Results

Eaton Vance Mutual Funds Trust

09/24/2021 | Press release | Distributed by Public on 09/24/2021 09:55

Annual/Semi-Annual Report by Investment Company (SEC Filing - N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

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.

SemiannualReportJuly 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

Performance1,2

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$23,221,310and $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: [email protected]

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: [email protected]
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.

SemiannualReport 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

Performance1,2

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: [email protected]

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: [email protected]
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.

SemiannualReportJuly 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

Performance1,2

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 IndexSM 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: [email protected]

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: [email protected]
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.

SemiannualReport 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

Performance1,2

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

Eaton Vance

Emerging Markets Debt Fund

July 31, 2021

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

Eaton Vance

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

Eaton Vance

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
20

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 )