		Value
Italy (continued)
Saras SpA(1)(2)		254,500	$	187,021
Snam SpA		48,800		295,183
STMicroelectronics NV		85,300		3,507,933
Technogym SpA(3)		16,800		216,620
Terna SpA		52,300		415,073
Tinexta SpA		5,327		232,377
Unipol Gruppo SpA		33,400		177,502
UnipolSai Assicurazioni SpA(2)		64,182		178,188
Webuild SpA(2)		166,800		454,276
			$	33,511,146
Japan — 12.9%
Acom Co., Ltd.		41,900	$	171,976
Advance Residence Investment Corp.(2)		88		300,266
Aeon Co., Ltd.		26,100		714,222
AGC, Inc.		4,800		205,263
Air Water, Inc.(2)		12,300		183,875
Ajinomoto Co., Inc.		23,100		588,516
Alfresa Holdings Corp.		13,900		211,695
Asahi Intecc Co., Ltd.		8,800		238,454
Astellas Pharma, Inc.		45,900		731,066
Azbil Corp.		3,900		152,093
Bandai Namco Holdings, Inc.		4,200		271,757
Bank of Kyoto, Ltd. (The)(2)		4,500		193,790
Bridgestone Corp.		8,600		378,872
Brother Industries, Ltd.		7,500		152,632
Calbee, Inc.		7,600		174,605
Canon, Inc.(2)		19,500		449,047
Capcom Co., Ltd.		13,200		362,945
Casio Computer Co., Ltd.		15,400		251,005
Central Japan Railway Co.		2,700		392,755
Chiba Bank, Ltd. (The)		41,300		234,942
Chubu Electric Power Co., Inc.		62,200		746,435
Chugai Pharmaceutical Co., Ltd.		17,600		648,569
Chugoku Electric Power Co., Inc. (The)		36,100		326,326
Citizen Watch Co., Ltd.		27,900		109,140
Concordia Financial Group, Ltd.		70,500		252,375
COSMOS Pharmaceutical NV		1,900		322,530
CyberAgent, Inc.		26,800		482,358
Dai Nippon Printing Co., Ltd.		5,700		134,322
Daicel Corp.		19,800		164,442
Daido Steel Co., Ltd.		4,700		221,875
Daifuku Co., Ltd.		2,700		241,945
Daiichi Sankyo Co., Ltd.		45,400		899,115
Daikin Industries, Ltd.		3,100		647,381
Daito Trust Construction Co., Ltd.		3,600		422,964

11 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Daiwa House Industry Co., Ltd.		30,100	$	922,872
Daiwa House REIT Investment Corp.		141		419,799
Daiwa Office Investment Corp.		35		252,526
Daiwa Securities Group, Inc.		73,100		384,385
DeNA Co., Ltd.		17,400		327,641
Denka Co., Ltd.		7,700		266,482
Dentsu Group, Inc.(2)		15,500		538,687
DIC Corp.		5,600		151,334
Disco Corp.		800		228,445
East Japan Railway Co.		4,400		293,138
ENEOS Holdings, Inc.		262,200		1,101,396
Ezaki Glico Co., Ltd.		6,000		224,155
Fast Retailing Co., Ltd.		900		610,383
Frontier Real Estate Investment Corp.		64		296,790
FUJIFILM Holdings Corp.		7,400		531,045
Fujitsu, Ltd.		3,600		612,469
Fukuoka Financial Group, Inc.		17,600		296,650
GLP J-REIT		270		483,449
GMO Payment Gateway, Inc.		2,100		269,950
Hakuhodo DY Holdings, Inc.		21,800		331,589
Hamamatsu Photonics K.K.		6,800		378,084
Hankyu Hanshin Holdings, Inc.		4,400		130,111
Hikari Tsushin, Inc.		1,400		242,383
Hirose Electric Co., Ltd.		1,040		155,799
Hisamitsu Pharmaceutical Co., Inc.		4,700		205,862
Hitachi Metals, Ltd.(1)		12,900		251,924
House Foods Group, Inc.		7,700		239,695
Hoya Corp.		9,400		1,326,993
Hulic Co., Ltd.		29,000		329,925
Ibiden Co., Ltd.		3,900		206,603
Idemitsu Kosan Co., Ltd.		31,000		729,736
Industrial & Infrastructure Fund Investment Corp.(2)		174		337,261
Ito En, Ltd.(2)		3,200		188,812
ITOCHU Corp.		14,500		429,189
Iwatani Corp.		8,200		471,082
Japan Exchange Group, Inc.		19,100		434,430
Japan Logistics Fund, Inc.(2)		71		215,438
Japan Post Bank Co., Ltd.		33,500		284,338
Japan Post Holdings Co., Ltd.		60,200		511,004
Japan Real Estate Investment Corp.		83		521,277
Japan Tobacco, Inc.		36,800		719,083
JSR Corp.		10,200		341,904
Kajima Corp.		10,500		135,164
Kakaku.com, Inc.		14,000		382,048
Kaneka Corp.		6,400		253,422
Kansai Paint Co., Ltd.		14,300		351,200

Security	Shares		Value
Japan (continued)
Kao Corp.		14,000	$	842,958
KDDI Corp.		50,600		1,547,530
Keikyu Corp.(2)		13,700		162,761
Keio Corp.		2,200		123,231
Keisei Electric Railway Co., Ltd.		5,800		172,739
Kenedix Office Investment Corp.		45		331,830
Kewpie Corp.		9,800		220,372
Keyence Corp.		3,100		1,726,708
Kintetsu Group Holdings Co., Ltd.(1)		5,500		185,850
Kirin Holdings Co., Ltd.		30,200		552,382
Kobayashi Pharmaceutical Co., Ltd.		3,300		263,224
Kobe Bussan Co., Ltd.		10,500		353,539
Konami Holdings Corp.		7,700		426,469
Kubota Corp.		14,300		299,034
Kuraray Co., Ltd.		19,500		181,069
Kyocera Corp.		6,300		389,289
Kyowa Kirin Co., Ltd.		9,500		309,236
Kyushu Electric Power Co., Inc.		55,000		415,755
LaSalle Logiport REIT		165		302,214
Lasertec Corp.		2,000		375,463
Lawson, Inc.		4,600		231,196
Lion Corp.		17,300		299,449
M3, Inc.		12,100		791,421
Makita Corp.		4,000		207,996
Marubeni Corp.		31,400		267,258
Marui Group Co., Ltd.		14,700		257,501
Maruichi Steel Tube, Ltd.		9,300		224,353
Matsumotokiyoshi Holdings Co., Ltd.(2)		7,300		324,354
Medipal Holdings Corp.		12,500		235,415
MEIJI Holdings Co., Ltd.		5,300		328,074
MISUMI Group, Inc.		7,800		271,870
Mitsubishi Chemical Holdings Corp.		50,700		425,419
Mitsubishi Corp.		14,300		401,097
Mitsubishi Electric Corp.		27,500		373,099
Mitsubishi Estate Co., Ltd.		60,800		953,765
Mitsubishi Gas Chemical Co., Inc.		14,200		295,799
Mitsubishi Heavy Industries, Ltd.		4,700		135,798
Mitsubishi Materials Corp.		12,200		254,538
Mitsubishi UFJ Financial Group, Inc.(5)		324,800		1,715,814
Mitsui & Co., Ltd.		18,200		417,734
Mitsui Chemicals, Inc.		10,600		338,022
Mitsui Fudosan Co., Ltd.		46,400		1,085,169
Mitsui Fudosan Logistics Park, Inc.(2)		42		235,158
Mizuho Financial Group, Inc.		73,180		1,045,714
MS&AD Insurance Group Holdings, Inc.		16,500		510,032
Murata Manufacturing Co., Ltd.		11,100		921,142

12 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Nagoya Railroad Co., Ltd.(1)		11,400	$	191,972
NEC Corp.		6,600		334,732
Nexon Co., Ltd.		20,900		430,041
Nichirei Corp.		7,300		199,724
Nidec Corp.		6,100		684,685
Nihon Kohden Corp.		9,200		281,052
Nihon M&A Center, Inc.(2)		8,600		239,502
Nintendo Co., Ltd.		3,300		1,696,540
Nippon Accommodations Fund, Inc.		55		336,637
Nippon Building Fund, Inc.		91		588,101
Nippon Express Co., Ltd.		2,500		182,624
Nippon Gas Co., Ltd.		11,100		175,325
Nippon Kayaku Co., Ltd.		17,700		183,548
Nippon Paint Holdings Co., Ltd.(2)		51,300		654,803
Nippon Paper Industries Co., Ltd.		10,000		116,893
Nippon Prologis REIT, Inc.		135		450,841
Nippon Shinyaku Co., Ltd.		4,300		323,495
Nippon Shokubai Co., Ltd.		3,500		168,352
Nippon Telegraph & Telephone Corp.		37,700		965,426
Nissan Motor Co., Ltd.(1)		58,500		339,524
Nissin Foods Holdings Co., Ltd.		5,000		355,802
Nitori Holdings Co., Ltd.		2,200		418,167
Nitto Denko Corp.		6,600		490,370
NOF Corp.		4,300		218,717
Nomura Research Institute, Ltd.		11,600		373,286
NTT Data Corp.		20,600		319,084
Obic Co., Ltd.		1,700		298,781
Odakyu Electric Railway Co., Ltd.(2)		5,100		121,717
Oji Holdings Corp.		48,300		278,473
Omron Corp.		4,700		402,203
Ono Pharmaceutical Co., Ltd.		19,100		436,018
Oracle Corp. Japan		1,900		141,930
Oriental Land Co., Ltd.		3,700		506,901
Osaka Gas Co., Ltd.		39,200		732,362
Otsuka Corp.		4,400		228,627
Otsuka Holdings Co., Ltd.		16,800		667,784
Pan Pacific International Holdings Corp.		14,900		311,023
PeptiDream, Inc.(1)		5,800		239,376
Pigeon Corp.		8,000		230,346
Rakuten Group, Inc.		18,600		204,675
Relo Group, Inc.		14,400		317,792
Resona Holdings, Inc.		91,700		344,304
Ricoh Co., Ltd.		25,600		279,727
Rinnai Corp.		1,700		157,929
ROHM Co., Ltd.		3,200		312,186
Rohto Pharmaceutical Co., Ltd.		10,000		263,631

Security	Shares		Value
Japan (continued)
Ryohin Keikaku Co., Ltd.		9,000	$	182,576
Santen Pharmaceutical Co., Ltd.		16,700		226,282
Sawai Group Holdings Co., Ltd.		3,400		145,626
SECOM Co., Ltd.		3,600		272,486
Sekisui House Reit, Inc.		380		334,758
Sekisui House, Ltd.(2)		16,000		316,888
Seven Bank, Ltd.		101,900		222,290
SG Holdings Co., Ltd.		11,400		306,535
Shikoku Electric Power Co., Inc.		45,400		298,730
Shimadzu Corp.		7,900		318,611
Shimano, Inc.		1,800		460,762
Shimizu Corp.		15,300		112,678
Shin-Etsu Chemical Co., Ltd.		12,300		2,006,488
Shizuoka Bank, Ltd. (The)(2)		47,100		340,140
Showa Denko K.K.(2)		12,600		361,542
SMC Corp.		700		416,132
SoftBank Corp.		51,900		677,876
Sony Group Corp.		14,700		1,535,657
Square Enix Holdings Co., Ltd.		7,100		368,396
Sumitomo Corp.		15,000		203,849
Sumitomo Mitsui Financial Group, Inc.		38,000		1,280,944
Sumitomo Mitsui Trust Holdings, Inc.		13,900		456,279
Sumitomo Osaka Cement Co., Ltd.		4,000		114,385
Sumitomo Realty & Development Co., Ltd.		21,300		694,235
Suntory Beverage & Food, Ltd.		6,700		234,918
Suzuken Co., Ltd.		5,100		147,175
Sysmex Corp.		4,900		583,054
Taisei Corp.		4,500		151,656
Taisho Pharmaceutical Holdings Co., Ltd.		4,000		224,012
Taiyo Yuden Co., Ltd.		3,600		184,755
Takashimaya Co., Ltd.		12,400		128,672
TEIJIN, Ltd.		12,200		183,695
Terumo Corp.		19,600		760,690
TIS, Inc.		8,700		225,645
Tobu Railway Co., Ltd.		9,300		241,837
Toho Co., Ltd.		9,300		404,871
Toho Gas Co., Ltd.(2)		10,100		490,936
Tohoku Electric Power Co., Inc.		55,600		421,238
Tokai Carbon Co., Ltd.		18,400		243,052
Tokio Marine Holdings, Inc.		19,000		905,560
Tokyo Gas Co., Ltd.		33,700		637,898
Tokyo Ohka Kogyo Co., Ltd.		4,000		259,246
Tokyu Corp.		9,800		131,346
Toppan, Inc.		7,900		134,008
Toshiba Corp.		6,400		275,465
Tosoh Corp.		20,400		358,001

13 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
TOTO, Ltd.		3,200	$	165,921
Toyo Suisan Kaisha, Ltd.		7,200		274,877
Toyota Industries Corp.		4,600		385,871
Toyota Motor Corp.		28,500		2,558,601
Trend Micro, Inc.		3,900		203,046
Tsuruha Holdings, Inc.		2,400		283,356
Unicharm Corp.		14,700		590,019
USS Co., Ltd.		8,100		141,004
Welcia Holdings Co., Ltd.		8,400		285,933
West Japan Railway Co.		4,300		233,629
Yakult Honsha Co., Ltd.		6,500		384,117
Yamaguchi Financial Group, Inc.		32,200		185,114
Yamato Holdings Co., Ltd.		6,600		190,213
Yamazaki Baking Co., Ltd.(2)		15,300		210,069
Z Holdings Corp.		120,000		600,621
Zeon Corp.		17,700		241,840
ZOZO, Inc.		8,300		282,687
			$	95,418,166
Netherlands — 4.5%
ABN AMRO Bank NV(1)(3)		39,700	$	462,768
Aegon NV(2)		114,300		486,644
ASML Holding NV		9,428		7,206,610
ASR Nederland NV		12,100		497,269
Boskalis Westminster NV		12,178		383,231
Corbion NV		20,000		1,094,890
CureVac NV(1)(2)		2,600		128,076
Euronext NV(3)		7,000		778,723
Flow Traders(3)		7,300		296,882
GrandVision NV(1)(3)		6,200		208,661
IMCD NV		5,176		896,804
Intertrust NV(1)(3)		19,500		321,949
JDE Peet’s NV(2)		36,560		1,230,351
Just Eat Takeaway.com NV(1)(3)		2,700		239,762
Koninklijke Ahold Delhaize NV		77,272		2,401,987
Koninklijke DSM NV		14,408		2,904,384
Koninklijke KPN NV(2)		746,650		2,450,036
Koninklijke Philips NV		63,457		2,925,967
Koninklijke Vopak NV		13,000		550,453
NN Group NV		20,550		1,021,671
NSI NV		5,968		248,081
PostNL NV		71,792		388,509
Prosus NV(1)		28,673		2,558,159
SBM Offshore NV		42,517		617,190
Signify NV(3)		11,700		655,419
Van Lanschot Kempen NV		2,900		74,477

Security	Shares		Value
Netherlands (continued)
Vastned Retail NV		7,610	$	227,443
Wolters Kluwer NV		17,095		1,948,887
			$	33,205,283
New Zealand — 1.1%
a2 Milk Co., Ltd. (The)(1)(2)		138,464	$	602,023
Argosy Property, Ltd.		144,849		164,480
Auckland International Airport, Ltd.(1)		145,752		735,370
Contact Energy, Ltd.		53,366		303,337
Fisher & Paykel Healthcare Corp., Ltd.		29,761		655,096
Fletcher Building, Ltd.		202,321		1,077,299
Genesis Energy, Ltd.		38,800		92,804
Goodman Property Trust(2)		179,900		305,242
Heartland Group Holdings, Ltd.		183,499		262,147
Infratil, Ltd.		32,081		163,418
Kathmandu Holdings, Ltd.		154,315		147,187
Mercury NZ, Ltd.		54,400		250,297
Precinct Properties New Zealand, Ltd.		265,100		295,183
Pushpay Holdings, Ltd.(1)		115,268		136,673
Restaurant Brands New Zealand, Ltd.(1)		19,660		219,344
SKYCITY Entertainment Group, Ltd.(1)		231,739		520,013
Spark New Zealand, Ltd.		258,931		854,671
Volpara Health Technologies, Ltd.(1)(2)		68,123		56,074
Xero, Ltd.(1)		6,814		706,968
Z Energy, Ltd.		168,235		345,666
			$	7,893,292
Norway — 2.2%
ArcticZymes Technologies ASA(1)		15,700	$	189,108
Atea ASA(1)		48,489		923,857
Bergenbio ASA(1)(2)		25,475		70,604
Borregaard ASA		27,054		703,781
DHT Holdings, Inc.		13,700		79,460
DNB Bank ASA		54,951		1,125,200
Entra ASA(3)		58,483		1,424,588
Equinor ASA(2)		60,110		1,170,894
Europris ASA(3)		82,000		551,756
Fjordkraft Holding ASA(3)		18,200		103,566
Frontline, Ltd.		20,000		160,514
Gjensidige Forsikring ASA		16,200		370,706
Golar LNG, Ltd.(1)		17,900		199,764
Kongsberg Gruppen ASA		25,020		716,597
Medistim ASA		2,311		82,516
Mowi ASA		40,150		1,023,013
Nordic American Tankers, Ltd.		20,400		53,244

14 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Norway (continued)
Nordic Nanovector ASA(1)(2)		44,014	$	107,031
Opera, Ltd. ADR(1)		61,800		596,988
Orkla ASA		75,100		682,088
Sbanken ASA(3)		7,500		91,332
Scatec ASA(3)		40,263		865,067
Schibsted ASA, Class A		4,900		259,717
Schibsted ASA, Class B		6,500		300,655
SFL Corp, Ltd.		7,300		50,151
SpareBank 1 SMN		14,400		199,830
Telenor ASA		56,200		975,752
Tomra Systems ASA		22,377		1,293,104
Veidekke ASA		20,997		270,442
Yara International ASA		33,282		1,754,179
			$	16,395,504
Portugal — 1.1%
Banco Comercial Portugues S.A.(1)(2)		7,064,053	$	1,005,475
Corticeira Amorim SGPS S.A.		27,338		340,598
CTT - Correios de Portugal S.A.		124,656		648,555
EDP - Energias de Portugal S.A.		211,095		1,094,944
EDP Renovaveis S.A.		3,900		91,578
Galp Energia SGPS S.A., Class B		123,229		1,201,694
Jeronimo Martins SGPS S.A.		73,821		1,504,700
Navigator Co. S.A. (The)		309,419		1,114,371
NOS SGPS S.A.		253,048		938,192
REN - Redes Energeticas Nacionais SGPS S.A.		29,300		81,759
			$	8,021,866
Singapore — 2.3%
AEM Holdings, Ltd.(2)		49,600	$	143,092
Ascendas Real Estate Investment Trust		109,000		250,835
BW LPG, Ltd.(3)		9,091		52,507
CapitaLand Integrated Commercial Trust		215,740		341,856
CapitaLand, Ltd.		159,500		473,869
China Aviation Oil Singapore Corp, Ltd.		96,100		71,618
ComfortDelGro Corp., Ltd.		337,300		391,306
Flex, Ltd.(1)		81,400		1,462,758
Frasers Centrepoint Trust		56,900		101,657
Genting Singapore, Ltd.		1,170,700		698,555
Haw Par Corp, Ltd.		20,500		202,498
Jardine Cycle & Carriage, Ltd.		22,400		338,886
Keppel Corp., Ltd.		149,500		604,397
Keppel DC REIT		92,156		179,418
Keppel Infrastructure Trust		801,185		325,573
Keppel REIT(2)		110,000		97,509

Security	Shares		Value
Singapore (continued)
Manulife US Real Estate Investment Trust		113,000	$	85,935
Mapletree Commercial Trust		83,109		132,315
Mapletree Industrial Trust		71,610		158,557
Mapletree Logistics Trust		154,800		241,019
Nanofilm Technologies International, Ltd.(1)(2)		31,300		142,802
Oversea-Chinese Banking Corp., Ltd.		118,100		1,068,478
Parkway Life Real Estate Investment Trust		33,400		114,421
Raffles Medical Group, Ltd.		220,700		234,669
Sembcorp Industries, Ltd.		141,300		217,962
Sheng Siong Group, Ltd.		269,200		312,032
Singapore Airlines, Ltd.(1)(2)		162,600		609,590
Singapore Exchange, Ltd.		57,600		503,999
Singapore Post, Ltd.		491,500		232,249
Singapore Press Holdings, Ltd.		563,700		782,123
Singapore Technologies Engineering, Ltd.		186,800		551,654
Singapore Telecommunications, Ltd.(6)		84,700		141,978
Singapore Telecommunications, Ltd.(6)		638,600		1,070,349
SPH REIT		158,700		107,140
StarHub, Ltd.		360,700		322,237
Suntec Real Estate Investment Trust		89,800		96,637
UMS Holdings, Ltd.		112,500		133,740
United Overseas Bank, Ltd.		48,900		945,412
UOL Group, Ltd.		19,600		105,342
Venture Corp., Ltd.		48,100		674,691
Wilmar International, Ltd.		579,300		1,855,239
			$	16,576,904
Spain — 4.2%
Acerinox S.A.		74,810	$	1,000,047
Aena SME S.A.(1)(3)		7,571		1,205,657
Almirall S.A.		49,275		781,841
Amadeus IT Group S.A.(1)		44,850		2,941,298
Banco Santander S.A.		545,973		1,999,982
Bankinter S.A.		54,252		296,383
CaixaBank S.A.		141,229		419,437
Cellnex Telecom S.A.(3)		62,084		4,048,907
Cia de Distribucion Integral Logista Holdings S.A.		26,697		575,480
Ebro Foods S.A.(2)		36,000		730,516
Enagas S.A.		18,800		431,789
Faes Farma S.A.		89,052		347,581
Fluidra S.A.		17,023		690,090
Gestamp Automocion S.A.(1)(3)		28,900		141,326
Global Dominion Access S.A.(3)		31,250		166,908
Grifols S.A.(2)		62,700		1,594,575
Grupo Catalana Occidente S.A.		2,596		97,188
Iberdrola S.A.		200,233		2,409,817

15 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Spain (continued)
Indra Sistemas S.A.(1)		10,400	$	108,872
Industria de Diseno Textil S.A.		87,775		2,977,009
Laboratorios Farmaceuticos Rovi S.A.		6,200		437,653
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		54,252		109,375
Mapfre S.A.		148,417		305,758
Merlin Properties Socimi S.A.		187,800		2,106,372
Neinor Homes S.A.(1)(3)		10,000		145,542
Pharma Mar S.A.		2,300		196,664
Red Electrica Corp. S.A.		26,578		526,477
Repsol S.A.		263,166		2,882,434
Siemens Gamesa Renewable Energy S.A.(1)(2)		25,400		708,377
Tecnicas Reunidas S.A.(1)(2)		7,006		59,234
Viscofan S.A.		5,805		403,114
Zardoya Otis S.A.		30,400		206,014
			$	31,051,717
Sweden — 4.4%
AcadeMedia AB(3)		7,500	$	72,615
Alfa Laval AB		6,950		290,238
Arjo AB, Class B		29,560		373,395
Assa Abloy AB, Class B		16,810		539,202
Atlas Copco AB, Class A		7,600		514,710
Atrium Ljungberg AB, Class B		7,700		188,497
Attendo AB(1)(3)		51,800		253,520
Avanza Bank Holding AB		31,760		1,028,668
Axfood AB		24,587		665,489
Betsson AB(1)		23,476		188,937
BHG Group AB(1)		4,300		66,324
Bilia AB, Class A		3,000		64,371
BillerudKorsnas AB		45,811		990,997
BioGaia AB, Class B		4,249		254,074
Boozt AB(1)(3)		3,300		71,111
Camurus AB(1)		3,700		78,543
Castellum AB		23,939		670,461
Catena AB		3,800		227,865
CELLINK AB(1)		2,700		176,275
Cibus Nordic Real Estate AB		7,400		201,656
Dios Fastigheter AB		19,400		220,188
Dometic Group AB(3)		13,100		222,351
Dustin Group AB(2)(3)		10,600		123,023
Electrolux AB, Series B(2)		11,000		288,897
Embracer Group AB(1)		20,945		542,088
Epiroc AB, Class A		16,126		375,649
Epiroc AB, Class B		11,200		225,024
Essity AB, Class B		62,085		2,031,280
Evolution AB(3)		7,183		1,249,844
Fabege AB		29,218		505,974

Security	Shares		Value
Sweden (continued)
Fingerprint Cards AB, Class B(1)		205,863	$	733,762
Getinge AB, Class B		19,600		851,758
Hansa Biopharma AB(1)		4,500		60,088
Holmen AB, Class B		20,516		1,080,006
Hufvudstaden AB, Class A		16,200		296,111
Husqvarna AB, Class B		34,170		478,162
ICA Gruppen AB		16,600		820,623
Industrivarden AB, Class A		3,800		151,619
Indutrade AB		9,447		308,146
Investor AB		12,800		318,044
Investor AB, Class B		37,600		931,146
JM AB		7,000		247,013
Karo Pharma AB(1)		29,600		188,066
Kungsleden AB		24,000		324,026
Lifco AB, Class B		10,000		293,299
Lundin Energy AB		29,152		908,795
MIPS AB		1,100		116,161
Mycronic AB(2)		26,942		791,253
NCC AB, Class B		6,000		106,617
Nibe Industrier AB, Class B		17,992		215,004
Nobia AB		10,000		81,967
Paradox Interactive AB		8,600		173,075
RaySearch Laboratories AB(1)(2)		11,321		111,381
Saab AB, Class B		4,437		134,631
Samhallsbyggnadsbolaget i Norden AB		42,000		149,449
Sandvik AB		8,000		208,610
Sectra AB(1)		3,463		275,953
Securitas AB, Class B		12,200		215,128
Sinch AB(1)(3)		13,000		262,154
Skanska AB, Class B		9,000		254,067
SkiStar AB(1)		4,900		91,559
Spotify Technology S.A.(1)		3,400		777,478
Stillfront Group AB(1)		9,000		68,640
Svenska Cellulosa AB SCA, Class B		83,964		1,561,742
Svenska Handelsbanken AB, Class A		82,000		924,083
Swedbank AB, Class A		22,300		434,262
Swedish Orphan Biovitrum AB(1)		22,039		430,714
Tele2 AB, Class B		46,720		686,271
Telefonaktiebolaget LM Ericsson, Class B		140,700		1,622,858
Telia Co. AB		130,400		571,974
Tethys Oil AB		12,500		83,179
Thule Group AB(3)		4,200		212,054
Vitrolife AB		11,800		672,428
Wallenstam AB, Class B		24,800		416,439
Wihlborgs Fastigheter AB		18,900		440,344
			$	32,781,405

16 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Switzerland — 9.1%
Allreal Holding AG		2,788	$	576,568
ALSO Holding AG(1)		1,869		575,049
Baloise Holding AG		3,668		578,335
Banque Cantonale Vaudoise		4,280		382,084
Belimo Holding AG		1,180		609,436
BKW AG		2,892		318,578
Bucher Industries AG		401		223,164
Bystronic AG		75		103,198
Cembra Money Bank AG		3,380		351,131
Cie Financiere Richemont S.A.(1)		58,476		7,483,126
Comet Holding AG		3,006		984,296
Daetwyler Holding AG, Bearer Shares		493		178,975
DKSH Holding AG		6,642		561,492
dormakaba Holding AG		707		489,084
Ems-Chemie Holding AG		1,293		1,433,368
Forbo Holding AG		305		652,806
Galenica AG(3)		5,783		439,005
Geberit AG		1,491		1,224,227
Givaudan S.A.		558		2,785,113
Gurit Holding AG		178		402,776
Helvetia Holding AG		4,114		447,455
Huber+Suhner AG		3,060		260,246
Inficon Holding AG		524		631,289
Interroll Holding AG		40		182,845
Intershop Holding AG		234		161,394
Kuehne & Nagel International AG		3,878		1,308,177
Landis+Gyr Group AG(1)		5,524		437,213
LEM Holding S.A.		200		499,931
Logitech International S.A.		26,919		2,957,574
Mobimo Holding AG(1)		949		325,569
Nestle S.A.		68,670		8,695,658
Novartis AG		38,647		3,574,012
Partners Group Holding AG		914		1,561,445
Roche Holding AG PC		9,751		3,766,929
Roche Holding AG, Bearer Shares		1,301		558,423
Schindler Holding AG		1,944		605,754
Schindler Holding AG PC		2,895		937,214
Schweiter Technologies AG		220		344,393
SFS Group AG		1,137		169,520
SGS S.A.		348		1,126,363
Siegfried Holding AG(1)		376		380,468
SIG Combibloc Group AG(1)		20,416		602,390
Sika AG		11,917		4,198,006
Stadler Rail AG(2)		9,144		401,319
Swatch Group AG (The)		3,207		1,069,800
Swiss Life Holding AG		1,733		893,886

Security	Shares		Value
Switzerland (continued)
Swiss Prime Site AG		16,418	$	1,748,236
Swisscom AG		3,821		2,296,428
Tecan Group AG		681		392,712
u-blox Holding AG(1)		3,125		246,557
UBS Group AG		93,192		1,535,410
Valiant Holding AG		3,200		332,805
Valora Holding AG(1)		1,474		333,697
VAT Group AG(3)		1,537		603,357
Vontobel Holding AG		5,350		471,724
Zur Rose Group AG(1)		1,100		409,021
Zurich Insurance Group AG		5,566		2,244,070
			$	67,063,101
United Kingdom — 9.1%
3i Group PLC		23,056	$	409,779
Abrdn PLC		48,718		192,189
Admiral Group PLC		5,900		278,707
Assura PLC		231,800		251,614
AstraZeneca PLC		33,000		3,792,026
Atlantica Sustainable Infrastructure PLC(2)		7,100		282,296
Auto Trader Group PLC(1)(3)		65,800		596,158
Avast PLC(3)		84,100		677,743
Aviva PLC		80,319		431,364
B&M European Value Retail S.A.		40,600		311,923
BAE Systems PLC		53,000		424,930
Bellway PLC		5,400		246,550
Berkeley Group Holdings PLC		4,400		296,243
BHP Group PLC		59,700		1,932,867
Big Yellow Group PLC		13,089		263,823
BP PLC		709,300		2,847,148
British American Tobacco PLC		26,500		985,598
BT Group PLC(1)		536,600		1,292,527
Bunzl PLC		6,100		225,988
Burberry Group PLC		9,000		258,152
Centamin PLC		159,300		237,100
Civitas Social Housing PLC		80,000		131,554
Compass Group PLC(1)		48,700		1,029,025
Countryside Properties PLC(1)(3)		32,015		233,963
Croda International PLC		5,987		700,846
Daily Mail & General Trust PLC, Class A		24,002		365,018
Derwent London PLC		8,000		403,379
Diploma PLC		3,800		156,102
Direct Line Insurance Group PLC		42,288		174,807
Domino’s Pizza Group PLC		39,048		227,520
Electrocomponents PLC		17,859		252,307
Equiniti Group PLC(1)(3)		48,600		120,889

17 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United Kingdom (continued)
Essentra PLC		29,000	$	114,259
Experian PLC		18,238		802,943
Farfetch, Ltd., Class A(1)		4,400		220,528
Ferguson PLC		3,745		525,008
Fresnillo PLC		32,200		366,317
G4S PLC(1)		65,386		222,672
Games Workshop Group PLC		1,807		285,488
GlaxoSmithKline PLC		113,400		2,238,950
Grainger PLC		92,602		389,454
Great Portland Estates PLC		23,683		250,650
Greggs PLC(1)		7,435		284,893
Halma PLC		33,980		1,363,991
Hikma Pharmaceuticals PLC		9,900		364,037
Hill & Smith Holdings PLC		9,718		219,390
Hiscox, Ltd.(1)		11,000		133,576
HomeServe PLC		10,900		141,424
Howden Joinery Group PLC		23,000		286,616
HSBC Holdings PLC		268,700		1,483,276
Ibstock PLC(3)		66,300		196,999
IG Group Holdings PLC		14,640		181,370
IMI PLC		12,880		315,108
Imperial Brands PLC		25,000		535,258
Inchcape PLC		19,600		231,510
Intertek Group PLC		4,100		293,748
J Sainsbury PLC		46,200		181,928
John Laing Group PLC(3)		15,800		87,989
Kainos Group PLC		13,600		326,466
Kingfisher PLC		47,900		246,035
Land Securities Group PLC		51,600		507,867
Lloyds Banking Group PLC		1,173,520		741,978
London Stock Exchange Group PLC		4,413		460,149
LondonMetric Property PLC		90,700		313,339
LXi REIT PLC		62,400		124,914
Manchester United PLC, Class A(2)		9,700		155,976
Marks & Spencer Group PLC(1)		83,100		156,438
Marshalls PLC		23,600		239,395
Micro Focus International PLC ADR		50,400		279,216
Mondi PLC		19,940		552,812
Moneysupermarket.com Group PLC		34,300		121,056
National Grid PLC		244,616		3,127,689
Natwest Group PLC		146,005		409,795
NCC Group PLC		72,058		315,064
Next PLC(1)		3,900		427,220
Nomad Foods, Ltd.(1)		11,900		310,828
Ocado Group PLC(1)		12,900		332,401
Pearson PLC		61,614		742,477

Security	Shares		Value
United Kingdom (continued)
Pennon Group PLC		32,533	$	577,282
Persimmon PLC		9,800		395,309
Phoenix Group Holdings PLC		17,800		167,744
Primary Health Properties PLC		175,969		400,310
QinetiQ Group PLC		19,500		89,152
Reckitt Benckiser Group PLC		11,400		872,096
RELX PLC		36,080		1,060,546
Renishaw PLC		4,500		320,100
Rentokil Initial PLC		39,000		307,222
Rightmove PLC		66,300		646,720
Rio Tinto PLC		27,400		2,327,367
Rotork PLC		45,595		228,646
Royal Dutch Shell PLC, Class A		150,900		3,033,234
Royal Mail PLC		29,400		205,987
Safestore Holdings PLC		19,133		280,742
Sage Group PLC (The)		100,200		976,688
Savills PLC		20,718		330,892
Segro PLC		88,953		1,503,683
Serco Group PLC		78,000		153,343
Severn Trent PLC		24,400		948,466
Shaftesbury PLC(2)		42,565		348,910
Sirius Real Estate, Ltd.		213,547		352,911
Softcat PLC		18,500		497,160
Spectris PLC		13,500		670,091
Spirax-Sarco Engineering PLC		1,720		358,360
Spirent Communications PLC		89,600		316,327
St. James’s Place PLC		9,400		207,101
St. Modwen Properties PLC		44,169		342,816
Standard Chartered PLC		38,500		230,800
Taylor Wimpey PLC		90,000		205,764
Telecom Plus PLC		12,700		180,870
THG PLC(1)		14,500		118,051
Tritax Big Box REIT PLC		152,000		444,685
UK Commercial Property REIT, Ltd.		77,300		87,143
Unilever PLC(6)		17,280		994,491
Unilever PLC(6)		25,541		1,471,937
United Utilities Group PLC		65,000		967,817
Vistry Group PLC		14,949		247,754
Vodafone Group PLC		1,379,000		2,217,365
WM Morrison Supermarkets PLC		148,000		550,053
			$	67,274,567
Total Common Stocks (identified cost $584,829,566)			$	731,634,910

18 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Portfolio of Investments — continued

Rights(1) — 0.0%(7)
Security	Shares		Value
Service Stream, Ltd., Exp. 8/9/21		66,267	$	243
Total Rights (identified cost $0)			$	243
Short-Term Investments— 1.5%
Affiliated Fund— 0.4%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.08%(8)		3,218,656	$	3,218,656
Total Affiliated Fund (identified cost $3,218,656)			$	3,218,656
Securities Lending Collateral— 1.1%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.05%(9)		8,149,128	$	8,149,128
Total Securities Lending Collateral (identified cost $8,149,128)			$	8,149,128
Total Short-Term Investments (identified cost $11,367,784)			$	11,367,784
Total Investments — 100.7% (identified cost $596,197,350)			$	743,002,937
Other Assets, Less Liabilities — (0.7)%			$	(5,395,013	)
Net Assets — 100.0%			$	737,607,924

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

⁽¹⁾  Non-income producing security.

⁽²⁾  All or a portion of this security was on loan at July 31, 2021. The aggregate market value of securities on loan at July 31, 2021 was $23,221,310.

⁽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 July 31, 2021, the aggregate value of these securities is $32,157,118 or 4.4% of the Fund’s net assets.

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

⁽⁵⁾  Represents an investment in an issuer that may be deemed to be an affiliate effective March 1, 2021.

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

⁽⁷⁾  Amount is less than 0.05%.

⁽⁸⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2021.

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

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Industrials		10.8	%	$	79,663,095
Financials		10.8			79,523,535
Consumer Discretionary		10.2			75,524,173
Information Technology		10.2			75,360,580
Health Care		9.9			73,093,150
Consumer Staples		9.7			71,528,465
Materials		9.6			70,807,971
Communication Services		8.3			60,970,098
Real Estate		8.2			60,049,928
Utilities		6.6			48,967,066
Energy		4.9			36,147,092
Short-Term Investments		1.5			11,367,784
Total Investments		100.7	%	$	743,002,937

Abbreviations:

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

19 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2021
Unaffiliated investments, at value including $23,221,310 of securities on loan (identified cost, $591,355,355)	$	738,068,467
Affiliated investments, at value (identified cost, $4,841,995)		4,934,470
Foreign currency, at value (identified cost, $1,836,519)		1,833,323
Dividends receivable		661,007
Dividends receivable from affiliated investments		81
Receivable for investments sold		3,483,625
Receivable for Fund shares sold		1,085,037
Securities lending income receivable		47,639
Tax reclaims receivable		1,435,989
Receivable from affiliates		31,385
Total assets	$	751,581,023
Liabilities
Collateral for securities loaned	$	8,149,128
Payable for investments purchased		3,508,694
Payable for Fund shares redeemed		1,811,253
Payable to affiliates:
Investment adviser and administration fee		249,968
Distribution and service fees		26,855
Accrued expenses		227,201
Total liabilities	$	13,973,099
Net Assets	$	737,607,924
Sources of Net Assets
Paid-in capital	$	575,065,489
Distributable earnings		162,542,435
Total	$	737,607,924
Class A Shares
Net Assets	$	114,066,021
Shares Outstanding		6,981,719
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	16.34
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	17.34
Institutional Class Shares
Net Assets	$	455,233,534
Shares Outstanding		27,677,292
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	16.45
Class R Shares
Net Assets	$	5,924,725
Shares Outstanding		365,690
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	16.20
Class R6 Shares
Net Assets	$	162,383,644
Shares Outstanding		9,879,642
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	16.44

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

20 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2021
Dividends (net of foreign taxes, $1,459,630)	$	12,656,122
Dividends from affiliated investments (net of foreign taxes, $3,680)		34,291
Securities lending income, net		388,305
Other income		144,402
Total investment income	$	13,223,120
Expenses
Investment adviser and administration fee	$	1,436,638
Distribution and service fees
Class A		148,258
Class R		13,884
Trustees’ fees and expenses		17,525
Custodian fee		133,283
Transfer and dividend disbursing agent fees		187,403
Legal and accounting services		22,743
Printing and postage		16,461
Registration fees		45,462
Miscellaneous		65,916
Total expenses	$	2,087,573
Deduct —
Allocation of expenses to affiliates	$	146,569
Total expense reductions	$	146,569
Net expenses	$	1,941,004
Net investment income	$	11,282,116
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	11,049,484
Investment transactions — affiliated investments		23
Foreign currency transactions		(76,989	)
Net realized gain	$	10,972,518
Change in unrealized appreciation (depreciation) —
Investments	$	43,906,589
Investments — affiliated investments		7,465
Foreign currency		(25,415	)
Net change in unrealized appreciation (depreciation)	$	43,888,639
Net realized and unrealized gain	$	54,861,157
Net increase in net assets from operations	$	66,143,273

21 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
From operations —
Net investment income	$	11,282,116		$	11,614,460
Net realized gain (loss)		10,972,518			(1,499,077	)
Net change in unrealized appreciation (depreciation)		43,888,639			48,311,534
Net increase in net assets from operations	$	66,143,273		$	58,426,917
Distributions to shareholders —
Class A	$	—		$	(1,549,610	)
Institutional Class		—			(6,125,067	)
Class R		—			(64,563	)
Class R6		—			(2,442,274	)
Total distributions to shareholders	$	—		$	(10,181,514	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	13,524,719		$	44,397,162
Institutional Class		54,612,256			139,733,312
Class R		763,071			1,563,824
Class R6		16,753,907			68,788,701
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		—			1,543,298
Institutional Class		—			5,899,391
Class R		—			64,560
Class R6		—			2,442,274
Cost of shares redeemed
Class A		(23,808,909	)		(47,308,228	)
Institutional Class		(39,446,726	)		(130,778,358	)
Class R		(416,424	)		(794,029	)
Class R6		(19,159,527	)		(44,347,344	)
Net increase in net assets from Fund share transactions	$	2,822,367		$	41,204,563
Net increase in net assets	$	68,965,640		$	89,449,966
Net Assets
At beginning of period	$	668,642,284		$	579,192,318
At end of period	$	737,607,924		$	668,642,284

22 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Financial Highlights

	Class A
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	14.890		$	13.670		$	12.560		$	14.350		$	11.570		$	10.750
Income (Loss) From Operations
Net investment income(1)	$	0.232		$	0.249		$	0.298		$	0.301		$	0.272		$	0.198
Net realized and unrealized gain (loss)		1.218			1.175			1.144			(1.700	)		2.869			0.810
Total income (loss) from operations	$	1.450		$	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 period	$	16.340		$	14.890		$	13.670		$	12.560		$	14.350		$	11.570
Total Return(2)(3)		9.74	%(4)		10.35	%		11.53	%		(9.73	)%		27.29	%		9.55	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	114,066		$	113,340		$	103,801		$	65,056		$	59,858		$	34,386
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.75	%(5)		0.75	%		0.75	%		0.75	%		0.75	%		0.84	%
Net investment income		2.94	%(5)		1.90	%		2.24	%		2.27	%		2.06	%		1.75	%
Portfolio Turnover		17	%(4)		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 0.04%, 0.07%, 0.06%, 0.11%, 0.11% and 0.23% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

23 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Financial Highlights — continued

	Institutional Class
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	14.980		$	13.740		$	12.610		$	14.410		$	11.610		$	10.770
Income (Loss) From Operations
Net investment income(1)	$	0.253		$	0.279		$	0.297		$	0.310		$	0.312		$	0.257
Net realized and unrealized gain (loss)		1.217			1.196			1.194			(1.689	)		2.874			0.788
Total income (loss) from operations	$	1.470		$	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 period	$	16.450		$	14.980		$	13.740		$	12.610		$	14.410		$	11.610
Total Return(2)(3)		9.81	%(4)		10.75	%		11.79	%		(9.53	)%		27.60	%		9.78	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	455,234		$	400,149		$	359,605		$	151,107		$	86,446		$	55,324
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.50	%(5)		0.50	%		0.50	%		0.50	%		0.50	%		0.60	%
Net investment income		3.17	%(5)		2.11	%		2.21	%		2.35	%		2.36	%		2.26	%
Portfolio Turnover		17	%(4)		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 0.04%, 0.07%, 0.06%, 0.11%, 0.11% and 0.24% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

24 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Financial Highlights — continued

	Class R
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	14.790		$	13.590		$	12.490		$	14.290		$	11.530		$	10.740
Income (Loss) From Operations
Net investment income(1)	$	0.210		$	0.204		$	0.237		$	0.231		$	0.259		$	0.064
Net realized and unrealized gain (loss)		1.200			1.180			1.172			(1.657	)		2.827			0.919
Total income (loss) from operations	$	1.410		$	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 period	$	16.200		$	14.790		$	13.590		$	12.490		$	14.290		$	11.530
Total Return(2)(3)		9.53	%(4)		10.20	%		11.25	%		(9.96	)%		26.90	%		9.22	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,925		$	5,082		$	3,713		$	1,939		$	1,167		$	786
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.00	%(5)		1.00	%		1.00	%		1.00	%		1.00	%		1.04	%
Net investment income		2.67	%(5)		1.55	%		1.79	%		1.77	%		1.98	%		0.56	%
Portfolio Turnover		17	%(4)		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 0.04%, 0.07%, 0.06%, 0.11%, 0.11% and 0.19% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

25 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Financial Highlights — continued

	Class R6
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	14.960		$	13.730		$	12.600		$	14.410		$	11.610		$	10.770
Income (Loss) From Operations
Net investment income(1)	$	0.254		$	0.275		$	0.342		$	0.363		$	0.319		$	0.267
Net realized and unrealized gain (loss)		1.226			1.198			1.155			(1.746	)		2.875			0.780
Total income (loss) from operations	$	1.480		$	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 period	$	16.440		$	14.960		$	13.730		$	12.600		$	14.410		$	11.610
Total Return(2)(3)		9.89	%(4)		10.75	%		11.85	%		(9.56	)%		27.67	%		9.79	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	162,384		$	150,071		$	112,074		$	91,371		$	109,225		$	84,858
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.47	%(5)		0.47	%		0.47	%		0.47	%		0.47	%		0.58	%
Net investment income		3.20	%(5)		2.07	%		2.56	%		2.72	%		2.42	%		2.34	%
Portfolio Turnover		17	%(4)		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 0.04%, 0.07%, 0.06%, 0.11%, 0.11% and 0.25% of average daily net assets for the six months ended July 31, 2021 and the years ended January 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

26 See Notes to Financial Statements.

Parametric

International Equity Fund

July 31, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Parametric International Equity Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund offers four classes of shares. 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 National Market System 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. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the six months ended July 31, 2021, the Fund received approximately $144,000 from Finland 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 these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

27

Parametric

International Equity Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of July 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.

I  Interim Financial Statements — The interim financial statements relating to July 31, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At January 31, 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.

28

Parametric

International Equity Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

Aggregate cost	$	603,660,824
Gross unrealized appreciation	$	167,914,401
Gross unrealized depreciation		(28,572,288	)
Net unrealized appreciation	$	139,342,113

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory and administrative agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. The Fund’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Fund’s investment advisory and administrative agreement and related fee reduction agreement with EVM in effect prior to March 1, 2021), the fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $1 billion		0.400	%
$1 billion but less than $2.5 billion		0.375	%
$2.5 billion but less than $5 billion		0.360	%
$5 billion and over		0.350	%

For the six months ended July 31, 2021, the investment adviser and administration fee amounted to $1,436,638 or 0.40% (annualized) of the Fund’s average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund may invest 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, 2022. Pursuant to this agreement, EVM and Parametric were allocated $146,569 in total of the Fund’s operating expenses for the six months ended July 31, 2021.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2021, EVM earned $7,232 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 $129 as its portion of the sales charge on sales of Class A shares for the six months ended July 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 six months ended July 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 facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended July 31, 2021 amounted to $148,258 for Class A shares.

29

Parametric

International Equity Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

The Fund also has in effect a distribution plan for Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended July 31, 2021, the Fund paid or accrued to EVD $6,942 for Class R shares.

Pursuant to the Class R Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended July 31, 2021 amounted to $6,942 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 six months ended July 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 $139,413,592 and $122,886,542, respectively, for the six months ended July 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:

Class A	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		852,232			3,721,595
Issued to shareholders electing to receive payments of distributions in Fund shares		—			104,777
Redemptions		(1,479,859	)		(3,807,911	)
Net increase (decrease)		(627,627	)		18,461
Institutional Class	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		3,409,384			10,891,613
Issued to shareholders electing to receive payments of distributions in Fund shares		—			397,595
Redemptions		(2,450,632	)		(10,741,029	)
Net increase		958,752			548,179

30

Parametric

International Equity Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

Class R	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		48,192			125,033
Issued to shareholders electing to receive payments of distributions in Fund shares		—			4,415
Redemptions		(26,128	)		(58,975	)
Net increase		22,064			70,473
Class R6	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		1,049,877			5,086,627
Issued to shareholders electing to receive payments of distributions in Fund shares		—			164,536
Redemptions		(1,199,382	)		(3,383,215	)
Net increase (decrease)		(149,505	)		1,867,948

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 six months ended July 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 July 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 $23,221,310 and $24,817,525, respectively. Collateral received was comprised of cash of $8,149,128 and U.S. government and/or agencies securities of $16,668,397. 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.

31

Parametric

International Equity Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — 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 July 31, 2021.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Common Stocks	$	8,149,128	$	—	$	—	$	—	$	8,149,128

The carrying amount of the liability for collateral for securities loaned at July 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 July 31, 2021.

10  Investments in Affiliated Issuers and Funds

The Fund invested in issuers that may be deemed to be affiliated with Morgan Stanley. At July 31, 2021, the value of the Fund’s investment in affiliated issuers and funds was $4,934,470, which represents 0.7% of the Fund’s net assets. Transactions in affiliated issuers and funds by the Fund for the six months ended July 31, 2021 were as follows:

Name	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Shares/ Units, end of period
Common Stocks
Mitsubishi UFJ Financial Group, Inc.(1)	$	—	$	—	$	—		$	—	$	7,465	$	1,715,814	$	33,117		324,800
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC		5,041,104		43,544,537		(45,367,008	)		23		—		3,218,656		1,174		3,218,656
Totals								$	23	$	7,465	$	4,934,470	$	34,291

⁽¹⁾   May be deemed to be an affiliated issuer as of March 1, 2021 (see Note 3).

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.

32

Parametric

International Equity Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

At July 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	$	5,572,686	$	213,603,800		$	0	$	219,176,486
Developed Europe		6,509,687		489,246,711			0		495,756,398
Developed Middle East		3,111,699		13,590,327			—		16,702,026
Total Common Stocks	$	15,194,072	$	716,440,838	**	$	0	$	731,634,910
Rights	$	—	$	243		$	—	$	243
Short-Term Investments		8,149,128		3,218,656			—		11,367,784
Total Investments	$	23,343,200	$	719,659,737		$	0	$	743,002,937

* 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 six months ended July 31, 2021 is not presented.

12  Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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.

33

Parametric

International Equity Fund

July 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Parametric International Equity Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 for the following purposes: (1) to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as the Fund’s investment adviser and administrator (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Parametric Portfolio Associates LLC to serve as the Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:

	Number of Shares(1)
	For		Against		Abstain(2)		Broker Non-Votes(2)
Proposal 1		22,323,814.787		363,961.535		777,779.651		0
Proposal 2		22,269,416.228		398,808.153		797,331.593		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal.

34

Parametric

International Equity Fund

July 31, 2021

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors on June 8, 2021, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2020 through December 31, 2020 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

35

Parametric

International Equity Fund

July 31, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Kimberly M. Roessiger

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

36

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

37

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

38

Eaton Vance Funds

IMPORTANT NOTICES

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.

39

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

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

7771    7.31.21

Parametric

Emerging Markets Fund

Semiannual Report

July 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.

Semiannual Report July 31, 2021

Parametric

Emerging Markets Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Joint Special Meeting of Shareholders	35
Liquidity Risk Management Program	36
Officers and Trustees	37
Privacy Notice	38
Important Notices	40

Parametric

Emerging Markets Fund

July 31, 2021

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Investor Class at NAV		06/30/2006		06/30/2006		5.23	%		26.12	%		5.43	%		1.43	%
Class C at NAV		06/30/2006		06/30/2006		4.84			25.17			4.63			0.67
Class C with 1% Maximum Sales Charge		—		—		3.84			24.17			4.63			0.67
Institutional Class at NAV		06/30/2006		06/30/2006		5.37			26.36			5.69			1.69
Class R6 at NAV		07/01/2014		06/30/2006		5.51			26.59			5.76			1.73
MSCI Emerging Markets Index		—		—		–2.76	%		20.64	%		10.37	%		3.60	%
% Total Annual Operating Expense Ratios3					Investor Class			Class C			Institutional Class			Class R6
						1.55	%		2.30	%		1.30	%		1.21	%

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

July 31, 2021

Fund Profile

Common Stock Sector Allocation (% of net assets)⁴

Geographic Allocation (% of common stocks)

Top 10 Holdings (% of net assets)⁴

Tencent Holdings, Ltd.	1.0	%
Samsung Electronics Co., Ltd.	0.8
Taiwan Semiconductor Manufacturing Co., Ltd.	0.8
Delta Electronics (Thailand) PCL	0.7
Alibaba Group Holding, Ltd. ADR	0.7
Ahli United Bank BSC	0.7
America Movil SAB de CV, Series L	0.7
Yandex NV, Class A	0.6
Naspers, Ltd., Class N	0.6
Saudi Arabian Oil Co.	0.6
Total	7.2	%

See Endnotes and Additional Disclosures in this report.

3

Parametric

Emerging Markets Fund

July 31, 2021

Endnotes and Additional Disclosures

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

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

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

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

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Parametric

Emerging Markets Fund

July 31, 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 (February 1, 2021 – July 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 (2/1/21)		Ending Account Value (7/31/21)		Expenses Paid During Period* (2/1/21 – 7/31/21)		Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	1,052.30	$	7.94		1.56	%
Class C	$	1,000.00	$	1,048.40	$	11.78		2.32	%
Institutional Class	$	1,000.00	$	1,053.70	$	6.72		1.32	%
Class R6	$	1,000.00	$	1,055.10	$	6.32		1.24	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,017.10	$	7.80		1.56	%
Class C	$	1,000.00	$	1,013.30	$	11.58		2.32	%
Institutional Class	$	1,000.00	$	1,018.20	$	6.61		1.32	%
Class R6	$	1,000.00	$	1,018.60	$	6.21		1.24	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2021.

5

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited)

Common Stocks— 99.1%
Security	Shares		Value
Argentina — 0.6%
Arcos Dorados Holdings, Inc., Class A(1)(2)		14,446	$	87,685
Grupo Financiero Galicia S.A., Class B ADR(1)		3,387		26,452
MercadoLibre, Inc.(2)		1,209		1,896,558
Pampa Energia S.A. ADR(1)(2)		2,099		32,556
Transportadora de Gas del Sur S.A. ADR(2)		11,563		50,877
YPF S.A. ADR(2)		11,024		48,065
			$	2,142,193
Bahrain — 1.0%
Ahli United Bank BSC		2,906,812	$	2,353,371
Al Salam Bank-Bahrain BSC(2)		3,334,348		649,935
GFH Financial Group BSC		1,312,993		267,139
Ithmaar Holding BSC(2)		2,820,216		160,248
			$	3,430,693
Bangladesh — 0.6%
Bangladesh Export Import Co., Ltd.		109,867	$	117,880
Beximco Pharmaceuticals, Ltd.		128,063		277,180
City Bank, Ltd. (The)		248,964		79,844
Grameenphone, Ltd.		18,840		84,161
Heidelberger Cement Bangladesh, Ltd.		18,065		70,395
Islami Bank Bangladesh, Ltd.		238,618		81,351
Jamuna Oil Co., Ltd.		41,841		83,383
Meghna Petroleum, Ltd.		28,407		64,156
Olympic Industries, Ltd.		41,067		84,429
Pubali Bank, Ltd.		477,334		139,755
Renata, Ltd.		12,838		208,050
Square Pharmaceuticals, Ltd.		171,709		449,537
Summit Power, Ltd.		213,128		111,194
Titas Gas Transmission & Distribution Co., Ltd.		278,098		122,789
Unique Hotel & Resorts, Ltd.		114,627		59,284
United Commercial Bank, Ltd.		611,623		116,494
			$	2,149,882
Botswana — 0.8%
Absa Bank Botswana, Ltd.		644,814	$	257,399
Botswana Insurance Holdings, Ltd.		274,255		433,871
First National Bank of Botswana, Ltd.		1,882,236		377,921
Letshego Holdings, Ltd.		2,275,836		215,714
Sechaba Breweries Holdings, Ltd.		919,268		1,354,560
			$	2,639,465

Security	Shares		Value
Brazil — 4.5%
AMBEV S.A.		117,850	$	376,523
Americanas SA(2)		29,223		275,499
B3 S.A. - Brasil Bolsa Balcao		49,900		146,110
Banco Bradesco S.A., PFC Shares		51,175		238,275
Banco do Brasil S.A.		22,198		134,810
BB Seguridade Participacoes S.A.		19,700		80,831
BRF S.A.(2)		20,640		101,531
CCR S.A.		73,900		184,457
Centrais Eletricas Brasileiras S.A., PFC Shares		33,600		261,600
Cia de Saneamento Basico do Estado de Sao Paulo		20,960		142,705
Cia Energetica de Minas Gerais, PFC Shares		65,043		149,112
Cia Hering		22,200		158,564
Cia Siderurgica Nacional S.A.		9,800		87,966
Cielo S.A.		566,406		367,581
Cogna Educacao(2)		289,536		202,354
Cosan S.A.		39,700		194,755
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		15,200		60,850
Embraer S.A. ADR(1)(2)		9,248		132,246
Engie Brasil Energia S.A.		16,250		118,343
Equatorial Energia S.A.		31,800		147,758
Fleury S.A.		87,400		392,006
Gerdau S.A., PFC Shares		15,900		94,028
Hypera S.A.		99,100		678,330
Iochpe Maxion S.A.(2)		22,100		61,442
Itau Unibanco Holding S.A., PFC Shares		51,620		300,309
Itausa S.A., PFC Shares		48,275		103,534
JBS S.A.		31,625		194,611
Klabin S.A., PFC Shares		103,800		93,272
Localiza Rent a Car S.A.		25,589		305,353
Lojas Americanas S.A., PFC Shares		45,241		61,587
Lojas Renner S.A.		39,077		309,870
Magazine Luiza S.A.		40,000		158,211
Marfrig Global Foods S.A.		38,855		146,296
MRV Engenharia e Participacoes S.A.		45,900		126,378
Multiplan Empreendimentos Imobiliarios S.A.		30,700		137,636
Natura & Co. Holding S.A.(2)		23,300		240,460
Notre Dame Intermedica Participacoes S.A.		71,500		1,098,258
Odontoprev S.A.		110,900		276,811
Pagseguro Digital, Ltd., Class A(1)(2)		21,600		1,197,504
Petroleo Brasileiro S.A., PFC Shares		274,800		1,419,837
Qualicorp Consultoria e Corretora de Seguros S.A.		60,200		297,634
Rede D’Or Sao Luiz S.A.(3)		11,000		145,730
Rumo S.A.(2)		75,019		297,584
Sendas Distribuidora S.A.		6,169		102,670
StoneCo, Ltd., Class A(2)		23,400		1,376,856
Suzano S.A.(2)		10,620		110,253

6 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Brazil (continued)
Telefonica Brasil S.A.		30,200	$	238,956
TIM S.A.		45,050		97,915
Totvs S.A.		80,170		544,292
Transmissora Alianca de Energia Electrica S.A.		24,900		181,673
Ultrapar Participacoes S.A.		46,968		159,438
Vale S.A.		33,747		704,713
Weg S.A.		53,004		363,418
YDUQS Participacoes S.A.		24,300		131,852
			$	15,710,587
Bulgaria — 0.3%
CB First Investment Bank AD(2)		235,000	$	242,436
Chimimport AD(2)		329,922		173,591
MonBat AD		60,235		222,704
Petrol AD(2)		25,625		2,665
Sopharma AD		254,600		537,818
			$	1,179,214
Chile — 2.2%
Aguas Andinas S.A., Series A		483,322	$	98,271
Banco de Chile		4,032,063		369,263
Banco de Credito e Inversiones S.A.		4,803		198,098
Banco Santander Chile		6,739,212		332,571
CAP S.A.		7,626		132,144
Cencosud S.A.		243,352		441,371
Cia Cervecerias Unidas S.A.		28,753		310,648
Cia Sud Americana de Vapores S.A.		8,583,228		673,869
Colbun S.A.		827,805		121,081
Embotelladora Andina S.A., Class B, PFC Shares		93,248		223,018
Empresa Nacional de Telecomunicaciones S.A.		44,883		215,932
Empresas CMPC S.A.		143,316		309,715
Empresas COPEC S.A.		118,477		1,022,585
Enel Americas S.A.		1,981,984		275,457
Enel Chile S.A.		2,475,796		128,506
Falabella S.A.		255,877		994,666
Parque Arauco S.A.(2)		496,799		629,119
Ripley Corp. S.A.(2)		484,810		103,832
Sociedad Matriz SAAM S.A.		3,952,527		244,792
Sociedad Quimica y Minera de Chile S.A., Series B, PFC Shares		13,116		626,518
Sonda S.A.		225,936		119,088
Vina Concha y Toro S.A.		92,943		161,542
			$	7,732,086

Security	Shares		Value
China — 17.8%
21Vianet Group, Inc. ADR(2)		14,100	$	244,353
3SBio, Inc.(2)(3)		377,500		314,540
AAC Technologies Holdings, Inc.(1)		69,500		417,147
AECC Aviation Power Co., Ltd.		40,221		341,759
Agile Group Holdings, Ltd.		92,000		100,653
Aier Eye Hospital Group Co., Ltd., Class A		14,273		130,328
Air China, Ltd., Class H(2)		178,000		113,503
Alibaba Group Holding, Ltd. ADR(2)		12,100		2,361,799
Aluminum Corp. of China, Ltd., Class H(2)		352,000		214,704
Angang Steel Co., Ltd., Class H(1)		306,400		209,476
Anhui Conch Cement Co., Ltd., Class H		106,000		506,988
ANTA Sports Products, Ltd.		15,000		326,570
Baidu, Inc. ADR(2)		4,232		694,090
Bank of Beijing Co., Ltd.		182,760		121,481
Bank of China, Ltd., Class H		896,000		311,351
Bank of Ningbo Co., Ltd., Class A		33,500		168,335
BeiGene, Ltd. ADR(2)		2,200		696,498
Beijing Capital International Airport Co., Ltd., Class H(2)		436,000		250,580
Beijing Enterprises Holdings, Ltd.		39,500		122,866
Beijing Enterprises Water Group, Ltd.		648,000		237,865
Beijing Originwater Technology Co., Ltd., Class A		127,500		136,645
BOE Technology Group Co., Ltd., Class A		341,100		304,015
Brilliance China Automotive Holdings, Ltd.(4)		326,000		153,118
BYD Co., Ltd., Class H		7,654		236,573
BYD Electronic (International) Co., Ltd.		29,000		147,325
Changchun High & New Technology Industry Group, Inc., Class A		6,200		294,348
Changjiang Securities Co., Ltd., Class A		112,200		120,039
Chengdu Xingrong Environment Co., Ltd., Class A		125,700		96,688
China Bluechemical, Ltd., Class H		1,270,000		400,936
China Coal Energy Co., Ltd., Class H		268,000		161,155
China Communications Services Corp., Ltd., Class H		658,000		282,281
China Construction Bank Corp., Class H		857,630		597,377
China Everbright Environment Group, Ltd.		373,925		202,798
China Evergrande Group(1)		135,000		91,338
China Fortune Land Development Co., Ltd.(2)		68,027		45,710
China Gas Holdings, Ltd.		165,400		509,231
China International Marine Containers Co., Ltd.		44,906		90,197
China Jinmao Holdings Group, Ltd.		352,000		98,302
China Life Insurance Co., Ltd., Class H		92,000		153,341
China Longyuan Power Group Corp., Ltd., Class H		248,000		464,421
China Mengniu Dairy Co., Ltd.		109,000		591,806
China Merchants Bank Co., Ltd., Class H		58,524		445,224
China Merchants Port Holdings Co., Ltd.		198,035		275,938
China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A		74,674		108,408

7 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
China Molybdenum Co., Ltd., Class H		570,000	$	417,206
China National Building Material Co., Ltd., Class H		382,000		413,745
China Northern Rare Earth Group High-Tech Co., Ltd.		117,100		871,486
China Oilfield Services, Ltd., Class H		198,000		143,925
China Overseas Land & Investment, Ltd.		196,660		412,188
China Petroleum & Chemical Corp., Class H		2,237,741		1,023,253
China Railway Group, Ltd., Class H		412,000		191,024
China Resources Beer Holdings Co., Ltd.		72,000		539,871
China Resources Gas Group, Ltd.		64,000		394,545
China Resources Land, Ltd.		148,000		494,595
China Resources Medical Holdings Co., Ltd.		355,000		329,478
China Resources Power Holdings Co., Ltd.		139,600		240,663
China Shenhua Energy Co., Ltd., Class H		339,000		641,463
China Shineway Pharmaceutical Group, Ltd.(1)		381,000		385,909
China Southern Airlines Co., Ltd., Class H(2)		564,000		296,614
China State Construction Engineering Corp., Ltd.		156,440		108,201
China Tourism Group Duty Free Corp., Ltd., Class A		6,700		250,591
China Travel International Investment Hong Kong, Ltd.(2)		1,372,855		197,568
China Vanke Co., Ltd., Class H		149,577		389,656
China Yangtze Power Co., Ltd.		162,200		477,707
Chongqing Changan Automobile Co., Ltd., Class A		138,320		395,188
CIFI Holdings Group Co., Ltd.		374,000		225,553
CITIC, Ltd.		142,000		153,373
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		186,000		70,120
COSCO SHIPPING Holdings Co., Ltd., Class H(1)(2)		198,866		299,991
COSCO SHIPPING Ports, Ltd.		110,000		78,502
Country Garden Holdings Co., Ltd.		533,880		521,932
Country Garden Services Holdings Co., Ltd.		56,589		459,496
CSPC Pharmaceutical Group, Ltd.		323,760		437,024
Daqo New Energy Corp. ADR(2)		6,200		367,350
Dong-E-E-Jiao Co., Ltd., Class A		16,200		76,624
Dongfeng Motor Group Co., Ltd., Class H		264,000		234,192
East Money Information Co., Ltd., Class A		40,389		194,790
Focus Media Information Technology Co., Ltd., Class A		196,344		229,023
Ganfeng Lithium Co., Ltd., Class A		10,550		319,949
GDS Holdings, Ltd. ADR(2)		9,300		548,328
Gemdale Corp.		80,700		104,818
Great Wall Motor Co., Ltd., Class H		50,000		241,578
Guangdong Baolihua New Energy Stock Co., Ltd., Class A		86,500		68,933
Guangdong Investment, Ltd.		258,000		361,015
Guangzhou Automobile Group Co., Ltd., Class H		199,218		172,678
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		26,000		70,297
Guangzhou R&F Properties Co., Ltd., Class H(1)		178,000		156,197
Haier Smart Home Co., Ltd., Class H		47,553		163,091
Han’s Laser Technology Industry Group Co., Ltd., Class A		23,400		133,841

Security	Shares		Value
China (continued)
Hengan International Group Co., Ltd.		24,500	$	145,326
Hesteel Co., Ltd., Class A		506,400		211,753
Huadian Power International Corp., Ltd., Class H		460,000		127,171
Huadong Medicine Co., Ltd., Class A		56,653		312,803
Huaneng Power International, Inc., Class H		420,000		142,675
Huayu Automotive Systems Co., Ltd.		53,308		159,703
Hubei Energy Group Co., Ltd., Class A		94,014		60,629
Hundsun Technologies, Inc.		24,224		209,491
Iflytek Co., Ltd., Class A		34,550		314,240
Industrial & Commercial Bank of China, Ltd., Class H		805,000		447,011
Industrial Bank Co., Ltd.		25,302		69,357
Inner Mongolia BaoTou Steel Union Co., Ltd.(2)		707,000		312,720
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		53,200		275,647
Innovent Biologics, Inc.(2)(3)		44,000		450,527
JD.com, Inc. ADR(2)		8,606		609,993
Jiangsu Expressway Co., Ltd., Class H		214,000		228,646
Jiangsu Hengrui Medicine Co., Ltd., Class A		38,761		327,520
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		14,600		369,684
Jiangxi Copper Co., Ltd., Class H		154,000		323,325
Jinke Properties Group Co., Ltd., Class A		130,499		87,089
Jizhong Energy Resources Co., Ltd., Class A		231,400		144,401
Kingboard Holdings., Ltd.		87,100		456,324
Kingdee International Software Group Co., Ltd.(2)		99,000		309,195
Kingsoft Corp, Ltd.		75,800		354,686
Kunlun Energy Co., Ltd.		338,000		292,217
Kweichow Moutai Co., Ltd., Class A		2,900		755,332
KWG Group Holdings, Ltd.		156,000		171,208
KWG Living Group Holdings, Ltd.		78,000		74,607
Lee & Man Paper Manufacturing, Ltd.		275,000		205,344
Lenovo Group, Ltd.(1)		502,000		468,106
Lepu Medical Technology Beijing Co., Ltd., Class A		33,300		133,234
Li Ning Co., Ltd.		21,208		223,984
Longfor Group Holdings, Ltd.(3)		86,000		399,746
LONGi Green Energy Technology Co., Ltd.		45,278		605,231
Luxshare Precision Industry Co., Ltd., Class A		71,034		408,240
Luye Pharma Group, Ltd.(1)(3)		496,500		267,030
Maanshan Iron & Steel Co., Ltd., Class H		286,000		146,400
NARI Technology Co., Ltd.		58,320		284,046
NetEase, Inc. ADR		7,510		767,597
New Oriental Education & Technology Group, Inc. ADR(2)		23,000		49,910
Nine Dragons Paper Holdings, Ltd.		195,000		246,049
Oceanwide Holdings Co., Ltd., Class A(2)		204,000		62,978
Offshore Oil Engineering Co., Ltd.		141,100		90,008
OFILM Group Co., Ltd., Class A		65,800		75,198
PetroChina Co., Ltd., Class H		1,922,000		802,900
Ping An Bank Co., Ltd., Class A		35,488		97,298

8 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
China (continued)
Ping An Insurance (Group) Co. of China, Ltd., Class H		74,000	$	647,562
Poly Developments and Holdings Group Co., Ltd., Class A(2)		94,900		147,362
Poly Property Group Co., Ltd.		700,000		170,460
Power Construction Corp. of China, Ltd.		354,500		267,811
RiseSun Real Estate Development Co., Ltd., Class A		163,200		115,151
SAIC Motor Corp., Ltd.		55,100		156,895
Sanan Optoelectronics Co., Ltd.		84,900		561,488
SDIC Power Holdings Co., Ltd.		98,000		128,923
Shan Xi Hua Yang Group New Energy Co., Ltd.		126,000		188,035
Shandong Gold Mining Co., Ltd.		50,680		137,897
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		112,000		200,953
Shanghai Electric Group Co., Ltd., Class H		282,000		69,754
Shanghai Industrial Holdings, Ltd.		204,000		311,480
Shanxi Lu’an Environmental Energy Development Co., Ltd.		41,000		79,614
Shenzhen Inovance Technology Co., Ltd., Class A		27,900		337,494
Shenzhen Investment, Ltd.		674,000		189,411
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A		171,300		138,919
Shimao Group Holdings, Ltd.		118,500		233,906
Siasun Robot & Automation Co., Ltd., Class A(2)		55,000		95,016
Sichuan Chuantou Energy Co., Ltd.		88,600		150,286
Sihuan Pharmaceutical Holdings Group, Ltd.		240,000		81,696
Sino Biopharmaceutical, Ltd.		639,500		543,253
Sino-Ocean Group Holding, Ltd.		659,000		137,572
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,307,000		272,296
Sinopharm Group Co., Ltd., Class H		60,400		158,382
Sunac China Holdings, Ltd.(2)		133,000		345,102
Sunny Optical Technology Group Co., Ltd.		26,700		810,653
Tencent Holdings, Ltd.		60,039		3,620,841
Tingyi (Cayman Islands) Holding Corp.		238,000		429,095
Tongling Nonferrous Metals Group Co., Ltd., Class A		424,000		241,612
Trip.com Group, Ltd. ADR(2)		9,254		239,956
Tsingtao Brewery Co., Ltd., Class H		23,566		186,260
Wanhua Chemical Group Co., Ltd.		19,665		347,784
Want Want China Holdings, Ltd.		798,920		539,276
Weichai Power Co., Ltd., Class H		102,742		225,188
Weimob, Inc.(1)(2)(3)		219,000		297,122
Wens Foodstuffs Group Co., Ltd., Class A		51,000		99,472
West China Cement, Ltd.(1)		1,502,000		224,486
WH Group, Ltd.(3)		834,000		691,025
Wuliangye Yibin Co., Ltd., Class A		18,600		638,288
Wuxi Biologics Cayman, Inc.(2)(3)		90,000		1,374,683
Xinyi Solar Holdings, Ltd.		170,000		342,426
Yangzijiang Shipbuilding Holdings, Ltd.		326,900		330,799
Yanzhou Coal Mining Co., Ltd., Class H		218,000		324,082
Yonghui Superstores Co., Ltd.		124,700		78,068
Yuan Longping High-Tech Agriculture Co., Ltd., Class A(2)		65,900		204,332

Security	Shares		Value
China (continued)
Yuexiu Property Co., Ltd.		226,000	$	210,444
Yunnan Baiyao Group Co., Ltd., Class A		21,200		325,666
Zhaojin Mining Industry Co., Ltd., Class H		372,500		364,122
Zhejiang Dahua Technology Co., Ltd., Class A		69,550		228,246
Zhejiang Expressway Co., Ltd., Class H		258,000		217,816
Zhejiang Huahai Pharmaceutical Co., Ltd.		41,250		124,752
Zhongjin Gold Corp., Ltd.		115,900		147,501
Zhongtian Financial Group Co., Ltd., Class A(2)		315,000		106,096
Zhuzhou CRRC Times Electric Co., Ltd., Class H(2)		32,800		256,220
Zijin Mining Group Co., Ltd., Class H		502,000		711,932
ZTE Corp., Class H(1)		155,303		554,863
ZTO Express Cayman, Inc. ADR		6,900		186,714
			$	61,818,788
Colombia — 1.2%
Bancolombia S.A.		22,923	$	160,189
Bancolombia S.A. ADR, PFC Shares		13,055		371,415
Cementos Argos S.A.		198,580		286,502
Corp. Financiera Colombiana S.A.(2)		13,924		105,130
Ecopetrol S.A.		2,053,248		1,394,070
Grupo Argos S.A.		129,252		336,295
Grupo Aval Acciones y Valores S.A., PFC Shares		467,549		123,458
Grupo de Inversiones Suramericana S.A.		27,791		123,977
Grupo Nutresa S.A.		90,293		481,966
Interconexion Electrica S.A.		112,738		634,333
			$	4,017,335
Croatia — 0.6%
Adris Grupa DD, PFC Shares		4,117	$	273,498
Atlantic Grupa DD		604		143,093
Ericsson Nikola Tesla DD		1,039		273,559
Hrvatski Telekom DD		13,350		402,204
Koncar-Elektroindustrija DD		1,251		149,108
Podravka Prehrambena Ind DD		1,816		166,007
Valamar Riviera DD(2)		130,586		592,874
Zagrebacka Banka DD(2)		8,951		84,934
			$	2,085,277
Czech Republic — 0.6%
CEZ AS		42,392	$	1,175,962
Komercni Banka AS(2)		16,167		600,130
O2 Czech Republic AS		8,600		104,982
Philip Morris CR AS		304		205,335
			$	2,086,409

9 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Egypt — 0.6%
Cleopatra Hospital(2)		330,000	$	98,916
Commercial International Bank Egypt SAE(2)		124,183		451,908
Eastern Co. SAE		349,265		261,693
Egypt Kuwait Holding Co. SAE(2)		377,500		377,495
Egyptian Financial Group-Hermes Holding Co.(2)		145,012		105,664
ElSewedy Electric Co.		125,156		69,511
Ibnsina Pharma SAE(2)		257,560		64,177
Juhayna Food Industries(2)		264,000		93,305
Oriental Weavers		271,447		142,929
Six of October Development & Investment Co.		66,754		70,536
Talaat Moustafa Group		316,254		145,098
Telecom Egypt Co.		158,772		142,487
			$	2,023,719
Estonia — 0.7%
AS Merko Ehitus		8,852	$	160,848
AS Tallink Grupp(2)		1,844,311		1,506,902
AS Tallinna Kaubamaja Grupp		66,001		771,752
			$	2,439,502
Ghana — 0.6%
CalBank PLC		1,765,286	$	205,808
Ghana Commercial Bank, Ltd.		1,434,648		1,292,835
Standard Chartered Bank of Ghana, Ltd.		215,500		658,332
			$	2,156,975
Greece — 1.3%
Aegean Airlines S.A.(2)		19,784	$	126,680
Alpha Services and Holdings S.A.(2)		120,393		155,472
Costamare, Inc.		17,619		190,990
Eurobank Ergasias Services and Holdings S.A.(2)		220,993		208,291
GEK Terna Holding Real Estate Construction S.A.(2)		11,096		125,285
Hellenic Petroleum S.A.		23,972		164,033
Hellenic Telecommunications Organization S.A.		42,716		779,495
Holding Co. ADMIE IPTO S.A.		26,908		82,966
JUMBO S.A.		25,105		398,842
Motor Oil (Hellas) Corinth Refineries S.A.(2)		23,834		383,055
Mytilineos S.A.		19,293		357,859
National Bank of Greece S.A.(2)		72,155		204,316
OPAP S.A.		46,978		678,589
Public Power Corp. S.A.(2)		15,885		170,523
Terna Energy S.A.		7,268		97,672
Titan Cement International S.A.		12,190		230,712
Tsakos Energy Navigation, Ltd.		7,720		61,374
			$	4,416,154

Security	Shares		Value
Hungary — 0.6%
Magyar Telekom Telecommunications PLC		43,733	$	61,886
MOL Hungarian Oil & Gas PLC(2)		81,926		652,689
OTP Bank Nyrt.(2)		10,708		577,439
Richter Gedeon Nyrt.		28,468		781,039
			$	2,073,053
India — 5.0%
ACC, Ltd.		4,578	$	147,608
Adani Enterprises, Ltd.		10,974		210,479
Adani Ports and Special Economic Zone, Ltd.		18,849		171,407
Alkem Laboratories, Ltd.		4,518		210,356
Apollo Hospitals Enterprise, Ltd.		4,712		255,603
Asian Paints, Ltd.		5,800		230,573
Aurobindo Pharma, Ltd.		20,924		258,475
Axis Bank, Ltd.(2)		16,772		160,263
Bajaj Auto, Ltd.		2,234		115,541
Bharat Forge, Ltd.		14,189		147,785
Bharat Heavy Electricals, Ltd.(2)		75,624		60,644
Bharat Petroleum Corp., Ltd.		16,891		101,401
Bharti Airtel, Ltd.		91,521		696,104
Biocon, Ltd.(2)		20,599		107,141
Cadila Healthcare, Ltd.		18,997		149,896
Cipla, Ltd.(2)		24,093		298,303
Coal India, Ltd.		73,904		143,258
Container Corp. of India, Ltd.		9,400		81,544
Crompton Greaves Consumer Electricals, Ltd.		19,469		126,922
Cummins India, Ltd.		12,800		146,780
Divi’s Laboratories, Ltd.(2)		5,850		384,944
DLF, Ltd.		20,247		92,047
Dr. Reddy’s Laboratories, Ltd.		5,217		330,566
Eicher Motors, Ltd.(2)		3,860		131,529
GAIL (India), Ltd.		104,139		196,136
GlaxoSmithKline Pharmaceuticals, Ltd.		7,462		161,613
Godrej Consumer Products, Ltd.(2)		12,875		171,811
Grasim Industries, Ltd.		7,443		155,981
Gujarat State Petronet, Ltd.		19,482		90,747
Havells India, Ltd.		5,343		84,326
HCL Technologies, Ltd.		35,417		487,113
Hero MotoCorp, Ltd.		5,743		214,188
Hindalco Industries, Ltd.		30,836		185,996
Hindustan Unilever, Ltd.		14,301		450,497
Housing Development Finance Corp., Ltd.		6,372		209,884
ICICI Bank, Ltd.		28,620		263,161
Indian Oil Corp., Ltd.		49,207		68,429
Indus Towers, Ltd.		59,046		177,285

10 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
India (continued)
Infosys, Ltd.		72,469	$	1,580,608
Ipca Laboratories, Ltd.		6,586		184,851
ITC, Ltd.		76,886		212,100
JSW Steel, Ltd.		14,970		148,612
Kotak Mahindra Bank, Ltd.(2)		8,924		199,190
Larsen & Toubro, Ltd.		15,135		326,689
Lupin, Ltd.		10,226		152,730
Mahindra & Mahindra, Ltd.		17,502		175,580
Maruti Suzuki India, Ltd.		2,254		212,273
Nestle India, Ltd.		559		133,355
NTPC, Ltd.		142,226		227,729
Oil & Natural Gas Corp., Ltd.		63,509		98,802
Piramal Enterprises, Ltd.		4,468		139,810
Power Grid Corporation of India, Ltd.		129,867		298,839
Reliance Industries, Ltd.		50,874		1,395,726
Siemens, Ltd.		5,381		141,184
Sun Pharmaceutical Industries, Ltd.		40,076		417,074
Sun TV Network, Ltd.		26,788		207,001
Tata Consultancy Services, Ltd.		21,051		897,552
Tata Consumer Products, Ltd.		7,384		74,998
Tata Motors, Ltd.(2)		62,252		246,905
Tata Power Co., Ltd. (The)		53,099		89,502
Tata Steel, Ltd.		6,780		131,031
Tech Mahindra, Ltd.		14,661		238,306
Titan Co., Ltd.		9,132		211,578
Torrent Pharmaceuticals, Ltd.		4,744		196,194
UltraTech Cement, Ltd.		1,522		156,278
UPL, Ltd.		7,038		76,339
Vedanta, Ltd.		20,367		82,752
Vodafone Idea, Ltd.(2)		759,569		84,776
Voltas, Ltd.		6,353		90,639
Wipro, Ltd.		45,049		355,414
WNS Holdings, Ltd. ADR(2)		2,100		172,914
Zee Entertainment Enterprises, Ltd.		44,401		121,364
			$	17,155,031
Indonesia — 2.4%
Ace Hardware Indonesia Tbk PT		1,088,200	$	99,407
Adaro Energy Tbk PT		4,096,500		378,327
AKR Corporindo Tbk PT		470,000		117,005
Aneka Tambang Tbk		1,730,400		301,543
Astra International Tbk PT		3,278,000		1,070,311
Bank Central Asia Tbk PT		221,100		456,429
Bank Mandiri Persero Tbk PT		430,100		169,471
Bank Negara Indonesia Persero Tbk PT		359,100		118,596

Security	Shares		Value
Indonesia (continued)
Bank Rakyat Indonesia Persero Tbk PT		1,045,800	$	268,296
Bintang Oto Global Tbk PT(2)		1,572,600		148,984
Bukit Asam Tbk PT		1,334,900		205,860
Bumi Serpong Damai Tbk PT(2)		3,215,100		207,744
Charoen Pokphand Indonesia Tbk PT		801,800		339,727
Erajaya Swasembada Tbk PT		4,907,500		224,156
Gudang Garam Tbk PT		57,100		129,638
Indocement Tunggal Prakarsa Tbk PT		342,500		208,538
Indofood Sukses Makmur Tbk PT		271,700		114,208
Jasa Marga (Persero) Tbk PT		780,500		212,740
Kalbe Farma Tbk PT		4,445,600		387,455
Lippo Karawaci Tbk PT(2)		19,017,880		196,117
Medco Energi Internasional Tbk PT(2)		3,858,120		130,095
Media Nusantara Citra Tbk PT(2)		1,995,400		109,021
Mitra Adiperkasa Tbk PT(2)		2,749,100		117,903
Mitra Keluarga Karyasehat Tbk PT		1,185,700		212,400
Perusahaan Gas Negara Tbk PT(2)		1,221,100		82,363
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,193,000		92,798
PP Persero Tbk PT(2)		1,377,389		80,088
Semen Indonesia Persero Tbk PT		320,600		170,849
Telkom Indonesia Persero Tbk PT		2,712,800		608,098
Tower Bersama Infrastructure Tbk PT		952,100		211,475
Unilever Indonesia Tbk PT		596,900		174,346
United Tractors Tbk PT		322,883		436,867
Vale Indonesia Tbk PT		690,800		262,749
Waskita Karya Persero Tbk PT(2)		2,474,900		149,792
Wijaya Karya Persero Tbk PT		982,300		62,547
XL Axiata Tbk PT		485,100		90,306
			$	8,346,249
Jordan — 0.6%
Arab Bank PLC		146,466	$	1,071,334
Arab Potash Co. PLC		8,962		382,380
Bank of Jordan		47,647		134,068
Jordan Islamic Bank		30,248		145,585
Jordan Petroleum Refinery		46,200		224,940
Jordanian Electric Power Co.		62,031		104,067
			$	2,062,374
Kazakhstan — 0.2%
Halyk Savings Bank of Kazakhstan JSC GDR(5)		16,192	$	241,649
Kcell JSC GDR(5)		96,329		356,199
			$	597,848

11 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Kenya — 0.6%
British American Tobacco Kenya PLC		16,600	$	70,870
East African Breweries, Ltd.(2)		238,480		399,894
Equity Group Holdings PLC(2)		580,700		262,151
KCB Group, Ltd.		461,120		193,978
Safaricom PLC		3,146,872		1,221,290
			$	2,148,183
Kuwait — 1.3%
Agility Public Warehousing Co. KSC		222,900	$	730,625
Boubyan Bank KSCP(2)		64,353		171,267
Boubyan Petrochemicals Co. KSCP		146,006		412,452
Burgan Bank SAK		135,471		101,370
Gulf Bank KSCP		196,041		156,218
Kuwait Finance House KSCP		208,808		545,337
Mabanee Co. KPSC		149,783		359,579
Mobile Telecommunications Co. KSCP		337,304		663,971
National Bank of Kuwait SAK		347,282		1,031,205
National Industries Group Holding SAK(2)		309,735		234,728
			$	4,406,752
Lithuania — 0.7%
Apranga PVA(2)		317,588	$	729,126
Klaipedos Nafta AB		815,900		324,296
Rokiskio Suris		122,500		418,513
Siauliu Bankas		1,084,702		931,977
			$	2,403,912
Malaysia — 2.4%
Aeon Co. (M) Bhd		440,600	$	135,735
Axiata Group Bhd		194,650		172,102
Berjaya Sports Toto Bhd		274,265		126,757
CIMB Group Holdings Bhd		90,800		95,685
Dialog Group Bhd		884,031		576,034
Digi.com Bhd		79,844		78,566
Gamuda Bhd(2)		148,100		98,281
Genting Bhd		263,000		293,436
Genting Malaysia Bhd		265,500		173,497
Globetronics Technology Bhd		582,200		292,527
Hartalega Holdings Bhd		212,408		354,417
Hong Leong Bank Bhd		26,900		114,764
IGB Real Estate Investment Trust		192,600		76,239
IHH Healthcare Bhd		476,500		636,981
IJM Corp. Bhd		173,880		76,247
Inari Amertron Bhd		658,600		520,121
IOI Corp. Bhd		71,207		61,584

Security	Shares		Value
Malaysia (continued)
IOI Properties Group Bhd		266,058	$	71,304
KLCCP Stapled Group		42,600		67,379
Kossan Rubber Industries		210,000		172,194
Kuala Lumpur Kepong Bhd		14,600		64,075
Magnum Bhd		315,867		148,273
Malayan Banking Bhd		113,587		215,665
Malaysia Airports Holdings Bhd(2)		50,000		68,509
Maxis Bhd		70,100		70,785
MISC Bhd		75,200		119,414
My EG Services Bhd		835,550		328,771
Nestle Malaysia Bhd		2,600		81,925
Petronas Chemicals Group Bhd		100,100		190,721
Petronas Dagangan Bhd		79,300		345,717
Petronas Gas Bhd		19,600		70,810
PPB Group Bhd		30,500		130,766
Press Metal Aluminium Holdings Bhd		162,240		185,327
Public Bank Bhd		266,690		251,595
Silverlake Axis, Ltd.		627,992		122,643
Sime Darby Bhd		241,339		122,961
Sime Darby Plantation Bhd		81,539		65,679
Supermax Corp. Bhd		213,440		165,409
Telekom Malaysia Bhd		62,300		87,695
Tenaga Nasional Bhd		30,638		69,990
Top Glove Corp. Bhd		696,800		656,280
VS Industry Bhd		1,353,400		442,423
YTL Corp. Bhd(2)		404,791		59,974
			$	8,259,257
Mauritius — 0.6%
Alteo, Ltd.		338,532	$	206,863
CIEL, Ltd.(2)		1,801,109		222,979
MCB Group, Ltd.		55,102		377,328
Phoenix Beverages, Ltd.		15,244		214,419
Rogers & Co., Ltd.		803,370		435,826
SBM Holdings, Ltd.(2)		1,674,963		179,380
Sun, Ltd., Class A(2)		380,650		165,797
Terra Mauricia, Ltd.		133,055		70,523
United Basalt Products, Ltd.		39,003		133,202
			$	2,006,317
Mexico — 5.0%
Alfa SAB de CV, Series A		506,572	$	383,245
Alsea SAB de CV(2)		119,900		241,893
America Movil SAB de CV, Series L		2,751,005		2,300,998
Arca Continental SAB de CV		41,280		251,936

12 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Mexico (continued)
Bolsa Mexicana de Valores SAB de CV		46,975	$	96,375
Cemex SAB de CV, Series CPO(2)		1,427,339		1,161,590
Coca-Cola Femsa SAB de CV, Series L		45,085		254,797
Corp. Inmobiliaria Vesta SAB de CV		182,300		357,983
El Puerto de Liverpool SAB de CV		47,280		223,975
Fibra Uno Administracion S.A. de CV		795,190		865,247
Fomento Economico Mexicano SAB de CV, Series UBD		147,656		1,287,023
Genomma Lab Internacional SAB de CV(2)		76,500		74,093
Gruma SAB de CV, Class B		30,000		323,446
Grupo Aeroportuario del Centro Norte SAB de CV(2)		69,900		425,870
Grupo Aeroportuario del Pacifico SAB de CV, Class B		80,287		918,413
Grupo Aeroportuario del Sureste SAB de CV, Class B(2)		36,235		655,629
Grupo Bimbo SAB de CV, Series A		138,445		317,976
Grupo Carso SAB de CV, Series A1		123,600		400,736
Grupo Elektra SAB de CV(1)		3,913		317,427
Grupo Financiero Banorte SAB de CV, Class O		135,500		876,594
Grupo Financiero Inbursa SAB de CV, Class O(2)		114,900		110,650
Grupo Mexico SAB de CV, Series B		274,279		1,256,327
Grupo Televisa SAB ADR		59,700		808,935
Industrias Penoles SAB de CV(2)		9,580		134,299
Kimberly-Clark de Mexico SAB de CV, Class A		139,700		226,538
Macquarie Mexico Real Estate Management S.A. de CV(3)		240,600		293,464
Orbia Advance Corp., SAB de CV		88,999		242,547
PLA Administradora Industrial S de RL de CV		127,200		201,347
Promotora y Operadora de Infraestructura SAB de CV		57,915		437,397
Telesites SAB de CV(1)(2)		236,668		196,884
Ternium S.A. ADR		5,500		267,520
Vista Oil & Gas SAB de CV ADR(2)		22,500		107,100
Wal-Mart de Mexico SAB de CV, Series V		400,680		1,320,017
			$	17,338,271
Morocco — 0.6%
Attijariwafa Bank		5,768	$	289,784
Bank of Africa		5,578		105,576
Banque Centrale Populaire		4,848		145,717
Co Sucrerie Marocaine et de Raffinage		8,110		238,216
Itissalat Al-Maghrib		29,301		445,793
Label Vie		228		102,165
LafargeHolcim Maroc S.A.		2,040		410,637
Societe d’Exploitation des Ports		7,596		219,906
TAQA Morocco S.A.		695		77,582
TOTAL Maroc S.A.		466		78,015
			$	2,113,391

Security	Shares		Value
Nigeria — 1.4%
Access Bank PLC(4)		9,080,193	$	163,404
Dangote Cement PLC(4)		2,401,432		1,155,130
FBN Holdings PLC(4)		8,190,197		118,457
Flour Mills of Nigeria PLC(4)		3,215,556		190,246
Guaranty Trust Holding Co. PLC(4)		8,113,125		452,051
Lafarge Africa PLC(4)		3,378,540		149,638
MTN Nigeria Communications PLC(4)		1,163,700		378,297
Nestle Nigeria PLC(4)		141,303		386,865
Nigerian Breweries PLC(4)		2,570,740		276,039
SEPLAT Energy PLC(3)		528,379		723,544
Stanbic IBTC Holdings PLC(4)		1,515,037		120,954
Transnational Corp. of Nigeria PLC(4)		44,100,342		87,746
United Bank for Africa PLC(4)		10,544,352		157,067
Zenith Bank PLC(4)		7,051,959		339,341
			$	4,698,779
Oman — 0.6%
Bank Muscat SAOG		426,343	$	494,983
HSBC Bank Oman SAOG(2)		391,338		99,515
National Bank of Oman SAOG(2)		297,921		137,139
Oman Cement Co. SAOG		153,714		95,644
Oman Flour Mills Co. SAOG		61,901		117,625
Oman Telecommunications Co. SAOG		277,456		570,322
Omani Qatari Telecommunications Co. SAOG		192,108		192,764
Ominvest		103,161		84,000
Renaissance Services SAOG		133,705		146,234
Sembcorp Salalah Power & Water Co.		410,180		89,799
Sohar International Bank SAOG(2)		353,733		87,178
			$	2,115,203
Pakistan — 0.6%
Engro Corp., Ltd.		42,010	$	76,235
Fauji Fertilizer Co., Ltd.		101,890		66,783
Habib Bank, Ltd.		160,318		124,922
Hub Power Co., Ltd. (The)		202,646		95,567
Lucky Cement, Ltd.(2)		20,831		113,398
Mari Petroleum Co., Ltd.		17,083		158,857
MCB Bank, Ltd.		163,295		162,655
Millat Tractors, Ltd.		43,840		297,155
Nishat Mills, Ltd.		110,771		65,744
Oil & Gas Development Co., Ltd.		382,291		219,532
Pakistan Oilfields, Ltd.		56,711		132,696
Pakistan Petroleum, Ltd.		387,571		195,121
Pakistan State Oil Co., Ltd.		144,660		196,568
Searle Co., Ltd. (The)		59,551		86,867
United Bank, Ltd.		77,168		59,136
			$	2,051,236

13 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Panama — 0.2%
Banco Latinoamericano de Comercio Exterior S.A., Class E		19,100	$	314,768
Copa Holdings S.A., Class A(1)(2)		6,829		484,244
			$	799,012
Peru — 1.1%
Cia de Minas Buenaventura SAA ADR(2)		72,150	$	595,959
Credicorp, Ltd.(2)		9,600		969,216
Ferreycorp SAA		779,746		301,386
Southern Copper Corp.		27,676		1,816,653
Volcan Cia Minera SAA, Class B(2)		1,290,875		126,485
			$	3,809,699
Philippines — 2.2%
Aboitiz Equity Ventures, Inc.		202,000	$	151,930
Aboitiz Power Corp.		730,800		339,383
Alliance Global Group, Inc.		772,200		157,067
Ayala Corp.		20,995		306,696
Ayala Land, Inc.		442,431		289,842
Ayala Land, Inc. GDR, PFC Shares(4)		3,951,800		0
Bank of the Philippine Islands		144,030		232,262
BDO Unibank, Inc.		98,694		201,514
Bloomberry Resorts Corp.(2)		1,580,000		179,583
Cosco Capital, Inc.		2,744,100		269,080
D&L Industries, Inc.		493,300		79,014
First Gen Corp.		319,822		185,619
Globe Telecom, Inc.		7,529		280,307
International Container Terminal Services, Inc.		89,500		278,412
JG Summit Holdings, Inc.		265,058		297,026
Jollibee Foods Corp.		120,926		459,623
Manila Electric Co.		49,700		263,829
Manila Water Co.(2)		415,800		134,812
Megaworld Corp.		1,361,400		75,613
Metropolitan Bank & Trust Co.		140,032		120,456
Nickel Asia Corp.		1,816,240		220,814
Petron Corp.(2)		2,007,400		122,421
PLDT, Inc.		24,240		594,722
Puregold Price Club, Inc.		337,403		272,266
San Miguel Corp.		38,970		81,097
Semirara Mining & Power Corp.		298,620		97,557
SM Investments Corp.		40,771		743,324
SM Prime Holdings, Inc.		1,008,029		634,860
Universal Robina Corp.		246,105		624,096
			$	7,693,225

Security	Shares		Value
Poland — 2.5%
AmRest Holdings SE(2)		13,322	$	90,695
Asseco Poland S.A.		27,282		567,824
Bank Polska Kasa Opieki S.A.(2)		9,961		243,281
Budimex S.A.		9,658		732,081
Cyfrowy Polsat S.A.		69,567		617,100
Enea S.A.(2)		30,914		68,569
Eurocash S.A.(1)		203,900		649,298
Grupa Azoty S.A.(2)		9,267		71,966
Grupa Lotos S.A.		8,198		112,981
KGHM Polska Miedz S.A.		13,493		681,273
LPP S.A.		357		1,284,084
mBank S.A.(2)		1,863		155,046
Neuca S.A.		662		151,194
Orange Polska S.A.(2)		197,276		391,856
PGE S.A.(2)		100,322		225,708
Polski Koncern Naftowy ORLEN S.A.		45,589		863,662
Polskie Gornictwo Naftowe i Gazownictwo S.A.		270,300		441,015
Powszechna Kasa Oszczednosci Bank Polski S.A.(2)		54,532		535,642
Powszechny Zaklad Ubezpieczen S.A.(2)		42,960		418,941
Santander Bank Polska S.A.(2)		1,762		117,282
Tauron Polska Energia S.A.(2)		144,008		121,388
			$	8,540,886
Qatar — 1.2%
Aamal Co. QSC		465,350	$	118,742
Al Meera Consumer Goods Co.		36,720		198,614
Barwa Real Estate Co.		322,180		265,337
Commercial Bank PSQC (The)		112,207		166,512
Gulf International Services QSC(2)		443,811		168,596
Industries Qatar		197,705		711,676
Masraf Al Rayan QSC		147,361		171,714
Medicare Group		45,960		106,447
Ooredoo QPSC		123,305		235,209
Qatar Electricity & Water Co. QSC		64,821		288,820
Qatar Gas Transport Co., Ltd.		505,333		412,687
Qatar International Islamic Bank		29,647		73,562
Qatar Islamic Bank		48,537		225,042
Qatar National Bank QPSC		144,478		707,349
United Development Co. QSC		396,214		155,859
Vodafone Qatar QSC		422,193		178,831
			$	4,184,997
Romania — 0.7%
Banca Transilvania S.A.		697,736	$	471,205
BRD-Groupe Societe Generale S.A.		27,477		119,249

14 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Romania (continued)
NEPI Rockcastle PLC		66,180	$	448,305
OMV Petrom S.A.		8,127,320		811,703
Societatea Energetica Electrica S.A.		58,301		176,342
Societatea Nationala de Gaze Naturale ROMGAZ S.A.		53,846		404,036
Transgaz S.A. Medias		1,982		129,345
			$	2,560,185
Russia — 4.8%
Aeroflot PJSC(2)		320,440	$	295,005
Alrosa PJSC		177,900		316,457
Detsky Mir PJSC(3)		223,540		429,408
Evraz PLC		34,831		297,592
Federal Grid Co. Unified Energy System PJSC		54,265,440		150,373
Gazprom PJSC ADR		184,533		1,436,128
Globaltrans Investment PLC GDR(5)		40,040		314,525
Inter RAO UES PJSC		6,829,770		408,212
Lukoil PJSC ADR		10,673		914,524
Magnit PJSC		15,321		1,127,821
Magnitogorsk Iron & Steel Works PJSC		182,710		171,691
Mail.Ru Group, Ltd. GDR(2)(5)		10,563		218,558
MMC Norilsk Nickel PJSC ADR(6)		34,780		1,203,175
MMC Norilsk Nickel PJSC ADR(6)		3,095		106,778
Mobile TeleSystems PJSC		89,417		385,475
Moscow Exchange MICEX-RTS PJSC		47,890		113,135
Novatek PJSC GDR(5)		2,941		654,452
Novolipetsk Steel PJSC GDR(5)		11,326		397,358
OGK-2 PJSC		12,211,000		113,404
PhosAgro PJSC GDR(5)		7,692		146,366
PIK Group PJSC		20,850		328,304
Polymetal International PLC		20,817		452,342
QIWI PLC ADR(1)		6,066		61,873
Rosneft Oil Co. PJSC GDR(5)(6)		3,905		28,733
Rosneft Oil Co. PJSC GDR(5)(6)		80,506		592,318
Rosseti PJSC		8,311,000		150,591
Rostelecom PJSC		107,057		136,642
RusHydro PJSC		31,607,080		349,071
Sberbank of Russia PJSC		166,788		695,664
Severstal PAO GDR(5)		13,622		335,239
Sistema PJSFC		453,878		183,222
Surgutneftegas PJSC ADR		39,051		171,236
Surgutneftegas PJSC, PFC Shares		260,300		135,592
Tatneft PJSC ADR		8,815		351,391
Unipro PJSC		3,687,000		138,356
VEON, Ltd. ADR(2)		112,584		197,022
X5 Retail Group NV GDR(5)(6)		2,084		67,480

Security	Shares		Value
Russia (continued)
X5 Retail Group NV GDR(5)(6)		27,418	$	887,628
Yandex NV, Class A(1)(2)		30,600		2,078,658
			$	16,541,799
Saudi Arabia — 4.9%
Abdullah Al Othaim Markets Co.		6,103	$	192,039
Advanced Petrochemical Co.		3,404		67,339
Al Hammadi Co. for Development and Investment		21,961		235,673
Al Rajhi Bank		16,488		487,801
Alandalus Property Co.(2)		17,144		138,589
Aldrees Petroleum and Transport Services Co.		8,972		163,160
Almarai Co. JSC		35,797		561,567
Arabian Centres Co., Ltd.		26,197		177,320
Arriyadh Development Co.		32,790		251,441
Astra Industrial Group		12,671		158,699
Banque Saudi Fransi		17,591		173,716
Dallah Healthcare Co.		11,134		229,314
Dar Al Arkan Real Estate Development Co.(2)		139,820		392,523
Dr Sulaiman Al Habib Medical Services Group Co.		19,620		892,901
Dur Hospitality Co.(2)		17,800		161,970
Emaar Economic City(2)		134,468		486,701
Etihad Etisalat Co.		29,220		250,965
Fawaz Abdulaziz Al Hokair & Co.(2)		30,477		188,756
Herfy Food Services Co.		4,801		85,556
Jarir Marketing Co.		14,816		794,730
Leejam Sports Co. JSC(2)		9,292		185,742
Maharah Human Resources Co.		8,190		167,284
Mobile Telecommunications Co. Saudi Arabia(2)		52,345		197,994
Mouwasat Medical Services Co.		11,939		574,310
National Gas & Industrialization Co.		12,747		152,206
National Medical Care Co.		8,200		153,876
Riyad Bank		33,722		236,009
SABIC Agri-Nutrients Co.		7,018		239,874
Sahara International Petrochemical Co.		18,653		166,663
Saudi Airlines Catering Co.(2)		11,073		228,662
Saudi Arabian Mining Co.(2)		14,076		261,536
Saudi Arabian Oil Co.(3)		213,763		1,986,351
Saudi Basic Industries Corp.		20,027		644,177
Saudi British Bank (The)(2)		11,656		95,702
Saudi Ceramic Co.(2)		8,453		138,818
Saudi Chemical Co. Holding		15,425		170,769
Saudi Electricity Co.		130,668		902,102
Saudi Ground Services Co.(2)		22,667		210,867
Saudi Industrial Investment Group		10,164		100,152
Saudi Industrial Services Co.		9,935		128,637

15 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Saudi Arabia (continued)
Saudi Kayan Petrochemical Co.(2)		25,009	$	129,049
Saudi National Bank (The)		40,407		593,292
Saudi Pharmaceutical Industries & Medical Appliances Corp.		9,738		156,277
Saudi Public Transport Co.(2)		16,000		115,262
Saudi Telecom Co.		34,946		1,247,503
Saudia Dairy & Foodstuff Co.		4,476		204,785
Savola Group (The)		49,483		566,650
Seera Group Holding(2)		50,976		290,223
United Electronics Co.		10,609		379,315
United International Transportation Co.		7,246		92,982
Yanbu National Petrochemical Co.		5,300		96,538
			$	16,904,367
Slovenia — 0.6%
Cinkarna Celje DD		267	$	73,597
Krka dd Novo mesto		12,469		1,611,670
Luka Koper		2,454		72,206
Petrol		321		172,802
Pozavarovalnica Sava DD		3,525		114,921
Telekom Slovenije DD		1,159		82,000
Zavarovalnica Triglav DD		2,806		112,172
			$	2,239,368
South Africa — 4.8%
Anglo American Platinum, Ltd.		1,944	$	254,459
AngloGold Ashanti, Ltd.		16,804		336,479
Aspen Pharmacare Holdings, Ltd.(2)		71,491		880,749
AVI, Ltd.		29,338		145,155
Barloworld, Ltd.		63,707		469,982
Bid Corp., Ltd.(2)		25,400		557,884
Bidvest Group, Ltd. (The)		74,342		1,014,185
Capitec Bank Holdings, Ltd.		2,132		236,658
Clicks Group, Ltd.		24,600		445,336
DataTec, Ltd.		72,300		116,175
Discovery, Ltd.(2)		21,090		169,079
Equites Property Fund, Ltd.		104,000		132,432
Exxaro Resources, Ltd.		51,110		632,785
FirstRand, Ltd.		77,535		287,619
Fortress REIT, Ltd., Class A		264,918		251,372
Foschini Group, Ltd. (The)(2)		12,308		129,920
Gold Fields, Ltd.		25,997		256,740
Growthpoint Properties, Ltd.		441,000		443,894
Harmony Gold Mining Co., Ltd.		18,553		76,071
Hyprop Investments, Ltd.		103,800		174,261

Security	Shares		Value
South Africa (continued)
Impala Platinum Holdings, Ltd.		24,762	$	446,370
Imperial Logistics, Ltd.		60,958		254,273
Kumba Iron Ore, Ltd.		2,760		146,430
Life Healthcare Group Holdings, Ltd.(2)		258,186		415,910
Mediclinic International PLC(2)		106,246		411,041
Mr Price Group, Ltd.		12,155		180,767
MTN Group, Ltd.(2)		165,400		1,188,023
MultiChoice Group, Ltd.		44,057		364,848
Naspers, Ltd., Class N		10,607		2,046,941
Netcare, Ltd.(2)		314,337		326,689
Northam Platinum, Ltd.(2)		14,202		223,642
Pick’n Pay Stores, Ltd.		36,562		130,420
Redefine Properties, Ltd.(2)		1,059,491		303,098
Resilient REIT, Ltd.		48,463		173,654
Reunert, Ltd.		55,746		180,529
Sanlam, Ltd.		28,912		114,273
Sasol, Ltd.(2)		16,993		253,348
Shoprite Holdings, Ltd.		39,215		429,620
Sibanye Stillwater, Ltd.		78,212		340,863
SPAR Group, Ltd. (The)		14,831		186,120
Standard Bank Group, Ltd.		16,101		135,701
Telkom S.A. SOC, Ltd.(2)		33,018		95,597
Tiger Brands, Ltd.		19,340		254,632
Vodacom Group, Ltd.		64,500		574,588
Wilson Bayly Holmes-Ovcon, Ltd.(2)		19,623		147,813
Woolworths Holdings, Ltd.(2)		46,024		175,628
			$	16,512,053
South Korea — 4.6%
Alteogen, Inc.(2)		1,548	$	107,884
AMOREPACIFIC Corp.		852		164,243
AMOREPACIFIC Group		2,180		109,269
Bukwang Pharmaceutical Co., Ltd.		7,850		141,905
Celltrion Healthcare Co., Ltd.(2)		4,045		378,555
Celltrion Pharm, Inc.(2)		1,249		151,202
Celltrion, Inc.(2)		2,822		622,974
CJ CheilJedang Corp.		423		171,971
CJ Logistics Corp.(2)		566		86,619
Coway Co., Ltd.		2,548		189,780
Daewoo Industrial Development Co., Ltd.(2)		3,657		12,956
DL E&C Co., Ltd.(2)		962		122,636
E-MART, Inc.		1,232		180,706
GS Engineering & Construction Corp.		3,086		118,361
GS Holdings Corp.		3,569		132,875
Hankook Tire and Technology Co., Ltd.		3,779		159,060

16 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
South Korea (continued)
Hanmi Pharm Co., Ltd.		910	$	253,386
Hanwha Solutions Corp.(2)		4,103		139,626
Helixmith Co., Ltd.(2)		6,351		155,826
Hugel, Inc.(2)		653		136,075
Hyundai Department Store Co., Ltd.		1,615		112,502
Hyundai Engineering & Construction Co., Ltd.		2,645		125,976
Hyundai Glovis Co., Ltd.		758		128,466
Hyundai Heavy Industries Holdings Co., Ltd.		2,610		155,664
Hyundai Mobis Co., Ltd.		1,292		300,177
Hyundai Motor Co.		2,300		437,724
Hyundai Steel Co.		3,449		162,239
Kakao Corp.		3,776		483,384
Kangwon Land, Inc.(2)		5,706		128,315
KB Financial Group, Inc.		3,231		143,508
Kia Corp.		3,041		222,086
Korea Electric Power Corp.		4,640		100,570
Korea Shipbuilding & Offshore Engineering Co., Ltd.(2)		993		112,824
Korea Zinc Co., Ltd.		283		134,732
KT&G Corp.		3,552		254,287
Kumho Petrochemical Co., Ltd.		743		131,619
LG Chem, Ltd.		652		478,896
LG Corp.		1,914		156,865
LG Electronics, Inc.		2,209		302,587
LG Household & Health Care, Ltd.		241		305,354
LG Uplus Corp.		7,151		90,560
MedPacto, Inc.(2)		1,418		76,378
Medytox, Inc.		954		167,861
Mezzion Pharma Co., Ltd.(2)		1,299		150,915
Naver Corp.		1,691		637,340
NCsoft Corp.		372		266,807
Orion Corp. of Republic of Korea		1,268		129,611
POSCO		1,219		387,711
S-Oil Corp.		2,051		175,124
S1 Corp.		1,533		107,404
Samsung Biologics Co., Ltd.(2)(3)		629		486,637
Samsung C&T Corp.		1,554		191,430
Samsung Electro-Mechanics Co., Ltd.		1,243		207,613
Samsung Electronics Co., Ltd.		42,405		2,897,805
Samsung SDI Co., Ltd.		523		337,617
Samsung SDS Co., Ltd.		1,370		217,660
Seegene, Inc.		1,860		113,441
Shinhan Financial Group Co., Ltd.		4,669		158,247
SK Hynix, Inc.		4,140		405,291
SK, Inc.		913		213,078
SK Innovation Co., Ltd.(2)		2,402		529,931
Yuhan Corp.		3,861		206,981

Security	Shares		Value
South Korea (continued)
Zyle Motor Sales Corp.(2)		5,113	$	8,757
			$	16,077,883
Sri Lanka — 0.6%
Ceylon Tobacco Co. PLC		38,480	$	185,303
Chevron Lubricants Lanka PLC		343,215		194,382
Commercial Bank of Ceylon PLC		348,039		148,911
Dialog Axiata PLC		2,513,619		147,386
Hatton National Bank PLC		114,136		74,243
John Keells Holdings PLC		888,487		616,768
Lanka IOC PLC		537,378		56,292
Melstacorp PLC		1,076,258		280,415
Sampath Bank PLC		512,856		133,009
Teejay Lanka PLC		836,829		177,374
			$	2,014,083
Taiwan — 4.7%
Accton Technology Corp.		10,000	$	117,067
Acer, Inc.		119,519		116,676
Advantech Co., Ltd.		8,697		113,514
AirTAC International Group		6,178		199,645
ASE Technology Holding Co., Ltd.		48,561		213,685
Asustek Computer, Inc.		7,325		92,095
AU Optronics Corp.		187,837		139,232
Catcher Technology Co., Ltd.		20,183		133,791
Cathay Financial Holding Co., Ltd.		65,916		128,293
Center Laboratories, Inc.		96,079		241,488
Cheng Shin Rubber Industry Co., Ltd.		110,672		171,045
China Motor Corp.		40,926		97,233
China Steel Corp.		288,734		376,558
Chunghwa Telecom Co., Ltd.		168,746		696,324
CTBC Financial Holding Co., Ltd.		171,275		140,258
Delta Electronics, Inc.		23,151		238,547
Eclat Textile Co., Ltd.		10,159		221,801
EVA Airways Corp.		212,861		139,078
Evergreen International Storage & Transport Corp.		93,000		107,400
Evergreen Marine Corp.(2)		65,441		311,239
Far Eastern Department Stores, Ltd.		212,990		173,813
Far Eastern New Century Corp.		156,695		166,053
Far EasTone Telecommunications Co., Ltd.		90,084		195,242
Feng Hsin Steel Co., Ltd.		32,260		94,167
Formosa Chemicals & Fibre Corp.		82,014		241,506
Formosa Petrochemical Corp.		79,320		276,379
Formosa Plastics Corp.		90,183		322,591
Formosa Taffeta Co., Ltd.		182,149		212,216

17 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Taiwan (continued)
Fubon Financial Holding Co., Ltd.		51,596	$	138,698
Giant Manufacturing Co., Ltd.		18,208		209,692
Great Wall Enterprise Co., Ltd.		57,102		122,850
Hiwin Technologies Corp.		16,082		185,039
Hon Hai Precision Industry Co., Ltd.		88,443		349,502
Hota Industrial Manufacturing Co., Ltd.		25,659		89,707
Hotai Motor Co., Ltd.		16,000		338,697
Inventec Corp.		89,966		75,592
Largan Precision Co., Ltd.		1,795		188,890
MediaTek, Inc.		14,462		472,876
Mega Financial Holding Co., Ltd.		63,303		74,974
Merida Industry Co., Ltd.		17,657		212,063
Nan Kang Rubber Tire Co., Ltd.		95,253		135,667
Nan Ya Plastics Corp.		147,214		459,434
Novatek Microelectronics Corp.		9,000		165,558
Pegatron Corp.		54,028		130,251
PharmaEssentia Corp.(2)		45,064		145,269
Pou Chen Corp.		151,819		192,017
President Chain Store Corp.		32,664		328,089
Quanta Computer, Inc.		42,508		117,753
Radium Life Tech Co., Ltd.		1		0	(7)
Realtek Semiconductor Corp.		6,002		126,725
Ruentex Development Co., Ltd.		56,790		126,992
St. Shine Optical Co., Ltd.		22,000		302,739
Tainan Spinning Co., Ltd.		224,822		195,397
Taiwan Cement Corp.		156,441		295,033
Taiwan Mobile Co., Ltd.		102,296		380,662
Taiwan Semiconductor Manufacturing Co., Ltd.		130,369		2,724,646
Teco Electric & Machinery Co., Ltd.		120,000		133,549
Tong Yang Industry Co., Ltd.		105,608		137,949
TTY Biopharm Co., Ltd.		94,096		270,717
Tung Ho Steel Enterprise Corp.		48,060		80,435
Uni-President Enterprises Corp.		231,831		608,008
United Microelectronics Corp.		102,090		213,485
Walsin Lihwa Corp.		270,000		276,509
Wei Chuan Foods Corp.		179,000		137,495
Win Semiconductors Corp.		8,000		99,278
Yageo Corp.		9,000		181,500
Yang Ming Marine Transport(2)		42,621		179,587
Yieh Phui Enterprise Co., Ltd.(2)		86,046		108,640
			$	16,388,900
Thailand — 4.7%
Advanced Info Service PCL(8)		97,400	$	532,163
Airports of Thailand PCL(8)		412,100		709,107

Security	Shares		Value
Thailand (continued)
Asset World Corp. PCL(2)(8)		1,353,900	$	151,053
Bangkok Bank PCL(8)		68,500		213,679
Bangkok Chain Hospital PCL(8)		709,600		566,730
Bangkok Dusit Medical Services PCL(8)		1,383,700		947,768
Bangkok Expressway & Metro PCL(8)		647,000		150,653
Bangkok Land PCL(8)		4,163,800		131,752
Banpu PCL(8)		365,500		147,961
BTS Group Holdings PCL(8)		685,200		177,251
Bumrungrad Hospital PCL(8)		169,800		620,435
Carabao Group PCL(8)		27,500		121,353
Central Pattana PCL(8)		140,500		201,284
Central Retail Corp. PCL(8)		464,366		438,416
Charoen Pokphand Foods PCL(8)		188,700		149,221
Chularat Hospital PCL(8)		3,228,500		414,521
CP ALL PCL(8)		279,400		501,904
CPN Retail Growth Leasehold REIT(8)		146,500		88,700
Delta Electronics (Thailand) PCL(8)		139,400		2,483,199
Electricity Generating PCL(8)		35,200		183,323
Energy Absolute PCL(8)		157,000		284,886
Global Power Synergy PCL(8)		43,300		101,214
Gulf Energy Development PCL(8)		245,000		250,073
Hana Microelectronics PCL(8)		213,300		495,239
Home Product Center PCL(8)		409,255		165,806
Indorama Ventures PCL(8)		172,600		190,633
IRPC PCL(8)		914,800		97,949
Jasmine International PCL(8)		1,311,400		118,130
Jay Mart PCL(8)		164,100		167,512
Kasikornbank PCL(8)		70,700		221,404
KCE Electronics PCL(8)		152,800		365,453
Land & Houses PCL(8)		489,100		116,105
Mega Lifesciences PCL(8)		324,800		393,125
Minor International PCL(2)(8)		400,144		361,933
Pruksa Holding PCL(8)		276,500		106,034
PTG Energy PCL(8)		277,800		132,698
PTT Exploration & Production PCL(8)		126,898		397,433
PTT Global Chemical PCL(8)		198,700		343,315
PTT PCL(8)		776,400		821,042
Samart Corp. PCL(2)(8)		297,700		62,478
Siam Cement PCL(8)		30,900		389,593
Siam City Cement PCL(8)		23,983		117,877
Siam Commercial Bank PCL(8)		45,300		128,914
Siam Global House PCL(8)		305,155		211,951
Sino-Thai Engineering & Construction PCL(8)		251,357		93,423
Sri Trang Agro-Industry PCL(8)		89,600		102,910
Thai Beverage PCL(8)		483,400		231,497
Thai Oil PCL(8)		63,600		85,129

18 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Thailand (continued)
Total Access Communication PCL(8)		105,100	$	120,790
True Corp. PCL(8)		2,633,690		258,115
VGI PCL(8)		729,400		123,403
WHA Corp. PCL(8)		1,909,300		177,822
			$	16,164,359
Tunisia — 0.7%
Attijari Bank		12,409	$	139,244
Banque de Tunisie		98,328		219,965
Banque Internationale Arabe de Tunisie		8,258		185,489
Banque Nationale Agricole		24,362		62,235
Carthage Cement(2)		402,032		243,009
Euro Cycles S.A.		20,636		225,483
Poulina Group		121,415		539,577
Societe d’Articles Hygieniques S.A.		26,297		117,879
Societe Frigorifique et Brasserie de Tunis S.A.		78,766		526,943
Telnet Holding		21,212		65,554
Union Internationale de Banques S.A.		12,469		75,177
			$	2,400,555
Turkey — 2.4%
Akbank T.A.S.		173,896	$	108,621
Aksa Akrilik Kimya Sanayii AS		41,402		80,164
Anadolu Efes Biracilik ve Malt Sanayii AS		70,980		187,169
Arcelik AS		81,851		320,660
Aselsan Elektronik Sanayi Ve Ticaret AS		76,886		141,397
Aygaz AS		214,571		369,584
Bera Holding AS(2)		64,248		84,361
BIM Birlesik Magazalar AS		79,132		595,581
EGE Endustri VE Ticaret AS		780		118,055
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		568,548		123,216
Enka Insaat ve Sanayi AS		223,270		245,881
Eregli Demir ve Celik Fabrikalari TAS		177,114		420,751
Ford Otomotiv Sanayi AS		27,641		566,077
Haci Omer Sabanci Holding AS		56,927		63,991
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(2)		90,659		125,516
Is Gayrimenkul Yatirim Ortakligi AS(2)		294,820		65,303
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(2)		200,727		187,001
KOC Holding AS		130,494		318,381
Koza Altin Isletmeleri AS(2)		11,612		143,723
Koza Anadolu Metal Madencilik Isletmeleri AS(2)		96,193		154,863
Logo Yazilim Sanayi Ve Ticaret AS		46,580		199,981
Mavi Giyim Sanayi Ve Ticaret AS, Class B(3)		16,665		105,825
Migros Ticaret AS(2)		29,279		118,474

Security	Shares		Value
Turkey (continued)
MLP Saglik Hizmetleri AS(2)(3)		115,614	$	308,652
Petkim Petrokimya Holding AS(2)		137,396		92,545
Selcuk Ecza Deposu Ticaret ve Sanayi AS		167,309		167,083
Tofas Turk Otomobil Fabrikasi AS		48,438		188,287
Turk Hava Yollari AO(2)		92,141		139,076
Turk Telekomunikasyon AS		271,014		210,109
Turkcell Iletisim Hizmetleri AS		450,800		824,606
Turkiye Garanti Bankasi AS		132,898		134,159
Turkiye Is Bankasi AS, Class C		182,514		114,220
Turkiye Petrol Rafinerileri AS(2)		90,203		1,004,576
Turkiye Sise ve Cam Fabrikalari AS		113,610		102,338
Ulker Biskuvi Sanayi AS		45,810		108,440
Vestel Elektronik Sanayi ve Ticaret AS		32,694		116,076
			$	8,354,742
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		163,953	$	312,779
Agthia Group PJSC		54,046		91,769
Air Arabia PJSC(2)		617,797		228,057
Aldar Properties PJSC		340,173		367,154
Dana Gas PJSC		666,811		159,944
Dubai Investments PJSC		333,181		154,258
Dubai Islamic Bank PJSC		109,508		143,976
Emaar Development PJSC(2)		104,800		106,889
Emaar Malls PJSC(2)		290,300		149,880
Emaar Properties PJSC		318,259		344,021
Emirates Telecommunications Group Co. PJSC		202,470		1,258,804
First Abu Dhabi Bank PJSC		161,544		728,794
Network International Holdings PLC(2)(3)		54,200		256,649
			$	4,302,974
Vietnam — 1.2%
Bank for Foreign Trade of Vietnam JSC		71,355	$	304,344
Bao Viet Holdings		49,330		109,895
FLC Faros Construction JSC(2)		2		0	(7)
Hoa Phat Group JSC		415,529		856,253
Kinh Bac City Development Share Holding Corp.(2)		60		90
Masan Group Corp.		68,380		399,490
No Va Land Investment Group Corp.(2)		40,754		184,772
PetroVietnam Drilling & Well Services JSC(2)		83,085		65,578
PetroVietnam Gas JSC		17,340		67,842
PetroVietnam Technical Services Corp.		27,400		29,590
Phu Nhuan Jewelry JSC		3		13
Saigon Beer Alcohol Beverage Corp.		14,610		101,276
Vietjet Aviation JSC(2)		150,066		738,473

19 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Vietnam (continued)
Vietnam Dairy Products JSC		114,292	$	428,718
Vincom Retail JSC(2)		72,380		87,310
Vingroup JSC(2)		73,287		342,616
Vinhomes JSC(2)(3)		55,400		261,515
			$	3,977,775
Total Common Stocks (identified cost $238,105,578)			$	343,270,997
Exchange-Traded Funds— 0.0%(9)
Security	Shares		Value
NewGold Issuer, Ltd.(2)		1,955	$	33,335
Total Exchange-Traded Funds (identified cost $34,732)			$	33,335
Warrants(2) — 0.0%
Security	Shares		Value
BTS Group Holdings PCL - W6, Exp. 9/5/22, Strike THB 9.90		34,260	$	0
BTS Group Holdings PCL - W7, Exp. 11/7/24, Strike THB 11.90		68,520		0
BTS Group Holdings PCL - W8, Exp. 11/20/26, Strike THB 14.90		137,040		0
Jay Mart PCL, Exp. 7/26/25, Strike THB 70.00		8,105		0
Samart Corp. PCL, Exp. 5/17/24, Strike THB 10.00		1		0
Total Warrants (identified cost $0)			$	0

Short-Term Investments— 0.2%
Description	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.05%(10)		812,085	$	812,085
Total Short-Term Investments (identified cost $812,085)			$	812,085
Total Investments — 99.3% (identified cost $238,952,395)			$	344,116,417
Other Assets, Less Liabilities — 0.7%			$	2,447,442
Net Assets — 100.0%			$	346,563,859

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 July 31, 2021. The aggregate market value of securities on loan at July 31, 2021 was $7,444,578.

⁽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 July 31, 2021, the aggregate value of these securities is $8,792,448 or 2.5% 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 July 31, 2021, the aggregate value of these securities is $4,240,505 or 1.2% of the Fund’s net assets.

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

⁽⁷⁾ Amount rounds to less than $1.

⁽⁸⁾ Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁹⁾ Amount is less than 0.05%.

⁽¹⁰⁾  Represents investment of cash collateral received in connection with securities lending.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		12.2	%	$	42,206,087
Materials		10.8			37,418,938
Industrials		10.2			35,430,334
Consumer Staples		10.0			34,733,053
Consumer Discretionary		9.7			33,515,722
Communication Services		9.6			33,132,545
Information Technology		9.4			32,484,041
Health Care		9.3			32,040,240
Energy		8.8			30,652,463
Real Estate		4.8			16,684,899
Utilities		4.3			14,972,675
Short-Term Investments		0.2			812,085
Exchange-Traded Funds		0.0	*		33,335
Total Investments		99.3	%	$	344,116,417

* Amount is less than 0.05%.

Abbreviations:

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

Currency Abbreviations:

THB – Thai Baht

20 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2021
Unaffiliated investments, at value including $7,444,578 of securities on loan (identified cost, $238,952,395)	$	344,116,417
Cash		937,301
Foreign currency, at value (identified cost, $2,598,713)		2,359,298
Dividends receivable		1,079,745
Receivable for investments sold		422,641
Receivable for Fund shares sold		512,580
Securities lending income receivable		3,652
Tax reclaims receivable		105,574
Total assets	$	349,537,208
Liabilities
Collateral for securities loaned	$	812,085
Payable for Fund shares redeemed		462,682
Payable to affiliates:
Investment adviser fee		256,453
Administration fee		45,256
Distribution and service fees		8,701
Accrued foreign capital gains taxes		892,637
Accrued expenses		495,535
Total liabilities	$	2,973,349
Net Assets	$	346,563,859
Sources of Net Assets
Paid-in capital	$	542,357,827
Accumulated loss		(195,793,968	)
Total	$	346,563,859
Investor Class Shares
Net Assets	$	38,533,344
Shares Outstanding		2,488,969
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.48
Class C Shares
Net Assets	$	436,312
Shares Outstanding		28,753
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	15.17
Institutional Class Shares
Net Assets	$	303,646,997
Shares Outstanding		19,591,530
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.50
Class R6 Shares
Net Assets	$	3,947,206
Shares Outstanding		254,675
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.50

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

21 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2021
Dividends (net of foreign taxes, $823,682)	$	7,999,731
Securities lending income, net		21,535
Other income		245,183
Total investment income	$	8,266,449
Expenses
Investment adviser fee	$	1,893,082
Administration fee		334,330
Distribution and service fees
Investor Class		52,133
Class C		2,407
Trustees’ fees and expenses		8,616
Custodian fee		280,138
Transfer and dividend disbursing agent fees		155,491
Legal and accounting services		69,990
Printing and postage		5,978
Registration fees		41,339
Interest expense and fees		24,718
Miscellaneous		97,853
Total expenses	$	2,966,075
Net investment income	$	5,300,374
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $507,023)	$	42,088,124
Foreign currency transactions		(249,001	)
Net realized gain	$	41,839,123
Change in unrealized appreciation (depreciation) —
Investments (including net increase in accrued foreign capital gains taxes of $55,772)	$	(17,825,730	)
Foreign currency		18,676
Net change in unrealized appreciation (depreciation)	$	(17,807,054	)
Net realized and unrealized gain	$	24,032,069
Net increase in net assets from operations	$	29,332,443

22 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
From operations —
Net investment income	$	5,300,374		$	10,575,324
Net realized gain (loss)		41,839,123			(29,861,078	)
Net change in unrealized appreciation (depreciation)		(17,807,054	)		(19,953,492	)
Net increase (decrease) in net assets from operations	$	29,332,443		$	(39,239,246	)
Distributions to shareholders —
Investor Class	$	—		$	(517,127	)
Class C		—			(2,636	)
Institutional Class		—			(6,548,939	)
Class R6		—			(1,365,394	)
Total distributions to shareholders	$	—		$	(8,434,096	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	3,689,371		$	19,968,785
Class C		8,252			7,509
Institutional Class		19,564,489			113,192,804
Class R6		629,486			57,809,024
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		—			473,732
Class C		—			2,299
Institutional Class		—			4,692,336
Class R6		—			1,365,394
Cost of shares redeemed
Investor Class		(13,186,595	)		(102,246,783	)
Class C		(107,416	)		(2,368,248	)
Institutional Class		(123,050,812	)		(563,557,711	)
Class R6		(84,483,561	)		(31,591,503	)
Net asset value of shares converted
Investor Class		83,634			847,874
Class C		(83,634	)		(847,874	)
Net decrease in net assets from Fund share transactions	$	(196,936,786	)	$	(502,252,362	)
Net decrease in net assets	$	(167,604,343	)	$	(549,925,704	)
Net Assets
At beginning of period	$	514,168,202		$	1,064,093,906
At end of period	$	346,563,859		$	514,168,202

23 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Financial Highlights

	Investor Class
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	14.710		$	13.870		$	14.280		$	16.850		$	13.340		$	10.990
Income (Loss) From Operations
Net investment income(1)	$	0.172		$	0.213		$	0.326		$	0.283		$	0.223		$	0.179
Net realized and unrealized gain (loss)		0.598			0.786	(2)		(0.376	)		(2.570	)		3.650			2.364
Total income (loss) from operations	$	0.770		$	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 period	$	15.480		$	14.710		$	13.870		$	14.280		$	16.850		$	13.340
Total Return(3)		5.23	%(4)		7.23	%		(0.46	)%		(13.43	)%		29.33	%		23.32	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	38,533		$	45,629		$	136,829		$	172,773		$	400,814		$	520,939
Ratios (as a percentage of average daily net assets):
Expenses		1.56	%(5)		1.55	%		1.45	%		1.44	%		1.37	%		1.38	%
Net investment income		2.24	%(5)		1.74	%		2.30	%		1.89	%		1.52	%		1.44	%
Portfolio Turnover		1	%(4)		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.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

24 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Financial Highlights — continued

	Class C
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	14.470		$	13.620		$	14.010		$	16.530		$	13.120		$	10.840
Income (Loss) From Operations
Net investment income(1)	$	0.106		$	0.116		$	0.220		$	0.146		$	0.096		$	0.083
Net realized and unrealized gain (loss)		0.594			0.755	(2)		(0.379	)		(2.484	)		3.580			2.340
Total income (loss) from operations	$	0.700		$	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 period	$	15.170		$	14.470		$	13.620		$	14.010		$	16.530		$	13.120
Total Return(3)		4.84	%(4)		6.42	%		(1.21	)%		(14.10	)%		28.32	%		22.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	436		$	592		$	4,094		$	5,885		$	10,152		$	9,209
Ratios (as a percentage of average daily net assets):
Expenses		2.32	%(5)		2.30	%		2.20	%		2.19	%		2.12	%		2.13	%
Net investment income		1.41	%(5)		0.96	%		1.59	%		1.01	%		0.66	%		0.68	%
Portfolio Turnover		1	%(4)		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.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

25 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Financial Highlights — continued

	Institutional Class
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	14.710		$	13.900		$	14.310		$	16.910		$	13.400		$	11.040
Income (Loss) From Operations
Net investment income(1)	$	0.192		$	0.210		$	0.367		$	0.304		$	0.245		$	0.212
Net realized and unrealized gain (loss)		0.598			0.827	(2)		(0.378	)		(2.565	)		3.673			2.375
Total income (loss) from operations	$	0.790		$	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 period	$	15.500		$	14.710		$	13.900		$	14.310		$	16.910		$	13.400
Total Return(3)		5.37	%(4)		7.50	%		(0.20	)%		(13.20	)%		29.56	%		23.64	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	303,647		$	383,984		$	868,666		$	1,268,618		$	2,030,663		$	1,884,610
Ratios (as a percentage of average daily net assets):
Expenses		1.32	%(5)		1.30	%		1.20	%		1.19	%		1.12	%		1.13	%
Net investment income		2.49	%(5)		1.68	%		2.59	%		2.04	%		1.65	%		1.68	%
Portfolio Turnover		1	%(4)		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.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

26 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Financial Highlights — continued

	Class R6
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,
				2021			2020			2019			2018			2017
Net asset value — Beginning of period	$	14.690		$	13.890		$	14.300		$	16.910		$	13.400		$	11.040
Income (Loss) From Operations
Net investment income(1)	$	0.108		$	0.228		$	0.379		$	0.380		$	0.249		$	0.225
Net realized and unrealized gain (loss)		0.702			0.813	(2)		(0.379	)		(2.639	)		3.676			2.370
Total income (loss) from operations	$	0.810		$	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 period	$	15.500		$	14.690		$	13.890		$	14.300		$	16.910		$	13.400
Total Return(3)		5.51	%(4)		7.45	%		(0.13	)%		(13.18	)%		29.69	%		23.71	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,947		$	83,963		$	54,504		$	94,243		$	601,629		$	539,794
Ratios (as a percentage of average daily net assets):
Expenses		1.24	%(5)		1.21	%		1.14	%		1.13	%		1.07	%		1.08	%
Net investment income		1.43	%(5)		1.83	%		2.67	%		2.48	%		1.67	%		1.79	%
Portfolio Turnover		1	%(4)		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.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

27 See Notes to Financial Statements.

Parametric

Emerging Markets Fund

July 31, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Parametric Emerging Markets Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund offers four classes of shares. Investor Class, Institutional Class and Class R6 shares are sold at net asset value and are not subject to a sales charge. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective March 1, 2013, Class C shares of the Fund are no longer available for purchase, except by existing shareholders (including shares acquired through the reinvestment of dividends and distributions) or employer sponsored retirement plans. Effective

January 25, 2019, Class C shares of the Fund generally automatically convert to Investor Class shares ten years after their purchase 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 (including warrants and rights) 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 National Market System 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. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the six months ended July 31, 2021, the Fund received approximately $245,000 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.

28

Parametric

Emerging Markets Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

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

As of July 31, 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.

I  Interim Financial Statements — The interim financial statements relating to July 31, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At January 31, 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.

29

Parametric

Emerging Markets Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

Aggregate cost	$	251,713,930
Gross unrealized appreciation	$	133,971,871
Gross unrealized depreciation		(41,569,384	)
Net unrealized appreciation	$	92,402,487

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. The Fund’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Fund’s investment advisory agreement and related fee reduction agreement with EVM in effect prior to March 1, 2021), the fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million		0.850	%
$500 million but less than $1 billion		0.800	%
$1 billion but less than $2.5 billion		0.775	%
$2.5 billion but less than $5 billion		0.750	%
$5 billion but less than $7.5 billion		0.730	%
$7.5 billion and over		0.710	%

For the six months ended July 31, 2021, the investment adviser fee amounted to $1,893,082 or 0.85% (annualized) of the Fund’s average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. EVM pays Parametric a portion of its investment adviser fee for sub-advisory services provided to the Fund. The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended July 31, 2021, the administration fee amounted to $334,330.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2021, EVM earned $2,080 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 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 six months ended July 31, 2021 amounted to $52,133 for Investor Class shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended July 31, 2021, the Fund paid or accrued to EVD $1,805 for Class C shares.

30

Parametric

Emerging Markets Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended July 31, 2021 amounted to $602 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 six months ended July 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 $2,516,991 and $196,619,681, respectively, for the six months ended July 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:

Investor Class	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		240,385			1,768,073
Issued to shareholders electing to receive payments of distributions in Fund shares		—			33,222
Redemptions		(858,616	)		(8,628,672	)
Converted from Class C shares		5,464			64,738
Net decrease		(612,767	)		(6,762,639	)
Class C	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		539			615
Issued to shareholders electing to receive payments of distributions in Fund shares		—			185
Redemptions		(7,132	)		(194,163	)
Converted to Investor Class shares		(5,560	)		(66,255	)
Net decrease		(12,153	)		(259,618	)
Institutional Class	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		1,270,327			9,494,655
Issued to shareholders electing to receive payments of distributions in Fund shares		—			326,892
Redemptions		(7,782,375	)		(46,196,534	)
Net decrease		(6,512,048	)		(36,374,987	)

31

Parametric

Emerging Markets Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

Class R6	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		40,261			4,381,694
Issued to shareholders electing to receive payments of distributions in Fund shares		—			94,763
Redemptions		(5,499,831	)		(2,685,140	)
Net increase (decrease)		(5,459,570	)		1,791,317

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 six months ended July 31, 2021 were $3,486,133 and 1.35%, 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 July 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 $7,444,578 and $7,839,625, respectively. Collateral received was comprised of cash of $812,085 and U.S. government and/or agencies securities of $7,027,540. 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 July 31, 2021.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Common Stocks	$	812,085	$	—	$	—	$	—	$	812,085

The carrying amount of the liability for collateral for securities loaned at July 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 July 31, 2021.

32

Parametric

Emerging Markets Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

10  Fair Value Measurements

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

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

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

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

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

At July 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	$	8,473,132	$	154,068,266		$	153,118	$	162,694,516
Emerging Europe		2,795,573		52,124,928			—		54,920,501
Latin America		51,549,183		—			—		51,549,183
Middle East/Africa		1,788,431		68,343,131			3,975,235		74,106,797
Total Common Stocks	$	64,606,319	$	274,536,325	**	$	4,128,353	$	343,270,997
Exchange-Traded Funds	$	—	$	33,335		$	—	$	33,335
Warrants		—		0			—		0
Short-Term Investments		812,085		—			—		812,085
Total Investments	$	65,418,404	$	274,569,660		$	4,128,353	$	344,116,417

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended July 31, 2021 is not presented.

11  Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. 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. 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.

33

Parametric

Emerging Markets Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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.

34

Parametric

Emerging Markets Fund

July 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Parametric Emerging Markets Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 for the following purposes: (1) to approve a new investment advisory agreement with Eaton Vance Management to serve as the Fund’s investment adviser (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Parametric Portfolio Associates LLC to serve as the Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:

	Number of Shares(1)
	For		Against		Abstain(2)		Broker Non-Votes(2)
Proposal 1		20,537,087.684		347,133.937		379,117.066		0
Proposal 2		20,492,211.291		361,249.081		409,878.315		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal.

35

Parametric

Emerging Markets Fund

July 31, 2021

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors on June 8, 2021, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2020 through December 31, 2020 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

36

Parametric

Emerging Markets Fund

July 31, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Kimberly M. Roessiger

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

37

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

38

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

39

Eaton Vance Funds

IMPORTANT NOTICES

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.

40

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

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

7750    7.31.21

Parametric

Volatility Risk Premium - Defensive Fund

Semiannual Report

July 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.

Semiannual Report July 31, 2021

Parametric

Volatility Risk Premium - Defensive Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Joint Special Meeting of Shareholders	22
Liquidity Risk Management Program	23
Officers and Trustees	24
Privacy Notice	25
Important Notices	27

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Institutional Class at NAV		02/09/2017		02/09/2017		11.52	%		21.48	%		—	%		8.43	%
Cboe S&P 500 BuyWrite IndexSM		—		—		11.53	%		23.17	%		6.98	%		6.27	%
S&P 500® Index		—		—		19.19			36.45			17.34			17.68
ICE BofA 3-Month U.S. Treasury Bill Index		—		—		0.02			0.08			1.17			1.26
Blended Index		—		—		9.27			17.23			9.29			9.52
% Total Annual Operating Expense Ratio3														Institutional Class
															0.47	%

See Endnotes and Additional Disclosures in this report.

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

July 31, 2021

Fund Profile

Common Stock Sector Allocation (% of net assets)

Asset Allocation (% of total investments)

Top 10 Holdings (% of net assets)⁴

Apple, Inc.	3.2	%
Microsoft Corp.	3.0
Amazon.com, Inc.	2.0
Facebook, Inc., Class A	1.3
Alphabet, Inc., Class C	1.2
Alphabet, Inc., Class A	1.1
NVIDIA Corp.	0.9
Berkshire Hathaway, Inc., Class B	0.8
JPMorgan Chase & Co.	0.7
Johnson & Johnson	0.7
Total	14.9	%

See Endnotes and Additional Disclosures in this report.

3

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Endnotes and Additional Disclosures

¹  Cboe S&P 500 BuyWrite Index^SM measures the performance of a hypothetical buy-write strategy on the S&P 500^® Index. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. ICE 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.

²  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.

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

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

Fund profile subject to change due to active management.

4

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 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 (February 1, 2021 – July 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 (2/1/21)		Ending Account Value (7/31/21)		Expenses Paid During Period* (2/1/21 – 7/31/21)		Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	1,115.20	$	2.41		0.46	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,022.50	$	2.31		0.46	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2021.

5

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Portfolio of Investments (Unaudited)

Common Stocks — 50.2%
Security	Shares		Value
Aerospace & Defense — 0.8%
Boeing Co. (The)(1)		8,987	$	2,035,376
Huntington Ingalls Industries, Inc.		5,536		1,135,600
L3Harris Technologies, Inc.		9,106		2,064,694
Lockheed Martin Corp.		4,371		1,624,569
Raytheon Technologies Corp.		20,264		1,761,955
			$	8,622,194
Air Freight & Logistics — 0.2%
Expeditors International of Washington, Inc.		13,029	$	1,670,969
United Parcel Service, Inc., Class B		2,351		449,888
			$	2,120,857
Airlines — 0.2%
Alaska Air Group, Inc.(1)		26,965	$	1,564,779
American Airlines Group, Inc.(1)		36,250		738,775
			$	2,303,554
Auto Components — 0.1%
BorgWarner, Inc.		22,911	$	1,122,181
			$	1,122,181
Automobiles — 0.7%
Tesla, Inc.(1)		10,584	$	7,273,325
			$	7,273,325
Banks — 2.3%
Bank of America Corp.		143,672	$	5,511,258
Citigroup, Inc.		43,544		2,944,445
Fifth Third Bancorp		30,206		1,096,176
Huntington Bancshares, Inc.		62,582		881,155
JPMorgan Chase & Co.		52,980		8,041,304
KeyCorp.		77,677		1,527,130
People’s United Financial, Inc.		37,337		586,191
Regions Financial Corp.		82,546		1,589,010
Wells Fargo & Co.		47,439		2,179,348
			$	24,356,017
Beverages — 0.8%
Brown-Forman Corp., Class B		12,432	$	881,677
Coca-Cola Co. (The)		74,651		4,257,347
PepsiCo, Inc.		25,184		3,952,629
			$	9,091,653

Security	Shares		Value
Biotechnology — 0.6%
AbbVie, Inc.		37,400	$	4,349,620
Amgen, Inc.		10,447		2,523,368
			$	6,872,988
Building Products — 0.2%
A.O. Smith Corp.		16,936	$	1,191,109
Carrier Global Corp.		20,581		1,137,100
			$	2,328,209
Capital Markets — 1.5%
Ameriprise Financial, Inc.		9,372	$	2,413,852
CME Group, Inc.		7,714		1,636,371
Goldman Sachs Group, Inc. (The)		5,099		1,911,513
Invesco, Ltd.		98,310		2,396,798
MarketAxess Holdings, Inc.		2,149		1,021,141
Nasdaq, Inc.		10,162		1,897,550
S&P Global, Inc.		6,747		2,892,574
State Street Corp.		21,458		1,869,850
			$	16,039,649
Chemicals — 0.9%
CF Industries Holdings, Inc.		13,525	$	639,056
Ecolab, Inc.		6,426		1,419,054
FMC Corp.		9,977		1,067,040
Linde PLC		12,251		3,765,835
Sherwin-Williams Co. (The)		8,402		2,445,234
			$	9,336,219
Commercial Services & Supplies — 0.2%
Republic Services, Inc.		15,029	$	1,778,832
			$	1,778,832
Communications Equipment — 0.5%
Arista Networks, Inc.(1)		1,340	$	509,722
Cisco Systems, Inc.		57,164		3,165,171
F5 Networks, Inc.(1)		7,151		1,476,753
			$	5,151,646
Construction & Engineering — 0.1%
Quanta Services, Inc.		10,636	$	966,812
			$	966,812
Consumer Finance — 0.2%
Synchrony Financial		48,420	$	2,276,708
			$	2,276,708

6 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Containers & Packaging — 0.3%
Avery Dennison Corp.		6,757	$	1,423,565
Packaging Corp. of America		6,949		983,283
Sealed Air Corp.		14,789		839,276
			$	3,246,124
Distributors — 0.1%
LKQ Corp.(1)		29,388	$	1,491,441
			$	1,491,441
Diversified Financial Services — 0.8%
Berkshire Hathaway, Inc., Class B(1)		32,534	$	9,053,887
			$	9,053,887
Diversified Telecommunication Services — 0.5%
AT&T, Inc.		43,654	$	1,224,495
Verizon Communications, Inc.		84,277		4,700,971
			$	5,925,466
Electric Utilities — 0.9%
Alliant Energy Corp.		26,982	$	1,579,257
Duke Energy Corp.		18,644		1,959,671
Entergy Corp.		10,957		1,127,694
Evergy, Inc.		18,306		1,193,917
FirstEnergy Corp.		18,581		712,024
NextEra Energy, Inc.		43,948		3,423,549
			$	9,996,112
Electrical Equipment — 0.3%
Eaton Corp. PLC		17,451	$	2,758,131
			$	2,758,131
Electronic Equipment, Instruments & Components — 0.2%
TE Connectivity, Ltd.		14,665	$	2,162,648
			$	2,162,648
Entertainment — 0.9%
Netflix, Inc.(1)		8,956	$	4,635,357
Walt Disney Co. (The)(1)		28,524		5,020,794
			$	9,656,151
Equity Real Estate Investment Trusts (REITs) — 1.3%
Alexandria Real Estate Equities, Inc.		7,796	$	1,569,647
American Tower Corp.		9,127		2,581,116

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Duke Realty Corp.		28,306	$	1,440,209
Equity Residential		22,448		1,888,550
Extra Space Storage, Inc.		9,805		1,707,443
Healthpeak Properties, Inc.		47,357		1,750,788
Mid-America Apartment Communities, Inc.		9,382		1,811,664
Public Storage		4,722		1,475,530
			$	14,224,947
Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		8,245	$	3,543,042
Kroger Co. (The)		23,840		970,288
Walmart, Inc.		27,684		3,946,354
			$	8,459,684
Food Products — 0.3%
Campbell Soup Co.		8,276	$	361,827
Conagra Brands, Inc.		39,326		1,317,028
Hormel Foods Corp.		7,639		354,297
McCormick & Co., Inc., Non Voting Shares		15,832		1,332,579
			$	3,365,731
Health Care Equipment & Supplies — 2.0%
Abbott Laboratories		37,253	$	4,506,868
Boston Scientific Corp.(1)		34,808		1,587,245
Cooper Cos., Inc. (The)		3,994		1,684,549
Danaher Corp.		14,089		4,191,336
DENTSPLY SIRONA, Inc.		14,142		933,938
IDEXX Laboratories, Inc.(1)		3,281		2,226,257
Intuitive Surgical, Inc.(1)		2,847		2,822,687
Medtronic PLC		30,224		3,968,713
			$	21,921,593
Health Care Providers & Services — 1.3%
AmerisourceBergen Corp.		8,818	$	1,077,295
Centene Corp.(1)		20,305		1,393,126
DaVita, Inc.(1)		12,121		1,457,550
Quest Diagnostics, Inc.		11,628		1,648,851
UnitedHealth Group, Inc.		17,060		7,032,473
Universal Health Services, Inc., Class B		6,456		1,035,607
			$	13,644,902
Hotels, Restaurants & Leisure — 0.9%
Carnival Corp.(1)(2)		36,403	$	788,125
Expedia Group, Inc.(1)		9,522		1,531,804

7 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
McDonald’s Corp.		9,001	$	2,184,632
Royal Caribbean Cruises, Ltd.(1)		6,471		497,426
Starbucks Corp.		27,818		3,377,940
Wynn Resorts, Ltd.(1)		9,982		981,530
			$	9,361,457
Household Durables — 0.3%
Leggett & Platt, Inc.		25,899	$	1,243,929
Lennar Corp., Class A		17,465		1,836,445
			$	3,080,374
Household Products — 0.7%
Clorox Co. (The)		6,271	$	1,134,361
Procter & Gamble Co. (The)		44,975		6,396,794
			$	7,531,155
Industrial Conglomerates — 0.4%
Honeywell International, Inc.		16,286	$	3,807,504
			$	3,807,504
Insurance — 0.7%
Arthur J. Gallagher & Co.		12,509	$	1,742,629
Assurant, Inc.		7,259		1,145,543
Everest Re Group, Ltd.		3,890		983,509
Globe Life, Inc.		10,227		952,236
Progressive Corp. (The)		18,233		1,735,052
Unum Group		51,438		1,409,401
			$	7,968,370
Interactive Media & Services — 3.6%
Alphabet, Inc., Class A(1)		4,691	$	12,640,040
Alphabet, Inc., Class C(1)		4,748		12,840,586
Facebook, Inc., Class A(1)		38,817		13,830,497
			$	39,311,123
Internet & Direct Marketing Retail — 2.1%
Amazon.com, Inc.(1)		6,629	$	22,058,594
eBay, Inc.		14,642		998,731
			$	23,057,325
IT Services — 2.4%
Accenture PLC, Class A		13,557	$	4,306,788
Global Payments, Inc.		7,249		1,402,029

Security	Shares		Value
IT Services (continued)
Mastercard, Inc., Class A		15,892	$	6,133,359
PayPal Holdings, Inc.(1)		23,455		6,462,556
Visa, Inc., Class A		30,321		7,470,791
			$	25,775,523
Life Sciences Tools & Services — 0.8%
IQVIA Holdings, Inc.(1)		8,145	$	2,017,517
Thermo Fisher Scientific, Inc.		8,337		4,502,063
Waters Corp.(1)		5,610		2,186,834
			$	8,706,414
Machinery — 0.7%
Flowserve Corp.		18,592	$	782,537
IDEX Corp.		7,223		1,637,382
PACCAR, Inc.		20,353		1,689,095
Stanley Black & Decker, Inc.		8,871		1,748,031
Westinghouse Air Brake Technologies Corp.		19,298		1,637,821
			$	7,494,866
Media — 0.6%
Comcast Corp., Class A		66,863	$	3,933,550
Discovery, Inc., Class A(1)		25,749		746,979
DISH Network Corp., Class A(1)		13,205		553,157
ViacomCBS, Inc., Class B		40,688		1,665,360
			$	6,899,046
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		74,039	$	2,820,886
			$	2,820,886
Multi-Utilities — 0.3%
CMS Energy Corp.		15,646	$	966,767
Dominion Energy, Inc.		15,400		1,152,998
WEC Energy Group, Inc.		11,345		1,068,018
			$	3,187,783
Multiline Retail — 0.1%
Kohl’s Corp.		25,641	$	1,302,563
			$	1,302,563
Oil, Gas & Consumable Fuels — 1.2%
APA Corp.		43,582	$	817,162
Chevron Corp.		25,268		2,572,535

8 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Devon Energy Corp.		39,526	$	1,021,352
EOG Resources, Inc.		24,548		1,788,567
Exxon Mobil Corp.		53,967		3,106,880
HollyFrontier Corp.		39,132		1,150,481
Marathon Oil Corp.		101,649		1,178,112
ONEOK, Inc.		23,516		1,222,127
			$	12,857,216
Pharmaceuticals — 2.0%
Bristol-Myers Squibb Co.		43,042	$	2,921,261
Eli Lilly & Co.		15,663		3,813,941
Johnson & Johnson		46,468		8,001,790
Merck & Co., Inc.		49,468		3,802,605
Organon & Co.(1)		4,946		143,483
Pfizer, Inc.		68,667		2,939,634
			$	21,622,714
Professional Services — 0.3%
Jacobs Engineering Group, Inc.		12,084	$	1,634,361
Verisk Analytics, Inc.		8,190		1,555,609
			$	3,189,970
Road & Rail — 0.5%
J.B. Hunt Transport Services, Inc.		9,364	$	1,577,366
Union Pacific Corp.		15,700		3,434,532
			$	5,011,898
Semiconductors & Semiconductor Equipment — 2.9%
Broadcom, Inc.		8,801	$	4,272,005
Enphase Energy, Inc.(1)		2,530		479,688
Intel Corp.		73,069		3,925,267
KLA Corp.		7,915		2,755,686
Lam Research Corp.		3,105		1,979,158
NVIDIA Corp.		47,392		9,240,966
Qorvo, Inc.(1)		8,548		1,620,615
QUALCOMM, Inc.		23,952		3,588,010
Texas Instruments, Inc.		20,511		3,909,807
			$	31,771,202
Software — 4.7%
Adobe, Inc.(1)		9,232	$	5,738,888
Intuit, Inc.		6,552		3,472,363
Microsoft Corp.		114,893		32,734,165
Oracle Corp.		42,691		3,720,094
salesforce.com, inc.(1)		18,892		4,570,541
			$	50,236,051

Security	Shares		Value
Specialty Retail — 1.2%
Advance Auto Parts, Inc.		6,070	$	1,287,204
Home Depot, Inc. (The)		19,573		6,423,663
L Brands, Inc.		21,676		1,735,597
Lowe’s Cos., Inc.		11,736		2,261,410
Ross Stores, Inc.		7,466		916,004
			$	12,623,878
Technology Hardware, Storage & Peripherals — 3.4%
Apple, Inc.		238,678	$	34,813,573
Western Digital Corp.(1)		16,191		1,051,282
Xerox Holdings Corp.		20,610		497,319
			$	36,362,174
Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc., Class B		22,621	$	3,789,244
Ralph Lauren Corp.		4,902		556,475
Under Armour, Inc., Class A(1)		24,807		507,303
Under Armour, Inc., Class C(1)		25,637		449,160
			$	5,302,182
Tobacco — 0.3%
Philip Morris International, Inc.		36,371	$	3,640,373
			$	3,640,373
Trading Companies & Distributors — 0.2%
Fastenal Co.		21,371	$	1,170,490
W.W. Grainger, Inc.		2,520		1,120,341
			$	2,290,831
Water Utilities — 0.1%
American Water Works Co., Inc.		5,314	$	903,965
			$	903,965
Total Common Stocks (identified cost $296,367,529)			$	541,664,504
Short-Term Investments — 49.9%
Affiliated Fund — 4.3%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.08%(4)		46,549,677	$	46,549,677
Total Affiliated Fund (identified cost $46,549,136)			$	46,549,677

9 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

U.S. Treasury Obligations — 45.6%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bills:
0.00%, 8/12/21(3)	$	109,700	$	109,699,086
0.00%, 9/9/21(2)		12,160		12,159,487
0.00%, 10/7/21		33,050		33,047,273
0.00%, 12/2/21		49,000		48,992,527
0.00%, 12/30/21(3)		27,000		26,994,375
			$	230,892,748
U.S. Treasury Notes:
0.375%, 3/31/22		11,500		11,522,842
1.375%, 1/31/22(2)		20,100		20,229,266
1.75%, 11/30/21		18,000		18,100,481
1.75%, 2/28/22		8,000		8,078,046
1.75%, 4/30/22		19,000		19,236,731
1.75%, 5/15/22		19,500		19,756,712
1.75%, 5/31/22		23,000		23,319,010
1.875%, 2/28/22		8,000		8,083,984
1.875%, 3/31/22(2)		27,000		27,321,527
2.125%, 12/31/21		17,400		17,547,173
2.125%, 5/15/22		21,500		21,846,871
2.25%, 4/15/22		20,800		21,117,615
2.375%, 3/15/22		35,500		36,010,041
2.75%, 8/15/21		7,750		7,757,549
			$	259,927,848
Total U.S. Treasury Obligations (identified cost $490,820,000)			$	490,820,596
Total Short-Term Investments (identified cost $537,369,136)			$	537,370,273
Total Investments — 100.1% (identified cost $833,736,665)			$	1,079,034,777
Total Written Options — (0.2)% (premiums received $3,294,850)			$	(2,178,930	)
Other Assets, Less Liabilities — 0.1%			$	745,537
Net Assets — 100.0%			$	1,077,601,384

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

⁽¹⁾  Non-income producing security.

⁽²⁾  All or a portion of this security was on loan at July 31, 2021. The aggregate market value of securities on loan at July 31, 2021 was $23,194,528.

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

⁽⁴⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2021.

10 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Written Call Options — (0.1)%
Exchange-Traded Options — (0.1)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		105	$	46,150,230	$	4,420		8/2/21	$	(29,663	)
S&P 500 Index		105		46,150,230		4,420		8/4/21		(97,125	)
S&P 500 Index		105		46,150,230		4,455		8/4/21		(15,487	)
S&P 500 Index		105		46,150,230		4,450		8/6/21		(57,645	)
S&P 500 Index		105		46,150,230		4,460		8/6/21		(28,088	)
S&P 500 Index		105		46,150,230		4,485		8/9/21		(15,225	)
S&P 500 Index		105		46,150,230		4,475		8/11/21		(45,675	)
S&P 500 Index		105		46,150,230		4,460		8/13/21		(104,895	)
S&P 500 Index		105		46,150,230		4,385		8/16/21		(528,150	)
S&P 500 Index		105		46,150,230		4,495		8/20/21		(94,500	)
S&P 500 Index		100		43,952,600		4,510		8/25/21		(93,000	)
Total									$	(1,109,453	)
Written Put Options — (0.1)%
Exchange-Traded Options — (0.1)%
Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
S&P 500 Index		105	$	46,150,230	$	4,335		8/2/21	$	(14,700	)
S&P 500 Index		105		46,150,230		4,325		8/4/21		(51,975	)
S&P 500 Index		105		46,150,230		4,200		8/6/21		(22,837	)
S&P 500 Index		105		46,150,230		4,320		8/6/21		(100,695	)
S&P 500 Index		105		46,150,230		4,310		8/9/21		(114,975	)
S&P 500 Index		105		46,150,230		4,190		8/11/21		(65,625	)
S&P 500 Index		105		46,150,230		4,270		8/13/21		(165,270	)
S&P 500 Index		105		46,150,230		4,025		8/16/21		(47,775	)
S&P 500 Index		105		46,150,230		4,220		8/20/21		(209,475	)
S&P 500 Index		105		46,150,230		4,230		8/25/21		(276,150	)
Total									$	(1,069,477	)

11 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2021
Unaffiliated investments, at value including $23,194,528 of securities on loan (identified cost, $787,187,529)	$	1,032,485,100
Affiliated investment, at value (identified cost, $46,549,136)		46,549,677
Dividends receivable		460,341
Interest receivable		1,406,697
Dividends receivable from affiliated investment		2,767
Receivable for premiums on written options		428,505
Receivable for Fund shares sold		246,666
Securities lending income receivable		1,869
Total assets	$	1,081,581,622
Liabilities
Written options outstanding, at value (premiums received, $3,294,850)	$	2,178,930
Payable for investments purchased		1,001,667
Payable for closed written options		21,107
Payable for Fund shares redeemed		168,756
Due to custodian		1,195
Payable to affiliate:
Investment adviser and administration fee		363,547
Accrued expenses		245,036
Total liabilities	$	3,980,238
Net Assets	$	1,077,601,384
Sources of Net Assets
Paid-in capital	$	838,343,720
Distributable earnings		239,257,664
Total	$	1,077,601,384
Institutional Class Shares
Net Assets	$	1,077,601,384
Shares Outstanding		77,883,063
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.84

12 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2021
Dividends	$	3,834,498
Dividends from affiliated investment		9,010
Interest		276,975
Securities lending income, net		11,292
Total investment income	$	4,131,775
Expenses
Investment adviser and administration fee	$	2,089,865
Trustees’ fees and expenses		25,450
Custodian fee		138,827
Transfer and dividend disbursing agent fees		97,595
Legal and accounting services		33,788
Printing and postage		9,224
Registration fees		22,232
Miscellaneous		20,075
Total expenses	$	2,437,056
Net investment income	$	1,694,719
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	27,554,475
Investment transactions — affiliated investment		1,693
Written options		19,613,369
Net realized gain	$	47,169,537
Change in unrealized appreciation (depreciation) —
Investments	$	64,228,606
Investments — affiliated investment		541
Written options		2,762,102
Net change in unrealized appreciation (depreciation)	$	66,991,249
Net realized and unrealized gain	$	114,160,786
Net increase in net assets from operations	$	115,855,505

13 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
From operations —
Net investment income	$	1,694,719		$	8,100,549
Net realized gain (loss)		47,169,537			(42,950,085	)
Net change in unrealized appreciation (depreciation)		66,991,249			104,446,308
Net increase in net assets from operations	$	115,855,505		$	69,596,772
Distributions to shareholders —
Institutional Class	$	—		$	(7,816,386	)
Total distributions to shareholders	$	—		$	(7,816,386	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	127,709,666		$	537,434,530
Net asset value of shares issued to shareholders in payment of distributions declared		—			6,364,015
Cost of shares redeemed		(213,315,245	)		(325,348,450	)
Net increase (decrease) in net assets from Fund share transactions	$	(85,605,579	)	$	218,450,095
Net increase in net assets	$	30,249,926		$	280,230,481
Net Assets
At beginning of period	$	1,047,351,458		$	767,120,977
At end of period	$	1,077,601,384		$	1,047,351,458

14 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Financial Highlights

	Institutional Class
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,									Period Ended January 31,  2018(1)
				2021			2020			2019
Net asset value — Beginning of period	$	12.410		$	11.940		$	10.830		$	11.020		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.021		$	0.103		$	0.188		$	0.165		$	0.104
Net realized and unrealized gain (loss)		1.409			0.460			1.069			(0.226	)		0.974
Total income (loss) from operations	$	1.430		$	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	$	13.840		$	12.410		$	11.940		$	10.830		$	11.020
Total Return(3)		11.52	%(4)		4.73	%		11.62	%		(0.55	)%		10.79	%(4)(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,077,601		$	1,047,351		$	767,121		$	439,658		$	194,591
Ratios (as a percentage of average daily net assets):
Expenses		0.46	%(6)		0.47	%		0.48	%		0.52	%		0.55	%(5)(6)
Net investment income		0.32	%(6)		0.90	%		1.64	%		1.50	%		1.00	%(6)
Portfolio Turnover		8	%(4)		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.

15 See Notes to Financial Statements.

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System 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 July 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.

16

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

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

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

I  Interim Financial Statements — The interim financial statements relating to July 31, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

At January 31, 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.

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

Aggregate cost	$	830,735,038
Gross unrealized appreciation	$	246,300,103
Gross unrealized depreciation		(179,294	)
Net unrealized appreciation	$	246,120,809

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of

17

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory and administrative agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory and administrative agreement with EVM in effect prior to March 1, 2021), the fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $1 billion		0.400	%
$1 billion but less than $2.5 billion		0.375	%
$2.5 billion but less than $5 billion		0.360	%
$5 billion and over		0.350	%

For the six months ended July 31, 2021, the investment adviser and administration fee amounted to $2,089,865 or 0.40% (annualized) of the Fund’s average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new investment sub-advisory agreement with Parametric, which took effect on March 1, 2021. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund may invest 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 six months ended July 31, 2021, EVM earned $28,121 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 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 $45,194,423 and $109,399,127, respectively, for the six months ended July 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:

Institutional Class	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		9,643,558			48,917,770
Issued to shareholders electing to receive payments of distributions in Fund shares		—			522,438
Redemptions		(16,171,654	)		(29,268,917	)
Net increase (decrease)		(6,528,096	)		20,171,291

6  Financial Instruments

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

18

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

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 July 31, 2021 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative(1)
Written options	$	—	$	(2,178,930	)

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended July 31, 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	$	19,613,369	$	2,762,102

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

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

The average number of written options contracts outstanding during the six months ended July 31, 2021, which is indicative of the volume of this derivative type, was 2,165 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 six months ended July 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.

19

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

At July 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 $23,194,528 and $23,785,206, respectively. Collateral received was comprised of U.S. government and/or agencies securities. 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.

9  Investments in Affiliated Funds

At July 31, 2021, the value of the Fund’s investment in affiliated funds was $46,549,677, which represents 4.3% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended July 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	$	5,138,768	$	244,807,284	$	(203,398,609	)	$	1,693	$	541	$	46,549,677	$	9,010		46,549,677

10  Fair Value Measurements

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

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

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

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

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

At July 31, 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	$	541,664,504	*	$	—	$	—	$	541,664,504
Short-Term Investments —
Affiliated Fund		—			46,549,677		—		46,549,677
U.S. Treasury Obligations		—			490,820,596		—		490,820,596
Total Investments	$	541,664,504		$	537,370,273	$	—	$	1,079,034,777
Liability Description
Written Call Options	$	(1,109,453	)	$	—	$	—	$	(1,109,453	)
Written Put Options		(1,069,477	)		—		—		(1,069,477	)
Total	$	(2,178,930	)	$	—	$	—	$	(2,178,930	)

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

20

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

11  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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.

21

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Parametric Volatility Risk Premium - Defensive Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 for the following purposes: (1) to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as the Fund’s investment adviser and administrator (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Parametric Portfolio Associates LLC to serve as the Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:

	Number of Shares(1)
	For		Against		Abstain(2)		Broker Non-Votes(2)
Proposal 1		59,429,289.496		18,740.000		55,962.000		0
Proposal 2		59,417,820.496		32,159.000		54,012.000		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal.

22

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors on June 8, 2021, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2020 through December 31, 2020 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

23

Parametric

Volatility Risk Premium - Defensive Fund

July 31, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Kimberly M. Roessiger

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

24

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

25

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

26

Eaton Vance Funds

IMPORTANT NOTICES

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.

27

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

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

24692    7.31.21

Eaton Vance

Emerging Markets Debt Fund

Semiannual Report

July 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.

Semiannual Report July 31, 2021

Eaton Vance

Emerging Markets Debt Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Joint Special Meeting of Shareholders	24
Liquidity Risk Management Program	25
Officers and Trustees	26
Privacy Notice	27
Important Notices	29

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Performance^1,2

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

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class I at NAV		05/01/2018		05/01/2018		0.22	%		9.49	%		—			5.95	%
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified		—		—		0.84	%		4.11	%		4.57	%		5.71	%
% Total Annual Operating Expense Ratios3														Class I
Gross															3.09	%
Net															0.86

Fund Profile

Asset Allocation (% of net assets)⁴

Country Allocation (% of net assets)⁵

See Endnotes and Additional Disclosures in this report.

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

July 31, 2021

Endnotes and Additional Disclosures

¹  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.

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

³  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/22. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

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

⁵ Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective September 8, 2021, the portfolio managers of the Fund are John R. Baur, Akbar A. Causer and Federico Sequeda.

3

Eaton Vance

Emerging Markets Debt Fund

July 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 (February 1, 2021 – July 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 (2/1/21)		Ending Account Value (7/31/21)		Expenses Paid During Period* (2/1/21 – 7/31/21)			Annualized Expense Ratio
Actual
Class I	$	1,000.00	$	1,002.20	$	4.32	**		0.87	%
Hypothetical*
(5% return per year before expenses)
Class I	$	1,000.00	$	1,020.50	$	4.36	**		0.87	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2021.

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

4

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Portfolio of Investments (Unaudited)

Foreign Corporate Bonds — 4.9%
Security	Principal Amount* (000’s omitted)		Value
Brazil — 0.7%
Petrobras Global Finance BV, 6.90%, 3/19/49		55	$	64,551
Total Brazil			$	64,551
Mexico — 2.1%
Petroleos Mexicanos:
6.75%, 9/21/47		142	$	127,138
6.84%, 1/23/30		51		53,267
Total Mexico			$	180,405
Vietnam — 2.1%
Debt and Asset Trading Corp., 1.00%, 10/10/25(1)		200	$	181,000
Total Vietnam			$	181,000
Total Foreign Corporate Bonds (identified cost $400,530)			$	425,956
Sovereign Government Bonds — 68.5%
Security	Principal Amount* (000’s omitted)		Value
Argentina — 2.2%
Provincia de Buenos Aires/Government Bonds:
6.50%, 2/15/23(1)(4)		67	$	32,328
7.875%, 6/15/27(1)(4)		150		72,750
Republic of Argentina:
1.125% to 7/9/22, 7/9/35(2)		135		43,876
2.50% to 7/9/22, 7/9/41(2)		116		43,712
Total Argentina			$	192,666
Bahrain — 2.3%
Kingdom of Bahrain, 5.45%, 9/16/32(1)		200	$	196,353
Total Bahrain			$	196,353
Barbados — 2.4%
Government of Barbados, 6.50%, 10/1/29(3)		206	$	207,656
Total Barbados			$	207,656
Belarus — 2.3%
Republic of Belarus, 6.875%, 2/28/23(1)		200	$	201,216
Total Belarus			$	201,216

Security		Principal Amount* (000’s omitted)		Value
Benin — 2.5%
Benin Government International Bond, 6.875%, 1/19/52(1)	EUR		180	$	220,157
Total Benin				$	220,157
Brazil — 0.9%
Federative Republic of Brazil, 8.25%, 1/20/34			55	$	76,507
Total Brazil				$	76,507
Croatia — 2.8%
Croatia Government International Bond, 1.75%, 3/4/41(1)	EUR		200	$	246,285
Total Croatia				$	246,285
Dominican Republic — 3.0%
Dominican Republic, 7.45%, 4/30/44(1)			210	$	256,990
Total Dominican Republic				$	256,990
Ecuador — 1.1%
Republic of Ecuador, 0.50% to 7/31/22, 7/31/40(1)(2)			182	$	94,777
Total Ecuador				$	94,777
Egypt — 9.5%
Arab Republic of Egypt:
8.15%, 11/20/59(1)			200	$	197,962
8.50%, 1/31/47(1)			400		414,415
8.875%, 5/29/50(1)			200		213,550
Total Egypt				$	825,927
El Salvador — 1.6%
Republic of El Salvador, 7.75%, 1/24/23(1)			138	$	134,039
Total El Salvador				$	134,039
Ivory Coast — 5.1%
Ivory Coast Government International Bond:
4.875%, 1/30/32(1)	EUR		100	$	120,139
6.625%, 3/22/48(1)	EUR		256		323,643
Total Ivory Coast				$	443,782
Lebanon — 0.3%
Lebanese Republic:
6.25%, 11/4/24(1)(4)			33	$	4,129
6.40%, 5/26/23(4)			33		4,126
6.65%, 4/22/24(1)(4)			33		4,142
6.65%, 11/3/28(1)(4)			14		1,769
6.85%, 3/23/27(1)(4)			26		3,273

5 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Lebanon (continued)
Lebanese Republic: (continued)
6.85%, 5/25/29(4)			45	$	5,627
7.00%, 12/3/24(4)			15		1,866
7.00%, 3/20/28(1)(4)			11		1,419
7.05%, 11/2/35(1)(4)			5		630
Total Lebanon				$	26,981
Pakistan — 2.3%
Islamic Republic of Pakistan, 7.375%, 4/8/31(1)			200	$	201,405
Total Pakistan				$	201,405
Paraguay — 2.7%
Republic of Paraguay, 4.95%, 4/28/31(1)			200	$	229,750
Total Paraguay				$	229,750
Romania — 6.8%
Romania Government International Bond:
2.625%, 12/2/40(1)	EUR		13	$	15,135
2.75%, 2/26/26(1)	EUR		30		39,382
2.75%, 4/14/41(1)	EUR		40		46,723
3.375%, 1/28/50(1)	EUR		74		92,251
3.624%, 5/26/30(1)	EUR		40		54,835
4.625%, 4/3/49(1)	EUR		229		339,313
Total Romania				$	587,639
Suriname — 3.0%
Republic of Suriname, 9.25%, 10/26/26(1)			405	$	257,985
Total Suriname				$	257,985
Tunisia — 2.6%
Banque Centrale de Tunisie International Bond, 5.625%, 2/17/24(1)	EUR		220	$	223,994
Total Tunisia				$	223,994
Turkey — 2.6%
Republic of Turkey, 7.625%, 4/26/29			200	$	220,961
Total Turkey				$	220,961
Ukraine — 10.2%
Ukraine Government International Bond:
1.258%, GDP-Linked, 5/31/40(1)(3)(5)			144	$	168,191
9.75%, 11/1/28(1)			600		715,047
Total Ukraine				$	883,238

Security	Principal Amount* (000’s omitted)		Value
United Arab Emirates — 2.3%
Finance Department Government of Sharjah, 4.375%, 3/10/51(1)		210	$	201,736
Total United Arab Emirates			$	201,736
Total Sovereign Government Bonds (identified cost $5,729,572)			$	5,930,044
Sovereign Loans — 11.9%
Borrower	Principal Amount (000’s omitted)		Value
Kenya — 3.1%
Government of Kenya, Term Loan, 6.616%, (6 mo. USD LIBOR + 6.45%), 6/29/25(6)	$	260	$	262,937
Total Kenya			$	262,937
Nigeria — 2.2%
Bank of Industry Limited, Term Loan, 6.119%, (3 mo. USD LIBOR + 6.00%), 12/14/23(6)(7)	$	185	$	186,773
Total Nigeria			$	186,773
Tanzania — 6.6%
Government of the United Republic of Tanzania:
Term Loan, 5.456%, (6 mo. USD LIBOR + 5.20%), 6/23/22(6)	$	229	$	234,055
Term Loan, 6.446%, (3 mo. USD LIBOR + 6.30%), 4/28/31(6)		340		340,339
Total Tanzania			$	574,394
Total Sovereign Loans (identified cost $1,012,307)			$	1,024,104
Short-Term Investments — 5.5%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.08%(8)		478,214	$	478,214
Total Short-Term Investments (identified cost $478,214)			$	478,214
Total Investments — 90.8% (identified cost $7,620,623)			$	7,858,318
Other Assets, Less Liabilities — 9.2%			$	800,700
Net Assets — 100.0%			$	8,659,018

6 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

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 July 31, 2021, the aggregate value of these securities is $5,506,713 or 63.6% of the Fund’s net assets.

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

⁽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 July 31, 2021, the aggregate value of these securities is $375,847 or 4.3% 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 July 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 July 31, 2021.

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Settlement Date		Value/Unrealized Appreciation (Depreciation)
USD	709	EUR	581		9/15/21	$	19
USD	220,716	EUR	181,020		9/15/21		5,799
USD	246,450	EUR	202,127		9/15/21		6,476
USD	258,067	EUR	211,654		9/15/21		6,781
USD	851,132	EUR	698,057		9/15/21		22,364
USD	444,038	EUR	364,178		9/15/21		11,668
						$	53,107

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	2,518	USD	2,965	Deutsche Bank AG		8/6/21	$	22	$	—
EUR	16,437	USD	19,397	Goldman Sachs International		8/6/21		103		—
EUR	26,641	USD	31,498	Standard Chartered Bank		8/6/21		107		—
EUR	5,715	USD	6,749	Standard Chartered Bank		8/6/21		30		—
EUR	8,529	USD	10,114	Standard Chartered Bank		8/6/21		4		—
EUR	99,355	USD	117,959	Standard Chartered Bank		8/6/21		—		(92	)
EUR	53,300	USD	63,357	Standard Chartered Bank		8/6/21		—		(126	)
EUR	15,183	USD	17,863	UBS AG		8/6/21		149		—
EUR	13,674	USD	16,112	UBS AG		8/6/21		110		—
EUR	15,913	USD	18,780	UBS AG		8/6/21		98		—
EUR	3,794	USD	4,464	UBS AG		8/6/21		37		—
USD	117,543	EUR	99,355	Goldman Sachs International		8/6/21		—		(324	)
							$	660	$	(542	)

7 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
U.S. 5-Year Treasury Note		3			Long		9/30/21	$	373,336		$	1,488
U.S. Long Treasury Bond		3			Long		9/21/21		494,156			9,460
U.S. Ultra-Long Treasury Bond		8			Long		9/21/21		1,596,250			100,815
Euro-Bobl		(1	)		Short		9/8/21		(160,571	)		(820	)
Euro-Bund		(8	)		Short		9/8/21		(1,675,649	)		(40,540	)
U.S. 5-Year Treasury Note		(1	)		Short		9/30/21		(124,445	)		(525	)
											$	69,878

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	150	Receives	6-month EURIBOR (pays semi-annually)	0.47% (pays annually)	5/14/23	$     (101)	$	—		$	(101	)
EUR	190	Receives	6-month EURIBOR (pays semi-annually)	0.46% (pays annually)	5/25/23	(159)		1			(158	)
EUR	19	Receives	6-month EURIBOR (pays semi-annually)	0.37% (pays annually)	2/12/50	(747)		—			(747	)
EUR	19	Receives	6-month EURIBOR (pays semi-annually)	0.39% (pays annually)	2/13/50	(846)		—			(846	)
EUR	62	Receives	6-month EURIBOR (pays semi-annually)	0.26% (pays annually)	2/25/50	(83)		—			(83	)
EUR	33	Receives	6-month EURIBOR (pays semi-annually)	0.12% (pays annually)	6/8/50	1,600		—			1,600
USD	200	Receives	3-month USD-LIBOR (pays quarterly)	0.55% (pays semi-annually)	3/12/23	(1,490)		—			(1,490	)
USD	1,605	Pays	3-month USD-LIBOR (pays quarterly)	0.61% (pays semi-annually)	3/16/25	4,983		—			4,983
USD	147	Receives	3-month USD-LIBOR (pays quarterly)	1.74% (pays semi-annually)	12/16/26	(7,370)		—			(7,370	)
USD	209	Pays	3-month USD-LIBOR (pays quarterly)	2.34% (pays semi-annually)	5/17/29	20,703		—			20,703
USD	438	Receives	3-month USD-LIBOR (pays quarterly)	2.09% (pays semi-annually)	7/15/29	(33,602)		118			(33,484	)
USD	95	Receives	3-month USD-LIBOR (pays quarterly)	2.88% (pays semi-annually)	1/31/49	(27,132)		(46	)		(27,178	)
USD	121	Receives	3-month USD-LIBOR (pays quarterly)	2.54% (pays semi-annually)	5/17/49	(25,966)		13,930			(12,036	)
USD	99	Receives	3-month USD-LIBOR (pays quarterly)	1.65% (pays semi-annually)	9/9/49	(685)		—			(685	)
USD	7	Receives	3-month USD-LIBOR (pays quarterly)	1.70% (pays semi-annually)	9/12/49	(128)		—			(128	)

8 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Interest Rate Swaps (continued)
Notional Amount (000’s omitted)		Fund Pays/Receives Floating Rate	Floating Rate	Annual Fixed Rate	Termination Date	Value	Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
USD	37	Receives	3-month USD-LIBOR (pays quarterly)	1.97% (pays semi-annually)	11/15/49	$   (2,959)	$	—	$	(2,959	)
USD	130	Receives	3-month USD-LIBOR (pays quarterly)	0.84% (pays semi-annually)	3/30/50	24,796		—		24,796
USD	50	Receives	3-month USD-LIBOR (pays quarterly)	0.93% (pays semi-annually)	5/26/50	8,562		—		8,562
USD	65	Pays	3-month USD-LIBOR (pays quarterly)	2.13% (pays semi-annually)	4/8/51	8,086		—		8,086
Total						$(32,538)	$	14,003	$	(18,535	)

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)		6/20/26		1.75	%	$	(4,444	)	$	5,914		$	1,470
Indonesia		320	1.00% (pays quarterly)(1)		6/20/26		0.82			3,175			(2,646	)		529
Peru		240	1.00% (pays quarterly)(1)		6/20/26		1.03			(24	)		(1,393	)		(1,417	)
Turkey		90	1.00% (pays quarterly)(1)		6/20/25		3.60			(8,339	)		12,524			4,185
Total	$	780							$	(9,632	)	$	14,399		$	4,767

Credit Default Swaps — Sell Protection
Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**	Termination Date		Current Market Annual Fixed Rate***			Value			Unamortized Upfront Receipts (Payments)		Unrealized Appreciation (Depreciation)
Mexico	Goldman Sachs International	$	251	1.00% (pays quarterly)(1)		6/20/31		1.58	%	$	(12,730	)	$	15,827	$	3,097
Total		$	251							$	(12,730	)	$	15,827	$	3,097

* If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At July 31, 2021, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $1,031,000.

** 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.

9 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Portfolio of Investments (Unaudited) — continued

*** 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

10 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	July 31, 2021
Unaffiliated investments, at value (identified cost, $7,142,409)	$	7,380,104
Affiliated investment, at value (identified cost, $478,214)		478,214
Cash		5
Deposits for derivatives collateral —
Financial futures contracts		91,093
Centrally cleared derivatives		468,430
Foreign currency, at value (identified cost, $66,146)		66,465
Interest receivable		137,797
Dividends receivable from affiliated investment		24
Receivable for investments sold		102,862
Receivable for variation margin on open financial futures contracts		7,250
Receivable for variation margin on open centrally cleared derivatives		168
Receivable for open forward foreign currency exchange contracts		660
Receivable for open swap contracts		3,097
Receivable from affiliate		13,282
Total assets	$	8,749,451
Liabilities
Payable for open forward foreign currency exchange contracts	$	542
Upfront receipts on open non-centrally cleared swap contracts		15,827
Payable to affiliate:
Investment adviser and administration fee		4,785
Accrued expenses		69,279
Total liabilities	$	90,433
Net Assets	$	8,659,018
Sources of Net Assets
Paid-in capital	$	8,650,246
Distributable earnings		8,772
Total	$	8,659,018
Class I Shares
Net Assets	$	8,659,018
Shares Outstanding		856,414
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.11

11 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended July 31, 2021
Interest	$	229,008
Dividends from affiliated investment		312
Total investment income	$	229,320
Expenses
Investment adviser and administration fee	$	28,119
Trustees’ fees and expenses		453
Custodian fee		27,323
Transfer and dividend disbursing agent fees		253
Legal and accounting services		29,361
Printing and postage		3,252
Registration fees		11,685
Interest expense		1,114
Miscellaneous		3,015
Total expenses	$	104,575
Deduct —
Allocation of expenses to affiliate	$	66,735
Total expense reductions	$	66,735
Net expenses	$	37,840
Net investment income	$	191,480
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	196,628
Investment transactions — affiliated investment		1
Financial futures contracts		(147,679	)
Swap contracts		81,404
Foreign currency transactions		2,520
Forward foreign currency exchange contracts		7,309
Net realized gain	$	140,183
Change in unrealized appreciation (depreciation) —
Investments	$	(429,700	)
Financial futures contracts		122,484
Swap contracts		(31,412	)
Foreign currency		(1,339	)
Forward foreign currency exchange contracts		35,796
Net change in unrealized appreciation (depreciation)	$	(304,171	)
Net realized and unrealized loss	$	(163,988	)
Net increase in net assets from operations	$	27,492

12 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
From operations —
Net investment income	$	191,480		$	410,275
Net realized gain (loss)		140,183			(362,444	)
Net change in unrealized appreciation (depreciation)		(304,171	)		99,121
Net increase in net assets from operations	$	27,492		$	146,952
Distributions to shareholders —
Class I	$	(220,744	)	$	(446,396	)
Total distributions to shareholders	$	(220,744	)	$	(446,396	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	2,045,682		$	1,796,027
Net asset value of shares issued to shareholders in payment of distributions declared		13,864			32,636
Cost of shares redeemed		(2,030,018	)		(1,236,464	)
Net increase in net assets from Fund share transactions	$	29,528		$	592,199
Net increase (decrease) in net assets	$	(163,724	)	$	292,755
Net Assets
At beginning of period	$	8,822,742		$	8,529,987
At end of period	$	8,659,018		$	8,822,742

13 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Financial Highlights

	Class I
	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31,						Period Ended January 31,  2019(1)
				2021			2020
Net asset value — Beginning of period	$	10.350		$	10.620		$	9.840		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.222		$	0.476		$	0.526		$	0.286
Net realized and unrealized gain (loss)		(0.203	)		(0.229	)		0.956			(0.151	)
Total income from operations	$	0.019		$	0.247		$	1.482		$	0.135
Less Distributions
From net investment income	$	(0.259	)	$	(0.517	)	$	(0.577	)	$	(0.219	)
From net realized gain		—			—			(0.125	)		(0.076	)
Total distributions	$	(0.259	)	$	(0.517	)	$	(0.702	)	$	(0.295	)
Net asset value — End of period	$	10.110		$	10.350		$	10.620		$	9.840
Total Return(3)(4)		0.22	%(5)		2.81	%		15.57	%		1.34	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,659		$	8,823		$	8,530		$	7,878
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.87	%(6)(7)		0.86	%(7)		0.85	%		0.85	%(6)
Net investment income		4.43	%(6)		4.88	%		5.12	%		3.92	%(6)
Portfolio Turnover		109	%(5)		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 1.54%, 2.23%, 1.88% and 2.24% of average daily net assets for the six months ended July 31, 2021, 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⁾  Annualized.

⁽⁷⁾  Includes interest expense of 0.02% and 0.01% for the six months ended July 31, 2021 and the year ended January 31, 2021, respectively.

14 See Notes to Financial Statements.

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

As of July 31, 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.

15

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Notes to Financial Statements (Unaudited) — continued

E  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business

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

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

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

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

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

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

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

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

16

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Emerging Markets Debt Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the

Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 6 and 9. The Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

M  Interim Financial Statements — The interim financial statements relating to July 31, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

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

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 July 31, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	7,697,949
Gross unrealized appreciation	$	384,766
Gross unrealized depreciation		(111,965	)
Net unrealized appreciation	$	272,801

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory and administrative agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory and administrative

17

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Emerging Markets Debt Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

agreement with EVM in effect prior to March 1, 2021), the fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million		0.650	%
$500 million but less than $1.0 billion		0.625	%
$1.0 billion but less than $2.5 billion		0.600	%
$2.5 billion but less than $5.0 billion		0.580	%
$5.0 billion and over		0.565	%

For the six months ended July 31, 2021, the investment adviser and administration fee amounted to $28,119 or 0.65% (annualized) of the Fund’s average daily net assets. The Fund may invest 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, 2022. Pursuant to this agreement, EVM was allocated $66,735 of the Fund’s operating expenses for the six months ended July 31, 2021.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended July 31, 2021, EVM earned $54 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended July 31, 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 $8,104,785 and $8,189,343, respectively, for the six months ended July 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:

	Six Months Ended July 31, 2021 (Unaudited)			Year Ended January 31, 2021
Sales		203,124			180,018
Issued to shareholders electing to receive payments of distributions in Fund shares		1,377			3,429
Redemptions		(200,397	)		(134,224	)
Net increase		4,104			49,223

At July 31, 2021, EVM owned 93.4% 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

18

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at July 31, 2021 is included in the Portfolio of Investments. At July 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.

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

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At July 31, 2021, the fair value of derivatives with credit-related contingent features in a net liability position was $13,272. At July 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.

19

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

	Fair Value
Statement of Assets and Liabilities Caption	Credit			Foreign Exchange			Interest Rate			Total
Distributable earnings	$	3,175	*	$	53,107	*	$	180,493	*	$	236,775
Receivable for open forward foreign currency exchange contracts		—			660			—			660
Total Asset Derivatives	$	3,175		$	53,767		$	180,493		$	237,435
Derivatives not subject to master netting or similar agreements	$	3,175		$	53,107		$	180,493		$	236,775
Total Asset Derivatives subject to master netting or similar agreements	$	—		$	660		$	—		$	660
Distributable earnings	$	(12,807	)*	$	—		$	(143,153	)*	$	(155,960	)
Payable for open forward foreign currency exchange contracts		—			(542	)		—			(542	)
Payable/Receivable for open swap contracts; Upfront receipts on open non-centrally cleared swap contracts		(12,730	)		—			—			(12,730	)
Total Liability Derivatives	$	(25,537	)	$	(542	)	$	(143,153	)	$	(169,232	)
Derivatives not subject to master netting or similar agreements	$	(12,807	)	$	—		$	(143,153	)	$	(155,960	)
Total Liability Derivatives subject to master netting or similar agreements	$	(12,730	)	$	(542	)	$	—		$	(13,272	)

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

The Fund’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of July 31, 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)
Deutsche Bank AG	$	22	$	—		$	—	$	—	$	22
Goldman Sachs International		103		(103	)		—		—		—
Standard Chartered Bank		141		(141	)		—		—		—
UBS AG		394		—			—		—		394
	$	660	$	(244	)	$	—	$	—	$	416

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Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

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)
Goldman Sachs International	$	(13,054	)	$	103	$	—	$	—	$	(12,951	)
Standard Chartered Bank		(218	)		141		—		—		(77	)
	$	(13,272	)	$	244	$	—	$	—	$	(13,028	)

^(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 six months ended July 31, 2021 was as follows:

Statement of Operations Caption	Credit			Foreign Exchange		Interest Rate			Total
Net realized gain (loss) —
Financial futures contracts	$	—		$	—	$	(147,679	)	$	(147,679	)
Swap contracts		15,587			—		65,817			81,404
Forward foreign currency exchange contracts		—			7,309		—			7,309
Total	$	15,587		$	7,309	$	(81,862	)	$	(58,966	)
Change in unrealized appreciation (depreciation) —
Financial futures contracts	$	—		$	—	$	122,484		$	122,484
Swap contracts		(12,464	)		—		(18,948	)		(31,412	)
Forward foreign currency exchange contracts		—			35,796		—			35,796
Total	$	(12,464	)	$	35,796	$	103,536		$	126,868

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended July 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
	$2,375,000	$	1,840,000	$	2,895,000	$	5,025,000

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

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in 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 six months ended July 31, 2021.

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Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

8  Investments in Affiliated Funds

At July 31, 2021, the value of the Fund’s investment in affiliated funds was $478,214, which represents 5.5% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended July 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	$	499,206	$	5,967,506	$	(5,988,499	)	$	1	$	—	$	478,214	$	312		478,214

9  Fair Value Measurements

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

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

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

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

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

At July 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	$	—		$	425,956		$	—	$	425,956
Sovereign Government Bonds		—			5,930,044			—		5,930,044
Sovereign Loans		—			1,024,104			—		1,024,104
Short-Term Investments		—			478,214			—		478,214
Total Investments	$	—		$	7,858,318		$	—	$	7,858,318
Forward Foreign Currency Exchange Contracts	$	—		$	53,767		$	—	$	53,767
Futures Contracts		111,763			—			—		111,763
Swap Contracts		—			71,905			—		71,905
Total	$	111,763		$	7,983,990		$	—	$	8,095,753
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(542	)	$	—	$	(542	)
Futures Contracts		(41,885	)		—			—		(41,885	)
Swap Contracts		—			(126,805	)		—		(126,805	)
Total	$	(41,885	)	$	(127,347	)	$	—	$	(169,232	)

22

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Notes to Financial Statements (Unaudited) — continued

10  Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. 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. 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.

Economic data as reported by sovereign entities 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 sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.

LIBOR Transition Risk

Certain instruments held by the Fund may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, is expected to cease publishing certain LIBOR settings on December 31, 2021, and the remaining LIBOR settings on June 30, 2023. Although the transition process away from LIBOR is expected to be defined in advance of the anticipated discontinuation, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate or rates. The phase-out of LIBOR may result in, among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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.

23

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Emerging Markets Debt Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 in order to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as the Fund’s investment adviser and administrator (the “Proposal”). The shareholder meeting results are as follows:

Number of Shares(1)
For		Against		Abstain(2)		Broker  Non-Votes(2)
	800,000.000		0		0		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.

24

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors on June 8, 2021, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2020 through December 31, 2020 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

25

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Kimberly M. Roessiger

Secretary

Richard F. Froio

Chief Compliance Officer

Trustees

George J. Gorman

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

26

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎    investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

27

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎    buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎    sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

28

Eaton Vance Funds

IMPORTANT NOTICES

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.

29

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

29947    7.31.21

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Mutual Funds Trust
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	September 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:	September 22, 2021
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	September 22, 2021